PRESS DIGEST - New York Times - May 22

(Reuters) - * Chinese authorities are investigating whether two
companies from the Danyang coastal region exported
poison-tainted toothpaste, as more of the product, including
some made for children, has turned up in Latin America.




* The Bush administration has negotiated with China to
secure some eye-catching new agreements to unlock Chinese
markets for American goods. China, in response, has told the
United States that it plans new purchases of $30 billion -- a
shopping spree that dwarfs any China has gone on previously.


Read more at Reuters.com Mergers News

U.K. Pound May Advance on Expectations of Higher Rates, Acquisitions

(Bloomberg) -- The U.K. pound may rebound from a six
week low against the dollar on expectations the Bank of England
will keep raising interest rates and foreign companies step up
acquisitions of U.K. rivals.

Investors are sticking with bets the rate setting monetary
Policy Council will increase interest rates twice more this year.
U.K. insurer Friends Provident Plc may receive a bid from rival
Axa SA, the Observer reported, spurring speculation more British
companies will become takeover targets.


Read more at Bloomberg Currencies News

Indonesia's Rupiah Climbs to Highest in Three Years; Bonds Gain on Auction

(Bloomberg) -- The Indonesian rupiah rose to a three-
year high against the dollar on speculation overseas investors
brought in funds to participate in a debt auction. Bonds gained.

The bonds offer the highest yields in Asia after Pakistan and
Sri Lanka, with 10-year notes offering 8.89 percent and 20-year
debt 9.82 percent. The results of the central bank's auction of
20- and 30-year bonds are due at about 2 p.m. in Jakarta.


Read more at Bloomberg Bonds News

Argentina, Colombia, Brazil and Peru: Latin American Local Bond Preview

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

Argentina: The jobless rate in the first quarter of this
year rose to 9.7 percent from 8.7 percent in the fourth quarter
of 2006, according to a Bloomberg survey four economists. The
National Statistics Institute is slated to release the figures
this afternoon.


Read more at Bloomberg Bonds News

Domtar Corp. and Magna International Inc.: Canadian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets.
This preview includes news that broke after markets closed.
Symbols are in parentheses after company names and prices are
from the May 18 close.

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


Read more at Bloomberg Stocks News

Gold Little Changed in Asia as Dollar Rises Against Yen; Silver Declines

(Bloomberg) -- Gold was little changed in Asia amid
speculation that a rise in the U.S. dollar against the Japanese
yen will erode investor demand for precious metals as an
alternative investment. Silver declined.

Bullion usually moves in the opposite direction to the
dollar. The U.S. currency rose to a three-month high versus the
yen yesterday as traders reduced bets the U.S. Federal Reserve
will cut interest rates this year.


Read more at Bloomberg Commodities News

Sri Lanka's Central Bank Keeps Key Interest Rate Unchanged for Third Month

(Bloomberg) -- Sri Lanka's central bank kept its
benchmark interest rate unchanged for a third straight month to
spur economic growth, after five increases since June helped
push inflation to a seven-month low.

Central Bank of Sri Lanka Governor Ajith Nivard Cabraal
held the repurchase rate at 10.5 percent, the highest level in
Asia, the Colombo-based bank said in a statement today. All 11
analysts in a Bloomberg News survey predicted the decision.


Read more at Bloomberg Emerging Markets News

FDA reviewing risks of Glaxo drug

(Reuters) - A study published in the New England Journal of Medicine said Avandia increased the risk of cardiac-related deaths by 64 percent and heart attacks by 43 percent. Dr. Robert Meyer, head of the FDA office that reviews diabetes drugs, said other data contradicted those findings.




"FDA has not confirmed the clinical significance of the reported increased risk in the context of other studies," Meyer told reporters during a conference call.


Read more at Reuters.com Business News

JGBs recover as selling in Treasuries pauses

(Reuters) - The Finance Ministry will offer around 1.0 trillion yen in 15-year floating rate JGBs this session, and traders
expect the auction to go smoothly as current prices of the
floating-rate bonds were seen as a bargain.




