Thai Consumer Confidence Slides to Lowest Level in 5 Years Amid Protests

(Bloomberg) -- Thailand's consumer confidence fell in
May to the lowest level in five years, as a court banned the
nation's most popular political party and terrorist attacks worsened
in southern provinces.

An index of consumer confidence dropped to 71.4 from 72.1 in
April, the University of the Thai Chamber of Commerce said in
Bangkok today. The index is at its lowest level since February 2002
after sliding each month since November. The gauge measures the
results of a survey of 2,233 respondents nationwide.


Read more at Bloomberg Emerging Markets News

Marriott, Schrager plan boutique hotels: report

(Reuters) - Neither Marriott not the Ian Schrager Company were immediately available to comment.




Read more at Reuters.com Business News

Steel Partners may buy all Aderans shares -paper

(Reuters) - Aderans has been under pressure from top shareholder Steel
Parters, which owns a 25 percent stake.




Read more at Reuters.com Mergers News

Bear Stearns fund facing mortgage losses-WSJ

(Reuters) - Bear Stearns was not immediately available for comment.




Bids for the bonds, many of which are backed by risky
subprime mortgages, are due on Thursday, shortly after Bear
reports quarterly results. The fund could be shut down if the
sale is not a success, the Journal reported.


Read more at Reuters.com Bonds News

Japan's Government Bonds Advance as Yields Near One-Year High Lure Buyers

(Bloomberg) -- Japan's government bonds rose, halting
a 10-day slide, on speculation yields near the highest in almost a
year will lure investors.

The benchmark 10-year bond, which yesterday completed the
longest slump in three years, rebounded as charts traders use to
predict price changes signaled its loss was excessive. The yield,
which yesterday reached 1.985 percent, has been at or above 2
percent for only four days since the Bank of Japan ended a five-
year deflation-fighting policy in March 2006.


Read more at Bloomberg Bonds News

Yen Trades at Lowest Since December 2002 Against Dollar on Yield Spread

(Bloomberg) -- The yen traded at the weakest against
the dollar since December 2002 as investors were enticed by the
yield advantage on U.S. Treasuries over Japanese debt.

The Bank of Japan will probably keep its overnight lending
rate at the lowest among major economies at a two-day meeting
beginning today, encouraging investors to send money overseas in
so-called carry trades. The yen has dropped 2.9 percent this year
as traders reduced bets on Federal Reserve rate cuts, causing the
U.S. 10-year yield spread with Japan to widen to a four-year high.


Read more at Bloomberg Currencies News

Philippines' Export Growth Slowed Unexpectedly on Fewer Electronics Sales

(Bloomberg) -- Philippine export growth slowed
unexpectedly in April as shipments of electronics cooled.

Overseas sales rose 5 percent to $4.11 billion, the
National Statistics Office said in Manila today. Economists
estimated an 8.3 percent increase. Exports rose a revised 7.3
percent in March.


Read more at Bloomberg Emerging Markets News

Indonesia's Listrik Raises 3 Trillion Rupiah in Nation's Biggest Bond Sale

(Bloomberg) -- PT Perusahaan Listrik Negara,
Indonesia's state-owned power utility, sold 3 trillion rupiah
($332 million) of bonds and Islamic debt in the nation's biggest
corporate debt sale.

The company sold 10-year, 1.5 trillion rupiah bonds to
yield 10.4 percent, and 15-year, 1.2 trillion rupiah bonds to
yield 10.9 percent, Orias Petrus Moedak, managing director of PT
Danareksa Sekuritas, which is helping sell the bonds, said in a
mobile-phone text message. The Jakarta-based utility company
also sold 300 billion rupiah of 10-year Islamic bonds.


Read more at Bloomberg Bonds News

New Zealand Dollar Gains on Speculation Yield Premium May Widen Over U.S.

(Bloomberg) -- New Zealand's dollar rose against
the U.S. currency as gains in U.S. stocks gave investors
confidence to buy the nation's higher-yielding assets with money
borrowed in countries with lower interest rates, such as Japan.

The local dollar, known as the kiwi, has risen 6.4 percent
this year as investors have put on so-called carry trades, lured
by the second-highest interest rates among AAA-rated countries.
The appeal of holding New Zealand dollar-denominated securities
was boosted after the yield on 10-year U.S. Treasuries yesterday
fell from a five-year high.


Read more at Bloomberg Currencies News

UPDATE 1-Jones Apparel nearing sale of Barneys-reports

(Reuters) - The New York Post said the deal was worth $950 million. The
Wall Street Journal put the figure as high as $850 million.




