Japan Pension Fund, World's Biggest, to Invest in Smaller-Cap Companies

(Bloomberg) -- Japan's national pension fund, the
world's largest pool of retirement trusts, is planning its first
investment in funds specializing in smaller capitalized
companies.

``We are selecting small-cap funds and aim to start
investments between fall and the year end,'' Takahiro Kawase,
president of Japan's Government Pension Investment Fund, said in
a June 11 interview. ``This is to reflect the performance of
overall markets.''


Read more at Bloomberg Stocks News

Thailand's 12-Year Bonds Fall on Slump in U.S. Treasuries; Baht Weakens

(Bloomberg) -- Thailand's 12-year bonds fell, pushing
yields to the highest in almost four months, on speculation rising
U.S. yields will deter investment in local debt.

Yields on 10-year U.S. Treasury notes climbed to the highest
in five years yesterday after former Federal Reserve Chairman Alan
Greenspan predicted declines in U.S. and emerging market debt.
Thailand's government bonds lost 1.41 percent this month, the
worst of 10 Asian debt markets compiled by HSBC Holdings Plc.


Read more at Bloomberg Bonds News

Australian, New Zealand Dollars Pare Losses as Investors Seek Higher Yield

(Bloomberg) -- The Australian and New Zealand
dollars pared losses against the U.S. currency and gained versus
the yen as investors were attracted to the countries' higher
yields.

The two currencies are the world's biggest gainers this
month as Japan's 0.5 percent benchmark interest rate spurs so-
called carry trades, where investors borrow yen to buy higher-
returning assets. The currencies had declined earlier against
the U.S. dollar after the yield advantage of Australian and New
Zealand bonds over U.S. debt narrowed.


Read more at Bloomberg Currencies News

U.S. Reluctance to Call China Manipulator Prompts Dodd, Shelby Complaint

(Bloomberg) -- U.S. lawmakers faulted the Bush
administration's failure to label China a currency manipulator
and proposed legislation to make it easier to rule against
countries that meddle with their exchange rates.

``Although evidence gathered by the Treasury Department
clearly supports this conclusion, Treasury has regrettably
declined to label China a currency manipulator,'' Senator
Richard Shelby of Alabama, the top Republican on the Senate
Banking Committee, said in a statement yesterday with Senator
Christopher Dodd, a Connecticut Democrat who chairs the panel.


Read more at Bloomberg Emerging Markets News

Deutsche Telekom, H&M, Oerlikon and Swiss Re: 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 0.5 percent to 386.80. The Dow
Jones Stoxx 50 Index declined 0.6 percent to 3865.56. The Euro
Stoxx 50 Index, a benchmark for the 13 nations using the euro,
decreased 0.7 percent to 4383.02.


Read more at Bloomberg Stocks News

UPDATE 2-Wall Street Journal set for editorial shakeup-NYT

(Reuters) - Brauchli, in an e-mail message, declined to confirm or deny the Times report, but said, "key elements of the Times story are wrong or misleading." He did not provide more detail.




A Wall Street Journal spokesman declined to comment, while a spokeswoman for Dow Jones did not immediately return a call.


Read more at Reuters.com Mergers News

Citigroup, CIMB Complete First Default Swap Trade Linked to Ringgit Bonds

(Bloomberg) -- Citigroup Inc. and CIMB Group Sdn.
said they made the first credit-default swap trade between banks
that's tied to bonds denominated in the Malaysian currency.

The deal is linked to the ringgit debt of Projek Lebuhraya
Utara Selatan Bhd., a unit of PLUS Expressways Bhd., Malaysia's
largest toll-road operator, the two banks said in an e-mailed
statement today.


Read more at Bloomberg Bonds News

Wall Street opens lower on rate worries

(Reuters) - U.S. stocks fell on Tuesday as rising bond yields stirred worries about higher interest rates, and a disappointing outlook from Texas Instruments Inc.

dragged on the tech sector.


Read more at Reuters Africa

Paulson eyes loan boost to L. America small firms

(Reuters) - Paulson said the plan provides support to banks that are
willing to commit to ambitious targets for small business
lending and aims to reduce regulatory obstacles such as such as
excessive collateral and capital requirements.




Paulson said the United States was committed to
replenishing the Inter-American Development Bank's Multilateral
Investment Fund, and working with the fund to provide $50
million over five years to develop new lending models geared
towards small firms.


Read more at Reuters.com Bonds News

Dean Foods, Investment Technology, Massey: U.S. Equity Market Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. All share prices are as of 7:30 a.m. New York time.

Alliance One International Inc. (AOI): The tobacco grower
expects to exceed its earnings guidance of 25 cents to 32 cents a
share for the fiscal year that ended March 31. The shares slipped
1 cent to $9.99 yesterday.


