FCC denies industry bid to delay cable box rule

(Reuters) - The Federal Communications Commission said it would not
postpone an order, scheduled to go into effect on Monday, that
requires cable companies to separate the security functions
from set-top boxes and put them into a card that can be used in
TVs and set-top boxes made by other manufacturers.




"In a new era with a competitive set-top box market,
consumers will enjoy greater choice and reap the benefits of
exciting and innovative features -- such as the ability to
watch Internet videos or view slideshows of family vacations on
their TV sets," FCC Chairman Kevin Martin said in a statement.


Read more at Reuters.com Government Filings News

U.S. Dollar's Share of Global Reserves Falls to Eight-Year Low, IMF Says

(Bloomberg) -- The dollar's share of global
foreign-exchange reserves fell to the lowest level in at least
eight years as central banks accelerated purchases of euros, the
International Monetary Fund said.

Dollars accounted for 64.2 percent of reserves in the first
quarter, down from 64.6 percent in the prior three months, the
IMF said today in Washington. The share of euros climbed to 26.1
percent from 25.9 percent, reaching its highest proportion since
the single currency was introduced in 1999.


Read more at Bloomberg Currencies News

NETeller founder pleads guilty in gambling case

(Reuters) - Stephen Lawrence, 47, during a hearing before U.S. District Judge P. Kevin Castel in Manhattan, also agreed to cooperate with the government.




Lawrence, who is also a former chairman of the company, faces a maximum sentence of five years on the conspiracy charge for his role in the operation of the payment processor.


Read more at Reuters.com Business News

Apple iPhone launch draws gadget geeks, hired help

(Reuters) - "It's the newest toy. I'm 62 -- I don't have much time left to buy toys," said Livingstone, who stood in line with his friend Mark Stevenson, 50. They rented a room across the street and took turns to sleep.




The pair were among hundreds of people who lined up -- some for up to five days -- outside Apple stores and outlets of AT&T, the exclusive iPhone carrier for the next two years, for the launch at 6 p.m. local time in each U.S. time zone.


Read more at Reuters.com Business News

UPDATE 1-Savvis cuts '07 revenue view; prepays $342.5 mln debt

(Reuters) - Microsoft has been the sole customer in the data centers
under a colocation contract due to expire at the end of 2010.
This contract generated about $16.5 million of revenue for the
first half of 2007, the telecommunications carrier said.




For 2007, the company now sees total revenue of $805
million to $820 million, down from its prior view of $820
million to $835 million. Analysts on average expect $827.6
million, according to Reuters Estimates.


Read more at Reuters.com Mergers News

EFI restructures board after internal options probe

(Reuters) - The committee also said Joseph Cutts, chief financial
officer from April 2000 to April 2006 and more recently chief
operating officer will no longer continue in any top executive
office. EFI said Coutts is staying with the company in a lesser
role, with new responsibilities to be determined.




Read more at Reuters.com Government Filings News

Hogs Fall to Three-Month Low on Corn's Plunge; Cattle Are Little Changed

(Bloomberg) -- Hog futures in Chicago fell to the
lowest in more than three months as corn prices plunged,
reducing the likelihood that farmers will thin herds to save on
feed costs. Cattle prices were little changed.

Corn has fallen 16 percent in the past two weeks, or about
68 cents a bushel. It takes about 12 bushels, or 670 pounds (304
kilograms), to fatten a 40-pound feeder pig to a slaughter
weight of 250 pounds.


Read more at Bloomberg Commodities News

US STOCKS-Indexes end down as financial shares drag

(Reuters) - For the week, stocks also advanced. The Dow rose 0.4
percent, the S&P 500 inched up 0.05 percent and the Nasdaq
gained 0.6 percent.




The Dow Jones industrial average was down 13.66
points, or 0.10 percent, to end unofficially at 13,408.62. The
Standard & Poor's 500 Index was down 2.36 points, or
0.16 percent, to finish unofficially at 1,503.35. The Nasdaq
Composite Index was down 5.14 points, or 0.20 percent,
to close unofficially at 2,603.23.


Read more at Reuters.com Bonds News

TBS International files for $300 mln mixed shelf

(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

IPO-VIEW-MF Global poised for $4 billion IPO

(Reuters) - The offering could raise about $3.8 billion, putting it in
a league with Blackstone Group's high-profile $4.13
billion IPO earlier this month. But investors are likely hoping
that MF Global's debut won't mirror the rocky entry of
Blackstone into the public markets.




The offerings come amid new headwinds affecting private
investment funds, including the possibility of higher taxes and
lower returns. There are also market worries about a fallout in
the securitized debt markets, reflected by the recent implosion
of two Bear Stearns hedge funds.


Read more at Reuters.com Mergers News

UPDATE 1-Bain Capital to buy Brakes for $2.8 bln

(Reuters) - They did not specify the purchase price, but a source
familiar with the transaction said the price was 1.4 billion
pounds .




CD&R bought Brakes in 2002 for about 430 million pounds.


Read more at Reuters.com Mergers News

UPDATE 1-Mexico Jan-May fiscal surplus 138 bln pesos

(Reuters) - Mexico's Congress approved a balanced budget for 2007 in
December, the second balanced fiscal plan in two years, after a
long history of overspending.




President Felipe Calderon hopes to put Mexico's accounts
further in order with a fiscal reform plan that is being
debated in Congress and could be approved by September.


Read more at Reuters.com Bonds News

US federal agency debt issuance rose in first half

(Reuters) - A total of $665 billion was issued for all of 2006, an
increase of 6.7 percent from 2005, Thomson Financial said at
the end of last year.




Read more at Reuters.com Bonds News

Oil Rises to 10-Month High on Expectations of Stronger Demand for Gasoline

(Bloomberg) -- Crude oil rose to a 10-month high in
New York and gasoline extended its three-day climb on
expectations that demand will accelerate with the summer travel
season.

Prices climbed above $70 for the first time since September
yesterday after an Energy Department report showed that U.S.
gasoline supplies fell last week as refinery operations rose.
Pump prices climbed to a record in May because of lagging fuel
supplies. Oil stockpiles at Cushing, Oklahoma, where oil traded
in New York is delivered, plunged 5.7 percent, the report showed.


Read more at Bloomberg Energy News

Emerging-Market Bonds Reverse Gains to Tumble on Subprime Mortgage Fears

(Bloomberg) -- Emerging-market bonds fell, sending
yields over Treasuries to their widest in more than three
months, as investors pared holdings of risky securities.

The declines erased gains the bonds posted after a U.S.
government report showed the inflation measure most watched by
the Federal Reserve eased in May. Emerging-market debt has
slumped this week on concerns that losses linked to subprime
mortgages may spread, increasing aversion to high-risk assets.


Read more at Bloomberg Bonds News

UPDATE 1-A. Schulman posts Q3 results, revamps operations

(Reuters) - The Akron, Ohio-based company posted sales of $467 million,
a 9.3 percent increase from a year earlier.




Shares of the company rose 10 percent, or $2.24, to $24.71
on Nasdaq early Friday afternoon.


Read more at Reuters.com Market News

TREASURIES-Bonds rise on inflation data,security threat

(Reuters) - NEW YORK, June 29 - U.S. government bond prices
rose on Friday as U.S. data showed benign inflation and
security concerns in Britain drove some investors into the
relative safe-haven of Treasuries.




But a slightly-stronger-than-anticipated report on business
activity in the U.S. Midwest region and firmer equities eroded
some of the gains. Month-end and quarter-end buying kept bond
prices, which move inversely to yields, at higher levels.


Read more at Reuters.com Bonds News

FACTBOX-Africa's trading blocs

(Reuters) -




* SADC


Read more at Reuters.com Economic News

Pound Posts Sixth Quarterly Gain on Speculation Rates Will Keep Rising

(Bloomberg) -- The pound posted a quarterly gain,
its sixth in a row, after a rise in consumer and mortgage lending
supported the view that the Bank of England will keep raising
interest rates to curb inflation.

Data showed consumer credit growth almost doubled in May and
mortgage approvals unexpectedly rose to a three-month high,
suggesting the BOE must do more to cool price growth. Policy
makers next decide on interest rates on July 5, and economists
surveyed by Bloomberg News expect them to lift the main benchmark
a quarter-point to 5.75 percent.


Read more at Bloomberg Currencies News

European Stocks Advance in Quarter; DaimlerChrysler, LVMH, Swatch Rise

(Bloomberg) -- European stocks rose, posting a
fourth consecutive quarterly advance, after reports in the U.S.
signaled the world's biggest economy will keep growing without
stoking inflation.

DaimlerChrysler AG and LVMH Moet Hennessy Louis Vuitton SA
led gains today by companies most dependent on the U.S. for
sales. Swatch Group AG rallied after Deutsche Bank AG recommended
buying shares in the watchmaker because revenue and profit
margins may increase. Total SA and Royal Dutch Shell Plc rose as
oil climbed to a 10-month high.


Read more at Bloomberg Stocks News

SAfrica ANC opens door for Mbeki to remain leader

(Reuters) - Although Mbeki must step down as the country's president in
2009, the ANC's constitution does not prevent him from staying
on as its leader, and he has not ruled out making another bid
for the job.




