S.Africa May credit slows to 24.84 pct yr/yr

(Reuters) - Growth in demand for credit by South Africa's private sector slowed to 24.84 percent year-on-year in May from 25.08 percent in April, central bank data showed on Friday.

During the same period, the broadly defined M3 measure of money supply grew by 22.67 percent, in line with forecasts, compared to 22.27 percent in April.


Read more at Reuters Africa

Australia's S&P/ASX 200 Rises, Led by BHP, Woodside on Higher Commodities

(Bloomberg) -- Australian shares rose, with the key
stock index heading for its fourth straight quarterly advance. BHP
Billiton Ltd. and Woodside Petroleum Ltd. gained after prices of
commodities such as copper and oil climbed.

``Commodity demand remains overwhelming relative to supply,
so there looks like there could be more upside for mining
companies' shares,'' said Atul Lele, who helps manage about $380
million at White Funds Management in Sydney.


Read more at Bloomberg Stocks News

Thailand's 10-Year Bonds Head for Weekly Decline as Debt Sales Increase

(Bloomberg) -- Thailand's bonds headed for a weekly
decline on concern investors will demand higher returns to buy
new debt the government is selling. The baht was little changed.

The yield on benchmark 10-year notes has risen 20 basis
points this week as the Bank of Thailand said it plans to sell
as much as 80 billion baht ($2.3 billion) of five-year bonds
this year.


Read more at Bloomberg Bonds News

Restaurants on list of top 100 US retailers: report

(Reuters) - According to the annual Top 100 Retailers ranking featured
in the July issue of the National Retail Federation's magazine
STORES, McDonald's Corp. , the world's largest fast-food
chain, is the 16th largest retailer.




Yum Brands Inc. , which operates the Pizza Hut, Taco
Bell and KFC chains, is No. 35, while Starbucks Corp.
clocks in at No. 42. Darden Restaurants Inc. , the
operator of Red Lobster and Olive Garden, is No. 53.


Read more at Reuters.com Business News

South Korea's Kospi Index Rises, Heading for Best Quarter in Four Years

(Bloomberg) -- South Korean stocks rose, with the
key index set for its best quarter in four years, on speculation
strong domestic demand and export growth will speed up an
economic recovery. LG.Philips LCD Co. and Woori Finance Holdings
Co. gained.

``The economy will pick up in the second half,'' said James
Huh, who helps manage $540 million at Macquarie-IMM Investment
Management Co. in Seoul. ``Consumption is likely to improve and
export momentum will hold firm. Exporters, consumer stocks and
brokerages are good investments.''


Read more at Bloomberg Stocks News

China Economy May Expand 10.8 Percent, Central Bank Research Report Says

(Bloomberg) -- China's 2007 economy may expand at
the fastest annual pace in 12 years while inflation surpasses the
government's target, according to an economic forecast today by
the country's central bank.

Gross domestic products may grow 10.8 percent this year, the
fastest pace since 1995, the People's Bank of China said in a
research report published today in the state-owned China
Securities Journal newspaper. Consumer price index may accelerate
to 3.2 percent, topping the government's 3 percent target and the
fastest pace since 2004.


Read more at Bloomberg Emerging Markets News

South Korean Stocks Climb for Second Day; LG.Philips, Exporters Lead Gains

(Bloomberg) -- South Korean stocks rose for a second
day on speculation strong exports will accelerate recovery of the
economy. LG.Philips LCD Co. and Posco gained.

The Kospi index added 8.94, or 0.5 percent, to 1760.69 as of
9:46 a.m. in Seoul. It's set to fall 0.6 percent this week and
rise 3.5 percent for the month. Second-quarter gain is 21 percent.


Read more at Bloomberg Stocks News

Banco de Chile stakeholder in talks with Citigroup

(Reuters) - Quinenco and Citigroup held similar talks in late 2006 and
early 2007 but they ended without agreement.




Banco de Chile controls about 17 percent of the local
market while Citigroup's Chilean unit has about 1.8 percent.


Read more at Reuters.com Mergers News

Brokerages, Exporters, Oil-Dependent Shares: South Korea's 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 added 1.1 percent to 1751.75. The Kosdaq
advanced 2.3 percent to 778.50. Kospi 200 futures expiring in
September rose 1.2 percent to 223.90, while the underlying index
gained 1 percent to 222.60.


