Apple iPhone buyers gush as iWait ends

(Reuters) - NEW YORK




Grant Johnson, 41, an accountant from Brooklyn, managed to buy three after the girl in front of him in line bought him an extra one, as she only wanted one.


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Lundin raises, extends bid for Rio Narcea

(Reuters) - Lundin also extended the deadline for its offer to July 16
from June 29. It said it will not extend the bid again.




The company said it entered into lock-up agreements with
major shareholders holding about 30.9 percent of Rio Narcea's
shares. It said shareholders holding an additional 12.3 percent
of Rio Narcea have indicated their intention to tender their
shares to the amended offer.


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RLPC-UPDATE 1-Oreck Corp $200 mln refinancing loan pulled

(Reuters) - The loan was launched in April but failed to gather
interest from lenders. Investors have been reluctant to commit
to the deal as Oreck has already breached covenants under its
existing bank loan.




The deal consists of a $20 million revolver, a $130 million
first-lien term loan and a $50 million second-lien term loan.
The second-lien term loan has 102, 101 call protection.


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SEC sues company over alleged bogus takeover bids

(Reuters) - Besides Sony and Playboy, Roxford also made offers for
Zapata Corp. , Edgetech Services Inc. and PeopleSupport
Inc. , according to the complaint. The alleged scheme
took place between January 2003 and April 2007, it said.




"Roxford's intent in making the phony public tender offers
was to manipulate the price of the target company's stock," the
SEC alleged in the complaint. "Roxford and HRR did not intend
to complete the offers, and did not have the financial means to
do so."


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RPT-TREASURIES-Inflation dip sparks late rally in downbeat qtr

(Reuters) - By Pedro Nicolaci da Costa




NEW YORK, June 29 - U.S. Treasury debt rallied on
Friday as underlying inflation retreated, but the bond market
still posted its worst quarter in over a year.


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Commerce Bank CEO presided over innovation, scandal

(Reuters) - But New Jersey entrepreneur Vernon Hill applied lessons learned running Burger King outlets, about friendly service and convenient hours, to make Commerce Bancorp the fastest growing U.S. bank and a revolutionary force in retail banking.




The Commerce chairman and chief executive retired on Friday under pressure, at age 61, after years of questionable insider dealings at the bank triggered federal regulatory probes. His sudden departure from the bank he founded 34 years ago ends a career where he came to be regarded as a visionary and a great CEO, but also a maverick with little regard for the rules.


Read more at Reuters.com Government Filings News

Acuity Brands resolves federal environmental probe

(Reuters) - It added the U.S district court also placed ASP on
unsupervised probation for a term of three years.





Read more at Reuters.com Government Filings News

Brazilian Real Weakens Versus Dollar on Futures, Options Rate Settlement

(Bloomberg) -- Brazil's currency fell, reversing
earlier gains, as some investors sought to drive up the value of
the dollar ahead of today's settlement of futures and options
contracts.

The real fell 0.4 percent to 1.9290 per dollar at 2:42 p.m.
New York time after gaining as much as 0.2 percent to 1.9180 per
dollar earlier. The yield on Brazil's benchmark zero-coupon bonds
due in January 2008 fell 2 basis points, or 0.02 percentage
point, to 11.17 percent, according to Banco UBS Pactual SA.


Read more at Bloomberg Currencies News

Ex-Schnitzer exec pleads guilty to bribe charges

(Reuters) - An attorney contact for Wooh could not immediately be
reached.




According to the SEC, which settled a related civil case,
Wooh paid more than $200,000 in cash bribes from 1999 through
2004 to induce government-owned Chinese steel mills into buying
scrap metal from Schnitzer.


Read more at Reuters.com Government Filings News

UPDATE 1-US corporate bond sales rise in 1st qtr-Thomson

(Reuters) - U.S. companies sold $93.72 billion of high-yield bonds in
the first half of the year, up from $65.39 billion in the same
period last year. High-grade bond sales totaled $547.34 billion
in the first half, up from $486.85 billion in the same period
last year, Thomson said.




"Our experience is you tend to get more than half of the
supply in the first half of the year," said Jim Merli, global
head of the debt syndicate at Lehman Brothers in New York.
However, issuance in the second half is likely to be near
levels seen in the first half of the year, he said.


