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

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

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


Read more at Bloomberg Bonds News

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

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

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


Read more at Bloomberg Stocks News

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

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

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


Read more at Bloomberg Currencies News

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

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

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


Read more at Bloomberg Stocks News

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

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

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


Read more at Bloomberg Commodities News

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

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

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


Read more at Bloomberg Emerging Markets News

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

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

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


Read more at Bloomberg Currencies News

Cemex increases stake in Australia's Rinker

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




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


Read more at Reuters.com Mergers News

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

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




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


Read more at Reuters.com Mergers News

Topps, dissident director trade barbs over merger

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




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


Read more at Reuters.com Mergers News

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

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

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


Read more at Bloomberg Currencies News

Dell profit beats Street; to cut 10 pct of jobs

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




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


Read more at Reuters.com Business News

UPDATE 1-Calpine to expand Geysers geothermal plant

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




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


Read more at Reuters.com Bonds News

UPDATE 1-J. Crew first quarter net profit rises

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




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


Read more at Reuters.com Market News

Dana, unions seek more time for contract talks

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




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


Read more at Reuters.com Bonds News

Dominion to absorb CNG unit into holding company

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




Read more at Reuters.com Mergers News

New Jersey pension fund probed by U.S. officials

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




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


Read more at Reuters.com Bonds News

UPDATE 1-Venezuela May inflation 1.7 pct -government source

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




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


Read more at Reuters.com Economic News

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

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

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


Read more at Bloomberg Exclusive News

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

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




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


Read more at Reuters.com Bonds News

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

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

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


Read more at Bloomberg Emerging Markets News

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

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

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


Read more at Bloomberg Commodities News

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

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

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


Read more at Bloomberg Stocks News

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

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

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


Read more at Bloomberg Stocks News

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

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




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


Read more at Reuters.com Bonds News

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

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

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


Read more at Bloomberg Commodities News

TREASURIES-Strong data lifts yields to 9-month high

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




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


Read more at Reuters.com Bonds News

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

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

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


Read more at Bloomberg Currencies News

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

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

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


Read more at Bloomberg Stocks News

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

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

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


Read more at Bloomberg Currencies News

UPDATE 1-Blyth flips to profit, but cuts outlook

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




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


Read more at Reuters.com Mergers News

CBOT to launch credit default swap futures

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




The index will be rebalanced every three months.


Read more at Reuters.com Bonds News

UAW says Delphi negotiations continue

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




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


Read more at Reuters.com Bonds News

Northwest Air shares rise after Big Board launch

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




Read more at Reuters.com Hot Stocks News

Oil below $68 after US stock data

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

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


Read more at Reuters Africa

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

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

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


Read more at Bloomberg Stocks News

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

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

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


Read more at Bloomberg Emerging Markets News

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

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

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


Read more at Bloomberg Commodities News

Point Therapeutics cuts 60 pct of workforce

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





Read more at Reuters.com Government Filings News

Philippine Peso Gains as Economic Growth Quickens; Government Bonds Fall

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

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


Read more at Bloomberg Bonds News

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

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

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


Read more at Bloomberg Bonds News

Pilat Media to explore Nasdaq listing

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




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


Read more at Reuters.com Market News

National Bank boosts profit and dividend

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



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


Read more at Reuters.com Market News

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

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




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


Read more at Reuters.com Mergers News

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

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

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


Read more at Bloomberg Stocks News

Jo-Ann Stores for sale: The Deal

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




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


Read more at Reuters.com Bonds News

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

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

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


Read more at Bloomberg Stocks News

Chico's, Motorola, Novell, Optium, Payless ShoeSource: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names.

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


Read more at Bloomberg Stocks News

JGBs fall on stock rebound, BOJ rate hike concern

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




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


Read more at Reuters.com Bonds News

Oil flat after four-day slide; gasoline build eyed

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

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


Read more at Reuters Africa

Rand weaker vs dollar, eyes PPI, trade data

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

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


Read more at Reuters Africa

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

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

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


Read more at Bloomberg Currencies News

Oil steady after four-day slide; gasoline build eyed

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




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


Read more at Reuters.com Hot Stocks News