Gold rises on inflation concerns, TOCOM up 1 pct

(Reuters) - Gold rose on Friday after posting strong gains the previous day amid growing inflationary concerns and a rally in base metals, with strength in Japanese gold futures providing additional support.

Follow-up short-covering emerged in Asia to push cash prices to their highest in more than a week, but traders were careful about buying heavily following falls in the last week and after hitting technical resistance.


Read more at Reuters Africa

Crude Oil Prices May Fall on Signs Supply Will Meet Demand, Survey Shows

(Bloomberg) -- Crude oil may fall speculation that
U.S. inventories are sufficient to meet the needs of refineries
making gasoline for the peak-demand summer months.

Eighteen of 46 analysts surveyed, or 39 percent, said oil
prices will decline. Fourteen, or 30 percent, said prices will
rise and 14 forecast little change. Last week, 36 percent of
respondents said prices would gain.


Read more at Bloomberg Bonds News

UPDATE 1-Advantage secures $2.6 bln for Tokyo Star-sources

(Reuters) - Advantage is in final negotiations to buy two-thirds of Tokyo
Star from another fund, Dallas-based Lone Star [LS.UL]. Under
Japanese law, it would then have to make a tender offer for all
the Tokyo-based firm's shares.




The structure of the financing will now be studied by
Japan's regulatory watchdog the Financial Services Authority.


Read more at Reuters.com Bonds News

Central Banks to Boost Euro Holdings in Reserves, China's Wu Xiaoling Says

(Bloomberg) -- Central banks will boost holdings of
the euro as the European region's economy expands and the
currency remains ``stable,'' said Wu Xiaoling, vice governor of
the People's Bank of China.

The single currency of 13 nations from the European Union
has risen 1.9 percent this year against the dollar as the area's
growth beat economists estimates and the European Central bank
raised interest rates to 3.75 percent. Wu reiterated China
doesn't plan to cut its holdings of dollars, which make up most
of its $1.2 trillion in foreign-exchange reserves.


Read more at Bloomberg Currencies News

Lai Sun and ESun Seek $1.7 Billion Loans to Fund Casino Project in Macau

(Bloomberg) -- Lai Sun Development Co., a Hong Kong
real estate developer, and its media unit hired Deutsche Bank AG
and Morgan Stanley to arrange $1.7 billion in loans for a casino
project in Macau.

The loans will be used to fund development and construction
of the hotel, retail and entertainment portions of Macao Studio
City, a 3.65 million square-foot project, Lai Sun and ESun
Holdings Ltd. said in a joint statement to Hong Kong's stock
exchange today. The site is located in Macau's Cotai district,
the companies said.


Read more at Bloomberg Emerging Markets News

Gold rises on inflation concerns

(Reuters) - -- Gold climbed as high as $663.00 on Friday -- the highest since May 23.




-- The cash price faced some technical resistance around $662, which is the 100-day moving average level.


Read more at Reuters.com Hot Stocks News

Wal-Mart: $4 generics now 38 pct of filled scripts

(Reuters) - Wal-Mart's U.S. chief operating officer, Bill Simon, made the comments at a media conference one day ahead of its annual shareholders' meeting amid ongoing criticism from labor groups that contend the world's largest retailer offers inadequate pay and health care benefits to its workers.




Wal-Mart began selling certain generic drugs for $4 per monthly prescription in September and by the end of November had extended the program to all its U.S. pharmacies -- far ahead of schedule. Other retailers, including close rival Target Corp., have rolled out similar programs.


Read more at Reuters.com Business News

Japan's Stocks Advance, Paced by Inpex, Metals Producers; Toyota Rises

(Bloomberg) -- Japanese shares rose, paced by
commodity-related stocks including Inpex Holdings Inc. and
Sumitomo Metal Mining Co., after prices of crude oil and metals
climbed.

Toyota Motor Corp., the world's No. 1 automaker by market
value, jumped 1.9 percent on speculation its U.S. sales rose
while its rival Ford Motor Co. will have a drop in revenue.
Mitsubishi Corp. gained after Goldman, Sachs & Co. raised its
rating on the shares.


Read more at Bloomberg Stocks News

Japan's Nikkei Stock Average, Topix Rise; Toyota, Mitsui & Co. Lead Gain

(Bloomberg) -- Japan's Nikkei 225 Stock Average
rose 80.78, or 0.5 percent, to 17,956.53 at 9:02 a.m. in Tokyo.
The broader Topix index added 10.60, or 0.6 percent, to
1766.28.

Toyota Motor Corp. and Mitsui & Co. led the advances.


Read more at Bloomberg Stocks News

CKX gets acquisition offer from CEO

(Reuters) - CKX controls 85 percent of Elvis Presley Enterprises, which
manages Presley's estate and licences his name, image and
likeness, apart from operating tours of Graceland.





Read more at Reuters.com Mergers News

Bush Proposes International Initiative to Reduce Greenhouse Gas Emissions

(Bloomberg) -- President George W. Bush, in a
counter-offer to European leaders on climate change, proposed
convening a new round of talks with the world's biggest
economies to set targets for cutting greenhouse gas emissions.

In a speech today in Washington, the president softened his
past opposition to setting global goals to cut the pollution
that is causing the Earth's atmosphere to warm without saying
what targets should be adopted or how they should be met.


Read more at Bloomberg Energy News

Pall Corp. quarterly earnings rise

(Reuters) - Analysts, on average, had expected a profit of 43 cents per
share, before special items, according to Reuters Estimates.





Read more at Reuters.com Market News

Another FDA delay for Labopharm pain drug

(Reuters) - The FDA said Labopharm had not demonstrated the efficacy of
its once-daily formulation of tramadol because statistical
methods used to analyze data from clinical trials did not
adequately address missing data relating to those who dropped
out and did not complete the study, the company said.




Labopharm said the agency did not explain how the
statistical methods were inadequate, adding that it hopes to
clarify the issue with the FDA at the earliest possible
opportunity.


Read more at Reuters.com Government Filings News

ICE urges CBOT members to defy board on CME deal

(Reuters) - At a meeting with CBOT members that was also Webcast and
teleconferenced, Sprecher stressed the 14 percent premium that
ICE's bid holds to the CME proposal, which was endorsed by
CBOT's board of directors this month.




CBOT's board has cited greater integration risk involved in
a possible deal with ICE compared with CME.


Read more at Reuters.com Mergers News

TREASURIES-Strong economic data lift yields before jobs data

(Reuters) - NEW YORK, May 31 - U.S. government bond prices
slipped on Thursday, after robust economic data on the eve of
the government's employment report further curbed expectations
of an interest rate cut by year-end.




For a time, it looked as if bonds would suffer a sharper
loss, but prices found support at technical levels and that,
combined with some month-end buying, lifted prices from their
lows, analysts said.


Read more at Reuters.com Bonds News

Bank earnings fall slightly in 1st quarter

(Reuters) - Commercial lenders overseen by the Federal Deposit Insurance Corp. posted a net income of $36 billion in the first quarter of the year.




That was off 2.5 percent, or $900 million, compared with the same quarter a year ago and was the fourth-highest income reported by the industry, the FDIC said.


Read more at Reuters.com Market News

UPDATE 1-US SEC head urges crackdown on 'soft dollar' deals

(Reuters) - NEW YORK, May 31 - Soft-dollar deals -- where
money managers pay inflated commissions to get favors such as
free stock research from brokerages -- need tighter regulation,
the top U.S. market regulator said on Thursday.




Securities and Exchange Commission Chairman Christopher Cox
vowed to push Congress to reform or even repeal laws that allow
soft-dollar transactions, which some critics say present
conflicts of interest and cheat investors.


Read more at Reuters.com Government Filings News

Strategic Hotels says GIC unit to buy 49 pct stake in 2 hotels

(Reuters) - The deal is expected to close during the third quarter. GIC
is the real estate investment company of the Government of
Singapore Investment Corp. Pte Ltd.





Read more at Reuters.com Mergers News

Brocade posts sharply lower quarterly profit

(Reuters) - Revenue rose 89 percent to $345.3.




Read more at Reuters.com Market News

U.S. Stocks Rise on Takeovers, Earnings; A.G. Edwards, Ciena Shares Gain

(Bloomberg) -- Takeovers and earnings that topped
analysts' estimates sent U.S. stocks to a fourth straight day of
gains, extending the market's record-breaking rally.

A.G. Edwards Inc. rose the most in two decades after
Wachovia Corp. said it will buy the company for about $6.8
billion in the biggest acquisition of a U.S. brokerage firm in
almost seven years. Ciena Corp. and Novell Inc. led technology
shares higher after reporting sales increases. Apple Inc. climbed
to a record after analysts raised its share-price forecast.


