OneSteel Says Australian Train Derailment Won't Affect Iron Ore Shipments

(Bloomberg) -- OneSteel Ltd., Australia's second-
largest steelmaker, said a train derailment in South Australia
won't affect its iron ore shipments.

The train derailment yesterday between Whyalla and Port
Augusta may delay shipments, the Australian newspaper said
without citing anyone.


Read more at Bloomberg Commodities News

Pakistan's Bond Sale to Offer Higher Returns Than Uruguay, Philippine Debt

(Bloomberg) -- Pakistan's government is offering
higher returns than debt sold by the Philippines and Uruguay to
attract investors to what may be its biggest bond sale.

Pakistan is seeking to sell 10-year bonds to yield about 7
percent, according to an e-mail sent to investors. The South Asian
nation plans to sell as much as $1 billion of bonds, Standard &
Poor's said on May 18, in rating the securities B+, four levels
below investment grade.


Read more at Bloomberg Bonds News

Asian Stocks Climb for a Third Day, Nearing Record; Mizuho, Airlines Gain

(Bloomberg) -- Asian stocks rose for a third day,
led by Japanese banks after Mizuho Financial Group Inc. forecast
record earnings and the Nikkei newspaper said Mitsubishi UFJ
Financial Group Inc. will pay a higher dividend than planned.

A measure of financial shares posted the biggest gains
among 10 industry groups included in the Morgan Stanley Capital
International Asia-Pacific Index. Mizuho, Japan's second-largest
lender, jumped by the most in more than a year.


Read more at Bloomberg Stocks News

Yuan Little Changed After China's Wu Warns Against Blame for U.S. Deficits

(Bloomberg) -- The yuan was little changed after
Vice Premier Wu Yi said the U.S. shouldn't blame its record
trade deficit on China, damping speculation policy makers will
seek faster currency appreciation.

A stronger yuan would help raise Chinese export prices,
narrowing the trade gap. The central bank last week said it
would allow wider exchange rate swings, strengthening Wu's
position in two days of talks with Treasury Secretary Henry
Paulson that started yesterday.


Read more at Bloomberg Currencies News

Japanese Shares Rise After Mizuho Forecasts Record Profit; Hitachi Climbs

(Bloomberg) -- Japanese stocks rose for a third day.
Banks led indexes higher after Mizuho Financial Group Inc.
forecast a record profit for this financial year.

Mizuho jumped by the most in almost a year. Sumitomo Mitsui
Financial Group Inc., which forecast on May 21 profits will
climb this year, surged 4.5 percent, adding to a 5.7 percent
gain yesterday.


Read more at Bloomberg Stocks News

JGBs slide due to fall in Treasuries, Nikkei rise

(Reuters) - Comments by Bank of Japan board member Atsushi Mizuno
reported by Jiji news agency on Tuesday were one factor behind
the weakness in JGBs, said Naomi Hasegawa, a senior fixed income
strategist for Mitsubishi UFJ Securities.




"Mizuno's comments have weighed on short-term bonds, and
Treasury yields rose to 4.8 percent, so sentiment isn't very
good," Hasegawa said.


Read more at Reuters.com Bonds News

Japanese Stocks Rise After Mizuho Forecasts Record Profit; Hitachi Climbs

(Bloomberg) -- Japanese stocks rose for a third day.
Lenders led indexes higher after Mizuho Financial Group Inc.
forecast a record profit for this financial year.

Mizuho jumped by the most since January 2006. Sumitomo
Mitsui Financial Group Inc., which forecast on May 21 profits
will climb this year, surged 6.3 percent, adding to a 5.7
percent gain yesterday.


Read more at Bloomberg Stocks News

Japan's Nikkei, Topix Rise; Toyota, Mitsubishi Heavy Industries Lead Gain

(Bloomberg) -- Japan's Nikkei 225 Stock Average
rose 94.88, or 0.5 percent, to 17,774.93 at 9:02 a.m. in Tokyo.
The broader Topix index added 8.39, or 0.5 percent, to
1739.93.

Toyota Motor Corp. and Mitsubishi Heavy Industries Ltd. led
the advances.


Read more at Bloomberg Stocks News

Yen Drops to Three-Month Low on Speculation Report Will Show Prices Fell

(Bloomberg) -- The yen fell to a three-month low
against the dollar on speculation a Japanese government report
this week will show consumer prices declined last month.