Read more at Reuters.com Bonds News

Rand gains from trade, bonds consolidate

(Reuters) - South Africa's rand gained on the dollar on Friday after a smaller than expected trade deficit, while bonds firmed in step with the currency.

The rand was trading at 7.0425 against the greenback, 0.75 percent above its New York close after touching a five-week high of 7.0280.


Read more at Reuters Africa

CHC Helicopter wins C$1.1 bln in Statoil contracts

(Reuters) - OTTAWA, June 29 - CHC Helicopter Corp. said on Friday it has been awarded two contracts by Norwegian oil company Statoil ASA for helicopter services in the Norwegian Sea valued at about C$1.1 billion .



CHC, a provider of helicopter services to the global offshore oil and gas industry, said the five- and seven-year contracts, each with options to extend for up to four years, represent the largest bundle of helicopter service contracts ever awarded.


Read more at Reuters.com Mergers News

Dollar Falls to Lowest Level in More Than Three Weeks Versus Euro on Rates

(Bloomberg) -- The dollar fell to the lowest level
in more than three weeks against the euro after reports showed
the Federal Reserve's preferred measure of inflation slowed in
May and consumer spending rose less than economists' forecasts.

The data may raise speculation the Fed will keep interest
rates unchanged this year while other central banks extend
increases, dimming the allure of dollar-denominated assets. The
U.S. currency fell to the lowest level in 22 years against the
New Zealand dollar and the weakest since 1989 versus the
Australian dollar.


Read more at Bloomberg Currencies News

UPDATE 1-Banco de Chile soars on Citigroup alliance talks

(Reuters) - SANTIAGO, June 29 - Shares of Chile's second-largest bank, Banco de Chile , jumped on Friday after its majority shareholder said it had reopened talks with giant U.S. bank Citigroup about a strategic alliance.



The shares were up 9.1 percent after earlier registering a rise of 11.9 percent.


Read more at Reuters.com Mergers News

Shares of RIM jump 18 pct after strong earnings

(Reuters) - Analysts at UBS, Bear Stearns, Banc of America, Credit Suisse and Morgan Keegan all upgraded RIM shares.




Though some analysts have raised concerns that competition from Apple Inc.'s iPhone could hurt sales of RIM smartphones, RIM forecast higher-than-expected guidance for the current quarter.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Midwest expansion slows in June but still strong

(Reuters) - The National Association of Purchasing Management-Chicago
business barometer eased to 60.2 from 61.7 in May.




Economists had forecast the index at 58.0. A reading above
50 indicates expansion.


Read more at Reuters.com Bonds News

UPDATE 1-U.S. consumer sentiment ends June at 10-month low

(Reuters) - The Reuters/University of Michigan Surveys of Consumers
said its final June figure on consumer sentiment was 85.3,
above a median forecast of 84.0 and the preliminary June
reading of 83.7.




The Reuters/University of Michigan consumer index was 88.3
at the end of May. It read 82.0 in August 2006.


Read more at Reuters.com Bonds News

Aveng says CEO to retire in 2008

(Reuters) - South African construction and engineering firm Aveng on Friday said chief executive officer, Carl Grim, would retire in 2008.

Aveng said a process to select a replacement for Grim -- who has been CEO since the company's formation in 1998 -- from either inside or outside the group had been initiated.


Read more at Reuters Africa

Albania Gets First Credit Rating From Moody's, Equal to Ukraine, Jamaica

(Bloomberg) -- Albania, the former communist nation
where a quarter of the population lives in poverty, received its
first credit rating, with Moody's Investors Service ranking the
country on a par with Ukraine, Indonesia and Jamaica.

The B1 rating is four steps below the investment-grade level
of Baa3 assigned to Balkan neighbors Croatia and Bulgaria. It
reflects Albania's journey from an ``isolated, administered''
system toward a market economy, New York-based Moody's analyst
Jonathan Schiffer wrote in a report published today.


Read more at Bloomberg Bonds News

GLOBAL MARKETS-Stocks, bonds turn higher after U.S. data

(Reuters) - "It's good news for the bond market, and so that means bond
yields will come down, and lead to a firmer tone in stock
data... This suggests that core inflation is moderating, but as
the Fed said, it isn't conclusive yet," said Scott Brown, chief
economist at Raymond James & Associates in Florida.




The FTSEurofirst 300 index of top European companies
pared losses, down 0.2 percent at 1,592.28.


Read more at Reuters.com Bonds News

S.Africa May trade deficit narrows to 2.7 bln rand

(Reuters) - South Africa recorded a trade deficit of 2.67 billion rand in May, compared to April's 5.67 billion rand shortfall, the South African Revenue Service said on Friday.

Analysts polled by Reuters last week had forecast a deficit of 4.8 billion rand, but the data is notoriously volatile and difficult to predict.


Read more at Reuters Africa

US STOCKS-Futures fall as inflation data awaited

(Reuters) - NEW YORK, June 29 - U.S. stock index futures
declined on Friday before data on a key measure of inflation, a
day after the Federal Reserve reaffirmed that rising price
pressure was its top economic concern.




Shares of Research In Motion Ltd. rose before the
opening bell after the maker of the Blackberry reported results
that beat analysts' estimates and received brokerage upgrades.
For details, see [ID:nN29283948]. Research in Motion surged
20.2 percent to $199.


Read more at Reuters.com Bonds News

UPDATE 1-Indonesia Telkom mulls acquisition, pays dividend

(Reuters) - State-run Telkom, the biggest company on the Jakarta Stock
Exchange with a market capitalisation of around $21 billion, did
not provide details on the target or the value of the potential
deal in its letter to the exchange on Friday.




"Telkom is reviewing and discussing the possibility of an
acquisition, in line with its strategic roadmap to achieve a
target of $30 billion market capitalisation by 2010," the
company said in the letter.


Read more at Reuters.com Mergers News

Dolan Media sees IPO of up to $172.5 million

(Reuters) - The company expects to list its stock on the New York Stock
Exchange under the symbol "DM" .





Read more at Reuters.com Government Filings News

US stocks set to fall post Fed, price data looms

(Reuters) - By 0916 GMT, September Dow Jones futures fell 0.1
percent, while S&P 500 futures eased 0.07 percent, and
Nasdaq 100 futures dipped 0.05 percent.




U.S. indexes ended little changed on Thursday as the Fed's
post-meeting statement acknowledged a recent easing in the rate
of core consumer inflation, but insisted price pressures were
the central bank's main policy concern.


Read more at Reuters.com Bonds News

U.S. Stock-Index Futures Decline; Palm Shares Drop, Apple Gains in Europe

(Bloomberg) -- U.S. stock-index futures fell before
a government report that may show a price gauge tied to consumer
spending rose due to higher energy prices.

``Inflation remains the main concern,'' said Carsten Klude,
who helps manage $20 billion as head of investment strategies
at M.M. Warburg & Co. in Hamburg. ``Yesterday's Fed statement
was neither fish nor fowl. Today all eyes are on the economic
reports.''


Read more at Bloomberg Stocks News

European Stocks Erase Earlier Gains; AstraZeneca, Fortis Shares Decline

(Bloomberg) -- European stocks erased earlier gains
as shares of AstraZeneca Plc and Fortis declined.

The Dow Jones Stoxx 600 Index was little changed, slipping
less than 0.1 percent to 391.38 as of 9 a.m. in London. The index
earlier rose as much as 04 percent. The Stoxx 50 and the Euro
Stoxx 50, a measure for the euro region, were also little changed.


Read more at Bloomberg Stocks News

European shares rise, economic data eyed

(Reuters) - European shares tracked Asian markets higher early on Friday, supported by banks and oil stocks, as investors trained their sights on a raft of economic data after the U.S. Federal Reserve kept rates steady.

At 0704 GMT, the FTSEurofirst 300 index of top European shares was up 0.36 percent at 1,601.57 points.


Read more at Reuters Africa

U.K. FTSE 100 Index Gains, Led by BT Group, William Morrison, Antofagasta

(Bloomberg) -- U.K. stocks advanced for a second
day, paced by BT Group Plc, William Morrison Supermarkets Plc
and Antofagasta Plc

The benchmark FTSE 100 Index rose 15, or 0.2 percent, to
6586.3 in London at 8:03 a.m. The FTSE All-Share Index added
9.37, or 0.2 percent, to 3397.53. Ireland's ISEQ Index gained
26.05 to 9330.80.


Read more at Bloomberg Stocks News

European Stocks May Rise; BHP Billiton, Rio Tinto, Cadbury May Advance

(Bloomberg) -- European stocks may gain, led by BHP
Billiton Ltd. and Rio Tinto Group, after copper prices rose.

Cadbury Schweppes Plc will probably rally on a report that
India's Tata Group may be prepared to invest more than $2 billion
in a bid with Blackstone Group LP and Lion Capital LLP for a
stake in Cadbury's U.S. drinks unit.


Read more at Bloomberg Stocks News

S.Africa May credit slows to 24.84 pct yr/yr

(Reuters) - Growth in demand for credit by South Africa's private sector slowed to 24.84 percent year-on-year in May from 25.08 percent in April, central bank data showed on Friday.

During the same period, the broadly defined M3 measure of money supply grew by 22.67 percent, in line with forecasts, compared to 22.27 percent in April.


