Egypt to make domestic debt Euroclearable - Finmin

(Reuters) - Egyptian Finance Minister Youssef Boutros-Ghali said on Thursday the government plans to make its domestic debt clearable through the settlements system Euroclear in an effort to attract more international investors to its robust economy.

Egyptian officials are currently in London talking with investors about a planned Eurobond that Boutros-Ghali previously told Reuters in March would be up to 5 billion Egyptian pounds payable in U.S. dollars. At that time he said the tenor would be no more than 10 years.


Read more at Reuters Africa

Asian stocks dip after U.S. data

(Reuters) - The Institute for Supply Management's services index rose to its highest level in a year in June, while a report from ADP Employer Services pointed to robust jobs growth, leading market participants to believe that U.S. payrolls data due later on Friday will be better than expected.




The news pushed the benchmark 10-year Treasury yield up to 5.15 percent from around 5.06 percent early on Thursday, sending the blue-chip Dow down a touch. But the tech-heavy Nasdaq Composite Index added 0.4 percent, helped by a rally in Apple Inc. .


Read more at Reuters.com Hot Stocks News

Dollar holds gains ahead of US jobs report

(Reuters) - The dollar held gains on Friday, staying off a two-month low against the euro and a 26-year trough versus sterling after strong U.S. services data soothed concerns the Federal Reserve may cut interest rates later this year.

The dollar rose broadly the previous day after the Institute for Supply Management's services index for June rose to its highest level in a year, beating forecasts for a small decline.


Read more at Reuters Africa

South Australian Crops Need `Good Falls' of Rain, Government Agency Says

(Bloomberg) -- Grain crops in South Australia, the
third-largest wheat-growing state in Australia, needed ``good
falls'' of rain within weeks after dry weather in June, Rural
Solutions SA said.

``Monthly totals were generally well below average with
only a few areas having near average rainfall,'' the government
agency said today in a report on its Web site. ``Growers are now
looking for good falls over the next few weeks to maintain
growth.''


Read more at Bloomberg Commodities News

ICI, Standard Life, Lamprell, Aer Lingus, HSBC: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from yesterday's market close.

The benchmark FTSE 100 Index declined 37.909, or 0.6
percent, to close at 6635.20 in London as 25 stocks rose, 73 fell
and four were unchanged. The FTSE All-Share Index fell 17.27, or
0.5 percent, to 3428.06.


Read more at Bloomberg Stocks News

Yen Declines to Record Low Against Euro on Prospect of Higher ECB Rates

(Bloomberg) -- The yen slid to record low against the
euro as the prospect of higher interest rates may increase the
appeal of European assets to Japanese investors.

European Central Bank President Jean-Claude Trichet said
yesterday he has ``no intention'' to change market expectations
for a rate increase as soon as September after the central bank
kept borrowing costs at 4 percent. Policy makers may reiterate
that message later today. The yen has dropped 6.5 percent versus
the euro this year as Japan's 0.5 percent borrowing cost
encouraged investors to send money abroad.


Read more at Bloomberg Currencies News

European Government Bonds Head for Weekly Decline on Outlook for ECB Rates

(Bloomberg) -- European government bonds are set to
drop this week, extending the worst quarterly slide in almost
eight years, after European Central Bank President Jean-Claude
Trichet signaled policy makers may need to lift interest rates
further by year-end.

Benchmark debt has fallen, sending 10-year bund yields to
near a five-year high, as investors add to bets the ECB will lift
borrowing costs half a point by year-end. Bonds fell yesterday
after Trichet said inflation in the region needs ``careful
monitoring.'' The ECB earlier kept its key rate at 4 percent.


Read more at Bloomberg Bonds News

Australia's S&P/ASX 200 Index Is Little Changed; BHP Climbs, Banks Decline

(Bloomberg) -- Australia's benchmark stock index, the
S&P/ASX 200 Index, fell 0.05 percent at 10:05 a.m.

The index of 201 companies traded on the Australian Stock
Exchange fell 3.30 to 6,359.00. Among the stocks in the index, 51
rose, 68 fell and 82 were unchanged.


