Yen Weakens Against Dollar, Euro as Higher Rates Lure Japanese Investors

(Bloomberg) -- The yen weakened, snapping a three-day
rally against the dollar, on speculation rising global interest
rates will encourage Japanese investors to send money overseas.

The currency also reversed gains versus the euro as a
government report showed investors bought the most foreign debt
in three weeks at the end of May. New Zealand's central bank
today unexpectedly raised its key rate to a record 8 percent.
Australian jobs data prompted traders to bet policy makers will
raise the 6.25 percent benchmark borrowing cost.


Read more at Bloomberg Currencies News

Bull-Dog Sauce to propose equity warrants -source

(Reuters) - U.S. hedge fund Steel Partners launched a tender offer in May for all shares in the Japanese sauce maker.



) Keywords: BULLDOGSAUCE/WARRANTS


Read more at Reuters.com Mergers News

U.K. Pound May Decline Before Bank of England's Rate Decision on Key Rates

(Bloomberg) -- The pound may decline and gilts may
gain before the Bank of England's monthly meeting today, at which
policy makers are expected to keep interest rates on hold.

The U.K. central bank will leave borrowing costs at a six-
year high of 5.5 percent after four increases in the past year,
according to a Bloomberg survey of economists. The pound is
expected to slip on expectations for no change in lending rates,
after previously benefiting from two surprise increases in rates
and a report showing inflation at a decade high of 3.1 percent.


Read more at Bloomberg Currencies News

European Government Bonds May Fall After Trichet Says Rates Support Growth

(Bloomberg) -- European government bonds may fall
after European Central Bank President Jean-Claude Trichet said
euro-region interest rates are still low enough to help economic
growth, allowing for further borrowing-cost increases.

Two-year yields fell from a six-year high yesterday after
Trichet failed to signal the ECB will raise interest rates beyond
this year, and as it kept its inflation forecast for 2008
unchanged. Interest-rate futures show traders are betting on at
least one more quarter-point rate increase from 4 percent.


Read more at Bloomberg Bonds News

Hedge funds slam Bear over subprime losses-WSJ

(Reuters) - Hedge funds that had sold short such securities made
profits when an index tied to a basket of subprime bonds was
falling. But the index has recovered in recent weeks, leading
to howls of protest from hedge funds, according to the report.




The chief critic, John Paulson of Paulson & Co., a $12
billion fund, says Bear Stearns wanted to prop up faltering
mortgages-backed securities by purchasing individual mortgages
that were rapidly losing value to avoid doling out billions in
swap payments, the Journal reported.


Read more at Reuters.com Bonds News

Malaysian Ringgit Drops on Concern Fund Outflows to Continue; Bonds Slide

(Bloomberg) -- Malaysia's ringgit fell to a more than
seven-week low on concern local companies will sell the currency
to invest overseas. Government bonds slumped.

The ringgit headed for the biggest three-day drop since May
2006 after a trade ministry report on June 4 showed exports rose
less than expected. Tanjong Plc, a Malaysian power generation
group, on May 28 agreed to pay $493 million for Globeleq Ltd. to
acquire power plants in Eqypt, Bangladesh, Pakistan and Sri Lanka.


Read more at Bloomberg Currencies News

Carlyle, MBK Among Bidders for Taiwan's Unprofitable Ta Chong, People Say

(Bloomberg) -- Carlyle Group and MBK Partners Ltd.
are among private equity firms seeking to buy as much as 35
percent of Taiwan's unprofitable Ta Chong Bank Ltd., said three
people with knowledge of the matter.

Affinity Equity Partners and Japan's Orix Corp., which is
teaming up with buyout fund Longreach Group, may also submit
bids, the people said, asking not to be identified because the
sale process is confidential. The bidders are betting a revived
Ta Chong may become a target for a larger bank, they said.


Read more at Bloomberg Emerging Markets News

Australian Dollar Rises to 18-Year High on Better-Than-Expected Employment

(Bloomberg) -- The Australian dollar rose to an 18-
year high after a government report showed employers added more
workers than expected in May. Bonds fell.

The currency bought 84.52 U.S. cents at 11:32 a.m. in Sydney
from 84.38 cents immediately before the report and reached 84.63
cents, the strongest since February 1989. It traded at 84.12
cents late in Asia yesterday.


