RPT-Market Chatter -- Corporate finance press digest

(Reuters) -




** Private equity firm Apax [APAX.UL] is aiming to sell
Global Refund, which helps travellers reclaim tax on purchases,
the Daily Telegraph reported.


Read more at Reuters.com Mergers News

PwC says mining profits to rise further in 2007

(Reuters) - Net profits in the global mining industry, which rose 64 percent in 2006 to be 15 times the 2002 level, is set to rise further this year, according to a report published on Wednesday by PricewaterhouseCoopers.

"Unprecedented demand, primarily driven by China, continues to increase," PwC's Global Mining Leader, Hugh Cameron, said in the report.


Read more at Reuters Africa

New Zealand Dollar Gains as Bond Yield Spread Over U.S. Treasuries Widens

(Bloomberg) -- The New Zealand dollar rose to its
highest against the U.S. currency since the central bank
intervened on June 11 as the yield advantage enjoyed by the
nation's debt widened.

The yield spread between New Zealand's December 2017
government bond and 10-year Treasuries rose to 1.68 percentage
points, from 1.49 points on June 12, after a report showed a
drop in U.S. home building. New Zealand's 8 percent benchmark
interest rate is the second-highest after Iceland's among Aaa-
rated countries, fueling a 22 percent gain in the currency in
the past year.


Read more at Bloomberg Currencies News

Hynix May Cut Yield on $500 Million Bond Sale After Luring Excess Demand

(Bloomberg) -- Hynix Semiconductor Inc., the world's
second-largest memory chipmaker, may cut the yield on $500
million of bonds it's planning to sell after receiving more than
$6 billion of orders, according to an e-mail sent to investors.

The Ichon, South Korea-based company may price the 10-year
bonds to yield 7.875 percent, or 25 basis points lower than it
previously offered, the e-mail said. The bonds, which Hynix can
redeem in five years, will be priced today, the e-mail said. A
basis point is 0.01 percentage point.


Read more at Bloomberg Bonds News

Yuan Should Be Given More Room to Move, Former Policy Adviser Li Yang Says

(Bloomberg) -- China should give the yuan greater
room to move against the U.S. dollar and other major currencies
to help the government's foreign currency manager operate, said
Li Yang, a former policy adviser to the Chinese central bank.

``If we're unprepared in our thinking to make this change,
then our reforms to China's foreign exchange mechanism will be
slowed down,'' Li said today at a conference in Beijing. Li, head
of the Chinese Academy of Social Sciences' Institute of Finance
and Banking, is a former monetary policy adviser to the People's
Bank of China.


Read more at Bloomberg Currencies News

Cosan, Embotelladoras Unidas, Empresas Copec, Telesp: Latin Equity Preview

(Bloomberg) -- The following stocks may make
significant gains or losses in Brazil, Chile and Mexico today.
Symbols are in parentheses after the company name, and stock
prices are from the last session.

In Brazil, preferred shares are the most commonly traded
class of stock.


Read more at Bloomberg Stocks News

PRESS DIGEST - British business - June 20

(Reuters) - Shares in Enodis gained three pence to 204 pence on
market talk the catering equipment maker could be the subject of
another bid approach, with Manitowoc fingered as the
most likely predator. The company last year fended off unwanted
interest from its peers Manitowoc and Middleby as well as a
merger proposal from AGA Foodservice .




CLAPHAM GROWTH


Read more at Reuters.com Mergers News

Australian Stocks Fall, Led by BHP, Rio on Metals, Alcan Bid Speculation

(Bloomberg) -- Australia's S&P/ASX 200 Index rose
14.30, or 0.2 percent, to 6386.30 as of 12:51 p.m. in Sydney. It
earlier dropped 0.4 percent. Australia & New Zealand Banking
Group Ltd. and GPT Group paced gains.

To contact the reporter for this story:
Stuart Kelly in Sydney
skelly22@bloomberg.net


Read more at Bloomberg Stocks News

Japanese Shares Advance; Toyota, Exporters, Mitsubishi Corp. Lead Gains

(Bloomberg) -- Japanese stocks advanced after
declining U.S. bond yields eased concern that higher borrowing
costs will curb profit growth. Exporters such as Toyota Motor
Corp. and trading companies including Mitsubishi Corp. rose.

Fanuc Ltd., the world's biggest factory robot maker, led
gains and Nissan Motor Co. jumped by the most in more than a
month.


Read more at Bloomberg Stocks News

Bank of America offers total Y215 bln Samurai bonds

(Reuters) - Samurai bonds are yen bonds issued in Japan by non-Japanese
entities.





