Mauritius Cenbank hikes key rate 75 bp to 9.25 pct

(Reuters) - Mauritius' Central Bank said on Saturday it has hiked its key repo rate 75 basis points to 9.25 percent per year.

"The Board has decided to raise the key repo rate by 75 basis points from 8.50 percent to 9.25 percent per annum with effect from 2 July 2007," the Bank said in a statement posted on its Web site.


Read more at Reuters Africa

Dollar Drops to Lowest in Almost a Month Against Euro as Inflation Eases

(Bloomberg) -- The dollar dropped to the
lowest level in almost a month against the euro after U.S.
reports showed inflation eased and consumption increased
less than economists' forecasts, reducing the currency's
appeal.

The U.S. dollar posted a third straight weekly loss as
the data fueled speculation the Federal Reserve will keep
borrowing costs unchanged this year while other central
banks extend increases. The dollar may extend the decline
next week on statistics forecast to show U.S. job growth
slowed this month while a gauge of the service sector
declined.


Read more at Bloomberg Currencies News

Early iPhone buyers strain to resell them online

(Reuters) - But the vast majority of offers failed to attract even a single bid, and many of those that had were not yet above the list prices.




A handful of offers did draw enthusiastic bidding. One eBay auction had attracted 35 bids and a leading offer of $1,520. Another was up to $960 with 25 bids.


Read more at Reuters.com Business News

Female ex-employees sue KBR, Hallburton: report

(Reuters) - Halliburton spokeswoman Cathy Mann said in a statement that the company was improperly named in the lawsuit and expects to be dismissed from the action.




"To confirm, Halliburton Company has never been contracted for services by the U.S. government, particularly none of the logistics support services frequently discussed in the media today," Mann said. "Also, to confirm, Halliburton and its subsidiaries have no employees or work in Iraq."


Read more at Reuters.com Business News

AT&T agrees to buy Dobson - source

(Reuters) - The deal was reported earlier by the Wall Street Journal, which said on its Web site that it was valued between $2.5 billion and $3 billion.



AT&T was not immediately available for comment. A representative for Dobson said he had no comment.


Read more at Reuters.com Mergers News

Savvis cuts '07 revenue outlook; prepays $342.5 mln of debt

(Reuters) - For the full year, the company now sees total revenue of
$805 million to $820 million, compared with its earlier
expectation of $820 million to $835 million.





Read more at Reuters.com Mergers News

Dollar falls versus euro, yen at quarter end

(Reuters) - Demand for the dollar has been waning since Thursday, when the Federal Reserve left benchmark interest rates unchanged and said core inflation had eased a bit, boosting the view that overnight rates will remain at 5.25 percent for some time.




This helped depress implied volatility on currency options, a prerequisite for putting on carry trades, in which dealers borrow in low-yielding currencies and buy assets in units offering higher returns.


Read more at Reuters.com Hot Stocks News

NEWSMAKER-Commerce Bank CEO presided over innovation, scandal

(Reuters) - But New Jersey entrepreneur Vernon Hill applied lessons
learned running Burger King outlets, about friendly service and
convenient hours, to make Commerce Bancorp the fastest
growing U.S. bank and a revolutionary force in retail banking.




The Commerce chairman and chief executive retired on Friday
under pressure, at age 61, after years of questionable insider
dealings at the bank triggered federal regulatory probes. His
sudden departure from the bank he founded 34 years ago ends a
career where he came to be regarded as a visionary and a great
CEO, but also a maverick with little regard for the rules.


Read more at Reuters.com Bonds News

UPDATE 1-Retailer hhgregg sets IPO at 9.4 million shares

(Reuters) - The company said it plans to offer 3.125 million shares,
and stockholders plan to offer an additional 6.25 million
shares, according to an amended filing with the U.S. Securities
and Exchange Commission.




Credit Suisse, Lehman Brothers, Wachovia Securities, UBS
Investment Bank, Piper Jaffray, and KeyBanc Capital Markets are
underwriting the IPO.


Read more at Reuters.com Bonds News

US STOCKS-Indexes fall with financial shares

(Reuters) - The Dow Jones industrial average was down 99.01
points, or 0.74 percent, at 13,323.27. The Standard & Poor's
500 Index was down 10.69 points, or 0.71 percent, at
1,495.02. The Nasdaq Composite Index was down 17.65
points, or 0.68 percent, at 2,590.72.




Read more at Reuters.com Bonds News

Bain Capital to buy Brakes for $2.8 bln

(Reuters) - CD&R bought Brakes in 2002 for about 430 million pounds.




New York-based CD&R said in a statement that since it acquired the company, Brakes' revenue had grown by 14 percent and its operating profit by nearly 70 percent.


Read more at Reuters.com Business News

US STOCKS-Indexes flat as financial shares fade

(Reuters) - NEW YORK, June 29 - U.S. stocks erased gains and
were little changed on Friday as concerns about fewer buyout
financings and the subprime mortgage industry hurt financial
companies, offsetting the market's optimism about inflation and
the economy.




Oil's rise to $71 a barrel and investors taking profits at
the end of a strong second quarter also contributed to the
decline.


Read more at Reuters.com Bonds News

Brazil central bank holds auction to buy dollars

(Reuters) - The bank has aggressively bought dollars over the past year
to increase reserves and, indirectly, blunt the real's gains.
It has bought nearly $49 billion on the spot market so far in
2007, surpassing the $35.1 billion it bought in all of 2006.




Read more at Reuters.com Bonds News

Apple's IPhone May Wow New Yorkers; AT&T's Wireless Service, Not So Much

(Bloomberg) -- New Jersey computer consultant Adam
Storch might have been interested in Apple Inc.'s iPhone if it
worked with wireless service from a company besides AT&T Inc.

``I had too many dropped calls on the Turnpike,'' says
Storch, 41, who switched to Verizon Wireless from AT&T's Cingular
three years ago. ``I'd be on the phone with a client, and I'd
lose the connection and have to call back.''


Read more at Bloomberg Exclusive News

A. Schulman, Apollo, Fluor, Gevity, Wimm-Bill-Dann: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 1:10 p.m. New York time.

American Home Mortgage Investment Corp. (AHM US) fell $2.71,
or 13 percent, to $18.20. The lender specializing in adjustable-
rate mortgages withdrew its fiscal 2007 earnings guidance and
said it will likely have a second-quarter loss.


Read more at Bloomberg Stocks News

U.K. Stocks Rebound, Paced by Shares of Northern Rock, Shell; Segro Slides

(Bloomberg) -- U.K. stocks advanced, paced by
Northern Rock Plc after Goldman, Sachs & Co. recommended
investors buy the shares. The benchmark FTSE 100 Index climbed
for a fourth consecutive quarter.

Royal Dutch Shell Plc climbed with the price of oil while BT
Group Plc rose after the phone company said analysts are too
pessimistic about sales growth. Royal Bank of Scotland Plc
climbed after Barclays Plc said it was confident a Dutch court
will pave the way for the lender to acquire ABN Amro Holding NV.


Read more at Bloomberg Stocks News

US STOCKS-Indexes briefly erase gains as financials drag

(Reuters) - NEW YORK, June 29 - U.S. stocks briefly turned
negative on Friday, erasing earlier gains, as credit worries
weighed on financial stocks.




The Dow Jones industrial average was up 1.46
points, or 0.01 percent, at 13,423.74. The Standard & Poor's
500 Index was up 0.29 of a point, or 0.02 percent, at
1,506.00. The Nasdaq Composite Index was up 0.31 of a
point, or 0.01 percent, at 2,608.68.


Read more at Reuters.com Bonds News

Northern Rock Shares Jump After Goldman Adds to `Conviction Buy List'

(Bloomberg) -- Shares of Northern Rock Plc, a U.K.
mortgage lender, surged the most in almost a year after Goldman,
Sachs & Co. added the stock to its ``conviction buy list.''

The world's biggest securities firm by market value raised its
recommendation on Northern Rock to ``buy'' from ``neutral,''
according to a note sent to clients today. The New York-based firm
gave the stock a price estimate of 1,097 pence, 32 percent above
yesterday's closing price.


Read more at Bloomberg Stocks News

Argentina's Peso Trades Near Two-Month Low on Subprime Mortgage Concerns

(Bloomberg) -- Argentina's peso traded lower, near
a two-month low, as uncertainty over the impact of U.S. subprime
mortgages damps emerging markets.

``We'll continue to see some mild volatility with the peso
over the subprime mortgages,'' said Guillermo Estebanez, a
currency strategist at Banc of America Securities LLC in San
Francisco. ``The market has become more comfortable with the
subprime issue, but the problem is still there and it will
recur.''


Read more at Bloomberg Currencies News

Sanofi pulls obesity drug application in U.S.

(Reuters) - The French drugmaker said it would work towards resubmitting the medicine, known by the brand names Acomplia and Zimulti, at a future date and would undertake necessary talks with the Food and Drug Administration on required modifications to its file.




Read more at Reuters.com Government Filings News

S&P cuts Tyco's debt ratings on reorganization

(Reuters) - "The ratings reflect Tyco's business profile, which despite
the loss of the healthcare and electronics businesses will
still benefit from significant business and geographic
diversity and leading positions in large though fragmented and
highly competitive markets that have moderate growth
prospects," S&P said in a statement.




