SEC seen as unlikely to delay Blackstone IPO

(Reuters) - The Securities and Exchange Commission is facing political pressure from the top members of the Senate Finance Committee and the chairman of the House Financial Services Committee as well as heat from the country's largest labor federation.




The SEC has not yet declared Blackstone's S-1 initial public offering registration "effective." Until that key regulatory step for IPOs occurs, the commission could privately discuss changes with the company without taking public action.


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Delphi control may see fight among top stockholders

(Reuters) - How best to divide Delphi's value among bondholders,
creditors and stockholders will become the main issue once the
parts maker reaches crucial labor contracts with unions for its
U.S. hourly workers and commercial deals with General Motors
Corp. , its biggest customer and former parent.




That could pit New Jersey-based Appaloosa Management LP, a
major Delphi shareholder with about 9.3 percent, against
Texas-based Highland Capital Management, which holds 7.8
percent, according to recent filings.


Read more at Reuters.com Bonds News

Wall St Week Ahead: Stronger earnings outlook may lift stocks

(Reuters) - If corporations signal that business conditions are
looking better for the rest of the year, analysts probably
will ratchet up earnings forecasts for the second half.




"Those earnings are going to come in better than we
thought, we just don't know by how much," said Carol R.
Miller, senior vice president and senior portfolio manager at
Federated Investors in Pittsburgh.


Read more at Reuters.com Economic News

US CREDIT-Boston Scientific spreads may offer some value

(Reuters) - A federal judge ruled on Tuesday that some
product-liability claims against Boston Scientific over
implantable heart defibrillators, which regulate abnormal
heartbeats, can proceed to trial, rejecting the company's
motions to dismiss them. For details, see [ID:nN13335046]




Guidant Corp., which Boston Scientific bought last year,
continued to sell heart rhythm-management devices after
learning of possible defects, a U.S. District Court judge in
Minnesota said in the ruling.


Read more at Reuters.com Bonds News

CME says not in merger talks with NYMEX

(Reuters) - Earlier on Friday, a news agency reported that NYMEX is exploring a sale for about $14.3 billion.




The report on the Web site of news agency Bloomberg said NYMEX executives have met counterparts at three potential suitors -- NYSE Euronext , Deutsche Boerse AG and the Chicago Mercantile Exchange.


Read more at Reuters.com Bonds News

Cattle Futures Rise in Chicago on Shrinking Supplies; Hog Futures Gain

(Bloomberg) -- Cattle futures in Chicago rose from
a five-month low on signs that supplies available to U.S. beef
processors are decreasing. Hogs also gained.

An estimated 711,000 head of cattle will be slaughtered
this week, more than the 708,000 slaughtered the same week last
year, U.S. Department of Agriculture data show. About
11.297 million head of cattle were in feedlots as of May 1, down
from 11.559 million a year earlier, the USDA said.


Read more at Bloomberg Commodities News

S&P cuts Penn National rating to BB-minus

(Reuters) - S&P cut Penn's rating to "BB-minus," or three levels below
investment grade, from "BB." The rating company also placed
Penn's ratings on watch for further cuts.




The rating "could be lowered further into the 'B' category
once more definitive financing plans are disclosed and we have
the opportunity to assess the pro forma capital structure," S&P
analyst Craig Parmelee said in a report.


Read more at Reuters.com Bonds News

UPDATE 2-Penn National to be acquired in $6.1 bln deal

(Reuters) - The investment group bid $67 a share for Penn National,
which operates 18 casinos and horse racing tracks, a 31 percent
premium over its Thursday closing price. The deal also includes
$2.8 billion in assumed debt.




The buyout comes amid a flurry of casino deals. The world's
largest casino operator, Harrah's Entertainment Inc. ,
is in the process of being acquired by private equity firms for
$17 billion, while smaller local operator Station Casinos Inc.
is in midst of a $5.4 billion management-led buyout.


