Botswana exchange rate 'broadly appropriate' - IMF

(Reuters) - The International Monetary Fund said on Thursday Botswana's exchange rate was "broadly appropriate" amid a strong current account, high reserves and growing exports outside diamonds.

Inflation in Botswana, one of southern Africa's most stable countries and a large diamond producer, has crept up following a 2005 currency devaluation and adoption of a crawling peg.


Read more at Reuters Africa

FACTBOX-Asian investment banking fees hit H1 record

(Reuters) - The following is a ranking of the top 5 Asia Pacific
investment banks by revenue in the first half, according to
Dealogic, and a breakdown of revenue by type of deals.




H1
2006
BANK NET REVENUE PCT MKT SHR RANK
UBS $390 million 12.7 2
JPMorgan $196 million 6.4 3
Morgan Stanley $187 million 6.1 6
Goldman Sachs $171 million 5.6 1
Citigroup $167 million 5.4 5
NET REVENUE DEAL TYPE


Read more at Reuters.com Mergers News

Alcatel-Lucent, Alitalia SpA, Siemens AG, Pirelli: European Equity Preview

(Bloomberg) -- The following stocks may rise or
fall in European markets. Prices are from the last close.

The Dow Jones Stoxx 600 added 1 percent to 391.60. The Dow
Jones Stoxx 50 Index climbed 0.9 percent to 3922.48. The Euro
Stoxx 50 Index, a benchmark for the 13 nations using the euro,
increased 1 percent to 4457.99.


Read more at Bloomberg Stocks News

Bernanke Unwilling to Declare Inflation Victory, Signals Unchanged Rates

(Bloomberg) -- Federal Reserve Chairman Ben S.
Bernanke and his colleagues aren't ready to declare victory in
their battle against inflation.

The Federal Open Market Committee yesterday said the
decline in its preferred gauge of inflation isn't enough to
satisfy policy makers. ``A sustained moderation in inflation
pressures has yet to be convincingly demonstrated,'' the panel
said in a statement after a meeting in Washington at which it
also kept the benchmark interest rate at 5.25 percent.


Read more at Bloomberg Bonds News

Asia Currencies: Philippine Peso Heads for Fourth Quarterly Gain on Inflow

(Bloomberg) -- The Philippine peso headed for a
fourth quarterly gain on speculation workers abroad are sending
back more remittances and overseas funds are buying the nation's
stocks.

The peso is the second-best performer of 10 of the most-
traded Asian currencies this quarter as money sent home by
Filipinos employed overseas rises and the Philippine Stock
Exchange Index trades near a record high.


Read more at Bloomberg Currencies News

China Eastern Wins Approval to Sell Stake to Singapore Airlines, Temasek

(Bloomberg) -- China Eastern Airlines Corp., the
nation's third-largest carrier, won preliminary approval to sell
a stake to Singapore Airlines Ltd., which is seeking better
access to the world's second-largest aviation market.

Singapore Airlines and parent Temasek Holdings Pte. plan to
buy about 25 percent of China Eastern, Li Fenghua, the Chinese
carrier's chairman, said at a shareholders' meeting in Shanghai
today. Final details of the plan are now under discussion after
the State Administration of State-Owned Assets Commission
approved the deal, he added.


Read more at Bloomberg Emerging Markets News

South Korea's Won Set for Quarterly Gain on Signs Economy Is Rebounding

(Bloomberg) -- South Korea's won headed for a
quarterly gain as growth in exports suggested the economy is
rebounding from a slowdown in the first three months of the year.

The nation's current account returned to surplus in May for
the first time in three months as shipments overseas increased,
the Bank of Korea said today. The won rose to the highest in
almost 10 years against the yen last week and touched the
strongest for 2007 in May versus the dollar, with consumer
confidence the highest in 14 months.


Read more at Bloomberg Currencies News

Australian Shares Rise, Led by BHP, Rio Tinto on Higher Metals, Oil Prices

(Bloomberg) -- Australian stocks gained for a second
day. BHP Billiton Ltd., Rio Tinto Group and Woodside Petroleum Ltd.
climbed along with the price of commodities such as copper, zinc
and crude oil.

The S&P/ASX 200 gained 10.30, or 0.2 percent, to 6275.90 at
10:11 a.m. in Sydney. About the same number of shares rose and
fell. The index is set to decline 1.7 percent this week.


