Philippines' Central Bank May Increase the Limit on Overseas Investments

(Bloomberg) -- The Philippine central bank may
raise the limit on funds invested abroad as early as next
quarter to ease gains in the peso against the dollar, Deputy
Governor Nestor Espenilla said.

``There's some urgency in easing the impact on the exchange
rate,'' Espenilla said in an interview in Cebu City yesterday.


Read more at Bloomberg Emerging Markets News

SGL Carbon, Siemens, Deutsche Telekom Shares May Be Active: Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in German markets. Stock symbols are in parentheses after the
company names and prices are from the Xetra close unless
otherwise stated.

Germany's X-DAX Index rose 0.2 percent to 8000.48 as of 8:45
p.m. in Frankfurt. The index provides an estimate of the DAX
Index, based on trading in DAX futures after the Xetra electronic
market closes. The DAX fell 1.6 percent to 7964.71 on the Xetra
electronic-trading system.


Read more at Bloomberg Stocks News

Coal Rail Deliveries to Newcastle Port to Reach Normal Capacity on Monday

(Bloomberg) -- Coal deliveries by rail to
Australia's Newcastle Port are expected to reach full capacity by
Monday after being restricted since June 8 due to storms and
flooding.

Deliveries to the port, the world's largest coal-export
harbor, are expected to run at between 85 percent and 95 percent
of capacity over the weekend, the Hunter Valley Coal Chain
Logistics Team, the coordinator of coal movements on the railway
between the mines and the port, said today in a statement on its
Web site.


Read more at Bloomberg Energy News

Bear Stearns Plans $3.2 Billion Rescue for Hedge Fund to Prevent Fire Sale

(Bloomberg) -- Bear Stearns Cos. plans to take on
$3.2 billion of loans to stop creditors from seizing assets of
one of its money-losing hedge funds in the biggest fund bailout
since 1998, people with knowledge of the proposal said.

The firm told lenders to the High-Grade Structured Credit
Strategies Fund yesterday that it would assume their loans, said
the people, who declined to be named because the plan is
confidential. The New York-based firm stepped in after Merrill
Lynch & Co. took securities that backed $850 million in credit
lines to two Bear Stearns funds and put them up for sale.
JPMorgan Chase & Co. and Lehman Brothers Holdings Inc. also
indicated they may take over collateral for loans they provided.


Read more at Bloomberg Bonds News

Platinum Falls in Asia as Rising Dollar Reduces Metal's Investment Appeal

(Bloomberg) -- Platinum futures declined in Tokyo
following a fall in the price of the metal for immediate delivery
as a stronger U.S. dollar reduced its appeal as an alternative
investment.

Spot, or cash market, platinum often moves in the opposite
direction of the U.S. currency, which rose against the euro and
traded at a 4 1/2-year high against the yen. A Federal Reserve
report showed manufacturing in the Philadelphia area accelerated
in June at the fastest pace in more than two years.


Read more at Bloomberg Commodities News

Yen Weakens to 4 1/2-Year Low Against Dollar as Carry Trade Gains Appeal

(Bloomberg) -- The yen fell to a 4 1/2-year low
against the dollar as investors borrowed Japan's currency to buy
higher-yielding assets in the U.S., Britain and New Zealand in
so-called carry trades.

The currency this week reached a record low versus the euro,
the weakest since September 1992 against the pound and a two-
decade low versus New Zealand's dollar. Japanese Finance
Minister Koji Omi told reporters that policy makers will
``carefully watch'' the currency market.


Read more at Bloomberg Currencies News

Aeon, `Stalled' in Japan, Turns to China for Growth in Supermarket Revenue

(Bloomberg) -- Aeon Co. in the next five years plans
to triple its stores in China, a country from which Japan's
largest supermarket operator predicts it will eventually generate
more revenue than domestically.

``Sales growth in Japan has stalled,'' the Chiba, Japan-
based company's assistant chief representative for China, James
Kazumasa Ishii, said. Aeon's Asia business, including China,
Malaysia and Thailand, accounts for less than 5 percent of the
group's revenue now.


