Agility in $50 billion U.S. deal, stock up

(Reuters) - Agility shares rallied 6.6 percent after the news.




Agility said in a statement on the Kuwait bourse Web site
it would provide various logistics, supply and warehousing
services as part of the deal.


Read more at Reuters.com Business News

Some people can buy iPhone without 2-year contract

(Reuters) - AT&T, the exclusive U.S. service provider for iPhone until 2009, had said in the months leading up to the phone's launch that customers would be required to sign up to a two-year contract in order to buy the device, which costs up to $600.




The companies did not widely publicize that customers who do not pass its credit test have the option to pay for their service on a month-by-month basis, escaping what some consider a restrictive two-year plan.


Read more at Reuters.com Business News

Japan's Government Bonds Complete Worst Quarter Since 2006 on Rate Outlook

(Bloomberg) -- Japan's government bonds completed
their worst quarter in more than a year on speculation the
central bank will increase borrowing costs again by August.

Benchmark 10-year bonds dropped the most since the first
three months of 2006 as reports signaled the economy is
resilient enough to allow the Bank of Japan to raise interest
rates. Trading was limited last week before the central bank's
Tankan survey July 2, which may show business confidence held
near a two-year high, said Naomi Hasegawa, a senior fixed-income
strategist at Mitsubishi UFJ Securities Co.


Read more at Bloomberg Bonds News

Dobson, Electronics for Imaging, Sempra, Sycamore: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges on
July 2. This preview includes news that broke after exchanges
closed. Stock symbols are in parentheses after company names.

Dobson Communications Corp. (DCEL US): AT&T Inc. (T US)
agreed to acquire Dobson, a wireless carrier, for about $2.8
billion, according to a PR Newswire statement. The stock fell 1
cent to $11.11 in regular trading.


Read more at Bloomberg Stocks News

Argentina stocks fall on repositioning, bonds flat

(Reuters) - Traders said the market was also influenced by declines in
U.S. stocks. The Dow Jones industrial average ended down
0.10 percent on Friday.




"The session's selectivity was due to the MerVal's new
profile and the volatility was due to the U.S. market," said
Ruben Pascuali, a trader at Mayoral Bursatil brokerage.


Read more at Reuters.com Bonds News

Asian Stocks Rise in U.S. Trading on U.S. Economy; Toyota, Sony Advance

(Bloomberg) -- Asian stocks gained in U.S. trading
after reports showed inflation eased in the U.S. while
manufacturing and consumer confidence beat economists' forecasts.
Toyota Motor Corp. and Sony Corp. led the advance.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, rose 0.3 percent to
167.43, ending the week up 0.3 percent. The index jumped 5.8
percent this quarter.


Read more at Bloomberg Stocks News

U.S. Stocks Fall on London Bomb Scare, Subprime Loan Concern; Bear Drops

(Bloomberg) -- U.S. stocks fell, erasing a 102-
point rally in the Dow Jones Industrial Average, after a bomb
scare swept London and concern grew that banks face more losses
from subprime loans.

Bear Stearns Cos., Merrill Lynch & Co. and Lehman Brothers
Holdings Inc. led brokers to the steepest retreat among 24
industries in the Standard & Poor's 500 Index. The S&P 500
posted its first monthly decline since February on speculation
losses on subprime mortgages will deepen after two Bear Stearns
hedge funds nearly collapsed.


Read more at Bloomberg Stocks News

UPDATE 1-Ex-CVS execs settle charges on toy accounting

(Reuters) - Philip Galbo, former treasurer at CVS, and Larry Solberg,
former principal accounting officer, agreed to collectively pay
$53,204 to settle claims they helped CVS materially overstate
its pretax earnings for the third quarter of 2000 by about
$18.1 million.




"The commission will continue to hold public companies and
their employees accountable when they fail to accurately
portray their financial results," said David Bergers, head of
the SEC's Boston office. "The investing public must be able to
count on the results reported each quarter."


Read more at Reuters.com Government Filings News

NewWest Gold stock soars on Fronteer approach

(Reuters) - NWG Investments has agreed to support a Fronteer offer to all NewWest shareholders at a ratio of 0.26 of a Fronteer common shares for each NewWest share, the companies said.




Based on Thursday's closing share prices, the proposed transaction would be worth about C$3.20 per NewWest share, a 36 percent premium to its C$2.35 closing price, or about C$187 million for NewWest overall.


Read more at Reuters.com Hot Stocks News

Qualcomm rejects Broadcom's $6 per phone offer

(Reuters) - David Rosmann, Broadcom's vice president of intellectual property litigation, said the company's offer translated to around 2 percent to 2.5 percent of the price of each handset.



Qualcomm rejected this offer, he said, but added that further negotiations were likely.


Read more at Reuters.com Government Filings News

UPDATE 1-US mortgage bond issuance rises in 1st half 2007

(Reuters) - Stress in the subprime mortgage market kept issuance
contained.




Lehman Brothers was the top underwriter of U.S.
mortgage-backed securities for the first half of 2007, the
financial data firm said.


Read more at Reuters.com Bonds News

Expedia says debt could soar on buyback

(Reuters) - In a filing with the U.S. Securities and Exchange Commission, the top online travel company said its debt would rise to about $4.1 billion if it completed the buyback at the top of the range it set. That compares with its debt of about $500 million as of June 15.



"This indebtedness could adversely affect Expedia's ability to raise additional capital to fund its operations and react to changes in the economy or our industry," the company said in the filing.


Read more at Reuters.com Bonds News

UPDATE 1-Federal agency debt issuance rose in first half

(Reuters) - JPMorgan was the top underwriter during the half,
with a 9.3 percent market share. Citi was in second place
and Barclays Capital, the investment banking arm of UK lender
Barclays , was in third, according to Thomson.




A total of $665 billion was issued for all of 2006, an
increase of 6.7 percent from 2005, Thomson Financial said at
the end of last year.


Read more at Reuters.com Bonds News

Bear Stearns `Not an Iceberg, Not The Titanic;' Buy Bonds, Citigroup Says

(Bloomberg) -- Bonds of Bear Stearns Cos., the
fifth-biggest securities firm, were raised to ``buy'' from
``hold'' by Citigroup Inc. because the bonds became cheap after
the firm offered $1.6 billion to bail out a hedge fund.

In a report titled `Not an Iceberg, Not the Titanic,''
Citigroup reversed a June 11 call that lowered the rating to
``hold'' on New York-based Bear Stearns's 5.55 percent notes due
in 2017. The recommendations are made ``solely on the basis of
valuation,'' analysts led by Ryan O'Connell said in a report.


Read more at Bloomberg Bonds News

Mexico cenbank to release data earlier in the day

(Reuters) - Other data to be released at this time are the central
bank's weekly reserves rundown and the quarterly announcement
of the amount of dollars it will sell daily.




The time change does not apply to the bank's weekly
treasuries auctions, the results of which will still be
published on Tuesdays at 1:30 p.m..


Read more at Reuters.com Economic News

CBOT says Glass Lewis recommends CME merger

(Reuters) - IntercontinentalExchange Inc. , or ICE, an
Atlanta-based exchange, made a higher bid for CBOT in March
that was rejected by CBOT's board. CME's bid, with a special
dividend, values CBOT at roughly $10.5 billion against $11.4
billion from ICE.




Read more at Reuters.com Bonds News

French bank Natixis to buy U.S. firm Gateway

(Reuters) - The acquisition is being carried out by Natixis subsidiary IXIS Asset Management U.S. Group. The terms of the transaction were not disclosed.



"Gateway enjoys a highly competitive long-term track record based on a well-tested risk management methodology. We expect demand for its style of risk-adjusted investment products to be strong and growing, particularly in the rapidly expanding retirement market," Pierre Servant, head of asset management at Natixis, said in a statement.


Read more at Reuters.com Mergers News

Alabama County Commissioner Testifies to SEC on Interest-Rate Derivatives

(Bloomberg) -- A Jefferson County, Alabama,
commissioner was questioned by federal regulators about how
banks were chosen to arrange $5.6 billion of interest-rate swaps
and why there was no competitive bidding for the contracts.

Larry Langford, who gave testimony for more than three
hours at the U.S. Securities and Exchange Commission's Miami
office on June 21, said officials hired banks such as JPMorgan
Chase & Co. to arrange the derivatives because of the firms'
knowledge of Jefferson County's finances. Officials relied on
advisers to look out for the county's interests, Langford said.


Read more at Bloomberg Bonds News

New York takes precautions after London bomb

(Reuters) - New York normally puts police on heightened alert in response to security incidents in other countries.




As a city that has twice been attacked by Islamic extremists -- a truck bombing of the World Trade Center in 1993 and the attacks of September 11, 2001, -- New York has police representatives in hot spots around the world, including London.


