Malaysian Palm Oil Futures Open Interest Climbs to Record as Trade Surges

(Bloomberg) -- The number of outstanding palm oil
futures contracts on the Malaysia Derivatives Exchange reached a
record last week after trading volume in the world's most-traded
vegetable oil climbed to a new high.

Open interest, or contracts that have not been closed, on
the Bursa Malaysia Derivatives Exchange Bhd. totaled 101,536
contracts of 25 metric tons each on June 8, and 101,525 units on
June 11, the exchange said in a faxed statement.


Read more at Bloomberg Commodities News

Chalco Stock Surges on Speculation It Will Buy Assets From Baotou Aluminum

(Bloomberg) -- Aluminum Corp. of China Ltd., China's
largest maker of the lightweight metal, plans talks with Baotou
Aluminum Co. to ``restructure'' the company, which is also
majority owned by its parent. The stock gained.

The planned negotiations may involve Aluminum Corp. of China,
the parent, the Beijing-based company, also known as Chalco, said
in a statement today. Chalco said in March it planned to buy
aluminum assets, including Baotou's, from Aluminum Corp. of China.


Read more at Bloomberg Emerging Markets News

JGB 30-year yield jumps to 10-month high

(Reuters) - The benchmark 10-year yield rose 6 basis points to 1.985
percent , its highest level since July.




Read more at Reuters.com Bonds News

Pfizer to Spend $300 Million on R&D in South Korea by 2012, Ministry Says

(Bloomberg) -- Pfizer Inc., the world's biggest
drugmaker, will spend $300 million on research and development in
South Korea in what the government says is the largest such
investment by a foreign entity.

Pfizer Chairman Jeffrey Kindler signed an initial agreement
with South Korea's Ministry of Health and Welfare to cooperate in
the development of drugs and medical technology, the ministry
said today in an e-mailed statement.


Read more at Bloomberg Emerging Markets News

Japanese Shares Drop, Led by Toyota, As Bond Yields Spur Growth Concern

(Bloomberg) -- Japan's Topix index dropped, paced
by property developers and utility companies, after rising bond
yields increased speculation higher borrowing costs will erode
profit growth and reduce the appeal of dividend payouts.

Property developers that borrow heavily including K.K.
DaVinci Advisors, and Tokyo Electric Power Co. which had a
dividend payout that is higher than other companies, dropped.


Read more at Bloomberg Stocks News

U.S. Stocks Fall on Concern Higher Rates Will Hurt Profits, Takeovers

(Bloomberg) -- U.S. stocks fell after the bear
market in bonds pushed yields to a five-year high and increased
concern that the pace of takeovers may have peaked along with
corporate profits.

AT&T Inc., JPMorgan Chase & Co. and Wal-Mart Stores Inc. led
the Standard & Poor's 500 Index and Dow Jones Industrial Average
to their first decline in three days. All 14 real-estate
companies in the S&P 500 and every homebuilder retreated on
speculation higher yields foreshadow slower economic growth.


Read more at Bloomberg Stocks News

Crude Oil Falls on Speculation U.S. Gasoline Stockpiles Will Increase

(Bloomberg) -- Crude oil fell in New York on
speculation U.S. gasoline stockpiles rose a sixth week as
refiners increased output.

An Energy Department report today will probably show
refiners added 1.5 million barrels of fuel to the nation's below-
average gasoline inventories, according to a Bloomberg News
survey of 16 analysts. Supplies rose to 201.5 million barrels on
June 1, narrowing the deficit against the five-year average to
5.3 percent, from as much as 8 percent on May 4.


Read more at Bloomberg Commodities News

Credit Scores Are Less Predictive of Mortgage Woes, Washington Mutual Says

(Bloomberg) -- Credit scores haven't been as
helpful as they once were in predicting the performance of
riskier mortgages, according to the head of capital markets at
Washington Mutual Inc., the biggest U.S. savings and loan.

One problem is that lenders aren't consistent with one
another in how they select which scores to use, said David Beck,
executive vice president at Seattle-based Washington Mutual,
speaking today at an investor conference in New York.


Read more at Bloomberg Bonds News

S.African stocks fall, hit by US rate fears

(Reuters) - South African stocks ended weaker on Tuesday as rising bond yields fueled concerns about higher interest rates in the U.S., with media firm Naspers leading the country's blue-chips decline.

"There has been market nervousness around rising rates, and the South African market is long overdue for some profit taking," a Johannesburg-based trader said.


Read more at Reuters Africa

Countrywide loans up 15 pct, foreclosures double

(Reuters) - Countrywide also said pending foreclosures as a percentage of unpaid principal balances rose to 0.90 percent from 0.45 percent a year earlier, and 0.85 percent in April.




Foreclosures based on the number of loans serviced rose to 0.71 percent from 0.47 percent a year earlier, and 0.69 percent in April, Countrywide said.


Read more at Reuters.com Business News

Canadian 10-Year Yield Climbs to Highest Since 2004 on Rate Speculation

(Bloomberg) -- Canadian government debt fell,
pushing the benchmark 10-year bond yield to the highest since
2004, as investors speculated the Bank of Canada will increase
borrowing costs twice this year.

The yield on Canada's benchmark 10-year bond due June 2016
rose 3 basis points, or 0.03 percentage point, to 4.68 percent
at 8:31 a.m. in Toronto. The price, which moves inversely to
yield, fell 19 cents to C$95.10. The yield rose as high as 4.70
percent today, the highest since October 2004.


