Saudi Aramco Increases Premiums on Offers for Naphtha Shipments to Asia

(Bloomberg) -- Saudi Aramco, the world's biggest
state oil company, offered to sell its naphtha at higher premiums
to benchmark prices in the second half of this year.

Saudi Aramco raised the premium for its A-310 naphtha to $20
a metric ton from $3 a ton in the first half of this year, said
traders involved in negotiations in Tokyo with the Dhahran, Saudi
Arabia-based company. Aramco raised the premium by almost
threefold for its A-180 naphtha, the most expensive grade, to $25
a ton from $8.50 a ton.


Read more at Bloomberg Energy News

Shanghai Copper Futures Fall Amid Speculation Gains Overdone; Zinc Gains

(Bloomberg) -- Shanghai copper futures fell, erasing
early gains, amid speculation that gains yesterday may have been
overdone, uncertainty over China's tax policies and concern that
the world's biggest consumer of the metal may be oversupplied.

Copper prices in Shanghai rose five percent from an eight-
week low yesterday as gains in Chinese shares restored investors'
confidence that the country's economic growth will sustain demand.
London Metal Exchange copper also advanced as global stockpiles
of the metal fell to their lowest since Nov. 2.


Read more at Bloomberg Commodities News

CPC Corp. Will Restart Gasoline-Making Unit on June 18 After Maintenance

(Bloomberg) -- CPC Corp., Taiwan's state oil refiner,
plans to restart a gasoline-making unit at its Talin refinery on
June 18 after 56 days of scheduled maintenance.

The unit, known as a residual oil cracker, turns residue
oil left from the crude refining process into higher-valued
products including gasoline and propylene, a raw material for
plastics. The 25,000 barrels-a-day unit was shut on April 23, a
company official said from Taipei.


Read more at Bloomberg Energy News

Philippine Peso Rises Most in 10 Months on Arroyo's Comments; Rupiah Rises

(Bloomberg) -- The Philippine peso rose the most in
10 months after President Gloria Arroyo said the currency's
strength is helping keep inflation low.

The peso advanced for an eighth day as the benchmark stock
index climbed to a record. Arroyo's comments today came after
central bank Governor Amando Tetangco also said yesterday that a
strong peso helps achieve price stability.


Read more at Bloomberg Currencies News

Shanghai Copper Futures Fall After China Raises Metal Taxes; Zinc Gains

(Bloomberg) -- Shanghai copper futures fell, erasing
early gains, after China raised export taxes on other metals and
amid speculation that further tax changes could boost supplies in
the world's biggest consumer of copper.

London Metal Exchange copper gained yesterday following a
decline in global inventories of the metal used in pipes and wire
to a seven-month low. Starting June 1, China will charge higher
export taxes on steel products, pig iron, nickel, lead and zinc,
the Chinese finance ministry said yesterday on its Web site.


Read more at Bloomberg Commodities News

Yuan Rises Most in More Than a Week Before Wu Meets Paulson in Washington

(Bloomberg) -- The yuan gained the most in more than
a week as China's Vice Premier Wu Yi meets U.S. Treasury
Secretary Henry Paulson in Washington today.

China's currency rose to the highest since the end of a
dollar link in July 2005, climbing past 7.66 for the first time.
The central bank last week allowed wider swings in the yuan to
increase flexibility in the exchange rate, which the U.S. has
said would help narrow the trade gap between the two nations.
Some U.S. lawmakers have threatened retaliatory trade actions in
the absence of quicker yuan appreciation.


Read more at Bloomberg Emerging Markets News

Japan's Two-Year Note Yields Will Rise to Highest Since 1997, Mizuho Says

(Bloomberg) -- Japan's two-year government notes
will slide, pushing yields to the highest since 1997, as rising
energy prices prompt the central bank to raise interest rates,
according to Mizuho Securities Co.

Consumer prices will show gains for the next two months
buoyed by costlier oil, prompting the Bank of Japan to increase
borrowing costs again as soon as July, said Koji Ochiai, a
senior market analyst at Mizuho in Tokyo. Two-year yields may
exceed 1 percent, the most since June 1997, in the next three
months, he said.


