Japan's Exporter Stocks Drop, Led by Komatsu, Sony on Subprime Concern

(Bloomberg) -- Japanese exporter shares fell on
lingering concern that losses tied to U.S. subprime mortgages
will curb growth in the world's biggest economy. Sony Corp. and
Komatsu Ltd. which rely on sales there, paced losses.

U.S. stocks declined for a second day yesterday on
speculation hedge fund losses are greater than forecast and
after a report showed sales of previously owned homes decreased
in May.


Read more at Bloomberg Stocks News

Japan Exporter Shares Drop, Led by Nissan, Komatsu, on Subprime Concern

(Bloomberg) -- Japanese exporter shares fell on
lingering concern that losses tied to U.S. subprime mortgages
will curb growth in the world's biggest economy. Nissan Motor Co.
and Komatsu Ltd. which rely on sales there, paced losses.

U.S. stocks declined for a second day yesterday on
speculation hedge fund losses are greater than forecast and
after a report showed sales of previously owned homes decreased
in May.


Read more at Bloomberg Stocks News

Gold Little Changed in Asian Trading as Investors Await U.S. Fed Meeting

(Bloomberg) -- Gold was little changed in Asia as
investors waited to see if the Federal Reserve will change its
interest rate target, which may affect the value of the U.S.
dollar and the appeal of the metal as an alternative investment.

Gold usually moves in the opposite direction to the U.S.
currency. The central bank's policy makers will meet June 27-28
and decide whether to keep the target rate unchanged at 5.25
percent. The Fed last raised the target in June 2006.


Read more at Bloomberg Commodities News

New Home Sales in U.S. Probably Declined in May, Ending Talk of Recovery

(Bloomberg) -- Purchases of new homes in the U.S.
probably dropped last month, ending speculation that a jump in
April sales signaled a recovery in demand, economists said
before a government report today.

Sales fell 6 percent to an annual pace of 922,000 in May
from a 981,000 rate the previous month, according to the median
of 71 economists' forecasts in a Bloomberg News survey.
Purchases unexpectedly surged 16 percent in April, the most in
14 years.


Read more at Bloomberg Currencies News

Tapis, World's Most Expensive Benchmark Oil, May Keep Gains Against Brent

(Bloomberg) -- Malaysia's Tapis, the most expensive
crude oil benchmark in the world, may widen its premium to Brent
and West Texas Intermediate because of demand for low-sulfur
grades to produce diesel and gasoline in Asia.

Tapis has averaged $5.76 a barrel more than Brent this year,
compared with $3.54 in all of 2006. The spread may stay near
that level through next year, Commonwealth Bank of Australia
analysts Tobin Gorey and David Moore said in a June 14 report.


Read more at Bloomberg Energy News

China Set to Be Biggest Banking Market, India Third Biggest, PWC Reports

(Bloomberg) -- China is set to become the world's
largest banking market and India the third-largest behind the
U.S., according to a study by accounting firm
PricewaterhouseCoopers LLP.

By 2050, banks in the seven emerging economies of China,
India, Brazil, Russia, Mexico, Indonesia and Turkey will have
higher profits and more assets than those in the Group of Seven
countries, the report said.


Read more at Bloomberg Emerging Markets News

South Korean Won Near One-Month High as Rise in Bond Yields Lures Funds

(Bloomberg) -- South Korea's won traded near a one-
month high on speculation a widening yield premium on the
nation's debt over U.S. Treasuries pulled in investors.

The extra yield, or spread, available on Korea's 10-year
government bonds held at a six-week high. A central bank report
yesterday showed consumers were the most optimistic in 15 months,
the latest sign that growth in exports is supporting expansion,
helping the won to its best close yesterday since May 16.


Read more at Bloomberg Currencies News

UPDATE 1-AMA to seek probe of US retail health clinics

(Reuters) - CHICAGO, June 25 - The American Medical
Association said on Monday it will ask state and federal
authorities to investigate retail health clinics such as those
offered in CVS/Caremark stores , Wal-Mart Stores
and Walgreen Co. for possible conflicts of interest.




The nation's biggest physician group objects to the growing
trend of drug-store chains that can write and fill
prescriptions. "We asked for that clear, inherent conflict of
interest to be investigated," said AMA board member Dr. Peter
Carmel at a news briefing.


Read more at Reuters.com Government Filings News

Australian Shares Decline, Led by Macquarie Bank, CSL, Fortescue Metals

(Bloomberg) -- Australia's benchmark stock index,
the S&P/ASX 200 Index, fell 0.04 percent at 10:05 a.m.