Read more at Bloomberg Bonds News

Nickel Declines to Three-Month Low in London on Signs of Slowing Demand

(Bloomberg) -- Nickel fell to the lowest in more
three months in London on signs that demand for the metal used
in stainless steel probably slowed while supply increased.

Orders for the metal to be withdrawn from London Metal
Exchange-monitored stockpiles dropped 8.6 percent to 444 metric
tons, exchange data, known as canceled warrants, showed today.
That brought the decline this month to 32 percent. Nickel
inventory has also jumped 90 percent so far in June.


Read more at Bloomberg Commodities News

U.K. Bank Stocks Fall, Paced by HBOS; Land Securities, ICI Shares Gain

(Bloomberg) -- U.K. bank stocks declined after HBOS
Plc said its share of the British mortgage market will fall by
half. Northern Rock Plc and Alliance & Leicester Plc dropped.

Land Securities Plc and Great Portland Estates Plc rose as
analysts recommended investors buy the property stocks. Imperial
Chemical Industries Plc and Scottish & Newcastle Plc climbed
after brokerages said the companies may be takeover targets.


Read more at Bloomberg Stocks News

U.S. Treasuries Decline, Pushing Yield on 10-Year Note to 5.2 Percent

(Bloomberg) -- U.S. Treasuries fell in London,
pushing the yield on the benchmark 10-year note near to its
highest since July 2006.

Ten-year notes last week had their biggest five-day drop in a
year on speculation global growth will spur central banks to raise
interest rates. The Treasury will sell $8 billion of 10-year notes
today.


Read more at Bloomberg Bonds News

Elad plans U.S. IPO, $2 billion bond sale -paper

(Reuters) - Yedioth cited a source at the company as saying Elad also
plans a U.S. initial public offering of shares at a market value
of $6 billion to $7 billion.




Elad officials declined to comment.


Read more at Reuters.com Bonds News

Petroplus Starts Cressier Refinery in Switzerland After Maintenance Halt

(Bloomberg) -- Petroplus Holdings AG said it
restarted its Cressier refinery in Switzerland after stopping it
for maintenance.

The refinery, which has a capacity of 68,000 barrels a day,
started last week, company spokesman Colin Murray said today. The
plant was fully operational by the end of the week, Murray said.


Read more at Bloomberg Energy News

Falcon-Master Prince Plans $300 Billion Metropolis in Saudi Arabian Desert

(Bloomberg) -- It's molting season in the Kingdom
of Saudi Arabia and change is in the air.

``How a man handles the falcon tells us much of his passion
and character,'' royal falcon master Hadi al-Aimi says while 35
peregrines trained for the hunt screech and shed feathers above
an oasis of date palms outside the northwestern city of Tabouk.


Read more at Bloomberg Exclusive News

World Bank nominee Zoellick says WTO deal possible

(Reuters) - "I believe that a deal can be done. I believe a deal should be done. I believe it would make a great step for development and growth so I would like to try and help," he told reporters after a meeting with French Foreign Minister Bernard Kouchner.




The comments by Zoellick, a former U.S. Trade Representative, came the week after World Trade Organisation head Pascal Lamy said a successful completion of the Doha round of trade talks was within reach.


Read more at Reuters.com Business News

WTI Crude Oil Isn't Suitable as Global Benchmark, Vitol's President Says

(Bloomberg) -- U.S. benchmark crude West Texas
Intermediate is not suitable as a global marker because it's
only representative of inland supplies in the U.S. mid-
continent, Ian Taylor, president of Vitol Group said.

``It's an extremely bad marker,'' Taylor said in Kuala
Lumpur during the Asia Oil and Gas conference. Refiners and
traders ``shouldn't use WTI as a benchmark.''


Read more at Bloomberg Energy News

France's CAC 40 Index Drops, Paced by Sanofi-Aventis, BNP Paribas Shares

(Bloomberg) -- French stocks declined, led by
Sanofi-Aventis SA and BNP Paribas SA.

The CAC 40 Index retreated 27.77, or 0.5 percent, to
5912.32 at 9:19 a.m. The SBF 120 Index slipped 0.4 percent.


Read more at Bloomberg Stocks News

Veolia Plans to Raise $3.5 Billion Selling New Shares to Fund Acquisitions

(Bloomberg) -- Veolia Environnement SA, the world's
biggest water company, plans to raise 2.6 billion euros ($3.5
billion) from a sale of new shares following the acquisition of
waste-treatment companies in the U.K., Germany and Italy.

Veolia shareholders can buy one new share for every eight
held at a price of 49.70 euros apiece, the Paris-based company
said today in an e-mailed statement. That's 15 percent less than
yesterday's closing price of 58.67 euros.


Read more at Bloomberg Energy News

India Production Grew More Than Expected in April; Puts Pressure on Rates

(Bloomberg) -- India's industrial production grew
more than expected in April, suggesting the central bank may
need to raise interest rates further to contain inflation stoked
by consumer demand.

Production at factories, utilities and mines gained 13.6
percent from a year earlier after a revised 14.5 percent in
March, the Central Statistical Organisation said in a statement
in New Delhi today. Economists expected an 11.3 percent rise.


Read more at Bloomberg Emerging Markets News