S.Africa's Manuel not interested in leading World Bank

(Reuters) - South African Finance Minister Trevor Manuel signalled on Wednesday that he was not interested in succeeding outgoing World Bank President Paul Wolfowitz and added that he had not been approached directly about the job.

Manuel, who has won praise for steering South Africa's vibrant economy for the past 11 years, was among those touted as possible candidates to take over from Wolfowitz, who resigned last week over his handling of a high-paying promotion for his companion.


Read more at Reuters Africa

Barclays, Burberry, Kingspan, Brewin Dolphin: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from yesterday's market close.

The benchmark FTSE 100 Index rose 9.8, or 0.15 percent, to
close at 6616.4 in London as 52 stocks rose, 47 fell and 3 were
unchanged. The FTSE All-Share Index gained 6.16, or 0.2 percent,
to 3440.38.


Read more at Bloomberg Stocks News

Boston Scientific says stent gets CE Mark

(Reuters) - The stent is not available for sale in the United States.




Read more at Reuters.com Government Filings News

Asian Oil Refining Margins to Fall as Demand Drops, Woori Securities Says

(Bloomberg) -- Profit from turning crude oil into
gasoline and other products may fall by the end of the third
quarter as fuel demand declines, Seoul-based Woori Investment &
Securities Co. said.

Refining margins may fall as much as 25 percent by late
September after gaining on higher demand for transportation and
power-generation fuels in the second and third quarters, said
Kenneth Shin, a Seoul-based analyst at Woori Investment


Read more at Bloomberg Energy News

Alcan shares surge after it rejects Alcoa bid

(Reuters) - Alcon rejected the offer on Tuesday that would create the world's largest producer of the metal, which is used in products ranging from beverage cans to airplanes, and said it was in talks with third parties.




"A lengthy delay of this deal would grant another company sufficient time to review its options and launch a counter- bid," John Redstone, analyst at Desjardins Securities, said in a research report.


Read more at Reuters.com Hot Stocks News

Taiwan Dollar Strengthens on Speculation Central Bank Bought the Currency

(Bloomberg) -- Taiwan's dollar rose to a two-week
high on speculation the central bank bought the currency to stem
losses after it fell this week to the lowest in 17 months.

The central bank bought NT$34 billion ($1 billion) in the
market to support the Taiwan dollar, the Taipei-based Economic
Daily News said today, citing an unidentified trader. The local
dollar's 2.2 percent drop this year has made it the worst
performer of the 17 most-traded currencies as the central bank's
key interest rate of 2.875 percent, among the lowest in Asia,
encourages investors to buy assets abroad.


Read more at Bloomberg Currencies News

Lehman Brothers Holdings Sells 128 Billion Yen of Five-Year Samurai Bonds

(Bloomberg) -- Lehman Brothers Holdings Inc., the
fourth-largest U.S. securities firm, sold 128 billion yen ($1
billion) of bonds, according to data compiled by Bloomberg.

Lehman sold 56 billion yen of 1.69 percent bonds maturing in
five years. It also sold 50 billion yen of five-year bonds with a
floating rate and 22 billion yen of 10-year bonds with a 2.23
percent coupon, Bloomberg data shows.


Read more at Bloomberg Bonds News

Australian Stocks Drop, Led by BHP Billiton After Copper, Nickel Slides

(Bloomberg) -- Australian stocks fell, led by BHP
Billiton Ltd. and Rio Tinto Group, after metals prices including
copper and nickel dropped.

The S&P/ASX 200 Index lost 61.20, or 1 percent, to 6293.90
as of 11:52 a.m. in Sydney. About 17 stocks fell for every three
that rose. The index has dropped 1.2 percent since its record
close on May 21.


Read more at Bloomberg Stocks News

UPDATE 1-Texas law won't derail TXU buyout-KKR

(Reuters) - The Texas House and Senate have passed different versions
of a bill that could have forced TXU to sell some business
units or power plants. Executives from KKR were watching the
legislation closely, warning that changes that would force
divestitures or give state regulators expanded authority to
reject the sale, could jeopardize the offer.




