Service Industries in U.S. Probably Expanded Near Fastest Pace in a Year

(Bloomberg) -- Growth in U.S. service industries
probably held close to the fastest pace in more than a year last
month, signaling continued strength in the economy, economists
said before a report today.

The Institute for Supply Management's index of non-
manufacturing businesses including banks, builders and retailers
slipped to 58 in June from 59.7 the prior month, according to
the median forecast of 73 economists in a Bloomberg News survey.
Readings above 50 signal growth.


Read more at Bloomberg Bonds News

SystemsNet eyes Getronics takeover: paper

(Reuters) - Getronics could not be immediately be reached for comment.




On Tuesday, the company said it has received a formal expression of interest from a U.S.-based firm to acquire all of its shares. It did not name the company.


Read more at Reuters.com Business News

Dollar near 26-year low vs pound before BoE and ECB

(Reuters) - The dollar stayed near a 26-year low against sterling and a two-month trough versus the euro on Thursday as investors awaited interest rate decisions by the European Central Bank and Bank of England later in the session.

The euro approached an all-time high against the yen on expectations that the European Central Bank President Jean-Claude Trichet will reinforce market views for higher rates even as the central bank is seen standing pat for now at 4.0 percent.


Read more at Reuters Africa

Thai Baht Strengthens on Fund Inflows to Stocks; South Korean Won Declines

(Bloomberg) -- Thailand's baht strengthened to near
the highest in a decade on speculation a stock market rally will
attract more overseas investors.

The baht gained for a sixth day in onshore trading after the
key stock index yesterday climbed to the highest since January
1997. The currency also advanced on optimism rising exports will
boost the current-account surplus.


Read more at Bloomberg Currencies News

Argentine, Chilean Peso, Peru's Sol, Brazil Real: Latin Currency Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Latin American currencies
today. Exchange rates are from the previous session.

Argentine peso: Consumer prices likely rose 0.6 percent in
June after increasing 0.4 percent the previous month, according
to the median of nine estimates in a Bloomberg News survey.
Annual inflation probably accelerated to 8.9 percent last month
from 8.8 percent in May, the survey shows. Argentina's national
statistics institute will publish the report at 3 p.m. New York
time.


Read more at Bloomberg Currencies News

South Korean Stocks Gain More Than 1 Percent for Fourth Day; Samsung Gains

(Bloomberg) -- South Korean stocks advanced more than
1 percent for a fourth day. Samsung Electronics Co. gained on
speculation prices for dynamic random access memory, or DRAM,
will rise, helping improve earnings.

LG.Philips LCD Co. advanced after brokerages including
Citigroup Inc. said the company will turn to profit in the second
quarter.


Read more at Bloomberg Stocks News

Nippon Meat Packers to Increase Prices an Average 10 Percent in September

(Bloomberg) -- Nippon Meat Packers Inc., Japan's
largest meat processor, will raise prices on hams, sausages and
other products by an average of 10 percent from Sept. 1.

In a statement posted yesterday on its Web site, the company
said it was raising prices by between 7 and 15 percent because of
increasing raw materials costs, including pork and fuel. The
Osaka, western Japan-based company previously raised retail
product prices in June 2006.


Read more at Bloomberg Commodities News

U.S. Treasuries Fall After European Bonds Decline on Interest-Rate Concern

(Bloomberg) -- U.S. 10-year Treasury notes fell
after Europe's government bonds slid for a second day yesterday
on speculation the European Central Bank will keep increasing
interest rates from a six-year high.

Notes also dropped after stocks gained in Europe and Asia
yesterday, reducing demand for the relative safety of government
debt. The U.K. government lowered its assessment of the National
Threat Level to ``severe'' from ``critical,'' which was the top
level set following two attempted car bombings last week.


Read more at Bloomberg Bonds News

Canadian Spot Natural-Gas Price Declines on Moderate Weather, U.S. Holiday

(Bloomberg) -- Natural gas at Canada's largest
trading point fell as moderate weather was forecast for the
country's largest cities and a U.S. holiday lessened demand.

The weather in Toronto is predicted to stay within a normal
range at least until July 6, according to a forecast from
government agency Environment Canada. Temperatures in Montreal,
the country's second-biggest city after Toronto, may reach
24 degrees Celsius (75 degrees Fahrenheit) tomorrow, about
7.7 percent below its range.


Read more at Bloomberg Energy News

LBO Debt Proves Treacherous for Fidelity, Lehman Brothers, IAA-CREF Funds

(Bloomberg) -- The world's biggest bondholders have
had their fill of leveraged buyouts, convinced that increasing
mortgage delinquencies will drag down the U.S. economy and drive
debt-laden companies into default.

TIAA-CREF, which oversees $414 billion in retirement funds
for teachers and college professors, is boycotting some debt
offerings used to finance LBOs. Fidelity International, a unit of
the world's largest mutual fund company, and Lehman Brothers
Asset Management LLC, the money-management arm of the third-
biggest bond underwriter, say they're avoiding debt from buyouts.


Read more at Bloomberg Bonds News

Argentina stocks close at record high, bonds flat

(Reuters) - Bonds closed flat as foreign institutional investors,
normally heavy traders in Argentine markets, were absent due
to the U.S. Independence Day holiday.




The MerVal index of 21 leading stocks rose 0.97
percent to close at 2,252.40 points.


Read more at Reuters.com Bonds News

Canadian Telephone, Materials Stocks Gain on Heightened M&A Speculation

(Bloomberg) -- Canadian telephone and materials
stocks including Telus Corp. advanced for a second day after
takeover speculation was fanned this week by the acquisitions of
BCE Inc. and Aur Resources Inc.

