Euro Reverses Loss Against Yen as German Confidence Reaches 5-Month High

(Bloomberg) -- The euro reversed a loss against the
yen after a report showed German consumer confidence rose to a
five-month high.

GfK AG's sentiment index for June, based on a survey of
about 2,000 people, climbed to 7.3 from a revised 5.7 in May, the
Nuremberg-based market-research company said today. Economists
expected a reading of 6, according to economists surveyed by
Bloomberg News.


Read more at Bloomberg Currencies News

S.Africa to prosecute pension administrators in profits case

(Reuters) - South Africa's Registrar of Pensions will refer all pension administrators who have admitted making secret profits to state prosecutors, the deputy finance minister said on Thursday.

"It is the registrar's intention to refer all the responses received from administrators who admitted to making a secret profit to the national director of public prosecutions for further investigation," Jabu Moleketi told parliament during an annual budget debate.


Read more at Reuters Africa

European Stocks May Decline, Paced by BHP Billiton and Rio Tinto Shares

(Bloomberg) -- European stocks may drop for a second
day, paced by mining companies, after copper in Shanghai fell the
most in a week and gold traded near a two-month low.

BHP Billiton Ltd., the world's biggest mining company, and
Rio Tinto Plc, the third largest, slid in Australian trading.
OMX AB may be active after Nasdaq Stock Market Inc. agreed to buy
Europe's fifth-largest equity market.


Read more at Bloomberg Stocks News

Exxon Plans to Expand Asian, Middle East Chemical Capacity by 50 Percent

(Bloomberg) -- Exxon Mobil Corp., the world's largest
publicly traded oil company, plans to expand capacity to produce
chemicals in Asia and the Middle East 50 percent by 2012.

Asia may account for half of global demand for chemicals by
2015, with China responsible for one-fourth of chemical
consumption, Exxon Mobil Chemical Senior Vice-President Jim
Harris said in Shanghai today.


Read more at Bloomberg Energy News

GM raises convertible bond offering to $1.3 bln

(Reuters) - The offering comes just ahead of crucial labor talks with
the United Auto Workers. GM may be able to use the proceeds for
a strike fund, allowing it to survive at least a short strike,
Lehman Brothers analyst Brian Johnson said. The current
contract with the union expires in September.




The company also said it had priced the offering and
granted the underwriters an over-allotment option to purchase
up to $195 million aggregate principal amount of additional
notes.


Read more at Reuters.com Bonds News

Palm Oil Price Gains for a Third Day After China Reports Surge in Imports

(Bloomberg) -- Palm oil futures in Malaysia, the
world's largest grower last year, rose for a third day after a
report that China's imports of the vegetable oil climbed 27
percent in the first four months of the year.

China, the world's biggest palm oil importer, increased
overseas purchases to 1.6 million metric tons in the January-to-
April period compared with 1.25 million a year earlier,
according to data today from the Beijing-based customs office.


Read more at Bloomberg Commodities News

Japan's Government Bonds May Rise; Yields Near 3-Month High to Lure Buyers

(Bloomberg) -- Japan's five-year government notes
dropped for a third day.

The yield on the benchmark five-year note rose 2 basis
points to 1.29 percent as of 2:28 p.m. in Tokyo according to
Japan Bond Trading Co., the nation's largest interdealer debt
broker. The price of the 1.2 percent security due in March 2012
dropped 0.09 yen to 99.592 yen.


Read more at Bloomberg Bonds News

New Century says probably overstated 2005 earnings

(Reuters) - The accounting mistakes are in addition to those that the Irvine, California-based company previously disclosed for the first nine months of 2006. New Century said it does not expect to restate results for any of the periods because it is liquidating under Chapter 11 of the U.S. Bankruptcy Code.



In a U.S. Securities and Exchange Commission filing, New Century said it made mistakes in both periods in accounting for losses on loans it repurchased. It said it also made mistakes in 2005 in how it valued some interests in securitizations.


Read more at Reuters.com Bonds News

US climate bills pose coal power credit risk -S&P

(Reuters) - S&P analysed five major greenhouse gas emissIons bills and
concluded that coal-fired power producers would be most affected
if a bill required steep emissions cuts and auctioned rather
than gave away carbon emissions permits for free.




"Then the credit downgrade risk is higher," said S&P analyst
Swami Venkataraman.


Read more at Reuters.com Government Filings News

MedCath to expand acute care facility in Louisiana

(Reuters) - MedCath said construction is expected to be completed in
late fall of 2008, and expects about $33 million from costs
related to construction.





Read more at Reuters.com Mergers News

U.S. 30-year mortgage rates highest since October

(Reuters) - Fifteen-year mortgage rates averaged 6.06 percent, the
first time above 6 percent since mid-February. Last week they
averaged 5.92 percent.




One-year adjustable rate mortgages averaged 5.64
percent, up from 5.48 percent a week earlier.


