Pound May Fall Against Euro Before Bank Releases Minutes of June Meeting

(Bloomberg) -- The U.K. pound may fall versus the
euro on speculation the minutes of the Bank of England's last
policy meeting will prompt investors to reduce their bets on more
interest-rate increases.

The currency may decline from a near one-week high as almost
half of the 26 economists in a Bloomberg survey expect the
minutes will show all policy makers favored keeping rates on
hold. Economic reports last week showed inflation in Europe's
second-largest economy was the slowest in seven months in March.


Read more at Bloomberg Currencies News

Yen near record low vs euro, dogged by low yield

(Reuters) - Robust global growth, buoyant stocks and renewed calm after a sell-off in major bond markets have prompted investors to borrow funds in currencies like the yen to purchase higher-yielding currencies such as the Australian and New Zealand dollars.




"Carry trades are the underlying driver of the whole move," said Luke Waddington, head of FX trading at Royal Bank of Scotland in Tokyo.


Read more at Reuters.com Hot Stocks News

Taiwan's Bonds Advance on Speculation Central Bank Stopped Buying Currency

(Bloomberg) -- Taiwan's 10-year government bonds rose
for a second day on speculation the central bank stopped buying
the currency, leaving more money in the financial system.

The interest rate for overnight loans between lenders was set
for the lowest close in more than two weeks after the central bank
refrained from buying the local dollar in the foreign-exchange
market this month, said Ernest Lee, a Taipei-based bond trader at
Mega Securities Co. Lower money-market rates make it cheaper for
investors to buy bonds with borrowed money, he said.


Read more at Bloomberg Bonds News

Palm Oil Futures in Malaysia Decline for Second Day as Exports Slow Down

(Bloomberg) -- Palm oil futures on the Malaysia
Derivatives Exchange, which trades the benchmark contract, fell
for a second day on declining exports of the world's most
consumed vegetable oil.

Overseas shipments from Malaysia, which with Indonesia
produces almost 90 percent of global output, fell 15 percent in
the first 20 days of June to 661,626 metric tons compared with
last month, said Intertek Malaysia. The independent cargo
surveyor tracks bulk shipments through sea ports in the country.


Read more at Bloomberg Commodities News

Bear Stearns hedge funds near shutting down-WSJ

(Reuters) - Neither Merrill nor Bear Stearns were immediately available
to comment on the report.




The struggling Bear Stearns High-Grade Structured Credit
Strategies Enhanced Leverage Fund suffered 23 percent losses
through April, amid money-losing investments in subprime
mortgages, and faced demands from creditors to post additional
collateral.


Read more at Reuters.com Bonds News

Insider Trading Concealed by Swaps, Options That Boesky Never Dreamed Of

(Bloomberg) -- Earlier this year, someone was
confident that Hydril Co.'s stock was due to take flight -- and
very soon. During the two days ended on Friday, Feb. 9, investors
purchased options conveying the right, through Feb. 16, to buy
more than 160,000 Hydril shares for $90 apiece.

It was the first time anyone had invested in that particular
option. On its face, the wager looked like a long shot: The
Houston-based oil-drilling-equipment maker's stock fell 2.3
percent that Friday to $83.04 and had never topped $90. The shares
would have to rise almost 9 percent in a week before anyone could
make money by exercising the options.


Read more at Bloomberg Bonds News

Japanese Bonds Gain After Report Shows Sentiment of Manufacturers Slumped

(Bloomberg) -- Japan's 10-year bonds rose, extending
a weekly gain, after a government report showed manufacturers
turned pessimistic, reducing speculation the central bank will
increase interest rates as soon as next month.

The report highlighted concern that manufacturers will cut
spending as a housing slowdown damps economic growth in the U.S.,
Japan's largest export market. Ten-year yields have fallen since
reaching their highest in almost a year on June 13, tracking a
drop in U.S. yields. The Bank of Japan will release its Tankan
survey of business sentiment on July 2.


