Packer sells media stake, ticketing to CVC

(Reuters) - Packer's Publishing & Broadcasting Ltd. said
on Friday it had agreed to sell a further 25 percent stake in
its 50:50 media joint venture to CVC for A$515 million .




PBL also agreed to sell its interests in online ticketing
business Ticketek and Sydney sports stadium Acer Arena to PBL
Media for A$210 million.


Read more at Reuters.com Business News

France Telecom, GEA Grenobloise, Lafuma, Vinci: French Equity Preview

(Bloomberg) -- Shares of the following companies may
make gains or losses on the Paris stock exchange. Stock symbols
are in parentheses and prices are from the last close.

The CAC 40 Index rose 61.85, or 1 percent, to 6104, for a
2.4 percent gain this month. This is the CAC 40's third straight
monthly increase. The SBF 120 Index added 1 percent.


Read more at Bloomberg Stocks News

Standard Chartered Plans to Move 50 to 100 London-Based Bankers to Dubai

(Bloomberg) -- Standard Chartered Plc, a U.K. bank
that makes most of its money in Asia, plans to move between 50
and 100 banking positions from London to Dubai, United Arab
Emirates.

Teams trading interest rates and the currencies of G10
countries, those specializing in Africa and the team that
monitors Standard Chartered's loan portfolio will be asked to
move to Dubai, London-based spokesman Sean Farrell said today.
The bank doesn't plan any redundancies, he said.


Read more at Bloomberg Currencies News

GM, Ford Trounce Toyota's Shares, Bonds; Chrysler Buyout Buoys Investors

(Bloomberg) -- In case you missed it, General Motors
Corp. and Ford Motor Co. outperformed Toyota Motor Corp. in the
stock market the past 12 months. The next year may be no
different as Cerberus Capital Management LP seeks to turn
Chrysler around.

Armed with a $12 billion war chest, the private-equity firm
can take a hard line in July-to-September labor contract talks
with the United Auto Workers. That will benefit all of the Big
Three U.S. automakers because contract settlements at one company
usually form the basis for agreements at others, analysts said.


Read more at Bloomberg Stocks News

BP, Partners Considering Expansion of Pipeline From Azerbaijan to Turkey

(Bloomberg) -- BP Plc and its partners may expand their
oil pipeline from Azerbaijan to Turkey to handle more crude from
Chevron Corp. and BG Group Plc-led projects in Kazakhstan.

BP-led companies will decide next quarter whether to expand
the capacity of the Baku-Tbilisi-Ceyhan pipeline by 20 percent to
1.2 million barrels a day, said Norman Ingram, the pipeline project
director for BP in Azerbaijan. If a decision is made to expand, the
capacity will be increased by June 2008.


Read more at Bloomberg Energy News

Singapore Airlines Says It's in `Advanced' Discussions With China Eastern

(Bloomberg) -- Singapore Airlines Ltd., Asia's most
profitable carrier, said it's in ``advanced'' discussions about
a potential investment in China Eastern Airlines Corp., as it
seeks more access to the world's second-largest aviation market.

The companies haven't reached a final agreement, Singapore
Airlines said in a statement late yesterday, the first time it
has announced talks with the Shanghai-based carrier.


Read more at Bloomberg Emerging Markets News

Sam's Club testing high-end TV installation

(Reuters) - Flat-panel TV sales remain brisk as consumers continue to replace their bulky, tube TVs with the new, more advanced TVs. But prices for the sleek flat-panel TVs have dropped, and retailers are looking at service opportunities as a way to differentiate themselves to win market share.




But they are also hoping services, like installation, will cut down on the number of sets that are returned to their stores after customers get the TVs home but then cannot install them properly.


Read more at Reuters.com Business News

JGBs slump on fall in Treasuries, rising Nikkei

(Reuters) - The 10-year JGB yield hit a seven-month high while futures
prices fell to a fresh nine-month low.




U.S. Treasuries slipped on Thursday as a strong Midwest
business activity report reduced expectations of an interest rate
cut by the year-end, pushing benchmark 10-year yields to their
highest level in nine months.


Read more at Reuters.com Bonds News

CRX, CRA International, Dell, Dow Jones, Forest Labs: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
tomorrow. This preview includes news that broke after exchanges
closed. Stock symbols are in parentheses after company names.

CKX Inc. (CKXE US) rose $2.74, or 26 percent, to $13.37
before after-hours trading was halted. CKX Chairman and Chief
Executive Officer Robert F.X. Sillerman and ``American Idol''
creator Simon Fuller offered to take private the company that
controls rights to the name and image of Elvis Presley and
Muhammad Ali for $13.75 a share.


Read more at Bloomberg Stocks News

WRAPUP 2-Silicon Valley companies settle stock options cases

(Reuters) - WASHINGTON, May 31 - Mercury Interactive and
Brocade Communications Systems Inc. agreed to pay a combined
$35 million to settle charges they fraudulently backdated stock
options that helped enrich former executives, U.S. regulators
said on Thursday.




The settlements represent the first time companies have
agreed to pay civil penalties related to the Securities and
Exchange Commission's probe of more than 100 companies
suspected of manipulating option grant dates.


Read more at Reuters.com Government Filings News

South Korea's Economy Expands 0.9 Percent, Unchanged From Initial Estimate

(Bloomberg) -- South Korea's economy grew 0.9
percent in the first quarter, unchanged from the initial
estimate, buoyed by exports and a pickup in consumer spending.

Gross domestic product increased at the same pace as in the
fourth quarter, according to a report by the Bank of Korea in
Seoul today. Asia's third-largest economy grew 4 percent from a
year earlier, unchanged from the preliminary estimate published
on April 25.


Read more at Bloomberg Bonds News

Thai Stocks May Advance As Court Ruling Paves Way For Election This Year

(Bloomberg) -- Thai stocks may rise after a military-
appointed court decided not to ban all key political leaders from
running for office, helping pave the way for an election later
this year and the country's return to democracy.

Siam Cement Pcl, Thailand's biggest building-material maker,
may lead companies with the largest market values higher.


Read more at Bloomberg Stocks News

Teekay, TORM acquire majority ownership of OMI Corp

(Reuters) - Till June 5, OMI shareholders will receive $29.25 for each
share tendered, the companies said in a statement.





Read more at Reuters.com Mergers News

Coke, Cargill team up on new sweetener

(Reuters) - The Atlanta-based beverage company has filed 24 patent applications for the product, tentatively named rebiana, and would have exclusive rights to develop and sell rebiana in beverages, spokeswoman Kari Bjorhus told Reuters.




Privately held Cargill would use the sweetener -- made from a South American herb called stevia -- in food products, and handle the growing of the shrub, which is native to Paraguay, Bjorhus said.


Read more at Reuters.com Business News

UPDATE 1-Bally Total Fitness plans to file for bankruptcy

(Reuters) - Chicago-based Bally said it plans to implement its
reorganization through a voluntary, prepackaged bankruptcy
filing in July. The company said it expects to complete its
reorganization within 60 days of filing its bankruptcy
petition.




Bally has struggled in recent years to attract new members,
and in March said it expected continued membership declines
through at least 2008. In 2005, Bally put itself up for sale,
but was unable to find a buyer. Its acting chief executive,
Barry Elson, stepped down earlier this month.


Read more at Reuters.com Bonds News

Quebec premier, opposition in budget crisis talks

(Reuters) - Failure to garner a majority of votes in support of the May
24 budget would bring down the government just over two months
after it was elected. Voters in the mainly French-speaking
province of 7.5 million would have to head back to the polls,
most likely on July 9.




The ADQ, which forms the official opposition, has said it
will vote against the budget, and it was not clear who would
represent it at Charest's meeting.


Read more at Reuters.com Bonds News

US utility CEOs warn on difficulty of carbon cuts

(Reuters) - "It's not all going to be easy," Farrell added, saying he
was dubious of American's willingness to bear the cost of
cutting emissions of carbon dioxide.




President George W. Bush called on Thursday for a global
meeting on climate change, stressing new technologies to make
energy use more efficient and restating his rejection of firm
caps on carbon dioxide emissions.


Read more at Reuters.com Market News

Longs Drug Stores retail drug store sales from cont ops rise

(Reuters) -



) Keywords: LONGSDRUGSTORES SALES/


Read more at Reuters.com Market News

UPDATE 1-Foreign holdings of US securities climb - Treasury

(Reuters) - The Treasury and the Federal Reserve's annual survey of
foreign portfolio holdings showed total foreign holdings rising
to $7.778 trillion at June 30, 2006 from $6.864 trillion 12
months earlier.




The Treasury said official holdings of U.S. securities
increased to $2.301 trillion by the end of June 2006 from
$1.938 trillion the year before.


Read more at Reuters.com Bonds News

Public pressure may not help seal Murdoch Dow deal

(Reuters) - "Large investors will try to put pressure on the family to sell and I, too, wish they would say 'Yes'," said Jean-Marie Eveillard, a top mutual fund manager who owns Dow shares. "But I'm not sure this will help the situation."




All month outside investors have been hoping the Bancroft family, which has for decades protected the company from potential bidders, would accept the $60 a share offer News Corp made on May 1.


