Philippine Government Bonds Decline as Borrowing May Rise; Peso Weakens

(Bloomberg) -- Philippine bonds fell on speculation
the government will this week announce it plans to increase
borrowing next quarter after spending rose faster than revenue.

Seven-year notes ended two days of gains on concern
additional supply may be needed after the budget shortfall was
41.8 billion pesos ($899 million) in the first five months of
the year, above the 31 billion peso target for the first half.
The government may announce its third quarter borrowing plan as
early as today.


Read more at Bloomberg Bonds News

Bank of Japan's Inoue Sees `Huge Amount' of Capital Flows Leaving Japan

(Bloomberg) -- Bank of Japan official Tetsuya Inoue
said today he anticipates massive capital outflows as Japanese
households seek to diversify domestic assets.

``It's reasonable to expect that you could still see a huge
amount of capital flows'' leaving Japan, Inoue, deputy director-
general of the central bank's financial markets department, said
at a foreign-exchange conference in Singapore organized by
Terrapinn Ltd.


Read more at Bloomberg Currencies News

U.S. Immigration Plan, Buffeted by Squabbles, Survives Its Initial Test

(Bloomberg) -- The most comprehensive overhaul of
immigration law in two decades was revived in the U.S. Senate
and now faces votes on amendments that could shatter the fragile
bipartisan coalition backing the legislation.

Supporters of the measure, President George W. Bush's top
domestic priority, overcame a procedural hurdle yesterday and
cleared the way for debate on about two dozen amendments this
week in the Democratic-controlled Senate.


Read more at Bloomberg Currencies News

Oil prices steady at $70, U.S. stockpiles seen up

(Reuters) - London Brent crude, currently seen as the best benchmark for global oil prices, edged up 1 cent to $70.18 a barrel by 0334 GMT, after falling $1.19 on Tuesday. U.S. light, sweet crude gained 3 cents to $67.80 a barrel.




U.S. crude inventories, already at the highest since May 22, 1998, are expected to have risen a further 1.2 million barrels last week, a Reuters poll of analysts found. Gasoline inventories are also expected to rise by 1.2 million barrels.


Read more at Reuters.com Hot Stocks News

Japan Aluminum Product Output Falls in May on Weaker Can, Building Demand

(Bloomberg) -- Japan's output of aluminum products
fell 0.7 percent in May to 199,632 tons from a year earlier,
driven by weaker demand for cans and construction, the Japan
Aluminium Association said in a statement.

Output of so-called rolling-mill products dropped 0.1
percent from a year earlier to 120,214 tons, while extruded
products decreased 1.6 percent to 79,418 tons, the association
said today in a statement.


Read more at Bloomberg Commodities News

CHC, H.B. Fuller, ConocoPhillips, Playboy, Oracle: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names.

CHC Helicopter Corp. (FLI US) gained $1, or 4.6 percent, to
$22.80 in after-hours trading yesterday. The world's largest
supplier of helicopter services to the offshore oil and gas
industry said fourth-quarter profit rose 25 percent to C$13.5
million ($12.6 million), or 30 cents a share.


Read more at Bloomberg Stocks News

Asia Currencies Drop on Speculation Investors Cutting Emerging-Market Risk

(Bloomberg) -- Southeast Asian currencies led by
Indonesia's rupiah fell on speculation investors were paring
holdings of emerging-market assets.

The rupiah fell to the weakest since April 5 and the
Philippine peso dropped to the lowest in almost two weeks on
concern losses tied to subprime housing loans in the U.S. will
slow growth in one of Asia's biggest export markets. The Morgan
Stanley Capital International Asia-Pacific Index of shares is set
for its biggest decline since June 8.


Read more at Bloomberg Currencies News

China Life Increases Stake in Minsheng Bank to Become Largest Shareholder

(Bloomberg) -- China Life Insurance Co. overtook
Chinese billionaire Liu Yonghao as the biggest shareholder of
China Minsheng Banking Corp, the nation's only privately
controlled bank.