Read more at Bloomberg Bonds News

Hynix Denies Report Taiwan Semiconductor Manufacturing May Buy Chip Plant

(Bloomberg) -- Hynix Semiconductor Inc., the world's
second-largest memory chipmaker, denied a report that said Taiwan
Semiconductor Manufacturing Co. may buy a factory from the South
Korean company.

Taiwan's Economic Daily News reported today, without citing
anyone, that Taiwan Semiconductor may buy a Hynix plant that
produces chips from wafers measuring 8 inches in diameter in the
third quarter.


Read more at Bloomberg Emerging Markets News

Indonesia's Rupiah Rises on Speculation Overseas Investors Buying Stocks

(Bloomberg) -- The Indonesian rupiah rose on
speculation overseas investors are buying the country's stocks
and bonds.

The Jakarta Composite Index of stocks yesterday rose 0.7
percent to close at a record high. Indonesian bonds also gained
as an auction of 15- and 30-year securities attracted total bids
of 16.4 trillion rupiah ($1.84 billion), or more than five times
the government's initial sales target.


Read more at Bloomberg Currencies News

BAE, BP, National Grid, Royal Bank of Scotland: 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 June 15 close.

The benchmark FTSE 100 Index fell 53.30, or 0.8 percent, to
6650.20 in London. The FTSE All-Share Index fell 28.41, or 0.8
percent, to 3436.71. Ireland's ISEQ Index fell 47.15, or 0.5
percent, to 9596.26.


Read more at Bloomberg Stocks News

South Korean Stocks Gain; Kookmin, Woori Finance, Industrial Bank Climb

(Bloomberg) -- South Korea's benchmark stock index,
the Kospi Index, rose 0.12 percent at 9:05 a.m.

The index of 730 companies traded on the Korea Exchange rose
2.18 to 1,810.03. Among the stocks in the index, 316 rose, 219
fell and 195 were unchanged.


Read more at Bloomberg Stocks News

Japanese Government Bonds May Rise on Speculation U.S. Expansion to Slow

(Bloomberg) -- Japan's government bonds may advance
on speculation a housing slump will slow economic growth in the
U.S., the nation's largest export market.

U.S. Treasuries, which often lead price movements in Japan's
bonds, completed a three-day gain yesterday after a government
report showed home starts in the U.S. fell for the first time in
four months in May. Japan's 10-year yields have declined since
reaching their highest in almost a year on June 13, tracking a
drop in U.S. yields over the same period.


Read more at Bloomberg Bonds News

Search for water gets harder in Southwest

(Reuters) - "Eight years of drought conditions and a growing population haven't helped," said Randy Pellatz, the assistant director of utilities for the city of Flagstaff.




The heavily forested, mountain town of Flagstaff has grown to 62,000 people from 45,000 in 1990, straining its water resources. Upper Lake Mary, a man-made reservoir that provides up to 40 percent of the town's water needs of 11 million gallons a day, is down to 18 percent of normal levels.


Read more at Reuters.com Bonds News

China Life, Citic Resources, China Unicom: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in Asian markets, excluding Japan. This preview includes news
that broke after markets closed. Prices are from the local
market's last close. Stock symbols are in parentheses after
company names.

Citic Resources Holdings Ltd. (1205 HK): The company owned
by China's fourth-largest oil producer said it will sell new
shares to Temasek Holdings Pte. for HK$450 million ($58 million)
to raise funds for expansion. Ellington Investments Pte. Ltd., a
wholly owned unit of Temasek, has conditionally agreed to
subscribe to 101 million new shares at HK$4.46 each, Citic
Resources said in an e-mailed statement. Citic climbed 3 cents,
or 0.7 percent, to HK$4.49 on June 15, its last trading day
before suspension. Trading in Citic shares will resume today.


Read more at Bloomberg Stocks News

UPDATE 1-ABC/Washington Post Consumer Comfort Index dips to -14

(Reuters) - The ABC News/Washington Post Consumer Comfort Index fell to
-14 in the latest week, one point above its 2007 low recorded
two weeks ago.




