Philippine Peso, Government Bonds Rise as Bank Lending, Growth Accelerate

(Bloomberg) -- The Philippine peso rose for the
second day on speculation the central bank's decision yesterday
to keep interest rates on hold will spur lending and growth.
Seven-year bonds gained.

Bangko Sentral ng Pilipinas left its tiered rates unchanged
to encourage domestic banks to lend rather than place funds with
the central bank. The peso is the second-best performing currency
in Asia this quarter as overseas investors' purchases of the
nation's assets helped accelerate growth, pushing the benchmark
stock index to a record.


Read more at Bloomberg Bonds News

China's Stocks Fall, Resuming Slide, After Government Triples Trading Tax

(Bloomberg) -- China's shares fell, erasing earlier
gains, on concern the government will step up efforts to cool
the market after a tripling of the tax on securities trades
failed to deter new investors.

The CSI 300 Index, which tracks yuan-denominated A shares
listed on China's two exchanges, slid 9.61, or 0.2 percent, to
3918.34 as of 1:58 p.m. local time, after earlier climbing as
much as 2.2 percent. Account openings at brokerages exceeded
400,000 for the third time in a row on May 30, when stamp duty
was raised to 0.3 percent and the CSI 300 plunged 6.8 percent.
The benchmark rose 1.1 percent yesterday.


Read more at Bloomberg Stocks News

Brazilian Real, Argentine, Colombian Peso: Latin American Currency Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Latin American currencies today.
Exchange rates are from the previous session.

Argentine peso: The government's tax revenue probably
increased to 17.3 billion pesos ($5.6 billion) in May, from 13.3
billion pesos during April, according to the median forecast of
three economists in a Bloomberg News survey.


Read more at Bloomberg Currencies News

China Stocks Gain as Tripling of Trading Tax Fails to Deter New Investors

(Bloomberg) -- China's stocks rose for a second day
as a tripling of the tax on securities trades failed to slow the
number of new investors entering a market that's almost doubled
in value this year. Citic Securities Co. paced the advance.

``New investors don't seem to care about the increase in
the stamp duty, as they think that's a minor increase,'' said
Yan Ji, an investment manager at HSBC Jintrust Fund Management
Co. in Shanghai, which manages $517 million. ``If the market
continues the fast pace of the rally like before, that may
trigger even tougher crackdown measures.''


Read more at Bloomberg Stocks News

Gold Gains in Asia for Second Day as Investors Bet Recent Fall Overdone

(Bloomberg) -- Gold rose in Asia for a second day and
headed for its first weekly gain in four as investors bet the
recent fall may have been overdone. Silver also advanced.

Gold, which traded at a two-month low on May 24, yesterday
posted its largest one-day gain in four weeks as the dollar fell
against the euro after the government reported U.S. first quarter
economic growth the weakest in more than four years. Gold, viewed
by some as an alternative asset at times of dollar weakness,
reached an 11-month high of $694.25 an ounce April 23.


Read more at Bloomberg Commodities News

Transmile Group Shares Drop to Three-Year Low in Malaysia on Special Audit

(Bloomberg) -- Shares of Transmile Group Bhd., a
Malaysian air-cargo operator controlled by billionaire Robert
Kuok, tumbled to a three-year low after an audit found possible
sales overstatements that may force the company to report losses.

A special accounting audit at the air-transport operator
showed sales may have been inflated by 333 million ringgit ($98
million) in 2006, or 30 percent of total revenue, and by 197
million ringgit in 2005, equating to 36 percent of the year's
sales, Kuala Lumpur-based Transmile said in a statement May 30.


Read more at Bloomberg Emerging Markets News

South Korea's Exports Increase by More-Than-Expected 11.9 Percent in May

(Bloomberg) -- South Korea's export rose at a faster
than expected pace in April, suggesting overseas shipments will
help extend the nation's longest economic expansion in a decade.

Exports climbed 11.9 percent from a year ago after surging
17.1 percent in April, the Ministry of Commerce, Industry and
Energy said today in Gwacheon, South Korea. That beat the median
estimate of 9 percent in a Bloomberg News survey of 11
economists.


Read more at Bloomberg Currencies News

Cemex increases stake in Australia's Rinker

(Reuters) - Shares held under an institutional acceptance facility,
which allows institutions to withdraw their acceptances, rose
to 11.27 percent from 10.49 percent, giving a total interest of
39.42 percent from 37.39 percent previously.




Cemex has extended the deadline for its offer to June 22
from June 8. Last month it lowered the level of acceptances
needed for a successful bid from 90 percent to 50 percent.


Read more at Reuters.com Mergers News

UPDATE 1-Bancrofts to discuss Dow Jones bid with News Corp.-WSJ

(Reuters) - The decision marks a shift in the thinking of the Bancroft
family, which controls 64 percent of Dow Jones & Co.'s voting
power.




Most of the family has been opposed to the bid until now
because they are concerned that it could affect the editorial
integrity of the Journal, its flagship publication.


Read more at Reuters.com Mergers News

Topps, dissident director trade barbs over merger

(Reuters) - "These concerns now extend to the manner in which the
current negotiations with the Upper Deck Company are being
conducted."




In March, Topps agreed to be acquired by Madison Dearborn
and Tornante Co., an investment firm run by Eisner, for $9.75
per share.


Read more at Reuters.com Mergers News

Australian Dollar Rises to 15-Year High Against Yen on Difference in Yield

(Bloomberg) -- The Australian dollar rose to a 15-year
high against the yen as traders were attracted to the nation's
higher returns on investments.

The currency also climbed to the highest in two weeks versus
the U.S. dollar as gains in global stock markets encouraged
investors to take on more risk. Australia's interest rate is 5.75
percentage points more than the cost of borrowing in Japan.
Investors have taken advantage of such spreads to borrow at low
rates and buy higher yielding assets, in so-called carry trades.


Read more at Bloomberg Currencies News

Dell profit beats Street; to cut 10 pct of jobs

(Reuters) - The after-hours stock price topped a 12-month high set in November. Apart from the results and job cuts, investors were also encouraged as the No. 2 personal computer maker said customers bought more-expensive systems and component prices fell in the quarter, helping profit margins.




"The results are way better than expected," said American Technology Research analyst Shaw Wu, who rates Dell shares as neutral. "They are surprisingly strong in the U.S. enterprise market given that the environment is somewhat mixed."


Read more at Reuters.com Business News

UPDATE 1-Calpine to expand Geysers geothermal plant

(Reuters) - SAN FRANCISCO, May 31 - U.S. power producer
Calpine Corp. said on Thursday it will undertake a
five-year program to increase energy production at its Geysers
geothermal power plant in California.




Calpine will add 80 megawatts of capacity to the
725-megawatt Geysers through a two-year multi-rig drilling
program for additional steam and repowering generating units.


Read more at Reuters.com Bonds News

UPDATE 1-J. Crew first quarter net profit rises

(Reuters) - J. Crew, based in New York, said net income for the first
quarter was $24.6 million, or 39 cents per share, up from $7.8
million, or 12 cents per share, a year ago.




Analysts on average were expecting 30 cents per share,
according to Reuters Estimates.


Read more at Reuters.com Market News

Dana, unions seek more time for contract talks

(Reuters) - Dana and the unions completed a hearing in the U.S.
Bankruptcy Court for the Southern District of New York in early
April and Lifland previously deferred a ruling to give them
time to settle the disputes.




Toledo, Ohio-based Dana and the unions said they have had
substantial discussions and are actively engaged in additional
discussions. The extension would run through June 15.


Read more at Reuters.com Bonds News

Dominion to absorb CNG unit into holding company

(Reuters) - Dominion said it was an appropriate time to simplify its
corporate structure as it divests its oil and gas operations.




Read more at Reuters.com Mergers News

New Jersey pension fund probed by U.S. officials

(Reuters) - "The SEC has asked for information as part of its
fact-finding inquiry, which it is sharing with the United
State's Attorney's Office for the District of New Jersey, and
the division is cooperating fully," the statement said.




The state's attorney general, Stuart Rabner, had no
comment, spokesman David Wald said.


Read more at Reuters.com Bonds News

UPDATE 1-Venezuela May inflation 1.7 pct -government source

(Reuters) - The source said the rise was largely due to higher prices
at restaurants and health clinics. A Reuters survey had
predicted inflation of 1.6 percent.




Venezuelan President Hugo Chavez has struggled to contain
runaway inflation that reached 17 percent last year amid
soaring government spending that has built up Chavez's
political support but vastly increased liquidity.


Read more at Reuters.com Economic News

Drug Gang's Rule of Rio Slums Is Challenged as Combat Police, Tank Move In

(Bloomberg) -- Residents of Rio de Janeiro slums
know it's time to run for cover when they see a black armored
police tank climbing up the narrow streets.

The tank -- dubbed the ``big skull'' -- is one of the
weapons the state is using in its attempt to wrest back control
of the so-called German Complex. The 130,000 people in the
sprawling slums, about 20 minutes from downtown, have lived more
than a decade under the rule of the Red Command, Rio's most
powerful drug gang.


