DEALTALK-KKR aims to take role of banks with IPO

(Reuters) - Private equity firm Kohlberg Kravis Roberts & Co. [KKR.UL]
said in its IPO prospectus earlier this week that the $1.25
billion offering will allow the firm to expand its ability to
syndicate equity and reduce reliance on third-party sources of
capital.




Syndicating leveraged buyout equity is normally the role of
investment banks. Does KKR wish to cut banks entirely out of
the LBO process? The answer is no, sources close to the firm
say, since the firm will still rely on banks to handle the debt
borrowed for the deals.


Read more at Reuters.com Mergers News

CORRECTED - UPDATE 1-PSEG supports NJ carbon law, sees higher prices

(Reuters) - EAST RUTHERFORD, New Jersey, July 6 - Public
Service Enterprise Group, owner of New Jersey's largest
utility, said on Friday it supports a new state law to cut
carbon emissions and believes customers are willing to pay
higher power prices to combat global warming.




PSEG Chief Executive Ralph Izzo said the utility plans to
ask state regulators later this year to approve measures to
allow it to pass on to customers the costs of the new programs
it hopes to implement to meet the state's environmental goals.


Read more at Reuters.com Government Filings News

Rex Energy sets IPO at 14.67 mln shares, $11-$13

(Reuters) - KeyBanc Capital Markets is the lead underwriter for the
IPO, and the company intends to list its stock on the Nasdaq
under the symbol "REXX" .




Read more at Reuters.com Government Filings News

U.S. FERC approves $18 mln BP-California settlement

(Reuters) - The payment will be made to the California Department of
Water Resources, which backed power purchases when wholesale
power prices skyrocketed and rolling blackouts were common
during the energy crisis.




The state's largest utility, Pacific Gas & Electric Co.,
went bankrupt during the crisis. It has since emerged from
bankruptcy.


Read more at Reuters.com Bonds News

TREASURIES-Bonds slide as robust jobs data hits rate cut hopes

(Reuters) - NEW YORK, July 6 - U.S. Treasury debt prices fell
on Friday, pushing yields to two-week highs, after strong jobs
data dashed some of the remaining expectations that the Federal
Reserve would cut interest rates this year.




Unexpectedly robust job growth in June and upward revisions
to figures for April and May added to recent downward pressure
on bonds. Based on the rise in benchmark yields, the market was
on track for its biggest week of losses in just over a year.


Read more at Reuters.com Bonds News

UPDATE 1-PolyOne sells stake in Oxy Vinyls, shares rise

(Reuters) - Following the announcement, shares of PolyOne rose 13.5
percent to $8.34 in afternoon trading on the New York Stock
Exchange.




The company plans to use the proceeds from the transaction
to reduce its debt and lower interest costs.


Read more at Reuters.com Mergers News

Oil May Rise Next Week on Supply Risks, Refining Disruptions, Survey Shows

(Bloomberg) -- Crude oil may rise next week on
concern that oil supplies from Nigeria and Iran may be curbed and
U.S. gasoline output will drop because of unexpected refinery
closures.

Sixteen of 36 analysts surveyed, or 44 percent, said oil
prices will increase. Fourteen, or 39 percent, said prices will
fall and six forecast little change. Last week, 49 percent of
respondents said prices would rise.


Read more at Bloomberg Energy News

RadioShack calls heat up after fund reveals stake

(Reuters) - In afternoon trading, a total of 9,696 calls compared to 4,215 puts traded in RadioShack, way above Thursday's tally of 1,349 contracts, according to market research firm Track Data.



"We think the catalyst for the call buying today is the stake by D.E. Shaw," said Jon Najarian, co-founder of Web information site optionmonster.com in Chicago. "This may have flown under some folks' radar screens. I think people are reacting to this today."


Read more at Reuters.com Mergers News

Emerging debt-Prices lower on strong US jobs data

(Reuters) - Brazil's local rates were an exception, as a moderate
reading of the country's benchmark inflation index supported
the view that the central bank will keep cutting interest rates
at the current pace of half a percentage point for a while.