Read more at Bloomberg Stocks News

Oregon state appeals Freightliner fraud settlement

(Reuters) - In December, the court ordered Portland-based Freightliner
to pay MAN at least $488 million and, with DaimlerChrysler, an
additional $350 million in punitive damages -- an amount
believed to be the largest such award ever in Oregon.




But the parties struck a new deal in late May that excluded
punitive damages, and Judge Kathleen Dailey approved that deal
on June 7.


Read more at Reuters.com Bonds News

Australian Dollar Strengthens for Second Day on Appeal of Higher Yields

(Bloomberg) -- The Australian dollar rose for the
second day against the U.S. currency and yen as investors were
attracted to the nation's higher yielding assets.

The currency was headed for the fifth-straight quarterly
advance against the U.S. dollar and yen on Australia's 6.25
percent interest rate. Traders have taken advantage of the yield
over Japan's 0.5 percent benchmark by borrowing money there and
buying Australia's higher returning assets, in a strategy known
as the carry trade.


Read more at Bloomberg Currencies News

UPDATE 2-Career Education to close Penn., Calif. schools

(Reuters) - The Hoffman Estates, Illinois-based company does not
believe the closures will materially affect second-quarter
results, said a company spokesman.




Two of the schools slated for closure, the Long Beach and
Sunnyvale, California campuses of Brooks College, had been for
sale.


Read more at Reuters.com Bonds News

RIM subscriber additions lead profit, revenue surge

(Reuters) - RIM said it earned $223.2 million, or $1.17 a share, for
the three months ended June 2. That was up a profit of $128.8
million, or 67 cents a share, in the same period a year
earlier.




Read more at Reuters.com Market News

UPDATE 3-RIM profit surges, sets stock split, shares jump

(Reuters) - TORONTO, June 28 - BlackBerry maker Research In
Motion Ltd. reported a higher first-quarter
profit on Thursday, beating expectations and sending its shares
higher as it added more subscribers for its popular wireless
e-mail devices than it had forecast.




The company also announced a three-for-one share split,
which it plans to implement through a stock dividend.


Read more at Reuters.com Market News

UPDATE 1-Hard disk maker Western Digital to buy rival Komag

(Reuters) - SAN FRANCISCO, June 28 - Western Digital Corp.
has agreed to acquire Komag Inc. , one of its
last rivals in the U.S. hard disk drive industry, for about $1
billion in cash, the companies said on Thursday.




The proposed merger comes amid a sharp fall in prices in
the highly commoditized computer disk-drive industry, once one
of the bedrock manufacturing sectors in Silicon Valley.


Read more at Reuters.com Mergers News

St. Jude Medical says pacemaker feature gets OK

(Reuters) - The approval is for the QuickOpt timing cycle optimization, the company said in a statement.






Read more at Reuters.com Government Filings News

American Home Mortgage pulls outlook on credit losses

(Reuters) - Analysts on average expected profit per share of 75 cents for the second quarter and $3.14 for the year.



The company specializes in prime and near-prime loans, and makes roughly 2.5 percent of all U.S. mortgages.


Read more at Reuters.com Bonds News

Cotton Falls From Three-Year High as U.S. Exports May Be Short of Forecast

(Bloomberg) -- Cotton fell from a three-year high
in New York after U.S. weekly exports declined 15 percent,
indicating that shipments may fall short of the Department of
Agriculture's forecast.

Exports of upland cotton in the week ended June 21 fell to
373,539 bales, according to the USDA. The department has
forecast exports of 13 million bales for the marketing year,
leaving 9.8 million unsold by July 31, the most in 40 years.


Read more at Bloomberg Commodities News

Petro-Canada, Partners Plan to Invest $24.6 Billion in Oil-Sands Project

(Bloomberg) -- Petro-Canada, the third-largest oil
company in Canada, and its partners will spend C$26.2 billion
($24.6 billion) on an oil-sands project in northern Alberta
that's one of the world's most costly energy developments.

The Fort Hills project is expected to produce 280,000
barrels of oil a day from the tar-like deposits by 2014, with
output starting in the second quarter of 2012, the Calgary-based
company said today in a statement. The project, under development
for more than five years, will tap oil reserves second only to
those in Saudi Arabia.


Read more at Bloomberg Energy News

Treasuries Decline After Fed Says Inflation Remains `Predominant' Concernn

(Bloomberg) -- Treasuries fell after the Federal
Reserve said inflation remained its ``predominant'' concern
while keeping the benchmark lending rate unchanged for an eighth
consecutive meeting at 5.25 percent.

