Cerberus may sell Imperial Hotel stake: Nikkei

(Reuters) - The news sent Imperial Hotel's shares up by their daily limit of 500 yen, or 11.4 percent, to 4,880 yen in afternoon dealings.




Based on Monday's closing price, the hotel had a market value of 145 billion yen , valuing Cerberus's stake at about 58 billion yen.


Read more at Reuters.com Business News

UPDATE 1-Cerberus may sell Imperial Hotel stake--Nikkei

(Reuters) - The investment firm has narrowed its list of bidders to
property firms Mitsubishi Estate Co. Ltd. and Mitsui
Fudosan Co. Ltd., and it hopes to select a buyer by the
end of the year, the report said, citing people familiar with the
matter.




The news sent Imperial Hotel's shares up by their daily limit
of 500 yen, or 11.4 percent, to 4,880 yen in afternoon dealings.


Read more at Reuters.com Mergers News

Pakistani Textile Maker Azgard Nine's Bonds Rated B+ By Standard & Poor's

(Bloomberg) -- Azgard Nine Ltd., a Pakistani textile
maker, was rated B+ by Standard & Poor's Ratings Services for its
planned bond sale.

S&P assigned a B+ corporate credit rating to Azgard
Nine with a ``stable'' outlook, a statement from the ratings
company said.


Read more at Bloomberg Bonds News

Japan's Commodity Exchange Trading Volumes Decline 25 Percent Last Month

(Bloomberg) -- Japan's commodity exchanges
trading volumes fell 25 percent in June from a year ago,
the Japan Federation of Commodity Exchanges Inc. said.

Futures and options trading volume on the four bourses
totaled 6.53 million contracts for the month, down from
8.71 million contracts, the Tokyo-based federation said in
data released on its Web site June 29.


Read more at Bloomberg Commodities News

Cioffi's Hero-to-Villain Hedge Funds Masked Peril of CDOs for Bear Stearns

(Bloomberg) -- The two hedge funds that Ralph Cioffi
managed were so hot that some investors had to call a friend at
his firm, Bear Stearns Cos., to get his attention. Cioffi's
employer and associates, dazzled by 40 consecutive months
without a loss for one of the funds, invested at least $35
million of their own money with him.

Cioffi was so successful that colleagues insisted that his
eight-figure compensation placed him among the highest-paid
employees in 2006. Bear Stearns officials and Cioffi declined to
comment.


Read more at Bloomberg Bonds News

Greene King, Cybit, Alphameric, Waterford: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from the market close yesterday.

The benchmark FTSE 100 Index fell 17.30, or 0.3 percent, to
close at 6590.60 in London as 27 stocks rose, 74 fell and two
were unchanged. The FTSE All-Share Index declined 7.37, or 0.2
percent, to 3396.77.


Read more at Bloomberg Stocks News

JGB futures eke out gains on 10-yr auction optimism

(Reuters) - Gains were tempered, however, as expectations for a Bank of
Japan rate rise to 0.75 percent from 0.5 percent as early as
August remain firmly entrenched in the market, analysts said.
JGBs drew some strength from gains in Treasuries on Monday
and extended their gains after the Finance Ministry said it was
offering 10-year bonds with a coupon of 1.9 percent, up from 1.8
percent at the previous 10-year offer.




It was the first time the coupon for a 10-year JGB was set at
1.9 percent since an auction last August.


Read more at Reuters.com Bonds News

Guangzhou R&F Buys Shanghai Site to Tap Faster Growth in Property Prices

(Bloomberg) -- Guangzhou R&F Properties Co. said it's
bought its first development site in Shanghai, expanding for the
first time to China's largest city to tap property prices that
have outpaced the national average.

Guangzhou R&F, based in southern China's Guangzhou city,
paid 540 million yuan ($71 million) in an auction for the
183,300-square-meter site in Shanghai's Qingpu district, the
company said in an e-mailed press release last night. The price
is equivalent to 2,962 yuan per square meter, the release said.


Read more at Bloomberg Emerging Markets News

Australian Shares Gain, Led by BHP Billiton, Rio; Wesfarmers, Coles Drop

(Bloomberg) -- Australian stocks advanced, led by BHP
Billiton Ltd. and Woodside Petroleum Ltd. after metals prices rose
and oil climbed to a 10-month high.

Wesfarmers Ltd., Australia's biggest home improvement chain,
fell after it agreed to buy retailer Coles Group Ltd. for A$20.7
billion ($17.7 billion) in the nation's biggest ever takeover.