S&P cut Tyco's senior unsecured debt one notch to "BBB,"
the second-lowest investment grade ranking, from "BBB-plus."
The outlook is stable, indicating an additional ratings change
is not anticipated over the next two years.


Read more at Reuters.com Bonds News

Angloplat, unions move closer in wage talks

(Reuters) - Trade unions and the world's biggest platinum producer Angloplat have moved closer together in wage talks, union officials said on Friday.

Analysts have been expecting mining strikes to break out in South Africa, the world's largest producer of gold and platinum, but Solidarity said in a statement negotiations had been positive.


Read more at Reuters Africa

UPDATE 1-Hidary raises offer price for Everlast Worldwide

(Reuters) - Hidary also said it would be prepared to consider a further
increase in its offer, should Everlast's termination fee in
connection with its Brand Holdings transaction be invalidated.




On Thursday, Everlast said it had agreed to be acquired by
Brand Holdings, a unit of Sports Direct International Plc
, for $30 a share in cash, after it terminated its
original merger agreement with Hidary.


Read more at Reuters.com Mergers News

MetLife Searches Beyond Leveraged Buyout Funds as Returns May Have Peaked

(Bloomberg) -- If MetLife Inc. is any guide, it's
time to search beyond leveraged buyouts for investment returns.

The biggest U.S. life insurer plans to devote more to hedge
funds, startup companies, and even timber to spruce up $330
billion in holdings dominated by bonds yielding about 6 percent.
What New York-based MetLife won't do is boost the share of
assets dedicated to leveraged buyouts after gains from LBO funds
were almost double the company's expectations in the first
quarter.


Read more at Bloomberg Exclusive News

CPP, Teachers frontrunners in BCE race -papers

(Reuters) - Consortiums led by Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan have filed identical C$41-per-share all-cash offers, valuing the bid at almost C$33 billion , not including debt, according to the Financial Post.



Both consortiums are backed by U.S. private equity firms. Kohlberg Kravis Roberts & Co. is in the CPP group and Providence Equity Partners is in the Teachers' group.


Read more at Reuters.com Mergers News

Core inflation edges down, lowest in 3 years

(Reuters) - In a report that also showed consumer spending and income was a bit softer than expected, the Commerce Department said on Friday overall prices rose a stiff 0.5 percent last month but core prices edged up just 0.1 percent.




The subdued core price increase pulled the year-on-year reading down to its lowest since March 2004, welcome news for policy-makers at the Fed, some of whom have said they would like to see core inflation in a 1 percent to 2 percent range.


Read more at Reuters.com Business News

Nymex Natural Gas Futures Advance as Buyers Hedge Against Possible Storms

(Bloomberg) -- Natural gas in New York rose as lower
prices from yesterday's 6 percent decline attracted buyers more
worried about supply disruptions from Atlantic Basin storms than
either mild weather or rising storage levels.

``The potential for disruption in the next 16 weeks
outweighs what we have in storage,'' said Michael Rose, trading
director at Angus Jackson Inc. in Fort Lauderdale, Florida. ``You
have to do some forecasting, April, May and June are premature to
be hurricane-worrying, but July, August, September and October,
you can really worry.''


Read more at Bloomberg Energy News

UPDATE 1-RESEARCH ALERT-UBS cuts MGIC, PMI Group to neutral

(Reuters) - The brokerage downgraded PMI and MGIC to "neutral" from
"buy." UBS also cut its price target on MGIC to $62 from $75
and on PMI to $52 from $56.




UBS now estimates that reserve building would be
substantially greater than its previous forecast, and that it
would reduce earnings and return on earnings through 2008.


Read more at Reuters.com Bonds News

S.Africa maize follows Chicago higher

(Reuters) - South African maize futures bounced higher on Friday, cheered by an overnight rally in U.S. corn which has overshadowed local crop concerns for the past few months.

July white maize fetched 1,657 rand a tonne, advancing by 1.97 percent on the previous session's close but still staying below the important 1,700 rand mark.


Read more at Reuters Africa

Treasuries Advance as Inflation Gauge Used by Federal Reserve Slows in May

(Bloomberg) -- Treasury 10-year notes rose as a
government report showed a measure of inflation watched by the
Federal Reserve slowed in May as consumer spending increased
less than economists forecast.

Purchases by investors who habitually buy Treasuries on the
last business day of the quarter also pushed prices higher,
traders said. The 10-year note's yield has declined on the last
business day of June each of the past five years.


Read more at Bloomberg Bonds News

UPDATE 1-US year-over-year core PCE index up 1.9 pct in May

(Reuters) - That was the lowest reading for the year-over-year core PCE
price index, a closely watched inflation gauge, since a
matching reading in March 2004, the Commerce Department said.




This latest reading should provide some comfort to Federal
Reserve policy-makers who on Thursday opted to hold interest
rates steady but still cautioned that inflation was a key
concern.


Read more at Reuters.com Economic News

Cell C bonds slip on balance sheet questions

(Reuters) - Bonds of South African mobile phone operator Cell C fell on Friday, dealers said, as some market participants raised questions about how the company might try to recapitalise its balance sheet.

Chief Executive Officer Jeffrey Hedberg on Thursday said he was pressing majority owner Oger Telecom to review the company's balance sheet to cut onerous debt repayments, with a buy back of some of the high-yield bonds a possibility.


Read more at Reuters Africa

Commerce Bancorp CEO retires as probe ends

(Reuters) - Commerce said it is creating an office of the chairman for Commerce Bank, comprising Dennis DiFlorio as chairman, Robert Falese as president and chief executive, and Douglas Pauls as chief financial officer. DiFlorio was most recently the bank's president, overseeing retail banking, while Falese was president of commercial and investment banking.




The company did not in a press statement say who will replace Hill as chief executive of Commerce Bancorp. A spokesman was not immediately available for comment.


Read more at Reuters.com Bonds News

Intertape Polymer shareholders reject plan to sell co

(Reuters) - The company also said Eric Baker was appointed Chairman, after shareholders elected Baker, Melbourne Yull and Dale McSween to its board at an annual shareholder meeting.






Read more at Reuters.com Mergers News

Softbank Raises 88.1 Billion Yen Selling Debt Backed by Handset Payments

(Bloomberg) -- Softbank Corp., owner of Japan's
third-largest wireless operator, said it sold 88.1 billion yen
($713 million) of loans and bonds backed by handset payments to
help repay debt.

The sale is part of the 200 billion yen the Tokyo-based
company is planning to raise this fiscal year from securitizing
handset payments, spokesman Jin Nakamura said today.


Read more at Bloomberg Bonds News

Asia debt offerings hit record in H1, slowdown seen temporary

(Reuters) - June was the slowest month this quarter as the
near-collapse of two mortgage-related hedge funds rattled
global financial markets.




One change in the market's dynamics is investors getting
into a position to dictate terms, as shown by two issues being
delayed this week: deals by South Korean car maker Kia Motors
Corp. and Malaysian shipping company MISC Bhd



Read more at Reuters.com Bonds News

Gold Drops in London on Reduced Demand for Inflation Hedge; Silver Gains

(Bloomberg) -- Gold fell for the first day in three
in London on speculation that inflation isn't accelerating enough
to spur demand for the metal as a hedge. Silver rose.

The Federal Reserve yesterday said core inflation, which
excludes food and fuel costs, has ``improved modestly in recent
months.'' The wording was changed from ``somewhat elevated.''
Gold headed for its biggest quarterly drop since the third
quarter of 2006, declining 2 percent.


Read more at Bloomberg Commodities News

Chicago Wheat Gains on Concern Supply to Decline; Corn, Soybeans Increase

(Bloomberg) -- Wheat futures in Chicago gained for a
second day on concern that global supply will decline as grain
output in Western Australia may fall to less than last year's
drought-hit harvest. Corn futures also climbed.

Output of grain including wheat, canola and barley in
Western Australia, a state which accounts for about a third of
the country's production, may be between 5 million and 9 million
metric tons, Michael Musgrave, operations manager at Perth-based
grain-handler CBH Group said today. The state produced 6.4
million tons last year and averages 11 million tons, he said.


Read more at Bloomberg Commodities News

JGBs rise on soft price data, tankan eyed

(Reuters) - The unexpected 0.1 percent drop in the Tokyo-area consumer
price index for June followed data the previous session showing a
drop in industrial output in May, providing some relief to
investors worried about the BOJ raising rates more quickly.




Traders said the move was mainly driven by players rushing to
cover short positions in JGB futures and by portfolio managers
buying longer-dated bonds at month-end to match changes in
benchmark indexes, causing the yield curve to flatten.


Read more at Reuters.com Bonds News

European Stocks Rise, Heading for Quarterly Gain; BHP, Swatch Advance

(Bloomberg) -- European stocks gained, heading for a
fourth consecutive quarterly advance.

BHP Billiton Ltd. and Rio Tinto Group rose with copper prices.
Swatch Group AG, the world's largest watch maker, advanced after
Deutsche Bank AG advised investors to buy the shares.