The MOF will also offer 800 billion yen in 20-year bonds on
Thursday.


Read more at Reuters.com Bonds News

Moreshet's Fund Follows Jewish Religious Law to Outperform Israeli Market

(Bloomberg) -- Yaacov Moreshet's Shoam Gmisha fund,
one of Israel's best performers last year, follows the dictates
of Jewish law. Those rules are flexible enough to let him profit
from potential gains in every stock in Israel.

Moreshet, 43, runs Hilat Shoam Ltd., the biggest Israeli
investment company offering mutual funds that strictly follow
Halakha: Jewish laws covering everything from diet to lending. He
can't directly buy shares of companies open on the Sabbath, for
instance.


Read more at Bloomberg Stocks News

South Korean Stocks Rise, Led by Samsung Electronics, Daewoo Engineering

(Bloomberg) -- South Korea's benchmark stock index,
the Kospi Index, rose 0.22 percent at 9:05 a.m.

The index of 732 companies traded on the Korea Exchange rose
3.58 to 1,631.78. Among the stocks in the index, 368 rose, 173
fell and 188 were unchanged.


Read more at Bloomberg Stocks News

CORRECTED: FDA reviewing risks of Glaxo diabetes drug

(Reuters) - WASHINGTON - U.S. regulators are reviewing the safety of GlaxoSmithKline's Plc's diabetes drug Avandia but have not yet determined the significance of risks reported in a study released on Monday, a U.S. Food and Drug Administration official said.




A study published in the New England Journal of Medicine said Avandia increased the risk of cardiac-related deaths by 64 percent and heart attacks by 43 percent. Dr. Robert Meyer, head of the FDA office that reviews diabetes drugs, said other data contradicted those findings.


Read more at Reuters.com Business News

New Sallie Mae owners in responsible lending vow

(Reuters) - Last month, Sallie Mae reached a settlement with New York's
attorney general amid a widening scandal in the $85
billion-a-year student loan business.




Private equity firm J.C. Flowers & Co. and its partners in
the acquisition of Sallie Mae said the plans would be
implemented to enhance accountability and transparency when
their transaction is completed in late 2007.


Read more at Reuters.com Government Filings News

Japan Stocks May Gain, Led by Banks on Earnings; Sumitomo Metal May Climb

(Bloomberg) -- Japanese shares may advance, led by
banks, after Sumitomo Mitsui Financial Group Inc. forecast
profit will increase for this business year.

Commodity-related shares such as Inpex Holdings Inc. and
Sumitomo Metal Mining Co. may rise after crude oil and metals
prices gained.


Read more at Bloomberg Stocks News

Crude Oil Trades Near Three-Week High on Signs U.S. Demand Is Increasing

(Bloomberg) -- Crude oil was little changed in New
York after rising to a three-week high yesterday on speculation
demand will increase as U.S. refiners make more gasoline to meet
summer fuel demand.

An Energy Department report tomorrow will probably show U.S.
gasoline stockpiles rose for a third week as refiners increased
operating rates, according to a Bloomberg News survey of five
analysts. Gasoline fell a second day. The June oil contract,
which expires at the close of trading, jumped 44 cents a barrel
more than its higher-priced July counterpart yesterday.


Read more at Bloomberg Commodities News

Nova Biosource Fuels files $200 mln mixed shelf

(Reuters) - Under a shelf registration filed with the U.S. Securities
and Exchange Commission, 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 Bonds News

Yen May Fall as Bank of Japan Minutes Might Indicate No Change in Rates

(Bloomberg) -- The yen may decline as minutes from a
Bank of Japan meeting last month might show the central bank is
reluctant to accelerate the pace of interest-rate increases.

Policy makers on April 26-27 cut Japan's inflation forecast
to near zero and kept benchmark borrowing costs the lowest among
major nations. A government report on May 24 is forecast to show
consumer prices were unchanged in April. Japan's interest rate,
at 0.5 percent since February, encourages investors to borrow its
currency to fund purchases of higher-yielding assets, a practice
known as the carry trade.