Read more at Reuters.com Mergers News

Milk Jumps to Record High in Chicago on Increased Demand for Cheese, Whey

(Bloomberg) -- Milk futures rose the most in two
weeks, extending a rally to record-high prices in Chicago, as
demand grows from makers of cheese and dried dairy products.

The cost of wholesale cheese is the highest in 30 months,
and dry whey, the watery part of milk that separates from curds,
has more than doubled in the past year, government and exchange
data show. The price of wholesale milk has jumped 52 percent
this year.


Read more at Bloomberg Commodities News

Treasuries Decline, Pushing 10-Year Yields to the Highest Since August

(Bloomberg) -- U.S. Treasuries fell, pushing the
benchmark 10-year note's yield to its highest level since August,
after a measure of business activity rose more than forecast.

Expectations the Federal Reserve will cut interest rates
this year fell to the lowest since last July as the National
Association for Purchasing Management-Chicago report indicated
the economy is rebounding from a first-quarter slowdown. U.S.
equities extended an advance that yesterday pushed the Standard &
Poor's 500 Index to a record.


Read more at Bloomberg Bonds News

TREASURIES-Strong economic data lift yield to 9-month high

(Reuters) - NEW YORK, May 31 - U.S. government bond prices
retreated on Thursday after robust economic data further curbed
expectations of an interest rate cut by year-end.




For a time, it looked as if bonds would suffer their
biggest drop in a week, but prices found some support at
technical levels and that, combined with some month-end buying,
lifted prices from their lows, analysts said.


Read more at Reuters.com Bonds News

CDC says peanut butter salmonella sickened 628

(Reuters) - In mid-February the U.S. Centers for Disease Control and Prevention had linked 288 cases of food-borne illness in 39 states to peanut butter consumption. By March 7, that total had climbed to 425 people in 44 states. As of May 22, some 200 more people in another three states were infected.




The CDC said the rate of new infections has tapered off and it urged people to immediately discard any remaining jars of Peter Pan or Great Value peanut butter with a product code beginning with 2111.


Read more at Reuters.com Government Filings News

S&P raises Fiat rating; investment grade on horizon

(Reuters) - "The upgrade and maintenance of a positive outlook reflect
Fiat's continued improvements in profitability and cash flow
generation over the past several quarters, with an
uninterrupted decline in debt," S&P said in a statement.




Fiat last month said it boosted operating profit at its
auto unit almost four-fold in the first quarter, beating
forecasts, as it squeezed more money from a rise in sales of
its smaller city cars like the Panda. For details, see
[ID:nL2384914]


Read more at Reuters.com Bonds News

U.S. Stocks Fall, Led by Energy and Financials; Exxon, Citigroup Decline

(Bloomberg) -- U.S. stocks fell, led by energy
producers and financial firms, after the price of oil dropped
and investors lowered their expectations of an interest rate
cut.

Exxon Mobil Corp., the world's biggest oil producer, and
Citigroup Inc., the largest bank, contributed the most to the
drop in the Standard & Poor's 500 Index.


Read more at Bloomberg Stocks News

European Bonds Fall on Rates Outlook; Two-Year Yields Rise to 6-Year High

(Bloomberg) -- European two-year government note
yields rose to the highest since May 2001 as investors add to
bets the region's central bank will increase interest rates
further on signs of faster expansion in the 13-nation economy.

Benchmark two-year yields have climbed more than a quarter
of a percentage point in May as a report today showed confidence
in the $10.4 trillion euro region economy climbed this month to
the highest in almost six years. The European Central Bank has
signaled it will raise borrowing costs next week.


Read more at Bloomberg Bonds News

GE employee sues, charging gender discrimination

(Reuters) - In papers prepared for filing in U.S. District Court in
Connecticut, Lorene Schaefer charged GE, the world's
second-largest company by market capitalization, with gender
discrimination. The suit also names 13 GE officers and
directors, including Chairman and Chief Executive Jeff Immelt.




Her suit, which is seeking class-action status, seeks $500
million in damages for a class of about 1,500 to 1,700 GE women
workers, according her attorney, David Sanford of Sanford
Wittels & Heisler LP.


Read more at Reuters.com Bonds News

First-quarter growth weak, future looks brighter

(Reuters) - Nevertheless, some key components of the report showed continuing resilience that may foster a healthier pace of expansion later in the year, while a Midwest manufacturing index pointed to a revival in factory activity in May.




The Commerce Department revised down its estimate for first-quarter expansion in gross domestic product, or GDP, to a 0.6 percent annual rate from the 1.3 percent that it estimated a month ago.


Read more at Reuters.com Business News

Euro May Fall Against Pound, Technical Chart Suggests, BNP Strategists Say

(Bloomberg) -- The euro will probably reverse gains
against the U.K. pound, according to a technical indicator, and
as traders reduce bets on its appreciation, currency strategists
at BNP Paribas SA said.

The currency used by the 13 euro-region nations faces
resistance versus the pound, where sell orders may be clustered
at 68.07 pence, then 68.17 pence and 68.25 pence, according to
charts traders use to predict price movements, said Hans Guenter
Redeker, head of currency strategy in London at BNP in a note to
clients.


Read more at Bloomberg Currencies News

UPDATE 1-CAE fourth-quarter profit takes flight

(Reuters) - CAE earned C$34.3 million , or 14 Canadian
cents a share, for the three months ended March 31. That
compares to a profit of C$9.2 million, or 4 Canadian cents a
share, in the year-prior period.




Revenue grew to C$337.3 million from C$284.3 million.


Read more at Reuters.com Market News

Western-Giant deal to proceed unless court acts

(Reuters) - The U.S. Court of Appeals for the 10th Circuit in Denver is
considering a last-minute motion by the Federal Trade
Commission for a temporary injunction that would put the $1.13
billion deal on hold while the FTC appeals a lower court
decision.




A lower court judge in Albuquerque, New Mexico on Tuesday
rejected the FTC's bid to block the deal on the grounds that it
would be anticompetitive and dissolved a temporary restraining
order that had stopped the deal from going forward.


Read more at Reuters.com Mergers News

U.S. 30-year mortgage rate highest since September

(Reuters) - Fifteen-year mortgage rates rose to 6.12 percent from 6.06
percent, the highest since 6.11 percent in the Sept. 14 week.




Despite such increases, 30-year and 15-year mortgages were
still well below their year-ago levels. During the same week
last year, 30-year mortgages averaged 6.67 and 15-year averaged
6.26 percent.


Read more at Reuters.com Bonds News

Nymex Gas Is Steady After Report of Larger-Than-Expected Inventory Gain

(Bloomberg) -- Natural gas was little changed in New
York after a government report today showed stockpiles of the
power-plant fuel rose 107 billion cubic feet, topping an estimate
from analysts and relaxing concerns over possible shortages later
this year.

Analysts expected gas supplies held in underground caverns
would rise 105 billion cubic feet, the median of 27 estimates in
a Bloomberg survey of analysts. Stockpiles jumped 81 billion
cubic feet in the comparable week last year, according to
government data.


Read more at Bloomberg Energy News

US stock indexes up on M&A in financial sector

(Reuters) - U.S. stocks opened higher on Thursday after news of banking company Wachovia Corp.'s proposed buyout of brokerage A.G. Edwards Inc., a sign the takeover trend was still going strong.

The Dow Jones industrial average was up 9.67 points, or 0.07 percent, at 13,642.75. The Standard & Poor's 500 Index


Read more at Reuters Africa

Russian Stocks Gain, Paced by Norilsk Nickel: World's Biggest Mover

(Bloomberg) -- Russian stocks climbed for the first
time in four days after brokerages recommended buying local
shares, saying the recent slump may be ending. OAO GMK Norilsk
Nickel paced the gains.

The ruble-denominated Micex Index added 2.2 percent to
1549.99 at 4:06 p.m. in Moscow, as 29 of its 30 members
advanced. The dollar-denominated RTS Index increased 2 percent
to 1759.72.


Read more at Bloomberg Stocks News

Wellpoint CFO resigns, violated code of conduct

(Reuters) - The news sent Wellpoint shares lower in early trading. By midmorning, they were down $1.50, or 1.8 percent, to $82.90 on the New York Stock Exchange.




The largest U.S. health insurer in a statement said its investigation did not reveal illegal conduct and that the violations were not related to Wellpoint's business. But the company declined to comment on the nature of the violations.


Read more at Reuters.com Business News

Carbon Emission Permits Plunge a Second Day, Sliding to a Two-Week Low

(Bloomberg) -- European Union carbon-dioxide permits
were little changed, after reaching a two-week low as lower
natural-gas prices made it profitable to burn the cleaner fuel
in the U.K. next summer.

Emission permits for delivery in December 2008 fell as much
as 1.82 euros, or 7.9 percent, to 21.15 euros ($28) a metric
ton, according to prices from the European Climate Exchange in
Amsterdam. That's their lowest since May 17. They were little
changed from yesterday's close at 23.05 euros at 9:57 a.m. local
time, after falling 8.7 percent yesterday.


Read more at Bloomberg Energy News

China to see more overseas investment via QDII

(Reuters) - However, Yin said the business still had huge potential
because the equities rally would peter out at some point and
speculation over the yuan would die down.