Read more at Bloomberg Stocks News

National Australia Bank Hires Arrangers for Its First Samurai Bond Sale

(Bloomberg) -- National Australia Bank Ltd., the
nation's biggest, plans to sell yen-denominated bonds in Japan
for the first time.

The Melbourne-based bank, which is selling bonds with fixed
and floating rates, hired Daiwa Securities SMBC Co., Nikko
Citigroup Ltd. and Nomura Holdings Inc. to handle the sale,
according to a filing to the Ministry of Finance today.


Read more at Bloomberg Bonds News

Wall St ends flat after Fed statement; RIMM up

(Reuters) - U.S. stocks closed little changed on Thursday, after the Federal Reserve said it sees moderate economic growth over coming quarters but signaled it remains concerned about inflation.

The Nasdaq ended slightly higher, boosted by communications equipment and semiconductor stocks, which rose after brokerage upgrades of Cisco Systems Inc. and Intel Corp.


Read more at Reuters Africa

Japanese Stocks Advance; Toyota, Ibiden, Seven & I Gain on Growth Outlook

(Bloomberg) -- Japanese stocks climbed, led by
exporters after the Federal Reserve said the housing slowdown
won't keep the U.S. economy from expanding and the yen weakened.

Toyota Motor Corp. advanced to a three-month high, while
Sony Corp. climbed for the first time in five days.


Read more at Bloomberg Stocks News

Japan's Bonds Gain on Speculation Investors Buying to Match Index Change

(Bloomberg) -- Japan's government bonds rose,
heading for the biggest gain since March, on speculation
investors are buying the securities to match a monthly change in
a benchmark index.

Nomura Securities Co. will add debt including 10- and 20-
year bonds sold this month to its Bond Performance Index in July
and remove securities due in a year and less. Money managers
such as the Government Pension Investment Fund, which runs the
world's largest pool of retirement wealth, use the index to
decide on holdings. Bonds also advanced after a report today
showed consumer prices in Tokyo unexpectedly declined this month.


Read more at Bloomberg Bonds News

California Wholesale Gasoline Prices Drop on Rising Motor Fuel Inventories

(Bloomberg) -- Gasoline in the California spot
market fell for a third day after stockpiles of the motor fuel
stored on the West Coast climbed to their highest since mid-
February.

California-blend reformulated gasoline, known as Carbob,
for prompt delivery in Los Angeles fell 2.75 cents, or 1.2
percent, to $2.33 a gallon at 3:48 p.m. New York time, according
to data compiled by Bloomberg.


Read more at Bloomberg Energy News

Australian Bank Shares Fall After Bond Yields Rise; Mining Shares Advance

(Bloomberg) -- Australian shares rose, with the key
stock index heading for its fourth straight quarterly advance. BHP
Billiton Ltd. and Woodside Petroleum Ltd. gained after prices of
commodities such as copper and oil climbed.

``Commodity demand remains overwhelming relative to supply,
so there looks like there could be more upside for mining
companies' shares,'' said Atul Lele, who helps manage about $380
million at White Funds Management in Sydney.


Read more at Bloomberg Stocks News

Hang Seng Bank, Asia Pulp, Srei Infrastructure, Vietnam: Asia Bond Alert

(Bloomberg) -- The following is a list of bond sales
in Asia expected in the coming days and weeks.

Investment Grade


Read more at Bloomberg Bonds News

Australian Mining Stocks Rise, Led by BHP; Commander Communications Slumps

(Bloomberg) -- Australian mining stocks gained, led
by BHP Billiton Ltd., Rio Tinto Group and Woodside Petroleum Ltd.
after prices of commodities such as copper, zinc and oil climbed.

Commander Communications Ltd., an Australian phone systems
company, plunged after it cut its earnings forecast.


Read more at Bloomberg Stocks News

Japanese Bond Futures Little Changed After Consumer Prices, Jobs Reports

(Bloomberg) -- Japan's 10-year bond futures were
little changed after government reports today showed the
unemployment rate stayed at a nine-year low and declines in
consumer prices held steady.

Ten-year bond futures for September delivery rose 0.08 to
131.64 as of 9:04 a.m. on the Tokyo Stock Exchange.


Read more at Bloomberg Bonds News

New Jersey governor vows not to sell toll roads

(Reuters) - "New Jersey's roadways will not be sold; and they will not be leased to a for-profit or foreign operator," Corzine said in a statement.




"I fundamentally believe we need new resources and renewed political courage to make those investments," he said.


Read more at Reuters.com Bonds News

UPDATE 1-Everlast agrees to be acquired by Sports Direct unit

(Reuters) - Brand Holdings' offer of $30 a share, a premium of about 13
percent to Everlast's Wednesday close of $26.49, topped an
earlier $26.50 a share deal with Hidary Group.




Everlast said it paid a termination fee of about $3 million
to Hidary.


Read more at Reuters.com Mergers News

U.S. growth slows to 4-year low in first quarter

(Reuters) - First-quarter gross domestic product expanded at an annual rate of 0.7 percent, the smallest gain since the fourth quarter of 2002, the Commerce Department said. That marked an upward revision the department's prior 0.6 percent estimate.




At the same time, a key gauge of nonfood, nonenergy inflation monitored closely by the Federal Reserve rose at a 2.4 percent pace, not the more-subdued 2.2 percent rate that had been thought earlier.


Read more at Reuters.com Economic News

3Com quarterly loss widens

(Reuters) - 3Com said it also planned to take its wholly-owned TippingPoint subsidiary public and expects to file a registration statement with regulators by the end of 2007.



The company reported a fiscal fourth-quarter loss of $66.2 million, or 17 cents per share, compared with a loss of $15.2 million, or 4 cents per share, a year ago.


Read more at Reuters.com Market News

Solectron posts lower profit on charges

(Reuters) - NEW YORK, June 28 - Contract electronics maker Solectron Corp. posted a lower fiscal third quarter profit on restructuring charges on Thursday , but narrowly beat Wall Street expectations.



Solectron reported a quarterly profit of $12.1 million, or 1 cent per share, from $42 million, or 5 cents per share a year earlier.


Read more at Reuters.com Mergers News

US bank regulators agree on subprime rules--sources

(Reuters) - The sources, who are familiar with the regulators'
deliberations, said the final guidance will largely track the
earlier draft.




The guidance will come from the Federal Reserve Board, the
Office of the Comptroller of the Currency, the Federal Deposit
Insurance Corp., the Office of Thrift Supervision and National
Credit Union Administration.


Read more at Reuters.com Bonds News

US STOCKS-Wall St ends flat after Fed's rate decision

(Reuters) - NEW YORK, June 28 - U.S. stocks finished
Thursday about where they started it after the Federal Reserve
said it sees moderate economic growth over coming quarters but
signaled it remains concerned about inflation.




The Nasdaq closed slightly higher, boosted by
communications equipment and semiconductor stocks, which rose
after brokerage upgrades of Cisco Systems Inc. and
Intel Corp. .


Read more at Reuters.com Bonds News

Canada Stocks Slide on Fed's Inflation Concern; EnCana Falls on Gas Price

(Bloomberg) -- Canadian stocks fell for fourth time in
five days after the U.S. Federal Reserve left borrowing costs
unchanged and said that inflation remains the greatest risk facing
the U.S. economy, Canada's biggest export market.

EnCana Corp. declined along with natural-gas prices, and such
raw-materials producers as Teck Cominco Ltd. dropped, overshadowing
a gain in shares of Meridian Gold Inc., which received a 3.1
billion takeover bid from rival miners.


Read more at Bloomberg Stocks News

Canada's Dollar Advances to More Than Two-Week High as Oil Prices Increase

(Bloomberg) -- The Canadian dollar rose to a more
than two-week high versus the U.S. currency on speculation an
advance in crude oil will lift the country's economic growth.

Commodities including oil make up about half of Canada's
exports. The Canadian currency remained higher after the U.S.
Federal Reserve kept its target rate at 5.25 percent and stressed
that inflation is their ``predominant'' concern.


Read more at Bloomberg Currencies News

UPDATE 1-Argentina says World Bank oks loans for $670 mln

(Reuters) - A $400 million loan was approved for a national roads
program, while a $270 million credit will go to the province of
Buenos Aires for improvements in highways and water and sewage
systems.




With the $400 million loan, some 6,900 miles of
roads will be built nationwide, the ministry said in a
statement.


Read more at Reuters.com Bonds News

EDF Must Cut Wholesale Prices to Domestic Power Rivals, French Court Says

(Bloomberg) -- Electricite de France SA, Europe's
biggest power generator, must offer wholesale power to rivals at
a price that still allows them to compete directly with EDF for
client business, the French competition court ruled.

``Just before the opening of the market to competition July
1, restorative measures were necessary to improve supply
conditions for energy companies and allow competition,'' the
Paris-based court said in an e-mailed statement today.


Read more at Bloomberg Energy News

UPDATE 1-Dow Jones pact gives group power to OK editors

(Reuters) - NEW YORK, June 28 - A tentative deal between News
Corp. and Dow Jones & Co. Inc. would give an
independent board the power to approve the hiring and firing of
top editors at The Wall Street Journal selected by News Corp.,
three sources familiar with the matter said on Thursday.




