S.Africa May net reserves up at $25.48 billion

(Reuters) - South Africa's net gold and foreign exchange reserves rose to $25.48 billion at the end of May from $24.59 billion at the end of April, central bank data showed on Thursday.

Gross reserves increased to $27.85 billion from $27.02 billion in April, the bank said in a statement posted on its web site.


Read more at Reuters Africa

Bull-Dog Sauce opposes Steel Partners, eyes warrants

(Reuters) - A string of Japanese companies including Nissin Food Products Co. Ltd. have adopted poison pill measures since April to defend themselves against unsolicited takeover bids.




Earlier last month, Steel Partners asked confectioner Ezaki Glico Co. to triple its planned dividend. Ezaki Glico responded by raising it 50 percent.


Read more at Reuters.com Mergers News

Asian Stocks Snap Five-Day Rally on Interest Rate Concerns; Samsung Falls

(Bloomberg) -- Asian stocks fell for the first time in
six days, led by exporters, banks and mining companies, on concern
global interest rates will rise further.

The Morgan Stanley Capital International Asia-Pacific Index
retreated from a record high, led by Nissan Motor Co. and Samsung
Electronics Co, after U.S. labor costs rose more than economist
forecasts. Commonwealth Bank of Australia dropped after the
government said May employment rose almost four times as much as
economists estimated, suggesting borrowing costs may increase.


Read more at Bloomberg Stocks News

Zell's Tribune Buyout Runs Into Hedge Funds Seeking Bond Default, Profits

(Bloomberg) -- Sam Zell's agreement to buy Tribune
Co., the publisher of the Los Angeles Times and owner of the
Chicago Cubs, prompted three hedge funds to seek profits in the
fine print of $1.26 billion of bonds.

It's a tactic bondholders have successfully used before.
Blackstone Group LP paid $953 million to redeem debt earlier
this year, $127 million more than it first offered, after
getting attacked by investors in the $20 billion leveraged
buyout of Equity Office Properties Trust. American International
Group Inc. is leading an effort to squeeze Tyco International
Ltd. for an additional $95 million before approving its breakup
plan.


Read more at Bloomberg Bonds News

JPMorgan to sell 5-year senior bond in A$ debut

(Reuters) - Indicative pricing is 20 basis points over swap.




The issuer is also considering a 10-year subordinated bond
but did not give pricing indications, the portfolio manager
said. The sub debt offer would be issued by JPMorgan Chase Bank
and would be rated AA- by S&P and Aa1 by Moody's.


Read more at Reuters.com Bonds News

Gold little changed, TOCOM falls as yen weighs

(Reuters) - Asian stock markets tracked a drop in U.S. and European shares and took some of the shine off risky positions such as carry trades, in which purchases of higher-yielding assets are funded with the low-yielding Japanese currency.




While U.S. long-term interest rates have been on the uptrend, Wednesday's data showing higher-than-expected U.S. labor costs stoked worries about inflation and interest rates, causing a drop in U.S. stocks.


Read more at Reuters.com Hot Stocks News

Singapore's Stocks Drop a Third Day, Longest Losing Streak in Three Months

(Bloomberg) -- Singapore's stocks fell for a third
day, the longest losing streak in three months, after a bigger-
than-expected increase in U.S. labor costs heightened concern
interest rates will be raised in the world's largest economy.

Keppel Corp. and Singapore Exchange Ltd. led a retreat by
the city-state's largest companies on concern higher rates will
erode the attraction of stocks for global investors.


Read more at Bloomberg Stocks News

ECB rate view puts euro on back foot, yen gains

(Reuters) - The yen inched up after Asian stock markets tracked a drop in U.S. and European shares and took some of the shine off risky positions such as carry trades, in which purchases of higher-yielding assets are funded with the low-yielding Japanese currency.




After raising rates to a six-year high on Wednesday, the ECB showed its readiness to tackle inflation risks, but President Jean-Claude Trichet gave limited guidance on how soon additional rises would come, or how much tightening remains in store.


