South Korea Stocks Drop, Reversing Gain; Samsung Leads Declines on Won

(Bloomberg) -- South Korea's Kospi index fell,
reversing an earlier gain. Samsung Electronics Co. slid after the
won appreciated to a six-week high against the dollar, raising
concern the value of exporters' overseas sales will drop.

The Kospi index declined 5.56, or 0.3 percent, to 1746.19 as
of 2:49 p.m. in Seoul. The Kosdaq retreated 0.1 percent to 777.75.
Kospi 200 futures expiring in September slipped 0.5 percent to
222.90, while the underlying index lost 0.4 percent to 221.72.


Read more at Bloomberg Stocks News

Gold Drops in Asia on Speculation Recent Gain Overdone; Tokyo Futures Rise

(Bloomberg) -- Gold fell in Asia on buyer
speculation the precious metal's gain for two straight sessions
was overdone. Tokyo gold futures gained.

Gold had risen on speculation higher oil costs will revive
demand for the metal as a hedge against inflation. Bullion rose
1.3 percent in two days after closing at $640.90 on June 26.


Read more at Bloomberg Commodities News

Cognos, Jean Coutu, Research In Motion: Canadian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets.
This preview includes news that broke after markets closed.
Stock symbols are in parentheses after company names and prices
are from the last close.

The Standard & Poor's/TSX Composite Index fell 26.25, or
0.2 percent, to 13,715.67 in Toronto. The benchmark has fallen
three times in four days and lost 1.9 percent since June 22.


Read more at Bloomberg Stocks News

Zijin Mining Shares Rise After Buying Tajikistan's Biggest Gold Producer

(Bloomberg) -- Shares of Zijin Mining Group Co.,
owner of China's largest gold mine, rose after it announced
plans to buy a controlling stake in Tajikistan's biggest
producer of the precious metal from Avocet Mining Plc.

Zijin shares rose 3.1 percent to HK$4.73 at 10:16 a.m. in
Hong Kong after climbing as much as 4.1 percent. The stock has
surged 65 percent in the past year, outstripping the 40 percent
gain in the benchmark Hang Seng Index.


Read more at Bloomberg Commodities News

Yen Weakens, Heading for Biggest Quarterly Loss Since 2001 on Gap in Yield

(Bloomberg) -- The yen weakened, heading for the
biggest quarterly loss against the dollar since 2001, as a report
showing falling consumer prices added to speculation the Bank of
Japan will keep interest rates on hold.

The currency fell the most against the Australian dollar,
where the key rate is 5.75 percentage points higher than Japan,
as investors borrowed yen to buy higher-yielding assets in so-
called carry trades. Japan's lower rates encourage individuals to
purchase overseas assets in investment trusts. The yen has
declined 4.5 percent against the dollar this quarter.


Read more at Bloomberg Currencies News

Thailand's Central Pattana to Build Three Shopping Malls in China, Vietnam

(Bloomberg) -- Central Pattana Pcl, Thailand's
biggest mall operator, plans to build three outlets in Vietnam
and China, the company's first overseas expansion, to tap rising
consumer spending in two of Asia's fastest-growing economies.

The developer will build malls in Vietnam's capital Hanoi
and in Ho Chi Minh City, Chief Financial Officer Naris Cheyklin
said in an interview. The company will also build a mall in China,
Naris said, without giving details on the size or location of the
investment.


Read more at Bloomberg Emerging Markets News

UPDATE 1-Ex-HealthSouth CEO Scrushy sentenced to prison

(Reuters) - MONTGOMERY, Ala., June 28 - Ousted HealthSouth
Corp. Chief Executive Richard Scrushy, acquitted two
years ago in a major corporate fraud case, and former Alabama
Gov. Don Siegelman were both sentenced to prison on Thursday
for bribery.




A federal judge sentenced Scrushy, 54, to six years and 10
months in prison and Siegelman, 61, to seven years and four
months after they were convicted of involvement in a scheme to
manipulate hospital building permissions that favored
HealthSouth.


Read more at Reuters.com Bonds News

South Korea's Kospi Index Rises, Led by Posco, LG.Philips, Doosan Heavy

(Bloomberg) -- South Korea's benchmark stock index,
the Kospi Index, rose 0.16 percent at 9:05 a.m.

The index of 730 companies traded on the Korea Exchange rose
2.87 to 1,754.62. Among the stocks in the index, 338 rose, 137
fell and 254 were unchanged.