Read more at Reuters.com Bonds News

Gadget fans speak out from iPhone lines

(Reuters) - NEW YORK CITY




Jose Sanchez, 22, employee of athletic shoe store Foot Locker, who arrived on Tuesday to camp out in front of Apple store on New York's Fifth Avenue:


Read more at Reuters.com Business News

Goldman Sachs Recommends Buying Northern Rock Shares Following Drop

(Bloomberg) -- Investors should buy stock of
Northern Rock Plc, the U.K. mortgage lender that two days ago
said it expects to miss analysts' profit estimates, according to
Goldman Sachs Group Inc.

The world's biggest securities firm by market value added
Northern Rock to its ``conviction buy list,'' saying its shares
have fallen too far. Northern Rock shares dropped 12 percent to
829 pence yesterday before rising 3 percent today to 856 pence
as of 2:30 p.m. in London. Goldman Sach's 12-month target price
for the stock is 1,097 pence.


Read more at Bloomberg Stocks News

US clears Rexam deal for Owens-Illinois

(Reuters) - Rexam, the world's biggest drinks can maker, said earlier
this month it wanted to buy O-I Plastics.




The company hopes the purchase of O-I Plastics will help it
ride a boom in the plastic packaging market. The $4 billion
U.S. market is expanding 7 percent annually as an aging and
healthcare-conscious population uses more medicines.


Read more at Reuters.com Mergers News

American Home Mortgage, CryoCor, PMI Group, Talbots: 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 10:10 a.m. New York time.

American Home Mortgage Investment Corp. (AHM US) fell $2.85,
or 14 percent, to $18.06. 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

US stock indexes rise on tame inflation

(Reuters) - U.S. stocks rose on Friday after a inflation gauge watched by the Federal Reserve showed its lowest reading since March 2004, putting the Dow industrials on track to end the quarter on a strong note.

Among top gainers, shares of Research In Motion Ltd. surged after the BlackBerry maker posted a quarterly profit above Wall Street estimates and announced a 3-for-1 share split. The results triggered a flood of brokerage upgrades. For details, see ID:nN2838412.


Read more at Reuters Africa

NAPM-Milwaukee says purchasing index up in June

(Reuters) - The index of the region's blue-collar employment rose in
June to 67 from 60, while white-collar employment was up 2
points at 57.




New orders jumped 19 points to 75 and production was at 72
against 63 in May. Supplier lead times fell 6 points to 38 and
order backlogs were up 13 points to 68.


Read more at Reuters.com Economic News

Brazil's Real Rises as U.S. Price Index Eases, Boosting Local Investments

(Bloomberg) -- Brazil's currency rose as signs of
slowing inflation in the U.S. boosted speculation that returns
on high-yielding local assets will remain attractive.

``Concerns about inflation and higher rates in the U.S.
seem to have lifted, so the real is back on its appreciating
trend,'' said Ovidio Pinho Soares, a currency strategist at
Finabank Corretora in Sao Paulo.


Read more at Bloomberg Currencies News

UK Alzheimer's drug case ends, judgement reserved

(Reuters) - The judge had been asked to quash the decision of the
National Institute for Health and Clinical Excellence to
restrict access to Alzheimer's drugs on the state National
Health Service.




Manufacturers argued that the way in which NICE reached its
decision to deny drugs costing around $5 a day to NHS patients
newly diagnosed with mild Alzheimer's disease was flawed and
unlawful.


Read more at Reuters.com Government Filings News

Treasuries Advance as Inflation Gauge Preferred by Federal Reserve Slows

(Bloomberg) -- Treasuries rose after a government
report showed the Federal Reserve's most closely watched measure
of inflation slowed in May and consumer spending increased less
than economists forecast.

U.S. government securities also got a boost from investors
who typically buy Treasuries at the end of the month to match
changes in benchmark indexes. 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

U.N. chief in Afghanistan, focus on lack of law and order

(Reuters) - The meeting took place amid heavy security at the presidential palace, which still bears the scars of the past 30 years of conflict in the central Asian state.




Journalists were called to the palace, but there was no news conference.


Read more at Reuters.com Business News

US RATE FUTURES-May PCE data taken in stride

(Reuters) - The core personal consumption expenditures index rose by
0.1 percent in May, in line with Wall Street forecasts. The
year-on-year core PCE slowed to a 1.9 percent advance from 2.0
percent in April.




Read more at Reuters.com Bonds News

Ariba, Black Box, Priceline.com, Research in Motion: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 7:30 a.m. New York time.

American Home Mortgage Investment Corp. (AHM US): The lender
specializing in adjustable-rate mortgages withdrew its fiscal
2007 earnings guidance and said it will likely have a second-
quarter loss. The shares fell 52 cents to $20.91 in regular
trading yesterday.


Read more at Bloomberg Stocks News

Japan Asks Brokerages for Views on 10-Year Auction After Call for Re-Issue

(Bloomberg) -- Japan's Ministry of Finance is
asking securities firms and banks their views on next week's 10-
year bond auction, including whether to issue a new security or
sell existing debt.

Some brokerages asked the ministry to re-issue the No. 286
10-year bond with a 1.8 percent coupon at the sale on July 3,
said Kazuo Katayama, director for market finance division of the
ministry's finance bureau. The brokers said there has been a
shortage of the debt in the repurchase market, in which debt is
lent out for an agreed time, according to Katayama.


Read more at Bloomberg Bonds News

Futures fall with inflation data on tap

(Reuters) - In earnings news, Research In Motion Ltd. may give a lift to the Nasdaq after the maker of the Blackberry reported results that beat analysts' estimates.




Research in Motion stock jumped 8.1 percent to $179 in electronic trading.


Read more at Reuters.com Hot Stocks News

Uganda wins $110 mln from AfDB for power project

(Reuters) - The African Development Bank (AfDB) said on Friday it had lent Uganda $100 million to finance a power plant.

"The project will finance, built and operate a 250-MW run-of-the-river plant ... and link the power plant to the national electricity grid," the bank said in a statement.


Read more at Reuters Africa

Marriott to triple India hotel portfolio

(Reuters) - The hotel operator expects its moderately priced Courtyard brand will expand faster than its more premium brands as India's middle class grows more prosperous and more international operators crowd the luxury segment.




"If you look at markets like China and India, most operators are coming in at the higher end, maybe from an ego standpoint," said Geoff Garside, executive vice president of Asia Pacific.


Read more at Reuters.com Business News

South African Credit Growth Unexpectedly Slowed to 24.8 Percent in May

(Bloomberg) -- South African credit growth slowed to
an annual 24.8 percent in May as four interest-rate increases last
year crimped consumer spending on cars.

The pace of growth in borrowing by households and companies
slowed from 25.1 percent in April, the Pretoria-based central bank
said on its Web site today. Credit growth was expected to be
little changed at 25.4 percent, according to the median estimate
of 13 economists surveyed by Bloomberg.


Read more at Bloomberg Emerging Markets News

European Government Bonds Set for Biggest Quarterly Drop in Almost 8 Years

(Bloomberg) -- European government bonds are set for
their steepest quarterly decline in almost eight years as signs
of quickening economic growth and inflation underpin the case for
further interest-rate increases by the European Central Bank.

German bunds, Europe's benchmark, dropped for a fourth
month, with 10-year yields touching a five-year high, as the ECB
raised its lending rate to a six-year high and indicated further
increases are needed to curb inflation. ECB President Jean-Claude
Trichet has said borrowing costs are low enough to stimulate
expansion in the $10.4 trillion economy.


Read more at Bloomberg Bonds News

Marks & Spencer Entices Short Sellers as Tesco, Sainsbury Squeeze Shares

(Bloomberg) -- Marks & Spencer Group Plc revived
growth by selling gourmet food to Britons. Now, it's fighting to
keep customers from defecting to larger rivals.

Marks & Spencer's sales of food such as spicy, smoked trout
and crayfish salads are growing at a slower pace than at Tesco
Plc and J Sainsbury Plc, which are selling more organic and
premium food for less money.


Read more at Bloomberg Stocks News

China Approves $200 Billion Sale for Fund to Buy Reserves, Boost Returns

(Bloomberg) -- China approved a 1.55 trillion yuan
($200 billion) sale of government bonds to set up a fund that
will seek higher returns on the nation's currency reserves.

The Ministry of Finance will use proceeds from the sale to
buy a portion of China's $1.2 trillion foreign-exchange reserves
from the central bank and establish a new asset-management
company. The plan was approved by the National People's Congress,
China's parliament, according to the official Xinhua News Agency.


Read more at Bloomberg Bonds News

U.S. Notes Rise; Report May Show Inflation Held in Fed's Preferred Range

(Bloomberg) -- U.S. 10-year Treasuries rose for the
first time in three days on speculation a government report today
will show an inflation gauge held within the Federal Reserve's
preferred range.