The index of 202 companies traded on the Australian Stock
Exchange fell 2.50 to 6,327.30. Among the stocks in the index, 69
rose, 41 fell and 92 were unchanged.


Read more at Bloomberg Stocks News

Exporters, Hanjin Heavy, Korea Exchange, Posco: South Korea Equity 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 lost 0.8 percent to 1757.73. The Kosdaq
dropped 1.6 percent to 796.80. Kospi 200 futures expiring in
September retreated 0.9 percent to 223.85, while the underlying
index slipped 0.7 percent to 223.40.


Read more at Bloomberg Stocks News

Australian Dollar May Decline as Investors Shun Higher Yielding Assets

(Bloomberg) -- The Australian dollar may drop from
an 18-year high after a slump in U.S. shares spurred concerns
investors will pare carry trades.

The trades, purchases of higher yielding securities with
money borrowed from nation's with lower interest rates, have
helped propel the Australian dollar more than 7 percent this
year against the U.S. currency. Australia's 6.25 percent rate
compares with 5.25 percent in the U.S. and 0.5 percent in Japan.


Read more at Bloomberg Currencies News

UPDATE 1-Iberdrola to buy Energy East for $4.5 billion

(Reuters) - Iberdrola said it would pay $28.50 per share in cash for
Energy East, an electricity and natural gas company in the
northeastern United States. The deal marks a 26-percent premium
over Energy East's closing stock price on Monday of $22.54 per
share on the New York Stock Exchange.




Iberdrola, which recently completed the $23 billion
acquisition of Scottish Power, said last week it viewed the
United States as one of the best opportunities for growth. It
cited the strong growth potential and favorable tax benefits
for wind power development.


Read more at Reuters.com Mergers News

Allstate settles hurricane claims with Scruggs

(Reuters) - NEW YORK, June 25 - Allstate Corp has reached a settlement with Mississippi customers whose homes and property were damaged by 2005's Hurricane Katrina.



The customers were represented by attorney Richard Scruggs, a class action attorney who lives on the Gulf Coast and whose home was also ravaged by the hurricane.


Read more at Reuters.com Bonds News

Zarlink to buy Legerity in $134.5 mln deal

(Reuters) - Zarlink, an Ottawa-based communications chip designer, said
it had secured a commitment letter for financing the deal,
which it will fund through a combination of cash and debt.




Read more at Reuters.com Mergers News

Canadian Stocks Decline on Metal, Natural Gas Prices; Teck and Encana Fall

(Bloomberg) -- Canadian stocks declined for a fourth
time in five days, led by such energy and raw-materials producers
as EnCana Corp. and Teck Cominco Ltd., after prices for natural-gas
fell to a three-month low and gold futures declined.

Energy, metals and other commodities make up more than half of
Canada's exports. Resource-related stocks account for almost half
of the main Canadian stock index's value and helped lift it to a
record last week on takeovers and higher commodity prices.


Read more at Bloomberg Stocks News

Emerging-Market Bonds Decline on Concerns About Growing Hedge Fund Losses

(Bloomberg) -- Emerging-market bonds fell amid
concern losses at hedge funds may prompt reduced demand for the
riskier securities developing nations sell.

The average spread, or extra yield, over U.S. Treasuries on
emerging-market bonds increased 6 basis points, or 0.06
percentage point, to 1.65 percentage points, according JPMorgan
Chase & Co.'s EMBI Plus index. Today's spread is the highest
since May 7.


Read more at Bloomberg Bonds News

Ontario Teachers' fund plans bid for BCE

(Reuters) - VANCOUVER, British Columbia, June 25 - The Ontario Teachers' Pension Plan said on Monday it plans to submit a bid for BCE Inc. , Canada's biggest telecommunications company.



"We do plan to make a bid. We are committed to building a real, successful, national telecommunications company in Canada," Teachers' spokeswoman Debra Hanna said.


Read more at Reuters.com Mergers News

Crude Oil Is Little Changed as End of Nigerian Strike Eases Supply Concern

(Bloomberg) -- Crude oil was little changed after a
nationwide strike of oil workers in Nigeria ended, easing concern
supplies from Africa's biggest producer would be further
disrupted.

The strike, which began June 20 after the government failed
to reverse an automobile fuel price increase, halted commerce and
drove up the country's gasoline prices sixfold on the black
market. New York oil prices rose the past two weeks partly on the
threat of strikes in Nigeria, where violence has already shut
down about a third of production.