Read more at Reuters.com Bonds News

Japanese Government Bonds Advance on Speculation U.S. Expansion to Slow

(Bloomberg) -- Japan's 10-year bonds advanced on
speculation a housing slump will slow economic growth in the U.S.,
the nation's largest export market.

U.S. Treasuries, which often lead price movements in Japan's
bonds, completed a three-day gain yesterday after a government
report showed home starts in the U.S. fell for the first time in
four months in May. Japan's 10-year yields have declined since
reaching their highest in almost a year on June 13, tracking a
drop in U.S. yields over the same period.


Read more at Bloomberg Bonds News

Hyundai Heavy, Kookmin Bank, Samsung Heavy: South Korea's Stock Preview

(Bloomberg) -- The following shares may rise or
fall in South Korea. Prices refer to the previous close. This
preview includes news announced after markets shut yesterday.
Stock symbols are in brackets after the company names.

The Kospi index rose 0.1 percent to a record 1807.85. The
Kosdaq gained 0.2 percent to 819.97. Kospi 200 futures expiring
in September retreated 0.1 percent to 230.30, while the
underlying index rose 0.1 percent to 229.04.


Read more at Bloomberg Stocks News

BHP Billiton, Leighton and Woodside May Move: 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 rose 0.1
percent to 6395 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index added 0.8 percent in New York.


Read more at Bloomberg Stocks News

North American chip equipment orders rise in May

(Reuters) - The book-to-bill ratio was 1.00 in May, meaning $100 worth of
orders were received for every $100 in product billed for the
month.




Read more at Reuters.com Economic News

UPDATE 1-Darden posts 4th-qtr loss on Smokey Bones charge

(Reuters) - Same-store sales, which track sales at restaurants open at
least 16 months, fell 2.2 percent at Red Lobster.




"Looks like Red Lobster is not immune from the downturn, so
there is some weakness there. That might be something to
watch," Morningstar restaurant analyst John Owens said.


Read more at Reuters.com Market News

Darden posts 4th-qtr loss on Smokey Bones charge

(Reuters) - The owner of such restaurant chains as Olive Garden and Red Lobster posted a fourth-quarter net loss of $55.1 million, or 38 cents per share, compared with net income of $92.3 million, or 60 cents per share, a year ago.



Excluding the one-time charge related to Smokey Bones, Darden reported earnings of 67 cents per share.


Read more at Reuters.com Market News

Rumors fly but hurdles remain to Sanofi, Bristol deal

(Reuters) - The Plavix ruling by a U.S. judge on Tuesday handed a major victory to Bristol-Myers and Sanofi, which are partners on the multibillion-dollar blood clot-preventing drug. The long-awaited ruling blocks sales of generic Plavix.




The trans-Atlantic takeover would boost Paris-based Sanofi's weakened new drug pipeline and allow significant cost savings. But serious obstacles remain to any deal, analysts said, such as differences between top executives at the firms.


Read more at Reuters.com Business News

Ivanhoe sees Mongolia OK for copper-gold mine

(Reuters) - "I think the windfall profits tax will be resolved in a
suitable fashion in the investment agreement," Trenaman said.




The Mongolian prime minister and house speaker are
committed to the agreement and it is expected to go the
Mongolia cabinet this week, Trenaman said. He would not
disclose any details.


Read more at Reuters.com Mergers News

BOK official: watching yen/won rate, to act as needed

(Reuters) - The won has risen about 4 percent against the yen this year
to near 10-year highs.




Read more at Reuters.com Bonds News

Royal Bank of Canada gets penalty in US Fed order

(Reuters) - The order did not specify any of the alleged violations,
and the Fed said the funds will be remitted to the Federal
Emergency Management Agency for deposit into the National Flood
Mitigation Fund.




Read more at Reuters.com Government Filings News

Oil Is Steady at Nine-Month High Amid Threat of General Strike in Nigeria

(Bloomberg) -- Crude oil was little changed at a
nine-month high in New York amid concern that a strike will curb
fuel shipments from Nigeria, Africa's biggest oil producer.

The strike is going ahead tomorrow, according to John Odah,
general secretary of the Nigeria Labour Congress. Union
representatives demanded that the government rescind a motor-fuel
price increase implemented last month.


Read more at Bloomberg Energy News

Surge in GE shares pushes market cap past $400 bln

(Reuters) - $39.46.




The surge pushed GE's market capitalization to $404 billion.


