S&P 500 Stalls on Concern Subprime Losses May Worsen; Dow Industrials Rise

(Bloomberg) -- The Standard & Poor's 500 Index
was little changed amid heightened concern that losses from
loans to the riskiest borrowers will mount, while the Dow
Jones Industrial Average gained, capping its biggest
quarterly advance since 2003.

Bear Stearns Cos., Goldman Sachs Group Inc. and Lehman
Brothers Holdings Inc. led financial firms to the second-
steepest retreat among 10 industries in the S&P 500. Bear
Stearns this week said it would spend $1.6 billion to bail
out two hedge funds that made bad bets on bonds backed by
subprime mortgages.


Read more at Bloomberg Stocks News

Apple iPhone buyers gush as iWait ends

(Reuters) - NEW YORK




Grant Johnson, 41, an accountant from Brooklyn, managed to buy three after the girl in front of him in line bought him an extra one, as she only wanted one.


Read more at Reuters.com Business News

Lundin raises, extends bid for Rio Narcea

(Reuters) - Lundin also extended the deadline for its offer to July 16
from June 29. It said it will not extend the bid again.




The company said it entered into lock-up agreements with
major shareholders holding about 30.9 percent of Rio Narcea's
shares. It said shareholders holding an additional 12.3 percent
of Rio Narcea have indicated their intention to tender their
shares to the amended offer.


Read more at Reuters.com Bonds News

RLPC-UPDATE 1-Oreck Corp $200 mln refinancing loan pulled

(Reuters) - The loan was launched in April but failed to gather
interest from lenders. Investors have been reluctant to commit
to the deal as Oreck has already breached covenants under its
existing bank loan.




The deal consists of a $20 million revolver, a $130 million
first-lien term loan and a $50 million second-lien term loan.
The second-lien term loan has 102, 101 call protection.


Read more at Reuters.com Bonds News

SEC sues company over alleged bogus takeover bids

(Reuters) - Besides Sony and Playboy, Roxford also made offers for
Zapata Corp. , Edgetech Services Inc. and PeopleSupport
Inc. , according to the complaint. The alleged scheme
took place between January 2003 and April 2007, it said.




"Roxford's intent in making the phony public tender offers
was to manipulate the price of the target company's stock," the
SEC alleged in the complaint. "Roxford and HRR did not intend
to complete the offers, and did not have the financial means to
do so."


Read more at Reuters.com Government Filings News

RPT-TREASURIES-Inflation dip sparks late rally in downbeat qtr

(Reuters) - By Pedro Nicolaci da Costa




NEW YORK, June 29 - U.S. Treasury debt rallied on
Friday as underlying inflation retreated, but the bond market
still posted its worst quarter in over a year.


Read more at Reuters.com Bonds News

Commerce Bank CEO presided over innovation, scandal

(Reuters) - But New Jersey entrepreneur Vernon Hill applied lessons learned running Burger King outlets, about friendly service and convenient hours, to make Commerce Bancorp the fastest growing U.S. bank and a revolutionary force in retail banking.




The Commerce chairman and chief executive retired on Friday under pressure, at age 61, after years of questionable insider dealings at the bank triggered federal regulatory probes. His sudden departure from the bank he founded 34 years ago ends a career where he came to be regarded as a visionary and a great CEO, but also a maverick with little regard for the rules.


Read more at Reuters.com Government Filings News

Acuity Brands resolves federal environmental probe

(Reuters) - It added the U.S district court also placed ASP on
unsupervised probation for a term of three years.





Read more at Reuters.com Government Filings News

Brazilian Real Weakens Versus Dollar on Futures, Options Rate Settlement

(Bloomberg) -- Brazil's currency fell, reversing
earlier gains, as some investors sought to drive up the value of
the dollar ahead of today's settlement of futures and options
contracts.

The real fell 0.4 percent to 1.9290 per dollar at 2:42 p.m.
New York time after gaining as much as 0.2 percent to 1.9180 per
dollar earlier. The yield on Brazil's benchmark zero-coupon bonds
due in January 2008 fell 2 basis points, or 0.02 percentage
point, to 11.17 percent, according to Banco UBS Pactual SA.


Read more at Bloomberg Currencies News

Ex-Schnitzer exec pleads guilty to bribe charges

(Reuters) - An attorney contact for Wooh could not immediately be
reached.




According to the SEC, which settled a related civil case,
Wooh paid more than $200,000 in cash bribes from 1999 through
2004 to induce government-owned Chinese steel mills into buying
scrap metal from Schnitzer.


Read more at Reuters.com Government Filings News

UPDATE 1-US corporate bond sales rise in 1st qtr-Thomson

(Reuters) - U.S. companies sold $93.72 billion of high-yield bonds in
the first half of the year, up from $65.39 billion in the same
period last year. High-grade bond sales totaled $547.34 billion
in the first half, up from $486.85 billion in the same period
last year, Thomson said.




"Our experience is you tend to get more than half of the
supply in the first half of the year," said Jim Merli, global
head of the debt syndicate at Lehman Brothers in New York.
However, issuance in the second half is likely to be near
levels seen in the first half of the year, he said.


Read more at Reuters.com Bonds News

UPDATE 1-CBOT says Glass Lewis recommends CME merger

(Reuters) - IntercontinentalExchange Inc. , or ICE, an Atlanta-
based exchange, has made a higher bid for CBOT that was
rejected by the CBOT board. CME's bid, with a special dividend,
values CBOT at roughly $10.5 billion against roughly $11.4
billion from ICE.




Swings in the share prices of the ICE and the CME, as well
as a $9.14 per share one-time dividend approved for CBOT if the
merger occurs, have made the comparative value of the offers
volatile.


Read more at Reuters.com Bonds News

RLPC-UPDATE 1-Bombardier Recreational Products delays bank loan

(Reuters) - The company on Friday postponed a $1.12 billion term loan
that it was raising to refinance debt and pay a $505 million
dividend payment to owners Bain Capital, Beaudier Group and the
Caisse de dep't et placement du Quebec, sources told Reuters
LPC.




The loan was being led by Merrill Lynch and was expected to
pay lenders 250 basis points over Libor.


Read more at Reuters.com Bonds News

Clayton sells food firm Brakes to Bain Capital

(Reuters) - Clayton said in a statement on Friday that Brakes had seen
its turnover grow by 14 percent and its operating profit by
close to 70 percent over the last five years.




Investment banks JP Morgan and Deutsche Bank advised Clayton
on the deal.


Read more at Reuters.com Mergers News

Teva to sell generic version of Pfizer's Norvasc

(Reuters) - Total annual sales of the drug are about $2.8 billion,
Israel-based Teva said. Once one of Pfizer's biggest selling
drugs, an incoming flood of generics is expected to eat
dramatically into sales.




Rival generic drugmaker Mylan Laboratories Inc. in
March launched a generic form of the medicine, known
generically as amlodipine, after a federal appeals court
declared some of Pfizer's patent claims invalid.


Read more at Reuters.com Government Filings News

Delphi posts $45 million net loss for May

(Reuters) - The company said it has had a cumulative net loss in 2007 of $644 million through May.



) Keywords: DELPHI RESULTS/


Read more at Reuters.com Bonds News

Carlyle affiliate sees IPO at $19 per share

(Reuters) - On Thursday, CCC's chief executive John Stomber told Reuters
the company had cut the price and volume of the offering due to
"headwinds" in the market. It also postponed the issue.




Read more at Reuters.com Mergers News

UPDATE 1-UAW members approve concessionary deal with Delphi

(Reuters) - CHICAGO, June 29 - United Auto Workers members
have approved a deal that gives Delphi Corp.
concessions on wages, benefits and plant closings that the auto
parts maker has said it must have to exit bankruptcy.




About 68 percent of UAW members who voted approved the
agreement, the UAW said in a terse statement that did not
identify Delphi by name.


Read more at Reuters.com Bonds News

Reviewers mostly say iPhone lives up to hype

(Reuters) - Here's what they found:




LIKES


Read more at Reuters.com Business News

Bear Stearns shakes up asset management unit

(Reuters) - Jeffrey B. Lane, a veteran senior executive at Lehman Brothers Holdings Inc. and Neuberger Berman Inc., replaces Richard Marin as chairman and chief executive of Bear Stearns Asset Management.




Marin will remain as a senior adviser to Lane, the company said.


Read more at Reuters.com Business News

S.African calls for transparency in IMF chief selection

(Reuters) - The European Union moved fast on Friday to maintain its grasp on the leadership of the International Monetary Fund following a surprise resignation announcement by the IMF's Spanish chief, Rodrigo Rato.

The top IMF post has been Europe's since the institution was created after World War Two, with the top job at the World Bank, its sister organisation, going to an American in a carve-up that reflected the economic pecking order of an era now fading.


Read more at Reuters Africa

Hidary raises offer price for Everlast Worldwide

(Reuters) - June 29 - New York-based investor group Hidary Group said it raised its offer price to acquire sporting goods equipment maker Everlast Worldwide Inc. to $31.25 per share in cash from $26.50.



Hidary also said it would be prepared to consider a further increase in its offer price, should Everlast's termination fee in connection with its Brand Holdings transaction be invalidated.