Read more at Bloomberg Stocks News

FTC probes student loan marketing tactics-lawmaker

(Reuters) - Addressed to committee Chairman George Miller, a California
Democrat, the letter added the FTC has formed an intra-agency
working group focused on concerns about private student loans.




Congressional and state officials have been examining the
$85 billion student loan industry for months, with
investigators alleging conflicts of interest and payment by
lenders of kickbacks to curry favor with college officials.


Read more at Reuters.com Government Filings News

UPDATE 1-Mexican government says has no tax deal date

(Reuters) - Interior Minister Francisco Ramirez, who is responsible for
cabinet negotiations with lawmakers, said the date depended on
Congress as much as the executive.




"We don't know what date it might be," he told reporters.
"These are terms and dates the legislators themselves are also
working on. We are working on it."


Read more at Reuters.com Bonds News

Starwood Hotels up on takeout talk

(Reuters) - "People are speculating that Starwood Hotels might be the next company taken over because of the recent real estate deals," said William Lefkowitz, options strategist at brokerage firm vFinance Investments in New York.




Its shares were up $1.79, or 2.55 percent to $71.85 after hitting a 52-week high of $73.70 in early afternoon trading.


Read more at Reuters.com Hot Stocks News

Columbia University signs New York's student loan code

(Reuters) - In November, New York Attorney General Andrew Cuomo began investigating potential conflicts of interest arising from lenders' practices of using payments and other perks to win placement on colleges' preferred lender lists.




Columbia also agreed to pay $1.125 million into a borrowers' education fund, and to submit its financial aid procedures to monitoring by the New York attorney general, according to the statement.


Read more at Reuters.com Bonds News

Feeder Cattle Futures Fall on Rising Prices for Livestock Feed; Hogs Drop

(Bloomberg) -- Feeder cattle futures fell in Chicago
as prices rose for the main ingredients in livestock feed. Hog
futures also dropped.

Demand for feeder cattle, animals that graze pastures
before being sold for fattening, normally decline when corn
futures rise. The grain jumped more than 3 percent today,
bringing the past year's gain to 56 percent. Wheat, an alternate
feed source, is up 32 percent in the past year.


Read more at Bloomberg Commodities News

S.African stocks climb, led by resource heavyweights

(Reuters) - South African stocks ended firmer on Thursday, brushing off weaker economic data as stronger metals prices boosted resource heavyweights Anglo American and BHP Billiton.

The Johannesburg All-share index was up 0.66 percent to 28,627.79 points, while the Top-40 index of blue-chip stocks ended 0.78 percent higher at 25,701.40 points.


Read more at Reuters Africa

UPDATE 1-US bank earnings fall slightly in 1st quarter

(Reuters) - WASHINGTON, May 31 - Earnings at U.S. banks fell
slightly in the first three months of the year amid a
continuing housing slump and tightening credit standards, a
banking regulator said on Thursday.




Commercial lenders overseen by the Federal Deposit
Insurance Corp. saw net income of $36 billion in the first
quarter of the year.


Read more at Reuters.com Bonds News

YouTube signs broad licensing pact with EMI

(Reuters) - "With this deal, all four of the world's major music companies are now official YouTube partners," Chad Hurley, chief executive and co-founder of YouTube, said in a statement.




The deal follows a string of multibillion dollar lawsuits by major media companies who accuse YouTube of allowing its users to pirate their copyrighted works on the popular video sharing site.


Read more at Reuters.com Business News

Canadian Stocks Little Changed, as Petro-Canada, Toronto-Dominion Decline

(Bloomberg) -- Canadian stocks erased gains and were
little changed after energy prices slid and economic growth
exceeded central bank estimates, sparking concerns that the Bank of
Canada will raise borrowing costs to rein in inflation.

Canada's economy grew at the fastest pace since the third
quarter of 2005, expanding at an annualized 3.7 percent. The Bank
of Canada hinted on May 29 that it may raise borrowing costs as
early as July. A measure of interest-rate sensitive banks fell 0.4
percent. Toronto-Dominion Bank, Canada's second-largest lender,
dropped 67 cents to C$73.97.


Read more at Bloomberg Stocks News

Texas Instruments sees second quarter on track-CEO

(Reuters) - TI, the biggest maker of chips for mobile phones, had said in April it expected second-quarter earnings and revenue to rise as orders improve, as it had largely worked through an inventory correction that began last year.



"I think you're going to find things tracking pretty much in line with that," Templeton told a Cowen & Co technology investment conference.


Read more at Reuters.com Market News

AIG unit to invest in firm to limit greenhouse gas

(Reuters) - Sindicatum uses capital and technology to convert carbon
dioxide emissions into long-term sources of revenue and will
use its new capital to develop greenhouse gas reduction
projects in coal mining, chemicals, waste management and power
generation, AIG said.




Read more at Reuters.com Mergers News

Home price rise slowest in a decade

(Reuters) - The quarterly index is based on sales and refinancing transactions.




OFHEO's purchase-only index, based solely on purchase price data, showed slower price appreciation over the past year of 3 percent.


Read more at Reuters.com Bonds News

UPDATE 1-US home price rise slowest in a decade - OFHEO

(Reuters) - Although some economists expected the Home Price Index to
fall, house prices nationwide continued climbing in the first
quarter, "albeit at the lowest rate in 10 years," James
Lockhart director of the Office of Federal Housing Enterprise
Oversight , said in a news release.




The quarterly index is based on sales and refinancing
transactions.


Read more at Reuters.com Bonds News

Foschini says year headline EPS rises 15.4 pct

(Reuters) - South African fashion retailer Foschini lifted annual headline earnings per share by 15.4 percent to 534.2 cents, the firm said on Thursday.

Retail turnover increased 12.4 percent to 7.2 billion rand during the year to end March, it added in a statement.


Read more at Reuters Africa

NAPM-Milwaukee says purchasing index jumps in May

(Reuters) - April's reading broke a 45-month string of expansion. The
index is now back at its highest since February.




The index of the region's blue-collar employment rose in
May to 60 from 56, while white-collar employment was down a
point at 55.


Read more at Reuters.com Economic News

Corn, Wheat, Soybeans May Rise in Chicago as Weather Threatens U.S. Crops

(Bloomberg) -- Corn and soybeans may rise on
speculation that warm, dry weather in June will increase stress
on young plants in the Midwest and reduce yield potential. Wheat
futures may also gain as wet weather damages ripening U.S. crops.

Most Midwest fields east of the Mississippi River will
receive less than 50 percent of normal rain in the next five days
as a high pressure system in the southeast U.S. blocks storm
movement, said Mike Tannura, a meteorologist for T-Storm Weather
in Champaign, Illinois. Hot weather beginning June 8 will
increase stress on young plants, he said.


Read more at Bloomberg Commodities News

India's Economic Growth Accelerates to 9.1 Percent on Factories, Services

(Bloomberg) -- India's economy grew at the fastest
pace in almost 20 years as companies lifted production to meet
surging consumer demand.

South Asia's largest economy expanded 9.4 percent in the
year ended March 31, the biggest gain since 1989 and more than
the government's initial estimate of 9.2 percent, the Central
Statistical Organisation said in New Delhi today.


Read more at Bloomberg Emerging Markets News

Gold, Silver Climb in New York on Demand for Alternative to Easing Dollar

(Bloomberg) -- Gold and silver prices rose in New
York as a decline in the value of the dollar against the euro
boosted the appeal of precious metals as alternative
investments.

Gold generally moves in the opposite direction of the
dollar, which dropped against the euro after a government report
showed the U.S. economy grew last quarter at the weakest in more
than four years. Before today, gold had gained 3.3 percent this
year as the euro climbed 1.8 percent against the dollar.


Read more at Bloomberg Commodities News

Jordanians Feel Strain of Iraq War From Flood of Refugees, Rising Prices

(Bloomberg) -- Jordanian entrepreneur Ali Mufleh has
made enough money from subcontracting work during the Iraq war
to invest in a new café. Marwan Ali Khalil Yasin, an oil-company
employee, has almost no money left at the end of the month after
paying rent and taxes, fueling his car and buying cigarettes.

Their experiences illustrate the uneven impact the conflict
in neighboring Iraq has had on Jordan's economy. Some people got
rich working as middlemen shipping goods into Iraq or selling
property to Iraqis who fled to Amman. Others, like Yasin, got
poorer, blaming war-related wealth for driving up prices of
housing and other goods in Jordan's capital.


Read more at Bloomberg Exclusive News

Israeli Bonds Gain as Government Says to Borrow Fewer Bonds Than Forecast

(Bloomberg) -- Israel's benchmark Shahar bond gained
after the Finance Ministry said the government will sell fewer
bonds over the next three months then expected.

