Tullow Oil makes significant oil find in Ghana

(Reuters) - UK-based oil explorer Tullow Oil Plc said on Monday it had made a significant oil discovery offshore Ghana.

Tullow said in a statement that an exploration well hit a large hydrocarbon column. Industry sources said its size suggested the field is now likely to contain at least 300 million-400 million barrels of oil.


Read more at Reuters Africa

Japan Q1 output gap revised up to 15-year high

(Reuters) - It compared with an initial reading of plus 0.7 percent
thanks to an upward revision to the first quarter's gross
domestic product data released last Monday.




A positive output gap means there is more demand than supply
in the economy, which increases inflationary pressure.


Read more at Reuters.com Economic News

UPDATE 1-Blackstone to buy India back-office firm Intelenet

(Reuters) - The deal could be valued at $200 million, the Economic
Times newspaper said, quoting unnamed sources.




Mumbai-based Intelenet, with 18 centres in India and abroad
and clients in the United States, UK, Australia and India, is
equally owned by British bank Barclays and Indian
mortgage firm Housing Development Finance Corp.
.


Read more at Reuters.com Mergers News

ING to buy Korean asset manager Landmark

(Reuters) - It is buying Landmark from Morgan Stanley Private Equity,
Landmark's Chief Executive Hong Choi and Kyobo Life.




Read more at Reuters.com Mergers News

Gold, Silver Rise in Asia as Dollar's Decline Against Euro Boosts Demand

(Bloomberg) -- Gold in Asia rose for a fourth day
as a decline in the dollar boosted the appeal of the precious
metal as a hedge against the U.S. currency. Silver advanced.

The price of gold generally moves in the opposite direction
of the dollar which fell against the euro today ahead of U.S.
government reports this week that may show a slump in the
housing market.


Read more at Bloomberg Commodities News

Yen Falls Versus Euro, Australian Dollar, Pound on Demand for Higher Yield

(Bloomberg) -- The yen fell to a record low against
the euro and a 15-year low against the Australian dollar on
speculation investors are borrowing the currency to increase
purchases of higher-yielding assets.

Japan's currency also reached a 19-year low against the New
Zealand dollar, before rebounding as traders said the Reserve
Bank of New Zealand intervened. Bank of Japan Governor Toshihiko
Fukui on June 15 said policy makers need to examine more
economic data before raising interest rates from 0.5 percent,
encouraging investors to add to so-called carry trades.


Read more at Bloomberg Currencies News

China Communications Services Will Buy $607 Million of Assets From Parent

(Bloomberg) -- China Communications Services Corp.,
the engineering unit of China's biggest fixed-line phone operator,
said it will buy 4.63 billion yuan ($607 million) of
telecommunications assets from its parent.

The company will use 1.2 billion yuan from its initial
public offering proceeds and 1.4 billion yuan of its own cash to
pay for the acquisition, China Communications said in a statement
to the Hong Kong Stock Exchange. The company said it will borrow
the rest of the funds needed.


Read more at Bloomberg Emerging Markets News

U.S. Treasury Notes May Decline; Deutsche, Lehman Drop Calls for Rate Cut

(Bloomberg) -- U.S. 10-year notes may fall after
signs of growth in the economy made Deutsche Bank AG and Lehman
Brothers Holdings Inc. drop forecasts for the Federal Reserve to
cut interest rates this year.

The firms announced their changes at the end of last week,
following an increase in 10-year yields to their highest in five
years. Yields, which move in the opposite direction as prices,
climbed as former Fed Chairman Alan Greenspan predicted they may
rise further.


Read more at Bloomberg Bonds News

Asian Stocks Rise for Third Day on U.S. Inflation; Toyota, Samsung Gain

(Bloomberg) -- Asian stocks rose for a third day
after a measure of U.S. inflation cooled and the yen weakened
against the dollar and euro, helping improve earnings prospects
for the region's exporters.

Samsung Electronics Co. and Toyota Motor Corp. led
technology companies and automakers higher. BHP Billiton Ltd.
climbed to a third straight record after metals prices advanced.


Read more at Bloomberg Stocks News

Beggar-thy-Neighbor Protectionism May Loom After Doha Talks, Accord or Not

(Bloomberg) -- Deal or no deal, the latest round of
global trade talks may be the last of its kind.

Officials from the U.S., the European Union, India and
Brazil meet this week to try to advance the faltering Doha round
of negotiations. The talks are part of a six-decade push to
liberalize trade that is yielding diminishing returns as
technology and an increasingly integrated global economy render
it less relevant.


Read more at Bloomberg Exclusive News

BHP Billiton to Spend $300 Million to Reduce Its Greenhouse Gas Emissions

(Bloomberg) -- BHP Billiton Ltd., the world's
largest mining company, will spend $300 million over five years
developing technology and projects to reduce its greenhouse gas
emissions.

Accelerated action is needed to stabilize greenhouse gas
concentrations in the atmosphere at levels guided by United
Nations' research, the Melbourne-based company said today in a
climate change policy presented in a statement to the Australian
Stock Exchange.


Read more at Bloomberg Energy News

GE reaches tentative labor agreements with unions

(Reuters) - The tentative agreements were reached Sunday after four weeks of bargaining between GE and the IUE-CWA and the United Electrical, Radio and Machine Workers of America . Terms of the new contracts will be extended to nine other unions that have local contracts with GE.




GE's existing four-year national contracts with the IUE-CWA and the UE expire at midnight on Sunday. GE said the tentative new agreements will provide significant improvements in wages, pensions and benefits.


Read more at Reuters.com Business News

Healthy earnings outlook may lift stocks

(Reuters) - If corporations signal that business conditions are looking better for the rest of the year, analysts probably will ratchet up earnings forecasts for the second half.




"Those earnings are going to come in better than we thought, we just don't know by how much," said Carol R. Miller, senior vice president and senior portfolio manager at Federated Investors in Pittsburgh.


Read more at Reuters.com Business News

GM aims to sell 100,000 Chevrolets in Germany: paper

(Reuters) - Chevrolet's European sales rose 15.6 percent in 2006 to more than 341,000 cars, including 23,132 in Germany, helping to push General Motors' overall European sales over the 2 million mark for the first time.




Sommer said Chevrolet planned to increase the number of dealers in Germany over the next two years to between 350 and 360, from 300 now, and the number of outlets to 600, from 450.


Read more at Reuters.com Business News