Read more at Reuters Africa

Australia's S&P/ASX 200 Rises, Led by BHP, Woodside on Higher Commodities

(Bloomberg) -- Australian shares rose, with the key
stock index heading for its fourth straight quarterly advance. BHP
Billiton Ltd. and Woodside Petroleum Ltd. gained after prices of
commodities such as copper and oil climbed.

``Commodity demand remains overwhelming relative to supply,
so there looks like there could be more upside for mining
companies' shares,'' said Atul Lele, who helps manage about $380
million at White Funds Management in Sydney.


Read more at Bloomberg Stocks News

Thailand's 10-Year Bonds Head for Weekly Decline as Debt Sales Increase

(Bloomberg) -- Thailand's bonds headed for a weekly
decline on concern investors will demand higher returns to buy
new debt the government is selling. The baht was little changed.

The yield on benchmark 10-year notes has risen 20 basis
points this week as the Bank of Thailand said it plans to sell
as much as 80 billion baht ($2.3 billion) of five-year bonds
this year.


Read more at Bloomberg Bonds News

Restaurants on list of top 100 US retailers: report

(Reuters) - According to the annual Top 100 Retailers ranking featured
in the July issue of the National Retail Federation's magazine
STORES, McDonald's Corp. , the world's largest fast-food
chain, is the 16th largest retailer.




Yum Brands Inc. , which operates the Pizza Hut, Taco
Bell and KFC chains, is No. 35, while Starbucks Corp.
clocks in at No. 42. Darden Restaurants Inc. , the
operator of Red Lobster and Olive Garden, is No. 53.


Read more at Reuters.com Business News

South Korea's Kospi Index Rises, Heading for Best Quarter in Four Years

(Bloomberg) -- South Korean stocks rose, with the
key index set for its best quarter in four years, on speculation
strong domestic demand and export growth will speed up an
economic recovery. LG.Philips LCD Co. and Woori Finance Holdings
Co. gained.

``The economy will pick up in the second half,'' said James
Huh, who helps manage $540 million at Macquarie-IMM Investment
Management Co. in Seoul. ``Consumption is likely to improve and
export momentum will hold firm. Exporters, consumer stocks and
brokerages are good investments.''


Read more at Bloomberg Stocks News

China Economy May Expand 10.8 Percent, Central Bank Research Report Says

(Bloomberg) -- China's 2007 economy may expand at
the fastest annual pace in 12 years while inflation surpasses the
government's target, according to an economic forecast today by
the country's central bank.

Gross domestic products may grow 10.8 percent this year, the
fastest pace since 1995, the People's Bank of China said in a
research report published today in the state-owned China
Securities Journal newspaper. Consumer price index may accelerate
to 3.2 percent, topping the government's 3 percent target and the
fastest pace since 2004.


Read more at Bloomberg Emerging Markets News

South Korean Stocks Climb for Second Day; LG.Philips, Exporters Lead Gains

(Bloomberg) -- South Korean stocks rose for a second
day on speculation strong exports will accelerate recovery of the
economy. LG.Philips LCD Co. and Posco gained.

The Kospi index added 8.94, or 0.5 percent, to 1760.69 as of
9:46 a.m. in Seoul. It's set to fall 0.6 percent this week and
rise 3.5 percent for the month. Second-quarter gain is 21 percent.


Read more at Bloomberg Stocks News

Banco de Chile stakeholder in talks with Citigroup

(Reuters) - Quinenco and Citigroup held similar talks in late 2006 and
early 2007 but they ended without agreement.




Banco de Chile controls about 17 percent of the local
market while Citigroup's Chilean unit has about 1.8 percent.


Read more at Reuters.com Mergers News

Brokerages, Exporters, Oil-Dependent Shares: South Korea's Equity Preview

(Bloomberg) -- The following shares may rise or fall
in South Korea. Prices refer to the previous close. This preview
includes news announced after markets shut yesterday. Stock
symbols are in brackets after the company names.

The Kospi index added 1.1 percent to 1751.75. The Kosdaq
advanced 2.3 percent to 778.50. Kospi 200 futures expiring in
September rose 1.2 percent to 223.90, while the underlying index
gained 1 percent to 222.60.


Read more at Bloomberg Stocks News

Japan's Electronics Stocks May Climb on Growth Outlook; Retailers May Rise

(Bloomberg) -- Japan's electronics stocks may climb
on expectations earnings will rise after brokerages at home and in
the U.S. issued reports touting their growth potential and the yen
weakened for a second day.

Toshiba Corp., the world's second-biggest maker of flash
memory chips, and Mitsubishi Electric Corp., which makes
everything from televisions to semiconductor production equipment,
may lead gains after Credit Suisse Group boosted its
recommendation on both companies to ``overweight.''


Read more at Bloomberg Stocks News

A.G. Edwards chief to receive $7.5mln award

(Reuters) - Bagby will receive the restricted stock award when the deal
closes. That is expected to happen in the fourth quarter.




Wachovia said in a filing with the U.S. Securities and
Exchange Commission that no other A.G. Edwards executive has
yet to enter into a similar employment arrangement.


Read more at Reuters.com Mergers News

Micron Technology posts Q3 loss

(Reuters) - Micron said the net loss for its fiscal third quarter was $225 million, or 29 cents per share, compared with a profit of $88 million, or 12 cents per share, a year earlier.



The company posted third-quarter net sales of $1.3 billion.


Read more at Reuters.com Market News

UPDATE 1-US bank regulators agree on subprime rules-sources

(Reuters) - WASHINGTON, June 28 - U.S. bank regulators have
agreed on new standards for subprime mortgage loans and are
prepared to release it Friday, several sources familiar with
the matter said Thursday.




The five regulators released a draft of the guidance in
early March, and have been consulting both internally and
externally on how to refine the standards that will guide how
depository lenders make loans to borrowers with damaged
credit.


Read more at Reuters.com Bonds News

UPDATE 1-Bush picks Marron for Council of Economic Advisers

(Reuters) - Marron, a former CEA chief economist, has been the No. 2 at
Congress' nonpartisan budget watchdog agency since October
2005. He served as acting director last year.




Earlier in his career, he served as executive director and
chief economist of the congressional Joint Economic Committee.


Read more at Reuters.com Bonds News

Beazer Homes' Credit Default Swaps Surge After Chief Accountant Is Fired

(Bloomberg) -- The perceived risk of owning the
bonds of Beazer Homes USA Inc. surged after the company, under
federal investigation for potential fraud, fired its chief
accounting officer for trying to destroy documents.

Credit-default swaps based on $10 million of the Atlanta-
based homebuilder's bonds jumped as much as $80,000 to a record
$530,000 after Beazer said it fired Michael Rand, according to
CMA Datavision in London. The five-year contracts, used to
speculate on the company's ability to repay its debt, retreated
to about $500,000 as of 4:30 p.m. in New York. An increase
suggests a decline in the perception of credit quality.


Read more at Bloomberg Bonds News

Coffee Rises on Speculation Brazilian Auction Set Price Floor for Beans

(Bloomberg) -- Coffee rose in New York for the third
straight session on speculation an auction in Brazil, the world's
largest producer, helped set a minimum price for the commodity.

All 4 million bags of beans offered at the auction yesterday
sold for at least 260 reais ($135.20) per bag. The price topped
the average 235.11 reais per bag for arabica in southern Minas
Gerais, Brazil's biggest coffee-producing region, according to
the University of Sao Paulo's agricultural commodities research
unit, known as Cepea. The Agriculture Ministry plans to hold an
auction for an additional 1 million bags next month.


Read more at Bloomberg Commodities News

US STOCKS-Indexes advance after Fed rate decision

(Reuters) - NEW YORK, June 28 - U.S. stocks rose in choppy
trade on Thursday even after the Federal Reserve reiterated
that its main concern was that inflation might fail to
moderate.




The Fed held the benchmark U.S. interest rate steady at
5.25 percent for an eighth straight meeting, but dropped a
description of core inflation as "elevated."


Read more at Reuters.com Bonds News

US RATE FUTURES-Less chance of Fed ease after FOMC

(Reuters) - The FOMC dropped its characterization of core inflation as
"elevated," but said that a "sustained moderation" in inflation
has yet to be convincingly shown.




Read more at Reuters.com Bonds News

U.S. Stocks Extend Advance After Federal Reserve Says Inflation Improved

(Bloomberg) -- U.S. stocks extended gains after
the Federal Reserve said inflation readings have improved.

``Readings on core inflation have improved modestly in
recent months,'' policy makers said after holding their target
for the benchmark overnight-lending rate between banks at 5.25
percent for an eighth consecutive meeting today.


Read more at Bloomberg Stocks News

UPDATE 1-Iberia board ignores TPG bid in monthly meeting

(Reuters) - MADRID, June 28 - The board of Iberia
defied expectations by not discussing a 3.4 billion euro offer from a private equity group at its monthly
meeting on Thursday, three months after the airline received the
approach.




"It was not dealt with at the board meeting. It was not on
the agenda, and there will be no statement," a spokeswoman for
the airline said.


Read more at Reuters.com Mergers News

Dow Jones agreement gives committee approval power

(Reuters) - The agreement requires approval of the family, which contains about three-dozen adult members.