Read more at Reuters.com Hot Stocks News

US STOCKS-Indexes inch up on pharma but Best Buy weighs

(Reuters) - NEW YORK, June 19 - U.S. stocks edged higher on
Tuesday as a favorable court ruling for the pharmaceutical
sector lifted shares of drugmakers, including Bristol-Myers
Squibb Co. , while a pullback in benchmark bond yields
tempered interest rate worries.




A disappointing profit from Best Buy Co. Inc. ,
however, limited a broader advance as its quarterly results
raised doubts about the U.S. economy's health and the outlook
for consumer spending.


Read more at Reuters.com Bonds News

Bonds rise as data support weak housing view

(Reuters) - Benchmark bond yields, which move inversely to prices, slipped to their lowest levels in a week as weaker stocks and gains in Bunds also enticed Treasury investors, analysts said.




"What is helping the Treasury market is this idea that housing is remaining a very big risk to the economy. The figures today in many eyes reinforce that," said Tony Crescenzi, chief bond market strategist with Miller, Tabak & Co. in New York.


Read more at Reuters.com Bonds News

US regulators to study small affordable bank loans

(Reuters) - "It's an overlooked market," said FDIC Chairman Sheila
Bair, who is pushing for banks to reach out to the potentially
40 million consumers who go to payday lending stores.




About 35 banks have expressed interest in participating in
the program, including 10 national banks, two banks supervised
by the Federal Reserve, and four thrifts, said Andrew Sterling,
who will oversee the pilot program. The banks have assets of up
to $90 billion, he said.


Read more at Reuters.com Government Filings News

Corn, Soybean Futures Fall as Rain in U.S. Midwest to Help Maturing Plants

(Bloomberg) -- Corn fell the most in three weeks in
Chicago and soybeans dropped on forecasts for rain in the U.S.
Midwest that may moisten soils and improve prospects for
recently seeded crops.

Parts of Ohio, Indiana and southern Illinois will get as
much as 1 inch (2.5 centimeters) of rain in the next 24 hours,
and rainfall will be above normal in the next 10 days,
Meteorlogix LLC said. Some fields in Iowa, the largest state
producer of both crops, and Nebraska also will receive about an
inch through tomorrow, the Woburn, Massachusetts-based
forecaster said.


Read more at Bloomberg Commodities News

Gold, Silver Futures Little Changed, May Rise on Outlook for U.S. Dollar

(Bloomberg) -- Gold and silver, little changed in
New York, may rise on speculation a slump in the U.S. housing
market will hurt growth, weakening the dollar and boosting the
appeal of precious metals as alternative investments.

Gold generally moves in the opposite direction of the
dollar, which is down a third straight day against a basket of
six major currencies. A government report showed home
construction slowed in May, a signal the Federal Reserve may not
raise interest rates anytime soon. Before today, gold had gained
3.4 percent this year while the dollar index fell 1.1 percent.


Read more at Bloomberg Commodities News

Canada to prod provinces on securities regulation

(Reuters) - "What I'm going to put forward is a six-month plan where we
would have a group of experts ... examine for us and show us
what a national securities act would look like in Canada so
that we can start to be constructive and move forward on the
issue," Flaherty told reporters after testifying to the Senate
Finance Committee.




In March, Flaherty said he was hopeful of reaching his goal
of a single securities regulator within a year or two.


Read more at Reuters.com Government Filings News

Chile's Peso Rise on Expectations Interest Rates Will Increase Next Month

(Bloomberg) -- Chile's peso rose on expectations
the government will increase rates next month as economic growth
accelerates.

``The pressure is on the peso to strengthen,'' said John
Zalles, an analyst at Euroamerica Corredores de Bolsa SA in
Santiago. ``The expectation is that rates will increase.''


Read more at Bloomberg Currencies News

Mexican stocks fall, hit by Cemex; debt gains

(Reuters) - Shares of Cemex , one of Mexico's largest
companies, fell 3.56 percent to 42.24 pesos and its New
York-traded stock was down. 3.71 percent at $39.21.




Cemex dropped after Merrill Lynch Tuesday cut its rating on
Cemex to "neutral" from "buy", saying recent guidance for the
second quarter fell short of expectations.


Read more at Reuters.com Bonds News

Best Buy profit disappoints; shares drop

(Reuters) - The outlook sent shares of the top U.S. consumer electronics retailer down nearly 6 percent. It also cast new doubts on U.S. consumer spending trends, weighing on U.S. stocks.




