S.Africa unions, government postpone strike talks

(Reuters) - South African government and union negotiators postponed until Friday talks aimed at ending a costly three-week civil servants' strike to enable labour unions to consult members, officials said.

"We are coming back on Friday. Labour requested more time to get a mandate from their members," said Lewis Rabkin, spokesman for the Public Services and Administration ministry.


Read more at Reuters Africa

Japan's 20-Year Bonds Decline Most in a Month as Auction Demand Weakens

(Bloomberg) -- Japanese 20-year government bonds
fell the most in a month after demand dropped at an auction of
the debt on concern the central bank will raise interest rates.

The Ministry of Finance's 800 billion yen ($6.5 billion)
sale drew bids worth 3.89 times the amount sold, compared with
4.1 times at an auction in May. The debt's 2.3 percent coupon,
the highest since October, wasn't enough given the Bank of Japan
may raise rates in coming months, said Jun Fukashiro, a fund
manager at Toyota Asset Management Co. in Tokyo.


Read more at Bloomberg Bonds News

Pound May Extend Gains on Speculation Interest Rates to Rise Next Month

(Bloomberg) -- The pound may climb for a fifth day,
its longest winning run in two months, on speculation investors
will keep increasing bets on higher interest rates in Europe's
second-largest economy.

The U.K. currency has risen 1.2 percent versus the dollar in
the past four days, extending gains yesterday after minutes of
the Bank of England's June policy meeting showed Governor Mervyn
King and three other policy committee members backed higher
borrowing costs. That prompted HSBC Plc and JPMorgan Chase Co. to
bring forward their forecasts of the next interest-rate rise.


Read more at Bloomberg Currencies News

King, Outvoted by His Bank of England Colleagues, May Be Vindicated Again

(Bloomberg) -- The last time Bank of England Governor
Mervyn King was outvoted in an interest-rate decision, control
over consumer prices and house values slipped from the bank's
grasp.

King was overruled again this month, failing to persuade a
majority of the bank's nine-member panel that it should raise the
benchmark rate by a quarter point to 5.75 percent to stamp out
price pressures, the minutes of the June 6-7 meeting published
yesterday showed.


Read more at Bloomberg Currencies News

Yahoo acquires U.S. sports media site Rivals.com

(Reuters) - Besides bringing Yahoo a base of 2 million to 2.5 million
fans of high school and college football and basketball, the
deal also is a measure of Yahoo's commitment to its media
business following top-level management changes this week.




Terms of the deal were not disclosed.


Read more at Reuters.com Mergers News

Gold, Silver Little Changed in Asian Trading Amid Interest Rate Concerns

(Bloomberg) -- Gold was little changed in Asia amid
speculation higher global interest rates may reduce demand for
the precious metal as an alternative investment. Silver was also
little changed.

Holding gold, which yesterday snapped a five-day climb,
becomes less attractive when rates rise as it has no fixed
returns. The European Central Bank raised its benchmark rate to
the highest in six years June 6 and is likely to raise rates at
least once more this year, Ryohei Muramatsu, manager of Group
Treasury Asia at Commerzbank, said today in Tokyo.


Read more at Bloomberg Commodities News

Asian Stocks Rise on Surge in Chip Prices, Japan's Exports; Samsung Gains

(Bloomberg) -- Asian stocks rebounded from an earlier
loss after prices of computer-memory chips surged and a report
today showed Japan's export growth almost doubled in May.

Samsung Electronics Co. and Toshiba Corp. led technology
shares higher, helping the Morgan Stanley Capital International
Asia Pacific Index extend a five-day rally. Shares fell earlier as
higher global bond yields renewed concern that growth in the
world's largest economies will slow.


Read more at Bloomberg Stocks News

UPDATE 1-Canada's BCE says might combine with rival Telus

(Reuters) - Any merger between BCE, which owns Bell Canada, and Telus,
the country's No. 2 telephone company, would send shockwaves
through Canada's telecom industry and need Canadian government
approval because such a combination would control much of the
domestic telephone market. The two companies have a combined
market capitalization of some C$53.5 billion




In a brief statement issued on Wednesday evening, BCE said
it and Telus had entered into a mutual nondisclosure and
standstill agreement on a nonexclusive basis.


