Vaccine blocks deadly form of meningitis

(Reuters) - A vaccine targeting a deadly strain of meningitis proved to be safe and highly effective in protecting African children, researchers said on Friday, raising hope that it may help prevent epidemics that afflict many African countries.

The new vaccine targets A Neisseria meningitidis, a leading cause of bacterial meningitis in Africa's so-called "meningitis belt," a group of 21 countries in sub-Saharan Africa.


Read more at Reuters Africa

Axa, Enel, Eni, Eutelsat, Metrovacesa, SAP, SAS: European Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in European markets. Prices are from the last close.

The Dow Jones Stoxx 600 fell 1.2 percent to 385.46. The Dow
Jones Stoxx 50 Index declined 0.9 percent to 3853.49. The Euro
Stoxx 50 Index, a benchmark for the 13 nations using the euro,
decreased 1.3 percent to 4381.45.


Read more at Bloomberg Stocks News

PRESS DIGEST - New York Times front page - June 8

(Reuters) - Immigrant bill, lacking 15 votes, stalls in Senate. The
failure to end the debate leaves the future of one of the
administration's chief domestic priorities in serious doubt.




---


Read more at Reuters.com Bonds News

Signet Group, Lloyds TSB and Fuller Smith: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from yesterday's market close.

The benchmark FTSE 100 Index rose 19.3, or 0.3 percent, to
close at 6621.4 in London as 62 stocks rose, 39 fell and 1 was
unchanged. The FTSE All-Share Index gained 12.18, or 0.4 percent,
to 3438.7.


Read more at Bloomberg Stocks News

Indonesian Government Plans to Swap Bonds on June 12 to Cut Interest Costs

(Bloomberg) -- The Indonesian government plans to
swap treasury bonds on June 12 to lower the cost of interest
payments, Rahmat Waluyanto the Finance Ministry's director
general for debt management, said in Jakarta.

Details of the bond swap will be announced on June 11,
Waluyanto told reporters in Jakarta today. The Indonesian
central bank cut its key interest rate yesterday by a quarter
point to 8.5 percent, the lowest since July 2005.


Read more at Bloomberg Bonds News

Indonesian Rupiah Has Biggest Drop Since May 2006 on Global Stocks Decline

(Bloomberg) -- Indonesia's rupiah dropped the most
since May 2006 on speculation declines in global equity markets
will encourage investors to sell riskier assets.

The currency was set for a second weekly loss as Asia stock
markets followed the U.S. and Europe lower. The Dow Jones
Industrial Average had its biggest slide since April 13 on
speculation global interest rates will rise after central banks
in Europe and New Zealand increased borrowing costs this week.


Read more at Bloomberg Emerging Markets News

Sri Lanka's Government Seeks Investment for $10 Billion in Power Projects

(Bloomberg) -- Sri Lanka's government is seeking
private investment for about $10 billion of power projects in
the next 10 years to meet rising electricity demand in the South
Asian island.

Sri Lanka needs to increase generation capacity to meet
demand that's forecast to grow to 4,250 megawatts from 1,900
megawatts by 2017, said Tissa Herath, additional secretary at
the Ministry of Power & Energy. Private companies supply about
40 percent of electricity to the national grid, he said.


Read more at Bloomberg Emerging Markets News

Singapore's Shares Fall the Most in Seven Weeks; SingTel CapitaMall Slide

(Bloomberg) -- Singapore's stock index fell the most
in more than seven weeks, on concern rising global interest
rates will reduce demand for stocks. Singapore
Telecommunications Ltd. led the decline.

CapitaMall Trust paced a drop by investment trusts after
bond yields jumped, making their payouts less attractive to
investors.


Read more at Bloomberg Stocks News

Yen falls on weak data

(Reuters) - Japan's core machinery orders, a highly volatile figure regarded as a leading gauge of capital spending, rose 2.2 percent in April from the previous month, government data showed on Friday. That was below forecasts for a 4.5 percent increase.




Still, few analysts thought the machinery data would affect monetary policy decisions by the Bank of Japan.


Read more at Reuters.com Hot Stocks News

Treasuries Extend Decline, Pushing 10-Year Yields to Highest Since July

(Bloomberg) -- U.S. Treasuries fell, pushing the 10-
year yield to the highest since July.

The yield on 10-year notes rose 2 basis points, or 0.02
percentage point, to 5.16 percent at 8:15 a.m. in Singapore,
according to bond broker Cantor Fitzgerald LP. The price of 4 1/2
percent notes maturing in May 2017 fell 4/32, or $1.25 per $1,000
face amount, to 94 30/32. Yields move inversely to bond prices.


