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Argentine stocks rise on safe-haven buying

Reuters: [2008-05-09 23:07:00]

BUENOS AIRES, May 9 (Reuters) - Argentine stocks bucked the downward regional trend on Friday because of safe-haven buying triggered by a prolonged farming conflict and a further weakening of the peso, traders said.

The MerVal index <.MERV> of leading stocks closed up 0.59 percent to 2,114.44 points, accumulating a gain of 0.32 percent over the course of the week despite jitters over renewed anti-government protests.

"The MerVal steered away from the global losses because a variety of rumors drove investors to look for refuge in stocks," said Ruben Pascuali, a trader at the Mayoral Bursatil brokerage.

Volume on the broad market swelled to a moderate $32 million and of active issues, 47 advanced, 24 declined and 11 were unchanged.

"Against the backdrop of uncertainty, investors found the best refuge in Petrobras Energia Participaciones <PCH.BA>," Pascuali said.

Stock in the energy firm, the Argentine arm of Brazilian state oil company Petrobras, closed up 3.83 percent to 4.33 pesos per share after it reported a higher first-quarter net profit.

Farmers lined highways for a second day on Thursday in fresh protests against a sliding-scale of grains export taxes that triggered a three-week farm strike in March.

Jitters over the dispute fueled dollar purchases, sending the Argentine peso lower for a fourth straight session. In informal trade between foreign exchange houses, as measured by Reuters, it depreciated by 0.46 percent to 3.265/3.27 per dollar <ARSB=.

However, in formal interbank trade -- where the central bank intervenes in the market to keep the currency stable -- the peso firmed by 0.08 percent to 3.175/3.1775 per dollar <ARS=RASL>.

Fresh farming protests continued to feed the cautious mood in the debt market, with locally traded bonds <AR/BONOS> falling by 0.2 percent on average due to profit-taking of gains racked up earlier in the session.

Peso-denominated Discount bonds fell 0.4 percent in over-the-counter trade while the same bond in dollars rose by the same margin.

Expectation over the release of the April inflation figure -- 0.8 percent -- also caused caution. More than 40 percent of Argentina's debt load is indexed to inflation. (Reporting by Walter Bianchi; Writing by Helen Popper; Editing by Diane Craft) ((helen.popper@thomsonreuters.com; +54-11-4318-0655; Reuters Messaging: helen.popper.reuters.com@reuters.net))

Keywords: MARKETS ARGENTINA/

Swiss stocks - Factors to watch on May 9

Reuters: [2008-05-09 07:18:00]

ZURICH, May 9 (Reuters) - The following are some of the main factors expected to affect Swiss stocks on Friday:

JULIUS BAER <BAER.VX>

Swiss private bank Julius Baer saw strong client asset inflows in the first four months of the year, but assets under management suffered from the stronger Swiss franc and from negative market performance.

For related news, click on [BAER.VX-LEN-RTRS]

COMPANY STATEMENTS [CNR-CH]

* Bank Sarasin <BSAN.S> - Sustainability Report 2007

* New CEO for the Satisloh division <SWTQ.S>

* Credit Suisse <CSGN.VX> launches Credit Suisse SICAV One(LUX)GTAA

* Swiss Life <SLHN.VX> shareholders approve all resolutions

* Rieter <RIEN.S> elects Erwin Stoller as new Chairman of the board

* Altin AG Net Asset Value <ALTN.S>

* Results of Annual General Meeting of Dufry Ltd on May 8, 2008 <DUFN.S>

* Adecco SA (Holding) <ADEN.VX>: Disclosure of shareholdings

* Von Roll <ROL.S> - Disclosure of shareholding

* Meyer Burger <MBTN.S> - OGM approves all proposals of BoD

* Reduction in workforce of Cham Paper Group in Italy <INDN.S>

* Julius Baer Interim Management Statement I/2008

* Zurich Financial <ZURN.VX> - Disclosure of shareholdings

EQUITY RESEARCH [CH-RCH]

FOR COMPANIES TRADING EX-DIVIDEND, PLEASE CLICK ON:

<.EX.S> for all Swiss stocks

<.EXSMI.S> for blue chips

<.EXNSMI.S> for other stocks

((Zurich newsroom +41 58 306 7340, fax 41 44 251 0476, zurich.newsroom@news.reuters.com))

Keywords: MARKETS SWISS STOCKS

     
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 Swiss market digest     <.AD.S>  Sector overview   <CH/SECTOR1> 
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 All equity news             [E]  Virt-x price index     <.VMIP> 
     
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 FOR RELATED PRICES, NEWS AND OTHER TOPICS, DOUBLE-CLICK ON: 
     
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 Daily pan-European stocksdex SMI moves..................<.SSMI> 
 All SMI constituent stocks............................<0#.SSMI> 
 News on major Swiss stock price moves..................[CH-HOT] 
 Table on major world stock market performance........... [.STX] 
 FTSE Eurotop 300 index................................ <.FTEU3> 
 DJ STOXX index........................................ <.STOXX> 
 Top 10 STOXX sectors............................. <.PGL.STOXXS> 
 Top 10 EUROSTOXX sectors........................ <.PGL.STOXXES> 
 Top 10 Eurotop 300 sectors....................... <.PGL.FTEU3S> 
 Top 25 European pct gainers... <.PG.PEUR>, losers... <.PL.PEUR> 
     
 Swiss mid-cap index     <.SSMI>  SMI futures           <0#SMI:> 
 Swiss all-share index   <.SSHI>  Market statistics  <CH/STATS1> 
 Swiss market digest     <.AD.S>  Sector overview   <CH/SECTOR1> 
 All Swiss news             [CH]  Swiss diary         [CH/DIARY] 
 Swiss research news    [CH-RCH]  Virt-x sectors    <VX/SECTOR1> 
 All equity news             [E]  Virt-x price index     <.VMIP> 
     
 INTERNET ADDRESSES:             Virt-x       www.virt-x.com   
 Swiss Exchange  www.swx.ch/     SEGAIntersettle    www.sega.ch/ 
 Eurex   www.eurexchange.com     STOXX Ltd         www.stoxx.com 
 
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  Keywords: Swiss shares   XREF 
    

UPDATE 1-Benelux stocks - Factors to watch on May 9

Reuters: [2008-05-09 07:14:00]

AMSTERDAM/BRUSSELS, May 9 (Reuters) - The following Benelux stocks may be affected by newspaper reports and other factors on Friday:

WESSANEN <BSWSc.AS>

The Dutch food group releases first-quarter results at 0600 GMT.

For more, double click on [BSWSc.AS]

RANDSTAD <RAND.AS>

Randstad's offer for Vedior <VDOR.AS> ends

For more, double click on [RAND.AS-VDOR.AS]

NPM/CNP <NAT.BR>

Belgian holding reports that first-quarter consolidated net profit rose 87.5 percent to 108.2 million euros ($165.9 million) and says it expected dividends from its shareholdings to increase significantly in 2008.

For more double click on [NAT.BR]

INNOGENETICS <INNX.BR>

Belgian biotech company, subject to a takeover offer from Belgium's Solvay <SOLB.BR>, says it expects a maximum 40 staff to be made redundant following a collective labour agreement, as part of restructuring at its therapeutics arm GENimmune.

For more double click on [INNX.BR]

((Amsterdam and Brussels newsrooms; Tel. +31 20 504 5000; amsterdam.newsroom@news.reuters.com))

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Latest Dutch market news [.BNL]   Dutch earnings poll  [NL/RESF] 
Luxx constituents     <0#.LUXX>   Luxx index             <.LUXX> 
European stocks report  [.EU] 
Major world stock market performance     [.STX] 
FTSE Eurotop 300 index...................<.FTEU3> 
DJ STOXX index...........................<.STOXX> 
Eurotop 300 sector gainers/losers...<.PGL.FTEU3S> 
Top 25 European pct gainers............<.PG.PEUR> 
Top 25 European pct losers.............<.PL.PEUR> 
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Malaysian shares seen higher, RHB Capital in focus

Reuters: [2008-05-09 02:10:00]

KUALA LUMPUR, May 9 (Reuters) - Malaysian stocks are likely to rise on Friday on the back of higher prices on Wall Street and strengthening commodity prices.