"The margin numbers were terrible and we've known from the data we've seen that consumer spending has moderated," said Peter Boockvar, equity strategist at Miller Tabak & Co. in New York.


Read more at Reuters.com Business News

Nymex Gas Declines on Milder U.S. Weather, Lack of Tropical Storm Threat

(Bloomberg) -- Natural gas in New York fell for a
second day on forecasts for milder temperatures starting tomorrow
in the Northeast and in the absence of any near-term threat from
a tropical storm.

``There's a little bit of warmth here and there, but there
is nothing out of the ordinary and that's the key,'' Michael
Rose, trading director at Angus Jackson Inc. in Fort Lauderdale,
Florida. ``There's no catalyst right now to lift this market.''


Read more at Bloomberg Energy News

TREASURIES-Bonds steady after home starts data in line

(Reuters) - NEW YORK, June 19 - U.S. government debt prices
were steady on Tuesday, after data on housing starts that were
roughly in line with forecasts supported the view the housing
sector would remain an economic drag.




Government data showed housing starts decreased 2.1 percent
to an annualized rate of 1.474 million units in May, versus an
expected 1.480 million units and a downwardly revised 1.506
million units in April.


Read more at Reuters.com Bonds News

Best Buy, Color Kinetics, Expedia, Microchip, Taser: 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 9:30 a.m. New York time.

Best Buy Co. (BBY US) slid $2.08, or 4.3 percent, to $45.93.
The largest U.S. consumer-electronics chain said profit fell 18
percent on sales of less profitable laptop computers and lower
prices for flat-panel televisions. Net income dropped to 39 cents
a share for the first quarter from 47 cents a year ago. Analysts
estimated Best Buy would earn 50 cents a share. The company also
cut its annual profit forecast.


Read more at Bloomberg Stocks News

AIRSHOW-ILFC says A350 basic design frozen, sees optimisation

(Reuters) - "The engine is a big question" he said, referring to the
fact GE Aviation was unwilling to offer an engine for the
largest of the three versions, the A350-1000.




Only Rolls-Royce is offering engines for the A350 currently.


Read more at Reuters.com Mergers News

GE Buys Control of Regency Energy, Louisiana Pipeline for $603 Million

(Bloomberg) -- General Electric Co. acquired
controlling interests in Regency Energy Partners LP and a
Louisiana pipeline from HM Capital Partners LP for $603 million.

The purchase included 91 percent of Dallas-based Regency's
general partner and 16.7 million subordinated units, Fairfield,
Connecticut-based GE said today in a statement on Business Wire.


Read more at Bloomberg Energy News

Dollar Little Changed Versus Euro After Release of Housing, Permits Data

(Bloomberg) -- The dollar was little changed against
the euro after a government report showed housing starts last
month in the U.S. declined while building permits increased.

Housing starts decreased to an annual rate of 1.474 million
in May, a four-month low, from a revised 1.506 million the prior
month, the Commerce Department said in Washington. The median
forecast of 68 economists in a Bloomberg survey was for a rate of
1.472 million.


Read more at Bloomberg Currencies News

New age town in U.S. embraces dollar alternative

(Reuters) - So it is fitting that the artist's face adorns the 50 BerkShares note, one of five denominations in a currency adopted by towns in western Massachusetts to support locally owned businesses over national chains.




"I just love the feel of using a local currency," said Trice Atchison, 43, a teacher who used BerkShares to buy a snack at a cafe in Great Barrington, a town of about 7,400 people. "It keeps the profit within the community."


Read more at Reuters.com Bonds News

Marathon Oil Gulf Zone Bonds, Houston Deal Lead U.S. Tax-Exempt Bond Sales

(Bloomberg) -- Marathon Oil Corp., Wisconsin and
Houston will borrow a combined $2 billion in today's largest
sales of U.S. tax-exempt debt.

Marathon Oil will sell $1 billion of 30-year bonds through
Louisiana's St. John the Baptist Parish to expand the last new
refinery built in the U.S. Wisconsin will take bids from
underwriters for $600 million of state cash-flow notes due in a
year. Houston will offer $400 million of bonds to pay off
commercial paper for the city's water and sewer system.


Read more at Bloomberg Bonds News

Boeing dismisses Airbus order blitz

(Reuters) - European planemaker Airbus hit the ground running at the start of the week long Le Bourget air show with firm orders for 219 planes including more than 114 of its revamped A350 model, which still remains far behind sales of the 787.




Boeing often accuses Airbus of storing up orders to gain publicity at air shows and of confusing the real picture by mixing up firm and provisional orders. Airbus says its announcements schedule is in the hands of its customers.


