Yen Declines on Prospects Japanese Investors Will Buy More Foreign Assets

(Bloomberg) -- The yen fell to a three-month low
against the dollar on speculation Japanese investors will snap up
new investment trusts that buy higher-yielding overseas assets as
companies pay out June employee bonuses.

Fund management companies and banks from today to June 1
will market 1.4 trillion yen ($11.5 billion) of investment
products aimed at foreign securities, according to data compiled
by Bloomberg. Japan's benchmark rate of 0.5 percent has helped
the yield spread between two-year U.S. and Japanese debt widen to
the most in five weeks.


Read more at Bloomberg Currencies News

U.S. Treasury Yields Hold Near Highest Since February on Growth Outlook

(Bloomberg) -- U.S. 10-year yields held near their
highest since February on expectations a government report
tomorrow will show orders for durable goods rose for a third
month in April.

Ten-year yields have increased by a third of a percentage
point in 11 weeks on expectations signs of growth in the economy
will make it more difficult for the Federal Reserve to cut
interest rates. An index of Treasury securities handed investors
a loss of 0.7 percent so far in May, headed for its biggest
monthly decline since December, according to Merrill Lynch & Co.


Read more at Bloomberg Bonds News

Asian Stocks Climb for a Third Day; Mizuho Jumps, BHP Billiton Declines

(Bloomberg) -- Asian stocks rose for a third day,
led by Japanese banks after Mizuho Financial Group Inc. forecast
record earnings.

A measure of financial shares posted the biggest gains
among 10 industry groups included in the Morgan Stanley Capital
International Asia-Pacific Index. Mizuho, Japan's second-largest
lender, jumped by the most in 11 months.


Read more at Bloomberg Stocks News

Nasdaq closes at six-year high on deals

(Reuters) - The Standard & Poor's 500 and the Dow Jones industrial average both slipped, however, as a drop in oil prices hit energy shares and rising bond yields raised concerns that higher borrowing costs would slow the economy and hurt corporate profit growth.




Shares of MGM Mirage surged 27 percent after investor Kirk Kerkorian expressed interest in buying two Las Vegas properties from MGM Mirage Inc. Speculation about more deals in the sector drove up the shares of rivals such as Wynn Resorts Ltd., up 7.4 percent on the Nasdaq.


Read more at Reuters.com Business News

Australia's S&P/ASX 200 Is Little Changed; AWB Drops, Qantas Airways Gains

(Bloomberg) -- Australia's S&P/ASX 200 Index was
little changed, adding 0.70 point to 6339.50 as of 10:14 a.m. in
Sydney. AWB Ltd. slumped, while Qantas Airways Ltd. climbed.

To contact the reporter for this story:
Stuart Kelly in Sydney
skelly22@bloomberg.net


Read more at Bloomberg Stocks News

Alcan, Canfor and Western Financial Group Shares: Canada Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets.
This preview includes news that broke after markets closed.
Symbols are in parentheses after company names and prices are
from the last close.

The Standard & Poor's/TSX Composite Index rose 6.85, or 0.1
percent, to 14,112.19 today.


Read more at Bloomberg Stocks News

Japan Stocks May Rise, Led by Banks, After Mizuho Forecasts Record Profit

(Bloomberg) -- Japanese stocks may rise for a third
day. Lenders may lead indexes higher after Mizuho Financial
Group Inc. forecast a record profit for this financial year.

Bank shares were among the worst performers in the Topix
index during the past 12 months as concerns mounted they
wouldn't be able to increase profits on loans and their consumer
finance affiliates reported losses. Mizuho, the nation's No. 2
lender by assets, dropped 20 percent in the year to May 18.


Read more at Bloomberg Stocks News

Hilb Rogal & Hobbs to buy property, casualty brokerage

(Reuters) - Earnings from continuing operations rose about 6 percent to 37 cents per share, on about 7 percent fewer shares outstanding. Excluding stock compensation expense in the 2006 quarter, net earnings per share were about 39 cents per share.