The yield on the benchmark 4 1/2 percent security due in May
2017 fell 2 basis points to 5.09 percent as of 7:49 a.m. in
London, according to bond broker Cantor Fitzgerald LP. The price
rose 1/8, or $1.25 per $1,000 face amount, to 95 15/32.


Read more at Bloomberg Bonds News

South Korea Stocks Drop, Reversing Gain; Samsung Leads Declines on Won

(Bloomberg) -- South Korea's Kospi index fell,
reversing an earlier gain. Samsung Electronics Co. slid after the
won appreciated to a six-week high against the dollar, raising
concern the value of exporters' overseas sales will drop.

The Kospi index declined 5.56, or 0.3 percent, to 1746.19 as
of 2:49 p.m. in Seoul. The Kosdaq retreated 0.1 percent to 777.75.
Kospi 200 futures expiring in September slipped 0.5 percent to
222.90, while the underlying index lost 0.4 percent to 221.72.


Read more at Bloomberg Stocks News

Gold Drops in Asia on Speculation Recent Gain Overdone; Tokyo Futures Rise

(Bloomberg) -- Gold fell in Asia on buyer
speculation the precious metal's gain for two straight sessions
was overdone. Tokyo gold futures gained.

Gold had risen on speculation higher oil costs will revive
demand for the metal as a hedge against inflation. Bullion rose
1.3 percent in two days after closing at $640.90 on June 26.


Read more at Bloomberg Commodities News

Cognos, Jean Coutu, Research In Motion: Canadian Equity Preview

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

The Standard & Poor's/TSX Composite Index fell 26.25, or
0.2 percent, to 13,715.67 in Toronto. The benchmark has fallen
three times in four days and lost 1.9 percent since June 22.


Read more at Bloomberg Stocks News

Zijin Mining Shares Rise After Buying Tajikistan's Biggest Gold Producer

(Bloomberg) -- Shares of Zijin Mining Group Co.,
owner of China's largest gold mine, rose after it announced
plans to buy a controlling stake in Tajikistan's biggest
producer of the precious metal from Avocet Mining Plc.

Zijin shares rose 3.1 percent to HK$4.73 at 10:16 a.m. in
Hong Kong after climbing as much as 4.1 percent. The stock has
surged 65 percent in the past year, outstripping the 40 percent
gain in the benchmark Hang Seng Index.


Read more at Bloomberg Commodities News

Yen Weakens, Heading for Biggest Quarterly Loss Since 2001 on Gap in Yield

(Bloomberg) -- The yen weakened, heading for the
biggest quarterly loss against the dollar since 2001, as a report
showing falling consumer prices added to speculation the Bank of
Japan will keep interest rates on hold.

The currency fell the most against the Australian dollar,
where the key rate is 5.75 percentage points higher than Japan,
as investors borrowed yen to buy higher-yielding assets in so-
called carry trades. Japan's lower rates encourage individuals to
purchase overseas assets in investment trusts. The yen has
declined 4.5 percent against the dollar this quarter.


Read more at Bloomberg Currencies News

Thailand's Central Pattana to Build Three Shopping Malls in China, Vietnam

(Bloomberg) -- Central Pattana Pcl, Thailand's
biggest mall operator, plans to build three outlets in Vietnam
and China, the company's first overseas expansion, to tap rising
consumer spending in two of Asia's fastest-growing economies.

The developer will build malls in Vietnam's capital Hanoi
and in Ho Chi Minh City, Chief Financial Officer Naris Cheyklin
said in an interview. The company will also build a mall in China,
Naris said, without giving details on the size or location of the
investment.


Read more at Bloomberg Emerging Markets News

UPDATE 1-Ex-HealthSouth CEO Scrushy sentenced to prison

(Reuters) - MONTGOMERY, Ala., June 28 - Ousted HealthSouth
Corp. Chief Executive Richard Scrushy, acquitted two
years ago in a major corporate fraud case, and former Alabama
Gov. Don Siegelman were both sentenced to prison on Thursday
for bribery.




A federal judge sentenced Scrushy, 54, to six years and 10
months in prison and Siegelman, 61, to seven years and four
months after they were convicted of involvement in a scheme to
manipulate hospital building permissions that favored
HealthSouth.


Read more at Reuters.com Bonds News

South Korea's Kospi Index Rises, Led by Posco, LG.Philips, Doosan Heavy

(Bloomberg) -- South Korea's benchmark stock index,
the Kospi Index, rose 0.16 percent at 9:05 a.m.

The index of 730 companies traded on the Korea Exchange rose
2.87 to 1,754.62. Among the stocks in the index, 338 rose, 137
fell and 254 were unchanged.


Read more at Bloomberg Stocks News

Capital Research chairman defends asset bloat

(Reuters) - Critics have charged that Capital and its mutual fund unit
American Funds, which runs the biggest U.S. mutual fund, the
$170 billion Growth Fund of America, are not doing enough to
check the furious pace of asset growth. Too much asset growth
too quickly can hurt performance.




"Over time, we've spent a lot of energy focused on the
challenges of size and complexity," James Rothenberg, who is
also principal executive officer of Capital, told Morningstar's
annual investment conference on Thursday.


Read more at Reuters.com Bonds News

New Zealand's Economic Growth Rate Accelerates 1 Percent on Spending Surge

(Bloomberg) -- New Zealand's economic growth
accelerated in the first quarter as consumer spending and business
investment jumped, heightening speculation the central bank may
raise interest rates again.

Gross domestic product increased 1 percent in the three months
ended March 31 from the fourth quarter when the economy expanded 0.8
percent, Statistics New Zealand said in Wellington today. The median
estimate of 13 economists surveyed by Bloomberg News was for 1
percent growth.


Read more at Bloomberg Bonds News

Research In Motion, Apollo, Heelys Gain: U.S. After-Hours Trading Wrap

(Bloomberg) -- Research In Motion Ltd. gained in
extended U.S. trading after the maker of the BlackBerry e-mail
phone reported first-quarter profit that topped analysts'
estimates and announced a 3-for-1 stock split.

Shares of the Waterloo, Ontario-based company soared
$27.11, or 16 percent, to $192.70 at 5:46 p.m. New York time.
Net income rose 73 percent on demand for new devices with
cameras and music players. Excluding some costs, earnings were
$1.20 a share, beating the $1.09 average estimate of 24 analysts
in a Bloomberg survey.


Read more at Bloomberg Stocks News

Tibco 2nd-qtr profit drops from year earlier

(Reuters) - Net income in the year-earlier quarter included a benefit
of $9.9 million, or 5 cents a share, related to the release of
an allowance that had previously been recorded against the
company's deferred tax assets.




Revenue rose to $130.5 million from $121.2 million.


Read more at Reuters.com Market News

Mexico stocks rise, led by Grupo Mexico gains

(Reuters) - The benchmark IPC stock index gained 0.89 percent to
31,079 points, while the peso currency firmed
0.31 percent in local trading to 10.799 per dollar.




Standard & Poor's credit agency said on Thursday its focus
on Mexico's sovereign credit has shifted to the upside since
President Felipe Calderon sent a tax reform proposal to
Congress.


Read more at Reuters.com Bonds News

Argentina stocks slip as bonds recover from slide

(Reuters) - The MerVal index of 16 leading stocks dropped 0.5
percent to close at 2,216.09 points, accumulating a 1.2 percent
loss so far in June.




"We've had gain-taking in companies from the electricity
sector, given that they were the ones with the biggest gains in
the past weeks," said one trader.


Read more at Reuters.com Bonds News

BearingPoint files 10-K, 1st-qtr bookings down

(Reuters) - BearingPoint said it does not include those in bookings
until related appropriations are approved.




Read more at Reuters.com Government Filings News

AirAsia, SingTel, Uni-President, Zijin: 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.

AirAsia Bhd. (AIRA MK): Southeast Asia's largest budget
carrier plans to expand the fleet of its Indonesia unit by half
as passenger traffic increases. PT Indonesia AirAsia, the local
unit, will add four Boeing Co. 737-300 aircraft this year to its
existing fleet of eight, President Director Sendjaja Widjaja said
in Jakarta. The company will lease the aircraft from its parent,
he said. The company also plans to add four or five aircraft next
year, Widjaja said. AirAsia declined 2 sen, or 1 percent, to 1.91
ringgit.


Read more at Bloomberg Stocks News

Calstrs rejects Icahn offer for Lear Corp

(Reuters) - Calstrs said it believes that the roughly $2.9 billion offer price is too low, by almost half.



Lear Corp., which has faced criticism for accepting billionaire Icahn's $36-per-share offer, said last week it has delayed a shareholder vote on the deal until July 12.


Read more at Reuters.com Mergers News

Canadian Stocks Pare Gains After Fed Decision; EnCana Falls on Gas Prices

(Bloomberg) -- Canadian stocks pared gains 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.