Read more at Reuters.com Bonds News

Colombia IGBC Falls on Capital Rule, Led by Suramin: World's Biggest Mover

(Bloomberg) -- Colombia's benchmark stock index fell the
most in three months, led by insurer Suramericana de Inversiones
SA, after the government introduced controls on short term
investment to stem gains in the peso.

Colombia's IGBC index fell 347.06, or 3.3 percent, to
10,248.54 at 11:30 New York time, its sharpest decline since Feb.
27 and the biggest move among markets included in global
benchmarks.


Read more at Bloomberg Stocks News

April new home sales jump as prices fall

(Reuters) - Other reports also reflected economic strength, indicating the Federal Reserve would likely hold interest rates steady for the foreseeable future.




The Commerce Department said sales of new single-family homes in April rose to an annual rate of 981,000 units from a revised pace of 844,000 in March. Analysts had expected sales would increase to only an 860,000 unit rate.


Read more at Reuters.com Business News

Treasury 10-Year Yields Rise to Almost Four-Month High on New-Home Sales

(Bloomberg) -- Treasuries dropped, pushing yields to
the highest level in almost four months, as a government report
showed new-home sales rose in April the most in 14 years.

The report added to evidence the Federal Reserve will not
need to cut its target rate for overnight loans between banks
this year. Fed funds futures traders reduced bets on a rate cut
in September to 9 percent, down from 51 percent odds May 16.


Read more at Bloomberg Bonds News

Home Depot says directors elected at meeting

(Reuters) - Blake, named to the top job earlier this year when Nardelli resigned amid an uproar over his compensation, told investors that last year's annual gathering, which also had no separate question-and-answer period or a company performance review, was a blunder that would not be reoccur.




"We apologize for last year's meeting," Blake said. "It was a mistake, and it won't happen again."


Read more at Reuters.com Market News

Canadian Stocks Advance. Led by Toronto Dominion and Research In Motion

(Bloomberg) -- Canada's main stock index rose, led by
financial stocks including Toronto-Dominion Bank, after the company
reported profit that topped analysts' estimates.

Toronto-Dominion, the country's second-biggest bank, said
second-quarter profit climbed 19 percent as it recorded higher fees
from mutual funds, trading and investment banking. Toronto-Dominion
climbed 75 cents, or 1.1 percent, to C$71.28. Royal Bank of Canada,
the country's biggest bank, rose 45 cents to C$60.75.


Read more at Bloomberg Stocks News

Roc Oil to spud well this week in Angola's Cabinda

(Reuters) - Australia's Roc Oil will spud its first well in Angola's Cabinda enclave this week, the first in the restive coastal region for more than 30 years, the company said on Thursday.

The Sydney-based explorer has done two years of seismic surveys in the northern area, which is separated from the rest of Angola by a small strip of the Democratic Republic of Congo.


Read more at Reuters Africa

Copper Futures Gain in New York After Stockpiles Decline to Six-Month Low

(Bloomberg) -- Copper futures gained in New York
after stockpiles in London dropped for a fifth session to the
lowest level in more than six months.

Inventories monitored daily by the London Metal Exchange
fell 1.1 percent today to 136,100 metric tons, the lowest since
November 1. Supplies in London have dropped 26 percent in 2007,
helping to spur a 15 percent rally this year.


Read more at Bloomberg Commodities News

Treasuries Decline as Report Shows New Home Sales Beat Forecast in April

(Bloomberg) -- Treasuries dropped, pushing yields to
the highest in almost four months, after a government report
showed sales of new homes in April rose the most in 14 years.

``It's a foot on the neck of the market,'' said William
O'Donnell, U.S. government bond strategist in Stamford,
Connecticut, at UBS Securities LLC. ``The market is not taking
it very well''


Read more at Bloomberg Bonds News

Oil Is Little Changed in New York, Gains in London on Threats to Supply

(Bloomberg) -- Crude oil was little changed in New
York and rose in London to a nine-month high, boosted by threats
to supply from Nigeria and Iran.

A government report yesterday showed that supplies in
Cushing, Oklahoma, the delivery point for New York futures,
jumped last week, adding to a glut that is depressing prices.
Refinery fires and power outages have cut demand for the U.S.
benchmark grade. London-traded Brent crude, traditionally
cheaper, now costs 8.5 percent more than New York oil.


Read more at Bloomberg Energy News

UPDATE 2-Toro profit beats expectations, shares jump

(Reuters) - Toro said it earned $75.0 million, or $1.77 per diluted
share, in the second quarter, up from $70.1 million or $1.56 in
the year-earlier quarter. Analysts were expecting the company
to earn $1.68 per share, according to Reuters Estimates.




Sales rose 4.2 percent to $686.7 million from $659 million
a year earlier. Analysts had expected revenue of $685.2
million, according to Reuters Estimates.