Analysts had expected earnings of 35 cents per share for the quarter, according to Reuters Estimates.


Read more at Reuters.com Mergers News

China, Indonesia, Philippines, Taiwan, Singapore: 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 government will sell 30 billion yuan ($3.9
billion) of seven-year bonds today. It last sold similar-
maturity debt on Feb. 5 at a yield of 2.93 percent. China should
be cautious when using exchange-rate policy in foreign relations
to avoid strengthening expectations of further yuan appreciation,
Ding Zhijie, deputy dean of the School of Finance at the
University of International Business and Economics in Beijing,
wrote in the Shanghai Securities News yesterday.


Read more at Bloomberg Bonds News

Abe Ignites Okinawa Protests With History-Book Revisions on Mass Suicides

(Bloomberg) -- Mitsuko Yoneda was 17 years old when
13 members of her family gathered in a forest in drizzling rain.
It was March 1945 and the U.S. army was invading Okinawa. Told
by Japan's military government that death was more honorable
than capture, the Yonedas had come to die.

Her 19-year-old brother, a member of the civilian youth
defense corps, pulled the pin on an army-issued hand grenade,
killing himself and four other relatives. They were among more
than 735 people who committed suicide in Okinawa during the U.S.
assault.


Read more at Bloomberg Exclusive News

UPDATE 1-US Democrats to fund Iraq war with no pullout date

(Reuters) - WASHINGTON, May 22 - President George W. Bush won
a battle over nearly $100 billion to fund the Iraq war as
congressional Democrats on Tuesday abandoned troop withdrawal
efforts for now but pledged to try again in July.




Instead of setting schedules for withdrawing U.S. troops,
it appeared the Democratic-run Congress and the Republican
White House agreed for the first time to include conditions
prodding Baghdad to make better progress toward quelling
violence or risk losing some U.S. reconstruction aid.


Read more at Reuters.com Bonds News

Google takes stake in genomics info startup

(Reuters) - Google said it had invested $3.9 million in the company, called 23andMe Inc., giving the Mountain View, California-based Google a minority stake in the start-up, according to a filing with the U.S. Securities and Exchange Commission.




The initial round of outside funding in 23andMe includes venture capital firms New Enterprise Associates and Mohr Davidow Ventures and Genentech Inc.


Read more at Reuters.com Business News

Community Health shareholders protest Triad buy

(Reuters) - Some investors and analysts, however, have questioned the
merits of the marriage, given a premium paid by Community and
inconsistencies between the companies' business models.




The Laborers' International Union of North America said the
meeting lasted 12 minutes, during which the Triad deal was not
discussed.


Read more at Reuters.com Mergers News

Blackstone seen paying up on CMBS deal

(Reuters) - Blackstone-EOP's sale, backed by Equity Office Property, is currently being marketed to investors by underwriters Goldman Sachs, Banc of America and Bear Stearns ahead of its pricing in June, market sources said.




The offering would be the second largest deal in the CMBS market this year, after Wachovia Securities' $7.9 billion sale in March.


Read more at Reuters.com Business News

US FDA knew of Glaxo Avandia risk years ago-group

(Reuters) - The group released the memo one day after researchers
reported Avandia, or rosiglitazone, raises the risk of
cardiovascular-related death by 64 percent and the risk of
heart attack by 43 percent.




Glaxo strongly objected to the results and defended use of
the drug, which treats type 2 diabetes.


Read more at Reuters.com Government Filings News

Dynegy, Fremont General, Intel, MGM, LifePoint: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges today.
Stock symbols are in parentheses after company names. Shares
prices are as of 4 p.m. New York time.

Accredited Home Lenders Holding Co. (LEND US) rose 63 cents,
or 4.9 percent, to $13.38. Silver Point Capital LP said in a
regulatory filing that it boosted its stake in the subprime
mortgage company to 5.2 percent from 3.8 percent.