Read more at Bloomberg Currencies News

U.S. Stocks Advance on Takeovers; S&P 500 Nears Record on Alltel Buyout

(Bloomberg) -- More than $40 billion of takeovers
extended the stock market's seven-week rally and helped the
Standard & Poor's 500 Index flirt with a record on an
accelerating pace of acquisitions.

Alltel Corp. climbed to a seven-year high after Goldman
Sachs Group Inc. and TPG Inc. agreed to buy the fifth-biggest
U.S. wireless company for $24.7 billion. Amazon.com Inc., the
world's biggest online retailer, gained the most in the S&P 500
after Citigroup Investment Research raised its price forecast.


Read more at Bloomberg Stocks News

GE begins talks on contracts for 20,000 workers

(Reuters) - "Our goal is to negotiate fair contracts that will continue to provide employees with attractive wages and benefits while keeping GE's diverse businesses competitive," said Bill Casey, chief negotiator for Fairfield, Connecticut-based GE.




GE's existing four-year contracts, covering large numbers of workers in Kentucky, Massachusetts, New York, Kansas and Pennsylvania, expire on June 17.


Read more at Reuters.com Bonds News

Most U.S. Stocks Climb on Takeovers; General Electric, Exxon Mobil Advance

(Bloomberg) -- Most U.S. stocks rose, extending a
seven-week advance, after $43.2 billion of announced deals added
to this year's record pace of mergers and acquisitions.

General Electric Co., Exxon Mobil Corp. and Merck & Co.
briefly led the S&P 500 above its March 24, 2000, peak. Alltel
Corp. rallied to its highest in almost eight years after Goldman
Sachs Group Inc. and TPG Inc. agreed to buy the fifth-biggest
U.S. wireless company for $24.7 billion.


Read more at Bloomberg Stocks News

Moody's may cut Alltel's ratings on buyout

(Reuters) - "The review reflects Moody's expectations that leverage
will increase substantially, commensurate with the likely
capital structure and ownership by private equity investors,"
Moody's said in a statement.




"A multi-notch downgrade to a speculative rating is likely
by the conclusion of the review process," Moody's said.


Read more at Reuters.com Bonds News

NEWSMAKER-Karaoke-loving Guy Hands hears the music at EMI

(Reuters) - Hands made his name at Nomura in the mid-1990s, snapping up
struggling companies in some of the biggest leveraged deals of
the time before striking out on his own in 2002 with Terra
Firma Capital Partners, with the Japanese bank as an investor.




By that measure, EMI, the world's third largest music
seller, plays right into his turnaround expertise.


Read more at Reuters.com Mergers News

Pemex sees crude output level at 3.1 mln barrels

(Reuters) - To move beyond the 3.1 million barrels in daily output
would require a greater investment, Ruiz said.




The outlook is in line with a U.S. government report
predicting Mexican oil output would decline to 3 million
barrels per day by 2012 before gradually rebounding to reach
3.5 million bpd by 2030.


Read more at Reuters.com Bonds News

FBR Capital Markets raises IPO size to 12.1 mln shares

(Reuters) - The IPO is expected to be priced at $16 to $18 a share.




Friedman Billings Ramsey Group is an underwriter in the
offering.


Read more at Reuters.com Government Filings News

American Superconductor, Antigenics, Alltel, Visteon: 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 1:05 p.m. New York time.

Alltel Corp. (AT US) rose $4.28, or 6.6 percent, to $69.49
and traded as high as $70.45. Goldman Sachs Group Inc. and TPG
Inc. agreed to buy Alltel for about $24.7 billion in the largest
leveraged buyout of a telecommunications company. Investors will
get $71.50 a share, the mobile-phone company said in a statement.
The offer is 9.6 percent more than Alltel's last closing price.
Including debt, the bid values Alltel at $27.5 billion.