Read more at Reuters.com Market News

Dollar up vs euro as new home sales data awaited

(Reuters) - The euro crept lower after the Ifo economic research institute said that its business climate index in the euro zone's largest economy was unchanged in May from the previous month, in contrast to forecasts for a modest rise.




The dollar held steady in early New York trade after a report showed U.S. durable goods orders -- a leading indicator of capital spending -- rose by less than expected in April, but the previous month's reading was revised up sharply.


Read more at Reuters.com Hot Stocks News

Advanced Medical to bid for Bausch & Lomb: report

(Reuters) - Shares of Bausch & Lomb jumped 5.4 percent to $70.01 before the bell after the CNBC report.




Advanced Medical and Bausch & Lomb were not immediately available to comment.


Read more at Reuters.com Mergers News

U.S. Stock-Index Futures Rise on Economic Outlook; Boeing, Honeywell Gain

(Bloomberg) -- U.S. stock-index futures rose after a
report on durable goods reinforced expectations that a rebound in
manufacturing will stimulate economic growth.

Boeing Co., the world's second-largest commercial aircraft
maker, and Honeywell International Inc., the biggest maker of
airplane controls, led gains.


Read more at Bloomberg Stocks News

Poilane Heiress at Harvard Focuses on Quality With Her `Artisanal' Bread

(Bloomberg) -- Most U.S. college seniors are
concerned about making money. Apollonia Poilane, who graduates
from Harvard College on June 7, worries about making bread.

For the past four years, Poilane, an economics major, has
run her family's $18-million-a-year bakery business from her
dormitory at Harvard's Mather House. She inherited the eponymous
Paris-based bakery chain famous for its thick-crusted, sour-
dough loaves in 2002, when her parents died in a helicopter
crash off Brittany.


Read more at Bloomberg Exclusive News

TREASURIES-Bond prices nudge higher ahead of data

(Reuters) - The equities rally, hawkish comments on inflation by
Richmond Fed President Jeffrey Lacker and data suggesting a
pick up in the economy have weighed on Treasuries in recent
sessions.




"Investors have been more comfortable with inflation
being between 2 and 3 percent, whereas the Fed is just so
resolute in getting that rate under 2 percent and really closer
to 1 percent," said Georges Yared, chief investment strategist
at Yared Investment Research in Minneapolis.


Read more at Reuters.com Bonds News

European Union Carbon Emission Permits for 2008 Climb to Highest in Year

(Bloomberg) -- European Union carbon-dioxide permits
climbed to their highest in almost a year, boosting the price of
electricity for next year in the region amid speculation that a
shortage of allowances through 2012 may exist.

Emission permits for December 2008 rose as much as 93
cents, or 4.2 percent, to 23.05 euros ($31) a metric ton,
according to prices from the European Climate Exchange in
Amsterdam. That's their highest since May 30 last year. They
traded at 22.90 euros at 11:47 a.m. local time.


Read more at Bloomberg Energy News

GM gets SEC request, details Delphi exposure

(Reuters) - GM said it would pay Delphi $300 million to $400 million in annual labor-related charges, and make annual transitional payments of about $100 million, but noted the total and specific amounts and payment periods were subject to negotiation.




GM said the costs will be more than offset in the long term by savings from cuts to the $2 billion price penalty it now pays Delphi annually for systems, components and parts.


Read more at Reuters.com Business News

Casual Male quarterly profit falls

(Reuters) - Analysts on average forecast earnings of 5 cents a share,
before items, on revenue of $112.1 million, according to
Reuters Estimates.





Read more at Reuters.com Market News

European Stocks Drop on China Concern; BHP Billiton, Rio Tinto Shares Fall

(Bloomberg) -- European stocks declined for the first
time in three days after former Federal Reserve Chairman Alan
Greenspan said shares in China, the world's fastest growing major
economy, could face a ``dramatic contraction.''

BHP Billiton Ltd. and Rio Tinto Plc paced a drop by
companies most affected by slowing demand from China.
GlaxoSmithKline Plc slipped after a study linked its Avandia
diabetes drug to an increased risk of heart attacks.


Read more at Bloomberg Stocks News

Australian Equities Drop, Led by BHP Billiton After Copper, Nickel Slide

(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.''

Commonwealth Bank of Australia and CSL Ltd. led declines
among stocks that reached records in the past week as investors
judged the gains excessive.


Read more at Bloomberg Stocks News

Arques, Continental, Commerzbank, Deutsche Bank: German Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in German markets. Stock symbols are in parentheses after the
company names and prices are from the Xetra close unless
otherwise stated.

DAX futures expiring in June lost 30.5, or 0.4 percent, to
7723 at 8:22 a.m. in Frankfurt. The DAX Index advanced 76.49, or
1 percent, to 7735.88 on the Xetra electronic-trading system.


Read more at Bloomberg Stocks News