Africa energy sector needs reform, funds, IMF says

(Reuters) - Africa's dilapidated energy sector urgently needs reform and fresh investment to combat chronic power shortages which undermine economic growth on the world's poorest continent, a senior IMF official said on Thursday.

The International Monetary Fund's Africa Director, Abdoulaye Bio-Tchane, told Reuters in an interview that many African countries had suffered long-term underinvestment and neglect of their power infrastructure.


Read more at Reuters Africa

Dollar off 3-month high vs yen before US jobs data

(Reuters) - The dollar edged back near a three-month high against the yen on Friday as investors await a raft of U.S. data including a monthly payrolls report later in the session.

The jobs data will provide more clues on whether the Federal Reserve is likely to will keep rates steady at 5.25 percent, after a strong report on regional U.S. business activity on Thursday reinforced such views and gave a boost to the dollar.


Read more at Reuters Africa

Venezuelan Students Plan to March on Congress in Seventh Day of Protests

(Bloomberg) -- Venezuelan students protesting the
closure of the nation's most popular television station plan to
march to the national legislature today as the country's largest
demonstrations in three years extend into a seventh day.

The demonstrations mark the biggest public outcry since
March 2004, when protesters demanded a recall vote on President
Hugo Chavez. Government supporters blamed the opposition for
inciting national protests this week, following Chavez's
decision not to renew the broadcast license of Radio Caracas
Television.


Read more at Bloomberg Currencies News

Dow Jones May Rise as Bancrofts Agree to Consider Murdoch's $5 Billion Bid

(Bloomberg) -- Shares of Dow Jones & Co. may rise
after the controlling Bancroft family ended decades of
resistance to a sale of the company and agreed to meet with
Rupert Murdoch's News Corp. on his $5 billion bid.

``The family has reached consensus that the mission of Dow
Jones may be better accomplished in combination or collaboration
with another organization which may include News Corp.,'' the
Bancrofts said today in a statement.


Read more at Bloomberg Stocks News

Taiwan Dollar Set for Best Week Since December on Central Bank; Bonds Rise

(Bloomberg) -- Taiwan's dollar headed for the
biggest five-day rally since Dec. 1 on speculation the central
bank will stem declines after the currency last week reached a
17-month low. Government bonds advanced.

The currency is set for a second weekly gain after the
central bank yesterday said mutual funds should invest more in
local stocks rather than sending money abroad. The island's
dollar yesterday touched the strongest since March 2.


Read more at Bloomberg Currencies News

Proton Stock Declines on Loss, Report Volkswagen Doesn't Want to Buy Stake

(Bloomberg) -- Shares of Proton Holdings Bhd., a
Malaysian carmaker seeking a partner, dropped after the company
posted its first annual loss in at least 17 years and a report
said that Volkswagen AG isn't interested in buying a stake.

Proton stock fell 1.9 percent to 5.25 ringgit at 9:56 a.m.
in Kuala Lumpur, after dropping as much as 3.7 percent. The
shares have lost 20 percent this year.


Read more at Bloomberg Emerging Markets News

Asian Stocks Rise to Record for Second Day; BHP Billiton, Samsung Advance

(Bloomberg) -- Asian stocks rose to a second
straight record, led by commodity producers as prices of metals
and crude oil rallied.

All 10 industry groups on the Morgan Stanley Capital
International Asia-Pacific Index advanced, helping the regional
benchmark to its biggest weekly gain in more than two months.
BHP Billiton Ltd., the world's largest mining company, rose to a
record, while Inpex Holdings Inc. climbed to a two-week high.


Read more at Bloomberg Stocks News

Bayer, Interhyp, Pfeiffer, ProSiebenSat.1 Media: German Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in German markets.

Germany's X-DAX Index fell 4.49, or 0.1 percent. The index
provides an estimate of the DAX Index, based on trading in DAX
futures after the Xetra electronic market closes. The DAX
advanced 1.5 percent to 7883.04 on the Xetra electronic-trading
system.


Read more at Bloomberg Stocks News

Australia Stocks Gain, Led by BHP, Australia & New Zealand Banking Group

(Bloomberg) -- Australia's benchmark stock index, the
S&P/ASX 200 Index, rose 0.13 percent at 10:05 a.m.

