UPDATE 1-Teachers group wins C$52 bln race for BCE

(Reuters) - It said that was a 40 percent premium over what it called
the "undisturbed share price," or the price before BCE put
itself up for sale. BCE shares closed at C$40.34 on the Toronto
Stock Exchange on Friday.




"The all-cash transaction is valued at C$51.7 billion,
including C$16.9 billion of debt, preferred equity and minority
interests," BCE said, adding that it expected the deal to close
in the first quarter of next year.


Read more at Reuters.com Mergers News

European Bonds Post Steepest Quarterly Drop in Eight Years Amid Inflation

(Bloomberg) -- European government bonds logged
their steepest quarterly decline in almost eight years, as
quickening economic growth and inflation increased the likelihood
the European Central Bank will increase interest rates further.

German bunds, Europe's benchmark, fell for a fourth month in
June, as the ECB raised its lending rate to the highest since
2001 and indicated further increases are needed to curb
inflation. ECB President Jean-Claude Trichet has said borrowing
costs remain low enough to stimulate expansion in the $10.4
trillion economy.


Read more at Bloomberg Bonds News

SEC sues firm over alleged bogus takeover bids

(Reuters) - Theodore Roxford, through Hollingsworth, Rothwell & Roxford , publicized the offers on Internet message board postings, news releases and in at least one case a regulatory filing, the Securities and Exchange Commission alleged in a complaint filed in Manhattan federal court.




Besides Sony and Playboy, Roxford also made offers for Zapata Corp. , Edgetech Services Inc. and PeopleSupport Inc. , according to the complaint. The alleged scheme took place between January 2003 and April 2007, it said.


Read more at Reuters.com Business News

Jobs, subprime mess to rule July 4th week

(Reuters) - At the same time, the potential for defaults in subprime loans to spill over to the general economy remains a concern. Nervousness over the availability of financing for buyouts prompted investors to sell banks' and brokers' shares on Friday, which helped cut short a morning rally.




In the holiday-shortened week, the most significant data, the June payrolls report, comes on Friday. U.S. financial markets will be closed on Wednesday, July 4, for the Independence Day holiday.


Read more at Reuters.com Business News

Benchmark subprime ABX indexes close at record lows

(Reuters) - The ABX 07-1 "BBB-" index, which is tied to subprime mortgage loans made in last year's second half, fell to 54.54, below the 56.16 record low close set earlier this week, according to Markit.com. The index has tumbled by 42 percent since January.




The ABX 06-2 "BBB-" series, which references loans made in last year's first half, also fell to a record low 60.84 at the close on Friday, after setting a low of 62.16 earlier in the week, according to Markit.com. The index has fallen 38 percent this year.


Read more at Reuters.com Bonds News

US STOCKS-Wall Street drops on credit concerns

(Reuters) - NEW YORK, June 29 - U.S. stocks fell on Friday
as banks and brokers retreated on concerns about the impact of
tightening credit on takeovers and the subprime mortgage
industry.




Early gains evaporated as oil rose to $71 a barrel and
investors booked profits before the quarter's end and the July
4th holiday week. That offset data pointing to moderating
inflation and economic growth.


Read more at Reuters.com Bonds News

TREASURIES-Inflation dip sparks late rally in downbeat qtr

(Reuters) - NEW YORK, June 29 - U.S. Treasury debt rallied on
Friday as underlying inflation retreated, but the bond market
still posted its worst quarter in over a year.




Investors were encouraged by a decline in a key measure of
inflation, which fell beneath the top of the Federal Reserve's
1 percent to 2 percent comfort range for the first time in
three years.


Read more at Reuters.com Bonds News

CORRECTED: Path for generic biologics clears U.S. Senate panel

(Reuters) - WASHINGTON - A U.S. Senate panel voted on Wednesday to set a path for generic drugmakers to seek approval of cheaper, copycat versions of expensive biotechnology medicines.




Brand-name manufacturers would receive 12 years of exclusive marketing time before generic competition could start under a bill that cleared the Senate Health, Education, Labor and Pensions Committee by a voice vote.


Read more at Reuters.com Government Filings News

Argentina's Peso Falls to 10-Week Low Amid Risk Aversion, Subprime Concern

(Bloomberg) -- Argentina's peso fell to a more than
10-week low, as uncertainty over the impact of U.S. subprime
mortgages damps emerging markets.

``We'll continue to see some mild volatility with the peso
over the subprime mortgages,'' said Guillermo Estebanez, a
currency strategist at Banc of America Securities LLC in San
Francisco. ``The market has become more comfortable with the
subprime issue, but the problem is still there and it will
recur.''


Read more at Bloomberg Currencies News

Orange Juice Rises Most in Eight Months After Drop Below Processor Prices

(Bloomberg) -- Orange-juice futures rose the most
in eight months as traders snapped up contracts that had dropped
below the prices juice producers are paying processors for
frozen concentrate.

Before this week, orange-juice futures had plunged
24 percent in six weeks, to less than the amount charged by
processors that buy oranges, squeeze them and freeze the juice.
A futures contract obligates the holder to buy or sell frozen
concentrate at a set price for delivery by a specific date.


Read more at Bloomberg Commodities News

BlackRock's Rice Says Oil May Rise to $80 a Barrel Over the Next 12 Months

(Bloomberg) -- BlackRock Inc.'s Dan Rice, whose
natural-resources fund has beaten all but one rival in the past
five years, said petroleum prices may rise 14 percent to $80 a
barrel in the next 12 months because of tight supply and
proposed bans on food-based fuels.

China, the world's second-biggest producer of corn, said
this month it may ban the use of the crop and other edible
grains for ethanol production because of rising costs of food,
the Xinhua news agency reported on June 11. Only non-food crops
may be used for fuel under a proposed ethanol-production plan,
Xinhua said.


Read more at Bloomberg Energy News

Ford says ahead of turnaround plan targets

(Reuters) - Ford, which lost $12.6 billion last year, still faces economic "headwinds," including the slump in the U.S. housing market and higher gasoline prices, Fields said.




Overall U.S. vehicle sales, which were off about 1 percent from a year earlier through May, were tracking fairly closely to Ford's expectations, Fields said, adding that the automaker had shown "encouraging progress" in stabilizing its retail market share near 13 percent in recent months.


Read more at Reuters.com Business News

UPDATE 1-U.S. ABS issuance falls in first half of 2007

(Reuters) - NEW YORK, June 29 - U.S. asset-backed securities
issuance fell to $580.1 billion in the first half of 2007
compared with the $605.1 billion sold in the same period last
year, Thomson Financial said on Friday.




The decline in overall ABS issuance was led by the home
equity loan sector, plagued by rising delinquencies and
defaults on subprime mortgage loans that support the
securities.


Read more at Reuters.com Bonds News

Office Depot shares off on sales warning

(Reuters) - The Delray Beach, Florida-based company attributed the first-quarter decline to lower sales of personal computers because of the launch of Microsoft Corp.'s Windows Vista operating system, which has gotten mixed reviews from consumers, as well as a drop in demand for office furniture.




A "weak" economy has also hurt its North American Business Solutions division, the company said.


Read more at Reuters.com Hot Stocks News

Inter-Tel postpones shareholders' meeting on Mitel merger

(Reuters) - In April, Mitel Networks agreed to buy U.S.-based Inter-Tel
in a $723 million deal.





Read more at Reuters.com Mergers News

UPDATE 1-Mexico's Calderon sees oil exports falling further

(Reuters) - "Starting in 2006, the volume of our oil exports has been
falling at an alarming rate and from what we have observed up
until now, this year and the next will be no exception,"
Calderon told a banking event.




Mexico's oil exports slipped 1.3 percent in 2006 to an
average of 1.793 million barrels per day as state oil
monopoly Pemex grappled with lower output at its huge but aging
Cantarell oil field.


Read more at Reuters.com Bonds News

UPDATE 1-Founder launches buyout of CCS Income Trust

(Reuters) - CALGARY, Alberta, June 29 - CCS Income Trust's
founder and a private equity group launched a bid on
Friday to buy out the oil field and industrial waste handler
for C$3.5 billion , saying they see more value in
its prospects than the public market ascribes.




Calgary-based CCS said the group will offer unitholders
C$46 a trust unit in the going-private transaction, a 21.4
percent premium to Thursday's closing price on the Toronto
Stock Exchange.


Read more at Reuters.com Bonds News

UPDATE 1-UBS banker McDermott to join buyout firm

(Reuters) - NEW YORK, June 29 - UBS investment
banking executive Jeffrey McDermott, who in March announced he
was quitting to pursue new opportunities, on Friday said he was
joining a start-up private equity fund that will invest in
distressed industrial companies.




McDermott, in an internal memo obtained by Reuters, said he
was joining Stony Lane Partners, a private equity firm being
formed by veteran corporate turnaround executive Michael
Heisley and other restructuring specialists.


Read more at Reuters.com Mergers News

UPDATE 1-Sanofi pulls obesity drug application in U.S.

(Reuters) - LONDON, June 29 - Sanofi-Aventis is
withdrawing its application to sell obesity drug rimonabant --
its biggest new drug hope -- in the United States, dealing a
further blow to its pipeline hopes.




Friday's move comes two weeks after a U.S. advisory panel
said the medicine should not be approved in the world's largest
drugs market because it may increase suicidal thinking and
depression.


