IMF sees rapid growth in Congo minerals output

(Reuters) - Democratic Republic of Congo's copper and cobalt production should rise rapidly in the coming years as it reaps the benefit of private investment in its mining sector, the International Monetary Fund said on Thursday.

Following the first free elections in four decades last year and a return of stability to the southeastern Katanga province, the central African country's mineral heartland, investment by major mining companies has boomed over the past few years.


Read more at Reuters Africa

SEC begins formal probe into Activision-filing

(Reuters) - The video game publisher is cooperating with the SEC's
investigation, and representatives of its Special Subcommittee
and its lawyers have met with SEC staff on several occasions,
the company said.




A representative of the U.S. Department of Justice has
attended some of these meetings and requested copies of
documents, Santa Monica, California-based Activision said.


Read more at Reuters.com Government Filings News

RPT-ABN AMRO to buy branches of Taiwan distressed lender

(Reuters) - The acquisition will add "significant" scale to the bank's
Taiwan franchise where ABN is already the number-three foreign
bank, ABN ARMO said in a statement.




No financial terms were given.


Read more at Reuters.com Mergers News

U.S. Trade Deficit Probably Narrowed in April on Rising Sales of Exports

(Bloomberg) -- The U.S. trade deficit probably
narrowed in April on growing foreign demand for American-made
goods, economists forecast ahead of a government report today.

The projected $63.5 billion gap followed a $63.9 billion
deficit in March, according to the median estimate of 74
economists in a Bloomberg News survey.


Read more at Bloomberg Currencies News

Asian Currencies Led by Rupiah Slide as Investors Exit Emerging Markets

(Bloomberg) -- Indonesia's rupiah led declines in
Asian currencies on speculation losses in global equity markets
will encourage investors to sell riskier assets.

The rupiah fell the most since May 2006 and the Philippine
peso had the biggest slide in almost six months as the Morgan
Stanley Capital International Asia-Pacific Index of stocks
followed U.S. and European markets lower. Concern world interest
rates will rise and slow consumer spending and investment spurred
the sell-off in emerging-market assets.


Read more at Bloomberg Currencies News

Philippine Peso Drops By Most in Six Months on Emerging Market Sell Off

(Bloomberg) -- The Philippine peso dropped by the
most in almost six months as investors dumped emerging-market
assets.

``It's a very defensive stance'' among traders selling the
peso, said Roland Avante, treasurer at Chinatrust (Philippines)
Commercial Bank in Manila. ``The aggressiveness we have seen in
the currency over past months is reversing for the moment.''


Read more at Bloomberg Currencies News

Yen Falls After MOF's Watanabe Downplays Concern of Carry Trade Unwinding

(Bloomberg) -- The yen fell for the first day this
week after Japan's top currency official said there is no risk of
a sudden carry trade unwinding.

The Ministry of Finance's Hiroshi Watanabe said there's no
immediate concern investors will dump assets funded by yen loans,
known as carry trades, and cause sudden gains in the currency.
The yen was set for the first winning week in seven as a global
slump in stocks prompted investors to reduce riskier trades.


Read more at Bloomberg Currencies News

UPDATE 1-Japan machinery orders rise less than expected

(Reuters) - The data also did little to ease market speculation that the
Bank of Japan could raise rates in August, with euroyen futures
falling to a 10-year low and the benchmark 10-year bond yield
hitting a 10-month high after the numbers.




Separate data put out by the Bank of Japan showed that bank
lending rose 0.9 percent in May from a year earlier, the same
pace of growth as in April.


Read more at Reuters.com Economic News

Japan's Watanabe Sees No Immediate Risk of Yen Carry Trades Unwinding

(Bloomberg) -- Japan's top currency official,
Hiroshi Watanabe, said there is no immediate risk that investors
will dump assets funded by yen loans and cause sudden gains in
the currency.

``The size of any carry trades that would unwind is
relatively small compared to the entire foreign-exchange
market,'' Watanabe, vice finance minister for international
affairs, said in a speech at the Euromoney Japan Forex Forum in
Tokyo today. ``I don't think carry trades pose a risk of a
sudden unwinding, but we still need to monitor these trades.''


Read more at Bloomberg Currencies News

Japanese Shares Slide on Concern Over Higher Interest Rates, Led by Sony

(Bloomberg) -- Japanese stocks dropped, led by
exporters such as Sony Corp., on concern rising global interest
rates will curb consumer spending and corporate profits.

Toyota Motor Corp., the world's No. 1 automaker by market
value, declined 1.4 percent and Mitsui & Co., Japan's second-
biggest trading company, dropped 2.6 percent.


