Lower oil revenue hits Algeria trade surplus

(Reuters) - The trade surplus of OPEC member Algeria shrank by $4.48 billion to $10.56 billion in the first five months of 2007 due to lower oil and gas earnings, official figures showed on Tuesday.

The data issued by customs centre CNIS and published by Algeria's official news agency APS showed exports fell 12 percent to $21.19 billion while imports reached $10.63 billion, up 19 percent from the same five-month period of 2006.


Read more at Reuters Africa

Gold hits three-month low as investors flee risk

(Reuters) - Gold on Wednesday hit its lowest level in more than three months as risk-averse investors hurried to unwind yen carry trades, while a stronger yen pressured Tokyo precious metals futures.

Spot gold fell as low as $638.90 an ounce, the lowest since March 14. It slipped to $641.80/642.50 as of 0243 GMT, from $642.00/642.60 late in New York on Tuesday, when it plunged more than $10.


Read more at Reuters Africa

Palm Oil Price Drops in Malaysia as Canada Farmers Sow Record Canola Crop

(Bloomberg) -- Palm oil prices in Malaysia fell the
most in five days after a report that Canadian farmers planted a
record canola crop, increasing supplies of alternative oils.

Canadian farmers planted 14.5 million acres of canola, 17
percent more than in 2006, beating the previous record set in
1994 of 14.2 million acres, Statistics Canada said on its
website yesterday. They planted less acreage for flaxseed, lured
by better prices for canola, the report said. Canada is the
third largest canola producer after China and EU countries.


Read more at Bloomberg Commodities News

Sprint Nextel revamps ads to focus on speed, data

(Reuters) - Sprint, which has been criticized in the past for its lack of a clear enough marketing message to make it stand out from rivals, said it would highlight its data services and the speed of its network in a national campaign starting July 1.




It also plans to exclude the Nextel brand from its ads except when it is promoting specific services, such as its push-to-talk walkie-talkie style feature, that came from Nextel Communications, which Sprint bought in 2005, a spokesman said.


Read more at Reuters.com Business News

Rubber Sinks to Three Month Low in Tokyo as Supply Increases, Demand Slows

(Bloomberg) -- Rubber futures in Tokyo, the global
benchmark, fell to their lowest in more than three month on
expectations supplies will exceed demand as the peak consumption
season ends.

Natural rubber contracts on the Tokyo Commodity Exchange
failed to rise to 300 yen a kilogram in the past two months, the
high season for demand, signaling to some traders that the
commodity has further to decline.


Read more at Bloomberg Commodities News

China mulls bond sales to buy $200 bln in FX for fund

(Reuters) - Economists expect the new agency to buy foreign exchange directly from the People's Bank of China, which controls China's $1.2 trillion in currency reserves.




Xinhua did not say whether the special treasury bonds, which would be issued by the Ministry of Finance, would be sold directly to the central bank or sold in the domestic market, with the cash raised then used to buy foreign exchange from the PBOC.


Read more at Reuters.com Hot Stocks News

Carry Trades Will Push Yen to 125 per Dollar, Nomura Securities' Ueno Says

(Bloomberg) -- The yen will drop to 125 per dollar
by year-end as the lowest interest rate among major economies
prompts Japanese investors to buy higher-yielding assets
elsewhere, said Daisaku Ueno at Nomura Securities Co.

The yen has weakened against the 16 most-traded currencies
this year as investors shunned Japan's 0.5 percent benchmark rate
and sent money overseas. Speculators such as hedge funds also
borrowed yen to invest in countries with higher yields in a
practice known as the carry trade.


Read more at Bloomberg Currencies News

Shun Tak Buys Hopewell, Ho's Company Out of Macau Project for $879 Million

(Bloomberg) -- Shun Tak Holdings Ltd., run by the
family of casino tycoon Stanley Ho, will buy a 75 percent stake
in a Macau property project from Ho's private company and
billionaire Gordon Wu for HK$6.87 billion ($879 million).