The sources disputed a report in Thursday's edition of The New York Times that News Corp. would have the sole power to hire and fire top Wall Street Journal editors and that the committee would have no power to approve candidates.


Read more at Reuters.com Mergers News

UPDATE 3-Brazil sees faster '07 growth, cuts inflation view

(Reuters) - SAO PAULO, June 28 - Brazil's central bank raised
its forecast for 2007 economic growth and trimmed its estimate
for inflation on Thursday as the country benefits from tame
price pressures and falling borrowing costs.




The bank said in its quarterly inflation report that the
gross domestic product should expand 4.7 percent this year,
compared with a 4.1 percent forecast made in March. The new
estimate is close to the 5 percent expansion sought by
President Luiz Inacio Lula da Silva.


Read more at Reuters.com Bonds News

Constellation Brands eyes buys in 3 areas: CEO

(Reuters) - Sands does not expect to continue with large wine acquisitions of $1 billion to $2 billion like it has made recently, but would more likely do smaller, bolt-on acquisitions that would fill niches in its portfolio.




Sands also reiterated that the company is not interested in buying Absolut vodka maker Vin & Sprit.


Read more at Reuters.com Mergers News

BHP Billiton, MTN lift S.African stocks higher

(Reuters) - South Africa's blue chip Top-40 index ended in positive territory on Thursday, led by miner BHP Billiton and mobile phone group MTN, as commodity prices rose and the rand currency firmed.

The Top-40 index closed 0.38 percent firmer at 25,666 points, ending a five-day losing streak, while the broader All-share index closed 0.42 percent higher at 28,402 points.


Read more at Reuters Africa

Kia Cancels Bond Sale, KKR Cuts Offering as Subrime Debt Concerns Spread

(Bloomberg) -- Kia Motors Corp., South Korea's
second-largest automaker, canceled a $500 million bond sale for
this week as skittish investors cut demand for riskier assets.

At least eight companies from Kohlberg Kravis Roberts & Co.
in New York to steelmaker Arcelor Mittal in Rotterdam,
Netherlands, pulled more than $3 billion of debt sales amid
concern that losses from bonds backed by U.S. subprime mortgages
will spread to other markets. Caliber Global Investment Ltd., a
$908 million hedge fund, said today it will close after losses.


Read more at Bloomberg Bonds News

Rite Aid shares jump on unexpected profit

(Reuters) - The company also stood by its full-year expectations and its shares rose as much as nearly 6 percent in morning trading.




Rite Aid bought the U.S. Brooks and Eckerd drugstore chains from Canada's Jean Coutu Group Inc. on June 4, just after the quarter ended.


Read more at Reuters.com Hot Stocks News

Gold, Silver Rise in New York as $70 Oil Sparks Demand for Inflation Hedge

(Bloomberg) -- Gold rose from a three-month low in
New York after oil topped $70 a barrel, boosting the appeal of
the precious metal as a hedge against inflation. Silver also
gained.

Gold sometimes moves in the same direction as oil, which
rose to a nine-month high today on speculation U.S. inventories
will drop. Before this year, gold has had six annual gains as
oil prices more than doubled.


Read more at Bloomberg Commodities News

UPDATE 2-U.S. housing market slower but still strong-Hubbard

(Reuters) - "Housing has slowed down but the good news is it continues
to be relatively strong," he told reporters at the U.S. embassy
after meetings in Berlin with German Chancellor Angela Merkel
and European Union officials.




"It's been healthy that there's been a slowdown and it's
contributed to what appears to be a soft landing," he said.


Read more at Reuters.com Bonds News

Carlyle cuts IPO price due to market "headwinds"

(Reuters) - "We have priced the deal at $19 a share. Originally, it was $20-$22," CEO John Stomber told Reuters in an interview.




Stomber said the volume of the IPO had been cut to $300 million from $400 million. The issue would be postponed but the new date was unclear.


Read more at Reuters.com Business News

UPDATE 1-GM selling Allison Transmission for $5.6 billion

(Reuters) - GM said the sale would include almost all of the Allison
Transmission unit's assets, including seven manufacturing
plants in Indianapolis and the unit's worldwide distribution
network.




GM had said in January that it was looking to sell Allison,
which makes transmissions for commercial trucks, buses and
military vehicles.


Read more at Reuters.com Bonds News

Alfa, Axtel, ICA, Medial Saude, Sonda Totvs: Latin America Equity Preview

(Bloomberg) -- The following stocks may make
significant gains or losses in Brazil, Chile and Mexico today.
Symbols are in parentheses after the company name, and stock prices
are from the last session.

In Brazil, preferred shares are the most commonly traded class
of stock.


Read more at Bloomberg Stocks News

Crude Oil Jumps Above $70 in New York on Increased Demand From Refiners

(Bloomberg) -- Crude oil jumped above $70 a barrel
to a nine-month high in New York on speculation that U.S.
inventories will slip as refineries increase output of gasoline
and other fuels.

Refineries operated at 89.4 percent of capacity last week, a
1.8 percentage point gain from the week before, an Energy
Department report yesterday showed. Plants are increasing
utilization to met demand for gasoline, which peaks during the
summer months. Gasoline, diesel and heating-oil supplies fell
last week, the report showed.


Read more at Bloomberg Energy News

Yen Weakens Versus Euro on Speculation Investors Are Restoring Carry Trade

(Bloomberg) -- The yen fell from a two-week high
against the dollar and weakened versus the euro as investors
resumed their search for higher yields outside Japan through so-
called carry trades.

The dollar fell versus the euro before the Federal Reserve's
interest-rate decision as policy makers are forecast to hold U.S.
borrowing costs at 5.25 percent. Japan's yen fell against all 16
of the most-active currencies as Bank of Japan Governor Toshihiko
Fukui said the central bank aims to adjust interest rates at a
gradual pace.


Read more at Bloomberg Currencies News

Treasuries Fall Before Federal Reserve Decision as Inflation Gauge Rises

(Bloomberg) -- Treasuries fell after a government
report showed inflation in the first quarter was faster than
previously estimated.

The report highlighted the risk of accelerating inflation
as the Federal Reserve met on interest rates in Washington. With
the central bank expected by all 113 economists surveyed by
Bloomberg News to leave its key rate unchanged at 5.25 percent
for an eighth straight time, investors will examine the
statement announcing the decision for clues about future moves.


Read more at Bloomberg Bonds News

US RATE FUTURES-Hold at lower levels on GDP, claims

(Reuters) - The Commerce Department said first-quarter U.S. GDP growth
was 0.7 percent, annualized, up from 0.6 percent reported
earlier but below Wall Street's consensus forecast of 0.8
percent. Jobless claims fell modestly.




Read more at Reuters.com Bonds News

UPDATE 1-Family Dollar reports higher 3rd-quarter results

(Reuters) - The discount chain, which operates more than 6,300 stores,
reported net income of $60.4 million, or 40 cents per share,
for its fiscal third quarter that ended June 2, compared with
$56.9 million, or 37 cents per share, a year earlier.




Excluding a $5.7 million, or 2 cents-per-share charge for
settling a shareholder lawsuit over its stock option award
practices, the company earned 42 cents a share -- a penny over
analysts' average forecast of 41 cents a share, according to
Reuters Estimates.


Read more at Reuters.com Market News

StemCells agrees to stay litigation against Neuralstem

(Reuters) - The biotechnology company said the outcome of the re-examination, which was requested by Neuralstem, would have no material impact on its patent porfolio.



StemCells said petitioning for patent re-examination and a stay is a procedural tactic often used by defendants to delay a trial.


Read more at Reuters.com Government Filings News

Lithuania adopts law on new nuclear power plant

(Reuters) - The 3,000-3,500 megawatt plant, to replace the ageing
Soviet-era Ignalina nuclear reactor, which has to be shut down
under a deal with the European Union, is expected to be built by
2015.




One goal is to strengthen the region's energy independence
from Russia.


Read more at Reuters.com Mergers News

Mentor to buy French medical device company

(Reuters) - The deal is not expected to materially add or hurt adjusted
earnings per share for fiscal 2008, the company added.








Read more at Reuters.com Mergers News

Gold Climbs in London as Higher Oil Costs May Revive Demand; Silver Gains

(Bloomberg) -- Gold gained for a second day in
London on speculation higher oil costs will revive demand for
the metal as a hedge against inflation. Silver also rose.

Crude oil is near a nine-month high and central banks in
Sweden, Switzerland and the U.K. have raised interest rates this
year to control escalating prices. Bullion climbed to a record
$850 an ounce in 1980 after a jump in the cost of oil.


Read more at Bloomberg Commodities News

Lukoil First-Quarter Profit Falls 23 Percent as Costs Climb, Prices Drop

(Bloomberg) -- OAO Lukoil, Russia's largest non-
state oil producer, said profit fell 23 percent in the first
quarter as costs rose and prices declined.

Net income slid to $1.3 billion, or $1.56 a share, from
$1.69 billion, or $2.04 a share, a year earlier, Moscow-based
Lukoil said in a statement distributed by the Regulatory News
Service today. That's 5 percent less than the $1.37 billion
median estimate of nine analysts in a Bloomberg survey.


