CANADA STOCKS-TSX to open little changed, commodity prices weigh

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March 28 | Mon Mar 28, 2011 8:52am EDT

March 28 (Reuters) - Toronto's main stock index looked set to open little changed on Monday, with a slide in oil and gold prices likely to weigh on the market.

Canada is set for a May 2 election after the fall of Conservative government on Friday, though the news has had little impact on its stock market so far. [ID:nN25298098]

FACTORS TO WATCH

* Canadian equity futures <0#SXF:> pointed to a slightly higher open.

* U.S. stock index futures were little changed as foreign headwinds remained in view following three days of U.S. equities gains, suggesting the recent period of volatility wasn't over. [.N]

* European shares edged higher, propped up by technology stocks after an upgrade, though the small addition to last week's rise was expected to be curbed by technical factors. [.EU]

* Asian stocks were mostly in red as uncertainty over Japan and the Middle East tempered gains.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.89 percent in early trade.

* Oil retreated with Brent slipping to around $115 after Libyan rebels regained control of key oil towns, and unrest over the weekend was limited to minor crude exporters Syria and Yemen. [O/R]

* Gold slipped nearly 1 percent, pressured by a firmer dollar after hawkish comments from a Federal Reserve official late last week, and as impetus from violence in the Middle East petered out. [GOL/]

* Copper prices stumbled as renewed worries about Japan's crisis, unrest in the Middle East and rising stocks persuaded investors to retreat from assets perceived to be risky. [MET/L]

CANADIAN STOCKS TO WATCH

* Vector Aerospace (RNO.TO): EADS has ended a three-year acquisition drought in North America with a $637 million agreed cash bid for the overhaul and repair firm by helicopter division Eurocopter. [ID:nLDE72R0R0]

* Canaco Resources Inc. (CAN.V): The mineral exploration company said drilling at its fully-owned Handeni gold project in Tanzania has shown there are gold deposits close to the surface. [ID:nL3E7ES1PO]

* Research In Motion (RIM.TO): The Blackberry maker said on Saturday it bought Ontario-based startup tinyHippos Inc, creator of Ripple, a cross-platform mobile application development and testing tool. [ID:nN26108759]

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March 28 | Mon Mar 28, 2011 8:52am EDT

March 28 (Reuters) - Toronto's main stock index looked set to open little changed on Monday, with a slide in oil and gold prices likely to weigh on the market.

Canada is set for a May 2 election after the fall of Conservative government on Friday, though the news has had little impact on its stock market so far. [ID:nN25298098]

FACTORS TO WATCH

* Canadian equity futures <0#SXF:> pointed to a slightly higher open.

* U.S. stock index futures were little changed as foreign headwinds remained in view following three days of U.S. equities gains, suggesting the recent period of volatility wasn't over. [.N]

* European shares edged higher, propped up by technology stocks after an upgrade, though the small addition to last week's rise was expected to be curbed by technical factors. [.EU]

* Asian stocks were mostly in red as uncertainty over Japan and the Middle East tempered gains.

COMMODITY PRICE MOVES

* The Thomson Reuters-Jefferies CRB index .CRB, a global commodities benchmark, fell 0.89 percent in early trade.

* Oil retreated with Brent slipping to around $115 after Libyan rebels regained control of key oil towns, and unrest over the weekend was limited to minor crude exporters Syria and Yemen. [O/R]

* Gold slipped nearly 1 percent, pressured by a firmer dollar after hawkish comments from a Federal Reserve official late last week, and as impetus from violence in the Middle East petered out. [GOL/]

* Copper prices stumbled as renewed worries about Japan's crisis, unrest in the Middle East and rising stocks persuaded investors to retreat from assets perceived to be risky. [MET/L]

CANADIAN STOCKS TO WATCH

* Vector Aerospace (RNO.TO): EADS has ended a three-year acquisition drought in North America with a $637 million agreed cash bid for the overhaul and repair firm by helicopter division Eurocopter. [ID:nLDE72R0R0]

* Canaco Resources Inc. (CAN.V): The mineral exploration company said drilling at its fully-owned Handeni gold project in Tanzania has shown there are gold deposits close to the surface. [ID:nL3E7ES1PO]

* Research In Motion (RIM.TO): The Blackberry maker said on Saturday it bought Ontario-based startup tinyHippos Inc, creator of Ripple, a cross-platform mobile application development and testing tool. [ID:nN26108759]

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UPDATE 1-Ivanhoe says Oyu Tolgoi continues to progress

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(Figures in U.S. dollars)

TORONTO, March 28 (Reuters) - Ivanhoe Mines Ltd (IVN.TO) said on Monday that key parts of its Oyu Tolgoi copper-gold-silver project in Mongolia are currently ahead of schedule.