Read more at Reuters.com Hot Stocks News

South Korean Shares Drop, Led by Posco, Samsung Electronics, Kookmin Bank

(Bloomberg) -- South Korea's benchmark stock index,
the Kospi Index, fell 1.39 percent at 9:05 a.m.

The index of 733 companies traded on the Korea Exchange
fell 24.22 to 1,717.97. Among the stocks in the index, 170 rose,
446 fell and 116 were unchanged.


Read more at Bloomberg Stocks News

Oregon enacts tough renewable power requirement

(Reuters) - Oregon became at least the 24th U.S. state to have
established a 'renewable portfolio standard." It is the last of
the three Pacific Coast states, that also include Washington
and California, to establish an RPS.




Oregon plans to have steps along the way to 2025. It set
targets for 5 percent by 2011, 15 percent by 2015, and 20
percent by 2020.


Read more at Reuters.com Bonds News

Japanese Stocks May Fall, Led by Exporters, Honda on Inflation Concerns

(Bloomberg) -- Japanese stocks may decline, paced by
companies that rely on U.S. sales such as Sony Corp. and Honda
Motor Co., after a higher-than-forecast rise in U.S. labor costs
fueled concerns about accelerating inflation.

The U.S. is the largest overseas market for Sony, while Honda
made more than half of its total sales in North America last year.


Read more at Bloomberg Stocks News

UPDATE 1-SeaChange Q1 loss wider than Street view; shares fall

(Reuters) - Shares of the company fell more than 10 percent in late
electronic trade, after closing at $9.11 on Nasdaq Wednesday.




The Acton, Massachusetts-based company said first-quarter
loss was 12 cents a share on revenue of $38.8 million. Analysts
were expecting a loss of 10 cents a share on revenue of $41.4
million, according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 4-France promises to stick to EU budget pledge

(Reuters) - PARIS, June 6 - French President Nicolas Sarkozy
said France would stick to its commitment to cut debt in line
with European Union guidelines, and would do so via a
combination of economic growth and savings.




"I will never let anyone say we don't meet our European
commitments with regard to controlling public spending,"
Sarkozy said in an interview with the daily Le Figaro published
on its Web site on Wednesday.


Read more at Reuters.com Bonds News

ADC, CVS Caremark, Medco, Seachange, Shuffle Master: U.S. Equity Preview

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

ADC Telecommunications Inc. (ADCT US) rose 66 cents, or 3.8
percent, to $17.95 in trading after the official close of U.S.
exchanges. The maker of phone-networking gear said second-
quarter profit quadrupled from a year earlier. Earnings
excluding some items were 35 cents a share, topping the 23 cent
average estimate from analysts in a Bloomberg survey.


Read more at Bloomberg Stocks News

UPDATE 1-Fla. rejects proposed FPL Glades coal power plant

(Reuters) - The plant was "not the most cost-effective alternative
available," the state Public Service Commission said in a
release on Tuesday.




FPL, a subsidiary of FPL Group Inc. , of Juno Beach,
Florida, was seeking approval to spend about $5.7 billion to
build a 1,960-megawatt ultra super critical coal plant, capable
of serving about 396,000 homes and businesses. FPL expected the
units to enter service in 2013 and 2014.


Read more at Reuters.com Bonds News

Asian Stocks Fall in U.S. Trading on Inflation Concern; BHP, Tata Retreat

(Bloomberg) -- Asian stocks fell in U.S. trading for
a second day as a higher-than-forecast rise in labor costs fueled
concerns about accelerating inflation. BHP Billiton and other
metal shares dropped on lower gold and copper prices.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, slipped 0.7 percent to
165.07, the biggest decline in two weeks.


Read more at Bloomberg Stocks News

ADC Telecommunications has jump in profit

(Reuters) - The company said income from continuing operations was $7.5 million for the quarter, or 23 cents a share, compared with $1 million, or 3 cents a share, a year ago.



