Gold Price Advances in Asia as Investors Bet Fall Overdone, Silver Gains

(Bloomberg) -- Gold gained in Asia as investors bet
yesterday's fall, its largest fall in four weeks, was overdone.
Silver also rose.

Gold generally moves in the opposite direction of the U.S.
dollar which yesterday advanced the most in three weeks versus
the euro on speculation the Federal Reserve will hold borrowing
costs steady. Gold yesterday fell $11.60, or 1.7 percent, its
biggest one-day fall since May 10.


Read more at Bloomberg Currencies News

SocGen mulling merger or bid for BNP: paper

(Reuters) - A Societe Generale spokeswoman could not immediately be reached for comment.




Les Echos said Societe General Chairman and Chief Executive Daniel Bouton declined to comment on its story.


Read more at Reuters.com Business News

SEC to fine Nortel over accounting fraud: report

(Reuters) - SEC attorneys received the commissioners' approval last month to seek a fine of less than $100 million from Nortel, the report said. The case may provide a sign of what penalties to expect from the SEC amid concerns that Chairman Christopher Cox is favoring companies at the expense of investors.




Neither Nortel nor the SEC immediately returned calls seeking comment.


Read more at Reuters.com Business News

Growth in U.S. to Quicken, Fed Rate Cut Unlikely This Year, Survey Shows

(Bloomberg) -- U.S. economic growth will gradually
pick up through the end of this year, making the Federal Reserve
unlikely to cut interest rates before 2008, according to
economists surveyed by Bloomberg News this month.

Economists now forecast the economy this quarter will
expand at an annual rate of 2.6 percent, compared with 2.2
percent projected last month and a 0.6 percent pace in the first
quarter. The economy will expand at a 2.9 percent rate by the
final three months of 2007, according to the median of 69
estimates in a survey taken from May 30 to June 7.


Read more at Bloomberg Currencies News

Oil slips, holds $71 as OPEC says supplies ample

(Reuters) - London Brent crude , seen as currently more representative of the global market, was down 13 cents at $71.09 a barrel at 0309 GMT, after rising 20 cents on Thursday. U.S. crude fell 12 cents to $66.81 after a 97-cent rally.




OPEC President Mohammed al-Hamli said on Thursday oil supplies were sufficient and there was no need for an emergency meeting. Consumers have been urging the group to produce more oil to lower prices.


Read more at Reuters.com Hot Stocks News

`Magic Train' Throws a New Lifeline to India's 600 Million Village Folk

(Bloomberg) -- Inside a makeshift tent pitched on a
west Indian railway platform, Daji Mohite awaits an operation to
remove cataracts. He's about to board the Lifeline Express, the
world's oldest charity hospital on train tracks.

``I have waited for so many years for this surgery,'' says
Mohite, 66, a retired factory worker who survives on his one-time
150,000-rupee ($3,700) pension payout. ``One fine day the train
comes here and it is sheer magic. I will be able to see better.''


Read more at Bloomberg Exclusive News

UPDATE 3-U.S. Senate deals major blow to immigration bill

(Reuters) - WASHINGTON, June 7 - A White House-backed bill to
revamp U.S. immigration laws stalled in the U.S. Senate on
Thursday, handing President George W. Bush a major legislative
setback.




The sharply divided Senate refused to limit debate on the
fragile compromise hammered out by a bipartisan group of
senators and the White House. The vote was 45-50, 15 short of
the 60 votes needed to advance significant legislation in the
100-member body toward a final vote.


Read more at Reuters.com Bonds News

Nissan Motor Raises 100 Billion Yen From First Bond Sale in Two Years

(Bloomberg) -- Nissan Motor Co., Japan's third-
largest automaker, raised 100 billion yen ($825 million) selling
bonds, according to a statement from the sale's arrangers.

Nissan priced 65 billion yen of five-year bonds to yield 22
basis points more than Japanese government debt with similar
maturity. The automaker also priced 35 billion yen of seven-year
bonds to yield 25 basis points more than government debt. A
basis point is 0.01 of a percentage point.


Read more at Bloomberg Bonds News

Cemex stake in Rinker rises, bid unconditional

(Reuters) - Shares held under an institutional acceptance facility
, which allows institutions to withdraw their acceptances,
dipped to 15.23 percent from 15.41 percent, giving a total
interest of 52.65, up from 49.51 percent.




Cemex, the world's No. 3 cement maker, said late on
Thursday that the right to withdraw acceptances under the IAF
facility has now been terminated. It declared the bid
unconditional after gaining more than 50 percent of shareholder
acceptances.