The measure ranges from -100 to +100. Its 2007 average is
-5 and its average since 1985 is -9.


Read more at Reuters.com Economic News

Bear Stearns offers $1.5 bln for troubled fund

(Reuters) - The fund would pledge collateral against the $1.5 billion
from Bear Stearns, sources said.




The struggling Bear Stearns High-Grade Structured Credit
Strategies Enhanced Leverage Fund suffered 23 percent losses
through April, amid money-losing investments in subprime
mortgages, and faced demands from creditors to post additional
collateral.


Read more at Reuters.com Business News

Whole Foods memo said merger would avoid price war

(Reuters) - WASHINGTON, June 19 - The chief executive of Whole Foods Market Inc. told his board of directors the $565 million acquisition of rival Wild Oats Markets Inc. would avoid "nasty price wars" in several markets, according to a federal court filing unsealed on Tuesday.



The comments were included in a complaint filed by the U.S. Federal Trade Commission in its lawsuit challenging Whole Foods' planned takeover of Wild Oats on grounds the deal would hobble competition and increase prices to consumers.


Read more at Reuters.com Government Filings News

TREASURIES-Bonds gain as data cement weak housing view

(Reuters) - NEW YORK, June 19 - U.S. Treasury debt prices
rose for a third straight day on Tuesday after data showing
the first drop in housing starts since January cemented the
view that the housing sector would remain a drag on the
economy.




Benchmark bond yields, which move inversely to prices,
slipped to their lowest levels in more than a week as gains in
euro zone government bonds also attracted investors to
Treasuries, analysts said.


Read more at Reuters.com Bonds News

UPDATE 2-IMF's Rato sees U.S. economy regaining momentum

(Reuters) - TORONTO, June 19 - The U.S. economy is likely to
regain momentum as the drag from the current housing downturn
and softness in the business sector ease, the head of the
International Monetary Fund said on Tuesday.




In the text for a speech in Toronto, IMF Managing Director
Rodrigo Rato pointed to recent data showing a recovery in the
U.S. manufacturing sector, but cautioned the the situation in
the U.S. housing market was "more ambiguous".


Read more at Reuters.com Bonds News

Expedia, Finish Line, Sempra, Textron, US Airways: 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 2:40 p.m. New York time.

Allos Therapeutics Inc. (ALTH US) fell 8 cents, or 1.4
percent, to $5.53. The developer of cancer drugs said in a
statement sent by PR Newswire that its efaproxyn drug did not
show a ``statistically significant improvement in overall
survival'' in a phase 3 study. The stock was downgraded to
``buy'' from ``strong buy'' by Needham & Co. analyst Mark Monane,
who cited the study.


Read more at Bloomberg Stocks News

National Grid to Publish Entry-Point Data to Relieve U.K. Gas Bottlenecks

(Bloomberg) -- National Grid Plc, which runs the
natural-gas pipeline in the U.K., will publish information about
entry points to the pipeline network to help manage potential
bottlenecks this winter.

National Grid will publish data to show how much gas the U.K.
network can take depending on different levels of demand and how
supplies in one area might affect deliveries of gas elsewhere, the
U.K. energy regulator, Ofgem, said in a statement on its Web site.


Read more at Bloomberg Energy News

Crude Oil Rises to Nine-Month High on Threat of Nigerian Strike Tomorrow

(Bloomberg) -- Crude oil rose to a nine-month high
in New York on concern that a planned general strike tomorrow
will curb fuel shipments from Nigeria, Africa's biggest oil
producer.

Union representatives meeting with government officials are
demanding that a motor-fuel price increase implemented last month
be rescinded, a labor leader said. Eni SpA declared force majeure
after one of its stations in Nigeria was attacked by militants
June 17. Force majeure is a legal clause meaning deliveries are
suspended because of conditions beyond the company's control.


