India's Dr. Reddy's Develops Eight Biotech Drugs, Challenging Roche, Amgen

(Bloomberg) -- Dr. Reddy's Laboratories Ltd.,
India's biggest drugmaker, is developing eight generic medicines
using biotechnology and plans to release one for sale a year,
challenging companies such as Roche Holding NV and Amgen Inc.

Reddy's may double the number of people in its biotech
division to about 340 in the next two years and plans to spend
about $20 million bolstering production capacity there, Chief
Executive Officer G.V. Prasad said yesterday.


Read more at Bloomberg Emerging Markets News

New Zealand Dollar Strengthens to 22-Year Peak on Appeal of Higher Yields

(Bloomberg) -- New Zealand's dollar rose to the
strongest against the U.S. currency since it was traded freely in
March 1985 as investors purchased the nation's higher-yielding
assets with money borrowed cheaply in Japan.

So-called carry trades have helped the currency, known as
the kiwi, surge 32 percent against the yen and 23 versus the U.S.
currency in the past 12 months. New Zealand's benchmark interest
rate is 7.5 percentage points more than Japan's, enticing
investors to the returns on local bonds. Minutes from the Bank of
Japan's April and May meetings, released yesterday, boosted
speculation the 0.5 percent rate will remain unchanged.


Read more at Bloomberg Currencies News

Asian Stocks Rise on Jump in Chip Prices, Japan's Exports; Samsung Gains

(Bloomberg) -- Asian stocks advanced for a sixth
day, the longest winning streak in almost eight months, after
prices of computer-memory chips jumped and a report today showed
Japan's export growth almost doubled in May.

Samsung Electronics Co. and Toshiba Corp. paced technology
shares higher, helping the Morgan Stanley Capital International
Asia Pacific Index to a record. China Mobile Ltd. led Hong
Kong's Hang Seng Index to a new high after the Chinese
government gave its approval for mainland brokerages to buy
shares overseas.


Read more at Bloomberg Stocks News

Argentina, Brazil, Peru, Mexico: Latin America Local-Currency Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Latin American local bonds
today. Bond yields are from the previous session.

Argentina: The economy expanded 8.4 percent in April from a
year earlier, the Economy Ministry said in Buenos Aires. The
median estimate in a Bloomberg survey of 11 economists
anticipated a 7.8 percent rise in the economic activity index.


Read more at Bloomberg Bonds News

Axa, Carrefour, EADS, France Telecom, Suez, Risc: French Equity Preview

(Bloomberg) -- Shares of the following companies
may make gains or losses on the Paris stock exchange. Stock
symbols are in parentheses and prices are from the last close.

France's benchmark CAC 40 Index rose 21.62 points, or 0.4
percent, to 6093.29. The SBF 250 Index rose 0.3 percent.


Read more at Bloomberg Stocks News

BASF, E.ON, KarstadtQuelle, MLP AG, ThyssenKrupp: German Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in German markets.

Germany's X-DAX Index rose 0.2 percent. The index provides
an estimate of the DAX Index, based on trading in DAX futures
after the Xetra electronic market closes. The DAX climbed 0.7
percent to 8090.49 on the Xetra electronic-trading system.


Read more at Bloomberg Stocks News

China's AMVIG Buys Rival Cigarette-Package Printer for About $199 Million

(Bloomberg) -- AMVIG Holdings Ltd. said it will
become China's biggest printer of cigarette packages after it
acquires a rival for HK$1.56 billion ($200 million). The
company's shares jumped by the most in almost three months.

The cigarette-package printer and maker of laminated paper
will pay HK$155.5 million in cash and issue HK$1.4 billion worth
of new shares to buy Brilliant Circle Holdings International
Ltd., Hong Kong-listed AMVIG said in a statement to the city's
stock exchange today.


Read more at Bloomberg Emerging Markets News

Bank Indonesia Says Rupiah Gains to Boost Economic Growth, Curb Inflation

(Bloomberg) -- Indonesia's central bank predicts a
stronger rupiah will support economic growth by making imports
more affordable and curbing inflation, Deputy Governor Aslim
Tadjuddin said.

``In the long run, if appreciation is quite sharp, that's
good for our economy,'' he said in an interview in Jakarta
yesterday. ``We would like to increase purchasing power.''