Read more at Bloomberg Stocks News

Japan's Electronics Stocks May Climb on Growth Outlook; Retailers May Rise

(Bloomberg) -- Japan's electronics stocks may climb
on expectations earnings will rise after brokerages at home and in
the U.S. issued reports touting their growth potential and the yen
weakened for a second day.

Toshiba Corp., the world's second-biggest maker of flash
memory chips, and Mitsubishi Electric Corp., which makes
everything from televisions to semiconductor production equipment,
may lead gains after Credit Suisse Group boosted its
recommendation on both companies to ``overweight.''


Read more at Bloomberg Stocks News

A.G. Edwards chief to receive $7.5mln award

(Reuters) - Bagby will receive the restricted stock award when the deal
closes. That is expected to happen in the fourth quarter.




Wachovia said in a filing with the U.S. Securities and
Exchange Commission that no other A.G. Edwards executive has
yet to enter into a similar employment arrangement.


Read more at Reuters.com Mergers News

Micron Technology posts Q3 loss

(Reuters) - Micron said the net loss for its fiscal third quarter was $225 million, or 29 cents per share, compared with a profit of $88 million, or 12 cents per share, a year earlier.



The company posted third-quarter net sales of $1.3 billion.


Read more at Reuters.com Market News

UPDATE 1-US bank regulators agree on subprime rules-sources

(Reuters) - WASHINGTON, June 28 - U.S. bank regulators have
agreed on new standards for subprime mortgage loans and are
prepared to release it Friday, several sources familiar with
the matter said Thursday.




The five regulators released a draft of the guidance in
early March, and have been consulting both internally and
externally on how to refine the standards that will guide how
depository lenders make loans to borrowers with damaged
credit.


Read more at Reuters.com Bonds News

UPDATE 1-Bush picks Marron for Council of Economic Advisers

(Reuters) - Marron, a former CEA chief economist, has been the No. 2 at
Congress' nonpartisan budget watchdog agency since October
2005. He served as acting director last year.




Earlier in his career, he served as executive director and
chief economist of the congressional Joint Economic Committee.


Read more at Reuters.com Bonds News

Beazer Homes' Credit Default Swaps Surge After Chief Accountant Is Fired

(Bloomberg) -- The perceived risk of owning the
bonds of Beazer Homes USA Inc. surged after the company, under
federal investigation for potential fraud, fired its chief
accounting officer for trying to destroy documents.

Credit-default swaps based on $10 million of the Atlanta-
based homebuilder's bonds jumped as much as $80,000 to a record
$530,000 after Beazer said it fired Michael Rand, according to
CMA Datavision in London. The five-year contracts, used to
speculate on the company's ability to repay its debt, retreated
to about $500,000 as of 4:30 p.m. in New York. An increase
suggests a decline in the perception of credit quality.


Read more at Bloomberg Bonds News

Coffee Rises on Speculation Brazilian Auction Set Price Floor for Beans

(Bloomberg) -- Coffee rose in New York for the third
straight session on speculation an auction in Brazil, the world's
largest producer, helped set a minimum price for the commodity.

All 4 million bags of beans offered at the auction yesterday
sold for at least 260 reais ($135.20) per bag. The price topped
the average 235.11 reais per bag for arabica in southern Minas
Gerais, Brazil's biggest coffee-producing region, according to
the University of Sao Paulo's agricultural commodities research
unit, known as Cepea. The Agriculture Ministry plans to hold an
auction for an additional 1 million bags next month.


Read more at Bloomberg Commodities News

US STOCKS-Indexes advance after Fed rate decision

(Reuters) - NEW YORK, June 28 - U.S. stocks rose in choppy
trade on Thursday even after the Federal Reserve reiterated
that its main concern was that inflation might fail to
moderate.




The Fed held the benchmark U.S. interest rate steady at
5.25 percent for an eighth straight meeting, but dropped a
description of core inflation as "elevated."


Read more at Reuters.com Bonds News

US RATE FUTURES-Less chance of Fed ease after FOMC

(Reuters) - The FOMC dropped its characterization of core inflation as
"elevated," but said that a "sustained moderation" in inflation
has yet to be convincingly shown.




Read more at Reuters.com Bonds News

U.S. Stocks Extend Advance After Federal Reserve Says Inflation Improved

(Bloomberg) -- U.S. stocks extended gains after
the Federal Reserve said inflation readings have improved.