Read more at Bloomberg Emerging Markets News

Prudential hires former UOB exec as Asia bond CIO

(Reuters) - It said prior to this, he was head of fixed income at
Fullerton Fund Management, a unit of Singapore state investment
arm Temasek [TEM.UL]. He also spent 15 years at the Monetary
Authority of Singapore.




Prudential said Ooi will be responsible for developing the
fund house's fixed-income strategy in Asia and will report to Guy
Strapp, its regional head of investment management for Asia. He
will start with Prudential on Aug. 1.


Read more at Reuters.com Bonds News

Japan's Bull-Dog wins court case vs Steel Partners: Jiji

(Reuters) - More than 80 percent of Bull-Dog Sauce's shareholders approved a poison pill scheme on June 24 that will allow the sauce maker to issue new shares making it more difficult for Steel Partners to acquire the company.




Steel Partners will appeal the court ruling, sources said.


Read more at Reuters.com Mergers News

Tokyo Electric to Start Decommissioned Thermal Plants to Meet Peak Demand

(Bloomberg) -- Tokyo Electric Power Co., Asia's
biggest electricity producer, plans to restart two previously
decommissioned thermal plants next month to ensure supply during
the peak summer demand season.

The utility is preparing to revive the units to make up for
an expected decline in operations at its hydroelectric and
nuclear plants, spokesman Manabu Takeyama said by phone today in
Tokyo. The Jyoban No. 6 fuel oil-fired unit is scheduled to
resume generation in early July and the Gomi No. 2 gas-fired
plant by the middle of the month, he said.


Read more at Bloomberg Energy News

Dow Jones deal would let Murdoch fire editors-NYT

(Reuters) - Murdoch has bid $5 billion or $60 per share for Dow Jones,
and he told Reuters on Wednesday final approval from the
Bancrofts would come within two or three weeks, "or not at all."




None of the parties could immediately be reached for
comment.


Read more at Reuters.com Mergers News

European Stocks Rebound; BP, BHP Billiton, Nestle and Danone Pace Advance

(Bloomberg) -- European stocks advanced for the
first time in six days, paced by energy and mining shares as oil
and metals prices rose.

BP Plc, Europe's second-biggest oil producer, and BHP
Billiton Ltd., the world's largest mining company, gained. Nestle
SA increased after Deutsche Bank AG recommended buying stock in
the food company. Groupe Danone rose on a report the yogurt maker
will likely sell its LU cookies division.


Read more at Bloomberg Stocks News

UPDATE 1-Diageo sees profits growth on track, sales up

(Reuters) - The British maker of Smirnoff vodka, Johnnie Walker whisky
and Guinness beer said in a trading update on Thursday that due
to improved sales in Europe and Asia-Pacific it expects
underlying sales growth in the year ending on June 30 to be
higher than its first-half rise of 6 percent.




But the higher than expected sales growth will be offset by
a higher marketing spend and therefore its expected rise in
operating profits stays at the 8 percent level forecast back at
its first-half results in February.
"While Diageo's total organic net sales growth in the full
year is expected to be higher than in the first half, operating
profit growth will be in line with the first half performance of
8 percent," Chief Executive Paul Walsh said in a statement.


Read more at Reuters.com Market News

Japanese 10-Year Bonds Have Biggest Decline Since March as Stocks Advance

(Bloomberg) -- Japan's government bonds had their
biggest decline since March after a rebound in stocks reduced
speculation investors will abandon riskier assets.

Benchmark 10-year bonds ended a four-day advance as the
lowest yields in almost three weeks deterred buyers. The gain in
stocks outweighed a government report today that showed
industrial production unexpectedly declined. Bank of Japan
Governor Toshihiko Fukui said in Tokyo today that the economy is
expanding faster than its potential growth rate.


Read more at Bloomberg Bonds News

Gold recovers from 3-month low on bargain hunting

(Reuters) - Gold rose on Thursday as bargain hunters reversed its decline to a 3-1/2-month low the previous day, when investors fled risk in global financial markets.

Tokyo gold futures also gained ground, helped by a halt in the yen's rally against the dollar.


Read more at Reuters Africa

U.S. Senate heads for crucial immigration vote

(Reuters) - The ultimate fate of the bill remained in doubt as the
Senate prepared to decide on Thursday whether to bring debate
to a close and move toward a final vote on the controversial
legislation that would legalize millions of unlawful
immigrants.




Supporters need 60 votes in the 100-member Senate to push
the bill toward a final vote and they expect Thursday's tally
to be close.


Read more at Reuters.com Bonds News

Australian Corporate Bond Sales Drop This Month on Risk Aversion, S&P Says

(Bloomberg) -- Sales of Australian corporate bonds
in June have fallen to the lowest this year as investors shun
risky assets, according to Standard & Poor's.

The ratings company's figures show corporate debt issuance
slowed to A$2.5 billion ($2.1 billion) in June compared with
average monthly sales of A$5.6 billion this year. Sales this
month are less than a quarter of February's total amid concerns
that hedge-fund losses in the U.S. subprime mortgage market will
snowball and impact the creditworthiness of other borrowers.


Read more at Bloomberg Bonds News

Gold Little Changed in Asia After Dropping to 3-Month Low; Tokyo Rises

(Bloomberg) -- Gold was little changed in Asia,
after falling to its lowest in more than three months yesterday,
as a decline in the Japanese yen alleviated concerns that
investors might sell the metal.

The yen fell from a two-week high against the U.S. dollar
and euro, on speculation investors resumed sales of the currency
in search of higher returns elsewhere through so-called carry
trades. Gold fell yesterday on concern that investors may sell
the metal to raise funds as the yen rose.


Read more at Bloomberg Commodities News

China at 45 Times Earnings Buoyed by `Herd Mentality,' Trust in Government

(Bloomberg) -- High above Shanghai, in an office
reserved for stock market barons, Xu Yongyi swirls a flask of
coffee, only breaking his rhythm to explain why money matters.

``It's not about being rich,'' asserts Xu, a 43-year-old
former factory worker who says he turned 16,000 yuan ($2,100) into
5 million yuan by trading shares. ``I want to rise above the
masses and prove I'm a step ahead.''


Read more at Bloomberg Emerging Markets News

Kia Motors Delays Sale of $500 Million of Bonds, Cites `Market Volatility'

(Bloomberg) -- Kia Motors Corp., South Korea's
second-largest automaker, shelved a planned dollar-denominated
bond sale, citing volatility in global debt markets, according to
an e-mail sent to investors.

The Seoul-based company had sought to sell at least $500
million of five-year bonds, according to an e-mail last week. It
hired Credit Suisse Group, JPMorgan Chase & Co., Korea
Development Bank and UBS AG to manage the sale.


Read more at Bloomberg Bonds News

UPDATE 2-Smart Modular Q3 sales miss Wall Street view

(Reuters) - BANGALORE, June 27 - Chip maker Smart Modular
Technologies reported third-quarter earnings in line
with Wall Street estimates, but sales missed expectations due
to a decline in average selling prices for dynamic random
access memory.




Smart Modular also forecast fourth-quarter net sales below
analysts' estimates.


Read more at Reuters.com Market News

Sri Lanka's Economy Likely Grew at Slowest Pace in Two Years Amid Violence

(Bloomberg) -- Sri Lanka's economy probably grew at
the slowest pace in two years as Asia's highest interest rates
and renewed violence between government forces and separatist
rebels curbed spending.

Gross domestic product expanded 6.1 percent in the first
quarter from a year earlier, after 6.2 percent growth in the
three months to Dec. 31, according to the median forecast of 11
economists in a Bloomberg News survey. That's the slowest pace
since the first three months of 2005. The central bank is due to
release the figures in the capital, Colombo, tomorrow.


Read more at Bloomberg Bonds News

Yen Drops on Speculation Investors Will Resume Carry Trades as Stocks Rise

(Bloomberg) -- The yen fell against the euro and
dollar, snapping a three-day winning streak, on speculation
investors resumed sales of the currency in search of higher
returns elsewhere through so-called carry trades.

Japan's yen declined against 15 of the 16 most-active
currencies after U.S. stocks gained yesterday, ending three days
of losses. The yen dropped the most against New Zealand's dollar,
where an 8 percent benchmark interest rate compares with Japan's
0.5 percent, the lowest among the major economies.


Read more at Bloomberg Currencies News

UPDATE 1-U.S. senators battle over immigration overhaul

(Reuters) - WASHINGTON, June 27 - Senate leaders seeking to
overhaul U.S. immigration laws struggled on Wednesday to beat
back the opposition ahead of a make or break vote on the bill
supported by President George W. Bush.




Backers were able to block a number of amendments they said
would have undermined the fragile compromise negotiated by a
group of Democratic and Republican senators and the White
House.


Read more at Reuters.com Bonds News

Consolidated Edison Restores Power After Scattered New York City Outages

(Bloomberg) -- Consolidated Edison Inc., owner of
New York City's utility, said it restored power after scattered
failures in parts of Manhattan and the Bronx.

New York City transit resumed service around 4:30 p.m. on
trains that run on Manhattan's east side. Three Manhattan police
precincts reported that they lost power, said a spokesman for the
department, Detective Kevin Czartoryski.


Read more at Bloomberg Energy News

ISS recommends CME shareholders okay CBOT deal

(Reuters) - ISS, an independent proxy advisory firm, earlier
recommended that CBOT shareholders approve the deal over a
higher, competing bid from Atlanta-based energy mart
IntercontinentalExchange Inc. .