Read more at Bloomberg Stocks News

Capital Research chairman defends asset bloat

(Reuters) - Critics have charged that Capital and its mutual fund unit
American Funds, which runs the biggest U.S. mutual fund, the
$170 billion Growth Fund of America, are not doing enough to
check the furious pace of asset growth. Too much asset growth
too quickly can hurt performance.




"Over time, we've spent a lot of energy focused on the
challenges of size and complexity," James Rothenberg, who is
also principal executive officer of Capital, told Morningstar's
annual investment conference on Thursday.


Read more at Reuters.com Bonds News

New Zealand's Economic Growth Rate Accelerates 1 Percent on Spending Surge

(Bloomberg) -- New Zealand's economic growth
accelerated in the first quarter as consumer spending and business
investment jumped, heightening speculation the central bank may
raise interest rates again.

Gross domestic product increased 1 percent in the three months
ended March 31 from the fourth quarter when the economy expanded 0.8
percent, Statistics New Zealand said in Wellington today. The median
estimate of 13 economists surveyed by Bloomberg News was for 1
percent growth.


Read more at Bloomberg Bonds News

Research In Motion, Apollo, Heelys Gain: U.S. After-Hours Trading Wrap

(Bloomberg) -- Research In Motion Ltd. gained in
extended U.S. trading after the maker of the BlackBerry e-mail
phone reported first-quarter profit that topped analysts'
estimates and announced a 3-for-1 stock split.

Shares of the Waterloo, Ontario-based company soared
$27.11, or 16 percent, to $192.70 at 5:46 p.m. New York time.
Net income rose 73 percent on demand for new devices with
cameras and music players. Excluding some costs, earnings were
$1.20 a share, beating the $1.09 average estimate of 24 analysts
in a Bloomberg survey.


Read more at Bloomberg Stocks News

Tibco 2nd-qtr profit drops from year earlier

(Reuters) - Net income in the year-earlier quarter included a benefit
of $9.9 million, or 5 cents a share, related to the release of
an allowance that had previously been recorded against the
company's deferred tax assets.




Revenue rose to $130.5 million from $121.2 million.


Read more at Reuters.com Market News

Mexico stocks rise, led by Grupo Mexico gains

(Reuters) - The benchmark IPC stock index gained 0.89 percent to
31,079 points, while the peso currency firmed
0.31 percent in local trading to 10.799 per dollar.




Standard & Poor's credit agency said on Thursday its focus
on Mexico's sovereign credit has shifted to the upside since
President Felipe Calderon sent a tax reform proposal to
Congress.


Read more at Reuters.com Bonds News

Argentina stocks slip as bonds recover from slide

(Reuters) - The MerVal index of 16 leading stocks dropped 0.5
percent to close at 2,216.09 points, accumulating a 1.2 percent
loss so far in June.




"We've had gain-taking in companies from the electricity
sector, given that they were the ones with the biggest gains in
the past weeks," said one trader.


Read more at Reuters.com Bonds News

BearingPoint files 10-K, 1st-qtr bookings down

(Reuters) - BearingPoint said it does not include those in bookings
until related appropriations are approved.




Read more at Reuters.com Government Filings News

AirAsia, SingTel, Uni-President, Zijin: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in Asian markets, excluding Japan. This preview includes news
that broke after markets closed. Prices are from the local
market's last close. Stock symbols are in parentheses after
company names.

AirAsia Bhd. (AIRA MK): Southeast Asia's largest budget
carrier plans to expand the fleet of its Indonesia unit by half
as passenger traffic increases. PT Indonesia AirAsia, the local
unit, will add four Boeing Co. 737-300 aircraft this year to its
existing fleet of eight, President Director Sendjaja Widjaja said
in Jakarta. The company will lease the aircraft from its parent,
he said. The company also plans to add four or five aircraft next
year, Widjaja said. AirAsia declined 2 sen, or 1 percent, to 1.91
ringgit.


Read more at Bloomberg Stocks News

Calstrs rejects Icahn offer for Lear Corp

(Reuters) - Calstrs said it believes that the roughly $2.9 billion offer price is too low, by almost half.



Lear Corp., which has faced criticism for accepting billionaire Icahn's $36-per-share offer, said last week it has delayed a shareholder vote on the deal until July 12.