Read more at Reuters.com Mergers News

Australian Stocks Decline, Led by ANZ, Westfield on Global Growth Concerns

(Bloomberg) -- Australian stocks dropped, snapping
five days of gains, after the U.S. Standard & Poor's 500 Index
posted its steepest decline in two weeks after higher bond yields
renewed concern the world's largest economy will slow.

Australia & New Zealand Banking Group Ltd. fell after local
bond yields rose, making their dividends less attractive. Westfield
Group led declines among companies that rely on U.S. sales.


Read more at Bloomberg Stocks News

Senate struggles for deal on auto fuel standards

(Reuters) - "We're hoping we'll find some middle ground," said Sen. Debbie Stabenow, a Michigan Democrat fighting alongside other auto industry allies to soften the bill's vehicle efficiency plan.




"We're still a ways a part," Stabenow said in an interview with reporters outside the Senate chamber.


Read more at Reuters.com Bonds News

UPDATE 1-U.S. senator raises China concerns on Blackstone

(Reuters) - WASHINGTON, June 20 - U.S. Senator Jim Webb asked
federal authorities on Wednesday to look into "national
security implications" he said are posed by Chinese government
involvement with Blackstone Group LP [BG.UL] as it moves toward
a stock offering expected to raise more than $4 billion.




Webb raised concerns in a letter to Securities and Exchange
Commission Chairman Christopher Cox, Treasury Secretary Henry
Paulson and Homeland Security Secretary Michael Chertoff.


Read more at Reuters.com Mergers News

Malaysian Oil Pipeline Owner Plans Stake Sale to Middle Eastern Investors

(Bloomberg) -- Trans-Peninsula Petroleum Sdn., the
developer of a $7 billion pipeline across Malaysia, is in talks
to sell some of the venture to Middle Eastern oil producers to
help them bypass one of the world's busiest trade routes.

Overseas oil companies may own 70 percent and local
investors 30 percent, Syed Izhar, deputy chairman of Trans-
Peninsula, said in a telephone interview in Kuala Lumpur. Foreign
investors will have a bigger stake because they will be the
pipeline's users, he said.


Read more at Bloomberg Energy News

Oil Is Steady After Falling From Nine-Month High on U.S. Gasoline Supply

(Bloomberg) -- Crude oil was little changed in New
York after falling from a nine-month high yesterday on a report
showing U.S. oil and gasoline supplies rose more than forecast.

Oil inventories surged 6.9 million barrels to 349.3 million
last week, a nine-year high and 10 percent more than the average
for this time of year, the Energy Department reported yesterday.
Nigerian oil personnel will stop work at export terminals today
as unions increase pressure on the government in the second day
of a general strike.


Read more at Bloomberg Energy News

UPDATE 1-Hoku Materials gets 7-year polysilicon supply contract

(Reuters) - Shares of Hoku Scientific rose more than 11 percent to
$7.77, in late electronic trade after closing at $6.95
Wednesday on the Nasdaq.




Under the contract, up to about $185 million may be payable
to Hoku Materials during the period, the company said in a
statement. The first shipment begins in the second half of
2009, it added.


Read more at Reuters.com Mergers News

Yen Trades Near Four-Year Low Versus Dollar on Bank of Japan Rate Outlook

(Bloomberg) -- The yen traded near the weakest in
more than four years versus the dollar on speculation the Bank of
Japan will refrain from lifting the lowest borrowing costs among
major economies.

Japan's yen dropped yesterday after minutes from the BOJ's
May meeting suggested interest rates will rise ``gradually,''
encouraging investors to borrow the currency and buy higher-
yielding assets elsewhere, in a practice known as the carry
trade. A decline in U.S. stocks on rising bond yields may spill
over into Asian equity markets, helping the yen cap its decline
as risk appetite retreated.


Read more at Bloomberg Currencies News

Philippine Peso a Buy Versus Dollar as Risk Aversion Eases, Westpac Says

(Bloomberg) -- Westpac Banking Corp. is recommending
the Philippine peso because strong growth and moderate inflation
make the country's stock and bonds more attractive to investors
than those of other nations in the region.

The currency fell from a near seven-year high in the last
week when a rise in yields on benchmark U.S. Treasuries to the
highest in five years drew demand from riskier assets.


