S.Africa debt swap to save $46.7 mln a year - finmin

(Reuters) - A debt exchange in which South Africa issued a $1 billion 15-year global bond and retired short-term paper will save the government $46.7 million per year, Finance Minister Trevor Manuel said on Wednesday.

As part of the exchange, which the government described as a vote of confidence in the economy, South Africa repurchased an equivalent $1.217 billion worth of old dollar-denominated bonds maturing in 2009 and 2017 and euro-denominated notes due 2008.


Read more at Reuters Africa

European Stocks May Drop on China Concern; Lafarge, BP Shares Might Fall

(Bloomberg) -- European stocks may decline after
former Federal Reserve Chairman Alan Greenspan said shares in
China, the world's fastest growing major economy, could face a
``dramatic contraction.''

U.S.-traded securities of Lafarge SA, the world's biggest
cement manufacturer, and BP Plc, Europe's second-largest oil
company, dropped.


Read more at Bloomberg Stocks News

Cable & Wireless upbeat as yr earnings top f'casts

(Reuters) - Analysts were on average expecting the company to report
EBITDA of 453 million pounds, with estimates ranging between 432
million and 477 million pounds.




Cable & Wireless forecast group EBITDA in the range of 573
million and 608 million pounds for the year to March 2008.
Forecasts for its keenly-watched UK business ranged between 210
million and 220 million.


Read more at Reuters.com Market News

Malaysia Palm Oil Futures Gain for Third Day on Demand Outlook for Biofuel

(Bloomberg) -- Malaysia palm oil futures gained for a
third day on concern that supply may lag behind demand as the
biofuels industry grows and limits availability of the commodity
for traditional uses in cooking.

The European Union wants biofuels to make up an average 5.75
percent of transportation fuel by 2010 and 10 percent by 2020, in
an effort to reduce dependence on fossil fuels and curb
greenhouse-gas emissions. Biodiesel, which uses palm oil as a
feedstock, constitutes about 80 percent of EU biofuels production,
according to research company Frost & Sullivan Inc.


Read more at Bloomberg Commodities News

Wal-Mart eyes stake in Indian logistics firm-paper

(Reuters) - The unlisted Radhakrishna group, which also has a food
business, could not be immediately reached for comment.




Senior executives from Wal-Mart had visited the back-end
facilities of Radhakrishna and discussed partnership with
senior group officials, the report said.


Read more at Reuters.com Mergers News

UPDATE 2-Qantas eyes sale, buyback after bid collapse

(Reuters) - Qantas told investors it was reviewing ownership of its frequent flyer program and might sell off its express freight joint venture and other operations as part of a "demerger" option being considered to return capital to shareholders.




Qantas shares hit a record high, rising 2.2 percent to A$5.54 by 0253 GMT after the airline reaffirmed previous profit guidance and outlined the options it was considering under a capital management strategy review.


Read more at Reuters.com Market News

Japan's Bonds Fall on Speculation Report to Show Consumer Price Drop Slows

(Bloomberg) -- Japan's government bonds dropped for
a second day before a report tomorrow that may show a decline in
consumer prices slowed in April.

Benchmark 10-year yields climbed to the highest in more
than a month on speculation the report will signal inflation
will soon turn positive, giving the central bank more room to
raise interest rates. A decline in U.S. Treasuries yesterday
also decreased the appeal of Japanese debt.


Read more at Bloomberg Bonds News