The massive project, which Ivanhoe is being developing in partnership with Anglo-Australian miner Rio Tinto (RIO.AX) (RIO.L), is expected to begin commercial production in the first half of 2013.

Rio Tinto currently owns a 42.1 percent stake in Ivanhoe and can gradually raise this stake up to 49 percent. The Oyu Tolgoi project itself is 66 percent owned by Ivanhoe with the government of Mongolia owning the remainder.

Ivanhoe estimates capital expenditures on the project will be about $2.3 billion in 2011. Ivanhoe said as of March 28, its consolidated cash position was about $1.9 billion. (Reporting by Euan Rocha, editing by Gerald E. McCormick)

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(Figures in U.S. dollars)

TORONTO, March 28 (Reuters) - Ivanhoe Mines Ltd (IVN.TO) said on Monday that key parts of its Oyu Tolgoi copper-gold-silver project in Mongolia are currently ahead of schedule.

The massive project, which Ivanhoe is being developing in partnership with Anglo-Australian miner Rio Tinto (RIO.AX) (RIO.L), is expected to begin commercial production in the first half of 2013.

Rio Tinto currently owns a 42.1 percent stake in Ivanhoe and can gradually raise this stake up to 49 percent. The Oyu Tolgoi project itself is 66 percent owned by Ivanhoe with the government of Mongolia owning the remainder.

Ivanhoe estimates capital expenditures on the project will be about $2.3 billion in 2011. Ivanhoe said as of March 28, its consolidated cash position was about $1.9 billion. (Reporting by Euan Rocha, editing by Gerald E. McCormick)

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UPDATE 1-Mentor Graphics says Icahn offer undervalues company

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* Says Icahn $17/shr proposal undervalues the company

* Says board remains open to proposals that enhances its value

* Says this is not the time to put the company up for sale (Adds details)

March 28 (Reuters) - Mentor Graphics Corp said a takeover proposal by investor Carl Icahn undervalues the chip-design software maker, and this is not the time to put the company up for sale.

"Our share price has grown by more than 70 percent over the last year, for a two-year aggregate growth of approximately 200 percent, significantly outperforming our peer group and the market," Chief Executive Walden Rhines said in a statement on Monday.

The company said it determined that Icahn's $17 per share proposal undervalues the company.

It said the board remains open to proposals from third parties that "enhance shareholder value," but has determined that it is not the right time to sell the company. (Reporting by Swati Chitnis in Bangalore)

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* Says Icahn $17/shr proposal undervalues the company

* Says board remains open to proposals that enhances its value

* Says this is not the time to put the company up for sale (Adds details)

March 28 (Reuters) - Mentor Graphics Corp said a takeover proposal by investor Carl Icahn undervalues the chip-design software maker, and this is not the time to put the company up for sale.

"Our share price has grown by more than 70 percent over the last year, for a two-year aggregate growth of approximately 200 percent, significantly outperforming our peer group and the market," Chief Executive Walden Rhines said in a statement on Monday.

The company said it determined that Icahn's $17 per share proposal undervalues the company.

It said the board remains open to proposals from third parties that "enhance shareholder value," but has determined that it is not the right time to sell the company. (Reporting by Swati Chitnis in Bangalore)

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UPDATE 1- Nu Skin to pay $33 mln in Japan customs duties

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* Sees Q1 rev down $3-$5 mln

* Sees Q1 EPS hurt by $0.01-$0.02 (Follows alerts)

March 28 (Reuters) - Personal-care products maker Nu Skin Enterprises Inc said it will have to pay about $33 million in customs duties in Japan and its first-quarter results will be hurt by the disasters in the Asian country.

Nu Skin said it will have to pay about $33 million in customs duties on products shipped from 2002 to 2005, after a Tokyo District Court upheld a decision by Japanese customs.

Nu Skin said it is likely to appeal.

