WRAPUP 1-Asia growth outlook brightens with resilient exports

(Reuters) - Economists canvassed in the quarterly survey have ramped up
growth forecasts for 12 economies in the Asia-Pacific after
output, exports and consumption data have consistently
outstripped expectations. Japan was not included in the poll.




As a result, several Asian economies are now expected to
match or even top last year's economic performance.


Read more at Reuters.com Economic News

US Congress pushed on world impact of farm policy

(Reuters) - Congress must consider more carefully the impact of U.S. farm policy on the developing world, agriculture experts say in a forthcoming report which argues that copious subsidies at home may only further impoverish poor nations and stunt future export markets.

"It's the furthest thing from their mind," said Robert Thompson, one author of a report to be launched on Thursday by the International Food and Agriculture Trade Policy Council, a Washington-based group.


Read more at Reuters Africa

UPDATE 1-Matsushita says time to review ties with JVC

(Reuters) - "Senior executives from both companies are studying ways to
improve corporate value," Fumio Ohtsubo told an annual
shareholders' meeting, adding that Matsushita would make public
its plans for JVC when an official decision has been made.




Sources told Reuters on Saturday that JVC will likely merge
audio equipment maker Kenwood Corp. under a joint
holding company as early as 2008. Matsushita, which holds 52.4
percent of JVC, is expected to sell its shares to the holding
company.


Read more at Reuters.com Mergers News

Bear Stearns taps managers to save hedge fund

(Reuters) - Marin appointed Marano last week to help with the funds managed by Ralph R. Cioffi, who retains his current role as portfolio manager for both funds, said one source.




Company spokesman Russell Sherman declined to comment.


Read more at Reuters.com Business News

Adidas, Axel Springer, Deutsche Post, EM.TV, E.ON, SAP: German Preview

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

Germany's X-DAX Index dropped 0.7 percent to 7839.27. The
index provides an estimate of the DAX Index, based on trading in
DAX futures after the Xetra electronic market closes. The DAX
fell 0.9 percent to 7860.52 on the Xetra electronic-trading
system.


Read more at Bloomberg Stocks News

Toshiba Shares Rise on Report It Won $4.9 Billion U.S. Nuclear Plant Order

(Bloomberg) -- Shares of Toshiba Corp. rose after a
Nikkei report said the company beat General Electric Co. and
Hitachi Ltd. to win a 600 billion yen ($4.9 billion) contract to
supply nuclear plant equipment to NRG Energy Inc.

Toshiba, Japan's biggest maker of nuclear power reactors by
capacity, gained 1.2 percent to 1,036 yen as of 10:56 a.m. on the
Tokyo Stock Exchange. Toshiba Plant Systems & Services Corp., its
power construction unit, rose 6.6 percent to 1,033 yen.


Read more at Bloomberg Energy News

Citi in talks to buy electronic trading firm-WSJ

(Reuters) - The deal would be part of Citigroup's strategy of trying to
increase its market share in trading U.S. stocks while bringing
under its roof computer programs that could improve its efforts
to trade stocks overseas, according to the report.




Citigroup did not immediately return calls seeking comment.
A spokeswoman for ATD declined comment.


Read more at Reuters.com Mergers News

Playboy to Open Macau Casino in 2008 to Woo Chinese, Christie Hefner Says

(Bloomberg) -- Playboy Enterprises Inc., publisher
of the most widely read men's magazine, will open a 40,000
square-foot entertainment complex, including gaming facilities,
in Macau next year as it seeks to expand in China.

Playboy Mansion Macao will include dining, entertainment and
retail shops, Playboy Chairman and Chief Executive Christie
Hefner said in an interview in Hong Kong today. It will be part
of the Macao Studio City complex, a $4 billion joint venture
project between Hong Kong-listed ESun Holdings Ltd. and partners
including Silver Point Capital LLC.


Read more at Bloomberg Emerging Markets News

Australian Dollar Falls From 18-Year High as Investors Pare Carry Trades

(Bloomberg) -- The Australian dollar fell from an
18-year high against the U.S. currency on speculation investors
will pare higher-yielding assets as Asian stocks followed U.S.
equities lower.