Read more at Bloomberg Exclusive News

S&P raises Goodyear Tire's debt rating one notch

(Reuters) - Goodyear earlier this month said it completed the sale of
26 million shares of common stock, raising net proceeds of $834
million, part of which will be used to redeem two issues of
senior notes.




"The equity offering is another step in Goodyear's
continuing trend of addressing its aggressive financial risk
profile, which has been characterized by low earnings in North
America, a leveraged capital structure, and significant
underfunded employee benefit liabilities," S&P said in a
statement.


Read more at Reuters.com Bonds News

Colombia's Peso Breaks 1,900-Per-Dollar-Barrier for First Time Since 2000

(Bloomberg) -- Colombia's peso broke the 1,900-per-
dollar barrier for the first time in more than seven years on
speculation the central bank will scale back its dollar
purchases aimed at curbing the currency's rally.

The peso jumped 1.5 percent to 1,896.97 per dollar. It
earlier touched 1,894.1, the strongest since January 2000. The
currency has gained 18 percent this year, the most among 70
currencies tracked by Bloomberg.


Read more at Bloomberg Emerging Markets News

Corn Rises to Three-Week High as Dry Weather Threatens Crops in Midwest

(Bloomberg) -- Corn futures in Chicago jumped to a
three-week high on speculation that dry weather may reduce crop
yields in the U.S. Midwest.

Most Midwest fields east of the Mississippi River will
receive less than 50 percent of normal rain in the next five
days as a high pressure system in the southeastern U.S. blocks
storms, said Mike Tannura, a meteorologist for T-Storm Weather
in Champaign, Illinois. Hot weather beginning June 7 will
increase stress on young plants, he said.


Read more at Bloomberg Commodities News

Chanos Short-Selling Moody's Stock in Bet Against Warren Buffett Holding

(Bloomberg) -- James Chanos, president of Kynikos
Associates Ltd., is bearish on Moody's Corp., the bond rating
company whose biggest shareholder is Warren Buffett.

Kynikos sold Moody's stock short, betting it will fall,
Chanos said today. He said Moody's may face lawsuits for keeping
its ratings of loans to the riskiest home borrowers too high.


Read more at Bloomberg Stocks News

Short-Seller James Chanos Says Moody's May Be Warren Buffett's `Mistake'

(Bloomberg) -- James Chanos, president of Kynikos
Associates Ltd., is bearish on Moody's Corp., the bond rating
company whose biggest shareholder is Warren Buffett.

Kynikos sold Moody's stock short, betting it will fall,
Chanos said today. He said Moody's may face lawsuits for keeping
its ratings of loans to the riskiest home borrowers too high.


Read more at Bloomberg Stocks News

UPDATE 1-US '07 budget deficit likely $200 bln -Portman

(Reuters) - Portman, noting the Bush administration last February
forecast a $248 billion deficit for fiscal 2007, also expressed
confidence in the overall economy, noting record highs in the
stock market and strong corporate profits.




U.S. revenue growth, while probably slowing somewhat from
previous years, will likely be in the range of 5 percent to 10
percent this year and probably "closer to 10," Portman said.


Read more at Reuters.com Bonds News

Crude Oil Declines After U.S. Gasoline Inventories Climb for Fourth Week

(Bloomberg) -- Crude oil fell on a government
report that showed U.S. gasoline supplies increased for a
fourth straight week as imports surged during the run-up to the
summer driving season.

Gasoline stockpiles rose 1.36 million barrels to 198 million
barrels in the week ended May 25, the Energy Department reported
today. A gain of 1.5 million barrels was expected, according to
the median of responses by 15 analysts. The U.S. imported an
average 1.61 million barrels of gasoline a day last week, the
highest since the week ended May 19, 2006, the report showed.


Read more at Bloomberg Commodities News

TREASURIES-Strong data lifts yields to 9-month high

(Reuters) - NEW YORK, May 31 - U.S. government bond prices
suffered their biggest fall in a week on Thursday after robust
economic data further diminished expectations of an official
interest rate cut by year-end.




The drop pushed benchmark 10-year note yields above 4.91
percent, their highest in nine months. The move came after a
strong reading of Midwest business activity prompted a dramatic
reduction in the probability for even a single rate cut in
2007.


Read more at Reuters.com Bonds News

New York Fed's Checki Says State-Controlled Reserve Funds May Pose Risks

(Bloomberg) -- National governments and central banks
may pose new risks to global financial markets as they seek
greater returns on their record holdings, said New York Federal
Reserve Executive Vice President Terrence Checki.

``The growing interest in earning better returns on reserve
assets may signal reduced caution going forward,'' Checki told a
conference in Athens today. ``Capital flows from the emerging
world could play an important new role in how future episodes of
stress in the financial system originate.''


Read more at Bloomberg Currencies News

Russian Stocks Climb Most in Four Months, Led by Norilsk Nickel, Rosneft

(Bloomberg) -- Russian stocks rose the most in four
months on speculation a recent slide has made them cheaper
relative to earnings than other emerging-market shares.

The ruble-denominated Micex Index jumped 3.6 percent to
1570.34, limiting the decline this month to 7.5 percent. The
dollar-denominated RTS Index increased 3.2 percent to 1780.33.


Read more at Bloomberg Stocks News

Dollar Advances to Three-Month High Versus Yen on Chicago Purchasing Index

(Bloomberg) -- The dollar rose to a three-month high
against the yen and pared losses versus the euro after a gauge
of business activity this month in the Chicago area advanced
more than economists forecast.

Signs of growth may temper speculation of an interest rate
cut by the Federal Reserve this year. The dollar earlier fell
following a government report showing U.S. economic growth last
quarter, already reported as the weakest in four years, was
revised lower.


Read more at Bloomberg Currencies News

UPDATE 1-Blyth flips to profit, but cuts outlook

(Reuters) - First-quarter net income was $11.7 million, or 30 cents per
share, compared with a loss of $30.6 million, or 75 cents per
share, in the year-ago quarter.




Last year's loss included a pre-tax charge of $40.7 million
related to the sale of Blyth's European wholesale business.


Read more at Reuters.com Mergers News

CBOT to launch credit default swap futures

(Reuters) - "The CBOT CDR Liquid 50 NAIG Index futures contract, based
on our transparent credit index, enables credit derivatives
trading for all market participants," Dave Klein, manager of
credit indices at CDR, said in the release.




The index will be rebalanced every three months.


Read more at Reuters.com Bonds News

UAW says Delphi negotiations continue

(Reuters) - "We're continuing to try to work through the problems," he
said.




Gettelfinger also criticized Delphi management for what he
called "obscene" executive payouts and said he was "not aware"
of any timetable for reaching a deal.


Read more at Reuters.com Bonds News

Northwest Air shares rise after Big Board launch

(Reuters) - Northwest's previous stock was delisted from Nasdaq in September 2005, shortly after the carrier entered bankruptcy. That stock has now been canceled.




Read more at Reuters.com Hot Stocks News

Oil below $68 after US stock data

(Reuters) - Oil steadied below $68 on Thursday after U.S. data showed a recovery in gasoline stocks in the world's top consumer but an unexpected drop in crude.

London Brent crude oil, currently a better indicator of the global market than U.S. oil, was up six cents at $67.90 a barrel by 1456 GMT, off a session low of $67.35.


Read more at Reuters Africa

Canadian Stocks Rise as Barrick Gains on Gold Price, CAE Jumps on Earnings

(Bloomberg) -- Canadian stocks rose, led by gold
companies including Barrick Gold Corp., as bullion prices climbed.

The declining value of the dollar against the euro boosted
demand for precious metals as alternative investments. Barrick, the
biggest gold producer, rose 22 cents to C$31.01. Goldcorp Inc., the
world's third-biggest gold producer, gained 20 cents to C$24.72.


Read more at Bloomberg Stocks News

Czech Central Bank May Lift Benchmark Interest Rate Today to Cap Inflation

(Bloomberg) -- The Czech central bank will probably
raise its benchmark interest rate today to prevent faster consumer
spending from boosting inflation, a survey of economists shows.

A majority of the six policy makers who attend the monthly
meeting will back an increase in the two-week repurchase rate to
2.75 percent from 2.5 percent, according to 15 of 20 economists in
a Bloomberg survey. Five expect no change.


Read more at Bloomberg Emerging Markets News

China's Tin Exports May Fall 28 Percent on Domestic Demand, Antaike Says

(Bloomberg) -- Exports of tin from China, the
world's biggest producer and consumer of the metal, may fall 28
percent by 2010 because of rising domestic consumption, said
forecaster Beijing Antaike Information Development Co.

Net exports of tin used to solder electronic components
will fall to an estimated 8,000 tons in 2010 from 11,124 metric
tons last year, Cui Lin, chief tin analyst at Antaike, said at a
conference in Hong Kong today.


Read more at Bloomberg Commodities News

Point Therapeutics cuts 60 pct of workforce

(Reuters) - Point Therapeutics said last week that the U.S. Food and
Drug Administration has put the drug, talabostat, on clinical
hold based on interim results.





Read more at Reuters.com Government Filings News

Philippine Peso Gains as Economic Growth Quickens; Government Bonds Fall

(Bloomberg) -- The Philippine peso strengthened after
the government said the economy grew faster than predicted in the
first quarter. Government bonds fell.

