Gold off 1-week low, Tokyo futures extend losses

(Reuters) - Spot gold was at $651.10/652.60 an ounce, little changed from $651.30/652.80 late in New York on Thursday, when it dropped to an intraday low of $647.50 an ounce as a firm dollar reduced its appeal as an alternative investment.




But gold was likely to find solid support at $650 from now on, which would encourage investors to buy again, said Yukuji Sonoda, precious metals analyst at Daiichi Commodities in Tokyo.


Read more at Reuters.com Hot Stocks News

RBS group to issue ABN offer documents by mid-July

(Reuters) - They said extraordinary general meetings of their shareholders to vote on the potential deal would be held by the first half of August.




Read more at Reuters.com Mergers News

Thailand's 10-Year Bonds Decline Before Bill Sales; Baht Is Little Changed

(Bloomberg) -- Thailand's 10-year bonds fell for a
second day on speculation investors will prefer to buy short-
term debt at a government sale. The baht was little changed.

The yield on the benchmark note has increased 44 basis
points this month as investors bet the central bank will slow
the pace of interest rate reductions this year. The central bank
will sell a combined 30 billion baht ($866.8 million) of seven-
day and 14-day bills today.


Read more at Bloomberg Bonds News

UPDATE 3-Lone Star sells KEB stake for $1.28 bln-source

(Reuters) - The Dallas-based fund is cashing in on some of its other
investments in South Korea, with a source close to Lone Star
saying it could announce plans to sell two other South Korean
units -- Kukdong Engineering and Construction and leasing firm
STARLease -- as early as Friday.




Lone Star is likely to reap another 600 billion won from those assets, which could take the total it has
raised from sales in South Korea to around $1.9 billion.


Read more at Reuters.com Mergers News

Bear Stearns may assume hedge fund loans: report

(Reuters) - An agreement with creditors may avert a fire sale of assets, the report added.




Bear Stearns was not immediately available for comment.


Read more at Reuters.com Bonds News

JGB futures edge up but BOJ rate concerns cap gains

(Reuters) - Futures recovered from a slide early in the session that had
been prompted by losses in U.S. Treasuries on Thursday. Market
participants said deepening losses in the Nikkei share average
were giving bonds a boost.




JGBs have been finding their footing this week in the
aftermath of a heavy sell-off on concerns about climbing global
bond yields and the growing view that the BOJ will lift rates to
0.75 percent in August, which had driven the futures contract to
a seven-year low.


Read more at Reuters.com Bonds News

Honam Petrochemical Buys Naphtha Cargo for August Delivery at a Discount

(Bloomberg) -- Honam Petrochemical Corp., a South
Korean ethylene maker, bought a cargo of naphtha at a discount to
benchmark prices for delivery in August, a company official said.

Details of the company's purchase are as follows:


Read more at Bloomberg Energy News

Australian Stocks Drop for Second Day, Led by Caltex, Brambles Industries

(Bloomberg) -- Australian stocks fell for a second
day, led by Caltex Australia Ltd. after the company's first-half
profit forecast missed some analysts' expectations.

Brambles Industries NV slid after UBS AG cut its rating after
the company yesterday posted disappointing European sales.


Read more at Bloomberg Stocks News

Entergy Arkansas utility to appeal rate-cut order

(Reuters) - "We are identifying the issues we will ask the commission
to rehear," said Steve Strickland, vice president of regulatory
affairs for Little Rock-based Entergy Arkansas. The company's
petition for rehearing is due within 30 days of the
commission's June 15 order.




In April, Entergy Arkansas lowered monthly bills for its
675,000 customers by about 16 percent, reflecting lower fuel
costs and efficiency gains at generating plants.


Read more at Reuters.com Government Filings News

Australia's S&P/ASX 200 Index Declines, Led by Woodside Petroleum, Banks

(Bloomberg) -- Australia's benchmark stock index,
the S&P/ASX 200 Index, rose 0.02 percent at 10:05 a.m.

The index of 202 companies traded on the Australian Stock
Exchange rose 1.00 to 6,388.00. Among the stocks in the index, 57
rose, 57 fell and 88 were unchanged.


