Axa, Total, Danone, Partouche, L'Oreal May Move: French Equity Preview

(Bloomberg) -- Shares of the following companies may
rise or fall on the Paris stock exchange. Symbols are in
parentheses after company names and prices are from the last
close.

July futures on the benchmark CAC 40 Index advanced 56.5 to
6005 at 8:14 a.m. in Paris.


Read more at Bloomberg Stocks News

S.Africa unions to announce strike decision on Thursday

(Reuters) - Unions representing most of South Africa's civil servants said they would announce on Thursday their response to a government wage offer, raising hopes the end was in sight to a crippling four-week strike.

The COSATU labour federation said it was meeting on Wednesday evening and would reconvene on Thursday, with a news conference to announce the outcome scheduled for 0900 GMT.


Read more at Reuters Africa

U.S. Economy Probably Grew at 0.8% Pace in First Quarter as Housing Sank

(Bloomberg) -- The U.S. economy probably grew at an
annual pace of 0.8 percent in the first quarter, the weakest in
four years as housing slumped, economists said before a
government report today.

The projected gain in gross domestic product compares with
a preliminary estimate of 0.6 percent issued last month, revised
figures from the Commerce Department may show. The forecast is
based on the median estimate of 73 economists surveyed by
Bloomberg News.


Read more at Bloomberg Currencies News

CORRECTED - CORRECTED-Yamana, Northern seek three-way gold merger

(Reuters) - Under the deal, Norther Orion shareholders would receive
0.543 of a Yamana share, or C$7.07 based on Yamana's Wednesday
closing price. Meridian shareholders would receive 2.235 of a
Yamana share plus C$3.15 in cash, totaling C$32.25 per share,
Yamana and Northern said.




Read more at Reuters.com Mergers News

Oil Extends Gains as Drop in U.S. Gasoline Stocks Prompts Supply Concerns

(Bloomberg) -- Crude oil rose in New York, extending
yesterday's $1-a-barrel gain, on concern that U.S. gasoline
supplies during the peak demand season may not be adequate after
a government report showed an unexpected decline in inventories.

Crude oil for August delivery rose as much as 36 cents, or
0.5 percent, to $69.33 a barrel in after-hours electronic trading
on the New York Mercantile Exchange. It was at $69.26 at 11:30
a.m. in Singapore.


Read more at Bloomberg Energy News

Khazanah Sells $850 Million of Islamic Bonds Convertible to Plus Shares

(Bloomberg) -- Khazanah Nasional Bhd., Malaysia's
state investment arm, sold $850 million of Islamic bonds that can
be converted into shares of the country's biggest toll-road
operator in the nation's biggest offer of convertible securities.

Khazanah increased the sale of the five-year exchangeable
bonds from $600 million because it received orders for 13 times
the amount of debt on offer, the company said in a statement last
night. The investment unit owns about 24 percent of PLUS
Expressways Bhd., the toll-road company.


Read more at Bloomberg Emerging Markets News

RPT-Visa to sponsor 2010 and 2014 World Cups

(Reuters) - Visa said it is the sixth and final top tier FIFA partner.




Read more at Reuters.com Bonds News

Chevron sells fuel business in Uruguay

(Reuters) - The company did not disclose the terms of the sale. It said
Texaco-branded lubricants products will continue to be
distributed and marketed in Uruguay through D.U.C.S.A.




Read more at Reuters.com Mergers News

Exporters, Hanjin, Kia Motors, Korea Electric: South Korea Equity Preview

(Bloomberg) -- The following shares may rise or
fall in South Korea. Prices refer to the previous close. This
preview includes news announced after markets shut yesterday.
Stock symbols are in brackets after the company names.

The Kospi index lost 0.9 percent to 1733.10. The Kosdaq
retreated 2.5 percent to 761.03. Kospi 200 futures expiring in
September slipped 1.2 percent to 221.20, while the underlying
index dropped 0.9 percent to 220.35.


Read more at Bloomberg Stocks News

Japan's Yen, Korea's Won, Indian Rupee, Thai Baht: Asian Currency Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian currencies today.

Exchange rates are from the previous session.


Read more at Bloomberg Currencies News

Consolidated Edison Restores Power After Scattered New York City Failures

(Bloomberg) -- Consolidated Edison Inc., owner of
New York City's utility, said it restored power after scattered
failures in parts of Manhattan and the Bronx.