A compromise proposal agreed to Wednesday by all 10 members
of a conference committee requires functional separation of
TXU's three business units -- power generation, power delivery
and retail sales -- without requiring any sales, according to
the conference committee report.


Read more at Reuters.com Mergers News

Australia's Stocks Drop, Led by BHP on Metal Prices, Greenspan Comments

(Bloomberg) -- Australian stocks fell, led by BHP
Billiton Ltd., after metals prices dropped and former Federal
Reserve Chairman Alan Greenspan warned the stock market in China
faces a ``dramatic contraction.''

The S&P/ASX 200 Index lost 46.30, or 0.8 percent, to 6308.80
as of 10:17 a.m. in Sydney. About eight times more stocks fell
than rose.


Read more at Bloomberg Stocks News

Japan April trade surplus Y926.7 bln, +51.8 pct y/y

(Reuters) - Exports rose 8.3 percent from a year earlier to 6.6370
trillion, compared with economists' median forecast of a 11.0
percent rise, data from the Ministry of Finance showed.




Imports rose 3.5 percent to 5.7103 trillion yen, against the
market consensus of a 6.9 percent increase.


Read more at Reuters.com Economic News

Japanese Shares May Slide After Greenspan's Warning on China Stock Prices

(Bloomberg) -- Japanese shares may decline after
former Federal Reserve Chairman Alan Greenspan warned the stock
market in China faces a ``dramatic contraction.''

Mizuho Financial Group Inc. and Sony Corp. may decline
should investors sell their holdings to benefit from recent
gains. U.S. stocks dropped yesterday after Greenspan's remarks.


Read more at Bloomberg Stocks News

Oil Is Steady After Gaining on Concerns U.S. Refiners Can Make Enough Fuel

(Bloomberg) -- Crude oil was little changed in New
York after rising yesterday on doubts that U.S. refiners can make
enough gasoline to keep up with rising summer demand.

U.S. gasoline supplies rose 1.43 million barrels last week,
leaving them 7 percent below average for this time of year, the
Energy Department said yesterday. Production rose to 9.2 million
barrels a day, the highest this year. Fuel deliveries rose for a
fourth week to 9.4 million barrels a day as oil companies stored
fuel for this weekend's holiday travel.


Read more at Bloomberg Commodities News

Investors push to vote out Exxon board member

(Reuters) - The group, which includes the California State Teachers
Retirement System, labor funds and the treasurers of six U.S.
states, is pushing for the removal of Michael Boskin, who is
chairman of Exxon's public issues committee.




"While Exxon Mobil's competitors are moving aggressively on
climate change, this company -- one of the world's largest
refiners and marketers of oil products -- continues to hide its
head in the sand rather than acknowledge the business
implications of climate change," Connecticut State Treasurer
Denise Nappier said on a conference call with reporters.


Read more at Reuters.com Government Filings News

Chinese Stocks Fall in U.S. Trading After Greenspan Predicts Contraction

(Bloomberg) -- Chinese stocks trading in the U.S.
fell after former Federal Reserve Chairman Alan Greenspan said he
was concerned that equities in the world's fastest growing major
economy might undergo a ``dramatic contraction.''

China Petroleum & Chemical Corp., Asia's largest refiner,
led a decline in energy companies on the New York Stock Exchange.
Shares of China Life Insurance Co., the country's largest
insurer, also retreated.


Read more at Bloomberg Stocks News

US STOCKS-Indexes slip after Greenspan warns on China stocks

(Reuters) - NEW YORK, May 23 - U.S. stocks edged lower on
Wednesday as a warning about Chinese stocks by former Federal
Reserve Chairman Alan Greenspan erased gains fueled by
takeover talk in the aluminum sector.