Read more at Bloomberg Currencies News

Bush to Tout Climate Concessions, Balk at Fixed Emissions Targets at G-8

(Bloomberg) -- President George W. Bush will defend
his call for a new roundtable on combating global warming at
today's Group of Eight summit, resisting European pressure to set
binding targets now for emissions cuts.

After giving ground to European critics last week by
proposing an international conference to tackle man-made
pollution that is overheating the earth's atmosphere, Bush said
he won't go further when the summit on the German seaside
formally starts today.


Read more at Bloomberg Energy News

Yen Strengthens Against Euro as Drop in Stock Markets Fuels Risk Aversion

(Bloomberg) -- The yen advanced for a third day
versus the euro as declines in global stock markets caused
investors to sell higher-yielding assets they bought with money
borrowed in Japan.

Japan's currency yesterday gained the most in almost two
weeks after the Dow Jones Industrial Average had the biggest drop
in almost a month, prompting traders to pare so-called carry
trades. European equity markets slid the most in two months on
concern the central bank will add to yesterday's quarter point
interest-rate increase.


Read more at Bloomberg Currencies News

New Zealand Unexpectedly Raises Its Key Interest Rate to Record 8 Percent

(Bloomberg) -- New Zealand's central bank unexpectedly
raised its benchmark interest rate to a record 8 percent, saying
housing demand and consumer spending are fanning inflation. The
currency rose to a 22-year high.

``A sustained period of slower growth in domestic activity will
be required to alleviate inflation pressures,'' Reserve Bank
Governor Alan Bollard said in a statement released in Wellington
today. A 60 percent surge in world prices of dairy products the past
six months has boosted farmers' incomes and will stoke inflation
next year, he said.


Read more at Bloomberg Bonds News

Platinum's Neilson, Australia's Newest Billionaire, Avoids Share `Fashion'

(Bloomberg) -- Kerr Neilson, manager of Australia's
biggest international equity fund, says he doesn't care about
short-term returns or the latest top stocks. That's probably a
good thing, since the fund is underperforming this year.

Neilson is buying shares of some of the world's biggest
companies, including Microsoft Corp. and International Paper Co.
for the A$9.5 billion ($7.8 billion) Platinum International Fund.
Since its launch 12 years ago the fund has returned more than
twice the Morgan Stanley Capital International World Index.


Read more at Bloomberg Stocks News

Netflix stock up on Amazon takeover talk -analysts

(Reuters) - A Netflix spokesman said the company does not comment on
"rumors and speculation." Amazon representatives could not
immediately be reached for comment.




Netflix shares closed up 5.7 percent, or $1.21, at $22.60
on Nasdaq. Amazon ended down 1.8 percent, or $1.36, at $72.29.


Read more at Reuters.com Mergers News

Yen May Extend Gains Against Dollar, Euro as Investor Risk Aversion Rises

(Bloomberg) -- The yen may rise against the dollar
for a fourth straight day and gain versus the euro amid concern
about declining U.S. stocks and rising Japanese bond yields.

Japan's currency advanced yesterday from a record low versus
the euro as investors exited so-called carry trades in which they
buy higher-yielding assets financed by loans in yen. The yield on
Japan's two-year government notes rose yesterday above 1 percent
for the first time in a decade on speculation the Bank of Japan
will boost interest rates further this year.


Read more at Bloomberg Currencies News

Starent Networks closes up nearly 17 percent in debut

(Reuters) - The offering of 10.5 million shares was set at $12 per share on Tuesday, versus the forecast range of $9 to $11 a piece.




Starent sells products that allow mobile operators to deliver advanced multimedia services to subscribers. The IPO underwriters were led by Goldman Sachs and Lehman Brothers.


Read more at Reuters.com Hot Stocks News

ADC Telecommunications Gains, Shuffle Master Falls: U.S. After Hours Trade

(Bloomberg) -- ADC Telecommunications Inc. rose in
extended U.S. trading after the maker of phone-networking gear
said second-quarter profit quadrupled.

Shares of Eden Prairie, Minnesota-based ADC gained 66 cents,
or 3.8 percent, to $17.95 at 4:20 p.m. New York time. Net income
was $92.1 million, or 72 cents a share, in the three months ended
May 4, compared with $22.8 million, or 19 cents, a year earlier,
the company said in a statement distributed by Business Wire.


