World Bank to fund West African road, rail links

(Reuters) - The World Bank said on Wednesday it will provide $201 million in credits and grants to improve road and rail links between West African neighbors Chad, Cameroon and Central African Republic.

"Those three countries have some of the least functional traffic connections of any area in the world," World Bank spokesman Tim Carrington told Reuters.


Read more at Reuters Africa

Tanfield to pay $100 mln for platform firm Snorkel

(Reuters) - The deal is expected to enhance earnings significantly in
the first full year of ownership, Tanfield said.




Read more at Reuters.com Mergers News

Turkish Interest Rates Will Fall After Election Vote, Akbank's Dincer Says

(Bloomberg) -- Turkish interest rates may fall as
next month's general election restores political stability to an
economy bigger than two-thirds of European Union members, Akbank
TAS's managing director said.

The July 22 vote should bring down borrowing costs provided
the new government can end a dispute over the presidency that's
kept rates high, Suzan Sabanci Dincer said in an interview at
Akbank's Istanbul headquarters. That could revive a credit boom
that's attracted Citigroup Inc. and ING Groep NV to the nation of
72 million.


Read more at Bloomberg Bonds News

Japan's Imports of Liquefied Natural Gas From Oman More Than Double in May

(Bloomberg) -- Japan's imports of liquefied natural
gas from Oman more than doubled in May from a year earlier, the
Ministry of Finance said in a statement in Tokyo today.

LNG imports from Malaysia jumped by about 42 percent to 1.2
million metric tons, government data show.


Read more at Bloomberg Energy News

Carluccio's, GlaxoSmithKline, HMV, Sainsbury: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from the June 27 close.

The benchmark FTSE 100 Index fell 31.70, or 0.5 percent, to
6527.60 in London. The FTSE All-Share Index fell 20.28, or 0.6
percent, to 3363.76.


Read more at Bloomberg Stocks News

TREASURIES-Futures inch down in Asia before Fed

(Reuters) - "It's hard for investors to tilt their positions as they wait
for the results of the Federal Open Market Committee
meeting," said Hiroki Shimazu, a market economist for Mizuho
Securities.




September 10-year note futures slipped 3.5/32 to
105-12/32 as of 0311 GMT.


Read more at Reuters.com Bonds News

Taiwan's Dollar Declines as Investors May Seek Higher Returns Overseas

(Bloomberg) -- Taiwan's dollar weakened on
speculation investors resumed sales of the currency in search of
higher returns abroad through so-called carry trades.

The island's currency has fallen 0.7 percent this year
against the dollar, making it the fourth-worst performer among
the 16 most active currencies in the Asia-Pacific region.
Taiwan's key interest rate of 3.125 percent is the second-lowest
in Asia after Japan's 0.5 percent, encouraging investors to put
money abroad for better returns on their investment.


Read more at Bloomberg Currencies News

UPDATE 1-Japan May industrial output unexpectedly falls

(Reuters) - Market players are looking ahead to consumer price data due
out on Friday and the BOJ's quarterly tankan survey next Monday
for clues on whether the central bank will raise rates in August
as markets widely expect.




Industrial output fell 0.4 percent in May from April,
government data showed on Thursday, much weaker than a median
market forecast for a 0.8 percent rise and marking the third
straight month of decline.


Read more at Reuters.com Economic News

Japan's Bonds May Gain for Fifth Day on Unexpected Decline in Production

(Bloomberg) -- Japan's 10-year bonds may rise for a
fifth day, the longest winning streak since November, after a
report showed an unexpected drop in industrial production.

Benchmark yields may hold near a three-week low after the
trade ministry report showed production declined 0.4 percent in
May from a month earlier. The median estimate of 48 economists
surveyed by Bloomberg News was for a 0.9 percent increase.


