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Drax announces £300m handback
13 May 2006 source: yorkshiretoday.co.uk

The move completes the company's dramatic transformation from a penniless power station just two years ago to the UK's most important coal-fired power plant.Drax owns the giant 4,000-megawatt power plant in Selby, North Yorkshire, which is capable of supplying around seven per cent of Britain's power needs.The plant is one of the UK's newest coal-fired power stations, having been commissioned in t ...

ASIA MARKETS: Shanghai Shares Triumph; Regional Bourses Mostly Fall ...
13 May 2006 source: morningstar.com

Shanghai's benchmark composite index rallied Friday, staging its biggest single-daily gain in nearly a year, in contrast to a downbeat finish for the rest of the region. Shanghai investors snapped up stocks on expectations of currency gains, additional government support to bolster stock prices, and potential benefits from higher turnover after the government lifted its ban on new capital-raising ...

SILICON STOCKS: Broad Losses Mar Tech Sector At Market Close
12 May 2006 source: morningstar.com

Technology stocks finished the week with another negative performace Friday as the sector put in third consecutive decline as concerns over inflation broadly tempered investor enthusiasm. The tech-heavy Nasdaq Composite Index (RIXF) gave up almost 29 points to close at 2,243 and showed few signs of getting off the carpet a day after shedding nearly 50 points. The Philadelphia Semiconductor Inde ...

On London: Market waiting for excuse to sell off
12 May 2006 source: ft.com

Markets are getting nervous. The FTSE 100 on Friday had its worst day for two years, falling 2.2 per cent to 5912.1. But the index has been struggling to hold above the 6,100 mark in the past few weeks. This could be a healthy consolidation after a long period of gains. But the risk is that lack of market momentum may be a prelude to a more substantial correction. // Abundant liquidity, a revival in takeover activity and strong corporate earnings may continue to drive the market onwards and up ...

The US dollar takes a pounding over deficit
12 May 2006 source: ft.com

By Steve Johnson in London and John Authers in New YorkPublished: May 12 2006 19:54 | Last updated: May 12 2006 19:54The US dollar suffered a sharp sell-off on Friday, tumbling to its lowest level against a trade-weighted basket of currencies since October 1997, as fears about the US current account deficit crossed world markets. // Worries about inflation, which have intensified since this week’s meeting of the US Federal Reserve’s rate-setting open market committee, also sparked sharp losses  ...

Wall Street unsettled by Fed language
12 May 2006 source: ft.com

Wall Street was spooked this week by a combination of rising commodity prices and comments from the Federal Reserve that heightened fears about interest rates and inflation. // Markets were sluggish in the run-up to the meeting of the Federal Reserve’s open markets committee on Wednesday. The 25 basis point rise in the Fed funds rate to 5 per cent was widely expected but the markets were unsettle ...

FTSE rattled by weak dollar
12 May 2006 source: today.reuters.co.uk

By Louise Heavens LONDON (Reuters) - The leading share index tumbled more than 2 percent on Friday as Anglo American and other miners retreated from recent highs and a weakening dollar took its toll on companies that earn dollars, such as Amvescap . Anglo American was the top faller, shedding 4.8 percent. Rio Tinto , Kazakhmys , and Antofagasta each lost more than 4 percent. Traders said investors largely ignored a batch of price target upgrades by Morgan Stanley to lock in some of the sector ...

SILICON STOCKS: Losses Continue To Weigh On Tech Sector
12 May 2006 source: morningstar.com

Technology stocks traded mixed Friday in an attempt to stave off a third- straight decline as broader concerns over inflation tempers investors' enthusiasm for the sector. The tech-heavy Nasdaq Composite Index (RIXF) regained some ground but was down 13.5 points at 2,263, a day after shedding nearly 50 points. The Philadelphia Semiconductor Index (SOX) edged into positive territory, but the Gol ...

Front doors swing open to new vista
12 May 2006 source: ft.com

Property has long been the darling of the private investor. The UK boasts the largest proportion of homeowners in western Europe, while around 225,000 Britons also own a second home abroad. // But the passion for property is now reaching beyond possessing your own homes. In recent months the doors have swung open to another form of investment aimed at the retail investor: commercial property funds. These investments qualified for individual savings accounts and personal equity plans for the f ...

Rosneft float 'could be delayed'
12 May 2006 source: bbc.co.uk

Russian oil giant Rosneft may delay its long-awaited float on the London and Moscow stock markets, reports say. The move could raise about £5.5bn ($10.4bn) for the state-owned firm. But the flotation - pencilled in for July - may now be delayed till the final three months of 2006, according to one of its directors. A delay beyond the end of September would breach the terms of a $7.5bn loan it holds, according to reports, meaning it would have to repay it. The loan was given to Rosneft' ...

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