Big SAfrican fund PIC votes against Edcon buyout

(Reuters) - Shareholders in Edgars Consolidated Stores , the country's top fashion outlet, will vote on Monday on the offer led by Bain Capital LLC of the United States, which would be the largest leveraged buyout in the country if successful.

Edcon's board has advised shareholders to accept the offer.


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UPDATE 2-M'bishi UFJ Nicos sees wider loss than forecast

(Reuters) - TOKYO, April 13 - Japanese consumer lender Mitsubishi UFJ Nicos Co. on Friday estimated a bigger-than-expected $438 million annual net loss after it hiked reserves against legal claims by borrowers.

Japanese consumer loan firms have been hit by a flood of demands to repay interest charges deemed by courts to be illegally high. Many have fallen deep into the red, forcing them to cut jobs, shrink their branch networks and in some cases seek outside financial help.


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Philippines May Borrow Less From Overseas Next Year, Says Treasurer Cruz

(Bloomberg) -- The Philippines, which aims to reduce its huge debt stockpile, may borrow less than $1 billion from overseas next year, National Treasurer Omar Cruz said.

``Borrowing will always move proportionally to the fiscal deficit, hence, overall borrowing will be less,'' Cruz said in a phone interview. ``Following the same strategy of borrowing more domestically, foreign borrowing should be less'' than last year.


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International Sugar Organization Raises Global Surplus Forecast, CEO Says

(Bloomberg) -- Rising sugar production will create a world surplus 18 percent larger than previously forecast for the year to Sept. 30, the International Sugar Organization said.

Raw sugar output may reach 161.5 million tons this year, up from 160.2 million forecast in February, said Peter Baron, chief executive of the London-based agency in an interview in Mumbai. Consumption may stay unchanged at 153 million tons, he said.


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U.K. Pound May Weaken Against Yen Before G-7 Ministers Meet

(Bloomberg) -- The U.K. pound may slide against the yen on concern central bankers and finance ministers from the Group of Seven industrialized countries meeting today will say recent weakness in the Japanese currency is unwarranted.

The pound rose against the yen and the dollar this week on prospects that interest rates in Britain are headed higher. G-7 officials meet in Washington two months since they urged investors to recognize Japan's economic recovery. European Central Bank Governor Jean-Claude Trichet yesterday said the yen should reflect ``fundamentals.''


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ABN Says Europe Earnings Will Contrast With `Lackluster' U.S. Results

(Bloomberg) -- European first-quarter earnings will reflect sustained economic growth in the region and contrast with ``lackluster'' results in the U.S., according to ABN Amro Holding NV strategists.

HeidelbergCement AG, Germany's biggest maker of the building material, and Zurich Financial Services AG, Switzerland's largest insurer, are among companies whose earnings reports may help lift their stock, the strategists wrote in a report distributed yesterday after markets closed.


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REFILE-CAMEC makes rival A$222 mln bid for OmegaCorp

(Reuters) - CAMEC said the offer of one new CAMEC share for every OmegaCorp Share valued OmegaCorp at around $222 million Australian , based on Wednesday's closing price, a 25 percent premium to a rival offer from Canada's Denison Mines Corp .




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