Texas may rule on Asarco copper smelter in August

(Reuters) - "The earliest it could be scheduled is August and the
commision can grant the permit, deny the permit, or do
something else," she said by telephone.




Reopening the 150,000 short ton per year smelter, built in
the 19th century and closed amid low copper prices in 1999,
would be an important financial boost for bankrupt Asarco,
owned by Mexico City-based Grupo Mexico .


Read more at Reuters.com Bonds News

Chile's Peso Falls as Hedge Fund Losses Reduce Emerging-Market Money Flows

(Bloomberg) -- Chile's peso declined as investors
sought refuge from Bear Stearns Cos. hedge fund losses,
curtailing money flows to emerging markets.

``With all this noise about the Bear Stearns fund falling
apart, there is a flight-to-quality move,'' said David Oyarce, a
trader in Santiago at HSBC Bank Chile.


Read more at Bloomberg Currencies News

Moving company Sirva in $53.3 million settlement

(Reuters) - Sirva in January filed a restated 2004 annual report and
its 2005 annual report and has said it expects to file its 2006
annual report this month.




The company said it received a "Wells Notice" from the U.S.
Securities and Exchange Commission in May, indicating agency
staff intend to recommend filing of civil charges over
accounting matters, but it did not expect any individuals to
face penalties.


Read more at Reuters.com Government Filings News

EBay, Fairchild Semi, Harley-Davidson, Macy's, Regal: U.S. Equity 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.

Shares of ethanol producers rose after the U.S. Senate
passed legislation that would overhaul car fuel economy standards
for the first time in more than two decades and quadruple use of
alternative fuels such as ethanol.


Read more at Bloomberg Stocks News

RPT-TREASURIES-Bonds gain on subprime concerns, stocks fall

(Reuters) - By John Parry




NEW YORK, June 22 - U.S. Treasury debt prices
rose on Friday, halting a two-day decline, as nervous investors
dumped stocks and shifted into government bonds as fears of the
subprime mortgage problems reverberated through financial
markets.


Read more at Reuters.com Bonds News

UPDATE 1-Delphi reaches tentative deal with UAW, GM

(Reuters) - Delphi said a memorandum of understanding signed with the
union and GM covers site plans, work force transitions and
other issues. It declined to release further details.




The agreement must be ratified by workers at the local
units and approved by the U.S. Bankruptcy Court.


Read more at Reuters.com Bonds News

AES stock up after Citigroup rates it a buy

(Reuters) - The Arlington, Virginia-based company's project pipeline drove the brokerage's earnings-per-share lift for 2008 and 2009, Citigroup analyst Brian Chin wrote in a note to clients.




Chin, who raised the stock price target to $26 from $25, said shares of the company have been flat all year, while utility and merchant shares are up significantly.


Read more at Reuters.com Hot Stocks News

Visa details restructuring, results ahead of IPO

(Reuters) - NEW YORK, June 22 - Visa, the world's largest credit card system, on Friday unveiled details of a restructuring as it prepares to follow smaller rival MasterCard Inc. in going public.



San Francisco-based Visa also disclosed financial results for the publicly traded entity to be known as Visa Inc., which will combines Visa USA, Visa International and Visa Canada.


Read more at Reuters.com Mergers News

Macy's shares up on takeover speculation

(Reuters) - "There is unusual share and option activity in Macy's as rumors circulate that it will be acquired," said William Lefkowitz, an options strategist at brokerage firm vFinance Investments.




"The takeover price has high as $50 has been mentioned. No suitor has been mentioned," he said.


Read more at Reuters.com Hot Stocks News

Bear has $35 mln exposure to two hedge funds: CFO

(Reuters) - The company is negotiating with counterparties to help stabilize both funds, and reduce leverage in an orderly manner. Bear's financial position remains fundamentally strong, Molinaro said.




Read more at Reuters.com Mergers News

Catalyst: recapitalization of BCE better than sale

(Reuters) - The investment banking and advisory firm said the proposed deal would be done through an exchange offer made by a Canadian corporation, Bidco, formed exclusively to make the offer. Bidco would offer one stapled security in exchange for each outstanding common share of BCE.



Each stapled security would consist of one underlying Bidco common share and one Bidco subordinated debt security. The combined dividends and interest per stapled security would be set at an initial annual rate of C$2.55, Catalyst said. This compares with BCE's current dividend of C$1.46 a share, it said.


Read more at Reuters.com Bonds News

K-Sea Transportation says signs contract for 4 barges

(Reuters) - The contract also includes an option for up to four more
comparable barges, it said in a statement.





Read more at Reuters.com Mergers News

TREASURIES-Bonds move to session highs as stocks tumble

(Reuters) - NEW YORK, June 22 - U.S. Treasury debt prices
rose on Friday, halting a two-day decline, as buying interest
emerged on stock losses tied to fears over the subprime
mortgage problems rippling across all financial markets.




This week, problems at two hedge funds managed by Bear
Stearns renewed worries about the spillover effect from
ongoing subprime woes.