Quarterly sales rose to $672.6 million from $634.4 million a year earlier.


Read more at Reuters.com Market News

Aeropostale posts May same-store sales

(Reuters) - Total sales rose 19.3 percent for the four-week period
ended May 27 to $88.1 million.




Read more at Reuters.com Market News

Benq, PT Trimegah, PetroChina, Quanta, Rizal: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or fall in
Asian markets, excluding Japan. This preview includes news that
broke after markets closed. Prices are from the local market's last
close. Stock symbols are in parentheses after company names.

Benq Corp. (2352 TT): Benq, Taiwan's largest maker of branded
consumer electronics, said sales in May dropped 7.8 percent from a
year earlier to NT$9.79 billion ($296.5 million). Benq was
unchanged at NT$12.20.


Read more at Bloomberg Stocks News

Limelight Networks raises expected IPO price

(Reuters) - Goldman Sachs & Co. and Morgan Stanley are the lead
underwriters for the IPO, and the company expects to list its
stock on the Nasdaq under the symbol "LLNW" .




Read more at Reuters.com Government Filings News

Conrad Black judge will not recall star witness

(Reuters) - Judge Amy St. Eve of the U.S. District Court said she saw no reason to recall David Radler, Black's business partner of 30 years, who turned government informant, pleaded guilty and now faces jail time.




Radler testified last month over a two-week period as prosecutors tried to show that he and Black worked closely together in orchestrating a scheme that allowed the two to eventually steal $60 million from Hollinger International Inc., the media giant they had built.


Read more at Reuters.com Business News

UPDATE 1-GMAC's ResCap says subprime mortgages at a dribble

(Reuters) - GMAC, the finance company in which General Motors Corp.
sold a majority stake last year, last month said it
posted a first-quarter net loss as the subprime mortgage crisis
forced it to take charges. GM Chief Financial Officer Fritz
Henderson also said the "maelstrom" of the subprime market
caused the automaker's results to fall short of forecasts.




ResCap, a survivor of the crisis that sent dozens of
lenders out of business or into bankruptcy, is still working to
get its mortgage products "in front of customers," Wold said,
speaking at the American Securitization Forum's annual meeting
in New York. Subprime lending will pick up but probably won't
return to the "old" heyday, she said.


Read more at Reuters.com Bonds News

Citigroup to pay $15.2 mln for misleading retirees

(Reuters) - The penalty includes a $3 million fine and $12.2 million in restitution to more than 200 people through a related class-action lawsuit. The NASD also suspended three brokers and two branch managers at a Citigroup office in Charlotte, North Carolina, and fined them a total of $295,000.




According to the NASD, the largest U.S. bank failed to supervise brokers who conducted dozens of seminars for BellSouth workers in North Carolina and South Carolina from 1994 to 2002.


Read more at Reuters.com Business News

Corn Falls as Higher Crop Ratings in U.S. Signal Boost in Grain Supplies

(Bloomberg) -- Corn fell to a one-week low in
Chicago on speculation that the highest U.S. crop ratings since
1991 signal farmers will harvest more grain than forecast a
month ago.

About 78 percent of the crop was rated good or excellent as
of June 3, unchanged for the third consecutive week and up from
71 percent a year earlier, the Department of Agriculture said
June 4. About 94 percent of the corn that farmers intended to
plant had emerged from the soil, compared with the five-year
average of 93 percent. Corn is the biggest U.S. crop.


Read more at Bloomberg Commodities News

Subprime loan market may retrench in '08-WaMu exec

(Reuters) - But the market, stabilizing somewhat today, will likely be
"very strong" again by 2010 as a result of improvements made
across the industry, he said. Total subprime loan volume will
probably drop to about $350 billion this year from $640 billion
last year due to improved underwriting and other changes, he
said.




Profit at WaMu and other lenders who make subprime
loans, which are extended to borrowers with poor credit
histories, has been hit in recent quarters as surging
delinquencies and foreclosures on bad loans cause losses.