Power was lost to 136,700 homes and businesses, Consolidated
Edison spokesman Joe Petta said in a phone interview. The
disruption began at 3:42 p.m., and power was restored to all
customers by 4:30 p.m., he said. The affected areas were the
western part of the Bronx and Manhattan's Upper East Side.


Read more at Bloomberg Energy News

US FTC urges caution on "net neutrality" proposals

(Reuters) - Network neutrality proposals, backed by Internet content
companies like Google Inc. and eBay Inc. ,
would bar Internet providers from charging extra fees to
guarantee access to the Internet or give priority to some
content.




In a report, the FTC sided with high-speed Internet
providers such as AT&T and Verizon , saying the
government should be cautious about imposing such regulations.


Read more at Reuters.com Government Filings News

US panel backs CryoCor heart flutter device

(Reuters) - The panel urged FDA to request a post-approval study
comparing all patients treated with the CryoCor device and an
alternative treatment, Riley said.




The CryoCor product applies extreme cold via a catheter to
block electrical conduction in heart tissue. The company is
seeking FDA approval to sell the device for treating atrial
flutter, an abnormal beating of the heart's upper chambers.


Read more at Reuters.com Government Filings News

Yen May Extend Gains Against Euro and the Dollar as Investors Reduce Risks

(Bloomberg) -- The yen may gain for a fourth day
against the euro and dollar on speculation investors will pare
riskier assets amid concern about a slumping U.S. housing market.

Investors this week have reduced the so-called carry trades,
in which they borrow yen to buy higher-yielding assets in stocks
and emerging-market debt, as the risk of defaults on U.S.
subprime mortgages increases. Data is forecast to show Japan's
industrial production gained in May, which may add to yen buying.


Read more at Bloomberg Currencies News

US STOCKS-Indexes snap 3-day decline; energy, tech lead

(Reuters) - NEW YORK, June 27 - U.S. stocks rose on Wednesday
as investors snapped up beaten-down shares after a three-day
slide and a nearly 2 percent jump in oil prices boosted demand
for energy companies.




Major indexes had fallen earlier in the day after
weaker-than-expected durable goods data.


Read more at Reuters.com Bonds News

U.S. Stocks Rise, Led by Energy, Technology Companies; Oracle, Exxon Jump

(Bloomberg) -- The U.S. stock market posted its
first advance in four days after a rally in oil prices improved
earnings prospects for fuel producers and better-than-expected
profit at Oracle Corp. ignited shares of software makers.

Exxon Mobil Corp., Intel Corp. and Microsoft Corp. helped
carry the Standard & Poor's 500 Index to its biggest gain in
two weeks. Oracle, the world's third-largest software maker,
jumped the most in three months after saying sales may rise 21
percent.


Read more at Bloomberg Stocks News

UPDATE 1-Power outage sweeps parts of New York City

(Reuters) - Power utility Con Edison said it was evaluating
reports of lost service, and the transportation authority said
at least three subway lines were down on what a spokeswoman
called a power dip.




"We're still gathering information, but it seems that we
had a power dip in the area of 59th street and Lexington Avenue
and so far it affects the E, the V and Number 6 lines and
that's all we have right now," a spokeswoman for New York City
transit said.


Read more at Reuters.com Bonds News

Wheat Futures Fall in Chicago After Reaching Record as Feed Use May Wane

(Bloomberg) -- Wheat futures fell, after rising to
a record in Chicago, as the premium above the price of corn
reached the biggest ever, spurring speculation that few
livestock producers will use wheat in feed.

Wheat's most-active contract is almost $2.60 more
expensive than corn on the Chicago Board of Trade, about double
the average difference of $1.30 for the past year. That would
make wheat too costly for cattle feedlot owners and hog
producers, analysts said.


Read more at Bloomberg Commodities News

UPDATE 1-SEC's Nazareth: Spend more to assess debt's risks

(Reuters) - Annette Nazareth, one of the five members of the U.S.
Securities and Exchange Commission, said firms and investors
take risks when they respectively create and buy illiquid and
"hard-to-value" securities.




She said these manifest themselves particularly when
investor risk tolerance declines, dampening demand.


Read more at Reuters.com Bonds News

US STOCKS-Indexes rise with energy and tech shares

(Reuters) - Major indexes had fallen earlier in the day after
weaker-than-expected durable goods data.




The Dow Jones industrial average was up 37.96
points, or 0.28 percent, at 13,375.62. The Standard & Poor's
500 Index was up 8.19 points, or 0.55 percent, at
1,501.08. The Nasdaq Composite Index was up 23.38
points, or 0.91 percent, at 2,597.54.