The index of 201 companies traded on the Australian Stock
Exchange rose 8.50 to 6,322.00. Among the stocks in the index, 72
rose, 43 fell and 86 were unchanged.


Read more at Bloomberg Stocks News

Japan's Government Bonds May Fall for a Second Day Before U.S. Jobs Report

(Bloomberg) -- Japan's bonds may fall for a second day
before a U.S. government report forecast to show hiring rebounded
from a two-year low.

Benchmark 10-year bonds in Japan are headed for a weekly
decline on speculation increasing U.S. wages and employment will
support demand for Japanese products in the country's biggest
export market. Government bonds maturing in 10 years or more last
month handed investors the biggest loss in a year, according to a
Merrill Lynch & Co. index.


Read more at Bloomberg Bonds News

Oil May Decline Next Week on Signs Supply Will Meet Demand, Survey Shows

(Bloomberg) -- Crude oil may fall speculation that
U.S. inventories are sufficient to meet the needs of refineries
making gasoline for the peak-demand summer months.

Eighteen of 46 analysts surveyed, or 39 percent, said oil
prices will decline. Fourteen, or 30 percent, said prices will
rise and 14 forecast little change. Last week, 36 percent of
respondents said prices would gain.


Read more at Bloomberg Energy News

Judge awards ex-Tyco executive severance pay

(Reuters) - Richard Power, a former vice president and division chief financial officer, sued the company for breach of contract and about $9 million in severance pay in 2002.




Power, who reported to now-jailed chief executive Dennis Kozlowski, claimed that in a phone conversation, the two agreed, in the event of his termination, Power would receive severance pay equal to the greater of $1.5 million or twice his salary and bonus in his last year of employment.


Read more at Reuters.com Business News

Nippon Sheet Glass, Daikin, Hoya, Pentax, Sapporo: Japanese Equity Preview

(Bloomberg) -- The following stocks may move in
Japanese markets tomorrow. Prices are as of the close of trading.
Statements were released after the close. Stock symbols are in
parentheses.

CyberAgent Inc. (4751 JT): The Internet advertising agency
said April sales rose 19 percent to 5.45 billion yen ($44.8
million) from the same month a year earlier. The stock slipped
200 yen, or 0.3 percent, to 77,600.


Read more at Bloomberg Stocks News

Japanese Yen, Philippines Peso, Thailand's Baht: Asian Currency Preview

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

Exchange rates are from the previous session.


Read more at Bloomberg Currencies News

FDIC sees some progress on modifying subprime loans

(Reuters) - Federal Deposit Insurance Corp. Vice Chairman Martin
Gruenberg said accounting, tax and legal issues remain before
some subprime loans sold as securities can be modified to help
homeowners facing late payments and foreclosure.




"A successful outcome would require a committed and
concerted effort by servicers and other mortgage industry
participants working together with federal and state
regulators," Gruenberg said at a conference of state banking
officials.


Read more at Reuters.com Bonds News

Harris Corp. to buy privately held Multimax for $400 mln

(Reuters) - The acquisition is expected to add about 8 cents a share in fiscal 2008, the company said in a statement.






Read more at Reuters.com Mergers News

REFILE-US STOCKS-S&P 500 notches record close as M&A spurs gains

(Reuters) - NEW YORK, May 31 - The S&P 500 notched its
second straight record close in seven years on Thursday as
plans for a $6.8 billion takeover in the financial sector and
data pointing to strength in industrial activity underpinned
demand for equities.




Wachovia Corp.'s proposed buyout of A.G. Edwards
Inc. sent shares of brokerages higher, while strong
Midwest manufacturing data boosted shares of industrials,
including United Technologies Corp. and DuPont


Read more at Reuters.com Bonds News

UPDATE 1-Brocade posts sharply lower 2nd-quarter profit

(Reuters) - Excluding items, the company said it had a per-share profit
of 11 cents, topping the average estimate of 9 cents, as
compiled by Reuters Estimates.




Net income was $843,000, or nil per share, for its fiscal
second quarter ended April 28, compared with net income of
$13.5 million, or 5 cents, a year ago.