Shun Tak will pay Wu's Hopewell Holdings Ltd. HK$4.58
billion for a 50 percent stake in the Nova City/Nova Taipa
Gardens project in Macau, Hopewell said in a statement late
yesterday. It will pay Ho's Sociedade de Turismo e Diversoes de
Macau HK$2.29 billion for its 25 percent stake, Shun Tak
spokeswoman Catherine Szeto said.


Read more at Bloomberg Emerging Markets News

Asian Shares Slide to Two-Week Low on Profit Growth Concern; Toyota Drops

(Bloomberg) -- Asian stocks fell to the lowest in
almost two weeks on concern earnings will be curbed by slowing
consumption in the U.S., the strengthening yen and a drop in
metals and oil prices.

Toyota Motor Corp., Japan's largest automaker, declined
after reports showed home sales and consumer confidence fell in
the world's largest economy and the yen strengthened for a third
day, eroding the value of overseas sales. BHP Billiton Ltd.
tracked a slump in raw-materials prices.


Read more at Bloomberg Stocks News

Japan's 10-Year Government Bonds Rise a Fourth Day as Stocks Extend Slide

(Bloomberg) -- Japan's 10-year bonds rose for a
fourth day, the longest rally in more than three months, on
speculation a drop in shares will spur demand for debt.

The yield on the 1.8 percent bond due in June 2017 fell 1.5
basis points to 1.86 percent as of 9:42 a.m. in Tokyo at Japan
Bond Trading Co., the nation's largest interdealer debt broker.
A basis point is 0.01 percentage point.


Read more at Bloomberg Bonds News

New Zealand Economy Probably Grew at Fastest Pace in Two Years on Spending

(Bloomberg) -- New Zealand's economy probably expanded
at the fastest pace in almost two years in the first quarter as
consumer spending and commercial construction accelerated,
increasing the chances the central bank will raise interest rates.

Gross domestic product increased 1 percent from the fourth
quarter, when it rose 0.8 percent, according to the median estimate
of 13 economists surveyed by Bloomberg News. Statistics New Zealand
releases the growth report at 10:45 a.m. on June 29 in Wellington.


Read more at Bloomberg Bonds News

Ex-Countrywide execs plead guilty to insider trading

(Reuters) - Alan Cao, Quan Zhu and Jun Shi admitted to betting that Countrywide shares would decline after learning the Calabasas, California-based company's results in the third quarter of 2004 would fall short of analysts' forecasts, according to the U.S. Attorney for the Central District of California.




Each defendant pleaded guilty to one count of securities fraud, which carries a maximum 20-year prison sentence. The case stemmed from a probe by the FBI, with the assistance of the U.S. Securities and Exchange Commission, prosecutors said.


Read more at Reuters.com Business News

India, Philippines, Taiwan, Singapore, Thailand: Asian Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: State-owned Agricultural Development Bank will sell
10 billion yuan ($1.3 billion) of five-year bonds today. The
central bank yesterday sold 12 billion yuan of one-year bills at
a yield of 3.09 percent, the same yield as the previous five
weeks.


Read more at Bloomberg Bonds News

UPDATE 1-Countrywide ex-VPs to plead guilty of insider trade

(Reuters) - In plea agreements filed in U.S. District Court in Los
Angeles, the three defendants admitted to using confidential
financial data about the company to make stock transactions
that brought each man tens of thousands of dollars in profits.




Prosecutors said Alan Cao, Quan Zhu and Jun Shi sold their
shares in Countrywide after learning the company would not meet
Wall Street earnings forecasts for the third quarter of 2004.
The men used the proceeds of the share sale to purchase put
options and short-sell the company's stock, prosecutors said.


Read more at Reuters.com Bonds News

CDO market near halt amid deeper subprime worries

(Reuters) - Only $3 billion of new high-grade CDOs were marketed to
investors in the latest week, down dramatically from just one
month ago when the pipeline stood at over $20 billion,
according to J.P. Morgan Securities Inc. Since that time, $18
billion of those CDOs have priced, the firm added.




Foreign investors have been the dominant buyers of these
exotic debt instruments in recent years, owing to their
insatiable demand for yield. A change in foreign taste would be
disruptive across many asset classes since this pooling of debt
assets, including subprime mortgages, have resulted in a
tremendous compression of yield spreads.


