Pan-Africa Commodities proposes Africa-wide exchange

(Reuters) - Pan-African Commodities Platform, a Botswana-based company, plans to open Africa's first regional physical and derivatives exchange for commodities trading by mid-2008, its chief executive told Reuters on Thursday.

The exchange plans to establish contracts for metals, agricultural products, energy and commodity price indexes for each sector, Anthony Adendorff said.


Read more at Reuters Africa

Pertamina Awards $123-Million-Worth Contracts to Build Crude Oil Tankers

(Bloomberg) -- PT Pertamina, Indonesia's state oil
company, awarded $123 million worth contracts to China's
Jiangsu Eastern Heavy Industry Co. to build two tankers to
transport crude.

The Chinese shipbuilder will build tankers with a capacity
of 85,000 deadweight tons each, Ari Soemarno, president
director of Pertamina, said in Jakarta today. The vessels will
be delivered in July 2010, he said.


Read more at Bloomberg Energy News

PRESS DIGEST - Wall Street Journal - June 14

(Reuters) - * A hedge fund managed by Bear Stearns Cos. Inc. is
scrambling to sell large amounts of mortgage securities, a
setback for a Wall Street firm known for its savvy debt-market
trading.




* The U.S. Food and Drug Administration is likely to
propose a shift in how it inspects and regulates imported food,
focusing on the biggest potential hazards.


Read more at Reuters.com Government Filings News

Copec, Gerdau, Grupo Mexico, Masisa, Mexichem, Vale: Latin 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

European Government Bonds May Fall on Speculation Inflation Is Quickening

(Bloomberg) -- European government bonds may fall
before a report likely to show inflation in the euro region held
near the European Central Bank's 2 percent limit last month,
fueling expectations of further interest-rate increases.

Benchmark 10-year bund yields touched the highest since
August 2002 yesterday after ECB policy maker Erkki Liikanen said
the outlook for growth in Europe will be ``positive'' for years.
Futures trading shows investors are raising bets the central bank
will lift rates twice more this year.


Read more at Bloomberg Bonds News

Stocks bounce as Treasury yields dip; dollar up

(Reuters) - The dollar held near a 4-½ year high against the yen, buoyed by U.S. figures showing strong retail sales in May and a Federal Reserve report suggesting wage pressures had not increased.




"Investors are thinking the economy is doing well as the stock market has calmed down and they see few signs of inflation," says Koji Fukaya, senior currency strategist at Deutsche Bank in Tokyo. "Unless this trend collapses, the dollar will stay firm."


Read more at Reuters.com Hot Stocks News

TREASURIES-Slide in Asia, demand hit before price data

(Reuters) - Some investors even began to consider the possibility of a
rate hike somewhere down the line.




The market has been sold off heavily in the past week on
concerns that strength in global economies will require central
banks to raise rates in the future.


Read more at Reuters.com Bonds News

Citigroup offers biggest ever Samurai bond issue

(Reuters) - Combined with the latest Samurai issuance, the total amount
of Citigroup's yen-denominated bonds is expected to be 400
billion yen and the biggest yen-denominated issue, topping
Matsushita Electric Industrial Co. Ltd.'s 300 billion
yen issue in 2002, the Nikkei business daily said on Thursday.




The Samurai bonds consist of 30 billion yen in three-year
fixed-rate bonds with a 1.51 percent coupon, 35 billion yen in
five-year bonds with a 1.86 percent coupon, 80 billion yen in
seven-year bonds with a 2.13 percent coupon, 65 billion yen in
10-year bonds with a 2.38 percent coupon, 30 billion yen in
three-year floating-rate bonds and 30 billion yen in five-year
floating-rate bonds, Nikko Citigroup said.


Read more at Reuters.com Bonds News

Fed sees expanding economy

(Reuters) - Separately, a Fed official called the rise in U.S. Treasury
debt yields part of a global phenomenon of higher interest
rates and said the Fed would stay focused on fighting
inflation.




"Our job in terms of dealing with expectations or
underlying forces that give rise to inflation impulses will
continue regardless of what happens in the marketplace," Dallas
Fed President Richard Fisher said.