The yen weakened to 121.71 per dollar before trading at
120.68 at 8:10 a.m. in Tokyo from 121.56 late yesterday in New
York. Against the euro it was at 165.65 from 163.48


Read more at Bloomberg Currencies News

Asian Stocks Rise in U.S. Trading; Mizuho Financial, Japanese Banks Gain

(Bloomberg) -- Asian stocks advanced to their highest
in almost three months in U.S. trading after Mizuho Financial Group
Inc.'s earnings forecast boosted Japanese banking shares.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, climbed 0.9 percent to
163.09, the highest since Feb. 26.


Read more at Bloomberg Stocks News

UPDATE 1-Morgan Stanley funds buying Crescent Real Estate

(Reuters) - The deal is worth about $2.3 billion based on Crescent's
102.83 million common shares outstanding on May 1 and its
closing price Tuesday of $21.62.




Including assumption and refinancing of $3.1 billion of
debt and redemption of preferred shares, the transaction has a
total value of $6.5 billion, said Crescent, a real estate
investment trust based in Fort Worth, Texas.


Read more at Reuters.com Mergers News

Japan's Yen, Indonesia's Rupiah, Thailand's Baht: 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

REFILE-UPDATE 1-US OKs Wyeth contraceptive that stops periods

(Reuters) - The pill, called Lybrel, is meant to be taken every day to
eliminate monthly menstrual bleeding and prevent pregnancy.




Traditional birth control pills are usually taken for 21
days followed by 7 days of placebo pills or no pills, which
allows a period of bleeding to occur.


Read more at Reuters.com Government Filings News

Wyeth contraceptive that stops periods wins US OK

(Reuters) - The pill, called Lybrel, is meant to be taken every day to eliminate monthly menstrual bleeding and prevent pregnancy.



) Keywords: WYETH CONTRACEPTIVE/


Read more at Reuters.com Government Filings News

UPDATE 1-Alcan rejects Alcoa's $27.6 billion takeover bid

(Reuters) - Alcan said the offer did not reflect the full value of the
company and advised shareholders not to tender any of their
shares to the bid.




In a release, Yves Fortier, chairman of Montreal-based
Alcan, said that the offer did not adequately reflect the value
of Alcan's assets, strategic capabilities and growth prospects,
and is highly conditional and uncertain.


Read more at Reuters.com Mergers News

ABC-Wash Post Consumer Confidence Index falls to 2007 low

(Reuters) - The national price for regular unleaded gasoline hit a
record $3.22 a gallon this week, and is up $1.05 since the
beginning of February, according to the Energy Department.




Confidence measures are generally viewed as a barometer of
consumer spending, which accounts for two-thirds of the U.S.
economy. However, economists note that consumers do not always
act in accordance with their statements to surveys.


Read more at Reuters.com Economic News

Canadian Railroad Shares, Encana Corp. Decline; TransAlta Stock Advances

(Bloomberg) -- Canadian railroad stocks fell after U.S.
Sen. Hillary Clinton said stricter rail safety regulations may be
necessary.

``This could reduce their growth in earnings,'' said Gavin
Graham, who helps oversee about $5.3 billion as chief investment
officer at Toronto-based Guardian Group of Funds. ``It could make
rail companies a little less desirable.''


Read more at Bloomberg Stocks News

Most U.S. Stocks Rise; Financials, Homebuilders Gain on Paulson Comments

(Bloomberg) -- Financial and real-estate companies
led most U.S. stocks higher for a third day after Treasury
Secretary Henry Paulson said the slump in housing is ``largely''
over.

Washington Mutual Inc., Citigroup Inc. and all 16
homebuilders in Standard & Poor's indexes rose on speculation
demand for housing may rebound. MGM Mirage surged the most since
1989 after billionaire Kirk Kerkorian said he wants to buy the
company's Bellagio Hotel & Casino in Las Vegas.


Read more at Bloomberg Stocks News

Analog Devices posts lower net on higher R&D

(Reuters) - Revenue rose 4 percent to $669.1 million.




Read more at Reuters.com Market News

U.S. House passes Fannie Mae/Freddie Mac reform bill

(Reuters) - Under the bill, a portion of both Fannie Mae and Freddie
Mac's profits would be set aside for an affordable housing
fund. In the first year, the money would be earmarked for
victims of hurricanes Katrina and Rita.