Read more at Bloomberg Stocks News

Japanese Government Bonds May Fall on Signs of Stronger U.S. Job Growth

(Bloomberg) -- Japanese bonds may fall for a third
day after private U.S. reports showed job creation was faster
than expected and growth in service industries unexpectedly
accelerated, signaling the world's largest economy will expand.

Bonds in Japan may follow a slump yesterday in 10-year U.S.
Treasuries, which had the biggest loss in three weeks. A Labor
Department report today may add to expectations that stronger
employment growth will boost U.S. inflation. A faster expansion
in the U.S., Japan's biggest export market, may help the Asian
nation sustain its longest period of postwar economic growth.


Read more at Bloomberg Bonds News

Asian Stocks Fall in U.S. Trading; Matsushita Electric, Kyocera Decline

(Bloomberg) -- Asian stocks trading in the U.S. fell as
reports on U.S. employment and services industries dimmed
speculation the Federal Reserve may lower interest rates this year.
Matsushita Electric Industrial Co. led the retreat.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, dropped for the first time
in six sessions, losing 0.2 percent to 170.98.


Read more at Bloomberg Stocks News

Advanced Medical bids $75/share for Bausch & Lomb: WSJ

(Reuters) - Advanced Medical's offer is valued at $75 a share, of which $45 is in cash and $30 in stock, the sources said. That offer compares with a $65 a share offer made by Warburg Pincus in May. Bausch & Lomb's takeover agreement from Warburg Pincus allowed it to solicit other bids for 50 days.




"It's hard to find a way to argue that $75 isn't superior to $65," said Jeff Johnson, an analyst at Robert Baird.


Read more at Reuters.com Business News

FDA warns of new risks to babies with Roche drug

(Reuters) - The FDA reported the new warning on the "MedWatch" section of its Web site on Thursday. Also posted is a letter to doctors dated June 2007 describing the drug's updated prescribing information.




A spokesman for Roche USA was not available for comment.


Read more at Reuters.com Government Filings News

Brookfield posts lower 2nd-qtr orders, cuts target

(Reuters) - Brookfield is now targeting between 1,000 and 1,100 home
closings for 2007, representing a 12 percent decline from the
January 2007 home closing estimate.




Read more at Reuters.com Market News

Chile Stocks Fall as Economy Slows, Led by Endesa; Vale Gains in Brazil

(Bloomberg) -- Chile's main stock index fell the most
in almost a month on concern that shares have risen faster than
warranted by the country's economic growth.

Chile's Ipsa index of 40 stocks fell a second day, shedding
36.08, or 1 percent, the most since June 7, to 3455.38. Brazil's
Bovespa index rose 0.4 percent, while Mexico's Bolsa index was
little changed.


Read more at Bloomberg Stocks News

Plenty of fireworks to come in CBOT-CME merger push

(Reuters) - Shareholders of Chicago Mercantile Exchange Holdings Inc.
and CBOT Holdings Inc. are voting between now
and July 9 on the proposal to merge the two largest U.S.
futures marts.




The deal is dominating talk on the CBOT trading floor, in
nearby coffee shops and bars and in online chat rooms. The
outcome is far from assured.


Read more at Reuters.com Mergers News

UPDATE 1-Tandy Leather Factory June sales flat, lowers '07 view

(Reuters) - "Our consolidated sales still look weak, but I'm encouraged
with the sales results at the stores," Chief Executive Ron
Morgan said in a statement.




The leather and related products retailer said its retail
division, Retail Leathercraft, posted a 17 percent rise in
sales for June at $2.1 million. The 58 comparable stores posted
a 9 percent same-store sales gain for the month.


Read more at Reuters.com Market News

UPDATE 1 - Fitch cuts Hilton's debt rating on acquisition

(Reuters) - Another agency, Moody's Investors Service, said it may cut
Hilton's ratings and will base its decision on the company's
capital structure when the deal closes.




Blackstone agreed on Tuesday to buy Hilton for about $20
billion plus debt, the richest in a series of recent private
equity offers for hotel companies. For details see
[ID:nN03234692].


Read more at Reuters.com Mergers News

Moody's warns about private equity buyout risks

(Reuters) - In a leveraged buyout, private equity firms increase debt
at a target firm substantially, using mostly debt proceeds and
a small portion of their own equity to fund the acquisition.