The talks with private-equity firm Istithmar, one of the
big investment firms in the oil-rich United Arab Emirates, have
reached the final stages, the Post and Journal said, citing
sources. A potential deal was first reported by apparel trade
publication Women's Wear Daily in April.


Read more at Reuters.com Mergers News

Beverly Hills Bancorp explores sale, shares soar

(Reuters) - Beverly Hills disclosed its review in a U.S. Securities and Exchange Commission filing.




The company said on May 9 first-quarter profit rose 6 percent to $2.64 million, or 14 cents per share, as growth in loans and deposits offset a plunge in net interest margin to 2.01 percent from 2.70 percent.


Read more at Reuters.com Mergers News

Chinese Yuan, South Korea Won, Thai Baht, Rupee: 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

GLOBAL MARKETS-US stocks jump, bond yields dip, dollar up vs yen

(Reuters) - NEW YORK, June 13 - U.S. stocks soared on
Wednesday as benchmark bond yield increases that rocked equity
trading for a week abated, and after reports indicated strong
economic growth.




Ten-year Treasury note yields, which govern consumer and
corporate borrowing costs, retreated, damping concerns that
higher rates would curb economic growth, slow corporate
takeovers and dent profits. The yields have risen more than
0.5 percentage point since April, hitting a five-year peak in
European trade.


Read more at Reuters.com Bonds News

Team led by L-3 wins Pentagon cargo plane deal

(Reuters) - The winning team includes Boeing Co. and Alenia North America, a unit of Italy's Finmeccanica SpA . It beat Raytheon Co. and its partner, Europe's EADS , for the contract.



The Army and the Air Force have been approved for an initial purchase of 78 aircraft -- 54 for the Army and 24 for the Air Force through 2013, said Lt. Col. Carl Ey, an Army spokesman.


Read more at Reuters.com Government Filings News

Mexico stocks gain as US Treasuries yields retreat

(Reuters) - The benchmark IPC stock index gained 0.87 percent to
31,884.06 points.




The peso currency finished local trading
flat at 10.934 per dollar, reversing big losses in predawn trading, when the currency fell to as low as 11.06 pesos to
the dollar.


Read more at Reuters.com Bonds News

US SEC repeals outdated short-selling rule

(Reuters) - The five commissioners unanimously voted to drop a short
selling limit, also known as the tick test or Rule 10A-1.




The tick test only allows short sales when the last sale
price is higher than the previous price. That means a trader
cannot short a stock if the movement prior to the short sale is
down.


Read more at Reuters.com Government Filings News

Apple, Applebee's, Epiq, Healthspring, Sapient: U.S. Equity Movers Final

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

A. Schulman Inc. (SHLM US) fell $2.65, or 11 percent, to
$21.31. The maker of plastics used in steering wheels cut its
2007 forecast, citing unexpected weakness in Europe and North
America. Profit this year will be $17 million to $23 million,
lower than an earlier estimate of as much as $30 million.


Read more at Bloomberg Stocks News

Brazil Stocks Advance on U.S. Retail Sales Gain: World's Biggest Mover

(Bloomberg) -- Brazil's main stock index gained for
the third time in four days, boosted by a report that retail
sales in the U.S., the South American country's biggest trade
partner, rose the most in a year last month.

The Bovespa index of the most-traded stocks on the Sao Paulo
exchange rose 1,205.42, or 2.3 percent, to 53,002.56 as of 3:30
p.m. New York time, the biggest move among markets included in
global benchmarks. Petroleo Brasileiro SA, the state-controlled
oil company, led the gain.


Read more at Bloomberg Stocks News

Corn Rises on Demand for Livestock Feed After Rains Delay Wheat Harvest

(Bloomberg) -- Corn jumped to the highest in 11
weeks in Chicago on speculation that demand for the grain will
increase after a drop in winter-wheat production reduced
supplies of livestock feed.

Five percent of the wheat crop was cut as of June 10,
compared with 17 percent last year, and more rain in the next
five days may reduce output. Wheat futures have surged to the
highest in 11 years, and corn has jumped 5.9 percent this week.


Read more at Bloomberg Commodities News

RPT-Union pushes for more disclosure in Blackstone IPO

(Reuters) - In its second letter to the Securities and Exchange
Commission, AFL-CIO said Blackstone should be required to
register under the Investment Company Act and follow the same
rules that govern mutual funds, which require more disclosure.




The letter was sent two days after Blackstone revealed in a
filing with the SEC that its co-founders stand to gain at least
$2.33 billion after the firm goes public.