Read more at Reuters.com Government Filings News

Grubb & Ellis, NNN Realty Advisors agree to merge

(Reuters) - Following the merger, Grubb & Ellis stockholders will own
about 41 percent of the combined company and NNN Realty
Advisors stockholders will own about 59 percent, it said.





Read more at Reuters.com Mergers News

UPDATE 1-Report challenges San Diego transmission project

(Reuters) - SAN FRANCISCO, May 22 - A proposed $1.3 billion
transmission line to ensure the San Diego area has enough
electricity by 2010 is not needed, according to a report from a
unit of the California Public Utilities Commission.




San Diego Gas & Electric Co., a subsidiary of Sempra Energy
line called the
Sunrise Powerlink from the Imperial Valley to San Diego.


Read more at Reuters.com Bonds News

Fitch changes Fremont's rating review to 'evolving'

(Reuters) - Fremont also said it would sell a minority stake to an
investor group led by former S&L executive Gerald J. Ford.




"The Ford-led minority investment will provide some
additional equity capital and a seasoned management team,"
Fitch said in a statement. Those improvements will help Fremont
face recent challenges and liquidate salable assets, Fitch
said.


Read more at Reuters.com Bonds News

Record U.S. Gasoline Prices Are Result of Refining Disruptions, FTC Says

(Bloomberg) -- Record-high U.S. gasoline prices
appear to be due to refinery outages, increased demand and
decreased imports, the Federal Trade Commission said.

``The lion's share of the recent increase in gasoline prices
appears to be attributable to three factors: refinery outages,
increased demand for gasoline and decreased gasoline imports,''
William Kovacic, a commissioner with the FTC, said in prepared
comments to a House Energy subcommittee today.


Read more at Bloomberg Energy News

Emission Permits Fall From One-Year High as Poland Delays Appeal Decision

(Bloomberg) -- European Union carbon-dioxide permits
fell from their highest level in almost a year, after Poland
delayed deciding on whether to appeal a regulatory decision that
cut its grant of permits starting 2008.

Emission permits for December 2008 fell 26 cents, or 1.2
percent, to close at 21.75 euros ($29) a metric ton, according to
prices from the European Climate Exchange in Amsterdam. They traded
at 22.25 euros yesterday, their highest since May 31.


Read more at Bloomberg Energy News

Acorda Therapeutics says FDA agrees on MS drug trial design

(Reuters) - The FDA agreed that this trial, together with the company's
first late-stage trial, would be adequate to support a New Drug
Application for the drug, Acorda said in a statement.





Read more at Reuters.com Government Filings News

Intel, STMicro create flash memory venture

(Reuters) - The deal, if approved by regulators, will help the combined group build scale and address fierce price competition for flash memory products, fitted in mobile phones, MP3 players and digital cameras.




The transaction will also enable the two chips makers to offload businesses that weighed on their profit margins.


Read more at Reuters.com Business News

GLOBAL MARKETS-Stocks little changed; oil off recent high

(Reuters) - NEW YORK, May 22 - U.S. stocks were little
changed on Tuesday as weak quarterly results of retailers
offset gains in casino shares on deal speculation, and Treasury
debt prices slipped as expectations for a Federal Reserve rate
cut waned.




The dollar hovered near a three-month peak against the yen
and close to a six-week high against the euro on the view that
stronger-than-expected U.S. economic data in recent weeks may
convince the Fed to leave interest rates at 5.25 percent.


Read more at Reuters.com Bonds News

Apollo sets goals but shares down after earnings

(Reuters) - The company committed on Tuesday to long-term goals of low double-digit annual operating income and free cash flow, and mid-to-high single-digit annual domestic revenue growth.




Revenue growth could be higher in the near term, the company said in a conference call.


Read more at Reuters.com Hot Stocks News

Euro Falls Versus Dollar as Investors See Declines on Risk Reversal Rate

(Bloomberg) -- The euro fell against the dollar, yen
and British pound as investors boosted bets the currency would
retrace previous gains.

The euro-dollar risk reversal rate reached the lowest level
since October, signaling traders increased wagers on a drop in
the euro. The 13-nation currency has gained 4.6 percent versus
the dollar in the last 12 months and 13.9 percent against the
yen, reaching records against both.


Read more at Bloomberg Currencies News

Harmony Gold sees Q4 flat output, costs

(Reuters) - South Africa's Harmony Gold expects flat production and costs during the current fourth quarter to end-June, its CEO said on Tuesday.