The Standard & Poor's/TSX Composite Index added 11.16, or 0.1
percent, to 13,753.08 as of 2:42 p.m. in Toronto. Earlier it gained
as much as 0.6 percent on takeover and higher oil and gold prices.


Read more at Bloomberg Stocks News

Career Education ends classes at Pittsburgh school

(Reuters) - The Pittsburgh school currently has about 310 students.




The company decided to close the school because of
insufficient long-term demand, according to its statement.


Read more at Reuters.com Bonds News

US STOCKS-Indexes gain on techs, market awaits Fed

(Reuters) - NEW YORK, June 28 - U.S. stocks rose slightly on
Thursday, led by technology shares, although investors remained
cautious before a Federal Reserve statement which could give
clues on the outlook for interest rates.




Communications equipment and semiconductor stocks got a
boost after brokerage upgrades of Cisco Systems Inc.
and chip maker Intel Corp. .


Read more at Reuters.com Bonds News

CHRONOLOGY-Recent major airline merger attempts

(Reuters) - Here is a brief chronology of some major merger-related
events involving airlines:







Read more at Reuters.com Mergers News

TREASURIES-Prices ease on inflation data, ahead of Fed

(Reuters) - NEW YORK, June 28 - U.S. Treasury debt prices
slipped on Thursday as a surprisingly sharp rise in an
inflation index favored by the Federal Reserve fanned worries
about price pressures.




Trade was light, with investors retreating to the sidelines
ahead of the policy-setting Federal Open Market Committee's
verdict on interest rates later in the session.


Read more at Reuters.com Bonds News

U.S. Stocks Gain, Led by Oil, Technology Shares; Intel, Cisco, Exxon Rise

(Bloomberg) -- U.S. stocks rose, led by fuel
producers and technology companies, after oil prices jumped and
analysts upgraded Intel Corp. and Cisco Systems Inc. on prospects
for profit growth.

Exxon Mobil Corp. and Chevron Corp., the biggest U.S. oil
companies, advanced after crude prices rose to a nine-month high.
Intel, the world's largest computer-chip manufacturer, and Cisco
Systems, the biggest maker of networking equipment, led the
Standard & Poor's 500 Index higher for a second day.


Read more at Bloomberg Stocks News

RPT-Kansas City Fed manufacturing index -2 in June

(Reuters) - Following are details from the survey:




Expected
MANUFACTURING SURVEY June May 6 mos.
Production -2 20 20 25
Shipments -1 18 18 27
New Orders 7 18 18 22
Backlog Orders 13 0 0 12
Number of employees 9 14 14 18
Average workweek -6 12 12 9
Finished product prices 17 17 17 41
Raw product prices 39 43 43 57
Capital expenditures N/A N/A N/A 22
Inventory-materials 12 7 7 3
Inventory-finished goods 7 2 2 1


Read more at Reuters.com Economic News

Mexico stocks rise, led by America Movil gains

(Reuters) - The price of the benchmark 10-year peso bond
rose 0.375 point to bid 102.234, pushing its yield down 6 basis
points to 7.64 percent.




Investors widely expect the U.S. Federal Reserve will hold
interest rates steady due later on Thursday, but some see the
Fed's monetary policy statement taking a slightly softer stance
on U.S. inflation.


Read more at Reuters.com Bonds News

UPDATE 1-Gazprom's 2006 net profit doubles, beats forecasts

(Reuters) - The firm said its revenue, calculated to International
Financial Reporting Standards, rose to 2.152 trillion roubles in
2006 from 1.38 trillion roubles in 2005.




Sales in the domestic market, Gazprom's least profitable
outlet because of state-capped prices, rose 15 percent. But in
the rest of the former Soviet Union, where last year it pushed
through price rises across the board, net sales soared 93
percent.


Read more at Reuters.com Market News

Rand gains, bonds slip on inflation worry

(Reuters) - South Africa's rand firmed against major currencies on Thursday, bolstered by an increased likelihood of higher interest rates and a stronger gold price, but bonds sold off on the rates outlook.

The domestic currency was trading at 7.0850 to the dollar at 1510 GMT, a gain of 0.56 percent compared to Wednesday's New York close, and extending an overnight rally.


Read more at Reuters Africa

UPDATE 1-Fed seen on hold as it mulls inflation outlook

(Reuters) - WASHINGTON, June 28 - U.S. Federal Reserve
policy-makers resumed a two-day meeting on Thursday that looked
certain to end with a decision to hold borrowing costs steady
and a likely restatement of concerns over inflation.




Financial markets widely expect the U.S. central bank to
hold benchmark overnight interest rates at 5.25 percent, a
level reached in June last year after 17 straight increases.


Read more at Reuters.com Bonds News

UPDATE 1-Spain's Acciona confirms to buy into U.S. wind farms

(Reuters) - MADRID, June 28 - Acciona SA has bought the rights to build 1,300 Megawatts of wind power in the U.S. mid-west, it said on Thursday, part of the Spanish building-to-energy group's U.S. expansion plan.



Acciona did not give a value for the purchase from U.S. group EcoEnergy, but earlier on Thursday Expansion newspaper said analysts expected the acquisition to cost several million dollars.


Read more at Reuters.com Mergers News

TREASURIES-Bonds dip on strong Q1 inflation data

(Reuters) - Investors are betting that the Fed would maintain a hawkish
tone on inflation when it announces it interest rate verdict at
the end of a two-day policy meeting at about 2:15 p.m. .




"The price index was much higher. It's mildly negative . Today's real action is going to be based on the Fed's
statement. That's what going to set the tone today," said
Andrew Brenner is at MAN Financial in New York.


Read more at Reuters.com Bonds News

Kenya to sell 40 pct of Kenya Reinsurance

(Reuters) - Kenya plans to sell a 40 percent stake in Kenya Reinsurance Corporation for 2.28 billion shillings in an initial public offering, the country's finance minister said on Thursday.

"After today, Kenyans can start planning to participate in the Kenya Re IPO," Amos Kimunya told a press conference.


Read more at Reuters Africa

GM selling Allison Transmission for $5.6 billion

(Reuters) - GM had said in January that it was looking to sell Allison, which makes transmissions for commercial trucks, buses and military vehicles.




Read more at Reuters.com Mergers News

US RATE FUTURES-Fretting over GDP inflation component

(Reuters) - CHICAGO, June 28 - U.S. short-term interest rate
futures extended losses slightly on Thursday as dealers focused
on upwardly revised inflation readings in the final
first-quarter GDP report.




"The higher inflation is what folks are focusing on. It's a
little disconcerting," said Mark Vitner, economist at Wachovia
Securities in Charlotte, North Carolina.


Read more at Reuters.com Bonds News

Uganda population growth hurting economy - UN

(Reuters) - Uganda's population growth rate, the third highest in the world, threatens to undo government efforts to promote economic growth and slash poverty, the United Nations said on Thursday.

The United Nations Population Fund's (UNFPA) annual report said this week Uganda's population was growing at 3.6 percent a year, behind only East Timor and fellow African nation, Burundi.


Read more at Reuters Africa

TREASURIES-Bond prices steady; await final GDP, FOMC

(Reuters) - Investors were also awaiting the final readings of first
quarter gross domestic product and underlying price data
before taking any positions in the market, analysts said. For
more on these forecasts see [ID:nN26356220].




"The highlight of the day is the FOMC statement," said
Matthew Moore, economic strategist at Banc of America
Securities in New York.


Read more at Reuters.com Bonds News

Argentine banker says could buy YPF stake in '08

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





Read more at Reuters.com Mergers News

Bond prices steady; await final GDP, FOMC

(Reuters) - Investors were also awaiting the final readings of first quarter gross domestic product and underlying price data before taking any positions in the market, analysts said.




"The highlight of the day is the FOMC statement," said Matthew Moore, economic strategist at Banc of America Securities in New York.


Read more at Reuters.com Hot Stocks News

General Mills 4th-quarter profit rises

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




Sales rose 7 percent to $3.06 billion. Analysts, on average, forecast $2.99 billion, according to Reuters estimates.


Read more at Reuters.com Business News

DealTalk: New-look infrastructure assets spice up auctions

(Reuters) - Infrastructure funds have built a following for buying low-risk, stable cash flow businesses, but some of the assets recently billed as infrastructure are more volatile, and risk leaving investors with headaches down the line.




Traditional infrastructure assets include privatized, regulated monopolies such as utilities and toll roads, necessities less susceptible to economic cycles and not as vulnerable to technological advances.


Read more at Reuters.com Business News

S.Africa bonds weaken after PPI data

(Reuters) - South African government bonds weakened on Thursday after data showed producer price inflation quickened to 11.3 percent year-on-year in May, above forecasts.