Read more at Bloomberg Bonds News

Australia's S&P/ASX 200 Index Falls, Led by BHP Billiton on Lower Metals

(Bloomberg) -- Australia's benchmark stock index, the
S&P/ASX 200 Index, fell 0.75 percent at 10:05 a.m.

The index of 202 companies traded on the Australian Stock
Exchange fell 47.50 to 6,263.60. Among the stocks in the index, 3
rose, 130 fell and 68 were unchanged.


Read more at Bloomberg Stocks News

LCD Makers, Oil-Dependents, Solomon, Samsung: South Korea 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 climbed 0.6 percent to a record 1753.04. The
Kosdaq gained 1.6 percent to 761.84. Kospi 200 futures expiring in
June rose 0.7 percent to 223.65, while the underlying index
advanced 0.4 percent to 223.17.


Read more at Bloomberg Stocks News

Connecticut allows utilities to build peaker plants

(Reuters) - CL&P is the biggest and United Illuminating the
second-largest power utilities in the state.




There was concern in the state legislature that independent
power producers were not building enough peak-hour power plants
to meet summer demand, according to two of the state's
newspapers, the Hartford Courant and the New Haven Register.


Read more at Reuters.com Bonds News

Mortgage swap row spotlights potential conflicts

(Reuters) - Hedge fund executive John Paulson of Paulson & Co., in a
letter to the International Swaps and Derivatives Association
on April 17, accused investment bank Bear Stearns Cos.
of appearing to support the manipulation of credit
default swap prices by protection sellers.




Paulson's statement was provoked by language Bear Steans
had suggested for CDS documentation on April 3, in which the
bank stated that sellers of protection may buy certain
delinquent loans as part of their role as a mortgage servicer.


Read more at Reuters.com Bonds News

Asian Stocks Fall in U.S. Trading on Higher Bond Yields; Kookmin Declines

(Bloomberg) -- Asian stocks dropped in U.S. trading
for a third day after a jump in bond yields fueled speculation
the Federal Reserve will raise interest rates. Kookmin Bank and
Mitsubishi UFJ Financial Group Inc. fell.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, tumbled 0.8 percent to
163.83, the biggest decline in two weeks. The measure has
retreated 1.6 percent since setting a record June 4.


Read more at Bloomberg Stocks News

RPT-TREASURIES-Bonds tumble on fears over rising global rates

(Reuters) - NEW YORK, June 7 - U.S. Treasury debt prices
collapsed on Thursday as benchmark yields posted their largest
one-day spike in three years, spurred by fears of tighter
monetary policy worldwide.




The market plunge was initiated by an unlikely source, New
Zealand, whose central bank unexpectedly raised rates a day
after the European Central Bank hiked rates to curb inflation.


Read more at Reuters.com Bonds News

UPDATE 1-Amaranth seeks to dismiss San Diego lawsuit

(Reuters) - The San Diego Employees Retirement Association
sued Amaranth in March for $150 million in the first and so far
only investor lawsuit over the biggest hedge fund collapse
ever. The suit claimed Amaranth violated its investment
mandates by not maintaining proper portfolio diversity or risk
controls.




Greenwich, Connecticut-based Amaranth, which is in the
process of liquidating assets now valued at about $400 million,
said in Thursday's court filing in Manhattan that its offering
documents do not require it to maintain investment diversity as
the San Diego fund claimed. The case is being closely watched
in the hedge fund industry.


Read more at Reuters.com Mergers News

Rate fears slam stocks, but dollar gains

(Reuters) - Falling U.S. government bonds sparked worries on Wall Street after losses pushed all U.S. Treasury yields above 5 percent for the first time since last July, as investors bet the Federal Reserve would keep interest rates higher for longer to keep inflation at bay.




Surging oil prices soured stock sentiment further, threatening to restrain consumer spending, but the dollar gained on the rising appeal of U.S. yields.


Read more at Reuters.com Hot Stocks News

Toronto exchange to take on rivals with technology

(Reuters) - TSX Group, which runs the Toronto Stock Exchange and TSX
Venture market, will battle upstart alternative trading systems
with improved technology infrastructure and new products, not
just on fees, Rik Parkhill, president of TSX Group's markets
unit, told an investor briefing.




TSX is replacing all of its trading engine hardware to
boost capacity and will introduce proprietary new software,
called Quantum, starting in the late summer.


Read more at Reuters.com Bonds News

Treasury 10-Year Note Falls Most in Two Years as Yield Exceeds 5 Percent

(Bloomberg) -- The benchmark 10-year U.S. Treasury
note fell the most in almost two years after New Zealand
unexpectedly raised interest rates, igniting concern other
central banks will respond to faster global growth.

