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