The currency ended two days of losses after the report
showed gross domestic product expanded 6.9 percent from a year
earlier, as increasing remittances from overseas workers boosted
consumer spending. Economists forecast growth of 5.7 percent,
according to the median estimate in a Bloomberg News survey.


Read more at Bloomberg Bonds News

Florida's Orange County, American Airlines Lead U.S. Municipal Borrowers

(Bloomberg) -- Florida's Orange County and AMR
Corp.'s American Airlines are borrowing to refinance debt and
trim their interest costs in today's largest U.S. offerings of
municipal bonds.

Orange County, home to Orlando and its nearby theme parks,
is taking bids from underwriters for $167 million of bonds
backed by a hotel-room tax. Dallas/Fort Worth International
Airport will sell $125 million of high-risk, high-yield bonds
secured by payments from American Airlines in a deal managed by
Morgan Stanley.


Read more at Bloomberg Bonds News

Pilat Media to explore Nasdaq listing

(Reuters) - It added that it had made a pretax loss in the first quarter
of 225,000 pounds, but that this had been expected.




Shares in the company were down 3.4 percent at 71-1/2 pence
by 0700 GMT, valuing it at 42.4 million pounds.


Read more at Reuters.com Market News

National Bank boosts profit and dividend

(Reuters) - As expected, the bank also boosted its dividend to 60 Canadian cents a share, up 11 percent.



Analysts had expected National Bank to report earnings of C$1.32 a share before items, according to a poll by Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1-E.ON shares jump on 7 bln-euro share buyback

(Reuters) - DUESSELDORF, Germany, May 31 - Shares in Germany's
E.ON on buying back shares.




"E.ON's creating value," WestLB analyst Peter Wirtz said.
The move was signalling that "it plans to please its
shareholders and to grow strongly", he said.


Read more at Reuters.com Mergers News

U.S. Stock-Index Futures Advance; Yahoo, Ceridian, Dell Climb in Europe

(Bloomberg) -- U.S. stock-index futures increased on
speculation the economy is rebounding after bottoming out in the
first quarter.

Shares of Yahoo! Inc., owner of the second-most-popular
Internet search engine, climbed in Europe after a stock upgrade
by JPMorgan Chase & Co. Ceridian Corp. gained as the provider of
human resource and payroll services agreed to be acquired for
$5.3 billion. Shares of Wachovia Corp., the fourth-biggest U.S.
bank, may move after the company agreed to buy A.G. Edwards Inc.


Read more at Bloomberg Stocks News

Jo-Ann Stores for sale: The Deal

(Reuters) - Jo-Ann Stores could not immediately be reached for comment and a Lehman spokeswoman declined to comment.




The Hudson, Ohio-based company is a national fabric and craft retailer, operating nearly 800 stores in 47 states.


Read more at Reuters.com Bonds News

Japanese Shares Climb on Fed's U.S. Outlook, Led by Sony; Komatsu Jumps

(Bloomberg) -- Japanese shares rose, sending the
Nikkei 225 Stock Average to a three-month high, after the U.S.
Federal Reserve said growth will pick up in the world's biggest
economy.

The Fed's outlook helped the Standard & Poor's 500 Index
pass its 2000 record and eased concern a slump in Chinese stocks
will cause a sell-off worldwide.


Read more at Bloomberg Stocks News

Chico's, Motorola, Novell, Optium, Payless ShoeSource: 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.

Ceridian Corp. (CEN US) rose $1.41, or 4.1 percent, to
$35.60 in trading after the official close of U.S. exchanges.
The provider of human resource and payroll services agreed to be
acquired by Thomas H. Lee Partners LP and Fidelity National
Financial Inc. for $5.3 billion, or $36 a share. ``Some
investors were expecting a larger premium,'' Tien-tsin Huang, an
analyst with JPMorgan Securities Inc., wrote in a note.


Read more at Bloomberg Stocks News

JGBs fall on stock rebound, BOJ rate hike concern

(Reuters) - Short-term bonds remained under pressure as investors have
grown wary about an interest rate hike by the Bank of Japan in
the coming months, sending two-year yields to a 10-year high.




"Stock market gains and cheaper U.S. bonds were attracting
investors away from JGBs," said Tetsuya Miura, a bond strategist
at Shinko Securities.


Read more at Reuters.com Bonds News

Oil flat after four-day slide; gasoline build eyed

(Reuters) - Oil prices were little changed on Thursday after a four-day losing streak as traders took pause ahead of a likely further rise in U.S. gasoline inventories.

London Brent crude rose 8 cents to $67.92 a barrel by 0710 GMT, putting this week's losses at more than $2.50 a barrel. U.S. light, sweet crude was flat at $63.49 after bucking the trend to gain 34 cents on Wednesday.


Read more at Reuters Africa

Rand weaker vs dollar, eyes PPI, trade data

(Reuters) - South Africa's rand weakened slightly against the dollar on Thursday with producer inflation data and trade numbers due later in the day expected to direct further trading on the currency, dealers said.

The rand was trading at 7.16 versus the dollar at 0658 GMT, little changed from its New York closing levels of 7.1450 on Wednesday. Dealers said the local unit was likely be caught in range of 7.09-7.18 in the session.


Read more at Reuters Africa

U.K. Pound Declines Versus Euro on Signs House Price Inflation Is Cooling

(Bloomberg) -- The pound fell against the euro for a
fifth day after an industry survey showed house prices rose at a
slower pace in May, a sign that four interest rate increases in
the past year is cooling the property market.

The U.K. currency slid to near its lowest in a week versus
the dollar after a report two days ago showed the number of loans
granted for house purchases declined in April. The pound is also
heading for its longest streak of losses since August versus the
euro and since October versus the dollar as separate reports today
showed mortgage approvals fell and consumer credit dropped.


Read more at Bloomberg Currencies News

Oil steady after four-day slide; gasoline build eyed

(Reuters) - Losses in Brent crude and gasoline prices came as traders grew increasingly hopeful that motor fuel inventories would last out the peak-demand summer driving season.




Gasoline stocks are expected to have risen by 1.3 million barrels in the week preceding Monday's Memorial Day holiday, which marked the informal start of the summer, according to a Reuters poll ahead of data due out at 1530 GMT.


Read more at Reuters.com Hot Stocks News

Dow Jones shareholder sees $60 bid attractive: FT

(Reuters) - "The offer to purchase Dow Jones at $60 in our view represents a fairly attractive transaction price. I find it hard to believe the company itself has a plan to get the shares to $60," the Financial Times quoted Brian Rogers, the chairman and chief investment officer of T. Rowe Price saying. The firm holds about 15 percent of Dow Jones according to Reuters data.




A spokesman for T. Rowe told Reuters: "We've said all along that as long-term investors in Dow Jones stock we're gratified that other investors have recognized the value that we always thought was there. We think it is a reasonable offer to take under consideration."


Read more at Reuters.com Business News

Motorola says to cut 4,000 more jobs

(Reuters) - The company had earlier said it would cut 3,500 jobs by
June 30.







Read more at Reuters.com Business News

UBS names Los Angeles investment bank office heads

(Reuters) - Stewart and Joliet succeed Jeff Raich, the bank's global
M&A co-head who announced his resignation on Friday after six
years. Raich is the latest top investment banker to leave the
Swiss bank's dealmaking ranks over the past 2-1/2 months.




UBS investment bank President Ken Moelis, also based in Los
Angeles, and former investment bank co-head Jeff McDermott
quit, both quit in March, fueling speculation that other
departures would follow amid concern the bank was reluctant to
finance some leveraged buyouts.


Read more at Reuters.com Mergers News

TiVo posts quarterly profit

(Reuters) - Analysts had expected a loss of 2 cents a share, according
to Reuters Estimates.




Read more at Reuters.com Market News

Joy Global, Pennsylvania REIT, Biogen, NiSource: 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. Shares
prices are as of 4 p.m. New York time.

Biogen Idec Inc. (BIIB US) rose $2.92, or 5.9 percent, to
$52.13. The maker of the multiple sclerosis drug Tysabri began
accepting bids in a buyback of as much as $3 billion in shares.
The buyback, which will give Biogen an additional 16 percent of
its 342.6 million shares outstanding, will be funded by cash and
borrowings, Biogen said. The company will pay stockholders
between $47 and $53 a share in the so-called Dutch Auction.


Read more at Bloomberg Stocks News

AES acquires two U.S. wind power projects from GE

(Reuters) - AES plans to triple its wind capacity in the next four
years by adding about 2,100 MW of new wind generation capacity
worldwide by 2011. It has more than 1,000 MW of wind facilities
in operation or under construction in the United States.




Ned Hall, head of AES's renewable generation operations,
said about two-thirds of the planned expansion would be in the
United States.


Read more at Reuters.com Mergers News

Utilities propose $500 mln Ill. power rate relief

(Reuters) - Both companies indicated they would participate in such a
proposal, the terms of which are open to negotiation, as long
as the General Assembly does not pass rate freeze, generation
tax or other adverse legislation.




