Wall Street droops as oil tops $69 a barrel

(Reuters) - U.S. stocks slipped on Monday as oil climbed toward a 10-month high near $70 a barrel, taking a toll on energy-dependent sectors, while more worrisome data from the housing sector weighed on home builders.

Adding to the wary mood, The Wall Street Journal said Merrill Lynch & Co. took control of $400 million of loan assets underlying a troubled hedge fund at Bear Stearns Cos. Inc. Merrill was a chief lender to the fund, which was heavily invested in subprime loans.


Read more at Reuters Africa

Algeria plans to develop solar power for export

(Reuters) - Algeria plans to make use of its hot southern desert to develop solar power for export and domestic consumption, the OPEC member country said on Monday.

The scheme is due to be completed by 2015 in Africa's second-largest country, where most of the 33 million peopele live in the northern coastal strip. Temperatures in the desert south are high.


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Gold Little Changed as Decline in Dollar Boosts Appeal of Precious Metal

(Bloomberg) -- Gold was little changed in Asia amid
speculation a decline in the dollar may boost the appeal of the
precious metal as a hedge against the U.S. currency.

Gold often moves in the opposite direction to the dollar,
which fell for a second day against the euro after a report
yesterday showed U.S. homebuilders' confidence fell, according to
traders including Osao Iizuka at Sumitomo Trust & Banking Co.


Read more at Bloomberg Commodities News

UPDATE 3-BHP eyeing rival bid for Alcan - sources

(Reuters) - NEW YORK/SYDNEY, June 19 - BHP Billiton Ltd.
, the world's largest mining group, is considering a
bid to rival a $28.7 billion offer for aluminium producer Alcan
Inc. , and has hired investment bank Merrill Lynch & Co.
, sources familiar with the matter said.




The emergence of BHP as a possible white knight in the face
of Alcoa Inc.'s hostile offer for Alcan came as Alcoa's
stock hit a six-year high on a report that the U.S. aluminum
company, and not its Canadian rival Alcan, was a target of BHP.
Alcoa stock eased to close less than 1 percent higher.


Read more at Reuters.com Mergers News

ING Agrees to Buy Oyak Bank for $2.67 Billion, Adding Branches in Turkey

(Bloomberg) -- ING Groep NV, the Netherlands'
biggest financial-services company, agreed to buy Oyak Bank
of Turkey for $2.67 billion.

Oyak Bank has 1.2 million ``active retail customers''
and 360 branches in Turkey, Amsterdam-based ING said in a
statement sent via Hugin today.


Read more at Bloomberg Emerging Markets News

Cemex, Gerdau, Perdigao, Sadia, IXE Grupo Financiero: Latin Equity Preview

(Bloomberg) -- The following stocks may make
significant gains or losses in Brazil and Mexico today. Symbols
are in parentheses after the company name, and stock prices are
from the last session.

In Brazil, preferred shares are the most commonly traded
class of stock.


Read more at Bloomberg Stocks News

April Group, Aeroports de Paris, EADS, Millimages: French Equity Preview

(Bloomberg) -- Shares of the following companies
may rise or fall on the Paris stock exchange. Stock symbols are
in parentheses and prices are from the last close.

The CAC 40 Index declined 18.13, or 0.3 percent, to
6087.15. The SBF 120 Index also fell 0.3 percent.


Read more at Bloomberg Stocks News