WTO talks face make-or-break test in mid-July

(Reuters) - Global trade talks will face a make-or-break test this month when mediators suggest the outlines of a possible deal in two key areas of the nearly six-year-old negotiations.

Reaction to the draft texts, which diplomats said on Thursday would be circulated mid-month in Geneva, will determine whether the WTO's 150 member states can overcome deep divisions and clinch a global accord.


Read more at Reuters Africa

ICI asks for offer ultimatum on Akzo Nobel - FT

(Reuters) - Source familiar with the matter have told Reuters that Akzo
Nobel is considering a higher bid for ICI but is prepared to
delay a move as the disclosure of its 600 pence per share offer
for ICI may flush out a rival bid.




Read more at Reuters.com Mergers News

Mondi to buy Austrian, Turkish packaging firms

(Reuters) - Paper producer Mondi Plc/Ltd said on Friday it had agreed to buy Austria's Unterland Flexible Packaging (UFP) and a majority interest in Turkish corrugated packaging firm Tire Kutsan.

Mondi, spun off from mining group Anglo American earlier this week, said it had agreed to buy UFP from German financial investor CMP and members of its management team for 74 million euros, including debt.


Read more at Reuters Africa

Korean Won Drops for Third Day as Government Reiterates Concern at Rally

(Bloomberg) -- South Korea's won rose, reversing
earlier losses, on speculation increasing exports will help
boost growth in Asia's third-largest economy.

The won is set for a fourth weekly gain as equity purchases
by overseas investors helped send the benchmark stock index to a
series of records. The currency opened the day lower on concern
the central bank would sell it after officials this week
stressed they would take action to curb its advance.


Read more at Bloomberg Emerging Markets News

Fast Retailing eyes Barneys to tap global markets

(Reuters) - The acquisition would be Fast Retailing's biggest to date and
put to use a war chest of $1.3 billion that has been on hold
since the company gave up on a bid for Hong Kong's Giordano
International last year.




"Fast Retailing has vowed to expand abroad and they have
plenty of cash to do it," said Dairo Murata, an industry analyst
from Credit Suisse in Tokyo. "Even if this one falls through,
they will just go on looking for something else."


Read more at Reuters.com Bonds News

UBS replaces CEO Wuffli with deputy Rohner

(Reuters) - The sudden change, effective immediately, followed growing calls from UBS critics to bolster results, and perhaps break up the company by getting out of investment banking and focusing entirely on wealth and investment management.




Wuffli, 49, had become president of UBS's group executive board in 2001, and took over as CEO in 2003. Rohner, 42, joined the board in 2002, and became Wuffli's deputy in January 2006. Both are Swiss citizens.


Read more at Reuters.com Business News

China's Shares Are Headed for a `Prolonged' Slump, HSBC Strategist Says

(Bloomberg) -- China's stocks, the Asia-Pacific
region's worst performers of the past month, are in for a
``prolonged consolidation period'' as the government reins in
lending and earnings growth cools, according to Steven Sun, an
equity strategist at HSBC Holdings Plc.

His comments were made in a research note dated yesterday,
when HSBC's asset management unit held a press briefing to
introduce a fund that will invest in Chinese companies' shares
listed on the mainland as well as Hong Kong. Richard Wong, who
oversees $7 billion as head of Chinese equities at the unit,
plans to raise as much as $460 million for the fund and predicts
economic expansion will fuel a rebound in the nation's shares.


Read more at Bloomberg Stocks News

UPDATE 3-UBS replaces CEO Wuffli with deputy Rohner

(Reuters) - NEW YORK/ZURICH, July 5 - UBS AG
, Switzerland's largest bank, in a surprise move on
Thursday replaced Chief Executive Peter Wuffli with his deputy,
Marcel Rohner, and said Wuffli would leave the company.




The sudden change, effective immediately, followed growing
calls from UBS critics to bolster results, and perhaps break up
the company by getting out of investment banking and focusing
entirely on wealth and investment management.