Read more at Reuters.com Mergers News

U.S. Stocks Advance on Signs of Economic Growth, Slowdown in Inflation

(Bloomberg) -- U.S. stocks gained after reports
showed the economy is expanding without spurring inflation and
Research In Motion Ltd. and Apple Inc. rallied on growing
demand for their mobile devices.

Research In Motion, the maker of the BlackBerry e-mail
phone, surged after it reported first-quarter earnings that
topped analysts' estimates. Apple Inc. climbed on the day its
iPhone goes on sale in the U.S.


Read more at Bloomberg Stocks News

Nasdaq to buy board technology firm, no terms

(Reuters) - Directors Desk is the newest company to join Nasdaq's clutch of companies offering non-trading services, as the exchange fights to keep clients and increase revenue.




Competition among exchanges has turned fierce, and Nasdaq competes for trading volume with alternative trading venues like BATS Trading and for company listings with the New York Stock Exchange, owned by NYSE Euronext .


Read more at Reuters.com Mergers News

UPDATE 1-U.S. construction spending up 0.9 percent in May

(Reuters) - Economists polled ahead of the report were expecting a much
weaker 0.1 percent rise in the overall construction spending
figure.




Spending on private homebuilding, however, fell 0.8 percent
to a seasonally adjusted $549 billion annual rate, the 15th
consecutive monthly decrease as U.S. housing market troubles
continue.


Read more at Reuters.com Economic News

U.S. regulators set new subprime loan standards

(Reuters) - Lenders should only offer loans to borrowers with little
proof of assets and income if there is other evidence that they
can repay, the statement says.




Read more at Reuters.com Bonds News

US Midwest business expands strongly in June

(Reuters) - The employment component of the index fell to 52.7 from
57.3 in May. Prices paid fell to 68.1 from 70.2 and new orders
slipped to 65.7 from 71.1.




Read more at Reuters.com Bonds News

US STOCKS-Indexes gain at open on tame inflation

(Reuters) - The Dow Jones industrial average was up 23.90
points, or 0.18 percent, at 13,446.18. The Standard & Poor's
500 Index was up 2.25 points, or 0.15 percent, at
1,507.96. The Nasdaq Composite Index was up 10.91
points, or 0.42 percent, at 2,619.28.




Read more at Reuters.com Bonds News

Canadian Stocks May Gain on Research In Motion's Profit; BCE May Advance

(Bloomberg) -- Canadian stocks may rise after Research
In Motion Ltd. announced a stock split and first-quarter profit
exceeded analyst estimates.

Research In Motion, the maker of BlackBerry e-mail phones,
surged 17 percent in trading before the open of Canadian exchanges.
BCE Inc., Canada's biggest phone company, gained after the Ontario
Teachers' Pension Plan said it made bids for all BCE shares it
doesn't already own.


Read more at Bloomberg Stocks News

US STOCKS-Futures turn higher after inflation data

(Reuters) - NEW YORK, June 29 - U.S. stock index futures
reversed direction on Friday, turning higher, after a gauge of
inflation in May showed its lowest reading since March 2004.




The report was likely to give the Federal Reserve some
assurance it is making progress in its effort to curb
inflation.


Read more at Reuters.com Bonds News

U.S. Stock-Index Futures Gain After Inflation Measure Matches Forecasts

(Bloomberg) -- U.S. stock-index futures advanced
after a government report showed a measure of inflation matched
forecasts last month.

A gauge of consumer prices excluding food and energy gained
0.1 percent in May, the same as the previous month and
economists' estimates. Federal Reserve policy makers yesterday
said they continue to view inflation as the main threat to the
economy as they held the benchmark lending rate at 5.25 percent
for an eighth meeting.


Read more at Bloomberg Stocks News

Bank of England's Jenkinson Warns on Weaknesses Shown by Subprime Fallout

(Bloomberg) -- The U.S. subprime lending crisis has
shown weaknesses in risk controls which could affect the whole
financial system in the event of a bigger shock to deeper markets
such as corporate credit, a Bank of England official said.

``Recent distress in the U.S. subprime lending market'' has
``exposed weaknesses in risk management,'' Nigel Jenkinson, the
bank's executive director for financial stability, said today.
``In a more severe stress scenario, perhaps in a more significant
market such as corporate credit,'' the effect ``could have more
serious consequences for the financial system.''


Read more at Bloomberg Bonds News

Michigan County Leads Week's Municipal Borrowers With Sales at Record Pace

(Bloomberg) -- U.S. state and local governments
sold $11 billion of bonds this week, led by New York State's
Dormitory Authority and Michigan's Oakland County, helping to
put sales of tax-exempt bonds on pace to top 2005's record.

It was the third straight week that sales of new municipal
bonds exceeded the average of $7.7 billion so far this year,
according to data compiled by Bloomberg. A rise in bond yields
since last month is drawing buyers, even as governments seeking
to refinance debt or raise money for projects in case borrowing
costs rise further flood the market with offerings.


Read more at Bloomberg Bonds News

Gold Advances After Dollar Rally Stalls; Silver Also Rises in London Trade

(Bloomberg) -- Gold rose in London, erasing an
earlier decline, as the dollar's rally against the euro stalled,
reviving demand for bullion as an alternative investment. Silver
also advanced.

Gold has added 1.9 percent this year as the dollar declined
2.2 percent against the euro. The dollar fell against the euro
today for the first day in a week.


Read more at Bloomberg Commodities News

S.Africa's 3-month T-bill discount rate up to 9.10 pct

(Reuters) - The average discount rate for South African three-month Treasury Bills increased to 9.10 percent on Friday, the Reserve Bank said.

The average yield was also up at 9.31 percent, while applications for the 2.3 billion rand of bills on offer totalled 5.836 billion rand.


Read more at Reuters Africa

Croatian Economy Grew at Fastest Pace in More Than Four Years Last Quarter

(Bloomberg) -- The economy of Croatia, the next
country in line to join the European Union, unexpectedly grew at
the fastest pace in four-and-a-half years in the first quarter as
consumer spending and industrial output increased.

Gross domestic product rose an annual 7 percent in the
quarter, the state statistical office said on its Web site today.
This is higher than the 5.5 percent median estimate of six
economists in a Bloomberg survey and the highest growth since the
third quarter in 2002, when the economy grew 7.04 percent.


Read more at Bloomberg Emerging Markets News

DAX Index Rises for Second Day; Linde Group, Volkswagen, BASF Pace Advance

(Bloomberg) -- Germany's benchmark DAX Index rose
for a second day, led by shares of Linde Group and BASF AG.

Volkswagen AG gained after the carmaker said its venture
with China FAW Group Corp. may boost profit by at least a
quarter this year.


Read more at Bloomberg Stocks News

CORRECTED: Ex-HealthSouth CEO Scrushy sentenced to prison

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




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


Read more at Reuters.com Business News

BBVA to Hire 240 Bankers This Year to Boost Derivatives Business Worldwide

(Bloomberg) -- Banco Bilbao Vizcaya Argentaria SA,
Spain's second-largest bank, is hiring 240 bankers worldwide
this year to boost its derivatives business.

BBVA recruited 151 of the bankers since January, including
Lorenzo Isla, Barclays Capital's former head of structured
credit research in London, who will run credit derivatives in
Madrid. The Bilbao, Spain-based lender will add about 100 of the
new derivatives staff in Madrid and 115 in offices including
London, Frankfurt and Mexico City, said Ricardo Laiseca, head of
global markets. A team of 25 will start an equity derivatives
business in Hong Kong.


Read more at Bloomberg Bonds News

Calls for IMF to consider non-European to replace Rato

(Reuters) - The surprise resignation of the head of the International Monetary Fund immediately prompted calls for the job search for his replacement to reach beyond Europe -- which has provided all the IMF's leaders.

The top IMF job has always gone to Europeans since the IMF's inception in 1945. Similarly, the World Bank is typically headed by an American, shutting out Japan and developing countries.


Read more at Reuters Africa

Australian Mining Shares Climb, Led by BHP; Commander Communications Falls

(Bloomberg) -- Australian mining shares rose, led by
BHP Billiton Ltd. and Woodside Petroleum Ltd. after prices of
commodities such as copper and oil climbed.

``Commodity demand remains overwhelming relative to supply,
so there looks like there could be more upside for mining
companies' shares,'' said Atul Lele, who helps manage about $380
million at White Funds Management in Sydney.


Read more at Bloomberg Stocks News

Kravis Outspends Blackstone in Buyouts, Instilling Profit-or-Perish Creed

(Bloomberg) -- It's a great time to be Henry
Kravis, as he's quick to remind people.

In April, the buyout mogul is standing in a ballroom of the
Waldorf-Astoria hotel in New York, telling AIDS researcher Dr.
David Ho, architect Maya Lin and Yahoo! Inc. co-founder Jerry
Yang that the private equity industry he helped invent is hotter
than ever.


Read more at Bloomberg Bonds News

American Home, Apollo, Black Box, Robbins & Myers: 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.