Yields on the benchmark 10-year U.S. Treasury note
rose to 5.19 percent from 5.14 percent late on
Thursday on news 132,000 new jobs were added to non-farm
payrolls in June, more than the 120,000 expected by economists.
In the beginning of the week, 10-year Treasuries yields were
below 5 percent.


Read more at Reuters.com Bonds News

Newmont rises on bullish move on gold hedges

(Reuters) - "The fact that Newmont's hedge positions are now fully closed out removes the possibility of further hedge related buying from the company," said James Steel of HSBC Securities.




"In this sense, the news is not gold-friendly. However, we believe the closing out of hedges also implies a positive price outlook," he wrote in a research note.


Read more at Reuters.com Hot Stocks News

Workers at Oil Refinery in Regina, Saskatchewan May Go on Strike Tomorrow

(Bloomberg) -- Workers at Federated Co-operatives
Ltd.'s 100,000 barrel-a-day oil refinery in Regina, Saskatchewan,
may strike as soon as tomorrow, a union official said.

Workers voted in favor of a strike, which can legally begin
at 10 a.m. local time tomorrow, Kate McKinley, a spokeswoman for
the Communications, Energy and Paperworkers Union of Canada, said
in an interview today.


Read more at Bloomberg Energy News

KKR Offers Safeguards, Discount to Investors for $1.4 Billion Maxeda Loan

(Bloomberg) -- Kohlberg Kravis Roberts & Co.
strengthened investor safeguards and offered a discount to
borrow $1.4 billion for Dutch DIY retailer Maxeda BV, said a
banker involved in the transaction.

KKR is selling the debt at 99.75 percent of face value and
adding a so-called maintenance covenant that restricts how much
it can borrow relative to cashflow, according to the banker, who
declined to be identified because the deal isn't completed.


Read more at Bloomberg Bonds News

Alcan says Alcoa bid lacking, mulls options

(Reuters) - "We've said that from the outset that we were in discussion with third parties," Michaud said. She declined to identify the third parties.




Earlier on Friday, Alcoa said U.S. Department of Justice antitrust investigators had asked it for additional information regarding its May 7 offer for Alcan. Alcoa said it had a detailed road map to resolve competition issues.


Read more at Reuters.com Mergers News

Euro Increases to an All-Time High Against the Yen on Interest-Rate Gap

(Bloomberg) -- The euro rose to an all-time high
against the yen and gained versus the dollar as rising global
interest rates prompted Japanese investors to buy assets abroad.

The yen fell against all 16 of the most-actively traded
currencies as Japan's 0.5 percent interest rate, the lowest among
developed nations, encouraged investors to borrow in the country
for higher returns overseas in a practice known as the carry
trade. The Bank of England yesterday lifted borrowing costs a
quarter-percentage point to a six-year high of 5.75 percent.


Read more at Bloomberg Currencies News

Platinum Rises as Wage Disputes at South Africa Mines May Disrupt Supplies

(Bloomberg) -- Platinum rose, heading for its
second weekly gain in three weeks in New York on concern wage
disputes will lead to strikes at mines in South Africa, the
biggest producer of the metal. Palladium also gained.

Anglo Platinum Ltd. last week raised a wage offer in an
attempt to avert a strike, and employees at Impala Platinum
Holdings Ltd. turned down a proposed pay increase. The two
South African companies are the world's biggest platinum
producers.


Read more at Bloomberg Commodities News

ADC Telecom to cut about 50 positions in Germany

(Reuters) - ADC also said the reductions, to be completed around
December, will not result in the closure of any facilities.





Read more at Reuters.com Government Filings News

Italy June truck deliveries up 2.6 pct, Fiat down

(Reuters) - Among Italy's main brands, deliveries at Fiat's
light commercial vehicle division fell 9.2 percent to 9,937, but
those at its truck division Iveco rose 3.6 percent to 2,119.




Piaggio slipped 2.3 percent to 425.
The two biggest foreign competitors enjoyed far stronger
gains for the month.


Read more at Reuters.com Market News

Dow Jones, News talks continue: source

(Reuters) - Dow Jones shares gained 1.6 percent to $58.77 on the New York Stock Exchange.