Read more at Reuters.com Government Filings News

Apple, AT&T shares climb ahead of iPhone release

(Reuters) - AT&T, for now the exclusive carrier for the iPhone, has said that of those making early inquiries about the device, around 40 percent were not already AT&T customers.




The company hopes to capture new subscribers who might switch carriers to buy the iPhone, which combines regular talk functions with music- and video-playing and Web browsing.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Bear Stearns shakes up asset management unit

(Reuters) - The meltdown of the hedge funds embarrassed Bear Stearns,
widely known for its savvy in handling mortgage risk. The funds
buckled on wrong-way bets tied to subprime loans, which are
made to people with weak credit.




Jeffrey B. Lane, a veteran senior executive at Lehman
Brothers Holdings Inc. and Neuberger Berman Inc.,
replaces Richard Marin as chairman and chief executive of Bear
Stearns Asset Management.


Read more at Reuters.com Bonds News

Commerce Bancorp replaces CEO, fixes governance

(Reuters) - Analysts said Hill's exit makes New Jersey's largest bank a target for a takeover, which Hill had long resisted. Commerce executives would not rule out that possibility but pledged to continue rapidly opening branches to fuel growth. Commerce shares rose as much as 11.4 percent in early trading.




Hill, 61, will retire on July 31 from the Cherry Hill-based company he founded 34 years ago. He stepped down immediately as chairman and chief executive of its banking unit.


Read more at Reuters.com Government Filings News

Blackstone, Lion Seek to Increase Orangina Debt, Remove Lender Safeguards

(Bloomberg) -- Blackstone Group LP and Lion Capital
LLP are seeking 192 million euros ($259 million) of loans for
soft-drink maker Orangina that give up standard protection for
lenders, at a time when companies worldwide are abandoning
borrowing because of investor jitters.

Blackstone, manager of the world's biggest buyout fund, and
partner Lion Capital want to increase Paris-based Orangina's
debt to 1.7 billion euros, said two people involved in the
transaction. The LBO firms acquired Orangina in 2005 and plan to
pay themselves a 400 million-euro dividend, said the people, who
declined to be identified because the discussions are private.


Read more at Bloomberg Bonds News

Platinum Is Little Changed on South Africa Labor Talks; Palladium Falls

(Bloomberg) -- Platinum was little changed in New
York, heading for a weekly decline, after Anglo Platinum Ltd.,
the world's largest producer of the metal, raised a wage offer
in an attempt to avert a strike in South Africa.

Anglo Platinum is offering pay raises of 8 percent to
10 percent, after a 7 percent increase was rejected, Solidarity
labor union said. At Impala Platinum Holdings Ltd., the world's
second-largest producer, workers in South Africa turned down an
increased pay offer this week. The country produces about
80 percent of the world's platinum.


Read more at Bloomberg Commodities News

Lilly May Face More Zyprexa Lawsuits After U.S. Raises Side Effect Concern

(Bloomberg) -- Eli Lilly & Co. may attract more
lawsuits alleging it failed to warn users that a psychiatric drug
was linked to diabetes after the pharmaceutical company received
a letter from U.S. regulators.

The U.S. Food and Drug Administration told Lilly in March it
would delay the approval of Symbyax for depression because the
agency wanted more information about the risk of diabetes in the
medicine's prescribing label. Symbyax combines Lilly's
antipsychotic pill Zyprexa and the antidepressant Prozac.


Read more at Bloomberg Exclusive News

U.K. Stocks Rebound; Shares of Northern Rock, Reed Elsevier, ITV Increase

(Bloomberg) -- U.K. stocks rebounded, paced by
Northern Rock Plc, Reed Elsevier Plc and ITV Plc.

The benchmark FTSE 100 Index added 11.40, or 0.2 percent,
to 6582.7 as of 2:55 p.m. in London. The measure earlier slid as
much as 0.8 percent. The FTSE All-Share Index rose 4.85, or 0.1
percent, to 3393.01. Ireland's ISEQ Index fell 8.48 to 9296.27.


Read more at Bloomberg Stocks News

Commerce Bancorp open to mergers that make sense

(Reuters) - "We've often been presented with M&A opporutnities. Our
plan is to stay the course with what is working so well for us,
which is de novo expansion," said Dennis DiFlorio, chairman of
the company's Commerce Bank NA unit, on a conference call. He
nevertheless said Commerce would consider transactions that
make "good strategic sense for the company."




Read more at Reuters.com Mergers News

BT Chief Verwaayen Says `Absolutely Confident' Sales Will Beat Forecasts

(Bloomberg) -- BT Group Plc Chief Executive Officer
Ben Verwaayen said most analysts are too pessimistic about sales
growth at the U.K.'s largest phone company.

``We are absolutely confident that we will do better than
most people think,'' Verwaayen, 55, said in an interview at BT's
London headquarters. He declined to give a financial forecast.
Sales will rise 2.5 percent in fiscal 2008, based on the average
of 25 analyst forecasts compiled by Bloomberg.


Read more at Bloomberg Exclusive News

Oil Gains as U.S. Refineries Increase Output, Midwest Stockpiles Decrease

(Bloomberg) -- Crude oil rose, approaching a nine-
month high for a second day in New York, on expectations that
consumption will increase as refineries bolster gasoline output.

Prices climbed above $70 for the first time since September
yesterday after an Energy Department report showed that U.S.
gasoline, diesel and heating oil inventories fell last week as
refineries increased operating rates. Crude-oil supplies at
Cushing, Oklahoma, where oil traded in New York is delivered,
plunged 5.7 percent, the June 27 report showed.


Read more at Bloomberg Commodities News

Yen Falls, Heading for Biggest Quarterly Loss Since 2001 Versus the Dollar

(Bloomberg) -- The yen headed for its biggest
quarterly loss against the dollar since 2001 as a drop in
consumer prices reinforced speculation the Bank of Japan will
keep interest rates on hold.

Japan's currency has declined 4.3 percent this quarter
versus the dollar as investors borrowed yen to buy higher-
yielding assets in carry trades. A report showed today Japanese
consumer prices fell 0.1 percent last month. The central bank has
kept its key rate at 0.5 percent, the lowest amongst major
economies, since February.


Read more at Bloomberg Currencies News

Treasuries Extend Advance After Consumption Report Shows Slowing Inflation

(Bloomberg) -- Treasuries extended their gains as a
gauge watched by the Federal Reserve showed slowing inflation.

The yield on benchmark 10-year notes fell 3 basis points,
or 0.03 percentage point, to 5.08 percent at 8:35 a.m. in New
York, according to bond broker Cantor Fitzgerald LP. The price
of 4 1/2 percent securities maturing in May 2017 rose 6/32, or
$1.88 per $1,000 face amount, to 95 17/32.


Read more at Bloomberg Bonds News

Darling Inherits a Fraying U.K. Economy as Brown's Successor at Treasury

(Bloomberg) -- Alistair Darling, Britain's new
chancellor of the exchequer, faces what may be the toughest task
in Prime Minister Gordon Brown's government: steering a fraying
economy with Brown looking over his shoulder.

Brown, who as chancellor oversaw the longest expansion in
two centuries, appointed the 53-year-old Darling as his
successor yesterday. Darling worked under Brown at the Treasury
in 1997, then ran the Departments of Trade and Industry and of
Work and Pensions for former Prime Minister Tony Blair.


Read more at Bloomberg Exclusive News

U.K. Stocks Retreat, Paced by Segro, Liberty; Shares of Drax Group Slide

(Bloomberg) -- U.K. stocks declined, paced by Segro
Plc as HSBC Holdings Plc recommended investors reduce their
stakes in the property company. Liberty International Plc and
Hammerson Plc also fell. Standard Life Plc and Prudential Plc led
insurers lower.

Drax Group Plc declined after the utility said it sold
electricity at cheaper prices.


Read more at Bloomberg Stocks News

UPDATE 1-S.Africa's ANC nears decision on leadership spat

(Reuters) - ANC Secretary General Kgalema Motlanthe told a news
conference delegates were debating a number of non-binding
proposals on how to resolve a leadership crisis that arose after
Mbeki sacked his popular deputy president Jacob Zuma, once the
frontrunner to succeed him.




Mbeki, who has become an object of scorn for the country's
powerful trade unions and Communist party, has not ruled out
running for a third term as ANC chief although the constitution
prevents him from continuing to lead South Africa after 2009.


Read more at Reuters.com Bonds News

Nickel Drops in London on Speculation Usage Is Weakening; Copper Advances

(Bloomberg) -- Nickel dropped in London, heading for
a fourth weekly decline, on speculation near-record prices will
curb demand for the metal used in stainless-steel production.
Copper gained after stockpiles shrank to a six-month low.

Nickel has lost 27 percent from a record $51,800 a metric
ton on May 9 after steelmakers including ThyssenKrupp AG said
they will reduce purchases to cut costs. Supply will outpace
demand next year, from a balance this year, Sanford C Bernstein &
Co. said today in a report.


Read more at Bloomberg Commodities News

German Electricity Prices Gain; Vattenfall Reactors in Germany Are Halted

(Bloomberg) -- German power prices for near-term
delivery rose after two German nuclear power plants were halted
yesterday afternoon, reducing supplies in Europe's biggest power
market. No time frame as been given for their restart.