American Home Mortgage Investment Corp. (AHM US) declined
$1.83, or 8.8 percent, to $19.08 in after-hours trading
yesterday. The lender specializing in adjustable-rate mortgages
withdrew its fiscal 2007 earnings guidance and said it will
likely have a second-quarter loss.


Read more at Bloomberg Stocks News

Copper Rises for a Second Day on Concern Labor Disputes Will Curb Supplies

(Bloomberg) -- Copper prices in Asia rose for a
second day as labor disputes at mines in South America,
including a strike by contract workers at the world's largest
producer Codelco, raised concerns that supply may be disrupted.

Protesters stormed a processing plant yesterday at
Codelco's Radomiro Tomic mine in northern Chile, according to
the company's press office. The site produces 18 percent of
Codelco's output, said Luis Galvez, a union director.


Read more at Bloomberg Commodities News

Asia stocks firm, Nikkei stars as yen softens

(Reuters) - Crude oil futures were a touch firmer in early Asian trade after U.S. oil topped $70 a barrel for the first time in nearly 10 months the previous session, while gold was steady above $647 an ounce, helped in part by firmer oil prices.




South Korean stocks edged higher, but Australian shares drifted on profit-taking in big banks, offsetting gains in resource firms. Hong Kong's Hang Seng was off 0.2 percent.


Read more at Reuters.com Hot Stocks News

China Eases Capital Limits, Gives Hong Kong Companies More Market Access

(Bloomberg) -- China's government eased capital
requirements for Hong Kong-based companies, giving them access to
11 new industries on the mainland.

China's Vice Minister of Commerce Liao Xiaoqi met Hong Kong
Chief Executive Donald Tsang and Financial Secretary Henry Tang
to sign the accord at the city's government headquarters today.
Chinese Commerce Minister Bo Xilai was also present.


Read more at Bloomberg Emerging Markets News

JGBs rises after few data surprises, eye on tankan

(Reuters) - JGBs edged higher after core Tokyo prices, which exclude
fresh food prices, unexpectedly fell 0.1 percent in June from a
year ago, while nationwide CPI slipped 0.1 percent in May, in
line with forecasts.




"The fall in Tokyo consumer price data was surprisingly soft,
and that may be supporting JGBs," said Katsutoshi Inadome,
strategist at Mitsubishi UFJ Securities. "But players are also
cautious ahead of the tankan survey."


Read more at Reuters.com Bonds News

Japanese Stocks Climb; Toshiba Leads Gains on Growth Outlook, Weaker Yen

(Bloomberg) -- Japanese stocks climbed, paced by
electronics makers on expectations earnings will rise after
brokerages at home and in the U.S. issued reports touting their
growth potential and the yen weakened for a second day.

Toshiba Corp., the world's second-biggest maker of flash
memory chips, and Mitsubishi Electric Corp., which makes
everything from televisions to semiconductor production
equipment, led gains after Credit Suisse Group boosted its
recommendation on both companies to ``outperform.''


Read more at Bloomberg Stocks News

Japan manufacturers' PMI falls to 4-yr low in June

(Reuters) - The NTC Research/Nomura/JMMA Purchasing Managers Index, which
gives an early snapshot of the health of manufacturing, slipped
to a seasonally adjusted 50.4 in June, the weakest level in four
years, from 51.4 in May.




A reading above 50 suggests expansion, while a figure below
that level points to a contraction.


Read more at Reuters.com Economic News

India, Indonesia, Malaysia, Sri Lanka, Thailand: Asian Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence Asian local-currency bonds today. Yields
are from the previous session.

China: Investments by Chinese insurers in stocks and debt
soared 53 percent in the first five months of 2007 from a year
earlier to 1.5 trillion yuan ($197 billion), according to a
statement published on the China Insurance Regulatory
Commission's Web site on June 27. The central bank yesterday
sold 1 billion yuan of three-year bills at a yield of 3.49
percent yield, the same as the previous auction a week earlier.


Read more at Bloomberg Bonds News

US FCC to examine phone traffic-pumping complaints

(Reuters) - The Federal Communications Commission said it would
investigate the access fees, known as tariffs, that the 39
rural phone companies are charging the long distance carriers
for connecting calls in their areas.




The agency said it would also look into accusations that
the rural carriers have been using free-calling promotions to
artificially pump up traffic in those areas and increase fees.


Read more at Reuters.com Government Filings News

UPDATE 1-Christopher & Banks Q1 profit falls; shares down

(Reuters) - The company also forecast second quarter and full year
earnings below Wall Street estimates.




Shares of the company fell over 10 percent in late
electronic trade to $16.00 after closing at $17.81 Thursday on
the New York Stock Exchange.


Read more at Reuters.com Market News

FACTBOX - CDOs: ABS and other sundry collateral

(Reuters) - While there are many kinds of debt used as collateral, the
surge in subprime bonds as a percentage of total ABS has led to
their domination in many CDOs. Investors watching the prolonged
U.S. housing slump cause rising delinquencies and losses on the
ABS expect CDO values and ratings will soon be affected.




Losses at two Bear Stearns Cos. hedge funds after
bad bets on subprime came to a head in June as bank creditors
tried to extricate their investments in the fund. Most of the
funds' CDO assets put up for sale never found buyers at prices
acceptable to the banks, fueling speculation that ABS CDOs
would suffer widespread markdowns, sources said.


Read more at Reuters.com Bonds News

GateHouse sells W. Virginia newspaper for $77 mln

(Reuters) - The West Virginia daily newspaper has a daily circulation of about 28,000 and a Sunday circulation of about 33,000, Champion said. The transaction is expected to close during the fourth quarter, Champion said. The company plans to finance the acquisition with debt.



Champion closed up 7 cents, or 1 percent, to $7.15 on the Nasdaq stock market. GateHouse fell 53 cents, or 2.8 percent, to close at $18.57 on the New York Stock Exchange.


Read more at Reuters.com Bonds News

Avigen files with SEC for $200 mln debt, stock shelf

(Reuters) - Under a shelf registration, a company may sell securities
in one or more separate offerings with the size, price and
terms to be determined at the time of sale.




Read more at Reuters.com Government Filings News

Brazilian Real Gains Most in Five Weeks on Central Bank's Growth Forecast

(Bloomberg) -- Brazil's currency advanced the most
in more than five weeks after the central bank raised its
economic growth forecast for the year.

The economy will grow 4.7 percent this year, up from the
previous estimate of 4.1 percent, according to the central
bank's quarterly report on inflation released on its Web site
today.


Read more at Bloomberg Currencies News

UPDATE 2-IMF's Rato to step down in October

(Reuters) - WASHINGTON, June 28 - International Monetary Fund
Managing Director Rodrigo Rato, in a surprise announcement,
said on Thursday he would step down in October for personal
reasons, cutting short his five-year term.




Rato, who took office in June 7, 2004, said he would depart
after the IMF's fall meetings in October.


Read more at Reuters.com Bonds News

U.S. Stocks Advance After Fed Says Economy to Keep Growing; Monsanto Gains

(Bloomberg) -- U.S. stocks gained for a second day
after the Federal Reserve said the economy will probably keep
growing and analysts upgraded Intel Corp. and Cisco Systems
Inc.

Monsanto Co., the world's biggest seed producer, rose
after earnings beat analyst estimates. General Motors Corp.,
the largest U.S. automaker, climbed after selling a unit that
makes transmissions.


Read more at Bloomberg Stocks News

UPDATE 1-Texas again rejects Cintra for big road project

(Reuters) - Cintra in February was preliminarily awarded the deal to
overhaul State Highway 121, but critics said the deal's terms
overly favored the developer.




Texas legislators responded by asking the local authority
to submit a competing bid. The lawmakers also enacted new curbs
on these privatizations, which let developers lease highways
for long periods in return for the toll revenue.


Read more at Reuters.com Bonds News

Mexico May Be Closing In on Higher Debt Rating, S&P Director Mukherji Says

(Bloomberg) -- Mexico's chances of a credit rating
increase are improving as President Felipe Calderon moves toward
garnering congressional approval for legislation that would boost
tax collection, said Joydeep Mukherji, a sovereign ratings
director at Standard and Poor's.

The government last week sent legislators a proposal to
boost annual tax revenue by the equivalent of 3 percent of gross
domestic product in an effort to ease Mexico's dependence on oil
export income and keep the budget deficit in check.


Read more at Bloomberg Bonds News

UPDATE 1-Taser, iRobot to develop new law enforcement robots

(Reuters) - Taser's electronic control device technology has been
integrated into iRobot's PackBot Explorer as part of the
alliance, Taser said in a statement.




Details of the terms were not disclosed.


Read more at Reuters.com Mergers News

US STOCKS-Indexes up a bit as investors await Fed's rate move

(Reuters) - NEW YORK, June 28 - U.S. stocks advanced
slightly on Thursday, although investors remained cautious as
they awaited the Federal Reserve's statement for clues on the
interest-rate outlook.




The Dow industrials drifted lower after data showed a
measure of inflation monitored by the Fed was higher than
previously thought in the first three months of 2007.


Read more at Reuters.com Bonds News

Platinum Futures Rise on Concern of South African Strike; Palladium Gains

(Bloomberg) -- Platinum rose in New York on concern
workers at Johannesburg-based Impala Platinum Holdings Ltd., the
world's second-largest producer of the metal, may strike after
rejecting an increased pay offer. Palladium also gained.

