PRESS DIGEST - Wall Street Journal - July 4

(Reuters) - * Buyout firm KKR & Co. LP [KKR.UL] filed to raise $1.25
billion in an initial public offering, following in the
footsteps of archrival Blackstone Group.




* Detroit's big three auto makers posted weaker June sales
despite fresh incentives, as General Motors Corp. and
Ford Motor Co. continued to slash sales to rental fleets.
Toyota Motor Corp.'s U.S. vehicle sales jumped 10
percent.


Read more at Reuters.com Mergers News

Dollar near 26-year low vs pound as ECB, BoE awaited

(Reuters) - The dollar held near a 26-year low against the pound on Wednesday and a two-month trough versus the euro, with trade quiet around the U.S. Independence Day holiday as investors awaited key central bank verdicts later this week.

The yen edged up after ratings agency Moody's said it may upgrade Japan's sovereign rating of A2, saying the country had reached an "inflection point" in the government's efforts to improve its massive debt.


Read more at Reuters Africa

Citigroup, Foreign Banks Triple China Profit Growth Through Yuan Services

(Bloomberg) -- Profit growth at Citigroup Inc., ABN
Amro Holding NV and other foreign banks in China tripled this
year after they were allowed to offer local-currency services, a
central bank report said.

Overseas banks earned a combined 3.05 billion yuan ($401
million) in the first five months, up 43 percent from a year
earlier, the People's Bank of China said in a research report
published by China Securities Journal. Profit growth accelerated
from an average 14 percent over the past five years.


Read more at Bloomberg Currencies News

UPDATE 4-Blackstone to buy Hilton for $26 bln

(Reuters) - LOS ANGELES, July 3 - U.S. private equity firm
Blackstone Group agreed on Tuesday to buy Hilton Hotels
Corp. for about $26 billion, the richest in a series of
recent private equity offers for hotel companies.




Under terms of the agreed deal, Blackstone will pay $47.50
for each share of Hilton, one of the most prominent global
hotel brand names, and take on debt.


Read more at Reuters.com Mergers News

Rubber Trades Near Six-Month Low in Tokyo on Speculation Supply Rising

(Bloomberg) -- Rubber futures in Tokyo, the global
benchmark, were little changed, trading near a six-month low
amid speculation that supply from Southeast Asian producing
nations is picking up.

Natural rubber supply tends to increase after the end of
wintering, or the low production season, in top-producer
Thailand, where early rains threatened to curb output. Thai
plantations may still be affected by scattered rainfall, while
drier weather in southern Indonesia, the second-biggest producer,
will help operations there, forecaster Meteorlogix said
yesterday.


Read more at Bloomberg Commodities News

Korean Won Falls as Minister Warns on Excessive Gains; Revenue Hurts Peso

(Bloomberg) -- South Korea's won fell from a seven-
month high after Finance Minister Kwon Okyu said the government
will take measures to slow its gain when necessary.

The currency snapped a four-day, 1.1 percent rally on
speculation the central bank will sell the won. The exchange rate
may threaten growth by making Korean goods more expensive abroad,
reducing demand for the nation's exports.


Read more at Bloomberg Currencies News

Australian Dollar Gains as Record Exports Improve Economic Growth Outlook

(Bloomberg) -- The Australian dollar rose after a
government report showed exports surged to a record in May,
bolstering the outlook for economic growth.

The currency climbed as the report showed the trade deficit
unexpectedly narrowed to the lowest in nine months, helped by
higher commodity prices. The local dollar has increased 15
percent in the past year, the second-biggest gainer among the 16
most-traded currencies, amid rising demand for the raw materials
Australia ships overseas such as gold, iron ore and nickel.


Read more at Bloomberg Currencies News