Suez Canal expansion running behind schedule

(Reuters) - A project to deepen the Suez Canal is running behind schedule because an unexpected increase in traffic has hampered dredging work, the chairman of the Suez Canal Authority said on Saturday.

The authority had hoped to complete the work by the end of 2006, making the canal 66 feet (20.1 metres) deep instead of 62 feet and opening the waterway to more giant vessels.


Read more at Reuters Africa

Asian Stocks Have Worst Week in a Year on Housing Concern; Samsung Drops

(Bloomberg) -- Asian stocks had the biggest weekly
drop in a year as U.S. reports heightened concern that a housing
slump is spreading in the world's biggest economy. BHP Billiton
and Samsung Electronics Co. led the slide.

``You've got an economic impact from lower housing prices
and housing demand,'' said Simon Doyle, a strategist at Schroder
Investment Management Australia Ltd. in Sydney, which manages
the equivalent of $11.4 billion. ``If the U.S. is under question,
there might be a broader contagion.''


Read more at Bloomberg Stocks News

Deripaska eyes Ford's Land Rover, Jaguar: report

(Reuters) - The magazine quoted a spokeswoman for the GAZ Group as saying: "We have already announced before that we are interested in growing through mergers and acquisitions."




Another firm owned by Deripaska, Basic Element, agreed in May to invest $1.54 billion in Canadian auto parts supplier Magna .


Read more at Reuters.com Business News

Rupee rise may hurt Indian tea exports - minister

(Reuters) - Indian tea exports are likely to be hurt by the rupee's strength against the dollar, the junior trade minister said on Saturday.

"Indian tea exports have undoubtedly come under pressure due to the appreciation of the rupee," Jairam Ramesh told reporters in Kolkata.


Read more at Reuters Africa

India's Grasim Q1 net up 64 pct, beats forecast

(Reuters) - Indian cement companies are running plants at full capacity
to feed the fast expanding economy and producers have pledged to
add another 100 million tonnes of capacity by 2009/10 to the
existing 177 million tonnes a year.




Grasim said this could mean a surplus in cement supply by
mid-2008/09, but expected a strong growth in demand would
mitigate the pressure from additional supply.


Read more at Reuters.com Market News

Nigerian interbank rates dip on more cash inflows

(Reuters) - Nigerian interbank interest rates dipped at the short-end of the money market to 6.0 percent on average this week from 7.0 percent previously due to the inflow of more public sector funds, dealers said on Friday.

The secured Open Buy Back (OBB), call money and overnight placement all closed at 6.0 percent after the balance of monthly budgetary allocations to government agencies were disbursed.


Read more at Reuters Africa

South African Rand Posts Biggest Weekly Decline in 5 Months on Global Risk

(Bloomberg) -- South Africa's rand had its biggest
weekly slide against the dollar in almost five months as global
stocks slumped and investors sold emerging-market assets.

The rand also dropped against the yen and the Swiss franc
as investors sold South African stocks and bonds to unwind so-
called carry trades. Government debt declined for a third week
as traders raised cash to pay back loans in yen and francs used
to fund purchases of emerging-market securities.


Read more at Bloomberg Emerging Markets News

India's Tata may begin Jaguar due diligence-paper

(Reuters) - A spokesman for Tata declined comment.




Tata and its local rival Mahindra & Mahindra Ltd.
, along with U.S. buyout firms TPG [TPG.UL] and
Ripplewood, were among those that have expressed interest in
the marques, a person familiar with the matter said on
Thursday.


Read more at Reuters.com Mergers News