Chevron May Spend $8 Billion in Thailand to Extend Natural Gas Production

(Bloomberg) -- Chevron Corp., Thailand's biggest
natural gas supplier, said it plans to spend $8 billion to
extend offshore output should the government add 10 years to a
production license.

Chevron, the second-largest U.S. energy company, is
negotiating with the government to lengthen the initial
concession, now set to expire in 2012, Steve Green, managing
director of Chevron Asia South Ltd., said in an interview in
Bangkok. Platong-2, a $650 million field and processing facility
in the Gulf of Thailand that would produce 330 million cubic
feet of natural gas a day, is among the planned projects.


Read more at Bloomberg Energy News

Asia M&A activity soars 50 pct in record first half

(Reuters) - Australia accounted for $76 billion worth of deals in the
half, followed by China and India ,
according to preliminary data from Dealogic.




"This year has been characterised by a good spread of
volumes. India's been very strong and success has begotten
success," said Matthew Hanning, head of Asia Pacific M&A at UBS
Investment Bank .


Read more at Reuters.com Mergers News

BAE, Berkeley Group, HSBC Holdings, Vodafone: 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 28 close.

The benchmark FTSE 100 Index rose 43.70, or 0.7 percent, to
6571.30 in London. The FTSE All-Share Index rose 24.40, or 0.7
percent, to 3388.16.


Read more at Bloomberg Stocks News

Consumer Spending in U.S. Probably Rose Last Month as Incomes Increased

(Bloomberg) -- Consumer spending in the U.S.
probably rose in May as gains in wages helped overcome higher
fuel and borrowing costs, economists said before a report today.

The Commerce Department will report that spending increased
0.7 percent, the most in three months, following a 0.5 percent
April gain, according to the median estimate in a Bloomberg News
survey of 76 economists. Incomes grew 0.6 percent after a 0.1
percent decline, based on the survey.


Read more at Bloomberg Bonds News

PRESS DIGEST - Wall Street Journal - June 29

(Reuters) - * UAL Corp. is struggling with a dispirited staff,
poor consumer ratings and mediocre service, 17 months after
leaving Chapter 11.




* Research In Motion Ltd.'s profit jumped
73 percent, helped by the BlackBerry maker's new lineup of
consumer devices. Rival Palm Inc. reported a 43
percent drop in earnings.


Read more at Reuters.com Bonds News

Indonesian Inflation Probably Slowed, Allowing Central Bank to Cut Rates

(Bloomberg) -- Indonesia's inflation probably eased
to a seven-month low in June, providing room for the central
bank to cut its key interest rate to spur the economy.

Consumer prices probably rose 5.9 percent from a year
earlier after accelerating 6.01 percent in May, according to the
median estimate of 16 economists surveyed by Bloomberg News.
Indonesia's Central Statistics Bureau will release the data on
July 2 in Jakarta.


Read more at Bloomberg Emerging Markets News

U.S. Notes Set for Quarterly Loss as Bets on Fed Interest Rate Cut Decline

(Bloomberg) -- U.S. Treasuries headed for their
biggest quarterly loss since the first three months of 2006 as
traders reduced bets the Federal Reserve will cut interest rates.

Treasury securities, which handed investors a loss of 0.8
percent this quarter, slumped after the Fed yesterday kept its
benchmark rate unchanged at 5.25 percent, higher than yields
available on 10-year notes, and said inflation is its
``predominant'' concern. A report today will probably show the
Fed's preferred measure of costs slowed in May, while holding
close to the top of its target range.


Read more at Bloomberg Bonds News

CapitaLand, Singapore Press, Thai Beverage: Singapore's Equity Preview

(Bloomberg) -- The following shares may rise or fall
in Singapore. Stock symbols are in parentheses and prices are
from the previous market close.

The Straits Times Index gained 0.9 percent to 3538.23. The
June futures contract advanced 1.2 percent to 436.9.


Read more at Bloomberg Stocks News

UAW members support Delphi pact in early returns

(Reuters) - The UAW leadership is expected to release results on Friday
of the member vote of its numerous local units on the deal,
which includes wage and benefit cuts and eventual plant
closings that Delphi has said it must have in order to exit
bankruptcy.




The member vote is cumulative for the full 17,000 UAW
members at Delphi, but some local units disclosed results or at
least a broad indication of support on Thursday.


