Texas Instruments Retreats and Take-Two Climbs: U.S. After-Hours Trading

(Bloomberg) -- Texas Instruments Inc. fell in
extended U.S. trading after the world's biggest maker of mobile-
phone chips said second-quarter sales and profit will be below
its highest estimates.

Shares of the Dallas, Texas-based company dropped 70 cents,
or 2 percent, to $35.09 as of 5:47 p.m. in New York. Texas
Instruments said sales will be $3.36 billion to $3.51 billion.
That compares with an April estimate of $3.32 billion to $3.6
billion. Profit will be 40 cents to 44 cents a share, excluding
some costs, compared with an earlier forecast of 39 cents to 45
cents.


Read more at Bloomberg Stocks News

Bharat Petroleum's Crude Oil Purchases From Petronas to Decline 33 Percent

(Bloomberg) -- Bharat Petroleum Corp., India's
third-biggest state-run refiner, will cut crude oil purchases
from Petroliam Nasional Bhd. by 33 percent in the year to March
2008 as Malaysia's state oil company can't increase supplies.

Bharat Petroleum, based in Mumbai, will buy 10,000 barrels
a day of Malaysian oil varieties Tapis, Miri and Labuan from
15,000 barrels a day in the fiscal year ended March 2007, C.K.
Sengupta, executive director for international trading at the
Indian refiner, said in an interview in Kuala Lumpur while
attending the Asia Oil and Gas conference.


Read more at Bloomberg Energy News

Malaysian Government Bonds Rise on Yield Attraction; Ringgit Extends Gain

(Bloomberg) -- Malaysia's bonds rose on speculation
yields at the highest in four months will attract buyers. The
ringgit strengthened for a second day.

Benchmark government bond yields have risen about two-thirds
of a percentage point in the past three weeks after expectations
for lower borrowing costs waned and the ringgit fell last week by
the most since Bank Negara Malaysia scrapped a peg to the dollar
in July 2005.


Read more at Bloomberg Bonds News

UPDATE 1-Chalco's shares halted in HK, China amid buy talk

(Reuters) - The acquisitive listed company -- known also as Chalco -- has
said it would start buying aluminium processing plants from its
state parent in 2007, a common move via which major public
corporations pick up valuable assets.




Shares in Baotou Aluminium were also suspended on
Tuesday. In January, Chalco's parent -- Chinalco -- bought 80
percent of subsidiary Baotou Aluminium Co. in a
government-arranged asset transfer. That acquired firm owns 55
percent of Shanghai-listed Baotou Aluminium Co.


Read more at Reuters.com Mergers News

TREASURIES-Bonds steady in Asia but mood nervous

(Reuters) - "There aren't very big flows, and the reason for that is that
people just aren't sure about the market outlook," said a senior
trader for a European investment bank.




The 10-year yield could make a try for a break above 5.25
percent if concerns about inflation increase or if there is any
renewed focus on prospects for solid global economic growth,
traders said.


Read more at Reuters.com Bonds News

UPDATE 1-Bancrofts to send new WSJ safeguard proposal-report

(Reuters) - News Corp. has offered $5 billion to buy Dow Jones, but the
Bancrofts have voiced concern that Chairman Rupert Murdoch
could have too much influence over the company's flagship Wall
Street Journal.




The Journal in its online edition cited people familiar
with the matter as saying that Bancroft family advisers could
send New Corp. a new proposal regarding a special board to
safeguard the paper as early as Tuesday.


Read more at Reuters.com Mergers News

Bancrofts to send new WSJ safeguard proposal: report

(Reuters) - The newspaper said it was unclear if the changes would bridge differences over how to enforce rules designed to protect the Wall Street Journal's independence.




News Corp. has offered $5 billion to buy Dow Jones, but the Bancroft's have voiced concern that chairman Rupert Murdoch could have too much influence over the company's flagship Wall Street Journal.