Read more at Reuters.com Bonds News

Copper Falls in New York After Codelco Reaches Wage Accord at Chilean Mine

(Bloomberg) -- Copper fell in New York, erasing
earlier gains, after Codelco, the world's biggest producer,
reached a wage agreement that averts protests at a mine in
northern Chile.

Workers at the Radomiro Tomic mine last night accepted a
proposal that included a wage increase of 3.7 percent above
inflation, said Arturo Cruz, director of the Mining Union. The
union on June 15 threatened to blockade two Codelco mines to
press for their demands.


Read more at Bloomberg Commodities News

UPDATE 1-Thomson Learning loan terms sweetened-sources

(Reuters) - A covenant, or term, was added, limiting the amount of
permitted leverage, the latest of a string of changes that
investors have demanded on the financing package for the buyout
of Thomson Corp.'s textbook publishing
business. Investors were asked to commit to the deal by noon on
Friday.




Under the added covenant, senior secured debt is limited to
no more than 8.25 times earnings before interest, taxes,
depreciation and amortization, sources said.


Read more at Reuters.com Bonds News

Wendy's rolling out breakfast to more restaurants

(Reuters) - Last year, Wendy's said it would add a breakfast menu as part of a wider plan to revive profits in the face of stiff competition from McDonald's Corp. and Burger King Holdings Inc. .




It said that if breakfast was introduced nationwide, it could add between $75 million and $95 million to annual operating profit.


Read more at Reuters.com Business News

Coffee Falls in New York After Robusta Prices Ease From Nine-Year High

(Bloomberg) -- Coffee declined for the fourth time
in five days in New York as arabica beans moved in tandem with a
drop in robusta prices in London.

Robusta futures for September delivery fell as much as 2.1
percent on Euronext.liffe after climbing to the highest in nine
years on Vietnamese supply concerns. Robusta beans are used for
espresso and instant coffee. The arabica variety is used by
coffeehouse operators such as based Starbucks Corp. Arabica
futures in New York are down 1.5 percent this week.


Read more at Bloomberg Commodities News

UPDATE 1-IMF says US soft landing scenario likely amid risks

(Reuters) - "The most likely scenario is a soft landing as growth
recovers and inflation falls," the IMF said in a statement
summarizing staff views after a review of the U.S. economy.




At the same time, economic growth is "uncomfortably close"
to the 2 percent stall speed associated with past recessions,
the IMF said. In addition, cost pressures from rising energy
and food prices could spur inflation, particularly if the
productivity of U.S. workers fails to pick up, the world
financial body said.


Read more at Reuters.com Bonds News

Coffee Futures Fall in London, Erasing Earlier Gain to Highest Since 1998

(Bloomberg) -- Robusta coffee futures fell, erasing
an earlier gain in London.

Robusta for delivery in September dropped $21, or 1.1
percent, to $1,908 a metric ton at 3:03 p.m. on Euronext.liffe.
Earlier, it rose to $1,945, the highest since May 18, 1998.


Read more at Bloomberg Commodities News

Blackstone's India Fund benefits from tax haven

(Reuters) - A U.S. crackdown on tax loopholes for private equity giants such as Blackstone could spur investors to plow their money into offshore vehicles that get soft tax treatment. U.S. lawmakers have proposed legislation that could double the tax burden for Blackstone and others.




A symbol of U.S. superwealth, Blackstone made its debut on the New York Stock Exchange on Friday after raising $4.13 billion in an initial public offering.


Read more at Reuters.com Hot Stocks News

US junk bond funds report $502.5 mln outflow-AMG

(Reuters) - Month to date, junk bonds have posted a loss of 1.33
percent, the worst performance of any major class of U.S.
bonds, according to Merrill Lynch data. Year to date,
investment returns on junk bonds are still positive, however,
at 3.43 percent.




Read more at Reuters.com Bonds News

UPDATE 1-Gas prices weigh less on consumer confidence-survey

(Reuters) - Consumers expect additional increases in gasoline prices
before the end in September of the summer driving season, said
Richard Curtin, director of the Reuters/University of Michigan
Surveys of Consumers.




Consumers then anticipate smaller gains over the next five
years, he said in a statement.


Read more at Reuters.com Economic News

Crude Oil Futures Increase as Nigerian General Strike Moves Into Third Day

(Bloomberg) -- Crude oil rose as a general strike in
Nigeria, Africa's biggest oil producer, continued for a third day
after the government and unions failed to reach an agreement over
an increase in fuel prices.

Yesterday, oil unions withdrew workers from export terminals
in a bid to halt shipments and intensify pressure on the new
administration of President Umaru Yar'Adua. About a third of the
nation's output was already halted by political and criminal
violence. The strike comes during the summer driving season, when
U.S. fuel consumption peaks.


Read more at Bloomberg Energy News

Metalico to privately place 5.2 mln shares at $7/shr

(Reuters) - The company said the purchase price for the acquisitions is
about $63 million.





Read more at Reuters.com Bonds News

Taser up after price target raised

(Reuters) - Separately, Taser announced that a Texas court dismissed a wrongful death or injury lawsuit, the 51st such action, against the company.