Read more at Bloomberg Stocks News

UPDATE 1-Alcan rejects Alcoa bid again, mulls options

(Reuters) - MONTREAL, June 6 - Alcan Inc. said on
Wednesday that Alcoa Inc.'s $28.3 billion takeover offer
was not good enough, but the Canadian aluminum maker did not
shed any light on its strategy to counter the hostile bid.




"The outcome still remains unknown. The value remains
inadequate," said Alcan spokeswoman Anik Michaud, reacting to
Alcoa's announcement that it had filed documents with U.S.
antitrust regulators related to its offer.


Read more at Reuters.com Government Filings News

Mexico markets off on ECB rate hike, US rate view

(Reuters) - The benchmark IPC stock index closed 1.83 percent
lower at 31,681.76 points, snapping a five-session rally. The
peso gave up 0.58 percent in local trading to
reach 10.868 per dollar.




The ECB raised interest rates by a quarter percentage point
to 4 percent on Wednesday. In the United States, productivity
revisions showed a bigger-than-expected spike in unit labor
costs, which are often seen as a precursor of inflation and
could discourage central bankers from cutting rates.


Read more at Reuters.com Bonds News

Petroleos de Venezuela Bonds Slide as Street Protests Over RCTV Continue

(Bloomberg) -- State-run oil company Petroleos de
Venezuela SA bonds fell as protests extended for a 12th day over
President Hugo Chavez's measures to curb media critical of his
government.

The yield on the Petroleos' 5.25 percent dollar-denominated
security due April 2017 jumped 18 basis points, or 0.18
percentage point, to 8.34 percent at 3 p.m. New York time,
according to a Bloomberg composite price from 10 banks. The
bond's price, which moves inversely to the yield, fell 0.9 cent
to 79.54 cents on the dollar, near the lowest since the bonds
began trading on April 4.


Read more at Bloomberg Emerging Markets News

GLOBAL MARKETS-Inflation fears rattle stocks, bonds rise

(Reuters) - NEW YORK, June 6 - U.S. stocks fell sharply on
Wednesday after data showing higher-than-expected labor costs
stirred concerns about inflation, and the sell-off in equities
helped bonds break out of their recent losses.




The euro declined despite the European Central Bank's hiking
of euro-zone rates by 25 basis points to 4 percent, the highest
level since September 2001. Euro traders cashed in the currency
because the bank gave no indication that it would keep raising
rates beyond 2007. The ECB's rate increase had long been
expected.


Read more at Reuters.com Bonds News

UPDATE 1-France Telecom buys Deutsche Telekom's Ya.com

(Reuters) - The deal propels France Telecom's mobile subsidiary Orange to the No. 2
spot on the Spanish broadband market with more than 1 million ADSL subscribers
and an 18 percent market share, the statement said.




Deutsche Telekom put Ya.com up for sale in March, along with other assets
it considered noncore, as part of a strategy to revive the flagship German
company that has seen rising competition and high staff costs send profits
tumbling.


Read more at Reuters.com Mergers News

Ingersoll-Rand shareholders approve vote on pay

(Reuters) - The company said its next step would be to hold a meeting with its top 20 shareholders, who hold about half its outstanding shares to see how they wanted to proceed.




"We recognize that this issue has gained greater attention, particularly as a result of legislative activity in Congress," said Herb Henkel, chairman and chief executive, in a statement. He said the company welcomes "direct communication with shareholders about their specific concerns and suggestions."


Read more at Reuters.com Business News

Subprime RMBS loan modifications seen rising-Moody's

(Reuters) - However, Moody's said, the economic impact of modifications
can vary among the different ownership interests within a
securitization, including that of the servicer.




The credit impact on any given class of bonds in a
securitization depends on a great number of factors, including
not only the level of losses incurred by the pool, but by the
timing of the losses, the bond's position in the deal's capital
structure and the impact of loan modifications on the
performance triggers in a securitization, said Michael Drucker,
analyst and author of the report.


Read more at Reuters.com Bonds News

UPDATE 1-Starent Networks jumps more than 19 pct in debut

(Reuters) - Shares of the company opened up almost 14 percent at $13.67
before climbing to $14.30, or 19.2 percent, in morning trading
on Nasdaq.




The 10.5 million-share offering sold for $12 per share on
Tuesday, compared with a $9 to $11 forecast range.


Read more at Reuters.com Mergers News

U.S. Stocks Retreat on Inflation Concern; Exxon, IBM Shares Lead Decline

(Bloomberg) -- U.S. stocks tumbled for a second day
on growing concern inflation is accelerating.

