Heavy industry could save a quarter more energy - IEA

(Reuters) - Heavy industries such as cement, chemicals or metals could step up energy efficiency by a quarter while cutting carbon dioxide (CO2) emissions by up to a third, the International Energy Agency (IEA) said on Monday.

They could be made more energy-efficient by upgrading the engines used in factories, including adjustable speed drives, steam systems and combined heat and power, and by recycling materials, the IEA -- an adviser to 26 industrialised nations -- said in a study.


Read more at Reuters Africa

Oil dips on expected US stockbuild, Nigeria supply

(Reuters) - Oil prices eased on Tuesday amid swelling U.S. inventories and hopes that Nigerian exports could rise, but held above $71 after a series of U.S. refinery outages during the peak summer demand season.

London Brent crude, currently seen as the best benchmark for global oil prices, slipped 19 cents to $71.17 a barrel by 0309 GMT, after gaining 18 cents on Monday. U.S. light, sweet crude dipped 4 cents to $69.14 a barrel.


Read more at Reuters Africa

Gulf Finance House Will Raise $1 Billion From Bond Sale, Emirates Says

(Bloomberg) -- Gulf Finance House EC, a Bahrain-
based Islamic investment bank, plans to raise $1 billion by
selling Islamic bonds or sukuk, its first issue of such
securities, Emirates Today reported.

The sale of the five-year, floating rate Islamic bonds
will be managed by Dresdner Kleinwort Group Ltd. and HSBC
Holdings Plc, the Dubai-based newspaper reported citing
unidentified officials from one of the sale managers.


Read more at Bloomberg Bonds News

Philippine Peso Declines as Investors Cut Risk: Won Rises on Extra Yield

(Bloomberg) -- The Philippine peso weakened for a
second day on speculation investors will reduce their risk as key
Asia stock markets followed U.S. benchmarks lower.

A slump in the U.S. subprime mortgage market that is hurting
major hedge funds has raised concern U.S. growth will slow and
weigh on investment in the Asian region. Currencies in Indonesia,
the Philippines and Malaysia that have benefited more from
foreign fund inflows may be the worst at risk, said Tetsuo
Yoshikoshi at Sumitomo Mitsui Banking Corp. in Singapore.


Read more at Bloomberg Currencies News

BCE, Nortel Networks, Telus and Zarlink Semiconductor: Canadian Preview

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

The Standard & Poor's/TSX Composite Index fell 144.17, or 1
percent, to 13,841.86 in Toronto.


Read more at Bloomberg Stocks News

Metal Industry Takeovers Doubled Last Year, PricewaterhouseCoopers Says

(Bloomberg) -- Metal-industry mergers and
acquisitions more than doubled to $77.4 billion last year as
companies sought to expand to meet rising global demand for the
commodities, PricewaterhouseCoopers LLP said.

Steel transactions, worth a combined $70.4 billion,
accounted for most of the deals, led by Mittal Steel Co.'s $38.3
billion purchase of Arcelor SA to create the world's largest
producer, PricewaterhouseCoopers said today in a report.


Read more at Bloomberg Commodities News

FEATURE-Middle East investors eye Asian property, capital

(Reuters) - Arab investors -- ranging from state-backed funds to listed
developers -- have traditionally scoured Europe and North
America for acquisitions but are diversifying into Asia, lured
by rising realty values from Shanghai to Singapore.




Tighter U.S. legislation on fund flows to and from the
Middle East since the Sept. 11, 2001 attacks is also prompting
some Arab players to park more petrodollars in Asia.


Read more at Reuters.com Mergers News

Yen Advances as Japan's Omi Emphasizes Risks of Betting Against Currency

(Bloomberg) -- The yen gained after Japan's Finance
Minister Koji Omi emphasized the risks to investors of one-way
bets against the currency.

The yen climbed against all 16 most-actively traded
currencies after Omi told reporters in Tokyo that markets should
realize the risks of one-sided foreign-exchange trading and that
disorderly currency moves are undesirable. Japan's currency is
the world's worst performer this quarter as the lowest interest
rate among major economies encouraged investors to put on so-
called carry trades, in which they borrow in yen to buy higher
yielding assets overseas.


Read more at Bloomberg Currencies News

Macarthur Coal to Restart Shipments From Queensland's Abbot Point Terminal

(Bloomberg) -- Macarthur Coal Ltd., which supplies a
fifth of world export demand for pulverized coal, said it will
restart shipments from the Abbot Point Coal Terminal in
Australia's Queensland state from July 1.