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.


Read more at Reuters.com Mergers News

UDPATE 2-Hedge funds seek TD Ameritrade talks on deals

(Reuters) - Jana Partners and S.A.C. Capital Advisors LLC said in a
letter that Toronto-Dominion Bank directors on TD
Ameritrade's board should be prevented from "playing a
significant role in such discussions."




The letter specifically mentioned TD Bank Chief Executive
and TD Ameritrade board member W. Edmund Clark and said "the
board must remove Mr. Clark from this role and empower the
independent directors to reach out and lead discussions with
potential strategic partners."


Read more at Reuters.com Mergers News

Canada managers bullish on C$, equities - report

(Reuters) - Fifty percent are now bullish compared with 25 percent a
quarter ago, the Russell outlook said. Bond market sentiment
has turned negative in the second quarter, with bears
accounting for 77 percent, up from 38 percent.




"These changes in sentiment -- as with others in this
survey -- are likely due, at least in part, to the continued
strength of the Canadian economy, the persistence of
inflationary signals, and strong hints from the Bank of Canada
that further rate hikes are in the offing," Timothy Hicks,
Russell's chief investment officer, said in the outlook.


Read more at Reuters.com Bonds News

British Airways to be patient on Iberia -CEO

(Reuters) - offer, its chief executive said on Thursday. British Airways is part of a consortium led by private equity firm Texas Pacific Group [TPG.UL] that has bid 3.60 euros a share for Iberia.



The offer is expected to be rejected by Iberia's board at a meeting on Thursday in the hopes of receiving a rival bid, according to a source familiar with the situation.


Read more at Reuters.com Mergers News

DealTalk: Carlsberg professors brew big beer bid

(Reuters) - The heads of the company told Reuters this week that a big deal was in the offing, and analysts say the Copenhagen-based brewer has its long-term partner Scottish & Newcastle Plc in its sights.




The British group has a higher market value, but the professors have the firepower to succeed.


Read more at Reuters.com Business News

Sugar in New York Rises as Brazil Uses More of Record Crop to Make Ethanol

(Bloomberg) -- Sugar in New York rose on
speculation that output from Brazil, the world's largest
producer, may be less than anticipated as mills use most of the
country's record sugarcane crop to make ethanol.

Mills in Brazil's center-south, which produce 85 percent of
the country's sugar and ethanol, have used less than 45 percent
of the crop to make sweetener, said Antonio Padua, technical
director of the regional industry association known as Unica.
From May to November, 55 percent of the cane may go into fuel,
he said June 25.


Read more at Bloomberg Commodities News

Build-A-Bear to evaluate strategic alternatives

(Reuters) - The stuffed-animal retailer also said it would not give any new earnings forecasts or update previous numbers while it conducts the review.




Susquehanna Financial Group upgraded Build-A-Bear's shares to "positive" from "neutral."


Read more at Reuters.com Hot Stocks News

KB Home posts quarterly net loss on housing slump

(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 Market News

Dollar General to sell $1.9 bln notes in 2 parts

(Reuters) - The eight-year senior payment-in-kind toggle notes have
been withdrawn from the sale.




Read more at Reuters.com Bonds News

Chile's Peso Rises First Time in Five Days as Copper Strike Concern Grows

(Bloomberg) -- Chile's peso gained for the first
time in five days after copper, the country's biggest export,
rose amid concern of possible strikes at the state-run Codelco
mine.

``The early moves are related to copper,'' said Benjamin
Sierra, an economist at Bandesarrollo Administradora de Fondos,
which manages pension funds assets in Santiago.


Read more at Bloomberg Currencies News

UPDATE 1-US May newspaper help-wanted ads fall to 1958 low

(Reuters) - The Conference Board said its gauge measuring help-wanted
ad volume in the United States slipped to 27 in May from 29 in
April. It was 33 a year earlier. The median view in a Reuters
poll of 17 economists was for an unchanged reading of 29.




"The labor market is slow and might even slow a little
further this summer," said Ken Goldstein, labor economist at
the Conference Board, in a statement.


Read more at Reuters.com Bonds News

Canadian Stocks May Gain on Takeover Offer for Meridian Gold, Rising Oil

(Bloomberg) -- Canadian stocks may rise for a second
day, led by commodity producers, after Meridian Gold Inc. received
a takeover proposal from rival bullion miners and prices of gold
and copper advanced.

Rising crude oil and natural-gas prices may lift such energy
producers as EnCana Corp., which had dragged the Standard &
Poor's/TSX Composite Index to three consecutive losses before
yesterday. The S&P/TSX yesterday gained 78.04, or 0.6 percent, to
13,741.92 in Toronto.


Read more at Bloomberg Stocks News

KB Home posts quarterly net loss, shares drop

(Reuters) - KB Home reported a net loss of $148.7 million, or $1.93 per share, including French discontinued operations, for its fiscal second quarter ended May 31, compared with a profit of $205.4 million, or $2.45 per share, a year earlier.




Revenue, excluding discontinued French operations, fell 36 percent to $1.41 billion, primarily because of lower housing revenue, which dropped 41 percent.


Read more at Reuters.com Bonds News

Corrected: Monsanto quarterly profit jumps

(Reuters) - Monsanto reported fiscal third-quarter profit of $1.03 a share on an as-reported basis, compared with 60 cents a share a year earlier. Analysts on average were looking for $1 a share, according to Reuters Knowledge.




St. Louis-based Monsanto has been benefiting from increased farmer interest in planting corn this spring. Corn demand has surged amid a rally in corn prices and strong demand from the ethanol, food and livestock feed sectors.


Read more at Reuters.com Business News

India's IDBI sells 2 pct in NSE for $50 million

(Reuters) - In March, the exchange said Morgan Stanley ,
Citigroup and private equity firm Actis had entered into
agreements to buy stakes totaling 6 percent for undisclosed
sums.




India caps foreign investment in its stock exchanges at 49
percent, including foreign direct investment of 26 percent and
foreign portfolio investment of 23 percent. Any one strategic
investor's stake is limited to 5 percent.


Read more at Reuters.com Mergers News

US STOCKS-S&P futures slip after core PCE revised

(Reuters) - S&P 500 futures were down 2.2 points, just above
fair value, a mathematical formula that evaluates pricing by
taking into account interest rates, dividends and time to
expiration on the contract.




Dow Jones industrial average futures were down 15
points, and Nasdaq 100 futures were unchanged.


Read more at Reuters.com Bonds News

UPDATE 1-Rite Aid posts unexpected profit, shares rise

(Reuters) - Rite Aid bought the U.S. Brooks and Eckerd drugstore chains
from Canada's Jean Coutu Group Inc. on June 4,
just after the quarter ended.




The acquisition made Rite Aid the largest drugstore chain
on the U.S. East Coast, but it still trails Walgreen Co.
and CVS/Caremark Corp. in revenue and number of
stores.


Read more at Reuters.com Market News

UPDATE 1-Momenta sees longer US review for generic Lovenox

(Reuters) - Momenta, whose shares fell 13.9 percent in pre-market
trading, said it originally expected the U.S. Food and Drug
Administration review to take 18 to 24 months from when it
filed the application in August 2005.




In a filing, the company said the review will "likely
extend" beyond its prior view "due to a change in the projected
timing of certain activities required for the completion of the
FDA's review."


Read more at Reuters.com Government Filings News

U.S. Stock-Index Futures Drop; Bed Bath & Beyond, Novellus Shares Decline

(Bloomberg) -- U.S. stock-index futures fell after
profit forecasts from Bed Bath & Beyond Inc. and Novellus
Systems Inc. missed some analysts' estimates.

Bed Bath & Beyond, the largest U.S. home-furnishings
retailer, dropped after it said earnings may decline because of
the slump in housing. Novellus led shares of semiconductor
equipment makers lower after saying second-quarter profit and
sales will be at the low end of its forecast.


Read more at Bloomberg Stocks News

UPDATE 1-Constellation Brands profit falls; affirms outlook

(Reuters) - The owner of Robert Mondavi, Vendage and Ravenswood wines
posted net income of $29.8 million, or 13 cents per share, for
the fiscal first quarter that ended May 31, compared with $85.5
million, or 36 cents per share, a year ago.




Excluding the impact of realigning its business and the
inventory actions, Constellation said it earned 21 cents per
share.


Read more at Reuters.com Market News

Carlyle Postpones $415 Million Initial Public Offering of Mortgage Fund

(Bloomberg) -- Carlyle Group, the buyout firm run by
David Rubenstein, postponed a planned $415 million initial public
offering of a fund that invests in bonds backed by mortgages
after a slump in the U.S. subprime market.

Carlyle ``is preparing a supplemental offering memorandum
that will contain a revised timetable for the global offering,''
the Washington-based firm said in a statement today. The firm had
offered investors 18.9 million shares for $20 to $22 each.


Read more at Bloomberg Bonds News

Bayer to Battle Pfizer, U.S. in Selling a Cholesterol Drug to Consumers

(Bloomberg) -- Bayer AG plans to succeed where Merck
& Co. and Bristol-Myers Squibb Co. failed: Selling U.S. consumers
a cholesterol drug without a prescription.