Read more at Reuters.com Bonds News

Euro Declines From Record Versus Yen as Traders Reduce Rate Bets After ECB

(Bloomberg) -- The euro dropped from a record high
against the yen and weakened versus the dollar as European
Central Bank President Jean-Claude Trichet's remarks led traders
to reduce bets on two more boosts in interest rates this year.

The European currency weakened as the ECB, which increased
its benchmark lending rate to 4 percent as economists expected,
reduced its growth outlook and held its inflation forecast
steady for next year. The yen strengthened as a decline in U.S.
stocks and rising bond yields in Japan led investors to reduce
speculation against the currency.


Read more at Bloomberg Currencies News

TREASURIES-Stock slide underpins rebound in battered bonds

(Reuters) - NEW YORK, June 6 - U.S. Treasuries rose on
Wednesday as sagging stocks helped stem a month-long selling
spree that has taken yields within a sliver of 5 percent.




Major Wall Street indexes were down about 0.7 percent,
helping government debt gain a foothold.


Read more at Reuters.com Bonds News

Borders, Panera Bread, Starent Networks, Whole Foods: 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.
Shares prices are as of 11:40 a.m. New York time.

Acadia Pharmaceuticals Inc. (ACAD US) rose $1.52, or 12
percent, to $13.95 and traded as high as $14.40. The developer of
drugs to treat central nervous system disorders was recommended
by CNBC host Jim Cramer, who said the company will benefit from
three promising drugs in U.S. Food and Drug Administration
clinical trials.


Read more at Bloomberg Stocks News

Crude Oil Falls After Report Showing Increase in U.S. Inventories of Fuels

(Bloomberg) -- Crude oil rose on reports that
thousands of Turkish troops moved into northern Iraq to chase
Kurdish guerillas.

Turkish troops crossed into Iraq in pursuit of members of
the Kurdistan Workers' Party, or PKK, the Associated Press
reported citing unidentified security officials. Iraq has the
world's third-biggest proved oil reserves, according to BP Plc.
Oil fell earlier on a U.S. report showing that gasoline supplies
surged last week as refiners cut operating rates.


Read more at Bloomberg Energy News

U.S. Treasury Yields Near the Highest in Nine Months Attract Investors

(Bloomberg) -- U.S. Treasuries rose as yields near
the highest in more than nine months attracted investors after
more than four weeks of losses.

The two-year security's yield touched 5 percent yesterday
for the first time since August as futures traders reversed bets
the Federal Reserve would lower interest rates this year. Sandra
Pianalto, president of the Fed's Cleveland Bank, said U.S.
inflation is faster than she'd like.


Read more at Bloomberg Bonds News

Amgen to buy company with diabetes drug

(Reuters) - Amgen, the word's largest biotechnology company by sales, on Monday said it would buy privately held Ilypsa, which is developing a drug for chronic kidney disease, for $420 million.




Amgen said the Alantos acquisition has been approved by the boards of both companies and Alantos shareholders. It expects the deal to close in the third quarter.


Read more at Reuters.com Mergers News

RPT-UPDATE 1-Subprime guidance seen 'largely intact'-FDIC's Bair

(Reuters) - The FDIC is one of five regulators that have proposed
subprime mortgage underwriting guidance in an effort to stave
off risks to consumers and the U.S. banking system. The
guidance is opposed by Countrywide Financial Corp. ,
which has said it will prevent credit-worthy borrowers from
obtaining a loan.




"Our draft will be largely intact when we finalize it," she
said, addressing the annual meeting of the American
Securitization Forum in New York. The guidance "is simple
common sense," she said.


Read more at Reuters.com Government Filings News

Moberg's Failure to Take on Wal-Mart in U.S. Leaves Ahold Shares Trailing

(Bloomberg) -- Departing Royal Ahold NV Chief
Executive Officer Anders Moberg cut debt by more than half, sold
assets and returned the retailer to profit after an accounting
scandal. His U.S. growth plan hasn't fared as well.