Read more at Reuters.com Mergers News

LSI cuts 900 jobs in restructuring plan

(Reuters) - SAN FRANCISCO, June 27 - Chip maker LSI Corp. said on Wednesday it will cut about 900 jobs, or roughly 13 percent of its non-production workforce, as part of a broad plan to reduce costs.



LSI, which makes chips used in DVD recorders and hard drives, also gave revenue and earnings forecasts that were lower than the average Wall Street estimate, saying the market for its products was turning out to be weaker than expected.


Read more at Reuters.com Market News

Capital One cutting 2,000 jobs, sees charge

(Reuters) - NEW YORK, June 27 - Capital One Financial Corp. , the credit card issuer and banking company, said on Wednesday it expects to eliminate about 2,000 jobs, or 6 percent of its workforce, after struggling with mortgage banking losses and higher credit costs.



The McLean, Virginia-based company expects to incur $300 million of pre-tax charges for the restructuring, including $90 million this quarter and $200 million in 2007. It said these charges should reduce after-tax profit by 15 cents per share this quarter, and 33 cents per share in 2007.


Read more at Reuters.com Bonds News

REFILE-WRAPUP 1-US Treasury to review financial services rules

(Reuters) - Speaking at a conference organized by the Wall Street
Journal, Paulson said over the next six months, Treasury
willcreate a blueprint for a modern regulatory regime that
embraces best practices guidelines.




"This is not an easy topic. It's a very important topic:
how to have the regulatory structure that's going to operate
the way it should in the 21st century," he said. "We would like
this obviously to lead to action. We're optimistic that it
can."


Read more at Reuters.com Government Filings News

RPT-AeroGrow <AERO.O posts Q4 loss

(Reuters) - Fourth-quarter revenue was $6.4 million, a 30 percent
sequential rise from $4.9 million.




One analyst expected the company to post fourth-quarter
loss of 18 cents a share, before special items, on revenue of
$6.4 million, according to Reuters Estimates.



Read more at Reuters.com Market News

UPDATE 1-NEWSMAKER-Trouble-shooter takes on crucial role at Bear

(Reuters) - NEW YORK, June 27 - Bear Stearns Cos. Inc.
has decided it will take more than one veteran to
untangle the big mess at two hedge funds that invested heavily
in subprime mortgages.




Looking for a trouble-shooter, the investment bank has
turned to Thomas Marano, head of the firm's mortgage department
and an expert in specialized mortgage securities, a source
familiar with the funds disclosed on Tuesday. Marano's mandate
is to help Ralph Cioffi, the current manager, put one of the
funds back on its feet.


Read more at Reuters.com Bonds News

UPDATE 1-RLPC-Magnum Coal pulls $350 mln bond sale -sources

(Reuters) - Lehman Brothers was the lead manager for the seven-year,
second-lien secured notes.




Magnum Coal is rated "B3" by Moody's Investors Service and
"B-minus" by Standard & Poor's, the sixth highest junk rating.


Read more at Reuters.com Bonds News

UPDATE 1-Boeing to end parts production in Tennessee facility

(Reuters) - The Oak Ridge plant, employing 265 people, produces flight
deck consoles and metal machined parts for Boeing's jetliners
and also makes uranium centrifuges for other customers.




The plane maker said the decision was made because the
plant no longer has sufficient commercial airplane or other
parts production work to remain in operation.


Read more at Reuters.com Bonds News

U.K. Natural Gas Rises as Increased Imports Fail to End Supply Shortfall

(Bloomberg) -- U.K. natural gas for delivery today
rose after an increase in imports and withdrawals of the fuel from
storage failed to fully make up for a shortfall in supply.

Gas for intraday delivery traded at 23.25 pence a therm at
5:12 p.m. in London, compared with yesterday's last price for day-
ahead gas of 22.45 pence a therm, according to data from ICAP Plc.
The latest price is equivalent to $4.64 a million British thermal
units. A therm is 100,000 Btus.


Read more at Bloomberg Energy News

ComScore, Data Domain, Merck, Park Electrochemical: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 1:10 p.m. New York time.

Oil Refiners: Citigroup Global Markets Inc. downgraded
shares of Valero Energy Corp. (VLO US), the largest U.S. refiner,
and Tesoro Corp. (TSO US), the largest refiner in the U.S. West,
to ``sell'' from ``hold'' because of valuations. Sunoco Inc. (SUN
US), the biggest refiner in the Northwest, was cut to ``hold''
from ``buy.'' Valero fell $1.55, or 2.1 percent, to $73.11.
Sunoco lost $2.07 to $78.26 and Tesoro retreated $1.98 to $55.93.


Read more at Bloomberg Stocks News

Drugmakers should disclose US doctor perks-experts

(Reuters) - Pharmaceutical companies spend at least $25 billion
annually in marketing -- much of it to doctors to influence
prescribing habits. At the same time, companies fund the bulk
of the clinical research to expand and approve new treatments,
which advocates said taints patient care.




"I intend to vigorously pursue stronger adherence to these
guidelines, as well as propose a national registry to require
disclosure of payments and gifts," Wisconsin Democratic Sen.
Herb Kohl said at the Washington hearing which was also
broadcast on the Internet.


Read more at Reuters.com Government Filings News

UPDATE 1-Community Health sells $3.021 bln notes

(Reuters) - The 8.875 percent notes were priced at 99.294 to yield 3.95
percentage points over U.S. Treasuries.




The sale was decreased from an initially planned $3.365
billion three-part sale and had been set to include an
eight-year floating-rate note issue and a 10-year senior note
issue.


Read more at Reuters.com Bonds News

Tchenguiz raises Sainsbury stake to 10 pct -source

(Reuters) - The source, who requested anonymity, would only say that Tchenguiz continued to see value in the company, which fought off a private equity takeover attempt earlier this year.



Sainsbury and a spokesman for Tchenguiz declined to comment.


Read more at Reuters.com Mergers News

Herley, Impac, Merck, Nike, UniFirst, Trump, Web.com: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 11:40 a.m. New York time.

Oil Refiners: Citigroup Global Markets Inc. downgraded
shares of Valero Energy Corp. (VLO US), the largest U.S. refiner,
and Tesoro Corp. (TSO US), the largest refiner in the U.S. West,
to ``sell'' from ``hold'' because of valuations. Sunoco Inc. (SUN
US), the biggest refiner in the Northwest, was cut to ``hold''
from ``buy.'' Valero fell $1.62, or 2.2 percent, to $72.04.
Sunoco lost $2.36 to $77.97 and Tesoro retreated $1.92 to $55.99.


Read more at Bloomberg Stocks News

Benchmark ABX subprime index hits new low -sources

(Reuters) - The ABX 2007-1, which references loans from the second half
of last year, is trading between 55.5 and 56.5 compared to 57
on Tuesday. The index is near its recent low of 56.18.




Read more at Reuters.com Bonds News

Rand holds firm while stocks, bonds slip

(Reuters) - South Africa's rand held firm on Wednesday, despite faltering metals prices and equities falling as investors spurned risky assets, but bonds continued to slide.

The local currency was trading at 7.1780 to the dollar at 1515 GMT, 0.22 percent stronger than its previous New York close and well off a session low of 7.2325, touched in early trade. It was little changed against the euro, at around 9.62.


Read more at Reuters Africa

Iberdrola closes 3.4 bln euro cap hike placement

(Reuters) - A source close to the process had said Iberdrola would place
the shares at between 39.70 and 40.00 euros a share.




Read more at Reuters.com Mergers News

IEA Expects Oil Prices to Remain Near $70 a Barrel, Economist Birol Says

(Bloomberg) -- Crude oil prices will probably remain
near $70 a barrel during the next year because of political
tensions in Nigeria, Iran and Iraq, the chief economist of the
International Energy Agency said.

``I would be surprised if prices go down significantly,'' the
IEA's Fatih Birol said in an interview today at an energy
conference in Istanbul. ``We are going through difficult times.''


Read more at Bloomberg Energy News

UPDATE 1-Mexican markets down on soft U.S. economic data

(Reuters) - The peso gave up 0.42 percent to 10.8750 per
dollar, while the benchmark IPC stock index slipped 1
percent to 30,445 points.




The U.S. government report showed new orders for
long-lasting manufacturing goods fell more than expected in
May, suggesting the U.S. manufacturing sector may be weaker in
the second quarter than expected.


Read more at Reuters.com Bonds News

Iran Starts Rationing of Gasoline, Sparking Protests in Tehran's Streets

(Bloomberg) -- Iranians rioted in the streets of
Tehran after the government imposed rationing of gasoline, which
the country spends $5 billion a year to import.

Starting today, drivers will be allowed 100 liters, or about
26 gallons, of gasoline a month, Oil Minister Kazem Vaziri-Hamaneh
said on state television. Taxis will get 800 liters. Lawmakers said
earlier this month drivers would probably get five or six liters a
day, 50 percent more than the program actually grants them.


Read more at Bloomberg Energy News

General Electric Calls, Puts Should Be Sold, According to Goldman, Sachs

(Bloomberg) -- Investors should sell options on
shares of General Electric Co. because implied volatility, a key
factor in pricing the contracts, is poised to decline at the
world's second-biggest company by market value, according to
Goldman, Sachs & Co.