Provo, Utah-based Nu Skin said the recent disasters in Japan will bring down its revenue by $3-5 million and earnings by 1-2 cents a share in the first quarter.

Nu Skin said the affected areas account for less than 10 percent of its business in Japan.

Shares of the company closed at $29.41 on Friday on the New York Stock Exchange. (Reporting by Arpita Mukherjee in Bangalore; Editing by Don Sebastian)

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* Sees Q1 rev down $3-$5 mln

* Sees Q1 EPS hurt by $0.01-$0.02 (Follows alerts)

March 28 (Reuters) - Personal-care products maker Nu Skin Enterprises Inc said it will have to pay about $33 million in customs duties in Japan and its first-quarter results will be hurt by the disasters in the Asian country.

Nu Skin said it will have to pay about $33 million in customs duties on products shipped from 2002 to 2005, after a Tokyo District Court upheld a decision by Japanese customs.

Nu Skin said it is likely to appeal.

Provo, Utah-based Nu Skin said the recent disasters in Japan will bring down its revenue by $3-5 million and earnings by 1-2 cents a share in the first quarter.

Nu Skin said the affected areas account for less than 10 percent of its business in Japan.

Shares of the company closed at $29.41 on Friday on the New York Stock Exchange. (Reporting by Arpita Mukherjee in Bangalore; Editing by Don Sebastian)

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DIARY-Federal Reserve Events

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OSLO, March 28 (Reuters

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Brazil's GVT to invest $6 bln over 5 years -report

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* GVT says to spend 10 bln reais in Brazil over 5 years

* Company needs qualified workers to fuel expansion

SAO PAULO, March 28 (Reuters) - Brazilian telecommunications company GVT plans to spend 10 billion reais ($6 billion) over the next five years to boost coverage in Latin America's largest economy, the company's chief executive officer told a local newspaper on Monday.

"We don't have a limit to invest," CEO Amos Genish told newspaper Folha de S. Paulo.

The company plans to reach 80 new cities, for a total of 180 cities, at a cost of 10 billion reais over the next five years, according to the report.

But the company said it needs to find employees who specialize in building telecommunications networks, a concern in a country where a number of companies have complained about the lack of an educated workforce.

France's Vivendi (VIV.PA) in 2009 paid 7.7 billion reais for GVT, the fixed-line and data services carrier.

($1=1.658 reais)

(Reporting by Luciana Lopez, editing by Dave Zimmerman)

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* GVT says to spend 10 bln reais in Brazil over 5 years

* Company needs qualified workers to fuel expansion

SAO PAULO, March 28 (Reuters) - Brazilian telecommunications company GVT plans to spend 10 billion reais ($6 billion) over the next five years to boost coverage in Latin America's largest economy, the company's chief executive officer told a local newspaper on Monday.

"We don't have a limit to invest," CEO Amos Genish told newspaper Folha de S. Paulo.

The company plans to reach 80 new cities, for a total of 180 cities, at a cost of 10 billion reais over the next five years, according to the report.

But the company said it needs to find employees who specialize in building telecommunications networks, a concern in a country where a number of companies have complained about the lack of an educated workforce.

France's Vivendi (VIV.PA) in 2009 paid 7.7 billion reais for GVT, the fixed-line and data services carrier.

($1=1.658 reais)

(Reporting by Luciana Lopez, editing by Dave Zimmerman)

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BRIEF-Moody's asgns P-1(sf) rtg to 2nd Compass ABCP series

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March 28 | Mon Mar 28, 2011 8:47am EDT

* Moody's assigns P-1(sf) rating to 2nd Compass ABCP series; affirms P-1(sf) of 1st series

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March 28 | Mon Mar 28, 2011 8:47am EDT

* Moody's assigns P-1(sf) rating to 2nd Compass ABCP series; affirms P-1(sf) of 1st series

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Statoil: Gulf costs may rise 10 pct after spill

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* Gets its first permit in Gulf of Mexico since BP blowout

* Drilling on Cobra well seen taking place in summer

* Firm had four wells planned for drilling pre-spill

By Gwladys Fouche

OSLO, March 28 (Reuters) - Additional regulation in the aftermath of the Deepwater Horizon oil spill could boost the cost of drilling new oil and gas wells in the Gulf of Mexico by 10 percent, Norway's Statoil (STL.OL) said on Monday.