China Life owns 893.6 million shares, or 6.17 percent of
Minsheng, the Beijing-based bank said in a statement to
Shanghai's stock exchange. Ping An Insurance Co., the nation's
second-biggest insurer, owns 4.93 percent of Minsheng, making it
the fourth-largest investor.


Read more at Bloomberg Emerging Markets News

Website Pros, Web.com in merger agreement

(Reuters) - The deal is expected to close in the second half of 2007.




Read more at Reuters.com Mergers News

Boustead, Noble Group, United Test & Assembly: Singapore's Equity Preview

(Bloomberg) -- The following shares may rise or
fall in Singapore. Stock symbols are in parentheses and prices
are from the previous market close.

The Straits Times Index fell 1.5 percent, to 3525.10. The
June futures contract declined 1.5 percent.


Read more at Bloomberg Stocks News

UPDATE 1-Cox says SEC reviewing hedge funds' valuations

(Reuters) - WASHINGTON, June 26 - U.S. Securities and
Exchange Commission Chairman Christopher Cox said on Tuesday
that the agency is reviewing valuation methods hedge funds use
for their assets, a central issue in the liquidity problems of
two hedge funds managed by Bear Stearns Cos. Inc. .




"We are going to further review, using the SEC staff, the
valuation and other issues that managers for these funds have,"
Cox told the House Financial Services Committee in response to
a lawmaker's question.


Read more at Reuters.com Bonds News

Petro-Canada joins Venezuelan oil exodus

(Reuters) - The company had a 20 percent interest in the La Ceiba
discovery, which was not producing oil. It was operated by
Exxon Mobil Corp. , which quit its Venezuelan operations
after failing to strike a deal to stay in a number of
multibillion-dollar projects in the OPEC nation.




Read more at Reuters.com Bonds News

Topps says board to consider Upper Deck offer

(Reuters) - On March 5, Topps agreed to be acquired by private equity firm Madison Dearborn Partners, LLC and The Tornante Company LLC, which is run by former Walt Disney Co. chief Michael Eisner, for $9.75 per share in cash.




Topps urged its shareholders to defer making a decision on whether to accept or reject Upper Deck's tender offer until they have been advised of the position of the board.


Read more at Reuters.com Bonds News

SEC's Cox: little risk from Bear Stearns funds

(Reuters) - "We are regularly in contact with officials at these
firms and they provide us with real-time reports
of not only what's going on, but particularly emerging
financial weaknesses if there are any," Cox said.




Read more at Reuters.com Bonds News

Nike still sees U.S. marketplace as "growth engine"

(Reuters) - "We've got a little bit of challenge going on in the mall,
but overall, all the channels of distribution are still pretty
healthy," he said.




Read more at Reuters.com Market News

RPT-RLPC-U.S. Foodservice postpones LBO financing--sources

(Reuters) - It was not clear whether the two intend to finance their
LBO by bridge loans that have been provided by Citigroup,
Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley and
RBS Securities.




U.S. Foodservice was in the process of raising a $3.36
billion bank loan and a $650 million high yield bond offering.


Read more at Reuters.com Bonds News

WRAPUP 1-U.S. Senate resumes debate on immigration bill

(Reuters) - The Senate voted 64-35 to resume debate on the bill, which
ties tough border security and workplace enforcement measures
to a plan to legalize an estimated 12 million illegal
immigrants and a create temporary worker program sought by
business groups.




The legislation would be a significant victory for Bush in
his second term in office but he has to overcome fierce
opposition from many fellow Republicans who say it would do
little to stem the flow of illegal immigration into the United
States.


Read more at Reuters.com Bonds News

Amcol, Coca-Cola Enterprises, Kroger, Petsmart: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.

Amcol International Corp. (ACO US) gained $2.15, or 8.8
percent, to $26.70. The producer of clays was raised to ``buy''
from ``neutral'' by analyst Richard Wesolowski at Sidoti & Co.


Read more at Bloomberg Stocks News

U.S. Stocks Decline, Led by Energy Producers; Exxon, Lennar Shares Drop

(Bloomberg) -- Most U.S. stocks fell for the fourth
time in five days, dragged down by drillers and homebuilders
after the price of oil dropped and new home sales slid.