In the past, private equity firms were expected to recoup
their investment by taking a company public again or selling
it, but this is no longer the case, Moody's said.


Read more at Reuters.com Bonds News

EDF unit signs financing for Portugal wind farms

(Reuters) - The two plants are due to enter service in 2008 and 2009,
it said in a statement.




"These two projects will help to consolidate EDF Energies
Nouvelles' position as the sixth-largest wind energy player in
Portugal, since it has already developed 144 MW in gross
installed capacity there," the company said.


Read more at Reuters.com Bonds News

REFILE-US HIGH YIELD-Market turmoil may spell end to easy money

(Reuters) - NEW YORK, July 5 - The lending window in the U.S.
junk bond market may still be open, but a shift to stricter
standards is likely here to stay, making it harder for private
equity firms to finance record-breaking buyouts.




Following a tumultuous two weeks in which several junk bond
sales were pulled or terms sweetened to draw buyers, all eyes
will be on a spate of bond sales expected after this week's
Fourth of July holiday hiatus for a clue to the appetite for
risky debt.


Read more at Reuters.com Bonds News

Oil Rises Above $72 on Nigerian Supply Concerns, U.S. Gasoline Shortfall

(Bloomberg) -- Crude oil rose above $72 a barrel in
New York, a 10-month high, on concern that unrest in Nigeria may
curb oil shipments and unexpected shutdowns at U.S. refineries
will cut fuel production.

Nigerian gunmen kidnapped a three-year-old daughter of a
British expatriate on her way to school in the southern oil city
of Port Harcourt, a police spokesman said. Five contractors were
seized yesterday from a rig operated by Royal Dutch Shell Plc's
Nigerian venture. Futures pared gains after the Energy Department
reported that U.S. oil and fuel supplies rose last week.


Read more at Bloomberg Commodities News

CBOT says CBOE trying to quash trading rights

(Reuters) - CBOE, the largest U.S. options mart, has been attempting to
end the historic right held by some Board of Trade members to
also trade options at CBOE, known as the exercise right.




The options mart contends that if CME absorbs CBOT to
create CME Group Inc., there will no longer be CBOT members who
qualify for CBOE trading rights.


Read more at Reuters.com Mergers News

Moscow court delays $22.5 bln Bank of New York lawsuit

(Reuters) - A new hearing is set for July 10, Smal said.




In May, Russia accused Bank of New York of helping
illegally transfer $7 billion through its accounts in the late
1990s. A former bank executive and her husband pleaded guilty
in 2000 to being part of a conspiracy to transfer the funds.


Read more at Reuters.com Bonds News

Boeing on track for record year

(Reuters) - Boeing took orders for 70 of its carbon-composite 787
Dreamliners in the April to June period, the first of which is
set to roll out of the company's Seattle-area plant for the
first time on Sunday.




Airlines also ordered 22 777 minijumbos and 136
single-aisle 737s.


Read more at Reuters.com Business News

UPDATE 1-U.S. June services growth rises to 1-year high-ISM

(Reuters) - The Institute for Supply Management's services index rose
to 60.7 from 59.7 in May. The median forecast among analysts
polled by Reuters was 58.0. A number above 50 indicates
growth.




The dollar rose to the day's highs versus the euro
but U.S. stocks showed little reaction to
the data, maintaining the day's earlier losses. Government
bonds , which usually benefit from signs of slowing
growth, extended their earlier losses.


Read more at Reuters.com Economic News

CVC to acquire Samsonite for $1.7 billion

(Reuters) - Samsonite manufactures and distributes luggage and travel-related products under its namesake brand and others such as American Tourister, Lacoste and Timberland.




Its principal shareholders -- entities controlled by Ares Management LLC, Bain Capital Partners and Teachers' Private Capital, which is a private investment branch of Ontario Teachers' Pension Plan -- have agreed to the transaction, Samsonite said.


Read more at Reuters.com Business News

H&R Block falls as mortgage unit loses credit line

(Reuters) - In a late Tuesday filing with the U.S. Securities and Exchange Commission, H&R Block said Lehman Brothers Holdings Inc. did not renew a "warehouse" facility with the subprime unit, Option One Mortgage Corp., after it expired June 28.