Read more at Bloomberg Stocks News

U.S. 6-month bills high rate 4.810 pct

(Reuters) - RATES




High 4.810 pct


Read more at Reuters.com Bonds News

Alltel stock jumps on $25 billion buyout

(Reuters) - The agreement closed months of speculation over a possible deal for Alltel, but questions were raised over the bid process.




Sources familiar with the situation said on Monday that Alltel accepted the takeover instead of completing an auction that had attracted at least two other teams of suitors.


Read more at Reuters.com Business News

Crude Oil Rises as U.S. Refineries Increase Gasoline Production for Summer

(Bloomberg) -- Crude oil rose for a third day in New
York as refineries stepped up production of gasoline to meet
increased demand for summer.

U.S. refineries have boosted crude processing in recent
weeks after disruptions earlier in the year cut output. Gasoline
inventories rose to 195.2 million barrels the week ended May 11,
the second consecutive weekly increase, according to a U.S.
Energy Department report on May 16. The increase left supplies
7.5 percent below the five year average.


Read more at Bloomberg Energy News

UPDATE 1-Mexico oil output flat at 3.182 bpd in April

(Reuters) - Crude production held at its highest level since last
September but was still well below the 2006 average of 3.256
million bpd as Pemex struggles to keep up output from its giant
but aging Cantarell oil field.




Pemex, a key supplier of oil to the United States, said
crude exports averaged 1.679 million bpd in April versus 1.782
million in March.


Read more at Reuters.com Bonds News

Telecom antitrust suit can't proceed: top court

(Reuters) - "We hold that such a complaint should be dismissed," Justice David Souter wrote for the court majority.




At issue is a class action lawsuit against Bell Atlantic, which contends that lack of competition for local telephone service and "parallel conduct" of the regional Bells were evidence of an antitrust conspiracy.


Read more at Reuters.com Mergers News

Anglo, Angloplats boost S.African stocks

(Reuters) - South African stocks pushed higher on Monday as a weaker rand, firmer base metal prices, a broker upgrade and talk of sector consolidation buoyed miners like Anglo Platinum and Anglo American.

The Johannesburg Top-40 index of blue-chip stocks rose 1.2 percent to 25,679.52 points, while the All-share index climbed 1.1 percent to 28,642.40 points.


Read more at Reuters Africa

Visteon shares jump on report of possible tie-up

(Reuters) - Visteon spokeswoman Kimberley Goode said the company would not comment on market speculation.




"Our focus is on implementing our multiyear improvement plan, which includes restructuring our company, improving base operations, and growing our business," Goode said.


Read more at Reuters.com Hot Stocks News

Faber Says U.S. Stocks Are More `Reasonably Priced' Than Other Markets

(Bloomberg) -- U.S. stocks are more ``reasonably
priced'' than other markets following the dollar's decline,
according to Marc Faber, who oversees $300 million at Hong Kong-
based Marc Faber Ltd.

``U.S. stocks are not the biggest bubble,'' Faber said in
an interview. Emerging markets and the Spanish property market
reflect larger bubbles, he said.


Read more at Bloomberg Stocks News

Corn Climbs as China May Cut Grain Exports to Feed Bigger Livestock Herds

(Bloomberg) -- Corn rose in Chicago for the first
session in three on speculation that China, the world's second-
largest grower after the U.S., will cut exports as domestic
livestock producers increase their herds.

China's exports may fall 60 percent to 2 million metric
tons in the year through September 2008, while imports may rise
fivefold to 500,000 tons, Wang Xiaohui, a director at China
National Grain and Oils Information Center, said in Beijing.
Lower Chinese sales may lead to greater demand in Asia for
supplies from other producers, including the U.S.


Read more at Bloomberg Commodities News

US STOCKS-S&P index edges up, helped by telecoms

(Reuters) - NEW YORK, May 21 - The Standard & Poor's 500
stock index rose near its all-time closing high on Monday after
a takeover deal for mobile phone company Alltel Corp. lifted
the telecommunications sector.