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Yen Reaches 4 1/2-Year Low Against Dollar as Carry Trade Appeal May Rise

(Bloomberg) -- The yen fell to a 4 1/2-year low
against the dollar on speculation Japan's lower interest rates
will encourage investors to borrow the currency to fund purchases
of higher-yielding assets, known as carry trades.

Japan's currency this week fell to a record low versus the
euro, the weakest since September 1992 against the British pound
and a two-decade low versus New Zealand's dollar, on signs the
Bank of Japan will raise borrowing costs slowly.


Read more at Bloomberg Currencies News

India, Indonesia, South Korea, Singapore, Taiwan: Asian Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: The central bank sold 1 billion yuan ($131 million)
of three-year notes at a weekly auction yesterday, with the
yield rising for the first time in a month to 3.49 percent. The
government will sell 30 billion yuan of 10-year bonds today. It
sold the same maturity at a 3.4 percent yield in March.


Read more at Bloomberg Bonds News

Nikko, Nomura, Kao, Infoteria, Towa Real Estate: Japanese Equity Preview

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

Infoteria Corp. (3853 JT): The data processing provider will
start trading on the Tokyo Stock Exchange's Mothers section. The
initial public offering price was 60,000 yen.


Read more at Bloomberg Stocks News

With inflation easing, Fed likely to stay course

(Reuters) - The U.S. central bank's Federal Open Market Committee is widely anticipated to leave its target for benchmark overnight interest rates unchanged at 5.25 percent at a two-day meeting that wraps up on June 28.




The Fed has held overnight rates, which influence a wide array of borrowing costs throughout the economy, steady since June of last year as it patiently waited for inflation to ebb.


Read more at Reuters.com Business News

Korea Exchange, Datung, PECD and Yue Yuen: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in Asian markets, excluding Japan. This preview includes news that
broke after markets closed. Prices are from the local market's last
close. Stock symbols are in parentheses after company names.

Abbott India Ltd. (BOOT IN): The Indian unit of U.S.-based
Abbott Laboratories said fiscal second-quarter profit rose 35
percent. Net income increased to 183 million rupees in the three
months ended May 31, the company said in a statement to the Bombay
Stock Exchange. Abbott India slid 0.6 rupee, or 0.1 percent, to
497.6.


Read more at Bloomberg Stocks News

UPDATE 2-Exxon CEO sees Venezuela talks passing June deadline

(Reuters) - LONDON, June 21 - Exxon Mobil Corp.'s
chief executive said on Thursday he expects negotiations over
Venezuela's planned takeover of majority stakes in multibillion
dollar projects in the country would go on beyond the June 26
deadline set by the government.




Venezuelan President Hugo Chavez has ordered a group of six
global energy oil companies to give the government 60 percent
stakes in projects in the country's Orinoco Belt as part of a
nationalization drive toward what he has described as his
socialist revolution.


Read more at Reuters.com Bonds News

Foreign cenbanks still piling into US debt--Fed

(Reuters) - The breakdown showed overseas central banks taking on $4.14
billion more in Treasuries, for a total $1.230 trillion.




The foreign institutions also purchased securities from
government-sponsored agencies like Fannie Mae and
Freddie Mac , increasing their holdings by $10.18
billion.


Read more at Reuters.com Bonds News

UPDATE 1- Bank of Canada urges quicker China yuan rise

(Reuters) - "China has its own large internal imbalances. Allowing an
appreciation of their exchange rate would help their own
internal adjustment and it would also help global adjustment,"
Macklem said in response to questions after a speech in
Winnipeg.




Canada, like the United States, has been consistent in
arguing that the Chinese currency is undervalued and therefore
distorts trade to the detriment of its partners.


Read more at Reuters.com Bonds News

Buffalo Wild Wings, Ciena, Kraft, Starbucks, Tyson: 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.
Share prices are as of 2:40 p.m. New York time.

Shares of makers of computer processors gained after the
price of a benchmark chip climbed to the highest in more than six
weeks in Asia and analysts upgraded Advanced Micro Devices Inc.
(AMD US) and Nvidia Corp. (NVDA US). Prices for the 512-megabit
dynamic random access memory chip, or DRAM, soared 17 percent to
$2.21 yesterday, according to Dramexchange.com, Asia's biggest
spot market for chips.