Read more at Reuters.com Bonds News

UPDATE 1-CBOT says Glass Lewis recommends CME merger

(Reuters) - IntercontinentalExchange Inc. , or ICE, an Atlanta-
based exchange, has made a higher bid for CBOT that was
rejected by the CBOT board. CME's bid, with a special dividend,
values CBOT at roughly $10.5 billion against roughly $11.4
billion from ICE.




Swings in the share prices of the ICE and the CME, as well
as a $9.14 per share one-time dividend approved for CBOT if the
merger occurs, have made the comparative value of the offers
volatile.


Read more at Reuters.com Bonds News

RLPC-UPDATE 1-Bombardier Recreational Products delays bank loan

(Reuters) - The company on Friday postponed a $1.12 billion term loan
that it was raising to refinance debt and pay a $505 million
dividend payment to owners Bain Capital, Beaudier Group and the
Caisse de dep't et placement du Quebec, sources told Reuters
LPC.




The loan was being led by Merrill Lynch and was expected to
pay lenders 250 basis points over Libor.


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Clayton sells food firm Brakes to Bain Capital

(Reuters) - Clayton said in a statement on Friday that Brakes had seen
its turnover grow by 14 percent and its operating profit by
close to 70 percent over the last five years.




Investment banks JP Morgan and Deutsche Bank advised Clayton
on the deal.


Read more at Reuters.com Mergers News

Teva to sell generic version of Pfizer's Norvasc

(Reuters) - Total annual sales of the drug are about $2.8 billion,
Israel-based Teva said. Once one of Pfizer's biggest selling
drugs, an incoming flood of generics is expected to eat
dramatically into sales.




Rival generic drugmaker Mylan Laboratories Inc. in
March launched a generic form of the medicine, known
generically as amlodipine, after a federal appeals court
declared some of Pfizer's patent claims invalid.


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Delphi posts $45 million net loss for May

(Reuters) - The company said it has had a cumulative net loss in 2007 of $644 million through May.



) Keywords: DELPHI RESULTS/


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Carlyle affiliate sees IPO at $19 per share

(Reuters) - On Thursday, CCC's chief executive John Stomber told Reuters
the company had cut the price and volume of the offering due to
"headwinds" in the market. It also postponed the issue.




Read more at Reuters.com Mergers News

UPDATE 1-UAW members approve concessionary deal with Delphi

(Reuters) - CHICAGO, June 29 - United Auto Workers members
have approved a deal that gives Delphi Corp.
concessions on wages, benefits and plant closings that the auto
parts maker has said it must have to exit bankruptcy.




About 68 percent of UAW members who voted approved the
agreement, the UAW said in a terse statement that did not
identify Delphi by name.


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Reviewers mostly say iPhone lives up to hype

(Reuters) - Here's what they found:




LIKES


Read more at Reuters.com Business News

Bear Stearns shakes up asset management unit

(Reuters) - Jeffrey B. Lane, a veteran senior executive at Lehman Brothers Holdings Inc. and Neuberger Berman Inc., replaces Richard Marin as chairman and chief executive of Bear Stearns Asset Management.




Marin will remain as a senior adviser to Lane, the company said.


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S.African calls for transparency in IMF chief selection

(Reuters) - The European Union moved fast on Friday to maintain its grasp on the leadership of the International Monetary Fund following a surprise resignation announcement by the IMF's Spanish chief, Rodrigo Rato.

The top IMF post has been Europe's since the institution was created after World War Two, with the top job at the World Bank, its sister organisation, going to an American in a carve-up that reflected the economic pecking order of an era now fading.


Read more at Reuters Africa

Hidary raises offer price for Everlast Worldwide

(Reuters) - June 29 - New York-based investor group Hidary Group said it raised its offer price to acquire sporting goods equipment maker Everlast Worldwide Inc. to $31.25 per share in cash from $26.50.



Hidary also said it would be prepared to consider a further increase in its offer price, should Everlast's termination fee in connection with its Brand Holdings transaction be invalidated.