Greenspan said he feared a "dramatic contraction" in
Chinese stocks after the recent boom, adding the run-up was
"clearly unsustainable." [ID:nMDT004118]


Read more at Reuters.com Bonds News

AirAsia, BHP Billiton, Lenovo, Maxis, PTT: 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.

The South Korean market will close for a public holiday.


Read more at Bloomberg Stocks News

Brazil's Lula skirts scandal, his alliance may not

(Reuters) - Energy Minister Silas Rondeau resigned on Tuesday over accusations he took a kickback from a government contractor.




In a broader crackdown dubbed Operation Razor, police had arrested almost 50 politicians, lobbyists and businessmen on suspicion of embezzling money from government contracts.


Read more at Reuters.com Bonds News

Emerging-Market Bond Yield Premium Over Treasuries at Record Low on Demand

(Bloomberg) -- Emerging-market bonds rose with the
premium demanded over U.S. Treasuries at a record low after
gains in stocks suggested increasing investor demand for riskier
assets.

The yield to the 2015 call on Brazil's 11 percent bonds due
2040, the most widely traded emerging-market securities, fell 2
basis points, or 0.02 percentage point, to 5.61 percent at 11:19
a.m. in New York, according to JPMorgan Chase & Co. The bond's
price, which moves inversely to the yield, rose 0.05 cent to
135.05.


Read more at Bloomberg Bonds News

TREASURIES-Prices down on bearish technicals, but off lows

(Reuters) - NEW YORK, May 23 - U.S. government debt prices
fell on Wednesday on bearish technical signals, but rose off
earlier lows as the stock market erased gains and bonds held
key technical supports.




In the absence of major economic data, bond bears have been
pushing Treasury yields to levels not seen since early this
year, analysts said.


Read more at Reuters.com Bonds News

UPDATE 2-U.S. Fed proposes clearer credit-card terms

(Reuters) - By John Poirier



WASHINGTON, May 23 - The U.S. Federal Reserve proposed changes on Wednesday to credit-card disclosures that span new business solicitations to monthly statements in an effort to help consumers better understand fees and rates.


Read more at Reuters.com Bonds News

U.S. pushes China on food safety, a "top concern"

(Reuters) - "Recent events have forced very clearly as one of our top concerns the safety of food and medicine," Leavitt told reporters in a briefing after a two-day "strategic economic dialogue" involving scores of senior officials from both countries.




The safety of food imports from China came under intense scrutiny after melamine, a chemical used in plastics and fertilizers, surfaced in U.S. pet food this year, killing pets and prompting a wave of recalls. Pet food scraps were also used in some livestock rations, briefly interrupting the marketing of some poultry, hogs and fish.


Read more at Reuters.com Business News

Cattle Futures Fall as Beef Demand Drops Before Holiday; Hogs Unchanged

(Bloomberg) -- Cattle futures fell for a second-
straight day as beef demand failed to meet meatpackers'
expectations before a U.S. holiday. Hog prices were unchanged.

Meatpackers sold 7.6 million pounds of beef yesterday
compared with 13.8 million pounds on May 16, a two-week high. An
estimated 702,000 head of cattle were slaughtered last week, up
4.9 percent from the previous week, in advance of the May 28
Memorial Day holiday, the traditional start of the U.S. summer
grilling season.


Read more at Bloomberg Commodities News

Nymex Gas Falls on Expectation of Larger-Than-Normal U.S. Inventory Gain

(Bloomberg) -- Natural gas in New York fell, erasing
earlier gains, before tomorrow's government report on stockpiles
that analysts forecast will show a higher-than-normal increase
for last week.

Gas supplies held in underground caverns last week may have
jumped 96 billion cubic feet, based on the average of 18
estimates in a Bloomberg survey of analysts. Storage levels rose
95 billion for the week ended May 11, an Energy Department report
last week showed.