The Dow fell slightly, weighed down by sagging shares of
industrial companies.


Read more at Reuters.com Bonds News

Brazil's Real Strengthens as Report Shows Trade Surplus Widened Last Week

(Bloomberg) -- Brazil's currency rose after a
government report showed the trade surplus jumped to $1.3
billion last week, boosting the flow of dollars into the
country.

``There's nothing to stop dollars from flooding the market
now,'' said Marcelo Ribeiro, the head of currency trading at Sao
Paulo-based Concordia Corretora. ``The current circumstances are
all really positive.''


Read more at Bloomberg Currencies News

CORRECTED - UPDATE 4-Blackstone sets IPO, China to take stake

(Reuters) - NEW YORK, May 21 - Blackstone Group LP [BG.UL] on
Monday said it planned to raise as much as $7.75 billion from
selling stakes to the public and to China, in perhaps the
year's most eagerly awaited U.S. initial public offering.




In a filing with the U.S. Securities and Exchange
Commission, the private equity firm said it plans to offer
133.3 million common units at $29 to $31 each, for proceeds of
$3.87 billion to $4.13 billion. The IPO may grow to $4.75
billion if another 20 million units are sold to meet demand.


Read more at Reuters.com Market News

Hungary's FHB draws at least four bidders -banker

(Reuters) - "We will organise a tender of the stake, and the winner will
have to make a public offer to all shareholders under Hungarian
share law," Sernetz told Reuters. "Normally you would expect a
premium on the share price for a controlling stake."




Sernetz, who got the Hungarian government's mandate to sell
the FHB stake last week, said he would expect several more
parties to express their interest.


Read more at Reuters.com Mergers News

TREASURIES-Prices dip as China perceived buying less bonds

(Reuters) - NEW YORK, May 21 - U.S. government bond prices
dipped on Monday on worries that China's hunt for better
returns in equities could mean it could purchase fewer U.S.
Treasuries.




China's investment agency has announced plans to take a $3
billion or 10 percent stake in the United States' Blackstone
Group, making forays into the private equity boom. China is the
second largest holder of U.S. government bonds after Japan.


Read more at Reuters.com Bonds News

U.S. Stocks Rise on Alltel Bid; General Electric Advances on Share Buyback

(Bloomberg) -- Most U.S. stocks rose after Goldman
Sachs Group Inc. and TPG Inc. agreed to buy Alltel Corp. for
about $24.7 billion, extending this year's record pace of mergers
and acquisitions.

Alltel, the fifth-biggest U.S. wireless company, climbed to
an almost eight-year high after the $71.50-a-share offer. General
Electric Co. advanced after the world's second-largest company by
market value said it will boost its share buyback plan by as much
as $2 billion with proceeds from the $11.6 billion sale of its
plastics unit.


Read more at Bloomberg Stocks News

European Commodity Stocks Advance, Paced by BHP Billiton, BP; Elan Climbs

(Bloomberg) -- European commodity stocks climbed,
paced by BHP Billiton Ltd., Xstrata Plc and BP Plc, after metal
and oil prices advanced.

Elan Corp. had the largest gain in more than three years as
Ireland's biggest drugmaker said its experimental Alzheimer's
medicine will move into the advanced testing stage. Societe
Generale, Axa SA, and STMicroelectronics NV weighed on indexes as
the shares traded without the right to their latest dividend.


Read more at Bloomberg Stocks News

Copper Gains in New York as Global Inventories Dwindle to Seven-Month Low

(Bloomberg) -- Copper futures rose in New York as
global inventories of the metal used in pipes and wire declined
to a seven-month low.

Stockpiles monitored by the London Metal Exchange fell
1,250 metric tons, or 0.9 percent, to 140,075 tons, the lowest
since Nov. 2. Inventories are at ``historically low levels,''
Goldman Sachs Group Inc. said in a report today. Supplies have
fallen 23 percent this year, and copper has gained 17 percent.


