BMW to launch 3 Series saloon worldwide in Feb
“That makes the BMW 3 Series the world’s most successful
premium vehicle,” Chief Executive Norbert Reithofer said in a
statement.BMW said it would be the first manufacturer to offer
optional heads-up displays, which projects all key data directly
onto the windshield, as well as an optional fuel-efficient
eight-speed transmission.The company invested more than 1 billion euros ($1.4
billion) in its German plants in Munich and Regensburg, as well
as its South African factory in Rosslyn, to retool production
ahead of the launch.The 320d diesel saloon will start at 35,350 euros while the
335i petrol will be priced at 43,600 euros.Additional derivatives will joint the model line-up in
spring of next year, according to BMW, while a full hybrid
version of the 3 Series will also be available in autumn 2012.
($1 = 0.730 Euros)
UPDATE 2-Quadra FNX warns on full-year copper output
* Q3 production gains driven by Robinson mine, Sudbury opsOct 14 (Reuters) - Canadian miner Quadra FNX said
on Friday its 2011 copper output will come in at the lower end
of its prior forecast, even as its quarterly copper production
rose 9 percent sequentially.Quadra expects 2011 consolidated copper production to be at
the lower end of its previously forecast range of 240 million
pounds plus or minus 10 percent.The Vancouver-based miner blamed the lower production on
ramp stability issues at the Robinson mine in Nevada, which
delayed access to a higher grade portion of the deposit that
the company originally intended to mine in the fourth quarter.The company cut its production forecast at Robinson for the
year to 95-100 million pounds from 105-120 million pounds.
Quadra said that copper production at its Sudbury operations
continue to be at or above expectation.Quadra’s third-quarter copper production rose to 60 million
pounds, while nickel production rose slightly to 3 million
pounds.Quadra also signed a term sheet with Xstrata Plc’s
nickel business to use the diversified miner’s Craig mine shaft
in Ontario to develop its Levack mine.Under the terms of the deal, Quadra will pay $10 million
during the first year of operation and only operate the Craig
shaft and underground infrastructure. Quadra will not undertake
mining from the property, the company said in a statement.The company also noted that pricing adjustments on
declining metals prices would decrease third-quarter revenue by
about $6 million.
Sri Lanka bourse at 15-wk low on retail selling
* Rupee steady for 10th session amid heavy importer demandCOLOMBO, Oct 13 (Reuters) - Sri Lanka’s stock market fell to
a 15-week low on Thursday in thin volumes on retail selling
while most investors stayed on the sidelines due to liquidity
concerns, but foreign investors continued buying heavyweight
John Keells Holdings .The island nation’s main share index closed 0.28
percent or 18.24 points down at 6,585.99, lowest since June 27.
It is Asia’s third-best performer with a year-to-date loss of
0.75 percent after being on the top for most of 2011.Foreign investors bought over 414,000 shares in conglomerate
and institutional favourite Keells, bringing the total foreign
buying over the last three sessions to 3.5 million shares,
bourse data showed. Keells gained 0.5 percent on Thursday.Analysts and traders said a London-based fund has been
buying into the conglomerate since Friday.The bourse witnessed a net foreign inflow of 66.1 million
rupees on Thursday, extending the total inflow to 650.1 million
in the last four sessions. But thus far in 2011, offshore
investors have sold 16.7 billion after offloading a record 26.4
billion in 2010.Losers outperformed gainers by 138 to 67 on Thursday,
Thomson Reuters data showed.Turnover was at 1.2 billion rupees ($10.9 million), less
than last year’s average of 2.4 billion and this year’s 2.6
billion.Thursday’s total volume was 51.2 million, lowest since
Sept.23, against a five-day average of 71.7 million. The 30-day
and 90-day average trading volumes were 148.7 million and 138
million. Last year’s daily average was 67.9 million.The rupee closed steady at 110.18/20 a
dollar for a 10th straight day, as a state bank continued dollar
sales at 110.20 rupees in spite of importer demand, dealers
said.FACTORS TO WATCH:
- If central bank can maintain a narrow dollar trading range
- How much the central bank buys in repo auctions
- Rupee depreciation due to heavy importer dollar demandDATAColombo Stock Exchange:Stock Market Volume (Shares)Current Volume Average Volume 30 Days51,160,803 148,682,087Yield and Price of Sri Lanka’s sovereign bonds:Maturing year Tenure amount Reuters yield2012 5-yr $500 mln 6.016-5.5122014 5-yr $500 mln 6.503-6.1652020 10-yr $1,000 mln 7.0692-6.91242021 10-yr $1,000 mln 6.5769-6.4355* For Sri Lankan treasury securities benchmarks and data,
please click and* For interbank lending rate or call money rate or* For secondary market rates, please see <0#LKBMK=>.
($1 = 110.200 Sri Lanka Rupees)
UPDATE 1-Lone Star won’t appeal Korea stock manipulation verdict -source
SEOUL Oct 13 (Reuters) - U.S. fund Lone Star has decided
not to appeal a Korean court verdict against it, said a source
with direct knowledge of the matter, a move that should help the
firm sell its controlling stake in Korea Exchange Bank (KEB)
to Hana Financial Group and effect a long-awaited
exit from Korea.The news drove Hana’s shares up 7 percent in
early trade.The Seoul High Court last week fined LSF-KEB Holdings SCA,
Lone Star’s Belgium-based unit that holds a majority stake in
KEB, 25 billion Korean won ($21.4 million) for manipulating
stock prices of a KEB unit, concluding a case that had held up
its long-delayed $4.1 billion sale of KEB to Hana Financial
GroupThursday was the deadline for Lone Star lodge an appeal.Regulators said earlier they expected Lone Star to be
disqualified as KEB’s top shareholder and that they could order
it to sell down its stake in the bank to 10 percent under
banking law.If it is declared unfit to be KEB’s top shareholder, Lone
Star could complete the deal with Hana to comply with
regulators’ orders.Jed Repko, spokesman for Dallas-based Lone Star Funds,
declined to comment.Hana shares surged 4.7 percent and shares in KEB rose 2.64
percent as of 0018 GMT, versus the broader market’s 1.24
percent gain.Regulators had put off approval of the Hana-Lone Star
transaction due to legal uncertainties but will decide on the
matter after Lone Star’s decision on last week’s verdict.
