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.


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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