Yields on the benchmark bond due 2015 were up 5 basis points at 8.52 percent at 1040 GMT compared to Wednesday close and levels just before the data was released, after earlier rising to 8.54 percent. Yields on the 2010 bond were nine basis points higher at 9.135 percent.


Read more at Reuters Africa

Rupert Murdoch meets Italian PM in Rome

(Reuters) - Murdoch, whose media expire 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 Business News

Lead Gains in London on China Export Speculation; Copper, Aluminum Rise

(Bloomberg) -- Lead gained for a second consecutive
day in London on speculation that exports from China, the
largest producer, may decline after the government imposed a 10
percent tax on overseas sales. Copper and aluminum also rose.

Henan Yuguang Gold & Lead Co., China's biggest lead
producer, said yesterday profit will be hurt by the increased
tax, which was introduced from this month. Exports accounted for
28 percent of its metal sales in the first five months of 2007.
Exports may fall 10 percent by 2010, Beijing Antaike Information
Development Co. said May 30.


Read more at Bloomberg Commodities News

FTSE 100 Index Increases, Paced by BHP, British Land; Sainsbury Climbs

(Bloomberg) -- U.K. stocks advanced, led by BHP
Billiton Ltd. and Royal Dutch Shell Plc as base metal and oil
prices climbed.

British Land Co. and Hammerson Plc paced a rally in property
shares as U.K. house prices rose at the fastest pace this year,
according to Nationwide Building Society, the biggest U.K.
mortgage lender. J Sainsbury Plc gained on a Reuters report that
Robert Tchenguiz has doubled his stake in the supermarket chain.


Read more at Bloomberg Stocks News

Japan Shares Rise as Yen Ends Three-Day Climb; Honda, Toyota Lead Gains

(Bloomberg) -- Japanese stocks advanced, helping
the Nikkei 225 Stock Average rebound from a four-day slide,
after the yen reversed a strengthening trend and two brokerages
issued bullish reports on the country's automakers, citing
benefits from the currency.

Honda Motor Co. jumped the most in more than two weeks,
after sliding 1.6 percent during the past three sessions. Toyota
Motor Corp. rose after Goldman, Sachs & Co. lifted its
recommendation on the shares to ``buy,'' citing the dropping yen.


Read more at Bloomberg Stocks News

U.S. Stock Funds Climbed 4.8 Percent in Second Quarter on Record Takeovers

(Bloomberg) -- U.S. equity mutual funds rose 4.8
percent in the second quarter, twice the rate of the first three
months of the year, as record corporate takeovers pushed U.S.
stock indexes to new highs.

Funds that invest in energy companies were the top
performers, climbing 10 percent, and real estate funds were the
biggest losers, falling 8.6 percent, according to data compiled
by Chicago-based research firm Morningstar Inc.


Read more at Bloomberg Stocks News

German Stocks Rise; Adidas, Continental, MAN Pace Advance

(Bloomberg) -- German stocks advanced, led by Adidas
AG, Continental AG and MAN AG.

The benchmark DAX Index rose 47.96, or 1 percent, to 7876.19
as of 9:07 a.m. in Frankfurt. The HDAX Index of the country's 110
biggest companies climbed 1 percent.


Read more at Bloomberg Stocks News

JGBs reverse gains on Nikkei recovery, data in focus

(Reuters) - Market players largely brushed off data showing a surprising
drop in industrial output as many are awaiting consumer price
data on Friday and the Bank of Japan's quarterly tankan survey on
Monday for clues on whether the central bank could raise rates as
early as August.




The BOJ is widely expected to boost interest rates by 25
basis points to a 12-year high of 0.75 percent in August.


Read more at Reuters.com Bonds News

Yen Weakens on Speculation Investors Are Selling to Restore Carry Trades

(Bloomberg) -- The yen fell from a two-week high
against the dollar and euro as investors resumed sales of the
currency in search of higher returns elsewhere through so-called
carry trades.

Japan's yen snapped a three-day winning streak, declining
against 15 of the 16 most-active currencies after Bank of Japan
Governor Toshihiko Fukui said the central bank aims to adjust the
lowest interest rates among major economies at a gradual pace.
The yen dropped the most against New Zealand's dollar, where an 8
percent benchmark interest rate compares with Japan's 0.5 percent.


Read more at Bloomberg Currencies News

Oil holds above $70 on falling US fuel stocks

(Reuters) - Oil was little changed above $70 a barrel on Thursday, as U.S. gasoline inventories fell against expectations amid peak summer driving demand, while swelling crude stock levels limited the upside.

London Brent crude, currently seen as the best benchmark for global oil prices, was up 2 cents at $70.55 a barrel by 0231 GMT, after rising 35 cents on Wednesday.


Read more at Reuters Africa

Kuwait Will Strengthen Dinar This Year, Standard Chartered's Brice Says

(Bloomberg) -- The Central Bank of Kuwait will
change the rate at which it buys and sells dinars one more time
this year, then leave it as the dollar appreciates against the
euro from the fourth quarter, Standard Chartered said.

The central bank's reference rate, as it is known, will
change around 0.35 percent in the third quarter as the euro gains
against the dollar, Steve Brice, chief Middle East economist at
Standard Chartered, said in a note received via e-mail today.


Read more at Bloomberg Currencies News

Fed seen on hold as core inflation edges lower

(Reuters) - Financial markets widely expect the U.S. central bank to hold benchmark overnight interest rates at 5.25 percent, a level reached in June last year after 11 straight increases.




Investors will watch closely to see if the Fed nods to a recent easing in measures of core inflation, which strip out food and energy prices to give a better sense of price trends, when it announces its decision around 2:15 p.m. .


Read more at Reuters.com Business News

Citizens Republic, CKE, Herman Miller, LSI, Red Hat: U.S. Equity Preview

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

Atmel Corp. (ATML US) gained 20 cents, or 3.5 percent, to
$5.91 in trading yesterday after the official close of U.S.
exchanges. The maker of chips for mobile phones and DVD players
said first-quarter net income was 6 cents a share, more than the
3-cent average estimate of five analysts surveyed by Bloomberg.


Read more at Bloomberg Stocks News

UPDATE 2-Japan output falls, other data eyed for a BOJ move

(Reuters) - TOKYO, June 28 - Japan's industrial production
unexpectedly fell in May from a month earlier, casting doubt on
an anticipated rebound in output but doing little to alter
expectations for the Bank of Japan to raise rates in the coming
months.




Market players largely shrugged off the weaker-than-expected
reading, as many were awaiting consumer price data the next day
and the Bank of Japan's quarterly tankan survey on Monday for
clues on whether the central bank could raise rates as early as
August.


Read more at Reuters.com Economic News

JGBs fall on rising stocks, players await data

(Reuters) - The BOJ is widely expected to boost interest rates by 25
basis points to a 12-year high of 0.75 percent in August.




"The data was not weak enough to make people think that a
rate hike may come later than August," said Tatsuo Ichikawa,
chief JGB strategist at ABN Amro.


Read more at Reuters.com Bonds News

Khazanah Sells $850 Million of Islamic Bonds Exchangeable Into Plus Shares

(Bloomberg) -- Khazanah Nasional Bhd., Malaysia's
state investment arm, said it sold $850 million of Islamic bonds
that can be converted into shares of the country's biggest toll-
road operator to fund its business.

Khazanah sold an additional $250 million, after initially
offering to sell $600 million of the five-year exchangeable bonds
because investors demanded more, the company said in an e-mailed
statement last night. Khazanah owns about 24 percent of PLUS
Expressways Bhd., the toll-road company.


Read more at Bloomberg Bonds News

Australia Dollar Rises Against Yen on Speculation Carry Trades to Continue

(Bloomberg) -- The Australian dollar rose against
the yen, snapping three days of declines, on speculation
investors will resume so-called carry trades.

The currency gained to 103.32 yen at 9:12 a.m. in Sydney
from 103.05 yen in late Asian trading yesterday. Australia's
dollar was at 83.93 U.S. cents, after trading as low as 83.56
cents, from 84.15 cents yesterday.


Read more at Bloomberg Currencies News

Japanese Bonds May Fall as Yields Near Three-Week Low Dent Investor Demand

(Bloomberg) -- Japan's 10-year bonds may drop,
halting a four-day advance, on concern yields near the lowest in
almost three weeks will dent investor demand.

Bonds may halt their longest winning streak since March on
speculation a government report today will show industrial
production gained for the first time in three months in May.
Signs of faster growth may prompt investors and traders to
increase bets that interest rates will rise.


Read more at Bloomberg Bonds News

Coates Hire, Medusa, Santos, Woodside Petroleum: Australian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may rise or fall in Australia. This preview includes
news announced after markets closed yesterday. Prices are from
yesterday's close unless otherwise stated. Stock symbols are in
brackets after the company names.

