European Stocks May Rise; Credit Suisse, HSBC, Pearson Might Pace Advance

(Bloomberg) -- European stocks may advance following
a rebound in U.S. stocks yesterday. Credit Suisse Group, the
second-biggest Swiss bank, and HSBC Holdings Plc, Europe's
largest bank, may rise after their U.S.-traded securities gained.

Shares of Pearson Plc will probably gain after the publisher
abandoned a possible bid for Dow Jones & Co. Arcelor Mittal will
likely increase after UBS AG raised its estimate for the share
price on prospects for cash returns and further mergers and
acquisitions.


Read more at Bloomberg Stocks News

Yen wilts, Asia chip stocks shine

(Reuters) - Oil traded just above $70 a barrel on ample U.S. stockpiles and easing worries about a strike in Nigeria, while gold held steady after dropping several dollars an ounce the day before.




The yen hit another 4-1/2-year low against the dollar as investors sold the low-yielding Japanese currency seeking higher returns elsewhere, such as buying the New Zealand dollar.


Read more at Reuters.com Hot Stocks News

PRESS DIGEST-New York Times business news - June 22

(Reuters) - * Private equity group Blackstone Groups LP's
initial public offering was priced at $31 a unit, but its
archrival Kohlberg Kravis Roberts & Co. LP [KKR.UL] is also
said to be planning an initial offering of its own, people
familiar with the matter said.




* Jones Apparel Group Inc. was near a deal to sell
Barneys New York, the high-fashion chain, for about $825
million to the investment arm of the Dubai government, people
involved in the talks said.


Read more at Reuters.com Mergers News

European Government Bonds May Drop Before Ifo's German Confidence Report

(Bloomberg) -- European government bonds may drop
for a third day before a report that's expected to show German
business optimism is buoyant, adding to expectations the European
Central Bank will keep raising interest rates.

Benchmark debt slid this week, pushing 10-year yields to
near five-year highs, as central banks across Europe signaled
higher borrowing costs and after a report yesterday showed the
euro-region manufacturing grew at an unexpectedly rapid pace in
June. A separate index today may show German business confidence
held near a record this month.


Read more at Bloomberg Bonds News

Senate drops tax package, boosts auto fuel rules

(Reuters) - But the Senate dropped $32 billion in clean-energy incentives after Republicans objected to about $29 billion in extra taxes on big U.S. oil companies.




Minutes before midnight, the Senate voted 65-27 to approve the Democratic rewrite of U.S. energy policy, which would mandate a four-fold use in ethanol in motor gasoline by 2022 and raise vehicle fuel-efficiency standards by 10 miles per gallon, or to 35 miles per gallon by 2020.


Read more at Reuters.com Government Filings News

New Zealand Dollar Approaches 22-Year High as Traders Test Central Bank

(Bloomberg) -- New Zealand's dollar rose to the
strongest in 19 years against the yen and approached a 22-year
high versus the U.S. currency as investors lured to the nation's
higher yields test the central bank's stance on intervention.

The currency yesterday rose to the strongest against its U.S.
counterpart since being freely traded in 1985, exceeding the
level it reached June 11, when the central bank sold New Zealand
dollars, calling the gains ``unjustified.'' The currency has
surged 34 percent against the yen in the past 12 months, as a
record 8 percent benchmark rate entices investors to the
country's debt.


Read more at Bloomberg Currencies News

Stocks gain on rally in semiconductors

(Reuters) - The indicators helped soothe concerns that investment banks could face heavy losses on subprime mortgages as two Bear Stearns Cos. hedge funds struggled to remain afloat.




After choppy trading in the first half of the session, indexes turned higher following a report that showed manufacturing activity in the Mid-Atlantic region grew at its fastest pace in two years, boosting technology and other economically-sensitive shares.


Read more at Reuters.com Hot Stocks News

ANZ Completes Australia's First Sale of Bonds Backed by Trade Receivables

(Bloomberg) -- Australia & New Zealand Banking
Group Ltd., the third-largest Australian lender, raised A$225
million ($191 million) in the nation's first sale of bonds
backed by local trade receivables.