Read more at Reuters.com Mergers News

Brazilian Stocks Surge to Weekly Gain on Faster Rate Cuts; Petrobras Rises

(Bloomberg) -- Brazil's main stock index rose for a
third day, heading for the biggest weekly gain in three months, on
speculation that faster interest rate cuts by the central bank will
lead to increased company profits and spur investment in stocks.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose gained 898.52, or 1.7 percent, to 54,638.61 as of
12:15 p.m. New York time, led by Petroleo Brasileiro SA. The weekly
gain of 4.4 percent was the steepest since March 23. Mexico's Bolsa
index rose 0.8 percent to 32,271.87, eclipsing a June 5 record and
heading for a 2.9 percent weekly gain.


Read more at Bloomberg Stocks News

Comcast backs start-up to ramp up Web speeds

(Reuters) - Comcast Interactive Capital said it will join U.S. No. 6 cable operator Advance/Newhouse in a $17 million second-round of funding for BroadLogic Network Technologies. Comcast did not say how much it was investing.




BroadLogic already counts Time Warner Inc., Cisco Systems Inc. and Intel Corp. among its earlier corporate investors.


Read more at Reuters.com Mergers News

Oil Rises to $68 on Concern U.S. Refiners Won't Keep Up With Fuel Demand

(Bloomberg) -- Crude oil in New York rose, touching
$68 a barrel, on concern that U.S. refiners will be unable to
keep up with growing gasoline demand.

Valero Energy Corp. shut a unit at its Corpus Christi,
Texas, refinery yesterday, according to a state-administered Web
site. Refineries in the U.S. and Canada have unexpectedly shut
units this spring, paring gasoline production for the peak-demand
driving season. U.S. refineries reduced operating rates the past
three weeks, an Energy Department report on June 13 showed.


Read more at Bloomberg Energy News

Expedia, Lexmark, Power Integrations, Silverleaf: 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.

Build-A-Bear Workshop Inc. (BBW US) fell $5.75, or 19
percent, to $23.86. The maker of customized stuffed animals cut
its second-quarter profit forecast in half because of slumping
sales. Profit for the quarter ending June 30 will be 7 cents to
10 cents a share, down from a previous forecast of 15 cents to 19
cents, the company said.


Read more at Bloomberg Stocks News

Investors Should Increase Russian Share Holdings, Morgan Stanley Says

(Bloomberg) -- Investors should buy Russian stocks
such as OAO Mobile TeleSystems because the equity market has
dropped to a level that is ``more appropriate given high
political- and corporate-governance risk,'' Morgan Stanley said.

Strategists led by Jonathan Garner, London-based head of
global emerging-markets strategy, raised their recommendation on
Russian stocks to ``equal weight'' from ``underweight,'' which
means that investors should hold the country's shares in line
with the country's weighting in international indexes.


Read more at Bloomberg Stocks News

TREASURIES-Bonds surge as underlying inflation improves

(Reuters) - NEW YORK, June 15 - U.S. Treasury debt prices
surged higher on Friday after tame data on underlying inflation
eased concerns over the potential for Federal Reserve rate
hikes.




Softer-than-expected figures on U.S. industrial output,
capacity utilization and consumer sentiment also contributed to
the firmer tone in bond prices, which pulled benchmark yields
back further from five-year peaks hit on Wednesday.


Read more at Reuters.com Bonds News

UPDATE 1-US June consumer sentiment at 10-month low -U.Mich

(Reuters) - The Reuters/University of Michigan Surveys of Consumers
said the preliminary reading on the June consumer sentiment
index showed a decline to 83.7 from 88.3 at the end of May.




The decline was much sharper than forecast by economists,
who had expected a median reading of 88.0 in a Reuters poll.


Read more at Reuters.com Bonds News

Cremer, Klabin, Marcopolo and Petroleo Brasileiro: Brazilian Equity Movers

(Bloomberg) -- Brazil's main stock index rose for a
third day, led by state-controlled oil company Petroleo Brasileiro
SA.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange gained 773.77, or 1.4 percent, to 54,486.66 as of 9:48
a.m. New York time.


Read more at Bloomberg Stocks News

Pound Set for Weekly Gain on Speculation Bank Will Need to Raise Rates

(Bloomberg) -- The pound advanced, headed for its
first week of gains in three, on speculation the Bank of England
will need to keep raising interest rates to slow the economy.