China authorised banks earlier this month to invest up to 50
percent of their QDII quotas in overseas stocks for the first
time, in an effort to boost investment yields and make the
programme more appealing.


Read more at Reuters.com Government Filings News

Parametric's Stein Uses Homegrown Strategy for Emerging Markets Returns

(Bloomberg) -- In 1994, Seattle-based Parametric
Portfolio Associates set out to create a strategy for investing
in emerging markets that would smooth out the price swings of
markets such as Brazil or Malaysia.

As a way to improve returns over the long term, it's on the
right track. Parametric's $1 billion Eaton Vance Tax-Managed
Emerging Markets Fund returned 33 percent annually on average for
the five years ended on May 29. That made it the third-best
performer among the 100 U.S.-based funds investing in emerging-
market stocks, according to data compiled by Bloomberg.


Read more at Bloomberg Exclusive News

Altadis Credit-Default Swaps Fall on Speculation of New Imperial Offer

(Bloomberg) -- Altadis SA credit-default swaps fell
on speculation Imperial Tobacco Group Plc will raise its bid for
the world's largest cigar maker, trumping an offer from private
equity firms.

Contracts based on 10 million euros ($13 million) of
Altadis debt fell 10,000 euros to 58,000 euros today, according
to Deutsche Bank AG. The credit-default swaps, which are used to
speculate on corporate creditworthiness, had soared to 94,000
euros on concern buyout firms would load the Madrid-based
company with debt, prompting the company's investment-grade
credit rating to be cut to high-risk, high-yield.


Read more at Bloomberg Bonds News

New York City economy worsens in May: NY-NAPM

(Reuters) - The report's seasonally adjusted measure on current business conditions fell to 35.2, the weakest since at least April 2005, from 66.5 in April. The survey's outlook gauge slipped to 50.0 in May from 66.7 in April.




"The 'business conditions index' dropped in May, but has been on a steady ascent, consistent with the favorable employment trends since 2001," NY-NAPM said in a statement.


Read more at Reuters.com Economic News

National Bank second quarter earnings rise 9 pct

(Reuters) - The bank also boosted its dividend to 60 Canadian cents a
share, up 11 percent.







Read more at Reuters.com Market News

Hoya to launch $806 mln bid for Pentax in June

(Reuters) - Hoya said it will offer 770 yen for each Pentax share.



Ahead of the announcement, Pentax shares closed up 0.52 percent at 776 yen.


Read more at Reuters.com Mergers News

European Stocks Climb to 6 1/2-Year High; E.ON, ASML, BHP Pace the Gains

(Bloomberg) -- European stocks rallied, sending the
Dow Jones Stoxx 600 Index to the highest since September 2000,
after E.ON AG said it will buy back $9.4 billion in shares and
Belgian billionaire Albert Frere bought a stake in Iberdrola SA.

E.ON and Iberdrola led utility shares to an all-time high.
Scottish & Southern Energy Plc rose after earnings beat analysts'
estimates. ASML Holding NV climbed the most in six weeks on plans
to pay cash to shareholders. BHP Billiton Ltd. paced a rebound in
mining stocks as copper advanced and the company named a new
chief executive officer.


Read more at Bloomberg Stocks News

Nasdaq gets $3.5 billion debt financing for OMX bid

(Reuters) - The debt commitments expire on the earlier of the
consummation of the offer and February 29, 2008, according to
the filing.




Read more at Reuters.com Bonds News

Warner to put ad-supported video archive online

(Reuters) - The move is part of the music industry's drive to generate revenue from new sources to offset the fall in CD sales and follows the explosion in popularity of online video.




Warner said the platforms would show previously unseen footage and would eventually be available in different languages.


Read more at Reuters.com Business News

Coke's Supporters, Cantor Fitzgerald's Critics, Chinese Banking: Timshel

(Bloomberg) -- Shares of Coca-Cola Co. are gaining
favor among Wall Street firms even as brokerage analysts show
more caution in their calls on U.S. stocks.

Citigroup Investment Research's Bonnie Herzog yesterday
made her first ``buy'' recommendation on Coke since she began
covering the company four years ago. The world's largest soft-
drink maker is poised ``to deliver more sustainable and
profitable growth'' with the help of acquisitions, she wrote in
a report.


Read more at Bloomberg Stocks News

E.ON to Build 18 Power Plants in Europe as Part of $81 Billion Expansion

(Bloomberg) -- E.ON AG, Germany's biggest utility,
plans to build 18 new power plants in Europe as part of a 60
billion-euro ($81 billion) investment plan to satisfy growing
demand for electricity.

The new generators will increase capacity in five years by
13,500 megawatts, enough to supply about 27 million average
European homes, as the region's markets open to competition,
E.ON Chief Executive Officer Wulf Bernotat said today at a press
conference in Dusseldorf, where the company is based.


Read more at Bloomberg Energy News

Copper rebounds on tight supplies, lead at new high

(Reuters) - Copper gained ground on Thursday as Chinese shares recovered from a sharp fall in the previous session and the market focused on dwindling copper inventories, while lead hit a fresh record high on supply worries.

Copper for delivery in three months on the London Metal Exchange rose to $7,355/7,375 a tonne, up $149 from Wednesday.


Read more at Reuters Africa

Gold rebounds but stuck in range ahead of US data

(Reuters) - Gold gained on short-overing on Thursday but was likely to trade in a tight range as investors awaited the release of U.S. data, which may cool expectations of interest rates cuts.

The market is waiting for Thursday's revision of U.S. first-quarter GDP figures and Friday's Labor Department May employment report after the U.S. dollar rose following the release of the Federal Reserve's policy minutes.


Read more at Reuters Africa

Taiwan Dollar Rises on Plea to Invest Onshore; Won Gains on Stock Inflows

(Bloomberg) -- Taiwan's dollar strengthened in May to
touch the highest in almost three months as the central bank said
mutual funds should invest more in local stocks rather than
abroad.

The currency had its first monthly rally since November on
speculation the central bank will buy its dollar to curb losses
after it last week had the lowest close since December 2005.
Interest rates, among the lowest in the region, helped send the
currency down 1.3 percent this year.


Read more at Bloomberg Currencies News

Gold rebounds but stuck in range ahead of U.S. data

(Reuters) - The market is waiting for Thursday's revision of U.S. first-quarter GDP figures and Friday's Labor Department May employment report after the U.S. dollar rose following the release of the Federal Reserve's policy minutes.




"Everything is up to the Fed," said Darren Heathcote of Investec Australia in Sydney.


Read more at Reuters.com Hot Stocks News

Jobs and Gates trade jests at rare joint appearance

(Reuters) - "PC guy is great, he's got a big heart," the chief of Apple Inc. said on Wednesday, referring to popular television ads in which a hip young man personifies a Macintosh computer and a Windows PC is played by an awkward middle-aged man.




"The art of those commercials is not to be mean, but it's actually for the guys to like each other," Jobs said.


Read more at Reuters.com Business News

Asian Stocks Rise in U.S. Trading, Paced by Santos on Oil; Solarfun Drops

(Bloomberg) -- Asian stocks gained in U.S. trading
for a third day as a rise in oil prices lifted some energy shares
including Santos Ltd.

Chinese solar shares slipped after Solarfun Power Holdings
Co. reported an unexpected loss.


Read more at Bloomberg Stocks News

Novell reports loss versus year earlier profit

(Reuters) - It had a fiscal second-quarter net loss of $2.2 million, or 1 cent a share, compared to net income of $3.2 million, or 1 cent per share, a year earlier.



Net revenue rose to $239 million from $233 million a year earlier.


Read more at Reuters.com Market News

Chico's 1st-qtr profit falls

(Reuters) - The operator of the Chico's and White House Black Market chains said net income for the first quarter was $47.2 million, or 27 cents per share, compared with $52.5 million, or 29 cents per share, a year ago.



Income from continuing operations was 28 cents per share.


Read more at Reuters.com Market News

UPDATE 1-Prosecution rests case in Conrad Black trial

(Reuters) - CHICAGO, May 30 - Prosecutors wrapped up their
case in Conrad Black's criminal fraud trial on Wednesday after
11 weeks of testimony designed to convince jurors the one-time
high-flying media mogul and his associates are thieves.




Black did get a bit of good news as the government rested
its case when prosecutors, without explanation, dropped a
single count of money laundering against him.


Read more at Reuters.com Bonds News

U.S. Stocks Gain on Buyout Speculation; S&P 500 Rises Above Record Close

(Bloomberg) -- U.S. stocks rose for a third day,
pushing the Standard & Poor's 500 Index above its record close,
after buyout speculation intensified in the real estate industry
and a jump in oil prices lifted shares of energy producers.

Simon Property Group, the largest U.S. real estate
investment trust, climbed after Deutsche Bank AG upgraded its
shares and seven other property companies following the $13.5
billion buyout of Archstone-Smith Trust. Energy shares, led by
Exxon Mobil Corp., contributed the most to the advance in the
S&P 500 Index after oil prices rose.