Dealers said Malaysia's fourth-largest lender, RHB Capital <RHBC.KL>, will also be in focus after its controlling shareholder, the state pension fund, sold a 25 percent stake to Abu Dhabi Commercial Bank <ADCB.AD>.

"The market should bode well today as strong U.S. market will be positive for us," said one dealer with a domestic brokerage.

"All eyes will be on RHB capital which will open for trading after the acquisition. I think it will go up to six bucks as Abu Dhabi Commercial Bank paid 7.20 ringgit per share."

RHB was suspended on Thursday, last trading at 5.25 ringgit.

Another dealer said oil-and-gas firms such as KNM <KNMP.KL>, Kencana Petroleum <KENP.KL> and Dialog Group <DIAL.KL> would be in the spotlight as crude oil prices hit another record high.

Top palm planters Sime Darby <SIME.KL>, IOI Corp <IOIB.KL> and Kuala Lumpur Kepong <KLKK.KL> could also gain as crude palm-oil prices climbed 3.3 percent on Thursday.

"Crude oil hit a fresh record which will keep oil-and-gas companies and plantations stocks in the spotlight," she said.

On Thursday, the benchmark Kuala Lumpur Composite Index <.KLSE> fell 0.53 percent to 1,280.35 points. The May futures <KLIK8> put the index at 1,275 points.

----------------------MARKET SNAPSHOT @ 2353 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 <.SPX> 1397.68 0.37% 5.110 USD/JPY <JPY=> 103.8 0.05% 0.050 10-YR US TSY YLD <US10YT=RR> 3.7673 -- -0.015 SPOT GOLD <XAU=> 882.65 0.04% 0.350 US CRUDE <CLc1> 124.19 0.40% 0.500 DOW JONES <.DJI> 12866.78 0.41% 52.43 ASIA ADRS <.BKAS> 163.89 0.16% 0.26 -------------------------------------------------------------

> Wall St jumps on miners, oil; AIG sinks late [.N] >Euro recovers vs dlr on Trichet inflation comments [USD/] > Bonds rally on refunding cash, 30-year auction [US/] > Gold ends higher, platinum surges on ETN news [GOL/] > Oil rallies to record $124 on strong diesel demand [O/R] > SE Asian Stocks-Mostly down, Singapore at 1-week low [.SO] > Palm oil soars 3 pct on supply worry [ID:nKLR253388] > Malaysia buys 500,000 tonnes of Thai rice [ID:nBKK13286] > Pakistan July-Sept palm oil imports to jump [ID:nKLR277001] > Abu Dhabi bank buys Malaysia RHB stake [ID:nKLR70481] > Malaysia's Tenaga has sufficient coal [ID:nKLA007474] > Malaysia: flexibility to tackle inflation [ID:nKLR72470] > Malaysia's RHB Bank to post profit growth [ID:nKLA007472]

DIGI EXPECTS 3G RETURNS AFTER 3 YEARS, EYES RURAL MARKET

- Malaysian mobile-phone operator DiGi.Com <DSOM.KL> expects to take more than three years for its investments in third-generation telecommunications to break even despite 3G equipment having become cheaper, the Business Times said on Friday, quoting Chief Executive Johan Dennelind.

Dennelind also told the Malaysian Reserve that DiGi planned to expand into rural areas of Malaysia to tap an estimated market of 10 million people who currently do not use mobile services.

(Reporting by Naveen Thukral; Editing by Mark Bendeich) ((naveen.thukral@reuters.com; +603-2333-8035; Reuters messaging: naveen.thukral.reuters.com@reuters.net; areuters@gmail.com)) Keywords: MALAYSIA MARKETS STOCKS

. Keywords: MALAYSIA MARKETS STOCKS =2 KUALA LUMPUR

PRESS DIGEST-Australian Business News - May 9

Reuters: [2008-05-08 23:10:00]

Compiled for Reuters by Media Monitors. Reuters has not verified these stories and does not vouch for their accuracy.