The company plans to export 560,000 metric tons of coal from
its Coppabella and Moorvale mines through Abbot Point in the year
ending March 31, Brisbane-based Macarthur Coal said today in a
statement to the Australian Stock Exchange. Exports have been
suspended since late 2006 while the port was expanded.


Read more at Bloomberg Commodities News

UPDATE 1-IBM reaches settlement with SEC on Dollar General

(Reuters) - But it consented to the entry of an SEC administrative
order directing it not to violate certain provisions of the
federal securities laws and related SEC rules.




Dollar General is a client of IBM's Retail Store Solutions
unit, which sells point-of-sale products, IBM said.


Read more at Reuters.com Government Filings News

Japan's Stocks May Drop on U.S. Subprime Loan Concern; Exporters May Fall

(Bloomberg) -- Japanese stocks may fall, paced by
companies that rely on overseas markets such as Komatsu Ltd. and
Mitsubishi Corp., on lingering concern that losses tied to U.S.
subprime mortgages will curb growth in the world's biggest
economy.

U.S. stocks fell for a second day yesterday on speculation
hedge fund losses are greater than forecast and a report showed
sales of previously owned homes declined in May.


Read more at Bloomberg Stocks News

UPDATE 3-Roche makes hostile offer to buy Ventana

(Reuters) - PHILADELPHIA, June 25 - Swiss drugmaker Roche
said on Monday it would launch a hostile tender offer
to acquire Ventana Medical Systems Inc. for about $3
billion after its efforts to negotiate a friendly deal were
rebuffed.




Acquiring Ventana, which specializes in tissue-based
diagnostics, would give Roche, already one of the world's
biggest diagnostic companies, access to technology that helps
researchers and doctors better select the right drugs for
individual patients.


Read more at Reuters.com Bonds News

Limited Brands asset sales could be near -analyst

(Reuters) - Limited said on Friday it would double the size of its stock buyback program, cut 10 percent of its corporate jobs, raise $1.25 billion of debt, and was exploring alternatives for its Limited chain and other core assets including real estate.



CL King analyst Mark Montagna said on Monday Limited, which aims to shed underperforming apparel brands to focus on sexy undergarments and fragrant lotions, seemed close to selling the Limited chain, and would likely sell its interest in the Easton Town Center, a complex with dozens of stores, restaurants, and bars in Columbus, Ohio.


Read more at Reuters.com Bonds News

Venezuela Bolivar Rises After Government Foreign Bond Sale Brings Dollars

(Bloomberg) -- Venezuela's bolivar rose to a two-
week high in unregulated trading after the government sold bonds
denominated in foreign currencies to commercial banks.

The government sold an undetermined amount of the bonds to
banks including Citigroup Inc.'s local unit in an effort to
contain the bolivar's decline in the unofficial dollar market,
the weekly newspaper Descifrado.com said, citing people familiar
with the transaction. The bonds were sold at the official
exchange rate of 2,150 bolivars to the dollar, Descifrado.com
said.


Read more at Bloomberg Currencies News

Yen May Extend Gains With Data Forecast to Show Sales Rose During May

(Bloomberg) -- The yen may extend gains from a
record low versus the euro as a report today is forecast to show
Japanese retail sales accelerated last month, fueling speculation
the Bank of Japan might boost borrowing costs.

Japan's currency may gain for a second day versus the dollar
for the first time in more than two weeks on speculation
investors will pare the so-called carry trades, in which they buy
higher-yielding assets overseas funded by loans in the yen. A
report tomorrow might show Japanese industrial production rose
last month after falling in April.


Read more at Bloomberg Currencies News

UPDATE 1-California grocery workers authorize strike option

(Reuters) - LOS ANGELES, June 25 - Grocery workers in
Southern California voted overwhelmingly to give their union
the power to call a strike if contract talks with three major
supermarket chains fail, a union spokesman said on Monday.




"Preliminary results show us that we are well in excess of
the two-thirds vote needed to authorize a strike," spokesman
Mike Shimpock said on a conference call.


Read more at Reuters.com Bonds News

US STOCKS-Subprime worries push indexes lower

(Reuters) - The Dow Jones industrial average was down 8.13
points, or 0.06 percent, at 13,352.13. The Standard & Poor's
500 Index was down 4.70 points, or 0.31 percent, at
1,497.86. The Nasdaq Composite Index was down 11.88
points, or 0.46 percent, at 2,577.08.