Read more at Reuters.com Market News

Dollar Posts Biggest Monthly Gain Against Euro in Year on Economic Growth

(Bloomberg) -- The dollar posted its biggest monthly
advance against the euro in more than a year in May as signs of
economic strength reduced the likelihood of cuts in interest
rates by the Federal Reserve.

The U.S. currency rebounded this month from an all-time low
on reports showing gains in new home sales and manufacturing.
The central bank said in minutes of its May 9 meeting released
yesterday that it still expects a pickup in the economy this
year and views inflation as its main concern.


Read more at Bloomberg Currencies News

Dollar rises to 3-month high vs yen

(Reuters) - The manufacturing report also included the highest reading of prices paid by factory managers since August 2006, reinforcing the view the Federal Reserve may keep rates steady this year, and it offset revised data released earlier in the day showing weaker U.S. growth in the first quarter.




"The prices paid index is very high and support the Fed's view that inflation remains a top concern, and at these levels it may be enough to keep pushing back expectations for a rate cut this year," said David Watt, senior currency strategist at RBC Capital Markets in Toronto. "But now the focus is shifting to the payrolls report tomorrow. We are not likely to see a sharp move on the dollar before the jobs data."


Read more at Reuters.com Hot Stocks News

Aventine, Big Lots, Navteq, Verasun Energy, Dendreon: 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 2:40 p.m. New York time.

A.G. Edwards Inc. (AGE US) jumped $10.62, or 14 percent, to
$87.77 and traded as high as $90.44. Wachovia Corp. (WB US), the
fourth-largest U.S. bank, agreed to buy the biggest full-service
brokerage based outside New York for about $6.8 billion in cash
and stock. The $89.50-a-share price tag is about 16 percent more
than A.G. Edwards's last close. Wachovia fell 34 cents to $54.21.


Read more at Bloomberg Stocks News

Cattle Futures Rise in Chicago on Unexpected Demand Following U.S. Holiday

(Bloomberg) -- Cattle futures rose in Chicago as
beef demand unexpectedly increased after a long holiday weekend
in the U.S.

Beef sales rose 11 percent compared with a week earlier,
according to U.S. Department of Agriculture data. Demand usually
wanes in the U.S. after Memorial Day, which was May 28, as many
Americans go back to work. This year the demand hasn't fallen off
as much as expected, said Troy Vetterkind, a cattle trader with
e-Hedger in Chicago.


Read more at Bloomberg Commodities News

Carbon Emission Permits Are Little Changed After Sinking to Two-Week Low

(Bloomberg) -- European Union carbon-dioxide permits
were little changed after reaching a two-week low as a drop in
natural-gas prices made it profitable to burn the cleaner fuel
in the U.K. next summer.

Emission permits for delivery in December 2008 fell as much
as 1.82 euros, or 7.9 percent, to 21.15 euros ($28) a metric
ton, according to prices from the European Climate Exchange in
Amsterdam. That's their lowest since May 17. They closed at
23.05 euros, little changed from yesterday, when they fell 8.7
percent.


Read more at Bloomberg Energy News

Dendreon cites data needed by FDA, shares soar

(Reuters) - By Ransdell Pierson



NEW YORK, May 31 - Dendreon Corp. on Thursday said the U.S. Food and Drug Administration has informed it that positive interim or final survival data from an ongoing trial of its Provenge cancer vaccine would satisfy the agency's earlier request for more data, lifting shares 42 percent.


Read more at Reuters.com Government Filings News

UPDATE 1-Ecuador to ask Venezuela for debt info over scandal

(Reuters) - Patino also said he is not under pressure to restructure
the country's foreign debt and does not fear the possibility of
that the U.S. Securities and Exchange Commission could launch
an investigation.




Ecuador's benchmark global bonds were sold in the United
States among other markets and as such needed to be registered
with the SEC.


Read more at Reuters.com Bonds News

Corn, Soybeans Rise as Hot, Dry Weather to Threaten Crops in U.S. Midwest

(Bloomberg) -- Corn futures in Chicago jumped to a
three-week high and soybeans rose to the highest in 35 months on
speculation that dry weather will increase stress on young
plants in the Midwest and reduce yield potential.