The facility provided at least $1 billion of borrowing capacity, according to regulatory filings. Its non-renewal left Option One with $8 billion of committed borrowing capacity and $2 billion of uncommitted capacity, H&R Block said.


Read more at Reuters.com Business News

Cocoa Rises to Four-Year High on Political, Labor Turmoil in West Africa

(Bloomberg) -- Cocoa in New York rose to a four-
year high on speculation political tension in Ivory Coast, the
biggest producer, and labor disputes in Nigeria will disrupt
supplies of the beans used to make chocolate.

Three people were killed in a rocket attack on the plane
of Ivory Coast Prime Minister Guillaume Soro at an airport in
the central town of Bouake last week. Soro was unhurt. In
Nigeria, the fourth-largest producer, exports were disrupted by
a four-day strike in June that closed ports.


Read more at Bloomberg Commodities News

Euro Falls From Record Against Yen as ECB Leaves Interest Rate Unchanged

(Bloomberg) -- The euro fell from an all-time high
against the yen after the European Central Bank kept borrowing
costs unchanged.

The common currency also fell against the dollar after
policy makers left the benchmark interest rate at a six-year high
of 4 percent, as forecast. ``Our monetary policy is still on the
accommodative side,'' ECB President Jean-Claude Trichet said at a
press conference after the decision.


Read more at Bloomberg Currencies News

Hilton Shares Gained Most Since 2005 Before $20 Billion Takeover Agreement

(Bloomberg) -- Hilton Hotels Corp.'s stock price
surged prior to the announcement that the second-largest U.S.
hotel chain will be acquired by New York-based Blackstone Group
LP for about $20 billion in cash.

Hilton shares climbed $2.18, or 6.4 percent, to $36.05
yesterday in New York, their biggest rally since 2005. After the
close of trading, Blackstone, the world's biggest publicly traded
buyout firm, said it will pay $47.50 a share for Beverly Hills,
California-based Hilton.


Read more at Bloomberg Exclusive News

KKR Accepts Borrowing Limits in Record $22 Billion Alliance Boots Buyout

(Bloomberg) -- Kohlberg Kravis Roberts & Co. will
accept borrowing limits imposed by lenders funding its 11.1
billion-pound ($22 billion) purchase of Alliance Boots Plc, as
investors shun risky assets, bankers arranging the deal said.

KKR is meeting with investors today to raise 9.02 billion
pounds in loans for Nottingham-based Boots, the biggest U.K.
drugstore chain. The loans will include limits on the amount of
debt the company can have relative to its cashflow, through so-
called maintenance covenants, said the bankers, who declined to
be named because the terms aren't public.


Read more at Bloomberg Bonds News

US STOCKS-Futures flat as rate worries offset M&A

(Reuters) - NEW YORK, July 5 - Wall Street was set to open
little changed on Thursday as rising bond yields fueled concern
about higher borrowing costs, offsetting news of a $20 billion
buyout of Hilton Hotels Corp.




Yields rose after stronger-than-expected data on the jobs
market gave a boost to forecasts for Friday's non-farm payrolls
report. The yield on the benchmark 10-year Treasury note
rose to 5.10 percent from 5.05 percent late on
Tuesday.


Read more at Reuters.com Bonds News

European Stocks Fall on Rate Concern; E.ON, Iberdrola, Vodafone Lead Drop

(Bloomberg) -- European stocks fell for the first
time in three days, led by utilities and phone companies, on
concern central banks will continue to raise interest rates.

E.ON AG, the world's largest utility by sales, Iberdrola SA,
Spain's second-biggest power company, and Vodafone Group Plc
paced the decline. Deutsche Telekom AG dropped after a report
Europe's largest phone company is struggling to find a partner
for its T-Systems computing-services division.


Read more at Bloomberg Stocks News

Kenya unit eases vs dollar, seen weakening to 67 level

(Reuters) - The Kenya shilling softened versus the dollar on Thursday due to good demand and dealers saw it weakening further due to heavy demand that has characterised trade this week.

At 1050 GMT commercial banks quote the unit at 66.85/95 compared with Wednesday's close of 66.70/80.


Read more at Reuters Africa

New Jersey, Massachusetts Localities Borrow as Municipal Bond Sales Slow

(Bloomberg) -- Burlington County, New Jersey, and
Danvers, Massachusetts, will hold today's largest municipal debt
auctions as U.S. state and local government borrowing ebbs
during the Independence Day holiday week.