"We would expect very similar numbers (compared to the previous quarter)," Chief Executive Bernard Swanepoel told the Reuters Global Mining and Steel Summit in London via telephone from Cape Town.


Read more at Reuters Africa

Children's Place stands by full-year profit view

(Reuters) - The company's forecast reflects expenses related to the
stock option investigation incurred in the first quarter, but
does not contemplate additional expenses it may incur from that
investigation, said Susan Riley, executive vice president of
finance and administration.




Read more at Reuters.com Market News

Zale reports third-quarter loss vs profit

(Reuters) - Analysts, on average, had expected a loss of 10 cents a share, according to Reuters Estimates.




Excluding an adjustment in revenue recognition for changing to a lifetime jewelry protection plan and the impact of an accounting change, the company earned 5 cents per share.


Read more at Reuters.com Business News

Norwegian Krone to Extend Gains on Outlook for Growth and Rates, Says RBS

(Bloomberg) -- Norway's krone may extend gains versus
the euro on speculation quickening inflation will force the
central bank to quicken the pace of interest-rate increases,
according to strategists at Royal Bank of Scotland Plc.

The krone, which reached a two-week high today, will benefit
as the economy heads for a fourth year of ``booming growth'' and
rising oil prices stoke demand for Norway's assets, strategists
Mikael Nilsson and Paul Robson wrote in a note to clients.


Read more at Bloomberg Currencies News

Intel, STMicro to create memory chip venture

(Reuters) - In exchange, Intel will get a 45.1 percent stake and a $432 million cash payment at close. STMicroelectronics will receive a 48.6 percent stake and a $468 million cash payment at close.




Francisco Partners L.P. plans to invest $150 million cash for convertible preferred stock representing a 6.3 percent stake in venture, subject to change in certain circumstances.


Read more at Reuters.com Mergers News

Brazil's Real Strengthens as Growth Prospects Fuel Dollar Inflows Outlook

(Bloomberg) -- Brazil's real gained to near its six-
year high on bets that high premiums offered on local assets and
growing exports will attract more dollars.

``Brazil is still an excellent trade for portfolio
investments because of our interest rates,'' said Ian Cao, who
manages about 3 billion reais ($1.6 billion) in assets as a
fixed-income manager at Rio de Janeiro-based Icatu Hartford.
``On a more macro side, we'll continue to have very strong trade
surplus because of high commodity prices.''


Read more at Bloomberg Currencies News

S&P may cut MGM deeper into junk on Tracinda talks

(Reuters) - Tracinda said its move could result in a financial
restructuring of the remainder of the casino company, which
controls roughly a third of the famed Strip with properties
such as Luxor, Mandalay Bay and Circus Circus.




S&P said it may cut MGM's corporate credit rating from
"BB," two levels below investment grade.


Read more at Reuters.com Bonds News

Home Inns, NovaStar, Staples, Total System Services: 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 9:30 a.m. New York time.

Accredited Home Lenders Holding Co. (LEND US) rose 90 cents,
or 7.1 percent, to $13.65 and traded as high as $13.89. Silver
Point Capital LP said in a regulatory filing that it boosted its
stake in the subprime mortgage company to 5.2 percent from 3.8
percent.


Read more at Bloomberg Stocks News

Treasury's Paulson Says `Action' Needed to Damp `Anti-China' Sentiment

(Bloomberg) -- U.S. Treasury Secretary Henry Paulson,
kicking off an unprecedented gathering of U.S. and Chinese
economic officials, said the talks must yield results to counter
a growing ``anti-China'' sentiment.

``It is up to us, over these two days and the work that
follows, to show that words are precursors to action,'' Paulson
said in the text of his opening remarks at a meeting with a
Chinese delegation led by Vice Premier Wu Yi.


Read more at Bloomberg Currencies News

UPDATE 1-Imation says TDK deal to dilute 2007 EPS; ups rev view

(Reuters) - The recording disk and tape maker however said the earnings
dilution will be partly offset by a stock buyback of $100
million, under an existing five million share authorization.




In a statement, Imation said it now expects earnings of
$1.41 to $1.54 a share for 2007, down from its prior earnings
view of $2.29 to $2.42 a share which it forecast in January.


Read more at Reuters.com Mergers News

ETF Securities platinum fund holds 11,942 ounces

(Reuters) - London-based ETF Securities Ltd. said on Tuesday its exchange-traded fund (ETF) based on physical platinum has attracted investment equal to 11,942 ounces of the metal since its launch on April 24.