Australia's currency also dropped the most in six weeks
versus the yen as investors pared so-called carry trades, where
they buy higher-returning assets with money borrowed in
countries with lower borrowing costs. The local dollar has made
the second-biggest gain the past year among major currencies on
Australia's 6.25 percent benchmark rate, which compares with
Japan's 0.5 percent and 5.25 percent in the U.S.


Read more at Bloomberg Currencies News

Australia's S&P/ASX 200 Drops for Fifth Day, Led by BHP, Woodside, Paladin

(Bloomberg) -- Australia's S&P/ASX 200 Index fell for
a fifth day, its longest losing streak since March. BHP Billiton
Ltd. and Woodside Petroleum Ltd. led resources shares lower after
prices of commodities including copper, zinc and oil dropped.

Uranium producers Energy Resources of Australia Ltd. and
Paladin Resources Ltd. declined on concern prices of the nuclear
fuel may have peaked.


Read more at Bloomberg Stocks News

Japanese Exporter Stocks May Drop, Led by Sony, on U.S. Housing Concern

(Bloomberg) -- Japanese exporter stocks may drop,
extending the Nikkei 225 Stock Average's longest streak of
declines since early March. Sony Corp. may pace losses amid
signs the U.S. housing market is worsening, curbing demand.

Commodities-related shares such as Mitsubishi Corp. may
fall after prices of oil, copper, gold and other raw materials
slumped.


Read more at Bloomberg Stocks News

New home sales, consumer confidence fall

(Reuters) - "These are numbers that are consistent with a slowing down
in activity, a moderation on the consumption side," said Steven
Wieting, an economist with Citigroup Global Markets in New
York.




Sales of new U.S. homes fell 1.6 percent last month to an
annual rate of 915,000 units from a downwardly revised pace of
930,000 in April, the Commerce Department said on Tuesday.
Analysts had been looking for May new home sales of 925,000.


Read more at Reuters.com Business News

MatlinPatterson raises new $5 billion fund--source

(Reuters) - MatlinPatterson, founded by veteran distressed debt
specialists David Matlin, Mark Patterson and Lap Chan,
originally sought to raise some $3.5 billion for the firm's
third fund.




But demand for the fund exceeded supply and it was
oversubscribed by $1.5 billion, the source said, reflecting
some experts' views there will be many more opportunities to
invest profitably in debt-strapped companies over the next few
years.


Read more at Reuters.com Mergers News

Topps says board to review Upper Deck offer

(Reuters) - On March 5, Topps entered into a definitive agreement to be
acquired by The Tornante Company LLC and Madison Dearborn
Partners, LLC for $9.75 per share in cash.





Read more at Reuters.com Mergers News

US STOCKS-Indexes dip again as subprime fears weigh

(Reuters) - NEW YORK, June 26 - U.S. stocks closed down for
a third session on Tuesday as higher bond yields raised
concerns about borrowing costs and more fallout from the
subprime mortgage market kept investors on edge.




But a drop in oil prices eased worries about inflation and
takeovers in health care and chemicals increased optimism
about share valuations, limiting the market's decline.


Read more at Reuters.com Bonds News

UPDATE 1-Countrywide falls on rumors of subprime probe

(Reuters) - Shares of the Calabasas, California-based company began to
decline on increased volume around 2 p.m. EDT. A report on
theflyonthewall.com attributed the decline to "unconfirmed
chatter of a subprime loan investigation."




Paul Foster, an options strategist at theflyonthewall.com,
said the volume stemmed from the rumors about a probe.


Read more at Reuters.com Mergers News

Venezuela's Bolivar Strengthens to One-Month High After Dollar Bond Sale

(Bloomberg) -- Venezuela's bolivar rose to its
strongest in almost one month in unregulated trading after the
government flooded the financial system with dollars to stem the
currency's decline.

The bolivar today rose to 4,050 per dollar in the
unofficial dollar market, its strongest since May 30, from 4,150
to the dollar yesterday, traders said. The bolivar's third
straight day of gains pared its decline this year to 19 percent.