The ministry said late yesterday it plans to raise 6.5
billion shekels in the June to July period. That compares with a
forecast of 12.5 billion shekels by Jonathan Katz, chief
strategist at HSBC Plc said.


Read more at Bloomberg Bonds News

U.S. jobless claims fell in latest week

(Reuters) - Wall Street analysts were expecting a slight decline in
claims to 310,000 from an initial reading of 311,000 in the
week ended May 19.




The closely watched four-week moving average of initial
jobless claims, which flushes out weekly fluctuations, inched
up to 304,500 from 303,500 the prior week.


Read more at Reuters.com Economic News

Heinz posts higher quarterly profit

(Reuters) - The company, whose products also include Ore-Ida potatoes and Smart Ones frozen meals, said fourth-quarter profit was $181 million, or 55 cents per share. in line with analysts' average estimate as compiled by Reuters Estimates, compared with $167.9 million, or 50 cents a share, a year earlier.



Heinz also increased its common stock dividend by 8.6 percent to $1.52 per share annually. It set a quarterly dividend of 38 cents per share.


Read more at Reuters.com Market News

Hoya to make Pentax bid as early as next week-source

(Reuters) - Hoya plans to offer 770 yen a share, and eventually take more than a 50 percent stake in the Japanese camera and medical equipment maker, said the executive, who declined to be named.



)


Read more at Reuters.com Mergers News

Central Europe Stocks Rise, Led by Bank Pekao; Voestalpine Advances

(Bloomberg) -- Central European shares gained, led by
BRE Bank SA, Bank Pekao SA and Bank BPH SA after ING Groep NV g
advised investors buying the stocks of Polish lenders.

Voestalpine AG advanced after Deutsche Bank AG raised its
share-price estimate for Austria's largest steelmaker.


Read more at Bloomberg Stocks News

Jazz Pharma cuts IPO price to $20-$21/shr

(Reuters) - The company, which focuses on developing products for neurology and psychiatry medical needs, said in an amended filing with the U.S. Securities and Exchange Commission that it plans to offer 6 million shares.






Read more at Reuters.com Bonds News

UC RUSAL considers Mozambique bauxite project - Ifax

(Reuters) - United Company RUSAL, the world's largest aluminium producer, is considering mining the raw material bauxite in Mozambique, Interfax news agency reported on Wednesday, citing a Russian government official.

Officials from RUSAL held discussions in December about developing bauxite reserves in the African country, Interfax quoted Mikhail Kamyshin, official representative of Russia's foreign ministry, as saying.


Read more at Reuters Africa

France's CAC 40 Advances, Led by EADS, Electricite de France and Vallourec

(Bloomberg) -- French stocks climbed, led by European
Aeronautic, Defence & Space Co., Electricite de France SA and
Vallourec SA.

The CAC 40 Index rose 29.09, or 0.5 percent, to 6071.24 at
12:10 p.m. in Paris, heading for a 1.9 percent gain this month.
This would be the CAC 40's third straight monthly increase. The
SBF 120 Index added 0.5 percent today.


Read more at Bloomberg Stocks News

Dutch Utilities Submit Proposal to Reduce Carbon-Dioxide Emissions by 2020

(Bloomberg) -- Dutch utilities propose to reduce
carbon-dioxide emissions by 33 million tons a year by 2020,
achieving about a third of the reduction targeted by the
government for the entire nation in that period.

EnergieNed, the federation of Dutch energy companies, said
in a plan submitted to the government today that a fifth of all
electricity produced in the Netherlands should be produced from
renewable resources, especially wind and biomass, by 2020. All
coal-fired plants built after 2010 will be able to capture and
store the carbon dioxide they emit, under the group's proposals.


Read more at Bloomberg Energy News

Tiger Wheels fall 18 pct after warning on German unit

(Reuters) - Shares in South African automotive components maker Tiger Wheels Ltd plunged 18 percent on Thursday after the firm warned the performance of its global wheel manufacturing business is lower than its forecasts.

Shares in Tiger Wheels, which sells tyres at outlets in South Africa and also manufactures and sells aluminium wheels, fell 18.10 percent to 9.50 rand.


Read more at Reuters Africa

Cell phone market to grow 16 pct in 2007 - Gartner

(Reuters) - Continuing strong demand for new cell phones in Asia and Africa is set to lift 2007 global handset sales to 1.15 billion phones, a 16 percent rise from last year, researchers at Gartner said on Thursday.

That compares with an average market growth forecast of below 10 percent in a Reuters poll of analysts late last month after major handset makers reported January-March earnings.


Read more at Reuters Africa

UPDATE 2-Garden chair sales help Kingfisher to sunny Q1

(Reuters) - LONDON, May 31 - Kingfisher . Like-for-like sales rose 6.7 percent.


Read more at Reuters.com Economic News

Yen Is Poised for Worst Month This Year as Stocks Surge Around the World

(Bloomberg) -- The yen was set for the biggest monthly
decline this year against the dollar after the U.S. stock market
rose to a record, encouraging investors to buy higher-yielding
assets with money borrowed in Japan.

The Japanese currency traded near a record low against the
euro as global stock markets rallied after yesterday's 6.8 percent
slump in China, whetting traders' appetites for riskier assets.
The yen also declined against the Australian and New Zealand
dollars, favorites of the so-called carry trade.


Read more at Bloomberg Currencies News

Leaner Northwest Airlines set for bankruptcy exit

(Reuters) - Northwest has spent the last year and a half hacking $2.4 billion off its annual costs, mostly from an aggrieved work force. Like other so-called "legacy' airlines, it has been forced to drastically slash its costs to keep pace with newer low-cost carriers and deal with wild spikes in fuel costs.




The company will officially relaunch as a slimmed-down carrier when Chief Executive Doug Steenland rings the opening bell on the New York Stock Exchange on Thursday.


Read more at Reuters.com Business News

Nexen files with U.S. SEC for $2.5 bln mixed shelf

(Reuters) - Under a shelf registration, a company may sell securities
in one or more separate offerings with the size, price and
terms to be determined at the time of sale.




Read more at Reuters.com Government Filings News

Fitch cuts NovaStar's subprime servicer rating

(Reuters) - NovaStar, which put itself up for sale last month, this
month posted a big first-quarter operating loss amid tough
conditions for lenders that make home loans to people with poor
credit histories. For details, see [ID:nN10197583]




Fitch cut NovaStar's servicer rating to "RPS3-plus," from
"RPS2-minus." Servicers are rated on a scale of 1 to 5, with 1
being the highest rating.


Read more at Reuters.com Bonds News

IBasis says to file delinquent SEC reports in June

(Reuters) - The company expects to book additional, related charges of
$10 million to $20 million for stock-based compensation for the
period from fiscal 2000 through June 30, 2006. It will restate
its financial statements for that period in its annual report
filed with the U.S. Securities and Exchange Commission for the
year ended Dec. 31, 2006.




Read more at Reuters.com Government Filings News

U.S. Stocks Rise, S&P 500, Dow Average Hit Records; Energy, Finacials Gain

(Bloomberg) -- U.S. stocks rallied for a third day,
breaking the 2000 record for the Standard & Poor's 500 Index and
bringing the Dow Jones Industrial Average to its 25th peak this
year.

Exxon Mobil Corp., the world's largest oil producer, rose
to an all-time high after crude prices gained. Goldman Sachs
Group Inc., the world's biggest securities firm, led financial
shares to the second-biggest contribution to the S&P 500's
advance after the Federal Reserve said economic growth will pick
up.


Read more at Bloomberg Stocks News

Cocoa Falls to Three-Week Low on Ivory Coast Rains, Start of Ghana Harvest

(Bloomberg) -- Cocoa fell to a three-week low in New
York as rain improved the outlook for crops in Ivory Coast, the
world's biggest producer, and farmers in Ghana began selling
beans from a harvest that began this month.

Rain may fall over the next five days, after soaking Ivory
Coast during the weekend, said Meteorlogix LLC, based in Woburn,
Massachusetts. That may help the so-called main crop, the larger
of two annual harvests in West Africa, which starts in October.
The smaller mid-crop harvest already has begun.


Read more at Bloomberg Commodities News

TREASURIES-Prices hold gains after release of Fed minutes

(Reuters) - NEW YORK, May 30 - U.S. government bond prices
remained higher on Wednesday, little affected by the Federal
Reserve's release of minutes from its May 9 policy meeting.




The view expressed at the Fed meeting was that the risk of
economic slowdown has diminished and inflation is still
"uncomfortably high," matching previous Fed pronouncements.
Because there were no surprises, the minutes had scant impact on
prices.