Read more at Bloomberg Currencies News

US CREDIT-Sallie Mae spreads widen, may weaken further

(Reuters) - Sallie Mae, officially known as SLM Corp., on April 16
accepted a $25 billion takeover bid from two private equity
funds, J.C. Flowers & Co. and Friedman Fleischer & Lowe, and
JPMorgan Chase & Co. and Bank of America Corp. .
For details, see [ID:nN16348651]




"Hedge funds taking short positions have been pushing CDS
spreads wider. We have seen only limited selling in cash
bonds," said Vincent Breitenbach, head of credit research for
the Americas at Barclays Capital in New York. "Short-sellers
will continue to lean on the spreads until they meet some
buying resistance."


Read more at Reuters.com Bonds News

UPDATE 1-Starbucks, Ethiopia settle licensing dispute

(Reuters) - The U.S. coffee chain had been accused by Ethiopia and aid agency Oxfam of attempting to block Ethiopia from obtaining trademarks for its best-known beans -- Sidamo and Harrar.




The agreement allows Starbucks to use and promote the Harrar, Sidamo and Yirgacheffe designations in markets where trademarks exist, as well as where they don't, the statement said.


Read more at Reuters.com Government Filings News

Mitsubishi Heavy, Nippon Oil, Shinsei Bank: Japanese Equity Preview

(Bloomberg) -- The following stocks may move in
Japanese markets. Prices are as of the close of trading.
Statements were released after the close. Stock symbols are in
parentheses.

Apamanshop Holdings Co. (8889 JX): The property database
company said it will buy back up to 62,000 shares, or 6 percent
of its total outstanding shares. The stock lost 1,100 yen, or 2.7
percent, to 40,050.


Read more at Bloomberg Stocks News

UPDATE 1-U.S. senators seek SEC study on Blackstone bill

(Reuters) - WASHINGTON, June 20 - The leaders of the U.S.
Senate Banking Committee on Wednesday asked the Treasury
Department and the Securities and Exchange Commission for
analysis of legislation that would raise taxes on private
equity funds going public, like Blackstone Group LP [BG.UL].




Sens. Christopher Dodd and Richard Shelby, the Democratic
chairman and senior Republican on the panel, respectively,
asked about the bill's "likely impact on the nation's capital
markets, including the potential effects on investor
protection, capital formation and other relevant issues."


Read more at Reuters.com Government Filings News

TREASURIES-Prices down on spillover from Euro bond weakness

(Reuters) - NEW YORK, June 20 - U.S. Treasury debt prices
fell on Wednesday, ending a three-day rally, as weakness in the
European government bond market spilled into its U.S.
counterpart.




German Bund prices fell after central banks in Europe
signaled concerns over inflation.


Read more at Reuters.com Bonds News

Copper Rises to Two-Week High in New York as Strikes Threaten Production

(Bloomberg) -- Copper futures rose to a two-week
high in New York as planned strikes in Chile and Peru threatened
to disrupt supplies.

Contract workers at Chile's Codelco, the world's largest
copper producer, may strike tomorrow to seek higher pay, and
three unions at Southern Copper Corp.'s Peruvian operations plan
to walk out June 23. Demand for copper exceeded production by
176,000 metric tons in the first four months of the year, the
World Bureau of Metal Statistics said today.


Read more at Bloomberg Commodities News

Conrad Black stubborn but innocent, his lawyer says

(Reuters) - In the third day of closing arguments in the 14-week federal trial, Edward Genson urged jurors to ignore intemperate-sounding e-mails and other memos from Black that were presented as evidence.




He said some were written while Black was in a battle with investors for control of the company he built, the one-time newspaper empire Hollinger International Inc.


Read more at Reuters.com Bonds News

Verizon claims nearly 500,000 FiOS TV users

(Reuters) - Verizon, at the NXTcomm communications conference in Chicago, also said it has signed up 1 million subscribers to the FiOS Internet service since launching it in August 2004.




Not all FiOS Internet users have the video service, partly because the company has not yet gained video licenses in some areas.


Read more at Reuters.com Business News

Brazil markets shrug off corruption for now

(Reuters) - Such antics might have given investors pause for thought in
the past. But Brazil's markets have never been so buoyant.




The main stock index hit a record high this week and the
currency, the real, is trading near its strongest level in six
years as dollars pour into the Latin American powerhouse.


