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