``Readings on core inflation have improved modestly in
recent months,'' policy makers said after holding their target
for the benchmark overnight-lending rate between banks at 5.25
percent for an eighth consecutive meeting today.


Read more at Bloomberg Stocks News

UPDATE 1-Iberia board ignores TPG bid in monthly meeting

(Reuters) - MADRID, June 28 - The board of Iberia
defied expectations by not discussing a 3.4 billion euro offer from a private equity group at its monthly
meeting on Thursday, three months after the airline received the
approach.




"It was not dealt with at the board meeting. It was not on
the agenda, and there will be no statement," a spokeswoman for
the airline said.


Read more at Reuters.com Mergers News

Dow Jones agreement gives committee approval power

(Reuters) - The agreement requires approval of the family, which contains about three-dozen adult members.




The sources disputed a report in Thursday's edition of The New York Times that News Corp. would have the sole power to hire and fire top Wall Street Journal editors and that the committee would have no power to approve candidates.


Read more at Reuters.com Mergers News

UPDATE 3-Brazil sees faster '07 growth, cuts inflation view

(Reuters) - SAO PAULO, June 28 - Brazil's central bank raised
its forecast for 2007 economic growth and trimmed its estimate
for inflation on Thursday as the country benefits from tame
price pressures and falling borrowing costs.




The bank said in its quarterly inflation report that the
gross domestic product should expand 4.7 percent this year,
compared with a 4.1 percent forecast made in March. The new
estimate is close to the 5 percent expansion sought by
President Luiz Inacio Lula da Silva.


Read more at Reuters.com Bonds News

Constellation Brands eyes buys in 3 areas: CEO

(Reuters) - Sands does not expect to continue with large wine acquisitions of $1 billion to $2 billion like it has made recently, but would more likely do smaller, bolt-on acquisitions that would fill niches in its portfolio.




Sands also reiterated that the company is not interested in buying Absolut vodka maker Vin & Sprit.


Read more at Reuters.com Mergers News

BHP Billiton, MTN lift S.African stocks higher

(Reuters) - South Africa's blue chip Top-40 index ended in positive territory on Thursday, led by miner BHP Billiton and mobile phone group MTN, as commodity prices rose and the rand currency firmed.

The Top-40 index closed 0.38 percent firmer at 25,666 points, ending a five-day losing streak, while the broader All-share index closed 0.42 percent higher at 28,402 points.


Read more at Reuters Africa

Kia Cancels Bond Sale, KKR Cuts Offering as Subrime Debt Concerns Spread

(Bloomberg) -- Kia Motors Corp., South Korea's
second-largest automaker, canceled a $500 million bond sale for
this week as skittish investors cut demand for riskier assets.

At least eight companies from Kohlberg Kravis Roberts & Co.
in New York to steelmaker Arcelor Mittal in Rotterdam,
Netherlands, pulled more than $3 billion of debt sales amid
concern that losses from bonds backed by U.S. subprime mortgages
will spread to other markets. Caliber Global Investment Ltd., a
$908 million hedge fund, said today it will close after losses.


Read more at Bloomberg Bonds News

Rite Aid shares jump on unexpected profit

(Reuters) - The company also stood by its full-year expectations and its shares rose as much as nearly 6 percent in morning trading.




Rite Aid bought the U.S. Brooks and Eckerd drugstore chains from Canada's Jean Coutu Group Inc. on June 4, just after the quarter ended.


Read more at Reuters.com Hot Stocks News

Gold, Silver Rise in New York as $70 Oil Sparks Demand for Inflation Hedge

(Bloomberg) -- Gold rose from a three-month low in
New York after oil topped $70 a barrel, boosting the appeal of
the precious metal as a hedge against inflation. Silver also
gained.

Gold sometimes moves in the same direction as oil, which
rose to a nine-month high today on speculation U.S. inventories
will drop. Before this year, gold has had six annual gains as
oil prices more than doubled.


Read more at Bloomberg Commodities News

UPDATE 2-U.S. housing market slower but still strong-Hubbard

(Reuters) - "Housing has slowed down but the good news is it continues
to be relatively strong," he told reporters at the U.S. embassy
after meetings in Berlin with German Chancellor Angela Merkel
and European Union officials.




"It's been healthy that there's been a slowdown and it's
contributed to what appears to be a soft landing," he said.