Read more at Bloomberg Stocks News

UPDATE 1-Tyco OKs spin-off of healthcare, electronics units

(Reuters) - The company said the distributions will be made on June 29,
and that each Tyco shareholder will receive one share of
Covidien Ltd. and one share of Tyco Electronics for every four
shares of Tyco International.




Tyco has said it was spinning off its electronics and
health-care divisions into independent, publicly traded
companies to allow each business to set its own strategy and
provide investors with clearer choices.


Read more at Reuters.com Government Filings News

BHP Billiton, Woolworths, 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 June fell 1.4
percent to 6225 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index was little changed in New York.


Read more at Bloomberg Stocks News

UPDATE 1-Lincoln Financial mulls options for media unit

(Reuters) - NEW YORK, June 7 - Insurance and investment firm Lincoln Financial Group said on Thursday it would explore strategic options for its unit Lincoln Financial Media, which owns television and radio stations.



News reports have said the unit might be worth as much as $1.5 billion, but a Lincoln Financial spokeswoman said she had no information on price.


Read more at Reuters.com Mergers News

Pimco's Gross Says He's a Still a Bull on Bonds, Expects Fed to Cut Rates

(Bloomberg) -- Bill Gross, manager of the world's
biggest bond fund, said he continues to expect a ``mild bull
market'' for the next year.

``We do like bond markets from this point forward for the
next six months,'' Gross said in comments posted on the Pacific
Investment Management Co.'s Web site today from a meeting of
firm's fund managers in early May. ``But we do suggest in 2008,
2009 and 2010 that interest rates will be moving mildly higher.''


Read more at Bloomberg Bonds News

House panel to consider FDA bill on drug safety

(Reuters) - It "would strengthen FDA's post-marketing drug safety authority, provide greater transparency" among other changes, House Energy and Commerce Health Subcommittee Chairman Rep. Frank Pallone said in a letter dated June 6.




The panel plans to hold a hearing on the legislation June 12 and vote on the bill June 14, the New Jersey Democrat said.


Read more at Reuters.com Government Filings News

Mexico stocks slide on global interest rate fears

(Reuters) - The benchmark IPC stock index closed 1.57 percent
lower at 31,184.49 points, adding to Wednesday's 1.7 percent
decline that was also sparked by worries that higher global
rates would diminish interest in relatively risky emerging
market assets.




The peso gave up 0.57 percent in local
trading to 10.93 per dollar.


Read more at Reuters.com Bonds News

UPDATE 1 - Amex Centurion, Amex FSB sell $3.5 bln debt

(Reuters) - Amex Centurion sold $1.0 billion in two-year floating-rate
notes with a coupon rate of 0.02 percentage point over the
one-month London interbank offered rate , $400 million
in five-year floating-rate notes with a coupon rate of 0.15
percentage point over one-month Libor.




It also includes $300 million in 10-year notes yielding
0.89 percentage point over comparable U.S. Treasuries.


Read more at Reuters.com Bonds News

Soybeans Gain on Speculation Unusually Hot, Dry Weather May Hurt U.S. Crop

(Bloomberg) -- Soybeans rose in Chicago for the
second time in three days on speculation that unusually hot, dry
weather will slow new-plant growth and damage crops in the U.S.,
the world's largest producer and exporter.

Temperatures will jump as much as 6 degrees Fahrenheit
above normal the next two weeks and rains will be half their
normal amount, increasing stress for young soybean plants, said
Dave Streit, a meteorologist for CropCast Services Inc. in
Rockville, Maryland. Abnormally dry conditions and pockets of
extreme drought already exist from Florida to Ohio.


Read more at Bloomberg Commodities News

UPDATE 1-US lawmakers scold Fed on credit card fees, rates

(Reuters) - WASHINGTON, June 7 - Members of a U.S. House
committee on Thursday criticized abusive consumer credit card
interest rates and fees, while faulting the Federal Reserve for
doing little about them.




"The Fed hasn't done squat to deal with this problem and
doesn't seem to be doing squat about it," said Rep. Mel Watt, a
North Carolina Democrat, at a subcommittee hearing.


Read more at Reuters.com Government Filings News

Mexico's Bolsa Falls on U.S. Bond Yields, Led by America Movil and Cemex

(Bloomberg) -- Mexico's Bolsa fell for a second day,
led by America Movil SAB, on concern that rising bond yields in the
U.S. will lure investors away from equities.

The Bolsa index of most-traded shares in Mexico declined
356.86, or 1.1 percent, to 31,324.90 as of 11:54 a.m. in New York.