Read more at Bloomberg Emerging Markets News

Japan's Government Bonds Head for Weekly Loss on Outlook for Global Growth

(Bloomberg) -- Japan's five-year government notes
headed for a weekly decline as signs of global growth prompted
investors to raise bets interest rates will rise.

Five-year yields headed toward a record high touched last
week as a report yesterday showed the Philadelphia Federal
Reserve Bank's factory index jumped to the highest in more than
two years in June, sending U.S. Treasuries lower. Bank of Japan
Deputy Governor Toshiro Muto yesterday said the world's second-
largest economy is expanding moderately and the bank will raise
rates gradually based on conditions in the economy and prices.


Read more at Bloomberg Bonds News

JGBs slip, tracking losses in U.S. Treasuries

(Reuters) - "JGBs are following Treasuries lower," said Tetsuya Miura, a
bond strategist at Shinko Securities.




Market participants had caught their breath following recent
heavy selling, he said.


Read more at Reuters.com Bonds News

CORRECTED: Blackstone raises $4.1 bln

(Reuters) - NEW YORK - Blackstone Group LP priced its initial public offering at the top end of the range on Thursday, even as lawmakers pushed for its delay, raising $4.13 billion in the largest U.S. IPO in five years.




The pricing, closely watched by regulators and financial markets across the globe, proved that demand for the offering was heavy, despite pressure from Congress.


Read more at Reuters.com Business News

Japan's Government Bonds May Decline on Speculation Export Demand to Grow

(Bloomberg) -- Japan's government bonds may fall, set
for a fifth weekly drop, as signs of global growth and inflation
prompted investors to raise bets interest rates will rise.

Ten-year bonds may complete their longest losing streak since
April 2006 after the Philadelphia Federal Reserve Bank's factory
index jumped to the highest in more than two years in June,
sending U.S. Treasuries lower. Japan's benchmark yields last week
touched 1.985 percent, the highest since July.


Read more at Bloomberg Bonds News

Taiwan's Jobless Rate Probably Fell to Near 6-Year Low in May, Survey Says

(Bloomberg) -- Taiwan's unemployment probably fell in
May to close to the lowest rate in six years as Chinatrust Financial
Holding Co. and other financial services companies hired extra
workers.

The seasonally adjusted rate declined to 3.9 percent from 4
percent in April, according to the median estimate of 11 economists
surveyed by Bloomberg News. The rate reached 3.8 percent in
September and October, the lowest since February 2001. The report is
scheduled for release today at 4 p.m. in Taipei.


Read more at Bloomberg Bonds News

NovaStar, seeking a buyer, settles mortgage lawsuit

(Reuters) - In the settlement, NovaStar Mortgage Inc. agreed to
includes $3.3 million to be paid to the roughly 1,600 class
members, or just over $2,000 per person, plus $1.8 million for
legal fees.




NovaStar said it did not admit wrongdoing, and settled to
avoid further litigation costs.


Read more at Reuters.com Bonds News

Consumer groups flexible on subprime mortgages

(Reuters) - Several members of the special consumer panel convened by
the Fed said that while subprime loans, which are offered to
borrowers with damaged credit, can carry dangerous features
that might trigger foreclosure, some homeowners can handle
those risks.




Beyond the authority shared among federal bank regulators,
the Fed has its own broad powers to control predatory lending
and the Thursday panel was convened to discuss how the central
bank should use that authority.


Read more at Reuters.com Government Filings News

Merrill Backs Away From Plan to Sell $850 Million Bear Assets, People Say

(Bloomberg) -- Merrill Lynch & Co. backed away from
a threat to dump about $850 million of securities it seized from
Bear Stearns Cos. hedge funds, according to people with knowledge
of the firm's plans.

Merrill sold a small portion of the collateralized debt
obligations through an auction, said the people, who declined to
be identified because the details haven't been announced. The
firm plans to hold onto the remaining securities for now, one
person said, without being more specific.