That leaves Moberg's successor -- as yet unnamed -- to boost
sales at U.S. supermarkets. Revenue growth at rival Kroger Co.,
the biggest U.S. supermarket company, is about eight times that
at Ahold's Stop & Shop chain.


Read more at Bloomberg Exclusive News

US STOCKS-Indexes open lower on rate concerns

(Reuters) - The Dow Jones industrial average was down 46.49
points, or 0.34 percent, at 13,548.97. The Standard & Poor's
500 Index was down 5.85 points, or 0.38 percent, at
1,525.10. The Nasdaq Composite Index was down 13.05
points, or 0.50 percent, at 2,598.18.




Read more at Reuters.com Bonds News

Cross Country buys privately held Akos for $14 mln

(Reuters) - Akos, which is a provider of drug safety, regulatory and
clinical trial services to pharmaceutical and biotechnology
companies, had revenue of $5.5 million for its fiscal year
ended Oct. 31.





Read more at Reuters.com Mergers News

Platinum Declines in London as Industrial Demand May Slow; Palladium Drops

(Bloomberg) -- Platinum fell on speculation slowing
industrial demand will exacerbate a surplus of the precious
metal. Palladium also declined.

Demand for the metal in electronics, car-exhaust systems and
other industrial uses usually slows in summer in the Northern
Hemisphere, said Rory McVeigh, senior platinum trader at
Commerzbank AG in Luxembourg. Supply exceeded demand last year
for the first time since 1998, London-based manufacturer Johnson
Matthey Plc said last month.


Read more at Bloomberg Commodities News

Canadian Stocks May Fall, Led by Bullion Miners, Barrick, After Gold Drops

(Bloomberg) -- Canadian stocks may decline for a second
day, as falling bullion prices drag down shares of miners such as
Barrick Gold Corp.

Speculation that the Bank of Canada may raise borrowing costs
may weigh on the broader stock market.


Read more at Bloomberg Stocks News

Countrywide urges no shareholder voice on exec pay

(Reuters) - Shareholders have rejected similar "say-on-pay" proposals
for dozens of public companies this year, though a proposal
barely passed at phone company Verizon Communications Inc.
.




In a U.S. Securities and Exchange Commission filing,
Countrywide said it has generated shareholder returns of 340
percent over five years and 561 percent over 10 years,
suggesting it should not be "singled out" with a say-on-pay
proposal.


Read more at Reuters.com Bonds News

US STOCKS-Futures drop on inflation, rate worry

(Reuters) - NEW YORK, June 6 - U.S. stock index futures
indicated a weaker start on Wall Street on Wednesday, on
concern that creeping bond yields will crimp demand for equity
investments.




The European Central Bank raised interest rates by 25 basis
points to 4 percent as expected on Wednesday, which could put
pressure on global bond yields to rise. U.S. stock index
futures held steady well below fair value. Interest-rate
jitters sent stocks lower on Tuesday as higher bond yields pose
competition for stocks.


Read more at Reuters.com Bonds News

Barloworld appoints new chair and deputy

(Reuters) - South African industrial group Barloworld appointed Dumisa Ntsebeza as its new non-executive chairman and former Sasol deputy chief executive Trevor Munday as his deputy, the firm said on Wednesday.

Ntsebeza, who served on the country's Truth and Reconciliation Commission, joined the Barloworld board in 1999 and was appointed interim chairman in January.


Read more at Reuters Africa

Panera May same-store sales rise; cuts Q2 earnings view

(Reuters) - Same-store sales at company-owned outlets rose 1.1 percent
and franchised locations increased 1.3 percent, Panera said in
a statement.





Read more at Reuters.com Market News

Texas Transport, California Municipalities Lead U.S. Tax-Exempt Borrowers

(Bloomberg) -- Texas is selling $1.06 billion of 30-
year general obligation bonds to finance highway projects aimed
at easing mobility around congested areas of the state, in the
largest U.S. municipal debt offering this week.