Read more at Bloomberg Energy News

Saskpool seeks shares from farmers in the fields

(Reuters) - Saskpool feels confident it has support for the C$1.8
billion deal from large institutional
shareholders of Agricore, Canada's largest grain handler, said
Colleen Vancha, Saskpool's vice-president of investor
relations.




But she said the company has called more than 26,000
individual shareholders -- many of whom are farmers -- to try
to ensure it gets 75 percent of Agricore shares by the May 28
deadline.


Read more at Reuters.com Mergers News

Orange-Juice Futures Fall Most in a Month; Rain May Help Brazil's Trees

(Bloomberg) -- Orange-juice futures fell the most in
a month as rain aids trees in the main citrus-growing area in
Brazil, the world's largest producer.

Sao Paulo state will get rain the next five days, according
to weather forecaster Climatempo. Brazil's orange crop will rise
to 18.3 million tons, the government's statistics agency said
May 10, raising its March estimate. Production had been expected
to fall to 17.9 million tons from 18.1 million last year as
farmers switch acreage to sugarcane to meet ethanol demand.


Read more at Bloomberg Commodities News

UPDATE 1-Greenspan sees dramatic drop in Chinese stocks

(Reuters) - MADRID, May 23 - Former U.S. Federal Reserve
Chairman Alan Greenspan said on Wednesday he feared a "dramatic
contraction" in Chinese stocks but said the global economy may
be able to shrug off a drop in asset prices.




Addressing a meeting in Madrid via teleconference, Greenspan
said the recent boom in Chinese stocks could not last.


Read more at Reuters.com Economic News

China needs to stop piracy, open markets: U.S

(Reuters) - "The Chinese have passed tougher laws . Now is the time for tough enforcement of those laws," U.S. Commerce Secretary Carlos Gutierrez told reporters after high-level meetings with Chinese officials.




"We also need better market access across the range of industries," Gutierrez said.


Read more at Reuters.com Business News

UPDATE 1-Mexico H1 May consumer prices seen down 0.16 pct

(Reuters) - Closely watched core inflation, which strips out volatile
food and energy prices, was seen at 0.12 percent during the
period, according to the median estimate in a poll of 21
analysts.




The central bank is to report inflation for the first half
of May at 2:30 p.m. local time on Thursday.


Read more at Reuters.com Economic News

CSS, Lumera, Medtronic, NovaGold, Sirtris, Vion: 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.
Shares prices are as of 11:40 a.m. New York time.

Advanced Analogic Technologies Inc. (AATI US) rose $1.44, or
18 percent, to $9.45 and traded as high as $9.90. The maker of
power-management chips for mobile phones and computers said Judge
Sidney Harris of the U.S. International Trade Commission ruled
the company didn't infringe Linear Technology Corp.'s (LLTC US)
patents. Shares of Linear fell $1.12, or 3 percent, to $36.01.


Read more at Bloomberg Stocks News

NY gov plans WTC insurer settlements: source

(Reuters) - World Trade Center developer Larry Silverstein has been fighting his insurers in court since the September 11, 2001, attacks destroyed the twin towers, and the settlement should help fix how much the insurers will end up paying, the source said.




Spokesmen for Silverstein and Spitzer, who took office in January and inherited a series of clashes over the rebuilding, had no immediate comment.


Read more at Reuters.com Bonds News

Microsoft says has parts for solid ad business

(Reuters) - When asked whether there would be assets from Yahoo Inc. ) Keywords: MICROSOFT ADVERTISING/


Read more at Reuters.com Mergers News

Oil rises above $70; Iran, US gasoline in focus

(Reuters) - Oil rose above $70 on Wednesday as U.S. warships put on a show of force off Iran's coast, coinciding with a United Nations agency report that said the Islamic republic had expanded its nuclear programme.

U.S. data showed an above-forecast rise in gasoline stocks last week, but analysts said inventories in the world's top consumer are still below average ahead of peak demand. Refinery problems sent pump prices to a record $3.22 a gallon this week.


