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UPDATE 2-Libya, Italy patch up Mohammad T-shirt row
Reuters: [2008-05-09 23:26:00]
(Recasts after Libya accepts apology)
By Gavin Jones
ROME, May 9 (Reuters) - Libya accepted on Friday an apology from an Italian minister whose T-shirt offended Muslims in 2006, and withdrew threats of "repercussions" against Italy over the anti-immigrant party politician's inclusion in a new government.
Roberto Calderoli of the Northern League was named this week as a member of the new administration of Silvio Berlusconi, who was installed as prime minister for a third term.
A statement from the Libyan embassy in Rome said Libya noted "with satisfaction" the "public statement of regret" by Calderoli and, after further contacts with the Italian authorities, considered that "the case is closed".
Berlusconi, facing a diplomatic clash -- and possible energy sanctions -- after Libya made clear its anger at his choice of minister, said earlier he was "confident we will be able to clarify and calm down the situation with Libyan authorities".
Calderoli quit Berlusconi's last government in 2006 after wearing a T-shirt with a Danish cartoon of the Prophet Mohammad that angered Muslims worldwide. He was blamed for rioting that broke out at Italy's consulate in the Libyan city of Benghazi.
Libya had warned of "catastrophic consequences" if Calderoli became a minister again and reacted to his swearing-in on Thursday by saying it would no longer cooperate on preventing illegal immigrants from Africa landing on Italian shores.
The Libyan government was reported to be preparing sanctions against Italy such as shelving an agreement to extend the activities of Italian energy company ENI in Libya.
ANGRY RESPONSE
Returning as minister for "simplification" -- a new post without a full ministerial portfolio -- Calderoli was asked by Italian television about Libya's angry response to his appointment, and whether he regretted the T-shirt incident.
"Mine was a message of peace and rapprochement between the monotheistic religions but was misunderstood," he said. "I hope there aren't any problems today linked to something in the past that should be considered water under the bridge."
The Libyan embassy's statement said Calderoli had had further talks with the ambassador "during which he clarified the sense of the declarations he had already made to the media of the two countries."
New Foreign Minister Franco Frattini earlier on Friday called Libya "a friend" and said Italy "is committed to helping to develop those initiatives of strong collaboration with Europe that Libya wants."
Italy is Libya's main trading partner in Europe and ENI's Libyan assets are the subject of negotiations in the company's landmark cooperation deal with Russia's Gazprom.
Earlier on Friday Libya had demanded that Calderoli either step down or apologise for the 2006 episode.
"If the Italian government does not adopt one of these two options, it has to prepare itself for confronting the repercussions from its choice," the Gaddafi International Foundation said in a statement posted on its Web site.
The Foundation is chaired by Libyan leader Muammar Gaddafi's son Saif al-Islam, widely thought to play a major role in Libya's diplomacy with Western states.
Since the T-shirt incident, Calderoli has continued to offend Muslims in Italy by protesting at the construction of new mosques and threatening "pig day" protests to defile them. He once walked his own pet pig over a site intended for a mosque.
The Northern League, a long-standing ally of Berlusconi, is know for its vehement anti-immigrant rhetoric. The party made surprise gains in mid-April's election and was rewarded with four cabinet posts, including the Interior Ministry.
(Additional reporting by Stephen Brown and Lamine Ghanmi; Editing by Charles Dick) ((gavin.jones@reuters.com; +39 06 8522 4351; Reuters Messaging: stephen.brown.reuters.com@reuters.net))
Keywords: ITALY LIBYA/
UPDATE 3-Toronto stocks hit by profit-taking despite oil
Reuters: [2008-05-09 23:08:00]
(Adds details)
By Wojtek Dabrowski
TORONTO, May 9 (Reuters) - The Toronto Stock Exchange's main index finished in the red on Friday as profit-taking cooled the energy sector even though oil prices hit another record high.
The S&P/TSX composite index <.GSPTSE> dropped 86.80 points, or 0.59 percent, to close at 14,521.19.
"We had such a very good day yesterday and this market is still a very tricky market, so we probably ran into some profit-taking today," said John Kinsey, portfolio manager at Caldwell Securities Ltd. The index rose more than 200 points on Thursday.
Eight of the 10 main subgroups on the benchmark ended lower, including the key energy and materials sectors, which dropped 0.52 percent and 1.83 percent, respectively. Financials inched 0.06 percent lower.
The S&P/TSX 60 index of Canadian large-cap stocks lost 5.99 points, or 0.69 percent, to end at 863.46.
Oil shares fell even though crude jumped to a record high above $126 a barrel, extending its gains on fuel supply concerns and speculator buying.
Canadian Natural Resources Ltd <CNQ.TO> was among the energy companies that fell, losing C$1.85, or 1.9 percent, to C$94.15 a day after it reported a surge in quarterly profit because of rocketing oil prices.
