UPDATE 1-TNK-BP's net profit up 40 pct in 2006

(Reuters) - TNK-BP International combines TNK-BP Holding plus half of
oil production venture Slavneft and a controlling stake in Rusia
Petroleum, the licence holder of the giant Kovykta gas field.




The company's total sales rose 18 percent in 2006 to $35.512
billion but net revenue was only 11 percent up at $24.66 billion
as export duties and excise taxes jumped 35 and 58 percent
respectively to $10.1 billion and $765 million.


Read more at Reuters.com Market News

Nickel Drops, Snapping Two Days of Gains, on Stockpile Surge; Lead Falls

(Bloomberg) -- Nickel declined in London, snapping
two days of gains, after stockpiles climbed to the highest in
almost 11 months. Lead fell on prospects of increased supply as
Xstrata Plc said it will lift restrictions on metal deliveries
from its U.K. smelter after a five-month disruption.

Inventories of nickel tracked by the London Metal Exchange
jumped 6.3 percent to 8,460 metric tons, the exchange said today in
a daily report. That's the highest since July 10 last year.
Production will beat usage by 70,000 tons this year, reversing the
2006 shortage, the International Nickel Study Group said on May 14.


Read more at Bloomberg Commodities News

Tower Semi in talks to buy AMD equipment -paper

(Reuters) - Tower also intends to raise $40 million in a bond offering
to Israeli institutional investors, the paper said.




Tower officials declined to comment.


Read more at Reuters.com Bonds News

FTSE up on Vodafone, insurers; Daily Mail down

(Reuters) - Britain's leading share index edged up early on Tuesday, helped by a turnaround in the Chinese markets and gains in insurers and index heavyweight Vodafone.

At 0804 GMT the FTSE 100 was up 9.6 points, or 0.14 percent at 6,674.3.


Read more at Reuters Africa

Malaysia Ringgit to Rise 3 Percent in 2007 on Resilient Exports, HSBC Says

(Bloomberg) -- The Malaysian ringgit will rise 3
percent by year-end as the central bank permits gains and exports
withstand a stronger currency, said HSBC Holdings Plc.

The currency, up 3.8 percent this year and close to the
strongest since 1998, reflects the nation's economic fundamentals,
Bank Negara Malaysia Governor Zeti Akhtar Aziz said May 30. It
contrasts with China and South Korea that are seeking to boost
outflows to stem gains in their currencies.


Read more at Bloomberg Currencies News

China shares close up 2.6 pct in wild trade

(Reuters) - The index had tumbled as much as 21 percent since last Wednesday, when authorities hiked the stock trading tax to cool a bull run.




Rumors spread on Tuesday afternoon that officials from the securities regulator, the finance ministry and other agencies, concerned by the plunge, planned a meeting to discuss how to stabilize stocks.


Read more at Reuters.com Hot Stocks News

ICICI Bank May Sell $2.5 Billion of Stock Overseas, People Familiar Say

(Bloomberg) -- ICICI Bank Ltd. may sell as much as
$2.5 billion of shares overseas in the biggest such offering by
an Indian company, three people with direct knowledge of the
matter said.

The Mumbai-based bank has sought regulatory approval to sell
American depositary receipts as early as this month, the people
said, requesting anonymity before an official statement. The sale
is part of a planned offering announced in April that may raise
up to $5 billion.


Read more at Bloomberg Emerging Markets News