The company on Friday won its first drilling permit since the accident involving BP (BP.L) last year. It was awarded a licence to drill a new well 7,134 feet (2,174 metres) deep in the waters off Texas, the sixth such permit awarded since the accident. [ID:nN25292936]

"We expect that new and additional regulations will lead to increased costs. An increase of 10 percent could be a good estimate," said Statoil spokesman Baard Glad Pedersen.

Statoil said the well, called Cobra, is due to be drilled during the summer using Maersk Developer, a rig belonging to Maersk Drilling, a unit of Danish shipping and oil group A.P. Moller-Maersk (MAERSKb.CO).

The firm is still awaiting a permit to drill another well, Logan, which, if approved, would be drilled by Transocean's RIG.VX Discoverer Americas.

"With the permit given for Cobra, we are hopeful that we will receive permits also for Logan in the near future," the spokesman said.

The Gulf of Mexico is a key growth area for Statoil, which is the fourth-largest holder of drilling licences in the Gulf of Mexico.

(Editing by Jason Neely)

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* Gets its first permit in Gulf of Mexico since BP blowout

* Drilling on Cobra well seen taking place in summer

* Firm had four wells planned for drilling pre-spill

By Gwladys Fouche

OSLO, March 28 (Reuters) - Additional regulation in the aftermath of the Deepwater Horizon oil spill could boost the cost of drilling new oil and gas wells in the Gulf of Mexico by 10 percent, Norway's Statoil (STL.OL) said on Monday.

The company on Friday won its first drilling permit since the accident involving BP (BP.L) last year. It was awarded a licence to drill a new well 7,134 feet (2,174 metres) deep in the waters off Texas, the sixth such permit awarded since the accident. [ID:nN25292936]

"We expect that new and additional regulations will lead to increased costs. An increase of 10 percent could be a good estimate," said Statoil spokesman Baard Glad Pedersen.

Statoil said the well, called Cobra, is due to be drilled during the summer using Maersk Developer, a rig belonging to Maersk Drilling, a unit of Danish shipping and oil group A.P. Moller-Maersk (MAERSKb.CO).

The firm is still awaiting a permit to drill another well, Logan, which, if approved, would be drilled by Transocean's RIG.VX Discoverer Americas.

"With the permit given for Cobra, we are hopeful that we will receive permits also for Logan in the near future," the spokesman said.

The Gulf of Mexico is a key growth area for Statoil, which is the fourth-largest holder of drilling licences in the Gulf of Mexico.

(Editing by Jason Neely)

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UPDATE 1-Bombardier sells four fire-fighting aircraft for $162 mln

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(Follows alert)

March 28 (Reuters) - Bombardier Inc (BBDb.TO) said it sold four Bombardier 415 amphibious fire-fighting aircraft to an undisclosed customer at about $162 million.

Bombardier, the world's No. 3 civil aircraft maker after Airbus and Boeing , said delivery of the aircraft will begin in the second quarter of this year and continue through to the first quarter of 2013.

This is the second order from this customer, Bombardier said, adding that the contract includes training and initial spares provisioning.

Recent orders for the Bombardier 415 aircraft include those from the Canadian provinces of Newfoundland & Labrador and Manitoba.

Bombardier shares closed at C$6.42 on Friday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Saumyadeb Chakrabarty)

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(Follows alert)

March 28 (Reuters) - Bombardier Inc (BBDb.TO) said it sold four Bombardier 415 amphibious fire-fighting aircraft to an undisclosed customer at about $162 million.

Bombardier, the world's No. 3 civil aircraft maker after Airbus and Boeing , said delivery of the aircraft will begin in the second quarter of this year and continue through to the first quarter of 2013.

This is the second order from this customer, Bombardier said, adding that the contract includes training and initial spares provisioning.

Recent orders for the Bombardier 415 aircraft include those from the Canadian provinces of Newfoundland & Labrador and Manitoba.

Bombardier shares closed at C$6.42 on Friday on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Saumyadeb Chakrabarty)

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UPDATE 2-Egypt's EGX30 posts biggest single gain in over a year

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* Main index posts first gain since mass protests on Jan. 25

* Blue chips lead, most construction and property buck trend

(Updates with closer, adds quotes)

By Sherine El Madany

CAIRO, March 27 (Reuters) - Egypt's benchmark index .EGX30 snapped a four-day losing streak and closed 5.3 percent higher on Sunday, the third day of trade since political turmoil closed the bourse for more than seven weeks.