The company that gave the world aspirin 100 years ago is
talking to U.S. regulators about a low-dose version of Bristol-
Myers's Pravachol, a member of the statin drug class that includes
Pfizer Inc.'s Lipitor. At stake is a slice of the more than $22
billion spent worldwide on cholesterol-lowering pills.


Read more at Bloomberg Exclusive News

REFILE-Rupert Murdoch meets Italian PM in Rome

(Reuters) - No further details were available on the meeting.




Murdoch, whose media empire includes Italian television
channel Sky Italia, has said he had discussed taking a stake in
leading Italian telecoms group Telecom Italia last
year but decided against it.


Read more at Reuters.com Mergers News

UPDATE 1-Carlyle affiliate postpones Amsterdam IPO

(Reuters) - Guernsey-based Carlyle Capital Corporation Ltd. said
last week it planned a listing, offering a total of about 19
million class B shares between $20 and $22 a unit.




"CCC is preparing a supplemental offering memorandum that
will contain a revised timetable for the global offering and
other changes to the terms of the global offering," the company
said in a statement.


Read more at Reuters.com Mergers News

U.K. Natural Gas Price Falls as Belgian Imports Push Supply Above Demand

(Bloomberg) -- U.K. natural gas for immediate
delivery declined as imports of the fuel from Belgium rose,
helping forecast supply to exceed expected demand.

Gas for intraday delivery traded at 21.15 pence a
therm as of 8:10 a.m. in London today, 4.9 percent less
than yesterday's final price for day-ahead gas, according
to data from ICAP Plc. The latest price is equivalent to
$4.23 a million British thermal units. A therm is 100,000
Btus. Gas for delivery tomorrow traded at 20.25 pence a
therm.


Read more at Bloomberg Energy News

Carlyle affiliate shelves Amsterdam IPO

(Reuters) - "CCC is preparing a supplemental offering memorandum that
will contain a revised timetable for the global offering and
other changes to the terms of the global offering," the company
said in a statement.




Read more at Reuters.com Mergers News

Oil inches up on surprising fall in fuel stocks

(Reuters) - London Brent crude currently seen as the best benchmark for global oil prices, was up 23 cents at $70.76 a barrel by 0712 GMT, after rising 35 cents on Wednesday.




U.S. light, sweet crude gained 32 cents to $69.29 a barrel, following an overnight spike of $1.20.


Read more at Reuters.com Hot Stocks News

Rubber Price Declines in Tokyo as Precious Metals Lure Away Investors

(Bloomberg) -- Rubber futures in Tokyo, the global
benchmark, fell to a five-month low as some analysts said
Japanese investors were lured away from rubber by gains in
precious metals.

Gold for delivery in June 2008 gained 0.9 percent to 2,580
yen ($652 an ounce) as of 2:44 p.m. on the Tokyo Commodity
Exchange. Traders were also selling rubber as the peak demand
season has ended and there are no signs supplies may be
restricted, said Kazuhiko Saito, a commodities strategist at
Interes Capital Management in Tokyo.


Read more at Bloomberg Commodities News

European Bonds Drop, Ending Longest Rally in Two Months, on Rates Outlook

(Bloomberg) -- European bonds fell for the first day
in four, snapping the longest winning run in two months, as signs
growth and inflation in the region are quickening underpin
speculation the European Central Bank will lift interest rates.

The drop in debt pushed 10-year bund yields up from a three-
week low as investors bet on two more interest-rate increases by
the ECB. Euro-region money supply growth probably held near the
fastest in 24 years in May, a Bloomberg survey showed. The
Federal Reserve will probably keep its key rate on hold today
citing inflation, which may halt debt market gains worldwide.


Read more at Bloomberg Bonds News

China Pollution Allowances Stoke Fourfold Profit Prospect in Carbon Trade

(Bloomberg) -- George W. Bush, who's lately warmed
to the notion that nations must cut greenhouse gases, has stopped
short of endorsing mandatory caps. That hasn't prevented the
world's biggest banks from plotting ways to eventually rake in
winnings off emission limits in the U.S.

The banks are rushing to hire traders for the U.S., betting
it will enact caps, combined with emissions permit trading, after
Bush leaves office in January 2009. In the European Union,
emissions trading tripled in value to $24 billion in 2006 from a
year earlier, when the market started, World Bank figures show.
``The growth is phenomenal,'' says Seb Walhain, who runs the
world's biggest emissions trading desk at Fortis, Belgium's No. 1
bank.


Read more at Bloomberg Energy News

PRESS DIGEST - Wall Street Journal - June 28

(Reuters) - * Massachusetts regulators accused UBS of
providing perks to hedge-fund executives in return for steering
business to the firm.




* Capital One Financial Corp. plans to eliminate
about 2,000 jobs as part of a cost-cutting program designed to
save $700 million by 2009.


Read more at Reuters.com Bonds News

UPDATE 2-Territory plans A$849 mln rival Consolidated bid

(Reuters) - SYDNEY, June 28 - Australian manganese miner
Consolidated Minerals Ltd. said on Thursday it may be
the target of a rival A$849 million takeover
offer from Territory Resources Ltd. , trumping an
agreed bid from Pallinghurst Resources.




The move, which sent Consolidated shares sharply higher,
would pit two of Australia's best known mining dealmakers
against each other in a battle to secure millions of tonnes of
manganese and other ores prized as toughening alloys by steel
makers worldwide.


Read more at Reuters.com Mergers News

Oil Rises as Lower U.S. Gasoline Stocks Prompt Peak-Demand Supply Concern

(Bloomberg) -- Crude oil rose in New York, extending
yesterday's $1-a-barrel gain, on concern that U.S. gasoline
supplies during the peak demand season may not be adequate after
a government report showed an unexpected decline in inventories.

Crude oil for August delivery rose as much as 36 cents, or
0.5 percent, to $69.33 a barrel in after-hours electronic trading
on the New York Mercantile Exchange. It was at $69.26 at 11:30
a.m. in Singapore.


Read more at Bloomberg Commodities News

Stocks end 3-day decline; energy, tech lead

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




Shares of Bear Stearns Cos. rose 2.8 percent to $143.31. Sources said the company made moves to bolster its two troubled hedge funds.


Read more at Reuters.com Hot Stocks News

Treasuries Little Changed; Federal Reserve May Keep Anti-Inflation Tilt

(Bloomberg) -- U.S. Treasury notes were little
changed on concern the Federal Reserve will stick to its
position that inflation is the biggest risk to the economy when
policy makers finish a meeting today.

All 113 economists surveyed by Bloomberg News predict the
Fed will keep its rate at 5.25 percent for an eighth straight
time, leaving Treasury yields below the central bank's benchmark.
Treasuries pared gains yesterday as stocks rose, easing
speculation that investors are shunning riskier assets.


Read more at Bloomberg Bonds News

Australian Stocks Snap a Five-Day Losing Streak; BHP, Woodside Advance

(Bloomberg) -- Australia's S&P/ASX 200 Index rose,
snapping a five-day losing streak. BHP Billiton Ltd. and Woodside
Petroleum Ltd. climbed after crude oil prices jumped.

The S&P/ASX 200 Index climbed 74.50, or 1.2 percent, to
6258.70 as of 10:12 a.m. in Sydney. Only five stocks fell among
the index's 200 companies. The benchmark recouped some of its
decline of as much as 3.3 percent since reaching a record high on
June 20.


Read more at Bloomberg Stocks News

China, Indonesia, Malaysia, Taiwan, Sri Lanka: Asian Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence Asian local-currency bonds today. Yields
are from the previous session.

China: The finance ministry plans to sell 1.55 trillion
yuan ($203 billion) of bonds to purchase foreign-exchange
reserves from the central bank, Xinhua News Agency reported
yesterday. The bonds will mature in more than 10 years and can
be traded, Xinhua said.


Read more at Bloomberg Bonds News

UPDATE 1-Timberland posts lower profit as boot sales fall

(Reuters) - The company said its first-quarter net income fell to $9.3
million, or 15 cents a share, from $26.1 million, or 40 cents a
share a year ago.




Quarterly revenue fell 3.9 percent to $336.3 million from
$349.8 million.


Read more at Reuters.com Market News

US FCC seeks input on rule barring XM-Sirius deal

(Reuters) - The FCC said it was asking for input on whether it should
be bound by the agency order, designed to help ensure that
satellite radio remained competitive after the two satellite
radio licenses were issued.




The agency wants comment on whether it should "waive,
modify, or repeal the prohibition in the event that the
commission determines that the proposed merger, on balance,
would serve the public interest."


Read more at Reuters.com Government Filings News

UPDATE 1-NCI acquires Karta Technologies

(Reuters) - Financial terms of the deal were not disclosed.




The acquisition will expand NCI's service offerings to
include healthcare information technology, Deparment of Defense
medical transformation, distance learning, and others.


Read more at Reuters.com Mergers News

Pathmark discloses pact on payment in A&P buyout

(Reuters) - According to a letter included in the federal filing, holders of Pathmark stock shall be able to receive cash in lieu of fractional shares of Great Atlantic stock.