Exxon Mobil Corp. and ConocoPhillips led energy producers in
the Standard & Poor's 500 Index to the steepest decline among 10
industries. Lennar Corp., the biggest homebuilder, reached a
nearly four-year low.


Read more at Bloomberg Stocks News

Yen Rises Most in Two Months Versus Dollar as Omi Mentions One-Way Bets

(Bloomberg) -- The yen gained the most versus the
dollar in more than two months and strengthened against the euro
after Japan's Finance Minister Koji Omi said investors are taking
risks in one-way bets against the currency.

Japan's yen rose against all 16 most-active currencies
tracked by Bloomberg News after Omi told reporters in Tokyo that
``disorderly moves of foreign exchange rates are undesirable.''
The remarks were aimed at discouraging investors who borrow yen
to buy higher-yielding assets in carry trades.


Read more at Bloomberg Currencies News

UPDATE 1-May oil output slips at Mexico's Cantarell field

(Reuters) - Cantarell, closely watched by the oil industry after sharp
dips in output, produced an average of 1.579 million barrels
per day versus 1.592 million bpd in April.




The figure meant Cantarell accounted for just 51 percent of
Mexico's overall crude oil output last month.


Read more at Reuters.com Bonds News

Conrad Black trial told payments passed scrutiny

(Reuters) - "Where's the crime?" asked Ron Safer, concluding his final
argument for Mark Kipnis, a former lawyer for Black's Hollinger
International Inc.




The company's audit committee acting for the board
"approved everything put in front of them," Safer said. "Nobody
pulled the wool over their eyes ... this whole case doesn't
make sense."


Read more at Reuters.com Bonds News

WRAPUP 2-U.S. new home sales ease while confidence falls

(Reuters) - WASHINGTON, June 26 - U.S. new home sales in May
fell more than expected while consumer confidence in June hit a
10-month low amid worries about jobs and the business climate,
adding to signs of sluggish economic growth this year.




"These are numbers that are consistent with a slowing down
in activity, a moderation on the consumption side," said Steven
Wieting, an economist with Citigroup Global Markets, Inc., in
New York.


Read more at Reuters.com Economic News

Treasuries Drop on U.S. Two-Year Note Auction, Rebound in Riskier Assets

(Bloomberg) -- Treasuries fell, pushing yields on
two-year notes up from their lowest this month, as the
government sold $18 billion of the securities in an auction and
demand for stocks and corporate debt rebounded.

Yields climbed even as reports showed purchases of new
homes dropped in May and a measure of consumer confidence fell
this month to the lowest level since August. Two-year yields had
fallen 10 basis points over the past two trading days on concern
a weak housing market would lead to losses for investors in
mortgage-backed securities.


Read more at Bloomberg Bonds News

UPDATE 1-U.S. Senate resumes debate on immigration overhaul

(Reuters) - WASHINGTON, June 26 - The U.S. Senate on Tuesday
voted to revive a stalled immigration overhaul backed by
President George W. Bush that would offer a path to citizenship
to millions of illegal immigrants.




The Senate voted 64-35 to resume debate on the bill, which
ties tough border security and workplace enforcement measures
to a plan to legalize an estimated 12 million illegal
immigrants and a create temporary worker program sought by
business groups.


Read more at Reuters.com Bonds News

UPDATE 2-Visa hires president pre-IPO, Visa USA CEO resigns

(Reuters) - NEW YORK, June 26 - Visa, the world's largest
credit card network, on Tuesday said it hired Hans Morris from
Citigroup Inc. to fill the new position of president of
Visa Inc., which is planning to go public by early next year.




Visa also said John Philip Coghlan has resigned as
president and chief executive of Visa USA, a post he had held
since July 2005. John Partridge, president of Visa's Inovant
LLC payment-processing affiliate, will become interim president
of Visa USA.