Read more at Bloomberg Commodities News

UPDATE 2-Lear raises outlook, affirms support for buyout

(Reuters) - CHICAGO, June 19 - Lear Corp. raised its
earnings outlook on Tuesday, but not enough for a special
committee of its board to change its support for billionaire
investor Carl Icahn's $2.86 billion bid for the U.S. auto parts
maker.




The company, which produces automotive seating and
electronics, attributed the higher forecast for the second
quarter and full year mainly to higher-than-expected
light-truck production in North America.


Read more at Reuters.com Mergers News

UPDATE 1-France wants delay to China textile quota lifting

(Reuters) - "Europe must help us and must stop being naive about
globalisation," Fillon told reporters during a visit to a
textiles factory in northern France.




"We will fight to push back the 2008 date for the lifting of
quotas on Chinese textiles, like the United States."


Read more at Reuters.com Bonds News

UPDATE 2-Carnival profit up slightly on growth in Europe

(Reuters) - Carnival, which operates the Holland America, Cunard and
Princess cruise lines as well as its namesake line, said net
profit rose to $390 million, or 48 cents per share, in the
fiscal second quarter ended May 31, from $380 million, or 46
cents per share, a year earlier.




Wall Street analysts had expected Miami-based Carnival to
earn 47 cents per share, according to Reuters Estimates.


Read more at Reuters.com Bonds News

U.S. Stocks Rise as Bond Yields Slip; Citigroup, Textron Shares Advance

(Bloomberg) -- U.S. stocks rose after bond yields
fell for a third day, easing concern that higher borrowing costs
will restrain consumers and businesses.

Citigroup Inc., JPMorgan Chase & Co. and Bank of America
Corp. led a measure of financial shares higher. Textron Inc.,
the world's largest maker of corporate jets, pushed industrial
shares to the biggest gain in the Standard & Poor's 500 Index
after Goldman, Sachs & Co. advised clients to buy the shares.


Read more at Bloomberg Stocks News

South African stocks hit by miners, profit-taking

(Reuters) - South African shares dipped on Tuesday as mining shares like Anglo American got hit by a firm rand, weaker metals prices and profit taking.

The blue chip Top-40 index fell for the second day, shedding 0.27 percent to 26,423.50 points, while the broader All-Share Index lost 0.26 percent to 29,243.19 points.


Read more at Reuters Africa

Investor discloses large stake in Martin Marietta

(Reuters) - Sawiris is the third-wealthiest Egyptian man, with a net worth of about $3.9 billion, according to Forbes Magazine. Last month, Sawiris disclosed a 9.9 percent stake in cement producer Texas Industries Inc.




In early trading after the filing, Martin Marietta shares rose as much as 1.3 percent to an all-time high of $169.74. By late morning the stock was down 0.7 percent at $166.43 on the New York Stock Exchange.


Read more at Reuters.com Mergers News

Caribbean Tanker Rates Are Unchanged for Third Day Amid Weak Vessel Demand

(Bloomberg) -- Rates to ship crude oil from the
Caribbean basin were unchanged for a third day amid reduced
refinery operating rates.

No Aframax tankers, which can transport about 600,000
barrels of oil, were hired today, according to a daily report
from Houston-based shipbroker Lone Star, R.S. Platou.


Read more at Bloomberg Energy News

AIRSHOW-Finmeccanica unit takes 25 pct in Sukhoi Civil

(Reuters) - Alenia Aeronautica, an aircraft component and aerostructure
manufacturer, said the deal with Sukhoi would allow it to tap
into growing demand for regional transport routes with small
jets that can carry upwards of 100 passengers.




The Superjet deal with ItAli, based in Pescara, Italy, was
the first Sukhoi has made with a Western airline, the companies
said.


Read more at Reuters.com Mergers News

Immucor says FDA clears U.S. marketing of blood testing device

(Reuters) - STRATOS INTERNATIONAL INC.