Read more at Reuters.com Bonds News

New Zealand Dollar Drops From 22-Year High After Growth Matches Estimates

(Bloomberg) -- The New Zealand dollar fell from its
highest in 22 years after a government report showed the economy
expanded 1 percent in the first quarter, matching economists'
expectations.

The currency bought 76.95 U.S. cents at 10:49 a.m. in
Wellington, from 77.13 cents, the highest since its was allowed
to trade freely in March 1985, immediately before the report's
release. It was at 76.91 in late Asian trading yesterday.


Read more at Bloomberg Currencies News

Oil Is Steady After Surging to a Nine-Month High on U.S. Gasoline Concerns

(Bloomberg) -- Crude oil was little changed in New
York after rising to a nine-month high yesterday on concern low
U.S. gasoline stockpiles will keep fuel prices high through the
summer.

July gasoline, which expires today, rose for a second
session yesterday after a report showed below-average U.S.
supplies of the motor-fuel unexpectedly fell after seven weeks of
gains. Oil reached $70.52 a barrel early in yesterday's floor
session, the highest intraday price since Sept. 1, before easing
toward the close.


Read more at Bloomberg Commodities News

Chicago Fed study sees subprime woes contained

(Reuters) - In a paper examining mortgage activity in the Fed's 7th District, economists Sumit Agarwal and Calvin Ho cited Michigan and Indiana as states where delinquency rates have been running as high as twice the national average.




"Indiana and Michigan, which have experienced slowdowns in the manufacturing sector, have reported higher rates of delinquencies ... in both prime and subprime mortgage markets," they said.


Read more at Reuters.com Bonds News

UPDATE 1-Micron Technology posts Q3 loss

(Reuters) - The Boise, Idaho-based company said the price of dynamic
random access memory chips fell about 35 percent and NAND flash
products dropped 30 percent, both sequentially, during the
quarter.




The company, which said it was pursuing initiatives to
drive cost efficiencies and revenue growth, reported a net loss
of $225 million, or 29 cents per share.


Read more at Reuters.com Market News

InfoUSA to acquire Guideline in $41.6 million deal

(Reuters) - The company said the acquisition will contribute to
earnings in fiscal 2007 and the deal expected to close in the
third quarter of 2007.




Read more at Reuters.com Mergers News

UPDATE 1-Mellon settles IRS probe for $16.5 mln

(Reuters) - In return for paying the fine, Mellon will be released from
any civil or administrative monetary claims made under the
False Claims Act, the Pittsburgh-based company said.




The settlement ends the Washington's long-running review of
how workers at Mellon's Pittsburgh "lockbox" processing unit in
April 2001 destroyed 77,000 U.S. tax returns and payments.


Read more at Reuters.com Government Filings News

Disk drive maker Western Digital buying Komag

(Reuters) - Terms of the transaction call for Western Digital to pay $32.25 for all of the outstanding shares of Komag common stock in a cash tender offer. The deal will lead to a merger of a wholly-owned unit of Western Digital into Komag in which the remaining shareholders of Komag will be paid $32.25 in cash.



The transaction has been unanimously approved by the board of directors of each company and is subject to customary closing conditions, including regulatory approvals, and is expected to close in the third quarter of this year.


Read more at Reuters.com Bonds News

Treasuries Decline After Fed Says Inflation Remains `Predominant' Concern

(Bloomberg) -- Treasuries fell after the Federal
Reserve said inflation is still the greatest risk facing the
economy while keeping the benchmark lending rate at 5.25 percent
for an eighth consecutive meeting.

Yields on two-year notes, more sensitive than longer-
maturity debt to Fed rate changes, rose the most in two weeks as
traders pared bets the central bank will lower its target rate
this year after increasing it 17 times from June 2004 to June
2006. Two-year yields yesterday touched a one-month low.


Read more at Bloomberg Bonds News

Oil Climbs to Nine-Month as Refineries Increase Output to Meet Fuel Demand

(Bloomberg) -- Crude oil rose to a nine-month high
in New York as U.S. refineries increased output of gasoline and
other fuels.

Refineries operated at 89.4 percent of capacity last week, a
1.8 percentage point gain from the week before, an Energy
Department report showed yesterday. West Texas Intermediate crude
oil, or WTI, the grade traded in New York, was at the lowest
discount to Brent oil in more than three months today.