Read more at Reuters Africa

BISYS to pay $25 mln to settle charges-US SEC

(Reuters) - Without admitting or denying the charges, BISYS agreed to pay the disgorgement and prejudgment interest amount, the agency said.



) Keywords: BISYS SEC/


Read more at Reuters.com Government Filings News

Paris Club Will Avoid Selling Claims on Poor Countries to Distressed Funds

(Bloomberg) -- Paris Club members, a group of
creditor nations including France, Canada, Germany and Italy,
will avoid selling claims on debt owed by poor countries to so-
called vulture investors who sue to recover larger payouts.

``These actions freeride on the debt cancellation granted by
other creditors and thus divert resources from poverty reduction
expenditures in the debtor country,'' the organization said in a
statement yesterday. The informal grou, formed in 1956, meets
monthly with debtor nations on the restructuring of obligations.


Read more at Bloomberg Bonds News

Norway's Krone Advances Versus Euro as Economy Expands More Than Forecast

(Bloomberg) -- The Norwegian krone advanced the most
in more than two months after a government report showed economic
growth expanded more than forecast, adding to pressure on the
central bank to increase interest rates.

The krone rose for a fifth day, its longest winning run in
10 weeks, after a report by Statistics Norway showed the mainland
economy, excluding oil and shipping, expanded 1.4 percent in the
first quarter. It is the 13th consecutive quarter of growth, and
above the 1 percent mean estimate of 16 economists surveyed by
Bloomberg.


Read more at Bloomberg Currencies News

UPDATE 1-Bank of Montreal second-quarter profit rises 3 pct

(Reuters) - TORONTO, May 23 - Bank of Montreal trading loss, posted a three-percent rise in its second-quarter earnings on Wednesday. BMO, Canada's fourth biggest bank by assets, posted earnings of C$671 million, or C$1.29 per share, in the three months ended April 30. That is up from C$651 million, or C$1.25 a share, in the same period a year earlier.



Analysts had expected BMO, the first of Canada's big six banks to report second-quarter results, to earn C$1.26 a share, according to Reuters Estimates.


Read more at Reuters.com Market News

Record Hamptons Home Price at $103 Million Shows Market Buoyed for Summer

(Bloomberg) -- Ron Baron, founder of the investment
company bearing his name, didn't hesitate to pay $103 million
for a 40-acre parcel in East Hampton, New York. It is the record
for a residential property in the U.S. and just a little less
than double the annual compensation of some of his neighbors.

House prices in the beach retreat that Steven Spielberg
shares with billionaire investor Thomas H. Lee rose 14 percent
during the first quarter, even as the national median fell. The
Hamptons, former potato farms where seagull cries now mix with
the sounds of well-tuned Ferraris, is boosted by salaries on
Wall Street, 40 minutes away by helicopter, said Diane Saatchi,
a broker at Corcoran Group in East Hampton.


Read more at Bloomberg Exclusive News

ICAP Second-Half Profit Rises 8.7% as Electronic Broking Revenue Doubles

(Bloomberg) -- ICAP Plc, the world's largest broker
of transactions between banks, said profit in the second half
rose 8.7 percent on increased computer-based trading of bonds,
stocks, currencies and their derivatives.

Net income rose to 61.4 million pounds ($122 million) in the
six months to March 31 from 56.5 million pounds a year earlier,
according to Bloomberg calculations based on ICAP's full-year
results reported today. Second-half revenue climbed 18.6 percent
to 563.5 million pounds.


Read more at Bloomberg Bonds News

Crude Oil Is Little Changed Amid Signs of Increased U.S. Gasoline Supply

(Bloomberg) -- Crude oil was little changed in New
York after plunging 2 percent yesterday on speculation a
government report will show U.S. gasoline supplies increased.

Inventories of gasoline rose 1.2 million barrels last week,
according to the median of 17 responses in a Bloomberg survey.
Refineries operated at 90 percent of capacity, up 0.5 percentage
point from the week before, the survey showed. Workers at
Nigerian National Petroleum Co. will strike at midnight unless an
agreement is reached to save jobs after the sale of a refinery.