Read more at Bloomberg Commodities News

War of words in full swing on CME-CBOT merger

(Reuters) - The proposal from ICE, though it currently values CBOT
about $1.3 billion higher than CME's bid, "is uncertain and
entails higher risk," CBOT Chief Executive Bernard Dan and
Chairman Charles Carey wrote in the letter.




"There is no guarantee that any premium in short-term value
based on ICE's current stock price will be there months from
now," the letter said.


Read more at Reuters.com Mergers News

With hype high, iPhone may have to fight a flop

(Reuters) - But the hype surrounding Apple Inc.'s media-playing iPhone could be a prelude to disappointment if it does not capture a wide market, technology veterans say.




As the press feeds the iPhone frenzy ahead of its U.S. launch on Friday, experts say the wireless device could easily top a long list of digital duds, all of them once touted as "The Next Big Thing."


Read more at Reuters.com Business News

UPDATE 1-Blackstone shares fall nearly 6 pct on 2nd day

(Reuters) - "I think the anesthesia has worn off with some investors,"
said David Menlow, president of IPOfinancial.com. "Some felt
was a must own, and I still agree that is the
case, but it is a question of valuation, and investors being
nervous."




Blackstone units slid more than 5 percent in morning
trading on the New York Stock Exchange, dropping as much as
$2.06 to $33.00.


Read more at Reuters.com Mergers News

U.S. Stocks Rise as Bond Yields Decline; General Motors, Utilities Advance

(Bloomberg) -- U.S. stocks advanced after bond
yields fell and investors speculated General Motors Corp. is
close to a settlement with the United Auto Workers union.

GM climbed to the highest in four months after Goldman,
Sachs & Co. advised clients to buy shares of the biggest U.S.
automaker. Telephone companies and utilities rallied the most in
the Standard & Poor's 500 Index as lower interest rates make
their dividends more attractive.


Read more at Bloomberg Stocks News

U.S. DOE to fund wind-blade facilities in 2 states

(Reuters) - "These two testing facilities represent an important next
step in the expansion of competitiveness of the U.S. domestic
wind energy industry," said Energy Secretary Samuel W. Bodman
in a release.




Texas surpassed California last year as the U.S. state with
the most wind generation at more than 2,300 megawatts. Texas
regulators and developers are looking at ways to build more
transmission lines so more wind power can be built in the
western half of the state.


Read more at Reuters.com Bonds News

Hard Rock sets global expansion plans

(Reuters) - Tribal leaders in traditional dress and Hard Rock managers
said they planned to push into emerging markets to trade on the
name and image.




"We know the strength of it, we know the future of it and
we know we can expand the cafes, the hotels and the gaming,"
Max Osceola Jr, one of the five Tribal Council members, said in
an interview at the original Hard Rock Cafe on London's
Piccadilly.


Read more at Reuters.com Business News

Advice to court may clarify ABN takeover battle

(Reuters) - AMSTERDAM, June 25 - The adviser to the Dutch Supreme Court will give his opinion on the sale of ABN AMRO's U.S. unit LaSalle Bank on Tuesday, which could indicate the future of the Dutch bank.



The Supreme Court will publish the advice of Advocate General Vino Timmerman on Tuesday at 0630 GMT, the court said in a statement on Monday. His advice is generally seen as an indication of how the court may rule.


Read more at Reuters.com Mergers News

LSE, Borsa Italiana Intend to Keep MTS Bond Platform as ICAP Considers Bid

(Bloomberg) -- The London Stock Exchange Group Plc
and Borsa Italiana SpA and intend to keep MTS SpA, the electronic
European government bond trading system, as part of their merger.

ICAP Plc, the world's biggest inter-dealer broker, hired
corporate finance company Lexicon Partners to advise it on a
possible bid for MTS. Milan-based Borsa Italiana, which today
agreed to be bought by the LSE for 1.63 billion euros ($2.2
billion), this month exercised an option to buy a controlling
stake in MTS after Euronext NV, the joint owner of the platform,
was acquired by the New York Stock Exchange.


Read more at Bloomberg Bonds News

Corn Declines on Speculation Midwest Rains to Boost U.S. Crop Production

(Bloomberg) -- Corn fell to the lowest in more than
two weeks in Chicago on speculation that Midwest rains in the
past week revived plants and will boost production.

As much as 2 inches (5.1 centimeters) of rain fell in parts
of Iowa and Illinois in the past three days with most areas from
South Dakota to Indiana getting at least 0.5 inch, the National
Weather Service said. An additional inch may fall from Missouri
to Ohio in the next five days, the government forecaster said.
Corn, the biggest U.S. crop, tumbled 8.9 percent last week.


