Australian Mineral, Energy Sales Fall in First Quarter on Adverse Weather

(Bloomberg) -- Sales of minerals and energy from
Australia, the world's biggest exporter of coal and iron ore,
dropped 5.5 percent in the first quarter as adverse weather
conditions reduced production.

Exports fell to A$25.5 billion ($21.4 billion) in the three
months ended March 31, from A$27.1 billion in the previous
quarter, the Australian Bureau of Agricultural and Resource
Economics said today. Sales were 16 percent higher than the
corresponding period last year.


Read more at Bloomberg Commodities News

Indian Airlines Cancels Flights, Reports Delays as Workers Go on Strike

(Bloomberg) -- Indian Airlines Ltd., the nation's
third-biggest domestic carrier, canceled flights and reported
delays as more than 12,000 workers went on strike demanding
higher wages and better work opportunities.

The workers, including ticketing and baggage-handling staff,
went on strike after talks last night with management were
inconclusive, said Ashok Sharma, a spokesman for the state-owned
Indian Airlines, in a phone interview in New Delhi today. The
striking employees represent about two-thirds of the total
workforce.


Read more at Bloomberg Emerging Markets News

Malaysia's first CDS deal covers road toll co bonds

(Reuters) - A market source said it was a one-year contract with an
underlying notional amount of 25 million ringgit.




No other details of the transaction were available.


Read more at Reuters.com Bonds News

Yen Falls to Lowest Since 2002 as Global Yields Spur Offshore Investment

(Bloomberg) -- The yen dropped to the weakest since
December 2002 against the dollar on speculation rising global
bond yields will entice Japanese investors to send money overseas.

Japan's yen fell against all 16 most-active currencies
Bloomberg tracks, as the central bank will probably hold the key
overnight lending rate at 0.5 percent at the conclusion of a two-
day meeting on June 15, according to all 43 economists surveyed
by Bloomberg News. The yen has weakened 5.6 percent in the past
year as domestic investors sought higher yields elsewhere.


Read more at Bloomberg Currencies News

Hong Kong's Hang Seng Index Slides on Rate Increase Concern; HSBC Declines

(Bloomberg) -- Hong Kong stocks fell after U.S.
bond yields rose to a five-year high, boosting concern higher
interest rates will dent demand for mortgages and property. HSBC
Holdings Plc and Hang Lung Properties Ltd. declined.

``Global central banks are tightening-biased,'' said Paul
Chan, who helps manage about $1.8 billion at Invesco Asia Ltd.
in Hong Kong. ``We're a bit cautious on rate-sensitive sectors''
such as financials and real estate investment trusts, Chan said,
adding that he prefers holding cash.


Read more at Bloomberg Stocks News

Intercontinental Exchange, Northwest, Stratasys, IHS: 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.

A. Schulman Inc. (SHLM US) fell $2.46, or 10 percent, to
$21.50 in trading yesterday after the official close of U.S.
exchanges. The maker of plastics used in steering wheels cut its
2007 forecast, citing unexpected weakness in Europe and North
America. Profit this year will be $17 million to $23 million,
lower than an earlier estimate of as much as $30 million.


Read more at Bloomberg Stocks News

Copper Falls in Asian Trade on China Rate Speculation: Zinc Little Changed

(Bloomberg) -- Copper prices fell in Asia on
speculation that China will raise interest rates to cool economic
growth, curbing demand and fueling concern that the world's
biggest user of the metal may be oversupplied.

Inflation in China accelerated at the fastest pace in more
than two years in May, the National Bureau of Statistics said
yesterday, increasing the likelihood the central bank will raise
rates for a third time this year.


Read more at Bloomberg Commodities News

JPMorgan Tells Greek Inquiry It Was Misled by Own Banker On Sale of Bonds

(Bloomberg) -- JPMorgan Chase & Co. told a Greek
parliamentary inquiry it was misled by one of its employees over
the sale of 280 million euros ($374 million) of government bonds
bought by pension funds at inflated prices.