Read more at Bloomberg Stocks News

S&P, Fitch may cut Archstone on leveraged buyout

(Reuters) - "The CreditWatch placements reflect the uncertainty
surrounding the ultimate operating profile and financing of
this transaction, as well as the potential that Archstone's
balance sheet will become more highly leveraged after the
merger," S&P said in a statement.




"It is unclear whether the rated senior notes will remain
outstanding in the longer term or if the partnership will
pursue a tender offer," S&P said. "We believe the partnership
will not want to operate under the restrictive covenants and
will most likely pursue a tender offer for the outstanding
senior notes."


Read more at Reuters.com Bonds News

Archstone stock above offer price amid new bid talk

(Reuters) - The sales of at least two other big REITS in the past year have attracted interest from other bidders, and experts say Archstone-Smith could also attract a rival offer.




Archstone-Smith shares were trading around the $61 mark on Wednesday, above the $60.75 per share being offered by real estate firm Tishman Speyer and investment bank Lehman in their cash bid unveiled on Tuesday that values Archstone-Smith at about $13.5 billion.


Read more at Reuters.com Mergers News

UPDATE 1-Outback Steakhouse same-store sales fell in May

(Reuters) - Same-store sales, a key retail measure, also fell at OSI's
Carrabba's Italian Grill, Bonefish Grill and Roy's restaurants,
the company said in a statement.




OSI, which is in the process of being taken private, has
been hard-hit by sluggish sales at its flagship chain. Like
many casual dining companies, Outback Steakhouse has struggled
with a pullback in consumer spending and higher costs of beef
and other ingredients.


Read more at Reuters.com Market News

OMX not in talks with rival suitors: sources

(Reuters) - Nasdaq is paying $3.7 billion for OMX, valuing the exchange owner at 206 crowns a share, but OMX shares have been trading higher than the offer since it was unveiled in expectation of another suitor.




The sources said, however, there are no discussions at the moment.


Read more at Reuters.com Business News

Nigerian state sues drugmaker Pfizer over tests

(Reuters) - The attorney general of Kano, in northern Nigeria, filed five claims for damages totaling $2.075 billion before a state high court. The defendants are Pfizer, its Nigerian subsidiary and seven individuals who worked for the companies in 1996.




"The plaintiff contends that prior to the treatment by the first defendant , the children treated ... which children number 200, did not have the medical conditions or disorders which they suffered after being treated," the suit says.


Read more at Reuters.com Business News

U.K.'s FTSE 100 Index Falls, Led by Royal Bank, Barclays; BP, Shell Drop

(Bloomberg) -- U.K. stocks declined, paced by Royal
Bank of Scotland Group Plc and Barclays Plc after the battle for
control of ABN Amro Holding NV picked up in the largest takeover
in the banking industry.

BP Plc and Royal Dutch Shell Plc, Europe's biggest energy
companies, led oil shares lower after crude tumbled yesterday.


Read more at Bloomberg Stocks News

Venezuela's Local Bonds Drop Amid Fifth Day of Street Protests in Caracas

(Bloomberg) -- Venezuelan government debt fell in
local markets as people took to the streets for a fifth day to
protest President Hugo Chavez's decision to pull the country's
most-watched television network off the air.

Concern that protests will turn violent again led investors
to sell dollar- and bolivar-denominated bonds in the local
market and move money out of the country, pushing down the
currency in the black market, traders said. Police have detained
more than 180 people since May 27, the day that Chavez let the
concession granted to Radio Caracas Television expire, Interior
Minister Pedro Carreno said last night.


Read more at Bloomberg Emerging Markets News

UPDATE 1-Hambrecht, Google exec to form rival to NFL-report

(Reuters) - The league -- to be named the United Football League --
already boasts billionaire Mark Cuban, who owns the National
Basketball Association's Dallas team, among its owners, the
paper said.




Hambrecht, Google and Cuban were not immediately available
to comment.


Read more at Reuters.com Bonds News

S.Africa's NUM union rejects Angloplat wage offer

(Reuters) - South Africa's National Union of Mineworkers said on Wednesday it had rejected a 6 percent pay rise offer from Anglo Platinum Ltd and was sticking to its demand for 15 percent.

"We would like to remind the powers that be at Anglo that the NUM is in no way playing when it talks of double digits," the union said in a statement. "We stick to our 15 percent demand, and we invite Anglo to come to the party."


Read more at Reuters Africa

Copper Futures Decline in N.Y. on Concerns China Economic Growth Will Slow

(Bloomberg) -- Copper fell for a second day in New
York after equity markets in China tumbled, fueling speculation
that economic growth may slow in the world's largest consumer of
the metal.

China's benchmark CSI 300 Index dropped 6.8 percent, the
most in three months, after the government tripled the tax on
securities transactions to cool a rally that has doubled the
value of local stocks in 2007. Copper prices have tripled in the
past four years partly on a booming Chinese economy.


Read more at Bloomberg Commodities News

Greenspan's China Stock `Contraction' Unraveling Economy Gets Minimal Risk

(Bloomberg) -- Even if former Federal Reserve
Chairman Alan Greenspan is right, the ``dramatic contraction''
he predicts for Chinese stocks isn't likely to infect the
international economy.

That's the conclusion of a number of international
economists and former government officials around the globe.
They say China's economy shows little correlation with its stock
market, foreigners are mostly excluded from owning shares and
Chinese participation is limited to less than 10 percent of the
population, reducing the effect of a bursting bubble.


Read more at Bloomberg Exclusive News

US STOCKS-Futures fall on China stocks slide

(Reuters) - NEW YORK, May 30 - U.S. stock futures fell on
Wednesday, suggesting a lower market opening, after a 6.5
percent drop in Chinese stocks sparked worries that the selling
could spread to U.S. markets.




The slide in Chinese stocks followed an announcement from
China's Ministry of Finance during Tuesday's U.S. trading
session of an increase in a stock trading tax. European stocks
also declined on Wednesday.


Read more at Reuters.com Bonds News

Shell's Nigerian Venture Begins to Restore Lost Output Following Protests

(Bloomberg) -- Royal Dutch Shell Plc's Nigerian
venture began to restore 150,000 barrels a day of Bonny light
crude oil today following an attack on pipelines yesterday.

Shell spokesman Precious Okolobo said villagers yesterday
raided the Bomu Manifold, a gathering point for crude flowing to
the Bonny export terminal. Production was briefly halted.


Read more at Bloomberg Energy News

Germany's DAX Declines; BMW, Volkswagen and TUI Shares Pace the Retreat

(Bloomberg) -- German stocks fell for the first time
in three days, led by Bayerische Motoren Werke AG and Volkswagen
AG. Shares of TUI AG also dropped.

The DAX lost 87.63, or 1.1 percent, to 7693.41 at 3:53 p.m.
in Frankfurt, headed for the biggest one-day drop in three weeks.
DAX futures expiring in June retreated 1 percent to 7713. The
HDAX Index of the country's 110 biggest companies slid 1 percent.


Read more at Bloomberg Stocks News

Congo Katanga appoints LN Metals marketing agent

(Reuters) - Katanga Mining has appointed London-based trading firm LN Metals as sole marketing agent for copper and cobalt from its Kamoto project in the Democratic Republic of Congo, LN said on Tuesday.

The deal covers 2007 and 2008, LN Metals said in a statement.


Read more at Reuters Africa

European shares lower on China and banks, data eyed

(Reuters) - European shares fell in early trade on Wednesday, following losses in Asian markets after China tripled a share-trading tax to cool its red-hot market, while banking stocks added to further losses.

Banking stocks weighed the most with the DJ Stoxx European banking sector index down 0.6 percent and Royal Bank of Scotland


Read more at Reuters Africa

S.Africa's NWK sees frost cutting maize yield

(Reuters) - NWK Ltd, a grain co-operative in South Africa's key North West province, expects frost to cut the yield from late plantings to about 50 percent of maize planted earlier, an NWK official said on Wednesday.

The comments are likely to heighten concerns about South Africa's maize output this season after severe drought slashed production and pushed prices to record highs.


Read more at Reuters Africa

China, Hong Kong Debt Ratings May be Raised, Moody's Says, Citing Reforms

(Bloomberg) -- China's debt rating may be increased,
Moody's Investors Service said, citing the country's swelling
foreign-exchange reserves and success in strengthening its
banking system.

China's A2 long-term foreign-currency rating is under
review for possible upgrade, Moody's said in a statement in New
York today. The rating is the sixth highest of Moody's 10
investment-grade levels. Hong Kong's Aa3 rating is also being
reviewed for a possible upgrade, Moody's said.


Read more at Bloomberg Emerging Markets News

Taiwan Dollar Option Volatility to Rise as Central Bank Supports Currency

(Bloomberg) -- The volatility of options on the
Taiwan dollar may increase as speculation rises that the central
bank is supporting the currency in the foreign exchange market.

``The central bank has drawn a line in the sand,'' said
Claudio Piron, head of Asian currency research at JPMorgan Chase
in Singapore. ``The message from the central bank is that the
dollar-Taiwan exchange rate is capped, and they don't want to
see any progressive weakness in their currency.''