Read more at Reuters.com Bonds News

Wheat Surges 4.1 Percent After Rain Damages Crops in Areas of Great Plains

(Bloomberg) -- Wheat prices in Kansas City jumped
4.1 percent, the most in four months, after a government report
showed that rains in the southern Great Plains damaged crops and
slowed harvesting.

About 57 percent of the winter-wheat crop was rated good or
excellent as of May 27, compared with 59 percent a week earlier,
the Department of Agriculture said yesterday. Fields from Texas
to Nebraska got as much as four times the normal amount of rain
in the past 30 days, causing plants to fall and making soil too
wet for heavy machinery.


Read more at Bloomberg Commodities News

Peruvian Stocks Slide Most in 17 Years on Copper: World's Biggest Mover

(Bloomberg) -- Peru's main stock index fell the most in
at least 17 years, led by miner Sociedad Minera Cerro Verde SA, on
concern that China's demand for commodities may slow.

The Lima General Index plunged 1939.44, or 9.7 percent, to
18,127.33 at 1:30 p.m. New York time. It was the sharpest fall
since Bloomberg began tracking the index in January 1990 and the
biggest move among markets included in global benchmarks.


Read more at Bloomberg Emerging Markets News

Blackrock Says U.S. Is Its `Favorite Market' for Inflation-Linked Debt

(Bloomberg) -- Blackrock Inc. fund manager Brian
Weinstein said the U.S. is the firm's ``favorite market'' for
inflation-linked bonds because of the likelihood rising costs
for food and fuel will push up consumer prices.

``We are nearly 100 percent in the U.S.,'' Weinstein said
in an interview at a conference on inflation-protected
securities in Frankfurt. It's ``our favorite market.''


Read more at Bloomberg Bonds News

Colombia Peso Weakens on China Stock Market Concern, Government Dollar Buy

(Bloomberg) -- Colombia's peso declined, reflecting
waning investor appetite for riskier, emerging market assets
following a Chinese stock market sell-off and the Colombia
government's purchase of dollars to stem currency appreciation.

Chinese stocks fell 6.8 percent, the most in three months,
after the government tripled a tax on securities transactions to
cool a rally that more than doubled local stock prices this
year.


Read more at Bloomberg Currencies News

U.S. Stocks Advance, Erasing Losses from China Sell-Off; Caterpillar Gains

(Bloomberg) -- U.S. stocks advanced for a third day
after gains in real-estate and phone companies helped erase losses
sparked by the biggest plunge in Chinese shares since Feb. 27.

Simon Property Group, the largest U.S. real estate investment
trust, climbed after Deutsche Bank AG upgraded its shares and
seven other companies in the industry following the $13.5 billion
buyout of Archstone-Smith Trust. Caterpillar Inc., the world's
biggest maker of earthmoving machines, gained after mining
equipment maker Joy Global Inc. boosted its forecast.


Read more at Bloomberg Stocks News

Dollar Tree reports higher profit

(Reuters) - Analysts, on average, had expected it to earn 37 cents a share, according to Reuters Estimates.




Sales rose 13.8 percent to $975 million. Sales at stores open at least a year -- a measure of retail strength called same-store sales -- rose 5.8 percent in the quarter.


Read more at Reuters.com Market News

Germany says Zoellick a good choice for World Bank

(Reuters) - Wieczorek-Zeul had strongly urged outgoing President Paul Wolfowitz to step down over the controversy surrounding a pay raise he authorized for his companion.




"It's important that the World Bank quickly gets a new president and wins back its ability to act," she added.


Read more at Reuters.com Bonds News

S.Africa bonds, rand weaken on inflation jump

(Reuters) - South African government bonds weakened on Wednesday as worse than expected inflation data raised the chances of an interest rate hike next week, prompting heavy selling on local paper.

Yields on the most-traded issue due in 2010 increased by 12.5 basis points from Tuesday's closing levels to 8.305 percent, while those on the benchmark note due in 2015 went up by 11.5 basis points to 7.89 percent.


Read more at Reuters Africa

Platinum Futures Are Little Changed in N.Y. Amid Dollar Gains Against Euro

(Bloomberg) -- Platinum was little changed in New
York amid expectations that recent dollar gains against the euro
will cut demand for precious metals as an alternative investment
to stocks and bonds. Palladium declined.

The dollar has gained 1.7 percent versus the euro since
touching a record low on April 27. The U.S. currency traded at
$1.3419 per euro at 8:59 a.m. in New York, from $1.3448
yesterday. Platinum, traded mostly in dollars, fell to the lowest
closing price in seven weeks yesterday.


Read more at Bloomberg Commodities News

Short Sales Break Record on NYSE, Making Market Bulls Even More Bullish

(Bloomberg) -- Short sellers are betting against
U.S. stocks like never before as the Standard & Poor's 500 Index
approaches an all-time high. That's making some of the biggest
bulls even more optimistic.

``What the short seller appears to be doing is doubling
down,'' said Kenneth Fisher, who oversees about $40 billion as
chairman of Fisher Investments in Woodside, California. ``You
love to see it, because if you believe there is a basic driver
to the bull market, they're going to get run over.''


Read more at Bloomberg Exclusive News

US STOCKS-Futures point down on China stocks slide

(Reuters) - The slide in Chinese stocks followed an announcement from
China's Ministry of Finance during Monday's U.S. trading
session of an increase in a stock trading stamp duty.




A steep fall in Chinese equities in late February set off a
worldwide sell-off in stock markets. Since then, Wall Street
has surged on a wave of takeovers and share buybacks.


Read more at Reuters.com Bonds News

Hambrecht, Google exec to form rival to NFL: report

(Reuters) - Hambrecht, Google and Cuban were not immediately available to comment.




The plan is for eight teams to begin preseason games in August 2008, according to the paper. The UFL would be the latest in a series of leagues since the 1970s, including the World Football League and the United States Football League, that have failed to thrive against the NFL.


Read more at Reuters.com Bonds News

Asian Stocks Drop After China Raises Stamp Tax; Citic Securities Plunges

(Bloomberg) -- Asian stocks fell for the first time
in three days after China tripled the tax on securities
transactions, causing the biggest slump in the region's best
performing equity market in three months.

Citic Securities Co. posted its biggest loss since January,
leading a plunge of 6.8 percent in the CSI 300 Index. The Chinese
benchmark has almost doubled this year, recovering from a Feb. 27
tumble that started a global rout and wiped about $3.3 trillion
off the value of equities worldwide.


Read more at Bloomberg Stocks News

U.S. Stocks Sink on China Sell-Off; Honeywell, Intel Shares Lead Decline

(Bloomberg) -- U.S. stocks fell for the first time in
three days after China tripled the tax on equity trades, sending
shares in Asia and Europe lower and sparking concerns about
another global rout.

Honeywell International Inc., the world's largest maker of
airplane controls, led a decline among companies dependent on
China for sales. Intel Corp., the biggest maker of computer chips,
led semiconductor shares lower after an industry group cut its
forecast for global sales.


Read more at Bloomberg Stocks News

Growthpoint to buy Investec units for $196 mln

(Reuters) - South Africa's biggest listed property company, Growthpoint Properties Ltd, will buy the fund management and property administration businesses of Investec Plc's property unit for 1.39 billion rand, the companies said on Wednesday.

Growthpoint will pay Investec for the purchase by issuing 87.1 million new Growthpoint linked units at 16 rand per unit.


Read more at Reuters Africa

FTSE down 1 pct on China sentiment; oils drag

(Reuters) - The FTSE 100 index of Britain's leading shares dipped 0.97 percent on Wednesday, taking its lead from a slump in Chinese shares overnight after China tripled a share-trading tax in a bid to reign in its red-hot market.

At 1058 GMT, the FTSE 100 was 64.3 points lower at 6,542.2, with many investors looking to the U.S. Automatic Data Processing's employment report for economic indicators at 1215 GMT for future market direction.


Read more at Reuters Africa

South Korea's Factory Production Rises the Most in Seven Months on Exports

(Bloomberg) -- South Korea's industrial output rose
more than three times as much as expected in April, helped by
increased exports of chips and cars.

Manufacturing production jumped 3.1 percent from March, the
largest gain in seven months, the National Statistical Office
said today in Gwacheon, South Korea. That beat the median
estimate of 1 percent in a Bloomberg News survey of 11
economists. Output rose 6.7 percent from a year earlier.


Read more at Bloomberg Emerging Markets News

OSI Restaurant same-store sales fall at 4 restaurant brands

(Reuters) - Same-store sales at its Fleming's Prime Steakhouse and Wine
Bars rose 1.2 percent, it added.





Read more at Reuters.com Market News

Canada's Dollar Is Little Changed Near 30-Year High as Surplus Expands

(Bloomberg) -- The Canadian dollar was little
changed near a 30-year high after a government report showed the
nation's current account surplus expanded in the first quarter
to the biggest in a year.