Read more at Reuters.com Mergers News

UPDATE 1-Venezuela confirms takes over Conoco oil project

(Reuters) - State oil company PDVSA did not specify what would happen to
Conoco's stake in its other Orinoco project, Ameriven. A source
close to the company on Monday told Reuters Conoco was going to
quit the OPEC nation entirely.




PDVSA added Statoil , BP Plc , Total
and Chevron Corp. had signed deals to stay on in
Venezuela, taking minority stakes in their Orinoco projects.


Read more at Reuters.com Bonds News

Oil industry faces reliability problem, not supply

(Reuters) - The problem oil firms face in satisfying world demand is not a lack of supplies, but their ability to unlock new production and distribute it to consumers reliably, an oil industry conference heard on Tuesday.

"There is a lot of oil and gas out there, but the time of easy oil has peaked," Ann Pickard, regional executive vice president of Royal Dutch Shell for Africa said.


Read more at Reuters Africa

Altria to close plant, move production to Europe

(Reuters) - By Brad Dorfman



CHICAGO, June 26 - Altria Group Inc. on Tuesday said it plans to shut its Cabarrus, N.C., cigarette manufacturing facility by the end of 2010 and move production of cigarettes for non-U.S. markets to Europe as it looks to cut costs and reduce excess capacity.


Read more at Reuters.com Mergers News

US STOCKS-Indexes pare gains on housing, consumer data

(Reuters) - NEW YORK, June 26 - U.S. stocks pared gains on
Tuesday after disappointing data on consumer confidence and new
home sales offset earlier optimism from takeover activity.




Home sales fell more than expected last month, the
government said, while consumer confidence fell in June to a
10-month low.


Read more at Reuters.com Bonds News

Celgene, Dolby Laboratories, Huntsman, IXYS, W Holding: 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 10:10 a.m. New York time.

Advanced Medical Optics Inc. (EYE US) fell 23 cents, or 0.7
percent, to $33.71. The maker of contact lens care products
forecast a loss this year because of the recall in May of its
MoisturePlus contact lens solution. The company expects an
adjusted per-share loss of 95 cents to $1.15 this year, Advanced
said in a statement. That compares with a previous earnings
forecast of $1.40 to $1.55 a share. Shares lost 17 cents, or 0.5
percent, to $33.48 in regular trading yesterday.


Read more at Bloomberg Stocks News

June consumer confidence at 10-month low: survey

(Reuters) - The median forecast of economists polled by Reuters was for 105.5, down from an originally reported May reading of 108.0.




"A perceived softening in present-day business and employment conditions are the major reasons behind this month's pull-back in confidence," said Lynn Franco, director of the Conference Board Consumer Research Center.


Read more at Reuters.com Business News

Canada's Dollar Little Changed as Report Shows U.S. New Home Sales Fell

(Bloomberg) -- The Canadian dollar was little
changed after U.S. statistics showed declines in new home sales
for May.

The government housing data may raise speculation the
Federal Reserve will cut interest rates this year, boosting the
allure of Canada's currency relative to the U.S. dollar. The
Canadian dollar's advance was capped on concern that slowing
U.S. growth may hurt Canada's exports. About 80 percent of
Canadian shipments go to the U.S.


Read more at Bloomberg Currencies News

UPDATE 2-Dutch Basell to buy Huntsman for about $5.6 bln

(Reuters) - Under the terms of the agreement, Basell will acquire all
of the outstanding common stock of Woodlands, Texas-based
Huntsman for $25.25 per share, the companies said in a
statement.




Huntsman shares jumped 28.4 percent to $24.26 in early
trading on the New York Stock Exchange.


Read more at Reuters.com Bonds News

US STOCKS-Indexes climb on M&A, lower bond yields

(Reuters) - NEW YORK, June 26 - U.S. stocks rose on Tuesday
as European companies made takeover offers for U.S. companies
in the health-care and chemicals sectors and bond yields
dipped, sending rate-sensitive stocks higher.




Utility stocks dominated the top percentage gainers on the
S&P 500 as the yield on the 10-year Treasury held near 5.08
percent. Hefty dividend-paying utilities are seen as more
attractive when bond yields are falling.