Read more at Reuters.com Mergers News

Canadian Stocks Pare Gains After Fed Decision; EnCana Falls on Gas Prices

(Bloomberg) -- Canadian stocks pared gains after the
U.S. Federal Reserve left borrowing costs unchanged and said that
inflation remains the greatest risk facing the U.S. economy,
Canada's biggest export market.

The Standard & Poor's/TSX Composite Index added 11.16, or 0.1
percent, to 13,753.08 as of 2:42 p.m. in Toronto. Earlier it gained
as much as 0.6 percent on takeover and higher oil and gold prices.


Read more at Bloomberg Stocks News

Career Education ends classes at Pittsburgh school

(Reuters) - The Pittsburgh school currently has about 310 students.




The company decided to close the school because of
insufficient long-term demand, according to its statement.


Read more at Reuters.com Bonds News

US STOCKS-Indexes gain on techs, market awaits Fed

(Reuters) - NEW YORK, June 28 - U.S. stocks rose slightly on
Thursday, led by technology shares, although investors remained
cautious before a Federal Reserve statement which could give
clues on the outlook for interest rates.




Communications equipment and semiconductor stocks got a
boost after brokerage upgrades of Cisco Systems Inc.
and chip maker Intel Corp. .


Read more at Reuters.com Bonds News

CHRONOLOGY-Recent major airline merger attempts

(Reuters) - Here is a brief chronology of some major merger-related
events involving airlines:







Read more at Reuters.com Mergers News

TREASURIES-Prices ease on inflation data, ahead of Fed

(Reuters) - NEW YORK, June 28 - U.S. Treasury debt prices
slipped on Thursday as a surprisingly sharp rise in an
inflation index favored by the Federal Reserve fanned worries
about price pressures.




Trade was light, with investors retreating to the sidelines
ahead of the policy-setting Federal Open Market Committee's
verdict on interest rates later in the session.


Read more at Reuters.com Bonds News

U.S. Stocks Gain, Led by Oil, Technology Shares; Intel, Cisco, Exxon Rise

(Bloomberg) -- U.S. stocks rose, led by fuel
producers and technology companies, after oil prices jumped and
analysts upgraded Intel Corp. and Cisco Systems Inc. on prospects
for profit growth.

Exxon Mobil Corp. and Chevron Corp., the biggest U.S. oil
companies, advanced after crude prices rose to a nine-month high.
Intel, the world's largest computer-chip manufacturer, and Cisco
Systems, the biggest maker of networking equipment, led the
Standard & Poor's 500 Index higher for a second day.


Read more at Bloomberg Stocks News

RPT-Kansas City Fed manufacturing index -2 in June

(Reuters) - Following are details from the survey:




Expected
MANUFACTURING SURVEY June May 6 mos.
Production -2 20 20 25
Shipments -1 18 18 27
New Orders 7 18 18 22
Backlog Orders 13 0 0 12
Number of employees 9 14 14 18
Average workweek -6 12 12 9
Finished product prices 17 17 17 41
Raw product prices 39 43 43 57
Capital expenditures N/A N/A N/A 22
Inventory-materials 12 7 7 3
Inventory-finished goods 7 2 2 1


Read more at Reuters.com Economic News

Mexico stocks rise, led by America Movil gains

(Reuters) - The price of the benchmark 10-year peso bond
rose 0.375 point to bid 102.234, pushing its yield down 6 basis
points to 7.64 percent.




Investors widely expect the U.S. Federal Reserve will hold
interest rates steady due later on Thursday, but some see the
Fed's monetary policy statement taking a slightly softer stance
on U.S. inflation.


Read more at Reuters.com Bonds News

UPDATE 1-Gazprom's 2006 net profit doubles, beats forecasts

(Reuters) - The firm said its revenue, calculated to International
Financial Reporting Standards, rose to 2.152 trillion roubles in
2006 from 1.38 trillion roubles in 2005.




Sales in the domestic market, Gazprom's least profitable
outlet because of state-capped prices, rose 15 percent. But in
the rest of the former Soviet Union, where last year it pushed
through price rises across the board, net sales soared 93
percent.


Read more at Reuters.com Market News

Rand gains, bonds slip on inflation worry

(Reuters) - South Africa's rand firmed against major currencies on Thursday, bolstered by an increased likelihood of higher interest rates and a stronger gold price, but bonds sold off on the rates outlook.