``The Fed is signaling it wants it proven first that
inflation is down and will stay down,'' said Gerald Lucas,
senior investment strategist in New York at Deutsche Bank AG,
one of the 21 primary U.S. government securities dealers that
trade with the Fed. ``Inflation and the perception that the Fed
will remain on hold is what the market is reacting to.''


Read more at Bloomberg Bonds News

Already sprawling, Onex expands reach with GM deal

(Reuters) - TORONTO, June 28 - With investments as diverse as
cosmetics, electronics, aircraft manufacturing and movie
theaters, Onex Corp. again expanded its portfolio on
Thursday by announcing it would buy a stake in General Motors
Corp.'s Allison Transmission unit.




Onex, Canada's only large publicly traded private-equity
firm, has been buying companies in an array of industries since
1983.


Read more at Reuters.com Mergers News

British Airways to be patient on Iberia: CEO

(Reuters) - British Airways is part of a consortium led by private equity firm Texas Pacific Group that has bid 3.60 euros a share for Iberia.




Iberia did not discuss the offer at its monthly board meeting on Thursday, a spokeswoman for the Spanish airline said, despite a previous commitment to do so.


Read more at Reuters.com Mergers News

Cattle Futures Gain for Second Day on South Korea Imports; Hog Prices Fall

(Bloomberg) -- Cattle rose for a second-straight
session in Chicago as the restoration of South Korean beef
imports from the U.S. spurred cattle buying. Hog futures fell.

South Korea resumed purchases this week from six plants
owned by Tyson Foods Inc. and Cargill Inc., the two-largest U.S.
beef packers. The Asian country banned beef from the plants on
May 29 after receiving shipments intended for U.S. consumption.
South Korea was the third-largest importer of U.S. beef until a
mad-cow case in 2003.


Read more at Bloomberg Commodities News

DAX Benchmark Rises; Postbank Jumps After Commerzbank Expresses Interest

(Bloomberg) -- Germany's benchmark DAX Index rose
for the first time in six days, led by Deutsche Postbank AG after
Commerzbank AG said the rival would be an ``excellent addition.''
MAN AG and Henkel KGaA also gained.

The DAX added 120.36, or 1.5 percent, to 7921.36. DAX
futures expiring in September increased 1.5 percent to 7998 at
5:51 p.m. in Frankfurt. The HDAX Index of the country's 110
biggest companies climbed 1.6 percent.


Read more at Bloomberg Stocks News

Harbinger steps up proxy fight for Ryerson

(Reuters) - The nominees stand for election at Ryerson's Aug. 23
meeting. Ryerson set the meeting date earlier this month after
Harbinger sued the company, saying that it had delayed its
meeting past the legal limit.




Ryerson earlier this year delayed its annual meeting and
hired UBS to look at strategic alternatives, including a
possible sale as it sought to fight off Harbinger.


Read more at Reuters.com Mergers News

British Airways to be patient on Iberia - CEO

(Reuters) - offer, its chief executive said on Thursday. British Airways is part of a consortium led by private equity firm Texas Pacific Group [TPG.UL] that has bid 3.60 euros a share for Iberia.



The offer is expected to be rejected by Iberia's board at a meeting on Thursday in the hopes of receiving a rival bid, according to a source familiar with the situation.


Read more at Reuters.com Bonds News

Cisco, CKE, Dillard's, General Motors, LSI, Meridian: 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 10:45 a.m. New York time.

Atmel Corp. (ATML US) gained 9 cents, or 1.6 percent, to
$5.80. The maker of chips for mobile phones and DVD players said
first-quarter net income was 6 cents a share, more than the 3-
cent average estimate of five analysts surveyed by Bloomberg.


Read more at Bloomberg Stocks News

IMF chief Rato says to step down in October

(Reuters) - International Monetary Fund Managing Director Rodrigo Rato said on Thursday he would step down from his post in October for "personal reasons," cutting short his term.

Rato, who took office June 7, 2004, said he would depart after the IMF's fall meetings in October.


Read more at Reuters Africa

Security Benefit to acquire Rydex Investments

(Reuters) - Rydex, based in Rockville, Maryland, manages more than $15
billion in mutual funds, exchange-traded funds and
institutional products.




The combined firm will manage about $35 billion in assets,
the announcement said.


Read more at Reuters.com Mergers News

Mexico May Be Closing in on Credit Rating Increase, S&P's Mukherji Says

(Bloomberg) -- Mexico's chances of a credit rating
increase are improving as President Felipe Calderon moves toward
garnering congressional approval for legislation that would boost
tax collection, said Joydeep Mukherji, a sovereign ratings
director at Standard and Poor's.