Exxon Mobil Corp., International Business Machines Corp. and
Cisco Systems Inc. led the Standard & Poor's 500 Index to its
biggest two-day drop since March. DuPont Co. had the steepest
decline in the Dow Jones Industrial Average.


Read more at Bloomberg Stocks News

Wheat Futures Fall as Drier Weather May Aid Harvest of U.S. Winter Crop

(Bloomberg) -- Wheat prices fell in Chicago and
Kansas City as drier weather in the southern Great Plains may
help farmers in Kansas and northern Oklahoma begin the harvest on
time.

Wheat cutting usually starts about June 15 in Kansas, the
largest U.S. producer. Harvests in Texas and Oklahoma have been
slowed this year by excessive rains. Parts of those states have
received as much as four times normal moisture in the past 30
days, according to National Weather Service data.


Read more at Bloomberg Commodities News

S.African bourse fall over one pct on rate worries

(Reuters) - South African blue chip stocks closed over one percent down on Wednesday, dragged lower by miners, retailers and luxury goods group Richemont, as investors worried about a possible central bank interest rate hike.

The JSE Top-40 index ended 1.29 percent down at 25,631.23 points while the broader All-share index closed 1.13 percent lower at 28,538.84 points.


Read more at Reuters Africa

Crude Oil Rises on Report Thousands of Turkish Troops Chase Kurds in Iraq

(Bloomberg) -- Crude oil rose on reports that
thousands of Turkish troops moved into northern Iraq to chase
Kurdish guerillas.

Turkish troops crossed into Iraq in pursuit of members of
the Kurdistan Workers' Party, or PKK, the Associated Press
reported citing unidentified security officials. Iraq has the
world's third-biggest proved oil reserves, according to BP Plc.
Oil fell earlier on a U.S. report showing that gasoline supplies
surged last week as refiners cut operating rates.


Read more at Bloomberg Commodities News

Crude Oil Falls After Report Showing U.S. Fuel Inventories Rose Last Week

(Bloomberg) -- Crude oil rose on reports that
thousands of Turkish troops moved into northern Iraq to chase
Kurdish guerillas.

Turkish troops crossed into Iraq in pursuit of members of
the Kurdistan Workers' Party, or PKK, the Associated Press
reported citing unidentified security officials. Iraq has the
world's third-biggest proved oil reserves, according to BP Plc.
Oil fell earlier on a U.S. report showing that gasoline supplies
surged last week as refiners cut operating rates.


Read more at Bloomberg Commodities News

UPDATE 1-White House revises U.S. 2007 growth forecast down

(Reuters) - A joint press release from the White House Council of
Economic Advisers, Treasury Department and Office of Management
and Budget revised down a forecast for 2007 growth in gross
domestic product to 2.3 percent this year from 2.9 percent.




The latest figures, presented on a
fourth-quarter-over-fourth-quarter basis, update estimates that
were made last November. They will be used in a mid-year review
that the White House will issue later.


Read more at Reuters.com Bonds News

Chile's Peso Weakens Most in More Than a Week as Price of Copper Declines

(Bloomberg) -- Chile's currency fell the most in
more than a week on a decline in the price of copper, the
country's biggest export.

The peso weakened for a third straight day as a U.S.
Federal Reserve official expressed concern over the rate of
inflation. Higher U.S. interest rates make peso-denominated
assets less attractive to investors.


Read more at Bloomberg Currencies News

Cuomo urges Congress clean up student loans

(Reuters) - "I urge Congress to enact stringent legislation to clean up all of the student loan industry," Cuomo said in remarks prepared for delivery to a Senate Banking Committee hearing on allegations of widespread conflicts of interest and improper payments in the student loan business.




Investigators from Cuomo's office and congressional committees allege that student loan firms have offered gifts and payments to university financial aid officers to curry favor with them and drum up business among student borrowers.


Read more at Reuters.com Government Filings News

Securitization Group Seeks U.S. Preemption of State Laws on Mortgage Abuse

(Bloomberg) -- An affiliate of the Securities
Industry and Financial Markets Association, Wall Street's
largest lobbying group, called for U.S. lawmakers to preempt
state and local rules that would extend responsibility for
borrower abuse to buyers of mortgages and home-loan securities.

``A thoughtfully crafted national standard would be
preferable to the existing patchwork of state and local laws,''
George Miller, executive director of the American Securitization
Forum, said in a statement late yesterday.