Read more at Reuters.com Mergers News

U.S. Stocks Advance on Signs of Economic Growth, Slowdown in Inflation

(Bloomberg) -- U.S. stocks gained after reports
showed the economy is expanding without spurring inflation and
Research In Motion Ltd. and Apple Inc. rallied on growing
demand for their mobile devices.

Research In Motion, the maker of the BlackBerry e-mail
phone, surged after it reported first-quarter earnings that
topped analysts' estimates. Apple Inc. climbed on the day its
iPhone goes on sale in the U.S.


Read more at Bloomberg Stocks News

Nasdaq to buy board technology firm, no terms

(Reuters) - Directors Desk is the newest company to join Nasdaq's clutch of companies offering non-trading services, as the exchange fights to keep clients and increase revenue.




Competition among exchanges has turned fierce, and Nasdaq competes for trading volume with alternative trading venues like BATS Trading and for company listings with the New York Stock Exchange, owned by NYSE Euronext .


Read more at Reuters.com Mergers News

UPDATE 1-U.S. construction spending up 0.9 percent in May

(Reuters) - Economists polled ahead of the report were expecting a much
weaker 0.1 percent rise in the overall construction spending
figure.




Spending on private homebuilding, however, fell 0.8 percent
to a seasonally adjusted $549 billion annual rate, the 15th
consecutive monthly decrease as U.S. housing market troubles
continue.


Read more at Reuters.com Economic News

U.S. regulators set new subprime loan standards

(Reuters) - Lenders should only offer loans to borrowers with little
proof of assets and income if there is other evidence that they
can repay, the statement says.




Read more at Reuters.com Bonds News

US Midwest business expands strongly in June

(Reuters) - The employment component of the index fell to 52.7 from
57.3 in May. Prices paid fell to 68.1 from 70.2 and new orders
slipped to 65.7 from 71.1.




Read more at Reuters.com Bonds News

US STOCKS-Indexes gain at open on tame inflation

(Reuters) - The Dow Jones industrial average was up 23.90
points, or 0.18 percent, at 13,446.18. The Standard & Poor's
500 Index was up 2.25 points, or 0.15 percent, at
1,507.96. The Nasdaq Composite Index was up 10.91
points, or 0.42 percent, at 2,619.28.




Read more at Reuters.com Bonds News

Canadian Stocks May Gain on Research In Motion's Profit; BCE May Advance

(Bloomberg) -- Canadian stocks may rise after Research
In Motion Ltd. announced a stock split and first-quarter profit
exceeded analyst estimates.

Research In Motion, the maker of BlackBerry e-mail phones,
surged 17 percent in trading before the open of Canadian exchanges.
BCE Inc., Canada's biggest phone company, gained after the Ontario
Teachers' Pension Plan said it made bids for all BCE shares it
doesn't already own.


Read more at Bloomberg Stocks News

US STOCKS-Futures turn higher after inflation data

(Reuters) - NEW YORK, June 29 - U.S. stock index futures
reversed direction on Friday, turning higher, after a gauge of
inflation in May showed its lowest reading since March 2004.




The report was likely to give the Federal Reserve some
assurance it is making progress in its effort to curb
inflation.


Read more at Reuters.com Bonds News

U.S. Stock-Index Futures Gain After Inflation Measure Matches Forecasts

(Bloomberg) -- U.S. stock-index futures advanced
after a government report showed a measure of inflation matched
forecasts last month.

A gauge of consumer prices excluding food and energy gained
0.1 percent in May, the same as the previous month and
economists' estimates. Federal Reserve policy makers yesterday
said they continue to view inflation as the main threat to the
economy as they held the benchmark lending rate at 5.25 percent
for an eighth meeting.


Read more at Bloomberg Stocks News

Bank of England's Jenkinson Warns on Weaknesses Shown by Subprime Fallout

(Bloomberg) -- The U.S. subprime lending crisis has
shown weaknesses in risk controls which could affect the whole
financial system in the event of a bigger shock to deeper markets
such as corporate credit, a Bank of England official said.

``Recent distress in the U.S. subprime lending market'' has
``exposed weaknesses in risk management,'' Nigel Jenkinson, the
bank's executive director for financial stability, said today.
``In a more severe stress scenario, perhaps in a more significant
market such as corporate credit,'' the effect ``could have more
serious consequences for the financial system.''