Investors who don't own GE shares should sell September
$37.50 puts, derivative strategists Maria Grant and John Marshall
wrote in a note to clients. Current shareholders should create
September $40 calls and September $37.50 puts and then sell them
to other investors, they said.


Read more at Bloomberg Stocks News

US STOCKS-Futures fall on durable goods, risk jitters

(Reuters) - NEW YORK, June 27 - U.S. stock index futures fell
on Wednesday, suggesting a lower open on Wall Street, after
weaker-than-expected durable goods data added to uneasiness
about growth in the economy and corporate profits.




Futures were already pointing a weaker open before the
report. A rise in the yen against other major currencies and
pressure from the subprime mortgage market stirred concern that
the appetite for stocks might weaken.


Read more at Reuters.com Bonds News

Nymex Gas Declines on Reduced Concern Over Hot Weather, Threat of Storms

(Bloomberg) -- Natural gas in New York fell for the
eighth consecutive session as intense hot weather that spurs
demand and storms that pose a possible threat to production
haven't materialized.

``Both July and August are down, basically anticipating
another big injection,'' said Phil Flynn, vice president of risk
management at Alaron Trading Corp. in Chicago. ``It seems we're
starting to put aside the fears of a long, hot summer and
hurricane season and just focusing on supply.''


Read more at Bloomberg Energy News

Dollar down vs yen after May US durable goods data

(Reuters) - The dollar fell against the yen on Wednesday after a report showed May U.S. durable good orders weaker than expected, raising concerns about the strength of the U.S. economy.

The yen was already up for a third straight session against the dollar as volatile global equity markets and continued concerns about the U.S. subprime mortgage sector made investors more wary of risky carry trades.


Read more at Reuters Africa

CommScope to acquire Andrew Corp. for $2.6 billion

(Reuters) - The latest $15-a-share offer also represents a 16 percent premium over Andrew's closing share price on Tuesday. At least 90 percent of it will be paid in cash, the companies said in a statement.




The move comes amid a wave of mergers in the telecommunications industry, among service providers and their equipment vendors.


Read more at Reuters.com Business News

Treasuries Extend Advance as Durable Goods Orders Drop More Than Forecast

(Bloomberg) -- Treasuries extended their gains
after a Commerce Department report showed orders for durable
goods dropped last month more than economists forecast.

``It supports the notion the economy isn't going
great,'' said David Coard, head of fixed-income trading in New
York at Williams Capital Group. There's ``a better bid in the
market.''


Read more at Bloomberg Bonds News

ConAgra profit beats estimates on trading strength

(Reuters) - The company posted net income of $192.0 million, or 39 cents a share, for the fourth quarter ended May 27, compared with $59.2 million, or 11 cents, a year earlier.




Income from continuing operations was 38 cents a share, including costs of 2 cents a share related to a recall of Peter Pan peanut butter and a benefit of 1 cent a share from a lower-than-expected tax rate.


Read more at Reuters.com Market News

German Power Prices for July Decline to Three-Month Low; Next Year Gains

(Bloomberg) -- German power prices for delivery in
July fell to a three-month low as the contract neared expiration.
Power for next year rose for the first day this week.

Electricity delivered in July in Europe's biggest power
market declined as much as 73 cents, or 1.8 percent, to 39 euros
($52.41) a megawatt-hour at 12:40 p.m. Berlin time, according to
prices from broker GFI Group Inc. on Bloomberg. That's the lowest
since March 27.


Read more at Bloomberg Energy News

American Oriental Bioengineering to offer 8 mln shares

(Reuters) - The underwriters for the offering are Piper Jaffray & Co.,
CIBC World Markets Corp., Lazard Capital Markets LLC, Jefferies
& Co Inc. and Brean Murray, Carret & Co. LLC.





Read more at Reuters.com Bonds News

Corporate Bond Risk in Europe at Three-Month High on Subprime Risk Concern

(Bloomberg) -- The risk of owning European
corporate bonds rose to the highest in almost three months amid
concern hedge-fund losses in the U.S. subprime mortgage market
may snowball, according to traders of credit-default swaps.

Contracts on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies jumped 11,500 euros to 228,000 euros, the highest
since April 2, according to Deutsche Bank AG. The rising cost of
credit-default swaps, contracts based on bonds and loans,
indicates deteriorating credit quality.


Read more at Bloomberg Bonds News

Basel II may lead to smoother bank profits-Wellink

(Reuters) - "Basel II has pushed firms further than they may have gone
on their own," said Nout Wellink in a speech to a banking
conference on risk management in Paris.




"One might reasonably expect such improvements to lead to
more consistent profits and reduced volatility of credit losses
as a result of consistent risk spreading, more effective
deployment of capital and the ability to make better business
decisions," said Wellink.


Read more at Reuters.com Government Filings News

GLOBAL MARKETS-Investors dump risk as subprime worries weigh

(Reuters) - The risk premium on emerging market debt rose while the Japanese yen strengthened as investors moved away from popular "carry" trades funded by borrowing low-yielding currencies.




"The issue of U.S. subprime mortgages is flaring up again. It's not an atmosphere where people can aggressively take positions in risky assets," said one currency trader for a Japanese bank.


Read more at Reuters.com Bonds News

Gold Rises in London on Speculation Dollar's Rally Will End; Silver Falls

(Bloomberg) -- Gold snapped two days of declines
in London on speculation the dollar will stop strengthening
against other currencies, reviving demand for the precious metal
as an alternative investment. Silver also increased.

Bullion has dropped in five of the past seven weeks as
higher global interest rates and a strengthening dollar eroded
the metal's investment appeal. The dollar dropped against the
yen today and the yield on the U.S. 10-year note fell.


Read more at Bloomberg Commodities News

Iberdrola Aims to Raise $4.7 Billion in Share Sale to Pay for Energy East

(Bloomberg) -- Iberdrola SA, the world's largest owner
of wind-power parks, plans to raise about 3.5 billion euros ($4.7
billion) in a share sale to pay for U.S. utility Energy East Corp.

The Spanish utility will begin selling 85 million new shares
today through a so-called accelerated offering, the Bilbao-based
power producer said today in an e-mailed statement. ABN Amro
Rothschild, Credit Suisse Group and JPMorgan Chase & Co. are
managing the offering, which is aimed at fund managers.


Read more at Bloomberg Energy News

Japan's Topix Index Declines the Most in 12 Weeks on U.S. Housing Concern

(Bloomberg) -- Japanese stocks dropped, with the
Topix index slumping by the most in more than 12 weeks on
concern U.S. demand will falter, curbing profits, amid signs the
housing market there is worsening and after the yen strengthened.

Canon Inc. fell by the most since March and Honda Motor Co.
slid 1.6 percent. Mitsubishi Corp. had its second-worst
performance of the year, leading commodities-related shares
lower after prices of oil, copper, gold and other raw materials
slumped.


Read more at Bloomberg Stocks News

Yen climbs on risk aversion, carry trade unwinds

(Reuters) - Weak stock markets, due partly to concerns about the exposure of U.S. lenders to subprime mortgages, have reduced investor interest in risky assets around the world. The Nikkei share average fell 1.2 percent.




Market players were also on edge after Japanese Finance Minister Koji Omi warned the previous session that markets should be aware of the risks of one-way bets, an apparent reference to carry trades funded in the low-yielding yen.


Read more at Reuters.com Hot Stocks News

WRAPUP 1-Asia growth outlook brightens with resilient exports

(Reuters) - Economists canvassed in the quarterly survey have ramped up
growth forecasts for 12 economies in the Asia-Pacific after
output, exports and consumption data have consistently
outstripped expectations. Japan was not included in the poll.




As a result, several Asian economies are now expected to
match or even top last year's economic performance.


Read more at Reuters.com Economic News

US Congress pushed on world impact of farm policy

(Reuters) - Congress must consider more carefully the impact of U.S. farm policy on the developing world, agriculture experts say in a forthcoming report which argues that copious subsidies at home may only further impoverish poor nations and stunt future export markets.

"It's the furthest thing from their mind," said Robert Thompson, one author of a report to be launched on Thursday by the International Food and Agriculture Trade Policy Council, a Washington-based group.


Read more at Reuters Africa

UPDATE 1-Matsushita says time to review ties with JVC

(Reuters) - "Senior executives from both companies are studying ways to
improve corporate value," Fumio Ohtsubo told an annual
shareholders' meeting, adding that Matsushita would make public
its plans for JVC when an official decision has been made.




Sources told Reuters on Saturday that JVC will likely merge
audio equipment maker Kenwood Corp. under a joint
holding company as early as 2008. Matsushita, which holds 52.4
percent of JVC, is expected to sell its shares to the holding
company.


Read more at Reuters.com Mergers News

Bear Stearns taps managers to save hedge fund

(Reuters) - Marin appointed Marano last week to help with the funds managed by Ralph R. Cioffi, who retains his current role as portfolio manager for both funds, said one source.




Company spokesman Russell Sherman declined to comment.


Read more at Reuters.com Business News

Adidas, Axel Springer, Deutsche Post, EM.TV, E.ON, SAP: German Preview

(Bloomberg) -- The following stocks may rise or
fall in German markets.