Read more at Bloomberg Stocks News

Dollar subdued by rate outlook, holiday jitters

(Reuters) - Such concerns, which were fuelled by a suicide bombing in Yemen on Monday suspected to be linked to al Qaeda, boosted the U.S. Treasury market, pushing benchmark yields to their lowest level in nearly a month.




Jitters ahead of the U.S. Independence day holiday on Wednesday kept investors away from the dollar, in addition to the view that the Federal Reserve is unlikely to lift rates anytime soon given a recent run of data showing soft U.S. inflation.


Read more at Reuters.com Hot Stocks News

South Korea's Currency Reserves Fell in June, First Decline in 12 Months

(Bloomberg) -- South Korea's foreign-exchange
reserves, the world's fifth largest, fell for the first time in
a year as banks and the national pension fund bought overseas
currencies from the central bank to invest abroad.

The reserves declined to $250.7 billion in June, a $40
million drop from the previous month's record, the Bank of Korea
said in a statement in Seoul today. South Korea's reserves
include $218 billion of foreign securities such as U.S.
Treasuries.


Read more at Bloomberg Bonds News

China Shenhua Energy Plans to Raise $6.28 Billion in Shanghai Share Sale

(Bloomberg) -- China Shenhua Energy Co., the nation's
largest coal producer, may raise HK$49.1 billion ($6.28 billion)
by selling shares in Shanghai to finance expansion.

The Beijing-based company plans to sell as many as 1.8
billion yuan-denominated A shares, it said in a statement to Hong
Kong's stock exchange late yesterday.


Read more at Bloomberg Energy News

UPDATE 1-UAP Holding first-quarter profit rises 50 pct

(Reuters) - The company, which distributes pesticides, fertilizers and
seeds to farmers, also raised the lower end of its profit
outlook for fiscal 2008.




UAP reported first-quarter earnings of $87.7 million, or
$1.66 a share, compared with $58.3 million, or $1.11 a share, a
year ago. Net sales rose 15 percent to $1.61 billion.


Read more at Reuters.com Market News

Argentina stocks, bonds up amid global upswing

(Reuters) - "A series of external factors combined to produce a very
good day for a variety of markets," said Marcelo Paccione of
ConsultCapital brokerage.




As returns on U.S. notes fall, investors tend to seek
riskier but higher-yielding emerging markets assets. Traders
also said that higher international oil prices boosted the
shares of energy-related companies in Buenos Aires.


Read more at Reuters.com Bonds News

Currency Volatility Increases on Demand for Insurance Against Rally in Yen

(Bloomberg) -- Volatility on major currencies may
extend a rebound from an all-time low because investors are
buying protection against a rally in the yen.

Traders are holding record futures bets that Japan's
currency will weaken versus the dollar, which raises the risk
that they will exit so-called carry trades that profit from yen
declines, said David Woo at Barclays Capital Inc. Concern about
losses in the riskiest segment of the U.S. mortgage market may
make investors more risk-averse, sparking a reversal of carry
trades and bigger currency swings.


Read more at Bloomberg Currencies News

UPDATE 1-U.S. Energy Corp signs oil and gas exploration pact

(Reuters) - With an expected 20 percent working interest partnership in
various wells that will be drilled over the next two to three
years, U.S. Energy's original commitment is for about $3
million, which has been tendered, the mining company said.




Two prospects have already been leased and exploration and
development activities should commence in the later part of the
fourth quarter 2007 or the first quarter of 2008, it said.


Read more at Reuters.com Mergers News

Mexico's Credit Rating Outlook Raised to Positive by Standard & Poor's

(Bloomberg) -- Mexico's credit rating outlook was
raised to positive from stable by Standard & Poor's, fueling a
surge in the currency and government bonds.

S&P, which rates Mexican foreign debt BBB, the second-lowest
investment-grade rating, said the change in outlook was driven by
country's efforts to reduce its foreign debt and by expectations
congress will approve legislation to bolster tax collection. S&P
rates Mexico's local debt A, the sixth-highest rating.


Read more at Bloomberg Emerging Markets News

N.Y. Gasoline Futures Decline on Speculation U.S. Inventories to Increase

(Bloomberg) -- Gasoline futures were little changed
amid estimates a weekly Energy Department report will show a
rise in U.S. inventories as refinery production increased.

Supplies probably grew 500,000 barrels last week, according
the median of nine estimates in a Bloomberg News survey of
analysts. Refineries operated at 90.3 percent of nationwide
capacity, up 0.9 percentage point from the previous week, the
survey predicted. The Energy Department will release its report
on Thursday, July 5.