The currency traded at 93.23 U.S. cents at 8:33 a.m. in
Toronto from 93.14 U.S. cents yesterday. It reached 93.56 U.S.
cents today, the highest since July 1977. One U.S. dollar buys
C$1.0724.


Read more at Bloomberg Currencies News

Cantor to combine eSpeed, BGC in $1.3 billion deal

(Reuters) - The deal is structured as a takeover of BGC by eSpeed, and the companies said on Wednesday that by acquiring BGC, eSpeed will be able to develop new products more effectively and benefit from a larger capital base.




"We believe that the combined company will generate greater revenue opportunities by applying technology to improve voice broker productivity, while accelerating the pipeline from voice to fully electronic trading," BGC Chief Executive Lee Amaitis said.


Read more at Reuters.com Mergers News

Gold May Fall in London on Speculation Dollar Will Gain; Silver Declines

(Bloomberg) -- Gold may fall in London on
speculation U.S. employment data will boost the dollar against
other currencies, eroding the metal's appeal as an alternative
investment. Silver declined.

The dollar may gain from speculation accelerating job
creation in the U.S. will bolster consumer spending, decreasing
the likelihood the Federal Reserve will lower interest rates.
Gold and the dollar typically move in opposite directions.
Bullion surged 23 percent last year while the U.S. currency lost
11.4 percent against the euro.


Read more at Bloomberg Commodities News

South African Bonds Decline After Inflation Breaches Central Bank's Target

(Bloomberg) -- South African government bonds fell
after inflation accelerated to an annual 6.3 percent in April,
exceeding the central bank's target range for the first time in
more than three years.

The yield on the 13 percent bond due August 2010, also
known as the R153, rose to 8.2 percent, with the price at
113.19. Bond yields move inversely to prices. Against the
dollar, the rand fell 0.5 percent to 7.178 as of 11:41 a.m. in
Johannesburg.


Read more at Bloomberg Bonds News

UPDATE 1-US mortgage applications fell last week-MBA

(Reuters) - The Mortgage Bankers Association said its seasonally
adjusted index of mortgage applications for the week ended May
25 dropped 7.3 percent to 636.4.




Borrowing costs on 30-year fixed-rate mortgages, excluding
fees, averaged 6.32 percent, up 0.09 percentage point from the
previous week and its highest since the week ended Oct. 20,
when it stood at 6.36 percent.


Read more at Reuters.com Economic News

Williams-Sonoma reports lower quarterly profit

(Reuters) - Analysts, on average, were expecting earnings of 13 cents per share, according to Reuters Estimates.




Sales in the quarter rose 2.7 percent to $816.1 million.


Read more at Reuters.com Business News

Slower global growth means new risks - World Bank

(Reuters) - Slower global economic growth has increased risks for developing countries, especially if the record levels of private capital that has flowed into these markets is reversed, the World Bank said on Tuesday.

In its annual Global Development Finance report, the bank said higher interest rates and emerging capacity constraints would slow the rapid growth of developing countries, with global growth falling to around 3.5 percent in 2009 from 4 percent in 2006.


Read more at Reuters Africa

Brazil, Colombia and Peru: Latin American Local-Currency Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Latin American local bonds
today. Bond yields are from the previous session.

Brazil: Brazilian economists lowered their 12-month
inflation forecast as a rally in the currency brought down the
cost of imported goods.


Read more at Bloomberg Bonds News

Korea Gas, Oman Form Venture to Jointly Trade, Store Liquefied Natural Gas

(Bloomberg) -- Korea Gas Corp., the world's largest
buyer of liquefied natural gas, said it will form a joint venture
with the Sultanate of Oman to trade and store LNG.

The two partners will hold equal stakes in the venture,
which will have a share capital of $10 million, the Seongnam,
South Korea-based company said in an e-mailed statement today. It
didn't say where the storage facility will be built.


Read more at Bloomberg Energy News

European Confidence in Economy Probably Stayed Close to 6-Year High in May

(Bloomberg) -- Europeans' confidence in the economy
probably remained close to a six-year high in May and
manufacturing growth accelerated as companies invested and hired
workers to meet orders, surveys of economists show.

An index of sentiment among executives and consumers in the
euro region probably stayed at 111 after reaching a six-year high
of 111.1 in March, the median of 21 forecasts in a Bloomberg News
survey showed. The European Commission will publish the report on
May 31. A gauge of manufacturing expansion, to be published on
June 1, may have risen to 55.5 from 55.4, another survey showed.


Read more at Bloomberg Bonds News

Embraer, Falabella, Movilaccess, Sanluis: 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

European Confidence Probably Stayed Close to a Six-Year High on Investment

(Bloomberg) -- Europeans' confidence in the economy
probably remained close to a six-year high in May and
manufacturing growth accelerated as companies invested and hired
workers to meet orders, surveys of economists show.

An index of sentiment among executives and consumers in the
euro region probably stayed at 111 after reaching a six-year high
of 111.1 in March, the median of 21 forecasts in a Bloomberg News
survey showed. The European Commission will publish the report on
May 31. A gauge of manufacturing expansion, to be published on
June 1, may have risen to 55.5 from 55.4, another survey showed.


Read more at Bloomberg Currencies News

Thailand Current Account Surplus Probably Narrowed From Record on Imports

(Bloomberg) -- Thailand's current account surplus
probably narrowed from a record in April as imports of machinery
and raw materials recovered from the slowest growth in almost a
year, countering an increase in exports.

The surplus narrowed to $137 million from a $2.26 billion
excess in March, according to the median estimate of 10
economists surveyed by Bloomberg. That would be the smallest
excess since a deficit in July. The current account data is
scheduled for release by the Bank of Thailand on May 30 at 2:30
p.m. in Bangkok.


Read more at Bloomberg Emerging Markets News

Indofood Sukses Raises Instant Noodle Prices for First Time in Three Years

(Bloomberg) -- PT Indofood Sukses Makmur, the world's
biggest instant-noodle maker, raised prices of the staple for the
first time in more than three years after wheat and palm oil
costs rose.

The Indonesian company raised the price by 50 rupiah (1 U.S.
cent) a pack on all its noodles packs yesterday, said Weryanti
Setiawan, head of investor relations at the company. That raised
the price of the best-selling Indomie Rasa Kari Ayam by 5 percent
to 1,050 rupiah, while Indomie Mi Goreng rose 5.5 percent to 950
rupiah.


Read more at Bloomberg Commodities News

MDS, Mallinckrodt Uranium Use Might Mean a Nuclear Nightmare, Schumer Says

(Bloomberg) -- Fifteen al-Qaeda commandos surround a
Canadian nuclear facility that makes isotopes for use in
pharmaceuticals, laying down a barrage of fire with AK-47
assault rifles and rocket-propelled grenades.

Accomplices inside the plant trigger explosions as a
diversion while the terrorists blow up the fence surrounding the
facility. Within minutes, they're inside, loading up U.S.-
supplied, highly enriched uranium. And the world suddenly has a
new nuclear power.


Read more at Bloomberg Exclusive News

G Steel, EXIM Bank, ICICI Bank, Nissan Motor Plan Sales: Asia Bond Alert

(Bloomberg) -- The following is a list of bond sales
in Asia expected in the coming days and weeks.

Investment Grade


Read more at Bloomberg Bonds News

Australian Mining Stocks Rise, Led by BHP Billiton, Rio Tinto; Coles Drops

(Bloomberg) -- Australia's benchmark stock index, the
S&P/ASX 200 Index, fell 0.06 percent at 10:05 a.m.

The index of 201 companies traded on the Australian Stock
Exchange fell 4.00 to 6,247.40. Among the stocks in the index, 47
rose, 69 fell and 85 were unchanged.


Read more at Bloomberg Stocks News

Crude Oil Trades Little Changed After Falling on End of Strike in Nigeria

(Bloomberg) -- Crude oil was little changed in New
York after falling yesterday as the end of a two-day strike by
Nigerian oil workers reduced the risk of further supply cuts and
as holidays in the U.S. and Europe lowered trading volumes.

More than 6,000 workers of the state-owned Nigerian
National Petroleum Co. went back to work May 26, ending a strike
that threatened to slow exports from Africa's biggest oil
producer. Brent crude oil, the benchmark for Nigeria's exports,
dropped 1.4 percent yesterday to close below $70 a barrel for
the first time in four days.


Read more at Bloomberg Commodities News

Dollar May Advance Against Yen on Strengthening U.S. Consumer Confidence

(Bloomberg) -- The dollar may gain against the yen on
a report that's forecast to show consumer confidence in the
world's biggest economy is improving, making a Federal Reserve
interest-rate cut less likely.