Mike Savvides, a JPMorgan banker, was part of the ``core
deal team'' responsible for underwriting the Greek 12-year bonds.
He has been dismissed because of a ``failure to promptly share
his knowledge of aspects'' of the sale, Jakob Stott, JPMorgan's
chief operating officer for Europe, Middle East and Africa, told
the Greek parliament's standing committee on economic affairs in
Athens today.


Read more at Bloomberg Bonds News

LME to launch physical steel futures from April '08

(Reuters) - The London Metal Exchange said on Tuesday it will start trading in April 2008 two steel futures contracts to meet demand for physically deliverable billets, a move seen as positive for the steel industry.

The exchange will be following the Dubai Gold and Commodities Exchange (DGCX), which was due to launch its steel futures contract later this month but has decided to delay until after mid-year.


Read more at Reuters Africa

Futures signal lower open on rates; Lehman up

(Reuters) - The yield on benchmark 10-year Treasury notes rose to 5.19 percent. Analysts say a decisive break above 5.15 percent could spook investors into selling stocks. Bond yields move inversely to prices.




"The move in yields is being used as an excuse for the pullback, but if you look at the fundamentals it will still make sense to buy stocks on weakness here," said Michael Darda, chief economist at MKM Partners LLC in Greenwich, Connecticut.


Read more at Reuters.com Business News

Repligen says court sanctions ImClone in lawsuit

(Reuters) - Repligen said the United States District Court for the District of Massachusetts issued a favorable ruling on a sanctions motion filed by Repligen and the Massachusetts Institute of Technology against ImClone based on conduct that Repligen argued constituted intimidation of a central witness in a patent infringement case over ImClone's cancer drug Erbitux.



The court found that ImClone lawyers attempted to block the cooperation of a key witness and that the actions prejudiced Repligen and MIT from fully prosecuting their case.


Read more at Reuters.com Government Filings News

Palm Oil Price in Malaysia Rises Most in More Than Five Months on Demand

(Bloomberg) -- Malaysian palm oil futures gained
the most in more than five months, recovering from a two-day
decline of 12 percent, on sustained demand for cooking oil and
alternative fuel.

Global vegetable oil consumption is expected to rise 4.1
percent in the year ending September 2008, driven by increases
in China, India and the European Union, the U.S. Department of
Agriculture said in a report yesterday.


Read more at Bloomberg Commodities News

Illinois, Cleveland, Missouri Airport Offerings Lead Municipal Bond Market

(Bloomberg) -- The state of Illinois, the city of
Cleveland and an airport development agency in Branson,
Missouri, are borrowing a total of more than $400 million in
today's largest offerings of long-term U.S. municipal bonds.

Illinois is selling $150 million of debt to fund school
construction and other state capital projects. Cleveland is
raising almost that much to pay for work on its water system.
The Branson Regional Airport Transportation Development District
plans to sell $117 million of high-risk, high-yield bonds to
finance a new privately developed airport near a tourist area
known for its country music and live entertainment.


Read more at Bloomberg Bonds News

Shares in Eland Platinum Plunge on Report That Takeover Bids Were Dropped

(Bloomberg) -- Shares of Eland Platinum Holdings
Ltd., South Africa's best performing stock over the last year,
fell as much as 26 percent after a report that potential bidders
may have decided against making a takeover offer.

Xstrata Plc and BHP Billiton Ltd. were both willing to
offer around 70 rand ($9.70) for Eland, Johannesburg-based Web
site Moneyweb said, citing people familiar with the situation.
Eland rose to a record 124.90 rand on June 4, almost two months
after saying it was in talks that may affect its shares.


Read more at Bloomberg Emerging Markets News

Japan PM says no plan to compile extra budget

(Reuters) - "Omi's comments reflect his will to do everything possible
," Abe told reporters. "But I am not at
all considering an extra budget."
He added that the government should be able to do everything
within the current budget, which totals 82.91 trillion yen
.




Japan has been trying to cut unnecessary spending to help
restore its dire fiscal conditions.