The bank priced two classes of debt at 13 basis points more
than the one-month benchmark swap rate, Alison Gray, global head
of securitization in Sydney, said in an interview today.


Read more at Bloomberg Bonds News

Itochu, Pertamina to Agree on Venture to Supply LPG to Indonesian Homes

(Bloomberg) -- Itochu Corp., Japan's fourth-biggest
trading company, and PT Pertamina, Indonesia's state oil company,
will sign an agreement today to study building a liquefied
petroleum gas terminal on Java island.

A feasibility study will be undertaken to help determine
the scale and cost of the proposed project, which will supply
LPG to Indonesian homes, Naoki Yamanaka, a Itochu spokesman in
Tokyo, said by telephone.


Read more at Bloomberg Energy News

Japan's Shares Slip, Led by Toyota, Sumitomo Metal Mining; Japan Air Gains

(Bloomberg) -- Japanese stocks declined, with the
Nikkei 225 Stock Average retreating for the first time in seven
days. Automakers fell after companies including Toyota Motor
Corp. failed to block Senate agreement to raise U.S. fuel
economy standards for new cars and trucks.

Shares that had a large advance in recent sessions also
slipped as investors judged the gains excessive. The Nikkei
climbed to a seven-year high and had the longest winning streak
in six months to yesterday's close. Mitsubishi Corp., which
jumped 8.6 percent in the last six days, fell 0.9 percent.


Read more at Bloomberg Stocks News

Another record for M&A, no slowdown seen -Thomson

(Reuters) - Mergers and acquisitions in the first half exceeded the 1999
all-time high of $1.9 trillion by a third, according to
preliminary figures from market data firm Thomson Financial.




"I don't think that the conditions in the M&A sector will
change for the rest of the year," said David Bernard, Thomson's
head of European private equity.


Read more at Reuters.com Bonds News

UPDATE 2-U.S. judge levies damages in drug pricing case

(Reuters) - The judge found that the three companies grossly inflated
the prices of drugs, including chemotherapy agents, to the
detriment of the U.S. government's Medicare program for the
elderly, insurance companies and individuals.




Plaintiffs in the class-action lawsuit said the drug makers
boosted published average wholesale prices, which until 2003
were the basis for reimbursements from Medicare, state
governments and private insurers. The marked-up prices created
a spread between a doctor or pharmacy's real cost and the
drug's published cost.


Read more at Reuters.com Bonds News

Investors cashing in on Las Vegas Strip land boom

(Reuters) - Soon, Ruffin will be laughing all the way to the bank.




In August, he is scheduled to close a $1.24 billion sale of
34.5 acres of that Strip property, which is home to the New
Frontier hotel and casino, to Elad Group, owner of Manhattan's
Plaza Hotel.


Read more at Reuters.com Bonds News

BCE-Telus talks may affect private bids - source

(Reuters) - Early on Thursday, Vancouver, British Columbia-based Telus
confirmed that it was in preliminary talks to acquire BCE. Such
a combination would dominate the Canadian communications
industry if it were permitted by federal regulators.




Montreal-based BCE, parent of phone company Bell Canada,
opened the door to sale discussions in mid-April, but has been
dealing mainly with private equity buyout groups until Telus
entered the picture.


Read more at Reuters.com Government Filings News

Corporate Debt Risk Indexes Retreat as Merrill Eases Bear Stearns Concern

(Bloomberg) -- The perceived risk of owning
corporate debt fell from a nine-month high reached in early
trading today as concerns eased that the paralysis of two hedge
funds run by Bear Stearns Cos. may cause a chain reaction that
sparks losses across the credit markets.

Credit-default swaps based on $10 million of debt in the
CDX North America Crossover Index, surged as much as $10,000 to
a nine-month high of $179,000 before ending the day little
changed at $168,500, according to Deutsche Bank AG. In Europe,
the benchmark iTraxx Crossover Index retreated to 211,000 euros
($289,000) after rising 16,000 euros to 216,000 euros.


