Petrobras Steps Into Brazil Ethanol Consolidation
21st Jun 2010 18:00
By Tony Danby and Jeff Fick Of DOW JONES NEWSWIRES SAO PAULO (Dow Jones)--Consolidation in Brazil's sugar and ethanol sector continues to motor ahead with a new ethanol joint venture between state-run oil giant Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, and sugar producer Sao Mart
Read moreLondon close: China currency move lifts shares
21st Jun 2010 16:31
Footsie closed just shy of 5,300 as mining stocks advanced on higher commodity prices after China's decision to delink the yuan from the US dollar. Miners Vedanta, Rio Tinto, Xstrata, Antofagasta and BHP Billiton were among the best performers. BHP and Rio have agreed to increase iron ore royalti
Read moreCost To Insure Anadarko Debt Rises On Downgrade,Sparring With BP
21st Jun 2010 15:51
By Katy Burne Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--The cost of protecting Anadarko Petroleum Corp. (APC) debt from nonpayment rose Monday after the company accused BP PLC (BP, BP.LN), its partner in the leaking Gulf of Mexico oil well, of gross negligence and saw its long-term debt
Read moreUS HOT STOCKS: EF Johnson, NRG Energy, PPL, Synaptics -2-
21st Jun 2010 15:36
Dry-bulk shipping company Diana Shipping Inc. (DSX, $12.77, +$0.19, +1.51%) has agreed to buy two new ships from an undisclosed third party for $91 million as those that are strong in the industry continue to build their fleets. EFJohnson Technologies Inc. (EFJI, $1.43, +$0.40, +38.83%) said it
Read moreFTSE 100 movers: New China currency policy boost miners
21st Jun 2010 15:34
Miners are dominating the risers in the Footsie following a change in Chinese policy over the Yuan. China says that it will allow its currency to make a modest appreciation following a two-year period when it was pegged to the dollar. This is good news for importers of metals into China. Vedanta
Read moreUS HOT STOCKS: Ralcorp, Alcoa, California Pizza Kitchen, US Steel
21st Jun 2010 15:33
U.S. stocks traded higher Monday, with the Dow Jones Industrial Average up 1.1% to 10569, the Standard & Poor's 500 climbing 1% to 1129 and the Nasdaq Composite ahead 1% to 2333. Among the companies whose shares are actively trading in the session are Ralcorp Holdings Inc. (RAH), Alcoa Inc. (AA) and
Read morePRESS RELEASE: A.M. Best Downgrades Jupiter Insurance Limited
21st Jun 2010 15:11
A.M. Best Downgrades Jupiter Insurance Limited LONDON--(BUSINESS WIRE)--June 21, 2010-- A.M. Best Co. has downgraded the financial strength rating (FSR) to A (Excellent) from A+ (Superior) and issuer credit rating (ICR) to "a" from "aa-" of Jupiter Insurance Limited (Jupiter) (Guernsey). Jupite
Read moreMARKET TALK: Arbitrage BP Munis, Corps, Pick Up 130 BPS: JPM
21st Jun 2010 14:55
1355 GMT [Dow Jones] There are almost $5 bln of municipal obligations backed by BP outstanding, and JPM muni analysts recommend arbitraging the spread between BP's corporate debt and municipal debt to pick up as much as 130 bps. While not traded that often, the largest and most liquid series of the
Read moreHess To Pay $496M To Boost Stakes In Two Offshore Oilfields
21st Jun 2010 14:45
DOW JONES NEWSWIRES Hess Corp. (HES) said it will acquire additional interests in two Norwegian North Sea oil fields from Total SA (TOT, FP.FR) for $496 million. Hess exercised a right to pre-empt a sale of the interests to BP PLC (BP, BP.LN). It is buying a 7.9% stake in the offshore Valha
Read moreMARKET TALK: CDS On Anadarko Widen On Sparring, Downgrade
21st Jun 2010 14:27
1326 GMT [Dow Jones] Credit default swaps on Anadarko Petroleum (APC) have widened to 4 points upfront from 3 points at Friday's close, according to Markit, after the company publicly criticized BP (BP.LN), its partner in the leaking Gulf of Mexico oil well, of "gross negligence or willful misconduc
Read moreLondon afternoon: Miners lead the advance
21st Jun 2010 14:20
China's decision to delink the yuan from the US dollar has provided UK stocks with a lift and calmed nerves ahead of tomorrow's hair-shirt Budget from chancellor of the exchequer George Osborne. Miners are the main beneficiaries of the optimism engendered by China's move, with Vedanta, Rio Tinto, X
Read morePay Czar Feinberg: BP Already Has Claims Process in Place-CNBC
21st Jun 2010 14:19
DOW JONES NEWSWIRES BP PLC (BP) escrow fund pay czar Ken Feinberg told CNBC Monday it's necessary to give BP some credit because they've already paid out about $100 million and have a claims process in place. Feinberg said it's much easier to build on structures in place than starting anew.
Read moreRefinery Status: Valero Reports Maintenance At Corpus Christi Plant -2
21st Jun 2010 14:08
minimal, Co. said April 30. Entire plant is in turnaround. Work began early March. CVR Coffeyville 115.0 New ultra low sulfur gasoline unit will be brought online in 2Q, C
Read moreRefinery Status: Valero Reports Maintenance At Corpus Christi Plant
21st Jun 2010 14:08
DOW JONES NEWSWIRES The following table lists unplanned and planned production outages at U.S. refineries as reported by Dow Jones Newswires. The information is compiled from both official and unofficial refining sources and doesn't purport to be a comprehensive list. Valero Energy Corp. (V
Read moreUPDATE: Brazil Petrobras, Sao Martinho Create Ethanol Joint Venture
21st Jun 2010 14:06
(Updates with announcement from Petrobras and additional details) By Jeff Fick Of DOW JONES NEWSWIRES RIO DE JANEIRO (Dow Jones)--Brazilian state-run oil company Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, will take a 49% stake in a new ethanol joint venture with closely held s
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