Read more at Bloomberg Bonds News

UPDATE 3-Treasury aide warns of sovereign wealth funds risk

(Reuters) - SAN FRANCISCO, June 21 - Rapidly growing
investment funds run by countries with large trade surpluses
could pose a risk to financial market stability, a top U.S.
Treasury official said on Thursday.




Clay Lowery, the Treasury's acting undersecretary for
international affairs, called the development of a best
practices guide for the sovereign wealth funds, which now hold
assets of some $1.5 trillion to $2.5 trillion.


Read more at Reuters.com Government Filings News

Buffalo Wild Wings, Kraft, Starbucks, Tyson: U.S. Equity Movers Final

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

Shares of makers of computer processors gained after the
price of a benchmark chip climbed to the highest in more than six
weeks in Asia and analysts upgraded Advanced Micro Devices Inc.
(AMD US) and Nvidia Corp. (NVDA US). Prices for the 512-megabit
dynamic random access memory chip, or DRAM, soared 17 percent to
$2.21 yesterday, according to Dramexchange.com, Asia's biggest
spot market for chips.


Read more at Bloomberg Stocks News

DEALTALK-Investors cashing in on Las Vegas Strip land boom

(Reuters) - LOS ANGELES, June 21 - When Kansas-based real
estate investor Phil Ruffin paid $165 million for 41 acres on
the famed Las Vegas Strip in 1998, his critics said he overpaid
by $15 million.




Soon, Ruffin will be laughing all the way to the bank.


Read more at Reuters.com Mergers News

Treasury Two-Year Notes Little Changed on Concern Over Bear Hedge Funds

(Bloomberg) -- Treasury two-year notes were little
changed on concern losses at hedge funds run by Bear Stearns
Cos. may widen.

The difference in yields between two-year notes, which
typically gain more in times of turmoil, and those of 10-year
notes reached the widest in more than a year. The perceived risk
of owning corporate bonds rose worldwide.


Read more at Bloomberg Bonds News

US Senate drops $32 bln in clean energy incentives

(Reuters) - But a Democratic rewrite of U.S. policy cleared a key
procedural vote which could lead to a vote by the end of the
week on a bill that would raise automobile fuel-efficiency
standards for the first time in 30 years and require a
four-fold boost in ethanol use by 2022.




Senate Majority Leader Harry Reid called for the vote after
Republicans blocked an attempt to limit debate on incentives to
produce cleaner, home-grown energy sources like generating
power from windmills and solar cells.


Read more at Reuters.com Bonds News

US lawmakers urge SEC to delay Blackstone IPO

(Reuters) - "For this reason, we urge you to refrain from accelerating
the IPO until Congress has had a chance to hold hearings on
this matter," wrote Waxman. The letter was also signed by Rep.
Dennis Kucinich, an Ohio Democrat and chairman of the panel's
domestic policy subcommittee.




Read more at Reuters.com Government Filings News

Calpine shares up after reorganization plan filed

(Reuters) - Calpine, which filed for bankruptcy in December 2005 weighed down by more than $22 billion in debt and court fights with creditors over how to use its cash, said unsecured creditors may receive nearly all of their allowed claims.




In other main points from the plan, Calpine expects to receive up to $8 billion in exit financing from Goldman Sachs and other banks.


Read more at Reuters.com Hot Stocks News

GE, Pearson drop Dow Jones takeover pursuit

(Reuters) - NEW YORK, June 21 - General Electric Co. and Pearson Plc said on Thursday they will not pursue a joint offer for publisher Dow Jones & Co. Inc. , removing a potential challenge to a $5-billion bid by Rupert Murdoch's News Corp. .



GE, the world's second-largest company by market capitalization, and Pearson, publisher of the Financial Times, said they had held exploratory talks over combining their financial news outlets with Dow Jones, home to the Wall Street Journal.


Read more at Reuters.com Mergers News

High commods prices boosting C$ - Bank of Canada

(Reuters) - Macklem made no reference to current monetary policy or
economic outlook in his speech.