Interest-rate futures and options showed traders who as
recently as December were betting on three quarter-percentage
point rate cuts by the Federal Reserve this year boosted bets on
an increase in borrowing costs. Ten-year yields surpassed 5
percent for the first time since August and exceeded two-year
yields by the most in more than a year.


Read more at Bloomberg Bonds News

South African Rand Gains; Central Bank Lifts Rates for First Time in 2007

(Bloomberg) -- The South African rand rose against
the dollar, snapping a three-day losing run, after the country's
central bank lifted interest rates for the first time this year.

The rand rebounded from near a two-month low as policy
makers lifted the benchmark lending rate a half-point to 9.5
percent. The increase will make rand-denominated assets more
attractive for carry trade investors, who fund high-yielding
purchases by borrowing in low interest-rate currencies like the
Japanese yen or Swiss franc.


Read more at Bloomberg Currencies News

Retail sales warm up but don't sizzle

(Reuters) - But several specialty apparel chains posted disappointing results, due in part to weak sales of women's clothes and increased competition from department stores trying to lure fashionable shoppers.




Among retailers reporting May sales at stores open at least a year, 57 percent exceeded Wall Street expectations while 41 percent fell short, according to research firm Retail Metrics. The performance was better than the firm's long-term average.


Read more at Reuters.com Market News

U.S. household wealth rise slows in Q1-Fed

(Reuters) - Household net worth had increased by $1.31 trillion or 2.4
percent in the fourth quarter, according to the Fed report.




The Fed also said all nonfinancial debt grew by 7.3 percent
after a 8.2 percent rise in the fourth quarter of 2006.


Read more at Reuters.com Bonds News

Van Houtte profit jumps on one-time gains

(Reuters) - That compares with a profit of C$6.46 million, or 30
Canadian cents a share, a year earlier.







Read more at Reuters.com Mergers News

Monster shares fall after management shake-up

(Reuters) - The appointment reunites Yates with Monster CEO Sal Iannuzzi. Yates previously served as finance chief at Symbol Technologies under Iannuzzi. Symbol was sold to Motorola Inc. in January.




Iannuzzi, who has a background as an investment banker, was named Monster CEO in April, leading to speculation that the company could be bought out in coming months.


Read more at Reuters.com Hot Stocks News

Gay Lawyers Come Out as Firms Push Diversity to Attract Clients, Talent

(Bloomberg) -- When Coco Soodek, a corporate lawyer
in the Chicago office of Bryan Cave LLP, was promoted to partner
in 2005, the firm invited all the new partners to dinner at its
St. Louis headquarters.

Soodek, 36, was encouraged to bring her companion, Roxanne
Saylor, 37. The couple was seated by the wife of the firm's
chairman, and the partners' spouses were asked to stand.


Read more at Bloomberg Exclusive News

Argentina May Pay Above 12 Percent for First Post-Default Fixed-Rate Bond

(Bloomberg) -- Argentina will likely pay more than
12 percent per year for its first issue of a fixed-rate peso
bond as yields on U.S. Treasuries exceeded 5 percent for the
first time since August.

The government seeks to sell as much as 1.5 billion pesos
($488 million) in the first such sale since defaulting on $95
billion of debt six years ago. The government will accept bids
on the 5-year bonds with a coupon of 10.5 percent, until 1 p.m.
New York time today.


Read more at Bloomberg Bonds News

South Africa Raises Key Rate to 9.5 Percent as Inflation Exceeds Target

(Bloomberg) -- South Africa's central bank increased
its benchmark rate by half a point on concern that rising energy
and food prices will push up other costs, threatening to keep
inflation above the target range.

The Reserve Bank raised the repurchase rate to 9.5 percent,
the first increase since Dec. 7, Governor Tito Mboweni said in a
televised speech from Pretoria today. That was in line with the
forecasts of 20 of 25 economists surveyed by Bloomberg.


Read more at Bloomberg Emerging Markets News

US STOCKS-Futures fall as rate worries gather steam

(Reuters) - NEW YORK, June 7 - U.S. stock index futures
indicated a lower start for Wall Street on Thursday after
yields on Treasuries debt securities rose above 5 percent,
stirring worry about interest rates.




The spring rally in stocks has sputtered in the past two
days as worries about inflation and higher interest rates crept
back to the forefront of investors' concerns. Higher rates
discourage consumer spending and crimp profit margins.


