Munich Re Says It Plans to Sell About $1.3 Billion of Subordinated Bonds

(Bloomberg) -- Munich Re, the world's second-biggest
reinsurer, plans to sell about 1 billion euros ($1.3 billion) of
subordinated bonds.

The perpetual bonds, which will be marketed to investors
during the week ending June 1, will be callable by Munich Re from
10 years after the date of issue, the company said in an e-mailed
statement today. Until then, the bond will have a fixed coupon and
thereafter a floating rate, the Munich-based reinsurer said.


Read more at Bloomberg Bonds News

HCI full-year profit jumps 143 pct

(Reuters) - South African media and leisure company Hosken Consolidated Investments increased full-year adjusted headline earnings per share by 52 percent and headline profit by 143 percent, the firm said on Friday.

HCI, which controls casino and hotel company Johnnic Holdings and has a majority stake in commercial TV broadcaster eTV, said headline profit rose to 511.2 million rand while adjusted headline EPS increased to 412.58 cents.


Read more at Reuters Africa

Nasdaq, Foiled on LSE Purchase, Will Acquire Sweden's OMX for $3.7 Billion

(Bloomberg) -- Nasdaq Stock Market Inc. agreed to buy
Sweden's OMX AB for 25.1 billion kronor ($3.7 billion) after
failed attempts to acquire London Stock Exchange Plc left the
U.S. company behind in the race to expand into Europe.

Nasdaq offered 208.1 kronor for each share in Stockholm-
based OMX, the companies said in statement today. Nasdaq will pay
with 0.502 new share and 94.3 kronor in cash for each share in
OMX, Europe's fifth-largest stock exchange.


Read more at Bloomberg Stocks News

Sudan Sells Nile Blend Crude Oil for Loading in July to Itochu, Chinaoil

(Bloomberg) -- Sudan Petroleum Corp., the country's
state-owned oil company, sold as much as 2 million barrels of
Nile Blend crude oil for loading in July to two buyers, said
traders who submitted offers.

---------------------------------------------------------------
Crude:         Nile Blend from Sudan
Quantity:      1 million barrels
Loading:       July, from Bashayer Marine Terminal
Buyer:         Itochu Corp.
Price:         **ICP Minas +$1.25 a barrel
---------------------------------------------------------------
Crude:         Nile Blend from Sudan
Quantity:      1 million barrels
Loading:       July, from Bashayer Marine Terminal
Buyer:         China National United Oil Corp. (Chinaoil)
Price:         **ICP Minas +28 cents a barrel
----------------------------------------------------------------

**ICP = Indonesian Crude Price


Read more at Bloomberg Energy News

Buy Canadian Dollar Options to Bet on Currency's Rally, IDEAglobal Says

(Bloomberg) -- Investors should use options to bet
the Canadian dollar will extend its rally after reaching a 30-
year high this week, according to research firm IDEAglobal.

The currency rose to the highest since 1977 yesterday as
traders increased bets the central bank will raise interest
rates for the first time since May last year. Options are the
best way to make the bet because an investor can't lose more
than the premium they pay for the contract, IDEAglobal said.


Read more at Bloomberg Currencies News

Shenzhen Development Bank's Shares Surge After Company Raises Stock Offer

(Bloomberg) -- Shares of Shenzhen Development Bank
Co., controlled by buyout firm TPG Inc., surged by the daily
limit as trading resumed after the bank increased an offer to
investors to make all its stock tradable.

The stock gained 1.39 yuan, or 5 percent, to a record 29.24
yuan at 9:30 a.m. in Shenzhen. Shares of Shenzhen Development
have more than doubled this year, making it the best performer
among the nation's 10 publicly traded lenders.


Read more at Bloomberg Emerging Markets News

Kuwait International Investment Will Sell $150 Million of Islamic Bonds

(Bloomberg) -- International Investment Group KSCC,
a Kuwait-based Islamic financial company, plans to sell $150
million of convertible bonds complying with Shariah law, its
first sale of the securities.

The company is seeking to price the five-year notes at 1.5
to 2 percentage points more than the dollar mid-swap rate,
according to sale terms from arranger Barclays Capital. The
three-year mid-swap rate was at 5.224 percent as of 10:03 a.m.
in Bangkok, according to data compiled by Bloomberg.


Read more at Bloomberg Bonds News

Chavez Plan to Withdraw From IMF May Give Pimco, MFS $451 Million Windfall

(Bloomberg) -- Venezuelan President Hugo Chavez's
pledge to withdraw from the International Monetary Fund may
violate terms of the country's foreign bonds, allowing investors
to demand their money back.