The domestic currency was trading at 7.0850 to the dollar at 1510 GMT, a gain of 0.56 percent compared to Wednesday's New York close, and extending an overnight rally.


Read more at Reuters Africa

UPDATE 1-Fed seen on hold as it mulls inflation outlook

(Reuters) - WASHINGTON, June 28 - U.S. Federal Reserve
policy-makers resumed a two-day meeting on Thursday that looked
certain to end with a decision to hold borrowing costs steady
and a likely restatement of concerns over inflation.




Financial markets widely expect the U.S. central bank to
hold benchmark overnight interest rates at 5.25 percent, a
level reached in June last year after 17 straight increases.


Read more at Reuters.com Bonds News

UPDATE 1-Spain's Acciona confirms to buy into U.S. wind farms

(Reuters) - MADRID, June 28 - Acciona SA has bought the rights to build 1,300 Megawatts of wind power in the U.S. mid-west, it said on Thursday, part of the Spanish building-to-energy group's U.S. expansion plan.



Acciona did not give a value for the purchase from U.S. group EcoEnergy, but earlier on Thursday Expansion newspaper said analysts expected the acquisition to cost several million dollars.


Read more at Reuters.com Mergers News

TREASURIES-Bonds dip on strong Q1 inflation data

(Reuters) - Investors are betting that the Fed would maintain a hawkish
tone on inflation when it announces it interest rate verdict at
the end of a two-day policy meeting at about 2:15 p.m. .




"The price index was much higher. It's mildly negative . Today's real action is going to be based on the Fed's
statement. That's what going to set the tone today," said
Andrew Brenner is at MAN Financial in New York.


Read more at Reuters.com Bonds News

Kenya to sell 40 pct of Kenya Reinsurance

(Reuters) - Kenya plans to sell a 40 percent stake in Kenya Reinsurance Corporation for 2.28 billion shillings in an initial public offering, the country's finance minister said on Thursday.

"After today, Kenyans can start planning to participate in the Kenya Re IPO," Amos Kimunya told a press conference.


Read more at Reuters Africa

GM selling Allison Transmission for $5.6 billion

(Reuters) - GM had said in January that it was looking to sell Allison, which makes transmissions for commercial trucks, buses and military vehicles.




Read more at Reuters.com Mergers News

US RATE FUTURES-Fretting over GDP inflation component

(Reuters) - CHICAGO, June 28 - U.S. short-term interest rate
futures extended losses slightly on Thursday as dealers focused
on upwardly revised inflation readings in the final
first-quarter GDP report.




"The higher inflation is what folks are focusing on. It's a
little disconcerting," said Mark Vitner, economist at Wachovia
Securities in Charlotte, North Carolina.


Read more at Reuters.com Bonds News

Uganda population growth hurting economy - UN

(Reuters) - Uganda's population growth rate, the third highest in the world, threatens to undo government efforts to promote economic growth and slash poverty, the United Nations said on Thursday.

The United Nations Population Fund's (UNFPA) annual report said this week Uganda's population was growing at 3.6 percent a year, behind only East Timor and fellow African nation, Burundi.


Read more at Reuters Africa

TREASURIES-Bond prices steady; await final GDP, FOMC

(Reuters) - Investors were also awaiting the final readings of first
quarter gross domestic product and underlying price data
before taking any positions in the market, analysts said. For
more on these forecasts see [ID:nN26356220].




"The highlight of the day is the FOMC statement," said
Matthew Moore, economic strategist at Banc of America
Securities in New York.


Read more at Reuters.com Bonds News

Argentine banker says could buy YPF stake in '08

(Reuters) - "If it's done, it will be next year. This is a long
process," Eskenazi said.





Read more at Reuters.com Mergers News

Bond prices steady; await final GDP, FOMC

(Reuters) - Investors were also awaiting the final readings of first quarter gross domestic product and underlying price data before taking any positions in the market, analysts said.




"The highlight of the day is the FOMC statement," said Matthew Moore, economic strategist at Banc of America Securities in New York.


Read more at Reuters.com Hot Stocks News

General Mills 4th-quarter profit rises

(Reuters) - Analysts, on average, forecast 63 cents a share, according to Reuters Estimates.




Sales rose 7 percent to $3.06 billion. Analysts, on average, forecast $2.99 billion, according to Reuters estimates.