Read more at Bloomberg Bonds News

Datong Coal to Sell Up to 300 Million Shares in Hong Kong to Fund Projects

(Bloomberg) -- Datong Coal Industry Co., China's
second-largest coal producer by capacity, plans to sell as many
as 300 million shares in Hong Kong to raise funds for
acquisitions and projects.

The company plans to hold the share sale within 12 months,
it said in a statement to the Shanghai Stock Exchange today.


Read more at Bloomberg Energy News

Australia's Resources Stocks Climb, Led by BHP, Woodside; AWB Declines

(Bloomberg) -- Australian resources stocks rose, led
by BHP Billiton Ltd. and Woodside Petroleum Ltd., after prices of
commodities including crude oil and copper climbed.

AWB Ltd. fell after a government minister yesterday said the
company, which was previously the nation's monopoly wheat
exporter, won't have its trading powers restored.


Read more at Bloomberg Stocks News

Japan's Government Bonds Advance as Yields Near One-Month High Lure Buyers

(Bloomberg) -- Japan's 10-year government bonds rose,
ending a two-day slide, on speculation yields near the highest
in a month will attract investors.

Bonds maturing in 10 years or more handed investors a
higher return than shorter-dated debt so far in 2007, according
to an index compiled by Merrill Lynch & Co. Japanese bonds also
gained after U.S. Treasuries rose for the first time in seven
days.


Read more at Bloomberg Bonds News

U.S. House backs separating banking and retail

(Reuters) - The measure requires a company to generate at least 85
percent of its revenues from financial services in order to own
and operate a type of bank known as an industrial loan company
.




The vote was taken in the midst of a one-year regulatory
moratorium on ILC applications by commercial companies. The
Federal Deposit Insurance Corporation, which reviews the
applications, has given Congress until January 2008 to decide.


Read more at Reuters.com Government Filings News

China Merchants Bank buying into ING's China fund JV

(Reuters) - The transaction, which hasbeen approved by the China
Securities Regulatory Commission, the country's top securities
watchdog, still needs further regulatory approval, the company
said.




Following the planned acquisition, China Merchants
Securities would hold 33.3 percent stake in the fund joint
venture, set up in the southern Chinese boomtown of Shenzhen in
2002. ING Asset Management would hold the remaining 33.3
percent.


Read more at Reuters.com Mergers News

Japan's Yen, Taiwan Dollar, Singapore Dollar: Asian Currency Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian currencies today.

Exchange rates are from the previous session.


Read more at Bloomberg Currencies News

Powell to restate certain results

(Reuters) - The company also said it received a letter from Nasdaq,
indicating that the company is not in compliance with the
filing requirements for continued listing.





Read more at Reuters.com Government Filings News

Pa. turnpike lease would fill funding gap -report

(Reuters) - A long-term lease of the 514-mile Pennsylvania Turnpike
could raise as much as $18 billion for transportation funding,
which has unmet needs of $1.7 billion a year, said the report
from Morgan Stanley, which is advising the state on how to fill
the spending gap.




Pennsylvania Gov. Ed Rendell backed the lease plan, saying
it was the best option before the state.


Read more at Reuters.com Bonds News

Tracinda to explore options for MGM Mirage stake

(Reuters) - Tracinda said it has made no decision on any restructuring
transactions and reserved the right to pursue any deals.




Read more at Reuters.com Mergers News

Gas price hits record for second week

(Reuters) - The much larger Lundberg industry survey of 7,000 stations showed the national price of gasoline jumped 11.4 cents over the last two weeks to a record $3.18 a gallon.




The latest EIA pump price matches the all-time high fuel cost of $3.22 a gallon, when adjusted for inflation, reached in March 1981 after war erupted between Iran and Iraq.


Read more at Reuters.com Hot Stocks News

Capitalia's Arpe Leaves After Producing Annual Market Gains of 53 Percent

(Bloomberg) -- No chief executive officer of an
Italian bank has done more for shareholders than Matteo Arpe. At
the end of the month, Arpe will be out of a job.

Arpe will exit Rome-based Capitalia after generating annual
stock market returns of about 53 percent since he became CEO in
2003. His departure follows UniCredit SpA's agreement yesterday
to buy Capitalia for 21.8 billion euros ($29.5 billion), creating
the third-largest bank in Europe by market value.