Vattenfall AB's Kruemmel nuclear plant near Hamburg in
northwest Germany was closed down after a fire broke out in a
power transformer. Its Brunsbuettel reactor, also in the
northwest, was shut because of short circuits in the power grid.


Read more at Bloomberg Energy News

European Stocks Fall, Led by Banks, Insurers; BP, Shell Advance on Oil

(Bloomberg) -- European stocks fell before reports
that may shed light on the strength of economic growth in the U.S.

Schroders Plc, London's biggest publicly traded money manager,
and Allianz SE, Europe's largest insurer, paced the retreat.


Read more at Bloomberg Stocks News

UPDATE 1-Peugeot says studying new China vehicle venture

(Reuters) - PSA Peugeot has signed a memorandum of understanding with
Hafei to explore the possibility of making commercial vehicles
with fewer than 10 seats, it said in a statement.




The two firms will set up a special team to work out details
of the partnership, it added.


Read more at Reuters.com Mergers News

European Stocks Rise, Heading for Quarterly Gain; BP, Swatch Pace Advance

(Bloomberg) -- European stocks gained, heading for a
fourth consecutive quarterly advance.

BP Plc and Royal Dutch Shell Plc rose as oil traded near a
nine-month high. Swatch Group AG, the world's largest watch
maker, rallied after Deutsche Bank AG advised investors to buy
the shares.


Read more at Bloomberg Stocks News

Japanese Stocks Rise, Led by Toyota; Topix Gains the Most in Eight Weeks

(Bloomberg) -- Japanese stocks climbed, sending the
Topix index to its best performance in almost eight weeks.
Exporters led the advance after the Federal Reserve said the
housing slowdown won't keep the U.S. economy from expanding and
the yen weakened.

Toyota Motor Corp. advanced to a three-month high, while
Sony Corp. gained for the first time in five days.


Read more at Bloomberg Stocks News

Chevron May Spend $8 Billion in Thailand to Extend Natural Gas Production

(Bloomberg) -- Chevron Corp., Thailand's biggest
natural gas supplier, said it plans to spend $8 billion to
extend offshore output should the government add 10 years to a
production license.

Chevron, the second-largest U.S. energy company, is
negotiating with the government to lengthen the initial
concession, now set to expire in 2012, Steve Green, managing
director of Chevron Asia South Ltd., said in an interview in
Bangkok. Platong-2, a $650 million field and processing facility
in the Gulf of Thailand that would produce 330 million cubic
feet of natural gas a day, is among the planned projects.


Read more at Bloomberg Energy News

Asia M&A activity soars 50 pct in record first half

(Reuters) - Australia accounted for $76 billion worth of deals in the
half, followed by China and India ,
according to preliminary data from Dealogic.




"This year has been characterised by a good spread of
volumes. India's been very strong and success has begotten
success," said Matthew Hanning, head of Asia Pacific M&A at UBS
Investment Bank .


Read more at Reuters.com Mergers News

BAE, Berkeley Group, HSBC Holdings, Vodafone: 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 June 28 close.

The benchmark FTSE 100 Index rose 43.70, or 0.7 percent, to
6571.30 in London. The FTSE All-Share Index rose 24.40, or 0.7
percent, to 3388.16.


Read more at Bloomberg Stocks News

Consumer Spending in U.S. Probably Rose Last Month as Incomes Increased

(Bloomberg) -- Consumer spending in the U.S.
probably rose in May as gains in wages helped overcome higher
fuel and borrowing costs, economists said before a report today.

The Commerce Department will report that spending increased
0.7 percent, the most in three months, following a 0.5 percent
April gain, according to the median estimate in a Bloomberg News
survey of 76 economists. Incomes grew 0.6 percent after a 0.1
percent decline, based on the survey.


Read more at Bloomberg Bonds News

PRESS DIGEST - Wall Street Journal - June 29

(Reuters) - * UAL Corp. is struggling with a dispirited staff,
poor consumer ratings and mediocre service, 17 months after
leaving Chapter 11.




* Research In Motion Ltd.'s profit jumped
73 percent, helped by the BlackBerry maker's new lineup of
consumer devices. Rival Palm Inc. reported a 43
percent drop in earnings.


Read more at Reuters.com Bonds News

Indonesian Inflation Probably Slowed, Allowing Central Bank to Cut Rates

(Bloomberg) -- Indonesia's inflation probably eased
to a seven-month low in June, providing room for the central
bank to cut its key interest rate to spur the economy.

Consumer prices probably rose 5.9 percent from a year
earlier after accelerating 6.01 percent in May, according to the
median estimate of 16 economists surveyed by Bloomberg News.
Indonesia's Central Statistics Bureau will release the data on
July 2 in Jakarta.


Read more at Bloomberg Emerging Markets News

U.S. Notes Set for Quarterly Loss as Bets on Fed Interest Rate Cut Decline

(Bloomberg) -- U.S. Treasuries headed for their
biggest quarterly loss since the first three months of 2006 as
traders reduced bets the Federal Reserve will cut interest rates.

Treasury securities, which handed investors a loss of 0.8
percent this quarter, slumped after the Fed yesterday kept its
benchmark rate unchanged at 5.25 percent, higher than yields
available on 10-year notes, and said inflation is its
``predominant'' concern. A report today will probably show the
Fed's preferred measure of costs slowed in May, while holding
close to the top of its target range.


Read more at Bloomberg Bonds News

CapitaLand, Singapore Press, Thai Beverage: Singapore's Equity Preview

(Bloomberg) -- The following shares may rise or fall
in Singapore. Stock symbols are in parentheses and prices are
from the previous market close.

The Straits Times Index gained 0.9 percent to 3538.23. The
June futures contract advanced 1.2 percent to 436.9.


Read more at Bloomberg Stocks News

UAW members support Delphi pact in early returns

(Reuters) - The UAW leadership is expected to release results on Friday
of the member vote of its numerous local units on the deal,
which includes wage and benefit cuts and eventual plant
closings that Delphi has said it must have in order to exit
bankruptcy.




The member vote is cumulative for the full 17,000 UAW
members at Delphi, but some local units disclosed results or at
least a broad indication of support on Thursday.


Read more at Reuters.com Bonds News

New Zealand Dollar Drops From 22-Year High After Growth Matches Estimates

(Bloomberg) -- The New Zealand dollar fell from its
highest in 22 years after a government report showed the economy
expanded 1 percent in the first quarter, matching economists'
expectations.

The currency bought 76.95 U.S. cents at 10:49 a.m. in
Wellington, from 77.13 cents, the highest since its was allowed
to trade freely in March 1985, immediately before the report's
release. It was at 76.91 in late Asian trading yesterday.


Read more at Bloomberg Currencies News

Oil Is Steady After Surging to a Nine-Month High on U.S. Gasoline Concerns

(Bloomberg) -- Crude oil was little changed in New
York after rising to a nine-month high yesterday on concern low
U.S. gasoline stockpiles will keep fuel prices high through the
summer.

July gasoline, which expires today, rose for a second
session yesterday after a report showed below-average U.S.
supplies of the motor-fuel unexpectedly fell after seven weeks of
gains. Oil reached $70.52 a barrel early in yesterday's floor
session, the highest intraday price since Sept. 1, before easing
toward the close.


Read more at Bloomberg Commodities News

Chicago Fed study sees subprime woes contained

(Reuters) - In a paper examining mortgage activity in the Fed's 7th District, economists Sumit Agarwal and Calvin Ho cited Michigan and Indiana as states where delinquency rates have been running as high as twice the national average.




"Indiana and Michigan, which have experienced slowdowns in the manufacturing sector, have reported higher rates of delinquencies ... in both prime and subprime mortgage markets," they said.


Read more at Reuters.com Bonds News

UPDATE 1-Micron Technology posts Q3 loss

(Reuters) - The Boise, Idaho-based company said the price of dynamic
random access memory chips fell about 35 percent and NAND flash
products dropped 30 percent, both sequentially, during the
quarter.




The company, which said it was pursuing initiatives to
drive cost efficiencies and revenue growth, reported a net loss
of $225 million, or 29 cents per share.


Read more at Reuters.com Market News

InfoUSA to acquire Guideline in $41.6 million deal

(Reuters) - The company said the acquisition will contribute to
earnings in fiscal 2007 and the deal expected to close in the
third quarter of 2007.




Read more at Reuters.com Mergers News

UPDATE 1-Mellon settles IRS probe for $16.5 mln

(Reuters) - In return for paying the fine, Mellon will be released from
any civil or administrative monetary claims made under the
False Claims Act, the Pittsburgh-based company said.




The settlement ends the Washington's long-running review of
how workers at Mellon's Pittsburgh "lockbox" processing unit in
April 2001 destroyed 77,000 U.S. tax returns and payments.


Read more at Reuters.com Government Filings News

Disk drive maker Western Digital buying Komag

(Reuters) - Terms of the transaction call for Western Digital to pay $32.25 for all of the outstanding shares of Komag common stock in a cash tender offer. The deal will lead to a merger of a wholly-owned unit of Western Digital into Komag in which the remaining shareholders of Komag will be paid $32.25 in cash.



The transaction has been unanimously approved by the board of directors of each company and is subject to customary closing conditions, including regulatory approvals, and is expected to close in the third quarter of this year.