Read more at Reuters.com Business News

DealTalk: New-look infrastructure assets spice up auctions

(Reuters) - Infrastructure funds have built a following for buying low-risk, stable cash flow businesses, but some of the assets recently billed as infrastructure are more volatile, and risk leaving investors with headaches down the line.




Traditional infrastructure assets include privatized, regulated monopolies such as utilities and toll roads, necessities less susceptible to economic cycles and not as vulnerable to technological advances.


Read more at Reuters.com Business News

S.Africa bonds weaken after PPI data

(Reuters) - South African government bonds weakened on Thursday after data showed producer price inflation quickened to 11.3 percent year-on-year in May, above forecasts.

Yields on the benchmark bond due 2015 were up 5 basis points at 8.52 percent at 1040 GMT compared to Wednesday close and levels just before the data was released, after earlier rising to 8.54 percent. Yields on the 2010 bond were nine basis points higher at 9.135 percent.


Read more at Reuters Africa

Rupert Murdoch meets Italian PM in Rome

(Reuters) - Murdoch, whose media expire includes Italian television channel Sky Italia, has said he had discussed taking a stake in leading Italian telecoms group Telecom Italia last year but decided against it.




Read more at Reuters.com Business News

Lead Gains in London on China Export Speculation; Copper, Aluminum Rise

(Bloomberg) -- Lead gained for a second consecutive
day in London on speculation that exports from China, the
largest producer, may decline after the government imposed a 10
percent tax on overseas sales. Copper and aluminum also rose.

Henan Yuguang Gold & Lead Co., China's biggest lead
producer, said yesterday profit will be hurt by the increased
tax, which was introduced from this month. Exports accounted for
28 percent of its metal sales in the first five months of 2007.
Exports may fall 10 percent by 2010, Beijing Antaike Information
Development Co. said May 30.


Read more at Bloomberg Commodities News

FTSE 100 Index Increases, Paced by BHP, British Land; Sainsbury Climbs

(Bloomberg) -- U.K. stocks advanced, led by BHP
Billiton Ltd. and Royal Dutch Shell Plc as base metal and oil
prices climbed.

British Land Co. and Hammerson Plc paced a rally in property
shares as U.K. house prices rose at the fastest pace this year,
according to Nationwide Building Society, the biggest U.K.
mortgage lender. J Sainsbury Plc gained on a Reuters report that
Robert Tchenguiz has doubled his stake in the supermarket chain.


Read more at Bloomberg Stocks News

Japan Shares Rise as Yen Ends Three-Day Climb; Honda, Toyota Lead Gains

(Bloomberg) -- Japanese stocks advanced, helping
the Nikkei 225 Stock Average rebound from a four-day slide,
after the yen reversed a strengthening trend and two brokerages
issued bullish reports on the country's automakers, citing
benefits from the currency.

Honda Motor Co. jumped the most in more than two weeks,
after sliding 1.6 percent during the past three sessions. Toyota
Motor Corp. rose after Goldman, Sachs & Co. lifted its
recommendation on the shares to ``buy,'' citing the dropping yen.


Read more at Bloomberg Stocks News

U.S. Stock Funds Climbed 4.8 Percent in Second Quarter on Record Takeovers

(Bloomberg) -- U.S. equity mutual funds rose 4.8
percent in the second quarter, twice the rate of the first three
months of the year, as record corporate takeovers pushed U.S.
stock indexes to new highs.

Funds that invest in energy companies were the top
performers, climbing 10 percent, and real estate funds were the
biggest losers, falling 8.6 percent, according to data compiled
by Chicago-based research firm Morningstar Inc.


Read more at Bloomberg Stocks News

German Stocks Rise; Adidas, Continental, MAN Pace Advance

(Bloomberg) -- German stocks advanced, led by Adidas
AG, Continental AG and MAN AG.

The benchmark DAX Index rose 47.96, or 1 percent, to 7876.19
as of 9:07 a.m. in Frankfurt. The HDAX Index of the country's 110
biggest companies climbed 1 percent.


Read more at Bloomberg Stocks News

JGBs reverse gains on Nikkei recovery, data in focus

(Reuters) - Market players largely brushed off data showing a surprising
drop in industrial output as many are awaiting consumer price
data on Friday and the Bank of Japan's quarterly tankan survey on
Monday for clues on whether the central bank could raise rates as
early as August.




The BOJ is widely expected to boost interest rates by 25
basis points to a 12-year high of 0.75 percent in August.


Read more at Reuters.com Bonds News