South Africa's National Union of Mineworkers said an Impala
pay offer yesterday was insufficient. Workers want an average
15 percent increase, while the company is offering 7.5 percent to
9 percent pay raises, the union said. Impala ``is not making
substantive moves,'' said Eddie Majadibodu, a union negotiator.


Read more at Bloomberg Commodities News

Nymex Gas Plunges After Report of Larger-Than-Expected U.S. Inventory Gain

(Bloomberg) -- Natural gas in New York plunged after
a weekly government stockpile report showed inventories rose more
than normal for this time of year, exceeding analyst
expectations.

Gas in storage rose 99 billion cubic feet for the week ended
June 22, the Energy Department said today. Inventories were
expected to rise by 83 billion cubic feet last week, according to
the median of 23 responses in a Bloomberg survey of analysts. The
average increase over the past five years for the week is 92
billion, according to the department.


Read more at Bloomberg Energy News

UPDATE 1-IMF chief Rato to step down in October

(Reuters) - Rato, who took office in June 7, 2004, said he would depart
after the IMF's fall meetings in October.




"I have taken this decision for personal reasons," Rato
said in a statement, shortly after informing the board.


Read more at Reuters.com Bonds News

J&J unit gets EU okay for schizophrenia drug

(Reuters) - LIQUIDITY SERVICES INC.



Latest Forecast* No. of Yr ago


Read more at Reuters.com Government Filings News

S.African tribunal blocks Telkom, BCX deal

(Reuters) - South Africa's Competition Tribunal has prohibited the acquisition of IT outsourcing firm Business Connexion Group (BCX) by fixed-line group Telkom, the regulator said on Thursday.

Telkom planned to acquire the IT firm for 2.43 billion rand and first announced the transaction in March 2006, but ran into opposition from competition bodies and competitors.


Read more at Reuters Africa

Court rejects race as factor in school programs

(Reuters) - By a 5-4 vote on the last day of its term, the court's conservative majority struck down voluntary programs adopted in Seattle and Louisville, Kentucky, to attain racial diversity in public school classrooms.




The ruling added to a string of decisions this term in which President George W. Bush's two appointees -- Chief Justice John Roberts and Justice Samuel Alito -- have shifted the court sharply to the right on divisive social issues like abortion.


Read more at Reuters.com Bonds News

EU mergers and takeovers (June 28)

(Reuters) - APPROVALS AND WITHDRAWALS:




-- Porsche acquires Volkswagen of
Germany


Read more at Reuters.com Mergers News

US STOCKS-Blue chips slip at open on inflation data

(Reuters) - The Nasdaq was higher. Chip maker Intel Corp.
received a brokerage upgrade.




The Dow Jones industrial average was down 19.03
points, or 0.14 percent, at 13,408.70. The Standard & Poor's
500 Index was down 0.99 points, or 0.07 percent, at
1,505.35. The Nasdaq Composite Index was up 0.09 points
at 2,605.44.


Read more at Reuters.com Bonds News

US blue chips slip at open on inflation data

(Reuters) - U.S. blue-chip stocks opened down slightly on Thursday after government data showed first-quarter core personal consumption spending, an inflation gauge favored by the Federal Reserve, was revised higher.

The Nasdaq was higher. Chip maker Intel Corp. received a brokerage upgrade.


Read more at Reuters Africa

UAW May Hire Lazard for Health-Care Advice in U.S. Auto Talks, People Say

(Bloomberg) -- The United Auto Workers may hire
investment bank Lazard Ltd. to advise the union on health-care
concessions in contract talks with U.S. automakers, two people
with knowledge of the matter said.

The union told New York-based Lazard to be ready to assist
in negotiations that begin next month with General Motors Corp.,
Ford Motor Co. and DaimlerChrysler AG's Chrysler, said the
people, who asked not to be named because the plans are private.


Read more at Bloomberg Exclusive News

Norway's Krone Gains to 10-Month High Versus Euro on Interest Rate Outlook

(Bloomberg) -- Norway's krone rose to a 10-month
high versus the euro after the central bank raised interest rates
yesterday and indicated there are further increases to come.

The krone is the second best performer versus the dollar in
the past five days of the 16 major currencies monitored by
Bloomberg, as investors buy it to take advantage of Norway's
relatively high interest rate in the so-called carry trade.
Norges Bank yesterday lifted borrowing costs to 4.5 percent and
said it would increase them to 5.75 percent by the mid-2008.


Read more at Bloomberg Currencies News

Cell C says ends buyout talks

(Reuters) - Shareholders in South Africa's Cell C have decided not to proceed with the sale of the company, the mobile phone group said on Thursday.

"The shareholders have taken the decision not to proceed with the sale of Cell C and to stop discussions with unsolicited parties about the sale of Cell C," Chief Executive Officer Jeffrey Hedberg said.


Read more at Reuters Africa

UPDATE 1-Dominion to buy back 55 mln common shares

(Reuters) - Dominion expects to start a modified Dutch auction
self-tender by mid-July. Shareholders could tender some or all
of their shares at prices from $82 to $92 per share, said the
Richmond, Virginia-based company. The company then will pick a
price and buy shares tendered at that level or below.




The share buyback program is part of the power company's
plan to use the proceeds from the sales of most of its oil and
natural gas exploration and production assets.


Read more at Reuters.com Bonds News

Apple IPhone Buzz Takes On `Life of Its Own,' Topping Mustang, Windows 95

(Bloomberg) -- Apple Inc.'s campaign to build
excitement about its iPhone may be the most successful marketing
effort ever, surpassing the drive to promote Ford Motor Co.'s
1964 Mustang and Microsoft Corp.'s Windows 95.

The combination mobile phone and music player has generated
more pre-sale media coverage than any other product, says Al
Ries, chairman of Ries & Ries, an Atlanta marketing strategy
firm. Michael Gartenberg, an analyst at JupiterResearch in New
York, estimates Apple will spend about $100 million on the
introduction, roughly half what Microsoft spent for Windows 95.


Read more at Bloomberg Exclusive News

Momenta sees longer US review for generic Lovenox

(Reuters) - In a new filing, the company said the review will "likely
extend" beyond its prior view "due to a change in the projected
timing of certain activities required for the completion of the
FDA's review."




Momenta declined to provide a new projection for the timing
but said it believes the FDA review "continues to progress
satisfactorily."



Read more at Reuters.com Government Filings News

Migrant workers missing out in S.Africa platinum boom

(Reuters) - South Africa's platinum boom has given rise to mushrooming informal settlements by migrant labourers around mines, posing serious health, social and environmental risks to communities, a report said.

The world's two biggest platinum producers, Angloplat and Implats, have announced multi-billion dollar expansion plans, but a report by the church-sponsored Bench Marks Foundation this week said many miners, especially contract workers, are falling through the cracks.


Read more at Reuters Africa

Michigan County Sells Bonds for Retiree Benefits, Leading Muni Borrowers

(Bloomberg) -- Michigan's Oakland County, a New
York state agency and Nevada will sell a combined $1.3 billion
of bonds in today's largest sales of U.S. municipal debt.

Oakland County will offer $570 million of 20-year taxable
bonds to raise money to help cover future payments of benefits
for retired workers. The New York State Dormitory Authority will
borrow $438.8 million for a variety of capital projects at
schools in the state. Nevada will sell almost $300 million for
capital projects.


Read more at Bloomberg Bonds News

South African Unions End National Strike, Accept State's 7.5 Percent Offer

(Bloomberg) -- South African labor unions halted the
country's longest-ever strike by state employees after the
majority of them accepted the government's offer of an average 7.5
percent pay increase.

The strike, which began June 1, shut most schools and
disrupted services at some hospitals, clinics and immigration
offices. Support for the action waned as the government ceased
paying employees who failed to report for work.


Read more at Bloomberg Emerging Markets News

Sanlam Says Assets to Increase by 23 Percent This Year to $70.3 Billion

(Bloomberg) -- Sanlam Ltd., the second-biggest South
African life insurer, expects assets under management to jump 23
percent this year to 500 billion rand ($70.3 billion), helped by
rising equity markets and new business sales.

The company, based in Cape Town, has already ``passed the
450 billion-rand mark,'' and had 406 billion rand of assets as of
Dec. 31, Chief Executive Officer Johan van Zyl said today at a
conference in Johannesburg.


Read more at Bloomberg Emerging Markets News

Oil Little Changed, Near Nine-Month High, as U.S. Gasoline Supply Plunges

(Bloomberg) -- Crude oil traded little changed in New
York, near a nine-month high, on concern the U.S. won't have enough
gasoline to meet the summer's peak demand.

A report yesterday showed gasoline stockpiles fell 749,000
barrels last week after imports plunged to a 10-week low. The
decline left gasoline levels 4.4 percent below their five-year
average. Daily demand remained near the nine-month high reported
the week before.