Read more at Bloomberg Currencies News

US CREDIT-Tyco bond suit may have wide-ranging impact

(Reuters) - Tyco is being sued by the trustee of its bonds, The Bank of
New York and a group of bondholders who argue that the company
is breaking terms and conditions of the debt by not offering to
buy back the debt at what they argue is its full value.




Investment grade corporate bonds often have covenants that
can require companies to buy back the debt at a price that
includes future interest payments in certain events such as
restructurings or mergers or acquisitions, which can radically
alter a company's credit profile.


Read more at Reuters.com Bonds News

UPDATE 2-Limited Brands CEO lays out future vision

(Reuters) - NEW YORK, June 26 - Retailer Limited Brands Inc.
, which is in the process of selling its apparel chains,
plans to give a progress report on its cost cutting and
transformation into a two-brand company no later than the end
of July, according to a letter sent to employees.




Limited, which owns Victoria's Secret and Bath & Body Works
in addition to its namesake and Express apparel chains, is
restructuring to focus on the less seasonal, more profitable
businesses of undergarments and beauty and bath products.


Read more at Reuters.com Bonds News

Mexico's Bolsa Declines a Third Day on Tax Law Concern; Chile's IPSA Falls

(Bloomberg) -- Mexico's main stock index fell for a
third day on concern President Felipe Calderon's proposed tax
legislation will lower company profits.

Mexico's Bolsa index declined 259.09, or 0.8 percent, to
31,036.92 as of 2:29 in New York. The Bovespa Index of the most-
traded stocks on Brazil's Sao Paulo exchange was little changed at
54,078.33.


Read more at Bloomberg Stocks News

UPDATE 1-GLG hedge fund to pay $3.2 mln in SEC settlement

(Reuters) - The settlement comes less than two days after GLG Partners,
one of Europe's biggest hedge funds with $12 billion in assets,
said it plans to go public in the United States.




Regulators said the firm engaged in manipulative
short-selling that helped earn it $2.2 million in illegal
profit between July 2003 and July 2005. The agency said GLG
violated a key SEC rule 16 times in connection with 14
different public offerings.


Read more at Reuters.com Government Filings News

Total says terms of Venezuelan oil deal satisfying

(Reuters) - "The negotiations have led to satisfying conditions both
concerning the compensation and the governance of the future
mixed company. This memorandum of understanding confirms we want
to stay in Venezuela," a Total spokeswoman said.




She declined to specify how much Total would be compensated
for lost value of its Sincor stake.


Read more at Reuters.com Mergers News

Republican senators want probe of Fannie bonus pay

(Reuters) - Under a plan announced last week, several executives will
receive more than $1 million each in bonuses.




Daniel Mudd, the chief executive officer, will receive
almost $1.9 million worth of company stock while chief business
officer Robert Levin will be granted roughly $1.74 million
worth of stock under a plan that must be approved by the Office
of Federal Housing Enterprise Oversight.


Read more at Reuters.com Government Filings News

Brazil says eyeing 30-year reais bond in 2007

(Reuters) - So far, Brazil has issued three maturities for local
currency denominated bonds externally due in 2016, 2022 and
2028.




Read more at Reuters.com Bonds News

US STOCKS-Indexes up on demand for defensives, oil drops

(Reuters) - NEW YORK, June 26 - U.S. stocks rose on Tuesday,
as investors snapped up shares in sectors seen likely to
withstand a slowdown in growth following reports pointing to
further weakness in housing.




A drop in oil prices also lent some support to stocks.


Read more at Reuters.com Bonds News

UPDATE 2-Blackstone units fall below $31 IPO price

(Reuters) - NEW YORK, June 26 - Blackstone Group LP
units tumbled more than 6 percent in Tuesday morning trade,
falling below the $31 price the private equity giant fetched in
its initial public offering last week.




Analysts said the decline was partly due to investor worry
that the private equity market may have run out of steam.


Read more at Reuters.com Government Filings News

U.S. securities industry group sees moderate growth

(Reuters) - Rising energy prices and a sudden rise in long-term
interest rates are likely to weigh on the consumer and drag out
the moderate growth.