THE AUSTRALIAN FINANCIAL REVIEW (www.afr.com)

Rupert Murdoch's News Corp NWS.Nyesterday announced a significant rise in third-quarter profit to US$2.7 billion, helped by additions. However, the media group's Fox Interactive division, which houses the MySpace social networking site, failed to meet its revenue target. Mr Murdoch said while News Corp's United States business had felt the effects of the economic slowdown, its Australian operation was 'just booming.' He said the company remained on track to buy New York newspaper Newsday within a week. Page 55.

- - - -

Upmarket retailer David Jones <DJS.AX> has posted a 3.8 percent rise in revenue for the three months to April 26 to A$453.3 million, falling short of market forecasts of 4 percent. 'The combination of rising interest rates and distress in the financial services sector has led to a slowing of consumer demand,' said chief executive Mark McInnes. He said demand had weakened most for furniture and whitegoods, but sales of general kitchenware remained satisfactory. He reiterated second-half profit growth guidance of between 8 percent and 13 percent. Page 56.

- - - -

Infrastructure and construction group Leighton Holdings <LEI.AX> yesterday reiterated its full-year profit growth forecast of 30 percent as its Middle East business continued to expand. Chief financial officer Scott Charlton said 'the opportunity is out there,' but finding skilled labour for its contracts in the booming region remained a major problem. He said the company, which is due to report its third-quarter results next week, would need 'tens of thousands' of workers over the next three to five years. Leighton shares finished the day up A$1.41 at A$48.50. Page 56.

- - - -

Australia's biggest petroleum refiner and marketer, Caltex Australia <CTX.AX>, yesterday posted a profit of A$131 million for the three months ended March 31, down from A$198 million in the previous corresponding period. Chief financial officer Simon Hepworth put the decline down to breakdowns and maintenance shutdowns at some refineries, which forced Caltex to import petrol. 'In a constrained supply market, the higher costs of such imports cannot be recovered from customers,' he said. Caltex shares fell A79 cents to close at A$12.47. Page 57.

- - - -

THE AUSTRALIAN (www.theaustralian.news.com.au)

Australia's third-largest Internet service provider (ISP), iiNet <IIN.AX>, announced yesterday that it would acquire smaller player Westnet for A$81 million. 'iiNet brings a good history of innovative products and technology which we…expect to be able to share with the Westnet team,' said iiNet managing director Michael Malone. The addition of Westnet's 215,000 subscribers will take the number of iiNet's customers to more than 680,000. iiNet shares closed up A23 cents at A$1.88. Page 21.

- - - -

AV Jennings shareholder Guinness Peat Group (GPG) has criticised the property group's management for its move to raise more than A$50 million through a rights issue. In a letter to AV Jennings deputy chairman Jerome Rowley, GPG director Gary Weiss accused the management of underperformance. 'Against this background the proposed issue is a disgrace,' Mr Weiss said. He said GPG, which is the second-biggest shareholder in AV Jennings with a 9 percent stake, would not take up its entitlement in the rights offer. Page 21.

- - - -

Leading building products group Boral <BLD.AX> has cut its full-year profit forecast by 8 percent to about A$234 million. 'Things are really quite tough in the US [and]…the situation will not improve until confidence returns to the home buyer and home lender market,' chief operating officer Ken Barton said yesterday. On the domestic front, the New South Wales housing market, which accounts for 40 percent of Boral's revenue, showed no signs of emerging from a slump, Mr Barton said. Boral shares dropped A5 cents to close at A$5.90. Page 21.