Read more at Reuters.com Bonds News

Bank of America to Be First U.S. Issuer of Dollar-Based Covered Bonds

(Bloomberg) -- Bank of America Corp. will become the
first domestic seller of U.S. dollar denominated covered bonds
with the sale of $2 billion of the securities backed by U.S.
residential mortgages, ratings companies said.

The bonds, like all covered bonds, will receive AAA ratings,
Moody's Investors Service and Fitch Ratings said. The securities
get AAA ratings because they are backed by home loans held by the
bank, which also promises to pay back the debt.


Read more at Bloomberg Bonds News

ABC-Wash Post Consumer Comfort Index up to -12

(Reuters) - The measure ranges from -100 to +100. Its 2007 average is
-6 and its average since 1985 is -9.




Earlier on Tuesday, the Conference Board said its consumer
confidence index fell to 103.9 in June from an upwardly revised
108.5 in May.


Read more at Reuters.com Economic News

Mexico stocks drop on U.S. mortgage market fears

(Reuters) - The benchmark IPC stock index dropped 1.76 percent
to 30,744.71 points, while the peso weakened
0.20 percent in local trading to 10.8515 per dollar.




Global equities have come under pressure in recent days as
trouble in the U.S. subprime mortgage industry has spread to
two hedge funds managed by Bear Stearns with heavy
exposure in the sector. Subprime mortgages cater to borrowers
with troubled credit histories.


Read more at Reuters.com Bonds News

K-Sea to buy marine transportation operations for $205 mln

(Reuters) - The deals are expected to immediately add to K-Sea's
distributable cash flow, the company said in a statement.





Read more at Reuters.com Mergers News

WRAPUP 1-Chavez drives Exxon, ConocoPhillips from Venezuela

(Reuters) - Exxon Mobil Corp. and ConocoPhillips decided
to quit their oil operations in the OPEC nation after they
failed to strike a deal with the government to stay in
multibillion-dollar projects that the anti-U.S. leader decreed
should be taken over.




Four other oil majors -- Chevron Corp. , Norway's
Statoil , Britain's BP Plc and France's Total
-- signed pacts that allow Venezuela to increase its
stake to at least 60 percent in projects worth $30 billion.


Read more at Reuters.com Bonds News

U.S. lawmakers examine Medicare anemia drug payments

(Reuters) - The federal health insurance program for the elderly and
disabled spends about $2 billion annually on Amgen Inc.'s
Epogen, part of a class of anti-anemia drugs called
erythropoiesis-stimulating agents .




Critics say current payment methods have promoted
aggressive treatment. Concern grew when recent studies showed
high doses could lead to heart complications or death.


Read more at Reuters.com Government Filings News

UPDATE 1-NYSE Euronext won't oppose MBE stake sale-sources

(Reuters) - NYSE Euronext, the world's biggest stock exchange group,
told the Italian bourse on Monday it had accepted the Milan
exchange's decision to exercise a call option to take over MBE,
the first source said.




And it had begun preparing for negotiations over the sale
price of its stake in Europe's main electronic bond trading
platform, the second source said.


Read more at Reuters.com Mergers News

Amcol, Kroger, LivePerson, Orbital Sciences, Synnex: 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 1:10 p.m. New York time.

Amcol International Corp. (ACO US) gained $2.04, or 8.3
percent, to $26.59. The producer of clays was raised to ``buy''
from ``neutral'' by analyst Richard Wesolowski at Sidoti & Co.


Read more at Bloomberg Stocks News

News Corp and DJ board in early editorial pact: source

(Reuters) - The source said Dow Jones' controlling family, the
Bancrofts, would be consulted on the agreement, which was
reached late Monday evening. The Bancroft family must approve
any deal with Murdoch.




A separate source close to the situation said an agreement,
which would also cover Dow Jones Newswires, was near, but
several items were left to be discussed. The source did not
elaborate.


Read more at Reuters.com Bonds News

US loan derivative index up slightly, may stabilize

(Reuters) - "In our opinion the LCDX pressure should abate, and the
index should not sell-off more than cash loans or the CDX HY," JP Morgan analyst Eric
Beinstein said in a report.