The S&P/ASX 200 Index futures contract due in September
added 0.7 percent to 6258 at 6:59 a.m. in Sydney. The Bank of New
York Australia ADR Index fell 1.5 percent in New York.


Read more at Bloomberg Stocks News

Group calls on company directors to curb forecasts

(Reuters) - Led by former U.S. Securities and Exchange Commission
Chairman William Donaldson, the Committee for Economic
Development said directors should not make short-term decisions
at the expense of long-term ones.




"We know from experience that long-term goals have been
sacrificed on occasion to short-term considerations," the CED
wrote in its report. "Sometimes those considerations cause
suboptimal economic choices and lamentable underperformance."


Read more at Reuters.com Government Filings News

UPDATE 1-Affinion Group files for $600 million IPO

(Reuters) - The Norwalk, Connecticut-based company did not reveal in
the preliminary filing with the U.S. Securities and Exchange
Commission how many shares it plans to sell or the expected
price of the shares.




It also did not disclose what symbol it will be seeking but
said it plans to list its stock on the New York Stock
Exchange.


Read more at Reuters.com Government Filings News

UPDATE 1-Moody's sees downgrades of subprime CDOs rising

(Reuters) - NEW YORK, June 27 - Moody's Investors Service on
Wednesday said it expects to downgrade more subprime-related
collateralized debt obligations this year and next than it did
in 2006.




"Given what's been said about this market, as we see
expectations of cumulative losses increasing, yes, I do expect
to see downgrades," Yuri Yoshizawa, group managing director at
Moody's, told Reuters.


Read more at Reuters.com Bonds News

Moody's expects to cut more subprime CDOs than last yr

(Reuters) - The credit-ratings firm is likely to downgrade more
subprime CDOs than it did last year, added Moody's Managing
Director Jonathan Polansky.




Read more at Reuters.com Bonds News

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

(Bloomberg) -- Canadian stocks gained for the first
time in four days as such energy shares as EnCana Corp. gained
along with crude oil, whose price rebounded to almost $69 a barrel.

Raw-materials shares including Teck Cominco Ltd. and Alcan
Inc., the target of a takeover offer from Alcoa Inc., recovered
from earlier drops and rose on prospects of continued global demand
for resources, and more takeovers.


Read more at Bloomberg Stocks News

Credit Suisse to open trading unit in Houston

(Reuters) - The Houston office will have three to five traders, the
company said.




Read more at Reuters.com Bonds News

Canada urges one securities watchdog to beat crime

(Reuters) - A nationwide market regulator could help solve the problem,
he said.




"Clearly, the world is not about to sit back and wait for
us, and quite frankly, our government is not prepared to accept
the status quo," he said.


Read more at Reuters.com Government Filings News

US STOCKS-Indexes rise with energy, tech shares

(Reuters) - NEW YORK, June 27 - U.S. stocks rose on
Wednesday, with the Nasdaq up 1 percent on gains in technology
shares and the energy sector boosted by a jump in oil prices of
more than $1 a barrel.




A drop in Treasury yields in the afternoon also boosted
stocks. Major indexes had fallen earlier in the day after
weaker-than-expected durable goods data.


Read more at Reuters.com Bonds News

TREASURIES-Bond bulls muster fresh gains as subprime lurks

(Reuters) - NEW YORK, June 27 - U.S. government bonds climbed
on Wednesday as worries over failed bets in high-risk mortgages
supported demand for safer assets, although rising stocks
appeared to be threatening the rally.




A steep decline in durable goods orders bolstered
Treasuries, whose movements were tempered in part by a looming
interest rate decision from the Federal Reserve.


Read more at Reuters.com Bonds News

Ex-SEC chair Breeden seeks 3 H&R Block board seats

(Reuters) - Breeden Capital Management LLC, which said it controls 1.86 percent of H&R Block shares, plans to nominate Breeden and two others for election to H&R Block's 11-person board at the company's September 6 annual meeting.




He complained that H&R Block shareholders have suffered as the Kansas City, Missouri-based company strayed into areas outside tax preparation, its largest and best-known business.


Read more at Reuters.com Business News

Wells Fargo unit fined for conflict of interest

(Reuters) - Cadence designs semi-conductors for use in the global
electronics market.




The unit of Wells Fargo & Co. and van Dorsten
neither admitted nor denied the findings, but consented to the
entry of NASD's findings.


Read more at Reuters.com Government Filings News

Southwest Air trims expansion amid slowdown

(Reuters) - Southwest, the leading U.S. discount carrier, intends to adjust its route schedule and reduce its planned fleet expansion by 15 aircraft, CEO Gary Kelly said during a company conference with analysts.




The measures would lead to capacity growth of about 6 percent in the fourth quarter of this year and in 2008, down from a planned increase of about 8 percent.


Read more at Reuters.com Market News

UPDATE 1-ServiceMaster restructures, creditors pull back

(Reuters) - NEW YORK, June 27 - ServiceMaster Co. is
one of the latest companies forced to restructure the financing
for its leveraged buyout, as bond investors resist some of the
riskiest types of debt from heavily leveraged companies,
according to analysts and sources.




ServiceMaster, which owns TruGreen LawnCare and Terminix
pest control, in March accepted a $4.7 billion takeover bid
from a group led by private equity firm Clayton, Dubilier &
Rice Inc. For details, see [ID:nBNG292644].


Read more at Reuters.com Bonds News

FSA Considering U.K. Commodity-Trading Reports Similar to Those in U.S.

(Bloomberg) -- The Financial Services Authority,
the U.K.'s markets regulator, is considering publishing reports
on commodity trading similar to those released by the U.S.
Commodity Futures Trading Commission, in an attempt to improve
transparency.

``It's something that we are looking into and need to speak
with people in the market first,'' Jonathan Hill, head of the
FSA's commodities group, said in an interview in London today.
``It's an area where we could potentially add value if the
market thinks it's worth doing.''


Read more at Bloomberg Energy News

Global Company Bond Risk Rises Amid Subprime Loan Concerns, Buyout Debt

(Bloomberg) -- The perceived risk of owning U.S.
and European corporate bonds rose for the sixth day in seven
amid concerns about subprime mortgage losses and the record pace
of borrowing being used to fund leveraged buyouts.

Credit-default swaps based on $10 million of debt in the
CDX North America Crossover Index jumped $3,000 to $187,000 at
11:36 a.m. in New York after hitting a 10-month high of $192,000
earlier today, according to Deutsche Bank AG. The iTraxx
Crossover Index of 50 European companies rose 9,500 euros
($12,760) to 225,000 euros at 4:27 p.m. in London, according to
JPMorgan Chase & Co. The increase is the biggest since March 14.


Read more at Bloomberg Bonds News

Goldman CEO says world less risky; still nervous

(Reuters) - The spread between top grade and junk debt remains thin, as
investors flush with cash snap up every kind of asset around
the world.




Speaking at a Wall Street Journal dealmakers conference,
Blankfein said he remained optimistic about the state of the
global economy and the ability of markets to price risk.


Read more at Reuters.com Bonds News

WRAPUP 1-US May durable goods orders fall,stir growth fears

(Reuters) - It was the first drop in durable goods orders since January
and followed a 1.1 percent rise in April, the Commerce
Department said on Wednesday. Analysts were expecting orders to
slip by only 1 percent.




A separate report showed U.S. mortgage applications fell
for the second straight week as interest rates remained near
recent highs and made home buying more expensive.


Read more at Reuters.com Economic News

Nymex Gas Is Steady Amid Reduced Concern Over Hot Weather, Storm Threat

(Bloomberg) -- Natural gas in New York was little
changed as intense hot weather that spurs demand and storms that
pose a possible threat to production haven't materialized.

``It looks like it's trying to hold this $6.80 level as far
as the July contract goes, you may have the shorts come in and
take some profit and get a bounce,'' said Brad Florer, a trader
with Kottke Associates Inc. in Louisville, Kentucky. ``And a lot
of guys who are long, are thinking if they can just tread water
and hold here, they'll get a storm and a move, and everything
will be alright.''


Read more at Bloomberg Energy News

Puerto Rico funding probe swirls around governor

(Reuters) - In recent weeks, a grand jury has subpoenaed Acevedo Vila's
records at the University of Puerto Rico, where he was a
student, and, according to newspaper reports, heard testimony
from employees of swanky clothing stores where the governor and
his political party, the Popular Democratic Party , have
admitted to paying cash to buy him $40,000 worth of suits.




The local news reports -- some based on what the governor
has called leaks of false information -- have also said the
grand jury is investigating claims he received gifts of jewelry
and cosmetic surgery.


Read more at Reuters.com Bonds News

US blue chips trim losses as energy shares recover

(Reuters) - U.S. blue-chip stocks pared losses on Wednesday after energy stocks, including Exxon Mobil Corp., turned positive on data showing a surprise drop in weekly U.S. gasoline supplies.