Read more at Bloomberg Energy News

US STOCKS-Nasdaq tops 1 percent on M&A, ISM data

(Reuters) - The Dow Jones industrial average was up 117.95
points, or 0.88 percent, at 13,526.57. The Standard & Poor's
500 Index was up 14.10 points, or 0.94 percent, at
1,517.45. The Nasdaq Composite Index was up 26.42
points, or 1.01 percent, at 2,629.65.




Read more at Reuters.com Bonds News

Soybeans Rise as U.S. Farmers Cut Acreage, Seeking Higher Profit From Corn

(Bloomberg) -- Soybeans rose in Chicago, extending
a rally to a three-year high, after the government said U.S.
farmers planted the fewest acres in 12 years.

Soybean acreage was slashed 15 percent from last year's
record high, the government said June 29. Farmers planted more
corn after the grain reached a 10-year high in February, driven
by record demand for ethanol and animal feed. When farmers were
making planting decisions in early March, corn had gained 82
percent from a year earlier, while soybeans were up 29 percent.


Read more at Bloomberg Commodities News

US STOCKS-Indexes climb on factory growth, M&A buzz

(Reuters) - NEW YORK, July 2 - U.S. stocks kicked off the
third quarter on a high note on Monday, boosted by
merger-and-acquisition activity and data showing stronger
manufacturing growth in June even as price pressures eased.




Economically sensitive stocks, such as heavy equipment
maker Caterpillar Inc. and industrial conglomerate
United Technologies Corp. , were some of the session's
leaders after the Institute for Supply Management posted a
surprising gain in factory activity.


Read more at Reuters.com Bonds News

TREASURIES-Short-covering, safety bid boost prices

(Reuters) - NEW YORK, July 2 - U.S. Treasury debt prices rose
and yields sank to three-week lows on Monday as short-covering
and a safety bid outweighed a negligible reaction to slightly
stronger-than-expected data on the U.S. manufacturing sector.




"The fact that the market did almost nothing on somewhat
stronger ISM numbers sparked short-covering in
a quiet pre-holiday market so here we sit with some small
gains, settling into a range," said John Canavan, analyst at
Stone and McCarthy Research Associates.


Read more at Reuters.com Bonds News

Sugar Falls for Fourth-Straight Session as Brazil Harvests Record Crop

(Bloomberg) -- Sugar in New York fell for the
fourth-straight session as a record cane harvest in Brazil, the
largest producer, exceeds demand from ethanol mills.

Brazil will produce 32.45 million metric tons of raw sugar
this year, 17 percent more than last year, according to a report
today by commodity researcher F.O. Licht. Trading houses posted
notices on June 29 that 604,000 tons of raw sugar would be
delivered for the July contract, with a ``surprising'' 389,000
tons from Brazil, Fimat USA LLC in New York said in a report.


Read more at Bloomberg Commodities News

Corn Falls as Biggest U.S. Plantings Since World War II to Boost Supplies

(Bloomberg) -- Corn in Chicago fell for the seventh
time in eight sessions after a report showed U.S. farmers, the
biggest producers, planted the most acres since 1944.

Farmers planted 92.888 million acres this year, 19 percent
more than last year, the Department of Agriculture said June 29.
The highest prices in a decade made corn as much as $200 an acre
more profitable than other crops. Prices have dropped 23 percent
since February as plantings rose.


Read more at Bloomberg Commodities News

Copper Rises to Six-Week High in New York as Inventories, Dollar Decline

(Bloomberg) -- Copper rose in New York to the
highest in six weeks on speculation a decline in the value of
the dollar will boost demand for the metal used in wiring and
plumbing as inventories dwindle.

Copper stockpiles monitored by the London Metal Exchange
fell 1.8 percent to an eight-month low of 112,600 metric tons,
the exchange said today. Copper, sold in dollars, has risen
22 percent this year as inventories fell 38 percent and the U.S.
currency fell 2.6 percent against a basket of six major world
currencies. The dollar today touched the lowest level in more
than a month against the euro.


Read more at Bloomberg Commodities News

Credit sell-off changes risk assessment of CDOs

(Reuters) - As rising interest rates have pushed up the cost of
corporate borrowing and overall risk, the distribution of risks
within CDO portfolios has changed.




The idiosyncratic risk of individual company default s
associated with mergers and leveraged buyouts is being replaced
with systemic risk, in which an increasing number of borrowers
are seen in danger of default.