BoE Governor Mervyn King this week said the bank ``may need
to take further action'' to contain inflation, even after it
boosted the main lending rate to a six-year high. Data showing
that inflation slowed last month may not change the direction of
bank policy. Policy maker Paul Tucker today said a pickup in money
growth is an ``amber light'' on future inflation.


Read more at Bloomberg Currencies News

Treasuries Rise as Easing Inflation Boosts Appeal of Higher 10-Year Yields

(Bloomberg) -- Treasuries advanced as a measure of
consumer prices rose less than forecast last month, increasing
the appeal of 10-year yields near a five-year high.

The gains pared the notes' sixth straight weekly decline, a
drop driven primarily by speculation that accelerating global
growth will divert foreign money from Treasuries to riskier,
potentially more lucrative investments.


Read more at Bloomberg Bonds News

UPDATE 1-US May consumer prices up 0.7 pct, core prices tame

(Reuters) - The gain in overall prices outstripped Wall Street
economists' forecasts for a 0.6 percent rise and was the
largest since a 1.2 percent jump in September 2005. But more
closely watched core prices increased only 0.1 percent, lower
than a forecast 0.2 percent rise and down from 0.2 percent in
April.




The muted core price rise was likely to reassure financial
markets that price gains remain tame, notwithstanding Federal
Reserve officials' warning that they still see a danger from
potential inflationary pressures. "Although core inflation
seems likely to moderate gradually over time, the risks to this
forecast remain to the upside," Fed Chairman Ben Bernanke told
a monetary policy conference last week.


Read more at Reuters.com Economic News

Total shares hit new high on profit, output hopes

(Reuters) - Shares in the French oil and gas giant were up 1.5 percent at 1300 GMT, bringing its rise to 6 percent over the past four days, nearly twice the gains clocked by rival majors Exxon Mobil




and Royal Dutch Shell during the same period.


Read more at Reuters.com Hot Stocks News

TREASURIES-Bonds gain on lower than expected core CPI

(Reuters) - The benchmark 10-year note was trading 5/32
higher in price for a yield of 5.20 percent from 5.23 late on
Thursday, while the two-year note _was flat in price
for a yield of 5.10 percent.




Read more at Reuters.com Bonds News

US May consumer prices up 0.7 pct, core prices tame

(Reuters) - The muted core price rise was likely to reassure financial markets that price gains remain tame, notwithstanding Federal Reserve officials' warning that they still see a danger from potential inflationary pressures. "Although core inflation seems likely to moderate gradually over time, the risks to this forecast remain to the upside," Fed Chairman Ben Bernanke told a monetary policy conference last week.




The department said core prices have risen 2.1 percent on a seasonally adjusted annual rate during the first five months this year, compared with a 2.6 percent rise for all of 2006.


Read more at Reuters.com Economic News

Abbas names Fayyad new Palestinian PM -officials

(Reuters) - Fayyad is considered a moderate who has good connections
with Western governments.




Read more at Reuters.com Bonds News

Senegal's Economic Growth Rate May Double by 2010, President Wade Says

(Bloomberg) -- Senegal's economic growth rate may
double in two or three years to 6.5 percent as the government
spends more on agriculture, President Abdoulaye Wade said.

Growth slowed last year as record oil prices pushed up import
costs and electricity shortages hurt production. The International
Monetary Fund estimates growth slowed to 3.5 percent in 2006 from
5.5 percent in the previous year.


Read more at Bloomberg Emerging Markets News

FTSE 100 Stocks Gain, Paced by Sainsbury; Morrison, Tesco Shares Advance

(Bloomberg) -- U.K. stocks rose for the third
day. J Sainsbury Plc led shares of retail companies higher
after a Qatar-backed fund increased its stake in the
supermarket chain.

The benchmark FTSE 100 Index added 39.5, or 0.6
percent, to 6689.4 in London at 12:09 p.m. The FTSE All-
Share Index gained 1.4 percent to 3435.94. Ireland's ISEQ
Index rose 1.1 percent to 9611.55.