Latest Forecast* No. of Yr ago


Read more at Reuters.com Government Filings News

UPDATE 1-Carnival quarterly profit narrowly higher

(Reuters) - Carnival, which operates the Holland America, Cunard and
Princess cruise lines as well as its namesake line, said net
profit rose to $390 million, or 48 cents per share, in the
fiscal second quarter ended May 31, from $380 million, or 46
cents per share, a year earlier.




Revenue rose 9 percent to $2.9 billion despite price
pressures in Caribbean operations.


Read more at Reuters.com Market News

US STOCKS-Wall St seen open lower as Best Buy disappoints

(Reuters) - Shares of Best Buy, the leading U.S. electronics chain,
dropped 4 percent to $46.10 in electronic trade before the
bell, while shares of No. 2-ranked rival Circuit City Stores
fell more than 2 percent to $16.19.




A report showing a drop in the pace of May U.S. home
construction that was slightly smaller than expected helped
stock futures briefly trim losses. For details see
[ID:nN19459104].


Read more at Reuters.com Bonds News

U.S. Housing Starts Fall 2.1 Percent to 1.474 Million Pace; Permits Climb

(Bloomberg) -- Housing starts in the U.S. fell in
May, signaling the slump in home construction will continue to
depress growth.

Builders broke ground on new houses at an annual rate of
1.474 million, down 2.1 percent from 1.502 million the prior
month, the Commerce Department said today in Washington. Building
permits rose 3 percent to 1.501 million from 1.457 million.


Read more at Bloomberg Currencies News

Gold, Silver Decline in New York After Euro's Rally Versus Dollar Stalls

(Bloomberg) -- Gold and silver fell in New York as
a decline in the value of the euro against the dollar reduced
the appeal of the precious metals as alternative investments.

Gold generally moves in tandem with the euro, which fell
for the first time in five sessions against the dollar. Before
today, gold had gained 3.4 percent this year, while the dollar
had lost 1.6 percent against the euro.


Read more at Bloomberg Commodities News

Kenya to sell $150 mln eurobond in '08 fiscal year

(Reuters) - Kenya plans to issue a $150 million Eurobond in the 2008 fiscal year and expects to sell half its stake in mobile phone operator Safaricom by the end of calendar year 2007, a senior Treasury official said on Tuesday.

Joseph Kinyua, permanent secretary to the Treasury responsible for economic and financial policy, told Reuters: "We plan to sell a $150 million Eurobond in the course of fiscal year 2008."


Read more at Reuters Africa

Lululemon sees IPO of 18.2 mln shares

(Reuters) - An application has been made for quotation on the Nasdaq
Global Market under the symbol "LULU" and will be made on the
Toronto Stock Exchange under the symbol "LLL", the retailer of
yoga-inspired athletic apparel in North America said in a
regulatory filing.





Read more at Reuters.com Government Filings News

New Clicks buys back a further 11.7 mln shares

(Reuters) - South African retailer New Clicks has bought back a further 11.7 million shares or 3.29 percent of its issued share capital at a total cost of 190 million rand from its own cash, the company said on Tuesday.

The repurchases were carried out between May 18 and June 15 this year at an average price of 16.20 per share, the firm said.


Read more at Reuters Africa

Petrobras Expects to Continue Negotiations With Labor Unions, Avoid Strike

(Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-
controlled oil company, wants to continue talks with its workers to
avoid a strike that unions say would aim to reduce production.

``We expect the talks with the unions will continue, and we
will try to reach a negotiated solution with the workers,''
Petrobras Chief Executive Officer Jose Sergio Gabrielli said in an
interview today. ``We expect the strike won't take place.''


Read more at Bloomberg Emerging Markets News

Bristol breast cancer drug granted priority review

(Reuters) - Bristol-Myers is seeking approval for ixabepilone to treat
advanced breast cancer patients who have not responded to prior
treatment with chemotherapies.