Most Midwest fields east of the Mississippi River will
receive less than 50 percent of normal rain in the next five
days as a high pressure system in the southeastern U.S. blocks
storms, said Mike Tannura, a meteorologist for T-Storm Weather
in Champaign, Illinois. Hot weather beginning June 8 will
increase stress on young plants, he said.


Read more at Bloomberg Commodities News

Brazil's foreign minister confident on Doha deal

(Reuters) - Amorim and representatives from India, the European Union
and the United States will hold another round of talks for two
weeks beginning on Friday.




Read more at Reuters.com Bonds News

Equity analysts facing new quant challenge

(Reuters) - Now, with the growth of quantitative analysis, some are facing a worse possible fate: being supplanted by computers.




At an increasing number of Wall Street investment banks, hedge funds and elsewhere, computers are churning out investment analyses culled from enormous pools of data.


Read more at Reuters.com Mergers News

Mitsui, Japan Shipping Shares Lead Rally, Cost Less Than Nikkei Average

(Bloomberg) -- Shares of Japanese shipping lines
have soared 10 times more than the stock market this year. And
they're still cheap, says Toru Kitani, who is putting his money
where his mouth is.

``Growth in emerging markets is solid and demand is strong,
which is good for shipping lines,'' said Kitani, who oversees $3
billion at Sompo Japan Asset Management Co. in Tokyo and owns
``slightly more'' of Mitsui O.S.K. Lines Ltd. than in his
benchmark.


Read more at Bloomberg Stocks News

Canada's Dollar Strengthens to 30-Year High as Growth Exceeds Forecasts

(Bloomberg) -- The Canadian dollar rose to a 30-year
high after a government report showed the economy grew in the
first quarter at its fastest pace in almost two years, gaining
momentum as the U.S. slowed.

The currency rose to 93.53 U.S. cents at 11:50 a.m. in
Toronto from 93.09 U.S. cents yesterday. It touched 93.76 U.S.
cents, the highest since July 28, 1977. One U.S. dollar buys
C$1.0692.


Read more at Bloomberg Currencies News

US bank earnings about steady in 1st quarter-FDIC

(Reuters) - That was off $900 million compared with the same quarter a
year ago and was the fourth-highest income reported by the
industry, the FDIC said.




Earnings "remain solid" despite a slump in housing and a
general tightening of credit, FDIC chairman Sheila Bair said.


Read more at Reuters.com Market News

MasterCard says no change to long-term outlook

(Reuters) - The presentation for investors, filed with the Securities and Exchange Commission on Thursday, said there were no-changes to its three-to-five year performance goals.



Chris McWilton, the company's chief financial officer, said in an investor presentation in February that the company hopes to generate annual revenue growth of 8 to 10 percent, and net income growth of 15 to 20 percent, over the next three-to-five years.


Read more at Reuters.com Bonds News

Leaner Northwest Airlines exits bankruptcy

(Reuters) - Northwest has spent the last year-and-a-half hacking $2.4 billion off its annual costs, mostly from an aggrieved work force. Like other so-called "legacy" airlines, it has been forced to drastically slash its costs to keep pace with newer low-cost carriers and deal with wild spikes in fuel costs.




The company officially relaunched itself as a slimmed-down carrier as Chief Executive Doug Steenland rang the opening bell on the New York Stock Exchange on Thursday.


Read more at Reuters.com Bonds News

China stock gains too fast, yuan may rise: c.banker

(Reuters) - But if China's economic reforms succeed, the yuan may strengthen against the dollar though the country would ignore any external pressure for its currency's appreciation, Wu Xiaoling told a seminar on global imbalances.




"In my view, every market develops in twists and turns. In my view, the Chinese stock market is growing too rapidly. We hope it can grow in a more steady manner," Wu said.


Read more at Reuters.com Hot Stocks News

Gold rebounds, gains 1.3 percent on dollar decline

(Reuters) - Gold bounced back to gain more than one percent on Thursday on short-covering and a decline in the dollar against the euro after key U.S. economic data.

But investors were reluctant to aggressively chase prices higher and the metal continued to hover in a trading range of $650-665 an ounce.