Read more at Bloomberg Energy News

Yen snaps winning streak as risk appetite returns

(Reuters) - The dollar steadied versus the euro, with markets awaiting the outcome of a two-day Federal Reserve meeting later in the session. The bank is seen holding rates at 5.25 percent and its statement will be scrutinized for clues on future policy.




Softer U.S. data this week had shifted investor sentiment back towards the next Fed move being a cut rather than a hike, although most see rates on hold for the rest of the year.


Read more at Reuters.com Hot Stocks News

European Stocks Rise, Led by Energy, Mining Shares; BP, BHP, Nestle Gain

(Bloomberg) -- European stocks rose for the first time
in six days as higher commodity prices lifted energy and mining
companies and Citigroup Inc. said shares in the region are cheap.

BP Plc, Europe's second-biggest oil producer, and BHP
Billiton Ltd., the world's largest mining company, advanced.
Nestle SA increased after Deutsche Bank AG recommended buying
stock in the food company. Groupe Danone rose on a report the
yogurt maker will likely sell its LU cookies division.


Read more at Bloomberg Stocks News

U.S. Stocks Rise, Led by Energy Shares; Oil Rises, Dollar Falls

(Bloomberg) -- The U.S. stock market posted its
first advance in four days after a rally in oil prices improved
earnings prospects for fuel producers and better-than-expected
profit at Oracle Corp. ignited shares of software makers.

Exxon Mobil Corp., Intel Corp. and Microsoft Corp. helped
carry the Standard & Poor's 500 Index to its biggest gain in two
weeks. Oracle, the world's third-largest software company,
jumped the most in three months after saying sales may grow 21
percent.


Read more at Bloomberg Stocks News

France's CAC 40 Index Advances, Led by Danone, Michelin, Axa Shares

(Bloomberg) -- French stocks rose for the first time
in six days. Groupe Danone, Michelin & Cie. and Axa SA paced the
advance.

The CAC 40 Index added 47.07, or 0.8 percent, to 5988.74 at
9:12 a.m. in Paris. The broader SBF 120 Index rose 34.76, or 0.8
percent, to 4367.02.


Read more at Bloomberg Stocks News

Niger rebels want greater stake in uranium, oil

(Reuters) - Nomadic rebels who have launched a string of attacks in northern Niger's Sahara desert said on Wednesday they wanted greater control over uranium and oil reserves being sold off to Chinese and other foreign firms.

The former French colony's desert north has long been a hotbed of dissent, largely beyond government control, full of disillusioned, unemployed youths and awash with arms left over from an uprising by Tuareg, Arab and Toubou nomads in the 1990s.


Read more at Reuters Africa

Axa, Total, Danone, Partouche, L'Oreal May Move: French Equity Preview

(Bloomberg) -- Shares of the following companies may
rise or fall on the Paris stock exchange. Symbols are in
parentheses after company names and prices are from the last
close.

July futures on the benchmark CAC 40 Index advanced 56.5 to
6005 at 8:14 a.m. in Paris.


Read more at Bloomberg Stocks News

S.Africa unions to announce strike decision on Thursday

(Reuters) - Unions representing most of South Africa's civil servants said they would announce on Thursday their response to a government wage offer, raising hopes the end was in sight to a crippling four-week strike.

The COSATU labour federation said it was meeting on Wednesday evening and would reconvene on Thursday, with a news conference to announce the outcome scheduled for 0900 GMT.


Read more at Reuters Africa

U.S. Economy Probably Grew at 0.8% Pace in First Quarter as Housing Sank

(Bloomberg) -- The U.S. economy probably grew at an
annual pace of 0.8 percent in the first quarter, the weakest in
four years as housing slumped, economists said before a
government report today.

The projected gain in gross domestic product compares with
a preliminary estimate of 0.6 percent issued last month, revised
figures from the Commerce Department may show. The forecast is
based on the median estimate of 73 economists surveyed by
Bloomberg News.


Read more at Bloomberg Currencies News

CORRECTED - CORRECTED-Yamana, Northern seek three-way gold merger

(Reuters) - Under the deal, Norther Orion shareholders would receive
0.543 of a Yamana share, or C$7.07 based on Yamana's Wednesday
closing price. Meridian shareholders would receive 2.235 of a
Yamana share plus C$3.15 in cash, totaling C$32.25 per share,
Yamana and Northern said.




Read more at Reuters.com Mergers News

Oil Extends Gains as Drop in U.S. Gasoline Stocks Prompts Supply Concerns

(Bloomberg) -- Crude oil rose in New York, extending
yesterday's $1-a-barrel gain, on concern that U.S. gasoline
supplies during the peak demand season may not be adequate after
a government report showed an unexpected decline in inventories.

Crude oil for August delivery rose as much as 36 cents, or
0.5 percent, to $69.33 a barrel in after-hours electronic trading
on the New York Mercantile Exchange. It was at $69.26 at 11:30
a.m. in Singapore.


Read more at Bloomberg Energy News

Khazanah Sells $850 Million of Islamic Bonds Convertible to Plus Shares

(Bloomberg) -- Khazanah Nasional Bhd., Malaysia's
state investment arm, sold $850 million of Islamic bonds that can
be converted into shares of the country's biggest toll-road
operator in the nation's biggest offer of convertible securities.

Khazanah increased the sale of the five-year exchangeable
bonds from $600 million because it received orders for 13 times
the amount of debt on offer, the company said in a statement last
night. The investment unit owns about 24 percent of PLUS
Expressways Bhd., the toll-road company.


Read more at Bloomberg Emerging Markets News

RPT-Visa to sponsor 2010 and 2014 World Cups

(Reuters) - Visa said it is the sixth and final top tier FIFA partner.




Read more at Reuters.com Bonds News

Chevron sells fuel business in Uruguay

(Reuters) - The company did not disclose the terms of the sale. It said
Texaco-branded lubricants products will continue to be
distributed and marketed in Uruguay through D.U.C.S.A.




Read more at Reuters.com Mergers News

Exporters, Hanjin, Kia Motors, Korea Electric: South Korea Equity Preview

(Bloomberg) -- The following shares may rise or
fall in South Korea. Prices refer to the previous close. This
preview includes news announced after markets shut yesterday.
Stock symbols are in brackets after the company names.

The Kospi index lost 0.9 percent to 1733.10. The Kosdaq
retreated 2.5 percent to 761.03. Kospi 200 futures expiring in
September slipped 1.2 percent to 221.20, while the underlying
index dropped 0.9 percent to 220.35.


Read more at Bloomberg Stocks News

Japan's Yen, Korea's Won, Indian Rupee, Thai 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

Consolidated Edison Restores Power After Scattered New York City Failures

(Bloomberg) -- Consolidated Edison Inc., owner of
New York City's utility, said it restored power after scattered
failures in parts of Manhattan and the Bronx.

Power was lost to 136,700 homes and businesses, Consolidated
Edison spokesman Joe Petta said in a phone interview. The
disruption began at 3:42 p.m., and power was restored to all
customers by 4:30 p.m., he said. The affected areas were the
western part of the Bronx and Manhattan's Upper East Side.


Read more at Bloomberg Energy News

US FTC urges caution on "net neutrality" proposals

(Reuters) - Network neutrality proposals, backed by Internet content
companies like Google Inc. and eBay Inc. ,
would bar Internet providers from charging extra fees to
guarantee access to the Internet or give priority to some
content.




In a report, the FTC sided with high-speed Internet
providers such as AT&T and Verizon , saying the
government should be cautious about imposing such regulations.


Read more at Reuters.com Government Filings News

US panel backs CryoCor heart flutter device

(Reuters) - The panel urged FDA to request a post-approval study
comparing all patients treated with the CryoCor device and an
alternative treatment, Riley said.




The CryoCor product applies extreme cold via a catheter to
block electrical conduction in heart tissue. The company is
seeking FDA approval to sell the device for treating atrial
flutter, an abnormal beating of the heart's upper chambers.


Read more at Reuters.com Government Filings News

Yen May Extend Gains Against Euro and the Dollar as Investors Reduce Risks

(Bloomberg) -- The yen may gain for a fourth day
against the euro and dollar on speculation investors will pare
riskier assets amid concern about a slumping U.S. housing market.

Investors this week have reduced the so-called carry trades,
in which they borrow yen to buy higher-yielding assets in stocks
and emerging-market debt, as the risk of defaults on U.S.
subprime mortgages increases. Data is forecast to show Japan's
industrial production gained in May, which may add to yen buying.


Read more at Bloomberg Currencies News

US STOCKS-Indexes snap 3-day decline; energy, tech lead

(Reuters) - NEW YORK, June 27 - U.S. stocks rose on Wednesday
as investors snapped up beaten-down shares after a three-day
slide and a nearly 2 percent jump in oil prices boosted demand
for energy companies.




Major indexes had fallen earlier in the day after
weaker-than-expected durable goods data.


Read more at Reuters.com Bonds News

U.S. Stocks Rise, Led by Energy, Technology Companies; Oracle, Exxon Jump

(Bloomberg) -- The U.S. stock market posted its
first advance in four days after a rally in oil prices improved
earnings prospects for fuel producers and better-than-expected
profit at Oracle Corp. ignited shares of software makers.