Read more at Reuters.com Bonds News

Carlyle cuts IPO price due to market "headwinds"

(Reuters) - "We have priced the deal at $19 a share. Originally, it was $20-$22," CEO John Stomber told Reuters in an interview.




Stomber said the volume of the IPO had been cut to $300 million from $400 million. The issue would be postponed but the new date was unclear.


Read more at Reuters.com Business News

UPDATE 1-GM selling Allison Transmission for $5.6 billion

(Reuters) - GM said the sale would include almost all of the Allison
Transmission unit's assets, including seven manufacturing
plants in Indianapolis and the unit's worldwide distribution
network.




GM had said in January that it was looking to sell Allison,
which makes transmissions for commercial trucks, buses and
military vehicles.


Read more at Reuters.com Bonds News

Alfa, Axtel, ICA, Medial Saude, Sonda Totvs: Latin America 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

Crude Oil Jumps Above $70 in New York on Increased Demand From Refiners

(Bloomberg) -- Crude oil jumped above $70 a barrel
to a nine-month high in New York on speculation that U.S.
inventories will slip as refineries increase output of gasoline
and other fuels.

Refineries operated at 89.4 percent of capacity last week, a
1.8 percentage point gain from the week before, an Energy
Department report yesterday showed. Plants are increasing
utilization to met demand for gasoline, which peaks during the
summer months. Gasoline, diesel and heating-oil supplies fell
last week, the report showed.


Read more at Bloomberg Energy News

Yen Weakens Versus Euro on Speculation Investors Are Restoring Carry Trade

(Bloomberg) -- The yen fell from a two-week high
against the dollar and weakened versus the euro as investors
resumed their search for higher yields outside Japan through so-
called carry trades.

The dollar fell versus the euro before the Federal Reserve's
interest-rate decision as policy makers are forecast to hold U.S.
borrowing costs at 5.25 percent. Japan's yen fell against all 16
of the most-active currencies as Bank of Japan Governor Toshihiko
Fukui said the central bank aims to adjust interest rates at a
gradual pace.


Read more at Bloomberg Currencies News

Treasuries Fall Before Federal Reserve Decision as Inflation Gauge Rises

(Bloomberg) -- Treasuries fell after a government
report showed inflation in the first quarter was faster than
previously estimated.

The report highlighted the risk of accelerating inflation
as the Federal Reserve met on interest rates in Washington. With
the central bank expected by all 113 economists surveyed by
Bloomberg News to leave its key rate unchanged at 5.25 percent
for an eighth straight time, investors will examine the
statement announcing the decision for clues about future moves.


Read more at Bloomberg Bonds News

US RATE FUTURES-Hold at lower levels on GDP, claims

(Reuters) - The Commerce Department said first-quarter U.S. GDP growth
was 0.7 percent, annualized, up from 0.6 percent reported
earlier but below Wall Street's consensus forecast of 0.8
percent. Jobless claims fell modestly.




Read more at Reuters.com Bonds News

UPDATE 1-Family Dollar reports higher 3rd-quarter results

(Reuters) - The discount chain, which operates more than 6,300 stores,
reported net income of $60.4 million, or 40 cents per share,
for its fiscal third quarter that ended June 2, compared with
$56.9 million, or 37 cents per share, a year earlier.




Excluding a $5.7 million, or 2 cents-per-share charge for
settling a shareholder lawsuit over its stock option award
practices, the company earned 42 cents a share -- a penny over
analysts' average forecast of 41 cents a share, according to
Reuters Estimates.


Read more at Reuters.com Market News

StemCells agrees to stay litigation against Neuralstem

(Reuters) - The biotechnology company said the outcome of the re-examination, which was requested by Neuralstem, would have no material impact on its patent porfolio.



StemCells said petitioning for patent re-examination and a stay is a procedural tactic often used by defendants to delay a trial.


Read more at Reuters.com Government Filings News

Lithuania adopts law on new nuclear power plant

(Reuters) - The 3,000-3,500 megawatt plant, to replace the ageing
Soviet-era Ignalina nuclear reactor, which has to be shut down
under a deal with the European Union, is expected to be built by
2015.




One goal is to strengthen the region's energy independence
from Russia.


Read more at Reuters.com Mergers News

Mentor to buy French medical device company

(Reuters) - The deal is not expected to materially add or hurt adjusted
earnings per share for fiscal 2008, the company added.