Read more at Bloomberg Bonds News

Michigan County Leads Week's Municipal Borrowers With Sales at Record Pace

(Bloomberg) -- U.S. state and local governments
sold $11 billion of bonds this week, led by New York State's
Dormitory Authority and Michigan's Oakland County, helping to
put sales of tax-exempt bonds on pace to top 2005's record.

It was the third straight week that sales of new municipal
bonds exceeded the average of $7.7 billion so far this year,
according to data compiled by Bloomberg. A rise in bond yields
since last month is drawing buyers, even as governments seeking
to refinance debt or raise money for projects in case borrowing
costs rise further flood the market with offerings.


Read more at Bloomberg Bonds News

Gold Advances After Dollar Rally Stalls; Silver Also Rises in London Trade

(Bloomberg) -- Gold rose in London, erasing an
earlier decline, as the dollar's rally against the euro stalled,
reviving demand for bullion as an alternative investment. Silver
also advanced.

Gold has added 1.9 percent this year as the dollar declined
2.2 percent against the euro. The dollar fell against the euro
today for the first day in a week.


Read more at Bloomberg Commodities News

S.Africa's 3-month T-bill discount rate up to 9.10 pct

(Reuters) - The average discount rate for South African three-month Treasury Bills increased to 9.10 percent on Friday, the Reserve Bank said.

The average yield was also up at 9.31 percent, while applications for the 2.3 billion rand of bills on offer totalled 5.836 billion rand.


Read more at Reuters Africa

Croatian Economy Grew at Fastest Pace in More Than Four Years Last Quarter

(Bloomberg) -- The economy of Croatia, the next
country in line to join the European Union, unexpectedly grew at
the fastest pace in four-and-a-half years in the first quarter as
consumer spending and industrial output increased.

Gross domestic product rose an annual 7 percent in the
quarter, the state statistical office said on its Web site today.
This is higher than the 5.5 percent median estimate of six
economists in a Bloomberg survey and the highest growth since the
third quarter in 2002, when the economy grew 7.04 percent.


Read more at Bloomberg Emerging Markets News

DAX Index Rises for Second Day; Linde Group, Volkswagen, BASF Pace Advance

(Bloomberg) -- Germany's benchmark DAX Index rose
for a second day, led by shares of Linde Group and BASF AG.

Volkswagen AG gained after the carmaker said its venture
with China FAW Group Corp. may boost profit by at least a
quarter this year.


Read more at Bloomberg Stocks News

CORRECTED: Ex-HealthSouth CEO Scrushy sentenced to prison

(Reuters) - MONTGOMERY, Alabama - Ousted HealthSouth Corp. Chief Executive Richard Scrushy, acquitted two years ago in a major corporate fraud case, and former Alabama Gov. Don Siegelman were both sentenced to prison on Thursday for bribery.




A federal judge sentenced Scrushy to six years and 10 months in prison and Siegelman to seven years and four months after they were convicted of involvement in a scheme to manipulate hospital building permissions that favored HealthSouth.


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BBVA to Hire 240 Bankers This Year to Boost Derivatives Business Worldwide

(Bloomberg) -- Banco Bilbao Vizcaya Argentaria SA,
Spain's second-largest bank, is hiring 240 bankers worldwide
this year to boost its derivatives business.

BBVA recruited 151 of the bankers since January, including
Lorenzo Isla, Barclays Capital's former head of structured
credit research in London, who will run credit derivatives in
Madrid. The Bilbao, Spain-based lender will add about 100 of the
new derivatives staff in Madrid and 115 in offices including
London, Frankfurt and Mexico City, said Ricardo Laiseca, head of
global markets. A team of 25 will start an equity derivatives
business in Hong Kong.


Read more at Bloomberg Bonds News

Calls for IMF to consider non-European to replace Rato

(Reuters) - The surprise resignation of the head of the International Monetary Fund immediately prompted calls for the job search for his replacement to reach beyond Europe -- which has provided all the IMF's leaders.

The top IMF job has always gone to Europeans since the IMF's inception in 1945. Similarly, the World Bank is typically headed by an American, shutting out Japan and developing countries.


Read more at Reuters Africa