Exxon Mobil Corp., Intel Corp. and Microsoft Corp. helped
carry the Standard & Poor's 500 Index to its biggest gain in
two weeks. Oracle, the world's third-largest software maker,
jumped the most in three months after saying sales may rise 21
percent.


Read more at Bloomberg Stocks News

UPDATE 1-Power outage sweeps parts of New York City

(Reuters) - Power utility Con Edison said it was evaluating
reports of lost service, and the transportation authority said
at least three subway lines were down on what a spokeswoman
called a power dip.




"We're still gathering information, but it seems that we
had a power dip in the area of 59th street and Lexington Avenue
and so far it affects the E, the V and Number 6 lines and
that's all we have right now," a spokeswoman for New York City
transit said.


Read more at Reuters.com Bonds News

Wheat Futures Fall in Chicago After Reaching Record as Feed Use May Wane

(Bloomberg) -- Wheat futures fell, after rising to
a record in Chicago, as the premium above the price of corn
reached the biggest ever, spurring speculation that few
livestock producers will use wheat in feed.

Wheat's most-active contract is almost $2.60 more
expensive than corn on the Chicago Board of Trade, about double
the average difference of $1.30 for the past year. That would
make wheat too costly for cattle feedlot owners and hog
producers, analysts said.


Read more at Bloomberg Commodities News

UPDATE 1-SEC's Nazareth: Spend more to assess debt's risks

(Reuters) - Annette Nazareth, one of the five members of the U.S.
Securities and Exchange Commission, said firms and investors
take risks when they respectively create and buy illiquid and
"hard-to-value" securities.




She said these manifest themselves particularly when
investor risk tolerance declines, dampening demand.


Read more at Reuters.com Bonds News

US STOCKS-Indexes rise with energy and tech shares

(Reuters) - Major indexes had fallen earlier in the day after
weaker-than-expected durable goods data.




The Dow Jones industrial average was up 37.96
points, or 0.28 percent, at 13,375.62. The Standard & Poor's
500 Index was up 8.19 points, or 0.55 percent, at
1,501.08. The Nasdaq Composite Index was up 23.38
points, or 0.91 percent, at 2,597.54.


Read more at Reuters.com Bonds News

Cotton Rises to Three-Year High as U.S. Farmers Turn to Corn, Soybeans

(Bloomberg) -- Cotton in New York rose to a three-
year high on speculation U.S. farmers will grow less fiber after
rains disrupted planting in Texas and a rally in grain prices
offered higher profits from corn and soybeans.

About 11.6 million acres (4.7 million hectares) were
planted with cotton in the U.S. this year, according to the
average estimate of 11 analysts surveyed by Bloomberg. That's
4.5 percent less than the government's March forecast and
24 percent below last year's planted acreage of 15.27 million.


Read more at Bloomberg Commodities News

Mexico's Bolsa Falls on U.S. Report, Led by Cemex; Cosan Slides in Brazil

(Bloomberg) -- Mexican stocks fell for a fourth day,
led by cement maker Cemex SAB, on concern a slowing U.S. economy
will hurt exports.

The benchmark Bolsa index slid 0.8 percent today to 30,497.88
as of 1:13 p.m. in New York. It is the first four-day decline in
the index since April. Brazil's Bovespa index fell 139.62, or 0.3
percent, to 53.712.06.


Read more at Bloomberg Stocks News

Volatility expected to continue for Toronto stocks

(Reuters) - Since establishing a record high of 14,216.21 more than a
month ago, the index has been on something of a roller-coaster
ride that has cost it almost 4 percent.




This prompted some analysts to let the C word --
"correction" -- slip from their lips to describe the retreat.


Read more at Reuters.com Economic News

Conrad Black "sunk," prosecutor tells jury

(Reuters) - "Follow the money," urged chief prosecutor Eric Sussman, ending a rebuttal that concluded more than a week of final arguments in the case.




"The important question to ask is 'the why' of these payments, not whether they were or weren't disclosed," Sussman said of the millions of dollars in non-competition payments that the government claims Black and the others stole.


Read more at Reuters.com Bonds News

UPDATE 1-Benchmark ABX subprime index hits new low-sources

(Reuters) - The ABX 2006-2 "BBB-minus" series, which is tied to
subprime loans in last year's first half, fell to 61.5 from its
previous low of 62.16, market sources said.




The ABX 2007-1, which references loans from the second half
of last year, is trading between 55.5 and 56.5 compared to 57
on Tuesday. The index is near its recent low of 56.18.


Read more at Reuters.com Bonds News

Iberdrola Raises $4.5 Billion in New Share Sale for Energy East Purchase

(Bloomberg) -- Iberdrola SA, the world's largest
owner of wind-power parks, raised 3.37 billion euros ($4.5
billion) from selling new shares to pay for U.S. utility Energy
East Corp.

The Spanish utility sold 85 million new shares through a
so-called accelerated offering, the Bilbao-based power producer
said in an e-mailed statement to regulators today.


Read more at Bloomberg Stocks News

USDA declares disaster areas in New York and Texas

(Reuters) - The department said 15 additional counties in Texas; five
in New York; Passaic and Sussex counties in New Jersey; and
Pike County in Pennsylvania are eligible for assistance because
they are close to the primary disaster areas.




The USDA's Farm Service Agency said farmers have eight
months to apply for emergency loans to help cover part of the
financial loss of their crops.


Read more at Reuters.com Bonds News

Zimbabwe reviews inflation calculation, delays data

(Reuters) - Zimbabwe is reviewing how it calculates inflation and will delay the release of May data, a government official said on Wednesday, as the country grapples with hyper-inflation.

President Robert Mugabe's government has declared the country's galloping inflation -- put at more than 3,700 percent in April -- as its number-one enemy. But prices continue to rise relentlessly, jumping by as much as 300 percent in the past week alone after the local currency tumbled.


Read more at Reuters Africa

Chittenden, H&R Block, Nuvelo, Spectra, SurModics: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 10:10 a.m. New York time.

Oil Refiners: Citigroup Global Markets Inc. downgraded
shares of Valero Energy Corp. (VLO US), the largest U.S. refiner,
and Tesoro Corp. (TSO US), the largest refiner in the U.S. West,
to ``sell'' from ``hold'' because of valuations. Sunoco Inc. (SUN
US), the biggest refiner in the Northwest, was cut to ``hold''
from ``buy.'' Valero fell $2.61, or 3.5 percent, to $72.05.
Sunoco lost $3.56 to $76.77 and Tesoro retreated $2.80 to $55.11.


Read more at Bloomberg Stocks News

CBOT says ISS recommends vote for CME merger

(Reuters) - CBOT shareholders and members vote on the CME deal on July
9, but are mulling a higher, competing bid from Atlanta-based
IntercontinentalExchange Inc. .




"If one is to compare ICE's adjusted offer price with CME's
offer price, the difference between the two offers is
marginal," ISS said in its report.


Read more at Reuters.com Mergers News

US STOCKS-Blue chips fall on durables, risk worry

(Reuters) - NEW YORK, June 27 - U.S. blue-chip stocks fell on
Wednesday after weaker-than-expected durable goods data added
to uneasiness about the outlook for corporate profits.




Stocks were also under pressure from worries about higher
interest rates and the troubled subprime mortgage market, which
weighed on the financial sector.


Read more at Reuters.com Bonds News

Crude Oil Rises on Unexpected Drop in U.S. Gasoline Inventories Last Week

(Bloomberg) -- Crude oil rose after an Energy
Department report showed an unexpected decline in U.S. gasoline
inventories last week.

Gasoline stockpiles fell 749,000 barrels, the first drop in
eight weeks, the report showed. An increase of 1.04 million
barrels was expected, according to the median of responses by 16
analysts surveyed by Bloomberg News. Inventories of distillate
fuel, a category that includes heating oil and diesel, plunged
2.28 million barrels. A 550,000 barrel gain was expected.


Read more at Bloomberg Commodities News

UPDATE 1-US Treasury to review of financial services rules

(Reuters) - "To maintain our capital markets' leadership, we need a
modern regulatory structure complemented by market leaders
embracing best practices," Treasury Secretary Henry Paulson
said in a statement.




The Treasury said it would release a "blueprint" for
regulatory reforms by early next year.


Read more at Reuters.com Government Filings News

UPDATE 1-KeyCorp freed from special Fed oversight

(Reuters) - Cleveland-based KeyCorp in a U.S. Securities and Exchange
Commission filing said the Office of the Comptroller of the
Currency and the Federal Reserve Bank of Cleveland have ended
their special oversight of its KeyBank N.A. unit.




KeyCorp in October 2005 had agreed with the regulators to
strengthen its anti-money laundering controls, including those
related to its obligations under the Bank Secrecy Act.


Read more at Reuters.com Bonds News

Yen Gains the Most in 10 Weeks as Investors Scale Back Their Carry Trades

(Bloomberg) -- The yen rose the most in 10 weeks
against the euro and dollar as investors pared holdings of
emerging-market bonds and stocks funded by loans in the Japanese
currency.

Japan's yen gained against all 16 of the most-actively
traded currencies tracked by Bloomberg. The yen extended its
rally after global equity markets declined as investors shunned
riskier assets, prompting an unwinding of the so-called carry
trade. A U.S. report showed sales of durable goods, a proxy for
business spending, fell more than forecast.