Read more at Reuters.com Mergers News

Gold Climbs in London as Higher Oil Costs May Revive Demand; Silver Gains

(Bloomberg) -- Gold gained for a second day in
London on speculation higher oil costs will revive demand for
the metal as a hedge against inflation. Silver also rose.

Crude oil is near a nine-month high and central banks in
Sweden, Switzerland and the U.K. have raised interest rates this
year to control escalating prices. Bullion climbed to a record
$850 an ounce in 1980 after a jump in the cost of oil.


Read more at Bloomberg Commodities News

Lukoil First-Quarter Profit Falls 23 Percent as Costs Climb, Prices Drop

(Bloomberg) -- OAO Lukoil, Russia's largest non-
state oil producer, said profit fell 23 percent in the first
quarter as costs rose and prices declined.

Net income slid to $1.3 billion, or $1.56 a share, from
$1.69 billion, or $2.04 a share, a year earlier, Moscow-based
Lukoil said in a statement distributed by the Regulatory News
Service today. That's 5 percent less than the $1.37 billion
median estimate of nine analysts in a Bloomberg survey.


Read more at Bloomberg Emerging Markets News

Prudential hires former UOB exec as Asia bond CIO

(Reuters) - It said prior to this, he was head of fixed income at
Fullerton Fund Management, a unit of Singapore state investment
arm Temasek [TEM.UL]. He also spent 15 years at the Monetary
Authority of Singapore.




Prudential said Ooi will be responsible for developing the
fund house's fixed-income strategy in Asia and will report to Guy
Strapp, its regional head of investment management for Asia. He
will start with Prudential on Aug. 1.


Read more at Reuters.com Bonds News

Japan's Bull-Dog wins court case vs Steel Partners: Jiji

(Reuters) - More than 80 percent of Bull-Dog Sauce's shareholders approved a poison pill scheme on June 24 that will allow the sauce maker to issue new shares making it more difficult for Steel Partners to acquire the company.




Steel Partners will appeal the court ruling, sources said.


Read more at Reuters.com Mergers News

Tokyo Electric to Start Decommissioned Thermal Plants to Meet Peak Demand

(Bloomberg) -- Tokyo Electric Power Co., Asia's
biggest electricity producer, plans to restart two previously
decommissioned thermal plants next month to ensure supply during
the peak summer demand season.

The utility is preparing to revive the units to make up for
an expected decline in operations at its hydroelectric and
nuclear plants, spokesman Manabu Takeyama said by phone today in
Tokyo. The Jyoban No. 6 fuel oil-fired unit is scheduled to
resume generation in early July and the Gomi No. 2 gas-fired
plant by the middle of the month, he said.


Read more at Bloomberg Energy News

Dow Jones deal would let Murdoch fire editors-NYT

(Reuters) - Murdoch has bid $5 billion or $60 per share for Dow Jones,
and he told Reuters on Wednesday final approval from the
Bancrofts would come within two or three weeks, "or not at all."




None of the parties could immediately be reached for
comment.


Read more at Reuters.com Mergers News

European Stocks Rebound; BP, BHP Billiton, Nestle and Danone Pace Advance

(Bloomberg) -- European stocks advanced for the
first time in six days, paced by energy and mining shares as oil
and metals prices rose.

BP Plc, Europe's second-biggest oil producer, and BHP
Billiton Ltd., the world's largest mining company, gained. Nestle
SA increased after Deutsche Bank AG recommended buying stock in
the food company. Groupe Danone rose on a report the yogurt maker
will likely sell its LU cookies division.


Read more at Bloomberg Stocks News

UPDATE 1-Diageo sees profits growth on track, sales up

(Reuters) - The British maker of Smirnoff vodka, Johnnie Walker whisky
and Guinness beer said in a trading update on Thursday that due
to improved sales in Europe and Asia-Pacific it expects
underlying sales growth in the year ending on June 30 to be
higher than its first-half rise of 6 percent.




But the higher than expected sales growth will be offset by
a higher marketing spend and therefore its expected rise in
operating profits stays at the 8 percent level forecast back at
its first-half results in February.
"While Diageo's total organic net sales growth in the full
year is expected to be higher than in the first half, operating
profit growth will be in line with the first half performance of
8 percent," Chief Executive Paul Walsh said in a statement.


Read more at Reuters.com Market News