Read more at Bloomberg Stocks News

S&P raises Qwest Corp.'s senior unsecured rating

(Reuters) - Qwest Corp.'s senior unsecured rating was raised because it
ranks higher than Qwest Communications' secured revolving
credit line, which was raised to "BBB-minus" to reflect
recovery prospects, S&P said in a statement.




The senior unsecured rating on Qwest Corp. was raised by
one notch to "BBB-minus," the lowest investment grade, from
"BB-plus." Its corporate credit rating was left unchanged at
"BB," the second-highest junk rating.


Read more at Reuters.com Bonds News

Amaranth files motion to dismiss San Diego lawsuit

(Reuters) - The pension fund accused Amaranth of failing to adequately
disclose the risks of investing in the hedge fund.




Read more at Reuters.com Mergers News

Corn Rises on Speculation Unusually Hot, Dry Weather May Damage U.S. Crop

(Bloomberg) -- Corn rose in Chicago for the first
time in a week on speculation that unusually hot, dry weather
from Texas to Ohio will damage the crop in the U.S., the world's
largest grower and exporter.

Temperatures will jump as much as 6 degrees Fahrenheit
above normal the next two weeks and rains will be half their
normal amount, increasing stress for young corn plants, said
Dave Streit, a meteorologist for CropCast Services Inc. in
Rockville, Maryland. Abnormally dry conditions and pockets of
extreme drought already exist from Florida to Ohio.


Read more at Bloomberg Commodities News

Auditors say EU has a case to cap their liability

(Reuters) - "The commissioner has enough ammunition now to justify the
debate and move towards a recommendation," said Jeremy Jennings,
who lobbies on behalf of the world's "Big Four" auditors in
Brussels.




Jennings said that of the 83 replies, over 70 percent were
in favour of a cap on liability of some sort.


Read more at Reuters.com Government Filings News

Brazil global 40 bond plunges as Treasuries selloff

(Reuters) - The whole emerging debt market sank in sympathy with
Treasuries, but still outperformed the safe-haven bonds,
leading yield spreads between the two asset classes to tighten
3 basis points to 153 basis points, according to JP Morgan's
EMBI+ index .




Read more at Reuters.com Bonds News

Petroleum Pipeline Is Shut in Martinez, California, After Train Derailment

(Bloomberg) -- A 12-inch petroleum pipeline in
Martinez, California, was shut as a precaution after a train
derailment early today, according to a state-administered Web
site.

The report said the line was operated by Kinder Morgan. A
spokesman for Kinder Morgan Energy Partners LP was not
immediately available for comment.


Read more at Bloomberg Energy News

UPDATE 2-Greek funds reject JPMorgan offer, no bond deal

(Reuters) - ATHENS, June 7 - Greek pension funds turned down
on Thursday an offer by investment bank JPMorgan to buy back a
Greek government structured bond at the heart of a scandal
rocking the government.




A source at the bank told Reuters its proposal was rejected
and was now off the table while funds said the deal did not
cover interest they would have earned otherwise.


Read more at Reuters.com Government Filings News

Time Warner not selling Time Inc.: CEO Parsons

(Reuters) - "We're not looking to move our publishing company out," Time Warner Chief Executive Richard Parsons said at the Merrill Lynch media conference in London.




He added, "It can be in a 8, 9, 10 percent growth business for a long time, if we successfully make this transition to digital."


Read more at Reuters.com Mergers News

Energy executives look warily at assets

(Reuters) - Dominion Resources , for instance, which has just finished selling most of its exploration and production business, is not planning on any large acquisitions for its remaining power generation business, according to Chief Executive Thomas Farrell.




Farrell said such a move would not create as much value for shareholders as Dominion can on its own. But the company would be interested in buying assets on the eastern side of the United States "if the right thing came along," Farrell said during the Reuters Global Energy Summit in New York earlier this week.


Read more at Reuters.com Business News

S.Africa c.bank lifts repo rate to 9.5 percent

(Reuters) - South Africa's central bank raised its key repo interest rate by 50 basis points to 9.5 percent on Thursday, citing rising inflationary pressures and high consumer spending.

Reserve Bank Governor Tito Mboweni said the outlook for inflation had deteriorated, and predicted that the CPIX rate would again breach the top end of the 3-6 percent target band in the fourth quarter after a short reprieve.


Read more at Reuters Africa

UPDATE 1-Hayes Lemmerz posts smaller quarterly net loss

(Reuters) - CHICAGO, June 7 - Hayes Lemmerz International Inc. , which produces wheels and other auto parts, posted a smaller quarterly net loss on Thursday as sales rose, and it backed its full-year earnings forecast.