Read more at Bloomberg Bonds News

UPDATE 1-Investor Carl Icahn says LBO boom has "peaked"

(Reuters) - "They've had a walk in the park for years, but now
shareholders are waking up to the fact that we're not going to
sell it to you so cheap," Icahn told a "Deals and Dealmakers"
conference sponsored by Dow Jones, referring to LBO firms that
take companies private. "And interest rates could start
creeping up."




Icahn, who is known for pressuring companies for strategic
and management changes, said "I think it's peaked," referring
to the private equity boom.


Read more at Reuters.com Mergers News

UPDATE 1-Ottawa urges one securities watchdog to beat crime

(Reuters) - In some of the toughest language yet on the issue, Flaherty
said Canada's detection and enforcement of white-collar crime
such as fraud and insider trading are viewed by the rest of the
world as woefully inadequate. Too many crimes go unpunished,
investigations are delayed and the penalties too weak, he
said.




A nationwide market regulator could help solve the problem,
he said.


Read more at Reuters.com Government Filings News

Lehman's credit trading volume at record levels

(Reuters) - But that does not seem to be cutting into corporate bond
trading revenues, including junk and investment-grade bonds,
which are a key element of Lehman's total business.




"The volatility has really stoked interest," said Rene
Canezin, managing director, global head of high yield trading
at Lehman, at a briefing for reporters.


Read more at Reuters.com Bonds News

Red Hat maintains its full-year earnings estimates

(Reuters) - Three months ago he said he had expected the business
software maker to report full year non-GAAP cash flow from
operations of $250 million to $260 million.




At the time, he also had said he expected the company to
report full-year, non-GAAP earnings per share of 67 to 72 cents
on revenue of $510 million to $520 million.


Read more at Reuters.com Market News

Bridgestone, Seven & I, Nomura, Sony, Takeda: Japanese Equity Preview

(Bloomberg) -- The following stocks may move in
Japanese markets. Prices are as of the close of trading.
Statements were released after the close. Stock symbols are in
parentheses.

Ace Koeki Co. (8749 JQ): The Financial Services Agency,
Japan's financial regulator, ordered the commodity futures trader
to suspend some of its operations for a month from July 9. Last
week, the Securities and Exchange Surveillance Commission
recommended that the agency take action against Ace Koeki for its
method of attracting clients to foreign exchange trading
accounts. Ace fell 6 yen, or 0.8 percent, to 764.


Read more at Bloomberg Stocks News

Corn Futures Fall to Six-Week Low as Rains Improve Prospects for U.S. Crop

(Bloomberg) -- Corn fell to a six-week low in
Chicago on speculation that rains will revive Midwest crops
threatened by hot, dry weather earlier this month.

As much as twice the normal amount of rain may fall from
Kansas to Ohio in the next five days, increasing soil moisture in
fields that had been depleted by six weeks of heat and dryness,
said Mike Tannura, a meteorologist for T-Storm Weather in
Champaign, Illinois. Cool weather this weekend also will benefit
crops next month.


Read more at Bloomberg Commodities News

Aspreva, CHC, Crocs, Given Imaging, McCormick: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges today.
Stock symbols are in parentheses after company names. Share
prices are as of 4 p.m. New York time.

Andrew Corp. (ANDW US) jumped $1.42, or 11 percent, to
$14.40. CommScope Inc. (CTV US) agreed to buy Andrew, which makes
equipment used to build mobile-phone networks, for about $2.6
billion. The price is $15 a share, the companies said in a
statement. CommScope added 71 cents to $55.87.


Read more at Bloomberg Stocks News

US STOCKS-Indexes rise after 3 down days; energy, tech help

(Reuters) - The Dow Jones industrial average was up 90.88
points, or 0.68 percent, at 13,428.54. The Standard & Poor's
500 Index was up 13.55 points, or 0.91 percent, at
1,506.44. The Nasdaq Composite Index was up 31.19
points, or 1.21 percent, at 2,605.35.




Read more at Reuters.com Bonds News

Path for generic biologics clears US Senate panel

(Reuters) - WASHINGTON, June 27 - A U.S. Senate panel voted on Wednesday to set a path for generic drugmakers to seek approval of cheaper, copycat versions of expensive biotechnology medicines.



