U.K. Pound May Advance Against Dollar Before April Retail Sales Report

(Bloomberg) -- The U.K. pound may gain on expectations a report today will show that retail sales rose for a third month in April, reinforcing the case for the Bank of England to keep raising interest rates this year.

The pound traded near a two-month low versus the euro and a four-week low against the dollar after inflation slowed last month and the BOE said in a quarterly report two days ago that the outlook for prices is ``unusually uncertain.'' The bank also said it expects ``upside risks'' to inflation.


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European Mining Stocks May Fall as Copper Drops; Cairn Energy May Rise

(Bloomberg) -- European mining stocks may decline after a retreat in metal prices sent shares of BHP Billiton Ltd. and Rio Tinto Group down in Australia.

Statoil ASA and Royal Dutch Shell Plc might climb after oil rallied yesterday. AstraZeneca may gain after its once-a-day version of its Seroquel anti-psychotic pill won U.S. approval. British Airways Plc may drop after the airline reported a loss.


Read more at Bloomberg Stocks News

Saudi Basic Will Purchase GE Plastics for About $11 Billion, People Say

(Bloomberg) -- Saudi Basic Industries Corp., the world's biggest chemical company by market value, will buy General Electric Co.'s plastics unit for about $11 billion, two people familiar with the process said.

The companies may announce an agreement for the sale as early as today, said one person. Both people requested anonymity because the decision isn't public yet. The price is higher than the $8 billion to $10 billion some investors had estimated.


Read more at Bloomberg Emerging Markets News

Tokyo gold retreats after heavy fund sell-off

(Reuters) - Tokyo gold futures recoiled on Thursday after a steep fall in New York, where heavy liquidation by funds helped send gold futures to their lowest finish in two months.

Analysts said further fund selling was likely on any gains, curbing investor appetite in Tokyo. This could reverse a recent rise in open interest, a barometer of liquidity, that signalled a return by investors to the gold market.


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Naspers says to list in London, leave Nasdaq

(Reuters) - Naspers, Africa's biggest media firm, plans to halt its secondary listing on New York's Nasdaq index and list in London instead due to high costs and stringent regulation in the United States, it said on Thursday.

Naspers, which has its main listing in Johannesburg, said it expected to list in London in the third quarter of 2007. It will convert its American Depositary Receipts (ADRs) so holders can trade them over the counter.


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Oil spurs FTSE higher, offsets uninspiring BT results

(Reuters) - Britain's FTSE 100 index rose on Thursday as gains in oil stocks, benefiting from rising crude prices, and in British Airways offset the effect of uninspiring results from BT Group.

Oil climbed towards $69 a barrel, supported by refinery closures that are cutting gasoline supplies in top consumer the United States just before the summer driving season.


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Zambia's Konkola Copper to make up 4,000 T lost output

(Reuters) - Zambia's Konkola Copper Mines (KCM) will shore up production to recover the 4,000 tonnes of finished copper it lost in April after shutting down its Nkana smelter, a company official said on Thursday.

"The smelter has resumed full production on schedule and it is now operating at full capacity. We are going to speed up production until we eventually catch up later in the year," Sam Equamo, KCM's communications advisor, told Reuters.


Read more at Reuters Africa