Read more at Bloomberg Commodities News

Ingram Micro gets Wells Notice from regulators

(Reuters) - The notice also says the SEC believes these transactions were the cause of McAfee's securities-laws violations stemming from the filing of reports and maintenance of books and records.




Read more at Reuters.com Government Filings News

TREASURIES-Bonds ease as stocks poised to open higher

(Reuters) - U.S. stock indices were poised to open higher, bolstered by
continuing news of mergers and acquisitions activity.




"With bearishness back in vogue in the fixed income markets
and a wholesale asset allocation in favor of equities and
emerging markets, markets will be hard-pressed to turn that
ship around," said Kim Rupert, head of global fixed income
analysis at Action Economics in San Francisco.


Read more at Reuters.com Bonds News

Olin to buy Pioneer for $414.4 million

(Reuters) - Olin expects the deal to immediately add to its earnings per share and save at least $35 million in annual costs.




The companies' combined chlor-alkali businesses generated more than $1.1 billion in revenue in 2006, making the linked company the top North American maker of industrial bleach and the third-largest chlor-alkali player.


Read more at Reuters.com Mergers News

Coming weeks are make-or-break for WTO: UK's Blair

(Reuters) - World trade powers must agree on the headline figures for a long-delayed global free trade deal within the next three weeks or the current round of talks will fail, British Prime Minister Tony Blair said on Monday.

Blair said he still thought it possible to get a deal on the World Trade Organisation's Doha round, but that failure to do so would be a blow to confidence in world trade.


Read more at Reuters Africa

UPDATE 1-Barclays not considering large ABN asset sales-CEO

(Reuters) - "Barclays has not engaged in or is pursuing discussions
relating to major asset sales in connection with its recommended
merger with ABN AMRO," Chief Executive John Varley said in a
comment provided to Reuters.




ABN AMRO and Barclays, which agreed to merge last month but
are facing a potential rival bid, are considering the sale of
ABN's Brazilian unit to lift the price of the deal Dutch
newspaper Financieele Dagblad reported on Monday.


Read more at Reuters.com Mergers News

Blackstone sets IPO, could raise $3.87-$4.13 bln

(Reuters) - In a filing with the U.S. Securities and Exchange Commission, Blackstone said it planned to offer 133,333,334 common units at $29 and $31 each, generating proceeds of $3.87 billion to $4.13 billion.




Blackstone said an additional 20 million units might be offered at the underwriter's option, bringing the possible maximum size of the IPO to $4.75 billion.


Read more at Reuters.com Government Filings News

Crude Oil Climbs Above $65 a Barrel on Concern Over U.S. Gasoline Supplies

(Bloomberg) -- Crude oil climbed above $65 a barrel in
New York amid concern the U.S. won't have enough gasoline when the
summer driving season starts next week.

Gasoline supplies fell 7.5 percent below their five-year
average during the week ended May 11, according to the U.S. Energy
Department. ConocoPhillips and Murphy Oil Corp. shut refinery units
for repairs last week, raising concern not enough gasoline was
being produced.


Read more at Bloomberg Energy News

Yen Declines Against Dollar; Asian Stock Advances Spur Carry Trade

(Bloomberg) -- The yen slid versus the dollar as gains
in Asian stocks encouraged investors to borrow Japan's currency to
fund purchases of higher-yielding assets.

Shares in Shanghai and Shenzhen reversed drops, boosting
Asian stock markets, as investors bet China's economy will keep
growing even after the central bank raised interest rates for a
fourth time on May 18. The yen ended its rally today as investors
returned to the so-called carry trade on the view China's decision
to widen its trading band was only a political gesture ahead of a
meeting of U.S. and Chinese officials this week.


Read more at Bloomberg Currencies News

U.K. Stocks Drop, Paced by Reuters, BSkyB; Mitchells & Butlers Gains

(Bloomberg) -- U.K. stocks fell for the first
time in three days, led by Reuters Group Plc and British
Sky Broadcasting Group Plc.