Read more at Reuters Africa

Concessoes Rodoviarias, Sabesp, Vale, Votorantim: Brazilian Equity Movers

(Bloomberg) -- Brazil's main stock index gained for a
second day, led by mining company Cia. Vale do Rio Doce.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 131.02, or 0.3 percent, to a record 52,658.67 as of
9:34 a.m. New York time.


Read more at Bloomberg Stocks News

Midwest business expands strongly in May

(Reuters) - The National Association of Purchasing Management-Chicago business barometer rose to 61.7 from 52.9 in April.




Economists had forecast the index at 54.0. A reading above 50 indicates expansion.


Read more at Reuters.com Business News

Nymex Starts Trading Mideastern Oil Futures in Dubai in Challenge to ICE

(Bloomberg) -- Dubai Mercantile Exchange Ltd., a
venture between the Gulf sheikhdom and Nymex Holdings Inc.,
starts trading Arab oil futures tomorrow to compete with
Intercontinental Exchange Inc. in setting Asian crude prices.

The DME will provide futures contracts based on high-
sulfur, so-called sour crude, to Asian buyers such as refiners.
It was beaten to the start of trading by ICE after delaying the
opening by a month because of regulatory and technical matters.


Read more at Bloomberg Energy News

Bankers concerned about slow Basel implementation

(Reuters) - The IIF, an international association made up of some 360
financial institutions, is holding its annual spring meeting in
Athens.




"In particular, we continue to encourage the U.S. banking
agencies to revise their proposals and to avoid finalising
implementation approaches, which if adopted, would undermine
essential global consistency and risk sensitivity," Maes told a
news conference.


Read more at Reuters.com Government Filings News

Record? S&P 500 Stocks Valued at 45 Percent Discount to Earnings of 2000

(Bloomberg) -- Companies in the Standard & Poor's
500 Index may still be a bargain after the benchmark for U.S.
equities surpassed its 2000 record.

The index's 500 members are 45 percent less expensive
relative to historical profits than when the index last peaked,
and 30 percent cheaper than when it fell to a decade low in
October 2002. Price-to-earnings ratios declined after companies
reported 14 straight quarters of 10 percent-plus profit growth,
the longest streak since 1950.


Read more at Bloomberg Exclusive News

CDO Boom Masks Subprime Losses, Abetted by S&P, Moody's, Fitch Ratings

(Bloomberg) -- The numbers looked compelling. Buy this
investment-grade collateralized debt obligation and you'll get a
return of up to 10 percent, Credit Suisse Group said. That was
almost 25 percent more than the average yield on a similarly rated
corporate bond.

Investors snapped up the $340.7 million CDO, a collection of
securities backed by bonds, mortgages and other loans, within days
of the Dec. 12, 2000, offering. The CDO buyers had assurances of its
quality from the three leading credit rating companies --Standard &
Poor's, Moody's Investors Service and Fitch Group Inc. Each had
blessed most of the CDO with the highest rating, AAA or Aaa.


Read more at Bloomberg Bonds News

QinetiQ posts 17-pct rise in annual profits

(Reuters) - Earnings before interest and taxes rose to 106 million pounds from 90.7 million a year earlier, QinetiQ said in a statement to the London Stock Exchange.



Revenue for the year to March 31, 2007, rose by 9.3 percent to 1.1495 billion pounds.


Read more at Reuters.com Market News

Heinz posts higher 4th-qtr profit, raises forecast

(Reuters) - Net quarterly sales rose 0.6 percent to $2.4 billion, but Heinz witnessed a 4.4 percent growth in sales of its top 15 brands such as Boston Market frozen entrees and Classico pasta sauces.




The company attributed the higher sales to a 44 percent increase in overall marketing spent during the quarter, especially in its North American retail business.


Read more at Reuters.com Market News

Jefferies acquires boutique UK adviser LongAcre

(Reuters) - LongAcre, founded in 2000, specialises in transactions in
the media and Internet sectors.




It recently advised on the $200 million sale of "Who Wants
To Be A Millionaire" televison programme producer Celador and
the $320 million sale of Internet social network Friends
Reunited.


Read more at Reuters.com Mergers News

Ciena, Motorola, Payless, Semtech, Tiffany & Co.: 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.