Under the proposal, ComEd would give $200 million in power
rate reductions to residential consumers during the summer
months of 2007 and 2008 to help ease the transition from capped
electricity rates to market based rates.


Read more at Reuters.com Government Filings News

Fed minutes: growth risks diminished "slightly"

(Reuters) - Policy-makers thought turmoil in a segment of the U.S. mortgage market would not spread more broadly and saw signs sluggish business spending was reviving.




As a result, "these downside risks were judged to have diminished slightly," they said.


Read more at Reuters.com Business News

TREASURIES-Most prices stay in plus column after auction

(Reuters) - NEW YORK, May 30 - U.S. government bond prices
remained higher on Wednesday after the Treasury's $13.0 billion
five-year note auction went as foreseen and traders bid up the
market in anticipation of month-end buying.




In a reflection of demand, the latest five-year note
auction fetched a bid-to-cover ratio of 2.60, higher than the
2.29 ratio at the April auction and the 2006 average.


Read more at Reuters.com Bonds News

Nymex Oil Rises on Speculation U.S. Gasoline Supply Gain Won't Cut Deficit

(Bloomberg) -- Crude oil rose in New York amid
speculation that an expected increase in gasoline stockpiles
won't be large enough to reduce a supply deficit.

Gasoline stockpiles gained 1.5 million barrels in the week
ended May 25, according to the median of responses by 15 analysts
before an Energy Department report tomorrow. Supplies in the week
ended May 18 were 7 percent lower than the five-year average for
the period, the department said last week.


Read more at Bloomberg Energy News

New rules altering brokerage relationships

(Reuters) - It's likely that you'll soon have to change -- or at least define more carefully -- the way your account is set up, so it pays to know what you're facing. Investors who get their financial advice through so-called "fee-based" accounts are most likely to be affected.




Here's the background: The Securities and Exchange Commission, which regulates financial advisers, had crafted its rules to allow advisers working at big brokerage firms to meet a lesser standard in terms of their responsibility to clients.


Read more at Reuters.com Business News

Bioenvision, Donaldson, Joy Global, TRW, Acco Brands: 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 11:40 a.m. New York time.

Acco Brands Corp. (ABD US) rose $1.12, or 4.7 percent, to
$25.23 and traded as high as $25.90. The maker of office products
such as staplers and paper shredders said Breeden Capital
Management LLC increased its stake to 9.7 percent from less than
1 percent.


Read more at Bloomberg Stocks News

Discount to post gain from sale of Supersol stake

(Reuters) - Following the sale, Discount holds a 45.5 percent stake in
Super-Sol and is set to sell another 5.9 percent to Bronfman in
June 2008 for $64 million.




Super-Sol has a market capitalisation of 3.78 billion
shekels.


Read more at Reuters.com Mergers News

Treasuries Increase After May Job Growth Is Less Than Forecast in the U.S.

(Bloomberg) -- U.S. Treasuries rose the most in
almost three weeks after a report showed private-sector job
growth was less than forecast this month.

Lehman Brothers Holdings Inc. and Action Economics are among
firms that lowered expectations for job growth two days before
the Labor Department's employment report for May. Futures traders
raised bets the Federal Reserve may lower borrowing costs if
employment growth slows.


Read more at Bloomberg Bonds News

UPDATE 1-U.S. private sector adds 97,000 jobs in May-report

(Reuters) - Over the three months ending in May, estimated job growth
in the report has averaged about 85,000, said ADP Employer
Services, whose employment report was jointly developed with
Macroeconomic Advisers LLC.




The consensus estimate of 20 economists surveyed by Reuters
was for the ADP report to show 120,000 private sector jobs
created in May.


Read more at Reuters.com Economic News

Euro hits 7-week low vs dlr, FOMC minutes eyed

(Reuters) - The dollar has recovered in May after weakening for the first four months of the year as investors have slashed their expectations of a cut in U.S. interest rates. The implied chance of the Fed cutting rates by 25 basis points by 2008 is now less than 50 percent, down from earlier in the year when traders priced in two cuts.




Some economists are even beginning to wonder if the Fed will eventually have to raise rates, joining the European Central Bank, the Bank of England and the Bank of Canada, which are all expected to tighten policy at least once more to contain inflation pressures.


Read more at Reuters.com Hot Stocks News

JGBs edge up,rate worry weighs on short-term bonds

(Reuters) - Industrial production fell 0.1 percent in April from a month
earlier, against a forecast 0.5 percent rise, but traders said
the data failed to reverse mounting expectations for the BOJ to
raise rates as soon August.




"The weak April data alone does not alter the view that the
economy is growing in line with the Bank of Japan's basic
scenario," said Makoto Yamashita, chief JGB strategist at Lehman
Brothers.


Read more at Reuters.com Bonds News

US STOCKS-Wall St set to open lower after China drop

(Reuters) - NEW YORK, May 30 - U.S. stocks were set to open
down on Wednesday as a 6.5 percent drop in Chinese stocks hurt
other Asian and European shares and fueled fears the selling
could spread to U.S. markets.




The drop in Chinese stocks followed an announcement from
China's Ministry of Finance during Tuesday's U.S. trading
session of an increase in a stock trading tax intended to cool
China's heated market.


Read more at Reuters.com Bonds News

BP's John Manzoni, Head of Refining, to Become Chief of Talisman Energy

(Bloomberg) -- BP Plc's John Manzoni is stepping down
as head of refining and will become president and chief executive
officer of Canada's Talisman Energy Inc., the companies said.

Iain Conn, 44, will take over as head of BP's refining and
marketing division in two days. Manzoni will step down as group
managing director and leave BP on Aug. 31, Europe's second-largest
oil company said today in a statement.


Read more at Bloomberg Energy News

Coca-Cola Upgraded to `Buy' at Citigroup as Acquisitions Boost Growth

(Bloomberg) -- Coca-Cola Co. was upgraded to ``buy''
from ``hold'' at Citigroup Investment Research, which said recent
acquisitions and a recovery in Asian markets will allow the
world's biggest soft-drink maker to grow faster.

Analyst Bonnie Herzog recommended investors buy shares of
Coca-Cola because the stock, which has risen 8.2 percent this
year, may climb further if the company exceeds its long-term
target of ``high-single-digit'' profit growth.


Read more at Bloomberg Stocks News

Rand slips, eyes CPIX

(Reuters) - South Africa's rand softened on Wednesday on a slip in emerging market sentiment and a sharp fall in Chinese stocks as traders watch for key domestic inflation data later in the session.

The local currency was at 7.1681 to the dollar at 0636 GMT, 0.4 percent weaker than its close in New York on Tuesday.


Read more at Reuters Africa

Steinhoff shares up after JD Group talks collapse

(Reuters) - Shares in South African household goods maker and retailer Steinhoff rallied over 2 percent on Wednesday after it announced the collapse of talks to take over rival JD Group.

"It seems the market is happy that the takeover talks ended. Steinhoff has come under pressure ever since it announced it was involved with discussions to purchase JD Group," a Johannesburg-based trader said.


Read more at Reuters Africa

S.Africa inflation jump fuels rate rise expectations

(Reuters) - South Africa's targeted inflation rate broke through the top end of the central bank's band in April, rising 6.3 percent year-on-year, and hardening the case for higher interest rates.

Analysts said data on Wednesday showing inflation had jumped last month from 5.5 percent in March -- marking the first breach of the central bank's 3-6 percent target range in more than 3-1/2 years -- raised the chances of a rate increase next week.


Read more at Reuters Africa

South African Inflation Exceeds Target Range for First Time in Three Years

(Bloomberg) -- South African inflation accelerated to
an annual 6.3 percent in April, exceeding the central bank's
target range for the first time in more than three years, adding
to pressure on the central bank to raise interest rates.

The CPIX inflation rate, which excludes mortgage costs, rose
from 5.5 percent in March, Pretoria-based Statistics South Africa
said today. Inflation was expected to accelerate to 5.9 percent,
according to the median estimate of 21 economists surveyed by
Bloomberg. Prices rose 1.2 percent in the month.


Read more at Bloomberg Emerging Markets News

South African Rand Falls as Decline in Stocks Hurts Investor Risk Appetite

(Bloomberg) -- The South African rand fell as a slump
in global stocks prompted investors to sell riskier assets and as
local inflation exceeded the central bank's target range for the
first time in more than three years in April.

The rand dropped for a third day as shares in China slumped
the most in three months after the government tripled the tax on
securities transactions to slow market growth. This slide was
followed by losses in Asia, while national benchmarks in all 17
western European markets that were open declined.


Read more at Bloomberg Currencies News

Statoil Q1 misses forecast on cheaper oil and gas

(Reuters) - The result lagged all forecasts in a Reuters poll of 17
analysts, whose predictions had ranged from 24.2 billion to 28.8
billion crowns.




"We are delivering strong results despite lower oil and gas
prices," Chief Executive Helge Lund said in a statement.


Read more at Reuters.com Mergers News

CBS buys online music network Last.fm

(Reuters) - The Last.fm team will continue to run the online network under the terms of the deal and work with CBS to apply their community-building and technology expertise to extend CBS businesses online, it said.