Brand-name manufacturers would receive 12 years of exclusive marketing time before generic competition could start under a bill that cleared the Senate Health, Education, Labor and Pensions Committee by a voice vote.


Read more at Reuters.com Government Filings News

AeroGrow <AERO.O posts Q4 loss

(Reuters) - One analyst expected the company to post fourth-quarter
loss of 18 cents a share, before special items, on revenue of
$6.4 million, according to Reuters Estimates.





Read more at Reuters.com Market News

Mexico's Peso, Local Currency Bonds Gain as Demand for Risk Increases

(Bloomberg) -- Mexico's peso and local-currency
bonds rose, reversing earlier declines, after gains in U.S.
stocks showed investor demand for riskier assets is recovering.

Mexico's 20-year bond rose for the first time in six days
after a rally in oil raised the earnings prospects for energy
companies in the U.S. The Dow Jones Industrial Average and the
Standard & Poor's 500 stock indexes rose. Oil, Mexico's biggest
export and a source of almost 40 percent of government revenue,
increased 1.8 percent to $68.96 a barrel.


Read more at Bloomberg Currencies News

Canadian Stocks Rise, Led by EnCana as Energy Shares Rebound on Oil Price

(Bloomberg) -- Canadian stocks rose for the first time
in four days as such energy shares as EnCana Corp. and Suncor
Energy Inc. rose along with rebounding crude oil prices.

The Standard & Poor's/TSX Composite Index advanced 53.54, or
0.4 percent, to 13,717.42 as of 2:34 p.m. in Toronto. It dropped as
much as 0.9 percent earlier as crude oil dropped.


Read more at Bloomberg Stocks News

GLOBAL MARKETS-Investors flee risk, push up yen, bonds

(Reuters) - NEW YORK, June 27 - U.S. stocks were little
changed and fell in Europe and Asia on Wednesday as investors
exited risky investments, pushing the yen and safe-haven U.S.
government debt higher.




The yen advanced across the board for a third day as
volatile global stock markets and concerns about the U.S.
subprime mortgage sector prompted investors to close out risky
carry trades.


Read more at Reuters.com Bonds News

Bumper IPO crop up double-digits in U.S. market

(Reuters) - Another new issue, ComScore Inc. , which measures
Internet usage and patterns, saw its shares rise 22.85 percent,
or $3.77 higher than its $16.50 offering price on Tuesday. And
the shares of Spreadtrum Communications Inc. , a
Chinese designer of mobile phone chips, were trading up 17.2
percent, or $2.41 above its IPO price of $14.




A fourth technology IPO bucked the positive trend -- shares
of AuthenTec Inc. , a company that also made its debut
on Wednesday, fell $1.15, or 10.45 percent to $9.85.


Read more at Reuters.com Mergers News

US STOCKS-Indexes flat as higher oil offsets weak econ data

(Reuters) - Major indexes had fallen after weaker-than-expected durable
goods data hurt industrial shares and added to uneasiness about
the outlook for corporate profits. But bond yields fell on the
economic data, drawing more investors into stocks.




Stocks had also succumbed to fears about higher interest
rates and the troubled subprime mortgage market.


Read more at Reuters.com Bonds News

U.S. Stocks Retreat on Drop in Durable Goods Orders; Caterpillar Declines

(Bloomberg) -- Most U.S. stocks fell for a fourth
day after a government report said orders for durable goods
declined more than forecast and concerns lingered that banks
face further losses in bonds tied to mortgage loans.

Caterpillar Inc., the world's biggest maker of earthmoving
equipment, dropped the most in four months. Countrywide
Financial Corp., the largest U.S. mortgage lender, helped push
financial shares to the lowest since April.


