Shanghai copper up 0.7 pct with LME, strikes eyed

(Reuters) - Shanghai copper rose 0.7 percent on Wednesday in tandem with an early pick-up in London prices as investors watched to see how a series of strike threats played out.

The most-active September copper contract on the Shanghai Futures Exchange rose to 64,950 yuan a tonne at 0227 GMT, from 64,480 yuan on Monday, while copper for delivery in three months on the London Metal Exchange gained $45 to $7,475.


Read more at Reuters Africa

UPDATE 1-Swiss EFG buys Canada's Bull Wealth Management

(Reuters) - Bull manages some 1.5 billion Swiss francs
worth of assets for family offices, high net-worth individuals
and institutional investors, EFG said.




No financial details of the deal were disclosed.


Read more at Reuters.com Mergers News

CORRECTED - Markets may spoil wealth management party - survey

(Reuters) - A boost in equity markets, which form the main source of
income for wealth managers, was one key reason for the sector to
thrive, said Scorpio Partnership, which undertook the survey, as
well as new money put in by rich clients.




"There is a feeling that there is easy money to make at the
moment, but our research shows that long-term successes are only
built on sensible strategies," the London-based consultancy
group said in a statement on Wednesday.


Read more at Reuters.com Market News

Vietnam's Government Plans More Foreign-Currency Bond Sales, Triet Says

(Bloomberg) -- Vietnam's government plans more sales
of foreign currency-denominated debt, according to the president
of the Southeast Asian nation, which wants to increase financing
to help attract more technology-related investment.

The Vietnamese government sold its first foreign currency-
denominated bond in 2005, raising $750 million in an offering
where demand exceeded supply by more than six times. The Ministry
of Finance said last month a second sale, to be conducted by
September, is expected to raise $1 billion.


Read more at Bloomberg Bonds News

Home Depot Jumps; Darden Restaurants Retreats: U.S. After-Hours Trading

(Bloomberg) -- Home Depot Inc. rose in extended
U.S. trading after the world's largest home-improvement retailer
agreed to sell its contractor-supplies unit to three buyout
firms and said it may purchase a record $22.5 billion of stock.

Shares of the Atlanta-based company gained $2.43, or 6.3
percent, to $40.70 at 5:51 p.m. in New York. Bain Capital
Partners, Carlyle Group and Clayton, Dubilier & Rice will pay
$10.3 billion for HD Supply, which sells tools and lumber to
construction companies. The buyback amounts to 30 percent of the
Home Depot's outstanding shares.


Read more at Bloomberg Stocks News

TREASURIES-Sideways drift as some take profits

(Reuters) - Benchmark 10-year yields had pulled back more than 20 basis
points from a five-year high above 5.30 percent, and some
investors thought Treasuries had reached a near-term top and took
profits.




"It looks difficult for 10-year yields to fall below 5.0
percent right away as investors hesitate to chase further
buying," a dealer at U.S. investment bank said. "We see more
selling of bonds to take profits now."


Read more at Reuters.com Bonds News

JGB futures rise on weak data, Treasury rally

(Reuters) - A rally in U.S. Treasuries the previous day also encouraged
investors to buy JGBs.




The business survey index on sentiment at large
Japanese manufacturers in the April-June quarter fell to minus
2.2 from plus 0.1 in the previous quarter, indicating big
manufacturers were less confident about business conditions.


Read more at Reuters.com Bonds News

Malaysia Palm Oil Exports Decline 15 Percent This Month, Intertek Reports

(Bloomberg) -- Malaysia's palm oil exports fell 15
percent from June 1 to June 20 compared with the same period a
month earlier, according to estimates by independent cargo
surveyor Intertek.

A total of 661,626 metric tons of bulk palm oil shipments
through Malaysian sea ports were tracked in the first 20 days of
the month, Intertek Malaysia said in a report issued today.
Malaysia exported a total of 775,979 tons of palm oil in the same
period last month, the surveyor said.


Read more at Bloomberg Commodities News

Bank of America Says Yen May Rise to 118 by Year-End as Carry Trades Fade

(Bloomberg) -- The yen will strengthen 4.5 percent
against the dollar by year-end as a Bank of Japan interest-rate
increase will discourage investors from borrowing the currency
to buy higher-yielding assets, said Bank of America N.A.

The currency will appreciate after an August rate increase
and reach 118 per dollar as so-called carry trades fade, said
Tomoko Fujii, head of economics and strategy in Tokyo.