"If the LCDX trades within 30 to 40 basis points of the
cash loan spreads, investors may be willing to buy risk through
LCDX," Beinstein said. The basis, or difference between the
index and cash loan spreads, was recently around 50 basis
points, "thus the LCDX should begin to see support," he said.


Read more at Reuters.com Bonds News

News Corp, DJ board in early editorial pact-source

(Reuters) - By Kenneth Li and Robert MacMillan



NEW YORK, June 26 - Rupert Murdoch's News Corp. and Dow Jones & Co. Inc. have "basically agreed" on a structure to protect the editorial independence of Dow's news operations, including the Wall Street Journal, a source familiar with the matter said on Tuesday.


Read more at Reuters.com Mergers News

U.S. lawmaker: Bear Stearns woes won't cause meltdown

(Reuters) - Bear Stearns, the fifth-largest U.S. investment bank, said on Friday it would loan up to $3.2 billion to the High-Grade Structured Credit Strategies Fund, which suffered big losses on investments in the repackaged subprime mortgage loan market when homeowner defaults started rising.







Read more at Reuters.com Bonds News

Rand softens versus dollar, gold weighs

(Reuters) - South Africa's rand eased against the dollar late on Tuesday, mostly weighed down by a sell-off of gold and other precious metals, while government bonds weakened.

At 1530 GMT the local unit was at 7.1848 against the dollar, around 0.1 percent weaker than its New York close of 7.18 on Monday, after dipping earlier to 7.1992/dollar.


Read more at Reuters Africa

UPDATE 1-Blackstone units fall below $31 IPO price

(Reuters) - NEW YORK, June 26 - Blackstone Group LP
units tumbled more than 6 percent in morning trade, falling
below the $31 price the private equity giant fetched in its
initial public offering last week.




The units traded as low as $30.36, down 6.4 percent, after
losing nearly 8 percent on Monday. They jumped 13 percent in
their market debut on Friday.


Read more at Reuters.com Mergers News

WRAPUP 1-U.S. new home sales ease, while confidence falls

(Reuters) - Sales of new U.S. homes fell 1.6 percent last month to an
annual rate of 915,000 from a downwardly revised rate of
930,000 in April, the Commerce Department said on Tuesday.
Analysts had been looking for May new home sales of 925,000.




While sales fell, sales prices rose. The median sales price
of a new home climbed 1.5 percent in May to $236,100 from
$232,700 in April. That marked a reversal for new homes from
April, when prices fell a record amount but sales rose
strongly.


Read more at Reuters.com Bonds News

CDOs in `6-Inch Hooker Heels' Fooled Moody's and S&P, Pimco's Gross Says

(Bloomberg) -- Holders of some investment-grade
portions of collateralized debt obligations backed by subprime
mortgages will lose all of their money, according to Bill Gross,
manager of the world's biggest bond fund.

Bankers and money managers bundle securities into CDOs and
divide them into slices with credit ratings as high as AAA from
Standard & Poor's and Aaa by Moody's Investors Service.


Read more at Bloomberg Bonds News

Corrected: Altria to close plant, move production

(Reuters) - The move also further separates operations between the company's Philip Morris USA and Philip Morris International tobacco businesses at a time when Altria has said it is considering a spinoff its international business.




The plan will cost about $675 million by 2011 for accelerated depreciation, severance, relocation and other items, the parent company of Phillip Morris USA and Philip Morris International said.


Read more at Reuters.com Business News

Brazil's Real Strengthens as Concern About U.S. Mortgage Losses Declines

(Bloomberg) -- Brazil's currency rose as concern
eased that losses tied to U.S. subprime mortgages will hurt
financial institutions, helping bolster demand for riskier
emerging-market assets.

``Investors are returning after the stress we experienced
over the past few sessions,'' said Joao Prado, a fixed-income
options trader at Agora Corretora, a brokerage in Rio de Janeiro.


Read more at Bloomberg Currencies News

India Invites Bids to Import 1 Million Tons of Wheat to Boost Reserves

(Bloomberg) -- India, short of wheat less than a
week before a deadline to fill its reserves, invited bids to
import 1 million metric tons of the grain.