Read more at Bloomberg Exclusive News

Teva says court vacates restraining order on Lotrel

(Reuters) - The U.S. District Court for the District of New Jersey instead ordered Teva and Novartis not to sell or offer further generic product, beyond what has already been commercialized, until at least the completion of a status call with the court on May 29, Israel-based Teva said in a statement.



) Keywords: TEVA LOTREL/


Read more at Reuters.com Government Filings News

UPDATE 1-U.S. slashes forecast for Mexican oil output

(Reuters) - NEW YORK, May 21 - U.S. government forecasters
sharply reduced their projection for Mexican oil output in a
report released on Monday after reassessing the willingness of
the Mexican government to open up the country's oil sector to
foreign investment.




The Energy Information Administration said in its 2007
International Energy Outlook that Mexican oil production will
decline to 3 million barrels per day by 2012 before gradually
rebounding to reach 3.5 million bpd by 2030.


Read more at Reuters.com Bonds News

Coca-Cola seems closer to Glaceau deal: report

(Reuters) - A Coca-Cola spokesman declined to comment.




Beverage Digest said a deal, which it heard could be worth about $4 billion, is still likely subject to approval by Coca- Cola's board of directors.


Read more at Reuters.com Business News

Gold Rises as Energy Costs Boost Appeal of Inflation Hedge; Silver Gains

(Bloomberg) -- Gold in New York rose, erasing early
losses, as rising energy prices boosted the appeal of the
precious metal as a hedge against inflation. Silver also gained.

Crude oil rose today above $66 a barrel to its highest
price in three weeks as refineries stepped up production of
gasoline to meet summer demand. Some investors buy gold to
preserve purchasing power in times of accelerating inflation.


Read more at Bloomberg Commodities News

TPG sells freenet stake to investment firm Vatas

(Reuters) - TPG became a shareholder in mobile phone firm mobilcom in 2005, before mobilcom's recent merger with its Internet arm freenet.de that formed the current company, freenet.



TPG said it was selling its stake of 12.45 percent and TPG-Axon was at the same time selling its 6.22-percent stake.


Read more at Reuters.com Mergers News

Web Sites Ordered to Pay $3.6 Million for Energy-Trading Scam, CFTC Says

(Bloomberg) -- A U.S. federal court ordered two Web
sites to pay $3.65 million for bilking investors by posing as an
energy-trading exchange and a broker, the U.S. Commodity Futures
Trading Commission said.

The sites, which used the names York Commodities and the
American Energy Exchange, were ordered by a U.S. District Court
in Manhattan to reimburse investors almost $3.3 million and pay
$390,000 in fines, the Washington-based CFTC said today.


Read more at Bloomberg Energy News

Cotton Rises for Fifth-Straight Day as Rains, Drought Delay U.S. Plantings

(Bloomberg) -- Cotton futures rose for a fifth-
straight session as wet soil in Texas, the biggest U.S. grower,
and drought in Georgia and Alabama delayed plantings.

U.S. planting is behind last year's rate, the U.S.
Agriculture Department reported May 14. Western Texas needs
warmer soil and drier conditions for large-scale planting to
pick up, said Meteorlogix LLC, a weather forecaster in Woburn,
Massachusetts.


Read more at Bloomberg Commodities News

optionsXpress shares up on talk of bid by E*Trade

(Reuters) - These calls with strike prices slightly above the stock's spot price, fetched 75 cents a contract, up 55 cents on the day. Investors often turn to out-of-money calls because they can put the least amount of money at risk and realize the highest return if a merger does occur.




"Given the recent consolidation among online brokers, the rumor might have some merit," said Frederic Ruffy, analyst at options education firm Optionetics in Redwood City, California.


Read more at Reuters.com Hot Stocks News

Coca-Cola files with regulators on Glaceau-report

(Reuters) - Coca-Cola officials were not immediately available for
comment.




Read more at Reuters.com Mergers News

Campbell ups forecast, shares rise

(Reuters) - Campbell, which also raised its full-year earnings forecast, said profit increased to $217 million, or 55 cents a share, for the third quarter ended April 29, from $166 million, or 40 cents a share, a year earlier.




