Dow Jones shareholder sees $60 bid attractive: FT

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




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


Read more at Reuters.com Business News

Motorola says to cut 4,000 more jobs

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







Read more at Reuters.com Business News

UBS names Los Angeles investment bank office heads

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




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


Read more at Reuters.com Mergers News

TiVo posts quarterly profit

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




Read more at Reuters.com Market News

Joy Global, Pennsylvania REIT, Biogen, NiSource: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges today.
Stock symbols are in parentheses after company names. Shares
prices are as of 4 p.m. New York time.

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


Read more at Bloomberg Stocks News

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

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




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


Read more at Reuters.com Mergers News

Utilities propose $500 mln Ill. power rate relief

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




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


Read more at Reuters.com Government Filings News

Fed minutes: growth risks diminished "slightly"

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




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


Read more at Reuters.com Business News

TREASURIES-Most prices stay in plus column after auction

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




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


Read more at Reuters.com Bonds News

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

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

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


Read more at Bloomberg Energy News

New rules altering brokerage relationships

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




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


Read more at Reuters.com Business News

Bioenvision, Donaldson, Joy Global, TRW, Acco Brands: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 11:40 a.m. New York time.

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


Read more at Bloomberg Stocks News

Discount to post gain from sale of Supersol stake

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




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


Read more at Reuters.com Mergers News

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

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

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


Read more at Bloomberg Bonds News

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

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




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


Read more at Reuters.com Economic News

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

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




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


Read more at Reuters.com Hot Stocks News

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

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




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


Read more at Reuters.com Bonds News

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

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




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


Read more at Reuters.com Bonds News

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

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

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


Read more at Bloomberg Energy News

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

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

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


Read more at Bloomberg Stocks News

Rand slips, eyes CPIX

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

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


Read more at Reuters Africa

Steinhoff shares up after JD Group talks collapse

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

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


Read more at Reuters Africa

S.Africa inflation jump fuels rate rise expectations

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

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


Read more at Reuters Africa

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

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

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


Read more at Bloomberg Emerging Markets News

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

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

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


Read more at Bloomberg Currencies News

Statoil Q1 misses forecast on cheaper oil and gas

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




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


Read more at Reuters.com Mergers News

CBS buys online music network Last.fm

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




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


Read more at Reuters.com Mergers News

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

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

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


Read more at Bloomberg Bonds News

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

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

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


Read more at Bloomberg Bonds News

Wal-Mart report questioned strengths: report

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




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


Read more at Reuters.com Business News