The Nasdaq rose, helped by Oracle Corp. after the world's third-largest software company reported a higher quarterly profit. For details, see ID:nN26384527.


Read more at Reuters Africa

Chilean Copper Output Rises 3.9 Percent in May as Companies Expand Mines

(Bloomberg) -- Chile, the world's biggest copper
supplier, said output of the metal rose 3.9 percent in May as
companies expanded mines.

Output climbed to 479,049 metric tons from a revised
461,195 tons in May 2006, the Chilean government's National
Statistics Institute said today in Santiago.


Read more at Bloomberg Commodities News

Clinton Group declares 5.05 pct stake in Healthspring

(Reuters) - In a filing with the U.S. Securities and Exchange
Commission, Clinton Group and affiliates said they owned about
2.9 million shares, or 5.05 percent, as of June 26. The company
added that the shares, when purchased, were undervalued and
represented an "attractive investment opportunity."




Clinton said it paid about $55.6 million to acquire the
shares.


Read more at Reuters.com Government Filings News

Mexico Peso Declines to Two-Week Low on Subprime Spillover, Slowdown Fears

(Bloomberg) -- Mexico's peso fell to a two-week low
on worries faltering subprime mortgages may prompt investors to
avoid riskier, emerging market assets and sliding U.S. durable
goods orders could signal economic slowing.

``The jitters about the U.S. credit markets certainly
weighed on the peso,'' said Rafael de la Fuente, chief Latin
America economist for BNP Paribas in New York.


Read more at Bloomberg Currencies News

Andrew, BAE, Best Buy, Jones Soda, Valero Energy: U.S. Equity Preview

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

Oil Refiners: Citigroup Global Markets Inc. downgraded
shares of Valero Energy Corp. (VLO US), the largest U.S. refiner,
and Tesoro Corp. (TSO US), the largest refiner in the U.S. West,
to ``sell'' from ``hold'' because of valuations. Sunoco Inc. (SUN
US), the biggest refiner in the Northwest, was cut to ``hold''
from ``buy.'' Valero fell $1.21 to $73.45 in trading before U.S.
exchanges opened. Sunoco lost 35 cents to $79.98 and Tesoro
retreated $1.51 to $56.40.


Read more at Bloomberg Stocks News

Canada Stocks May Fall on Commodities Prices; Petro-Canada, Alcan May Drop

(Bloomberg) -- Canadian stocks may fall, sending the
country's main equity index to its first four-day drop 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. may decline 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

UPDATE 1-AGF Management's second-quarter earnings surge

(Reuters) - Canada's third-largest publicly traded fund management firm
reported net income of C$53.6 million , or 59
Canadian cents a share, for the three months ended May 31, up
from C$33 million, or 37 Canadian cents a share, in the same
quarter a year ago.




Profit from continuing operations was C$49.1 million, or 54
Canadian cents a share, versus C$21.5 million, or 24 Canadian
cents a share, in the same period last year.


Read more at Reuters.com Market News

UPDATE 2-Wells Fargo names Stumpf CEO; Kovacevich stays chair

(Reuters) - NEW YORK, June 27 - Wells Fargo & Co. ,
the fifth-largest U.S. bank, on Wednesday named John Stumpf chief
executive effective immediately, replacing Richard Kovacevich,
who will remain chairman.




Stumpf, 53, has been president and chief operating officer
since August 2005, and was long considered to be a leading
candidate to replace Kovacevich. Last June, Stumpf joined
Kovacevich as the only inside directors on the bank's board.


Read more at Reuters.com Bonds News

H.B. Fuller posts higher 2nd qtr earnings

(Reuters) - Analysts had expected the company to post earnings of 42
cents per share, according to Reuters Estimates.




Revenue rose 0.5 percent to $373.5 million for the quarter
ending June 2, as positive pricing and favorable foreign
currency translation helped offset lower volume.


Read more at Reuters.com Market News

Bond prices rise on lingering subprime woes

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




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


Read more at Reuters.com Hot Stocks News

Futures signal weak start on liquidity worry

(Reuters) - In takeover news, Rupert Murdoch told Reuters on Wednesday he had no plan to raise his News Corp.'s bid for Dow Jones & Co. Inc. and said he is waiting for final approval of the proposed acquisition from the Bancroft family, which controls the publisher of the Wall Street Journal.




A weak Japanese currency has allowed investors to borrow cheaply in yen to buy higher-yielding assets elsewhere, a practice known as carry trade. The yen rose on Wednesday against the dollar and euro.


Read more at Reuters.com Business News

UPDATE 1-US home loan demand drops to four-month low - MBA

(Reuters) - NEW YORK, June 27 - U.S. mortgage applications
fell for a second straight week as interest rates remained near
recent highs, an industry group said on Wednesday.




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


Read more at Reuters.com Bonds News

Copper Drops to Two-Week Low in London on Slowing U.S Demand; Nickel Falls

(Bloomberg) -- Copper fell in London to a two-week
low on signs that demand in the U.S. remains sluggish and that
China, the world's biggest consumer, may raise interest rates.
Aluminum and nickel also dropped.

New home purchases in the U.S., the second-biggest user of
the metal, fell in May, signaling demand is still weak in the
second year of a housing slump. Builders are the biggest users
of the metal.


Read more at Bloomberg Commodities News

U.S. Stock-Index Futures Are Little Changed; Oracle Advances in Europe

(Bloomberg) -- U.S. stock-index futures were little
changed before Federal Reserve Chairman Ben S. Bernanke and other
central bank policy makers meet to decide on interest rates.

Oracle Corp. gained in Europe after the world's third-
largest software maker gave a better sales outlook than analysts
expected. Nike Inc. advanced after the world's largest athletic-
shoe maker said orders rose the most in a decade.


Read more at Bloomberg Stocks News

Private equity firm to buy Nordstrom unit: report

(Reuters) - A Nordstrom spokeswoman did not immediately return a call
seeking comment.




Nordstrom shares closed at $50.20 on the New York Stock
Exchange on Tuesday.


Read more at Reuters.com Mergers News

Cnooc Parent Plans to Buy Additional Spot LNG Cargoes to Cover Shortfall

(Bloomberg) -- China National Offshore Oil Corp.,
joint operator of the country's first liquefied natural gas
terminal, will buy more cargoes of the fuel in the spot market to
cover a shortfall in imports, a company official said.

China's biggest offshore oil explorer is prepared to pay a
maximum of $10 per million British thermal units for the cargoes,
Ye Yishu, marketing general manager at the Beijing-based
company's LNG trading and shipping unit, said today.


Read more at Bloomberg Energy News

Shanghai copper limit down, growth, charts weigh

(Reuters) - Shanghai copper tumbled by its 4 percent daily limit on Wednesday, following losses in London in the wake of weak U.S. economic data and downbeat chart readings.

The most-active September copper contract on the Shanghai Futures Exchange dropped by 2,520 yuan or 4 percent from Tuesday's settlement price, to 60,420 yuan at 0600 GMT. At the close, copper was at 60,440 yuan.


Read more at Reuters Africa

U.S. Notes Rise a Fourth Day; Report May Show Durable Goods Orders Dropped

(Bloomberg) -- U.S. 10-year notes rose for a fourth
day, the longest run of gains since February, before a
government report that economists say will show durable goods
orders fell in May.

The yield on the benchmark 4 1/2 percent security due in
May 2017 fell 1 basis point to 5.07 percent as of 8:03 a.m. in
London, according to bond broker Cantor Fitzgerald LP. The price
rose 3/32, or 94 cents per $1,000 face amount, to 95 20/32.


Read more at Bloomberg Bonds News

Philippine Government Bonds Decline as Borrowing May Rise; Peso Weakens

(Bloomberg) -- Philippine bonds fell on speculation
the government will this week announce it plans to increase
borrowing next quarter after spending rose faster than revenue.

Seven-year notes ended two days of gains on concern
additional supply may be needed after the budget shortfall was
41.8 billion pesos ($899 million) in the first five months of
the year, above the 31 billion peso target for the first half.
The government may announce its third quarter borrowing plan as
early as today.


Read more at Bloomberg Bonds News

Bank of Japan's Inoue Sees `Huge Amount' of Capital Flows Leaving Japan

(Bloomberg) -- Bank of Japan official Tetsuya Inoue
said today he anticipates massive capital outflows as Japanese
households seek to diversify domestic assets.

``It's reasonable to expect that you could still see a huge
amount of capital flows'' leaving Japan, Inoue, deputy director-
general of the central bank's financial markets department, said
at a foreign-exchange conference in Singapore organized by
Terrapinn Ltd.