Last.fm is an innovative site that has earned glowing praise for its system, which recommends songs by tracking listeners' music-playing habits and linking them to fans with similar tastes.


Read more at Reuters.com Mergers News

China's High-Yield, High-Risk Corporate Bonds Fall as Local Shares Slide

(Bloomberg) -- China's high-risk, high-yielding
corporate bonds fell as the country's stock markets recorded
their biggest slump in three months.

The yield on Citic Resources Holdings Ltd.'s $1 billion of
bonds due in 2014 widened to 213 basis points more than similar-
maturity U.S. Treasuries, from 202 basis points yesterday, the
biggest increase since the debt was sold earlier this month,
according to Merrill Lynch & Co. The spread on Parkson Retail
Group Ltd.'s $125 million of debt maturing 2012 widened by 4
basis points.


Read more at Bloomberg Bonds News

Foreigners' U.S. Notes Rise to 80 Percent as Treasuries Prove Irresistible

(Bloomberg) -- For the moment, at least, financing
the U.S. budget deficit may be getting less arduous as foreign
investors now own a record 80 percent of the Treasury notes due
in three to 10 years.

Not since the 19th century have foreigners held so much
American debt, said Alan Taylor, a professor of economic history
at the University of California, Davis. International investors
own $672 billion of the $835.4 billion Treasuries due in three
to 10 years, according to research by Lawrence Dyer, a New York-
based strategist at HSBC Securities USA Inc., the investment
banking arm of HBSC Holdings Plc in London.


Read more at Bloomberg Bonds News

Wal-Mart report questioned strengths: report

(Reuters) - "The truth is, our shoppers do not believe we are the smartest choice in the categories we need to grow," it said. "They have other needs that competitive retailers are meeting better than Wal-Mart."




The document, which was reported on by the New York Times and posted on the paper's Web site, comes ahead of Wal-Mart's shareholder meeting on June 1. It was given to the paper by WakeUpWalMart.com, a union-backed group that is critical of the retailer's wages and policies.


Read more at Reuters.com Business News

UPDATE 1-Israel's Bank Hapoalim Q1 net profit down 46 pct

(Reuters) - Hapoalim recorded net profit of 635 million shekels or 0.50 shekel per share, compared with 1.177 billion
shekels, or 0.93 shekel a share, a year earlier.




Analysts polled by Reuters on average had expected net
profit of 707 million shekels.


Read more at Reuters.com Market News

Aegon says to start joint venture in China

(Reuters) - Aegon , a Chinese mutual fund manager with approximately 1.7 billion euros in assets under management.



)


Read more at Reuters.com Mergers News

Indian Government Bonds Drop on Concern Central Bank May Remove Spare Cash

(Bloomberg) -- India's bonds fell on concern the
central bank will drain surplus cash from the banking system in
coming weeks to contain inflation, leaving investors with less
money to buy debt.

Benchmark 10-year yields rose from the lowest in more than
a month as the Reserve Bank of India may sell debt or take other
measures to absorb excess cash. India's central bank drained 180
billion rupees ($4.45 billion) this month from the banking
system by selling bonds and treasury bills.


Read more at Bloomberg Bonds News

Tishman, Lehman near deal for Archstone-Smith: report

(Reuters) - Shares of Archstone rose about 8 percent on Friday after reports that Tishman and Archstone were in discussions about a transaction, the report said. The U.S. financial markets were closed on Monday for the Memorial Day holiday.




Lehman, Tishman and Archstone-Smith could not be immediately reached for comment.


Read more at Reuters.com Business News

TREASURIES-Fall in Asia on JGB slide, data eyed

(Reuters) - Investors also shied away from Treasuries ahead of economic
growth figures, the Fed's favourite inflation gauge, and
unemployment data towards the end of the week. The data is
expected to give more clues regarding the central bank's future
monetary policy.




Receding expectations that the Fed will cut the funds rate
later this year from a current 5.25 percent have boosted 10-year
yields by about a quarter percentage point so far this month.


Read more at Reuters.com Bonds News

Indonesia's Tin Output to Reach 90,000 Tons This Year, Official Forecasts

(Bloomberg) -- Indonesia, the world's second-largest
tin producer, expects to produce 90,000 tons of the metal this
year, the energy and mining resources ministry said.

The Southeast Asian country will export 75,600 tons of the
metal in 2007, Simon Sembiring, director general of coal and
mineral resources, said in Jakarta today.


Read more at Bloomberg Commodities News

Gold Trades Little Changed Near Two-Month Low in Asia, Silver Declines

(Bloomberg) -- Gold was little changed near a two-
month low in Asia amid speculation holidays in the northern
hemisphere yesterday reduced investor demand for the precious
metal. Silver fell.

Gold yesterday traded in a range of $654.95 to $657.58, its
most narrow trading range since April 6, as investors lacked
direction from major markets in the U.S. and U.K. Gold traded at
a two-month low of $652.01 on May 24.


Read more at Bloomberg Commodities News

Cadbury, Vodafone, Imperial Tobacco, LogicaCMG: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from the previous market close.

The benchmark FTSE 100 Index rose 5.10, or 0.1 percent, to
close at 6570.5 in London as 41 stocks rose, 56 fell and 5 were
unchanged. The FTSE All-Share Index lost 1.04, or 0.03 percent,
to 3413.63.


Read more at Bloomberg Stocks News

U.S. fund in property JVs with China's Huafa

(Reuters) - Foreign funds are pouring into China's real estate market,
where prices for urban property rose 5.4 percent in April from a
year earlier, according to government data.
Shares in Huafa had risen more than 5 percent on Tuesday
morning to a record high, outpacing a 0.6 percent gain in the
benchmark index


Read more at Reuters.com Mergers News

Colorado, Utah Rival OPEC Reserves, Lure Shell, Chevron, Exxon With Shale

(Bloomberg) -- Colorado and Utah have as much oil as
Saudi Arabia, Iran, Iraq, Venezuela, Nigeria, Kuwait, Libya,
Angola, Algeria, Indonesia, Qatar and the United Arab Emirates
combined.

That's not science fiction. Trapped in limestone up to 200
feet (61 meters) thick in the two Rocky Mountain states is
enough so-called shale oil to rival OPEC and supply the U.S. for
a century.


Read more at Bloomberg Exclusive News

APEC Will Study Impact of State-Owned Oil Companies on Trade, Investment

(Bloomberg) -- Asia-Pacific Economic Cooperation
energy ministers plan to study the impact of state ownership of
oil and gas companies on trade and investment, according to a
draft communiqué.

The 21-member body, including China, the U.S. and Russia,
will set up a working group to assess how to cooperate with
state-owned companies, according to the draft statement obtained
by Bloomberg News in advance of the final communiqué later today.


Read more at Bloomberg Energy News

Tishman, Lehman near deal for Archstone-Smith: WSJ

(Reuters) - Shares of Archstone rose about 8 percent on Friday after
reports that Tishman and Archstone were in discussions about a
transaction, the report said. The U.S. financial markets were
closed on Monday for the Memorial Day holiday.




Lehman, Tishman and Archstone-Smith could not be
immediately reached for comment.


Read more at Reuters.com Business News

Fairfax Media, Commonwealth Bank, FirstMac, Societe: Australia Bond Alert

(Bloomberg) -- The following is a list of bond sales
expected in the coming days and weeks.

Eurobonds


Read more at Bloomberg Bonds News

Keppel, Malaysian Air, Shinhan Financial: 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.

China Petroleum & Chemical Corp. (600028 CH): China
Petroleum, or Sinopec, Asia's largest refiner, set up a unit to
bolster oil and gas exploration as the company seeks new fields to
supply the energy needs of the world's fastest-growing major
economy. The subsidiary was established May 25 with the aim of
discovering ``big and middle-sized'' oil and gas fields, Beijing-
based parent China Petrochemical Corp. said in a statement. The
shares gained 0.67, or 5.4 percent, to 13.07 yuan.


Read more at Bloomberg Stocks News

URS to acquire Washington Group for $2.3 billion

(Reuters) - URS said its expects the acquisition to boost its revenue
growth, long-term profitability and cash flow. The deal will be
neutral or slightly beneficial to earnings per share in 2008,
and boost earnings in 2009 and beyond, URS said.




Read more at Reuters.com Mergers News

Chile Peso Falls on Speculation Pension Fund Changes Will Boost Outflows

(Bloomberg) -- Chile's peso fell as investors
expected new rules for pension fund investments will increase
money outflows.

President Michelle Bachelet proposed on May 21 that pension
funds be allowed to hold 45 percent of their assets in foreign
holdings, up from 30 percent. The president is expected to
submit a bill to legislators.


Read more at Bloomberg Currencies News

Brazilian Real Advances to Near Six-Year High on Inflation, Growth Outlook

(Bloomberg) -- Brazil's real rose to near a six-year
high after economists surveyed each week by the central bank
reduced their expectations for inflation while predicting Latin
America's largest economy will grow at a faster pace.

The real rose today against all of the 16 most active
currencies tracked by Bloomberg News on the economists'
forecast. Brazil's currency is up 9.7 percent against the dollar
so far this year, making it the best performer among the most
active currencies.