Read more at Reuters.com Bonds News

Cotton Rises to Three-Year High as U.S. Farmers Turn to Corn, Soybeans

(Bloomberg) -- Cotton in New York rose to a three-
year high on speculation U.S. farmers will grow less fiber after
rains disrupted planting in Texas and a rally in grain prices
offered higher profits from corn and soybeans.

About 11.6 million acres (4.7 million hectares) were
planted with cotton in the U.S. this year, according to the
average estimate of 11 analysts surveyed by Bloomberg. That's
4.5 percent less than the government's March forecast and
24 percent below last year's planted acreage of 15.27 million.


Read more at Bloomberg Commodities News

Mexico's Bolsa Falls on U.S. Report, Led by Cemex; Cosan Slides in Brazil

(Bloomberg) -- Mexican stocks fell for a fourth day,
led by cement maker Cemex SAB, on concern a slowing U.S. economy
will hurt exports.

The benchmark Bolsa index slid 0.8 percent today to 30,497.88
as of 1:13 p.m. in New York. It is the first four-day decline in
the index since April. Brazil's Bovespa index fell 139.62, or 0.3
percent, to 53.712.06.


Read more at Bloomberg Stocks News

Volatility expected to continue for Toronto stocks

(Reuters) - Since establishing a record high of 14,216.21 more than a
month ago, the index has been on something of a roller-coaster
ride that has cost it almost 4 percent.




This prompted some analysts to let the C word --
"correction" -- slip from their lips to describe the retreat.


Read more at Reuters.com Economic News

Conrad Black "sunk," prosecutor tells jury

(Reuters) - "Follow the money," urged chief prosecutor Eric Sussman, ending a rebuttal that concluded more than a week of final arguments in the case.




"The important question to ask is 'the why' of these payments, not whether they were or weren't disclosed," Sussman said of the millions of dollars in non-competition payments that the government claims Black and the others stole.


Read more at Reuters.com Bonds News

UPDATE 1-Benchmark ABX subprime index hits new low-sources

(Reuters) - The ABX 2006-2 "BBB-minus" series, which is tied to
subprime loans in last year's first half, fell to 61.5 from its
previous low of 62.16, market sources said.




The ABX 2007-1, which references loans from the second half
of last year, is trading between 55.5 and 56.5 compared to 57
on Tuesday. The index is near its recent low of 56.18.


Read more at Reuters.com Bonds News

Iberdrola Raises $4.5 Billion in New Share Sale for Energy East Purchase

(Bloomberg) -- Iberdrola SA, the world's largest
owner of wind-power parks, raised 3.37 billion euros ($4.5
billion) from selling new shares to pay for U.S. utility Energy
East Corp.

The Spanish utility sold 85 million new shares through a
so-called accelerated offering, the Bilbao-based power producer
said in an e-mailed statement to regulators today.


Read more at Bloomberg Stocks News

USDA declares disaster areas in New York and Texas

(Reuters) - The department said 15 additional counties in Texas; five
in New York; Passaic and Sussex counties in New Jersey; and
Pike County in Pennsylvania are eligible for assistance because
they are close to the primary disaster areas.




The USDA's Farm Service Agency said farmers have eight
months to apply for emergency loans to help cover part of the
financial loss of their crops.


Read more at Reuters.com Bonds News

Zimbabwe reviews inflation calculation, delays data

(Reuters) - Zimbabwe is reviewing how it calculates inflation and will delay the release of May data, a government official said on Wednesday, as the country grapples with hyper-inflation.

President Robert Mugabe's government has declared the country's galloping inflation -- put at more than 3,700 percent in April -- as its number-one enemy. But prices continue to rise relentlessly, jumping by as much as 300 percent in the past week alone after the local currency tumbled.


Read more at Reuters Africa

Chittenden, H&R Block, Nuvelo, Spectra, SurModics: 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 10:10 a.m. New York time.

Oil Refiners: Citigroup Global Markets Inc. downgraded
shares of Valero Energy Corp. (VLO US), the largest U.S. refiner,
and Tesoro Corp. (TSO US), the largest refiner in the U.S. West,
to ``sell'' from ``hold'' because of valuations. Sunoco Inc. (SUN
US), the biggest refiner in the Northwest, was cut to ``hold''
from ``buy.'' Valero fell $2.61, or 3.5 percent, to $72.05.
Sunoco lost $3.56 to $76.77 and Tesoro retreated $2.80 to $55.11.