Read more at Reuters.com Business News

Chipmakers, Exporters, Samsung Techwin: 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 lost 0.5 percent to 1721.99. The Kosdaq
advanced 0.3 percent to 765.53. Kospi 200 futures expiring in June
slid 0.5 percent to 218.45, while the underlying index dropped 0.6
percent to 218.59.


Read more at Bloomberg Stocks News

Abitibi, Bowater to vote July 26 on merger deal

(Reuters) - Under the deal, each share of Abitibi would be exchanged for 0.06261 of AbitibiBowater, while each share of Bowater would be exchanged for 0.52 shares of the new company.




Read more at Reuters.com Mergers News

Lehman to merge two mortgage units, cut 400 jobs

(Reuters) - The cuts come at a time when defaults among the riskiest
home owners are rising and the U.S. housing market slows.
Lehman declined to elaborate further on the merger.




But in a conference call with analysts Tuesday, Lehman
Chief Financial Officer Chris O'Meara said "U.S. subprime
origination volumes were little changed" during the quarter.
Global origination was up "a bit" from the first quarter,
driven by "Alt-A" loans and by activity outside the U.S.


Read more at Reuters.com Bonds News

Goldman, JPMorgan take minor Blackstone IPO roles

(Reuters) - The two Wall Street titans are, however, stuck in the cheap
seats.




In its latest IPO proxy, the private equity investment
giant listed 17 underwriters led by Morgan Stanley and
Citigroup Inc. for an offering expected next week.


Read more at Reuters.com Mergers News

Emerging debt-Prices track U.S. Treasuries, stocks higher

(Reuters) - Brazil's global bond due 2040 , the most
liquid emerging market paper, rose 0.750 point in price to be
bid 130.563. Overall emerging markets returns, however, edged
only 0.05 percent higher on JP Morgan's EMBI+ index ,
still leaving gains for the year-to-date close to zero.




Venezuela's benchmark bond due 2027 jumped
2.750 points to be bid 109.375. Venezuelan bonds had posted
losses of about 9 percent so far in the year, the second worst
performance after Argentina among the 16 countries tracked by
the EMBI+.


Read more at Reuters.com Bonds News

UPDATE 1-US FDA panel rejects Sanofi obesity drug

(Reuters) - The Food and Drug Administration usually follows panel
recommendations. A final decision is expected by July 26.




Members of the FDA advisory panel said they had too many
concerns about potential side effects to urge U.S. approval.
Agency reviewers said the drug may increase the chances of
suicidal thoughts, depression and other problems.


Read more at Reuters.com Government Filings News

Government urges pandemic flu preparations

(Reuters) - Health and Human Services Department officials met with about 100 representatives of various organizations as part of an effort to convince Americans that the threat from pandemic flu is real and advance preparations can save lives.




The H5N1 avian influenza virus, which has killed 190 people among more than 300 known cases since 2003, is considered the most likely candidate to cause a pandemic if it acquires the ability to infect people easily.


Read more at Reuters.com Bonds News

JetBlue reviews growth plan for second time

(Reuters) - Dave Barger, who took over for David Neeleman a month ago, told a Merrill Lynch conference that he would have a clearer picture in about 60 days on where the airline's growth is headed.



Barger did not rule out the sale of more aircraft. He also said all options are being considered to improve revenues in key markets, but that the carrier had no plans to introduce first-class seating.


Read more at Reuters.com Mergers News

Fed's Fisher says rates part of "global" shift

(Reuters) - "The Euro curve has steepened. The Japanese curve has steepened," Fisher told reporters after a speech on education to the Rotary Club of Dallas.




Fisher skirted a question on whether a rise in yields could make the Fed's job of tamping down inflation easier, as some bond market pundits have suggested recently.


Read more at Reuters.com Business News

BCE keeps cards close to vest in buyout talks

(Reuters) - "We're in a process, we're very satisfied with how it's
going," Michael Sabia told reporters on the sidelines of the
Canadian Telecom Summit. "Our objective here is to deliver
value to our shareholders. That's what we're going to do."




Thus far, three consortia, all of which include
high-profile U.S. private equity firms, have entered talks
regarding a potential bid to take BCE, Canada's largest telecom
company, private.