Read more at Bloomberg Bonds News

Brazil's stocks, currency rise on US factory data

(Reuters) - The Bovespa index of the Sao Paulo Stock Exchange
rose 1.16 percent to close at 54,656.88 points, near an
all-time closing high of 54,730.44 set on Monday.




The real gained 0.57 percent to close at 1.917 per
U.S. dollar.


Read more at Reuters.com Bonds News

American Stock Exchange Equity, ETF Trading Disrupted for 2 1/2 Hours

(Bloomberg) -- American Stock Exchange floor trading
in stocks and exchange-traded funds was disrupted for about 2 1/2
hours by an equipment malfunction, sending investors to other
venues to complete transactions.

Trading was interrupted for a second day after a glitch
involving a system for order entry caused the exchange to close
an hour early yesterday, the Amex said in a statement. Trading
resumed at 3 p.m. today.


Read more at Bloomberg Stocks News

Treasury Two-Year Notes Little Changed Amid Concern Over Bear Hedge Funds

(Bloomberg) -- Treasury two-year notes were little
changed amid concern losses at hedge funds run by Bear Stearns
Cos. may widen.

The difference in yields between two-year notes, which
typically gain more in times of turmoil, and those of 10-year
notes reached the widest in more than a year. The perceived risk
of owning U.S. corporate bonds touched a nine-month high.


Read more at Bloomberg Bonds News

UPDATE 2-High commodities prices boost C$ - Bank of Canada

(Reuters) - "The main point here is that the Canadian economy has
adjusted - and is continuing to adjust - to take advantage of
our opportunities in an integrated global economy," he said in
a speech in Winnipeg.




Macklem said higher global commodity prices have not only
driven the currency higher but have been a factor in boosting
consumption and investment growth, making for a more prosperous
country.


Read more at Reuters.com Government Filings News

Luxottica sees sales up to 5.7 bln euros with Oakley

(Reuters) - The leading eyewear maker, whose brands include RayBan and Prada, is to buy the U.S. company in an all-cash deal worth about $2.1 billion.




The deal lets Luxottica expand into sports and activewear glasses. The combined company will have 6,000 stores across Asia, Europe and North America, according to a company presentation on the deal.


Read more at Reuters.com Bonds News

UPDATE 1-Wireless sale not a must in BCE-Telus merger -CEO

(Reuters) - Darren Entwistle told reporters he sees significant
synergies in a potential tie-up and added "vibrant" competition
could be preserved if spectrum space is set aside to allow a
new entrant into the country's wireless market.




Earlier on Thursday, the company confirmed it is in
exploratory talks to acquire larger rival BCE, Canada's biggest
telecom company.


Read more at Reuters.com Government Filings News

Starbucks high end of '07 view "very challenging"

(Reuters) - CFO Michael Casey also said the company would maintain the number of U.S. store openings at about 1,700 annually for the next few years to relieve pressure on older outlets, and so the company can funnel more resources into international markets including China and Brazil.




Starbucks has forecast fiscal 2007 earnings of 87 cents to 89 cents per share, while analysts, on average, expect 89 cents per share, according to Reuters Estimates.


Read more at Reuters.com Hot Stocks News

Dutch banks ING, ABN discussed merger - report

(Reuters) - ABN AMRO is the subject of a takeover battle between Britain's Barclays , whose offer is currently worth 34.93 euros per share, and a consortium of Royal Bank of Scotland , Belgium's Fortis and Spain's Santander , which has offered 38.40 euros per share.



ING said in April that it looked at buying ABN in November and had hired advisors, but decided not to pursue a merger with its Dutch rival. At the time ABN's shares traded at around 23 euros.