Read more at Reuters.com Bonds News

Calif. grocery union says strike is last resort

(Reuters) - The UFCW represents about 65,000 grocery workers in
Southern California at Kroger Co.'s Ralphs chain,
Supervalu Inc.'s Albertsons stores and Safeway Inc.'s
Vons and Pavilions chains. Kroger, Supervalu and
Safeway are the three largest traditional U.S. grocers.




In 2003, failed talks between the union and grocers led to
the longest strike in U.S. grocery history, costing more than
$1 billion in lost sales.


Read more at Reuters.com Bonds News

Chrysler readies $20 bln loan for Cerberus buyout

(Reuters) - The deal is split between bank loans for Chrysler Financial Services and Chrysler Corp.



The loan for Chrysler Financial Services consists of a $2 billion revolver, a $4 billion term loan B and a $2 billion second-lien term loan.


Read more at Reuters.com Mergers News

U.S. Stocks Erase Gain; Financial Shares Lead Retreat on Subprime Concern

(Bloomberg) -- U.S. stocks declined, erasing a
rally, after financial shares tumbled on speculation losses will
worsen on loans tied to subprime mortgages.

The Standard & Poor's 500 Index fell 5.1, or 0.3 percent,
to 1497.46 at 2:46 p.m. in New York. Earlier, the gauge rose 0.8
percent. The Dow Jones Industrial Average dropped 19.68, or 0.2
percent, to 13,340.58. The Nasdaq Composite Index declined 12.6,
or 0.5 percent, to 2576.36.


Read more at Bloomberg Stocks News

U.S. Utilities, Natural-Gas Users Call for More Energy Market Oversight

(Bloomberg) -- Representatives of the U.S. utility
industry and natural-gas users told a Senate panel that they
support expanding regulatory oversight of energy markets to
cover over-the-counter trades and electronic exchanges.

The U.S. Commodity Futures Trading Commission ``needs to
see the entire market,'' Arthur Corbin, chief executive officer
of the Municipal Gas Authority of Georgia, told members of
Senate Permanent Subcommittee on Investigations. Corbin's group
is a collection of 76 publicly-owned gas distributors.


Read more at Bloomberg Energy News

Brazil Plans to Sell Its Longest Maturity With 30-Year Local Currency Bond

(Bloomberg) -- Brazil plans to sell 30-year local-
currency bonds in international markets this year in an effort
to extend its debt maturities.

Brazil ``is ready for good opportunities,'' planning to
sell the bonds by the end of the year, Deputy Treasury Secretary
Paulo Fontoura Valle said in an interview in New York.


Read more at Bloomberg Emerging Markets News

Coffee Plunges Most Since January as Mild Weather Eases Brazil Frost Risk

(Bloomberg) -- Coffee plunged the most since
January in New York as mild temperatures and dry weather ease
concern that crops may be damaged in Brazil, the world's largest
producer.

Temperatures during the next five days will drop as low as
the upper-40s Fahrenheit (9 degrees Celsius), warm enough to
avoid frost, according to Meteorlogix LLC in Woburn,
Massachusetts. Brazil's harvest is from April to October.


Read more at Bloomberg Commodities News

European Stocks Fall; Deutsche Bank, France Telecom, Anglo American Drop

(Bloomberg) -- European stocks declined for a third
day, led by financial shares and insurers, after the Bank for
International Settlements said central banks will need to keep
raising interest rates to quell inflation.

Deutsche Bank AG, Germany's largest bank, and insurer Axa SA
paced the drop. France Telecom SA fell the most in two weeks as
the French government is selling shares worth about 2.7 billion
euros ($3.6 billion). Anglo American Plc and Antofagasta Plc led
mining companies lower after Cazenove downgraded the stocks.


Read more at Bloomberg Stocks News

Rand in ranges vs dollar, market awaits data

(Reuters) - South Africa's rand drifted in narrow ranges against the dollar on Monday and should mostly be influenced by overseas market trends ahead of domestic inflation, credit and trade data later in the week.

At around 1445 GMT the local unit was at 7.1570 against the dollar, just 0.08 percent firmer than its Friday New York close of 7.1625, and within a session trading band of 7.1350/1815.


Read more at Reuters Africa

Charges expected in US stock lending probe-source

(Reuters) - Federal prosecutors in the Eastern District of New York are
preparing to file criminal charges against about a dozen people
in the case, this person said, with charges likely to be
announced within the next several weeks or possibly sooner.




Reuters, citing another source familiar with the situation,
reported in May that federal prosecutors and the FBI were
conducting a probe involving loans to so-called short sellers.
The investigation began about 18 months ago.