The New Jersey county and Massachusetts town each plan to
sell some $10 million of notes due next year. The short-term
deals arrive a day after the July Fourth holiday as issuers and
underwriters this week offer less than $400 million in new debt
to investors, or about 5 percent of 2007's weekly average.


Read more at Bloomberg Bonds News

Israeli Diamond Exports to China May Triple by 2008, Trade Official Says

(Bloomberg) -- Israeli diamond exports to China may
triple by the end of 2008 as a tax cut enables gem producers to
increase sales in the world's fastest-growing major economy, an
executive from an industry association said.

Israel may export between $250 million and $300 million of
polished diamonds to China, up from $100 million last year, Eli
Avidar, managing director of the Israel Diamond Institute, said
today in an interview in Shanghai.


Read more at Bloomberg Commodities News

ISTA Pharmaceuticals files $100 mln mixed-shelf offering

(Reuters) - Under a shelf registration, a company may sell securities
in one or more separate offerings with the size, price and
terms to be determined at the time of sale.





Read more at Reuters.com Bonds News

S.Africa business confidence slips, crime a threat

(Reuters) - South Africa's business confidence eased further in June and could be further undermined by rising crime as shown in the latest official statistics, the South African Chamber of Business (SACOB) said on Thursday.

SACOB's Business Confidence Index (BCI) retreated to 99.1 in June from May's 100.2, resuming a downward trend since the beginning of the year that only paused briefly in April.


Read more at Reuters Africa

Implats' Zimbabwe unit appoints new CEO

(Reuters) - The Zimbabwe unit of South Africa's Implats has appointed Alex Mhembere as its new chief executive effective in October, the firm said on Thursday.

Zimplats Holdings Ltd is majority-owned by Implats, the world's second-biggest platinum producer, and the firm has major growth plans for the unit.


Read more at Reuters Africa

Vodafone weighs on FTSE before rate verdict

(Reuters) - Britain's top share index fell on Thursday as losses in heavyweight Vodafone and a widely anticipated rate rise by the Bank of England outweighed gains in miners.

Vodafone, which until recently was the favourite to win a pan-European iPhone deal with Apple, fell 1.3 percent after UK newspapers said rival O2, a unit of Spain's Telefonica, was poised to clinch a deal to be the exclusive network partner for the much-hyped phone in the UK.


Read more at Reuters Africa

O2 set to win deal as UK partner for iPhone-papers

(Reuters) - The Times newspaper, without citing sources, said the final contract was expected to be signed imminently.




An O2 spokesman had no immediate comment. Telefonica declined to comment.


Read more at Reuters.com Business News

China's CSI 300 Index Slides the Most in a Month; Sinopec, Baoshan Tumble

(Bloomberg) -- China's stocks plunged the most in a
month as new share sales heightened concern that funds will be
drained from equities and a state agency called on policy makers
to take action to damp short-term speculation.

China Petroleum & Chemical Corp. and Baoshan Iron & Steel
Co. were among the biggest contributors to today's decline.
About 40 companies including Fujian Expressway Development Co.
plunged the daily cap of 10 percent.


Read more at Bloomberg Stocks News

San Miguel, Kirin in talks on National Foods

(Reuters) - By Rosemarie Francisco and Edwina Gibbs



MANILA/TOKYO July 5 - Southeast Asia's largest food and beverage group, San Miguel , is in talks to sell a stake in Australia's National Foods Group, its biggest overseas business, to Kirin Holdings as it seeks funding for a shift into heavy industry.


Read more at Reuters.com Mergers News

PRESS DIGEST - New York Times business news - July 5

(Reuters) - * China said that nearly a fifth of the food and consumer
products that it checked in a nationwide survey this year were
found to be substandard or tainted, underscoring the risk faced
by its own consumers even as the country's exports come under
greater scrutiny overseas.




* World stock markets rose Wednesday, with shares in Hong
Kong and South Korea closing at new highs. European indexes
were buoyed by shares of hotel companies after Hilton Hotels
Corp. agreed to be bought by the equity firm the
Blackstone Group .


Read more at Reuters.com Mergers News