The comments countered a report in London's The Business weekly magazine that said the two sides have completed talks and were expected to announce a deal next week, citing unnamed sources acting for the Dow Jones board.


Read more at Reuters.com Mergers News

Bally Total Fitness gets alternate reorganization plan

(Reuters) - The company is currently soliciting consents to its
prepackaged plan of reorganization, as to which holders of 63
percent of its senior notes and more than 80 percent of its
senior subordinated notes have signed a restructuring support
agreement.





Read more at Reuters.com Bonds News

U.S. Stocks Drop as Jobs Growth Tops Forecast; Microsoft Shares Decline

(Bloomberg) -- U.S. stocks fell, paring a weekly
gain, after signs of a tightening labor market heightened
concern that economic growth will stoke inflation.

Verizon Communications Inc., General Motors Corp. and
American Express Co. led the Dow Jones Industrial Average lower
for a second day. Microsoft Corp., the world's biggest software
maker, dropped after it said repairs to its Xbox 360 game
console will cost as much as $1.15 billion.


Read more at Bloomberg Stocks News

Dollar Gains Versus Yen After U.S. Job Creation in June Exceeded Forecasts

(Bloomberg) -- The dollar rose against the yen after
a government report showed job creation last month in the U.S.
exceeded economists' forecasts.

The dollar gained against eight of the Group of 10
currencies today and is poised to outperform the yen this week.


Read more at Bloomberg Currencies News

PriceSmart June same-store sales rise

(Reuters) -



) Keywords: EPIX STOCKOPTIONS/REVIEW


Read more at Reuters.com Market News

Copper Heads for Second Weekly Advance as Supply Falls; Nickel Declines

(Bloomberg) -- Copper headed for a second straight
weekly gain in London on speculation demand will exceed supplies
amid stockpile declines and labor disputes at mines in Chile,
the largest source of the metal. Nickel fell for a fifth week.

Inventories tracked by commodity exchanges in London, New
York and Shanghai shrank 7.4 percent this week to 208,636 metric
tons, the equivalent of five days of global use. Contract
workers at Chile's Codelco, the biggest copper producer, have
been on strike since June 25. Miners at Dona Ines de Collahuasi,
Chile's third-biggest copper mine, are demanding higher wages.


Read more at Bloomberg Commodities News

UPDATE 2-Strong Canada June jobs data boosts rate hike view

(Reuters) - Employment grew by 34,800 jobs in the month and the
unemployment rate remained unchanged at a three-decade low of
6.1 percent as more people entered the work force, Statistics
Canada reported on Friday.




The numbers were more upbeat than analysts' consensus
forecast of 17,000 more jobs in June and drove the Canadian
dollar immediately higher.


Read more at Reuters.com Economic News

Canadian Dollar Rises After Report Shows Job Growth Accelerated in June

(Bloomberg) -- Canada's dollar approached a three-
decade high after a government report showed employers added more
jobs in June than analysts expected.

Canada's economy added 34,800 jobs last month, Statistics
Canada said today. A total of 17,000 new jobs were expected in
June, according to the median estimate of 25 economists Bloomberg
surveyed.


Read more at Bloomberg Currencies News

European Stocks Rise, Paced by Shell, BHP Billiton; UBS, Peugeot Advance

(Bloomberg) -- European stocks rose after Deutsche
Bank AG increased price estimates for oil companies and Credit
Suisse Group said BHP Billiton Ltd. may expand in Latin America
to meet growing demand from China.

Royal Dutch Shell Plc and BP Plc lifted the Dow Jones Europe
Stoxx Oil & Gas Index to a record. BHP Billiton, the world's
biggest mining company, gained for the seventh straight day. UBS
AG rose after the largest money manager ousted Chief Executive
Officer Peter Wuffli. PSA Peugeot Citroen SA, Europe's second-
biggest carmaker, climbed on plans to increase market share.


Read more at Bloomberg Stocks News

India's October-June Coffee Exports Drop 15 Percent as Rupee Strengthens

(Bloomberg) -- Coffee sales from India, which makes
up 4.5 percent of global output, fell 15 percent by value in the
October-to-June period after the rupee rose to a nine-year high.