The index posted its biggest single-day gain since Dec. 13, 2009 and its first gain since mass protests erupted on Jan. 25 to oust President Hosni Mubarak, with jittery investors grabbing stocks they believed had become cheap, traders said.

"The panic has slowed down gradually ... and prices have fallen to attractive levels that prompted buying," said Hashem Ghoneim, vice chairman of Pyramids Capital.

Major stocks, including heavyweights Orascom Telecom (ORTE.CA), Orascom Construction (OCIC.CA) and Commercial International Bank (COMI.CA), jumped 10 percent by the market close.

Egypt's biggest listed firm Orascom Construction and Commercial International Bank posted their biggest one-day jump in years.

"People were expecting the worst and saw a bleak picture, but optimism returned to the market when the worst did not happen," Ghoneim added.

Trading volume was firm, traders said, and turnover reached 1.1 billion Egyptian pounds ($184.9 million). The EGX30 index closed at 5,212 points.

Some traders expect the market rally to continue on Monday until the main index reaches a resistance level of 5,300 points, that if sustained, could take the index as high as 5,650 points.

"Some blue chips will (resist) a market slowdown because their fundamentals and growing business operations will be supportive," said Mohamed Kotb, director of asset management at Naeem Brokerage.

BUYING APPETITE

Defensive telecoms stocks and dollar-denominated Maridive and Oil Services (MOIL.CA) helped the main index rebound from last week's 12.3 percent fall.

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Vale CEO ousted, gov't seeks replacement: report

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Sorry, I could not read the content fromt this page.

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WRAPUP 10-Soaring radioactivity deals blow to Japan's plant rescue

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* Radioactivity soars in reactor 2, workers evacuated

* Radiation level is highest since crisis began

* Crisis far from end, says U.N. nuclear chief (Adds details on reactors and radiation readings)

By Shinichi Saoshiro and Taiga Uranaka

TOKYO, March 27 (Reuters) - Workers were withdrawn from a reactor building at Japan's earthquake-wrecked nuclear plant on Sunday after potentially lethal levels of radiation were detected in water there, a major setback for the effort to avert a catastrophic meltdown.

The operator of the facility said radiation in the water of the No. 2 reactor was measured at more than 1,000 millisieverts an hour, the highest reading so far in a crisis triggered by a massive earthquake and tsunami on March 11.

That compares with a national safety standard of 250 millisieverts over a year. The U.S. Environmental Protection Agency says a single dose of 1,000 millisieverts is enough to cause haemorrhaging. [ID:nL3E7ER02S]

Plant operator Tokyo Electric Power Co. later said the extremely high radioactivity readings might have been wrong, adding the levels were being re-checked.

"The situation is serious. They have to pump away this water on the floor, get rid of it to lower the radiation," said Robert Finck, radiation protection specialist at the Swedish Radiation Safety Authority, speaking before the operator expressed doubt about the high reading.

"It's virtually impossible to work, you can only be there for a few minutes. It's impossible to say how long it will take before they can gradually take control." 

The Japanese government said the overall situation was unchanged at the plant, 240 km (150 miles) north of Tokyo. Two of the plant's six reactors are now seen as safe but the other four are volatile, occasionally emitting steam and smoke.

"We did expect to run into unforeseen difficulties, and this accumulation of high radioactivity water is one such example," Chief Cabinet Secretary Yukio Edano told a news briefing.

Yukiya Amano, director-general of the International Atomic Energy Agency, said the emergency could go on for weeks, if not months. "This is a very serious accident by all standards," he told the New York Times. "And it is not yet over."

At Chernobyl in Ukraine a quarter of a century ago, the worst nuclear accident in the world, it took weeks to stabilise what remained of the reactor that exploded and months to clean up radioactive materials and cover the site with a concrete and steel sarcophagus.

Experts say there is still too much heat in the reactor cores and spent fuel at the Fukushima plant for a similar last-ditch solution to be considered yet.

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RPT-Wall St Wk Ahead: Hot sectors, jobs on investors' radar

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(Repeating column initially transmitted late on Friday)

* U.S. stock indexes post gains for the week

* Window dressing to help; energy top performer

* Key U.S. government jobs report on Friday

By Caroline Valetkevitch

NEW YORK, March 27 (Reuters) - U.S. stock investors could scramble to pick up some of the market's recent best performers this week as the quarter comes to an end, putting the spotlight on energy and industrial companies.

