IMF advises Ghana to use oil income cautiously

(Reuters) - Ghana should ensure future income from newly-discovered oil improves living standards in the West African country and does not fuel inflation or upset the stable economy, the International Monetary Fund said on Tuesday.

London-based Tullow Oil said last month it had found up to 600 million barrels of oil in Ghana's West Cape Three Points offshore block, which is co-owned with Texas-based Anadarko Petroleum and operated by Kosmos Energy of Dallas.


Read more at Reuters Africa

JGBs slip on Treasuries, auction; Moody's supports

(Reuters) - Treasuries fell on Tuesday in thin trade before the U.S.
Independence Day holiday, hurt by a firm stock market and
surprisingly strong factory orders that pushed benchmark yields
up to 5.05 percent, lifting them from a one-month low hit earlier
in the week.




"Weaker Treasuries are keeping pressure on JGBs, and the
market is trying to deal with the weak 10-year auction," said
Akihiko Inoue, market analyst at Mizuho Investors Securities.


Read more at Reuters.com Bonds News

UPDATE 4-U.S. auto sales wobble in June, GM plunges

(Reuters) - TOKYO/DETROIT, July 4 - General Motors Corp.
on Tuesday posted a steeper-than-expected 24 percent drop in June
sales, as U.S. automakers lost share to Japanese brands and
overall vehicle sales sputtered in the face of high gas prices
and a weak housing market.




Shares of GM dropped more than 4 percent after the
holiday-shortened close of trade on the New York Stock Exchange
in reaction to the sales shortfall and indications the largest
U.S. automaker would have to respond with bigger discounts.


Read more at Reuters.com Bonds News

U.K. Consumer Confidence Declined in June on Higher Rates, Nationwide Says

(Bloomberg) -- U.K. consumer confidence fell in June
for the first time in six months as higher interest rates sapped
Britons' optimism about the economy, Nationwide Building Society
said today.

An index of sentiment declined four points from May to 95,
the first drop since December, the U.K.'s third-biggest mortgage
lender said today in an e-mailed statement. The result is based on
replies from 1,004 people surveyed for Nationwide by Taylor Nelson
Sofres Plc between May 21 and June 17.


Read more at Bloomberg Currencies News

China Glass May Sell Its First Dollar Bonds to Yield More Than 9 Percent

(Bloomberg) -- China Glass Holdings Ltd., a Hong
Kong-listed glassmaker, may price its first dollar-denominated
bond sale to yield more than 9 percent.

The company plans to pay a ``mid-to-high 9'' percent range
for the five-year securities, according to an e-mail sent to
investors. China Glass said in June it hired Standard Chartered
Plc to help it sell as much as $120 million of debt.


Read more at Bloomberg Bonds News

InterOil, Sunset Hotel Investors, General Motors: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges on
July 5. Markets will be shut tomorrow for the Independence Day
holiday. This preview includes news that broke after exchanges
closed. Stock symbols are in parentheses after company names.

General Motors Corp. (GM US) fell 40 cents, or 1.1 percent,
to $37.58 in trading after the official close of U.S. exchanges.
The largest U.S. automaker reported a 24 percent drop in June
sales on a seasonally adjusted basis. Analysts anticipated an
8.7 percent decline, according to the average estimate from a
Bloomberg survey.


Read more at Bloomberg Stocks News

Korea, Hong Kong shares hit record

(Reuters) - The Bank of England is widely expected to lift rates by 25 basis points to 5.75 percent on Thursday, while the European Central Bank and its President Jean-Claude Trichet are seen reinforcing expectations for higher rates in the euro zone, possibly in September.




Expectations of rising interest rates outside the United States weighed on the dollar, which touched a low near $2.02 against sterling .


Read more at Reuters.com Hot Stocks News

Chinese Estate Shares Surge After Developer Says It Had Takeover Approach

(Bloomberg) -- Shares of Chinese Estates Holdings
Ltd., the Hong Kong developer run by brothers Joseph and Thomas
Lau, posted their biggest gain since 2003 after the company said
it's in talks with investors who may offer to buy it.