Excluding one-time items, Campbell said earnings were 45 cents a share. Analysts on average had forecast 41 cents, according to Reuters Estimates.


Read more at Reuters.com Hot Stocks News

Williams to sell power business to Bear Stearns

(Reuters) - Bear Stearns said its Bear Energy unit is buying a portfolio of power contracts from Williams that includes about 7,700 megawatts of gas-fired tolling capacity, 1,800 megawatts of full-requirements power supply contracts and an associated trading book. Bear Energy will also acquire various information systems and seek to hire Williams employees.




Williams said it expects to sell its remaining power assets this year as it exits the business entirely. It believes those assets are worth about $50 million.


Read more at Reuters.com Bonds News

UPDATE 5-Blackstone sets terms for 2007's largest U.S. IPO

(Reuters) - NEW YORK, May 21 - Blackstone Group LP [BG.UL] on
Monday said it plans to raise as much as $4.75 billion in what
would be the year's largest U.S. initial public offering, a day
after agreeing to sell a $3 billion stake to China.




The offering comes as low debt costs spur a boom in
takeovers by private equity firms, but also amid some concern
that the industry's growth may be tough to maintain.


Read more at Reuters.com Mergers News

S&P index edges up, helped by telecoms

(Reuters) - The Standard & Poor's 500 stock index rose near its all-time closing high on Monday after a takeover deal for mobile phone company Alltel Corp. lifted the telecommunications sector.

The Dow fell slightly, weighed down by sagging shares of industrial companies.


Read more at Reuters Africa

Aeroflex gets revised offer from Veritas Capital

(Reuters) - Veritas Capital's earlier proposal, which came in April,
comprised of a cash dividend of $14 per share and Aeroflex's
shareholders would have retained 21.2 percent of the fully
diluted common equity.





Read more at Reuters.com Mergers News

Faber Says U.S. Stocks Are Less Expensive Than Spanish, Emerging Markets

(Bloomberg) -- U.S. stocks are more ``reasonably
priced'' than other markets following the dollar's decline,
according to Marc Faber, who oversees $300 million at Hong Kong-
based Marc Faber Ltd.

``U.S. stocks are not the biggest bubble,'' Faber said in
an interview. Emerging markets and the Spanish property market
reflect larger bubbles, he said.


Read more at Bloomberg Emerging Markets News

CVS/Caremark outlook stable, was negative - Moody's

(Reuters) - Commercial paper, a form of short-term debt, is often
considered risky because it has to be refinanced more
frequently than long-term debt.




Moody's now rates CVS/Caremark's senior unsecured debt
"Baa2," the second-lowest investment grade.


Read more at Reuters.com Bonds News

Municipal Bond Tax Breaks Draw Supreme Court Scrutiny on Constitutionality

(Bloomberg) -- The U.S. Supreme Court will consider
whether dozens of states are violating the Constitution by giving
holders of in-state municipal bonds tax breaks that aren't
available for bonds issued elsewhere.

The justices today agreed to review a Kentucky court
decision that said the state was unconstitutionally
discriminating against interstate commerce by taxing income from
out-of-state bonds while exempting earnings on local bonds.


Read more at Bloomberg Bonds News

Global Stocks May Rise Another 7 Percent in 2007 on Earnings, Lehman Says

(Bloomberg) -- Global stocks will probably advance 7
percent in 2007 from current levels, buoyed by earnings growth,
according to Lehman Brothers Holdings Inc.

``We remain bullish on the outlook for global equities,''
Ian Scott, a London-based equity strategist at Lehman Brothers,
wrote in a report dated today. ``Cash returned to shareholders
remains exceptionally high, while earnings continue to surprise
on the upside.''


Read more at Bloomberg Stocks News

Countywide CEO sees housing slump lifting in mid-'08

(Reuters) - He added that he expects the housing market to settle down
in the middle of 2008.




Mozilo made his remarks at a conference hosted by the
Mortgage Bankers Association in Manhattan.