Read more at Bloomberg Currencies News

UPDATE 2-Australia's Coles says bidder has not pulled out

(Reuters) - MELBOURNE, June 21 - A $17 billion auction for
Australian retailer Coles Group Ltd. was thrown into
disarray on Thursday, with a source saying one bidding group
was set to withdraw but Coles denying anyone had pulled out.




If the bidder group -- a private equity consortium led by
Texas Pacific Group [TPG.UL] -- does pull out, it would leave a
A$19.7 billion offer from conglomerate
Wesfarmers Ltd. as the only one on the table.


Read more at Reuters.com Mergers News

Buy Put Options on Japan's Bond Futures as Interest Rates Rise, Daiwa Says

(Bloomberg) -- Investors should buy options giving
them the right to sell Japan's bond futures on speculation the
central bank will raise interest rates in August, Daiwa Institute
of Research Ltd. said.

Put options with a strike price of 130 are attractive because
bond futures for September delivery may drop below that level by
the end of August from 131.70 yesterday, said Takeo Okuhara, a
debt strategist in Tokyo at Daiwa Institute. The contracts give
the holder the right to sell a security at the strike price.


Read more at Bloomberg Bonds News

Japan's Nikkei 225 Stock Average, Topix Fall; Toyota, Canon Lead Decline

(Bloomberg) -- Japan's Nikkei 225 Stock Average
fell 103.87, or 0.6 percent, to 18,107.81 at 9:02 a.m. in Tokyo.
The broader Topix index dropped 8.97, or 0.5 percent, to
1774.75.

Toyota Motor Corp. and Canon Inc. led the declines.


Read more at Bloomberg Stocks News

Yen Trades Near 4-Year Low Against Dollar on Prospect of Capital Outflows

(Bloomberg) -- The yen traded near the weakest in
more than four years versus the dollar on speculation Japanese
employees will use their summer bonuses to purchase overseas
assets that offer higher yields.

Securities firms, asset management companies and banks in
the latter part of June will market 1.9 trillion yen ($15.2
billion) of investment trusts aimed at luring Japanese investors
to foreign securities, according to data compiled by Bloomberg.
The yen traded close to a record low against the euro after
minutes from the central bank's April and May meetings suggested
interest rates will rise ``gradually.''


Read more at Bloomberg Currencies News

Goldman unwinds Bear hedge fund positions

(Reuters) - The size of Goldman's exposure could not be determined.
Goldman declined to comment, while Bear was not immediately
available for comment.




Read more at Reuters.com Bonds News

Calpine files bankruptcy reorganization plan

(Reuters) - The company estimated its distributable cash will be about
$1.4 billion at emergence from bankruptcy.




The plan was filed in the U.S. Bankruptcy Court for the
Southern District of New York.


Read more at Reuters.com Bonds News

Dow Jones board to run News Corp. talks: source

(Reuters) - News Corp. bought MySpace from Greenspan in 2005 for $580 million.




Read more at Reuters.com Business News

Brazil's real, stocks fall on US equity, bond sell off

(Reuters) - The Bovespa index of the Sao Paulo Stock Exchange
fell 1.12 percent to close at 54,029.24 points, after it
touched the 55,000 mark for the first time earlier in the day.




The real , weakened about 1.2 percent to 1.928 per
U.S. dollar. It was the biggest decline since the currency lost
about 1.4 percent on June 4.


Read more at Reuters.com Bonds News

CarMax, Coley, Exxon, FSI, Home Depot, Nuveen: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges today.
Stock symbols are in parentheses after company names. Share
prices are as of 4 p.m. New York time.

Energy stocks dropped. The price of crude oil declined 1.3
percent in New York following an Energy Department report showing
U.S. oil and gasoline stockpiles increased.


Read more at Bloomberg Stocks News

Kroger to buy 20 Farmer Jack Stores

(Reuters) - The transaction is expected to close in July.





Read more at Reuters.com Mergers News

Airgas, Coley, KBR, Nuveen Investments, Western Union: 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.