But worries about Japan, the Middle East and oil prices will persist and keep uncertainty high, analysts said, even as the VIX, the CBOE Volatility Index .VIX, slid 27 percent over the past week.

Another driver could come from economic data, with the U.S. government's March payrolls report -- the most widely watched economic indicator of the month -- due on Friday.

Economic data lately has taken a backseat to geopolitical events, with Japan's massive earthquake and tsunami sparking fears of a nuclear disaster in the country and driving the most recent pullback in stocks.

But many expect window dressing, where fund managers sell stocks with big losses and buy ones with big gains to spruce up their portfolio's quarterly performance, to dominate trading.

"I think a number of people viewed the harshness of the sell-off as an opportunity to pick up some inappropriately punished stocks," said Michael Strauss, chief economist of Wilton, Connecticut-based Commonfund.

The strategy contributed to a bounceback late last week, with the Dow Jones industrial average .DJI and Nasdaq .IXIC posting their best weeks since July. The benchmark Standard & Poor's 500 .SPX had its best week since early February.

Analysts say the stock market's recent performance has been strongly influenced by expectations for the upcoming earnings reporting period, which kicks off the second week of April.

Oracle's upbeat outlook late Thursday and its stock's 1.6 percent rise on Friday is one example of that, while the energy sector has benefited from the view that the run-up in oil prices will mean stronger-than-anticipated results for producers and refiners.

KING OIL

Energy, up about 14 percent since the start of the quarter as measured by the S&P energy index .GSPE, is by far the sector with the biggest gains for the quarter to date.

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REFILE-Time no longer the essence for luxury watchmakers

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(Corrects to add Perramond's full name and title in third paragraph)

* Stopping, slowing time on a watch is the new luxury

* Black carbon fibre, light watches are all the rage

* Classics are back, driven by Chinese demand

By Astrid Wendlandt and Silke Koltrowitz

PARIS, March 25 (Reuters) - Time is up for oversize and flashy luxury watches that actually tell you the hour.

The new status symbol for bankers and Russian oligarchs is a sober, featherlike timepiece made from carbon fibre, magnesium or aluminium, executives at Basel's annual watch fair said

Real luxury is now the ability to stop time. This week Luc Perramond, chief executive of Hermes's watch division, presented the "temps suspendu" (suspended time) model, starting at 18,000 Swiss francs ($19,700), which stops time at the press of a button and brings it back again.

For 240,000 Swiss francs you can pick up an Hublot watch whose time can be slowed or sped up and another which is all black, making it difficult to tell the time at all.

That luxury can set you back upwards of 15,000 Swiss francs.

"The value of a watch is not to give you time," Hublot Chief Executive Jean-Claude Biver told Reuters.

"Any five dollar watch can do that. What we are offering is the ability for example to stop time or make it disappear... Time is a prison and people want to get out of it sometimes."

Those embracing the trend for new materials include Hublot, one of the fastest-growing brands, and its younger rival Richard Mille, whose barrel-shaped watches, starting at 60,000 euros ($85,000), are regarded as some of the most expensive.

"The trend now is light and new materials," Biver said, adding that Hublot last week bought a carbon fibre plant to secure supplies and is investing in new methods of dyeing metals and various materials.

In the world of watch fashion, experts say black dominates, followed by grey and matt colours. And minimalism is the style motto, in contrast to the pre-crisis days of 2007 and 2008 when big, multi-functional sporty watches were in vogue.

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UPDATE 1-Abu Dhabi's Mubadala 2010 loss 315 million dirhams

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* Investment writedowns hit bottom line

* Assets up, operational gains in aerospace, oil and gas

(Adds CEO comment)

ABU DHABI, March 24 (Reuters) - The Abu Dhabi government's investment vehicle Mubadala [MUDEV.UL] posted a loss of 315 million dirhams ($85.8 million) in 2010 due to mark to market writedowns, it said on Thursday.

The unlisted investment group, which holds stakes in Advanced Micro Devices Inc (AMD.N), General Electric (GE.N) and private equity firm Carlyle [CYL.UL], also said it boosted its total assets by 14 percent to 101.5 billion dirhams in 2010.