Oil and gas powerhouse EnCana Corp <ECA.TO> fell 96 Canadian cents, or 1.1 percent, to end at C$86.52.
"The stocks are down for a change, they're not following their commodity," Kinsey said.
Gold prices moved higher on the back of oil on Friday -- an increase not reflected in the shares of gold producers such as Barrick Gold <ABX.TO>, which fell C$1.49, or 3.6 percent, to finish at C$39.51.
Among companies reporting results, ACE Aviation Holdings <ACEa.TO>, parent of airline Air Canada <ACa.TO>, posted a first-quarter loss on Friday because of one-time charges and said it would buy back about 42 percent of its stock. Its shares spiked C$1.41, or 7 percent, to C$21.46.
In the United States, the Dow Jones industrial average shed 120.90 points, or 0.94 percent, to close at 12,745.88. There, a dismal set of results from insurance behemoth American International Group <AIG.N> raised doubts that the end of the credit crisis was near. The tech-heavy Nasdaq moved lower by 5.72 points, or 0.23 percent, to 2,445.52.
($1=$1.02 Canadian) (Reporting by Wojtek Dabrowski; editing by Peter Galloway) ((wojtek.dabrowski@reuters.com; +1-416-941-8009; Reuters Messaging: wojtek.dabrowski.reuters.com@reuters.net)) Keywords: MARKETS CANADA STOCKS
STOCKS NEWS US-Finance, Energy, Tech insiders most active buyers
Reuters: [2008-05-09 22:39:00]
Stocks on the move [HOT-RTRS] Real-time Equity news [U E]
U.S. stock market report [.N]
1620 ET 09May2008-Finance, Energy, Tech insiders most active buyers this week
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Finance, Energy, and Tech company insiders were the most active sector
buyers this past week, accounting for 76 percent of $20 million in purchases,
according to Thomson Reuters data.
Insiders conducted the most buying activity, by market value, in oil & gas
refining, regional banks, insurance, semiconductors, and equity specialty
REITS, according to the data. Finance sector insiders purchased $8.4 million.
The top five buying insiders were Dan Duncan, chairman of Enterprise
Products Partners <EPD.N>, Carl Berg a director at Mosys Systems Inc <MOSY.O> ,
Wayne Nordberg a director at Annaly Capital Management <NLY.N>, Earl Steinert
Jr a director at Great Southern Bancorp Inc <GSBC.O>, and Antonio De Castro of
Reynolds, a director at American Inc <RAI.N>. Shares purchased by the top five
cost $4.3 million.
Reuters Messaging: rm://kristina.cooke.reuters.com@reuters.net
1616 ET 09May08-FedEx shares fall after the bell
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Shares of FedEx Corp <FDX.N> fell 2.6 percent to $88.00 in extended trade on
Friday after the delivery company lowered its fourth-quarter earnings per share
guidance. For details see [ID:nWNAS3390]
Reuters Messaging: rm://kristina.cooke.reuters.com@reuters.net
1612 ET 09May08-US STOCKS-AIG's loss and record oil sour Wall St mood
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U.S. stocks fell on Friday as the price of oil set another record and
concerns about the financial sector flared up again after American
International Group Inc <AIG.N> reported a massive loss.
For more, please click on [.N]
Reuters Messaging: rm://kristina.cooke.reuters.com@reuters.net
1535 ET 09May2008-First-quarter results seen falling 17.4 pct
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As of Friday, first-quarter earnings were expected to decline 17.4
percent, according to the latest Thomson Reuters earnings report.
Financial sector results are seen down 78.9 percent while consumer
discretionary companies are seen down 23 percent.
Reuters Messaging rm://caroline.valetkevitch.reuters.com@reuters.net
1529 ET 09May2008-HEADLINE STOCKS - U.S. stocks on the move on May 9
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Some U.S. stocks on the move on Friday:
AMERICAN INTERNATIONAL GROUP INC <AIG.N>
CITIGROUP INC <C.N>
MYLAN INC <MYL.N>
PRICELINE.COM INC <PCLN.O>
For more please double click [ID:nN09198237]
Reuters Messaging rm://caroline.valetkevitch.reuters.com@reuters.net
1424 ET 09May2008-US STOCKS-Market drops on AIG's loss, higher oil
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U.S. stocks fell on Friday as concerns about the financial sector flared up
again after American International Group Inc <AIG.N> reported a record loss and
as the price of oil set another record.
For more please double click [ID:nN09504112]
Reuters Messaging rm://caroline.valetkevitch.reuters.com@reuters.net
1442 ET 09May2008-"Crunch" gets too much credit--Barclays Capital
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"Many believe that a credit crunch will prevent the economy from growing in
the coming quarters. While we think that tighter credit is an important force
in the residential and commercial real estate markets, we do not believe it
will prevent a pickup in growth in second half of 2008," Barclays Capital
Research said in a note.