Read more at Bloomberg Stocks News

U.S. mortgage rates unchanged Tuesday - BestInfo

(Reuters) - The 30-year mortgage rate with one upfront point was
unchanged at 6-1/4 percent.




The 30-year mortgage rate with two upfront points was
unchanged at 6 percent.


Read more at Reuters.com Bonds News

Qualcomm says report of Broadcom settlement untrue

(Reuters) - Qualcomm offered no further details in a brief statement.



The two companies have been caught up in a legal battle over patent disputes and trade secrets.


Read more at Reuters.com Market News

FEATURE-Chinese-made for $12.99 or U.S.-built for $24.97?

(Reuters) - Examining a $12.99 Chinese-made garden spade at a local
Home Depot store on Saturday, Runge said price is often the
determining factor in his purchase decisions.




"I try to buy American but I have a tight budget and
sometimes I just buy the cheapest thing available," said the
25-year-old graduate student.


Read more at Reuters.com Government Filings News

Conrad Black jury hears angry shareholders

(Reuters) - The show-and-tell testimony in the trial's 10th week came
during the questioning of government witness Paul Healy, former
head of investor relations at Hollinger International Inc., the
U.S. firm through which Black controlled what was once one of
the world's largest newspaper publishing companies.




Healy testified that Peter Atkinson, one of Black's three
co-defendants and former general counsel of Hollinger
International, told him that non-competition payments from one
major deal had been "inaccurately" described to Hollinger
shareholders.


Read more at Reuters.com Bonds News

Renaissance hedge fund: Only scientists need apply

(Reuters) - The top-performing firm only hires scientists to develop
its trading strategies, all of which are executed entirely by
computers, its founder and president Jim Simons told an
industry audience in New York this week.




"We hire physicists, mathematicians, astronomers and
computer scientists and they typically know nothing about
finance," Simons said in a keynote address at the International
Association of Financial Engineers annual conference. "We
haven't hired out of Wall Street at all."


Read more at Reuters.com Mergers News

Level 3, Lockheed, Mizuho, United Natural Foods: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 1:10 p.m. New York time.

Accredited Home Lenders Holding Co. (LEND US) rose 71
cents, or 5.6 percent, to $13.46 and traded as high as $14.
Silver Point Capital LP said in a regulatory filing that it
boosted its stake in the subprime mortgage company to 5.2
percent from 3.8 percent.


Read more at Bloomberg Stocks News

U.S.'s Paulson Says `Action' Needed to Damp Growing `Anti-China' Sentiment

(Bloomberg) -- U.S. Treasury Secretary Henry Paulson,
kicking off talks with China's economic leaders, said the meeting
must yield results to damp ``anti-China'' sentiment. Vice Premier
Wu Yi, his counterpart, warned Americans not to blame China for a
record trade deficit.

``It is up to us, over these two days and the work that
follows, to show that words are precursors to action,'' Paulson
said in his opening remarks. Wu responded that ``politicizing''
trade issues is ``absolutely unacceptable.''


Read more at Bloomberg Currencies News

Citrix, IndyMac Bancorp, Texas Pacific Land Trust: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 11:40 a.m. New York time.

Accredited Home Lenders Holding Co. (LEND US) rose 71 cents,
or 5.6 percent, to $13.46 and traded as high as $14. Silver Point
Capital LP said in a regulatory filing that it boosted its stake
in the subprime mortgage company to 5.2 percent from 3.8 percent.


Read more at Bloomberg Stocks News

Chilean Stocks Drop on Pension Concern, Led by DyS: World's Biggest Mover

(Bloomberg) -- Chile's main stock index fell the most
in three months on concern that pension fund managers will move
money out of the country sooner than expected.

Chile's IPSA index of 40 stocks fell 91.03, or 2.8 percent, to
3,166.20 at 11:10 a.m. New York time. It was the steepest decline
since Feb. 27 and the biggest move among markets included in global
benchmarks.