Read more at Reuters.com Mergers News

UPDATE 1-Australia's Sonic to buy US lab for up to US$168mln

(Reuters) - The acquisition, to be funded by U.S. dollar debt, reflects
an effective earnings before interest, tax, depreciation and
amoritisation multiple of about 9.5 times, Sonic said in a
statement.




The purchase price will be US$148 million, plus up to US$20
million on achieving certain revenue growth targets and on
whether EBITDA margins are maintained in the year following the
settlement of the deal.


Read more at Reuters.com Mergers News

Anvil Mining, Red River, St.George, Woodside: Australian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may rise or fall in Australia. This preview includes
news announced after markets closed yesterday. Prices are from
yesterday's close unless otherwise stated. Stock symbols are in
brackets after the company names.

The S&P/ASX 200 Index futures contract due in September
dropped 0.2 percent to 6374 at 6:58 a.m. in Sydney. The Bank of
New York Australia ADR Index added 1.8 percent in New York.


Read more at Bloomberg Stocks News

UPDATE 1-Healthways misses Q3 forecasts, cuts FY07 outlook

(Reuters) - The company, which provides health and care support
services, said for fiscal 2007, it now expects to earn $1.21 to
$1.22 a share, down from its prior forecast of $1.44 to $1.61 a
share.




The company said it now sees net costs for the Medicare
Health Support pilots at 45 cents a share for fiscal
2007. In April, Healthways had said it expected net costs of 3
cents to 14 cents a share from the MHS pilots.


Read more at Reuters.com Market News

Braddock's Galena mortgage hedge fund to liquidate -CEO

(Reuters) - Given the performance, "people voted with their redemption
requests," he said.




Read more at Reuters.com Bonds News

UPDATE 1-Fed appoints Madigan head of monetary division

(Reuters) - Madigan is currently deputy director of the division, which
supports the Fed board and the Fed's policy-setting Federal
Open Market Committee in the conduct of monetary policy.




Madigan has a doctorate in economics from Pennsylvania
State University. He has worked for the Fed board since 1982
with a stint as an economist at the White House Council of
Economic Advisers from 1989 to 1990, the Fed's website says.


Read more at Reuters.com Bonds News

UPDATE 1-U.S. panel sets July 11 hedge funds risk hearing

(Reuters) - WASHINGTON, July 5 - The U.S. House of
Representatives Financial Services Committee said on Thursday
it will hold a July 11 hearing into systemic risks to the
economy and the financial system posed by hedge funds.




Chairman Barney Frank, a Massachusetts Democrat, said in a
statement that senior officials from the Federal Reserve, the
Treasury Department, the Securities and Exchange Commission and
the Commodity Futures Trading Commission are scheduled to
testify.


Read more at Reuters.com Government Filings News

UPDATE 2-Fitch, S&P cut Hilton's rating on acquisition

(Reuters) - Another agency, Moody's Investors Service, said it may cut
Hilton's ratings and will base its decision on the company's
capital structure when the deal closes.




Blackstone agreed on Tuesday to buy Hilton for about $20
billion plus debt, the richest in a series of recent private
equity offers for hotel companies. For details see
[ID:nN03234692].


Read more at Reuters.com Bonds News

Healthways Q3 profit rises

(Reuters) - Net income rose to $10.8 million, or 29 cents a share, from $9.3 million, or 26 cents a share, a year ago.



Earnings from core commercial business rose to 43 cents a share from 30 cents a year ago, the healthcare services company said.


Read more at Reuters.com Market News

No windfall likely for Paris from big Hilton sale

(Reuters) - Paris and other descendants of her great grandfather Conrad Hilton -- who started the hotel group in 1919 when he bought a small hotel in Cisco, Texas -- are expected to get little from the buyer, private equity firm Blackstone Group.




That's because the family has little stake left in the company and what's remaining is expected to ultimately go to charity.