Read more at Reuters.com Bonds News

Philadelphia investor Tierney eyes Dow Jones

(Reuters) - "We don't believe News Corp. is overpaying," Tierney, who
led an investor group that bought the Philadelphia Inquirer and
the Philadelphia Daily News last year for $515 million, said in
a statement. "This is one of the greatest journalistic
enterprises ever created."




He added, "If there is a process for the sale of the
business we would be inclined to participate in partnership
with others."


Read more at Reuters.com Mergers News

RPT-UPDATE 1-Strong shipments boost Agricore results

(Reuters) - TORONTO, June 7 - Agricore United , or 3 Canadian cents a share, for the quarter
ended April 30, against a year-earlier loss of C$8 million, or
18 Canadian cents a share.


Read more at Reuters.com Market News

Target May same-store sales up 5.8 pct

(Reuters) - Analysts, on average, were expecting it to report a gain of 5.9 percent, according to a Reuters survey. The company had forecast May same-store sales to rise between 5 percent and 7 percent.



Sales for the four weeks ended June 2, rose to $4.325 billion from $3.929 billion a year earlier.


Read more at Reuters.com Market News

Crude Oil Is Little Changed as Cyclone Gonu Weakens on Approach to Iran

(Bloomberg) -- Crude oil was little changed as
Cyclone Gonu weakened approaching the Iranian coast, reducing
concern that shipments from OPEC's second-biggest producer will
be disrupted.

Gonu is dissipating over water near Iran with winds at 64
kilometers per hour (40 miles per hour), the U.S. Navy said.
Ships continued to pass through the Strait of Hormuz, a waterway
at the mouth of the Persian Gulf, Associated Press reported,
citing Suresh Nair of the Gulf Agency Co. shipping firm. At least
a quarter of the world's oil supplies pass through the strait.


Read more at Bloomberg Commodities News

Warner Music, AnywhereCD settle dispute

(Reuters) - The maker of recreational vehicles and manufactured housing reported a loss of $29.9 million, or 47 cents a share, compared with a profit of $1.4 million, or 2 cents a share, a year ago.






Read more at Reuters.com Mergers News

Retailers say better weather warms sales

(Reuters) - But several specialty apparel chains posted sales gains that missed analysts' estimates, due in part to weak sales of women's clothes.




Wal-Mart Stores Inc. , the world's largest retailer, said sales at stores open at least a year rose 1.1 percent in May, excluding fuel sales. Including fuel, sales rose 1.3 percent as weakness in apparel and home goods was offset by strength of lawn and garden goods, live plants and groceries.


Read more at Reuters.com Business News

Abercrombie & Fitch May same-store sales decline

(Reuters) - Wall Street had expected a same-store sales decline of 1.7 percent, according to Reuters survey.



The New Albany, Ohio based company, which also operates the abercrombie, Hollister Co. and RUEHL chains, said total sales for the four weeks ended June 2 rose 16 percent to $215 million.


Read more at Reuters.com Market News

Biomet accepts sweetened takeover offer

(Reuters) - Completion of the tender offer is subject to the condition that at least 75 percent of the Biomet common shares have been tendered.




Biomet canceled a June 8 special meeting of shareholders scheduled to vote on the original takeover offer. As part of the revised merger agreement, Biomet has agreed not to pay its annual dividend.


Read more at Reuters.com Bonds News

Meetic founder takes stake in French luxury website

(Reuters) - "I'm now a small shareholder," Simoncini told Reuters on the
margins of a news conference by Prestigium to announce its new
retail site, Myprestigium.com. He did not give details but said
the stake was a minority interest.




Prestigium has until now only provided information about
luxury goods companies and their products.


Read more at Reuters.com Mergers News

UPDATE 1-Transat profit up 23 percent in second quarter

(Reuters) - The Canadian holiday-travel company said it earned C$53.9
million , or C$1.58 a share, for the period
ended April 30, up from a profit of C$42.8 million, or C$1.24 a
share, for the same period last year.




Excluding the C$12.6 million after-tax gain from its new
hedge accounting standard, Transat said its net earnings for
the quarter would have been C$41.4 million, or C$1.21 a share.


Read more at Reuters.com Market News

Turkey to Keep Interest Rates High Until Drop in Inflation Is `Lasting'

(Bloomberg) -- Turkey's central bank said it plans to
keep interest rates high until it sees a ``lasting'' decline in
inflation.

``We're at a historic turning point in the fight against
inflation,'' bank Governor Durmus Yilmaz said at a conference in
the southeastern city of Gaziantep today. ``There's a danger of
tiring of the fight, but this would endanger all of the gains of
the last five years. Until inflation has been lowered in a lasting
way, we'll be keeping rates high.''