Read more at Reuters.com Bonds News

Treasuries Decline After Fed Says Inflation Remains `Predominant' Concern

(Bloomberg) -- Treasuries fell after the Federal
Reserve said inflation is still the greatest risk facing the
economy while keeping the benchmark lending rate at 5.25 percent
for an eighth consecutive meeting.

Yields on two-year notes, more sensitive than longer-
maturity debt to Fed rate changes, rose the most in two weeks as
traders pared bets the central bank will lower its target rate
this year after increasing it 17 times from June 2004 to June
2006. Two-year yields yesterday touched a one-month low.


Read more at Bloomberg Bonds News

Oil Climbs to Nine-Month as Refineries Increase Output to Meet Fuel Demand

(Bloomberg) -- Crude oil rose to a nine-month high
in New York as U.S. refineries increased output of gasoline and
other fuels.

Refineries operated at 89.4 percent of capacity last week, a
1.8 percentage point gain from the week before, an Energy
Department report showed yesterday. West Texas Intermediate crude
oil, or WTI, the grade traded in New York, was at the lowest
discount to Brent oil in more than three months today.


Read more at Bloomberg Energy News

Bank of America wins dismissal of MBNA lawsuit

(Reuters) - The plaintiff, former MBNA shareholder Lemon Bay Partners
LLP, had accused former MBNA executives and directors of "gross
mismanagement" and making misleading statements about the
company's expected financial performance.




MBNA's share price sank more than 16 percent to below $19
on April 21, 2005 after the company slashed its full-year
earnings forecast and posted a surprise 94 percent decline in
quarterly profit, citing unexpectedly high U.S. payment volumes
and costs for retirement and severance programs.


Read more at Reuters.com Mergers News

Dow Jones pact gives group power to OK editors

(Reuters) - The agreement is an attempt to persuade the Bancroft family, which controls Dow Jones through its voting shares, to sell the 125-year-old U.S. publishing company to News Corp. for $5 billion.




The agreement requires approval of the family, which contains about three dozen adult members.


Read more at Reuters.com Business News

KBR, Fluor, Dyncorp win US Army contract, shrs up

(Reuters) - News of the contract buoyed shares of the companies, which provide engineering, logistics and construction services.




KBR climbed nearly 1 percent to $26.59, while Fluor shares rose 1 percent to $105.19. Dyncorp soared 4.4 percent to $22.45. All three stocks trade on the New York Stock Exchange.


Read more at Reuters.com Business News

UPDATE 1-Security Benefit to acquire Rydex Investments

(Reuters) - NEW YORK, June 28 - Security Benefit, a privately
held Topeka, Kansas-based financial services firm, said on
Thursday it agreed to acquire Rydex Investments.




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


Read more at Reuters.com Bonds News

Academics urge acceptance of Canadian bank mergers

(Reuters) - Banks "must be allowed to realize further efficiency gains
and risk reductions mainly through specialization and
internationalization of their operations," they said.




Their paper, published by the C.D. Howe Institute economic
policy thinktank, said mergers would allow some Canadian banks
to become bigger international players, while others would
become specialized domestic retail banks.


Read more at Reuters.com Government Filings News

SingTel confirms to buy Warid stake for $758 mln

(Reuters) - By Faisal Aziz



KARACHI, June 28 - Singapore Telecommunications , Southeast Asia's leading telcoms group, is to buy a 30 percent stake in Warid Telecom, Pakistan's No.3 mobile operator, for more than $700 million, a Warid source said on Thursday.


Read more at Reuters.com Mergers News

US STOCKS-Indexes tread water as Fed decides on rates

(Reuters) - NEW YORK, June 28 - U.S. stocks barely moved on
Thursday as investors stayed cautious before a Federal Reserve
statement that could give clues on the outlook for interest
rates.




The Dow industrials drifted lower after data showed a
measure of inflation monitored by the Fed accelerated in the
first three months of 2007.


Read more at Reuters.com Bonds News

NYSE Delays Open for Wyeth, AT&T, Jefferies on Erroneous Brokerage Orders

(Bloomberg) -- The New York Stock Exchange delayed
the open of trading in Wyeth, Jefferies Group Inc. and AT&T Inc.
after receiving erroneous orders likely generated by a computer
problem at a member firm.

The problem was identified by specialists responsible for
matching trades in the three stocks and the brokerage placing
the orders has been notified, said NYSE spokesman Richard
Adamonis. The exchange will cancel the erroneous orders, the Big
Board said in a statement.


Read more at Bloomberg Stocks News

Oil rises above $70 after US fuel stock drop

(Reuters) - Oil climbed above $70 a barrel on Thursday after a surprisingly steep decline in U.S. gasoline inventories revived supply worries during the height of the summer driving season.

A slowdown in gasoline imports drained inventories of motor fuel in the world's top consumer by 700,000 barrels last week versus an expected rise of 1.2 million barrels.


Read more at Reuters Africa

UPDATE 2-Argentine banker says could buy YPF stake in 2008

(Reuters) - Enrique Eskenazi, named in media reports as the likely
buyer, told leading Argentine newspaper La Nacion the deal
would not be done as quickly as some Argentine government
officials had said.




"If it's done, it will be next year. This is a long
process," Eskenazi said.


Read more at Reuters.com Mergers News

Monsanto quarterly profit jumps 71 percent

(Reuters) - Net income rose to $570 million, or $1.03 a share, in its fiscal third quarter ended May 31, from $334 million, or 60 cents a share, a year earlier. Analysts on average were looking for $1 a share, according to Reuters Knowledge.




St. Louis-based Monsanto said strong demand for its branded corn seed products in the United States, as well as in Italy, France and Germany, contributed to the sharp profit increase. Corn prices have rallied on strong demand from the ethanol, food and livestock feed sectors.


Read more at Reuters.com Hot Stocks News

Most U.S. Stocks Gain, Led by Energy Producers and Technology Companies

(Bloomberg) -- Most U.S. stocks rose, led by
energy and technology companies, after the price of oil jumped
above $70 a barrel and analysts upgraded Intel Corp. and Cisco
Systems Inc.

Exxon Mobil Corp., Chevron Corp. and Marathon Oil Corp.
led fuel companies in the Standard & Poor's 500 Index to the
top gain among 10 industries. About seven stocks gained for
every four that fell on the New York Stock Exchange.


Read more at Bloomberg Stocks News

Spanish Realtor Colonial May Pledge Assets on $9.7 Billion Loan Amid Slump

(Bloomberg) -- Inmobiliaria Colonial SA, Spain's
second-biggest realtor, may put up collateral because its bankers
can't attract enough investors to a 7.2 billion-euro ($9.7
billion) loan for the company, people involved in the deal said.

Goldman Sachs Group Inc., Royal Bank of Scotland Group Plc,
Calyon and Eurohypo AG, which have underwritten the sale, want
Colonial to pledge its 1.3 billion-euro stake in builder Fomento
de Construcciones & Contratas, said two people who declined to be
identified because the terms aren't set.


Read more at Bloomberg Bonds News

UPDATE 2-Dominion to buy back 16 pct of outstanding shares

(Reuters) - Dominion expects to start a modified Dutch auction
self-tender by mid-July. Shareholders could tender some or all
of their shares at prices from $82 to $92 per share, said the
Richmond, Virginia-based company. The company then will pick a
price and buy shares tendered at that level or below.




The share buyback program is part of the power company's
plan to use the proceeds from the sales of most of its oil and
natural gas exploration and production assets.


Read more at Reuters.com Mergers News

UPDATE 1-KB Home posts quarterly net loss, shares drop

(Reuters) - NEW YORK, June 28 - KB Home , the No. 5 U.S. home builder, posted a quarterly net loss on Thursday as home revenue dropped sharply due to the weak housing market.



KB Home, whose shares fell 2.3 percent in premarket trade, said the results reflected an oversupply of new and existing homes, aggressive competition and weak demand. It said it was unable to provide a full-year earnings forecast.


Read more at Reuters.com Bonds News

Fannie, Freddie had enough capital in Q1, OFHEO

(Reuters) - Adequately capitalized is the highest designation that either
company can receive concerning its reserves against possible
losses.




Read more at Reuters.com Government Filings News

UPDATE 1-U.S. 2007 first-quarter GDP growth 0.7 pct

(Reuters) - WASHINGTON, June 28 - The U.S. economy grew at a
0.7 percent annual pace in the first three months of this year,
the weakest in more than four years as businesses sold off
inventories but consumer spending remained strong, a Commerce
Department report on Thursday showed.




It was the weakest quarterly expansion in gross domestic
product, or GDP, since the fourth quarter of 2002 but slightly
better than the government's earlier 0.6 percent estimate for
growth during the quarter. Still, it was a tad weaker than the
0.8 percent growth economists were expecting.


Read more at Reuters.com Economic News

Northern Greece Hit by Power Cut as Transformer in Thessaloniki Explodes

(Bloomberg) -- An explosion at an electricity
transmission center in Thessaloniki, Greece's second-biggest
city, cut power supplies across the country's north.

``A transformer exploded and the center had to be shut down
to fight the fire,'' Nikos Ippofantis, an official at the
country's electricity grid operator Desmie said in a phone
interview today.


Read more at Bloomberg Energy News

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

(Reuters) - The four-week moving average of initial jobless claims,
which smooths out week-to-week volatility, edged up to 316,000,
the highest in seven weeks.