Read more at Bloomberg Currencies News

Yen Rebounds From Record Low Against Euro as Chinese Stocks Slump

(Bloomberg) -- The yen rebounded from a record low
versus the euro after Chinese stocks slumped and investors sold
emerging-market assets bought with money borrowed in Japan.

Japan's yen rose against 14 of the 16 most actively traded
currencies after China increased a tax on securities transactions
to stem a rally in shares. The yen has fallen 4 percent versus the
euro and 2.2 percent against the dollar this year as investors
take advantage of the lowest interest rate of the major economies
to fund investment in higher-yielding assets elsewhere.


Read more at Bloomberg Currencies News

Bioenvision's key shareholder opposes deal with Genzyme

(Reuters) - SCO Capital Partners LLC owns 13.4 percent of the biotechnology company's outstanding common stock as of May 3, 2007 according to a regulatory filing. On Tuesday, Genzyme said it had offered to buy Bioenvision for $5.60 a share or about a total of $345 million in cash. The deal would give Genzyme exclusive rights to clofarabine, a cancer treatment for children.






Read more at Reuters.com Mergers News

Crude Oil Rises on Supply Concerns as Militants Attack Nigerian Pipeline

(Bloomberg) -- Crude oil in New York pared gains after
production began to resume from a Nigerian pipeline that was
attacked and shut down yesterday.

Royal Dutch Shell Plc, Europe's largest oil company by market
value, has begun restoring 150,000 barrels of lost output after an
attack on a pipeline yesterday, said spokesman Precious Okolobo.


Read more at Bloomberg Commodities News

Looming Crash Prompts Most Hires for Distressed-Debt Traders Since 2002

(Bloomberg) -- The biggest winners from the global
buyout boom are hiring distressed-debt bankers in Europe at the
fastest pace in five years.

Goldman Sachs Group Inc., the world's most profitable
securities firm, hired Andrew Wilkinson, the lawyer who advised
creditors in the bankruptcies of Eurotunnel Plc and Parmalat
Finanziaria SpA, to help lead its restructuring business in
London. Morgan Stanley, the third most-active merger adviser
this year behind Citigroup Inc. and Goldman, added seven bankers
in the past year, boosting its group to 61. Blackstone Group LP,
poised to become the world's largest publicly traded buyout
firm, is starting a corporate restructuring group in Europe.


Read more at Bloomberg Bonds News

Traders see 121,300 US May nonfarm job gain in auction

(Reuters) - The U.S. Labor Department will issue the May non-farm
payroll report on Friday at 8:30 a.m. .




Wednesday's derivatives auction was the second of five such
auctions on non-farm payrolls scheduled this week.


Read more at Reuters.com Economic News

Cadbury Schweppes, Vodafone, Imperial Tobacco: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from the previous market close.

The benchmark FTSE 100 Index rose 5.10, or 0.1 percent, to
close at 6570.5 in London as 41 stocks rose, 56 fell and 5 were
unchanged on May 25. The FTSE All-Share Index lost 1.04, or 0.03
percent, to 3413.63. U.K. markets were closed yesterday for a
public holiday.


Read more at Bloomberg Stocks News

Shanghai copper edges up, seen easing in June

(Reuters) - Shanghai copper edged up near 1 percent on Tuesday after rising by its 4-percent limit in the previous session, but the market may ease due to laggardly physical prices.

The most traded August copper contract was at 64,180 yuan at the end of the morning session, up 0.83 percent, or 530 yuan from Monday's close.


Read more at Reuters Africa

Housing Slump, Migrant Crackdown Cut Dollar Flows to Mexico, Hurt Peso

(Bloomberg) -- Ernesto Perez, a 27-year-old Mexican
immigrant, says construction work in New York has become so
scarce he's stopped sending money back to his parents in the
southwestern state of Guerrero.

``If I don't find work soon, we're moving back home,''
Perez said last week as he walked away from the corner in Queens,
New York, where he and dozens of Hispanic workers hope to get
chosen for construction jobs. On this day, Perez gave up after a
six-hour wait.


Read more at Bloomberg Currencies News

China says 2007 trade surplus to exceed $250 bln

(Reuters) - "The trade surplus is unlikely to shrink in the short term, and it may last for a long time during the industrialization process," the National Development and Reform Commission said in a statement on its Web site .




Beijing has cut export tax rebates and raised export taxes for high-polluting and energy-intensive products in an effort to trim the trade surplus.


Read more at Reuters.com Business News

NEC staff caught faking orders, taking kickbacks

(Reuters) - The fake orders were worth some 2.2 billion yen and the kickbacks amounted to around 500 million yen, it said.




"It is extremely regrettable that these illegal trades have occurred and we deeply apologize to all the people that have been affected," the company said.


Read more at Reuters.com Business News

Argentine, Chilean Peso and Brazil Real: Latin American Currency Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Latin American currencies
today:

Argentina: Construction activity likely rose 0.4 percent in
April from a year earlier, according to the median forecast of
four economists surveyed by Bloomberg. Construction activity
fell 2.6 percent in March. The National Statistics Institute
will publish the report at 3 p.m. New York time.


Read more at Bloomberg Currencies News

Japan's Five-Year Notes Decline; Yields Increase to Highest Since August

(Bloomberg) -- Japan's five-year notes dropped,
pushing yields to the highest since August, after government
reports on jobs and consumer demand bolstered the central bank's
case for raising interest rates.

The notes fell for a fifth day after Japan's jobless rate
unexpectedly declined to a nine-year low and households increased
spending for a fourth month in April. Two-year note yields were at
the highest since 1997, prompting the government to raise a coupon
on the securities it is selling today at an auction.


Read more at Bloomberg Bonds News

Sinopec Plans to Sell $2.6 Billion of Yuan Bonds to Build Sichuan Gas Pipe

(Bloomberg) -- China Petroleum & Chemical Corp., the
nation's largest oil refiner, said it plans to sell 20 billion
yuan ($2.6 billion) of domestic bonds to help fund a Sichuan gas
project.

Shareholders will vote on the plan today, Huang Wensheng,
spokesman for Sinopec, as China Petroleum & Chemical is known,
told reporters at the company's annual general meeting in
Beijing. The project's return on investment is estimated at 14
percent, he said.


Read more at Bloomberg Emerging Markets News

South Korean Stocks Gain; LG.Philips Advances, Samsung Electronics Slides

(Bloomberg) -- South Korean stocks rose, lifting the
Kospi index to a record. LG.Philips LCD Co. gained after CJ
Investment & Securities Co. said earnings will improve ``in
earnest'' from the second quarter on rising panel prices.

Samsung Electronics Co. dropped after technology-industry
researcher iSuppli Corp. said global sales of dynamic random
access memory, or DRAM, will slow.


Read more at Bloomberg Stocks News

Treasuries May Fall; Report Will Probably Show Gain in Consumer Confidence

(Bloomberg) -- Treasuries may drop, lifting yields
on benchmark 10-year notes to the highest since January, before
a report that will probably show confidence among U.S. consumers
rose this month.

Ten-year yields have risen almost half a percentage point
in the past four weeks on expectations signs of economic growth
will limit the room for the Federal Reserve to cut interest
rates this year. Treasuries have handed investors a 0.8 percent
loss so far this month, the worst performance since December,
according to Merrill Lynch & Co.


Read more at Bloomberg Bonds News

South Korea's Won May Rise as Global Funds Buy Stocks; Bonds Unchanged

(Bloomberg) -- South Korea's won, trading near a
one-week high, may advance as overseas investors increase
purchases of the country's equities.

The won has gained 1.2 percent this quarter, during which
overseas fund managers bought almost $3 billion more shares than
they sold, more than 10 times the net buying of the previous
three months, according to data from the Korea Exchange. The
benchmark Kospi index of stocks closed at a record yesterday.


Read more at Bloomberg Currencies News

Japan's Nikkei Stock Average, Topix Index Drop; Toyota, Canon Lead Decline

(Bloomberg) -- Japan's Nikkei 225 Stock Average
fell 65.95, or 0.4 percent, to 17,521.64 at 9:02 a.m. in Tokyo.
The broader Topix index slid 5.87, or 0.3 percent, to
1718.51.

Toyota Motor Corp. and Canon Inc. led the declines.


Read more at Bloomberg Stocks News

Shipbuilders, SK Networks, Shinhan Financial: South Korea Equity Preview

(Bloomberg) -- The following shares may rise or fall
in South Korea. Prices refer to the previous close. This preview
includes news announced after markets shut yesterday. Stock
symbols are in brackets after the company names.

The Kospi index added 0.8 percent to a record 1657.91. The
Kosdaq gained 1.3 percent to 729.16. Kospi 200 futures expiring in
June advanced 0.6 percent to 212.20, while the underlying index
rose 0.6 percent to 211.88.


Read more at Bloomberg Stocks News

Alcan, Alcoa, Jones Soda, URS Corp., Washington Group: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges on
May 29. The market was closed today for the Memorial Day holiday.
This preview includes news that broke after exchanges closed.
Stock symbols are in parentheses after company names.

Advanced Medical Optics Inc. (EYE US) fell $3.20, or 8
percent, to $37 in extended trading May 25 after the official
close of U.S. exchanges. The company recalled one of its contact
lens solutions after U.S. health inspectors linked the product to
a rare eye disease that can cause blindness.