"It's likely to prolong the housing contraction," said
David Resler, Chief Economist at Nomura, of the recent rise in
long-term rates. "I think the jump in long-term rates may
prolong the period that the U.S. is not out of the woods."


Read more at Reuters.com Economic News

EEOC sues Merrill over alleged discrimination

(Reuters) - By Paritosh Bansal



NEW YORK, June 26 - The U.S. Equal Employment Opportunity Commission has sued Merrill Lynch over the alleged discrimination of a former employee because of his Iranian origin and Muslim faith, according to a court filing on Tuesday.


Read more at Reuters.com Government Filings News

Blackstone units fall below $31 IPO price

(Reuters) - The units traded as low as $30.36, down 6.4 percent, after losing nearly 8 percent on Monday. They jumped 13 percent in their market debut on Friday.




Analysts said the second-day decline was partly tied to investor concern that the private equity market may have run out of steam.


Read more at Reuters.com Business News

UPDATE 2-BlackRock to buy Quellos fund of funds business

(Reuters) - BOSTON, June 26 - Asset manager BlackRock
on Tuesday said it will pay $1.7 billion to buy the fund of
funds business from Quellos Group LLC at a time when more
clients want to invest in loosely regulated hedge-fund
portfolios.




New York-based BlackRock, which manages $1.2 trillion, said
it will pay $562 million in cash and $188 million in stock.
Quellos may also receive an additional $970 million in cash and
stock over 3 1/2 years.


Read more at Reuters.com Bonds News

Egypt shares rebound, housing sector leads

(Reuters) - Egyptian shares rebounded on Tuesday after three days of declines, carried higher by gains in the volatile housing sector including Heliopolis Housing, traders said.

"In terms of turnover, Heliopolis Housing, Sixth of October Development and Investment, and Alexandria Real Estate are the three major players," said Walaa Hazem of HC Securities.


Read more at Reuters Africa

Visa hires president pre-IPO; Visa USA CEO resigns

(Reuters) - At Visa Inc., Morris will have responsibility for all income-generating businesses. Morris, 48, has spent his 27-year career at Citigroup and its predecessors. Since November 2002, he has been chief financial officer of Citi Markets & Banking, which includes investment and corporate banking operations.




The publicly traded entity to be known as Visa Inc. will combine Visa USA, Visa International and Visa Canada. Smaller rival MasterCard Inc. went public in May 2006.


Read more at Reuters.com Bonds News

Emerging-Market Bonds Little Changed, at Seven-Week High For Risk Premium

(Bloomberg) -- Emerging-market bonds were little
changed, with yields over U.S. Treasuries holding at a seven-
week high, as concerns about losses linked to subprime mortgages
limit demand for riskier assets.

The average spread, or extra yield, over U.S. Treasuries on
emerging-market bonds was 1.66 percentage points, the highest
since May 7, according JPMorgan Chase & Co.'s EMBI Plus index.
The spread increased 7 basis points, or 0.07 percentage point,
yesterday, the most since April 30.


Read more at Bloomberg Emerging Markets News

Zambia new mining taxes delayed to September - minister

(Reuters) - Zambia has launched negotiations with foreign copper mining firms on raising taxes, but expects to agree new deals in September instead of this month, Commerce and Trade minister Felix Mutati said on Tuesday.

Mutati said negotiations, including raising the mineral royalty rate to 3.0 percent from 0.6 percent, would take longer than initially expected.


Read more at Reuters Africa

Benchmark ABX subprime indexes fall to new lows

(Reuters) - The ABX 06-2, which references loans from the first half of
2006, also traded at a new low of 61.78 after closing at 62.16
on Monday, they said.




Read more at Reuters.com Bonds News

Allergan gets label extension OK for dermal fillers

(Reuters) - The company said the approval was based on new clinical data demonstrating that the effects of the products may last for up to one year, which it said was longer than that of other hyaluronic acid dermal fillers.






Read more at Reuters.com Government Filings News

Bear Stearns' Everquest withdraws IPO-filing

(Reuters) - Everquest is a Cayman Islands-registered business jointly run by Bear Stearns Asset Management and Stone Tower Capital LLC, a hedge fund firm specializing in debt. Everquest manages a portfolio of collateralized debt obligations, or CDOs, which are themselves packages of corporate loans, asset-backed securities and securities issued by other CDOs.