Read more at Bloomberg Energy News

Bank of America wins dismissal of MBNA lawsuit

(Reuters) - The plaintiff, former MBNA shareholder Lemon Bay Partners
LLP, had accused former MBNA executives and directors of "gross
mismanagement" and making misleading statements about the
company's expected financial performance.




MBNA's share price sank more than 16 percent to below $19
on April 21, 2005 after the company slashed its full-year
earnings forecast and posted a surprise 94 percent decline in
quarterly profit, citing unexpectedly high U.S. payment volumes
and costs for retirement and severance programs.


Read more at Reuters.com Mergers News

Dow Jones pact gives group power to OK editors

(Reuters) - The agreement is an attempt to persuade the Bancroft family, which controls Dow Jones through its voting shares, to sell the 125-year-old U.S. publishing company to News Corp. for $5 billion.




The agreement requires approval of the family, which contains about three dozen adult members.


Read more at Reuters.com Business News

KBR, Fluor, Dyncorp win US Army contract, shrs up

(Reuters) - News of the contract buoyed shares of the companies, which provide engineering, logistics and construction services.




KBR climbed nearly 1 percent to $26.59, while Fluor shares rose 1 percent to $105.19. Dyncorp soared 4.4 percent to $22.45. All three stocks trade on the New York Stock Exchange.


Read more at Reuters.com Business News

UPDATE 1-Security Benefit to acquire Rydex Investments

(Reuters) - NEW YORK, June 28 - Security Benefit, a privately
held Topeka, Kansas-based financial services firm, said on
Thursday it agreed to acquire Rydex Investments.




Rydex, based in Rockville, Maryland, manages more than $15
billion in mutual funds, exchange-traded funds and
institutional products.


Read more at Reuters.com Bonds News

Academics urge acceptance of Canadian bank mergers

(Reuters) - Banks "must be allowed to realize further efficiency gains
and risk reductions mainly through specialization and
internationalization of their operations," they said.




Their paper, published by the C.D. Howe Institute economic
policy thinktank, said mergers would allow some Canadian banks
to become bigger international players, while others would
become specialized domestic retail banks.


Read more at Reuters.com Government Filings News

SingTel confirms to buy Warid stake for $758 mln

(Reuters) - By Faisal Aziz



KARACHI, June 28 - Singapore Telecommunications , Southeast Asia's leading telcoms group, is to buy a 30 percent stake in Warid Telecom, Pakistan's No.3 mobile operator, for more than $700 million, a Warid source said on Thursday.


Read more at Reuters.com Mergers News

US STOCKS-Indexes tread water as Fed decides on rates

(Reuters) - NEW YORK, June 28 - U.S. stocks barely moved on
Thursday as investors stayed cautious before a Federal Reserve
statement that could give clues on the outlook for interest
rates.




The Dow industrials drifted lower after data showed a
measure of inflation monitored by the Fed accelerated in the
first three months of 2007.


Read more at Reuters.com Bonds News

NYSE Delays Open for Wyeth, AT&T, Jefferies on Erroneous Brokerage Orders

(Bloomberg) -- The New York Stock Exchange delayed
the open of trading in Wyeth, Jefferies Group Inc. and AT&T Inc.
after receiving erroneous orders likely generated by a computer
problem at a member firm.

The problem was identified by specialists responsible for
matching trades in the three stocks and the brokerage placing
the orders has been notified, said NYSE spokesman Richard
Adamonis. The exchange will cancel the erroneous orders, the Big
Board said in a statement.


Read more at Bloomberg Stocks News

Oil rises above $70 after US fuel stock drop

(Reuters) - Oil climbed above $70 a barrel on Thursday after a surprisingly steep decline in U.S. gasoline inventories revived supply worries during the height of the summer driving season.

A slowdown in gasoline imports drained inventories of motor fuel in the world's top consumer by 700,000 barrels last week versus an expected rise of 1.2 million barrels.


Read more at Reuters Africa

UPDATE 2-Argentine banker says could buy YPF stake in 2008

(Reuters) - Enrique Eskenazi, named in media reports as the likely
buyer, told leading Argentine newspaper La Nacion the deal
would not be done as quickly as some Argentine government
officials had said.




"If it's done, it will be next year. This is a long
process," Eskenazi said.


Read more at Reuters.com Mergers News

Monsanto quarterly profit jumps 71 percent

(Reuters) - Net income rose to $570 million, or $1.03 a share, in its fiscal third quarter ended May 31, from $334 million, or 60 cents a share, a year earlier. Analysts on average were looking for $1 a share, according to Reuters Knowledge.