Read more at Reuters.com Mergers News

New Zealand Budget Operating Surplus Narrower Than Forecast on Tax Delay

(Bloomberg) -- New Zealand's budget operating
surplus was NZ$380 million ($285 million) less than forecast in
the 10 months ended April 30 because of delays in tax receipts
and smaller-than-expected gains on investments.

The NZ$6.78 billion surplus compares with NZ$7.16 billion
forecast by the Treasury department in the May fiscal update.
The surplus is expected to be NZ$6.57 billion in the year ending
June 30, according to a statement e-mailed to Bloomberg.


Read more at Bloomberg Bonds News

Tyco OKs spin-off of healthcare, electronics units

(Reuters) - Tyco has said it was spinning off its electronics and health-care divisions into independent, publicly traded companies to allow each business to set its own strategy and provide investors with clearer choices.




The break-up has been expected to cost $1.6 billion.


Read more at Reuters.com Business News

Bull-Dog Sauce, Toys R Us Japan, Heiwa Real Estate; Japanese Stock Preview

(Bloomberg) -- The following stocks may move in
Japanese markets tomorrow. Prices are as of the close of trading.
Statements were released after the close. Stock symbols are in
parentheses.

Bull-Dog Sauce Co. (2804 JT): The Worcestershire sauce
maker's management rejected a takeover bid by Steel Partners
Japan Strategic Fund L.P., a fund headed by U.S. investor Warren
Lichtenstein. Bull-Dog will seek shareholder approval at a June
24 meeting to issue equity warrants as an anti-takeover measure.
The stock added 5 yen, or 0.3 percent, to 1,655.


Read more at Bloomberg Stocks News

Lawmakers quiz student lenders on "redlining"

(Reuters) - Redlining refers to an illegal practice in the home- mortgage business in which banks base lending decisions on what neighborhood the potential borrower lives in, regardless of other qualifications.




New York Attorney General Andrew Cuomo is investigating whether redlining is occurring in the student loan market, as he disclosed on Wednesday in a Senate committee hearing.


Read more at Reuters.com Bonds News

Verizon to request Bush veto on ITC decision

(Reuters) - "Its a bad order that essentially attempts to freeze
innovation in cell phones and it obviously won't stand through
the process," said Verizon Wireless spokesman James Gerace.




"We'll be looking for a presidential intervention."


Read more at Reuters.com Government Filings News

Data shows economy poised for better growth

(Reuters) - Fewer U.S. workers signed up for unemployment aid last week, according to the Labor Department. The number of U.S. workers filing initial claims for jobless benefits slipped by 1,000 to 309,000, the department said on Thursday.




Other data showed wholesalers boosted inventories in April, and retail chain stores saw moderate sales gains in May.


Read more at Reuters.com Business News

Foreign central banks net sellers of U.S. debt-Fed

(Reuters) - The breakdown of custody holdings showed overseas central
banks sold $9.769 billion in Treasury debt to stand at a total
of $1.225 trillion.




The foreign institutions also sold securities from
government-sponsored agencies like Fannie Mae and
Freddie Mac , subtracting $2.727 billion from their
holdings, to stand at $725.21 billion.


Read more at Reuters.com Bonds News

Atlantic Coast Federal to restate results

(Reuters) - The restatement will lead to an increase in non-cash
cumulative net income by $422,000 for the three-year period, it
said in a statement.





Read more at Reuters.com Market News

Limelight Shares May Rise in Initial Trading as Demand for Web Video Rises

(Bloomberg) -- Shares of Limelight Networks Inc. may
rise in initial trading tomorrow as investors bet on the
company's technology for delivering movies and video games over
the Web.

Limelight, based in Tempe, Arizona, is planning to sell 14.4
million shares at $12 to $14 each, up from $10 to $12 previously,
to raise about $187 million, the company said in a regulatory
filing yesterday. The sale of the 18 percent stake today may
value Limelight at more than $1 billion.


Read more at Bloomberg Exclusive News

PNC buying New Jersey bank Yardville

(Reuters) - Pittsburgh-based PNC said the acquisition will help it rank first in deposit share in three wealthy New Jersey counties: Hunterdon, Mercer and Somerset. The purchase comes three months after PNC paid $6 billion for Baltimore's Mercantile Bankshares Corp., becoming the 10th-largest U.S. bank.




Yardville ended March with $2.68 billion of assets, $2.06 billion of deposits and $2 billion of loans. It operates 33 branches in six New Jersey counties and Bucks County, Pennsylvania and has 440 employees. Like many commercial lenders, it has struggled with a tough interest rate environment.