Read more at Reuters.com Mergers News

Tandy Leather Factory June sales flat, lowers 2007 view

(Reuters) - The company said it now expects 2007 earnings to be 49
cents to 51 cents a share on consolidated net sales of $57
million to $59 million. In March, it had forecast earnings of
53 cents to 56 cents a share on consolidated net sales of $59
million to $61 million.





Read more at Reuters.com Market News

Canadian Technology Stocks Gain, Led By Research In Motion; Banks Decline

(Bloomberg) -- Canadian technology stocks gained, led
by Research In Motion Ltd., on a report that the company obtained
permission to sell its BlackBerry e-mail phone in China.

Manulife Financial Corp. fell on the prospect that rising
borrowing costs will hurt banks and insurers.


Read more at Bloomberg Stocks News

TREASURIES-Firm data bruises bonds ahead of jobs report

(Reuters) - NEW YORK, July 5 - U.S. government bonds fell on
Thursday after strong data on jobs and services dimmed
remaining hopes of a Federal Reserve rate cut anytime soon,
while markets braced for Friday's monthly employment report.




The Institute for Supply Management's gauge of the service
sector hit its highest in over a year, while a report on
employment in the private sector showed suprising strength.
Both releases sent bonds lurching lower. For details, see
[ID:nN05325462]


Read more at Reuters.com Bonds News

Oil Rises Above $72 to 10-Month High on Nigerian Unrest, Refinery Closings

(Bloomberg) -- Crude oil rose above $72 a barrel in
New York, a 10-month high, on concern that unrest in Nigeria may
curb oil shipments and unexpected shutdowns at U.S. refineries
will cut fuel production.

Nigerian gunmen kidnapped a three-year-old daughter of a
British expatriate on her way to school in the southern oil city
of Port Harcourt, a police spokesman said. Five contractors were
seized yesterday from a rig operated by Royal Dutch Shell Plc's
Nigerian venture. Futures pared gains after the Energy Department
reported that U.S. oil and fuel supplies rose last week.


Read more at Bloomberg Energy News

Apple up on iPhone sale expectations

(Reuters) - AT&T Inc., the exclusive U.S. provider for the phone, said
it had virtually sold out of the device in that time, though
neither company has provided sales data.




"The stock is obviously anticipating very very strong sales
for the iPhone and very good follow-through sales," said Andy
Hargreaves of Pacific Crest Securities. "The stock isn't going
to be a one-month wonder."


Read more at Reuters.com Hot Stocks News

Tecumseh shares leap on debt outlook

(Reuters) - Baird upgraded the stock to "outperform" from "neutral" and raised the price target to $20, saying the partial sale of Fasco motors will significantly reduce Tecumseh's debt.




The brokerage added that the company's cash position should be bolstered further upon the likely sale of the engines business and the liquidation of one pension plan.


Read more at Reuters.com Hot Stocks News

Forecasts for `Correction' in U.S. Stocks Reach Highest Since August 1997

(Bloomberg) -- More financial advisers are predicting
a so-called correction in the U.S. stock market than at any other
time in almost a decade, according to Investors Intelligence.

The percentage of newsletter writers who said they expect a
10 percent slide in U.S. stocks during the next 12 months jumped
to 32.6 percent last week, New Rochelle, New York-based Investors
Intelligence said. That's the highest since August 1997 and up
from 25.8 percent a week earlier.


Read more at Bloomberg Stocks News

UPDATE 1-Dominion extends sale period for its gas utilities

(Reuters) - The companies will attempt to separate the two utilities,
which are now operationally joined, in order to close the sales
at different times, said a Dominion spokesman. Prior to this
agreement, either company could have unilaterally walked away
from the deal after June 30.




The sale of Dominion's Pennsylvania and West Virginia
natural gas utilities to Equitable Resources faces regulatory
hurdles.


Read more at Reuters.com Mergers News

Carphone Warehouse Delays Debut Bond Sale, Citing Debt Market Volatility

(Bloomberg) -- Carphone Warehouse Group Plc, Europe's
largest mobile-phone retailer, postponed its debut sale of bonds
because of market volatility.