Read more at Bloomberg Currencies News

Andrew, BAE, Guitar Center, Sunoco, Valero Energy: 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. Share prices are as of 8:10 a.m. New York time.

Oil Refiners: Citigroup Global Markets Inc. downgraded
shares of Valero Energy Corp. (VLO US), the largest U.S. refiner,
Sunoco Inc. (SUN US), the biggest refiner in the Northweat, and
Tesoro Corp. (TSO US), the largest refiner in the U.S. West, to
``sell'' from ``hold'' because of valuations. Valero fell $1.06
to $73.60 in trading before U.S. exchanges opened. Sunoco lost 35
cents to $79.98 and Tesoro retreated $1.51 to $56.40.


Read more at Bloomberg Stocks News

Best Buy to expand; raises dividend, share buyback

(Reuters) - The plan comes after Best Buy reported quarterly earnings last week that missed analyst estimates by a wide margin and gave a disappointing full-year forecast as television sales cooled.




The Minneapolis-based company said the number of stores in the United States and Canada could now approach 1,800, up from its prior plan to have 1,400. It currently has 1,035 Best Buy, Future Shop and Pacific Sales stores in those markets.


Read more at Reuters.com Business News

UPDATE 1-U.S. May durable goods orders fell 2.8 percent

(Reuters) - WASHINGTON, June 27 - New orders for
long-lasting U.S.-made manufactured goods tumbled a
larger-than-expected 2.8 percent in May in a sign the
struggling U.S. manufacturing sector may be weaker in the
second quarter than expected.




The drop in durable goods orders was the first decline
since January and followed a 1.1 percent rise in April, the
Commerce Department said on Wednesday. Analysts polled by
Reuters were expecting orders to slip 1 percent.


Read more at Reuters.com Bonds News

McCormick & Co. profit down

(Reuters) - Charges related to its restructuring program reduced
earnings per share by 4 cents.




Analysts, on average, had expected the Sparks,
Maryland-based company to earn 33 cents per share.



Read more at Reuters.com Market News

BP Agrees to Venezuelan Terms to Maintain Stake in Cerro Negro Oil Project

(Bloomberg) -- BP Plc, Europe's second-largest oil
company, signed a memorandum of understanding with Venezuela
yesterday to keep its minority stake in a heavy-oil project as
the government consolidates its control of energy assets.

BP, based in London, will retain its 16.67 percent stake in
the Cerro Negro project, which will be majority owned and
operated by state-run Petroleos de Venezuela SA, BP spokesman
David Nicholas said today. The agreement was signed yesterday.


Read more at Bloomberg Emerging Markets News

LSE CEO expects shareholder backing for Milan deal

(Reuters) - BRUSSELS, June 27 - Shareholders in the London Stock Exchange are expected to support the bourse's decision to buy Milan-based Borsa Italiana, LSE Chief Executive Clara Furse said on Wednesday.



"We expect shareholders to support this transaction," Furse told Reuters.


Read more at Reuters.com Bonds News

Bain to buy German yacht maker for about $1.8 bln

(Reuters) - LONDON/FRANKFURT, June 27 - Private equity firm Bain Capital is buying Germany's biggest yacht builder, Bavaria Yachtbau GmbH, for about 1.3 billion euros with plans to expand the business into new markets.



The company produced 3,500 yachts in the year ended July 31, 2006, at its facility in Giebelstadt with sales of about 271 million euros. Bavaria Yachtbau employs about 620 people.


Read more at Reuters.com Bonds News

UPDATE 1-Swedish state to review OMX-Nasdaq deal

(Reuters) - OMX, which is 6.6 percent held by the government, has
accepted the offer, worth around $3.4 billion based on Nasdaq's
closing share price on Tuesday, and has said tougher U.S.
regulations will not apply to trading or companies listed in the
region.




"The government has not taken a position," Mia Widell,
spokeswoman for Financial Markets Minister Mats Odell said.


Read more at Reuters.com Mergers News

Shanghai Copper Falls to Three-Month Low on U.S. Demand Concern; Zinc Do

(Bloomberg) -- Copper prices fell for a fourth day,
reaching a three-month low in Shanghai, on concern consumption
may be slowing in the U.S., the second-largest user of the metal.

U.S. new-home purchases dropped in May, signaling demand is
still dwindling in the second year of a housing slump. Builders
are the biggest consumers of the metal. Speculation that China
may raise interest rates for the third time this year also
helped push down prices.


Read more at Bloomberg Commodities News

Turkish State Workers to Receive Pay Increase Twice the Rate of Inflation

(Bloomberg) -- Turkey will increase the pay of public
sector workers by more than double the central bank's inflation
target for this year, a plan that may push up prices and hurt
budget targets.

The wages of about 323,000 workers will increase by an
average of more than 10 percent this year, compared with the
bank's inflation goal of 4 percent, Salih Kilic, chief of labor
union Turk-Is, told reporters in Ankara late yesterday.


Read more at Bloomberg Emerging Markets News

Reuters Summit-Japan property outlook rosy; deals more complex

(Reuters) - SINGAPORE, June 27 - Mikihisa Hirai, president of
Atlas Partners Japan Ltd., should be giddy with excitement as
European and Middle Eastern clients are due to almost double
the size of his property funds to just over $800 million.




But Hirai knows he has his work cut out for him.


Read more at Reuters.com Bonds News

European Government Bonds Gain as Global Growth, Inflation Concerns Ease

(Bloomberg) -- European government bonds advanced
for a fourth day, the longest winning run in almost four months,
as investors switched from riskier assets into safer fixed-income
securities.

Yields on 10-year bunds, Europe's benchmark, fell to the
lowest in two weeks as investors turn more risk averse amid
concern a declining housing market and losses related to subprime
mortgages in the U.S. will hurt global growth. Debt also gained
as European equity markets slid for a fifth day.


Read more at Bloomberg Bonds News

Rand softer before inflation data

(Reuters) - South Africa's rand softened against the dollar on Wednesday and dealers expected the unit to remain in the current ranges before release of inflation data due at 0930 GMT.

The rand stood at 7.2173 versus the dollar at 0630 GMT, about 0.33 percent softer than its New York close of 7.1935 on Tuesday.


Read more at Reuters Africa

Lower oil revenue hits Algeria trade surplus

(Reuters) - The trade surplus of OPEC member Algeria shrank by $4.48 billion to $10.56 billion in the first five months of 2007 due to lower oil and gas earnings, official figures showed on Tuesday.

The data issued by customs centre CNIS and published by Algeria's official news agency APS showed exports fell 12 percent to $21.19 billion while imports reached $10.63 billion, up 19 percent from the same five-month period of 2006.


Read more at Reuters Africa

Gold hits three-month low as investors flee risk

(Reuters) - Gold on Wednesday hit its lowest level in more than three months as risk-averse investors hurried to unwind yen carry trades, while a stronger yen pressured Tokyo precious metals futures.

Spot gold fell as low as $638.90 an ounce, the lowest since March 14. It slipped to $641.80/642.50 as of 0243 GMT, from $642.00/642.60 late in New York on Tuesday, when it plunged more than $10.


Read more at Reuters Africa

Palm Oil Price Drops in Malaysia as Canada Farmers Sow Record Canola Crop

(Bloomberg) -- Palm oil prices in Malaysia fell the
most in five days after a report that Canadian farmers planted a
record canola crop, increasing supplies of alternative oils.

Canadian farmers planted 14.5 million acres of canola, 17
percent more than in 2006, beating the previous record set in
1994 of 14.2 million acres, Statistics Canada said on its
website yesterday. They planted less acreage for flaxseed, lured
by better prices for canola, the report said. Canada is the
third largest canola producer after China and EU countries.


Read more at Bloomberg Commodities News

Sprint Nextel revamps ads to focus on speed, data

(Reuters) - Sprint, which has been criticized in the past for its lack of a clear enough marketing message to make it stand out from rivals, said it would highlight its data services and the speed of its network in a national campaign starting July 1.




It also plans to exclude the Nextel brand from its ads except when it is promoting specific services, such as its push-to-talk walkie-talkie style feature, that came from Nextel Communications, which Sprint bought in 2005, a spokesman said.


Read more at Reuters.com Business News

Rubber Sinks to Three Month Low in Tokyo as Supply Increases, Demand Slows

(Bloomberg) -- Rubber futures in Tokyo, the global
benchmark, fell to their lowest in more than three month on
expectations supplies will exceed demand as the peak consumption
season ends.

Natural rubber contracts on the Tokyo Commodity Exchange
failed to rise to 300 yen a kilogram in the past two months, the
high season for demand, signaling to some traders that the
commodity has further to decline.


Read more at Bloomberg Commodities News

China mulls bond sales to buy $200 bln in FX for fund

(Reuters) - Economists expect the new agency to buy foreign exchange directly from the People's Bank of China, which controls China's $1.2 trillion in currency reserves.




Xinhua did not say whether the special treasury bonds, which would be issued by the Ministry of Finance, would be sold directly to the central bank or sold in the domestic market, with the cash raised then used to buy foreign exchange from the PBOC.