Read more at Bloomberg Stocks News

Brazil senate leader denies taking kickbacks

(Reuters) - Renan Calheiros, a close ally of President Luiz Inacio Lula da Silva, is accused of taking cash from a lobbyist in exchange for favoring a construction firm.




The allegations made in news magazine Veja also involve payments to Calheiros' mistress for their 3-year-old daughter.


Read more at Reuters.com Bonds News

Russia's Rostelekom to discuss delisting from NYSE

(Reuters) - "There will be an official announcement if the decision is
taken," Rostelekom spokesman Ivan Kim said.




Analysts said the 2002 Sarbanes-Oxley Act in the United
States, which drew criticism for its extensive disclosure
requirements and associated costs, may have contributed to the
company's decision to look into delisting.


Read more at Reuters.com Mergers News

Ford eyes sale of Volvo cars, BMW interested: paper

(Reuters) - The Financial Times also reported last Friday BMW was in informal talks to buy Volvo.




"We cannot comment on speculation, this is a question for our owner," said a spokeswoman for Volvo cars.


Read more at Reuters.com Business News

Canada's Bond Yields Rise to 10-Month High Before Central Bank's Meeting

(Bloomberg) -- Canada's 10-year bond yield rose to a
10-month high on speculation Bank of Canada policy makers will
express concern tomorrow over accelerating inflation.

The Canadian dollar traded at near a 30-year high as futures
traders increased bets the central bank will raise the benchmark
lending rate at least once this year to slow the growth of
consumer prices. Canadian inflation, excluding volatile
components such as energy, accelerated in April to its highest
level in more than four years.


Read more at Bloomberg Bonds News

CORRECTED: OMX up on report of counterbid, analysts unsure

(Reuters) - Nasdaq's bid, worth $3.7 billion, pushed up OMX shares by about 12 percent after it was announced on Friday. It will create a firm with market capitalization of about $7 billion and extend Nasdaq's footprint into Europe for the first time.




But Britain's Sunday Times, without naming sources, said the government-owned Dubai International Financial Centre , had appointed HSBC to advise on a potential counterbid.


Read more at Reuters.com Hot Stocks News

Mozambique to issue more oil licenses in Rovuma Basin

(Reuters) - Mozambique is preparing to issue companies more licenses for oil and gas exploration in the southern African nation's prized Rovuma Basin, a senior official said on Monday.

"We will launch another round of tenders for more licenses as early as 2008," Arsenio Mabote, director of the National Oil Institute, said in an interview. "Right now we are waiting for environmental assessment reports, which we have ordered."


Read more at Reuters Africa

S.Africa c.bank delays release of credit, M3 data

(Reuters) - South Africa's Reserve Bank has delayed the release of annualised money supply and credit data for April by one day to Thursday, May 31, the central bank said on Monday.

A bank official said the change was to allow for additional time to compile the figures. "Due to data availability the Reserve Bank will only publish the data on the 31st (of May)," the official said. The release was originally scheduled for Wednesday.


Read more at Reuters Africa

South Korea May Relax Remaining Restrictions on Imports of Beef From U.S.

(Bloomberg) -- South Korea, the third-biggest buyer
of U.S. beef before banning imports on concern over mad-cow
disease, may relax remaining import restrictions after the World
Organization for Animal Health said the meat is safe.

South Korea will ``sincerely participate'' in talks that may
remove restrictions imposed last year when it reopened its market
to the U.S., Finance Minister Kwon Okyu said today at a joint
press conference with the agriculture minister in Gwacheon. The
Asian country will base the talks on independent evaluations
regarding the safety of the meat.


Read more at Bloomberg Commodities News

Kenya economy grew 6.1 pct in 2006 - government

(Reuters) - Kenya's economy grew 6.1 percent in 2006 compared with a revised growth rate of 5.7 percent the previous year, a government economic survey said on Monday.

The east African country said it expected expansion of between 5.8 and 6.5 percent in 2007.


Read more at Reuters Africa

J-Power to tie with MFC unit to lift power assets

(Reuters) - MFC is a leading investor in the U.S. power industry, with a $7 billion portfolio spread across more than 200 power companies.




"The joint venture is part of a plan to strengthen our power generation business abroad, particularly in the United States, where business risk is relatively small," a J-Power spokesman said.


Read more at Reuters.com Business News

JGB futures recover from 7-month lows, end flat

(Reuters) - Expectations that interest rates will rise in the coming
months weighed on market sentiment, pushing the two-year yield to
a 10-year high ahead of key economic data and speeches by Bank of
Japan officials later this week.




"Market players are sensing that an early rate hike could
become a reality, that rates could be raised during the
July-September period," said Akito Fukunaga, a fixed income
strategist at Credit Suisse.


Read more at Reuters.com Bonds News

Aegon to buy stake in China fund manager -sources

(Reuters) - Aegon has already set up an insurance joint venture in China.




Read more at Reuters.com Mergers News

Gold inches up on bargain hunting, investors cautious

(Reuters) - Gold was slightly higher than

New York levels on Monday but investors remained cautious because of the dollar's strength, sales by central banks as well as surging stock markets.


Read more at Reuters Africa

China's Stock Index Breaches 4,000 for First Time After Doubling This Year

(Bloomberg) -- China's CSI 300 Index rose above 4000
for the first time, driven by a surge in new investors who are
ignoring warnings of a bubble to enter a market that's doubled
this year. China Merchants Bank Co. paced the gain.

``There is lots of liquidity flowing into the market,'' said
Fan Dizhao, who helps manage about $1.8 billion at Guotai Asset
Management Co. in Shanghai. ``Even fund mangers dare not sell
their shares at this stage, as no one knows when the rally will
be over.''


Read more at Bloomberg Stocks News

Iberia Lineas Aereas, Mota-Engil, Acciona, Ercros: Iberia Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in Spain and Portugal. Stock symbols follow company names and
prices are from the last close.

The IBEX 35 Index lost 0.3 percent to 15,053.20 as 23 stocks
declined, nine rose and three were unchanged. Portugal's PSI-20
Index lost less than 0.1 percent to 12,891.37.


Read more at Bloomberg Stocks News

JGBs recover as rising yields lure investors

(Reuters) - Expectations that interest rates will rise in the coming
months weigh on market sentiment, pushing the two-year yield to a
10-year high and five-year yields closer to seven-month highs
earlier in the session ahead of key economic data and speeches by
Bank of Japan officials later this week.




While traders said market sentiment remained weak, selling
has subsided for now as the market confirmed some resistance
points, prompting investors and dealers to buy back bonds which
have become cheaper after several days of heavy selling.


Read more at Reuters.com Bonds News

Tanjong to Buy Globeleq for $493 Million to Gain Power Generation Assets

(Bloomberg) -- Tanjong Plc, a Malaysian power
generation and betting group, agreed to buy Globeleq Ltd. for
$493 million, gaining generation plants in Egypt, Bangladesh,
Pakistan and Sri Lanka.

Tanjong will purchase Globeleq from CDC Globeleq Holdings
Ltd. in cash, the Kuala Lumpur-based company said in a statement
today. Tanjong shares were halted for the announcement.


Read more at Bloomberg Emerging Markets News

Japan Shares Rebound, Led by Sony, on Weaker Yen, Higher Commodity Prices

(Bloomberg) -- Japanese stocks rebounded from their
biggest loss in a month, led by exporters after the yen weakened
against the dollar and euro, boosting the value of their
overseas sales. Trading companies gained after commodities
prices rose at the end of last week.

Sony Corp., the maker of the PlayStation 3 game console,
rose for the first time in four days. Mitsubishi Corp., the
nation's largest trading company, jumped 2.2 percent.


Read more at Bloomberg Stocks News

China, India, Singapore, Taiwan, the Philippines: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: The economy will grow 10.4 percent next year, the
Organization for Economic Co-operation and Development said in
its semi-annual outlook released May 24. That's less than the
10.7 percent the Paris-based group forecast six months ago.
Growth this year is predicted to be 10.4 percent, compared with
an earlier forecast of 10.3 percent.


Read more at Bloomberg Bonds News

South Korea Shares Gain, Led by Shinhan Financial, Posco and S.K. Corp.

(Bloomberg) -- South Korea's benchmark stock index,
the Kospi Index, rose 0.37 percent at 9:05 a.m.

The index of 732 companies traded on the Korea Exchange rose
6.01 to 1,650.57. Among the stocks in the index, 471 rose, 168
fell and 92 were unchanged.


Read more at Bloomberg Stocks News

Asian Stocks Rise in U.S. Trading, led by BHP Billiton, Commodity Shares

(Bloomberg) -- Asian stocks rose in U.S. trading as
price increases in oil, gold and other metals lifted commodity
shares including BHP Billiton.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, gained 0.6 percent to
162.19. For the week, it added 0.3 percent.


Read more at Bloomberg Stocks News

Crude Oil Falls on Speculation Rising U.S. Gasoline Output Will Cut Prices

(Bloomberg) -- Crude oil fell in New York on
speculation U.S. fuel prices may ease as refiners increase output
to meet summer demand.