Read more at Reuters.com Business News

JGBs dip on BOJ rate worries, 5-year auction eyed

(Reuters) - JGBs had been sold heavily since late May on a rapid rise in
overseas yields triggered by expectations for solid global growth
and tighter monetary policies to ward off price pressures,
compounding concerns of a BOJ rate hike as soon as August.




The market's focus on Tuesday is the Ministry of Finance's
auction of 2 trillion yen in five-year notes.


Read more at Reuters.com Bonds News

China's CSI 300 Index Will Have Industry Sub-Indexes From Start of July

(Bloomberg) -- China's benchmark CSI 300 Index will
have sub-indexes tracking 10 industry groups from the start of
next month, according to the benchmark's compiler.

The sub-indexes, which will include measures for the
consumer, energy and finance industries, will have a base value
of 1,000 points based on prices of December 31, 2004, China
Securities Index Co. said in a statement. Their composition will
be revised every six months, it added.


Read more at Bloomberg Stocks News

South Korea's Kospi Index Rises, Led by Kookmin Bank, Daewoo Shipbuilding

(Bloomberg) -- South Korea's benchmark stock index,
the Kospi Index, rose 0.24 percent at 9:05 a.m.

The index of 732 companies traded on the Korea Exchange rose
4.19 to 1,720.75. Among the stocks in the index, 323 rose, 175
fell and 233 were unchanged.


Read more at Bloomberg Stocks News

Japan's Notes May Decline on Speculation Traders Will Sell Before Auction

(Bloomberg) -- Japan's notes may fall on speculation
traders will sell to protect against potential losses at an
auction of five-year government debt today.

Brokers that will bid at the auction may cut holdings in case
prices drop before they can pass on the 2 trillion yen ($16
billion) in new debt to investors. Japan's government bonds may
also track a slide in U.S. Treasuries, which slumped yesterday
after Federal Reserve Bank of Cleveland President Sandra Pianalto
said inflation is ``uncomfortably high.''


Read more at Bloomberg Bonds News

Crude Oil Is Steady After Gaining as Saudi Arabia Cuts Shipments to Asia

(Bloomberg) -- Crude oil was little changed in New
York after rising yesterday on signs the Organization of
Petroleum Exporting Countries may extend production cuts to trim
global stockpiles.

Saudi Arabia, the world's biggest exporter, yesterday told
Asian refiners that it would curb shipments for a ninth month in
July. An Energy Department report tomorrow will probably show
above-average oil stockpiles in the U.S. fell 400,000 barrels
last week as refiners increased output to meet rising summer
demand, according to a Bloomberg News survey of 13 analysts.


Read more at Bloomberg Energy News

UPDATE 1-GMAC renews $20 billion in bank facilities

(Reuters) - "The facilities are a key part of our strong liquidity
profile and will provide additional financial flexibility to
the companies," GMAC Chief Financial Officer Sanjiv Khattri
said in a statement.




The renewal comes at a time when GMAC has been hurting from
ResCap's exposure to the subprime mortgage market.


Read more at Reuters.com Bonds News

TI lowers rev outlook as calculators miss target

(Reuters) - It reduced its estimate for sales from its calculator unit to a range of $160 million to $170 million, from its earlier target of $180 million to $200 million.




Shares of TI fell to $34.96 in extended trade after the news as some investors had expected an improved outlook. The stock had closed at $35.79 on the New York Stock Exchange on Monday.


Read more at Reuters.com Market News

Texas Instruments narrows rev., earnings forecast

(Reuters) - TI forecast earnings per share of 40 cents to 44 cents on revenue of $3.36 billion to $3.51 billion compared with its previous forecast for earnings per share of 39 to 45 cents on revenue of $3.32 billion to $3.6 billion.




Analysts on average had expected earnings of 42 cents per share on revenue of $3.46 billion, according to Reuters Estimates.