Read more at Bloomberg Bonds News

Acadia, Guess, Macrovision, Panera, TD Ameritrade: 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.
Shares prices are as of 9:30 a.m. New York time.

Acadia Pharmaceuticals Inc. (ACAD US) rose $1.51, or 12
percent, to $13.94 and traded as high as $14.25. The developer of
drugs to treat central nervous system disorders was recommended
by CNBC host Jim Cramer, who said the company will benefit from
three promising drugs in U.S. Food and Drug Administration
clinical trials.


Read more at Bloomberg Stocks News

Euro Slides Against Dollar, Yen; Traders Pare Bets on Rates After Trichet

(Bloomberg) -- The euro slid against the dollar as
comments by European Central Bank President Jean-Claude Trichet
prompted traders to pare bets that interest rates will rise
twice more this year.

The ECB today lifted its benchmark rate to a six-year high
of 4 percent, as predicted by all 52 economists Bloomberg
surveyed. Trichet said after the decision that the bank will
``closely monitor'' inflation. Previously, he has used the term
``strong vigilance'' to signal higher borrowing costs.


Read more at Bloomberg Currencies News

Absa plans R300 mln pref share issue

(Reuters) - South Africa's biggest retail bank Absa plans to place further preference shares at 894.19 rand per share and will issue up to 300 million rand of preference shares before the placement, the group said on Wednesday.

Absa said the placement was in line with its monthly ABSP preference share issue programme, and the new Absa Bank preference shares will have the same rank and privileges as preference shares already in issue.


Read more at Reuters Africa

FKI Credit-Default Swaps Fall on Speculation of Breakup, Bond Buyback

(Bloomberg) -- Credit-default swaps on FKI Plc, the
U.K. industrial company that makes conveyers used by PepsiCo
Inc., fell by a record on expectations it may buy back its debt
as part of a strategic review being announced tomorrow.

Contracts based on 10 million euros ($13 million) of the
London-based company's debt fell 22,000 euros to 125,000 euros,
the biggest-ever one-day decline, according to Deutsche Bank AG.
The contracts are used to speculate on a company's ability to
repay debt, and a decline typically indicates improving credit
quality.


Read more at Bloomberg Bonds News

Richards Bay to start Phase VI expansion study in Q3

(Reuters) - South Africa's Richards Bay Coal Terminal (RBCT) will start a study in the third quarter on whether a further capacity expansion to around 95 million tonnes a year is justified, Chairman Kuseni Dlamini said on Tuesday.

The world's largest coal terminal has said that any expansion beyond the 91 million tonnes of Phase V would depend on feasibility and demand.


Read more at Reuters Africa

Trichet Says Monetary Policy Is `Still Accommodative' After Rate Increase

(Bloomberg) -- European Central Bank President Jean-
Claude Trichet said interest rates in the 13 euro nations are
still low enough to support economic growth.

``After today's increase, given the positive economic
environment in the euro area, our monetary policy is still on
the accommodative side,'' Trichet said at a press conference in
Frankfurt today.


Read more at Bloomberg Bonds News

Man Group to expand in distressed investments -CEO

(Reuters) - "We are looking for people in distressed," Clarke told
Reuters. "We view distressed as an area where we're planning to
grow." He declined to provide specific expansion targets.




Bankers, analysts, accountants and rating agencies have
predicted that economic slowdown and rising debt levels and
interest rates will increase the number of distressed companies
and corporate credit defaults in the medium term.


Read more at Reuters.com Market News

ECB Raises Interest Rates to Six-Year High of 4 Percent to Stem Inflation

(Bloomberg) -- The European Central Bank raised
interest rates to a six-year high today to keep economic growth
from fueling inflation in the 13 nations sharing the euro.

ECB policy makers, led by President Jean-Claude Trichet,
increased the benchmark refinancing rate by a quarter-point to 4
percent, as anticipated by all 52 economists in a Bloomberg News
survey. That's the eighth increase since late 2005 and the
highest level since August 2001. The Frankfurt-based bank will
increase its key rate at least once more this year, a separate
survey shows.


Read more at Bloomberg Bonds News

Malaysia Palm Oil Gains For Third Day to Record on Chinese, Indian Demand

(Bloomberg) -- Palm oil futures in Malaysia advanced
for a third day to a record on signs of sustained demand from
China and India, the biggest consumers of the vegetable oil.