Read more at Reuters.com Bonds News

Bear Stearns not planning to bail out second fund: source

(Reuters) - Merrill Lynch analyst Guy Moszkowski said on Monday that he
thought Bear Stearns may have to bail out a second Bear-managed
fund, the High-Grade Structured Credit Strategies Enhanced
Leverage Fund, which was down around 23 percent through the
first four months of the year.




But Bear does not plan a bail-out for that second fund at
this juncture, a source said. Bear Stearns declined to comment.


Read more at Reuters.com Business News

Canadian Stocks May Extend Decline on Commodity Prices; BCE May Advance

(Bloomberg) -- Canadian stocks may fall for a third
day, led by such commodity producers as Aur Resources Inc. and
Suncor Energy Inc. as prices for some metals and crude oil extend
declines.

Losses in the market may be limited as shares of BCE Inc. rise
on expectations takeover bids today may reach as much as C$45 a
share for Canada's biggest phone company.


Read more at Bloomberg Stocks News

Vornado to buy 15 shopping centers for $209 mln

(Reuters) - The purchase price includes $120 million of cash and $89
million of newly issued preferred and common units. Vornado
would also assume $142 million of debt. The real estate
investment trust did not identify the seller. Vornado
representatives were unavailable for immediate comment.




Vornado expects to conduct the transaction in three stages
and complete it by the end of 2007.


Read more at Reuters.com Mergers News

Canada's Dollar Rises Before U.S. Report Forecast to Show Home Sales Fell

(Bloomberg) -- The Canadian dollar gained before a
U.S. report that is forecast to show new home sales declined
last month.

The government housing data may raise speculation the
Federal Reserve will cut interest rates this year, boosting the
allure of Canada's currency relative to the U.S. dollar. The
Canadian dollar has gained 9 percent this year and reached a 30-
year high this month.


Read more at Bloomberg Currencies News

Canada mulls new foreign-takeover rules: report

(Reuters) - He said many governments have policies in place and take this concern into account when scrutinizing foreign purchases.




"For most countries, national security is actually one of the variables they take into consideration," the paper quoted Flaherty as saying.


Read more at Reuters.com Mergers News

Kroger posts higher quarterly profit

(Reuters) - The company, which runs stores under such names as Kroger, Fred Meyer and Ralphs as well as the Littman and Barclay jewelry chains, said it still expects to earn $1.60 to $1.65 per share in the current fiscal year. That equates to 9 percent to 12 percent growth from the prior year, adjusted for an extra week in that year.




Kroger has been able to withstand strong pressure from supercenters such as Wal-Mart Stores Inc. , dollar stores, drugstores and natural-food chains such as Whole Foods Market Inc. by remodeling its stores, improving customer service, cutting some prices and promoting items such as fresher produce.


Read more at Reuters.com Business News

Altria to move cigarette production to Europe for non-US markets

(Reuters) - The company expects to record an initial pre-tax charge of about $325 million, or 10 cents a share, in the second quarter for costs related to the program, with additional estimated charges of about $50 million for the remainder of 2007.







Read more at Reuters.com Business News

Fuel costs, competition push SAA into operating loss

(Reuters) - High fuel costs and competition from low-cost carriers dragged South African Airways into an operating loss of 603 million rand in the financial year to March, former parent Transnet said on Tuesday.

This compared with a profit of 425 million rand in the previous year, state rail and logistics group Transnet said in its results.


Read more at Reuters Africa

Help sought in Chinese tire recall after accident

(Reuters) - The New Jersey importer, Foreign Tire Sales, has told U.S. safety officials the tires were sold under the names Westlake, Telluride Compass and YKS, according to lawyers representing families of people involved in the fatal car accident blamed on the tires.




U.S. traffic safety officials were not immediately available for comment; nor was Foreign Tire Sales in Union, New Jersey.


Read more at Reuters.com Government Filings News

Pound Little Changed Vs Dollar; Yesterday's Rally Viewed as Excessive

(Bloomberg) -- The U.K. pound traded little changed
against the dollar as traders judged its rise to an eight-week
high yesterday was excessive.