Read more at Bloomberg Emerging Markets News

Children's Place May same-store sales up 4 percent

(Reuters) - Wall Street had been expected a same-store sales gain of 3 percent, according to Reuters survey.



The children's clothing retailer said total sales in the four weeks ended June 2 rose 13 percent to $127.6 million.


Read more at Reuters.com Market News

Stocks in Russia Decline for Second Day, Led by Gazprom, Norilsk Nickel

(Bloomberg) -- Russian stocks declined for a second
day, led by OAO Gazprom and OAO GMK Norilsk Nickel.

The ruble-denominated Micex Index sank 0.4 percent to
1601.43 at 1:26 p.m. in Moscow. Six stocks advanced and 24
retreated. The dollar-denominated RTS Index dropped 0.4 percent
to 1815.70.


Read more at Bloomberg Stocks News

UPDATE 1-VW rejects report it near deal with Malaysia's Proton

(Reuters) - Quoting unidentified sources, the Edge financial daily said
Volkswagen was likely to take a 51 percent stake in a new
company into which would be injected Proton's key motor assets,
such as manufacturing, research and development, and
engineering.




But a Volkswagen spokesman rejected the idea that the
company was on the cusp of concluding talks with loss-making
Proton.


Read more at Reuters.com Mergers News

Kuwait Petroleum Seeks Higher Price Premium for Naphtha Export Cargoes

(Bloomberg) -- Kuwait Petroleum Corp., the Middle
East's biggest exporter of refined oil products, offered to sell
naphtha at a higher premium, said three traders involved in the
discussions. Talks began this week at the company's London office.

The refiner offered to sell naphtha at a premium of $24 a
metric ton to benchmark prices for cargoes loading in the year
starting August, an increase of 37 percent. Kuwait Petroleum had
agreed to sell naphtha at a premium of $17.50 a ton for cargoes
loading between August 2006 and July 2007.


Read more at Bloomberg Energy News

European Industrial Stocks Fall, Led by Volvo, SKF; Vodafone Gains

(Bloomberg) -- European industrial stocks declined,
led by Volvo AB after JPMorgan Chase & Co. downgraded shares of
Europe's second-largest truckmaker.

SKF AB slid after Morgan Stanley recommended investors
reduce holdings of the world's biggest maker of ball bearings for
cars and planes. Vodafone Group Plc led telecommunications shares
higher after the company received a letter from an activist
investment group calling for a restructuring.


Read more at Bloomberg Stocks News

Israel institutions invest in Egypt's EMG with Ampal

(Reuters) - Ampal's subsidiary will contribute a 1.8 percent interest in
EMG in exchange for 50 percent of the joint venture. The
institutional investors will have a 50 percent interest in the
joint venture for their $40 million contribution.




The joint venture will be a newly formed Israeli limited
partnership, Merhav Ampal Energy Holdings LP, whose general
partner will be an Israeli company equally owned by Ampal and
the Israel Infrastructure Fund .


Read more at Reuters.com Mergers News

Carbon Dioxide Emission Permits Rise, Pushing German Power Prices Higher

(Bloomberg) -- European Union carbon dioxide permits
rose for the first day in three, pushing German power prices
higher.

Emission permits for delivery in December 2008 rose as much as
65 cents, or 2.8 percent, to 24 euros ($32) a metric ton, according
to the European Climate Exchange in Amsterdam. They were at 23.75
euros a ton at 8:45 a.m. local time.


Read more at Bloomberg Energy News

Japanese Shares Advance, Paced by Trading Companies; Sony, Takeda Slide

(Bloomberg) -- Japanese stocks gained, paced by
trading companies and oil explorers, after Nikko Citigroup Ltd.
raised its recommendation on Sumitomo Corp. and Marubeni Corp.
shares and the price of crude oil advanced.

Limiting gains, technology-related companies that rely on
U.S. sales such as Sony Corp. declined after a higher-than-
forecast rise in U.S. labor costs fueled concern accelerating
inflation will prompt the Federal Reserve to increase interest
rates.


Read more at Bloomberg Stocks News

Thailand's Economy to Recover in Second Half After Rate Cuts, Tarisa Says

(Bloomberg) -- Thailand's economy will recover in
the second half of 2007 as four interest rate cuts this year
entice spending by consumers and businesses, according to Bank
of Thailand Governor Tarisa Watanagase.

``We have seen signs of recovery,'' Tarisa told a seminar
in Bangkok today. ``The rate cuts should help boost interest
rate-sensitive sectors like property and encourage people to buy
durable items like cars and motorcycles.''


Read more at Bloomberg Emerging Markets News