Read more at Reuters.com Bonds News

AvalonBay shares soar on buyout chatter

(Reuters) - Shares of AvalonBay were up $6.11, at $127.00, in afternoon trade on the New York Stock Exchange, where they were among the top gainers. Shares had risen as high as $129.58 earlier.




Web site theflyonthewall.com said "rumors" are "swirling" that AvalonBay is being pursued by Blackstone. The Web site posted an article that appeared Tuesday afternoon on the online version of National Real Estate Investor magazine.


Read more at Reuters.com Mergers News

WRAPUP 1-History would predict slower C$ rise - Dodge

(Reuters) - Dodge said there was no cause for central bank intervention
in the foreign exchange market because the factors that would
trigger such a move under Bank of Canada guidelines --
disorderly markets or extreme volatility -- were absent.




"We haven't had disorderly markets, which is one of the key
issues, nor have we seen an issue where somehow currency
alignment has gotten way, way out of line," Dodge told
reporters after a speech in St. John's, Newfoundland.


Read more at Reuters.com Bonds News

Apple, AvalonBay, Blockbuster, Bway, Freeport-McMoRan: 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 1:10 p.m. New York time.

A. Schulman Inc. (SHLM US) fell $2.95, or 12 percent, to
$21.01. The maker of plastics used in steering wheels cut its
2007 forecast, citing unexpected weakness in Europe and North
America. Profit this year will be $17 million to $23 million,
lower than an earlier estimate of as much as $30 million.


Read more at Bloomberg Stocks News

UPDATE 2-Lehman bond index dips into negative territory

(Reuters) - NEW YORK, June 13 - Lehman Brothers said
on Wednesday that its widely tracked U.S. bond index is down
for the year, signaling that over $3 trillion of bond funds are
in danger of losing money for the first time since 1999.




The Lehman U.S. Aggregate Bond Index, the benchmark for
more than $3 trillion in bond funds, returned -0.24 percent in
the year-to-date through Tuesday, the first time the index had
a losing YTD return since February.


Read more at Reuters.com Bonds News

Finance: Two homes can compound tax woes

(Reuters) - Homeowners who don't spend some time determining where their primary residence is -- and proving it -- can lose out on capital gains and income tax breaks. Moreover, their heirs can sometimes end up paying estate taxes to more than one state on the same inheritance, according to Bob DiQuollo, a financial adviser with Brinton Eaton Wealth Advisors in Morristown, New Jersey.




Folks in high-tax states like New Jersey and New York face this a lot if they go back and forth between Florida and the Northeast. DiQuollo points out that a couple with a $150,000 taxable income would pay $4,684 in New Jersey income taxes if that was their permanent residence, but would pay no income taxes if they were Florida residents.


Read more at Reuters.com Business News

Bonds rise but yields still near 5-year high

(Reuters) - Short-sellers, who bet on falling prices, bought back bonds and took profits after strong data on consumer spending failed to push up yields to new multiyear highs, analysts said.




Traders said the recent market rout that pushed up yields 30 basis points in a week may have run its course for now.


Read more at Reuters.com Business News

Chase sets free Mexico money transfers in NY area

(Reuters) - JPMorgan Chase, the third-largest U.S. bank, introduced its
Rapid Cash program in Texas, and then expanded it into other
parts of the United States. People may use Mexican matricula
consular cards as a form of identification to open accounts.




The New York area is JPMorgan Chase's largest market. The
bank's presence grew last October when it took over some 338
branches from Bank of New York Co. . It now operates more
than 800 branches and 2,300 ATMs in the area.


Read more at Reuters.com Bonds News

UPDATE 2-U.S. home loan demand climbs even as rates surge

(Reuters) - NEW YORK, June 13 - U.S. mortgage applications
rose for the first time in three weeks even as interest rates
surged to their highest since mid-2006, an industry group said
on Wednesday.




The Mortgage Bankers Association said its seasonally
adjusted index of mortgage application activity ,
which includes both refinancing and purchasing loans, increased
6.6 percent to 666.5 for the week ended June 8.


Read more at Reuters.com Economic News

UPDATE 1-Neenah to close Ohio fine paper mill

(Reuters) - Vice President for financial analysis and investor
relations, Bill McCarthy, said by phone that it is unlikely the
company would sell the mill to a paper manufacturer after the
closure.




"We are open to all alternatives at this point. But it will
be unlikely that we would sell it to another paper
manufacturer. There is excess capacity in the market already.
But we will listen to all options that come our way," McCarthy
said.