Read more at Bloomberg Stocks News

UPDATE 1-Mass. regulator charges UBS in hedge fund probe

(Reuters) - William Galvin, the state's Secretary of the Commonwealth,
said the bank's Prime Services unit, which processes trades and
provides other services to hedge funds, offered office space
for less than one-half the market rate in downtown Boston.




The company also secured hard-to-get tickets for Boston Red
Sox-New York Yankee games and gave them to hedge fund managers,
according to Galvin's complaint.


Read more at Reuters.com Government Filings News

TREASURIES-Bond prices rise, stocks recovery limit gains

(Reuters) - NEW YORK, June 27 - U.S. Treasury debt prices
rose on Wednesday as a steep fall in durable goods orders and
persistent problems in the subprime mortgage sector fanned
fears about the health of the economy.




However, a recovery in stocks from early losses reduced
some of the safe-haven appeal of government bonds that has been
enhanced by the turmoil in the housing market.


Read more at Reuters.com Bonds News

US STOCKS-Shares flat after oil rise lifts energy shares

(Reuters) - NEW YORK, June 27 - U.S. stocks were little
changed in seesaw trading on Wednesday as a rise in oil's price
lifted energy shares, helping to erase most of the market's
losses.




Major indexes had fallen after weaker-than-expected durable
goods data hurt industrial shares and added to uneasiness about
the outlook for corporate profits.


Read more at Reuters.com Bonds News

Colombia's Peso Weakens Sixth Day, Bonds Decline on U.S. Subprime Concerns

(Bloomberg) -- Colombia's peso weakened for a sixth
day and local government bonds declined as concern about losses
in the U.S. subprime market led investors to shun riskier,
emerging-market assets.

``Worries about the mortgage market shows how a shift in
external conditions reverses the peso's rally,'' said Alvaro
Camaro, head analyst at Stanford Financial Group's unit in
Bogota. ``Some local investors will likely begin investing in
dollars, taking advantage of a still strong peso.''


Read more at Bloomberg Currencies News

Coffee Declines in New York as Mild Temperatures May Boost Brazil's Crop

(Bloomberg) -- Coffee declined in New York as mild
temperatures ease concern that crops might be damaged by frost
in Brazil, the world's largest producer.

Forecasts signaled favorable harvest weather with no
damaging cold expected this week, according to Meteorologix LLC
in Woburn, Massachusetts. Temperatures will hover slightly above
normal with lows mostly in the 50s Fahrenheit (11 to 15
Celsius), and they may drop over the weekend before climbing
again on July 2, the forecaster said.


Read more at Bloomberg Commodities News

Home loan demand drops to 4-month low

(Reuters) - The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both refinancing and purchasing loans, for the week ended June 22 fell 3.9 percent to 618.6 -- its lowest in four months.




Applications, however, were 16.8 percent above their year-ago level. The four-week moving average of mortgage applications, which smooths the volatile weekly figures, was down 0.7 percent.


Read more at Reuters.com Economic News

ServiceMaster restructures LBO debt financing

(Reuters) - To finance the acquisition, the company had initially
planned to sell $3.8 billion in debt, which included $1.15
billion in toggle payment-in-kind notes, said Robert Lee,
analyst at KDP Investment Advisors in Montpelier, Vermont.




Investor reticence toward this kind of note, however, led
them to reduce the PIK component to 50 percent, he said. The
remainder of the bond issue will now be bonds that have cash
interest payments.


Read more at Reuters.com Bonds News

Emerging-Market Bonds Decline as Demand for Risky, High-Yield Assets Wanes

(Bloomberg) -- Emerging-market bonds tumbled, led by
declines in Ecuadorean and Argentine securities, as concern about
losses related to subprime mortgages in the U.S. prompted some
investors to pare holdings of riskier assets.

The average spread, or extra yield, on emerging-market bonds
over U.S. Treasuries widened 6 basis points, or 0.06 percentage
point, to 1.74 percentage points, according to JPMorgan Chase &
Co.'s EMBI Plus index. Today's spread is the widest since March
21.