The stock rose 21 percent to HK$14.84 at 10:20 a.m. in Hong
Kong, after gaining as much as 30 percent as trading resumed in
the wake of the takeover talks announcement. The shares have now
gained 65 percent this year, valuing the company at HK$33.6
billion ($4.3 billion).


Read more at Bloomberg Emerging Markets News

BMW, Holcim, Voestalpine, Volkswagen, Zumtobel: European Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in European markets. Prices are from the last close.

The Dow Jones Stoxx 600 climbed 0.9 percent to 395.71. The
Dow Jones Stoxx 50 Index increased 0.9 percent to 3964.11. The
Euro Stoxx 50 Index, a benchmark for the 13 nations using the
euro, advanced 1 percent to 4513.01.


Read more at Bloomberg Stocks News

Slovenian Shares, Top World Performers, Are More Expensive Than China's

(Bloomberg) -- Slovenia's stock rally has made the
equity market of the former Yugoslav republic more expensive than
China's. Now investors say it's time to sell.

``We are gradually reducing Slovenian shares because the
market feels hot,'' said Jernej Kozlevcar, who manages about $742
million at Triglav Asset Management in the capital of Ljubljana.
``Recent growth of the market is mainly based on speculation
about consolidation and less on business results.''


Read more at Bloomberg Stocks News

Indonesia May Cut Key Rate a 13th Time to Boost Growth as Inflation Slows

(Bloomberg) -- Indonesia's central bank will
probably cut its policy interest rate for the 13th time since
May last year to boost growth after inflation eased to a seven-
month low.

Bank Indonesia Governor Burhanuddin Abdullah will reduce
the rate used as a reference for bill sales by a quarter of a
percentage point to 8.25 percent, the lowest level since the
measure was introduced in July 2005, according to 10 of 16
economists surveyed by Bloomberg. The others in the survey
expect the rate to be unchanged. The decision is due tomorrow.


Read more at Bloomberg Bonds News

Japan's Yen, Malaysian Ringgit, Indonesian Rupiah: Asian Currency Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian currencies today.

Exchange rates are from the previous session.


Read more at Bloomberg Currencies News

Argentina stocks down, bonds up eyeing U.S. holiday

(Reuters) - The MerVal index of 21 leading stocks slipped 0.18
percent to close at 2,230.61 points.




"The market was affected by selective profit-taking in a
framework of caution among institutional investors due to the
U.S. holiday" for Independence Day, said one trader.


Read more at Reuters.com Bonds News

No. Carolina Senate passes renewable energy bill

(Reuters) - The bill would cut taxes by about $220 million a year
within five years.




Hammered out in Senate-organized talks that ended a week
ago, the bill that cleared the Senate on a 45-3 vote was
expected to face opposition in the House, where competing
legislation limited to renewable energy standards is pending.


Read more at Reuters.com Bonds News

UPDATE 1-US prosecutors seek death penalty in Iraq murders

(Reuters) - The U.S. attorney for the Western District of Kentucky
filed the notice in federal court at Paducah, Kentucky, where
Steven Green faces trial. He has been described in earlier
military court proceedings as the ringleader of the March,
2006, incident.




Three other soldiers also involved in the rape-murder of
Abeer Qassim al-Janabi and the deaths of her father, mother and
six-year-old sister have been court-martialed and a fourth
faces military trial later this summer.


Read more at Reuters.com Bonds News

Moody's may cut Kraft's debt rating on Danone bid

(Reuters) - Danone is in exclusive talks to sell its biscuit
and cereal snack unit to Kraft, the world's biggest cookie
maker, the two companies said on Tuesday. For details see
[ID:nL03511935].




The deal will give Kraft a stronger foothold in Europe and
emerging markets and access to 36 more factories worldwide.


Read more at Reuters.com Mergers News

Brazil Senate leader under pressure to resign

(Reuters) - A congressional ethics committee has failed for more than a
month to advance investigations into accusations that Senate
leader Renan Calheiros had personal expenses paid by a
construction firm.




