More Breaking News

UniCredit 2009 4Q Net 371 Million Euros UniCredit SpA, Italy’s biggest bank, said its fourth-quarter net income fell to 371 million euros ($511 million) from 505 million euros a year earlier, according to a statement distributed through the Milan exchange.

Bank of Korea Successor May Tighten Government Links (Update3) Kim Choong-soo, picked by South Korea’s government yesterday to take the central bank’s helm next month, may bolster coordination with political leaders resisting any move to raise interest rates.

Kerry’s 2009 Profit Advances 44% on Valuation Gain (Update2) Kerry Properties Ltd., a Hong Kong- based builder controlled by the family of Malaysian billionaire Robert Kuok, said 2009 profit rose 44 percent as the city’s economic recovery boosted real estate values.

Senate May Force Obama to Take Tougher Yuan Stance (Update1) The latest push by U.S. lawmakers to target China’s currency policy may force President Barack Obama to take a stronger stance against how the yuan is valued, senators and analysts said.

Asian Stocks, Commodity Prices Rise on Fed Pledge, BOJ Lending Asian stocks surged, driving the MSCI Asia Pacific Index to a two-month high, as the U.S. Federal Reserve pledged to keep interest rates low and the Bank of Japan expanded its bank-lending program. Commodity prices rose.

Thai Baht, Stocks Rise to 21-Month Highs as Protest Risk Abates Thailand’s baht and the benchmark SET Index of shares both rose to their highest level since June 2008, buoyed by inflows of foreign capital as anti-government protests remained peaceful.

Stiglitz Says Fed Stimulus Withdrawal May Hurt U.S. Housing The Federal Reserve’s decision to let its mortgage-debt purchase programs end this month risks driving up home-loan rates and worsening the housing crisis, Nobel laureate Joseph Stiglitz said.

China May Hold Hearing for Rio’s Workers Next Week (Update1) China may hold a trial hearing for the four arrested employees of Rio Tinto Group, including the Australian head of its iron ore unit in the country, next week, a lawyer said.

China Water Stocks, Qianjiang, Rally Most on Drought (Update1) Chinese water companies, led by Qianjiang Water Resources Development Co., rallied the most in Shanghai trading on speculation they will benefit from increased demand as drought spreads across the farm belt.

HSBC Said to Hire Nomura’s Wang to Boost China Fees (Update2) HSBC Holdings Plc, Europe’s biggest lender, hired former Nomura Holdings Inc. executive Jane Wang to bolster investment banking in the world’s fastest-growing major economy, two people with direct knowledge of her plans said.

China in ‘Greatest Bubble in History,’ Rickards Says (Update2) China is in the midst of “the greatest bubble in history,” said James Rickards, former general counsel of hedge fund Long-Term Capital Management LP.

BOJ Doubles Lending Program to Combat Deflation (Update2) The Bank of Japan doubled a bank- loan program aimed at shoring up liquidity in the deflation- plagued economy, a boost that offsets the impact of separate credit measures expiring this month.

Convertibles Beat Bonds, S&P 500 as Sales Surge: Credit Markets Convertible bonds are returning more than the broader debt market and the Standard & Poor’s 500 Stock Index this year, prompting sales to double.

San Miguel to Sell $1 Billion Assets to Fund Growth (Update2) San Miguel Corp., the Philippines’ biggest food and drinks maker, plans to raise $1 billion selling stakes in its food, packaging and liquor businesses to fund growth and acquisitions.

SJM Leads Macau Casino Stocks Higher on Plan to Limit Expansion SJM Holdings Ltd., the Macau casino operator controlled by billionaire Stanley Ho, led Hong Kong- listed gambling companies higher as analysts said they would benefit from a plan to limit further expansion of the industry.

Asian Currencies Rise, Led by Ringgit, on Fed Rate, Stock Gains Asian currencies strengthened, led by Malaysia’s ringgit, after the Federal Reserve pledged to keep its benchmark interest rate near zero for an “extended period” to help sustain a recovery in the world’s biggest economy.

Batista’s OSX Cuts IPO Price 40%, Deepening Brazil’s Sale Slump OSX Brasil SA, the oil-services and shipbuilding company controlled by billionaire Eike Batista, cut the price of the biggest planned initial public offering in emerging markets this year by as much as 40 percent, deepening a slump in Brazilian share sales.

Panasonic 3-D Televisions Sell Out in U.S. Stores in First Week Panasonic Corp. said its 3-D TVs sold out in the U.S. in their first week, raising optimism the technology that helped “Avatar” break records at the box office will extend to living rooms and help boost profits.

OPEC Poised to Keep Output Steady With Oil Over $80 (Update1) The Organization of Petroleum Exporting Countries, content with prices over $80 a barrel, has no need to change output at a meeting in Vienna later today, even with oil supplies exceeding consumption, ministers said.