The pound broke through the $2 barrier yesterday for the
first time since May 2 as investors bet Bank of England Governor
Mervyn King will this week tell lawmakers interest rates need to
rise further to cap inflation. Futures traders have raised bets
the U.K. currency will rise, pushing so-called net long positions
to a four-month high.


Read more at Bloomberg Currencies News

Asian Exporter Stocks Fall on U.S. Spending Concern; Sony, Hon Hai Drop

(Bloomberg) -- Asian exporter stocks fell on
concern a slump in U.S. housing will curb spending in the
world's biggest economy.

Sony Corp., which made 70 percent of its sales overseas
last year, and Hon Hai Precision Industry Co., whose customers
include Apple Inc., led declines after sales of previously owned
homes fell to the lowest in almost four years.


Read more at Bloomberg Stocks News

Panel to ask SEC about proxy access, hedge funds

(Reuters) - House Financial Services Chairman Barney Frank, a
Massachusetts Democrat, told Reuters he wants to question all
of the commissioners "just to find out what they're saying."




Frank said in an interview he will likely bring up the
investor protection agency's work on Sarbanes-Oxley corporate
reform law compliance, shareholders' proxy access and the SEC's
new enforcement policy.


Read more at Reuters.com Bonds News

DuPont invests $58 mln in biofuel facilities

(Reuters) - DuPont will also have a 10 percent stake in an ethanol plant
at the same location announced earlier on Tuesday, in which BP
and British Sugar owner, Associated British Foods Plc ,
will each hold 45 percent.




Read more at Reuters.com Market News

UPDATE 1-Iberdrola says US buy to help EPS, but shares dip

(Reuters) - Iberdrola said late on Monday it would pay $4.5 billion in
cash and take on 3 billion euros of debt as part of its friendly
takeover of Energy East, based in the northeast United States.




Broker BPI said the deal was negative for Iberdrola, Spain's
largest utility by market capitalisation.


Read more at Reuters.com Mergers News

Crude Oil Falls in New York on Expectation Demand From Refineries May Wane

(Bloomberg) -- Crude oil fell as much as 0.6
percent in New York on expectation that demand from refineries
may wane after a build up in gasoline inventories.

Crude oil for August delivery fell as much as 40 cents to
$68.78 a barrel in after-hours electronic trading on the New
York Mercantile Exchange at 3:23 p.m. in Singapore.


Read more at Bloomberg Energy News

China Cuts May LNG Imports During Shutdown at Australia's North West Shelf

(Bloomberg) -- China slashed liquefied natural gas
imports last month after Australia's North West Shelf LNG
project, the main supplier, shut a plant for maintenance.

Shipments to China's only terminal in Guangdong province
dropped to 119,183 metric tons in May from 301,960 tons in April,
according to the Beijing-based Customs General Administration of
China. The plant, which has capacity to process about 275,000
tons a month, cut imports as the Australian venture closed about
one-fifth of its capacity in May.


Read more at Bloomberg Energy News

Oil dips on expected U.S. stockbuild, Nigeria supply

(Reuters) - London Brent crude , currently seen as the best benchmark for global oil prices, slipped 36 cents to $71.00 a barrel by 0649 GMT, after gaining 18 cents on Monday. U.S. light, sweet crude dipped 21 cents to $68.97 a barrel.




U.S. crude inventories, already at a nine-year high, are expected to have risen a further 900,000 barrels last week, according to a Reuters poll of analysts. Gasoline inventories are also expected to rise, by 1.1 million barrels.


Read more at Reuters.com Hot Stocks News

Korea pension fund seeks to buy KEB from Lone Star

(Reuters) - The remarks come after Lone Star said it was looking to sell its remaining 51 percent stake in KEB to a strategic investor after unloading a 13.6 percent stake in the Korean lender for $1.28 billion in a block trade on Friday.




"Now that we have been accumulating money, we do not have many places to invest in," S.K. Oh, chief investment officer of the pension fund, said in a telephone interview.


Read more at Reuters.com Business News