Calheiros' centrist Brazilian Democratic Movement Party, or
PMDB, is the largest in Congress and in Lula's 11-member
coalition.


Read more at Reuters.com Bonds News

Sugar Rises for First Session in Five After Brazil Exports More Ethanol

(Bloomberg) -- Sugar in New York rose for the first
session in five after Brazil, the world's biggest producer, said
it exported more ethanol made from sugar cane.

Brazil's exports of the fuel increased 29 percent in June
to 214 million liters (56.5 million gallons) from a year
earlier, the country's Trade Ministry said yesterday.


Read more at Bloomberg Commodities News

Anaren, Apple, Continental, Massey Energy: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes on U.S. exchanges. Stock
symbols are in parentheses after company names. U.S. stock
markets ended trading at 1 p.m. today and will be closed tomorrow
for the Independence Day holiday.

Anaren Inc. (ANEN US) fell 90 cents, or 4.8 percent, to
$17.71. The maker of microwave communications gear said in a
statement that it may restate financial results for the second
and third quarters of 2007 because of accounting errors at its
Chinese subsidiary.


Read more at Bloomberg Stocks News

UPDATE 1-United Capital says hedge funds to stay open

(Reuters) - NEW YORK, July 3 - United Capital Asset
Management said on Tuesday it will continue operating its
Horizon Strategy group hedge funds that invested in
subprime-mortgage bonds after temporarily halting payments to
investors.




"We wish to emphasize that UCAM and Horizon are not liquidating and intend to
continue in operation," it said in a statement.


Read more at Reuters.com Bonds News

Radcom sees Q2 net loss; shares sink

(Reuters) - "Deals that were expected to close did not close indicating weakness in the market," Chief Financial Officer Jonathan Burgin said by telephone.




Radcom now expects second-quarter revenue of about $2.4 million, compared with $5.7 million a year ago and said it has suspended its annual results forecast.


Read more at Reuters.com Hot Stocks News

ServiceMaster Delays Bond Sale Amid Waning Demand for Riskiest Junk Debt

(Bloomberg) -- ServiceMaster Co., owner of the
TruGreen and Terminix services, shelved a $1.15 billion bond
offering as investors pulled away from high-yield, high-risk
debt, according to a person with knowledge of the decision.

No new date has been set for the sale, said the person, who
declined to be identified because details are confidential.
Memphis, Tennessee-based ServiceMaster had planned to sell senior
cash-interest notes and so-called toggle securities to finance a
$4.7 billion leveraged buyout by Clayton Dubilier & Rice Inc.


Read more at Bloomberg Bonds News

DaimlerChrysler U.S. sales down 2 percent

(Reuters) - Sales at Chrysler Group, which consists of Jeep, Dodge and Chrysler brands, fell 1 percent to 183,347 vehicles.




Sales at the Mercedes-Benz unit fell 6 percent to 19,589 vehicles.


Read more at Reuters.com Business News

Treasuries Drop as Index Shows Demand for Riskier Bond Assets Stabilizes

(Bloomberg) -- Treasuries fell as a drop in a
measure of the perceived risk of owning U.S. corporate bonds
reduced demand for the safety of government debt.

The CDX North America Crossover Index, made up of the debt
of 35 companies, fell for the first time in five days after
rising to a 10-month high yesterday, according to Deutsche Bank
AG.


Read more at Bloomberg Bonds News

FACTBOX-Private equity advice for public companies

(Reuters) -




DAVID BLITZER, BLACKSTONE GROUP SENIOR MANAGING
DIRECTOR


Read more at Reuters.com Mergers News

EBay Chief Meg Whitman Says Changes Are Needed to Placate Auction Sellers

(Bloomberg) -- EBay Inc., the world's largest online
auction company, will upgrade its Web site to placate sellers
and revitalize the company's slumping sales growth, Chief
Executive Officer Meg Whitman said.

``You'll see more changes in the next 12 months on our site
than you've probably seen in the last three or four years,''
Whitman said in an interview. ``EBay was so successful that we
did not keep up with the user experience that was required.''