Read more at Reuters.com Mergers News

UPDATE 1-Merrill sold only $100 mln of Bear fund CDOs-source

(Reuters) - The sale of the CDOs late on Wednesday was one of several
planned by Wall Street banks trying to extricate themselves
from the funds managed by Bear Stearns' asset management unit.
The Bear Stearns funds have lost billions of dollars from bad
bets on securities backed by subprime mortgages, which in
recent years have become the main ingredient in many CDOs.




Merrill Lynch spokesmen were not immediately available for
comment.


Read more at Reuters.com Bonds News

American Stock Exchange Trading Disrupted; Stocks, ETFs Halted on Floor

(Bloomberg) -- American Stock Exchange floor
trading in stocks and exchange-traded funds was disrupted by an
equipment malfunction, according to traders and data sent to
Bloomberg.

Trading was curtailed for a second day after a glitch
involving a new system for order entry caused the exchange to
close an hour early yesterday.


Read more at Bloomberg Stocks News

Dollar Little Changed After Fed's June Philadelphia Manufacturing Report

(Bloomberg) -- The dollar traded little changed
against the yen and euro after a Federal Reserve report showed
manufacturing in the Philadelphia area accelerated in June at the
fastest pace in more than two years.

The U.S. currency's advance after the data's release was
limited. Yields on two-year Treasuries erased an advance on
concern losses at hedge funds run by Bear Stearns Cos. may
increase, dimming the allure of dollar-denominated assets.


Read more at Bloomberg Currencies News

UPDATE 1-Care Investment cuts IPO to 15 mln shares

(Reuters) - In a filing with the U.S Securities and Exchange
Commission, the newly organized real estate investment and
finance company, said it expects net proceeds of about $222.1
million, assuming an offer price of $16 a share.




The New York-based company plans to use $200.8 million of
the net proceeds to fund a portion of the purchase price for
the contribution of its initial assets from its manager CIT
Healthcare LLC, a unit of CIT Group Inc. .


Read more at Reuters.com Bonds News

Cheesecake Factory shares fall after forecast

(Reuters) - He also forecast that the quarterly operating income margin would be slightly more than 1 percentage point lower than in the year-ago period.




Bear Stearns analyst Joseph Buckley, who had been projecting revenue growth of 16 percent to 17 percent, said these figures imply earnings per share of 31 cents, which is lower than his estimate of 34 cents.


Read more at Reuters.com Hot Stocks News

Merrill Sells Part of $850 Million of Assets Seized From Bear Hedge Fund

(Bloomberg) -- Merrill Lynch & Co. backed away from
its threat to dump about $850 million of securities it seized
from Bear Stearns Cos. hedge funds, according to a person with
knowledge of the firm's plans.

Merrill Lynch sold a small portion of the collateralized
debt obligations through an auction, said the person, who
declined to be identified because the decision hasn't been
announced. The firm plans to hold onto the remaining securities
for now, the person said.


Read more at Bloomberg Bonds News

UPDATE 2-AES posts loss due to forced sale in Venezuela

(Reuters) - AES posted a loss of $455 million, or 67 cents per share,
compared with a year-earlier profit of $348 million, or 52
cents per share.




During the quarter, the company agreed to sell its 82
percent stake in a Caracas-based utility, which had generation
capacity of 2,600 megawatts, for $740 million to the government
of Venezuela as part of President Hugo Chavez's drive to
nationalize the country's key energy companies.


Read more at Reuters.com Market News

Care Investment cuts IPO to 15 mln shares from 18.75 mln shares

(Reuters) - The company said it plans to sell 5.3 million shares to CIT
Holding in partial consideration for the contribution to its
initial assets.





Read more at Reuters.com Bonds News

CEZ Plans to Start Trading Natural Gas, Coal, Hires More Energy Traders

(Bloomberg) -- CEZ AS, the Czech Republic's biggest
power company, is planning to start trading natural gas and
financial coal contracts this year to benefit from price
movements and to hedge supplies.

``We need to hedge our positions on the fuel side and it's
a way to get to know the gas market,'' Alan Svoboda, CEZ's
executive director of sales and trading, said yesterday in an
interview in Monaco.