Read more at Reuters.com Government Filings News

Lear raises outlook on strong light-truck market

(Reuters) - The company, which also reiterated its support for a takeover bid by Carl Icahn, its largest shareholder, raised its second-quarter earnings outlook to a range of $215 million and $225 million, up from $180 million to $200 million.



Lear also raised its full-year core operating earnings estimate to between $600 million and $640 million from $580 to $620 million. It said vehicle production levels in North America should be steady for the rest of the year.


Read more at Reuters.com Mergers News

Kenmare sees first Mozambique exports July - paper

(Reuters) - Irish mining group Kenmare Resources plans to make the first shipments from its titanium project in Mozambique next month, a newspaper report said on Tuesday.

The company, listed in London and Dublin, said in April it had launched mining operations at its Moma Titanium Minerals Mine.


Read more at Reuters Africa

European Government Bonds Gain; German Sentiment Index Unexpectedly Drops

(Bloomberg) -- European government bonds rose after
a report showed investor confidence in Germany, the continent's
biggest economy, unexpectedly fell this month.

Two-year yields fell from near a six-year high after the ZEW
Center for European Economic Research said its index of investor
and analyst expectations dropped to 20.3, from 24 in May.
Economists surveyed by Bloomberg News had expected confidence to
improve, predicting a reading of 29.


Read more at Bloomberg Bonds News

Zambia boosts 2007 maize exports to 350,000 T

(Reuters) - Zambia will allow 100,000 tonnes of additional white maize exports this year bringing the total to 350,000 tonnes, Agriculture Minister Ben Kapita told Reuters in an interview on Tuesday.

The move comes after the country recorded surpluses in the last three agricultural seasons, Kapita said.


Read more at Reuters Africa

Yen hits record low vs euro as carry continues

(Reuters) - The yen has fallen across the board since the Bank of Japan last week kept interest rates on hold at 0.5 percent and Governor Toshihiko Fukui said he had no preconceived ideas about a future rate rise, dousing expectations of a hike in July.




Most market players are looking for the BOJ to raise rates to a 12-year high of 0.75 percent in August, but such a move is not expected to dull the allure of carry trades -- borrowing cheaply in low-yielding units to buy higher-yielding currencies.


Read more at Reuters.com Hot Stocks News

European Government Bonds Little Changed Before German Confidence Report

(Bloomberg) -- European government bonds were little
changed before a report that's expected to show investor
confidence in Germany, the region's largest economy, soared to
the highest in a year.

Ten-year yields held near the strongest since August 2002
yesterday as European Central Bank official Jose Manuel Gonzalez-
Paramo said monetary policy was still accommodative. Bonds may
extend losses before a June 22 report that's likely to show
German business sentiment stayed near a record high this month.


Read more at Bloomberg Bonds News

Pound Advances for Third Day Versus Dollar as Interest Rates Lure Buyers

(Bloomberg) -- The U.K. pound gained for a third day
against the dollar, its longest winning run in almost two weeks,
on speculation the highest interest rates among the Group of
Seven nations will keep attracting investors.

The currency of Europe's second largest economy has risen
0.8 percent since June 11, when Bank of England Governor Mervyn
King signaled the bank would need to lift rates further to
contain inflation. It's near its highest since 1992 versus the
yen, the currency of the country with the lowest interest rate of
the major economies.


Read more at Bloomberg Currencies News

U.K.'s FTSE 100 Index Rises, Led by Rio Tinto, Capita Group; Tesco Falls

(Bloomberg) -- U.K. stocks advanced, led by Rio
Tinto Group. Capita Group Plc rose after Citigroup Inc. raised
its recommendation on the shares to ``buy'' from ``hold.''

Tesco Plc dropped after reporting sales growth slowed in the
first quarter.


Read more at Bloomberg Stocks News

Merck KGaA to cooperate on growth hormone products

(Reuters) - The drug is in phase I/II of clinical trials, the companies
said. Merck Serono is Merck's biopharmaceutical division.




Read more at Reuters.com Mergers News