Read more at Reuters.com Business News

MERGERS/DEALS (UPDATE 3)

(Reuters) - ** Wabtec Corp. said it acquired privately held
Ricon Corp., a maker of wheelchair lifts and ramps for buses,
for $73.5 million, including debt repayment, to complement its
presence in the transit bus market. [nWNAS3588]




** CSG Systems International Inc. said it agreed
to buy privately held ComTec Inc. for about $23.5 million in
cash. CSG expects the deal to add about $10 million to $12
million in revenue for 2007, the billing services and software
supplier said. [nBNG7264]


Read more at Reuters.com Bonds News

Bristol pleads guilty in Plavix case

(Reuters) - Bristol-Myers on May 30 said it had agreed to pay the fine to resolve charges that it illegally concealed a patent settlement deal it had reached with Apotex Inc., a generic drugmaker based in Canada.




But privately held Apotex subsequently launched its cheaper copycat form of the drug to prevent blood clots, after the arrangement between it and Bristol-Myers collapsed due to opposition from state attorneys general in the United States.


Read more at Reuters.com Business News

UPDATE 1-Atticus meeting with third parties about Freeport

(Reuters) - Atticus, which in January said in owns a 3 percent stake in
Freeport-McMoRan, raised its stake and said it may consult with
,toutside advisers and engage in talks with members of
management and the board at the world's largest copper miner.




In a filing with the U.S. Securities and Exchange
Commission, Atticus said it has met with "third parties to
encourage them to consider strategic transactions involving"
Freeport with the purpose of maximizing shareholder value.


Read more at Reuters.com Government Filings News

XM says "Opie & Anthony" show to return June 15

(Reuters) - XM denounced the comments and the hosts apologized. But XM,
which has agreed to be acquired by rival Sirius Satellite Radio
Inc. on Friday, June 15th," XM said in a message posted
to its Web site.


Read more at Reuters.com Bonds News

Arcelor Mittal looks to improve U.S. profitability

(Reuters) - "Shipments are about 20 percent of our company's, and
profits are about 10 percent -- about half of what we believe
we can earn," Chief Financial Officer Aditya Mittal told a JP
Morgan industry conference.




Mittal blamed industry trends in the United States for
lower profitability there.


Read more at Reuters.com Market News

FDA sees suicidal behavior with Sanofi drug

(Reuters) - Food and Drug Administration staff said the 20-milligram dose of the drug, Zimulti, produced clinically significant weight loss over one year. An advisory panel will consider on Wednesday if regulators should approve U.S. sales.




Known generically as rimonabant, the drug already is sold in 18 countries under the name Acomplia.


Read more at Reuters.com Government Filings News

H&R Block rises on upgrade, buyout speculation

(Reuters) - She said the Kansas City, Missouri company could be worth $30 per share if it were acquired by a private equity firm or if it significantly changed its strategy. Flynn estimated a 40 percent chance of a leveraged buyout at $27 to $33 per share.




A spokesman for H&R Block did not immediately return a call seeking comment.


Read more at Reuters.com Business News

UPDATE 1-U.S. Treasury to issue forex report on Wednesday

(Reuters) - The report to Congress had been due in April but was
delayed until after last month's "strategic economic dialogue"
talks with Chinese officials who visited Washington.




Congressional anger has been rising over what lawmakers
regard as Beijing's refusal to let its yuan currency rise in
value as the United States incurs steadily rising record
deficits on trade with China.


Read more at Reuters.com Bonds News

TREASURIES-Bonds slide toward retest of 5.25 pct yields

(Reuters) - NEW YORK, June 11 - U.S. Treasuries fell on
Monday in a continuation of last week's rout on worries about
tighter global credit conditions, though benchmark yields kept
below recent highs.




With no top data on the agenda, dealers expected the market
to consolidate. This could keep 10-year yields off Friday's
peak around 5.25 percent, at least until key reports on retail
sales on Wednesday or consumer price inflation on Friday.