Read more at Bloomberg Energy News

UPDATE 1-Goldman Sachs real estate fund to buy Equity Inns

(Reuters) - The price of $23 a share represents a premium of 19 percent
over Equity Inns' closing price on Wednesday.




Equity Inns owns more than 130 hotels under brands such as
Courtyard, Hilton Garden Inn and Hampton Inn.


Read more at Reuters.com Mergers News

Starbucks CFO says high end of '07 view "very challenging"

(Reuters) - Shares of Starbucks were down 3.4 percent to their lowest level since October 2005 and were the second-biggest drag on the Nasdaq 100 .




Starbucks has forecast 2007 earnings of 87 cents to 89 cents per share, while analysts, on average, expect 89 cents per share, according to Reuters Estimates.


Read more at Reuters.com Business News

Freddie Mac sells $1.265 bln reference REMICs

(Reuters) - The joint lead managers on the sale were Citigroup Global
Markets, Credit Suisse and JP Morgan.




Read more at Reuters.com Bonds News

Starbucks--high end of '07 view "very challenging"

(Reuters) - Shares of Starbucks were down 3.4 percent to their lowest level since October 2005 and were the second-biggest drag on the Nasdaq 100 .




Starbucks has forecast 2007 earnings of 87 cents to 89 cents per share, while analysts, on average, expect 89 cents per share, according to Reuters Estimates.


Read more at Reuters.com Market News

Red Robin buys 15 franchised restaurants; sees charge

(Reuters) - The company said the acquisition is expected to add between $28 million and $30 million to net revenue, and about 6 cents to 7 cents a share to earnings, for the rest of fiscal 2007, excluding any related charges.






Read more at Reuters.com Mergers News

Corporate Bond Risk Rises on Concern Over Bear Stearns Hedge-Fund Losses

(Bloomberg) -- The perceived risk of owning
corporate bonds soared worldwide on concern over losses at hedge
funds run by Bear Stearns Cos.

Credit-default swaps based on 10 million euros ($13
million) of debt included in the iTraxx Crossover Series 7 Index
of 50 European companies jumped as much as 16,000 euros to
216,000 euros, the biggest one-day rise in three months,
according to Deutsche Bank AG. The CDX Crossover index in New
York surged as much as $10,000 to a nine-month high of $178,000.


Read more at Bloomberg Bonds News

European Stocks Drop; Deutsche Bank, Tesco and Nokia Lead the Decline

(Bloomberg) -- European stocks fell the most in two
weeks as rising bond yields in the U.S. and Europe pushed banks,
insurers and retailers lower.

Deutsche Bank AG, Germany's biggest bank, and Brit Insurance
Holdings Plc paced the drop. Tesco Plc, the U.K.'s biggest
retailer, and Debenhams Plc also declined. Nokia Oyj, the world's
biggest maker of mobile phones, slid after Goldman, Sachs & Co.
cut its recommendation on the shares to ``neutral.''


Read more at Bloomberg Stocks News

CORRECTED - UPDATE 1-AES posts quarterly loss due to Venezuela sale

(Reuters) - AES posted a loss of $455 million, or 67 cents per share,
compared with a year-earlier profit of $348 million, or $52
cents per share, which was restated because of problems with
the company's reporting controls.




Excluding special charges, earnings from continued
operations were 24 cents per share, which included a charge of
3 cents for an adverse court ruling in Kazakhstan, the
Arlington, Virginia-based company said.


Read more at Reuters.com Mergers News

UPDATE 1-China says cancels debt owed by Iraq

(Reuters) - "China has always been supportive and has participated in
the rebuilding of Iraq," foreign ministry spokesman Qin Gang
told a regular news conference.




"We will reduce or forgive Iraq's debt on a large scale,
and help it to train people in the fields of economics,
electrical power, diplomacy and management," Qin said, adding
that Chinese companies were also willing to participate in the
rebuilding.