Read more at Bloomberg Stocks News

Czech Central Banker Niedermayer Skeptical About Major Spending Overhaul

(Bloomberg) -- Czech central bank Deputy Governor
Ludek Niedermayer said he is skeptical the government will
manage to revamp fiscal policy enough to keep public spending
under control.

``The situation in parliament is very difficult'' so the
government's ``mandate and ability to push through some really
substantial changes to fiscal policy is questionable,''
Niedermayer said in a phone interview yesterday in Prague. The
recent trend of budget spending outpacing budget revenue is
``very dangerous.''


Read more at Bloomberg Emerging Markets News

Nordic Third-Quarter Power Falls From Four-Month High; Next-Year Declines

(Bloomberg) -- Nordic third-quarter power prices
dropped from a four-month high. Next-year power also fell,
tracking lower carbon-emissions costs.

Electricity for the third quarter, the most-traded contract
in the region, lost 0.8 percent to 29.55 euros ($39.35) a
megawatt-hour at 10:36 a.m. Oslo time. Yesterday the contract
advanced to 29.80 euros, the highest since Feb. 7.


Read more at Bloomberg Energy News

Malaysian Palm Oil May Average 54 Percent Higher This Year, OSK Forecasts

(Bloomberg) -- Palm oil futures in Malaysia, trader
of the benchmark contract, may average 54 percent higher this
year because of demand led by China for the world's most
consumed vegetable oil, according to OSK Research Sdn.

The futures may average 2,400 ringgit ($694) a ton this
year, Alvin Tai, an analyst at OSK, said today. This compares
with an average of 1,559 ringgit last year. He raised his
forecast by 12 percent from an earlier estimate of 2,150 ringgit.


Read more at Bloomberg Commodities News

Cadbury faces second salmonella prosecution

(Reuters) - The council is prosecuting Cadbury under the General Food
Regulations and the Food Hygiene Regulations for, amongst other
things, failing to immediately alert authorities it had reason
to believe some of its chocolate was infected with salmonella.




In addition, Herefordshire Council announced on Friday it
is to prosecute Cadbury over the same alleged offence which
occurred in 2006. Cadbury faces the possibility of unlimited
fines from both court cases in Birmingham and Herefordshire.


Read more at Reuters.com Business News

Africa market size, rules hinder private equity

(Reuters) - Private equity funds are circling African companies but the money being spent on the continent still represents a small slice of the global industry, a banker said.

Private equity is being deterred by regulatory concerns, lack of liquidity and small markets, Martin Kingston, Executive Deputy Chairman of Rothschild & Sons, South Africa said late on Thursday.


Read more at Reuters Africa

Hedge Funds Forecast Windfall Profits From Europe's Expanding Power Market

(Bloomberg) -- Hedge fund manager Marcel Melis
ignores stock charts, commodities reports and bond prices as he
sips his morning coffee. All his attention is focused on one
thing: the weather.

Melis analyzes forecasts for areas from the snowcapped
mountains of Norway to the beaches of Spain's Costa del Sol to
predict changes in demand for power and gas. The founder of
Energy Capital Management BV, which has raised $60 million and
started trading in October, targets returns of 25 to 30 percent.


Read more at Bloomberg Commodities News

Asian Aframax Tanker Rates Fall as Refiners Hold Back on Booking Vessels

(Bloomberg) -- The cost of shipping 80,000 metric
tons of oil on Asian routes fell 1.2 percent yesterday as
refiners held back on booking ships to transport their July oil
purchases, leaving a glut of vessels competing for business.

The rate of shipping crude or fuel oil on so-called Aframax
tankers to Singapore from Kuwait dropped to Worldscale 144.42
yesterday, according to the London-based Baltic Exchange.


Read more at Bloomberg Energy News

Rand trades firm, eyes US inflation

(Reuters) - South Africa's rand firmed on Friday, adding to gains of the past two days after a choppy week, with markets braced for key U.S. inflation data due later in the session.

The local currency was at 7.1750 to the dollar at 0637 GMT, 0.2 percent stronger than a previous New York close of 7.19, and well off a low for the week of 7.3225 against the greenback touched on Wednesday.


Read more at Reuters Africa