Read more at Bloomberg Stocks News

CBOT says ISS recommends vote for CME merger

(Reuters) - CBOT shareholders and members vote on the CME deal on July
9, but are mulling a higher, competing bid from Atlanta-based
IntercontinentalExchange Inc. .




"If one is to compare ICE's adjusted offer price with CME's
offer price, the difference between the two offers is
marginal," ISS said in its report.


Read more at Reuters.com Mergers News

US STOCKS-Blue chips fall on durables, risk worry

(Reuters) - NEW YORK, June 27 - U.S. blue-chip stocks fell on
Wednesday after weaker-than-expected durable goods data added
to uneasiness about the outlook for corporate profits.




Stocks were also under pressure from worries about higher
interest rates and the troubled subprime mortgage market, which
weighed on the financial sector.


Read more at Reuters.com Bonds News

Crude Oil Rises on Unexpected Drop in U.S. Gasoline Inventories Last Week

(Bloomberg) -- Crude oil rose after an Energy
Department report showed an unexpected decline in U.S. gasoline
inventories last week.

Gasoline stockpiles fell 749,000 barrels, the first drop in
eight weeks, the report showed. An increase of 1.04 million
barrels was expected, according to the median of responses by 16
analysts surveyed by Bloomberg News. Inventories of distillate
fuel, a category that includes heating oil and diesel, plunged
2.28 million barrels. A 550,000 barrel gain was expected.


Read more at Bloomberg Commodities News

UPDATE 1-US Treasury to review of financial services rules

(Reuters) - "To maintain our capital markets' leadership, we need a
modern regulatory structure complemented by market leaders
embracing best practices," Treasury Secretary Henry Paulson
said in a statement.




The Treasury said it would release a "blueprint" for
regulatory reforms by early next year.


Read more at Reuters.com Government Filings News

UPDATE 1-KeyCorp freed from special Fed oversight

(Reuters) - Cleveland-based KeyCorp in a U.S. Securities and Exchange
Commission filing said the Office of the Comptroller of the
Currency and the Federal Reserve Bank of Cleveland have ended
their special oversight of its KeyBank N.A. unit.




KeyCorp in October 2005 had agreed with the regulators to
strengthen its anti-money laundering controls, including those
related to its obligations under the Bank Secrecy Act.


Read more at Reuters.com Bonds News

Yen Gains the Most in 10 Weeks as Investors Scale Back Their Carry Trades

(Bloomberg) -- The yen rose the most in 10 weeks
against the euro and dollar as investors pared holdings of
emerging-market bonds and stocks funded by loans in the Japanese
currency.

Japan's yen gained against all 16 of the most-actively
traded currencies tracked by Bloomberg. The yen extended its
rally after global equity markets declined as investors shunned
riskier assets, prompting an unwinding of the so-called carry
trade. A U.S. report showed sales of durable goods, a proxy for
business spending, fell more than forecast.


Read more at Bloomberg Currencies News

Andrew, BAE, Guitar Center, Sunoco, Valero Energy: 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.

Oil Refiners: Citigroup Global Markets Inc. downgraded
shares of Valero Energy Corp. (VLO US), the largest U.S. refiner,
Sunoco Inc. (SUN US), the biggest refiner in the Northweat, and
Tesoro Corp. (TSO US), the largest refiner in the U.S. West, to
``sell'' from ``hold'' because of valuations. Valero fell $1.06
to $73.60 in trading before U.S. exchanges opened. Sunoco lost 35
cents to $79.98 and Tesoro retreated $1.51 to $56.40.


Read more at Bloomberg Stocks News

Best Buy to expand; raises dividend, share buyback

(Reuters) - The plan comes after Best Buy reported quarterly earnings last week that missed analyst estimates by a wide margin and gave a disappointing full-year forecast as television sales cooled.




The Minneapolis-based company said the number of stores in the United States and Canada could now approach 1,800, up from its prior plan to have 1,400. It currently has 1,035 Best Buy, Future Shop and Pacific Sales stores in those markets.


Read more at Reuters.com Business News

UPDATE 1-U.S. May durable goods orders fell 2.8 percent

(Reuters) - WASHINGTON, June 27 - New orders for
long-lasting U.S.-made manufactured goods tumbled a
larger-than-expected 2.8 percent in May in a sign the
struggling U.S. manufacturing sector may be weaker in the
second quarter than expected.




The drop in durable goods orders was the first decline
since January and followed a 1.1 percent rise in April, the
Commerce Department said on Wednesday. Analysts polled by
Reuters were expecting orders to slip 1 percent.