Read more at Bloomberg Stocks News

Peltz's Trian owns 3 percent of Kraft-source

(Reuters) - Peltz has held stakes in other consumer companies, such as
Cadbury Schweppes Plc , Tiffany & Co. Inc. and
H.J. Heinz Co.




Read more at Reuters.com Mergers News

Chrysler pushes for more efficient truck design

(Reuters) - The Ram trucks remain Chrysler's best-selling vehicles and
accounted for about 17 percent of the automaker's overall sales
in 2006.




As the No. 4 automaker prepares to launch a revamped pickup
truck line to go up against newer, competing offerings from
General Motors Corp. and Toyota Motor Corp. ,
improving fuel efficiency is a key part of the design process,
according to Chrysler Group Vice President Ralph Gilles.


Read more at Reuters.com Bonds News

UPDATE 1-High commods prices boosting C$ - Bank of Canada

(Reuters) - "The increased value of Canada's natural resource
endowments is showing up in higher domestic stock market prices
and increased cross-border investment flows," he said in the
prepared text of a speech to a business group in Winnipeg.




"It has also been a major factor supporting robust
consumption and investment growth in Canada. And of course it's
showing up in a higher Canadian dollar."


Read more at Reuters.com Bonds News

Conrad Black trial shifts to co-defendants' roles

(Reuters) - "You need to think about this as four separate trials,"
said Michael Schachter, summing up his defense of Peter
Atkinson, 60, who was vice president and general counsel of
Hollinger Inc.




Hollinger Inc. was a Canadian holding company for former
publishing empire Hollinger International Inc. during the time
prosecutors say the criminal fraud took place.


Read more at Reuters.com Bonds News

Goldman leads in record year for Gulf M&A-survey

(Reuters) - Citigroup Inc. , the largest U.S. bank, was second with
almost 27 percent followed by Lehman Brother Holdings Inc.
with just over 22 percent. UBS was the top
European bank on the list, in fourth place with 17.5 percent.




Foreign banks have been scrambling to cash in on a surge in
M&A spending by investors in the world's top oil exporting
region, who are scouring the globe to invest windfall revenues
from a tripling in international oil prices since 2001.


Read more at Reuters.com Mergers News

WTO Negotiations Break Down on Disagreements Over Farm Aid, Import Duties

(Bloomberg) -- Negotiations among four key World
Trade Organization governments collapsed today, increasing the
likelihood of failure in broader talks on an agreement that
would add billions of dollars to the global economy.

For the first time, negotiators from the U.S. and the
European Union and teamed up and accused their Indian and
Brazilian counterparts of being intransigent and offering
nothing new to unblock trade talks that have dragged on for
almost six years. India and Brazil blamed U.S. and European
unwillingness to cut farm aid and import duties on commodities.


Read more at Bloomberg Emerging Markets News

UPDATE 1-US Treasury eyes IMF, World Bank wealth fund guide

(Reuters) - Clay Lowery, the Treasury's acting under secretary for
international affairs, said he believes such funds can provide
diversification and higher returns to foreign governments, but
their growth poses risks to financial market stability.




"Sovereign wealth funds raise issues of the appropriate
institutional arrangements, governance, operational and risk
management, accountability, and -- critically -- transparency
of the funds rules, operations and asset managment guidelines,"
Lowery said in a speech delivered to a San Francisco Federal
Reserve conference on the 1997 Asian financial crisis.


Read more at Reuters.com Bonds News

TREASURIES-Bonds dip on strong factory activity data

(Reuters) - The benchmark 10-year note was 2/32 lower in
price for a yield of 5.15 percent from 5.14 percent before the
report and 5.14 percent late on Wednesday, while the two-year
note _was unchanged in price for a yield of 4.97
percent from 4.96 percent earlier.




Read more at Reuters.com Bonds News

Philly Fed factory activity rises in June

(Reuters) - Any reading above zero indicates growth in the region's manufacturing sector. The index was above zero for the sixth straight month.




The new orders index, a gauge of future growth, rose to 18.3 in June from 8.7 in May.


Read more at Reuters.com Business News

Wachovia Securities fined $2 mln by NASD

(Reuters) - Wachovia Corp. , the fourth-largest U.S. bank, owns
62 percent of Wachovia Securities. Prudential Financial Inc.
owns the remainder.