Read more at Reuters.com Bonds News

RLPC-Investors seek better terms on Thomson LBO loan

(Reuters) - Investors have been slow to participate in the loan,
believing the company is taking on too much leverage.
Additionally, investors have noted discomfort with the loan's
'covenant-lite' structure and inclusion of a $300 million
priority revolver that gives bank lenders a superior claim to
the company's assets.




Covenant-lite loans usually lack the traditional financial
covenants that allow lenders to stipulate leverage and minimum
levels of interest coverage. The use of these loans has jumped
significantly this year and has raised concerns that lenders
will be exposed to significant losses if the credit cycle
turns.


Read more at Reuters.com Bonds News

Chrysler to increase international dealerships

(Reuters) - Sales outside North America currently account for about 8 percent of the company's total sales. The automaker is looking to grow overseas as it struggles with U.S. sales amid high gasoline prices, a weak housing market and tough competition from Asian rivals.




Its U.S. sales fell 2.2 percent through May this year.


Read more at Reuters.com Bonds News

Fed's Geithner urges more forex flexibility in Asia

(Reuters) - "The countries directly affected by the crises a decade ago are fundamentally stronger. The balance sheet weaknesses have been transformed into strength," Geithner said in comments prepared for his speech today, according to an advance copy obtained by Reuters.




Still, while "acute, self-reinforcing panic" may no longer be in the cards, Asian countries still have a way to go, especially on currency reform, he said.


Read more at Reuters.com Hot Stocks News

European Stocks Rise on Takeover Speculation; Clariant, Ciba, Allianz Gain

(Bloomberg) -- European stocks advanced for the
first time in three days on speculation Clariant AG and Ciba
Specialty Chemicals AG may be takeover targets and on a report
Allianz SE may sell its Dresdner Bank unit.

Clariant and Ciba surged after Huntsman Corp. of the U.S.
told Switzerland's Handelszeitung that the companies would be
``interesting'' takeover candidates. Allianz, Europe's largest
insurer, gained for a fifth day. CRH Plc climbed the most in
seven weeks on expectations private equity groups may bid for the
building-materials maker.


Read more at Bloomberg Stocks News

UPDATE 1-Russia merges top energy shippers

(Reuters) - "You know that I have signed a decree forming a new company
on the basis of the two existing ones -- Sovcomflot and
Novoship," Putin was quoted by RIA Novosti news agency as
telling Sovcomflot's Director General Sergei Frank.




Russia has been seeking to merge Sovcomflot and Novoship
for several years, in line with the Kremlin's
strategy of enhancing control over the strategic energy sector
by creating mighty state giants.


Read more at Reuters.com Mergers News

Quest Diagnostics prices $800 mln of senior notes

(Reuters) - The net proceeds are expected to be used, together with
cash on hand, to repay all borrowings under the bridge loan
facility incurred to pay a portion of the acquisition price for
AmeriPath Inc., the company said in a statement.





Read more at Reuters.com Bonds News

Oil slumps $1 after US stockpiles surprise

(Reuters) - Oil fell more than $1 a barrel on Wednesday after a U.S. government report showed larger-than-expected increases in crude and gasoline stockpiles in the world's top consumer.

The U.S. Energy Information Administration said crude stocks rose by 6.9 million barrels last week, well over the 100,000 barrels forecast by analysts. Gasoline stocks were up 1.8 million barrels, almost double the market forecast.


Read more at Reuters Africa

U.K. Natural Gas Rebounds After National Grid Increases Demand Forecast

(Bloomberg) -- U.K. natural gas for delivery a day
ahead rebounded from a six-week low after demand forecasts
increased and a pipe connecting England with Belgium prepared to
reverse flow direction.

Gas for delivery a day ahead at the National Balancing
Point, the U.K. trading hub, gained as much as 1 percent to
trade at 20.5 pence a therm, after earlier dropping to 20.1
pence a therm, according to broker ICAP Plc. It traded at 20.4
pence at 12:20 p.m. in London, a price equivalent to $4.07 a
million British thermal units. A therm is 100,000 Btus. Gas for
same-day delivery rose 3.8 percent to 20 pence.