Ceridian Corp. (CEN US) rose $1.41, or 4.1 percent, to
$35.60 in trading before U.S. exchanges opened. . The provider
of human resource and payroll services agreed to be acquired by
Thomas H. Lee Partners LP and Fidelity National Financial Inc.
for $5.3 billion, or $36 a share. ``Some investors were
expecting a larger premium,'' Tien-tsin Huang, an analyst with
JPMorgan Securities Inc., wrote in a note.


Read more at Bloomberg Stocks News

Nigerian oil pipeline protest enters third day

(Reuters) - A protest by villagers at a major oil export pipeline complex in Nigeria entered a third day on Thursday and no crude was flowing through the facility, a protest leader said.

Villagers from K-Dere occupied the pipeline hub at Bomu, which feeds the Bonny shipping terminal, on Tuesday and forced Shell to shut 150,000 barrels per day of output.


Read more at Reuters Africa

China's Stocks Rise, Halting $161 Billion Rout; Banks Gain on Earnings

(Bloomberg) -- China's stocks rose, rebounding from
a rout that yesterday wiped out $161 billion of market value.

The CSI 300 Index gained 41.49, or 1.1 percent, to 3927.95
at the close, having earlier lost as much as 5.2 percent. It
yesterday plunged 6.8 percent, the most since Feb. 27, after the
finance ministry tripled the tax on share trades to cool a rally
was drawing more than 300,000 new investors a day.


Read more at Bloomberg Stocks News

Record? What Record? S&P 500 Shares Are 45 Percent Cheaper Than in 2000

(Bloomberg) -- Companies in the Standard & Poor's
500 Index may still be a bargain after the benchmark for U.S.
equities surpassed its 2000 record.

The index's 500 members are 45 percent less expensive
relative to historical profits than when the index last peaked,
and 30 percent cheaper than when it fell to a decade low in
October 2002. Price-to-earnings ratios declined after companies
reported 14 straight quarters of 10 percent-plus profit growth,
the longest streak since 1950.


Read more at Bloomberg Stocks News

ASML to return $1.3 bln to investors

(Reuters) - AMSTERDAM, May 31 - Dutch chip equipment maker ASML to shareholders in combination with a reverse stock split to optimise its capital structure.



The company said it would finance this with the proceeds from an inaugural Eurobond benchmark issue in the coming weeks, subject to market conditions.


Read more at Reuters.com Bonds News

BHP names S.African-born Kloppers as CEO

(Reuters) - Top global miner BHP Billiton Ltd. named insider Marius Kloppers as its new chief executive, replacing Chip Goodyear, as markets bet on a rash of mega-mergers amid an unprecedented commodities boom.

The widely-expected appointment of the South African-born former management consultant comes at a time when global mining companies are looking at alliances to bolster their position during the China-led surge in demand for minerals.


Read more at Reuters Africa

S&P 500, Dow end at records on Fed's economic view

(Reuters) - The Standard & Poor's 500 closed at its first record high in seven years on Wednesday after minutes from the Federal Reserve's latest meeting reassured investors about the economy's health.

As part of the broad-based rally in the U.S. stock market, the Dow Jones industrial average soared to its 25th record close so far this year, bringing a resounding end to a global equities sell-off sparked by a plunge in China's benchmark share index.


Read more at Reuters Africa

French Consumer Confidence Rises to Record High as Unemployment Declines

(Bloomberg) -- Consumer confidence in France,
Europe's third-largest economy, surged in May to the highest on
record after unemployment fell and Nicolas Sarkozy used the
first weeks of his presidency to push for tax cuts.

Insee, the Paris-based national statistics office, said
today its gauge of consumer sentiment jumped to minus 14 from
minus 20 in April. That beat minus 19, the median forecast of
18 economists surveyed by Bloomberg, and was the lowest since
the agency began issuing the current data in 2003.


Read more at Bloomberg Currencies News

European shares start strongly as E.ON, ASML star

(Reuters) - E.ON, the world's largest utility, said it plans to buy back shares and raise its dividend, sending its stock up 5.6 percent.




ASML rose 4.9 percent after saying it would return about 960 million euros to shareholders in combination with a reverse stock split to optimize its capital structure.


Read more at Reuters.com Hot Stocks News