``We tested the water and the water was a bit cold,''
Peregrine Riviere, the London-based company's head of investor
relations, said in an interview today. ``We'll come again when
the market looks better.''


Read more at Bloomberg Bonds News

Gold gains on weaker dollar, firm oil

(Reuters) - A weaker dollar and firm oil prices lifted gold prices by about $2 an ounce on Thursday, but the market largely ignored announcements by European and UK central banks on interest rates.

Gold was at $656.20/656.80 an ounce by 1238 GMT, against $654.40/655.20 in late European trade on Wednesday, when the U.S. market was closed for the Independence Day holiday.


Read more at Reuters Africa

Coffee Gains for Second Day on Forecast for Declining Robusta Supplies

(Bloomberg) -- Robusta coffee climbed for a second
day in London after Dow Jones reported that Indonesian supplies
have plunged and a forecast that production will drop next year.

Indonesian production and exports dropped by two-thirds in
the first six months of the year because of delays in the
harvest, Dow Jones reported today. The country is the world's
second-biggest grower of the bitter-tasting beans. Global output
may fall 9.2 percent in the next crop season, ending September
2008, commodity researcher F.O. Licht said yesterday.


Read more at Bloomberg Commodities News

Nymex Gas Falls as Mild Weather Limits Demand for Ample Supply in the U.S.

(Bloomberg) -- Natural gas in New York fell as
storage levels approach last year's record and mild weather
across much of the U.S. trims summer cooling demand.

Gas for August delivery plunged 4.4 cents, or 0.7 percent,
to $6.71 per million British thermal units in 9:44 a.m. trading
on the New York Mercantile Exchange.


Read more at Bloomberg Energy News

Paladin OK to market contraceptive in Canada: Barr

(Reuters) -



) Keywords: PALADIN SEASONALE/CANADANOD


Read more at Reuters.com Government Filings News

Treasuries Fall Most in Three Weeks as Private Jobs Report Beats Forecast

(Bloomberg) -- Treasuries fell the most in three
weeks after a private report showed companies in the U.S. added
more jobs last month than economists forecast, reducing the
likelihood of a cut in borrowing costs by the Federal Reserve.

Investors also sold government debt after the U.K. reduced
its terror alert and the U.S. Independence Day holiday passed
without incident, easing demand for the safety of government
debt. A Labor Department report tomorrow may increase
speculation a stronger job market is increasing the risk
inflation will accelerate.


Read more at Bloomberg Bonds News

US STOCKS-Indexes edge lower at open; oil, rates rise

(Reuters) - The Dow Jones industrial average was down 40.57
points, or 0.30 percent, at 13,536.73. The Standard & Poor's
500 Index was down 2.44 points, or 0.16 percent, at
1,522.43. The Nasdaq Composite Index was down 1.03
points, or 0.04 percent, at 2,643.92.




Read more at Reuters.com Bonds News

GM, Hilton, Huntsman, JDA, Marriott, Starwood Hotels: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes on U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 9:35 a.m. in New York.

General Motors Corp. (GM US) fell $1.69, or 4.5 percent, to
$36.29. The largest U.S. automaker was cut to ``peer perform''
from ``outperform'' by Bear Stearns & Co. after GM said June U.S.
sales declined. Separately, Deutsche Bank AG cut its full-year
earnings estimate for GM to $2 a share, a 30 percent reduction,
after ``surprisingly weak'' U.S. sales in June.


Read more at Bloomberg Stocks News

SonoSite says GE infringed patents for ultrasound devices

(Reuters) - In the lawsuit, the company has sought unspecified monetary
damages and a court injunction against future infringement by
GE and affiliates.