St. Louis-based Monsanto said strong demand for its branded corn seed products in the United States, as well as in Italy, France and Germany, contributed to the sharp profit increase. Corn prices have rallied on strong demand from the ethanol, food and livestock feed sectors.


Read more at Reuters.com Hot Stocks News

Most U.S. Stocks Gain, Led by Energy Producers and Technology Companies

(Bloomberg) -- Most U.S. stocks rose, led by
energy and technology companies, after the price of oil jumped
above $70 a barrel and analysts upgraded Intel Corp. and Cisco
Systems Inc.

Exxon Mobil Corp., Chevron Corp. and Marathon Oil Corp.
led fuel companies in the Standard & Poor's 500 Index to the
top gain among 10 industries. About seven stocks gained for
every four that fell on the New York Stock Exchange.


Read more at Bloomberg Stocks News

Spanish Realtor Colonial May Pledge Assets on $9.7 Billion Loan Amid Slump

(Bloomberg) -- Inmobiliaria Colonial SA, Spain's
second-biggest realtor, may put up collateral because its bankers
can't attract enough investors to a 7.2 billion-euro ($9.7
billion) loan for the company, people involved in the deal said.

Goldman Sachs Group Inc., Royal Bank of Scotland Group Plc,
Calyon and Eurohypo AG, which have underwritten the sale, want
Colonial to pledge its 1.3 billion-euro stake in builder Fomento
de Construcciones & Contratas, said two people who declined to be
identified because the terms aren't set.


Read more at Bloomberg Bonds News

UPDATE 2-Dominion to buy back 16 pct of outstanding shares

(Reuters) - Dominion expects to start a modified Dutch auction
self-tender by mid-July. Shareholders could tender some or all
of their shares at prices from $82 to $92 per share, said the
Richmond, Virginia-based company. The company then will pick a
price and buy shares tendered at that level or below.




The share buyback program is part of the power company's
plan to use the proceeds from the sales of most of its oil and
natural gas exploration and production assets.


Read more at Reuters.com Mergers News

UPDATE 1-KB Home posts quarterly net loss, shares drop

(Reuters) - NEW YORK, June 28 - KB Home , the No. 5 U.S. home builder, posted a quarterly net loss on Thursday as home revenue dropped sharply due to the weak housing market.



KB Home, whose shares fell 2.3 percent in premarket trade, said the results reflected an oversupply of new and existing homes, aggressive competition and weak demand. It said it was unable to provide a full-year earnings forecast.


Read more at Reuters.com Bonds News

Fannie, Freddie had enough capital in Q1, OFHEO

(Reuters) - Adequately capitalized is the highest designation that either
company can receive concerning its reserves against possible
losses.




Read more at Reuters.com Government Filings News

UPDATE 1-U.S. 2007 first-quarter GDP growth 0.7 pct

(Reuters) - WASHINGTON, June 28 - The U.S. economy grew at a
0.7 percent annual pace in the first three months of this year,
the weakest in more than four years as businesses sold off
inventories but consumer spending remained strong, a Commerce
Department report on Thursday showed.




It was the weakest quarterly expansion in gross domestic
product, or GDP, since the fourth quarter of 2002 but slightly
better than the government's earlier 0.6 percent estimate for
growth during the quarter. Still, it was a tad weaker than the
0.8 percent growth economists were expecting.


Read more at Reuters.com Economic News

Northern Greece Hit by Power Cut as Transformer in Thessaloniki Explodes

(Bloomberg) -- An explosion at an electricity
transmission center in Thessaloniki, Greece's second-biggest
city, cut power supplies across the country's north.

``A transformer exploded and the center had to be shut down
to fight the fire,'' Nikos Ippofantis, an official at the
country's electricity grid operator Desmie said in a phone
interview today.


Read more at Bloomberg Energy News

U.S. jobless claims fall 13,000 in latest week

(Reuters) - The four-week moving average of initial jobless claims,
which smooths out week-to-week volatility, edged up to 316,000,
the highest in seven weeks.




In the last six weeks, initial claims have held steady
between 309,000 and 326,000. The high for the year so far was
356,000 in early February.


Read more at Reuters.com Economic News

Encana, Interoil, Meridian, Northern Orion, Tesco: Canadian Equity Preview

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

The Standard & Poor's/TSX Composite Index gained 78.04, or 0.6
percent, to 13,741.92, yesterday in Toronto.