Read more at Bloomberg Currencies News

Shanghai copper jumps by daily limit on LME, stocks

(Reuters) - Chinese copper futures rose by their 4 percent daily limit early on Monday, following gains in London prices last week and declines in Shanghai and London Metal Exchange inventories.

The most active Shanghai August copper contract ended at 63,650 yuan per tonne, up 2,440 yuan or 4 percent from the previous settlement price of 61,210 yuan.


Read more at Reuters Africa

Brazilian Currency Advances on Economists' Outlook for Inflation, Growth

(Bloomberg) -- Brazil's real advanced after
economists surveyed each week by the central bank reduced their
expectations for inflation while predicting Latin America's
largest economy will grow at a faster pace.

The real rose today against all of the 16 most active
currencies tracked by Bloomberg News on the economists'
forecast. Brazil's currency is up 9.7 percent against the dollar
so far this year, making it the best performer among the most
active currencies.


Read more at Bloomberg Currencies News

Central Europe's Benchmark Rises First Time in Three Days, Led by KGHM, CE

(Bloomberg) -- Central European shares gained for the
first time in three days. KGHM Polska Miedz SA, Poland's largest
copper mining company, followed the price of the metal higher.

CEZ AS, the biggest Czech utility, advanced after saying it
bought back shares for more than their market value.


Read more at Bloomberg Stocks News

Italian Stocks Including Eni, Aem Drop; Monte dei Paschi Shares Advance

(Bloomberg) -- Italian stocks including Eni SpA
dropped. The country's largest oil company said Chief Executive
Officer Paolo Scaroni is under investigation as part of a probe
into the natural-gas market. Aem SpA shares also fell.

Banca Monte dei Paschi di Siena SpA shares rose after the
president of the bank's largest shareholder told Corriere della
Sera yesterday that the company may chose a ``merger partner''
this summer.


Read more at Bloomberg Stocks News

Corn Prices Rise in Dalian as China Meat Production Recovers; Soybeans Up

(Bloomberg) -- Corn prices in China, the world's
second-biggest consumer of the grain after the U.S., rose on
speculation that demand for corn-based feed may rise as the
country's livestock industry recovers from animal diseases.

China's premier Wen Jiabao asked local governments to boost
pork output as surging meat prices stoke inflation and risk
undermining social stability, a report on the government's Web
site said after Wen toured Shaanxi province at the weekend.


Read more at Bloomberg Commodities News

BP's Russia Unit Faces Loss of Kovykta Field After Siberian Court Ruling

(Bloomberg) -- BP Plc's Russian venture lost a court
case over its license to the giant Kovykta gas deposit, allowing
the government as early as this week to regain control of a
field with enough fuel to supply Asia for five years.

A court in Irkutsk, Siberia lifted an order forbidding the
federal government from revoking the license held by TNK-BP's
OAO Rusia Petroleum unit, after dismissing the unit's demands to
clarify how much gas it had to provide to the region.


Read more at Bloomberg Energy News

Brazil, Colombia, Mexico: Latin America Preview for Local Corporate Bonds

(Bloomberg) -- The following events and economic
reports may influence trading in Latin American local bonds
today. Bond yields are from the previous session.

Brazil: Inflation as measured by the FIPE economics
institute's consumer price index probably accelerated to 0.3
percent in the four weeks through May 23 from 0.25 percent the
previous week, according to the median estimate of five
economists surveyed by Bloomberg. The institute is slated to
release the data after 4 a.m. New York time.


Read more at Bloomberg Bonds News

FACTBOX-Details of proposal to regulate TNT stamp prices

(Reuters) - The new Dutch postal law currently before parliament will
end TNT's remaining monopoly in the Netherlands from the start
of 2008.







Read more at Reuters.com Government Filings News

Dollar Trades Near Six-Week High; Reports May Keep Federal Reserve on Hold

(Bloomberg) -- The dollar traded near a six-week
high against the euro on speculation housing and job reports
this week will ease pressure on the Federal Reserve to reduce
interest rates this year.

The U.S. currency last week reached the strongest in three
months versus the yen as traders cut bets the Fed will lower
borrowing costs from 5.25 percent. U.S. reports this week may
show consumer confidence increased, employment growth
accelerated and home sales gained.


Read more at Bloomberg Currencies News

Japan Shares Rally, Led by Nintendo, on Weak Yen, Higher Commodity Prices

(Bloomberg) -- Japanese stocks rebounded from their
biggest loss in a month, led by exporters after the yen weakened
against the dollar and euro, boosting the value of their
overseas sales. Trading companies gained after commodities
prices rose at the end of last week.

Nintendo Co., Japan's second-largest video-game maker,
climbed for the first time in three days. Mitsubishi Corp., the
nation's biggest trading company, jumped 2 percent.


Read more at Bloomberg Stocks News

Tata Tea Shares Rise to 15-Month High on $1.2 Billion Glaceau Stake Sake

(Bloomberg) -- Shares of Tata Tea Ltd., a unit of
India's biggest business group, rose to a 15-month high after it
agreed to sell its stake in Energy Brands Inc. to Coca-Cola Co.
for $1.2 billion.

Tata Tea made a profit of $523 million from the sale of its
30 percent stake in Energy Brands, Vice Chairman R.K. Krishna
Kumar said on May 25. The Kolkata-based company paid $677
million for its stake in Energy Brands, known as Glaceau, in
August.


Read more at Bloomberg Commodities News

Datasul, Coca-Cola Femsa, Grupo Mexico, Marcopolo: Latin Equity Preview

(Bloomberg) -- The following stocks may make
significant gains or losses in Brazil and Mexico today. Symbols
are in parentheses after the company name, and stock prices are
from the last session.

In Brazil, preferred shares are the most commonly traded
class of stock.


Read more at Bloomberg Stocks News

India's Rupee May Decline on Central Bank Sales of Currency, Survey Shows

(Bloomberg) -- The Indian rupee, the best performing
Asian currency this year, will decline as the central bank sells
it to protect the nation's exporters, a survey of traders shows.

A slowdown in the pace of inflation to an eight-month low
may give the Reserve Bank of India room to increase rupee sales,
after scaling back dollar purchases in March and April. The
currency gained 9 percent this year to a nine-year high, helping
reduce the cost of imports and pressure for price increases.


Read more at Bloomberg Currencies News

Islamic Nations to Boost Investment, Trade to Safeguard Economic Growth

(Bloomberg) -- Muslim countries will this week call
for greater foreign investment and trade between Asia-Pacific
and the Middle East to help safeguard economic growth and jobs.

Malaysian Prime Minister Abdullah Ahmad Badawi and his
counterparts from Indonesia and Kuwait, Susilo Bambang Yudhoyono
and Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah, will join
investors at the three-day World Islamic Economic Forum in Kuala
Lumpur to discuss projects and investments to facilitate that.


Read more at Bloomberg Emerging Markets News

Stockland to raise US$300 mln min in U.S. bonds

(Reuters) - Typical buyers of U.S. traditional private placements are
U.S. insurance companies keen on long-dated paper to match
their assets.




They require a rating from the National Association of
Insurance Commissioners which has its own grid ranging
from NAIC-1 for the best credit to NAIC-6, the lowest.


Read more at Reuters.com Bonds News

Asian Stocks Advance on Metals Prices, Weaker Yen; BHP Billiton, Sony Rise

(Bloomberg) -- Asian stocks rose for the first time
in three days after metals prices gained and the yen weakened
against the dollar and euro.

Materials producers including BHP Billiton Ltd., the
world's biggest mining company, posted the biggest gains among
the Morgan Stanley Capital International Asia-Pacific Index's 10
industry groups. Sony Corp. advanced on speculation a weaker yen
will boost the value of overseas sales at Japanese exporters.


Read more at Bloomberg Stocks News

Japan's Nikkei Average, Topix Index Rise; Sony, Mitsui & Co. Lead Gain

(Bloomberg) -- Japan's Nikkei 225 Stock Average
rose 63.48, or 0.4 percent, to 17,544.69 at 9:02 a.m. in Tokyo.
The broader Topix index added 8.70, or 0.5 percent, to
1724.24.

Sony Corp. and Mitsui & Co. led the advances.


Read more at Bloomberg Stocks News

Japan Airlines Placed on Watch Negative by Standard & Poor's on Debt Swap

(Bloomberg) -- Standard & Poor's, the international
ratings company, said yesterday it placed the long-term corporate
credit ratings of Japan Airlines Corp. on credit watch with
negative implications, after a report that the carrier asked its
banks to convert some debt into equity.

S&P's B+ rating on the airline, four levels below investment
grade, was reaffirmed.


Read more at Bloomberg Bonds News

Xstrata extends expiry time on offer for Lionore

(Reuters) - LionOre Mining said on Thursday that Russian Norilsk
Nickel's takeover bid
for the company was superior to a rival, C$6.2 billion offer by
Xstrata.




Read more at Reuters.com Mergers News

AMO recalls Complete MoisturePlus lens solution

(Reuters) - The CDC estimated that risk of infection was at least seven
times greater among users of the Complete MoisturePlus solution
compared with those who did not, the company said.