Read more at Reuters.com Bonds News

UPDATE 1-Mexico auto exports rise in May, output up too

(Reuters) - Auto production rose 3.2 percent in May, AMIA added.




Auto exports had fallen in the previous five months on
reduced demand in the United States.


Read more at Reuters.com Economic News

Investment fund rejects revised bid for Laureate

(Reuters) - NEW YORK, June 11 - An investment firm that owns nearly 10 percent of Laureate Education Inc. said on Monday that a sweetened $3.82 billion offer from an investor group including management, Kohlberg Kravis Roberts & Co. and hedge fund SAC Capital is too low.



The investment firm, Select Equity, said the revised offer values Laureate at a deeper discount to its peers than the original offer did in January because of rises in the peers' valuations and because Laureate beat its earnings expectations. Laureate's board had accepted the sweetened offer on June 4.


Read more at Reuters.com Mergers News

Canadian Stocks Gain on Profit Optimism, Bullion Prices; Barrick Advances

(Bloomberg) -- Canadian stocks rose for a second day,
extending their rebound after the benchmark index's biggest two-day
loss in almost a year, as investors bet company profits can
withstand higher borrowing costs.

Raw-materials producers including Barrick Gold Corp. and Teck
Cominco Ltd. led the advance as prices for gold and copper climbed.
Gains in the main Canadian stock index were limited as phone
companies such as Telus Corp. fell.


Read more at Bloomberg Stocks News

Hedge fund Scipion to launch Africa fund

(Reuters) - Hedge fund Scipion Capital is launching a fund on July 1 to invest in African equities, capitalising on growing demand for African stocks.

The fund will enable investors to track the Ai40 index published by African Investor magazine.


Read more at Reuters Africa

Arbinet-thexchange says CEO resigns

(Reuters) - The company also said its board has completed a previously
announced review of strategic options and approved a $15
million stock repurchase plan.





Read more at Reuters.com Mergers News

Copper Rises in New York on Concern Chile, Mexico Strikes May Cut Supplies

(Bloomberg) -- Copper futures rose in New York,
after declining for four previous sessions, on speculation that
miners will strike in Chile, the largest source of the metal,
and in Mexico.

Workers at projects operated by Codelco, the world's
biggest producer, and at Chile's Collahuasi mine have threatened
to strike during wage negotiations. Workers at six operations
owned by Grupo Mexico SAB, the world's seventh-largest copper
producer, plan to strike starting June 15.


Read more at Bloomberg Commodities News

UPDATE 1-Alcoa CEO says would hate to raise bid for Alcan

(Reuters) - "At the moment, we think this is a full price," he said,
speaking on the sidelines of a JP Morgan conference in New
York. "I'd hate to have to go higher than that at this point."




Alcan has rejected Alcoa's offer, saying the price is too
low.


Read more at Reuters.com Mergers News

Goldman's Wilson Recommends Brazilian, Mexican Equities, Citing Economies

(Bloomberg) -- Goldman, Sachs & Co. recommended
Brazilian and Mexico equity index futures, citing prospects for
domestic economic growth and a better-than-expected U.S. expansion.

Senior Global economist Dominic Wilson said in an e-mailed
note that Brazil's stable macroeconomics and ``good growth
profile'' will benefit equities. Mexico is likely benefit from the
improved outlook for U.S. growth and will be boosted by changes in
local tax laws, Wilson wrote.


Read more at Bloomberg Stocks News

TREASURIES-Bonds down, but yields off recent peaks

(Reuters) - However, few are ready to predict recovery in bonds yet.
The rise in yields has led to a wave of portfolio readjustments
by investors such as mortgage market players, which dealers
said was continuing to exacerbate recent selling.




"Until the data soothes and/or former buyers return in a
more public way, upside will be limited and a new range is the
story," David Ader, Treasury market strategist at RBS Greenwich
Capital, said in a morning note to clients.