Read more at Bloomberg Stocks News

Rand softer amid trade, c/act worries

(Reuters) - South Africa's rand weakened against the dollar on Tuesday and could further reverse recent gains as niggling worries about the current account deficit resurfaced.

The rand was down 0.43 percent at 7.0450 against the greenback at 1508 GMT compared to New York's close of 7.0150 on Monday, although it clawed back some ground from a session low of 7.06/dollar.


Read more at Reuters Africa

Gold, Silver Prices Drop in New York After Dollar Strengthens Against Euro

(Bloomberg) -- Gold and silver prices fell in New
York on speculation a decline in the value of the euro against
the dollar will reduce the appeal of precious metals as a hedge
against the U.S. currency.

Gold generally moves in tandem with the euro, which is down
1.4 percent against the dollar since reaching a record on April
27. Before today, gold had gained 4 percent this year as the
euro climbed 2.1 percent against the dollar.


Read more at Bloomberg Commodities News

Diamondcorp first production to begin in June - CEO

(Reuters) - South Africa-focused miner Diamondcorp Plc is set to start production at its 74 percent owned Lace diamond mine next month, Chief Executive Paul Loudon said on Tuesday.

Loudon told Reuters in an interview that the company was expecting to produce around 13,000 carats of gem diamonds per month from the mine during its first phase of production.


Read more at Reuters Africa

India Rupee to Fall From Nine-Year High, Deutsche, Goldman Sachs Forecast

(Bloomberg) -- The Indian rupee may decline from a
nine-year high because the nation's central bank will sell the
currency to protect exports, according to Deutsche Bank AG and
Goldman Sachs Group Inc.

Options are also signaling the two-month rally is poised to
stall. In November, the last time the premium on calls granting
the right to buy rupees was as big as it reached this week,
India's currency lost 1 percent within two weeks, posting its
biggest weekly drop since July.


Read more at Bloomberg Currencies News

TREASURIES-Bonds drift weaker, await data for direction

(Reuters) - NEW YORK, May 22 - U.S. government bond prices
drifted lower on Tuesday as investors awaited fresh economic
data to get a clearer picture of the economy and clues on the
direction of interest rates.




A strong performance in overseas stock markets,
particularly in Asia, also encouraged investors to seek higher
returns from equities and discouraged bargain hunting in the
Treasury market, traders said.


Read more at Reuters.com Bonds News

Distribucion y Servicio, Falabella and Cencosud: Chilean Equity Moveers

(Bloomberg) -- Chile's main stock index fell the most
in a month, ending three days of gains, led by retailer
Distribucion y Servicio D&S SA.

Chile's IPSA index of 40 stocks fell 76.47, or 2.35 percent,
to 3,180.76 at 10:29 a.m. New York time, it steepest decline since
April 24.


Read more at Bloomberg Stocks News

FDA accepts Advancis' NDA for strep throat drug, shares jump

(Reuters) - Shares of the company were up $1.15 at $3.88 in morning trade on the Nasdaq.




Advancis said the FDA has set an action date of January 23, 2008 and if approved, expects to market the product at the beginning of 2008/2009 cough and cold season.


Read more at Reuters.com Hot Stocks News

Nymex Natural Gas Declines as Mild Weather Limits Fuel Demand in the U.S.

(Bloomberg) -- Natural gas in New York fell as
moderate weather depressed demand allowing stored supplies of the
fuel to rise.

Gas for June delivery fell 5 cents, or 0.6 percent to
$7.863 per million British thermal units at 9:23 a.m. on the New
York Mercantile Exchange.


Read more at Bloomberg Energy News

Whirlpool freezes Slovak expansion on strong SKK

(Reuters) - Eduard Horbal, director of Whirlpool's plant in the northern town of Poprad, also said the firm will make fewer washing machines this year than planned due to the strong currency, which has been boosted by a booming economy and expectations of large foreign investment inflows.