The wheat is for delivery between August and November, and
suppliers have until July 4 to submit offers, according to a
document posted on a government Web site today.


Read more at Bloomberg Commodities News

UPDATE 1-PIMCO's Gross says "subprime crisis" not isolated

(Reuters) - Gross, the chief investment officer for Pacific Investment
Management Co., also said in his July investment outlook
newsletter posted at the firm's Web site that the recent Bear
Stearns Cos. hedge fund rescue was reminiscent of the
Long Term Capital Management episode nearly a decade ago.




"Shame on you Mr. Stearns, or whoever you were, for scaring
us investors like that and moving the Blackstone IPO to the
second page of the WSJ," writes Gross, referring to the Wall
Street Journal. "We should have had a week of revelry and
celebration of levered risk-taking."


Read more at Reuters.com Bonds News

Roche digs in for Ventana takeover battle

(Reuters) - Roche wants Ventana to strengthen its position in the emerging field of personalized medicine.




Chief Executive Franz Humer said he aimed to continue the group's build-up of its diagnostics division beyond the Ventana deal through in-house development and the acquisition of technologies.


Read more at Reuters.com Business News

U.S. Stock-Index Futures Advance; Bear Stearns, Apple, Google Shares Climb

(Bloomberg) -- U.S. stock-index futures advanced
after oil prices fell and concerns eased that losses tied to
subprime mortgages will hurt banks' earnings.

Bear Stearns Cos. climbed after a Lehman Brothers analyst
said the investment bank's bailout of a money-losing hedge fund
won't hurt its earnings. Apple Inc., maker of the iPod music
player, and Google Inc., the world's most popular Internet search
engine, gained after brokerages recommended buying the shares.


Read more at Bloomberg Stocks News

CardioDynamics to sell Vermed unit for $8 mln in cash

(Reuters) - The sale is expected to close in the latter part of the
third quarter.





Read more at Reuters.com Mergers News

Kroger profit hit by labor charge

(Reuters) - Analysts, on average, had expected Cincinnati-based Kroger to earn 48 cents per share, according to Reuters Estimates.




The company, which runs grocery stores under such names as Kroger, Fred Meyer and Ralphs, as well as the Littman and Barclay jewelry chains, said charges related to a labor issue at one of its distribution centers reduced earnings by about 2 cents per share.


Read more at Reuters.com Hot Stocks News

Mohawk to buy wood flooring assets of Columbia Forest

(Reuters) - The assets, which include plants in the U.S. and Malaysia, are currently experiencing losses but are expected to add to earnings after the first year, Mohawk said in a statement.



The deal is expected to close in the third quarter.


Read more at Reuters.com Mergers News

Sarkozy Says European Carbon Emissions Limits Should Apply to Airlines

(Bloomberg) -- French President Nicolas Sarkozy
said airlines should be subject to limits on carbon emissions to
help combat global warming.

Sarkozy, speaking at an event in Paris today, said proposed
European Union limits must be applied to all airlines, not just
European carriers.


Read more at Bloomberg Energy News

ITT says plans to acquire IMC for $395 mln

(Reuters) - The company also forecast the deal to be slightly dilutive
to ITT's earnings per share in 2007, although it expects it to
be accretive to earnings in 2008.




Read more at Reuters.com Mergers News

S.Africa unions spurn coal sector 6 pct wage offer

(Reuters) - South African trade unions said on Tuesday they had rejected a 6 percent wage increase offered by coal producers as negotiations kicked off.

The Chamber of Mines, which represents seven coal producers in the talks, was not immediately available to comment.


Read more at Reuters Africa

UPDATE 1-Trelleborg says cartel probe to hit earnings

(Reuters) - Trelleborg said on Tuesday its legal advisors had estimated
the cartel investigations at two subsidiaries in Europe and the
United States might lead to "significant costs of a nonrecurring
nature in gradual stages during 2007 and 2008".




The firm said last month its French subsidiary was one of
several companies being investigated by the U.S. Department of
Justice and EU authorities in connection with an alleged cartel
involving certain types of marine hoses.


Read more at Reuters.com Government Filings News

BlackRock to buy Quellos fund of funds unit

(Reuters) - In addition, Quellos may receive up to an additional $970 million in cash and stock over three and a half years based on certain measures.