Read more at Reuters.com Bonds News

Firmer start seen for Wall St as claws back losses

(Reuters) - By 1021 GMT, stock futures for the Dow Jones industrial average were up 0.2 percent, while S&P 500 futures gained 0.3 percent and Nasdaq added 0.1 percent.




"We've only seen a minor correction but people will start to be more and more concerned about the direction of interest rates. It starts to be tempting to take some profits and to move to risk-free," said Johan Van Der Biest, fund manager at Dexia.


Read more at Reuters.com Hot Stocks News

Blackstone IPO draws high non-U.S. demand: report

(Reuters) - The flotation on the New York Stock Exchange, worth up to $4.75 billion and underwritten by Morgan Stanley and Citigroup, is set to be priced later on Thursday. Blackstone earlier said it expects to sell 133.3 million common units at $29 to $31 each.




The banks will be permitted to sell an additional 20 million shares to meet excess demand.


Read more at Reuters.com Mergers News

America's Cup Stakes Future on `David Against Goliath' Regatta in Valencia

(Bloomberg) -- America's Cup challenger Team New
Zealand cadged everything from timber to electrical fittings to
build its training base in Valencia, Spain. Defending-champion
Alinghi had no such problem: it had enough cash for a basketball
court and roof terrace.

``Financially, it's David against Goliath,'' Grant Dalton,
Team New Zealand's managing director, said as the teams prepared
to vie for sailing's most-prestigious prize in a rematch of their
2003 contest in Auckland.


Read more at Bloomberg Exclusive News

UPDATE 1-Japan Fujii:Currencies should reflect fundamentals

(Reuters) - The yen hit a 4-1/2-year low against the U.S. dollar
on Thursday, hurt by Japan's low interest rates.




Fujii also said tax revenue for the fiscal year that ended
March 31 is likely to fall short of the 50.47 trillion yen
the government was expecting to collect after
its 2006/07 supplementary budget.


Read more at Reuters.com Bonds News

U.K. Natural Gas for Next Day Rises Because Supply May Fall Below Demand

(Bloomberg) -- U.K. natural gas for delivery a day
ahead rose as forecasts showed today's supply may fall below
demand for the fuel.

Day-ahead gas for delivery at the National Balancing Point,
the U.K. trading hub, rose 1 percent to 20.75 pence a therm,
after yesterday touching the lowest since May 8, according to
prices on Bloomberg from broker ICAP Plc. That's equivalent to
$4.13 a million British thermal units. A therm is 100,000 Btus.


Read more at Bloomberg Energy News

JGBs fall on overseas bond slide, weak auction

(Reuters) - Bonds extended their losses after an auction of 20-year JGBs
by the Ministry of Finance met with slightly weak demand as
investors remained wary that yields will continue to rise.




"Upward pressure on U.S. and European yields is continuing,
so it's also difficult to buy JGBs," said Akihiko Inoue, a market
analyst at Mizuho Investors Securities.


Read more at Reuters.com Bonds News

European Carbon Emission Permits Rise for a Second Day From One-Month Low

(Bloomberg) -- European Union carbon-dioxide
emission permits for next year rose for a second day. German
electricity gained.

Emission permits for delivery in December 2008 rose as much
as 2.6 percent to 22.40 euros ($30) a metric ton at the European
Climate Exchange in Amsterdam. They traded at 22.15 euros at
8:55 a.m. local time. The contract traded at its lowest in more
than a month on June 19.


Read more at Bloomberg Energy News

European Stocks Drop on Yields; Deutsche Bank, Axa, Nokia Lead Decline

(Bloomberg) -- European stocks declined as rising
bond yields in the U.S. pushed banks and insurers lower.

Deutsche Bank AG, Germany's biggest bank, and Axa SA,
Europe's second-largest insurer, paced the drop. Nokia Oyj slid
after Goldman, Sachs & Co. cut its recommendation on the shares
to ``neutral.''


Read more at Bloomberg Stocks News