Pacific Investment Management Co. and Alliance Capital
Management, the biggest holders of Venezuela's debt, would get a
$451 million windfall if the securities are redeemed because
they own bonds that trade below face value, according to data
compiled by Bloomberg. The country has $6.5 billion of notes
that trade at a discount among its $20 billion in foreign bonds.


Read more at Bloomberg Bonds News

CIT planning to grow on its own--CEO

(Reuters) - CIT shares have risen since then and its bonds have
weakened relative to Treasuries, as investors have talked of a
possible buyout of the company.




"So far it's just speculation," said Jeff Peek, CIT's CEO,
in an interview with Reuters.


Read more at Reuters.com Bonds News

Copper Slumps to Seven-Week Low on Speculation Chinese Stockpiles May Gain

(Bloomberg) -- Copper futures in New York tumbled
more than 3 percent to a seven-week low on concern that metal
inventories in China, the biggest consumer, will climb,
signaling excess supplies.

Stockpiles monitored the Shanghai Futures Exchange have
more than tripled in 2007 to the highest in three years. The
exchange will release its weekly inventory report tomorrow.
Copper has fallen 10 percent this month on concern that growing
supplies in China will lead to a widening surplus of the metal
used in wires and pipes.


Read more at Bloomberg Commodities News

Nevada approves rate boost for Sierra Pacific unit

(Reuters) - Sierra Pacific said that the approvals, combined with a
previously approved recovery of costs from the Western energy
crisis in 2000-2001, would raise residential customer rates an
estimated 11.6 percent, effective June 1.




The Nevada commission, as part of the general rate
increase, also approved a return on equity for Nevada Power of
10.7 percent.


Read more at Reuters.com Government Filings News

Russian Shares Fall, Paced by Evraz After Blast; Unified Energy Declines

(Bloomberg) -- Russian stocks fell. Evraz Group SA
slid following a deadly blast at one of the steelmaker's
Siberian coal mines.

OAO Unified Energy System and OAO Sberbank also dropped.


Read more at Bloomberg Stocks News

Canada Bond Yields Reach 11-Month High on Expectations of Rising Benchmark

(Bloomberg) -- Canadian bond yields rose to the
highest in 11 months as traders anticipated higher interest
rates following an unexpectedly strong U.S. home sales report.
The Canadian dollar also touched a new 30-year high.

New home sales rose 16 percent to an annual pace of 981,000
last month from an 844,000 rate the prior month, the Commerce
Department said in Washington. The median economists' estimate
was for an 860,000 annual rate.


Read more at Bloomberg Bonds News

State Farm to pay $6.8 mln in Katrina case-lawyers

(Reuters) - State Farm depreciated the cost of the screens, they said,
and tried to pay homeowners much less than it cost to replace
them. The settlement is for the full amount the plaintiffs
claimed, the lawyers said.




A spokeswoman for Bloomington, Illinois-based State Farm
did not immediately return a call seeking comment.


Read more at Reuters.com Bonds News

Crude-Oil Futures in London Climb on Nigerian, Iranian Supply Concerns

(Bloomberg) -- Crude oil fell in New York and rose in
London to a nine-month high, boosted by threats to supply from
Nigeria and Iran.

London-traded Brent crude, traditionally cheaper, now costs
a record $6.46 a barrel more than New York oil. A government
report yesterday showed that supplies in Cushing, Oklahoma, the
delivery point for New York futures, jumped last week, adding to
a glut that is depressing prices. Refinery fires and power
outages have cut demand for the U.S. benchmark grade.


Read more at Bloomberg Commodities News

Bank of New York, Mellon shareholders OK merger

(Reuters) - Earnings for the latest quarter rose to 51 cents a share, from 47 cents in the year-ago period, before gains from a change in accounting and reflecting lower average shares outstanding due to its stock buyback.






Read more at Reuters.com Mergers News

Treasury 10-Year Yields Rise to Almost Four-Month High on New Home Sales

(Bloomberg) -- Treasuries dropped, pushing yields to
the highest in almost four months, after a government report
showed sales of new homes in April rose the most in 14 years.

``It's a foot on the neck of the market,'' said William
O'Donnell, U.S. government bond strategist in Stamford,
Connecticut, at UBS Securities LLC. ``The market is not taking
it very well''


Read more at Bloomberg Bonds News

Record Tanker Orders May Herald Slump in Freight Rates, Citigroup Says

(Bloomberg) -- The number of oil tankers on order at
shipyards around the world climbed to a record this month and
may herald a slump in freight rates, according to Citigroup Inc.
analysts.