Read more at Reuters.com Government Filings News

GM shares rise on Goldman Sachs upgrade

(Reuters) - "GM can make a compelling case to UAW members that material wage and benefit cuts are needed," Goldman Sachs analyst Robert Barry said in a research note. "And we suspect members and retirees are increasingly amenable to such cuts."




Barry also said that the "UAW pattern bargaining implies positive read across for Ford ."


Read more at Reuters.com Business News

US STOCKS-Indexes gain after housing data

(Reuters) - The Dow Jones industrial average was up 79.17
points, or 0.59 percent, at 13,439.43. The Standard & Poor's
500 Index was up 6.03 points, or 0.40 percent, at
1,508.59. The Nasdaq Composite Index was up 10.72
points, or 0.41 percent, at 2,599.68.




Read more at Reuters.com Bonds News

Gafisa, Gol, Perdigao and Petroleo Brasileiro: Brazilian Equity Movers

(Bloomberg) -- Brazil's main stock index fell for a
second day, led by state-controlled oil company Petroleo Brasileiro
SA.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 426.07, or 0.8 percent, to 53,841.03 as of 10:09 a.m.
New York time.


Read more at Bloomberg Stocks News

US STOCKS-Indexes flat as housing data eyed

(Reuters) - NEW YORK, June 25 - U.S. stocks were little
changed on Monday as a sharp drop in oil futures weighed on the
energy sector but helped the broader market.




Investors awaited the release of housing data that is
expected show a decline in home resales last month.


Read more at Reuters.com Bonds News

Most Stocks Drop, Led by Oil Shares; Bear Stearns, Schlumberger Retreat

(Bloomberg) -- Most U.S. stocks fell, led by
energy companies and brokerages, after the price of oil dropped
and analysts cut their price estimate on Bear Stearns Cos.

Schlumberger Ltd., the world's biggest oilfield services
provider, led a decline by 31 of 32 energy companies in the
Standard & Poor's 500 Index. Bear Stearns, the U.S. securities
firm trying to prevent two of its hedge funds from collapsing,
dropped after CIBC World Markets Inc. cut its estimate on the
shares. Almost three stocks fell for every two that advanced on
the New York Stock Exchange.


Read more at Bloomberg Stocks News

Blackstone, Chevron, Doral Financial, Pier 1 Imports: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes on U.S. exchanges
today. This preview includes news that broke after exchanges
closed on June 22. Stock symbols are in parentheses after company
names. Share prices are as of 9:08 a.m. in New York.

Blackstone Group LP (BX US) gained 39 cents, or 0.4 percent,
to $35.45 before the official open of U.S. exchanges. The
private-equity firm may face challenges from higher taxes and a
shrinking field of takeovers, Barron's said, without citing
anyone. Blackstone stock rose $4.06 to $35.06 in its June 22
debut following a $4.13 billion initial public offering.


Read more at Bloomberg Stocks News

Colombia's President Uribe Doesn't See Risk That Economy Is Overheating

(Bloomberg) -- Colombia's President Alvaro
Uribe said he'll stay the course on economic policy after first
quarter growth last week exceeded expectations at a time
inflation is surging ahead of central bank targets.

``We do not fear the possibility that our economy will be
overheated,'' Uribe, 54, said in an interview. ``We need a high
rate of economic growth for the long term. This is the only way
for us to overcome poverty, to create high quality jobs.''


Read more at Bloomberg Emerging Markets News

US STOCKS-Futures rise on growth optimism

(Reuters) - NEW YORK, June 25 - U.S. stock index futures rose
on Monday, pointing to a rebound for the market from last
week's sharp declines as optimism about economic growth
replaces interest-rate worries.




Dobson Communications Corp. kicked off a fresh
round of merger-and-acquisition chatter as the rural wireless
provider mulls strategic options, including a possible sale,
the Wall Street Journal Online reported.


Read more at Reuters.com Bonds News

Blackstone, Crocs, General Motors, Salesforce, TXU: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes on U.S. exchanges
today. This preview includes news that broke after exchanges
closed on June 22. Stock symbols are in parentheses after company
names.

Blackstone Group LP (BX US) gained 34 cents, or 1.3 percent,
to $35.40 before the official open of U.S. exchanges. The
private-equity firm may face challenges from higher taxes and a
shrinking field of takeovers, Barron's said, without citing
anyone. Blackstone stock rose $4.06 to $35.06 in its June 22
debut following a $4.13 billion initial public offering.