In the last six weeks, initial claims have held steady
between 309,000 and 326,000. The high for the year so far was
356,000 in early February.


Read more at Reuters.com Economic News

Encana, Interoil, Meridian, Northern Orion, Tesco: Canadian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets
today. This preview includes news that broke after markets closed
yesterday. Stock symbols are in parentheses after company names and
prices are from the last close.

The Standard & Poor's/TSX Composite Index gained 78.04, or 0.6
percent, to 13,741.92, yesterday in Toronto.


Read more at Bloomberg Stocks News

RPT-General Mills 4th-quarter profit rises

(Reuters) - The maker of Cheerios cereal, Progresso soups and Yoplait
yogurt said profit was $224 million, or 62 cents a share, for
the fiscal fourth quarter ended May 27. That compares with $222
million, or 61 cents a share, a year earlier.




Analysts, on average, forecast 63 cents a share, according
to Reuters Estimates.


Read more at Reuters.com Market News

Czech Koruna Drops Versus Euro; Central Bank Keeps Interest Rates on Hold

(Bloomberg) -- The Czech koruna fell against the
euro after the country's central bank kept its benchmark interest
rate unchanged at the lowest in the European Union.

The Prague-based policy-making board voted to leave
borrowing costs at 2.75 percent as it awaits a new economic
forecast in July, matching the prediction of all 21 economists in
a Bloomberg survey. Because of its low interest rates, investors
use the koruna in the so-called carry-trade, funding investments
in other higher-yielding assets.


Read more at Bloomberg Currencies News

China's Stocks Fall on $200 Billion Bond Sale Plans: World's Biggest Mover

(Bloomberg) -- China's stocks posted their biggest
drop in more than three weeks on concern that government plans
for a $200 billion bond sale and the proposed introduction of
index futures will drain cash from equities.

The CSI 300 Index fell 181.96, or 4.5 percent, to close at
3858.52. That's the biggest decline since June 4, when the index
lost 7.7 percent. The measure, which posted the biggest
fluctuation among markets included in global benchmarks, has
almost doubled this year.


Read more at Bloomberg Stocks News

UPDATE 1-LUKOIL Q1 profit disappoints at $1.3 bln

(Reuters) - LUKOIL said its profit was dented by higher export duties,
transportation tariffs and operating expenses.




"However, these negative factors were partly offset by
increased hydrocarbon production," it said in a statement.


Read more at Reuters.com Market News

European Stocks Gain, Led by Energy, Mining Shares; BP, BHP, Nestle Climb

(Bloomberg) -- European stocks rose for the first time
in six days as higher commodity prices lifted energy and mining
companies and Citigroup Inc. said shares in the region are cheap.

BP Plc, Europe's second-biggest oil producer, and BHP
Billiton Ltd., the world's largest mining company, advanced.
Nestle SA increased after Deutsche Bank AG recommended buying
stock in the food company. Groupe Danone rose on a report the
yogurt maker will likely sell its LU cookies division.


Read more at Bloomberg Stocks News

Cambridge Place to Close $908 Million Caliber Fund After Subprime Losses

(Bloomberg) -- Cambridge Place Investment
Management LLP, a London-based asset manager, said it will close
its money-losing Caliber Global Investment Ltd. fund after
losses on subprime mortgage debt.

Caliber will sell assets and shut the fund within a year,
the company said in a Regulatory News Service statement today.
The fund, which in March had $908 million of investments,
reported an $8.8 million second-quarter loss on May 18.


Read more at Bloomberg Bonds News

Palm Oil Price Rises in Malaysia as Investors Bet Recent Decline Excessive

(Bloomberg) -- Palm oil futures on the Malaysia
Derivatives Exchange, the global benchmark for the commodity,
climbed for the first day in five as some investors judged the
recent decline was overdone.

The price fell yesterday after Statistics Canada said
farmers in the country had planted a record 14.5 million acres
(5.9 million hectares) of canola, 17 percent more than in 2006.
Canola is used to make cooking oil, and competes with palm oil.


Read more at Bloomberg Commodities News

European shares rise early, echo upbeat Wall Street

(Reuters) - European shares rose early on Thursday, encouraged by gains on Wall Street as investors prepared for the Federal Reserve to sound a more upbeat note on the outlook for inflation.

At 0721 GMT the FTSEurofirst 300 index of top European shares was up 0.8 percent at 1,592.44 points breaking a five-day losing streak.


Read more at Reuters Africa

US stock indexes end 3-day decline; energy, tech lead

(Reuters) - U.S. stocks rose on Wednesday as investors snapped up beaten-down shares after a three-day slide and a nearly 2 percent jump in oil prices boosted demand for energy companies.

Major indexes had fallen earlier in the day after weaker-than-expected durable goods data.


Read more at Reuters Africa

World Bank to fund West African road, rail links

(Reuters) - The World Bank said on Wednesday it will provide $201 million in credits and grants to improve road and rail links between West African neighbors Chad, Cameroon and Central African Republic.

"Those three countries have some of the least functional traffic connections of any area in the world," World Bank spokesman Tim Carrington told Reuters.


Read more at Reuters Africa

Tanfield to pay $100 mln for platform firm Snorkel

(Reuters) - The deal is expected to enhance earnings significantly in
the first full year of ownership, Tanfield said.




Read more at Reuters.com Mergers News

Turkish Interest Rates Will Fall After Election Vote, Akbank's Dincer Says

(Bloomberg) -- Turkish interest rates may fall as
next month's general election restores political stability to an
economy bigger than two-thirds of European Union members, Akbank
TAS's managing director said.

The July 22 vote should bring down borrowing costs provided
the new government can end a dispute over the presidency that's
kept rates high, Suzan Sabanci Dincer said in an interview at
Akbank's Istanbul headquarters. That could revive a credit boom
that's attracted Citigroup Inc. and ING Groep NV to the nation of
72 million.


Read more at Bloomberg Bonds News

Japan's Imports of Liquefied Natural Gas From Oman More Than Double in May

(Bloomberg) -- Japan's imports of liquefied natural
gas from Oman more than doubled in May from a year earlier, the
Ministry of Finance said in a statement in Tokyo today.

LNG imports from Malaysia jumped by about 42 percent to 1.2
million metric tons, government data show.


Read more at Bloomberg Energy News

Carluccio's, GlaxoSmithKline, HMV, Sainsbury: 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 June 27 close.

The benchmark FTSE 100 Index fell 31.70, or 0.5 percent, to
6527.60 in London. The FTSE All-Share Index fell 20.28, or 0.6
percent, to 3363.76.


Read more at Bloomberg Stocks News

TREASURIES-Futures inch down in Asia before Fed

(Reuters) - "It's hard for investors to tilt their positions as they wait
for the results of the Federal Open Market Committee
meeting," said Hiroki Shimazu, a market economist for Mizuho
Securities.




September 10-year note futures slipped 3.5/32 to
105-12/32 as of 0311 GMT.


Read more at Reuters.com Bonds News

Taiwan's Dollar Declines as Investors May Seek Higher Returns Overseas

(Bloomberg) -- Taiwan's dollar weakened on
speculation investors resumed sales of the currency in search of
higher returns abroad through so-called carry trades.

The island's currency has fallen 0.7 percent this year
against the dollar, making it the fourth-worst performer among
the 16 most active currencies in the Asia-Pacific region.
Taiwan's key interest rate of 3.125 percent is the second-lowest
in Asia after Japan's 0.5 percent, encouraging investors to put
money abroad for better returns on their investment.


Read more at Bloomberg Currencies News

UPDATE 1-Japan May industrial output unexpectedly falls

(Reuters) - Market players are looking ahead to consumer price data due
out on Friday and the BOJ's quarterly tankan survey next Monday
for clues on whether the central bank will raise rates in August
as markets widely expect.




Industrial output fell 0.4 percent in May from April,
government data showed on Thursday, much weaker than a median
market forecast for a 0.8 percent rise and marking the third
straight month of decline.


Read more at Reuters.com Economic News

Japan's Bonds May Gain for Fifth Day on Unexpected Decline in Production

(Bloomberg) -- Japan's 10-year bonds may rise for a
fifth day, the longest winning streak since November, after a
report showed an unexpected drop in industrial production.

Benchmark yields may hold near a three-week low after the
trade ministry report showed production declined 0.4 percent in
May from a month earlier. The median estimate of 48 economists
surveyed by Bloomberg News was for a 0.9 percent increase.


Read more at Bloomberg Bonds News

UPDATE 1-Investor Carl Icahn says LBO boom has "peaked"

(Reuters) - "They've had a walk in the park for years, but now
shareholders are waking up to the fact that we're not going to
sell it to you so cheap," Icahn told a "Deals and Dealmakers"
conference sponsored by Dow Jones, referring to LBO firms that
take companies private. "And interest rates could start
creeping up."




Icahn, who is known for pressuring companies for strategic
and management changes, said "I think it's peaked," referring
to the private equity boom.


Read more at Reuters.com Mergers News

UPDATE 1-Ottawa urges one securities watchdog to beat crime

(Reuters) - In some of the toughest language yet on the issue, Flaherty
said Canada's detection and enforcement of white-collar crime
such as fraud and insider trading are viewed by the rest of the
world as woefully inadequate. Too many crimes go unpunished,
investigations are delayed and the penalties too weak, he
said.