The number of crude and refined-oil tankers on order at
shipyards in South Korea, China and Japan rose 40 percent to 150
million deadweight tons in the year to the start of May,
Citigroup analysts led by New York-based John Kartsonas wrote in
a note to clients yesterday.


Read more at Bloomberg Energy News

INSTANT VIEW 4-US April new home sales higher than expected

(Reuters) - COMMENTARY:




BOB MOULTON, PRESIDENT OF THE AMERICANA MORTGAGE GROUP,


Read more at Reuters.com Bonds News

Bausch & Lomb, CA, CTS, Stein Mart, Toro, Foot Locker: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 10:10 a.m. New York time.

Bausch & Lomb (BOL US) rose $3.20, or 4.8 percent, to $69.65
and traded as high as $70.50. Advanced Medical Optics Inc. (EYE
US) said it will consider topping the $3.7 billion bid from
Warburg Pincus for Bausch & Lomb. Advanced Medical mentioned no
price, although CNBC reported the offer could exceed $70 a share.


Read more at Bloomberg Stocks News

UPDATE 1-Shoe Carnival Q1 profit down; sees Q2 below market view

(Reuters) - For the second quarter, the company forecast earnings below
market view at 20 cents to 23 cents a share. Analysts expect
earnings at 31 cents a share, before items.




Shoe Carnival, which is based in Evansville, Indiana, sees
same-store sales ranging from a decrease of 1 percent to an
increase of 1 percent for the second quarter.


Read more at Reuters.com Market News

Crude Oil Falls in New York on Report or Increased Inventories at Cushing

(Bloomberg) -- Crude oil in New York fell after a
government report showed that supplies in Cushing, Oklahoma, the
delivery point for Nymex futures, jumped last week.

Inventories at Cushing rose 899,000 barrels to 27.36 million
barrels, the Energy Department reported yesterday. Refinery fires
and power outages have cut demand for West Texas Intermediate
oil, the U.S. benchmark grade. Brent oil, produced in the North
Sea, rose because of threats to supply from Nigeria and Iran.
Brent has averaged more than $1 cheaper than WTI since 1990.


Read more at Bloomberg Energy News

GLOBAL MARKETS-Stocks, Treasuries dip on data, China warning

(Reuters) - LONDON, May 24 - U.S. Treasury prices dipped on
Thursday after mixed U.S. economic data gave no firm evidence of
the need for interest rate cuts, while global stocks fell
following a warning about the overheated China market.




Oil prices rose to a nine-month high above $71 a barrel on
concerns about supplies from Iran and U.S. stock futures were
pointing to a softer start on Wall Street.


Read more at Reuters.com Bonds News

Michigan's Budget Crisis Puts Job-Starved State at Economic Crossroads

(Bloomberg) -- Michigan, bleeding jobs even as its
Rust Belt neighbors begin to prosper, has an $803 million hole
in this year's state budget that could force layoffs of
government workers and cutbacks for schools and health care
starting June 1.

That's when the state's cash flow will dry up, as it faces
a fiscal crisis rooted in dependence on General Motors Corp.,
Ford Motor Co. and DaimlerChrysler AG's Chrysler unit. The three
carmakers lost a combined $15.3 billion last year. Michigan and
hurricane-ravaged Louisiana were the only two U.S. states to
shed jobs in 2006.


Read more at Bloomberg Exclusive News

Canadian Stocks May Fall as Energy and Gold Decline; Petro-Canada May Drop

(Bloomberg) -- Canadian stocks may fall for the first
day in seven, led by materials and energy stocks, after the price
of oil and gold dropped.

The Standard & Poor's TSX Composite Index rose to a record for
a fifth day yesterday, gaining 30.32, or 0.2 percent, to 14,142.51
in Toronto.


Read more at Bloomberg Stocks News

Swiss Franc Volatility Declines to an 11-Year Low, Boosts Carry Trades

(Bloomberg) -- Volatility on Swiss franc options has
fallen to the lowest in at least 11 years, increasing investors'
appetite for borrowing in the currency to finance purchases of
higher-yielding assets.

Narrower swings in the franc encourage investors to boost
so-called carry trades. This strategy involves borrowing in
countries such as Switzerland, where the benchmark interest rate
is 2.25 percent, to invest in economies including the U.S.,
where the key rate is 5.25 percent.