The net loss narrowed to $15.3 million, or 38 cents per share, in the first quarter ended April 30 from $17.6 million, or 46 cents per share, a year earlier.


Read more at Reuters.com Market News

Aber Diamond, Home Capital, March, Suncor, Transat: Canada Equity Preview

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

The Standard & Poor's/TSX Composite Index fell 200.10, or 1.4
percent, to 13,941.59, yesterday in Toronto.


Read more at Bloomberg Stocks News

US STOCKS-Futures fall as Treasury yields top 5 pct

(Reuters) - NEW YORK, June 7 - U.S. stock index futures fell
on Thursday, indicating a lower open on Wall Street, after
yields on all Treasuries debt securities reach or top 5
percent, raising concern that stocks face more competition from
fixed-income assets.




The spring rally in stocks has sputtered in the past two
days as worries about inflation and the possibility of higher
interest rates haves crept back into the forefront of
investors' concerns. Higher rates discourage consumer spending
and crimp profit margins.


Read more at Reuters.com Bonds News

Dillard's May same-store sales fall 2 pct

(Reuters) - Analysts, on average, expected the company's same-store sales to fall 1.4 percent, according to estimates gathered by Reuters.



Total sales for the four weeks ended June 2 fell 1 percent to $527.9 million from $533.5 million last year, the company said in a statement.


Read more at Reuters.com Market News

GLOBAL MARKETS-Stocks slide as bond yields surge to key levels

(Reuters) - LONDON, June 7 - Concerns about rising interest
rates and bond yields hit stocks again on Tuesday, while the yen
fell as investors sought better returns elsewhere and on concern
about reports North Korea had fired missiles off its coast.




Benchmark 10-year U.S. Treasury yields stormed
through psychologically significant 5 percent threshold and euro
zone government bond yields also rose to fresh multi-year highs
as global interest rate expectations rose, putting pressure on
equities near their record peaks.


Read more at Reuters.com Economic News

UPDATE 1-AuthenTec sees pricing 7.5-mln-shr IPO at $9-$11 each

(Reuters) - In an amended filing with the U.S Securities and Exchange
Commission, the company said it plans to sell about 5.6 million
shares, while some stockholders will offer an additional 1.9
million shares.




Lehman Brothers, Bear Stearns & Co., Cowen and Co.,
Montgomery & Co. and Raymond James are underwriting the IPO,
the Melbourne Florida-based company said.


Read more at Reuters.com Government Filings News

Sharper Image May same-store sales fall 8 pct

(Reuters) - For the month ended May 31, total company sales fell 27
percent to $24.1 million from $32.9 million last year.





Read more at Reuters.com Market News

Dollar Gains as Yield Premium on U.S. Debt Widens on Global Growth Outlook

(Bloomberg) -- The dollar strengthened as yields on
U.S. Treasuries rallied above 5 percent for the first time since
August and traders added to bets the Federal Reserve will
refrain from cutting interest rates this year.

The U.S. dollar gained the most against the euro in two
weeks as the extra yield investors earn on 10-year Treasuries
over similar-maturity European debt widened to the most in
almost two months. Bond yields climbed around the world after
the Reserve Bank of New Zealand unexpectedly raised rates today,
adding to prospects for faster global economic growth.


Read more at Bloomberg Currencies News

Futures point up as retailers report sales

(Reuters) - But oil prices may keep investors on guard after a report North Korea fired missiles off its west coast and a cyclone weakened to a storm but headed toward Iran, a major oil producer.




"Right now the markets are looking unchanged to a little higher, but we'll have to keep a close eye on what happens in the oil pits," said Peter Cardillo, chief market economist at Avalon Partners in New York.


Read more at Reuters.com Business News

Japanese workers uniting to oppose fund buyouts-UNI

(Reuters) - The UNI has 14 affiliations with Japanese trade unions. Each
affiliate plans to appoint a delegate to the task force which
will have access to financial and academic experts to challenge
buyouts in Japan.




"This is a call to action," Philip Jennings, UNI general
secretary, told Reuters on the sidelines of a private equity
seminar in Tokyo.


Read more at Reuters.com Mergers News

Gold May Gain in London as Mining Companies Buy Back Sales; Silver Falls

(Bloomberg) -- Gold may gain in London on speculation
that mining companies will buy back production, restricting
supplies at a time of increased demand from jewelers.

Newcrest Mining Ltd., Australia's largest gold miner, is
``looking'' at closing its gold hedge book, Chief Executive
Officer Ian Smith said in Melbourne today. Miners sell production
before it's mined to hedge against a drop in prices. Newcrest has
about 700,000 ounces of gold hedged each year for the next 5 1/2
years, Smith said.