Read more at Bloomberg Currencies News

Australia's S&P/ASX 200 Falls, Led by BHP Billiton, Rio on Metals Prices

(Bloomberg) -- Australia's S&P/ASX 200 Index
dropped, snapping four days of gains. BHP Billiton Ltd. and Rio
Tinto Group fell after metals prices slid, and on speculation
they may bid for Canada's Alcan Inc.

The S&P/ASX 200 Index slipped 13.90, or 0.2 percent, to
6358.10 as of 10:27 a.m. in Sydney. About five stocks rose for
every four that fell.


Read more at Bloomberg Stocks News

Yen Is Little Changed Before Speech by Bank of Japan Deputy Governor Muto

(Bloomberg) -- The yen was little changed before
Bank of Japan Deputy Governor Toshiro Muto gives a speech that
may signal how soon the central bank will raise interest rates.

Japan's currency traded near an all-time low against the
euro and a 4 1/2-year low versus the dollar as investors borrow
yen at the lowest rates in the industrialized world to fund
purchases of higher-yielding assets, known as carry trades.
Minutes released today from BOJ meetings in April and May showed
policy makers agreed that rates can be raised gradually.


Read more at Bloomberg Currencies News

Australia Dollar Gains a Third Day, Near 18-Year High, as Gold Price Rises

(Bloomberg) -- The Australian dollar rose a third
day, approaching an 18-year high, as prices for metals exported
by the nation, including gold, climbed.

Gold futures for August delivery rose $4.80 to $664.70 an
ounce on the Comex division of the New York Mercantile Exchange
yesterday. The price has climbed 16 percent in the past year.
Gold is the third-biggest commodity export in Australia's A$1.02
trillion ($863 billion) economy.


Read more at Bloomberg Currencies News

UPDATE 1-Antitrust gripes prompt Vista changes-source

(Reuters) - The U.S. Justice Department and Microsoft are expected to
provide details of the proposed changes in a joint report filed
in federal court later on Tuesday, the source said, speaking on
condition of anonymity.




The source provided no details on what changes Microsoft
had agreed to make.


Read more at Reuters.com Government Filings News

Bristol-Myers Squibb, CV, FedEx Corp. and Gap: U.S. Equity Option Movers

(Bloomberg) -- The following is a list of companies
with unusual option trading in U.S. exchanges today. Stock
symbols are in parentheses after company names. Option trading
and stock prices are as of 4 p.m. in New York.

Each call option gives investors the right, without the
obligation, to buy 100 shares of a company at a specified price
by a given date. A put conveys the right to sell 100 shares.


Read more at Bloomberg Stocks News

Clinical Data files for $150 million mixed shelf

(Reuters) - Under a shelf registration, 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

US STOCKS-Indexes inch higher on lower yields; GE shines

(Reuters) - NEW YORK, June 19 - U.S. stocks edged higher on
Tuesday as a dip in Treasury bond yields tempered investors'
interest-rate worries and boosted financial stocks.




One big mover in an otherwise lackluster session was
General Electric Co. , as shares of the No. 2 U.S.
company by market capitalization tackled a key technical level,
triggering further gains.


Read more at Reuters.com Market News

Huntsman eyes Clariant, Ciba takeovers - report

(Reuters) - "The same goes for Ciba," said Huntsman, whose group makes
chemicals used in paints and textiles.




Merger speculation has been swirling around Clariant as well
as cross-town rival Ciba, as specialty chemicals companies have
been hard hit by higher raw material costs and increasing
competition from low-cost producers in Asia.


Read more at Reuters.com Mergers News

Corn, Soybeans Tumble on Speculation Rains in U.S. Midwest to Boost Crops

(Bloomberg) -- Corn in Chicago tumbled 4.7 percent,
the most in 11 weeks, and soybeans declined on forecasts for
Midwest rain that may add moisture to the soil and improve
prospects for recently seeded crops.

Parts of Ohio, Indiana and southern Illinois will get as
much as 1 inch (2.5 centimeters) of rain in the next 24 hours,
and rainfall will be above normal in the next 10 days,
Meteorlogix LLC said. Weather models show rain will fall in
Indiana and Ohio on June 22, Cropcast Ag Services said.


Read more at Bloomberg Commodities News

Dell says Nasdaq finds it out of listing compliance

(Reuters) - Dell has not filed required financial statements for the second and third quarters of its fiscal 2007 and its annual report for 2007, as well as for the first quarter of 2008. The company has asked a Nasdaq panel to extend Dell's conditional stock listing while it completes its overdue statements.