Read more at Reuters.com Bonds News

UPDATE 2-Fed's Beige Book: US economy expanded through May

(Reuters) - WASHINGTON, June 13 - U.S. economic activity
expanded from mid-April through May, with a number of areas
reporting stronger growth, the Federal Reserve said on
Wednesday.




Seven of the 12 Fed districts described growth as modest or
moderate, while the others reported growth as moderately
strong, edging up, or somewhat faster than in recent months,
according to the Fed's Beige Book summary of anecdotal economic
conditions.


Read more at Reuters.com Bonds News

Copper Rebounds on Speculation Strikes May Disrupt Output in Chile, Mexico

(Bloomberg) -- Copper in New York gained as some
miners plan to strike in Chile, the world's largest source of
the metal, and at other producers.

Employees at projects run by Chile's state-owned Codelco,
the biggest producer, and the country's Collahuasi mine have
threatened to walk off the job during wage talks. Miners have
increased salary demands as higher metal prices have boosted
profits for companies, including Codelco. Copper rose to a
record in May 2006, partly because of supply disruptions.


Read more at Bloomberg Commodities News

UK's Boots pension deal seen "in days"-sources

(Reuters) - LONDON, June 13 - A deal between the buyers of health and beauty group Alliance Boots and the Boots pension scheme is expected to be completed within days, people familiar with the matter said on Wednesday.



Private equity firm Kohlberg Kravis Roberts & Co. [KKR.UL], whose 11.1 billion pound offer was approved last month, has offered the scheme about 340 million pounds over 10 years plus a 600 million pounds safety package, one source said, and discussions are now focusing on technical aspects.


Read more at Reuters.com Mergers News

Greenspan says global liquidity will ease

(Reuters) - Greenspan noted that savings rates in emerging market
countries were "well above normal," and that over time will
come down. He added that these high saving rates are driving
down global long-term interest rates.




Read more at Reuters.com Bonds News

Senators seek new tools to press China on yuan

(Reuters) - Ultimately, a country identified by the United States as having a "fundamentally misaligned" currency could face legal action at the World Trade Organization and coordinated currency intervention by the Federal Reserve and other central banks, according to a summary of the bill.




Read more at Reuters.com Bonds News

UPDATE 2-Delta frees up cash with credit card agreement

(Reuters) - Delta, which exited bankruptcy at the end of April,
eliminated a $1.1 billion holdback that was required under the
previous agreement to cover a potential default. The holdback
consisted of an $800 million cash reserve and a $300 million
letter of credit.




"This new agreement reflects the strong confidence of the
financial markets," said Chief Financial Officer Edward Bastian
in a statement.


Read more at Reuters.com Bonds News

Chevron Postpones $3 Billion Jack Oil Project in U.S. Gulf for Second Time

(Bloomberg) -- Chevron Corp., the second-largest
U.S. oil company, won't resume drilling at the $3 billion Jack
prospect in the Gulf of Mexico until late this year or early 2008
because of a shortage of rigs.

The company, which halted work on the project in August
because it needed to use the Cajun Express rig to finish a more
pressing project, planned to resume drilling next month. A
scarcity of rigs that can operate in waters of 7,000 feet (2,134
meters) and bore 6 miles below the seabed forced a second
postponement, Chevron spokesman Mickey Driver said in an
interview today.


Read more at Bloomberg Energy News

US STOCKS-Wall St rises on slipping yields, profit hopes

(Reuters) - NEW YORK, June 13 - U.S. stocks rose on Wednesday
as a pullback in benchmark bond yields fueled a rebound in
interest-rate-sensitive shares including banks, utilities and
home builders.




Data pointing to strength in U.S. consumer spending also
boosted optimism about the economy's health and corporate
profits, sending shares of consumer-oriented issues, including
Altria Group , and those of big manufacturers including
plane maker Boeing Co. , higher.


Read more at Reuters.com Bonds News

Investors Become Bearish on Banks, Insurers as Rates Climb, Merrill Says

(Bloomberg) -- Investors turned the most bearish on
bank and insurance stocks in more than a year this month as
expectations for higher interest rates reached an 11-month high,
a Merrill Lynch & Co. survey showed.

Money managers' preference for energy and industrial stocks
jumped as optimism for global economic growth touched the
highest since December 2005, according to 201 respondents who
together manage $689 billion.