Read more at Reuters.com Bonds News

Nymex Gas Declines After Report of Larger-Than-Expected U.S. Supply Gain

(Bloomberg) -- Natural gas in New York declined,
erasing an earlier gain, as storage rose more than expected,
signaling adequate supplies to meet summer demand.

Gas in storage expanded 89 billion cubic feet last week, the
U.S. Energy Department said today in its 10:30 a.m. report.
Analysts predicted inventories would rise 88 billion cubic feet,
based on the median of 26 estimates in a Bloomberg survey of
analysts. Estimates ranged from 75 billion cubic feet to 94
billion.


Read more at Bloomberg Energy News

Private equity collusion questions reach UK

(Reuters) - Top private equity executives dismissed the allegations, put
forward by British lawmakers on Wednesday during a wide-ranging
parliamentary committee hearing into how the industry operates.




The accusations resurfaced in Britain months after the issue
created a stir in the United States.


Read more at Reuters.com Government Filings News

UPDATE 1-Tower Automotive proceeding with sale to Cerberus

(Reuters) - Tower expects to seek approval of its reorganization plan
and the sale to Cerberus in a deal valued at about $1 billion
from the U.S. Bankruptcy Court for the Southern District of New
York on July 11.




The Novi, Michigan-based producer of automotive body
structures and assemblies filed for bankruptcy in February
2005. Management aims to complete the sale to Cerberus
affiliate TA Acquisition Co. LLC and exit bankruptcy by the end
of July.


Read more at Reuters.com Bonds News

Esco shares tank after PG&E says to review meter technology

(Reuters) - The outlook relates to previously anticipated electric hardware deliveries in 2008. The gas portion of PG&E's contract, however, is not currently affected by the review, the company said.




Esco, which was spun out of Emerson Electric Co. in 1990, provides metering technology to PG&E's gas and electric operations.


Read more at Reuters.com Mergers News

U.K. Pound Trades Near to Four-Month High Against Euro on Rate Outlook

(Bloomberg) -- The pound traded near the highest in
almost four months against the euro on speculation investors will
keep raising bets on higher interest rates in Europe's second-
largest economy.

The currency has gained 0.8 percent versus the euro this
week as minutes of the Bank of England's June policy meeting
yesterday showed Governor Mervyn King and three other policy
makers backed higher borrowing costs. That prompted HSBC Plc and
JPMorgan Chase Co. to bring forward their forecasts of the next
interest-rate increase.


Read more at Bloomberg Currencies News

Colombia's Central Bank to Lift Rates to Fight Inflation, Echavarria Says

(Bloomberg) -- Colombia's central bank is ready to
raise interest rates as the fastest growth in three decades
threatens to put their 2007 inflation target out of reach,
central bank Director Juan Jose Echavarria said.

Consumer prices in May and April rose more than 6 percent
annually, the fastest pace since 2004 and well above the bank's
target of 3.5-to-4.5 percent for 2007. The bank on June 15
raised its benchmark lending rate to 9 percent, the highest
since October 2001.


Read more at Bloomberg Emerging Markets News

U.S. House tax panel plans private equity hearings

(Reuters) - U.S. lawmakers are increasingly focused on taxation of the
booming private-equity sector and the impending initial public
offering of Blackstone Group LP [BG.UL], one of the nation's
largest private equity firms.




Read more at Reuters.com Bonds News

Nymex Gas Rises on Expectation of Stronger Demand as Weather Gets Warmer

(Bloomberg) -- Natural gas rose in New York as
buyers shrugged off a government report showing storage rose more
than expected, turning instead to the likelihood of searing
summer heat and disruptions caused by potential hurricanes.

``Summer has just officially started and there is certainly
plenty of time for a weather situation to impact the market,''
John Kilduff, vice president of risk management at Man Financial
Inc. in New York, said before the report. ``We need to have a
record amount of storage going into winter once again and heat
spikes we get can really stress that ability.''


