Arkema sells resins business to Hexion

(Reuters) - Terms were not disclosed.




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


Read more at Reuters.com Mergers News

G20 to focus on multilaterals, commodity prices - Manuel

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

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


Read more at Reuters Africa

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

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

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


Read more at Bloomberg Stocks News

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

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

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


Read more at Bloomberg Currencies News

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

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




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


Read more at Reuters.com Bonds News

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

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

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


Read more at Bloomberg Commodities News

Allianz Sells Stake in Korean Insurance Venture to Partner Hana Financial

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

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


Read more at Bloomberg Bonds News

Adelphia founder, son lose appeal of criminal case

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




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


Read more at Reuters.com Bonds News

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

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




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


Read more at Reuters.com Government Filings News

Rockwell Automation to buy ICS Triplex

(Reuters) - The transaction is expected to reduce earnings in the first full fiscal year and add to earnings thereafter, Rockwell said in a statement.






Read more at Reuters.com Mergers News

Gymboree shares rise on results, outlook

(Reuters) - Noting this is the 22nd time since May 2005 that Gymboree has increased its outlook, Paula Kalandiak, an analyst with First Albany Capital, raised her target on the company's stock to $53 from $50.




She said Gymboree bested her earnings expectation due to a combination of higher-than-expected gross margins and lower-than-expected sales, general and administrative expenses. She kept her "buy" rating on the stock.


Read more at Reuters.com Hot Stocks News

S.African stocks slide on profit taking after gains

(Reuters) - South African stocks slid on Thursday as investors cashed in some gains in stocks like Kumba Iron Ore after a record-breaking bull run.

The Johannesburg Top-40 index of blue-chip stocks closed down 1.08 percent to 25,795.40 points after touching a fresh record peak on Wednesday, while the broader All-share index slipped 0.94 percent to 28,812.94 points.


Read more at Reuters Africa

New US farm law to tap $20 bln fund--House ag head

(Reuters) - Chairman Collin Peterson told reporters it was becoming
clearer that his committee will be able to dip into the
reserve, which could prevent the planned mothballing of the
first "green payment" program for land stewardship.




Money also may be available to enroll more land in wetland
and grassland programs, said Peterson, Minnesota Democrat.


Read more at Reuters.com Bonds News

Mexico's Peso, Local Bonds Fall on Concern Inflation May Have Accelerated

(Bloomberg) -- Mexico's 10-year bond fell for a
fourth day, its longest losing streak in two months, on concerns
a central bank inflation report for the first half of the month
may prompt Banco de Mexico to increase lending rates.

The yield on the 10-year maturity rose to its highest since
May 7. Economists expect that today's inflation report for the
first 15 days of May will show annual inflation above the
central bank's 2 percent to 4 percent target range. Policy
makers unexpectedly raised borrowing costs last month to stem
inflation.


Read more at Bloomberg Currencies News

Tiger Brands H1 headline EPS up 25 pct, warns on FY

(Reuters) - South African food and pharmaceuticals group Tiger Brands posted a 25 percent rise in first-half headline earnings per share, at the top end of the company's own forecast for a 20-25 percent increase.

But the firm cautioned that growth in headline EPS for the full-year would be "well below" that seen in the first six months.


Read more at Reuters Africa

U.S. Stocks Fall as Interest-Rate Outlook Dims After Data; Utilities Drop

(Bloomberg) -- Most U.S. stocks fell after signs of a
rebound in housing and manufacturing dimmed expectations for an
interest-rate cut and technology companies forecast lower-than-
expected results.

Utilities declined the most among 10 industry groups after
bond yields climbed and traders reduced bets the Federal Reserve
will lower borrowing costs this year. Government reports showed
the two weakest parts of the economy are growing after sales of
new homes jumped the most in 14 years and orders for durable
goods gained for a third straight month.


Read more at Bloomberg Stocks News

US fund ECP raises $523 mln for Africa investment

(Reuters) - U.S.-based private equity group Emerging Capital Partners (ECP) has closed its EMP Africa Fund II, raising $523 million for investment in Africa, the firm said on Thursday.

The Africa Fund II will focus on investments in the telecommunications, natural resources, financial services, agribusiness, utility and transportation sectors.


Read more at Reuters Africa

Dollar Increases as U.S. New Home Sales Rise Most in 14 Years During April

(Bloomberg) -- The dollar rose versus the euro after
a government report showed purchases of new homes in the U.S.
exceeded economists' forecasts during April.

Sales rose 16.2 percent, the most in 14 years, to an annual
pace of 981,000 last month, from a revised 844,000 rate in March,
the Commerce Department said in Washington. Economists surveyed
by Bloomberg News had forecast a gain of 0.2 percent to 860,000.


Read more at Bloomberg Currencies News

Germany's DAX Index Recovers Losses; Siemens, Infineon, Linde Increase

(Bloomberg) -- Germany's DAX Index rebounded, as
shares of Siemens AG, Infineon Technologies AG and Linde AG
advanced.

The benchmark DAX Index added 32.06, or 0.4 percent, to
7767.94 as of 4:08 p.m. in Frankfurt after losing as much as 0.9
percent earlier. The HDAX Index of the country's 110 biggest
companies climbed 0.4 percent.


Read more at Bloomberg Stocks News

INSTANT VIEW 3-US April new home sales higher than expected

(Reuters) - COMMENTARY:




KURT KARL, HEAD OF ECONOMIC RESEARCH, SWISS RE, NEW YORK:


Read more at Reuters.com Economic News

April durables orders weak, jobless claims rise

(Reuters) - The tepid April increase for durable goods -- often costly manufactured items meant to last three years or more -- followed a sharp upward revision in the March figure to a gain of 5.0 percent from a previously reported figure of 3.7 percent, the Commerce Department said.