Read more at Bloomberg Energy News

Ross Stores outlook below estimates, shares fall

(Reuters) - Ross shares were down 1.3 percent to $33.65 in premarket trading, after closing Tuesday at $34.10 on the Nasdaq.




Net income for the latest quarter that ended on April 29 was $67.0 million, or 48 cents per share, in line with analysts' average forecast as compiled by Reuters Estimates, compared with $59.2 million, or 41 cents per share, a year earlier.


Read more at Reuters.com Hot Stocks News

Canada's Dollar Strengthens to 30-Year High as Acquisitions Boost Currency

(Bloomberg) -- Canada's dollar reached a 30-year
high on optimism foreign takeovers of the nation's resource-
based assets will fuel currency demand.

The Canadian dollar traded at 92.32 U.S. cents at 8:54 a.m.
Toronto time, after earlier touching 92.44 U.S. cents, the
highest since Oct. 4, 1977, from 92.04 U.S. cents yesterday. One
U.S. dollar buys C$1.0832.


Read more at Bloomberg Currencies News

EU agency says already aware of Avandia heart risk

(Reuters) - The European Medicines Agency, however, said it had taken action on this risk late last year by strengthening warnings on the medicine.



"The situation in Europe is a little bit different to the American situation because, in Europe, Avandia is contraindicated in patients with heart failure anyway and we have warnings about ischemia," an agency spokeswoman said.


Read more at Reuters.com Government Filings News

Alcan, Alcoa, Cypress, Dillard's, Hewlett-Packard: 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. Shares prices are as of 8:10 a.m. New York time.

European telecommunications stocks may rise as investors
speculate there may be more acquisitions in the industry after
France Telecom SA said it received offers for its Dutch wireless
unit. Vodafone Group Plc American depositary receipts (VOD US),
each representing ten shares, rose $1.18, or 4.1 percent, to
$29.93 in trading before the open of U.S. exchanges. Telefonica
SA ADRs (TEF US), each representing three shares, rose 37 cents
to $67.38 in regular trading yesterday. BT Group Plc ADRs (BT
US), each representing 10 shares, rose $2.09 to $62.67 yesterday.


Read more at Bloomberg Stocks News

TREASURIES-Prices fall on stocks, euro zone bonds

(Reuters) - Worries that the U.S. central bank would keep the federal
funds rate at 5.25 percent throughout 2007 were heightened on
Tuesday by comments from Richmond Fed President Jeffrey Lacker
that he was happy with interest rates at the current level.




"Lacker poured cold water on the notion that the Fed is
going to eventually ease from here. The back up in interest
rates both in the long and short end reflect the change in
anticipation of the Fed being still on hold," said Bill
Schultz, chief investment officer, McQueen, Ball & Associates
Bethlehem, Pennsylvania.


Read more at Reuters.com Bonds News

Canada's Dollar Trades Near 30-Year High as Crude Oil and Gold Advance

(Bloomberg) -- Canada's dollar approached a 30-year
high as prices of the nation's commodity exports strengthened.

The Canadian dollar traded at 92.20 U.S. cents at 7:40 a.m.
in Toronto, from 92.04 U.S. cents yesterday. The currency
reached 92.35 U.S. cents on May 21, the highest since October
1977. One U.S. dollar buys C$1.0884.


Read more at Bloomberg Currencies News

Swaziland needs food aid as maize crop worst ever - UN

(Reuters) - More than a third of Swaziland's population will need food aid this year due to the worst ever maize crop in the African country, hit by a prolonged dry spell and high temperatures, the United Nations' agencies said.

Around 400,000 people in Swaziland will need some 40,000 tonnes of food aid to meet the needs from now until the next harvest in April 2008, the UN Food and Agriculture Organization (FAO) and the World Food Programme (WFP) said on Wednesday.


Read more at Reuters Africa