The government last week sent legislators a proposal to
boost annual tax revenue by the equivalent of 3 percent of gross
domestic product in an effort to ease Mexico's dependence on oil
export income and keep the budget deficit in check.


Read more at Bloomberg Emerging Markets News

Grain Supply, Stock Forecasts Cut by Council on Drought, Canadian Sowings

(Bloomberg) -- Global stockpiles of grains such as
wheat and corn will be 1.7 percent lower than previously
forecast because of drought in Europe and fewer sowings in
Canada, the International Grains Council said.

Inventories for the year ending June 2008 will 236 million
tons, the lowest in 30 years, the London-based council said in
an e-mailed report today. Its May forecast was 240 million tons.
Grain production in the year will be 1.66 billion metric tons,
0.6 percent less than previously forecast.


Read more at Bloomberg Commodities News

Carlyle Group Reduces Size of $400 Million Mortgage Fund IPO by 25 Percent

(Bloomberg) -- Carlyle Group, the buyout firm run by
David Rubenstein, cut the size of the initial public offering for
a fund that invests in bonds backed by mortgages by 25 percent to
$300 million after a slump in the U.S. subprime market.

Carlyle trimmed the offering from $400 million and reduced
the price of the shares to $19 from a range of $20 to $22,
Carlyle Capital Chief Executive Officer John Stomber said in an
interview today. The firm said earlier in a statement it would
delay the pricing of the fund, which will mostly invest in AAA
rated residential mortgage-backed securities. The fund also
targets loans, junk bonds and collateralized debt obligations.


Read more at Bloomberg Bonds News

UPDATE 1-Equinix agrees to buy IXEurope for 241 mln stg

(Reuters) - Equinix said it would pay 125 pence per share in the British
data centre group, disappointing investors and analysts who felt
the deal undervalued IXEurope's potential.




Shares in the company, which had closed at 131-1/2 pence on
Wednesday, slid 6.5 percent to 123p.


Read more at Reuters.com Mergers News

US STOCKS-Futures edge lower on signs of core inflation

(Reuters) - NEW YORK, June 28 - Standard & Poor's 500 stock
index futures dipped on Thursday after government data showed
first-quarter core personal consumption spending, an inflation
gauge favored by the Federal Reserve, was revised higher.




PCE excluding food and energy was revised up during the
quarter to a 2.4 percent rate from the prior 2.2 percent
estimate. This will likely be weighed by Fed officials as they
conclude their two-day policy meeting later on Thursday.


Read more at Reuters.com Bonds News

First-quarter growth weakest in 4 years

(Reuters) - It was the weakest quarterly expansion in gross domestic product, or GDP, since 2002. The slowdown came as businesses sold off inventories, though consumer spending remained strong.




However, the report's inflation gauge, the Personal Consumption Expenditures price index, showed price pressures were stronger than expected.


Read more at Reuters.com Business News

UPDATE 1-U.S. jobless claims fall 13,000 in latest week

(Reuters) - Analysts polled by Reuters were expecting claims to slip to
318,000 in the week ending June 23 from the previous week. New
jobless claims were revised to 326,000 from 324,000 in the week
ending June 16.




The report was "a little stronger than had been expected
... but it was an improvement. This I think is kind of
encouraging for economic activity." said Michael Metz, chief
investment strategist, Oppenheimer & Co. in New York.


Read more at Reuters.com Economic News

Canada's Dollar Reaches Highest in Almost Two Weeks on Increase in Oil

(Bloomberg) -- The Canadian dollar rose to the
highest in almost two weeks on speculation an advance in crude
oil will lift the country's economic growth.

Investors also pushed up the Canadian dollar against the
yen as a rebound in Asia and European stocks encouraged
investors to seek higher-yielding assets funded by loans in
Japan, a practice known as the carry trade. Commodities
including oil make up about half of Canada's exports.


Read more at Bloomberg Currencies News

U.S. 2007 first-quarter GDP growth up 0.7 pct

(Reuters) - Businesses cut inventories at a $4.2 billion annual rate during the quarter, the department said, slightly less than the $4.5 billion annual rate in the previous estimate for the quarter but still big enough to pull growth down during the quarter.




In the report, personal consumption spending that fuels two-thirds of national economic activity rose at a 4.2 percent rate, slightly lower than the 4.4 percent rate estimated a month ago but still a strong underpinning to keep the economy growing.