Yen Strengthens as 2 BOJ Members Dissent on Credit-Easing Steps The yen reversed losses after two members of the Bank of Japan’s policy board opposed the central bank’s decision to expand its bank-loans program, spurring investors to reduce holdings of higher-yielding assets.

Baht Rises to 21-Month High as on Fund Inflows, Fed Rate Move Thailand’s baht advanced to the highest level in 21 months and stocks rallied on optimism anti- government protesters will stick to their strategy of non- violent methods, luring overseas funds to local assets.

Producer Prices in U.S. Probably Decreased as Fuel Costs Cooled Wholesale prices in the U.S. probably fell in February, held back by lower petroleum costs and signaling there are few inflation pressures building in the early stages of the economic recovery.

Mumbai Terror Plot Suspect Headley to Plead Guilty, Lawyer Says David Coleman Headley, a Chicago man accused of helping plot the November 2008 Mumbai terror attacks and a never-executed assault on a Danish newspaper, will enter a guilty plea before a U.S. judge, his lawyer said.

Eaton Vance Wins Greek Bet Five Years After Buying Credit Swaps Michael Cirami, co-manager of the $2.2 billion Eaton Vance Global Macro Absolute Return Fund, waited five years for investors to realize that insurance on Greek government bonds was too cheap.

Health-Care Bill Faces Delay as Democrats Struggle With CBO Congressional Democrats, racing to finish work on an overhaul of the U.S. health system, are facing delays as they strive to meet deficit-cutting targets.

FedEx May Top Estimates as Asia Packages Signal Economy Rebound FedEx Corp., the world’s largest cargo airline, may beat analysts’ earnings estimates tomorrow as growing demand for shipments in Asia signals the global economy is strengthening.

Highlands Brings $45 Glenrothes Scotch, Haggis to Village Pub The best Scottish food is the kind you drink.

‘Psycho’ Mural, $450,000 Trap Bus, Eliasson’s Shadows: Hot Art The scary house in which Norman Bates played dress-up with his dead mother in Hitchcock’s “Psycho,” stars in a giant mural at Metro Pictures gallery in New York’s Chelsea district.

Savage Henry VIII, Freaky Elizabeth I Appall in Lively History Henry VIII and daughter Elizabeth are just two of the sadists animating the lively new history by G.J. Meyer, “The Tudors: The Complete Story of England’s Most Notorious Dynasty.”

VIX Doesn’t Work as Signal for U.S. Stock Returns, Birinyi Says Investors looking for clues about the U.S. stock market should probably ignore the Chicago Board Options Exchange Volatility Index, according to a study of the VIX by Birinyi Associates Inc.

Bernanke Will Tell Congress Bank Oversight Aids Monetary Policy Federal Reserve Chairman Ben S. Bernanke said the central bank is best qualified to oversee the largest financial institutions and should retain its oversight of smaller banks as well.

Career Trade Versus Euro Thwarted by EU ‘Tools’: Chart of Day The euro’s surge to near a one- month high against the dollar may have been fueled by hedge funds and other large speculators exiting a career trade in which they bet that the currency would tumble.

Fed Unconvinced Recovery Strong Enough to Warrant Higher Rates Federal Reserve officials signaled the U.S. recovery isn’t strong enough to stoke inflation, reduce unemployment quickly or justify an end to record-low interest rates.

Reliance Said to Be in Talks to Buy Atlas Shale Asset (Update1) Reliance Industries Ltd., the owner of the world’s largest fuel-making complex, is in talks with Atlas Energy Inc. to invest in the U.S. natural-gas producer’s shale assets, a person familiar with the negotiations said.

China Must Pare Stimulus to Counter Bubbles, World Bank Says The World Bank indicated that China, the world’s third biggest economy, should raise interest rates to help contain the risk of a property bubble and allow a stronger yuan to help damp inflation expectations.

Thai Protesters Move Blood Protest to Abhisit’s Home (Update1) Thai demonstrators moved through a Bangkok business district intending to pour bottles of their own blood at Prime Minister Abhisit Vejjajiva’s house in the sixth day of rallies aimed at prompting new elections.

Bharti Said to Plan Agreement on $8.5 Billion Loan This Week Bharti Airtel Ltd. plans to agree to terms with banks this week for an $8.5 billion loan that would help it buy most of Zain’s African assets, according to two people with direct knowledge of the matter.

Yuan Volatility Falls to 1-Month Low After China Defends Policy Expectations for price swings in the yuan slumped to a one-month low after China’s government rebuffed calls for a stronger currency.

Asian Stocks Rise on Federal Reserve’s Rate Pledge; Mazda Rises Asian stocks rose, driving the MSCI Asia Pacific Index to an eight-week high, as the U.S. Federal Reserve pledged to keep borrowing costs near zero for an “extended period.”

Denway Motors Falls After Full-Year Profit Declines (Update1) Denway Motors Ltd., the Chinese partner of Honda Motor Co., fell the most in almost two months in Hong Kong trading after full-year profit declined on lower sales and a one-time charitable donation.