Read more at Bloomberg Stocks News

D.Telekom CEO says T-Mobile USA is core asset

(Reuters) - "We have defined the U.S. as a core business for Deutsche
Telekom in the future as well," he added, echoing Chief
Financial Officer Karl-Gerhard Eick, who told Reuters in May
that Deutsche Telekom was not considering a sale.




Obermann added that he could not see the strategic merit of
selling its profitable U.S. mobile phone business.


Read more at Reuters.com Mergers News

U.S. May small business optimism index up slightly

(Reuters) - Employment gains were solid in May but not spectacular. The
unemployment rate will stay low, but might rise a few tenths of
a point, NFIB said.




"This year's May employment gains were as expected," said
NFIB Chief Economist William Dunkelberg. "The NFIB survey has
anticipated solid gains all year."


Read more at Reuters.com Economic News

Eland Platinum tumbles on overvaluation worries

(Reuters) - Shares in South African junior miner Eland Platinum Holdings Ltd tumbled on Tuesday as investors worried that they had become overvalued on speculation of a takeover.

Shares in Eland, which have soared 460 percent over the past 12 months, slid 25.7 percent to a low of 89 rand before recovering to 101.8 rand by 1029 GMT, a 15 percent drop.


Read more at Reuters Africa

China Stocks Gain, Erasing Drop, as Savings Pour In: World's Biggest Mover

(Bloomberg) -- China's stocks rose for a sixth
straight day, erasing earlier losses, as investors shrugged off
concern that accelerating inflation will trigger further
increases in interest rates.

Shanghai Automotive Co., China's largest carmaker, and 19
other stocks on the index rose by the 10 percent daily limit.
Jiangxi Copper Co. jumped on concern that possible strikes at
mines in Chile, the world's largest source of the metal, and
Mexico will cause further gains in the price of copper.


Read more at Bloomberg Stocks News

Dutch staffing market sales rise 16 pct -ABU

(Reuters) - The Netherlands has some of the world's most liberal labour
market laws for temporary workers, and Dutch staffing agencies
Vedior .


Read more at Reuters.com Economic News

U.K. FTSE 100 Index Rises, Led by ICI, Rolls-Royce; HBOS Shares Decline

(Bloomberg) -- U.K. stocks climbed after the
region's inflation rate fell to the lowest level in seven months
in May.

Imperial Chemical Industries Plc and Scottish & Newcastle
Plc paced the advance after brokerages said the companies may be
takeover targets. Shares of Rolls-Royce Group Plc also rose.


Read more at Bloomberg Stocks News

India's Industrial Production Increases by 13.6 Percent, Beating Estimates

(Bloomberg) -- India's industrial production growth
beat expectations in April, suggesting the central bank may need
to raise borrowing costs further to contain inflation stoked by
consumer demand.

Output gained 13.6 percent from a year earlier after a
revised 14.5 percent increase in March, the Central Statistical
Organisation said in a statement in New Delhi today. Economists
expected a rise of 11.3 percent.


Read more at Bloomberg Emerging Markets News

UK's Barclays says ABN takeover process on track

(Reuters) - Barclays has come under pressure from some shareholders in recent days, with U.S. hedge fund Atticus Capital urging Barclays to drop the ABN bid and expressing concern it could get drawn into an "auction at inflated prices".




But Barclays Chief Executive John Varley reiterated on Tuesday that the ABN offer provided "significant and sustained value for shareholders".


Read more at Reuters.com Mergers News

Africa to promote Sahara gas plan at July meeting

(Reuters) - Nigeria, Niger and Algeria will launch a campaign on July 8 to drum up investor interest in a multibillion dollar project to pipe Nigerian gas to Europe across the Sahara, the official Algerian news agency APS said.

International donors, banks and potential clients and investors have been invited to a conference in Brussels to hear a briefing on the ambitious plan by UK consultancy Penspen/IPA, the agency reported on Monday.


Read more at Reuters Africa

Developing nations dig heels as WTO talks heat up

(Reuters) - Developing countries on Monday insisted they would not agree to a world trade pact that does not help the lot of their farmers, and said rich nations needed to ease demands for industrial tariff cuts.

Speaking ahead of a critical attempt at a breakthrough in World Trade Organisation (WTO) negotiations, ministers from India, Brazil, Pakistan and other emerging countries called for "real and effective cuts" in the subsidies given to farmers in the developed world, which make it difficult for poorer nations to compete in agricultural markets.


Read more at Reuters Africa

China's Stocks Advance, Erasing Earlier Losses; Copper Producers Surge

(Bloomberg) -- China's stocks rose for a sixth
straight day, erasing earlier losses, as investors shrugged off
concern that the fastest inflation in two years will trigger
further increases in interest rates.

Jiangxi Copper Co. jumped as concern about possible strikes
at mines in Chile, the world's largest source of the metal, and
Mexico caused prices of the metal to surge.


Read more at Bloomberg Stocks News