Germany's X-DAX Index dropped 0.7 percent to 7839.27. The
index provides an estimate of the DAX Index, based on trading in
DAX futures after the Xetra electronic market closes. The DAX
fell 0.9 percent to 7860.52 on the Xetra electronic-trading
system.


Read more at Bloomberg Stocks News

Toshiba Shares Rise on Report It Won $4.9 Billion U.S. Nuclear Plant Order

(Bloomberg) -- Shares of Toshiba Corp. rose after a
Nikkei report said the company beat General Electric Co. and
Hitachi Ltd. to win a 600 billion yen ($4.9 billion) contract to
supply nuclear plant equipment to NRG Energy Inc.

Toshiba, Japan's biggest maker of nuclear power reactors by
capacity, gained 1.2 percent to 1,036 yen as of 10:56 a.m. on the
Tokyo Stock Exchange. Toshiba Plant Systems & Services Corp., its
power construction unit, rose 6.6 percent to 1,033 yen.


Read more at Bloomberg Energy News

Citi in talks to buy electronic trading firm-WSJ

(Reuters) - The deal would be part of Citigroup's strategy of trying to
increase its market share in trading U.S. stocks while bringing
under its roof computer programs that could improve its efforts
to trade stocks overseas, according to the report.




Citigroup did not immediately return calls seeking comment.
A spokeswoman for ATD declined comment.


Read more at Reuters.com Mergers News

Playboy to Open Macau Casino in 2008 to Woo Chinese, Christie Hefner Says

(Bloomberg) -- Playboy Enterprises Inc., publisher
of the most widely read men's magazine, will open a 40,000
square-foot entertainment complex, including gaming facilities,
in Macau next year as it seeks to expand in China.

Playboy Mansion Macao will include dining, entertainment and
retail shops, Playboy Chairman and Chief Executive Christie
Hefner said in an interview in Hong Kong today. It will be part
of the Macao Studio City complex, a $4 billion joint venture
project between Hong Kong-listed ESun Holdings Ltd. and partners
including Silver Point Capital LLC.


Read more at Bloomberg Emerging Markets News

Australian Dollar Falls From 18-Year High as Investors Pare Carry Trades

(Bloomberg) -- The Australian dollar fell from an
18-year high against the U.S. currency on speculation investors
will pare higher-yielding assets as Asian stocks followed U.S.
equities lower.

Australia's currency also dropped the most in six weeks
versus the yen as investors pared so-called carry trades, where
they buy higher-returning assets with money borrowed in
countries with lower borrowing costs. The local dollar has made
the second-biggest gain the past year among major currencies on
Australia's 6.25 percent benchmark rate, which compares with
Japan's 0.5 percent and 5.25 percent in the U.S.


Read more at Bloomberg Currencies News

Australia's S&amp;P/ASX 200 Drops for Fifth Day, Led by BHP, Woodside, Paladin

(Bloomberg) -- Australia's S&P/ASX 200 Index fell for
a fifth day, its longest losing streak since March. BHP Billiton
Ltd. and Woodside Petroleum Ltd. led resources shares lower after
prices of commodities including copper, zinc and oil dropped.

Uranium producers Energy Resources of Australia Ltd. and
Paladin Resources Ltd. declined on concern prices of the nuclear
fuel may have peaked.


Read more at Bloomberg Stocks News

Japanese Exporter Stocks May Drop, Led by Sony, on U.S. Housing Concern

(Bloomberg) -- Japanese exporter stocks may drop,
extending the Nikkei 225 Stock Average's longest streak of
declines since early March. Sony Corp. may pace losses amid
signs the U.S. housing market is worsening, curbing demand.

Commodities-related shares such as Mitsubishi Corp. may
fall after prices of oil, copper, gold and other raw materials
slumped.


Read more at Bloomberg Stocks News

New home sales, consumer confidence fall

(Reuters) - "These are numbers that are consistent with a slowing down
in activity, a moderation on the consumption side," said Steven
Wieting, an economist with Citigroup Global Markets in New
York.




Sales of new U.S. homes fell 1.6 percent last month to an
annual rate of 915,000 units from a downwardly revised pace of
930,000 in April, the Commerce Department said on Tuesday.
Analysts had been looking for May new home sales of 925,000.


Read more at Reuters.com Business News

MatlinPatterson raises new $5 billion fund--source

(Reuters) - MatlinPatterson, founded by veteran distressed debt
specialists David Matlin, Mark Patterson and Lap Chan,
originally sought to raise some $3.5 billion for the firm's
third fund.




But demand for the fund exceeded supply and it was
oversubscribed by $1.5 billion, the source said, reflecting
some experts' views there will be many more opportunities to
invest profitably in debt-strapped companies over the next few
years.


Read more at Reuters.com Mergers News

Topps says board to review Upper Deck offer

(Reuters) - On March 5, Topps entered into a definitive agreement to be
acquired by The Tornante Company LLC and Madison Dearborn
Partners, LLC for $9.75 per share in cash.





Read more at Reuters.com Mergers News

US STOCKS-Indexes dip again as subprime fears weigh

(Reuters) - NEW YORK, June 26 - U.S. stocks closed down for
a third session on Tuesday as higher bond yields raised
concerns about borrowing costs and more fallout from the
subprime mortgage market kept investors on edge.




But a drop in oil prices eased worries about inflation and
takeovers in health care and chemicals increased optimism
about share valuations, limiting the market's decline.


Read more at Reuters.com Bonds News

UPDATE 1-Countrywide falls on rumors of subprime probe

(Reuters) - Shares of the Calabasas, California-based company began to
decline on increased volume around 2 p.m. EDT. A report on
theflyonthewall.com attributed the decline to "unconfirmed
chatter of a subprime loan investigation."




Paul Foster, an options strategist at theflyonthewall.com,
said the volume stemmed from the rumors about a probe.


Read more at Reuters.com Mergers News

Venezuela's Bolivar Strengthens to One-Month High After Dollar Bond Sale

(Bloomberg) -- Venezuela's bolivar rose to its
strongest in almost one month in unregulated trading after the
government flooded the financial system with dollars to stem the
currency's decline.

The bolivar today rose to 4,050 per dollar in the
unofficial dollar market, its strongest since May 30, from 4,150
to the dollar yesterday, traders said. The bolivar's third
straight day of gains pared its decline this year to 19 percent.


Read more at Bloomberg Currencies News

US CREDIT-Tyco bond suit may have wide-ranging impact

(Reuters) - Tyco is being sued by the trustee of its bonds, The Bank of
New York and a group of bondholders who argue that the company
is breaking terms and conditions of the debt by not offering to
buy back the debt at what they argue is its full value.




Investment grade corporate bonds often have covenants that
can require companies to buy back the debt at a price that
includes future interest payments in certain events such as
restructurings or mergers or acquisitions, which can radically
alter a company's credit profile.


Read more at Reuters.com Bonds News

UPDATE 2-Limited Brands CEO lays out future vision

(Reuters) - NEW YORK, June 26 - Retailer Limited Brands Inc.
, which is in the process of selling its apparel chains,
plans to give a progress report on its cost cutting and
transformation into a two-brand company no later than the end
of July, according to a letter sent to employees.




Limited, which owns Victoria's Secret and Bath & Body Works
in addition to its namesake and Express apparel chains, is
restructuring to focus on the less seasonal, more profitable
businesses of undergarments and beauty and bath products.


Read more at Reuters.com Bonds News

Mexico's Bolsa Declines a Third Day on Tax Law Concern; Chile's IPSA Falls

(Bloomberg) -- Mexico's main stock index fell for a
third day on concern President Felipe Calderon's proposed tax
legislation will lower company profits.

Mexico's Bolsa index declined 259.09, or 0.8 percent, to
31,036.92 as of 2:29 in New York. The Bovespa Index of the most-
traded stocks on Brazil's Sao Paulo exchange was little changed at
54,078.33.


Read more at Bloomberg Stocks News

UPDATE 1-GLG hedge fund to pay $3.2 mln in SEC settlement

(Reuters) - The settlement comes less than two days after GLG Partners,
one of Europe's biggest hedge funds with $12 billion in assets,
said it plans to go public in the United States.




Regulators said the firm engaged in manipulative
short-selling that helped earn it $2.2 million in illegal
profit between July 2003 and July 2005. The agency said GLG
violated a key SEC rule 16 times in connection with 14
different public offerings.


Read more at Reuters.com Government Filings News

Total says terms of Venezuelan oil deal satisfying

(Reuters) - "The negotiations have led to satisfying conditions both
concerning the compensation and the governance of the future
mixed company. This memorandum of understanding confirms we want
to stay in Venezuela," a Total spokeswoman said.




She declined to specify how much Total would be compensated
for lost value of its Sincor stake.


Read more at Reuters.com Mergers News

Republican senators want probe of Fannie bonus pay

(Reuters) - Under a plan announced last week, several executives will
receive more than $1 million each in bonuses.




Daniel Mudd, the chief executive officer, will receive
almost $1.9 million worth of company stock while chief business
officer Robert Levin will be granted roughly $1.74 million
worth of stock under a plan that must be approved by the Office
of Federal Housing Enterprise Oversight.


Read more at Reuters.com Government Filings News