A nationwide market regulator could help solve the problem,
he said.


Read more at Reuters.com Government Filings News

Lehman's credit trading volume at record levels

(Reuters) - But that does not seem to be cutting into corporate bond
trading revenues, including junk and investment-grade bonds,
which are a key element of Lehman's total business.




"The volatility has really stoked interest," said Rene
Canezin, managing director, global head of high yield trading
at Lehman, at a briefing for reporters.


Read more at Reuters.com Bonds News

Red Hat maintains its full-year earnings estimates

(Reuters) - Three months ago he said he had expected the business
software maker to report full year non-GAAP cash flow from
operations of $250 million to $260 million.




At the time, he also had said he expected the company to
report full-year, non-GAAP earnings per share of 67 to 72 cents
on revenue of $510 million to $520 million.


Read more at Reuters.com Market News

Bridgestone, Seven & I, Nomura, Sony, Takeda: Japanese Equity Preview

(Bloomberg) -- The following stocks may move in
Japanese markets. Prices are as of the close of trading.
Statements were released after the close. Stock symbols are in
parentheses.

Ace Koeki Co. (8749 JQ): The Financial Services Agency,
Japan's financial regulator, ordered the commodity futures trader
to suspend some of its operations for a month from July 9. Last
week, the Securities and Exchange Surveillance Commission
recommended that the agency take action against Ace Koeki for its
method of attracting clients to foreign exchange trading
accounts. Ace fell 6 yen, or 0.8 percent, to 764.


Read more at Bloomberg Stocks News

Corn Futures Fall to Six-Week Low as Rains Improve Prospects for U.S. Crop

(Bloomberg) -- Corn fell to a six-week low in
Chicago on speculation that rains will revive Midwest crops
threatened by hot, dry weather earlier this month.

As much as twice the normal amount of rain may fall from
Kansas to Ohio in the next five days, increasing soil moisture in
fields that had been depleted by six weeks of heat and dryness,
said Mike Tannura, a meteorologist for T-Storm Weather in
Champaign, Illinois. Cool weather this weekend also will benefit
crops next month.


Read more at Bloomberg Commodities News

Aspreva, CHC, Crocs, Given Imaging, McCormick: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges today.
Stock symbols are in parentheses after company names. Share
prices are as of 4 p.m. New York time.

Andrew Corp. (ANDW US) jumped $1.42, or 11 percent, to
$14.40. CommScope Inc. (CTV US) agreed to buy Andrew, which makes
equipment used to build mobile-phone networks, for about $2.6
billion. The price is $15 a share, the companies said in a
statement. CommScope added 71 cents to $55.87.


Read more at Bloomberg Stocks News

US STOCKS-Indexes rise after 3 down days; energy, tech help

(Reuters) - The Dow Jones industrial average was up 90.88
points, or 0.68 percent, at 13,428.54. The Standard & Poor's
500 Index was up 13.55 points, or 0.91 percent, at
1,506.44. The Nasdaq Composite Index was up 31.19
points, or 1.21 percent, at 2,605.35.




Read more at Reuters.com Bonds News

Path for generic biologics clears US Senate panel

(Reuters) - WASHINGTON, June 27 - A U.S. Senate panel voted on Wednesday to set a path for generic drugmakers to seek approval of cheaper, copycat versions of expensive biotechnology medicines.



Brand-name manufacturers would receive 12 years of exclusive marketing time before generic competition could start under a bill that cleared the Senate Health, Education, Labor and Pensions Committee by a voice vote.


Read more at Reuters.com Government Filings News

AeroGrow <AERO.O posts Q4 loss

(Reuters) - One analyst expected the company to post fourth-quarter
loss of 18 cents a share, before special items, on revenue of
$6.4 million, according to Reuters Estimates.





Read more at Reuters.com Market News

Mexico's Peso, Local Currency Bonds Gain as Demand for Risk Increases

(Bloomberg) -- Mexico's peso and local-currency
bonds rose, reversing earlier declines, after gains in U.S.
stocks showed investor demand for riskier assets is recovering.

Mexico's 20-year bond rose for the first time in six days
after a rally in oil raised the earnings prospects for energy
companies in the U.S. The Dow Jones Industrial Average and the
Standard & Poor's 500 stock indexes rose. Oil, Mexico's biggest
export and a source of almost 40 percent of government revenue,
increased 1.8 percent to $68.96 a barrel.


Read more at Bloomberg Currencies News

Canadian Stocks Rise, Led by EnCana as Energy Shares Rebound on Oil Price

(Bloomberg) -- Canadian stocks rose for the first time
in four days as such energy shares as EnCana Corp. and Suncor
Energy Inc. rose along with rebounding crude oil prices.

The Standard & Poor's/TSX Composite Index advanced 53.54, or
0.4 percent, to 13,717.42 as of 2:34 p.m. in Toronto. It dropped as
much as 0.9 percent earlier as crude oil dropped.


Read more at Bloomberg Stocks News

GLOBAL MARKETS-Investors flee risk, push up yen, bonds

(Reuters) - NEW YORK, June 27 - U.S. stocks were little
changed and fell in Europe and Asia on Wednesday as investors
exited risky investments, pushing the yen and safe-haven U.S.
government debt higher.




The yen advanced across the board for a third day as
volatile global stock markets and concerns about the U.S.
subprime mortgage sector prompted investors to close out risky
carry trades.


Read more at Reuters.com Bonds News

Bumper IPO crop up double-digits in U.S. market

(Reuters) - Another new issue, ComScore Inc. , which measures
Internet usage and patterns, saw its shares rise 22.85 percent,
or $3.77 higher than its $16.50 offering price on Tuesday. And
the shares of Spreadtrum Communications Inc. , a
Chinese designer of mobile phone chips, were trading up 17.2
percent, or $2.41 above its IPO price of $14.




A fourth technology IPO bucked the positive trend -- shares
of AuthenTec Inc. , a company that also made its debut
on Wednesday, fell $1.15, or 10.45 percent to $9.85.


Read more at Reuters.com Mergers News

US STOCKS-Indexes flat as higher oil offsets weak econ data

(Reuters) - Major indexes had fallen after weaker-than-expected durable
goods data hurt industrial shares and added to uneasiness about
the outlook for corporate profits. But bond yields fell on the
economic data, drawing more investors into stocks.




Stocks had also succumbed to fears about higher interest
rates and the troubled subprime mortgage market.


Read more at Reuters.com Bonds News

U.S. Stocks Retreat on Drop in Durable Goods Orders; Caterpillar Declines

(Bloomberg) -- Most U.S. stocks fell for a fourth
day after a government report said orders for durable goods
declined more than forecast and concerns lingered that banks
face further losses in bonds tied to mortgage loans.

Caterpillar Inc., the world's biggest maker of earthmoving
equipment, dropped the most in four months. Countrywide
Financial Corp., the largest U.S. mortgage lender, helped push
financial shares to the lowest since April.


Read more at Bloomberg Stocks News

UPDATE 1-Mass. regulator charges UBS in hedge fund probe

(Reuters) - William Galvin, the state's Secretary of the Commonwealth,
said the bank's Prime Services unit, which processes trades and
provides other services to hedge funds, offered office space
for less than one-half the market rate in downtown Boston.




The company also secured hard-to-get tickets for Boston Red
Sox-New York Yankee games and gave them to hedge fund managers,
according to Galvin's complaint.


Read more at Reuters.com Government Filings News

TREASURIES-Bond prices rise, stocks recovery limit gains

(Reuters) - NEW YORK, June 27 - U.S. Treasury debt prices
rose on Wednesday as a steep fall in durable goods orders and
persistent problems in the subprime mortgage sector fanned
fears about the health of the economy.




However, a recovery in stocks from early losses reduced
some of the safe-haven appeal of government bonds that has been
enhanced by the turmoil in the housing market.


Read more at Reuters.com Bonds News

US STOCKS-Shares flat after oil rise lifts energy shares

(Reuters) - NEW YORK, June 27 - U.S. stocks were little
changed in seesaw trading on Wednesday as a rise in oil's price
lifted energy shares, helping to erase most of the market's
losses.




Major indexes had fallen after weaker-than-expected durable
goods data hurt industrial shares and added to uneasiness about
the outlook for corporate profits.


Read more at Reuters.com Bonds News

Colombia's Peso Weakens Sixth Day, Bonds Decline on U.S. Subprime Concerns

(Bloomberg) -- Colombia's peso weakened for a sixth
day and local government bonds declined as concern about losses
in the U.S. subprime market led investors to shun riskier,
emerging-market assets.

``Worries about the mortgage market shows how a shift in
external conditions reverses the peso's rally,'' said Alvaro
Camaro, head analyst at Stanford Financial Group's unit in
Bogota. ``Some local investors will likely begin investing in
dollars, taking advantage of a still strong peso.''


Read more at Bloomberg Currencies News

Coffee Declines in New York as Mild Temperatures May Boost Brazil's Crop

(Bloomberg) -- Coffee declined in New York as mild
temperatures ease concern that crops might be damaged by frost
in Brazil, the world's largest producer.

Forecasts signaled favorable harvest weather with no
damaging cold expected this week, according to Meteorologix LLC
in Woburn, Massachusetts. Temperatures will hover slightly above
normal with lows mostly in the 50s Fahrenheit (11 to 15
Celsius), and they may drop over the weekend before climbing
again on July 2, the forecaster said.