Read more at Bloomberg Bonds News

Tullow to spend $104 mln on drilling in Namibia

(Reuters) - UK based oil and gas company Tullow Oil Plc said on Wednesday it was investing 750 million rand in exploration drilling for two more gas wells alongside the Kudu gas fields offshore Namibia.

Tullow Oil Managing Director for Africa Andrew Windham said the firm, which is developing the Kudu gas fields in Namibia, has sunk a rig in the first well and the results would be known in August.


Read more at Reuters Africa

UPDATE 1-Freddie plans up to $17 bln reference notes in Q3

(Reuters) - With $10 billion of reference notes set to mature, Freddie
Mac said net reference debt outstanding will shrink by $1
billion if it issues the minimum amount of new notes planned.
It if it issues the maximum during the quarter, net reference
debt outstanding will increase by $7 billion.




In the current quarter, Freddie Mac has issued $12 billion
of reference notes and increased the reference debt outstanding
by $5 billion because $7 billion of notes matured.


Read more at Reuters.com Bonds News

YRC Worldwide says acquisition to fuel China growth

(Reuters) - YRC Logistics' China sales in 2006 were $350 million,
accounting for 35 percent of global sales.




On Tuesday, YRC Worldwide announced a preliminary deal to
acquire Chinese transportation service provider Shanghai Jiayu
Logistics Ltd., marking its latest expansion in the China market,
its largest in Asia.


Read more at Reuters.com Mergers News

Mauritius IBL Q1 profit off 37 pct on lack of tuna

(Reuters) - First-quarter profit for Mauritius-based Ireland Blyth Limited fell 37 percent to 36.28 million Mauritius rupees from 57.28 million in the first quarter of 2006, company figures showed on Wednesday.

IBL, one of the Indian Ocean island's largest conglomerates, said a serious and uncommon shortfall in tuna fishing had hit its production of seafood, but a rebound was expected.


Read more at Reuters Africa

Guitar Center agrees to be acquired by Bain Capital

(Reuters) - The offer represents a 26 percent premium over Guitar Center's closing price on Tuesday.






Read more at Reuters.com Mergers News

BAE Systems, CHC, ConocoPhillips, Mosaic, Playboy: 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. Share prices are as of 7:30 a.m. New York time.

BAE Systems Plc (BAESY US): Analysts at Citigroup Inc.,
Morgan Stanley and Deutsche Bank AG said yesterday's 7.8 percent
drop in UK-traded shares of Europe's largest defense contractor
was excessive. The shares fell yesterday after the company said
the U.S. Department of Justice is investigating whether the
company violated corruption laws in arms sales to Saudi Arabia.
BAE's ADRS, each worth four shares, fell $2 to $32.70 in regular
trading yesterday.


Read more at Bloomberg Stocks News

TREASURIES-Bond prices rise on lingering subprime woes

(Reuters) - These fears have been heightened after Bear Stearns
was forced to bail out a hedge fund which suffered large losses
due to its dealings in subprime mortgages.




"The subprime issue has become a much more focused problem.
It has certainly caused some unease in terms of the overall
equity market and the overall leverage picture. We have seen
some money flow into Treasuries," said Doug Bender, managing
director with McQueen, Ball & Associates in Bethlehem,
Pennsylvania.


Read more at Reuters.com Bonds News

Los Angeles, Colorado, Texas School District Lead U.S. Municipal Borrowers

(Bloomberg) -- Los Angeles, Colorado and a school
district in Texas will sell a combined $1.7 billion of bonds in
today's largest sales of U.S. state and local government debt.

Los Angeles will borrow $916 million with so-called tax-
and-revenue anticipation notes to cover the city's cash flow
needs until taxes are paid. Colorado will offer $500 million of
similar notes, while the Cypress-Fairbanks Independent School
District in Texas near Houston will sell $275 million of long-
term bonds for school construction.