Read more at Bloomberg Stocks News

RPT-General Mills 4th-quarter profit rises

(Reuters) - The maker of Cheerios cereal, Progresso soups and Yoplait
yogurt said profit was $224 million, or 62 cents a share, for
the fiscal fourth quarter ended May 27. That compares with $222
million, or 61 cents a share, a year earlier.




Analysts, on average, forecast 63 cents a share, according
to Reuters Estimates.


Read more at Reuters.com Market News

Czech Koruna Drops Versus Euro; Central Bank Keeps Interest Rates on Hold

(Bloomberg) -- The Czech koruna fell against the
euro after the country's central bank kept its benchmark interest
rate unchanged at the lowest in the European Union.

The Prague-based policy-making board voted to leave
borrowing costs at 2.75 percent as it awaits a new economic
forecast in July, matching the prediction of all 21 economists in
a Bloomberg survey. Because of its low interest rates, investors
use the koruna in the so-called carry-trade, funding investments
in other higher-yielding assets.


Read more at Bloomberg Currencies News

China's Stocks Fall on $200 Billion Bond Sale Plans: World's Biggest Mover

(Bloomberg) -- China's stocks posted their biggest
drop in more than three weeks on concern that government plans
for a $200 billion bond sale and the proposed introduction of
index futures will drain cash from equities.

The CSI 300 Index fell 181.96, or 4.5 percent, to close at
3858.52. That's the biggest decline since June 4, when the index
lost 7.7 percent. The measure, which posted the biggest
fluctuation among markets included in global benchmarks, has
almost doubled this year.


Read more at Bloomberg Stocks News

UPDATE 1-LUKOIL Q1 profit disappoints at $1.3 bln

(Reuters) - LUKOIL said its profit was dented by higher export duties,
transportation tariffs and operating expenses.




"However, these negative factors were partly offset by
increased hydrocarbon production," it said in a statement.


Read more at Reuters.com Market News

European Stocks Gain, Led by Energy, Mining Shares; BP, BHP, Nestle Climb

(Bloomberg) -- European stocks rose for the first time
in six days as higher commodity prices lifted energy and mining
companies and Citigroup Inc. said shares in the region are cheap.

BP Plc, Europe's second-biggest oil producer, and BHP
Billiton Ltd., the world's largest mining company, advanced.
Nestle SA increased after Deutsche Bank AG recommended buying
stock in the food company. Groupe Danone rose on a report the
yogurt maker will likely sell its LU cookies division.


Read more at Bloomberg Stocks News

Cambridge Place to Close $908 Million Caliber Fund After Subprime Losses

(Bloomberg) -- Cambridge Place Investment
Management LLP, a London-based asset manager, said it will close
its money-losing Caliber Global Investment Ltd. fund after
losses on subprime mortgage debt.

Caliber will sell assets and shut the fund within a year,
the company said in a Regulatory News Service statement today.
The fund, which in March had $908 million of investments,
reported an $8.8 million second-quarter loss on May 18.


Read more at Bloomberg Bonds News

Palm Oil Price Rises in Malaysia as Investors Bet Recent Decline Excessive

(Bloomberg) -- Palm oil futures on the Malaysia
Derivatives Exchange, the global benchmark for the commodity,
climbed for the first day in five as some investors judged the
recent decline was overdone.

The price fell yesterday after Statistics Canada said
farmers in the country had planted a record 14.5 million acres
(5.9 million hectares) of canola, 17 percent more than in 2006.
Canola is used to make cooking oil, and competes with palm oil.


Read more at Bloomberg Commodities News

European shares rise early, echo upbeat Wall Street

(Reuters) - European shares rose early on Thursday, encouraged by gains on Wall Street as investors prepared for the Federal Reserve to sound a more upbeat note on the outlook for inflation.

At 0721 GMT the FTSEurofirst 300 index of top European shares was up 0.8 percent at 1,592.44 points breaking a five-day losing streak.


Read more at Reuters Africa

US stock indexes end 3-day decline; energy, tech lead

(Reuters) - U.S. stocks rose on Wednesday as investors snapped up beaten-down shares after a three-day slide and a nearly 2 percent jump in oil prices boosted demand for energy companies.

Major indexes had fallen earlier in the day after weaker-than-expected durable goods data.


Read more at Reuters Africa