The NASD regulates brokerages. It is planning to merge with
NYSE Regulation to create a new brokerage regulator, the
Securities Industry Regulatory Authority.


Read more at Reuters.com Government Filings News

Chrysler commits to new hybrids, better mileage

(Reuters) - CHELSEA, Mich., June 21 - Chrysler Group on Thursday said it would roll out new hybrid vehicles, streamline its cars and trucks and introduce more diesel engines in a bid to improve the fuel economy of its product line-up.



Chrysler, which is being acquired by Cerberus Capital Management in a $7.4 billion deal, has trailed other major, competing automakers in key indicators of fuel economy.


Read more at Reuters.com Bonds News

Corn, Soybeans Fall in Chicago on Speculation Rain to Boost Midwest Crops

(Bloomberg) -- Corn and soybeans fell in Chicago on
speculation that rains forecast in the next three days will
replenish soil moisture in the eastern Midwest after two months of
hot, dry weather threatened crops.

Some fields from South Dakota to Indiana may get as much as 2
inches (5.1 centimeters) of rain before hot weather returns on June
24, said John Dee, president of Global Weather Monitoring in
Mohawk, Michigan. A second storm may bring more rain by June 29,
improving conditions for corn pollination and soybean flowering,
Dee said.


Read more at Bloomberg Commodities News

UPDATE 1-Competition Bureau would review BCE/Telus merger

(Reuters) - Senior Deputy Commissioner Melanie Aitken told Reuters she
was not at liberty to say whether a review had begun, "but I
can tell you that we will be looking at it."




She said the bureau would rate the proposed deal as a "very
complex" transaction, of the type that has on average taken 3.3
months for it to review.


Read more at Reuters.com Mergers News

Bear still hoping to restructure funds - source

(Reuters) - Blackstone declined to comment. Bear Stearns was not immediately available for comment.




Read more at Reuters.com Bonds News

Gold, Silver Fall in New York as Interest-Rate Outlook Bolsters Dollar

(Bloomberg) -- Gold and silver fell in New York on
speculation a pickup in the U.S. economy may keep the Federal
Reserve from cutting interest rates, boosting the dollar and
reducing the metals' appeal as alternative investments.

Gold generally moves in the opposite direction of the
dollar, which rose for the first day in five against a basket of
six major currencies. Before today, gold had gained 3.4 percent
this year, while the dollar index had dropped 1.4 percent.


Read more at Bloomberg Commodities News

Canada's Dollar Tumbles as April Retail Sales Increase Less Than Forecast

(Bloomberg) -- The Canadian dollar declined the
most in more than a week as retail sales grew at a slower pace
than economists expected.

The Canadian currency traded 0.41 percent lower at 93.40
U.S. cents at 8:59 a.m. in Toronto, compared with 93.78 cents
yesterday. It was the largest decline since June 12. One U.S.
dollar buys C$1.0707.


Read more at Bloomberg Currencies News

S.Africa Q2 retail confidence up at record high - survey

(Reuters) - Confidence among South Africa's retailers rebounded in the second quarter of 2007, buoyed by still high consumer spending and despite higher interest rates.

The Bureau for Economic Research said retail confidence increased to 91 index points -- equal to a high reached in the fourth quarter of 2006 -- from 87 in the first quarter on 2007.


Read more at Reuters Africa

Jobless claims rose 10,000 last week

(Reuters) - Wall Street analysts had forecast a slight rise in claims to 312,000 from an initial reading of 311,000 in the week ended June 9.




The closely watched four-week moving average of initial jobless claims, which flattens weekly fluctuations and gives a better sense of what is happening to underlying employment, rose for the fourth consecutive week, rising to 314,500 from 312,000 the prior week.


Read more at Reuters.com Business News

U.K. Pound Gains to 4-Month High Versus Euro on Speculation Rates to Rise

(Bloomberg) -- The pound climbed to the highest in
almost four months against the euro on speculation investors will
keep increasing bets on higher interest rates in Europe's second-
largest economy.

The currency has risen almost 1 percent versus the euro this
week as minutes of the Bank of England's June policy meeting
yesterday 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

FACTBOX-Who owns Borsa Italiana

(Reuters) - Borsa Italiana is due to hold a board meeting from 1300 GMT.