Read more at Bloomberg Stocks News

Fresh Del Monte says not target in probe

(Reuters) - CHICAGO, June 13 - Fruit and vegetable producer Fresh Del Monte Produce Inc. on Wednesday said it has been advised that it is not the current target of an immigration probe that led to a raid on its Portland, Or., processing plant.



The raid on Tuesday resulted in the detention of 167 workers who were accused of being in the country illegally, the Portland Oregonian newspaper said.


Read more at Reuters.com Government Filings News

Crude Oil Rises as U.S. Report Shows Gasoline Supplies Are Little Changed

(Bloomberg) -- Crude oil and gasoline rose after a
government report showed that U.S. supplies of the motor fuel
were little changed last week.

Gasoline supplies rose 3,000 barrels to 201.5 million in the
week ended June 8, the Energy Department reported. A gain of 1.5
million barrels was expected, according to the median of 16
responses in a Bloomberg News survey. Refineries operated at 89.2
percent of capacity, the lowest since the week ended May 4.
Refinery operations were expected to increase, the survey showed.


Read more at Bloomberg Commodities News

Fannie Mae sells $3 billion in bills

(Reuters) - Settlement is June 13-14.




Read more at Reuters.com Bonds News

Mexico stocks edge up as U.S. bond yields retreat

(Reuters) - The peso currency weakened down 0.22 percent
at 10.957 per dollar, paring sharper losses overnight when the
currency fell as far as to 11.06 pesos to the dollar.




Yields on U.S. Treasuries retreated after surging in recent
sessions. Lower yields in the United States make emerging
market assets like Mexican stocks and bonds relatively more
attractive.


Read more at Reuters.com Bonds News

Sprint to buy Northern PCS for $312.5 mln

(Reuters) - Northern PCS has about 240 employees and had 2006 revenue of about $130 million




Read more at Reuters.com Mergers News

EU letter paves way for T.Italia-Telefonica deal

(Reuters) - By Robert Hetz and David Lawsky



MADRID/BRUSSELS, June 13 - The European Commission has cleared the way for investors including Telefonica to buy control of Telecom Italia by telling them Brussels has no authority in the matter, a letter showed.


Read more at Reuters.com Government Filings News

Fed's Geithner Urges Asian Nations to Shift Focus From Currency Reserves

(Bloomberg) -- Federal Reserve Bank of New York
President Timothy Geithner urged Asian nations to shift their
focus away from accumulating foreign-exchange reserves and
concentrate on domestic price stability and demand growth.

Asia should ``make the necessary transition to stronger
domestic demand-led growth,'' Geithner said in a speech today at
an Economic Society of Singapore dinner. Swelling reserves ``are,
increasingly, signs of the allocative distortions that result''
from managed exchange rates, he said.


Read more at Bloomberg Currencies News

US STOCKS-Futures cut gains on import prices, sales data

(Reuters) - S&P 500 futures were up 1.70 points following the
data, above fair value, a formula that evaluates pricing by
taking into account interest rates, dividends and time to
expiration on the contract.




Dow Jones industrial average futures were up 19
points while Nasdaq 100 futures were off 1.50 points.


Read more at Reuters.com Bonds News

Treasuries Stabilize After Slump Pushes Benchmark Yield to Five-Year High

(Bloomberg) -- Treasuries stabilized after yields
on 10-year notes reached a five-year high, prompting speculation
increased borrowing costs for businesses and households will
curb growth in the U.S. economy.

``The housing sector has already slowed down and rising
yields will hurt it again,'' said Masataka Horii, a manager for
the $46 billion Kokusai Global Sovereign Open fund in Tokyo, the
world's second-biggest bond fund. ``We don't have any concern
about inflation.''


Read more at Bloomberg Bonds News

U.K. Stocks Including GlaxoSmithKline Shares Drop; Xstrata Advances

(Bloomberg) -- U.K. stocks including GlaxoSmithKline
Plc and AstraZeneca Plc declined. Xstrata Plc advanced on a
positive broker report. J Sainsbury Plc gained on renewed
takeover speculation.

The benchmark FTSE 100 Index added 9, or 0.1 percent, to
6529.40 at 12:47 p.m. in London, as 44 stocks fell and 56
climbed. The FTSE All-Share Index slipped 0.1 percent. Ireland's
ISEQ Index lost 0.8 percent to 9326.46.