"Non-mortgage credit continues to flow at a robust pace to both consumers
and corporations. Further, we think that corporate sector fundamentals will
remain healthy, which makes it unlikely that the bond market, a far more
important source of funds to the corporate sector than banks, will shut down in
the coming months."
Reuters Messaging rm://ellis.mnyandu.reuters.com@reuters.net
1354 ET 09May2008-AIG on track for historic weekly slide
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Shares of American International Group Inc <AIG.N> were on track for their
biggest ever weekly slide, down more than 17 percent, according to Thomson
Reuters charts.
The S&P insurance index <.GSPINSC> headed for its biggest weekly drop since
mid-January, down more than 7 percent.
For more please double click [ID:nN09565485]
Reuters Messaging rm://ellis.mnyandu.reuters.com@reuters.net
1131 ET 09May2008-Players flock to Blue Coat calls
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Options flow has been notably bullish in Internet monitoring equipment
maker Blue Coat Systems Inc <BCSI.O> as its shares rose 1.75 percent to $25.54
in morning trade.
There has been no stock specific news to explain the action. Option volume
was running four times the normal level with 8,576 calls and only 786 puts
traded, according to Trade Alert. "Today the activity is gaining and
approaching extreme in the call options, particularly in the May call options
that will expire in 5 trading days," said optionmonster co-founder Pete
Najarian. The May $25 call strike traded more than 4,000 contracts vs. open
interest of 4,532 and fetched $1.35. The higher May $30 call strike was also
busy with 3,134 contracts vs. open interest of 778, suggesting positions were
initiated.
Reuters Messaging rm://doris.frankel.reuters.com@reuters.net
Keywords: MARKETS STOCKSNEWS
UPDATE 2-Toronto stocks end lower despite record oil price
Reuters: [2008-05-09 22:34:00]
(Adds details, comments, updated closing numbers)
By Wojtek Dabrowski
TORONTO, May 9 (Reuters) - The Toronto Stock Exchange's main index finished in the red on Friday as profit-taking cooled the energy sector even though oil prices hit another record high.
The S&P/TSX composite index <.GSPTSE> dropped 86.80 points, or 0.59 percent, to close at 14,521.19.
"We had such a very good day yesterday and this market is still a very tricky market, so we probably ran into some profit-taking today," said John Kinsey, portfolio manager at Caldwell Securities Ltd. The index rose more than 200 points on Thursday.
Eight of the 10 main subgroups on the benchmark ended lower, including the key energy and materials sectors, which dropped 0.52 percent and 1.83 percent, respectively. Financials inched 0.06 percent lower.
Oil shares fell even though crude jumped to a record high above $126 a barrel, extending its gains on fuel supply concerns and speculator buying.
Canadian Natural Resources Ltd <CNQ.TO> was among the energy companies that fell, losing C$1.85, or 1.9 percent, to C$94.15 a day after it reported a surge in quarterly profit because of rocketing oil prices.
Oil and gas powerhouse EnCana Corp <ECA.TO> fell 96 Canadian cents, or 1.1 percent, to end at C$86.52.
"The stocks are down for a change, they're not following their commodity," Kinsey said.
Gold prices moved higher on the back of oil on Friday -- an increase not reflected in the shares of gold producers such as Barrick Gold <ABX.TO>, which fell C$1.49, or 3.6 percent, to finish at C$39.51. ($1=$1.02 Canadian) (Reporting by Wojtek Dabrowski; editing by Peter Galloway) ((wojtek.dabrowski@reuters.com; +1-416-941-8009; Reuters Messaging: wojtek.dabrowski.reuters.com@reuters.net)) Keywords: MARKETS CANADA STOCKS
Libya, Italy put an end to T-shirt row
Reuters: [2008-05-09 22:27:00]
ROME, May 9 (Reuters) - Libya on Friday accepted an apology from a newly appointed Italian minister from an anti-immigrant party who wore a T-shirt that offended Muslims in 2006, and withdrew previous threats of "repercussions" against Italy.
Roberto Calderoli of the Northern League was named this week as a member of the new government of Silvio Berlusconi, who was installed as prime minister for a third term.
A statement from the Libyan embassy in Rome said Libya noted "with satisfaction" the "public statement of regret" by Calderoli and, after further contacts with the Italian authorities, considered that "the case is closed".
Berlusconi, facing a diplomatic clash -- and possible energy sanctions -- after Libya made clear its anger at his choice of minister, said earlier he was "confident we will be able to clarify and calm down the situation with Libyan authorities". ((Reporting by Gavin Jones; Editing by Alison Williams; Rome newsroom; gavin.jones@reuters.com; Phone: +39-06-8522-4232))
Keywords: ITALY LIBYA/APOLOGY
Next: US STOCKS-AIG's loss pulls stocks down, oil over $126 hurts