Read more at Reuters.com Bonds News

Oil rebounds; Saudi supply curbs remain

(Reuters) - Some analysts had predicted OPEC would begin easing output restrictions to take advantage of prices hovering around $70, near a nine-month high. The determination of OPEC's biggest producer to maintain discipline undermined those forecasts.




"After helping provide a floor to prices in the early part of this year, OPEC's cuts enhance a rally into the second half," BNP Paribas analyst Eoin O'Callaghan said in a research note.


Read more at Reuters.com Hot Stocks News

Corrected: Renault denies interested in Jaguar, Land Rover

(Reuters) - "Of course we absolutely do not confirm this information," a Renault spokesman said. " Carlos Ghosn said last week that the acquisition of a luxury brand would bring nothing to Renault or the Nissan alliance, in the short term," he said.




He was commenting following a report in London's City A.M. newspaper on Monday that said private equity firm Alchemy Partners was lining up a 3 billion-pound bid for Land Rover and Jaguar and other possible bidders included Renault.


Read more at Reuters.com Bonds News

Yields gain, market remains wary of further sell-off

(Reuters) - Investors in Asia such as Japanese banks took the gains as an opportunity to sell to get out of positions and limit losses as the sell-offs over the past week had been very sharp.




Ten-year T-Note yields raced up nearly 30 basis points during the past week, with the 10-year T-Note scaling 5.25 percent on Friday -- on a par with the Federal funds rate.


Read more at Reuters.com Hot Stocks News

Copper Rises in London on Stockpile Drop, Strike Threat; Nickel Gains

(Bloomberg) -- Copper rose in London after
stockpiles of the metal fell for a 16th consecutive day and on
speculation that miners will strike in Chile, the largest source
of the metal. Nickel and other industrial metal also gained.

Inventories of copper tracked by the London Metal Exchange
declined 900 metric tons, or 0.7 percent to 120,550 tons, the
exchange said today in a daily report. That's the lowest since
Oct. 23. Workers at projects operated by Codelco, the world's
biggest producer, and at Chile's Collahuasi mine have threatened
to strike during wage negotiations.


Read more at Bloomberg Commodities News

U.S. Stock-Index Futures Decline; Caterpillar, Alcoa Shares Fall in Europe

(Bloomberg) -- U.S. stock-index futures dropped
before economic reports later this week that may provide clues
about the Federal Reserve's next move on interest rates.

Caterpillar Inc., the world's biggest maker of earthmoving
equipment, and Alcoa Inc., the second-largest aluminum producer,
declined. Shares of Boeing Co. climbed in Europe after the
world's second-largest maker of commercial aircraft won an order
valued at about $3 billion from OAO Aeroflot.


Read more at Bloomberg Stocks News

GLOBAL MARKETS-Equities, bonds calm, but NZ stirs currencies

(Reuters) - European and Asia shares were higher following heavy losses
last week and government bond yields were steady after blowing
out to 6-1/2-year highs.




"Part of the action we saw last week was to some degree
overdone," said Franz Wenzel, strategist at AXA Investment
Managers in Paris.


Read more at Reuters.com Bonds News

Japan's economy again outshines U.S., euro zone

(Reuters) - The economy expanded by 0.8 percent in January-March from the previous quarter, revised up as forecast by analysts from an initial reading of 0.6 percent, on robust growth in capital spending.




On an annualized basis, gross domestic product grew 3.3 percent, up from a preliminary reading of a 2.4 percent rise, the government said on Monday. That was slightly higher than economists' consensus forecast for a revision to 3.1 percent.


Read more at Reuters.com Economic News

Wall Street Gets Boost From SEC Regulation, May Earn Another $4.4 Billion

(Bloomberg) -- Never mind that Wall Street's profit
growth in the second quarter probably was the worst in two
years. A new regulation relieving capital restraints may enable
the biggest U.S. securities firms to make the rest of 2007
exceptional for shareholders.