The April increase was well below the 1.0 percent rise in total durable goods orders forecast by Wall Street economists in a Reuters poll. The March figure was revised sharply upward to a 5.0 percent gain from a previously reported figure of 3.7 percent.


Read more at Reuters.com Business News

Bausch & Lomb jumps on rival bid talk

(Reuters) - Shares of Advanced Medical slipped by 2.5 percent to $41.35 before the bell from a close of $42.44.




Last week Bausch & Lomb, still dealing with widespread product recalls that have hurt sales and delayed financial reports, said it had agreed to be bought by private equity firm Warburg Pincus for about $3.67 billion or $65 per share.


Read more at Reuters.com Hot Stocks News

Nike says to resume soccer ball production in Pakistan

(Reuters) - Nike said it expects to place its first order this summer,
with production to begin in the fall.




The agreement prohibits the use of part-time workers paid
piece wage rates per ball produced without access to health
care and other social benefits, Nike said in a statement.


Read more at Reuters.com Mergers News

Brown Shoe net falls on charge, sales

(Reuters) - Excluding one-time charges, the company earned 29 cents a share. The results included a charge of 7 cents a share stemming from the company's earnings enhancement plan.




Analysts, on average, were expecting the St. Louis-based Brown Shoe to earn 18 cents a share for the quarter, excluding items, on some $575.6 million in sales, according to Reuters Estimates.


Read more at Reuters.com Business News

Liberty's Maffei Halfway Done Unwinding Malone Stakes; Rest May Get Taxed

(Bloomberg) -- John Malone's first approach to the
man he wanted to be chief executive officer of Liberty Media
Corp. was characteristically confounding. Instead of offering
Greg Maffei the job, Malone asked him to recommend other people.

``I played along,'' recalled Maffei, who said he already
knew Malone wanted him on board. A week later, Malone, 66,
called again. ``Finally, he said, `Why don't you come?'''


Read more at Bloomberg Exclusive News

U.S. April durables orders rose 0.6 pct

(Reuters) - The shift in orders between April and March was due largely to changes in the volatile transportation sector, where orders for both motor vehicles and civilian aircraft fell in April after strong increases in March.




Stripping the transportation goods out, durable goods orders rose by 1.5 percent in April, the same pace as in March after a small upward revision. Economists had forecast that durables orders excluding transportation would rise 0.6 percent in April.


Read more at Reuters.com Bonds News

TD Bank profit quarterly profit up 19 pct

(Reuters) - TORONTO, May 24 - Profits from its Canadian retail-banking unit and wealth management business helped drive Toronto-Dominion Bank's , or C$1.20 a share, in the quarter ended April 30, up from C$738 million, or C$1.01 a share, in the year-earlier period.


Read more at Reuters.com Market News

RPT-UPDATE 1-Helicos cuts IPO offering price again to $9/shr

(Reuters) - On Wednesday, the company had cut the expected price for
5.4 million shares to $10 to $11 per share from a previous
estimate of $13 to $15.




In a filing with the U.S. Securities and Exchange
Commission on Thursday, the company said net proceeds, after
expenses, will decrease to about $43.2 million, as a result of
the $9 per share offering price.


Read more at Reuters.com Government Filings News

Marvel cuts Q1 EPS by $0.02 after correcting share count

(Reuters) - The company said it corrected the share count to about 86.1
million for the quarter.





Read more at Reuters.com Market News

Tampa Bay Water, Michigan Schools to Borrow as Municipal Bond Sales Slow

(Bloomberg) -- Michigan's Southfield Public Schools
near Detroit and Florida's Tampa Bay Water are each slated to
borrow about $75 million today as bond sales by U.S. state and
local governments slow before the long Memorial Day weekend.

There are no offerings of more than $200 million scheduled,
according to data compiled by Bloomberg. Today's borrowers may
have to pay higher rates after bonds fell this week, driving
yields higher.


Read more at Bloomberg Bonds News

Key Bancroft family member opposes Murdoch bid: report

(Reuters) - He is a Dow Jones director and, along with two siblings, controls about one-third of the Bancroft family's stake in Dow Jones, the paper said.




Most of the Bancroft family, which controls the company with a class of super-voting shares, oppose Murdoch's $60 per share offer. Dow Jones's board has said as a result that it would not consider Murdoch's offer.


Read more at Reuters.com Mergers News

Nickel steadier after sharp falls, vulnerable

(Reuters) - Nickel steadied on Thursday, after losing more than 10 percent in the past three days but analysts see scope for more selling as cutbacks at stainless steel mills and rising stocks weigh on prices.

Nickel for three months delivery on the London Metal Exchange edged down to $46,000/46,200 a tonne, down $200 from Wednesday, when it shed 4.1 percent.


Read more at Reuters Africa

Malaysia Palm Oil Futures Gain on Demand Outlook for Biofuels Industry

(Bloomberg) -- Malaysia palm oil futures gained the
most in three weeks on concern that supply may lag behind demand
as the biofuels industry grows and limits availability of the
commodity for traditional uses in cooking.

The European Union wants biofuels to make up an average 5.75
percent of transportation fuel by 2010 and 10 percent by 2020, in
an effort to reduce dependence on fossil fuels and curb
greenhouse-gas emissions. Biodiesel, which uses palm oil as a
feedstock, constitutes about 80 percent of EU biofuels production,
according to research company Frost & Sullivan Inc.


Read more at Bloomberg Commodities News