U.S. gasoline production rose to its highest since December
in the week ended May 18, increasing inventories for a third week.
Stockpiles that week were 7 percent below the five-year average
on May 18, according to Energy Department data. Oil workers in
Nigeria ended a two-day strike after the government agreed new
pay and benefits, Reuters reported May 26.


Read more at Bloomberg Energy News

WEEKAHEAD-Emerging debt cautious on China, U.S. Treasuries

(Reuters) - Investors in riskier emerging market stocks and bonds were
unnerved by comments last week by former Federal Reserve
Chairman Alan Greenspan who suggested Chinese stocks were
overvalued.




In addition, the rise in U.S. Treasury bond yields in the
past week has attracted some investment flows out of emerging
debt markets.


Read more at Reuters.com Bonds News

Coke in talks to buy Highland Spring: UK papers

(Reuters) - A spokeswoman for Highland Spring declined to comment. Coke could not be immediately reached.




Coke's foray into the British water market three years ago failed after samples of its Dasani bottled water showed it was little more than filtered tap water. Coke withdrew the product from British shops.


Read more at Reuters.com Mergers News

Algeria says HSBC wins permit to start local bank

(Reuters) - Algeria's central bank has decided to permit HSBC, Europe's largest bank, to set up an Algerian bank, state-owned newspaper El Moudjahid reported on Sunday.

A central bank statement reprinted by the newspaper said: "The bank's money and credit committee, after deliberations, has decided to permit the establishment of the HSBC Algerie bank."


Read more at Reuters Africa

Liquor Barn backs higher bid by rival Liquor Stores

(Reuters) - That is a 48.2 percent premium above the closing price of
the Liquor Barn units on April 9, the day before the initial
offer for the retailer. The new offer will expire on June 7.




Liquor Stores previously offered 0.53 of a unit for each
Liquor Barn unit, for an implied value of C$11.57 a unit.


Read more at Reuters.com Mergers News

OMV-Gazprom deal revives fear of Russia

(Reuters) - A deal signed this week between Russia gas monopoly Gazprom and Austria's OMV revived fears Moscow is tightening its stranglehold over its European customers.

For some, however, the leading gas exporter poses no threat and this accord with a transit country strategically located between eastern and western Europe could improve security of supply.


Read more at Reuters Africa

US copper up 4 pct, LME lead at new record

(Reuters) - U.S. copper futures jumped more than 4 percent on Friday ahead of the long Memorial Day weekend as investors did extensive short-covering on the base metal a day after it san to two-month lows.

In U.K. trade, copper for delivery in three months closed up 3 percent. Lead continued to dominate the action in London base metals, surging more than 5 percent to a new record high.


Read more at Reuters Africa

Malaysia's EON Capital stake sale talks stall-paper

(Reuters) - "They've stopped negotiations at this point of time. It's a
pricing issue," the Business Times quoted a source familiar
with the talks as saying. It is believed DRB, the single
largest shareholder in Malaysia's seventh-ranked lender EON
Capital, was looking to sell its stake at 9-10 ringgit a share,
the paper said.




EON Capital shares closed at 6.80 ringgit on Friday.


Read more at Reuters.com Mergers News

BP Must Face Trial Over Claims It Violated Settlements With Blast Victims

(Bloomberg) -- BP Plc must face trial in November on
claims it reneged on settlements with three victims of the deadly
explosion at its largest refinery, a Texas judge said.

Judge Susan Criss in Galveston, Texas, today refused to end
a lawsuit in which Alisa Dean, 33, Tracy Donaie, 33, and Henry
Rivera, 39, are seeking about $42 million in joint future medical
costs, plus $5 million each for mental anguish. They claim BP
didn't pay their bills promptly as promised.


Read more at Bloomberg Energy News

Tribune ends agreement with Gannett related to newspaper sale

(Reuters) - The agreement was terminated following an arbitrator's ruling last month that Tribune could not sell the company unless the buyer assumed the existing union contract as a condition of the sale, which Gannett declined to do, Tribune said in a statement.



The publisher of Los Angeles Times and Chicago Tribune also said it would immediately begin the process of soliciting offers for the newspapers.


Read more at Reuters.com Mergers News

US Medicare proposes no coverage for Synthes disc

(Reuters) - The program, which covers about 43 million elderly and disabled people, said in a draft proposal that it was rejecting coverage of the procedure no matter which disc was used. A final decision is expected in August.



) Keywords: SYNTHES MEDICARE/


Read more at Reuters.com Government Filings News

Bombay Co gets non-binding offers to buy company

(Reuters) - The new loan will enhance liquidity to fund working capital
requirements and other corporate needs, it added.





Read more at Reuters.com Mergers News

Safran plans to split Sagem communications unit

(Reuters) - The company is also studying plans to link up a printed
circuits plant in Lannion, in western France, which employs 80
people with an industrial partner in the same sector.




The plans were announced as Safran reaffirmed its 2007
targets at a shareholders' meeting. The company targets revenue
up around 5 percent and an operating margin above 5 percent.


Read more at Reuters.com Mergers News

Google's share of U.S. search market jumped in April

(Reuters) - By contrast, the No. 2-ranked Web search provider, Yahoo Inc. saw its U.S. search share in April fall 0.7 points to 26.8 percent. Microsoft Corp.'s sites lost 0.6 percentage points to 10.3 percent, comScore data showed.




IAC/InterActiveCorp's Ask.com fell 0.1 percentage points in April to 5.1 percent of the U.S market, it said.


Read more at Reuters.com Business News

Emerging debt-Prices rise as investors seek higher returns

(Reuters) - Capital flows into Latin America were also pushing up
currencies and stocks in the region, with the Colombian peso at
its strongest level in seven years despite recent government
measures to halt the trend.




Rising yields in U.S. Treasuries usually pull investors out
of riskier emerging markets, but for the moment investors are
still attracted by high returns offered by Latin American
assets.


Read more at Reuters.com Bonds News

Targacept files $75 mln common stock shelf offer

(Reuters) - Under a shelf registration filed with the U.S. Securities
and Exchange Commission, a company may sell securities in one
or more separate offerings with the size, price and terms to be
determined at the time of sale.




Read more at Reuters.com Government Filings News

Corn Futures Fall as Rains May Relieve Dry Conditions in Eastern Midwest

(Bloomberg) -- Corn futures fell in Chicago on
speculation that rains will boost prospects for crops threatened
by dry conditions in the eastern Midwest, including Illinois,
Indiana and Ohio.

As much as 1 inch of rain may fall through the weekend in
eastern Midwest fields that have received 25 percent of normal
rainfall the past month, said John Dee, president of Global
Weather Monitoring in Mohawk, Michigan. An additional half-inch
may fall over most of the Midwest early next week, Dee said.


Read more at Bloomberg Commodities News

Sugar Rallies in New York as Brazil Harvest Lags, Russian Demand Increases

(Bloomberg) -- Sugar in New York rose the most since
December on speculation that harvest delays in Brazil, the
biggest producer, and increasing demand from Russia are leading
to near-term tight supplies.

Rain and storms may disrupt the harvest in Sao Paulo, the
largest sugarcane grower in Brazil, according to Meteorlogix LLC
in Woburn, Massachusetts. Raw-sugar demand in Russia, the biggest
importer, rose as the domestic white sugar price jumped. Parts of
Ukraine and Russia have experienced drier-than-normal weather
since April, increasing stress to crops, Meteorlogix said.


Read more at Bloomberg Commodities News

BSkyB has not sold ITV stake: sources

(Reuters) - BSkyB, ITV and RTL declined to comment.




Read more at Reuters.com Hot Stocks News

TREASURIES-Bonds off lows on housing data, stocks weigh

(Reuters) - Bullish stocks and fading prospects of an interest rate cut
by the Federal Reserve this year have driven investors away
from safe-haven Treasuries, pushing benchmark yields to
four-month highs this week.




Government bonds are on track for a third straight week of
losses and benchmark 10-year yields have risen about 30 basis
points in the last two weeks.


Read more at Reuters.com Bonds News

U.S. leading index growth rate at fresh 3-year high-ECRI

(Reuters) - Its annualized growth rate reached a three-year high for a
third consecutive week at 6.4 percent, from 6.1 percent the
previous week.




"The WLI is showing broad-based strength in its
forward-looking components, including those for the services
and industrial sectors. Therefore, the prospect of a recession
is minuscule at this point," said Lakshman Achuthan, managing
director at ECRI.


Read more at Reuters.com Economic News

Memorial Day Motorists Will Pay Record Fuel Prices, Drive More Than Ever

(Bloomberg) -- Travelers during the Memorial Day
weekend will pay record gasoline prices and may face even higher
charges on the way home.

The national average price for regular gasoline climbed 39
percent this year to more than $3.20 a gallon as refinery
breakdowns cut production. Inventories are 7 percent below the
five-year average, prompting some analysts to predict more
increases.


Read more at Bloomberg Exclusive News

Drug scares make some analysts wary on Sanofi pill

(Reuters) - Zimulti, known as Acomplia in Europe, will be considered by
a U.S. Food and Drug Administration advisory panel on June 13,
and Bear Stearns analysts believe it may not get an immediate
green light.