Read more at Reuters.com Government Filings News

Dress Barn June same-store sales rise 2 pct

(Reuters) -



) Keywords: DRESSBARN SALES/


Read more at Reuters.com Market News

Altadis, Ladbrokes, Alliance Boots: European Credit-Default Swap Movers

(Bloomberg) -- The risk of owning European corporate
bonds rose, according to traders of credit-default swaps.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index increased 3,000
euros to 234,500 euros at 11:55 a.m. in London, according to
JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

Japan insurer Millea quits Nasdaq, U.S. accounting

(Reuters) - Several foreign companies have recently delisted their shares from U.S. exchanges due to the high cost of maintaining a listing and complying with the Sarbanes-Oxley Act, a set of tough accounting laws enacted to combat fraud after the Enron scandal.




Millea said it no longer made sense to pay to keep its listing and report under U.S. accounting standards given that trading of its shares on Nasdaq accounted for only 2 percent of its total trading volume over the past 12 months.


Read more at Reuters.com Business News

Wall St set to edge up, service sector report eyed

(Reuters) - U.S. financial markets were closed on Wednesday for the Independence Day holiday. On Tuesday, U.S. stocks gained in a shortened session, lifted by fresh takeover talk.




The Dow Jones industrial average closed up 0.31 percent, at 13,577.30, on Tuesday. The Standard & Poor's 500 Index rose 0.36 percent, to finish at 1,524.87, while the Nasdaq Composite Index gained 0.48 percent to end at 2,644.95.


Read more at Reuters.com Hot Stocks News

European Emission Permits Rise After Natural Gas Advances, Coal Declines

(Bloomberg) -- European Union carbon dioxide permits
rose for the first session in five after natural gas advanced and
coal prices declined.

Emission permits for delivery in December 2008 added 40
cents, or 1.9 percent, to 21.45 euros ($29.26) a metric ton,
according to prices from the European Climate Exchange in
Amsterdam at 9:56 a.m. local time.


Read more at Bloomberg Energy News

S. African Rand Falls on Central Bank Selling, Current Account Speculation

(Bloomberg) -- The South African rand declined on
speculation its recent rally to a six-week high may prompt the
central bank to accelerate its purchases of dollars.

The central bank often sells rand when the currency
strengthens, to accumulate foreign exchange reserves and improve
the competitiveness of the country's exporters, which include
some of the world's largest mining companies. The bank may
tomorrow say gross reserves rose more than 1 percent to $28.2
billion in June, according to a Bloomberg survey of economists.


Read more at Bloomberg Currencies News

ConocoPhillips Reports Malfunction at Its Oil Refinery at Borger, Texas

(Bloomberg) -- ConocoPhillips, the second-largest
U.S. refiner, reported a malfunction at its refinery in Borger,
Texas, causing the flaring of about 500 pounds of sulfur
dioxide, according to a report on a state-administered Web site.

The flaring took place at 2:50 p.m. local time on July 3,
the report on the Texas Commission of Environmental Quality Web
site said.


Read more at Bloomberg Energy News

UPDATE 1-South Korea upholds $110 mln tax on Lone Star deal

(Reuters) - The Finance Ministry said in a statement on Thursday that
National Tax Tribunal members had unanimously rejected Lone
Star's [LS.UL] appeal of a 101.7 billion won tax
imposed after it had sold the 45-storey Star Tower in Seoul.




The investment fund bought the commercial building in 2001
and sold it to GIC Real Estate Pte. Ltd., an arm of the
Government of Singapore Investment Corp. Ptd. in 2004 for an
undisclosed sum.


Read more at Reuters.com Mergers News

U.S. Treasury Notes Decline on Waning Demand for Safety of Government Debt

(Bloomberg) -- Ten-year Treasuries fell on
speculation demand for the relative safety of government debt
will wane after the U.K. reduced its terror alert and the U.S.
July 4 holiday passed without incident.

The yield climbed to the highest in almost a week as an
index of Asian stocks rose to a record, suggesting an increased
appetite among investors for riskier assets. The U.K. yesterday
said it had no intelligence suggesting more attacks after three
failed car bombs in London and Glasgow last week.


Read more at Bloomberg Bonds News