Shares of Mitchells & Butlers Plc and Punch Taverns
Plc gained, limiting the retreat.


Read more at Bloomberg Stocks News

Kuwait Holds Its Currency Steady a Day After Abandoning Peg to U.S. Dollar

(Bloomberg) -- Kuwait held the dinar steady against
the dollar a day after the country abandoned its peg to the U.S.
currency to help curb rising import prices and inflation.

The Kuwaiti currency strengthened 0.4 percent yesterday
after the decision to dump the peg and link the dinar instead to
a basket of ``major world currencies.'' The central bank today
said it would buy dinars at 0.28811 against the dollar and sell
them at 0.28801, the same rates as yesterday.


Read more at Bloomberg Currencies News

Yen Falls to Record Versus Euro; Asian Stocks Advances Spur Carry Trade

(Bloomberg) -- The yen declined to a record low versus
the euro and slid versus the dollar as gains in Asian stocks
encouraged investors to borrow Japan's currency to fund purchases
of higher-yielding assets.

Shares in Shanghai and Shenzhen reversed drops to spur a
regional advance on speculation China's economy will keep growing
even after the central bank raised interest rates for a fourth
time. An economic report last week showed an unexpected
improvement in U.S. consumer confidence, supporting investor
appetite for riskier investments including so-called carry trades.


Read more at Bloomberg Currencies News

Gold Declines as Rallying Stock Markets May Erode Demand; Silver Advances

(Bloomberg) -- Gold declined as rallying stock
markets may erode investor demand for the precious metal. Silver
gained.

Investor demand for gold fell 26 percent in the first
quarter from a year earlier, the producer-funded World Gold
Council said last week. Gold has dropped 3.9 percent the past two
weeks, the longest slide since December. The Dow Jones Industrial
Average has climbed for seven weeks to a record.


Read more at Bloomberg Commodities News

FTSE dips as oils outweigh pub property hopes

(Reuters) - The FTSE 100 of Britain's leading shares edged down on Monday, as oil stocks weighed but pub groups supported on hopes of possible property break-ups.

At 0731 GMT, the FTSE 100 was 16.4 points, or 0.25 percent lower at 6,624.5, reversing gains achieved on Friday when shares rose to their highest close since September 2000.


Read more at Reuters Africa

European Stocks Retreat, Paced by Intesa, Unicredit; Axa Shares Decline

(Bloomberg) -- European stocks fell, paced by Intesa
Sanpaolo SpA, UniCredit SpA and Axa SA as the shares all traded
without the right to their latest dividend.

The Dow Jones Stoxx 600 Index fell 0.3 percent to 392.95 as
of 8:25 a.m. in London. The Stoxx 50 declined 0.3 percent and the
Euro Stoxx 50, a measure for the 13 nations sharing the euro,
dropped 0.4 percent.


Read more at Bloomberg Stocks News

Advanced Info, Thailand Phone Rivals Face Higher Fees Under New Contracts

(Bloomberg) -- Advanced Info Service Pcl, Total
Access Communication Pcl and True Corp. may be forced to pay
higher fees to Thailand's government after lawmakers said their
contracts breached rules and will be renegotiated.

The Council of State, the government's legal advisory body,
said the companies' operating concessions were changed by the
previous administration without required Cabinet approval. New
contracts will be negotiated in the next two to three months.


Read more at Bloomberg Emerging Markets News

UniCredit, Popolare Milano Pay $37 Billion to Buy Smaller Italian Banks

(Bloomberg) -- UniCredit SpA and Banca Popolare di
Milano Scrl announced a combined 27.5 billion euros ($37.2
billion) of takeovers yesterday as Italian banks compete for
branch networks in Europe's most profitable major market.

UniCredit will purchase Rome-based Capitalia SpA for 21.8
billion euros and Popolare Milano will buy Banca Popolare
dell'Emilia Romagna Scrl for 5.65 billion euros.


Read more at Bloomberg Bonds News