Read more at Reuters.com Bonds News

Chile analysts lift '07 GDP growth view to 5.9 pct

(Reuters) - The revisions follow the announcement earlier this week of
accelerating growth and rising inflation in Chile.




The country's economic activity index, the IMACEC, rose 6.6
percent in April compared with a year earlier, maintaining this
year's strong growth trends.


Read more at Reuters.com Economic News

UPDATE 1-No impact seen from China stock slide -IMF official

(Reuters) - "There is no reason to believe ... it will have a
significant effect on China's economy or on the international
economy or world financial markets," IMF spokesman David Hawley
told a regular briefing for reporters.




The Shanghai benchmark stock index plunged 21
percent in the last five trading days through Tuesday, as small
investors dumped stocks after Beijing, worried that the market
was boiling over, increased the tax on stock trades. The tax
hike went into effect last Wednesday.


Read more at Reuters.com Bonds News

Philadelphia newspaper investor eyes Dow Jones

(Reuters) - NEW YORK, June 7 - Philadelphia Media Holdings Chief Executive Brian Tierney said on Thursday he is interested in bidding with partners for Wall Street Journal publisher Dow Jones & Co. Inc.



Tierney, who led an investor group that bought the Philadelphia Inquirer and The Philadelphia Daily News last year, also indicated he could be willing to pay at least as much as the $5 billion offered by Rupert Murdoch's News Corp. for Dow Jones.


Read more at Reuters.com Mergers News

Gold, Silver Drop as Higher Interest Rates May Curb Demand for the Metals

(Bloomberg) -- Gold and silver fell in New York on
speculation that higher global interest rates will reduce demand
for precious metals as alternative investments.

Bond yields climbed around the world after the Reserve Bank
of New Zealand unexpectedly raised rates today. The European
Central Bank yesterday raised a benchmark rate to 4 percent, the
highest in six years, to temper inflation. Holding gold becomes
less attractive when rates rise because the metal has no fixed
returns.


Read more at Bloomberg Commodities News

Mediaset, Goldman Sachs Get Loan to Buy `Big Brother' Producer Endemol

(Bloomberg) -- Mediaset SpA and its partners buying
Endemol NV, the Dutch television producer of ``Big Brother'' and
``Deal or No Deal,'' lined up 2.5 billion euros ($3.4 billion) of
loans to finance the acquisition, bankers for the group said.

Goldman Sachs Group Inc. is leading six lenders arranging
the loans, said bankers involved in the deal, who declined to be
identified because the information isn't public. Goldman Sachs,
Dutch billionaire John De Mol and Milan-based Mediaset,
controlled by former Italian Prime Minister Silvio Berlusconi,
are buying a 75 percent stake in Endemol.


Read more at Bloomberg Bonds News

U.S. 30-year mortgage rates highest since August

(Reuters) - Fifteen-year mortgage rates soared to 6.22 percent from
6.12 percent, the highest since 6.20 percent in the Aug. 10
week.




With such spikes, 30-year and 15-year mortgages edged close
to their year-ago levels. During the same week last year,
30-year mortgages averaged 6.62 percent and 15-years averaged
6.23 percent.


Read more at Reuters.com Bonds News

Nymex Natural Gas Declines After Report Shows U.S. Inventories Increased

(Bloomberg) -- Natural gas declined in New York after
a government report showed inventories held in 400 underground
caverns, aquifers and reservoirs rose by 110 billion cubic feet
last week, more than analysts expected.

A Bloomberg survey of 25 analysts estimated inventories
would expand by 105 billion cubic feet.


Read more at Bloomberg Energy News

Nymex Natural Gas Is Little Changed on Outlook for Heat and Hurricanes

(Bloomberg) -- Natural gas was steady in New York as
buyers discounted an outlook for a higher-than-normal storage
rise and bought supplies of the furnace and power-plant fuel on
forecasts for above-average temperatures and hurricanes.

U.S. inventories held in 400 underground caverns, aquifers
and reservoirs may have risen 105 billion cubic feet last week,
based on the median of 24 estimates in a Bloomberg survey of
analysts. Estimates ranged from 95 billion to 115 billion.


Read more at Bloomberg Energy News

UPDATE 1-PepsiAmericas, PepsiCo to buy Ukraine's Sandora

(Reuters) - The acquisition would be through a new joint venture in
which PepsiAmericas, which bottles Pepsi drinks, would hold a
60 percent interest, the companies said in a joint statement.




The joint venture would initially acquire 80 percent of
Sandora and the remaining in November. The deal is expected to
close in the third quarter of 2007.


Read more at Reuters.com Mergers News

Whirlpool to cut about 730 jobs at Tennessee plants

(Reuters) - The company said it is it is negotiating a licensing agreement with outside partners to manufacture products like dehumidifiers and air purifiers.