Mubadala Chief Executive Khaldoon Khalifa al-Mubarak said in a statement that strong operational results helped to underpin results, which showed a profit of 1.1 billion dirhams before taking into account the investments impairments.

"The strength of our operations underpinned Mubadala's financial performance," Mubarak said in a statement.

Revenue rose 22 percent year-on-year to 16 billion dirhams, helped by its aerospace, infrastructure and oil and gas businesses, Mubadala said.

"The increase in revenue year-on-year was largely driven by the strong performance in the aerospace, infrastructure and oil and gas businesses which all realised significant growth in their operating income," the statement said.

Mubadala, one of few state-controlled vehicles to publish results, also owns stakes in local companies including indebted developer Aldar Properties ALDAR.AD and struggling cooling firm Tabreed TABR.DU. ($1=3.672 Uae Dirham) (Reporting by Stanley Carvalho, editing by Reed Stevenson and Hans Peters)

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Chitty Chitty Bang Bang to fly again in new books

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LONDON | Tue Mar 22, 2011 8:04pm EDT

LONDON (Reuters) - James Bond creator Ian Fleming's other famous invention, the magical car Chitty Chitty Bang Bang, is set to fly again with the publication of a new series of adventures by children's author Frank Cottrell Boyce.

Fleming's estate, which has already found success with authorized spinoffs of the James Bond series, has decided to re-launch Chitty Chitty Bang Bang with three new novels, the first of which is due for release on November 4.

"Chitty Chitty Bang Bang Flies Again" will be published in Britain by Macmillan Children's Books and set in the present day.

The plot will center around the Tooting family, who discover an old racing car engine and use it to supe up their camper van.

"Before they know it they are zooming around the world as Chitty comes to life again and is restored to her former glory," the estate said in a statement.

The new books will be illustrated by Joe Berger.

Fleming's "Chitty Chitty Bang Bang: The Magical Car," a tale he originally made up as a bedtime story for his young son Caspar, was published in 1964, two months after the author died.

It was illustrated by John Burningham and dedicated to the real Chitty Chitty Bang Bang, built by the eccentric racing-car driver Count Zborowski.

The story is probably best known through the 1968 musical film adaptation in which Dick Van Dyke plays eccentric inventor Caractacus Potts.

"I have no idea what made the Flemings think of asking me to write the sequel. I haven't asked them in case it's all a case of mistaken identity," Boyce said.

"I went back to the book for the first time since I was a boy and was delighted to discover that, first of all, it's really good and, secondly, it's crying out for a sequel.

"I've had a lot of fun writing these books, but somewhere amongst all the fun I found it strangely emotional to revisit myself as a boy and ask if he could help me restore an old-fashioned contraption and make it fly again," Boyce said.

Boyce is a British children's novelist and scriptwriter who has worked with movie directors including Michael Winterbottom and Danny Boyle.

(Reporting by Mike Collett-White)

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Vezi cât a investit până în prezent Ford România în uzina de la Craiova

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Vote!

Constructorul auto Ford România a investit până în prezent 350 de milioane euro în operaţiunile pe care le desfăşoară la Craiova, proiect pentru care compania americană s-a angajat prin contractul de privatizare să aloce 675 milioane euro, au declarat pentru MEDIAFAX surse apropiate constructorului. ...