Read more at Reuters.com Hot Stocks News

Carry Trades Will Push Yen to 125 per Dollar, Nomura Securities' Ueno Says

(Bloomberg) -- The yen will drop to 125 per dollar
by year-end as the lowest interest rate among major economies
prompts Japanese investors to buy higher-yielding assets
elsewhere, said Daisaku Ueno at Nomura Securities Co.

The yen has weakened against the 16 most-traded currencies
this year as investors shunned Japan's 0.5 percent benchmark rate
and sent money overseas. Speculators such as hedge funds also
borrowed yen to invest in countries with higher yields in a
practice known as the carry trade.


Read more at Bloomberg Currencies News

Shun Tak Buys Hopewell, Ho's Company Out of Macau Project for $879 Million

(Bloomberg) -- Shun Tak Holdings Ltd., run by the
family of casino tycoon Stanley Ho, will buy a 75 percent stake
in a Macau property project from Ho's private company and
billionaire Gordon Wu for HK$6.87 billion ($879 million).

Shun Tak will pay Wu's Hopewell Holdings Ltd. HK$4.58
billion for a 50 percent stake in the Nova City/Nova Taipa
Gardens project in Macau, Hopewell said in a statement late
yesterday. It will pay Ho's Sociedade de Turismo e Diversoes de
Macau HK$2.29 billion for its 25 percent stake, Shun Tak
spokeswoman Catherine Szeto said.


Read more at Bloomberg Emerging Markets News

Asian Shares Slide to Two-Week Low on Profit Growth Concern; Toyota Drops

(Bloomberg) -- Asian stocks fell to the lowest in
almost two weeks on concern earnings will be curbed by slowing
consumption in the U.S., the strengthening yen and a drop in
metals and oil prices.

Toyota Motor Corp., Japan's largest automaker, declined
after reports showed home sales and consumer confidence fell in
the world's largest economy and the yen strengthened for a third
day, eroding the value of overseas sales. BHP Billiton Ltd.
tracked a slump in raw-materials prices.


Read more at Bloomberg Stocks News

Japan's 10-Year Government Bonds Rise a Fourth Day as Stocks Extend Slide

(Bloomberg) -- Japan's 10-year bonds rose for a
fourth day, the longest rally in more than three months, on
speculation a drop in shares will spur demand for debt.

The yield on the 1.8 percent bond due in June 2017 fell 1.5
basis points to 1.86 percent as of 9:42 a.m. in Tokyo at Japan
Bond Trading Co., the nation's largest interdealer debt broker.
A basis point is 0.01 percentage point.


Read more at Bloomberg Bonds News

New Zealand Economy Probably Grew at Fastest Pace in Two Years on Spending

(Bloomberg) -- New Zealand's economy probably expanded
at the fastest pace in almost two years in the first quarter as
consumer spending and commercial construction accelerated,
increasing the chances the central bank will raise interest rates.

Gross domestic product increased 1 percent from the fourth
quarter, when it rose 0.8 percent, according to the median estimate
of 13 economists surveyed by Bloomberg News. Statistics New Zealand
releases the growth report at 10:45 a.m. on June 29 in Wellington.


Read more at Bloomberg Bonds News

Ex-Countrywide execs plead guilty to insider trading

(Reuters) - Alan Cao, Quan Zhu and Jun Shi admitted to betting that Countrywide shares would decline after learning the Calabasas, California-based company's results in the third quarter of 2004 would fall short of analysts' forecasts, according to the U.S. Attorney for the Central District of California.




Each defendant pleaded guilty to one count of securities fraud, which carries a maximum 20-year prison sentence. The case stemmed from a probe by the FBI, with the assistance of the U.S. Securities and Exchange Commission, prosecutors said.


Read more at Reuters.com Business News

India, Philippines, Taiwan, Singapore, Thailand: Asian Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: State-owned Agricultural Development Bank will sell
10 billion yuan ($1.3 billion) of five-year bonds today. The
central bank yesterday sold 12 billion yuan of one-year bills at
a yield of 3.09 percent, the same yield as the previous five
weeks.


Read more at Bloomberg Bonds News

UPDATE 1-Countrywide ex-VPs to plead guilty of insider trade

(Reuters) - In plea agreements filed in U.S. District Court in Los
Angeles, the three defendants admitted to using confidential
financial data about the company to make stock transactions
that brought each man tens of thousands of dollars in profits.




Prosecutors said Alan Cao, Quan Zhu and Jun Shi sold their
shares in Countrywide after learning the company would not meet
Wall Street earnings forecasts for the third quarter of 2004.
The men used the proceeds of the share sale to purchase put
options and short-sell the company's stock, prosecutors said.


Read more at Reuters.com Bonds News

CDO market near halt amid deeper subprime worries

(Reuters) - Only $3 billion of new high-grade CDOs were marketed to
investors in the latest week, down dramatically from just one
month ago when the pipeline stood at over $20 billion,
according to J.P. Morgan Securities Inc. Since that time, $18
billion of those CDOs have priced, the firm added.




Foreign investors have been the dominant buyers of these
exotic debt instruments in recent years, owing to their
insatiable demand for yield. A change in foreign taste would be
disruptive across many asset classes since this pooling of debt
assets, including subprime mortgages, have resulted in a
tremendous compression of yield spreads.


Read more at Reuters.com Bonds News

Bank of America to Be First U.S. Issuer of Dollar-Based Covered Bonds

(Bloomberg) -- Bank of America Corp. will become the
first domestic seller of U.S. dollar denominated covered bonds
with the sale of $2 billion of the securities backed by U.S.
residential mortgages, ratings companies said.

The bonds, like all covered bonds, will receive AAA ratings,
Moody's Investors Service and Fitch Ratings said. The securities
get AAA ratings because they are backed by home loans held by the
bank, which also promises to pay back the debt.


Read more at Bloomberg Bonds News

ABC-Wash Post Consumer Comfort Index up to -12

(Reuters) - The measure ranges from -100 to +100. Its 2007 average is
-6 and its average since 1985 is -9.




Earlier on Tuesday, the Conference Board said its consumer
confidence index fell to 103.9 in June from an upwardly revised
108.5 in May.


Read more at Reuters.com Economic News

Mexico stocks drop on U.S. mortgage market fears

(Reuters) - The benchmark IPC stock index dropped 1.76 percent
to 30,744.71 points, while the peso weakened
0.20 percent in local trading to 10.8515 per dollar.




Global equities have come under pressure in recent days as
trouble in the U.S. subprime mortgage industry has spread to
two hedge funds managed by Bear Stearns with heavy
exposure in the sector. Subprime mortgages cater to borrowers
with troubled credit histories.


Read more at Reuters.com Bonds News

K-Sea to buy marine transportation operations for $205 mln

(Reuters) - The deals are expected to immediately add to K-Sea's
distributable cash flow, the company said in a statement.





Read more at Reuters.com Mergers News

WRAPUP 1-Chavez drives Exxon, ConocoPhillips from Venezuela

(Reuters) - Exxon Mobil Corp. and ConocoPhillips decided
to quit their oil operations in the OPEC nation after they
failed to strike a deal with the government to stay in
multibillion-dollar projects that the anti-U.S. leader decreed
should be taken over.




Four other oil majors -- Chevron Corp. , Norway's
Statoil , Britain's BP Plc and France's Total
-- signed pacts that allow Venezuela to increase its
stake to at least 60 percent in projects worth $30 billion.


Read more at Reuters.com Bonds News

U.S. lawmakers examine Medicare anemia drug payments

(Reuters) - The federal health insurance program for the elderly and
disabled spends about $2 billion annually on Amgen Inc.'s
Epogen, part of a class of anti-anemia drugs called
erythropoiesis-stimulating agents .




Critics say current payment methods have promoted
aggressive treatment. Concern grew when recent studies showed
high doses could lead to heart complications or death.


Read more at Reuters.com Government Filings News

UPDATE 1-NYSE Euronext won't oppose MBE stake sale-sources

(Reuters) - NYSE Euronext, the world's biggest stock exchange group,
told the Italian bourse on Monday it had accepted the Milan
exchange's decision to exercise a call option to take over MBE,
the first source said.




And it had begun preparing for negotiations over the sale
price of its stake in Europe's main electronic bond trading
platform, the second source said.


Read more at Reuters.com Mergers News

Amcol, Kroger, LivePerson, Orbital Sciences, Synnex: 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 1:10 p.m. New York time.

Amcol International Corp. (ACO US) gained $2.04, or 8.3
percent, to $26.59. The producer of clays was raised to ``buy''
from ``neutral'' by analyst Richard Wesolowski at Sidoti & Co.


Read more at Bloomberg Stocks News

News Corp and DJ board in early editorial pact: source

(Reuters) - The source said Dow Jones' controlling family, the
Bancrofts, would be consulted on the agreement, which was
reached late Monday evening. The Bancroft family must approve
any deal with Murdoch.




A separate source close to the situation said an agreement,
which would also cover Dow Jones Newswires, was near, but
several items were left to be discussed. The source did not
elaborate.


Read more at Reuters.com Bonds News