Read more at Bloomberg Commodities News

Treasuries Advance on Speculation Losses at Hedge Funds Will Spur Demand

(Bloomberg) -- Treasuries rose amid speculation
hedge fund losses linked to subprime mortgage loans will fuel
demand for the world's safest, most liquid investment.

Other government bond markets also gained after Bear
Stearns Cos. last week offered $3.2 billion in loans to bail out
a hedge fund it managed. U.S. notes remained higher after an
industry report showed sales of previously owned homes fell in
May to the lowest in almost four years.


Read more at Bloomberg Bonds News

China to Keep `Bulk' of Foreign Reserves in Dollars, Central Banker Says

(Bloomberg) -- China, with a record $1.2 trillion
of foreign-exchange reserves, will keep the ``bulk'' of its U.S.
dollar holdings because the currency is one of safest investment
options, a People's Bank of China assistant governor said.

The dollar remains ``important'' because trade and foreign
direct investment is conducted mostly in the currency, Yi Gang
told delegates at a meeting that was closed to the media at the
World Economic Forum in Singapore. Asian central banks will
continue to hold most of their reserves in dollars, he said.


Read more at Bloomberg Currencies News

Copper Declines for Third Straight Session as Global Inventories Climb

(Bloomberg) -- Copper in New York fell for the
third session in a row after an increase in global inventories
signaled demand may be slowing for the metal used in electrical
wire and plumbing.

Stockpiles in warehouses monitored by the London Metal
Exchange gained 1,200 metric tons, or 1 percent, to 119,025
metric tons. Before today, copper had gained 18 percent this
year as LME inventories fell 36 percent.


Read more at Bloomberg Commodities News

UPDATE 1-Star Scientific may spinoff tobacco, looks at drugs

(Reuters) - Star Scientific, whose products include hard, dissolvable tobacco products under the Ariva and Stonewall brands, saw its shares plummet in January after an adverse ruling in a patent lawsuit it is fighting against Reynolds American Inc.'s R.J. Reynolds Tobacco unit.




The stock, which traded above $7 a share a little more than two years ago, closed Friday at 87 cents on Nasdaq.


Read more at Reuters.com Mergers News

Spanish hotel chains eye Africa amid migrant crisis

(Reuters) - Spain's major hotel chains are checking out investment opportunities in sub-Saharan Africa as their government seeks to involve private business in its plan to curb illegal migration from the world's poorest continent.

"There is a clear concern on the part of the Spanish authorities to encourage a development of this type and we'd obviously be interested if the right framework existed," said Miguel Barcelo, director-general of expansion in Europe for the Barcelo Group, which has hotels in Morocco and Tunisia.


Read more at Reuters Africa

Shareholders Get Poorer as Takeover Boom Rewards Bankers With Record Fees

(Bloomberg) -- The record $2.5 trillion of mergers
so far in 2007 shows no sign of reversing the 15-year trend that
has most shareholders on the losing side of acquisitions while
enriching the executives and bankers who arrange them.

UniCredit SpA shares dropped 10 percent since Italy's
largest bank announced plans in May to buy smaller Rome-based
rival Capitalia SpA for almost $30 billion. U.K. drugmaker
AstraZeneca Plc lost 9 percent of market value after unveiling
its $15 billion bid for MedImmune Inc. two months ago. Sacyr
Vallehermoso SA, the Madrid-based builder, fell 19 percent since
bidding in April for French rival Eiffage SA.


Read more at Bloomberg Exclusive News

Walgreen looks at acquisitions, health care

(Reuters) - Hans made the comments in a statement released following the company's third-quarter earnings report.




Walgreen bought in-store health clinic operator Take Care Health Systems in May, giving it a broader reach in the fast-growing industry.


Read more at Reuters.com Mergers News

Rival bidder for Doral Financial drops out

(Reuters) - That compared with an offer of 63 cents per share for a 90 percent stake that Doral had accepted on May 16 from a group led by Bear Stearns Merchant Banking. Doral would also receive $610 million under that agreement. It said FBOP, its second-largest shareholder, plans to vote for that agreement.




Shares of Doral closed Friday at $1.60 on the New York Stock Exchange.


Read more at Reuters.com Mergers News

Pakistan buys 1 mln T S.African coal

(Reuters) - Pakistani cement manufacturers bought around one million tonnes of South African coal for delivery in handymax 50,000 tonne cargoes between July 2007 and June 2008 from a trader, market sources said.

The deal was done within the past few days, they said.