The yen traded near a three-month low before government
figures that will probably show retail sales fell for a second
month in April, making it more difficult for the Bank of Japan to
raise borrowing costs. The dollar has gained 1.9 percent this
month versus the yen as traders pared bets the rate spread with
Japan will narrow.


Read more at Bloomberg Currencies News

New Zealand Dollar May Rise on Prospect of Interest-Rate Boost Next Week

(Bloomberg) -- New Zealand's dollar may rise on
speculation Reserve Bank Governor Alan Bollard could raise
interest rates as soon as next week.

The chance of a quarter-point rise in the benchmark interest
rate at the June 7 review rose to 22 percent yesterday from 18
percent last week, according to an index calculated by Credit
Suisse. Yesterday, economists at Westpac Banking Corp. said they
expect a rate increase because of inflation pressures.


Read more at Bloomberg Currencies News

UPDATE 1-Quebec seeks to end budget impasse, avoid election

(Reuters) - MONTREAL, May 28 - Quebec's Finance Minister
said on Monday she will do everything possible to resolve a
budget impasse that risks bringing down the minority Liberal
government and forcing a provincial election in July.




"I will do everything to avoid such an election," Monique
Jerome-Forget said during a luncheon speech.


Read more at Reuters.com Bonds News

Mexican 10-Year Bond Yields Drop to Four-Week Lows on Slowing Inflation

(Bloomberg) -- Mexican 10-year bond yields fell to
four-week lows on expectations slowing inflation will boost the
allure of peso-denominated assets.

Investors ``are expecting that we are going to see a second
straight month of falling consumer prices,'' said Octavio
Gutierrez, a fixed-income analyst in Mexico City at Banco Bilbao
Vizcaya Argentaria's Bancomer unit. ``The worst part of the
inflation surge is probably behind us.''


Read more at Bloomberg Bonds News

Rand softer vs dollar, data to give direction

(Reuters) - South Africa's rand eased slightly versus the dollar on Monday in muted trade due to holidays in London and New York, while local players paused for an array of data to give the market fresh direction.

The rand was at 7.10 to the dollar at around 1730 GMT, down 0.23 percent from its previous New York close of 7.0840.


Read more at Reuters Africa

African economies grow, but prosperity elusive - UN

(Reuters) - Economic growth in Africa continues to accelerate at a faster pace than in the developed world but the world's poorest continent is still struggling to improve the lives of its people, a United Nations report found.

The United Nations 2007 mid-year World Economic Situation and Prospect report found that growth in Africa is likely to average six percent in 2007, compared with world gross domestic product growth of 3.4 percent this year.


Read more at Reuters Africa

U.A.E. Shares Fall, Led by Emaar, National Bank of Abu Dhabi: Gulf Stocks

(Bloomberg) -- Stocks in the United Arab Emirates
declined, paced by Emaar Properties PJSC and National Bank of Abu
Dhabi PJSC.

The Dubai Financial Market General Index fell 1.6 percent to
4408.32. The Abu Dhabi Securities Market Index lost 1 percent to
3597.78, ending a six-day winning streak. Abu Dhabi's index has
jumped 18 percent while Dubai's benchmark has gained 15 percent
this month.


Read more at Bloomberg Stocks News

Metal Stocks Rise in Europe, Asia; BHP, Arcelor Mittal Pace the Advance

(Bloomberg) -- Metal stocks rose in Europe and Asia
after copper rallied by the daily limit in Shanghai. BHP Billiton
Ltd., the world's largest mining company, and Arcelor Mittal, the
biggest steelmaker, paced the advance.

``It's clear that demand remains strong and that certainly
is an influence on the share prices,'' said Eric Taze-Bernard,
who oversees $1.3 billion as chief investment officer at Invesco
Gestion in Paris. ``Earnings will be less cyclical. That means a
re-rating of the industry'' to higher valuations.


Read more at Bloomberg Stocks News

India Government Bonds Gain After Central Bank Refrains From Draining Cash

(Bloomberg) -- India's bonds rose, pushing yields to
the lowest in more than a month, after the central bank
refrained from selling debt for a second week to drain funds
from the banking system.

The Reserve Bank of India probably held back from absorbing
cash after annual inflation slowed to an eight-month low, said
K.P. Suresh Prabhu, head of fixed-income at HDFC Bank Ltd.
Inflation, which reduces the value of returns on fixed-income
securities, had reached a two-year high in the week to Jan. 27,
fuelled by surplus funds in the system.


Read more at Bloomberg Bonds News

Stocks Rise in Europe, Asia on Metal Prices; BHP, Arcelor Mittal Advance

(Bloomberg) -- Stocks rose in Europe and Asia paced
by metal producers after copper rallied by the daily limit in
Shanghai. BHP Billiton Ltd., the world's largest mining company,
and Arcelor Mittal, the biggest steelmaker, paced the advance.

``With China's demand increasing and few prospects for
substantial supply growth, there's not much danger of a worsening
commodities market,'' said Yasuhiro Kunii, who helps manage about
$38 billion at Dai-Ichi Mutual Life Insurance Co. in Tokyo.


Read more at Bloomberg Stocks News

Italian Stocks Rise, Paced by Monte dei Paschi, Generali, Gemina Shares

(Bloomberg) -- Italian stocks advanced, led by Banca
Monte dei Paschi di Siena SpA. The president of the bank's
largest shareholder told Corriere della Sera yesterday that the
company may chose a ``merger partner'' this summer. Assicurazioni
Generali SpA shares also climbed.

The S&P/MIB Index gained 166, or 0.4 percent, to 43,185 at
10:10 a.m. in Milan. Two stocks rose for each one that fell.
Futures expiring in June rose 151, or 0.4 percent, to 43,265.


Read more at Bloomberg Stocks News

Russian Market Rallies Second Day, Led by Mobile TeleSystems, Novolipetsk

(Bloomberg) -- Russian stocks climbed for a second
day, led by OAO Mobile TeleSystems and OAO Novolipetsk Steel.

The ruble-denominated Micex Index added 0.6 percent to
1590.66 at 10:50 a.m. in Moscow. The dollar-denominated RTS Index
rose 0.2 percent to 1797.51.


Read more at Bloomberg Stocks News

Australian Dollar Rebounds After Failing to Drop Below Key Technical Level

(Bloomberg) -- The Australian dollar snapped two days
of losses and may resume this year's appreciation after it failed
to drop below a level on technical charts traders watch to
predict price movements.

The currency was at 81.92 U.S. cents at 4:50 p.m. in Sydney
compared with 81.80 cents late in New York May 25, taking gains
for the year to 3.9 percent. A 0.6 percent decline last week held
above a May 4 low of 81.71, the weakest since April 10.


Read more at Bloomberg Currencies News

AstraZeneca, Lawson Software, OMX, SAS and Svolder: Nordic Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in Nordic markets today. Symbols follow company names and prices
are from the close on May 25.

The Dow Jones Nordic 30 Index dropped 28.80, or 0.3 percent,
to 9013.84, as more than two shares retreated for every one that
advanced.


Read more at Bloomberg Stocks News

India's Rupee at Nine-Year High as Global Funds to Buy New Company Shares

(Bloomberg) -- India's rupee advanced to a nine-year
high, breaking 40.50 to the dollar for the first time since May
1998, on speculation overseas investors will buy stocks of local
companies offering shares in the coming weeks.

The currency rose for a second day as global funds bought
$3.7 billion more of Indian stocks than they sold this year as of
May 24, surpassing $2.9 billion of purchases in the same period
last year, according to data compiled by Bloomberg. DLF Ltd., a
New Delhi-based real-estate developer, plans to sell as much as
$2.4 billion of shares through an initial public offer starting
June 11.


Read more at Bloomberg Currencies News

Philippine Peso Gains on Growth Outlook; Benchmark 10-Year Bonds Advance

(Bloomberg) -- The Philippine peso rose on
speculation the government will say economic growth in the three
months ended March accelerated to the fastest in three quarters.
Government bonds rose.

President Gloria Arroyo, whose party is poised to win the
May 14 Lower-House elections according to exit polls, said last
week that the economy is stable and strong. The peso extended
seven weeks of gains before the central bank meets on interest
rates this week. Ten-year bond yields are at their lowest in
almost three months.


Read more at Bloomberg Bonds News

India Rupee Gains a Second Day on Speculatation Global Funds to Buy Shares

(Bloomberg) -- India's rupee advanced for a second
day on speculation overseas investors will buy equities as
companies including real-estate developer DLF Ltd., sell shares.

The currency traded near a nine-year high as global funds
bought $3.7 billion more of Indian stocks than they sold this
year as of May 24, surpassing $2.9 billion of purchases in the
same period last year, according to data compiled by Bloomberg.