Read more at Bloomberg Exclusive News

Danone in talks on $7.2 bln biscuit sale to Kraft

(Reuters) - Kraft's offer for Danone's biscuit division, which includes the LU, Prince and Tuc brands, will give the U.S. food giant a stronger foothold in Europe and in emerging markets and access to an extra 36 factories worldwide.




It will allow Danone to focus on the health range in its fast-growing dairy and drinks business, pay off some 2.9 billion euros of debt and raise cash for future possible acquisitions.


Read more at Reuters.com Mergers News

Egypt shares rise, OT gains over cash influx news

(Reuters) - Egyptian shares rose on Tuesday as the well-watched CASE30 index hit a closing year high led by gains in Orascom Telecom (OT) after it said it would receive a $793 million cash influx, traders said.

OT shares rose 3.8 percent to 77.75 Egyptian pounds after the firm said on Monday it had received the cash from Hutchison Telecom following Hutchison's sale of its Indian subsidiary Hutchison Eassar in May.


Read more at Reuters Africa

RLPC-UPDATE 1-ServiceMaster $1.15 bln issue postponed-sources

(Reuters) - The company had been forced to increase the interest rate
on its LBO loan twice last week. ServiceMaster is one of a
growing list of highly leveraged so-called covenant-light deals
which had been forced to improve terms as investors began to
reassess credit risk.




Creditors are also resisting payment-in-kind notes that
allow companies to defer interest payments in favor of issuing
more debt.


Read more at Reuters.com Bonds News

Dollar Drops Versus Yen After Pending Home Sales in the U.S. Fall in May

(Bloomberg) -- The dollar declined against the yen
after a U.S. report showed pending home sales in May unexpectedly
declined.

Signs of a slowdown in growth may boost speculation the
Federal Reserve might cut borrowing costs this year, dimming the
allure of dollar-denominated assets. A separate report showed
factory orders declined during May.


Read more at Bloomberg Currencies News

Crude Oil Futures Decline on Signs Refiners Will Meet U.S. Gasoline Demand

(Bloomberg) -- Crude oil fell from a 10-month high on
speculation that U.S. refineries will meet gasoline demand during
the summer driving season.

Gasoline inventories rose 500,000 barrels last week,
according to the median of 13 responses in a Bloomberg News
survey. Refiners probably operated at the highest rate since May,
the survey showed. Crude-oil prices often follow gasoline during
the driving season, which lasts from late May to early September.


Read more at Bloomberg Energy News

Canadian Stocks May Rise on BCE, Aur Resources Takeovers; Telus May Gain

(Bloomberg) -- Canadian stocks may rise after BCE Inc.,
Canada's biggest phone company, was sold for C$34.2 billion ($32.1
billion) in the largest leveraged buyout.

Speculation that there will be more takeovers was stoked by
copper producer Aur Resources Inc.'s agreement to be bought by Teck
Cominco Ltd. for C$4.1 billion in cash and stock, to raise annual
copper output by 43 percent


Read more at Bloomberg Stocks News

U.S. Stock-Index Futures Advance as Yields Hold Below 5%; Apple Gains

(Bloomberg) -- U.S. stock-index futures gained after
benchmark bond yields held below 5 percent for a second day and
investors speculated that a home-sales report will show the
housing market is recovering.

Apple Inc. rose after Goldman, Sachs & Co. said the iPhone
sold twice as fast as it forecast over the weekend. Oracle Corp.,
the world's third-largest software maker, advanced after rival
SAP AG admitted making ``inappropriate'' downloads of Oracle's
code.


Read more at Bloomberg Stocks News

UPDATE 1-BladeLogic files for $45.4 mln IPO

(Reuters) - The provider of data center automation software said its
expectations were based on a midpoint of an estimated price
range of $12 to $14 a share.




In an amended filing with the U.S. Securities and Exchange
Commission, the company said it plans to sell 3.9 million
shares, while stockholders will sell the remaining 1.1 million
shares.