The combination of Great Atlantic, the parent of A&P grocery stores, and Pathmark would create an $11 billion chain operating in parts of the U.S. North and Midwest and Louisiana.


Read more at Reuters.com Mergers News

Paychex posts fourth-quarter profit rise

(Reuters) - Total revenue was up 11 percent to $487.3 million from
$440.5 million.




Read more at Reuters.com Market News

Mexico stocks rise, boosted by Wall Street rebound

(Reuters) - The benchmark IPC stock index gained 0.19 percent to
30,804.21 points, while the peso firmed 0.18
percent in local trading to 10.832 per dollar.




Shares had fallen earlier in the day after a surprisingly
sharp drop in U.S. durable goods data added to concerns about
growth in the U.S. economy. But as U.S. equities rebounded,
Mexican shares followed suit.


Read more at Reuters.com Bonds News

Herman Miller quarterly profit rises 27 percent

(Reuters) - Analysts on average had forecast profit of 49 cents per
share on revenue of $496.6 million.




The company also forecast fiscal first-quarter profit of 47
cents to 53 cents per share on revenue of $480 million to $505
million. Analysts on average forecast profit of 57 cents per
share on revenue of $506.7 million.


Read more at Reuters.com Market News

UPDATE 1-Pirelli RE, Intesa Sanpaolo for JV

(Reuters) - Pirelli RE, Europe's third biggest real estate company,
also said it increased its syndicated line of credit to 750
million euros from 450 million euros to
strengthen its financial structure.




Under its deal with Intesa Sanpaolo , Pirelli RE
will own 51 percent and the bank 49 percent of Pirelli RE
Facility Management BV.


Read more at Reuters.com Bonds News

UPDATE 1-Goldman CEO: World less risky, but stay on guard

(Reuters) - NEW YORK, June 27 - The world is a less risky
place these days, but that doesn't mean investors should stop
preparing for bad times, Goldman Sachs Group Chairman
and Chief Executive Lloyd Blankfein said on Wednesday.




Recent troubles in the U.S. mortgage market and fears that
booming corporate lending has become reckless in recent months
has prompted some investors to question whether the market is
getting paid enough for taking risk.


Read more at Reuters.com Mergers News

UPDATE 2-Les Echos and Tribune call for French gov't help

(Reuters) - PARIS, June 27 - Journalists at France's two main
business dailies asked the government on Wednesday to get
involved in their battle against Bernard Arnault and his plans
to buy Les Echos and sell La Tribune.




Les Echos journalists fear that if the billionaire head of
luxury group LVMH succeeds, they will lose their
editorial independence and come under the stewardship of a
close friend of French President Nicolas Sarkozy.


Read more at Reuters.com Mergers News

Treasury's Paulson-Hedge funds add "great value, pose risks

(Reuters) - To address these issues, he said the U.S. Treasury is
putting together a panel of leading investors and leading
managers to develop a set of best practices guidelines.




"Our theory here is...that if you take the leaders and you
have them put out a framework of best practices that others
will feel great pressure to follow," he said.


Read more at Reuters.com Bonds News

Danone says no comment on LU biscuits sale report

(Reuters) - Challenges said potential buyers could include Kellogg
or Kraft Foods .




Read more at Reuters.com Mergers News

SEC group will study U.S. financial reporting

(Reuters) - The step is the latest in a series of initiatives by the
SEC and the Treasury Department to examine how to make U.S.
capital markets more competitive as global rivals emerge.




"Our goal is to make financial information more
understandable to investors and reduce unnecessary complexities
in our financial reporting standards and our financial
reporting system," SEC Chairman Christopher Cox told a news
conference.


Read more at Reuters.com Government Filings News

WRAPUP 2-U.S. durable goods orders fall, stir growth fears

(Reuters) - WASHINGTON, June 27 - New orders for long-lasting
U.S.-made manufactured goods tumbled sharply in May, the
government said on Wednesday, raising doubts about the strength
of the factory sector and business expansion plans.




Orders for durable goods, items meant to last at least
three years, slid a larger-than-expected 2.8 percent after a
1.1 percent April rise, a Commerce Department report showed.


Read more at Reuters.com Bonds News

Genzyme says motion to delay Bioenvision deal withdrawn

(Reuters) - In May, Genzyme agreed to acquire Bioenvision for about
$345 million in cash.





Read more at Reuters.com Government Filings News

U.S. Stocks Advance, Led by Energy Producers; Oracle, Exxon Shares Gain

(Bloomberg) -- U.S. stocks rose after a rebound in
oil lifted energy producers and technology companies rallied on
Oracle Corp. results that beat analyst estimates.

Exxon Mobil Corp., the biggest crude producer, and Chevron
Corp., the second largest, advanced. Oracle, the No. 3 software
maker, gained after saying sales may rise 21 percent.


Read more at Bloomberg Stocks News

UPDATE 2-Bain Capital to buy Germany's biggest yacht maker

(Reuters) - LONDON/FRANKFURT, June 27 - Private equity firm Bain Capital is buying Germany's biggest yacht builder, Bavaria Yachtbau GmbH, for about 1.3 billion euros with plans to expand the business into new markets.



The company produced 3,500 yachts in the year ended July 31, 2006, at its facility in Giebelstadt with sales of about 271 million euros. Bavaria Yachtbau employs about 620 people.


Read more at Reuters.com Mergers News

Canadian Stock Index Is Little Changed as Energy Companies, Suncor Advance

(Bloomberg) -- Canadian stocks were little changed, as
such energy shares as Suncor Energy Inc. rose along with crude oil
prices.

Industrial companies including Canadian National Railway Co.
declined on a U.S. report showing demand for durable goods
unexpectedly fell last month.


Read more at Bloomberg Stocks News

Apple IPhone Reviewers Say Device Lives Up to Hype and Even Inspires Lust

(Bloomberg) -- Apple Inc.'s iPhone is a ``beautiful
and breakthrough'' mobile device that lives up to the hype.

That's the word from reviewers for the Wall Street Journal,
New York Times and USA Today, who praised the software and design
of Apple's melded mobile phone and iPod media player. The
iPhone's strengths outweigh its spotty network service and price
of as much as $600, they said.


Read more at Bloomberg Exclusive News

Oil Rises on Report of Unexpected Drop in U.S. Gasoline Supply Last Week

(Bloomberg) -- Crude oil rose after an Energy
Department report showed an unexpected decline in U.S. gasoline
inventories last week.

Gasoline stockpiles fell 749,000 barrels, the first drop in
eight weeks, the report showed. An increase of 1.04 million
barrels was expected, according to the median of responses by 16
analysts surveyed by Bloomberg News. Inventories of distillate
fuel, a category that includes heating oil and diesel, plunged
2.28 million barrels. A 550,000 barrel gain was expected.


Read more at Bloomberg Energy News

Intergen plans $1.975 bln high-yield notes -lead

(Reuters) - Merrill Lynch, Lehman Brothers, Deutsche Bank and Barclays
Capital are managing the sale.




The company will meet with European investors between July 2
and July 5.


Read more at Reuters.com Bonds News

Southwest Air to slow capacity growth

(Reuters) - Southwest has gotten off to a slow start this year,
buffeted by tougher competition and softening demand for air
travel. It has said it will likely not grow revenue fast enough
to achieve its long-standing target of 15 percent growth in
earnings before special items this year.




Read more at Reuters.com Business News

Canadian Stocks Slide on Commodity Prices; Petro-Canada and Alcan Retreat

(Bloomberg) -- Canadian stocks fell, sending the
country's main equity index to its first four-day decline in nine
months, after prices for such commodities as crude oil and copper
slid.

Energy and raw-materials producers such as Petro-Canada and
Alcan Inc. retreated on concern that demand for Canadian resources
will slow, after a report showed durable goods orders in the U.S.,
Canada's biggest export market, fell more than forecast. Investors
are also awaiting the U.S. Federal Reserve's interest rate decision
tomorrow.


Read more at Bloomberg Stocks News

Freddie sees $9 bln-$17 bln reference notes in Q3

(Reuters) - Freddie Mac said it plans to sell reference notes in July,
August and September. It did not specify its targeted
maturities.




The agency also said it expects to issue at least one, but
not more than three, reference Real Estate Mortgage Investment
Conduit offerings in the third quarter, subject to
market conditions, including the availability of collateral and
investor interest.


Read more at Reuters.com Bonds News

UPDATE 1-McCormick & Co. quarterly profit beats forecast

(Reuters) - Net income for the fiscal second quarter ended May 31 was
$41.4 million, or 31 cents per share, including charges of 4
cents a share related to the restructuring program.




Analysts, on average, had expected the Sparks,
Maryland-based company to earn 29 cents per share after
one-time charges, according to Reuters Estimates.


Read more at Reuters.com Market News

European stocks extend dip after weak US goods data

(Reuters) - European stocks extended their losses on Wednesday, led by mining and banking shares, after May U.S. durable goods figures came in weaker than expected.

The FTSEurofirst 300 index of top European shares traded down 0.8 percent at 1,573.9 points, close to its low for the session.