Read more at Bloomberg Commodities News

Home loan demand drops to 4-month low

(Reuters) - The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both refinancing and purchasing loans, for the week ended June 22 fell 3.9 percent to 618.6 -- its lowest in four months.




Applications, however, were 16.8 percent above their year-ago level. The four-week moving average of mortgage applications, which smooths the volatile weekly figures, was down 0.7 percent.


Read more at Reuters.com Economic News

ServiceMaster restructures LBO debt financing

(Reuters) - To finance the acquisition, the company had initially
planned to sell $3.8 billion in debt, which included $1.15
billion in toggle payment-in-kind notes, said Robert Lee,
analyst at KDP Investment Advisors in Montpelier, Vermont.




Investor reticence toward this kind of note, however, led
them to reduce the PIK component to 50 percent, he said. The
remainder of the bond issue will now be bonds that have cash
interest payments.


Read more at Reuters.com Bonds News

Emerging-Market Bonds Decline as Demand for Risky, High-Yield Assets Wanes

(Bloomberg) -- Emerging-market bonds tumbled, led by
declines in Ecuadorean and Argentine securities, as concern about
losses related to subprime mortgages in the U.S. prompted some
investors to pare holdings of riskier assets.

The average spread, or extra yield, on emerging-market bonds
over U.S. Treasuries widened 6 basis points, or 0.06 percentage
point, to 1.74 percentage points, according to JPMorgan Chase &
Co.'s EMBI Plus index. Today's spread is the widest since March
21.


Read more at Bloomberg Bonds News

Tullow to spend $104 mln on drilling in Namibia

(Reuters) - UK based oil and gas company Tullow Oil Plc said on Wednesday it was investing 750 million rand in exploration drilling for two more gas wells alongside the Kudu gas fields offshore Namibia.

Tullow Oil Managing Director for Africa Andrew Windham said the firm, which is developing the Kudu gas fields in Namibia, has sunk a rig in the first well and the results would be known in August.


Read more at Reuters Africa

UPDATE 1-Freddie plans up to $17 bln reference notes in Q3

(Reuters) - With $10 billion of reference notes set to mature, Freddie
Mac said net reference debt outstanding will shrink by $1
billion if it issues the minimum amount of new notes planned.
It if it issues the maximum during the quarter, net reference
debt outstanding will increase by $7 billion.




In the current quarter, Freddie Mac has issued $12 billion
of reference notes and increased the reference debt outstanding
by $5 billion because $7 billion of notes matured.


Read more at Reuters.com Bonds News

YRC Worldwide says acquisition to fuel China growth

(Reuters) - YRC Logistics' China sales in 2006 were $350 million,
accounting for 35 percent of global sales.




On Tuesday, YRC Worldwide announced a preliminary deal to
acquire Chinese transportation service provider Shanghai Jiayu
Logistics Ltd., marking its latest expansion in the China market,
its largest in Asia.


Read more at Reuters.com Mergers News

Mauritius IBL Q1 profit off 37 pct on lack of tuna

(Reuters) - First-quarter profit for Mauritius-based Ireland Blyth Limited fell 37 percent to 36.28 million Mauritius rupees from 57.28 million in the first quarter of 2006, company figures showed on Wednesday.

IBL, one of the Indian Ocean island's largest conglomerates, said a serious and uncommon shortfall in tuna fishing had hit its production of seafood, but a rebound was expected.


Read more at Reuters Africa

Guitar Center agrees to be acquired by Bain Capital

(Reuters) - The offer represents a 26 percent premium over Guitar Center's closing price on Tuesday.






Read more at Reuters.com Mergers News

BAE Systems, CHC, ConocoPhillips, Mosaic, Playboy: 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 7:30 a.m. New York time.

BAE Systems Plc (BAESY US): Analysts at Citigroup Inc.,
Morgan Stanley and Deutsche Bank AG said yesterday's 7.8 percent
drop in UK-traded shares of Europe's largest defense contractor
was excessive. The shares fell yesterday after the company said
the U.S. Department of Justice is investigating whether the
company violated corruption laws in arms sales to Saudi Arabia.
BAE's ADRS, each worth four shares, fell $2 to $32.70 in regular
trading yesterday.


Read more at Bloomberg Stocks News

TREASURIES-Bond prices rise on lingering subprime woes

(Reuters) - These fears have been heightened after Bear Stearns
was forced to bail out a hedge fund which suffered large losses
due to its dealings in subprime mortgages.




"The subprime issue has become a much more focused problem.
It has certainly caused some unease in terms of the overall
equity market and the overall leverage picture. We have seen
some money flow into Treasuries," said Doug Bender, managing
director with McQueen, Ball & Associates in Bethlehem,
Pennsylvania.


Read more at Reuters.com Bonds News

Los Angeles, Colorado, Texas School District Lead U.S. Municipal Borrowers

(Bloomberg) -- Los Angeles, Colorado and a school
district in Texas will sell a combined $1.7 billion of bonds in
today's largest sales of U.S. state and local government debt.

Los Angeles will borrow $916 million with so-called tax-
and-revenue anticipation notes to cover the city's cash flow
needs until taxes are paid. Colorado will offer $500 million of
similar notes, while the Cypress-Fairbanks Independent School
District in Texas near Houston will sell $275 million of long-
term bonds for school construction.


Read more at Bloomberg Bonds News

Franc Gains for Fourth Day Versus Euro on Bets Risk Aversion Will Continue

(Bloomberg) -- The Swiss franc gained for a fourth
day versus the euro, its longest winning run in more than a
month, on speculation investors will keep shifting out of riskier
assets as stocks markets decline.

Switzerland's currency, which investors often buy in times
of economic uncertainty, has benefited as concerns the housing
slump in the U.S. will hurt global growth caused investors to
sell equities. It has gained with Japan's yen, another currency
investors have used to fund so-called carry trades.


Read more at Bloomberg Currencies News

S.African union says rejects Implats wage offer

(Reuters) - South Africa's biggest mineworkers union has rejected an increased pay offer from Implats and declared a second dispute against the firm, a union official said on Wednesday.

The company made a "final offer" of wage rises of 7.5-9.0 percent, up from 6.5-7.0 percent, negotiator Eddie Majadibodu of the National Union of Mineworkers said.


Read more at Reuters Africa

German Utilities Say Water Cooling Limits Will Cut Power-Output Capacity

(Bloomberg) -- German utilities said they will have
less capacity to generate power tomorrow because of cooling-
water restrictions.

Electricity plants in Europe's largest energy market will
have 455 megawatts less capacity than today, operators said
today in a joint statement on the Web site of the European
Energy Exchange. They didn't say which plants are affected.


Read more at Bloomberg Energy News

Private equity firm Carlyle mulls IPO: Dow Jones

(Reuters) - "The Blackstone IPO was highly successful. We are certainly evaluating that option as well," Lee was quoted as saying.




"Our peers are obviously going to be accessing a huge amount of capital in the public market," he said, adding that there was no timetable for an IPO.


Read more at Reuters.com Business News

UPDATE 1-German TV giant ProSieben buys SBS for $4.4 bln

(Reuters) - BERLIN/FRANKFURT, June 27 - German TV broadcaster
ProSiebenSat.1 Media AG said on Wednesday it bought
rival SBS Broadcasting for 3.3 billion euros to
create Europe's second-biggest television provider.




The combination of ProSiebenSat.1 and SBS, both
majority-owned by private equity firms KKR [KKR.UL] and Permira
[PERM.UL], will create a pan-European rival to market leader RTL
Group, owned by German media giant Bertelsmann [BERT.UL].


Read more at Reuters.com Bonds News

German Benchmark Index Declines, Paced by Allianz, MAN, Deutsche Boerse

(Bloomberg) -- Germany's benchmark DAX Index dropped
for a fifth day, led by Allianz SE, MAN AG and Deutsche Boerse
AG.

The DAX lost 55.59, or 0.7 percent, to 7804.93 at 10:23 a.m.
in Frankfurt. DAX futures expiring in September slid 0.7 percent
to 7883.50. The HDAX Index of the country's 110 biggest companies
decreased 0.7 percent.


Read more at Bloomberg Stocks News

Japan small firms' sentiment down in June -survey

(Reuters) - Traders will await the BOJ tankan as well as industrial
output and core inflation data due later this week for clues to
the timing of the central bank's next interest rate hike, which
is expected to come in the July-September quarter, most likely in
August.




Shoko Chukin's survey produced a reading of 48.4 in the
diffusion index measuring business sentiment, down 0.9 point
from the previous month and below the key threshold of 50 for the
third straight month. The DI is forecast at 49.7 in July.


Read more at Reuters.com Economic News

European Stocks Drop for Fifth Day; Total, BHP, Northern Rock Pace Decline

(Bloomberg) -- European stocks fell for a fifth day,
paced by energy and basic-resources shares as crude oil traded
near a nine-day low and metals prices dropped.

Total SA, the region's largest refiner, and BHP Billiton
Ltd., the world's biggest mining company, declined. Northern Rock
Plc tumbled after the U.K.'s seventh-largest bank said it expects
2007 profit growth to miss analysts' estimates as interest rates
rose more than expected.