Read more at Bloomberg Bonds News

Franc Gains for Fourth Day Versus Euro on Bets Risk Aversion Will Continue

(Bloomberg) -- The Swiss franc gained for a fourth
day versus the euro, its longest winning run in more than a
month, on speculation investors will keep shifting out of riskier
assets as stocks markets decline.

Switzerland's currency, which investors often buy in times
of economic uncertainty, has benefited as concerns the housing
slump in the U.S. will hurt global growth caused investors to
sell equities. It has gained with Japan's yen, another currency
investors have used to fund so-called carry trades.


Read more at Bloomberg Currencies News

S.African union says rejects Implats wage offer

(Reuters) - South Africa's biggest mineworkers union has rejected an increased pay offer from Implats and declared a second dispute against the firm, a union official said on Wednesday.

The company made a "final offer" of wage rises of 7.5-9.0 percent, up from 6.5-7.0 percent, negotiator Eddie Majadibodu of the National Union of Mineworkers said.


Read more at Reuters Africa

German Utilities Say Water Cooling Limits Will Cut Power-Output Capacity

(Bloomberg) -- German utilities said they will have
less capacity to generate power tomorrow because of cooling-
water restrictions.

Electricity plants in Europe's largest energy market will
have 455 megawatts less capacity than today, operators said
today in a joint statement on the Web site of the European
Energy Exchange. They didn't say which plants are affected.


Read more at Bloomberg Energy News

Private equity firm Carlyle mulls IPO: Dow Jones

(Reuters) - "The Blackstone IPO was highly successful. We are certainly evaluating that option as well," Lee was quoted as saying.




"Our peers are obviously going to be accessing a huge amount of capital in the public market," he said, adding that there was no timetable for an IPO.


Read more at Reuters.com Business News

UPDATE 1-German TV giant ProSieben buys SBS for $4.4 bln

(Reuters) - BERLIN/FRANKFURT, June 27 - German TV broadcaster
ProSiebenSat.1 Media AG said on Wednesday it bought
rival SBS Broadcasting for 3.3 billion euros to
create Europe's second-biggest television provider.




The combination of ProSiebenSat.1 and SBS, both
majority-owned by private equity firms KKR [KKR.UL] and Permira
[PERM.UL], will create a pan-European rival to market leader RTL
Group, owned by German media giant Bertelsmann [BERT.UL].


Read more at Reuters.com Bonds News

German Benchmark Index Declines, Paced by Allianz, MAN, Deutsche Boerse

(Bloomberg) -- Germany's benchmark DAX Index dropped
for a fifth day, led by Allianz SE, MAN AG and Deutsche Boerse
AG.

The DAX lost 55.59, or 0.7 percent, to 7804.93 at 10:23 a.m.
in Frankfurt. DAX futures expiring in September slid 0.7 percent
to 7883.50. The HDAX Index of the country's 110 biggest companies
decreased 0.7 percent.


Read more at Bloomberg Stocks News

Japan small firms' sentiment down in June -survey

(Reuters) - Traders will await the BOJ tankan as well as industrial
output and core inflation data due later this week for clues to
the timing of the central bank's next interest rate hike, which
is expected to come in the July-September quarter, most likely in
August.




Shoko Chukin's survey produced a reading of 48.4 in the
diffusion index measuring business sentiment, down 0.9 point
from the previous month and below the key threshold of 50 for the
third straight month. The DI is forecast at 49.7 in July.


Read more at Reuters.com Economic News

European Stocks Drop for Fifth Day; Total, BHP, Northern Rock Pace Decline

(Bloomberg) -- European stocks fell for a fifth day,
paced by energy and basic-resources shares as crude oil traded
near a nine-day low and metals prices dropped.

Total SA, the region's largest refiner, and BHP Billiton
Ltd., the world's biggest mining company, declined. Northern Rock
Plc tumbled after the U.K.'s seventh-largest bank said it expects
2007 profit growth to miss analysts' estimates as interest rates
rose more than expected.


Read more at Bloomberg Stocks News