"We have made a study to increase output to 3-4 million washing machines a year, but the plan is frozen so far due to the Slovak crown," Horbal told reporters.


Read more at Reuters.com Market News

Lebanon to Proceed With Dollar-Bond Sale as Troops, Gunmen Fight in North

(Bloomberg) -- Lebanon is pressing ahead with its
first sale of government bonds in dollars since Israel invaded
last July as Lebanese troops fought Islamic gunmen for a third
day.

``We are mandated for a potential dollar financing for
Lebanon, and subject to market conditions, it will be executed as
early as this week,'' Jeffrey French, a spokesman in London for
sale manager Citigroup Inc., said in an e-mailed note.


Read more at Bloomberg Emerging Markets News

Yuan Strengthens Most in More Than a Week Ahead of China, U.S. Trade Talks

(Bloomberg) -- The yuan rose the most in a week
before U.S. Treasury Secretary Henry Paulson meets with Chinese
policy makers to call for faster appreciation.

The currency climbed 0.19 percent, bringing its gains since
the end of a fixed exchange rate in July 2005 to 8.1 percent.
The central bank widened the daily limit on the yuan's
fluctuations on May 18, strengthening the position of China's
top trade negotiator, Vice Premier Wu Yi, at talks today in
Washington.


Read more at Bloomberg Currencies News

Canadian Stocks May Decline, Led by Suncor; Banks May Fall Before Earnings

(Bloomberg) -- Canadian stocks may fall, paced by
energy companies including Suncor Energy Inc., after oil prices
slid. Bank of Montreal may lead declines in financial companies
before banks start reporting earnings this week.

The Standard & Poor's/TSX Composite Index rose 90.39, or 0.7
percent, to a record 14,025.03, on May 18 in Toronto. The Toronto
Stock Exchange was closed yesterday for the Victoria Day holiday.
Last week, the index rallied for a third week, as higher oil prices
and takeover speculation sent energy and phone companies higher.


Read more at Bloomberg Stocks News

Bell Microproducts says review finds wrong option grant dates

(Reuters) - Bell Microproducts said it has received waivers until Sept.
30 from its creditors for the delivery of certain quarterly
information and documentation.





Read more at Reuters.com Bonds News

UPDATE 1-American Eagle profit up, but outlook misses

(Reuters) - The company also authorized the repurchase of 23 million
shares.




The company gave a second-quarter earnings outlook of 34
cents to 36 cents per share. Analysts are expecting the company
to earn 37 cents per share, according to Reuters Estimates.


Read more at Reuters.com Market News

Indonesia's Coffee Exports More Than Halve in April as Production Declines

(Bloomberg) -- Indonesian coffee farmers in the key
growing areas of Sumatra exported less than half the volume of
beans in April compared with the same month in 2006 because of
lower output, the Indonesian Coffee Exporters Association said.

Farmers in Lampung, Bengkulu and South Sumatra provinces
shipped 4.8 million kilograms of beans in April, compared with
10.57 million kilograms in the year-ago month, the association
said today in a faxed statement.


Read more at Bloomberg Commodities News

Strikes, Takeovers Threaten Mubarak Plans to Sell Egypt's State-Run Plants

(Bloomberg) -- The biggest wave of labor unrest since
World War II is rattling the government of Egyptian President
Hosni Mubarak as thousands of workers stage strikes and occupy
factories.

Fueling the unrest: Anger over stagnant wages and reduced
benefits as Egypt seeks to sell state-run factories and end four
decades of socialist-influenced economic policies. Workers have
also been emboldened by political protests in Cairo and other
cities, where small groups of dissidents are calling for an end
to the quarter-century rule of Mubarak, 79.


Read more at Bloomberg Exclusive News

Staples acquires American Identity

(Reuters) - Financial terms were not available.