Read more at Reuters.com Government Filings News

Funds Renaissance, Millennium settle trade dispute

(Reuters) - Renaissance, a $30 billion hedge fund manager which makes
extensive use of proprietary quantitative methodologies, said
it is continuing litigation against Volfbeyn and Belopolsky,
but settled with Millennium.




Millennium, which denied wrongdoing, agreed to pay an
undisclosed financial settlement to Renaissance and terminate
Volfbeyn and Belopolsky, according to a press release.


Read more at Reuters.com Mergers News

U.S. Utility Chiefs Predicting `Catfight' Over Greenhouse Gas Legislation

(Bloomberg) -- U.S. utility executives, four months
after voting unanimously in support of federal legislation to
reduce greenhouse gas emissions, predicted a fight among
themselves over the specifics.

``It's going to be a real catfight,'' Armando Olivera,
president of FPL Group Inc.'s utility unit, Florida Power &
Light, said in a panel discussion yesterday in Denver during the
annual convention of the Edison Electric Institute, the
industry's trade group.


Read more at Bloomberg Energy News

Mexico Bolsa Falls on U.S. Housing Slump, Led by Cemex; Bancolombia Rises

(Bloomberg) -- Mexico's main stock index fell for the
first time in five days, led by Cemex SAB, on concern that the
slump in the U.S. housing market will hurt demand for building
materials.

The benchmark Bolsa index slid 157.62, or 0.5 percent, to
32,060.55 as of 12:36 a.m. in New York. Cemex, North America's
largest cement producer, accounted for more than half of the
decline and fell the most since Feb. 27.


Read more at Bloomberg Emerging Markets News

Emission Permits Fall to a One-Month Low After Germany Proposes Auctions

(Bloomberg) -- European Union emission permits fell to
their lowest in more than a month as Germany proposed to hold
auctions, potentially earlier than expected, and traders sold
permits after prices gained more than 75 percent since February.

Permits for delivery in December 2008 dropped as much as 1.30
euros, or 5.9 percent, to 20.60 euros ($28) a metric ton, according
to the European Climate Exchange in Amsterdam. That's the lowest
price for the benchmark permits since May 15. They closed at 21.10
euros. The contract reached a record-low 11.80 euros on Feb 20.


Read more at Bloomberg Energy News

Economy should regain momentum: IMF's Rato

(Reuters) - "We believe that the U.S. economic prospects are good," Rato told the Economic Club of Toronto.




Turning to global financial markets, Rato said he was concerned with investors' attitudes about risk.


Read more at Reuters.com Government Filings News

Trading in Mexico's Asur halted pending co. news

(Reuters) - The bourse added in a brief statement that trading in
Asur's American Depositary Receipts had also been halted.




Read more at Reuters.com Market News

U.S. judge upholds Bristol, Sanofi patent on Plavix

(Reuters) - The long-awaited ruling provides much needed certainty for one of the world's largest selling products, and immediately revived debate on Wall Street about a Bristol-Myers takeover.




"The decision will help solidify Bristol-Myers' earnings and dividend, and perhaps open the door for another drugmaker -- most logically Sanofi -- to come in at this point and purchase Bristol," Jason Fox, an analyst at H&R Block Financial Advisors.


Read more at Reuters.com Business News

Bear Stearns, Creditors May Help Save Hedge Fund, Person Familiar Says

(Bloomberg) -- Bear Stearns Cos., the biggest
broker for U.S. hedge funds, offered to provide $1.5 billion in
loans to help rescue a money-losing fund run by its asset-
management unit, a person familiar with the situation said.

The plan calls for New York-based Bear Stearns to provide
the money only if some of the hedge fund's creditors, which
include Merrill Lynch & Co. and JPMorgan Chase & Co., inject
$500 million of cash into the fund, said the person, who
declined to be named because the negotiations aren't public.


Read more at Bloomberg Bonds News

UPDATE 2-Nine US firefighters killed in furniture store blaze

(Reuters) - CHARLESTON, S.C., June 19 - Nine firefighters
died battling a blaze that raced through a furniture store and
warehouse in Charleston, South Carolina, on Monday night,
triggering a rolling ball of smoke and flames that destroyed
the roof and pelted onlookers with hot ash.




The warehouse was packed with furniture and the blaze
"rolled through it like a fireball" while the firefighters
tried to put it out, said Pam Blevins, secretary to the
Charleston city fire chief, Russell Thomas.


