French IMF candidate to canvass developing states

(Reuters) - Dominique Strauss-Kahn, the French candidate to head the IMF, will visit developing countries to seek their backing following criticism of the long-standing custom that a European always gets the job.

The former Socialist finance minister said in a statement that he had discussed his coming visits to emerging countries on Saturday with Portuguese Prime Minister Jose Socrates, whose country holds the rotating presidency of the European Union.


Read more at Reuters Africa

Mizuho signs $96 mln loan with Algeria-Japan JV

(Reuters) - Mizuho Financial Group signed a $96.35 million loan agreement with an Algerian-Japanese joint venture to finance the construction of a crude oil tanker, an Algerian government-run newspaper said on Saturday.

The very large crude carrier, with a capacity of 2.0 million tonnes, will supply Asian markets, El Moudjahid said.


Read more at Reuters Africa

Canadian Dollar Climbs to 30-Year High as Inflation Exceeds Bank's Target

(Bloomberg) -- The Canadian dollar rose to the
strongest in 30 years as the nation's central bank said
inflation will remain above its target, and as crude oil rose to
an 11-month high.

The currency gained a fourth straight week versus its U.S.
counterpart after the Bank of Canada increased the benchmark
overnight rate for the first time in more than a year. The
central bank also said inflation will peak at 3 percent in the
fourth quarter and will take a half-year longer than expected to
slow to the 2 percent target.


Read more at Bloomberg Currencies News

KfW prefers long-term investors for stakes-paper

(Reuters) - But the bank chief also warned against stigmatising
financial investors and said the sale of 4.5 percent in Telekom
to Blackstone showed that KfW would not rule out certain
potential investors out of hand.




KfW holds 16.9 percent of Telekom and 30.6 percent of Post.


Read more at Reuters.com Mergers News

S&P hits record as GE, data boost stocks

(Reuters) -The S&P 500 index climbed to a record on Friday, surpassing levels reached during the Internet bubble, as General Electric Co. increased a stock-buyback plan and data showed improving consumer sentiment.

The Dow Jones industrial average was up 45.52 points, or 0.33 percent, to end unofficially at 13,907.25. The Standard & Poor's 500 Index was up 4.80 points, or 0.31 percent, to finish unofficially at 1,552.50. The Nasdaq Composite Index was up 5.27 points, or 0.20 percent, to close unofficially at 2,707.00.


Read more at Reuters Africa

Massachusetts fund to sell stocks of Sudan-related firms

(Reuters) - Massachusetts' state pension fund, one of America's biggest and most successful, plans to sell some $80 million in holdings of companies that invest in Sudan, becoming the latest investor to protest violence there.

"Money managers who invest for us and own stocks like Schlumberger (Ltd.) and PetroChina (Co. Ltd.) will be selling those holdings," Michael Travaglini, executive director of the $50.3 billion Massachusetts' Pension Reserves Investment Management Board (PRIM) fund, told Reuters. "In total we expect it will be about $80 million," he said.


Read more at Reuters Africa

Tanzania inflation picks up to 5.9 pct y/y in June

(Reuters) - Tanzania's annual inflation rate rose to 5.9 percent in June from 5.0 percent in May, the National Bureau of Statistics said on Saturday.

Prices for green label tea, kerosene, charcoal, diesel and petrol were among those that rose, while prices of rice, maize grain, wheat flour, cassava, meat and milk were among those that eased, the statistics bureau said.


Read more at Reuters Africa