Airgas Inc. (ARG US) rose $2.95, or 6.5 percent, to $48.45.
The largest packaged-gas distributor in the U.S. boosted its
first-quarter profit forecast on demand from manufacturers and
non-residential builders. The company was raised to ``buy'' from
``hold'' by BB&T Capital Markets analyst Holden Lewis.


Read more at Bloomberg Stocks News

JPMorgan cancels Bear fund asset auction: source

(Reuters) - Merrill Lynch, JPMorgan Chase and others had put some of the Bear Stearns assets up for sale, but JPMorgan Chase has canceled its auction and is negotiating instead, the source said.







Read more at Reuters.com Bonds News

UPDATE 1-NY's Bloomberg dampens talk of White House bid

(Reuters) - A day after announcing the shift, Bloomberg said -- as he
has before -- that he intended to serve as mayor until the end
of his term in 2009.




"I think they are wasting their time. I am not a
candidate," Bloomberg, 65, told reporters when asked about his
name being mentioned in presidential opinion polls.


Read more at Reuters.com Bonds News

Airgas, Brush, Eaton Vance, KBR, Nuveen Investments: 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 1:10 p.m. New York time.

Airgas Inc. (ARG US) rose $3, or 6.6 percent, to $48.50. The
largest packaged-gas distributor in the U.S. boosted its first-
quarter profit forecast on demand from manufacturers and non-
residential builders. The company was raised to ``buy'' from
``hold'' by BB&T Capital Markets analyst Holden Lewis.


Read more at Bloomberg Stocks News

FACTBOX: Embryonic stem cell research

(Reuters) - * Stem cells are the body's master cells, the source of all cells and tissue, like brain, blood, heart, bones, muscles and skin.




* Embryonic stem cells come from days-old embryos and can produce any type of cell in the body.


Read more at Reuters.com Bonds News

LSE confirms in merger talks with Milan bourse

(Reuters) - A source close to the situation earlier told Reuters that the talks were at an advanced stage at that Borsa's chief executive, Massimo Capuano, would outline an agreement to board members at a meeting on Thursday starting at 1300 GMT.




Read more at Reuters.com Mergers News

Oil Tumbles More Than $1 After Report of Surging U.S. Crude, Fuel Supplies

(Bloomberg) -- Crude oil fell more than $1 a barrel
from a nine-month high after an Energy Department report showed
that U.S. oil and gasoline stockpiles increased.

Crude-oil inventories surged 6.9 million barrels to 349.3
million in the week ended June 15, the report showed. It was the
biggest one-week gain since the week ended March 19, 2004.
Gasoline supplies rose 1.79 million barrels to 203.3 million.
Prices gained the past two days on concern Nigerian shipments
would be disrupted further because of a general strike.


Read more at Bloomberg Energy News

Pinnacle West utility gets Arizona rate increase

(Reuters) - The rate increase is based on a 10.75 percent return on
equity, a 45 percent/55 percent debt to equity capital
structure, a cost of capital of 8.32 percent, an original cost
rate base of $4.4 billion, and a base rate for fuel and
purchased power costs of $0.0325 per kilowatt hour, Pinnacle
West said in a regulatory filing.




The commission also approved a $34 million fuel cost
recovery through a temporary surcharge.


Read more at Reuters.com Government Filings News

McClatchy won't rule out CareerBuilder stake sale

(Reuters) - NEW YORK, June 20 - Newspaper publisher McClatchy Co. said on Wednesday it expects further declines in circulation and advertising revenue and signaled it would consider selling its stake in online jobs site CareerBuilder.



McClatchy owns CareerBuilder along with USA Today publisher Gannett Co. Inc. and Los Angeles Times owner Tribune Co. . It has also entered a broad advertising partnership with Internet media company Yahoo Inc. .


Read more at Reuters.com Mergers News

Copper Is Little Changed in New York Amid Possible Strikes in Chile, Peru

(Bloomberg) -- Copper futures were little changed
in New York as planned strikes in Chile and Peru threatened to
disrupt supplies.

Contract workers at Chile's Codelco, the world's largest
copper producer, may strike tomorrow to seek higher pay, and
three unions at Southern Copper Corp.'s Peruvian operations plan
to walk out June 23. Demand for copper exceeded production by
176,000 metric tons in the first four months of the year, the
World Bureau of Metals Statistics said today.