Read more at Reuters.com Mergers News

Copper Drops to Lowest in Two Weeks on Signs of Shrinking Chinese Demand

(Bloomberg) -- Copper declined to the lowest in
more than two weeks in New York on signs of shrinking demand in
China, the world's largest consumer of the metal.

Chinese copper imports tumbled 28 percent last month from
April as higher prices and climbing inventories damped demand.
Inventories monitored by the Shanghai Futures Exchange have
tripled in 2007. Surging demand in China, the fastest-growing
major economy, helped send the price of the metal up fourfold in
the past four years.


Read more at Bloomberg Commodities News

US STOCKS-Futures extend gains on sales, slip in yields

(Reuters) - S&P 500 futures were up 7.50 points, above fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract.




Dow Jones industrial average futures were up 64
points while Nasdaq 100 futures were off 8.25 points.


Read more at Reuters.com Bonds News

Fitch may cut Commerce Bancorp's rating on probes

(Reuters) - Commerce also has been advised by the Federal Reserve Bank
of Philadelphia that it expects the company to enter into a
formal memorandum of understanding related to these same
issues.




"These anticipated regulatory actions could adversely
affect the company's strategic growth initiatives or disrupt
its operations," Fitch said in a release.


Read more at Reuters.com Bonds News

Canadian Stocks Rise, Led by Royal Bank, Financials, as Bond Yields Ease

(Bloomberg) -- Canadian stocks rose as the 10-year
government bond rallied, pushing down the note's yield from a near
three-year high. Financial shares including Royal Bank of Canada
gained, after declining five of the last six days as bond yields
were increasing.

The Standard & Poor's/TSX Composite Index gained 88.34, or 0.6
percent, to 13,812.67 as of 9:41 a.m. in Toronto. The benchmark had
slipped 3 percent after rising to an all-time high June 4, as
investors speculated rising bond yields and higher interest rates
will reduce the appeal of equities.


Read more at Bloomberg Stocks News

Wex gets Phase 3 nod from Health Canada

(Reuters) - The tiny biotech company, which is developing the treatment from a toxin found in the pufferfish, said Canada's health watchdog sent it a "No Objection Letter" to conduct a Phase 3 clinical trial on cancer pain for its lead product, Tectin.



The multi-centre, randomized, double-blind, and placebo-controlled trial will include about 120 patients with moderate to severe cancer-related pain.


Read more at Reuters.com Government Filings News

U.S. May import prices up 0.9 pct

(Reuters) - Imported petroleum prices climbed 2.7 percent in May, the
fourth straight monthly gain, after a bigger 6.6 percent rise
in April. But the department said that while prices were up
over the last several months, they were down 4.6 percent over
the past twelve months.




Excluding petroleum, import prices - which are monitored
closely by Federal Reserve policy-makers as a potential source
of inflation -- edged up 0.5 percent after a 0.3 percent gain a
month earlier.


Read more at Reuters.com Economic News

Delta amends credit card processing agreement

(Reuters) - June 13 - Delta Air Lines Inc. said it eliminated a $1.1 billion holdback, consisting of an $800 million cash reserve and a related $300 million letter of credit, after it amended its Visa and MasterCard processing agreement.



Due to these changes, Delta now expects to end the quarter with $4.2 billion in liquidity, including a fully available $1 billion revolving line of credit, the third-largest U.S. airline said in a statement.


Read more at Reuters.com Bonds News

European Stocks Recoup Earlier Losses; Antofagasta, Rio, Xstrata Advance

(Bloomberg) -- European stocks recovered from
earlier losses as shares of Antofagasta Plc, Rio Tinto Group and
Xstrata Plc advanced.

The Dow Jones Stoxx 600 was little changed at 386.79 at 1:02
p.m. in London after losing as much as 0.7 percent earlier. The
Stoxx 50 added less than 0.1 percent and the Euro Stoxx 50, a
measure for the 13 nations sharing the euro, dropped 0.1 percent.


Read more at Bloomberg Stocks News

Bonds flat ahead of retail sales

(Reuters) - Prices on 10-year notes were flat, leaving yields at 5.29 percent. Earlier selling in European trade pushed yields up as far as 5.33 percent, their highest in five years.




"We've had some bargain hunting," said Thomas di Galoma, head of U.S. Treasury trading at Jefferies & Co. in New York.


Read more at Reuters.com Bonds News

Total Pollution Oil Spill Trial Ends With Italian Ship Inspector Defense

(Bloomberg) -- The trial of Total SA, Europe's
largest oil refiner, and other companies defending their role in
a 1999 oil spill will end today with arguments from RINA SpA, an
Italian ship safety inspector.