Read more at Reuters.com Bonds News

U.K. FTSE 100 Index Erases Gains, Led by HBOS, Northern Rock, RBS Shares

(Bloomberg) -- U.K. stocks erased gains, paced by
HBOS Plc, Northern Rock Plc and Royal Bank of Scotland Group Plc.

The benchmark FTSE 100 Index added 6.7, or 0.1 percent, to
6574.20 in London at 10:32 a.m. The measure earlier rose as much
as 0.3 percent. The FTSE All-Share Index added 5.65, or 0.2
percent, to 3399.59. Ireland's ISEQ Index rose 15.41 to 9494.02.


Read more at Bloomberg Stocks News

FTSE extends gains as inflation data soothes nerves

(Reuters) - Consumer prices gained 0.3 percent in May, a slower rate
than expected, which took the annual rate down to 2.5 percent
from 2.8 percent in April.




"The FTSE has liked what it's seen," said David Scott, a
senior stockbroker at Redmayne-Bentley. "It's focusing on the
short term rather than looking at the long term. It comes on the
heels of the warnings last week that the inflationary beast ...
has not yet been slain."


Read more at Reuters.com Bonds News

European Stocks Advance, Led by Anglo American, Voestalpine, TeliaSonera

(Bloomberg) -- European stocks advanced as rising
copper prices lifted mining companies including Anglo American
Plc. Voestalpine AG climbed to a record after Credit Suisse Group
raised its price estimate for the steelmaker's shares.

``The future prospects for raw-material producers are
sensational,'' said Herbert Perus, who helps oversee the equivalent
of $57 billion as head of global equities at Raiffeisen Capital
Management in Vienna. ``Looking at long-term demand for commodities,
the only way is up.''


Read more at Bloomberg Stocks News

European Stocks Recoup Some Losses as Rio Tinto, Siemens, TeliaSonera Rise

(Bloomberg) -- European stocks recovered some
earlier losses as shares of Rio Tinto Group, Siemens AG and
TeliaSonera AB advanced.

The Dow Jones Stoxx 600 Index decreased 0.1 percent to
388.40 at 8:47 a.m. in London after losing as much as 0.3 percent
earlier. The Stoxx 50 fell 0.1 percent and the Euro Stoxx 50, a
measure for the 13 nations sharing the euro, dropped 0.3 percent.


Read more at Bloomberg Stocks News

EU Will Urge `Rigorous Implementation' of Hungary's Budget-Cutting Plan

(Bloomberg) -- The European Union will urge
Hungary's government to carry out a ``rigorous implementation''
of measures to cut the budget deficit, warning the plan is still
subject to ``risks and uncertainties,'' a draft report says.

The plan to reduce the EU's widest budget by two-thirds by
2009 ``crucially hinges'' on ``the effective enforcement of the
expenditure cuts, including through reinforced budgetary
rules,'' according to the draft of the European Commission
report obtained by Bloomberg.


Read more at Bloomberg Emerging Markets News

Corn, Soybeans Decline in Chicago on Crop Ratings; Wheat at 11-Year High

(Bloomberg) -- Corn and soybean futures in Chicago
fell after a government report showed U.S. crop ratings were
better than expected. Wheat rose to an 11-year high, extending
gains after the U.S. government cut its production estimate.

About 77 percent of the corn crop was rated good or
excellent on June 10, compared with 78 percent the previous week
and 70 percent a year earlier, the U.S. Department of
Agriculture said yesterday in a report. About 70 percent of the
soybean crop was rated good or excellent on June 10, compared
with 71 percent last week and 67 percent a year earlier.


Read more at Bloomberg Commodities News

Bombardier, Honeywell Profit From Mexican Aerospace Know-How, Cheap Labor

(Bloomberg) -- Bombardier Inc., Honeywell
International Inc., Goodrich Corp. and MD Helicopters had one
place in common when choosing where to go to slash costs:
Mexico.

The aerospace companies, lured by wages as low as $5 an
hour, are now opening training schools and expanding as workers
prove they can perform more complex manufacturing tasks such as
assembling an entire plane.


Read more at Bloomberg Emerging Markets News