Read more at Bloomberg Commodities News

Fuel Tech shares at all-time high after deal with Japanese firm

(Reuters) - The company, which operates air pollution control and specialty chemical businesses, had on Tuesday said it plans to perform at least one Fuel Chem program on a combustion unit in China.




Shares of the Batavia, Illinois-based company rose nearly 18 percent, or $5.15, to $33.84 amid heavy-volume trade in the morning, making it the top gainer on the Nasdaq. They had touched their all-time high of $34.60 earlier.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Bear CDO lists total at least $1.44 bln - sources

(Reuters) - The lists, circulated by JPMorgan Securities and Morgan
Stanley, include CDOs managed by Tricadia Capital, Strategos
Capital Management and Bear Stearns Asset Management.




Wall Street dealers are participating in sales of the
securities from the Bear Stearns hedge funds that endured
double-digit losses in April, based on subprime mortgage
market bets. Merrill Lynch & Co. has seized $800 million of
assets from the funds with plans to sell them today after a
failed recapitalization, sources familiar with the situation
said.


Read more at Reuters.com Bonds News

UK experts back use of cervical cancer vaccine

(Reuters) - The Department of Health said the Joint Committee on Vaccination and Immunisation had recommended the vaccine be used.



The positive recommendation is expected to be endorsed by government ministers in coming months.


Read more at Reuters.com Government Filings News

Mexican 20-Year Peso Bond Falls on Speculation of Opposition to Tax Plan

(Bloomberg) -- Mexico's 20-year bond fell from a
two-week high on concerns President Felipe Calderon's tax
proposal released yesterday may face congressional opposition.

The yield on Mexico's bond due in December 2024, the
country's most-traded security, today fell for the first time in
five days. Mexican bonds had rallied after Calderon's success
getting the divided congress to approve a pension bill in March
raised expectations he would obtain opposition support for the
tax legislation.


Read more at Bloomberg Bonds News

DCP Midstream to privately place $130 mln of units

(Reuters) - The placement is expected to close on June 22, the natural
gas company said.





Read more at Reuters.com Bonds News

Merrill seizes $800 million Bear hedge fund assets

(Reuters) - Merrill Lynch declined to comment. Bear Stearns was not
immediately available for comment.




Read more at Reuters.com Bonds News

CORRECTED-Circuit City withdraws earnings forecast

(Reuters) - The company reported a loss of $54.6 million, or 33 cents a share, from net income of $6.4 million, or 4 cents per share, for the fiscal first quarter.




Analysts, on average, had been expecting a loss of 32 cents a share, according to Reuters Estimates.


Read more at Reuters.com Hot Stocks News

US STOCKS-Futures up as Home Depot, Morgan Stanley gain

(Reuters) - NEW YORK, June 20 - U.S. stock futures rose on
Wednesday, helped by news of a $22.5 billion share repurchase
plan from Home Depot Inc. and investment bank Morgan
Stanley's stronger-than-expected profit.




Shares of Home Depot, a component of the Dow Jones
industrial average , were up 5.7 percent in electronic
trade, while Morgan Stanley's stock rose 2 percent.


Read more at Reuters.com Bonds News

Egypt benchmark Hermes index hits all-time high

(Reuters) - Egypt's benchmark Hermes stock index hit an all-time closing high on Wednesday led by investment bank EFG-Hermes, which rallied to a one-year high after breaking a key technical price level.

Shares in EFG-Hermes, the most heavily traded stock by turnover, closed 5 percent up at 47.30 Egyptian pounds, the highest since May 21, 2006 according to Reuters data.


Read more at Reuters Africa

Reliance Steel to buy Illinois-based Clayton Metals

(Reuters) - Clayton Metals specializes in the processing and
distribution of aluminum, stainless steel and red metal
flat-rolled products, custom extrusions and aluminum circles,
the company added.







Read more at Reuters.com Mergers News

Lender wariness signals peak for REIT buyouts

(Reuters) - Acquisitions such as Blackstone Group's $23 billion purchase of Chicago-based Equity Office Properties in February sent property prices soaring on talk of more such deals to come, particularly for office REITs.