Read more at Reuters.com Economic News

Amazon, Cisco, Family Dollar, Intel, Meridian Gold: 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 8 a.m. New York time.

Amazon.com Inc. (AMZN US): RBC Capital raised its share-
price estimate for the world's biggest online retailer to $75
from $45, citing high short interest. The shares rose 66 cents to
$68.14 in regular trading yesterday.


Read more at Bloomberg Stocks News

Rite Aid posts higher quarterly profit

(Reuters) - Analysts, on average, expected the Camp Hill,
Pennsylvania-based retailer to post a loss of 1 cent per share,
according to Reuters Estimates.




Rite Aid bought the U.S. Brooks and Eckerd drugstore chains
from Canada's Jean Coutu Group Inc. on June 4,
just after the quarter ended.


Read more at Reuters.com Market News

Publicis, Dassault Systemes in 3D online venture

(Reuters) - PARIS, June 28 - French advertising group Publicis
and software group Dassault Systemes will
create a joint venture in 3D online marketing in a bid to boost
advertising sales, the two companies said on Thursday.




The Paris-based venture named 3dswym -- an acronym for 3DSee
What You Mean -- will be 51 percent owned by Publicis and 49
percent by Dassault Systemes and will allow marketers to reach
consumers directly and to create and adapt new consumer goods
together, the joint statement said.


Read more at Reuters.com Mergers News

U.S. Stock-Index Futures Are Little Changed; Apple Shares Climb in Europe

(Bloomberg) -- U.S. stock-index futures were little
changed before the Federal Reserve announces its interest-rate
decision and comments on the economic and inflation outlook.

Apple Inc. shares gained in Europe after the Financial Times
reported Motorola Inc., the world's second-biggest mobile-phone
maker, is worried about the iPhone. Monsanto Co., the world's
biggest seed producer, rose before reporting earnings. Bed Bath &
Beyond Inc., the largest U.S. home-furnishings retailer, fell
after saying profit may decline.


Read more at Bloomberg Stocks News

S.Africa May PPI quickens to 11.3 pct y/y

(Reuters) - South Africa's producer price inflation accelerated to 11.3 percent year-on-year in May after a 11.1 percent increase in April, slightly above forecasts, official data showed on Thursday.

On a monthly basis, PPI increased by 1.1 percent after a 1.7 percent increase in April.


Read more at Reuters Africa

Commods fuel FTSE recovery in global stocks bounce

(Reuters) - Britain's leading shares jumped 0.7 percent on Thursday, with commodities hoisting the index into the black as global equities took heart from a rebound on Wall Street.

All FTSE 100 mining and oil shares traded higher, adding nearly 20 points to the index's upside as copper bounced back and oil edged higher as U.S. gasoline inventories fell.


Read more at Reuters Africa

Nestle strengthens on upgrade, L'Oreal buyback

(Reuters) - Separately, Deutsche Bank raised its investor recommendation on Nestle to buy from hold with a target price 520 francs, traders said.




Nestle shares were up 2.34 percent at 459.25 francs at 0721 GMT, the lead gainer in the European food and beverage sector , which was up 0.7 percent at the same time.


Read more at Reuters.com Hot Stocks News

Colombia, Brazil, Chile, Peru, Venezuela: Latin America Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Latin American local bonds
today. Bond yields are from the previous session.

Argentina: Supermarket sales by volume rose 12.4 percent in
May from a year earlier, the National Statistics Institute said.
Supermarkets sold 2.4 billion pesos ($776 million) worth of
goods, the institute said in a report issued yesterday in Buenos
Aires. Shopping center sales by volume rose 13.3 percent from
May last year.


Read more at Bloomberg Bonds News

Red Hat CEO says he talked patents with Microsoft

(Reuters) - The developer of Linux software, has yet to sign such a deal which could see Novell, its biggest rival, woo customers away from Red Hat and work on product development and sales with the world's No.1 software maker.




In an interview with Reuters, Szulik declined to say whether his company is now in negotiations with Microsoft over signing such a patent agreement.


Read more at Reuters.com Business News

Ford offers month-end incentives

(Reuters) - The sale, which begins on Thursday and runs through July 9, will offer an additional $2,007 in cash to customers buying 2007-model Ford, Lincoln or Mercury trucks or sport utility vehicles.




The announcement comes after larger rival General Motors Corp. said on Tuesday it would offer qualified buyers zero-percent financing for three years with an additional $1,000 cash on select vehicles.


Read more at Reuters.com Business News