Read more at Reuters.com Bonds News

Moody's cuts Wendy's debt, may cut again

(Reuters) - Wendy's on Monday slashed its 2007 earnings forecast and
said it would explore a possible sale of the company instead of
other restructuring options. For details, see [ID:nN18395318]




The operator of the No. 3 U.S. hamburger chain cut its 2007
earnings forecast to a range of $1.09 to $1.23 a share, down
from previous guidance of $1.26 to $1.32 a share. It cited
lower-than-expected same-store sales and higher commodity costs
for the reduced outlook.


Read more at Reuters.com Bonds News

UPDATE 1-Pearson says may sell French paper les Echos

(Reuters) - They were protesting over the potential sale of the French
business newspaper to Bernard Arnault, head of luxury group LVMH
and owner of rival La Tribune.




Pearson , which also owns the Financial Times and
the Penguin publishing house, said it was considering selling
the paper but would not confirm it was in exclusive talks with
Arnault.


Read more at Reuters.com Mergers News

Botswana looks to beef, coal to diversify economy

(Reuters) - Diamond-rich Botswana plans to diversify its economy base by increasing beef and coal exports while cautiously expanding tourism, President Festus Mogae said on Tuesday.

Diamonds generate half of Botswana's revenue and a third of gross domestic product, which has grown an average 8 percent a year in the past two decades, making it one of the region's best-performing economies.


Read more at Reuters Africa

UPDATE 1-Critical for Fed to understand labor changes-Minehan

(Reuters) - "Questions about the quality and quantity of labor supply
is critical to the policy setting ... and the economy," she
said in opening remarks to a Boston Fed conference on labor
supply.




She pointed to falling labor force participation, and how
that could affect employment data.


Read more at Reuters.com Bonds News

European Stocks Drop, Led by Tesco, Carrefour; Ryanair Falls on Forecast

(Bloomberg) -- European stocks fell after Tesco Plc,
the U.K.'s largest supermarket operator, predicted a ``tougher
year'' because of higher interest rates and increased
competition. Marks & Spencer Plc and Carrefour SA declined.

Ryanair Holdings Plc led airlines lower after Europe's
largest low-cost carrier forecast a ``big downturn'' for its
industry. Sanofi-Aventis SA jumped after winning a court ruling
to uphold a patent for its blood-thinning drug. Thales SA rose
the most in three months as the defense company was shortlisted
for a $2.7 billion contract from the U.S. Navy.


Read more at Bloomberg Stocks News

Safran says strong euro hurting European aerospace

(Reuters) - PARIS, June 19 - The euro's strength against the dollar is hurting the European aerospace industry, the chief executive of French aerospace and electronics group Safran said on Tuesday.



The weakening of the dollar is "a real problem ... a serious problem", Jean-Francois Bechat told French radio BFM from the Paris air show.


Read more at Reuters.com Mergers News

May housing starts fall 2.1 percent

(Reuters) - Building permits, which signal future construction plans, rose in May by 3.0 percent to a pace of 1.501 million units. Economists had been expecting the permits to hit a 1.471 million unit rate. Permits for single-family homes fell 1.8 percent to their lowest level since July 1997 but permits for multi-family units jumped 16.5 percent.




Tuesday's data comes a day after a report indicating that home-builder confidence is at its lowest level in over 16 years.


Read more at Reuters.com Business News

Best Buy post disappointing quarterly profit

(Reuters) - NEW YORK, June 19 - Top U.S. consumer electronics retailer Best Buy Co. Inc. on Tuesday posted a weaker-than-expected quarterly profit, dragged down by sales of lower margin products such as notebook computers and video game consoles.



Shares of Best Buy, whose rivals include Circuit City Stores , Tweeter Home Entertainment Group as well as Wal-Mart , slipped in early trade after the company also forecast a full year profit that also fell short of Wall Street analysts views.


Read more at Reuters.com Market News

GLOBAL MARKETS-Euro, stocks slip as ZEW spoils risk party

(Reuters) - The ZEW survey showed economic sentiment in the euro zone's
biggest economy fell in June after rising for six months. While
this did not materially change near-term expectations for a euro
zone rate hike this year, the surprise drop dented the mood.




"The ZEW spoilt the party. The data wasn't dramatically bad
but it was weaker than expected. With euro zone data we've
become accustomed to getting stronger readings, so a weak
reading is bad news," said Audrey Childe-Freeman, economist at
CIBC World Markets.


Read more at Reuters.com Bonds News

Carbon Emission Permits Fall to Month Low After Germany Proposes Auctions

(Bloomberg) -- European Union emission permits fell
to their lowest in more than a month as Germany proposed to hold
auctions by the end of this year and traders sold permits after
prices gained more than 75 percent since February.