Read more at Bloomberg Currencies News

U.S. Immigration Plan, Buffeted by Squabbles, Survives Its Initial Test

(Bloomberg) -- The most comprehensive overhaul of
immigration law in two decades was revived in the U.S. Senate
and now faces votes on amendments that could shatter the fragile
bipartisan coalition backing the legislation.

Supporters of the measure, President George W. Bush's top
domestic priority, overcame a procedural hurdle yesterday and
cleared the way for debate on about two dozen amendments this
week in the Democratic-controlled Senate.


Read more at Bloomberg Currencies News

Oil prices steady at $70, U.S. stockpiles seen up

(Reuters) - London Brent crude, currently seen as the best benchmark for global oil prices, edged up 1 cent to $70.18 a barrel by 0334 GMT, after falling $1.19 on Tuesday. U.S. light, sweet crude gained 3 cents to $67.80 a barrel.




U.S. crude inventories, already at the highest since May 22, 1998, are expected to have risen a further 1.2 million barrels last week, a Reuters poll of analysts found. Gasoline inventories are also expected to rise by 1.2 million barrels.


Read more at Reuters.com Hot Stocks News

Japan Aluminum Product Output Falls in May on Weaker Can, Building Demand

(Bloomberg) -- Japan's output of aluminum products
fell 0.7 percent in May to 199,632 tons from a year earlier,
driven by weaker demand for cans and construction, the Japan
Aluminium Association said in a statement.

Output of so-called rolling-mill products dropped 0.1
percent from a year earlier to 120,214 tons, while extruded
products decreased 1.6 percent to 79,418 tons, the association
said today in a statement.


Read more at Bloomberg Commodities News

CHC, H.B. Fuller, ConocoPhillips, Playboy, Oracle: U.S. Equity Preview

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

CHC Helicopter Corp. (FLI US) gained $1, or 4.6 percent, to
$22.80 in after-hours trading yesterday. The world's largest
supplier of helicopter services to the offshore oil and gas
industry said fourth-quarter profit rose 25 percent to C$13.5
million ($12.6 million), or 30 cents a share.


Read more at Bloomberg Stocks News

Asia Currencies Drop on Speculation Investors Cutting Emerging-Market Risk

(Bloomberg) -- Southeast Asian currencies led by
Indonesia's rupiah fell on speculation investors were paring
holdings of emerging-market assets.

The rupiah fell to the weakest since April 5 and the
Philippine peso dropped to the lowest in almost two weeks on
concern losses tied to subprime housing loans in the U.S. will
slow growth in one of Asia's biggest export markets. The Morgan
Stanley Capital International Asia-Pacific Index of shares is set
for its biggest decline since June 8.


Read more at Bloomberg Currencies News

China Life Increases Stake in Minsheng Bank to Become Largest Shareholder

(Bloomberg) -- China Life Insurance Co. overtook
Chinese billionaire Liu Yonghao as the biggest shareholder of
China Minsheng Banking Corp, the nation's only privately
controlled bank.

China Life owns 893.6 million shares, or 6.17 percent of
Minsheng, the Beijing-based bank said in a statement to
Shanghai's stock exchange. Ping An Insurance Co., the nation's
second-biggest insurer, owns 4.93 percent of Minsheng, making it
the fourth-largest investor.


Read more at Bloomberg Emerging Markets News

Website Pros, Web.com in merger agreement

(Reuters) - The deal is expected to close in the second half of 2007.




Read more at Reuters.com Mergers News

Boustead, Noble Group, United Test & Assembly: 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 fell 1.5 percent, to 3525.10. The
June futures contract declined 1.5 percent.


Read more at Bloomberg Stocks News

UPDATE 1-Cox says SEC reviewing hedge funds' valuations

(Reuters) - WASHINGTON, June 26 - U.S. Securities and
Exchange Commission Chairman Christopher Cox said on Tuesday
that the agency is reviewing valuation methods hedge funds use
for their assets, a central issue in the liquidity problems of
two hedge funds managed by Bear Stearns Cos. Inc. .




"We are going to further review, using the SEC staff, the
valuation and other issues that managers for these funds have,"
Cox told the House Financial Services Committee in response to
a lawmaker's question.


Read more at Reuters.com Bonds News

Petro-Canada joins Venezuelan oil exodus

(Reuters) - The company had a 20 percent interest in the La Ceiba
discovery, which was not producing oil. It was operated by
Exxon Mobil Corp. , which quit its Venezuelan operations
after failing to strike a deal to stay in a number of
multibillion-dollar projects in the OPEC nation.




Read more at Reuters.com Bonds News

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 Bonds News

SEC's Cox: little risk from Bear Stearns funds

(Reuters) - "We are regularly in contact with officials at these
firms and they provide us with real-time reports
of not only what's going on, but particularly emerging
financial weaknesses if there are any," Cox said.




Read more at Reuters.com Bonds News

Nike still sees U.S. marketplace as "growth engine"

(Reuters) - "We've got a little bit of challenge going on in the mall,
but overall, all the channels of distribution are still pretty
healthy," he said.




Read more at Reuters.com Market News

RPT-RLPC-U.S. Foodservice postpones LBO financing--sources

(Reuters) - It was not clear whether the two intend to finance their
LBO by bridge loans that have been provided by Citigroup,
Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley and
RBS Securities.




U.S. Foodservice was in the process of raising a $3.36
billion bank loan and a $650 million high yield bond offering.


Read more at Reuters.com Bonds News

WRAPUP 1-U.S. Senate resumes debate on immigration bill

(Reuters) - The Senate voted 64-35 to resume debate on the bill, which
ties tough border security and workplace enforcement measures
to a plan to legalize an estimated 12 million illegal
immigrants and a create temporary worker program sought by
business groups.




The legislation would be a significant victory for Bush in
his second term in office but he has to overcome fierce
opposition from many fellow Republicans who say it would do
little to stem the flow of illegal immigration into the United
States.


Read more at Reuters.com Bonds News

Amcol, Coca-Cola Enterprises, Kroger, Petsmart:U.S. Equity Movers Final

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

Amcol International Corp. (ACO US) gained $2.15, or 8.8
percent, to $26.70. The producer of clays was raised to ``buy''
from ``neutral'' by analyst Richard Wesolowski at Sidoti & Co.


Read more at Bloomberg Stocks News

U.S. Stocks Decline, Led by Energy Producers; Exxon, Lennar Shares Drop

(Bloomberg) -- Most U.S. stocks fell for the fourth
time in five days, dragged down by drillers and homebuilders
after the price of oil dropped and new home sales slid.

Exxon Mobil Corp. and ConocoPhillips led energy producers in
the Standard & Poor's 500 Index to the steepest decline among 10
industries. Lennar Corp., the biggest homebuilder, reached a
nearly four-year low.


Read more at Bloomberg Stocks News

Yen Rises Most in Two Months Versus Dollar as Omi Mentions One-Way Bets

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

Japan's yen rose against all 16 most-active currencies
tracked by Bloomberg News 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.


Read more at Bloomberg Currencies News

UPDATE 1-May oil output slips at Mexico's Cantarell field

(Reuters) - Cantarell, closely watched by the oil industry after sharp
dips in output, produced an average of 1.579 million barrels
per day versus 1.592 million bpd in April.




The figure meant Cantarell accounted for just 51 percent of
Mexico's overall crude oil output last month.


Read more at Reuters.com Bonds News

Conrad Black trial told payments passed scrutiny

(Reuters) - "Where's the crime?" asked Ron Safer, concluding his final
argument for Mark Kipnis, a former lawyer for Black's Hollinger
International Inc.




The company's audit committee acting for the board
"approved everything put in front of them," Safer said. "Nobody
pulled the wool over their eyes ... this whole case doesn't
make sense."


Read more at Reuters.com Bonds News

WRAPUP 2-U.S. new home sales ease while confidence falls

(Reuters) - WASHINGTON, June 26 - U.S. new home sales in May
fell more than expected while consumer confidence in June hit a
10-month low amid worries about jobs and the business climate,
adding to signs of sluggish economic growth this year.




"These are numbers that are consistent with a slowing down
in activity, a moderation on the consumption side," said Steven
Wieting, an economist with Citigroup Global Markets, Inc., in
New York.


Read more at Reuters.com Economic News

Treasuries Drop on U.S. Two-Year Note Auction, Rebound in Riskier Assets

(Bloomberg) -- Treasuries fell, pushing yields on
two-year notes up from their lowest this month, as the
government sold $18 billion of the securities in an auction and
demand for stocks and corporate debt rebounded.

Yields climbed even as reports showed purchases of new
homes dropped in May and a measure of consumer confidence fell
this month to the lowest level since August. Two-year yields had
fallen 10 basis points over the past two trading days on concern
a weak housing market would lead to losses for investors in
mortgage-backed securities.


Read more at Bloomberg Bonds News