Read more at Reuters.com Bonds News

Platinum Falls in New York on Stronger Dollar; Palladium Gains on Jewelery

(Bloomberg) -- Platinum fell in New York as the
dollar gained against the euro and the yen, reducing the appeal
of precious metals as an alternative asset. Palladium rose.

The U.S. currency rose to a three-month high versus the yen
and strengthened against the euro. The dollar has gained for
three straight weeks against the euro, the longest rally since
October. Platinum has increased 15 percent this year, partly on
speculation of rising investor demand.


Read more at Bloomberg Commodities News

Campbell posts higher profit

(Reuters) - Campbell, which also makes Godiva chocolate and Pepperidge Farm baked goods, said profit increased to $217 million, or 55 cents a share, in the third quarter ended April 29 from $166 million, or 40 cents a share, a year earlier.




Excluding one-time items, Campbell said earnings were 45 cents a share. Analysts on average forecast 41 cents, according to Reuters Estimates.


Read more at Reuters.com Market News

Elan, Global Payments, Omnivision Technologies: 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. Stock symbols are in parentheses after company names.
Share prices are as of 8:50 a.m. New York time.

Allstate Corp. (ALL US): The second-largest U.S. home and
auto insurer said a federal grand jury in Mississippi subpoenaed
the company as part of a probe into the industry's handling of
Hurricane Katrina claims. The stock rose 26 cents to $62.75 in
regular trading on May 18.


Read more at Bloomberg Stocks News

Virgin Media rises on takeover report

(Reuters) - Virgin Media shares rose to $27.10 in electronic trade from a close of $24.85 on the Nasdaq.




Read more at Reuters.com Hot Stocks News

UPDATE 1-Maguire to sell 3 California office buildings

(Reuters) - The sale of the California buildings to Rockwood Capital
LLC and the Muller Company is expected to close in the current
third quarter. The buildings are in Irvine, Orange, and Santa
Ana.




Maguire said the disposition is part of its plan to sell
properties recently acquired from Blackstone/Equity Office
Properties, using the proceeds to reduce debt.


Read more at Reuters.com Bonds News

Lowe's posts lower net, cuts year forecast

(Reuters) - Analysts on average expected 49 cents a share, according to Reuters Estimates.




Total sales rose 2 percent to $12.2 billion, helped by 15 store openings, but shy of the $12.5 billion expected by analysts. Sales at stores open at least a year, an important retail measure, fell 6.3 percent.


Read more at Reuters.com Business News

Dollar jumps, yen weakens as focus shifts from China

(Reuters) - The dollar hit a five-week high on Monday as investors pared back aggressive bets against the currency after limited reaction to China's move on the yuan and rates last week shifted focus to U.S. economic fundamentals.

The yen hit a record low against the euro and a three-month trough versus the dollar as calm investor response to China's move boosted risk appetite and fanned flows into higher-yielding currencies.


Read more at Reuters Africa

European Stocks Advance, Paced by BHP Billiton, BP; Elan Shares Climb

(Bloomberg) -- European stocks climbed for a third
day, paced by BHP Billiton Ltd., Xstrata Plc and BP Plc, after
metal and oil prices advanced.

Elan Corp. surged after Ireland's biggest drugmaker said its
experimental Alzheimer's medicine will move into the last stage
of testing. Societe Generale, Axa SA, and STMicroelectronics NV
weighed on indexes as the shares traded without the right to
their latest dividend.


Read more at Bloomberg Stocks News

Zambia gets loan for Zambezi river bridge project

(Reuters) - Zambia has received an African Development Bank loan for a study to check the feasibility of building a bridge to help the flow of trucks on a major international route, a treasury spokesman said on Monday.

Funds from the $55.6 million loan from African Development Fund (ADF), the AfDB's lending wing, will also be used for programmes to fight to fight poverty and improve rural water supply.


Read more at Reuters Africa

UPDATE 1-Blackstone sets IPO, could raise $3.87-$4.13 bln

(Reuters) - The news comes after Blackstone on Sunday said China's new
state investment agency would take a $3 billion nonvoting stake
in the company at a 4.5 percent discount to the IPO price.




In a filing with the U.S. Securities and Exchange
Commission, Blackstone said it planned to offer 133,333,334
common units at $29 and $31 each, generating proceeds of $3.87
billion to $4.13 billion.