Read more at Bloomberg Energy News

Grupo Aeroportuario, Coca-Cola Femsa, Grupo Mexico: Mexican Equity Movers

(Bloomberg) -- Mexico's main stock index rose for the
fifth time in six days, recovering most of its 0.5 percent loss
yesterday.

The Bolsa index advanced 124.75, or 0.4 percent, to 32,189.74
at 10:31 a.m. New York time.


Read more at Bloomberg Stocks News

US stock indexes slip as rising yields spur rate worry

(Reuters) - U.S. stocks slipped on Wednesday as a rise in benchmark Treasury bond yields rekindled concern that higher interest rates would cut into corporate profits.

Worries about higher interest rates overshadowed news of Home Depot Inc.'s plan for a $22.5 billion share buyback and a report of a stronger-than-expected profit at Morgan Stanley.


Read more at Reuters Africa

REFILE-US STOCKS-Indexes rise on Home Depot buyback, GE advance

(Reuters) - NEW YORK, June 20 - U.S. stocks rose on Wednesday
as Home Depot Inc.'s plan for a $22.5 billion share
buyback underscored optimism about equity valuations, along
with the growing allure of large-cap stocks, including General
Electric Co. .




Home Depot shares led advances on both the Dow and the S&P
500, with a gain of more than 6 percent, while shares of
diversified manufacturer GE climbed 0.7 percent.


Read more at Reuters.com Market News

Nuveen Investments Will Be Acquired by Madison Dearborn for $5.75 Billion

(Bloomberg) -- Nuveen Investments Inc., the largest
U.S. manager of closed-end funds, agreed to be bought by Madison
Dearborn Partners LLC for $5.75 billion in the latest example of
leveraged-buyout firms pushing further into financial services.

Madison Dearborn, which manages more than $14 billion in
private-equity funds, will pay $65 a share in cash for Chicago-
based Nuveen, 20 percent more than the stock's closing price
yesterday, according to a Business Wire statement.


Read more at Bloomberg Bonds News

Kenya's Safaricom 06/07 pretax profits rise 40 pct

(Reuters) - Kenya's leading mobile phone company Safaricom said pretax profit rose 40 percent to a "record" 17.19 billion shillings in the year ended March 31.

Safaricom also forecast a rise in subscriber numbers to 8 million by the end of the year from 6.8 million currently.


Read more at Reuters Africa

Infineon CEO sees no Qimonda stake cut till Aug 9

(Reuters) - "At the moment we have a phase until the first year is over
during which we could only sell with a complete SEC filing,
which means this wouldn't be a convenient time to sell," Ziebart
said on the fringes of a corporate conference.




Read more at Reuters.com Mergers News

Morgan Stanley profit rises, beats estimates

(Reuters) - NEW YORK, June 20 - Morgan Stanley on Wednesday said its second-quarter profit rose 40 percent, trouncing expectations as a number of trading and investment banking businesses achieved record results.



The No. 2 investment bank by market value said net income rose to $2.58 billion, or $2.45 a share, in the quarter ended May 31 from $1.84 billion, or $1.75, in the year-earlier period. The results beat the average analyst profit estimate of $2.00 a share, according to Reuters Estimates.


Read more at Reuters.com Market News

Darden, MGM Mirage, Morgan Stanley, NYSE Euronext: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 7:35 a.m. New York time.

Brown Shoe Company Inc. (BWS US): The owner of the Famous
Footwear retail chain plans to open more than 500 stores in China
by 2012 through a joint venture with Hongguo International
Holdings Ltd. Shares of Brown Shoe gained 13 cents to $26.16 in
regular trading yesterday.


Read more at Bloomberg Stocks News

Futures rise on Home Depot, earnings in focus

(Reuters) - Shares of Home Depot, a component of the Dow Jones industrial average were up 5.2 percent in Europe.




The home improvement chain announced its share repurchase plan late on Tuesday, when it also said its board had approved a $10.3 billion sale for its supply unit.


Read more at Reuters.com Business News

Swedish Krona Gains by Most in Almost Five Years as Riksbank Raises Rates

(Bloomberg) -- Sweden's krona advanced by the most
in almost five years against the euro after the country's central
bank lifted its benchmark interest rate and said it will increase
it twice more this year as rising employment threatens to feed
inflation.