Read more at Reuters Africa

U.K. Natural Day-Ahead Gas Little Changed After Imports Satisfy Demand

(Bloomberg) -- U.K. natural gas for delivery today
was little changed after an increase in imports through the
Langeled pipeline from Norway yesterday helped ensure supply
would meet demand.

Gas for intraday delivery traded at 22.3 pence a therm at
12:11 p.m. local time, compared with yesterday's last price for
day-ahead gas of 22.45 pence a therm, according to data from ICAP
Plc. The latest price is equivalent to $4.45 a million British
thermal units. A therm is 100,000 Btus. Day-ahead gas declined
1.6 percent to 22.1 pence a therm.


Read more at Bloomberg Energy News

Merck wins U.S. priority review for HIV drug

(Reuters) - The agency grants priority review to products that are considered to be potentially significant therapeutic advancements over existing therapies.



With priority review status, the U.S. Food and Drug Administration will make its decision on whether to approve the drug within six months, rather than the usual 10- to 12-month review period.


Read more at Reuters.com Government Filings News

MTN mulls building fixed network in South Africa

(Reuters) - African mobile operator MTN may build its own fixed-line network in South Africa to trim the levies it has to pay former monopoly Telkom to use its backbone and to meet demand for Internet access.

MTN's new head of southern and east Africa, Tim Lowry, said the company had paid about 10 million rand to build a pilot fibre optic cable linking Johannesburg's business hubs and may expand this to other key areas.


Read more at Reuters Africa

ConAgra quarterly profit rises

(Reuters) - Income from continuing operations was 38 cents a share,
including costs of 2 cents a share related to a recall of Peter
Pan peanut butter and a benefit of 1 cent a share from a
lower-than-expected tax rate.





Read more at Reuters.com Market News

U.S. Stock-Index Futures Rise; Oracle and Nike Shares Advance in Europe

(Bloomberg) -- U.S. stock-index futures rose on
speculation earnings will keep growing after Oracle Corp.
forecast higher sales than analysts estimated and Nike Inc. said
orders increased the most in a decade.

Oracle gained in Europe. The world's third-largest software
maker said sales may rise as much as 21 percent in the fiscal
first quarter. Nike, the world's biggest athletic-shoe maker,
also advanced. ConocoPhillips slid after the No. 3 U.S. oil
company said it will record a charge of $4.5 billion.


Read more at Bloomberg Stocks News

European Government Bonds Gain by Most Since April as Investors Shun Risk

(Bloomberg) -- European government bonds advanced by
the most in two months as concern a weak U.S. housing market will
lead to investor losses in mortgage-backed securities stoked
demand for the safest assets.

Debt's gains pushed yields on 10-year bunds, Europe's
benchmark, to the lowest in two weeks as investors turn more risk
averse by shunning stocks in favor of debt. Expectations a weaker
housing market and losses related to subprime mortgages in the
U.S. will hurt global growth and hold down inflation also helped
lift bonds. European equity markets fell for a fifth day.


Read more at Bloomberg Bonds News

Basell, M-Real, Sainsbury: European Credit-Default Swap Market Movers

(Bloomberg) -- The risk of owning European corporate
bonds soared to a three-month high today, according to traders of
credit-default swaps.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index jumped 11,500
euros to 228,000 euros at 10:45 a.m. in London, according to
JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

German TV giant ProSieben buys SBS for $4.4 bln

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




The new group will be active in 13 European countries, owning assets including 24 free TV stations, 24 pay TV stations and 22 radio networks, ProSiebenSat.1 said.


Read more at Reuters.com Mergers News

Swedish Krona Drops on View Recent Gains Don't Reflect Outlook for Rates

(Bloomberg) -- Sweden's krona fell for a fourth day
versus the euro, the worst run since March, on speculation its 2
percent surge last week doesn't reflect the outlook for interest
rates in the Nordic region's biggest economy.

The krona was the best performer of 71 currencies monitored
by Bloomberg last week as the central bank raised its benchmark
rate to 3.5 percent and signaled it would lift it twice more this
year, more than expected by economists. This triggered the
biggest weekly gain versus the euro in almost five years.


Read more at Bloomberg Currencies News

Yen Rises Most in 10 Weeks Against Dollar as Investors Reduce Carry Trades

(Bloomberg) -- The yen rose the most in 10 weeks
against the dollar as investors pared holdings of emerging market
bonds and stocks funded by loans in the currency.

Japan's yen gained against the Indonesian rupiah and
Malaysian ringgit after Finance Minister Koji Omi yesterday
stressed the risk of one-way foreign-exchange bets. It also
climbed against the New Zealand dollar after central bank Deputy
Governor Grant Spencer echoed Omi's comments and said traders
should expect further intervention to sell its currency.


Read more at Bloomberg Currencies News

FTSE skids on world slide; Northern Rock dives

(Reuters) - Britain's leading stocks tumbled 0.6 percent on Wednesday, as fears over a troubled U.S. subprime mortgage market crippled equities around the globe, and Northern Rock plunged after trimming its profit forecast.

British mortgage bank Northern Rock dived more than 11 percent after trimming its 2007 profit forecast, saying it was suffering from the number of customers on cheap fixed-rate mortgages at a time when interest rates are rising.


Read more at Reuters Africa

Germany's DAX Index Slides, Led by Deutsche Boerse, MAN, ThyssenKrupp

(Bloomberg) -- German stocks slipped, led by
Deutsche Boerse AG, MAN AG and ThyssenKrupp AG.

The benchmark DAX Index lost 70.18, or 0.9 percent, to
7790.34 as of 9:05 a.m. in Frankfurt. The HDAX Index of the
country's 110 biggest companies also dropped 0.9 percent.


Read more at Bloomberg Stocks News

Swedish state to review OMX-Nasdaq deal

(Reuters) - She declined to give further details.




The government has a 6.6 percent stake in OMX, but it is not clear if it could block the agreed deal. The government has parliamentary permission to sell its holding in OMX as part of Sweden's biggest-ever privatization campaign.


Read more at Reuters.com Business News

TMG to book 360 mln euro profit on SBS stake sale

(Reuters) - TMG has an option that would give it 6 percent of the
ProSiebenSat.1 Group's share capital, or 12 percent of the
shares that carry the voting rights, ProSieben and TMG said in
separate statements.
The option to buy about 13.1 million shares in
ProSiebenSat.1 from Lavena, the holding company owned by private
equity firms KKR [KKR.UL] and Permira [PERM.UL], at 34.71 euros
per share can be exercised by June 1, 2008.




Lavena has a put option until Aug. 15, 2008, to sell the
shares to TMG at 28.71 euros per share. In both cases, dividends
will be subtracted from the transaction price.


Read more at Reuters.com Mergers News

Indonesia's 2008 Wheat Flour Consumption May Rise 7 Percent, Miller Says

(Bloomberg) -- Indonesia, whose 235 million people
eat rice and noodles as staple foods, may consume 7 percent more
wheat flour next year as faster economic growth increases
consumption of bread and cakes, the nation's largest miller said.

Demand may rise 5 to 7 percent from an estimated 3.3 million
metric tons to 3.4 million tons this year, Franciscus Welirang,
president director of PT Bogasari Flour Mills, said in an
interview in Jakarta.


Read more at Bloomberg Commodities News

No vertigo for hungry Asia property investors

(Reuters) - Asian economies are booming, and property is once again the hot subject of dinner conversations from Tokyo to Mumbai, fuelled by cheap credit, cross-border investment and rising incomes.




Policy makers fear a boom-and-bust cycle, where rising real estate prices fuel inflation and force interest rates higher, leaving households and companies loaded with debt and dragging on economic activity.


Read more at Reuters.com Bonds News

China Plans to Sell $200 Billion Bond to Buy Foreign-Exchange Reserves

(Bloomberg) -- China's finance ministry will sell
1.55 trillion yuan ($200 billion) of a special treasury bond to
buy foreign-exchange reserves from the central bank and remove
excess cash from the economy, Xinhua News Agency reported.

The bonds will mature in more than 10 years, while their
coupon rates will be based on ``market conditions'' at the time
of issuance, Xinhua said today without elaborating.


Read more at Bloomberg Bonds News

Beneteau, Eiffage, Prismaflex, Ciments Francais: French Equity Preview

(Bloomberg) -- Shares of the following companies may
rise or fall on the Paris stock exchange tomorrow. Stock symbols
are in parentheses and prices are from today's close.

The CAC 40 Index fell 49.49, or 0.8 percent, to 5953.36 in
Paris. The broader SBF 120 Index also dropped 0.8 percent.


Read more at Bloomberg Stocks News

TREASURIES-Gain in Asia on subprime worries, FOMC eyed

(Reuters) - The market is expecting the Fed to leave the federal funds
rate at 5.25 percent at this week's meeting, despite worries
about the ailing subprime mortgage sector.




The market's focus is what the central bank will say about
inflation and the housing market in its post-meeting statement.


Read more at Reuters.com Bonds News

Hong Kong Dollar Link to Survive, Withstand Speculators, Greenwood Says

(Bloomberg) -- Hong Kong's currency link to the U.S.
dollar can withstand an attack from speculators and last at
least another decade, said John Greenwood, architect of the 23-
year-old peg and an adviser to the city's monetary authority.