Read more at Reuters.com Bonds News

Actuant buys BH Electronics for $30 mln

(Reuters) - Headquartered in Munford, Tennessee, BH produces dashboard
control panels and electronic assembly systems, primarily for
the marine market, the statement said.





Read more at Reuters.com Mergers News

Brazil's Stock Rally May Wane Without Tax and Labor Reform, Magliano Says

(Bloomberg) -- Brazil's stock market rally may wane
unless the government passes tax and labor legislation to
improve investment conditions in the country, the president of
the Sao Paulo stock exchange said.

The benchmark Bovespa stock index's more than 100 percent
surge over the past two years has been supported by excess cash
held by international funds, Bovespa President Raymundo Magliano
Filho said in an interview.


Read more at Bloomberg Stocks News

US STOCKS-Indexes rise on telecoms takeovers

(Reuters) - NEW YORK, July 2 - U.S. stocks rose on Monday,
boosted by takeover news in the telecommunications sector.




Canada's largest telephone company, BCE Inc
, agreed to a US$32.8 billion buyout, excluding debt,
from a group that includes the Ontario Teachers Pension Plan on
Saturday, in the biggest buyout in Canadian corporate history.
For details, see [ID:nN02315411].


Read more at Reuters.com Bonds News

US STOCKS-Indexes open up; telecoms takeovers help

(Reuters) - The Dow Jones industrial average was up 57.23
points, or 0.43 percent, at 13,465.85. The Standard & Poor's
500 Index was up 6.68 points, or 0.44 percent, at
1,510.03. The Nasdaq Composite Index was up 14.34
points, or 0.55 percent, at 2,617.57.




Read more at Reuters.com Bonds News

UPDATE 1-Abraxis BioScience to split into two companies

(Reuters) - The split, expected to occur in the fourth quarter, calls
for each Abraxis shareholder to own one share of the hospital
products unit, Abraxis Pharmaceutical Products, and one share
of the new Abraxis BioScience for each share previously held.




Abraxis Pharmaceutical Products would be one of the largest
stand-alone public companies focused on injectable products,
according to the company.


Read more at Reuters.com Mergers News

US STOCKS-Futures up on telecoms takeovers, data eyed

(Reuters) - NEW YORK, July 2 - U.S. stock index futures rose
on Monday, boosted by takeover news in the telecommunications
sector and before a report on manufacturing activity that could
give clues on the outlook for profits.




Canada's largest telephone company, BCE Inc
, agreed to a US$32.8 billion buyout, excluding debt,
from a group that includes the Ontario Teachers Pension Plan on
Saturday, in the biggest buyout in Canadian corporate history.
For details, see [ID:nN02315411].


Read more at Reuters.com Bonds News

Morocco Q1 GDP growth slows to 1.9 pct year-on-year

(Reuters) - A slump in agriculture meant Morocco's gross domestic product (GDP) growth slowed to 1.9 percent in the first quarter from 6.7 percent a year earlier, the country's High Planning Commission said on Monday.

Farm production fell by 18 percent in the first three months of 2007 compared to the same period a year earlier, the HCP said in a statement on its Web site, while non-agricultural growth was 4.7 percent.


Read more at Reuters Africa

Ventas to record $129 mln gain in Kindred sale

(Reuters) - Nursing home and long-term hospital chain Kindred announced in April that it agreed to buy the assets, which include 21 skilled nursing facilities and one long-term acute care hospital.



) Keywords: VENTAS KINDRED/


Read more at Reuters.com Market News

BofA raises earnings view for Merrill, UBS, KBW

(Reuters) - The brokerage, however, cut its estimate for Lazard's
second-quarter to 46 cents from 53 cents a share,
citing lower than expected deal closings.





Read more at Reuters.com Bonds News

S.African biggest gold firms offer 6 pct wage hike

(Reuters) - The three biggest gold firms in South Africa, the world's biggest producer of the precious metal, offered workers a 6 percent wage hike on Monday, a union official said.

Unions declared a dispute, the first legal step towards going on strike, on June 20 after mining firms failed to present an offer on the first day of formal negotiations, but later agreed to return to talks.


Read more at Reuters Africa

Philadelphia Hospitals Lead Week's U.S. Tax-Exempt Borrowers as Sales Slow

(Bloomberg) -- U.S. state and local governments are
set to sell $2 billion of bonds this week, led by a group of
Philadelphia hospitals, as the July 4 holiday cuts the schedule
of new tax-exempt offerings to the second-lowest of the year.

The Hospitals and Higher Education Facilities Authority of
Philadelphia is planning to sell $230 million of bonds on behalf
of Temple University's hospital system, the largest offering of
tax-exempt bonds slated for the week, according to data compiled
by Bloomberg. A $3.6 billion bond sale by Puerto Rico was pushed
back until next week.