Read more at Reuters.com Government Filings News

Tokyo Electric to Sell 50 Billion Yen of 12-Year Bonds After Rates Fell

(Bloomberg) -- Tokyo Electric Power Co., Asia's
largest power producer, plans to market 50 billion yen ($412
million) of bonds starting tomorrow, after raising 100 billion
yen last week, a finance department manager said.

The company, known as Tepco, plans to sell bonds maturing
in 12 years this week, the manager said, asking not to be
identified because the information isn't public. The last time
Tepco sold bonds of that maturity was in August 2000.


Read more at Bloomberg Bonds News

National Medical says CEO leaves

(Reuters) - National Medical Health Card said it expected to incur a
charge of about $1.8 million because of management changes.




Read more at Reuters.com Market News

Perusahaan Listrik Negara Plans Indonesia's Biggest Rupiah Bond Offering

(Bloomberg) -- PT Perusahaan Listrik Negara,
Indonesia's state-owned power utility, plans to sell 3 trillion
rupiah ($340 million) of bonds, the country's largest rupiah-
denominated corporate bond transaction, in July.

Listrik Negara, or PLN, will sell 2.7 trillion rupiah of
15-year bonds and 300 billion rupiah of 10-year Islamic bonds,
the company said in a prospectus published in the Bisnis
Indonesia newspaper today. Muslim Syariah laws forbid the
payment and receipt of interest.


Read more at Bloomberg Bonds News

Crude Oil Pares Gain After Climbing Above $65 a Barrel on Gasoline Concern

(Bloomberg) -- Crude oil pared early gains after rising
above $65 a barrel in New York amid concern the U.S. won't have
enough gasoline when the summer driving season starts next week.

Gasoline supplies fell 7.5 percent below their five-year
average during the week ended May 11, according to the U.S. Energy
Department. ConocoPhillips and Murphy Oil Corp. shut refinery units
for repairs last week, raising concern over supplies.


Read more at Bloomberg Energy News

Carbon Emission Permits Drop From 11-Month High as Summer Gas Prices Slide

(Bloomberg) -- European Union carbon-dioxide permits
fell from their highest since June as the price of natural gas
for delivery this summer in the U.K. had its biggest decline in
more than two weeks.

Emission permits for 2008 fell 10 cents, or 0.5 percent, to
21.65 euros ($29) a metric ton, according to prices from the
European Climate Exchange in Amsterdam at 9:32 a.m. local time.
They earlier today fell as low as 21.55 euros, after trading as
high as 21.85 euros last week, their highest since June 2.


Read more at Bloomberg Energy News

Basilea shares up after filing antibiotic in U.S.

(Reuters) - The filing triggers a milestone payment of about 24 million Swiss francs from Johnson & Johnson, with which Basilea is developing Ceftobiprole.




Basilea shares were 2.6 percent higher at 279.00 francs by 0736 GMT.


Read more at Reuters.com Hot Stocks News

Nordic Indexes Advance, Led by Statoil, Norsk Hydro; Volvo Shares Rise

(Bloomberg) -- Nordic stocks increased, paced by
Statoil ASA and Norsk Hydro ASA, the largest oil and gas
producers in the region, as crude advanced.

Volvo AB, Europe's second-biggest truckmaker, also gained.


Read more at Bloomberg Stocks News

European shares fall as banking stocks weigh

(Reuters) - European shares fell in early trade on Monday with banking stocks in focus after UniCredit agreed to buy smaller rival Capitalia.

The FTSEurofirst 300 index of top European shares fell 0.1 percent to 1,598.68 0712 GMT.


Read more at Reuters Africa

Ireland's Thirdforce to buy U.S rival MindLeaders

(Reuters) - "The proceeds of the placing will be utilised by the company
to satisfy the cash element of the consideration, to contribute
towards the discharge of costs associated with the proposed
transactions and to provide working capital to fund the growth
plans of the enlarged group," it said in a statement.
Thirdforce said the owners of MindLeaders would receive 85
percent of their shares and cash when the deal was finalised
with the remainder payable 21 months later.




Read more at Reuters.com Mergers News