Everquest, which held $720 million of CDOs and other assets at the end of last year, filed plans on May 9 for an IPO. But the transaction immediately came under fire from critics who said the firm's close ties to Bear Stearns would lead to conflicts of interest.


Read more at Reuters.com Bonds News

Copper Futures Decline in New York on Concern Demand From China May Ease

(Bloomberg) -- Copper futures declined in New York
on signs demand may be slowing in the U.S. and China, the
world's two largest users of the metal.

U.S. new home purchases probably fell last month,
signaling the worst in the housing slump isn't over, economists
said before a government report today. Builders are the biggest
consumers of the metal. Chinese copper imports in May fell 37
percent from April, a sign the country may be oversupplied.
Copper fell 1.1 percent last week on demand concerns.


Read more at Bloomberg Commodities News

Iberdrola Cofrentes Nuclear Power Plant Won't Resume Output Before July 13

(Bloomberg) -- Iberdrola SA's Cofrentes nuclear power
plant, Spain's largest by production, delayed resuming output until
at least July 13, after a halt for refueling and maintenance, a
spokesman said.

The delay was caused after tests on newly welded pipes that
are part of the mechanism to control the speed of the nuclear
reaction showed leaks, said the spokesman, who declined to be
identified. The plant has been idle since April 29.


Read more at Bloomberg Energy News

Altria to move some cigarette production to Europe

(Reuters) - The parent company of Phillip Morris tobacco cited declining U.S. cigarette volume for moving production to Europe. The Cabarrus facility employs about 2,500 people.



Altria said it plans to consolidate U.S. cigarette manufacturing in Richmond, Va., and that Philip Morris International will shift the sourcing of about 57 billion cigarettes from Cabarrus to Europe by the third quarter of 2008.


Read more at Reuters.com Mergers News

Apple, Dow Jones, FreightCar America, Google, IXYS: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Shares prices are as of 7:30 a.m. New York time.

Apple Inc. (AAPL US) added $1.18 to $123.52 in trading
before U.S. exchanges opened. RBC Capital rated the shares
``outperform'' in new coverage, setting its price forecast at
$160. RBS said it saw further upside for Apple shares based on
the company's continued dominance of the MP3 player market with
its iPod and iTunes and gains from its Mac computers.


Read more at Bloomberg Stocks News

RPT-U.S. panel to ask SEC about proxy access, hedge funds

(Reuters) - WASHINGTON, June 26 - All five commissioners of
the U.S. Securities and Exchange Commission are to appear on
Tuesday at a Congressional hearing that is expected to explore
hedge fund activities, access to corporate proxy statements and
so-called soft-dollar arrangements.




House Financial Services Chairman Barney Frank, a
Massachusetts Democrat, told Reuters he wants to question all
of the commissioners "just to find out what they're saying."


Read more at Reuters.com Bonds News

Emerging Markets Offer Safest Stock Investments, Schroder's Conway Says

(Bloomberg) -- Developing nations' stocks markets
and economies are less risky for investors than their developed
counterparts because they're best able to weather a U.S.-induced
slowdown, according to Schroder Investment Management Ltd.

``The safe haven in a storm would be emerging markets,''
Allan Conway, who oversees $10 billion as London-based head of
global emerging-market equities at Schroder, said today in Seoul.
``It is true to say the economic fundamentals in emerging
markets are stronger now than in the developed economies. It has
never been possible to make that statement in the past.''


Read more at Bloomberg Stocks News

UPDATE 1-Help sought in Chinese tire recall after accident

(Reuters) - The tires, made by Hangzhou Zhongce Rubber Co., have an
insufficient or missing gum strip, a safety feature that helps
prevent them from separating, the lawyers and a consumers'
group said in a statement. The group, Safety Research &
Strategies, is urging retailers and wholesalers to stop selling
the tires.




The New Jersey importer, Foreign Tire Sales, has told U.S.
safety officials the tires were sold under the names Westlake,
Telluride Compass and YKS, according to lawyers representing
families of people involved in the fatal car accident blamed on
the tires.