Read more at Reuters.com Business News

Coffee Gains in London as Roasters Build Stocks, Absorb Indonesian Supply

(Bloomberg) -- Robusta coffee futures rose for a
third trading session in London on speculation that exports from
Indonesia won't be sufficient to alleviate a supply squeeze as
roasters build up their stockpiles.

``Selling appeared from Indonesia in modest volume which
was evenly matched by industry buying,'' Paul Prescott, an
analyst with Fimat USA LLC in New York, said an in e-mailed
report. Robusta prices may continue to climb, he added.


Read more at Bloomberg Commodities News

Swiss Franc Gains Versus Euro on Speculation Central Bank May Buy Currency

(Bloomberg) -- The Swiss franc rose by the most in
two weeks versus the euro on speculation its slide to a record
low may prompt the central bank to take action, to prevent
inflation from accelerating.

The franc is set to snap a four-day losing run, partly on
speculation the Swiss National Bank may intervene like the
Reserve Bank of New Zealand, which sold its currency on June 11.
The SNB has said the franc's drop isn't justified by economic
fundamentals, and may lead to quickening inflation.


Read more at Bloomberg Currencies News

French Stocks Including Carrefour Slip; Renault and Areva Shares Advance

(Bloomberg) -- French stocks including Carrefour SA
declined while Renault SA gained.

The CAC 40 Index slid 1.47, or less than 0.1 percent, to
6085.68 at 11:46 a.m. in Paris as about the same number of
shares rose as fell. The SBF 120 Index slipped 0.1 percent.


Read more at Bloomberg Stocks News

Altadis Default Swaps Increase on Reports of New CVC Capital Buyout Offer

(Bloomberg) -- Altadis SA credit-default swaps rose
after reports CVC Capital Partners Ltd. enlisted Spanish savings
bank Caja Madrid to help finance a leveraged buyout of the maker
of Gauloises cigarettes.

CVC Capital will raise its offer for Altadis to more than
12.8 billion euros ($17.2 billion) after gaining the support of
Caja Madrid and the government of Singapore, La Vanguardia
reported today. Caja Madrid will own 5 percent of Madrid-based
Altadis if the bid is successful, El Pais reported.


Read more at Bloomberg Bonds News

European Government Bonds Gain; German Sentiment Index Unexpectedly Falls

(Bloomberg) -- European government bonds rose after
a report showed investor confidence in Germany, Europe's biggest
economy, unexpectedly fell this month.

Ten-year yields fell from near the highest since August 2002
after the ZEW Center for European Economic Research said its
index of investor and analyst expectations fell to 20.3 from 24
in May. The median estimate of economists in a Bloomberg survey
had forecast a reading of 29.


Read more at Bloomberg Bonds News

Sweden's Economy Will Expand 3.6 Percent in 2007, 3.7 Percent Next Year

(Bloomberg) -- Sweden's economy will expand 3.6
percent this year, less than previously forecast, after a slowdown
in exports at the start of the year, the National Institute of
Economic Research estimated.

Growth will pick up to 3.7 percent next year, and slow to 3
percent in 2009, the Stockholm-based, government-sponsored group
said in an e-mail today. The NIER in March forecast growth of 3.9
percent this year and 3.4 percent in 2008. Gross domestic product
expanded 4.2 percent last year, the most since 2000.


Read more at Bloomberg Currencies News

UPDATE 1-Italy allows U.S. fund into bidding for Alitalia

(Reuters) - The firm was earlier in a consortium with fellow U.S.
private equity firm TPG [TPG.UL], which pulled out of the
auction last month citing difficulties with the conditions
imposed.




The Italian treasury said MatlinPatterson would be allowed
access to Alitalia's books and may present a binding offer for
the airline along with the other two bidders -- smaller Italian
carrier Air One and Russian airline Aeroflot .


Read more at Reuters.com Bonds News

ING has cash for takeovers, share buy-back - CEO

(Reuters) - ING Groep NV said earlier on Tuesday it has reached
a deal to buy Turkey's Oyak Bank for $2.673 billion.




Read more at Reuters.com Mergers News

European Stocks Advance, Led by Bayer, Thales; Tesco Slides on Sales

(Bloomberg) -- European stocks rose, led by Bayer AG
after Germany's largest drugmaker said profit is growing faster
than expected. Thales SA also gained.

Tesco Plc limited the advance, dropping after the retailer
reported sales that missed analysts' estimates.


Read more at Bloomberg Stocks News