Read more at Reuters.com Hot Stocks News

Gold Fields says Venezuela strike ends, output hit

(Reuters) - South Africa's Gold Fields Ltd said on Friday workers had ended a strike that had started on June 6 at its mine in Venezuela.

Gold Fields, the world's fourth biggest gold producer, said its employees had returned to work at the Choco 10 mine, but production for the quarter is expected to fall to 5,800 ounces from the previously advised 8,000 ounces.


Read more at Reuters Africa

BP May Lose Control of Siberian Field to Gazprom; Kremlin Meeting Called

(Bloomberg) -- BP Plc may lose control of a
Siberian gas field big enough to supply Asia for five years, a
government official said, as Russian President Vladimir Putin
ends foreign ownership of the nation's biggest energy assets.

Dmitry Medvedev, chairman of OAO Gazprom and a first deputy
prime minister, will chair a meeting in the Kremlin later today
between the Russian gas-export monopoly and BP, a Kremlin
spokeswoman said by phone, declining to be identified. Both
companies declined to comment.


Read more at Bloomberg Emerging Markets News

Robusta Coffee Futures Rise in London to Nine-Year High on Supply Concern

(Bloomberg) -- Robusta coffee futures rose for a
third consecutive day in London, trading at a nine-year high, on
speculation global supplies won't meet demand.

European stockpiles of the beans declined 12 percent this
year, London's Euronext.liffe exchange said on its Web site
after trading ended yesterday. Robusta has jumped 22 percent in
2007 on dwindling supplies from Vietnam, the biggest producer,
which has exported almost all of its last harvest.


Read more at Bloomberg Commodities News

Gold Climbs in London as Dollar Declines Against the Euro; Silver Drops

(Bloomberg) -- Gold rose for the first day in three
in London as the dollar declined, buoying demand prospects for
the precious metal as an alternative investment. Silver declined.

The metal has gained 2.5 percent this year while the dollar
has fallen 1.3 percent against a basket of six currencies
including the euro and yen. The dollar dropped against the euro
today as yields on 10-year Treasuries declined.


Read more at Bloomberg Commodities News

BHP lifts force majeure on Newcastle coal exports

(Reuters) - BHP Billiton Ltd. on Friday lifted its force majeure on coal exports from Australia's Newcastle port, while rail shipments to the port should return to normal by Monday.

The move should ease supply fears among Asian electricity producers, after storm-related disruptions at the port had seen a cargo of Newcastle-origin thermal coal trade at a record high of $67 a tonne on Friday.


Read more at Reuters Africa

U.K. Natural Gas Trades Little Changed as Supply Forecast to Exceed Demand

(Bloomberg) -- U.K. natural gas was little changed
at prices below the average for this week as forecasts showed
supply today will probably outstrip demand.

Gas for delivery today traded at 19.97 pence a therm,
compared with yesterday's last day-ahead price of 20 pence a
therm, according to prices on Bloomberg from ICAP Plc.


Read more at Bloomberg Energy News

Egypt scores top for consumer confidence - survey

(Reuters) - Upper-income Egyptians scored highest in a consumer confidence survey of seven developing countries in Africa and Asia, beating out their counterparts in oil-rich Saudi Arabia and Kuwait, MasterCard said on Thursday.

"Egypt is leading the way in consumer confidence," Denzil Lawson, General Manager of MasterCard Worldwide told a news conference to release the results of a survey which covered 3,215 people in Egypt, India, Kuwait, Lebanon, Saudi Arabia, South Africa and the United Arab Emirates.


Read more at Reuters Africa

Brown's Style as U.K. Chancellor May Work Against Him as Prime Minister

(Bloomberg) -- Gordon Brown's leadership style has
brought him to the pinnacle of British politics. Now he may have
to change it.

In 10 years as chancellor of the exchequer, Brown acquired
a reputation for brusqueness, unwillingness to compromise and a
tendency to steamroll colleagues as well as opponents.


Read more at Bloomberg Exclusive News

European Stocks Pare Gains, Led by Julius Baer, A.P. Moeller-Maersk

(Bloomberg) -- European stocks pared gains, led by
Julius Baer Holding AG and A.P. Moeller-Maersk.

The Dow Jones Stoxx 600 Index added less than 0.1 percent to
393.73 at 8:36 a.m. in London, after rising as much as 0.3 percent
earlier. The Stoxx 50 also advanced less than 0.1 percent, while the
Euro Stoxx 50, a measure for the euro region, gained 0.2 percent.


Read more at Bloomberg Stocks News

UPDATE 1-RBS group to issue ABN offer documents by mid-July

(Reuters) - The three banks are seeking to overturn an agreed all-share
bid for the Dutch bank by Britain's Barclays , worth
about 64 billion euros at current prices.




"The banks remain convinced that their proposed offer
represents superior value for ABN AMRO shareholders and
significant benefits for customers and employees," the
consortium said in Friday's statement.


Read more at Reuters.com Mergers News