Read more at Bloomberg Currencies News

Canada-U.S. Benchmark Yield Spread Shrinks to Lowest Since February 2005

(Bloomberg) -- The difference in yield between the
benchmark two-year Canadian government bond and the U.S.
counterpart narrowed to the smallest in more than two years as
investors bet the Bank of Canada will raise interest rates.

Canadian yields have risen more quickly than U.S. yields as
Canada's economy is showing signs of strength, buoyed by gains
in the nation's commodity exports.


Read more at Bloomberg Bonds News

Platinum Falls in London as Dollar Gains May Slow Demand; Palladium Drops

(Bloomberg) -- Platinum fell in London on speculation
that declines in the euro against the dollar may curb demand from
European manufacturers for the dollar-denominated metal.
Palladium also dropped.

Europe was the fastest-growing market for platinum last
year, paced by a 10 percent increase in demand from manufacturers
of car catalysts to reduce pollution, a report last week by
London-based manufacturer Johnson Matthey Plc showed. The euro
fell 0.2 percent against the dollar today, adding to its 1.5
percent decline this month.


Read more at Bloomberg Commodities News

Power cuts hit Billiton African aluminium smelters

(Reuters) - Power cuts in recent days have hit three southern African aluminium smelters operated by BHP Billiton and more cuts are expected due to peak winter electricity demand, the mining group said on Thursday.

The firm, the world's biggest mining group, operates the Hillside and Bayside aluminium smelters in South Africa and Mozal in Mozambique.


Read more at Reuters Africa

UPDATE 1-AnnTaylor 1st-qtr profit falls on weakness at LOFT

(Reuters) - First-quarter net income was $31.5 million, or 46 cents per
share, in line with analysts' estimates, according to Reuters
Estimates, down 19 percent from $39.0 million, or 53 cents per
share, a year ago, the company said.




Sales rose 4.3 percent to $580.3 million, as a greater
number of stores and a growing factory outlet and Internet
business helped offset a quarterly decline in stores open at
least a year.


Read more at Reuters.com Market News

U.S. Treasury Yields Hold Near Four-Month High Before Durable Goods Report

(Bloomberg) -- U.S. 10-year Treasury yields held near
their highest since January before a report today expected to show
orders for goods rose for a third month in April.

Yields on 10-year Treasuries have risen 35 basis points in
the past three months as U.S. stock indexes advanced. Federal
funds futures contracts show traders expect a 23 percent chance of
a rate cut by September, dropping from 46 percent two weeks ago.
Orders for goods made to last several years probably increased 1
percent after a 4.3 percent jump, according to the median forecast
of economists in a Bloomberg News survey.


Read more at Bloomberg Bonds News

Futures fall before housing, data

(Reuters) - Luxury home builder Toll Brothers while government reports on April durable goods orders and initial weekly jobless claims are set for release at 8:30 a.m. before the market opens.


Read more at Reuters.com Business News

Yuan Little Changed After Governor Zhou Says Currency Gains `Fast Enough'

(Bloomberg) -- The yuan was little changed after
central bank Governor Zhou Xiaochuan said gains in the currency
are ``already moving fast enough.''

U.S. legislators have pledged to proceed with sanctions on
imports from China unless the yuan rises faster than the 8.2
percent gain since the end of a dollar link in July 2005. Vice
Premier Wu Yi said the U.S. shouldn't resort to threats and trade
sanctions, damping speculation China will agree to demands for
faster currency appreciation to help solve global imbalances.


Read more at Bloomberg Currencies News

Nanjing Auto silent on reported strain with Fiat

(Reuters) - Fiat wants to sell 300,000 cars in China by 2010, but its
Nanjing venture produced just 31,300 cars last year. Its market
share is less than 1 percent, FT said.




Marchionne added that he remained committed to working out
the matter with Nanjing Auto, but that he would not rule out
opportunities to team up with other local auto makers, such as
SAIC Motor Corp., the country's biggest car maker, and Chery
Automobile Co.


Read more at Reuters.com Mergers News

Crude Oil Pares Gains After U.S. Reports Refineries Produced More Gasoline

(Bloomberg) -- Crude oil fell in New York after the
U.S. government reported refineries had increased production of
motor fuels before the peak driving season.

U.S. refineries operated at 91.1 percent of capacity in the
week to May 18, up 1.6 percentage points from the week before,
according to the Department of Energy. That was the highest rate
since Jan. 5.


Read more at Bloomberg Energy News