Total investment in its five physically backed ETFs based on precious metals and listed in the UK, Germany, the Netherlands and France totalled $53.5 million, Nik Bienkowski, head of listings and research at the company, told Reuters.


Read more at Reuters Africa

Gold, Silver, Little Changed, May Fall as Dollar Strengthens Against Euro

(Bloomberg) -- Gold and silver, little changed in New
York, may fall on speculation a decline in the value of the euro
against the dollar will reduce the appeal of precious metals as a
hedge against the U.S. currency.

Gold generally moves in tandem with the euro, which is down
1.4 percent against the dollar since reaching a record on April
27. Before today, gold had gained 4 percent this year as the euro
climbed 2.1 percent against the dollar.


Read more at Bloomberg Commodities News

Domtar, Indigo Books, Magna International, Telus: 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. Symbols
are in parentheses after company names and prices are from the May
18 close.

Domtar Corp. (UFS CN): North America's largest producer of
office paper said it had a first-quarter profit of $49 million, or
14 Canadian cents a share. The quarterly results were the first for
the company, formed from the March merger of Domtar Inc. of
Montreal and fine-paper assets of Federal Way, Washington-based
Weyerhaeuser Co. Shares of Domtar Corp. rose 7 cents to C$10.80.


Read more at Bloomberg Stocks News

OSI says private investor group increases bid to $41.15/share

(Reuters) - The company said the investor group comprises Bain Capital
Partners LLC, Catterton Partners and company founders Chris
Sullivan, Robert Basham and J. Timothy Gannon.





Read more at Reuters.com Mergers News

Abitibi, Bowater Credit-Default Swaps Increase as Merger Optimism Fades

(Bloomberg) -- The merger between Abitibi-
Consolidated Inc. and Bowater Inc., North America's biggest
newsprint makers, may not improve their creditworthiness,
according to traders in the credit-default swaps market.

Credit-default swaps based on $10 million of Abitibi bonds
have surged $234,000 in the past three months to $540,300,
higher than before the merger was announced in January,
according to CMA Datavision prices. Contracts on Bowater jumped
$188,000 to $435,000 in the same period to the most in at least
five years. The rise in price indicates deterioration in the
perception of credit quality.


Read more at Bloomberg Bonds News

Czech Central Banker Says He Wants More Data to Justify a Rate Increase

(Bloomberg) -- Accelerating growth and household
demand in the Czech Republic may not necessarily lead to a
pickup of inflation, allowing the central bank to hold off
raising interest rates, a policy maker said.

Robert Holman, one of seven members who decide on interest
rates, told reporters in Prague today that he would wait with
any change in the European Union's lowest borrowing costs until
a new inflation forecast comes out in July.


Read more at Bloomberg Emerging Markets News

Zale reports quarterly loss

(Reuters) - The net loss was $3.1 million, or 6 cents a share, compared with a year-ago profit of $16.8 million, or 35 cents a share.



) Keywords: ZALE RESULTS/


Read more at Reuters.com Market News

Children's Place reports 1st-quarter results

(Reuters) - The personal computer maker earned $9.6 million, or 3 cents a share, for the year. It had reported $6.9 million, or 2 cents a share, based on preliminary results on Feb. 8.






Read more at Reuters.com Market News

Futures point higher; casino stocks set to gain

(Reuters) - Shares of MGM Mirage jumped 14 percent in extended trading on Monday after Kerkorian's Tracinda Corp. said it would explore options for its majority stake in MGM and enter talks to purchase the casino company's Bellagio Hotel and City Centre properties.




"That's certainly going to spark debate about valuations in the gaming-hotel-casino complex," said Arthur Hogan, chief market analyst at Jefferies & Co. in Boston. "That will open floodgates for other interesting possibilities."


Read more at Reuters.com Business News

FTSE 100 Is Little Changed; Alliance & Leicester Jumps on UBS Call

(Bloomberg) -- U.K. stocks including Alliance &
Leicester Plc gained. Yell Group Plc advanced after it said full-
year profit rose. Shares of Marks & Spencer Group Plc dropped.

The benchmark FTSE 100 Index lost 9, or 0.1 percent, to
6627.80 at 9:04 a.m. in London as 51 stocks rose, 44 fell and 7
were unchanged. The FTSE All-Share Index decreased 0.1 percent to
3443.97. Ireland's ISEQ Index rose 0.4 percent to 9819.48.


Read more at Bloomberg Stocks News