Read more at Reuters Africa

Honda denies talk of interest in Harley

(Reuters) - Despite scepticism from analysts and market participants,
Harley-Davidson shares and options surged, with 58,535 options
changing hands on Friday -- more than 14 times the daily
average, according to figures from market research firm Track
Data.




Its share price gained as much as 6.4 percent before closing
Friday's session up $2.43, or about 4 percent, at $62.55 on the
New York Stock Exchange.


Read more at Reuters.com Mergers News

U.S. Stock-Index Futures Rise; Blackstone, GM Gain as Bear Stearns Falls

(Bloomberg) -- U.S. stock-index futures rose before
a private report that may show home resales fell last month,
giving more room to the Federal Reserve to cut interest rates.

Blackstone Group LP, the private-equity firm valued at $38
billion after its initial public offering June 22, gained in
Europe. General Motors Corp. advanced as people with knowledge of
the matter said the United Auto Workers union will end its bid to
keep wages at its biggest supplier, Delphi Corp., at GM levels.


Read more at Bloomberg Stocks News

Delphi plan calls for keeping four UAW plants

(Reuters) - Delphi's agreement with the UAW and former parent General Motors Corp. also calls for cutting starting wages for new workers to $14 per hour, as well as one-time "buy-down" payments to existing workers of up to $105,000 in exchange for accepting lower initial wages of $14.50 to $18.50 an hour.




Workers at Delphi currently earn about $27 per hour.


Read more at Reuters.com Business News

U.S. 10-Year Notes Gain Before Report Likely to Show Falling Home Sales

(Bloomberg) -- U.S. 10-year notes rose for a second
day before an industry report that's expected to show home
resales fell to the lowest since June 2003 last month.

Benchmark Treasuries may extend gains, after their first
weekly advance since early May, as a U.S. housing slump would
support the case for a lower interest rates. Futures contracts
show traders see a 28 percent chance the Federal Reserve will
lower its target a quarter percentage point by the end of the
year, compared with zero percent a week ago.


Read more at Bloomberg Bonds News

Hungary to Open Health Insurance System to Limited Private Competition

(Bloomberg) -- Hungary's government plans to open
the country's health insurance market to a limited amount of
private investment, ending the state monopoly on medical coverage
that the Communists set up almost 60 years ago.

The plan, subject to parliamentary approval, will create
five to seven health funds that will compete with each other for
patient contracts for six to 12 months after they're established,
according to the text of a speech by Prime Minister Ferenc
Gyurcsany yesterday. The state will maintain a majority holding
in each fund and will open the remaining stakes to companies, he
said.


Read more at Bloomberg Emerging Markets News

Indian Rupee Option Volatility Rises From Two-Month Low on Capital Inflows

(Bloomberg) -- The implied volatility of Indian
rupee options rose from a two-month low on speculation overseas
investors will buy new shares issued by local companies.

The rupee may appreciate as investors this week bid for new
shares sold by DLF Ltd., a New Delhi-based real-estate developer,
and ICICI Bank Ltd., the country's biggest lender by market
value. Traders are betting the central bank will scale back its
efforts to weaken the rupee so as to not stoke inflation.


Read more at Bloomberg Currencies News

LSE shares slide after deal to buy Borsa Italiana

(Reuters) - The all-share deal will dilute the stakes of existing LSE shareholders and will also make a takeover of the combined group more difficult, traders said, explaining the slide in LSE shares.




LSE stock fell as much as 7.8 percent, but by 0715 GMT had pared its losses to stand down 2.7 percent at 1,319 pence.


Read more at Reuters.com Hot Stocks News

U.K.'s FTSE 100 Drops, Led Lower by Shares of Anglo American, Antofagasta

(Bloomberg) -- U.K. stocks fell for the sixth day,
paced by Anglo American Plc and Antofagasta Plc. Shares of
Cadbury Schweppes Plc also declined.

The FTSE 100 lost 19.7, or 0.3 percent, at 6547.70 in
London at 08:23 a.m. The FTSE All-Share Index also slid 0.3
percent. Ireland's ISEQ Index dropped 0.5 percent to 9352.65.


Read more at Bloomberg Stocks News

Axa, Casino, EADS, France Telecom, Remy Cointreau: French Equity Preview

(Bloomberg) -- Shares of the following companies
may make gains or losses on the Paris stock exchange. Stock
symbols are in parentheses and prices are from the last close.

France's benchmark CAC 40 Index fell 6.54 points, or 0.1
percent, to 6023.25. The SBF 250 Index also lost 1 percent.


Read more at Bloomberg Stocks News