Read more at Bloomberg Energy News

TNT takes 25 pct stake in German mail delivery firm

(Reuters) - The deal is part of a strategic alliance with S?ddeutscher Verlag and Ippen Publishing Group, which jointly own ecoflash Briefservice GmbH.



It did not provide financial details.


Read more at Reuters.com Mergers News

Oil Rises, Approaching $70, as Nigerian Strike Spreads to Export Terminals

(Bloomberg) -- Crude oil rose, approaching $70 a
barrel in New York, after Nigerian workers left the country's
export terminals, threatening shipments from Africa's biggest oil
producer.

Nigerian unions increased pressure on the government in the
second day of the strike, protesting increases in taxes and fuel
prices. The Petroleum & Natural Gas Senior Staff Association of
Nigeria, or Pengassan, will hold more talks with the government
today, said Lumumba Okugbawa, a spokesman for the group.


Read more at Bloomberg Energy News

MasterCard, FIFA settle World Cup sponsor fight

(Reuters) - Financial terms of the settlement were not immediately
disclosed.




Read more at Reuters.com Bonds News

Germany's DAX Index Falls From Record, Led by MAN: World's Biggest Mover

(Bloomberg) -- Germany's benchmark stock index
retreated from a record, posting the biggest fluctuation among
markets included in global benchmarks.

MAN AG, Europe's third-largest truckmaker, led automotive
shares lower. Continental AG, the world's fourth-biggest
tiremaker, fell after saying it's working on three to five
``relatively big'' acquisitions.


Read more at Bloomberg Stocks News

UPDATE 1-ICE urges CBOT members to vote against CME deal

(Reuters) - Energy exchange ICE, which has been pursuing the parent of
the Chicago Board of Trade, told CBOT shareholders and members
in a letter that the CBOT board has "endorsed a deal with CME
that undervalued the CBOT from the outset."




ICE Chief Executive Officer Jeffrey Sprecher said in the
letter that CBOT's board has agreed to a "bargain-basement
sale" in a transaction that would leave $1.3 billion of
shareholders' money on the table, and urged them to vote
against the deal.


Read more at Reuters.com Mergers News

Treasury Two-Year Notes Rise on Concern About Hedge Fund Losses Increase

(Bloomberg) -- Treasury two-year notes rose as
investors sought refuge in the safest debt on concern losses at
hedge funds run by Bear Stearns Cos. may increase.

The difference in yields between two-year notes, which
typically gain more in times of turmoil, and benchmark 10-year
yields widened for a third straight day. The perceived risk of
owning European corporate bonds, as measured by credit default
swaps, rose the most in two weeks.


Read more at Bloomberg Bonds News

AES, Andersons, Brookfield, Esco, H&R Block, Oakley: 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 7:35 a.m. New York time.

AES Corp. (AES US): The U.S. power producer with operations
in more than 25 countries had a $455 million first-quarter net
loss on costs related to the sale of its Venezuela utility to the
South American country's government. The stock dropped 58 cents
to $21.16 yesterday.


Read more at Bloomberg Stocks News

G4 trade partners struggle to save Doha round

(Reuters) - Trade powers struggled on Thursday to salvage world trade talks, but gave few clues of how close they were to a breakthrough on agriculture and other sensitive concerns.

Without an agreement soon between the United States, the European Union, India and Brazil, the Doha round of talks could fail or go into the deep freeze for years.


Read more at Reuters Africa

Goldman ups bid for Italian property funds

(Reuters) - Zwinger Opco, a vehicle run by Goldman's real estate fund
Whitehall, raised its offer for Tecla to 680 euros a unit and
that for Berenice to 725 euros a unit, Zwinger said in a note on
Thursday.




The move follows Pirelli RE's increase on
Wednesday of its offer for Tecla to 678 euros for each unit and
to 685 euros per unit for Berenice.


Read more at Reuters.com Bonds News

Copper slips on hefty stock rise, lead at new high

(Reuters) - Copper slipped on Thursday after a hefty rise in inventories but strike threats at mines supported prices and lead set a fresh record high.