Below is a list of Borsa Italiana's shareholders:


Read more at Reuters.com Mergers News

China says will act to reduce Iraq debt

(Reuters) - "We will reduce or forgive Iraq's debt on a large scale, and help it to train people in the fields of economics, electrical power, diplomacy and management," Qin said, adding that Chinese companies were also willing to participate in the rebuilding.




He did not elaborate on debt figures.


Read more at Reuters.com Bonds News

H&R Block Q4 net income from cont ops rises 9 percent

(Reuters) - Revenue rose 8 percent to $2.4 billion.




Read more at Reuters.com Business News

Pier 1 Imports quarterly loss widens

(Reuters) - The first-quarter net loss widened to $56.4 million, or 64 cents a share, from $23.2 million, or 27 cents a year ago. In the latest quarter Pier 1 took a $3.5 million charge.



Sales fell to $356.4 million from $376.1 million in the year-ago quarter.


Read more at Reuters.com Market News

CORRECTED: Gold bounces, Tokyo futures off two-week highs

(Reuters) - SINGAPORE/TOKYO - Gold bounced in cautious trade on Thursday after falling more than 1 percent in New York, while Tokyo futures tracked losses in New York and traded below two-week highs hit the previous day.




Other precious metals were mixed, with a late rebound in Japanese platinum futures <0#JPL:> spurring gains in the cash price. Spot platinum had rallied to its highest in nearly two weeks on Wednesday on supply concerns.


Read more at Reuters.com Hot Stocks News

Rand steady after c/act data release

(Reuters) - South Africa's rand firmed against the dollar after current account data for the first quarter narrowed slightly from the previous quarter.

The local currency was trading at 7.1400 against the greenback at 0931 GMT, from 7.1650 at 0900 GMT, the release time for the Reserve Bank's latest quarterly bulletin.


Read more at Reuters Africa

U.S. Stock-Index Futures Rise; Dow Jones, Oakley, Google Gain in Europe

(Bloomberg) -- U.S. stock-index futures climbed as
investors speculated a manufacturing report and a gauge of
leading indicators will indicate economic growth is picking up.

Dow Jones & Co., the owner of the Wall Street Journal,
gained in Europe on expectations takeover talks with News Corp.
might speed up after the publisher's directors took control of
discussions and a new bidder emerged. Shares of Oakley Inc.
jumped after the U.S. sunglassmaker agreed to be acquired by
Luxottica Group SpA for $2.03 billion in cash.


Read more at Bloomberg Stocks News

Asian stocks brush off U.S. fall, oil steady

(Reuters) - The yen bounced along near recent lows against the euro and the dollar and some traders say the low-yielding currency will continue to drift lower.




At the other end of the spectrum, the New Zealand dollar rose to a 22-year-high against the U.S. currency.


Read more at Reuters.com Hot Stocks News

European Stocks Drop; Societe Generale, Tesco, Nokia Lead Decline

(Bloomberg) -- European stocks fell the most in two
weeks as rising bond yields in the U.S. pushed banks, insurers
and retailers lower.

The gain in yields ``has made stocks look less attractive,''
said Kevin Gardiner, head of global equity strategy at HSBC Bank
Plc. ``Stay clear from consumers in the U.S. and the U.K.''


Read more at Bloomberg Stocks News

Germany's DAX Index Retreats, Led Lower by Merck, SAP, Deutsche Bank

(Bloomberg) -- German stocks dropped, led by Merck
KGaA, SAP AG and Deutsche Bank AG.

The benchmark DAX Index lost 51.28, or 0.6 percent, to
8039.21 as of 9:06 a.m. in Frankfurt. The HDAX Index of the
country's 110 biggest companies dropped 0.7 percent.


Read more at Bloomberg Stocks News

Zimbabwe imports 60,000T wheat to ease shortage

(Reuters) - Zimbabwe has imported 60,000 tonnes of wheat worth $25 million to ease bread shortages after millers in the crisis-hit southern African country ran out of the grain, the official Herald newspaper reported on Thursday.

Wheat is Zimbabwe's second staple grain, after maize, but the country -- a regional breadbasket before President Robert Mugabe's drive to seize land from whites to resettle landless blacks -- has failed to meet its annual consumption requirements of between 400,000 and 450,000 tonnes.


Read more at Reuters Africa