"In view of the increasing number of scares in the industry
... we believe the FDA endocrinology division may not be keen to
make a potentially controversial decision quickly, with several
issues regarding potential side effects still outstanding," they
said in a note.


Read more at Reuters.com Government Filings News

Tanzania losing millions in forestry sector - study

(Reuters) - Tanzania is losing millions of dollars a year because of poor management and corruption in its forestry sector, an international conservation group said on Friday.

A study conducted in 2005 in southern Tanzania by Traffic International and the Tanzanian government showed that over half of 28 export companies studied had some form of link with senior Tanzanian or foreign government officials.


Read more at Reuters Africa

Central European Benchmark Indexes Decline, Led by PKO; Unipetrol Drops

(Bloomberg) -- Central European shares fell, led by PKO
Bank Polski SA, Poland's largest bank. Unipetrol, the largest Czech
oil company, also declined after Eni SpA said it will pay
``considerably'' less for a stake in Unipetrol's refinery than
reported by the media.

The NTX Index of 30 companies in the region lost 0.4 percent
to 1,933.51 at 2:10 p.m. in Vienna as 19 stocks fell, seven rose
and four were unchanged. The measure has added 0.1 percent this
week.


Read more at Bloomberg Stocks News

UPDATE 1-Tribune holders tender more shares than expected

(Reuters) - Tribune had earlier said it would repurchase 126 million
shares, representing more than half its outstanding shares, at
$34 a share, or about $4.3 billion.




As more than 126 million shares have been tendered, Tribune
said it will purchase shares on a pro rata basis.


Read more at Reuters.com Mergers News

UPDATE 1-Royal Bank of Canada profit rises 14 pct

(Reuters) - TORONTO, May 25 - Royal Bank of Canada , or 98 Canadian cents a share in the three months ended April 30. That compared with C$1.12 billion, or 85 Canadian cents a share, in the same period a year earlier.


Read more at Reuters.com Market News

Agilysys to buy Innovativ Systems for $100 mln

(Reuters) - Agilysys, a reseller of enterprise computer technology
technology, said the acquisition will add Sun's products to its
exisiting portfolio, which include products from EMC, HP and
IBM.





Read more at Reuters.com Mergers News

Bank of Mexico May Hold Lending Rates as Prices Drop More Than Expected

(Bloomberg) -- Mexico's central bank will probably
keep its overnight lending rate unchanged today after consumer
prices in the first half of this month fell more than expected.

Policy makers will maintain the benchmark rate at 7.25
percent, according to 12 of 17 economists surveyed by Bloomberg.
The bank raised rates for the first time in almost two years
last month, surprising all 16 economists polled, who predicted
the rate would be left at 7 percent.


Read more at Bloomberg Emerging Markets News

European Stocks Fall on Interest Rate Concern; Bouygues, CRH Pace Decline

(Bloomberg) -- European stocks dropped for a second
day, led by construction companies, on concern that accelerating
growth in Europe will keep interest rates rising.

Bouygues SA, the world's second-biggest construction
company, and CRH Plc, the second-largest maker and distributor of
building materials, paced declines. OMX AB had the biggest rally
in more than four years after Nasdaq Stock Market Inc. agreed to
buy Europe's fifth-largest equity market.


Read more at Bloomberg Stocks News

Airbus revamp should not be questioned - Germany

(Reuters) - He added the planned restructuring was an important step to
secure the future of Airbus.




Focus magazine had reported that a new row between France
and Germany was brewing as the Paris government believed the
restructuring measures, which include 10,000 job cuts, went in
Germany's favour.


Read more at Reuters.com Bonds News

RPT-OMX sees Nasdaq deal completion in Q4

(Reuters) - "We expect that this will be concluded in the fourth
quarter," OMX chief executive Magnus Bocker told a news
conference.




Separately, the Swedish government, which owns 6.7 percent
of OMX but has said it plans to sell the stake, said it would
not deliver its view on the offer before June 20, when
parliament is expected to decide on backing the government's
sell off plans.


Read more at Reuters.com Mergers News

Gold Gains, Erasing Decline, After Kyodo Says North Korea Fired Missiles

(Bloomberg) -- Gold gained in London, erasing an
earlier decline, after media reports that North Korea fired
several missiles toward the Sea of Japan today.

``Somebody's just bought gold on the back of it,'' said Simon
Weeks, head of precious-metals trading at ScotiaMocatta in London.


Read more at Bloomberg Commodities News

Gold Falls in London, Heading for Weekly Drop, on Dollar; Silver Rebounds

(Bloomberg) -- Gold fell in London, heading for the
longest losing streak since June, as gains in the dollar may
accelerate declining demand for the precious metal as an
alternative investment. Silver rebounded.

Investment demand for gold in exchange-traded funds watched
by the World Gold Council has declined 3.3 percent since April
20. Gold prices dropped 5.4 percent over the same period while
the dollar climbed 1.1 percent against the euro.


Read more at Bloomberg Commodities News

Copper Price May Decline Next Week on Speculation China Demand Will Slow

(Bloomberg) -- Copper may fall next week on
speculation that demand will slow in China, the largest buyer of
the metal, following a surge in imports in the first quarter.

Of the 15 people surveyed yesterday and May 23 by Bloomberg
News, 10 forecast copper will decline next week. Four expected a
gain and one said little change.


Read more at Bloomberg Commodities News

China Plans an Emergency Crude Oil Stockpile of 90 Days' Imports by 2020

(Bloomberg) -- China plans to build an emergency oil
stockpile to cover the equivalent of 90 days of imports by 2020,
said the energy research head at the nation's top economic
planning body.

China will fill the stockpile based on market conditions and
the government will consider the potential global impact when
making purchases of crude for its emergency supplies, Han Wenke,
director of the National Development and Reform Commission's
energy research institute, said in an interview today.


Read more at Bloomberg Energy News

Change needed in how World Bank head chosen - survey

(Reuters) - About 85 percent of participants of an online survey disagree or strongly disagree with the process of selecting the head of the World Bank, in which the United States picks a single American candidate.

Initial findings of the survey by the Washington-based Center for Global Development (CGD) think tank also found that most agree or strongly agree that the choice of a candidate should be based on qualifications, rather than nationality.


Read more at Reuters Africa

European Government Notes Head for Third Weekly Drop as Confidence Climbs

(Bloomberg) -- European two-year government notes are
headed for a third weekly decline after a report showed German
consumer confidence rose more than expected in June.

Benchmark two-year yields held near the highest in five
years after a report yesterday showed business sentiment in
Europe's biggest economy stayed near a record in May. Futures
trading shows investors are raising bets the European Central
Bank raising rates at least twice more this year.


Read more at Bloomberg Bonds News

Gold ticks up but dented by dollar, TOCOM slides

(Reuters) - Gold crawled up on Friday on light short-covering but held within sight of its lowest level in nine weeks, pressured by the recovery of the dollar, which had prompted investment funds to slash positions in the metal.

Key Tokyo Commodity Exchange gold futures fell 1.6 percent to a seven-week low as Japanese investors heavily liquidated their position after this week's falls.


Read more at Reuters Africa

Converium, Julius Baer, Swiss Reinsurance: Swiss Stock Market Preview

(Bloomberg) -- The following stocks may rise or fall
on the Swiss and Virt-x exchanges. Stock symbols are in
parentheses and prices are from the last close.

The Swiss Market Index of the 24 largest and most actively
traded companies lost 81.75, or 0.9 percent, to 9357.02. The
broader Swiss Performance Index dropped 63.67, or 0.8 percent, to
7614.41.


Read more at Bloomberg Stocks News

Eastern Australia Natural Gas Use, Prices Jump as Drought Cuts Coal Power

(Bloomberg) -- Eastern Australian natural gas
consumption and prices jumped in the first quarter as drought
cut production from hydropower and coal-fired generators,
EnergyQuest said.

Gas production in eastern Australia rose 20 percent in the
first quarter compared with a year earlier, the Adelaide-based
consulting firm said yesterday in a report. The average spot gas
price in Victoria state surged 27 percent to A$3.38 ($2.76) a
gigajoule, it said.


Read more at Bloomberg Energy News

Yen Gains Most In a Week in Two Months on Inflation Data, Asia Stock Slump

(Bloomberg) -- The yen headed for the biggest weekly
gain against the euro in more than two months as Japanese
inflation data and a slump in Asian stocks prompted traders to
pare investments in higher-yielding assets.

The yen advanced versus 13 of the 16 most-active currencies
as a slower decline in consumer prices supported the central
bank's case for higher interest rates. The currency traded near a
two-week high to the euro as investors reduced so-called carry
trades, in which they borrow in Japan to buy securities with
better returns overseas.


Read more at Bloomberg Currencies News

Philippine Trade Deficit Widens as Imports Rise at Fastest in Four Months

(Bloomberg) -- The Philippines trade deficit widened
in March after imports rose at the fastest pace in four months,
signaling that exports may accelerate in following months.

The shortfall was $119 million, from $10 million a year
earlier, the National Statistics Office said in Manila today.


Read more at Bloomberg Emerging Markets News