Defense lawyers for 15 companies and individuals have had
the last week of the trial, which began Feb. 12, to argue their
clients' innocence for the spill off the coast of France. They
will have to wait six months for a verdict from the Paris
criminal court.


Read more at Bloomberg Energy News

Omniture files to expand offering by 300,000 shares

(Reuters) - The company had on June 12 said the pricing of its public
offering of about 8.2 million shares, before underwriting
discounts and commissions, was fixed at $18.15 per share.





Read more at Reuters.com Government Filings News

Lesotho to need 30,000 T cereals after drought - WFP

(Reuters) - Lesotho will need 30,000 tonnes of cereals in food aid after one of the worst droughts in the past three decades hit the small African nation, the U.N. World Food Programme (WFP) said on Wednesday.

Serious food shortages are expected to set in as early as the third quarter when around 140,000 people will need food assistance, the agency said in a statement.


Read more at Reuters Africa

U.S. Notes Decline, Pushing 10-Year Yields to Highest Since April 2002

(Bloomberg) -- Treasuries declined, pushing yields
to the highest since April 2002, after former Federal Reserve
Chairman Alan Greenspan predicted an increase in yields on U.S.
benchmark debt and emerging-market securities.

``We are not buying at the moment; the price action looks
terrible,'' said John Stopford, head of fixed income at Investec
Asset Management in London. Stopford helps manage $12 billion of
debt at Investec. ``The pressure is for higher borrowing costs.
That's likely to continue into next year.''


Read more at Bloomberg Bonds News

GLOBAL MARKETS-Soaring bond yields dent stocks, dollar strong

(Reuters) - LONDON, June 13 - Expectations of higher global
interest rates pushed U.S. government bonds to five-year lows on
Wednesday, dragging stocks down but lifting the dollar to a
4-1/2 year high against the low-yielding yen.




Yields on benchmark 10-year Treasury notes
spiked as high as 5.31 percent in Asian trade, their highest
since 2002 and above the fed funds rate target of 5.25 percent.


Read more at Reuters.com Economic News

U.K. FTSE 100 Index Drops, Paced by Anglo American Shares; RBS Declines

(Bloomberg) -- U.K. stocks fell for a second day on
concern rising bond yields will undermine profit growth and erode
demand for equities.

Anglo American Plc, the world's second-largest mining
company, paced the decline while Royal Bank of Scotland Group Plc
led shares of financial companies lower.


Read more at Bloomberg Stocks News

Gold nears 3-month low on dollar, Tokyo follows

(Reuters) - Spot gold fell to $646.10/646.70 an ounce at 0656 GMT from $648.30/649.80 last quoted in New York.




"The primary reason for the dollar's strength is higher interest rates ... and until higher interest rates remain a factor, gold is going to be under pressure," said Tatsuo Kageyama, analyst at Kanetsu Asset Management Co. Ltd.


Read more at Reuters.com Hot Stocks News

JGB futures tumble to seven-year low, BOJ eyed

(Reuters) - Traders said they felt resigned to the fact that as long as
Treasuries kept falling, the three-week slide in JGBs showed
little sign of ending.




"Market players are feeling they have to see U.S. 10-year
yields at 5.5 percent or the JGB 10-year yield rising to 2.000
percent to stop this sell-off. There are no buyers," said Mari
Iwashita, a senior strategist at Daiwa Securities SMBC.


Read more at Reuters.com Bonds News

Pound May Gain as Jobs Report to Fuel Speculation of Higher Interest Rates

(Bloomberg) -- The pound may climb on speculation a
U.K. report that's expected to indicate falling unemployment
will prompt investors to boost bets on higher interest rates.

The currency may add to gains yesterday that were the first
in five days after Bank of England Governor Mervyn King signaled
borrowing costs will have to rise should the pace of inflation
be sustained. The government will today probably say jobless
claims in Europe's second-largest economy dropped 8,400 in May,
according to a survey of economists by Bloomberg News.


Read more at Bloomberg Currencies News

Johncom sees FY headline EPS up 30-40 pct

(Reuters) - South African media group Johnnic Communications (Johncom) expected full-year headline earnings per share to increase by as much as 40 percent, the firm said on Wednesday.

Johncom said in a statement it expected headline EPS -- the key profit measure for South African firms which excludes non-trading, capital and certain extraordinary items -- to increase by 30-40 percent.


Read more at Reuters Africa