Read more at Reuters.com Business News

Hungarian Stocks Jump, Led by Mol, OTP Bank Shares: World's Biggest Mover

(Bloomberg) -- Hungarian stocks climbed to a record
for a third day, led by Mol Nyrt., the nation's largest oil
refiner, after rejecting a request by Austria's OMV AG for
merger talks.

The BUX Index gained 737.47, or 2.6 percent, to 29,342.37
as of 11:34 a.m. in Budapest, posting the biggest fluctuation
among markets included in global benchmarks.


Read more at Bloomberg Stocks News

FACTBOX-Investment banks look to second half of 2007

(Reuters) - "We feel very comfortable that the rest of the world will
not slow substantially in 2H 2007. We remain above consensus on
non-U.S. growth and below consensus on U.S. growth.




"Global decoupling is more than just a cyclical call. We
also believe that non-U.S. trend growth is higher than consensus
currently estimates. We believe the market is not yet priced for
longevity.


Read more at Reuters.com Bonds News

Carbon Emission Permits in Europe Fall to Six-Week Low on High Coal Price

(Bloomberg) -- European Union emission permits for
2008 fell to their lowest in six weeks as coal for delivery in
the Netherlands, a European benchmark, traded close to its
highest in more than two years.

EU carbon dioxide emission permits for December 2008 dropped
as much as 3 percent to 20.55 euros ($27.62) a metric ton, and
traded down 48 cents, or 2.3 percent, at 20.70 euros as of 9:48
a.m. on the European Climate Exchange in Amsterdam.


Read more at Bloomberg Energy News

Gazprom Says It Expects Record $38.1 Billion in Gas Exports This Year

(Bloomberg) -- OAO Gazprom, Russia's state-controlled
natural-gas export monopoly, expects to sell a record $38.1 billion
of fuel to Europe this year, Deputy Chief Executive Officer
Alexander Medvedev told reporters in Moscow today.

Export volumes to Europe will rise this year, Medvedev said,
denying a previous report that a warm winter had cut into sales.
Gazprom supplies a quarter of Europe's gas.


Read more at Bloomberg Emerging Markets News

ConocoPhillips to Quit Venezuela Oil Projects as Talks Fail, Person Says

(Bloomberg) -- ConocoPhillips will quit Venezuela
after investing $2.5 billion in oil and natural gas projects as
talks about ownership failed, said a person on the government's
side of the negotiations.

Exxon Mobil Corp. will also leave, the Wall Street Journal
and Reuters reported, citing unnamed people familiar with the
government and company positions in the negotiations. Talks
could still restart, Reuters reported, citing the people.


Read more at Bloomberg Energy News

Naspers boosts FY headline profit on strong demand

(Reuters) - Africa's biggest media company Naspers boosted annual core headline earnings by 39 percent thanks to buoyant demand in its key markets and acquisitions, it said on Tuesday.

South Africa-based Naspers, which owns the continent's biggest pay-TV network DStv, said in a statement headline EPS rose to 866 cents versus 764 cents while core headline earnings rose to 2.8 billion rand from 2.03 billion rand.


Read more at Reuters Africa

Xstrata lifts force majeure on Newcastle coal

(Reuters) - Miner Xstrata said on Tuesday it had lifted its force majeure on coal shipments from the Australian port of Newcastle following heavy storms earlier this month.

"We started lifting force majeure late Monday," a company spokesman told Reuters.


Read more at Reuters Africa

Beijing, Shanghai Property Prices Are Too High, Cheung Kong, Far East Say

(Bloomberg) -- Property prices in Shanghai, Beijing
and Guangzhou are too high and developers should focus on the
smaller Chinese cities as consumers there grow richer, real
estate executives said.

``First-tier cities are getting too expensive,'' Justin Chiu,
executive director at Cheung Kong (Holdings) Ltd., Hong Kong's
biggest developer, said in an interview in Singapore today.
``Anywhere in the world people who support the property market
are from the middle class, but in these first-tier cities, prices
are getting too high for middle class people to absorb.''


Read more at Bloomberg Emerging Markets News