Companies including local units of Switzerland-based Nestle
SA sold $268 million of coffee overseas between Oct. 1 and June
30, from $314 million a year ago, the Coffee Board said on its
Web site. Exports were little changed at 183,637 metric tons.


Read more at Bloomberg Commodities News

Copper easier but supply fears haunt market

(Reuters) - Copper eased on Friday as speculators took profits, but analysts expect tight supplies and strike threats to boost prices over coming days.

Copper for three months delivery on the London Metal Exchange was at 0940 GMT slightly lower at $7,840/7,850 a tonne from Thursday's close at $7,860. Earlier it hit an eight-week high of $7,880.


Read more at Reuters Africa

South Africa's Rand Declines for Second Day as Its Yield Advantage Shrinks

(Bloomberg) -- South Africa's rand fell for a second
day on speculation investors will sell the country's assets amid
a rise in yields offered by investments in developed markets.

Foreign investors sold 219 million rand ($31.2 million) more
of South African bonds than they bought yesterday, according to
the Bond Exchange of South Africa. Foreigners have sold the
currency as the yield spread, or gap in yields, between local
bonds and similar maturity Treasuries has shrunk this week.


Read more at Bloomberg Currencies News

Platinum Falls in London on Car Demand Speculation; Palladium Declines

(Bloomberg) -- Platinum fell for the first time this
week on speculation slowing car demand in Europe may add to a
surplus of the metal used mostly in catalysts to reduce vehicle
pollution. Palladium dropped for a second consecutive day.

New car registrations in Germany, Europe's biggest economy,
fell 7 percent in June compared with a year earlier, the Federal
Motor Vehicle Office in Flensburg said on July 4. French car and
light-truck sales dropped 3 percent in June.


Read more at Bloomberg Commodities News

Reliance Beats Wal-Mart to Indian Grocery Market, Boosting Sales and Stock

(Bloomberg) -- Ram Pukar doesn't need Wal-Mart Stores
Inc. to make him worry about his fate as a fruit salesman in a
New Delhi suburb. Homegrown stores owned by Reliance Industries
Ltd. have already cut his profit in half.

India's biggest company by market value is ``trying to drive
us out of business by offering cheap rates,'' said Pukar, who
sells mangoes and pomegranates from his cart a kilometer from
where a Reliance Fresh convenience store recently opened.


Read more at Bloomberg Exclusive News

Watchdog hopes to wrap up Gold Fields probe in August

(Reuters) - South Africa's financial sector watchdog hopes to conclude an investigation in August regarding possible insider trading or market manipulation in Gold Fields shares.

The Financial Services Board (FSB) launched a probe in April after shares in Gold Fields shares jumped on a report that a U.S. financier could bid for the firm.


Read more at Reuters Africa

Philips to take 35 mln euros charge on Medquist

(Reuters) - Philips added that it may divest its stake in Medquist,
which recently filed its results for 2003-2005 with the U.S.
Securities and Exchange Commission.




"Philips is reviewing all of its future options for its
approximate 70 percent stake in MedQuist, as Philips views this
stake as a non-core holding," Philips Chief Financial Officer
Pierre-Jean Sivignon said in a statement.


Read more at Reuters.com Mergers News

JGBs hit 3-wk trough on weak overseas bond markets

(Reuters) - The BOJ will likely hold rates steady next week, but many in
the market expect a rate hike in August, with the global monetary
tightening trend lending support, traders said.




Traders said they were focusing on whether the BOJ board's
policy vote is unanimous or split.


Read more at Reuters.com Bonds News

Pacific rim states urge action to revive WTO talks

(Reuters) - Pacific rim trade ministers pushed for a revival of stalled world trade talks on Friday, but committed themselves to work towards setting up their own trade bloc if a global deal fails.

Ministers from the 21-member Asia Pacific Economic Cooperation (APEC) group agreed that a successful conclusion to the Doha round of talks, which aim to free up world trade, remained the best way to promote economic development.


Read more at Reuters Africa