Los Angeles County will be among more than two dozen local
governments in California that will borrow $1.3 billion today by
selling notes due within a year to raise cash to spend before
tax revenue arrives.


Read more at Bloomberg Bonds News

Swiss Franc May Extend Gains to 16-Year High Against Yen, Dresdner Says

(Bloomberg) -- The Swiss franc may rise to a 16-year
high versus the yen on speculation quickening economic growth and
inflation will prompt Switzerland's central bank to raise
interest rates at a faster pace, according to Dresdner Kleinwort.

The franc has risen versus 11 of the 16 most actively traded
currencies in the past week, buoyed by speculation the Swiss
National Bank will raise rates by more than forecast to check
faster expansion and inflation. SNB President Jean-Pierre Roth
said June 4 the franc's weakness was of a ``passing nature.''


Read more at Bloomberg Currencies News

South African Corn Prices Advance on Concern Rain May Delay Planting

(Bloomberg) -- Corn prices in South Africa, the
biggest producer of the grain in Africa, rose on concern that
rain may delay planting.

``The rain is playing a part,'' Gerhard Pfaff, a commodity
trader at Pretoria, South Africa-based Degro Futures Ltd., said
in an interview. ``It's delaying plantings in corn-growing
areas.''


Read more at Bloomberg Commodities News

CSC considering rival cash bid for iSoft

(Reuters) - By Marc Jones



LONDON, June 6 - After a nine-month wait to be rescued, troubled healthcare software firm iSoft suddenly faces the prospect of two offers after its biggest customer, CSC , said it was considering buying it.


Read more at Reuters.com Mergers News

Oil heads for $71 after Oman cyclone disruptions

(Reuters) - Oil rose towards $71 a barrel on Wednesday, its highest level in two weeks, after a cyclone shut Oman's oil and gas exports before weakening on its way to Iran.

London Brent crude edged up 15 cents to $70.60 a barrel by 0915 GMT. U.S. light crude gained 7 cents to $65.68 a barrel.


Read more at Reuters Africa

Cemex to terminate Rinker withdrawal rights

(Reuters) - Cemex, the world's No. 3 cement maker, said in May it would terminate withdrawal rights no earlier than May 18.



"This date having passed, Cemex today confirms that it will terminate withdrawal rights on the date the offer is declared unconditional," Cemex said in a statement.


Read more at Reuters.com Mergers News

Xstrata sets guidance on 2-part euro bond - banker

(Reuters) - Diversified mining company Xstrata Plc has set guidance on a two-part euro-denominated benchmark bond, a banker familiar with the sale said on Wednesday.

Xstrata plans to sell a 5-year euro bond yielding mid-swaps plus "low 30s" basis points and a 10-year euro bond yielding mid-swaps plus "high 50s" basis points, the banker said.


Read more at Reuters Africa

European Stocks Drop on Interest-Rate Concern; E.ON, Iberdrola Fall

(Bloomberg) -- European stocks declined for a third
day on expectations the European Central Bank will raise interest
rates today and signal further increases.

E.ON AG and Iberdrola SA led a drop by utilities, among
companies most sensitive to shifts in borrowing costs. Thales SA
fell after Societe Generale SA downgraded the stock.


Read more at Bloomberg Stocks News

European shares dip ahead of ECB rate decision

(Reuters) - U.S. stocks fell overnight after Federal Reserve Chairman Ben Bernanke warned inflation could persist as growth moderates.




"Many people were surprised by the that a rate cut this year will not be as possible," said Heinz-Gerd Sonnenschein, an equities analyst at Postbank in Stuttgart.


Read more at Reuters.com Hot Stocks News

Rand steady vs dollar, awaits rates decision

(Reuters) - The rand hovered close to overnight levels against the dollar on Wednesday and should stay within present ranges as market players await an expected interest rate rise on Thursday.

The rand was at 7.1575 versus the dollar at around 0640 GMT after dipping to 7.1750 earlier, compared with New York's close of 7.1675 on Tuesday.


Read more at Reuters Africa