Read more at Reuters.com Bonds News

McCormick & Co. profit down

(Reuters) - Charges related to its restructuring program reduced
earnings per share by 4 cents.




Analysts, on average, had expected the Sparks,
Maryland-based company to earn 33 cents per share.



Read more at Reuters.com Market News

BP Agrees to Venezuelan Terms to Maintain Stake in Cerro Negro Oil Project

(Bloomberg) -- BP Plc, Europe's second-largest oil
company, signed a memorandum of understanding with Venezuela
yesterday to keep its minority stake in a heavy-oil project as
the government consolidates its control of energy assets.

BP, based in London, will retain its 16.67 percent stake in
the Cerro Negro project, which will be majority owned and
operated by state-run Petroleos de Venezuela SA, BP spokesman
David Nicholas said today. The agreement was signed yesterday.


Read more at Bloomberg Emerging Markets News

LSE CEO expects shareholder backing for Milan deal

(Reuters) - BRUSSELS, June 27 - Shareholders in the London Stock Exchange are expected to support the bourse's decision to buy Milan-based Borsa Italiana, LSE Chief Executive Clara Furse said on Wednesday.



"We expect shareholders to support this transaction," Furse told Reuters.


Read more at Reuters.com Bonds News

Bain to buy German yacht maker for about $1.8 bln

(Reuters) - LONDON/FRANKFURT, June 27 - Private equity firm Bain Capital is buying Germany's biggest yacht builder, Bavaria Yachtbau GmbH, for about 1.3 billion euros with plans to expand the business into new markets.



The company produced 3,500 yachts in the year ended July 31, 2006, at its facility in Giebelstadt with sales of about 271 million euros. Bavaria Yachtbau employs about 620 people.


Read more at Reuters.com Bonds News

UPDATE 1-Swedish state to review OMX-Nasdaq deal

(Reuters) - OMX, which is 6.6 percent held by the government, has
accepted the offer, worth around $3.4 billion based on Nasdaq's
closing share price on Tuesday, and has said tougher U.S.
regulations will not apply to trading or companies listed in the
region.




"The government has not taken a position," Mia Widell,
spokeswoman for Financial Markets Minister Mats Odell said.


Read more at Reuters.com Mergers News

Shanghai Copper Falls to Three-Month Low on U.S. Demand Concern; Zinc Do

(Bloomberg) -- Copper prices fell for a fourth day,
reaching a three-month low in Shanghai, on concern consumption
may be slowing in the U.S., the second-largest user of the metal.

U.S. new-home purchases dropped in May, signaling demand is
still dwindling in the second year of a housing slump. Builders
are the biggest consumers of the metal. Speculation that China
may raise interest rates for the third time this year also
helped push down prices.


Read more at Bloomberg Commodities News

Turkish State Workers to Receive Pay Increase Twice the Rate of Inflation

(Bloomberg) -- Turkey will increase the pay of public
sector workers by more than double the central bank's inflation
target for this year, a plan that may push up prices and hurt
budget targets.

The wages of about 323,000 workers will increase by an
average of more than 10 percent this year, compared with the
bank's inflation goal of 4 percent, Salih Kilic, chief of labor
union Turk-Is, told reporters in Ankara late yesterday.


Read more at Bloomberg Emerging Markets News

Reuters Summit-Japan property outlook rosy; deals more complex

(Reuters) - SINGAPORE, June 27 - Mikihisa Hirai, president of
Atlas Partners Japan Ltd., should be giddy with excitement as
European and Middle Eastern clients are due to almost double
the size of his property funds to just over $800 million.




But Hirai knows he has his work cut out for him.


Read more at Reuters.com Bonds News

European Government Bonds Gain as Global Growth, Inflation Concerns Ease

(Bloomberg) -- European government bonds advanced
for a fourth day, the longest winning run in almost four months,
as investors switched from riskier assets into safer fixed-income
securities.

Yields on 10-year bunds, Europe's benchmark, fell to the
lowest in two weeks as investors turn more risk averse amid
concern a declining housing market and losses related to subprime
mortgages in the U.S. will hurt global growth. Debt also gained
as European equity markets slid for a fifth day.


Read more at Bloomberg Bonds News

Rand softer before inflation data

(Reuters) - South Africa's rand softened against the dollar on Wednesday and dealers expected the unit to remain in the current ranges before release of inflation data due at 0930 GMT.

The rand stood at 7.2173 versus the dollar at 0630 GMT, about 0.33 percent softer than its New York close of 7.1935 on Tuesday.


Read more at Reuters Africa