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Sursa: Mediafax - Azi

Stiri de acum 20 MinuteVote! În România s-ar putea descoperi noi zăcăminte de petrol Mediafax (Azi) - România are potenţial în privinţa descoperirii de noi zăcăminte de petrol, întrucât până în prezent... StiriVote! KFC a investit zeci de mii de euro in prima reclama realizata in Romania. VIDEO DailyBusiness (Ieri) - KFC a investit zeci de mii de euro in primul spot TV realizat in Romania,... Vote! Un şofer începător a accidentat un băiat pe trotuar Click (Ieri) - Sorin Costinel Tulea (18 ani), din localitatea doljeană Bratovoieşti, a intrat ieri cu un Ford... Vote! Germania: România, în spaţiul Schengen până la sfârşitul acestui an Pagina Politica (Ieri) -   Speranţe noi pentru aderarea la spaţiul Schengen, venite tocmai din Germania, oponenta de până... Vote! Fiat a suspendat o investitie de jumatate de miliard de euro din cauza neintelegerilor cu sindicatele italiene Hotnews Economie (Ieri) - Fiat a inghetat planurile de a investi 500 milioane euro la uzina torineza cumparata de... Vote! Basescu, reprezentantilor Ford: Astept sa vad prototipul in luna mai Ziare.com Business (Ieri) - Traian Basescu s-a intalnit cu presedintele Ford Europa si vicepresedinte Ford Motor Company, Stephen Odell,... Vote! VIDEO: Ken Block testează Ford Fiesta RS WRC în Portugalia AutoMarket (Ieri) - Ken Block a participat cu Ford Fiesta RS WRC la o sesiune de teste în... Vote! Basescu s-a intalnit cu vicepresedintele Ford Motor Company Wall-Street Auto (2 zile in urma) - Presedintele Traian Basescu l-a primit la Palatul Cotroceni, pe Stephen Odell, vicepresedinte al Ford Motor... Vote! Loder1899 a modificat noul Ford C-Max AutoMarket (2 zile in urma) - Tunerul Loder1899 din Koln a realizat o versiune sportivă a lui Ford C-Max. Pentru... Vote! Traian Băsescu l-a primit pe vicepreşedintele Ford Motor Company Amos News (2 zile in urma) - Preşedintele României, Traian Băsescu, l-a primit marţi, 22 Martie, la Palatul Cotroceni, pe Stephen Odell,... Vote! Ford implineste 3 ani in Romania: 90 de angajati noi si 11.700 de masini asamblate DailyBusiness (2 zile in urma) - Fabrica auto de la Craiova a Ford Motor Company a produs 11.700 de masini in... Vote! Bilanţ Ford Craiova după 3 ani: zero maşini fabricate, 90 de angajări, 300 de oameni au plecat Money News (2 zile in urma) - Ford a angajat 90 de persoane de la preluarea fabricii (martie 2008), dar 300 de... Vote! Insulele Feroe, Andorra, San Marino sau România. Vezi lista echipelor fără victorii în aceste preliminarii GSP (2 zile in urma) - "Naţionala" lui Răzvan Lucescu nu are nicio victorie în actualele preliminarii, contraperformanţă reuşită doar de... Vote! Basescu: “Romania sustine Ford asa cum sustine si Dacia” Corect (2 zile in urma) - Presedintele Romaniei, Traian Basescu, l-a primit azi la Cotroceni pe Stephen Odell, vicepresedintele Ford... Vote! VIDEO: Ford testează motorul lui Fiesta RS WRC la altitudine AutoMarket (2 zile in urma) - Ford a dezvăluit modul în care testează în laborator motorul noului Fiesta RS WRC pentru...

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PRESS DIGEST - Canada - March 24

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March 24 | Thu Mar 24, 2011 5:44am EDT

March 24 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

THE GLOBE AND MAIL:

- The careers of Canada's major political party leaders are on the line with Stephen Harper's minority government set to fall Friday on a vote that will see his opposition rivals declare him in contempt of Parliament.

This defeat will pave the way for a spring election likely to take place May 2 or 9, depending on how long a campaign the conservative leader favours.

BUSINESS:

- A surprise new oil windfall tax in Britain has damaged the prospects for several Canadian producers and raised concerns over possible copycat measures by other governments.

In a populist move meant to shift the pain of triple-digit crude prices, the British government said Wednesday it would levy a new tax on oil companies' profits worth L2-billion ($3.2-billion)

NATIONAL POST:

- It is majority government or bust for the Conservatives in the coming election. The more the leaders of the Liberal party, the NDP and the Bloc Québécois talk, the more it becomes apparent that they are prepared to form a coalition of losers, in the event the House of Commons returns in something approximating its current form.

FINANCIAL POST:

- Four months after Bradley Shaw assumed the corner office at Shaw Communications Inc., the firm is slashing nearly 4% of its nationwide workforce, a move seen as the first decisive mark made by the new chief executive.

The cuts, numbering roughly 500 in all, arrive at a crucial time for both Mr. Shaw, the son of company founder JR, and the Western Canada cable giant.

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Vulcanul Nyiragongo din Congo este pe punctul de a erupe

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Vote!

Imagini cu vulcanul Nyiragongo din Congo. Specialistii spun ca este pe punctul de a erupe....

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