- - - -

The world's largest metal recycling company, Sims Group <SGM.AX>, has posted a record A$80.3 million profit for the three months to March 31, up 62.3 percent on the previous corresponding period. Sales revenue from Australia, New Zealand and Asia rose 9.1 percent, while revenue from the North American business surged 26.9 percent. Chief executive Daniel Dienst said healthy demand for ferrous and non-ferrous metals 'is supportive of an expectation for attractive operating conditions in our fourth fiscal quarter.' Page 25.

- - - -

THE SYDNEY MORNING HERALD (www.smh.com.au)

The financiers of troubled shopping centre owner Centro Properties<CNP.AX> have extended its debt deadline until December 15. Under the deal, Centro will have to meet several conditions by the end of this month, including finalising a 'liquidity facility' of A$155 million. 'If the above issues are not finalised by May 30, 2008, the further extension arrangements may be terminated,' chief executive Glenn Rufrano said in a statement. Centro owes A$2.3 billion to its Australian lending consortium, and US$450 million to United States-based noteholders. Page 19.

- - - -

Tourism Australia has short-listed advertising agencies Saatchi & Saatchi and DDB Australia to create a new A$180 million advertising campaign promoting the country overseas. On Wednesday, Tourism Australia rejected bids from the incumbent, M&C Saatchi, along with Singleton Ogilvy & Mather, Whybin TBWA and Publicis Mojo. Tourism Australia marketing director Nick Baker will tour the offices of the two short-listed agencies before handing the contract to one of them. Page 20.

- - - -

BHP Billiton <BHP.AX> <BHP.L> petroleum division chief executive Mike Yeager on Wednesday reiterated the company's commitment to liquefied natural gas (LNG). Addressing investors in London, Mr Yeager said BHP recently confirmed that its Thebe gas project in Western Australia contained 2 to 3 billion cubic feet of gas. BHP is also a partner in the nearby Scarborough field, which contains 8 to 10 trillion cubic feet of gas, and the massive Browse LNG field. Mr Yeager said the Browse development was expected to cost 'north of US$25 billion.' Page 20.

- - - -

A study by financial services company Genworth Financial has found that of the 1 million mortgage borrowers it insures less than 5000 had fallen three months behind on their repayments. The firm's country executive, Peter Hall, said yesterday the survey showed that, contrary to common belief, interest rate rises were not the main source of mortgage stress. 'Yes, that is one category that has affected mortgage delinquency…but it's not the only category,' Mr Hall said. Page 21.

- - - -

THE AGE (www.theage.com.au)

The Esso/BHP Billiton joint venture in Victoria's Bass Strait is by June expected to launch a A$1.1 billion second-stage development of its Turrum oil and gas field. The project, 40 kilometres off the Gippsland coast, is forecast to start production by 2011. Record oil prices have sparked new exploration activity in Victoria. Last week 3D Oil announced a discovery at its West Seahorse project, estimated at more than 10 million barrels. Other developers in the region include Nexus Energy, Santos and Woodside Petroleum. Page B1.

- - - -

Melbourne-based communications company YoMo this week began providing advertisements and news to Bluetooth-enabled mobile phones in some locations. Director Daniel Schwartz said YoMo had signed exclusive deals with sites such as the Sydney Cricket Ground, Telstra Dome and AMP shopping centres. Advertisers include National Australia Bank, Boost Juice, Gloria Jean's Coffees, Krispy Kreme, Village Cinemas, L'Oreal and Foster's. Mr Schwartz said the service was targeted at the 'core youth demographic of 16 to 24 year olds.' Page B1.

- - - -

China's biggest power company, China Huaneng Group, is believed to be looking at acquiring some of the A$15 billion of state-owned electricity assets that the New South Wales Government plans to offload. A source linked to Huaneng says the group, which has already purchased power assets in Queensland, has asked its local team 'to follow these reforms and send suggestions back to senior management.' Huaneng and Shenhua, China's largest coalmining group, are also understood to be keen to buy coalmines in eastern Australia. Page B3.

- - - -

((Sydney Newsroom +61-2 9373 1800; sydney.newsroom@reuters.com)) Keywords: DIGEST AUSTRALIA BUSINESS

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Keywords: DIGEST AUSTRALIA BUSINESS

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