It plans to stop making those products at its Lavergne, Tennessee, plant this year, eliminating 330 jobs.


Read more at Reuters.com Business News

Rand pares losses on rate rise

(Reuters) - The South African rand pared losses after the central bank raised benchmark interest rates on Thursday by half a point to 9.50 percent.

The rand which was starting to strengthen from session lows on hawkish comments from Central Bank Governor Tito Mboweni strengthened even further after monetary policy was tightened. The move was expected by the financial markets.


Read more at Reuters Africa

Dollar Advances Against Euro, Yen on Yield Premium, Interest Rate Outlook

(Bloomberg) -- The dollar advanced against the euro
and the yen as Treasury yields rose above 5 percent for the
first time since August and traders added to bets the Federal
Reserve will refrain from cutting interest rates this year.

The U.S. currency gained the most against the euro in more
than two weeks as the extra yield investors earn on 10-year
Treasuries over similar-maturity European debt was the widest in
almost two months. A U.S. government report today pointed to
resilience in the labor market.


Read more at Bloomberg Currencies News

ADC, DynCorp, Greif, Monster, Royal Ahold, SAIC: 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. Share prices are as of 8:10 a.m. New York time.

ADC Telecommunications Inc. (ADCT US) rose 56 cents, or 3.2
percent, to $17.85 in trading before U.S. exchanges opened. 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

Manila tries again to sell power plant

(Reuters) - The auction of the profitable coal-fired Masinloc power
plant north of the capital is set for July 26, the Power Sector
Assets and Liabilities Management Corp. said in a
statement.




An earlier sale of the plant fell through due to the lack of
supply contract


Read more at Reuters.com Bonds News

Family Dollar May same-store sales up 2.5 percent

(Reuters) - Analysts, on average, had been expecting a same-store sales increase of 1.8 percent, according to a Reuters survey.



Family Dollar forecast a 1 percent to 3 percent increase in June same-store sales.


Read more at Reuters.com Market News

Jobless claims down 1,000 to 309,000 last week

(Reuters) - The four-week moving average, which irons out weekly fluctuations in this data, moved up to 307,250 from 304,500.




Meanwhile, the number of workers remaining on the benefit rolls after drawing an initial week of aid rose by 72,000 to a seasonally adjusted 2.54 million for the week ended May 26, the most recent week these figures were available.


Read more at Reuters.com Economic News

India to Export 500,000 Tons Raw Sugar Next Year for First Time Amid Glut

(Bloomberg) -- India, the world's second-biggest
sugar producer, may export as much as 500,000 tons of raw sugar
for the first time in the year starting October to reduce costs
as global prices slump amid record production.

Indian Sugar Exim Corp., an industry-funded trading firm,
won a contract to ship 200,000 tons to Dubai-based Al Khaleej
Sugar, Asia's largest refiner, Vinay Kumar, member secretary of
Sugar Exim, said today in a phone interview. The company hopes to
secure more orders when it starts supplying in December.


Read more at Bloomberg Commodities News

Nordstrom May same-store sales up 6.3 percent

(Reuters) - Wall Street, on average, had been expecting a same-store sales rise of 3.4 percent, according to a Reuters survey.



The Seattle-based retailer said preliminary data indicated total sales for the four weeks that ended June 2, rose 6.1 percent to $637.8 million.


Read more at Reuters.com Market News

South African Organiers Say 2010 Soccer World Cup Preparations on Schedule

(Bloomberg) -- South Africa's preparations to host the
2010 Soccer World Cup are on schedule and construction of all
stadiums should be completed within or ahead of deadlines set by
FIFA, world soccer's governing body, local organizers said.

``We will deliver the infrastructure on time,'' Tim Modise,
communications director for the local organizing committee, told a
World Association of Newspapers conference in Cape Town today.
``It is almost impossible the World Cup can be taken away from
South Africa'' unless there is ``some disaster of catastrophic
proportions.''


Read more at Bloomberg Emerging Markets News

UPDATE 1-Finish Line sees 1st-qtr loss; store sales fall

(Reuters) - Finish Line said it sees a net loss of 9 cents to 11 cents
per share in its first quarter. Analysts on average expect the
company to earn 7 cents a share, before any exceptional item,
according to Reuters Estimates.




First-quarter consolidated net sales fell to $288.3 million
from $289 million in the year-ago quarter, the operator of
Finish Line, Man Alive and Paiva chains said.



Read more at Reuters.com Market News

European Stocks Fall, Paced by Volvo, SKF, BAE Systems; Vodafone Gains

(Bloomberg) -- European stocks headed for the longest
losing streak in three months, paced by industrial companies
after brokerages downgraded shares of Volvo AB and SKF AB.