Copper for three-months delivery on the London Metal Exchange (LME) fell almost 1 percent or $58 to $7,452/7,472 a tonne at 0928 GMT, after LME stocks rose 5,400 tonnes to 119,600 tonnes, still less less than 3 days of global consumption.


Read more at Reuters Africa

Man IPO pricing values U.S. arm at up to $5 bln

(Reuters) - Man, which unveiled plans in March to demerge the unit, said on Thursday that it had set the range for the initial public offering at $36 to $39 a share.




Michael Long, an analyst at Keefe, Bruyette & Woods, told Reuters the valuation was slightly above his expectations.


Read more at Reuters.com Mergers News

Gold May Fall in London as Dollar Gains on U.S. Growth; Silver Declines

(Bloomberg) -- Gold may fall as expectations of U.S.
economic growth buoy the dollar, reducing demand for the precious
metal as an alternative investment. Silver declined for a second day.

Gold dropped the most since June 8 yesterday on speculation
higher U.S. bond yields will boost the dollar. The dollar gained
for a second day today before U.S. reports on manufacturing and
the future direction of the economy that are expected to signal
growth, Bloomberg surveys of economists show.


Read more at Bloomberg Commodities News

Australia's Newcastle Port Resumes Normal Operations; Coal Prices Decline

(Bloomberg) -- Australia's Newcastle Port, the
world's largest coal export harbor, resumed normal operations
after ship movements were restricted by a storm yesterday. The
price for power-station coal fell from a record.

The port operated at about 80 percent capacity this morning,
Graham Davidson, general manager of Port Waratah Coal Services,
which operates two coal terminals at Newcastle, said by phone
today. Benchmark coal prices at Newcastle declined to $65.75 a
metric ton today from a record of $66.25 yesterday, according to
globalCOAL, an industry publication.


Read more at Bloomberg Energy News

Goldman's O'Neill Says BOJ Should Increase Rates Regardless of Inflation

(Bloomberg) -- The Bank of Japan should raise
interest rates gradually even if there is no sign of inflation,
said Jim O'Neill, head of global economic research at Goldman,
Sachs Group Inc.

Yields on benchmark 10-year Japanese bonds have climbed more
than a quarter-percentage point since May 17, when BOJ Governor
Toshihiko Fukui said the bank can raise rates even if consumer
prices are falling, as long as it's confident about the outlook
for the economy. A report last week showed growth expanded more
than the government's initial estimate in the first quarter.


Read more at Bloomberg Bonds News

GLOBAL MARKETS-Rising yields hit European stocks, drive dollar

(Reuters) - Overnight losses in U.S. Treasuries -- where the 10-year
yield is now around 5.159 percent -- carried over
into euro zone government debt, unnerving investors concerned
about higher interest rates and borrowing costs.




World yields as calculated through Citi's world government
bond index are at levels last seen in early 2001.


Read more at Reuters.com Bonds News

Brent Oil Rises on Concern Nigerian Strikes May Disrupt Export Shipments

(Bloomberg) -- Brent oil, a benchmark for two-
thirds of global supplies, rose on concern that strikes by
unions in Nigeria may disrupt exports.

Workers will be withdrawn from Nigeria's oil terminals
starting today, extending a nationwide strike to a second day, a
spokesman for the Petroleum & Natural Gas Senior Staff
Association of Nigeria said yesterday. Africa's biggest oil
producer has lost more than 700,000 barrels a day, or a quarter
of output, since last year because of militant attacks.


Read more at Bloomberg Commodities News

Europe shares fall as Nokia slides, bonds in focus

(Reuters) - European shares fell on Thursday as a rise in government bond yields hit Wall Street overnight while Finnish mobile phone maker Nokia slid after a downgrade from Goldman Sachs.

At 07:15 GMT the pan-European FTSEurofirst 300 index fell 0.3 percent to 1,615.00 points, after a 1.4 percent slide in the Standard & Poor's 500 index on Wednesday as benchmark U.S. Treasury yields broke back above 5.00 percent.


Read more at Reuters Africa