Read more at Reuters.com Bonds News

Sullivan & Cromwell Regains Top Spot as M&A Legal Adviser for First Half

(Bloomberg) -- Sullivan & Cromwell, the top legal
adviser on mergers and acquisitions for the past three years,
has regained its No. 1 ranking after slipping in the first
quarter.

Sullivan & Cromwell took the lead for the first half by
advising on six of the 10 largest deals, including Barclays
Plc's planned acquisition of ABN Amro Holding NV for $90.7
billion. That proposed transaction is the second-biggest offer
this year, behind a competing $100 billion bid for ABN Amro.


Read more at Bloomberg Exclusive News

ABN investment bank combat zone for Barclays, RBS

(Reuters) - Barclays' and RBS's plans for integrating
ABN's wholesale business differ in detail but are broadly the
same -- they can offer their leading financing and risk
management products to new clients and also strip out costs.




"Applying the people, the processes, the procedures, the
risk control systems that both Royal Bank and Barclays have should deliver a better profit," said
Mark Thomas, analyst at Keefe, Bruyette & Woods.


Read more at Reuters.com Bonds News

Iraqi Crude Oil Exports Fell 8.5 Percent in June on Power Loss, Repairs

(Bloomberg) -- Crude exports from Iraq, the holder of
the world's third-biggest oil reserves, fell 8.5 percent last
month because of power disruptions in the south and maintenance on
the country's main export terminal.

Exports slid to an average of 1.5 million barrels a day after
electricity failures affected crude flows to the Basra Oil
Terminal in the Persian Gulf, an oil ministry official, who asked
not to be identified for security reasons, said today in a
telephone interview from Baghdad.


Read more at Bloomberg Energy News

EU approves purchase of Chrysler by Cerberus

(Reuters) - In May, DaimlerChrysler agreed to shed most of its stake in the money-losing Chrysler Group by agreeing to pay a $1.55 billion sweetener to clinch a deal for Cerberus to take over the U.S. automaker.




Read more at Reuters.com Mergers News

First Pacific aims to sell PLDT shares to NTT in '07

(Reuters) - Manuel Pangilinan, First Pacific chief executive and
Philippine Long Distance Telephone Co chairman,
told reporters the talks center on a 6.3 percent stake bought
by First Pacific from the government earlier this year.




The NTT group, Japan's biggest phone company, holds a 15.5
percent stake in PLDT, up from 14.5 percent on April 16,
according to a filing with the U.S. Securities and Exchange
Commission on Monday.


Read more at Reuters.com Mergers News

Danone in talks with Kraft to sell biscuits unit

(Reuters) - Sales of the division were about 2 billion euros and the deal allows Danone "to strengthen its growth strategy and its leadership in the active health category" in yoghurts and beverages.




Kraft's offer includes "the intent not to announce" the closing of any of the Danone biscuit manufacturing facilities in France for at least three years after the transaction is signed.


Read more at Reuters.com Mergers News

Coles Debt Risk May Rise on Possible Bids from Buyout Firms, National Says

(Bloomberg) -- Investors should buy credit-default
swaps linked to Coles Group Ltd., the Australian retailer that
yesterday accepted a A$19.6 billion ($16.8 billion) offer from
Wesfarmers Ltd., because buyout firms may ``re-enter the fray,''
National Australia Bank Ltd. said.

The contracts, used to bet on a company's ability to pay
debt, have slumped more than 60 percent since the takeover was
announced. Wesfarmers, Australia's biggest hardware chain, was
the only bidder for all of Coles after buyout firms led by
Kohlberg, Kravis Roberts & Co. and TPG Inc. dropped out of an
auction.


Read more at Bloomberg Bonds News

French Stocks Climb, Paced by Arcelor, BNP Paribas and Societe Generale

(Bloomberg) -- French stocks advanced, paced by
Arcelor Mittal SA, BNP Paribas SA and Societe Generale SA.

The CAC 40 Index rose 42.60, or 0.7 percent, to 6069.55 at
9:03 a.m. in Paris. The SBF 120 Index added 0.7 percent.


Read more at Bloomberg Stocks News