The krona soared to its highest this month, and climbed to a
two-week high versus the dollar, after Sweden's central bank, the
Riksbank, raised borrowing costs to 3.5 percent and said its repo
rate would have to be around 4 percent at the end of the year, up
from a previous forecast of 3.5 percent.


Read more at Bloomberg Currencies News

Barclays Capital Gains Approval for Tokyo Commodity Exchange Membership

(Bloomberg) -- Barclays Capital, a unit of
Britain's third-biggest bank, won approval to become a member of
the Tokyo Commodity Exchange, as rising raw materials prices
drive investor interest in commodities.

Tocom, Japan's largest commodities futures exchange,
approved the application at a board meeting held in Tokyo today,
the exchange said in a statement released to reporters.


Read more at Bloomberg Commodities News

Renault CEO: No hint of French move to sell stake

(Reuters) - "Renault shares have been booming lately," he told reporters after partner Nissan Motor Co.'s annual shareholders meeting in Japan. He attributed the historic highs reached this month to investor confidence in Renault's financial performance.



"Obviously, the more the shares go up, the more people start to speculate that maybe the French state is moving to sell ," he said.


Read more at Reuters.com Mergers News

Emission Permits Are Steady Near One-Month Low After Germany Proposes Sale

(Bloomberg) -- European Union emission permits were
little changed near their lowest in a month as Germany proposed to
hold sales of allowances, potentially earlier than expected.

Permits for delivery in December 2008 rose 21 cents, or 1
percent, to 21.40 euros ($29) a metric ton, according to the
European Climate Exchange in Amsterdam at 10:45 a.m. It reached as
low as 20.60 euros yesterday, the lowest price for the benchmark
permits since May 15.


Read more at Bloomberg Energy News

Taiwanese Government Bonds Climb as Intervention Stopped; Currency Rises

(Bloomberg) -- Taiwan's 10-year government bonds
climbed, pushing the yield to a two-week low, on speculation the
central bank stopped buying its own currency, leaving banks with
more spare cash to buy debt. The Taiwanese dollar rose the most
in almost six months.

The interest rate for overnight loans between lenders was
set for the lowest close in more than two weeks after the
central bank refrained from buying the local dollar in the
foreign-exchange market this month, said Ernest Lee, a Taipei-
based bond trader at Mega Securities Co. Lower money-market
rates make it cheaper for investors to borrow for bond purchases.


Read more at Bloomberg Bonds News

U.S. Treasury Yields Trade Near Lowest in Two Weeks on Housing Slowdown

(Bloomberg) -- U.S. 10-year Treasury yields traded
near a two-week low on expectations a housing slowdown will keep
the Federal Reserve from raising interest rates.

The benchmark notes headed for a fourth day of gains, the
longest advance since February, before a private report on home-
loan applications due today. Bonds rose yesterday, pushing 10-
year yields down 5 basis points, after the Commerce Department
said house construction declined for the first time in four
months in May because of higher mortgage costs.


Read more at Bloomberg Bonds News

Coles Bond Risk Set to Rise to Record on Wesfarmers Takeover, Lehman Says

(Bloomberg) -- The perceived risk of owning the
bonds of Coles Group Ltd., Australia's second-biggest retailer,
could rise to a record if a takeover led by Wesfarmers Ltd.
increases debt and pushes its credit rating below investment
grade, according to Lehman Brothers Holdings Inc.

Wesfarmers, Australia's biggest home improvement retailer,
is seeking to raise about A$12 billion ($10.2 billion) to fund an
offer for Coles, two people with direct knowledge of the matter
said last week.


Read more at Bloomberg Bonds News

Lead Futures Increase to Record $2,435 a Ton on London Metal Exchange

(Bloomberg) -- Lead rose to a record on the London
Metal Exchange.

Lead for delivery in three months on the LME gained $35, or
1.5 percent, to $2,435 a metric ton as of 8:34 a.m. local time,
beating the previous record set on June 18 by $5.


Read more at Bloomberg Commodities News

Rand a little weaker, tracks emerging markets

(Reuters) - South Africa's rand weakened slightly versus the dollar on Wednesday and traders expected the local unit to continue tracking other emerging markets.

The rand was trading at 7.0820 to the dollar at 0635 GMT, 0.17 percent off its New York close of 7.07 on Tuesday.


Read more at Reuters Africa