"As patient safety is paramount to AMO, the company is
taking decisive action to stop shipments, recall product from
the marketplace, and encourage consumers to discontinue the use
of AMO Complete MoisturePlus until further information is
available," the company said in a statement.


Read more at Reuters.com Business News

UPDATE 1-Dubai's DIFC to sell $1 bln of Islamic bonds-source

(Reuters) - MANAMA, May 27 - Dubai's financial centre, which
said this month it bought a 2.2 percent stake in Deutsche Bank
AG bond sale.


Read more at Reuters.com Bonds News

China finds 240 bcm gas reserves in south

(Reuters) - China has found gas deposits with "verified exploitable" reserves of about 240 billion cubic metres (bcm) around four years of current production, near Sinopec's massive Puguang field, the official Xinhua agency reported.

The already announced Puguang field accounted for over half of 600 bcm of reserves Xinhua said were discovered in a basin that could hold up to 3.8 trillion cubic metres of natural gas.


Read more at Reuters Africa

Treasury 10-Year Yield Rises to Highest Since January on New-Home Sales

(Bloomberg) -- Treasuries fell, pushing yields
on benchmark 10-year notes to the highest level since
January, on a sign of housing strength and comments from
Federal Reserve policy makers that inflation remains their
primary concern.

Futures traders pared bets this week that the central
bank will lower interest rates after a government report
showed the biggest rise in new-home sales in 14 years.
Richmond Fed President Jeffrey Lacker said investors may be
underestimating the central bank's resolve to lower
inflation.


Read more at Bloomberg Bonds News

Global trade round talks on goods seen blocked

(Reuters) - Major global trade talks on cutting goods tariffs were reported blocked on Friday, heightening gloom among negotiators over prospects for a successful outcome to the World Trade Organisation's Doha Round.

Trade sources and diplomats said talks over the past few days on the goods dossier, known by the acronym NAMA, had shown no movement towards closing the gap between developed and developing countries.


Read more at Reuters Africa

European Government Notes Drop for Third Week as Consumer Confidence Rises

(Bloomberg) -- European two-year government notes
logged a third weekly drop after a report added to evidence of
optimism among consumers in Europe's largest economy.

Benchmark two-year yields held near the highest in five
years after a report showed German consumer confidence rose to a
five-month high in June as households raised their income
expectations due to an improved economic outlook. Futures
trading shows investors are adding to bets the European Central
Bank will increase interest rates at least twice more this year.


Read more at Bloomberg Bonds News

Asian Stocks Advance, Led by Mizuho Financial; Samsung, Exporters Decline

(Bloomberg) -- Asian stocks advanced this week after
Japanese lenders Mizuho Financial Group Inc. forecast record
earnings and Sumitomo Mitsui Financial Group Inc. said profit
will increase this business year.

``The banks are really standing out as their earnings have
fostered some confidence,'' said Hideyuki Ookoshi, who oversees
$365 million at Chiba-Gin Asset Management Co. in Tokyo.


Read more at Bloomberg Stocks News

US Senate panel sets June 5 stock options hearing

(Reuters) - Witnesses are expected to include officials from the IRS
and the Securities and Exchange Commission to discuss "the
policy reasons for continuing or ending the stock option book-
tax difference," the committee said in a statement.




The hearing comes at a time of continued controversy around
executive stock options. Scores of companies are under
investigation for allegedly manipulating option grant dates,
while corporations recently were forced to begin expensing
stock options on their income statements.


Read more at Reuters.com Government Filings News

Bikoff Parlays Celebrity, Packaging, Setbacks Into a Jackpot for Glaceau

(Bloomberg) -- J. Darius Bikoff was forced to buy
bottled water for the first time in 1993, when water in his
Upper East Side New York apartment was turned off. Today, he
sold a company formed from that experience for $4.1 billion.

Bikoff couldn't see any difference between the brands, so
he created his own. Three years later, he founded Energy Brands
Inc., which agreed today to be bought by Coca-Cola Co.


Read more at Bloomberg Exclusive News

CKE Restaurants sues Jack in the Box over beef ads

(Reuters) - No one from Jack in the Box was immediately available to comment.




The suit was filed in federal court in Santa Ana, California.


Read more at Reuters.com Business News

Eurotunnel Averts Bankruptcy as Shareholders Approve Debt Reduction Plan

(Bloomberg) -- Eurotunnel averted bankruptcy as
shareholders of the operator of the rail link between France and
Britain overwhelmingly backed a debt reduction plan.

Investors agreed to exchange about 87 percent of the shares
of Eurotunnel SA and Eurotunnel Plc, the company's French and
British arms, for the stock of the reorganized company, France's
Financial Markets Authority said today on its Web site.


Read more at Bloomberg Bonds News

CommVault files to offer 7.5 mln common shares

(Reuters) - CommVault said the selling stockholders will grant the
underwriters an over-allotment option of up to 1.1 million
shares and the company will not get any proceeds from the sale
of shares by the selling stockholders.





Read more at Reuters.com Government Filings News

Maryland okays BGE transition to market power rates

(Reuters) - They can do nothing and start paying market rates on June 1
or sign up to transition to market rates in three steps.




Customers choosing the three steps will pay about 18
percent below market from June-September, about 8 percent below
market from October-December and market rates beginning Jan. 1,
2008. In addition, from April 1, 2008-Dec. 31, 2009, these
customers will repay the deferred amounts.


Read more at Reuters.com Bonds News

UPDATE 2-Vimpelcom Q1 profits soar, beat forecasts

(Reuters) - MOSCOW, May 25 - Russia's No.2 mobile phone firm,
Vimpelcom rose 40 percent from the
previous quarter and 84.6 percent from the first quarter of
2006.


Read more at Reuters.com Market News

Rand firmer, next week's data crucial

(Reuters) - South Africa's rand firmed slightly as the dollar slipped on softer home sales data on Friday, but next week's outlook hinged on a slew of local economic data due out from Tuesday.

At 1540 GMT the rand was trading at 7.1066 versus the dollar, about 0.54 percent firmer than its New York close of 7.1450 on Thursday.


Read more at Reuters Africa

Google defends data policy after EU warning

(Reuters) - The world's top Internet search engine on Friday said it would respond by June 19 to a letter from a European Union data protection advisory group expressing concern it was keeping information on users' searches for too long.




"The concern of EU law is that a company that collects data on its customers should keep it as long as it is necessary, but not longer," Peter Fleischer, Google's global privacy counsel, told Reuters in a telephone interview.


Read more at Reuters.com Government Filings News

US RATE FUTURES-Little traction from home sales

(Reuters) - April existing home sales were an annualized 5.99 million
units, down 2.6 percent on the month and lower than expected.
Sales were the lowest since June 2003.




Read more at Reuters.com Bonds News

UPDATE 1-American Physicians Service Group to offer 2.3 mln shrs

(Reuters) - The company will offer 2 million shares, while its Chief
Executive Kenneth Shifrin will sell 300,000 shares, about half
the number of shares he currently owns, it said in a statement.




The insurer intends to contribute about $10 million of the
net proceeds to American Physicians Insurance Co., its recently
acquired medical professional liability insurance company, to
strengthen its capacity to underwrite insurance risks.


Read more at Reuters.com Mergers News

Dasa, Petrobras, Sadia, Telemar and Vale do Rio Doce: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index gained for the
first time in four days, led by mining company Cia. Vale do Rio
Doce.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 446.64, or 0.9 percent, to 50,977.29 as of 9:40 a.m.
New York time.


Read more at Bloomberg Stocks News

ITV surges on talk of BSkyB selling stake: traders

(Reuters) - BSkyB was up 0.6 percent.




Read more at Reuters.com Hot Stocks News

European Construction Stocks Drop, Led by Bouygues and CRH; OMX Advances

(Bloomberg) -- European construction stocks slid, led
by Bouygues SA and CRH Plc on concern that accelerating growth in
Europe will keep interest rates rising.

OMX AB had its biggest rally in 4 1/2 years after Nasdaq
Stock Market Inc. agreed to buy Europe's fifth-largest equity
market. Carrefour SA jumped on speculation that Colony Capital
and French billionaire Bernard Arnault may increase their stake.


Read more at Bloomberg Stocks News

Nasdaq CEO sees further role in consolidation

(Reuters) - "We certainly expect to participate in the global consolidation in the years to come," Greifeld said during a conference call after announcing the deal.



He said the move would put the company at the center of global integration talks.


Read more at Reuters.com Mergers News

Tribune holders tender more shares than expected

(Reuters) - Tribune had earlier said it would repurchase 126 million shares, representing more than half its outstanding shares, at $34 a share, or about $4.3 billion.




As more than 126 million shares have been tendered, Tribune said it will purchase shares on a pro rata basis.


Read more at Reuters.com Business News

UPDATE 1-GeoVera sees IPO pricing at $16-$18 a share

(Reuters) - GeoVera plans to sell 2.1 million shares, while a
shareholder will offer the remaining 3.8 million shares, the
Bermuda-based company said in an amended filing with the U.S
Securities and Exchange Commission on Friday.




The underwriters are granted an option to purchase another
885,000 shares to cover over-allotments, it said.