Read more at Bloomberg Currencies News

Hong Kong's Export Growth Probably Accelerated on Increasing China Trade

(Bloomberg) -- Hong Kong's exports probably grew at
a faster pace in April as the city shipped more goods to and
from China.

Overseas sales rose 8.7 percent from a year earlier,
according to the median estimate of 13 economists surveyed by
Bloomberg News, after gaining 6.9 percent in March. The
government will release trade figures at 4:15 p.m. today.


Read more at Bloomberg Emerging Markets News

Bank of China Plans to Sell Yuan Bonds in Hong Kong, Enhancing City's Ties

(Bloomberg) -- Bank of China Ltd., the nation's
second-biggest lender, plans to sell as much as 3 billion yuan
($392 million) of bonds in Hong Kong in what may be the city's
first sale of Chinese currency bonds.

The debt will have a maturity of up to three years, the
Beijing-based lender said in a statement to the Shanghai Stock
Exchange today. The yuan has risen 5.8 percent in the past year
against the Hong Kong dollar.


Read more at Bloomberg Bonds News

Shanghai Copper Prices Rise by Maximum Limit on Falling Global Stockpiles

(Bloomberg) -- Shanghai copper prices rose by the
daily limit following a drop in global stockpiles of the metal
and signs of continued demand from China, the world's biggest
user of the metal.

Copper for August delivery on the Shanghai Futures Exchange
rose as much as 1,860 yuan, or 3 percent, to 63,650 yuan ($8,318)
a metric ton from the previous close by 9:15 a.m. local time.


Read more at Bloomberg Commodities News

Malaysia's Ringgit Little Changed Before Today's Interest-Rate Decision

(Bloomberg) -- The Malaysian ringgit was little
changed before a central bank meeting today that's forecast to
keep interest rates on hold. Bonds may drop before two debt
sales this week.

The local currency has risen 0.9 percent in the past month
as the finance ministry last week said its strength remains in
line with economic fundamentals. Bank Negara Malaysia said a
stronger ringgit has mitigated the impact of higher oil prices.


Read more at Bloomberg Currencies News

Dollar May Climb as Stronger Data Likely to Keep Fed From Cutting Rates

(Bloomberg) -- The dollar may gain on speculation
reports this week will show the world's biggest economy is
improving, making a Federal Reserve interest-rate cut less likely.

The U.S. currency last week reached a six-week high against
the euro and the strongest in three months versus the yen as
traders cut bets the Fed will reduce the cost of borrowing from
5.25 percent. Reports in the U.S. this week are likely to show
consumer confidence increased, employment growth accelerated and
home sales gained.


Read more at Bloomberg Currencies News

Ex-CEO Nacchio sues, seeks legal fees from Qwest

(Reuters) - The Denver Post previously reported that Qwest was balking
at paying for the legal fees.




Nacchio was found guilty in April of 19 counts of insider
trading, capping the last major trial in a spate of scandals
that tarnished corporate America over the last decade.


Read more at Reuters.com Bonds News

Dubai looking to crash Nasdaq OMX deal: paper

(Reuters) - DIFC Governor Omar bin Suleiman told Reuters on Thursday it
was not considering making a bid for OMX.




DIFC could not be reached for comment on Sunday.


Read more at Reuters.com Mergers News

Iran plans outside fund to skirt sanctions

(Reuters) - Iran is planning an investment fund outside the Islamic Republic to raise finance for its huge South Pars gas field and circumvent a financial squeeze by Washington, a top Iranian energy official said on Sunday.

As the United States pushes for tighter U.N. sanctions on Iran over its atomic work, Akbar Torkan, head of the Pars Oil and Gas Company, said Tehran would base the fund in Bahrain or Dubai, both regional financial centres.


Read more at Reuters Africa

UPDATE 1-S.Africa's Standard Bank gets $1.3 bln loan

(Reuters) - The five-year facility was priced at a margin of 25 basis
points above Libor and is the largest club styled term loan
concluded for Standard Bank, the bank said in a statement.




The funds would be used to support infrastructure
developments in South Africa, an increase in corporate credit
demand and continued growth in the retail market, it said.
The mandated lead arrangers include Bank of America, Bank of
China Limited and Bayern LB.


Read more at Reuters.com Bonds News

South Sudan circulates $20 mln in new pound currency

(Reuters) - The Bank of Southern Sudan has put 40 million new Sudanese pounds into circulation in south Sudan to try to standardise the currency used in the semi-autonomous region, an official told Reuters.

Teams of fixed-point and mobile currency exchangers in planes, trucks, four wheel drives and canoes plan to circulate an additional 20 million pounds in the south by end-June, the official said.


Read more at Reuters Africa

Uganda scraps plan to cut rainforest for palm oil

(Reuters) - Uganda's government has scrapped plans to convert thousands of hectares of rainforest on an island in Lake Victoria into a palm oil plantation, the environment minister said on Saturday.

President Yoweri Museveni has faced intense opposition, including violent protests, over proposals to give private firms the right to bulldoze protected forests to create farms.


Read more at Reuters Africa

Gold bulls retreat as cental bank sales bite

(Reuters) - Heavy gold sales from European central banks over the past two months have taken a toll on bullion investor sentiment, despite robust jewelry demand and as top miners say production may take a hit this year.

Prices of the precious metal have struggled this year to duplicate the double-digit growth of 2005 and 2006 even though market fundamentals were tight. Larger-than-usual government sales have flooded the market with excess supply.


Read more at Reuters Africa

China's CIMC secures $200 mln syndicated loan

(Reuters) - The loan deal was signed on Friday with a total of 11
financial institutions, it said, without giving more details.




In December, CIMC announced it was taking over Dutch rival
Burg Industries in a 108 million euro deal.


Read more at Reuters.com Bonds News

Disney announces details of ABC Radio spin-off

(Reuters) - ABC Radio Holdings then will merge with a wholly owned subsidiary of Citadel. Citadel will exchange one share of its stock for each share of ABC Radio Holdings, Disney said.




The transaction does not include Disney's ESPN Radio or its Radio Disney operations.


Read more at Reuters.com Business News

UPDATE 1-Disney announces details of ABC Radio spin-off

(Reuters) - Disney plans to transfer the radio business, including 22
large-market radio stations and the ABC Radio Network, to a
wholly owned subsidiary called ABC Radio Holdings Inc. and to
distribute stock in the new company to its shareholders.




ABC Radio Holdings then will merge with a wholly owned
subsidiary of Citadel. Citadel will exchange one share of its
stock for each share of ABC Radio Holdings, Disney said.


Read more at Reuters.com Bonds News

UPDATE 1-Aeroflex agrees to Veritas $1.1 bln deal

(Reuters) - That breaks up a deal Aeroflex agreed in March to be bought
by private equity firms General Atlantic and Francisco Partners
for $13.50 per share, or about $1 billion overall.




In April, the company got a rival bid from Veritas,
offering shareholders a cash dividend of $14 a share and the
opportunity to take a total stake of up to 21.2 percent of the
restructured company. Veritas in May increased that offer to
$14.50 cash.


Read more at Reuters.com Mergers News

Watchdog puts back Scor offer period for Converium

(Reuters) - ZURICH, May 25 - The Swiss Takeover Board said on Friday that the start of Scor's .


Read more at Reuters.com Government Filings News

Moody's may cut Coca-Cola on Glaceau acquisition

(Reuters) - "Moody's review will focus on the financial impact of the
debt-funded acquisition on the financial metrics of The
Coca-Cola system, the sustainability of the rapid growth of the
target business, and the opportunities for revenue and costs
synergies that might enhance growth rates and profitability for
the system over all," Moody's said in a statement.




"Leverage on an aggregated system basis is expected to rise
in 2007 as a result of this large acquisition as well as
several smaller bottler acquisitions that have occurred
recently, and the intent of the company to restore financial
metrics quickly will be a key consideration in the review," the
ratings agency added.


Read more at Reuters.com Bonds News

RBS consortium set for ABN bid on Tuesday: sources

(Reuters) - Analysts had said earlier they expect the trio to either launch a formal offer or ask for an extension of their period of consideration until a legal wrangle is clarified.




Several analysts said they expected the consortium to make a formal offer on Tuesday. Although the consortium may prefer to get more details on legal issues, stock market authorities are likely to apply pressure for more clarity, one said.


Read more at Reuters.com Mergers News

Verigy shares jump on strong 3rd-qarter outlook

(Reuters) - "While memory orders could weaken in the second half of calendar 2007, Verigy's results and guidance remain outstanding, with its earnings potential over the full cycle significantly exceeding our original expectations," Goldman Sachs analyst James Covello wrote in a note to clients.