But valuation and credit concerns have undermined lender confidence in commercial real estate, threatening private equity firms' strategy of funding takeovers by flipping properties soon after completing a deal.


Read more at Reuters.com Business News

Insider Traders 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

Morgan Stanley 2nd-qtr earnings rise

(Reuters) - Analysts' average earnings forecast was $2.01 a share,
excluding items, on revenue of $9.9 billion, according to
Reuters Estimates.




Rival Wall Street firms last week delivered mixed results,
with subprime mortgage losses weighing on trading results as
equities trading, mergers and debt underwriting have soared.


Read more at Reuters.com Bonds News

Treasury Yields Trade Near Lowest in Two Weeks on Slowdown in U.S. Housing

(Bloomberg) -- U.S. 10-year Treasury yields traded
near a two-week low before a report on mortgage applications
that may add to evidence of a housing slowdown.

The benchmark yield has slid 10 basis points this week as
reports showed house construction dropped for the first time in
four months and confidence among homebuilders fell to the lowest
since 1991. Bonds are set to gain for a fourth day, the longest
rally since February, on anticipation a weak residential market
will keep the Federal Reserve from raising interest rates.


Read more at Bloomberg Bonds News

Global Energy files for $350 mln IPO

(Reuters) - The filing did not reveal how many shares the company
planned to sell or their expected price.




The company plans to list its stock on the Nasdaq under the
symbol "GEGT" ."



Read more at Reuters.com Bonds News

WTO's Lamy warns of globalization's dark side

(Reuters) - Speaking ahead of an eleventh-hour effort to rescue global trade talks, Lamy told a forum in Beijing: "The speed of globalization is affecting our social fabric in a much harsher way than in previous stages of globalization."




It was the second such warning in as many days.


Read more at Reuters.com Business News

Taiwan Dollar Rises the Most Since January; Malaysian Ringgit Strengthens

(Bloomberg) -- Taiwan's dollar had the biggest gain
in almost six months as overseas investors increased purchases of
the island's equities.

The local dollar rebounded from an almost three-week low
reached on June 15 as stock exchange data showed overseas fund
managers bought a net $1.3 billion of shares today, the most
since December 2005. The benchmark Taiex index of stocks climbed
2.1 percent to close at the highest since June 2000. Financial
markets were shut on June 18 and 19 for public holidays.


Read more at Bloomberg Currencies News

German DAX Benchmark Climbs; Allianz, MAN, SAP Shares Pace the Advance

(Bloomberg) -- Germany's benchmark DAX Index rose,
led by Allianz SE, Europe's largest insurer.

MAN AG, Europe's third-largest truckmaker, climbed after
Chief Executive Officer Hakan Samuelsson said the second quarter
is ``going very well.'' SAP AG, the world's largest maker of
business-management software, rose for a third day.


Read more at Bloomberg Stocks News

GLOBAL MARKETS-European stocks chase Asia higher, yen soft

(Reuters) - In the absence of key U.S. data, investors are eyeing
speeches from Federal Reserve officials and the movement in oil
prices -- which have steadied off this week's 10-month high --
for the impact on investor risk appetite.




Risky assets are bid around the world as soft U.S. data over
the past week erased expectations for a growth-dampening U.S.
interest rate hike after a string of below-consensus data.


Read more at Reuters.com Economic News

Swedish Krona Jumps Versus Euro After Central Bank Raises Interest Rates

(Bloomberg) -- Sweden's krona rose by the most in
more than two months versus the euro after the central bank
raised its interest rate to 3.5 percent, and said borrowing costs
will be raised more than previously forecast to forestall the
effects of wage growth on prices.

The Riksbank, the Swedish central bank, said it would raise
the repo rate to 4 percent by year-end, 50 basis points above
what the bank said in February, and stated further increases were
needed in the coming years.


Read more at Bloomberg Currencies News

French Stocks Advance, Paced By Axa, Societe Generale, Total, Michelin

(Bloomberg) -- French stocks advanced, led by Axa
SA and Societe Generale SA. Total SA gained as the price of
crude oil increased.

Shares of Michelin & Cie., the world's second-largest
tiremaker, rose as rubber futures tumbled.


Read more at Bloomberg Stocks News