Malaysian exports of palm oil to China for the first five
months of the year rose 27 percent over the year-earlier period,
taking China's share of exports to 29 percent from 22 percent in
the same period last year, data from cargo surveyor Societe
Generale de Surveillance showed on May 31.


Read more at Bloomberg Commodities News

US STOCKS-Futures point to lower open; oil, rates weigh

(Reuters) - Europe's central bank is expected to lift rates to 4
percent on Wednesday, which will put pressure on global bond
yields to rise. An announcement is expected at 7:45 a.m. . Interest-rate jitters sent stocks lower on Tuesday as
higher bond yields pose competition for stocks.




"The higher rate environment is not just domestic. I think
the market will take this and start to focus on inflation as it
gets concerned about how high rates will have to rise," said
Peter Dunay, investment strategist at Leeb Capital Management
New York.


Read more at Reuters.com Bonds News

South African Government Bonds Little Changed Before Central Bank Meeting

(Bloomberg) -- South African government bonds were
little changed before the start of the central bank's policy
meeting, at which it may say one interest-rate increase will be
enough to bring inflation back within target.

The Pretoria-based South African Reserve Bank today starts
its two-day policy meeting and will probably lift its benchmark
lending rate 50 basis points tomorrow, according to economists in
a Bloomberg survey. Debt dropped by the most in almost a year
last week after a government report showed inflation breached the
bank's target in April.


Read more at Bloomberg Bonds News

UPDATE 1-Airlines seen paying billions in EU emission scheme

(Reuters) - Airline profits would be cut by more than 40 billion euros
from 2011 to 2022 if carriers were included in the scheme, the
study, commissioned by the airline industry and conducted by
Ernst & Young, said.




The aviation sector is slated in 2011 to join the scheme,
the 27-nation EU's key tool to fight climate change and meet
commitments to cut greenhouse gases under the Kyoto Protocol.


Read more at Reuters.com Government Filings News

German Power Exchange Says Electricity Trading Rose by 32 Percent in May

(Bloomberg) -- Electricity trading on Germany's power
exchange gained 32 percent in May from a month earlier, according
to European Energy Exchange AG, the market operator.

Traders bought and sold orders for 110.9 terawatt-hours of
electricity in the month, compared with 84.2 terawatt-hours in
April, EEX said in an e-mailed statement today, without
specifying a reason for the gain.


Read more at Bloomberg Energy News

FKI, Altadis Credit-Default Swaps Fall; Europe's ITraxx Index Increases

(Bloomberg) -- The risk of owning European corporate
bonds rose today, according to traders in the credit-default
swaps market.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index rose 3,500 euros
to 193,500 euros, according to JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

Vietnam Bonds Fall on Signs Banks Are Cutting Debt Purchases; Dong Gains

(Bloomberg) -- Vietnamese bonds fell, pushing up
yields on benchmark notes from a seven-week low, on signs that
banks are reducing purchases.

The central bank asked commercial lenders from June 1 to
raise the amount of money they keep on reserve as the central bank
attempts to reduce liquidity in the financial system. The increase
leaves banks with less cash to put into the bond market.


Read more at Bloomberg Bonds News

M.Stanley placing 57 mln Kingfisher shares-sources

(Reuters) - Morgan Stanley declined to comment.



Kingfisher shares were down 2.45 percent to 239 pence at 0746 GMT.


Read more at Reuters.com Mergers News

Oil Rises on U.S. Refinery Maintenance; OPEC Says No Plans to Boost Output

(Bloomberg) -- Crude oil rose on concerns that
refinery maintenance in the U.S. will limit gains in gasoline
supplies and OPEC's reluctance to boost production will reduce
oil stockpiles.

Valero Energy Corp., the largest U.S. refiner, closed two
gasoline units at processing plants in Louisiana and Houston
yesterday. The Organization of Petroleum Exporting Countries
doesn't see the need to increase output amid ample crude
supplies, Abdalla El-Badri, the group's secretary general, said
in an interview in London yesterday.


Read more at Bloomberg Energy News

ISoft pulls back from legal battle with CSC

(Reuters) - ISoft said that following talks with CSC it had decided to
hold off on the action as it looks to gain CSC's blessing for
IBA's acquisition of the company, a must for the deal to go
ahead.




CSC is overseeing much of the 12 billion pound IT upgrade of Britain's public health service and is
paying iSoft to provide the software.


Read more at Reuters.com Mergers News