Read more at Bloomberg Stocks News

Ceridian shareholder opposes takeover deal

(Reuters) - Ceridian agreed last month to be bought by private equity
firm Thomas H. Lee Partners and insurance company
Fidelity National Financial Inc. for $36 per share, or
$5.3 billion.




In a regulatory filing, Pershing Square said the deal is
"suboptimal" for Ceridian stockholders.


Read more at Reuters.com Government Filings News

US mortgage applications rose last week - MBA

(Reuters) - Borrowing costs on 30-year fixed-rate mortgages, excluding
fees, averaged 6.61 percent, up 0.26 percentage point from the
previous week, its highest level since the week ended July 28,
when it stood at 6.62 percent.




Interest rates were exactly where they stood a year ago.


Read more at Reuters.com Bonds News

ABN Amro, Citigroup Make First Default Swap Trades Linked to Ringgit Bonds

(Bloomberg) -- Citigroup Inc., ABN Amro Holding NV
and CIMB Group Sdn. said they made the first credit-default swap
trades between banks that are tied to bonds denominated in the
Malaysian currency.

The trades were linked to the ringgit debt of Projek
Lebuhraya Utara Selatan Bhd., a unit of PLUS Expressways Bhd.,
Malaysia's largest toll-road operator, Citigroup and CIMB said
in an e-mailed statement. CIMB entered into two separate trades
of different maturities with New York-based Citigroup and
Amsterdam-based ABN, the Malaysian bank said in another
statement today.


Read more at Bloomberg Bonds News

S.Africa April retail sales growth slows sharply

(Reuters) - South Africa's retail sales slowed to 5.4 percent year-on-year in April at constant prices, data showed on Wednesday.

Statistics South Africa said the figure was down from an upwardly revised 10.5 percent in March.


Read more at Reuters Africa

Jones Apparel near $950 mln Barneys deal: report

(Reuters) - A $950 million deal would be more than double what Jones Apparel paid for Barneys three years ago, according to the report.




The company could not immediately be reached for comment.


Read more at Reuters.com Mergers News

German 2008 Power Reaches Highest This Month; French, Nordic Prices Rise

(Bloomberg) -- German electricity for delivery next
year climbed to its highest price this month as European carbon
dioxide emission allowances advanced. French and Nordic power
also rose.

Next-year power prices in Germany, Europe's biggest
electricity market, gained for a third day. The contract rose 25
cents, or 0.4 percent, to 56.80 euros ($75.45) a megawatt-hour,
data from broker GFI Group Inc. showed at 9:58 a.m. in Berlin.


Read more at Bloomberg Energy News

U.K. Government Bonds Drop on Speculation Central Banks Will Raise Rates

(Bloomberg) -- Gilts fell for a second day on
speculation global interest rates will rise further as central
banks attempt to check inflation.

The yield on the benchmark 10-year gilt rose 3 basis points
to 5.48 percent by 8:17 a.m. in London, after climbing 6 basis
points yesterday.


Read more at Bloomberg Bonds News

London named world's top business centre by MasterCard

(Reuters) - London is the world's top centre of commerce, according to a study by MasterCard rating leading cities by how they influence the global economy.

The British capital eclipsed second-place New York, which was held back by bond market regulations that affect the volume of listed sales, a more volatile U.S. currency, and by a U.S. economy that was considered to be less stable economy than Britain's economy, MasterCard said.


Read more at Reuters Africa

Barclays, Alliance & Leicester Shares May Move: 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 the last market close.

The benchmark FTSE 100 Index fell 47.10, or 0.7 percent, to
6520.40 in London. The FTSE All-Share Index fell 23.18, or 0.7
percent, to 3370.76.


Read more at Bloomberg Stocks News

Rand steady after sharp fall overnight

(Reuters) - South Africa's rand opened steady on Wednesday after a sharp fall overnight and government bonds weakened as high yields in U.S. Treasuries led investors away from emerging markets.

The rand shed 0.6 percent against the dollar after local markets closed, briefly touching the 7.30 mark in New York. It stood at 7.2735/dlr at 0640 GMT, 0.3 percent firmer than Tuesday's New York close of 7.2980.


Read more at Reuters Africa