Emission permits for delivery in December 2008 dropped as
much as 1.30 euros, or 5.9 percent, to 20.60 euros ($28) a
metric ton, according to the European Climate Exchange in
Amsterdam. That's the lowest price for the benchmark permits
since May 15. They were at 21.20 euros at 12:56 p.m. local time.
The contract sank to a record low of 11.80 euros on Feb 20.


Read more at Bloomberg Energy News

Air Products plans 3-year 250 mln euro FRN -lead

(Reuters) - The deal will be launched in the near future, subject to
market conditions.




Bank of America Securities Ltd and JP Morgan are joint lead
managers.


Read more at Reuters.com Bonds News

South Africa maize falls more than two percent

(Reuters) - South Africa's benchmark maize contract fell by more than two percent on Tuesday, in tandem with its U.S. equivalent and a firmer rand.

July white maize ended 2.46 percent down at 1,787 rand a tonne, reversing some of the gains made recently.


Read more at Reuters Africa

U.S. stock futures dip but Yahoo may support Wall St

(Reuters) - A surprisingly weak reading on German investor confidence
prompted European shares to pare gains, which knocked
Standard & Poor's 500 and Nasdaq 100 futures .




"Bond yields going higher, that's getting people nervous and
the sell-off in European markets is also doing it," said Steve
Previs, senior vice president at Jefferies International.


Read more at Reuters.com Bonds News

Yacef Is Unrepentant on `Battle of Algiers' Role in Popularizing Terrorism

(Bloomberg) -- Fifty years ago, when Saadi Yacef was
blowing up French men, women and children in the name of Algerian
independence, he never imagined Algerians would do the same to
each other some day.

Yacef's ultimately successful fight against colonial France
was immortalized in the 1965 film ``The Battle of Algiers.'' He
played a character based on himself in the movie, which has
become a celluloid primer for revolutionaries.


Read more at Bloomberg Exclusive News

Gold Falls in London After Dollar Rebounds Versus Euro; Silver Also Drops

(Bloomberg) -- Gold fell in London for the first
time in five days as the dollar's slide against the euro
stalled, reducing demand for the metal as an alternative
investment. Silver also declined.

Before today, gold increased for four straight days and the
dollar dropped against the euro over the same period. The dollar
today climbed 0.2 percent against the euro.


Read more at Bloomberg Commodities News

Oil Declines as Traders Conclude Gains to Nine-Month High Were Unjustified

(Bloomberg) -- Crude oil fell from near a nine-month
high in New York as some traders speculated recent gains that
followed unrest in Nigeria were unjustified.

Nigeria's two main oil unions said yesterday they planned to
join a general strike scheduled to start tomorrow. In addition,
Chevron Corp. and Eni SpA reported raids on facilities in the West
African nation, Africa's biggest oil producer.


Read more at Bloomberg Commodities News

Italy allows U.S. fund into bidding for Alitalia

(Reuters) - ROME, June 19 - Italy has allowed U.S. private equity firm MatlinPatterson to re-enter the auction for airline Alitalia after fears arose that one of the two final bidders may quit.



The firm was earlier in a consortium with fellow U.S. private equity firm TPG [TPG.UL], which pulled out of the auction last month citing difficulties with the conditions imposed.


Read more at Reuters.com Mergers News

FTSE ticks up; slower sales growth hits Tesco

(Reuters) - The UK's leading share index ticked higher on Tuesday as miners steamed ahead but Britain's largest retailer Tesco slid after announcing a slowdown in UK sales growth.

By 0743 GMT the FTSE 100 was up 8.1 points, or 0.12 percent, at 6,711.6.


Read more at Reuters Africa

TBS may have enough votes to pass poison pill

(Reuters) - By Edwina Gibbs



TOKYO, June 19 - Japanese TV station Tokyo Broadcasting System Inc. , which is fending off advances from Internet firm Rakuten Inc. , likely has enough votes to pass a proposed "poison pill" defence at its annual shareholders' meeting, media reports said on Tuesday.


Read more at Reuters.com Mergers News

RPT-UPDATE 2-Trichet: Hedge funds not irrationaly exuberant

(Reuters) - Asked whether the highly-indebted investment instruments
represented the same sort of "irrational exuberance" described
by then-Federal Reserve chief Alan Greenspan regarding the stock
market in the 1990s, Trichet said: "I would not repeat the words
of Alan."




Trichet said he supported a hands-off mechanism of
self-regulation for such funds, which would allow them to
determine benchmarks for the industry without the coercion of
regulators.


Read more at Reuters.com Government Filings News