Read more at Bloomberg Stocks News

S.Africa rate increases not impacted growth - Manuel

(Reuters) - Higher interest rates in South Africa have had little impact on economic growth and should not result in a big loss of output, Finance Minister Trevor Manuel said on Monday.

South Africa's central bank raised its repo rate by 50 basis points to 9.5 percent earlier this month, resuming an upward cycle after lifting it 200 basis points between June and December last year to tame rising inflationary pressures, and high consumer spending.


Read more at Reuters Africa

Lone Star in talks to sell KEB: paper

(Reuters) - Lone Star sold on Friday a 13.6 percent stake in KEB and two South Korean firms for a total of $2.3 billion.




The fund scrapped a $7.3 billion deal last year to sell KEB to Kookmin Bank amid a legal dispute with regulators over its $1.2 billion purchase of a majority of KEB in 2003.


Read more at Reuters.com Business News

REUTERS SUMMIT-CapitaLand to launch new India, China funds-CEO

(Reuters) - Liew said he hoped the group would eventually generate
15-20 percent of its pre-tax profit from its fund management
business, up from the less than 10 percent contribution it
makes now.




"We're still a real estate company essentially, but this
would help us in our overall domain knowledge," he said.


Read more at Reuters.com Bonds News

Namibia again postpones US software fugitive case

(Reuters) - U.S. authorities have charged Alexander, the former chief
executive and founder of Comverse Technology Inc. ,
with conspiracy, securities fraud and other wrongdoing in
connection with an alleged scheme to backdate millions of
executive stock options at the New York-based software maker.




Alexander's lawyers had argued they needed more time to
study extradition law as well as seek legal advice from South
Africa, which has far more experience with extradition hearings
than its smaller neighbour.


Read more at Reuters.com Government Filings News

Wall Street set for mixed start, housing data eyed

(Reuters) - "The markets are a little nervous," said Roland Hirschmueller, who trades in U.S. equities at German brokerage Baader.




"I would imagine that amid the current consolidation, markets could slide a bit further," he said, adding that trading would probably be fairly quiet with little corporate news on the schedule.


Read more at Reuters.com Hot Stocks News

Oil slides 1 pct after Nigerian strike ends

(Reuters) - U.S. crude fell 69 cents to $68.45, unwinding half of last week's gains that were also fuelled by concerns U.S. refiners are struggling to meet fuel demand in the world's top consumer.




At the weekend, unions in Africa's top oil producer called off their strike after the government agreed to freeze fuel prices for a year.


Read more at Reuters.com Hot Stocks News

Equity plunge drags Shanghai copper down 1.9 pct

(Reuters) - Shanghai copper shed nearly 2 percent on Monday and dragged London futures lower after China's main equity market tumbled over 4 percent on concerns that the government would do more to curb growth.

The most-active September copper contract on the Shanghai Futures Exchange was down 1,210 yuan, or 1.9 percent, at 63,050 yuan at the close.


Read more at Reuters Africa

Italian Comic Turned Anti-Corruption Crusader Takes on CEOs and Cardinals

(Bloomberg) -- Beppe Grillo has found a novel way to
fight corruption in Italy: Get people to laugh about it.

``It's a rule in Italy that unless you have a criminal
record, your career cannot progress,'' the comedian says.


Read more at Bloomberg Exclusive News

Enel, BT, Ericsson Drive Surge in Bond Issues to $22 Billion This Month

(Bloomberg) -- Enel SpA, Italy's largest utility,
and BT Group Plc, the biggest U.K. phone company, led $22 billion
of European bond sales in the busiest month this year as
borrowing costs rise.

Debt sales this month already beat the $21.3 billion during
all of May and are the highest since the $28.9 billion issued
last November, according to data compiled by Bloomberg.
Steelmaker Arcelor Mittal and Europe's largest mobile-phone
retailer Carphone Warehouse may add to the total before month-
end, according to banks managing the deals.


Read more at Bloomberg Bonds News

China's Stocks Decline After Central Bank Chief Repeats Warning of Bubble

(Bloomberg) -- China's stocks slid to a two-week low
in volatile trade after central bank Governor Zhou Xiaochuan said
shares may be overvalued and he can't rule out raising interest
rates. Citic Securities Co. declined.

``Zhou's remarks are damping sentiment on the market and as
a result investors may be selling for fear of further policies,'
said Fan Dizhao, who helps manage about $1.8 billion at Guotai
Asset Management Co. in Shanghai.


Read more at Bloomberg Emerging Markets News