Indexes extended declines on reports North Korea test fired
several short-range missiles into the Yellow Sea.


Read more at Bloomberg Stocks News

Nickel Falls to 10-Week Low After Exchange Changes Rules; Copper Advances

(Bloomberg) -- Nickel fell to a 10-week low, erasing
its leading position this year on the London Metal Exchange, as
stockpiles rose and the bourse imposed new rules to curb what one
analyst described as ``collusive'' trading.

Two or more companies each holding 25 percent or more of
LME-monitored nickel stockpiles now need to make more metal
available to other buyers. Inventories tracked by the LME
increased 2.4 percent to 8,604 tons, the highest since July 10.


Read more at Bloomberg Commodities News

Malaysia Seeks $1.1 Billion Investment for Fish Farming, Cattle Breeding

(Bloomberg) -- Malaysia's government is seeking 3.8
billion ringgit ($1.1 billion) in private funding for projects
including tropical fish farming and cattle breeding to boost
exports and safeguard domestic food supplies.

About 100,000 hectares, an area bigger than New York City,
has been earmarked across Malaysia to rear shrimp, ornamental
fish and seafood, Agriculture Minister Muhyiddin Yassin said in
an interview. He plans to more than double the value of fish
caught and produced to 6.6 billion ringgit by 2010.


Read more at Bloomberg Commodities News

Kenya shilling rallies to four-year high vs dollar

(Reuters) - The Kenya shilling rallied to a four-year high versus the dollar on Thursday.

At 0800 GMT, commercial banks posted the unit at 66.45/55 against Wednesday's 66.60/70 closing level and past a technical level of 66.50. The unit last traded around these levels in May 2003.


Read more at Reuters Africa

RPT-CORRECTED-UTi Worldwide 1st-quarter net falls

(Reuters) - The Rancho Dominguez, California-based company reported net
income of $18.1 million or 18 cents a share for its fiscal 2008
first quarter ending April 30 compared with $19.3 million or 20
cents a share a year earlier.




Wall Street analysts had on average expected earnings per
share for the quarter of 16 cents, according to Reuters
Estimates.


Read more at Reuters.com Market News

U.K. Natural-Gas Prices Decline After National Grid Forecasts Lower Demand

(Bloomberg) -- U.K. natural-gas prices fell after
the nation's gas-network manager forecast demand may decline.

Gas for delivery today at the National Balancing Point, the
U.K. trading hub, dropped 2.2 percent to 22.4 pence a therm at
8:30 a.m. in London, according to broker ICAP Plc. That equals
$4.46 a million British thermal units. A therm is 100,000 Btus.


Read more at Bloomberg Energy News

Vietnam to Introduce Quality Checks on Coffee Exports Starting in October

(Bloomberg) -- Vietnam, the world's second-biggest
coffee producer, plans to introduce quality checks on exports of
the beans from October.

Coffee shipments will be restricted to beans that receive
certificates of quality after compulsory checks start Oct. 1,
according to a June 5 statement on Vietnam's Trade Ministry Web
site, citing Deputy Minister of Trade Luong Van Tu.


Read more at Bloomberg Commodities News

Edgars widens guidance on high-yield bonds - source

(Reuters) - South African retailer Edgars Consolidated Stores (Edcon) is offering higher yields on 1.83 billion euros of high-yield bonds it is selling to fund its buyout by Bain Capital after Wednesday's credit market sell-off, a syndicate source said on Thursday.

The clothing and fashion retailer plans to sell 1.18 billion euros of 7-year senior secured floating-rate notes yielding 275 to 300 basis points over Euribor, the source said, versus earlier guidance of 275 basis points area.


Read more at Reuters Africa

Rand slightly firmer before rates verdict

(Reuters) - South Africa's rand opened slightly firmer versus the dollar on Thursday and traders said the currency would be rangebound before the Monetary Policy Committee's (MPC) interest rate decision around 1330 GMT.

The rand was trading at 7.1666 versus the dollar at 0645 GMT, about 0.3 percent firmer than its New York close of 7.2035 on Wednesday.


Read more at Reuters Africa

Inflation and interest-rate worries batter US indexes

(Reuters) - U.S. stocks fell sharply for a second day on Wednesday after data showing higher-than-expected labor costs stoked worries about inflation and interest rates.

Energy stocks such as Exxon Mobil Corp. fell and the sector was among the heaviest drags on the S&P 500 after government data showed gasoline stockpiles rose more than analysts had forecast.


Read more at Reuters Africa