Read more at Reuters.com Government Filings News

Iberdrola to fund U.S. buy with cash call, shares dip

(Reuters) - "It will be financed through an equity issue which will be done before the closing and the timing will depend on market conditions," strategy director Jose Luis del Valle told analysts in a conference call.




Iberdrola shares lost just over 2 percent on Tuesday after the Spanish power group said late on Monday it would buy East Corp., based in the northeast United States, for $4.5 billion in cash and take on 3 billion euros of debt.


Read more at Reuters.com Business News

EU reopens review of Sony-BMG music venture

(Reuters) - The Commission, the European Union's highest antitrust regulator, lifted the suspension because the companies had provided information that they failed to give before.




The Commission approved the deal in 2004 and the companies went ahead and created their joint venture. But a European court annulled that decision and the EU executive now has to reexamine the deal.


Read more at Reuters.com Mergers News

Arcelor Mittal Postpones Bond Sale in Euros Because of Market Volatility

(Bloomberg) -- Arcelor Mittal, the world's biggest
steelmaker, postponed a bond sale because of market volatility,
according to an e-mailed statement from Commerzbank AG, one of
the banks managing the sale.

Arcelor Mittal last week hired Commerzbank, Citigroup Inc.,
Calyon and Royal Bank of Scotland Group Plc to manage the sale of
five- and 10-year fixed-rate bonds in euros. The steelmaker
planned to issue the debt through its Arcelor Finance unit.


Read more at Bloomberg Bonds News

China's Stocks Climb, Erasing Earlier Losses; Citic Securities Advances

(Bloomberg) -- China's key stock index rose, erasing
earlier losses, as investors judged excessive a correction that
caused the benchmark to tumble as much as 12 percent from its
closing high of a week ago.

The CSI 300 Index gained 50.62, or 1.3 percent, to 3928.21
at the close. It earlier retreated as much as 3.2 percent. Citic
Securities Co., China's most profitable brokerage, and Founder
Technology Group Corp., the second-largest computer maker, rose.


Read more at Bloomberg Stocks News

Corn Gains in Chicago as Losses Seen Overdone; South Korea Tenders to Buy

(Bloomberg) -- Corn futures rose in Chicago as
investors bet declines were overdone and after South Korea
tendered to buy U.S. corn. Soybean and wheat futures fell after a
government report of improved crop conditions.

The Korea Feed Association issued a tender to buy 385,000
metric tons of U.S. corn today for arrival from October to
November. Corn for December delivery, the most-active contract,
had declined 14 percent from a June 18 intraday high to
yesterday's close.


Read more at Bloomberg Commodities News

Asian Stocks Fall for a Third Day on U.S. Spending Concern; Sony Declines

(Bloomberg) -- Asian stocks fell for a third day on
concern a slump in U.S. housing will curb spending in the
region's biggest export market.

Sony Corp., which made 70 percent of its sales overseas last
year, and Hon Hai Precision Industry Co., whose customers include
Apple Inc., led declines after sales of previously owned homes
fell to the lowest in almost four years.


Read more at Bloomberg Stocks News

Roche says hopes hostile Ventana bid turns friendly

(Reuters) - By Thomas Atkins



ZURICH, June 26 - Swiss drugmaker Roche said on Tuesday it still hoped its $3 billion hostile bid for Ventana Medical Systems Inc. could turn friendly but declined to say whether it would sweeten the deal.


Read more at Reuters.com Mergers News

Rand range-bound, may weaken on equities

(Reuters) - South Africa's rand was trapped in ranges against the dollar on Tuesday, but dealers said there was scope for the unit to weaken given lower equity markets in the United States.

The rand was trading at 7.1795 to the dollar at 0635 GMT, close to its New York close of 7.18 on Monday.


Read more at Reuters Africa

Steady LME shores up jittery Shanghai copper

(Reuters) - Shanghai copper was unchanged on Tuesday following a 2 percent fall in the previous session, shored up after London futures recovered from selling pressure early on Monday.

The most-active September copper contract on the Shanghai Futures Exchange was at 63,050 yuan at the midday break.


Read more at Reuters Africa