Read more at Reuters.com Mergers News

Sasol's Oryx Shipped First Fuel in April at Lower Rate Than it Planned

(Bloomberg) -- Sasol Ltd., the world's largest coal-
to-fuels producer, said production from a $1 billion refinery in
Qatar is lower than expected and will be reduced until the
company resolves operational ``challenges'' in coming months.

The first products were shipped form the gas-to-fuels plant
last month, Johannesburg-based Sasol said today. Earlier
equipment failures have been resolved and the company is now
dealing with an excess of ``fine material'' produced in the
plant, which is delaying full production, the company said.


Read more at Bloomberg Emerging Markets News

UPDATE 1-Fremont sells property loan business for $1.9 bln

(Reuters) - Fremont also said it had agreed to sell a minority stake in
the entire company to an investor group led by Gerald Ford, the
former chief executive of Golden State Bancorp Inc., for about
$80 million in the form of preferred stock and warrants to buy
more common shares.




Fremont shares jumped 19.5 percent to $8.50 in premarket
trading.


Read more at Reuters.com Bonds News

United Natural Foods profit up

(Reuters) - Net sales for the latest quarter were $732.5 million, up from $637.1 million in the year ago quarter.




Analysts on average expected the company to earn 35 cents a share, before items, on revenue of $731.59 million, according to Reuters Estimates.


Read more at Reuters.com Market News

S.Africa maize slips as crop data looms

(Reuters) - South Africa's main maize prices slipped on Tuesday as traders switched direction after snapping up futures in the previous session.

July white maize dipped by 0.24 percent to 1,683 rand a tonne, failing to hold above the session peak of 1,706 rand.


Read more at Reuters Africa

White Sugar Declines as India, Brazil Bumper Crops May Outweight Demand

(Bloomberg) -- White sugar fell in London on concern
bumper crops from India and Brazil, the top producers, will
outweigh demand.

Global production will exceed demand by 6.9 million metric
tons this year after record sugar prices a year ago spurred
farmers in India and Brazil to expand plantings, C. Czarnikow
Sugar Ltd., the world's biggest sugar broker, said on May 9.


Read more at Bloomberg Commodities News

Central European Stocks Gain, Led by Telekomunikacja on Court Ruling

(Bloomberg) -- Central European shares rose, paced by
Telekomunikacja Polska SA after a Polish court annulled a fine
issued to the country's largest phone operator.

KGHM Polska Miedz SA, the Polish company that mines more
copper in Europe than any competitor, climbed for a second day
after prices for the metal advanced. Immoeast AG also gained
after the Austrian real-estate developer said it sold 2.84
billion euros ($3.8 billion) of new shares.


Read more at Bloomberg Stocks News

Australian Dollar Advances on Investor Appetite for Risk, Yield Premium

(Bloomberg) -- The Australian dollar advanced,
snapping five days of losses, as rising appetite for risky
investments lured traders to the nation's higher-yielding assets.

The currency gained as stock markets from China to the U.S.
climbed yesterday, suggesting investors are searching for better
returns. The local dollar has risen against 14 of the 16 most
active currencies this year as investors have been attracted to
Australia's key borrowing cost at a six-year high of 6.25
percent, 1 percentage point above the equivalent U.S. rate and
5.75 percentage points more than in Japan.


Read more at Bloomberg Currencies News

Lead Jumps to Record on China's Plan to Raise Export Taxes; Copper Gains

(Bloomberg) -- Lead rose to a record in London on
concern supply may fail to meet demand this year after China, the
world's largest producer, said it will raise export taxes from
June 1. Copper and aluminum also gained.

China will charge higher export taxes on 142 products,
including lead and zinc, to pare a record trade surplus that's
threatening to hurt relations with nations including the U.S. Lead
will be in a deficit for a fifth consecutive year in 2007, the
Lisbon-based International Lead and Zinc Study Group said on May 15.


Read more at Bloomberg Commodities News