Energy producers such as EnCana Corp. fell on declining
natural-gas prices, while financial companies including Bank of
Nova Scotia retreated on concern that the Bank of Canada may
raise borrowing costs next week.


Read more at Bloomberg Stocks News

Venezuela's Mercosur entry unlikely-Brazil senator

(Reuters) - "Venezuela hasn't met the criteria for entry and Chavez is
trying to put the blame on somebody else," Fortes added.




Chavez told Mercosur nations on Tuesday they must approve
Venezuela's membership in the trade bloc within three months or
he would withdraw the request to join it.


Read more at Reuters.com Bonds News

Dickson to head Canada's financial regulator

(Reuters) - She was appointed as the acting head of the OSFI in
October, replacing Nick Le Pan, who retired.




Before that she was the deputy superintendent at the OSFI,
which is the primary regulator and supervisor of the country's
banks, insurance companies and private pension funds.


Read more at Reuters.com Government Filings News

RPT-Big fund firms seen better at retaining top talent

(Reuters) - Speakers at the Fund Forum 2007 in Monaco said the big firms
have changed their remuneration structures following raids on
their top talent by smaller, boutique firms.
Boutique fund firms have increased their assets rapidly in
recent years, often by recruiting big-name managers, whom they
have given autonomy in investment decisions.




Now the bigger companies are fighting back by offering
managers such attractions as equity stakes in the business or a
share of fund revenues.


Read more at Reuters.com Mergers News

Train runs double on Africa's "Lunatic Express" line

(Reuters) - Twice as many trains are now running on Kenya and Uganda's railway network, but it may take two years before customers see a major improvement in services, a consultant said on Wednesday.

The east African countries handed over their struggling rail operations to Rift Valley Railways in November. The private South African-led consortium hopes to transform the dilapidated 110-year-old railways into a major artery for regional trade.


Read more at Reuters Africa

UPDATE 1-Brazil's industrial output rises 1.3 pct in May

(Reuters) - The median forecast from 22 economists in a Reuters poll
was for output to rise 0.4 percent. The forecasts ranged from a
0.3 percent decline in output to an increase of 1.4 percent.




Industrial output rose 4.9 percent from a year earlier
, the IBGE said.


Read more at Reuters.com Economic News

U.K.'s FTSE 100 Index Advances, Led by InterContinental on Hilton Deal

(Bloomberg) -- U.K. stocks climbed, led by
InterContinental Hotels Group Plc after U.S. rival Hilton Hotels
Corp. agreed to be taken private. Whitbread Plc and Punch Taverns
Plc paced travel and leisure stocks higher.

British Land Co. Plc led property stocks higher following a
report that U.K. house-price growth accelerated in June.
Ireland's Ryanair Holdings Plc paced airlines higher after the
low-cost carrier reported an increase in passenger numbers.


Read more at Bloomberg Stocks News

Occidental Has Unplanned Maintenance at Its Oil Refinery in Sundown, Texas

(Bloomberg) -- Occidental Petroleum Corp. had
unplanned maintenance and flared some gases at a plant in Sundown,
Texas, according to a report on a state-administered Web site.

The flaring started yesterday at 9 a.m. local time as part of
a process to regenerate catalysts at the Slaughter Gasoline Plant
after a decline in its sulfur recovery efficiency, the report on
the Texas Commission on Environmental Quality Web said.


Read more at Bloomberg Energy News

Roche files complaint against Ventana defense

(Reuters) - Piller said Roche's move was a typical procedure in a takeover bid. "Most companies have these kind of poison pills," he said.




Roche launched a $3 billion hostile takeover bid for Ventana in late June after its efforts to negotiate a friendly deal were rebuffed.


Read more at Reuters.com Business News

UK's FSA says finds poor practice in subprime market

(Reuters) - "Poor sales practices in this market may lead to serious
wider consequences," Clive Briault, the FSA's managing director
of retail markets, said.




"The high level of subprime arrears in a benign market
raises some important questions about the consideration given to
affordability by lenders and intermediaries when undertaking
this business."


Read more at Reuters.com Bonds News

European shares rise as Hilton deal boosts hotels

(Reuters) - European share indexes ticked higher early on Wednesday, helped by the hotel sector, but investors were awaiting fresh direction ahead of two rate decisions later in the week and with U.S. markets closed for the Independence Day holiday.

At 0810 GMT the FTSEurofirst 300 index was up 0.25 percent at 1,617.24 points, its highest level in two weeks.


Read more at Reuters Africa

UPDATE 1-Carlyle affiliate begins trade at $20 per share

(Reuters) - On Tuesday, Carlyle Capital said it had placed 15.8 million
new shares at $19 per Class B stock. Shares traded up 0.8
percent at $19.15 by 0748 GMT.




CCC, which invests in fixed-income assets, had initially
indicated a price range of $20-$22 per share and a volume of
$400 million euros, but the company last week postponed its IPO
and reduced the price.


Read more at Reuters.com Mergers News

Hilton Hotels Agrees to Be Acquired by Blackstone for $20 Billion in Cash

(Bloomberg) -- Hilton Hotels Corp., the second-
biggest U.S. hotel chain, agreed to be taken private by buyout
firm Blackstone Group LP for $20 billion, ending more than 60
years as a public company.

Blackstone will pay $47.50 for each share, Hilton said in a
statement. That's 32 percent more than its closing price
yesterday. Barron Hilton, the son of founder Conrad Hilton and
co-chairman of the Beverly Hills, California-based company, will
get $990 million for his 20.8 million shares.


Read more at Bloomberg Bonds News