Goldman Sachs Group Inc., Morgan Stanley, Merrill Lynch &
Co., Lehman Brothers Holdings Inc. and Bear Stearns Cos. have
the potential to earn $4.4 billion more annually as early as
next year by moving money out of safe investments into higher-
returning bets, said Dorothy Leas, a former treasurer at Paine
Webber Group Inc. and Cowen Group Inc. The earnings gain, which
would equal 14 percent of the New York-based firms' record
profits of 2006, follows a rule change that allows them to hold
less money in reserve for potential losses.


Read more at Bloomberg Currencies News

European Stocks Advance, Led by Axa, Financial Shares; BHP, Centrica Gain

(Bloomberg) -- European stocks rose for the first time
in six days as investors bet last week's rout was overdone and
renewed takeover speculation lifted mining and power companies.

BNP Paribas, Axa SA and Barclays Plc paced an advance by
financial-related companies, among the hardest hit in the sell-
off. BHP Billiton Ltd. led mining companies higher after UBS AG
raised its price estimate for the stock and said mergers and
acquisitions in the industry ``will continue to accelerate.''
Centrica Plc, the U.K.'s largest energy supplier, climbed after
OAO Gazprom said it will announce an acquisition in Britain.


Read more at Bloomberg Stocks News

Rexam to buy OI Plastics for $1.8bln, place shares

(Reuters) - Rexam, the world's biggest can maker, said on Monday it would place 58.35 million new shares, or 9.99 percent of its existing share capital, to help pay for the deal. That would raise around 300 million pounds at Friday's closing price of 511-1/2 pence.




Rexam said the deal would to boost its position in plastic packaging, where the U.S. market is growing by around 7 percent a year, driven by growing demand for healthcare packaging as an ageing population uses more medicines.


Read more at Reuters.com Bonds News

Indian Government Bonds Slump; Government Announces Unscheduled Borrowing

(Bloomberg) -- India's 10-year bonds fell the most
in more than two months after the government announced an
unscheduled sale of the securities.

The government said it will auction 50 billion rupees ($1.2
billion) of the debt tomorrow, in addition to a previously
scheduled sale of 60 billion rupees on June 15. The yield on the
benchmark bond rose to the highest since August as the central
bank also increased the amount of treasury bills it sells this
week to more than twice the usual amount.


Read more at Bloomberg Bonds News

Sanofi's Acomplia Fat Pill Attracts Obese Americans to Europe, Internet

(Bloomberg) -- Sanofi-Aventis SA's weight-loss pill
Acomplia isn't yet approved in the U.S. after months of delay
and questions about its safety. Some Americans aren't waiting.

People are traveling to Europe or buying the medicine
through foreign Web sites after the U.S. Food and Drug
Administration postponed a decision three times in 16 months. A
panel of advisers to the agency will meet this week to review
the drug, the first of its type that blocks hunger receptors in
the brain. Sanofi has predicted at least $3 billion in annual
revenue, about 8.6 percent of last year's pharmaceutical sales.


Read more at Bloomberg Exclusive News

No OPEC plan to up oil supply, no shortage: Iran

(Reuters) - "Now there is no shortage of crude oil in the market," he said when asked if OPEC should release more supplies to the market to temper rising oil prices.




Asked if oil prices would hit $80 a barrel, he said: "We cannot predict what will happen to prices now."


Read more at Reuters.com Business News

NZ dollar sinks on RBNZ selling, focus on carry

(Reuters) - The New Zealand dollar tumbled from a 22-year high versus the U.S. dollar on Monday after selling by the Reserve Bank of New Zealand raised concerns about how much longer carry trades would continue.

The dollar was little changed against the euro and the yen, holding onto gains versus the euro after hitting a two-month high late last week when the benchmark U.S. Treasury yield jumped to its highest level in around five years.


Read more at Reuters Africa