Read more at Bloomberg Stocks News

Beneteau, Ciments Francais, Eiffage, GDF, PPR, Suez: 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 yesterday's close.

The CAC 40 Index fell 49.49, or 0.8 percent, to 5953.36 in
Paris. The broader SBF 120 Index also dropped 0.8 percent.


Read more at Bloomberg Stocks News

CPM forecasts platinum to average $1,235/oz in '07

(Reuters) - Platinum should average $1,235 an ounce in 2007 with a range of $1,175 to $1,425 an ounce, commodities research and consulting firm CPM Group said on Tuesday.

Jeffrey Christian, CPM's managing director, told Reuters on the sidelines of a presentation of the CPM Platinum Group Metals Yearbook 2007 that the price of platinum had a potential to spike higher in 2007.


Read more at Reuters Africa

Aframax Tanker Rate on Asian Shipping Routes Drops First Time in Six Days

(Bloomberg) -- The cost of shipping 80,000 metric
tons of oil on Asian routes dropped the first time in six days
as most bookings for early July have been concluded. Further
declines may be limited as freights for the rest of the month
are fixed.

The rate of shipping crude or fuel oil on so-called Aframax
tankers to Singapore from Kuwait dropped 0.13 percent to
Worldscale 154.42 yesterday, according to the London-based
Baltic Exchange. Last week, it rose the most since March 30.


Read more at Bloomberg Energy News

Tony Blair Retires as U.K. Prime Minister, Hands Power to Gordon Brown

(Bloomberg) -- Tony Blair retires today as U.K.
prime minister and hands power to Chancellor of the Exchequer
Gordon Brown, who will bid to restore the ruling Labour Party's
flagging popularity and ensure a fourth straight election win.

Blair, 54, was Labour's most successful leader, winning
three elections since 1997. He forced the Conservative opposition
to support the National Health Service and to drop a long-
cherished commitment to tax cuts, then lost support by joining
the invasion of Iraq in 2003. He still defends the decision.


Read more at Bloomberg Currencies News

Durable Goods Orders in U.S. Probably Fell in May on Fewer Plane Bookings

(Bloomberg) -- Orders for U.S. durable goods
probably fell in May for the first time in four months as a drop
in aircraft bookings masked improving demand for business
equipment, economists said before a government report today.

Orders for goods made to last several years fell 1 percent
after a 0.8 percent increase in April, according to the median
of 73 estimates in a Bloomberg News survey of economists.
Bookings excluding transportation rose 0.2 percent, a third
straight gain, based on the survey median.


Read more at Bloomberg Bonds News

RadioShack and Amazon.com Burn Short Sellers With S&amp;P 500's Top Gains

(Bloomberg) -- RadioShack Corp. and Amazon.com Inc.
have defied short sellers and Wall Street analysts this year by
posting the top gains in the Standard & Poor's 500 Index.

Shares of RadioShack, the third-largest U.S. electronics
chain, and Amazon, the world's biggest online retailer, were
among the 10 most-shorted in the S&P 500 as of June 15,
according to data from the New York Stock Exchange and the
Nasdaq Stock Market. Short sellers try to profit from stock
declines by selling borrowed shares and buying them back at a
lower price.


Read more at Bloomberg Stocks News

UPDATE 5-News Corp, DJ board in early editorial pact-source

(Reuters) - NEW YORK, June 26 - Rupert Murdoch's News Corp.
and Dow Jones & Co. Inc. have "basically
agreed" on safeguards to the editorial independence of Dow
Jones' news operations, a source familiar with the matter said
on Tuesday, setting the stage for Dow Jones to accept a $5
billion buyout offer.




The source said Dow Jones' controlling family, the
Bancrofts, would be consulted on the agreement, which was
reached late Monday evening. The Bancroft family must approve
any deal with News Corp., which is controlled by Murdoch.


Read more at Reuters.com Mergers News

Japan Stocks Drop on U.S. Demand Concern; Canon, Honda Fall; Toshiba Gains

(Bloomberg) -- Japanese stocks dropped, with the
Nikkei 225 Stock Average falling for a fourth day, extending the
longest streak of declines since early March.

Canon Inc. and Honda Motor Co. led losses on concern demand
for their products will falter, curbing profit, amid signs the
U.S. housing market is worsening and after the yen strengthened.


Read more at Bloomberg Stocks News

Matsushita says time to review ties with JVC

(Reuters) - Sources told Reuters on Saturday that JVC will likely merge
Kenwood Corp. under a joint holding company as early as
2008. Matsushita, which holds 52.4 percent of JVC, is expected to
sell its shares to the holding company.




Read more at Reuters.com Mergers News

UPDATE 1-SEC's Cox reveals CDO probes, fund valuation review

(Reuters) - WASHINGTON, June 26 - The U.S. Securities and
Exchange Commission has opened 12 investigations into
collateralized debt obligations linked to the sinking
value of subprime mortgages and created a working group to
focus on subprime market problems, the agency said on Tuesday.




SEC Chairman Christopher Cox also told a House Financial
Services Committee hearing that the agency is broadly reviewing
how hedge funds value their various assets.


Read more at Reuters.com Bonds News

Iberia's board most likely to reject bid-source

(Reuters) - After its meeting in Madrid on Thursday, the board is
expected to ask the bidders for a more detailed "industrial
plan," at the same time that it's expected to continue to deny
access to its books, the source said.




Some of Iberia's core shareholders, which include Caja
Madrid, El Corte Ingles and Logista , are willing to
wait for other offers that could surpass TPG and BA's 3.4
billion euro -indicative bid, the source said.


Read more at Reuters.com Mergers News

Exporters, Hanjin Shipping, SK Telecom: South Korea Equity Preview

(Bloomberg) -- The following shares may rise or fall
in South Korea. Prices refer to the previous close. This preview
includes news announced after markets shut yesterday. Stock
symbols are in brackets after the company names.

The Kospi index slid 0.5 percent to 1749.55. The Kosdaq
retreated 2.1 percent to 780.31. Kospi 200 futures expiring in
September were little changed at 223.90, while the underlying
index slipped 0.4 percent to 222.43.


Read more at Bloomberg Stocks News

South Korea's Fuel Oil Exports May Fall 36 Percent in July, Officials Say

(Bloomberg) -- South Korea's fuel-oil exports may
fall 36 percent in July from the previous month as demand from
domestic utilities increases and refiners lose orders to
Venezuelan and Iranian rivals, refinery officials said.

GS-Caltex Corp., S-Oil Corp. and Hyundai Oilbank Co. may
export no more than 225,000 metric tons of high-sulfur fuel oil
in July, down from about 350,000 tons in June, according to four
refinery officials, who asked not to be identified because of
company policies. Almost all July cargoes may be shipped to China,
they said.


Read more at Bloomberg Energy News

N.Z. Dollar Falls From Highest in 22 Years as Consumer Confidence Declines

(Bloomberg) -- New Zealand's dollar dropped from a
22-year high after a survey showed consumer confidence fell for
a second consecutive quarter, adding to signs the central bank
won't raise interest rates again this year.

A Westpac Banking Corp./McDermott Miller consumer sentiment
index dropped 6.3 percent in the second quarter. The Reserve
Bank of New Zealand boosted the cash rate three times this year,
helping the currency gain 9 percent as investors were attracted
to the nation's higher-yielding assets.


Read more at Bloomberg Currencies News

UPDATE 1-US SEC's Cox: Blackstone not investment company

(Reuters) - WASHINGTON, June 26 - Blackstone Group LP
did not have to register as an investment company because it
simply manages funds that invest in other companies, the
chairman of the U.S. Securities and Exchange Commission said on
Tuesday.




Wall Street analysts had expressed concerns, prior to
Blackstone's initial public offering last week, that the
private equity firm may have been on shaky ground in arguing it
was not an investment company in its prospectus.


Read more at Reuters.com Mergers News

RLPC-U.S. Foodservice postpones LBO financing--sources

(Reuters) - U.S. Foodservice was in the process of raising a $3.36
billion bank loan and a $650 million high yield bond offering.




The decision to postpone comes as both the loan and high
yield bond investors forced U.S. Foodservice to change the
terms of the financing a number of times due to the large
amount of debt being assumed by the company. Loan investors
were also slow to commit to the deal as it lacked financial
covenants.


Read more at Reuters.com Bonds News

Treasuries Little Changed After Note Auction, Rebound in Corporate Debt

(Bloomberg) -- Treasuries were little changed, with
yields on two-year notes near their lowest this month, as the
government sold $18 billion of the securities in an auction and
the perceived risk of owning corporate bonds fell.

Two-year notes in particular had benefited from concern a
weak housing market would lead to losses for investors in
mortgage-backed securities. All Treasuries have yields lower than
the Federal Reserve's benchmark lending rate, which the central
bank is expected to leave at 5.25 percent at a two-day meeting
that starts tomorrow.


Read more at Bloomberg Bonds News

UPDATE 1-Pop Milano board balks at Emilia merger

(Reuters) - The two cooperative banks agreed to go ahead a month ago
with the merger, which would have created the country's
sixth-largest bank in the fast-consolidating sector.




But on Tuesday, Pop Milano said in a terse statement that
its board was divided on the plan and had not approved changes
to its statutes that were a necessary step towards the deal.


Read more at Reuters.com Mergers News