Read more at Bloomberg Commodities News

Teva, Swedish Partner Start Final Tests on Multiple Sclerosis Treatment

(Bloomberg) -- Teva Pharmaceutical Industries Ltd.,
the world's biggest maker of generic drugs, and Sweden's Active
Biotech AB plan to push their experimental multiple sclerosis
pill to the last stage of clinical tests this year.

Tests on the medicine, called laquinimod, can proceed in
Europe and the United States now that discussions with the U.S.
Food and Drug Administration and its European counterpart have
concluded, the companies said in an e-mailed statement today. If
the tests succeed, laquinimod may reach the market by 2010,
Active Biotech Chief Executive Officer Sven Andreasson said.


Read more at Bloomberg Emerging Markets News

Treasuries Drop, Sending 10-Year Yield to 5%, on Speculation Fed on Hold

(Bloomberg) -- U.S. Treasuries fell, pushing 10-year
yields through 5 percent, on speculation the Federal Reserve will
refrain from cutting interest rates as the global economy
strengthens.

Ten-year yields rose to the highest since August 2006 after
Fed Bank of Richmond President Jeffrey Lacker said growth will
rebound in 2007 because of ``healthy'' consumer spending. Merrill
Lynch & Co. and Goldman Sachs Group Inc. this week scrapped their
forecasts that the Fed would cut interest rates this year.


Read more at Bloomberg Bonds News

Yen, Swiss Franc Weaken as Rising Global Interest Rates Spur Carry Trade

(Bloomberg) -- The yen and Swiss franc weakened on
expectations rising global interest rates will spur investors to
borrow in Japan and Switzerland and buy higher-yielding assets
elsewhere.

The currencies slid after New Zealand unexpectedly raised
rates and the European Central Bank lifted its benchmark to a
six-year high. Japan and Switzerland have the lowest borrowing
costs among major economies. Steen Elverdal, managing director of
hedge-fund Hamton Asset Management Ltd., said he uses Swiss
francs to fund European investments that have higher yields.


Read more at Bloomberg Currencies News

South Australian Grain Farmers to Plant Record Crop This Year After Rain

(Bloomberg) -- Grain farmers in South Australia, the
nation's third-largest wheat growing state, will sow a record
area to crops this year as drought conditions ease.

Farmers will plant crops including wheat, barley and canola
over an estimated 3.95 million hectares (9.76 million acres)
this season, Rural Solutions SA said today in a report on its
Web site. That compares with 3.7 million hectares last year.


Read more at Bloomberg Commodities News

Asian Stocks Are Little Changed; Sony, Sino Land Decline, Cnooc Advances

(Bloomberg) -- Asian stocks were little changed as
concern global interest rates will rise dragged on technology and
property shares, offsetting gains among oil producers.

Sony Corp. and Sino Land Co. led declines after U.S. labor
costs rose more than economist forecasts, while energy shares
including Cnooc Ltd. tracked oil higher. China's CSI 300 Index
climbed for a third day, damping speculation a rout that erased
more than $400 billion of market value will resume.


Read more at Bloomberg Stocks News

Telenor says filed U.S. lawsuit against Alfa

(Reuters) - Telenor alleged in a statement that Alfa Group companies
engaged in "multiple violations of U.S. securities laws in
connection with their purchase of 9.5 percent of Russian mobile
operator Vimpelcom between August 2006 and May 2007, including
at least two instances of insider trading."




Telenor filed the suit against Alfa Group companies Altimo,
Eco Telecom, CTF Holdings, Crown Finance and Rightmarch.


Read more at Reuters.com Mergers News

Pound Is Little Changed Before Bank of England Decides on Interest Rates

(Bloomberg) -- The pound was little changed before the
Bank of England's monthly meeting today, at which policy makers
are expected to keep interest rates on hold.

The U.K. central bank will leave borrowing costs at a six-
year high of 5.5 percent after four increases in the past year,
according to a Bloomberg News survey of economists. The pound has
risen this year after two surprise increases in rates and a report
showing inflation at a decade high of 3.1 percent.


Read more at Bloomberg Currencies News

Euro on back foot after ECB, Aussie and kiwi climb

(Reuters) - The euro stayed on the back foot against major currencies on Thursday after the European Central Bank did not clearly suggest how much interest rates will rise following a widely expected lift to 4 percent in the previous session.

Investors' hunger for high-yielding currencies was stoked after data showed Australian job growth last month was nearly four times bigger than forecasts, fuelling expectations for higher rates and pushing the Australian dollar to a 17-year high.


Read more at Reuters Africa