Read more at Reuters.com Bonds News

Gold Rises as Weaker Dollar, Higher Oil May Spur Demand; Silver Advances

(Bloomberg) -- Gold rose in London as higher energy
costs and a drop in the value of the dollar may revive investor
demand for the precious metal. Silver gained.

Gold has climbed 2.9 percent this year as the dollar dropped
against the euro and crude oil prices gained. Gold erased most of
today's earlier gain that was triggered by reports that North
Korea fired several missiles toward the Sea of Japan.


Read more at Bloomberg Commodities News

Vimpelcom Q1 net profit $277.3 mln, beats expectations

(Reuters) - Revenues amounted to $1.488 billion, compared with $1.45
billion in the fourth quarter of last year and above an average
analysts' forecast of $1.46 billion.




Operating income before depreciation and amortisation
rose to $766.4 million from $689.8 million, while
analysts had expected it to be $719.3 million.


Read more at Reuters.com Market News

Japan govt panel members call for cost cuts

(Reuters) - The proposal would lay the groundwork for discussions on the
government's economic policy outline for this year, which kicked
off on Friday.




The economic policy outline for 2007, which would be the
first policy guideline for Prime Minister Shinzo Abe, would then
act as a basis of debate on the fiscal 2008/09 budget that
begins this summer.


Read more at Reuters.com Bonds News

European Stocks Drop, Led by Bouygues, Gas Natural; OMX Shares Surge

(Bloomberg) -- European stocks dropped for a second
day after higher than forecast economic growth in the U.K. and an
increase in German consumer confidence fueled concern central
banks will lift interest rates.

Bouygues SA, the world's second-biggest construction
company, and Gas Natural SDG SA, Spain's largest natural-gas
supplier, paced declines by those most sensitive to higher
borrowing costs. OMX AB had the biggest rally in more than four
years after Nasdaq Stock Market Inc. agreed to buy Europe's
fifth-largest equity market.


Read more at Bloomberg Stocks News

Emission Permits Rise to Highest Since May 26, Lifted byAnalyst Forecasts

(Bloomberg) -- European Union carbon-dioxide permits
for 2008 rose to their highest in almost a year after analysts
forecast further gains.

Emissions permits for delivery in December 2008 gained 45
cents, or 1.9 percent, to trade at 23.70 euros ($31.84) a metric
ton at 10:07 a.m. in Amsterdam, according to prices from the
European Climate Exchange. That's the highest since May 26 last
year.


Read more at Bloomberg Energy News

Dollar Set for Weekly Gain as Fed Interest-Rate Cut Expectations Diminish

(Bloomberg) -- The dollar headed for a fourth weekly
gain against the euro as signs of a recovery in the U.S. housing
market prompted traders to scale back expectations the Federal
Reserve will reduce interest rates.

The U.S. currency is poised for the longest stretch of weekly
gains in 15 months after a report showed new-home sales increased
the most in 14 years. Industry figures today will probably show
sales of previously owned homes held steady last month, after
slumping by the most in 18 years in April, according to a
Bloomberg survey of economists.


Read more at Bloomberg Currencies News

U.K. FTSE 100 Falls, Paced by Mitchells & Butlers, BHP and Rio Tinto

(Bloomberg) -- U.K. stocks fell led by Mitchells &
Butlers Plc fell after Deutsche Bank AG lowered its
recommendation for the pub owner. Experian Group Plc and Royal &
Sun Alliance Insurance Group Plc paced advancing shares.

BHP Billiton Ltd. and Rio Tinto Group slipped as copper
prices retreated in Asia. EMI Group Plc rose on the broader FTSE
All-Share Index.


Read more at Bloomberg Stocks News

Munich Re, Fairfax, Abbey National Plan to Sell Debt: European Bond Alert

(Bloomberg) -- The following is a list of bond sales
denominated in euros or pounds and expected in the coming days
and weeks.

Investment-Grade Sales


Read more at Bloomberg Bonds News

German Consumer Confidence Rises More Than Estimated to a Five-Month High

(Bloomberg) -- German consumer confidence rose to a
five-month high as the economic outlook brightened and households
raised their income expectations.

GfK AG's confidence index for June, based on a survey of
about 2,000 people, rose to 7.3 from a revised 5.7 in May, the
Nuremberg-based market-research company said today. Economists
expected a reading of 6, according to the median of 23 forecasts
in a Bloomberg News survey.


Read more at Bloomberg Currencies News

Rand softer, volatile session expected

(Reuters) - South Africa's rand softened slightly against the dollar on Friday and traders said the currency was in for a volatile session as investors square their positions before long weekends in Britain and U.S.

The rand was trading at 7.1390 against the dollar at 0630 GMT, softer than its New York close of 7.1450 on Thursday.


Read more at Reuters Africa

Arkema sells resins business to Hexion

(Reuters) - Terms were not disclosed.




Arkema said the sale required anti-trust approval and should
be completed in the third quarter of 2007.


Read more at Reuters.com Mergers News

G20 to focus on multilaterals, commodity prices - Manuel

(Reuters) - The Group of 20 economic powers will this year focus on reform of the IMF and World Bank to help ensure more influence for poorer nations in the global institutions, South Africa's Finance Minister Trevor Manuel said on Thursday.

Manuel, who will chair the group at its annual meeting in November, said the G20 should work toward ensuring a more equal partnership between emerging and advanced economies on the global stage.


Read more at Reuters Africa

Gap and Red Robin Gourmet Burgers Advance on Earnings: U.S. After-Hours

(Bloomberg) -- Gap Inc. rose in extended U.S.
trading after the largest U.S. clothing retailer reported profit
that topped analysts' estimates.

Shares of San Francisco-based Gap added 21 cents, or 1.1
percent, to $18.50 as of 6:31 p.m. New York time. The retailer
slashed prices at the Gap chain to lure customers after losing
market share to retailers such as Abercrombie & Fitch Co.


Read more at Bloomberg Stocks News

Asian Currencies: Taiwan Dollar Rises as Central Bank May Buy; Rupiah Down

(Bloomberg) -- Taiwan's dollar rose to the highest
in more than two weeks on speculation the central bank will buy
the currency to stem losses after it reached a 17-month low.

The currency added to yesterday's 0.3 percent rally after
the Economic Daily News, citing unidentified traders, today said
the central bank is stepping up oversight of overseas mutual
funds to slow the Taiwan dollar's slide. A weaker exchange rate
may add to inflation by making imported goods more expensive.


Read more at Bloomberg Currencies News

UPDATE 4-Japan consumer prices fall again, but more slowly

(Reuters) - TOKYO, May 25 - The slide in Japanese consumer
prices slowed in April as expected, doing nothing to change the
view that the Bank of Japan is on track to lift interest rates
but that it will have to wait at least until August to do so.




The core consumer price index , excluding fresh food
prices, fell 0.1 percent in April from a year earlier, the third
straight month of year-on-year declines. But it slowed from a 0.3
percent fall in March, data showed on Friday.


Read more at Reuters.com Bonds News

Platinum Rises on Speculation of Increased Demand From Metal-Backed Funds

(Bloomberg) -- Platinum rose amid speculation that
demand from exchange-traded funds for the metal used in auto-
catalysts and jewelry will be higher than expected.

Zuercher Kantonalbank, a state-controlled Swiss lender,
introduced funds, known as ETFs, for platinum, palladium and
silver earlier this month. The funds have investment equal to
25,000 ounces of platinum, and 133,000 ounces of palladium,
according to a report from HSBC Securities (USA) Inc.


Read more at Bloomberg Commodities News

Allianz Sells Stake in Korean Insurance Venture to Partner Hana Financial

(Bloomberg) -- Allianz SE, Europe's biggest insurer,
sold all its shares of a venture to South Korean partner Hana
Financial Group Inc.

Hana Financial's banking unit signed an agreement to acquire
the remaining 50 percent stake it doesn't own in Hana Life
Insurance Co. from Allianz, Seoul-based Hana Financial said in an
e-mailed statement yesterday, without providing financial terms
or other details. Hana bought the shares to strengthen its life
insurance business, spokesman Lee Jeong Dae said.


Read more at Bloomberg Bonds News

Adelphia founder, son lose appeal of criminal case

(Reuters) - The court affirmed the bulk of the pair's July 2004 convictions on 18 counts of fraud, including securities fraud and conspiracy. One count of bank fraud was dismissed, however, and the appeals court said the two men should be resentenced.




John Rigas, 82, was sentenced in June 2005 to 15 years in prison, while Timothy Rigas, 51, the company's former finance chief, was sentenced to 20 years. Both men remain free on bail while they have pursued their appeals.


Read more at Reuters.com Bonds News

UPDATE 1-U.S. expert panel urges regulation of tobacco

(Reuters) - WASHINGTON, May 24 - The U.S. Food and Drug
Administration should be given the power to regulate tobacco
products and cigarette taxes should be hiked as part of a
government campaign to reduce smoking, an expert panel
recommended on Thursday.




"These dangerous products are essentially unregulated,"
Richard Bonnie, a University of Virginia law professor and
chairman of the 14-member Institute of Medicine panel, told
reporters.


Read more at Reuters.com Government Filings News