In the 10 years since Britain handed back the city to China,
the Hong Kong dollar has weathered pressure to fall during
Asia's financial crisis and to rise as China's currency gained.
Goldman Sachs Group Inc. and Royal Bank of Scotland Plc say a
link to the yuan instead of the U.S. dollar is inevitable as the
two economies integrate.


Read more at Bloomberg Currencies News

China's Industrial-Company Profits Swell, Hamper Efforts to Cool Economy

(Bloomberg) -- China's industrial-company profits
swelled 42.1 percent in the first five months from a year
earlier, hampering government efforts to cool investment in the
world's fastest-growing major economy.

Combined net income increased to 902.6 billion yuan ($119
billion), the National Bureau of Statistics said today. Total
sales jumped 27.4 percent to 14.2 trillion yuan.


Read more at Bloomberg Emerging Markets News

JGBs rise on Nikkei losses, firm Treasuries support

(Reuters) - "JGBs are following a pause in the rise in Treasury yields as
worries about the U.S. sub-prime market are lingering," said
Hidenori Suezawa, chief fixed income strategist at Daiwa
Securities SMBC.




"Volatility has decreased , so it
has become a bit easier to buy bonds."


Read more at Reuters.com Bonds News

Japan Stocks Drop on Concern U.S. Housing Slump to Hurt Demand; Sony Falls

(Bloomberg) -- Japanese stocks dropped, with the
Nikkei 225 Stock Average falling for a fourth day, extending the
longest streak of declines since early March.

Sony Corp. and Honda Motor Co. led losses on concern demand
for their products will falter amid signs the U.S. housing
market is worsening.


Read more at Bloomberg Stocks News

Japanese Yen, Taiwan Dollar, Thai Baht, Korean Won: Asian Currency Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian currencies today.

Exchange rates are from the previous session.


Read more at Bloomberg Currencies News

Japanese Stocks May Drop, Led by Exporters, Sony on U.S. Housing Concern

(Bloomberg) -- Japanese stocks may drop, extending
the Nikkei 225 Stock Average's longest streak of declines since
the beginning of March. Exporters including Sony Corp. may pace
declines amid signs the U.S. housing market is worsening.

Commodities-related shares such as Mitsubishi Corp. may fall
after prices of oil, copper, gold and other raw materials slumped.


Read more at Bloomberg Stocks News

UPDATE 1-Topps says board to consider Upper Deck offer

(Reuters) - On March 5, Topps agreed to be acquired by private equity firm Madison Dearborn Partners, LLC and The Tornante Company LLC, which is run by former Walt Disney Co. chief Michael Eisner, for $9.75 per share in cash.




Topps urged its shareholders to defer making a decision on whether to accept or reject Upper Deck's tender offer until they have been advised of the position of the board.


Read more at Reuters.com Mergers News

Morgan Stanley seeking Swiss bank acquisition

(Reuters) - Morgan Stanley's broader wealth management arm, which
increased second-quarter net revenue 17 percent from a year
earlier, has been adding brokers in the United States and
expanding its business in emerging markets.




International markets represent about 10 percent of the
unit's revenue and is growing faster off a much smaller base.


Read more at Reuters.com Mergers News

Chile stocks fall with global markets, peso dips

(Reuters) - The all-market IGPA index edged down 0.40 percent
to 14,820.22 points, while the trade weighted blue-chip IPSA
index fell 0.79 percent to 3,418.25 points.




Wall Street closed lower after disappointing new-home sales
data and a rise in benchmark 10-year Treasury yields
.


Read more at Reuters.com Bonds News

UPDATE 1-CHC Helicopter reports 25 pct jump in profit

(Reuters) - CHC, which provides air transport services to the offshore
oil and gas industry, said it earned a net profit of C$13.5
million , or 30 Canadian cents a share, for the
period ended April 30, up from a profit of C$10.8 million, or
23 Canadian cents a share, in the same period last year.




Revenue in the quarter rose to C$312.2 million from C$248.2
million in the year-earlier period, largely on growth in all
its operating segments, the company said.


Read more at Reuters.com Market News

Yen May Extend Gains Against Dollar on Durable Goods Report in the U.S.

(Bloomberg) -- The yen may extend its gains versus
the dollar for a third day, giving the currency its longest
winning streak in almost three weeks, as a report is forecast to
show durable goods orders declined last month in the U.S.

Japan's yen might accelerate its rally against the euro
after data that is forecast to show Japanese retail sales gained
last month, fueling speculation the Bank of Japan may lift
borrowing costs. The yen rose yesterday after Japan's Finance
Minister Koji Omi said investors may be too complacent regarding
the risk of betting against the currency.


Read more at Bloomberg Currencies News

GSI still comfortable with qtrly, yearly views

(Reuters) - GSI Commerce also said it plans to offer $100 million in
unsecured senior convertible notes due 2027 in a private
offering. Proceeds will be used for working capital and general
corporate purposes, including acquisitions, it said.




Read more at Reuters.com Bonds News

Alt A Mortgage Delinquencies `Disconcerting;' Jumbo Defaults Up, S&P Says

(Bloomberg) -- U.S. borrowers with good credit are
increasingly falling behind on payments, a sign that lenders have
been offering ``higher risk'' loans to people other than subprime
borrowers, according to two studies by Standard & Poor's Corp.

Growth in delinquencies and defaults on so-called Alt A
mortgages made last year is ``disconcerting'' and borrowers appear
to be ``finding it increasingly difficult to refinance'' or catch
up on their payments, S&P analysts said today in a report. Total
delinquencies on ``prime jumbo'' mortgages in bonds from 2006
reached the highest among loans of less than 12 months since at
least 2000, the S&P said in a separate note.


Read more at Bloomberg Bonds News

Mexico stocks down on U.S. mortage market fears

(Reuters) - The benchmark IPC stock index was off 1.21 percent
at 30,916.70 points, while the peso weakened
0.18 percent to 10.849 per dollar.




Global equities have come under pressure in recent days as
trouble in the U.S. subprime mortgage industry has spread to
two hedge funds managed by Bear Stearns with heavy
exposure in the sector. Subprime mortgages cater to borrowers
with troubled credit histories.


Read more at Reuters.com Bonds News

Apollo Hospitals, MajuPerak, Nan Hai, Welli: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in Asian markets, excluding Japan. This preview includes news that
broke after markets closed. Prices are from the local market's last
close. Stock symbols are in parentheses after company names.

Apollo Hospitals Enterprise Ltd. (APHS IN): India's biggest
health-care company said fourth-quarter profit rose 18 percent to
146 million rupees ($3.6 million) in the three months ended March
31. Sales increased 21 percent to 2.33 billion rupees. Apollo
Hospitals added 8.95 rupees, or 1.7 percent, to 525.35.


Read more at Bloomberg Stocks News

UPDATE 2-WPP's like-for-like revenue growth quickens

(Reuters) - LONDON, June 26 - WPP Group Plc , the
world's second-biggest advertising and marketing services
company, said it had started the year well with a 5.2 percent
rise in like-for-like revenues in the first five months.




That represented an acceleration from 4.3 percent growth in
its first quarter and topped market forecasts, which ranged from
4.5 to 5.1 percent in a Reuters poll of five analysts.


Read more at Reuters.com Mergers News

Data puts consecutive Canada rate hikes in limbo

(Reuters) - Economic data released last week showed an unexpected drop
in April wholesale trade, which wiped out strong gains in the
prior two months, while March retail sales missed estimates.




The soft data followed a string of upbeat economic
indicators that topped estimates and convinced most primary
dealers that 25 basis point rate hikes by the Bank of Canada in
July and September were a lock.


Read more at Reuters.com Bonds News

PREVIEW-What the Fed will be considering at its meeting

(Reuters) - * Fed expected to leave federal funds rate unchanged at
5.25 percent; focus on statement




By Tamawa Kadoya


Read more at Reuters.com Bonds News

UPDATE 1-U.S. securities industry group sees moderate growth

(Reuters) - The Securities Industry and Financial Markets Association
forecast 2.2 percent gross domestic product growth in
2007 and 2.8 percent in 2008.




Rising energy prices and a sudden rise in long-term
interest rates are likely to weigh on the consumer and drag out
the moderate growth.


Read more at Reuters.com Bonds News

News Corp, DJ board in early editorial pact: source

(Reuters) - A separate source close to the situation said an agreement was close but there were still several open items left to be discussed, but did not elaborate.




News Corp. is offering $5 billion to buy Dow Jones.


Read more at Reuters.com Business News

Yen Rises Most in Two Months Versus Dollar as Omi Mentions Currency Risk

(Bloomberg) -- The yen gained the most in more than
two months versus the dollar after Japan's Finance Minister Koji
Omi said investors are taking risks in one-way bets against the
currency.

Japan's yen rose versus all 16 of the most-active currencies
tracked by Bloomberg after Omi told reporters in Tokyo that
``disorderly moves of foreign exchange rates are undesirable.''
The remarks were aimed at discouraging investors who borrow yen
to buy higher-yielding assets in carry trades. The currency was
higher versus the dollar after U.S. reports showed consumer
confidence and new-home sales declined.


Read more at Bloomberg Currencies News