Read more at Bloomberg Bonds News

German Day-Ahead Power Price Climbs to Week-High on Forecast for Less Wind

(Bloomberg) -- German power prices for next-day
delivery climbed to their highest in more than a week on
expectations wind-power capacity will return to normal, reducing
supplies in Europe's biggest electricity market.

Baseload German power climbed as much as 10 euros, or 34
percent, to 39 euros ($53) a megawatt-hour, according to prices
from GFI Group Inc. on Bloomberg. The contract traded at 37.30
euros at 11 a.m. in Berlin, the highest since June 21. Baseload
refers to electricity delivered around the clock.


Read more at Bloomberg Energy News

Reddy Ice says to be acquired for $1.1 bln

(Reuters) - The transaction is expected to close in the fourth quarter of 2007.




Dallas, Texas-based Reddy Ice also cut its 2007 outlook, citing adverse weather during the second quarter in several of its major markets, including Texas and Oklahoma.


Read more at Reuters.com Business News

Kenyan shilling firms slightly vs dlr in quiet trade

(Reuters) - The Kenya shilling was slightly stronger against the U.S. dollar in quiet trade on Monday due to lack of dollar demand, dealers said.

At 0930 GMT the shilling traded at 66.65/75 to the greenback compared with Friday's close of 66.75/85.


Read more at Reuters Africa

European Stocks Fall on Terrorism; Air France, Thomas Cook Pace Retreat

(Bloomberg) -- European stocks declined for the first
time in three days, paced by airlines, tour companies and
insurers after attempted terrorist attacks in the U.K.

Air France-KLM Group and British Airways Plc dragged the Dow
Jones Europe Stoxx Travel & Leisure Index to the lowest in more
than three months. Thomas Cook Group Plc, the travel operator
created last month by a merger, fell after Credit Suisse Group
recommended the shares as ``underperform'' in new coverage. Royal &
Sun Alliance Insurance Group Plc led British insurers lower.


Read more at Bloomberg Stocks News

Richards Bay, South Africa's Top Coal Export Port, Closed to Most Traffic

(Bloomberg) -- South Africa's Richards Bay Port, the
site of the world's biggest coal-export terminal, was closed at
8 a.m. yesterday, said Ashwani Pathak, the port's acting
harbormaster.

While the port was partially reopened at 6 a.m. today, it
is still closed to most traffic, he said in an interview from
the port on South Africa's northeast coast.


Read more at Bloomberg Energy News

Swiss Yogurt From U.S. Cows Spurs Fight to Save Cachet of National Brand

(Bloomberg) -- Thomas Minder's family-owned company
has marketed mouthwash using the white cross and red background
of Switzerland's flag for three generations, relying on the
country's reputation for quality, purity and reliability.

``Swissness in marketing consumer goods is absolutely
essential,'' says Minder, chief executive officer of Neuhausen,
Switzerland-based Trybol AG. ``It's worth more than Coca-Cola.''


Read more at Bloomberg Exclusive News

Oil steadies at $71, thin US fuel stocks support

(Reuters) - London Brent crude traded 3 cents higher at $71.44 a barrel by 0718 GMT, after gaining 89 cents on Friday. U.S. light crude eased 4 cents to $70.64, after a $1.11 rally on Friday to the highest settlement since August 2006.




Oil traders worried about geopolitical supply risks saw London's Heathrow airport and New York's JFK terminal reopened on Sunday after bomb scares, following an explosion at a Scottish airport on Saturday and failed car bombing attempts in London.


Read more at Reuters.com Hot Stocks News

BCE takeover battle may not be over yet: report

(Reuters) - One of the losing BCE suitors, U.S. buyout firm Cerberus Capital Management LP, has not given up its pursuit of BCE, the newspaper reported, citing a source close to Cerberus.




"It's not over until we say it's over," it quoted the source as saying.


Read more at Reuters.com Business News

Rogers Says He's Sold `Over-Exploited' Emerging Markets, Apart From China

(Bloomberg) -- Emerging markets are a sell with the
exception of China, said Jim Rogers, the chairman of New York-
based Beeland Interests Inc.

``I've sold out of nearly all the emerging markets,''
Rogers said in an interview in Singapore today. ``Right now,
there are probably 10,000 young MBAs on airplanes flying around
from one emerging market to another, they're all over-exploited,
so I've sold out.''


Read more at Bloomberg Emerging Markets News