Covello almost doubled his calendar 2007 earnings outlook on Verigy citing higher sales and margins.


Read more at Reuters.com Hot Stocks News

Bovespa Rises, Led by Vale, After Brazil Selloff Leaves Prices Attractive

(Bloomberg) -- Brazil's main stock index rose for the
first time in four days after shares price declines alleviated
concern that stocks had become too expensive.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange climbed 808.74, or 1.6 percent, to 51,339.39, led by
mining company Cia. Vale do Rio Doce. The index fell 3.6 percent in
the previous three sessions and is heading for its first weekly
decline in a month.


Read more at Bloomberg Stocks News

UPDATE 1-Canada 2006-07 budget surplus grows from year ago

(Reuters) - The budget surplus totaled C$13.68 billion
from April 2006 through March 2007, up from C$11.98 billion the
year before.




But the Finance Department said the figures do not reflect
C$4 billion in spending announced in the latest budget in
March, which reduce the surplus to C$9.7 billion. That is still
slightly higher than the C$9.2 billion projected.


Read more at Reuters.com Economic News

Archstone-Smith Trust, Agilysys, Nordson, Iomai, Komag: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 10:10 a.m. New York time.

Agilysys Inc. (AGYS US) rose $1.88, or 8.8 percent, to
$23.19 and traded as high as $23.85. The vendor of computer
software and hardware to Bed Bath & Beyond Inc. and Venetian
Casino Resort LLC will buy closely held Innovativ Systems Design
Inc. for $100 million to gain more server and storage products.


Read more at Bloomberg Stocks News

UPDATE 1-Fed to study mortgage lending rules

(Reuters) - "With respect to the recent problems in the subprime
mortgage market, the Board plans to consider how it might
further use its rulemaking authority ... to address particular
lending practices," Bernanke said in a May 18 letter to Senate
Banking Committee Chairman Christopher Dodd, a Connecticut
Democrat.




Dodd's office released the letter.


Read more at Reuters.com Bonds News

Existing home sales fell 2.6 pct in April

(Reuters) - The inventory of homes for sale grew 10.4 percent to 4.2 million units, which represents an 8.4 months' supply at the current sales pace.




Economists polled by Reuters were expecting home resales to rise to a 6.14 million-unit pace from the 6.12 million-unit rate initially reported for March. The March sales pace was revised to 6.15 million.


Read more at Reuters.com Business News

Railroads Feel Profit Pinch as U.S. Automakers Trim Output, Shift Plants

(Bloomberg) -- Norfolk Southern Corp. trains rumble
to and from Ford Motor Co.'s factory in Norfolk, Virginia,
delivering fenders, frames, axles and engines and then hauling
off finished F-150 pickups. That's about to change.

When Ford shuts the plant in June and moves production to
Dearborn, Michigan, trucks will fetch parts from suppliers
nearby. Only completed pickups will travel on Norfolk Southern
trains.


Read more at Bloomberg Exclusive News

Nymex Gasoline Price Increases on Speculation Summer Inventory to Be Low

(Bloomberg) -- Gasoline futures gained for a third
day in New York as refinery disruptions raised speculation that
supplies will stay low during the peak-demand summer season.

Valero Energy Corp. said yesterday it shut a fluid
catalytic cracking unit for maintenance at its McKee refinery
near Sunray, Texas. ConocoPhillips said its Belle Chasse,
Louisiana, refinery was shut after a power failure. A government
report this week showed that U.S. gasoline supplies were 7
percent below the five-year average.


Read more at Bloomberg Energy News

Yuan's Level Isn't the Cause of the U.S. Trade Deficit With China, Wu SayB

(Bloomberg) -- The yuan isn't the cause of the U.S.
trade deficit and a ``large'' appreciation would hurt China's
economy, Vice Premier Wu Yi said, signaling the nation won't
cave in to demands for faster gains.

``China will continue to reform its exchange rate on its
own initiative, gradually,'' Wu said at a dinner in Washington
after two days of talks with U.S. Treasury Secretary Henry
Paulson that yielded no agreements on the currency and failed to
quell calls in Congress for sanctions against China.


Read more at Bloomberg Currencies News

Canada's Dollar Near 30-Year High as Prices of Commodity Exports Advance

(Bloomberg) -- Canada's dollar was little changed
near a 30-year high as the prices of nation's commodity exports
advanced.

The Canadian dollar traded at 92.29 U.S. cents at 8:05 a.m.
Toronto time, from 92.27 U.S. cents yesterday, when the currency
reached the highest since Oct. 3, 1977. One U.S. dollar buys
C$1.0837.


Read more at Bloomberg Currencies News

Aecon, LionOre Mining, Nortel Networks, Royal Bank: Canada Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets.
This preview includes news that broke after markets closed. Symbols
are in parentheses after company names and prices are from the last
close.

The Standard & Poor's/TSX Composite Index fell 196.24, or 1.4
percent, to 13,946.27.


Read more at Bloomberg Stocks News

FACTBOX-Nasdaq takeover target OMX

(Reuters) -




OVERVIEW:


Read more at Reuters.com Mergers News

Ex-EMI boss says interested in a bid

(Reuters) - "Jim Fifield therefore wishes to confirm that he remains interested in potentially making an offer for EMI," the statement said. "There is no certainty that an offer will be made or as to the terms on which any offer might be made."




The New York Post reported on its Web site earlier this week that Fifield and Corvus wanted to make an offer for the group at 278 pence a share.


Read more at Reuters.com Business News

Platinum Gains in London Before South African Wage Talks; Palladium Rises

(Bloomberg) -- Platinum climbed from a four-week low
in London as next month's wage talks heightened speculation that
strikes will disrupt supplies from South Africa, the world's
biggest producer. Palladium gained.

Anglo Platinum Ltd., the world's largest platinum producer,
along with smaller rivals Impala Platinum Holdings Ltd. and
Lonmin Plc may be asked to pay workers as much as 18 percent more
during wage talks in June. Prices have climbed 13 percent this
year after strikes in South Africa and export delays in Russia.


Read more at Bloomberg Commodities News

Copper bounces, but prospects seen weak

(Reuters) - Copper prices bounced on Friday helped by a fall in inventories, but analysts think the overall trend of rising stocks is intact and that lower demand over coming months could pressure prices down further.

Copper for three-month delivery on the London Metal Exchange was by 0939 GMT at $7,065/7,085 from $7,000 at the close on Thursday, when it fell to an eight-week low of $6,952.


Read more at Reuters Africa

UBS to Sell Julius Baer Stake Worth $3.3 Billion to Fund Share Buyback

(Bloomberg) -- UBS AG, the world's biggest money
manager, plans to sell its 4.1 billion-Swiss franc ($3.3 billion)
stake in Julius Baer Holding AG and use the proceeds to buy back
shares.

UBS obtained the 20.7 percent holding when it sold three
private banks and an asset management unit to Julius Baer in
December 2005. An agreement preventing it from disposing of the
stake expires at the end of the day, Zurich-based UBS said in a
statement today.


Read more at Bloomberg Stocks News

India's ICICI Bank Hires 3 Banks for $500 Million Bond Sale, People Say

(Bloomberg) -- ICICI Bank Ltd., India's biggest
lender to consumers, hired three banks to arrange a $500 million
bond sale to boost its capital, according to three people
familiar with the transaction.

The Mumbai-based lender hired Citigroup Inc., Lehman
Brothers Holdings Inc. and Merrill Lynch & Co. for the sale of
the three-year bonds, according to the people. The funds will be
used to expand its U.K. unit, which lends to overseas Indians,
the people said. Charudatta Deshpande, spokesman for ICICI Bank,
declined to comment.


Read more at Bloomberg Bonds News

Asian Currencies: Taiwan Dollar Rises as Central Bank May Buy: Peso Gains

(Bloomberg) -- Taiwan's dollar had the strongest
close in almost three weeks on speculation the central bank will
buy the currency to stem losses after it reached a 17-month low
this week.

The currency posted its biggest weekly gain since the five
days ended Dec. 1 after the Economic Daily News, citing
unidentified traders, today said the central bank is stepping up
oversight of overseas mutual funds to slow the Taiwan dollar's
decline. A weaker currency adds to inflation by making imported
goods more expensive.


Read more at Bloomberg Currencies News

Former EMI boss Fifield says interested in a bid

(Reuters) - "There is no certainty that an offer will be made or as to
the terms on which any offer might be made," he said.




Read more at Reuters.com Mergers News

Swiss SMI Benchmark Index Declines, Led by Syngenta, Givaudan Shares

(Bloomberg) -- Swiss stocks dropped, led by Syngenta
AG, a supplier of pesticides and genetically modified seeds, and
Givaudan SA, the world's biggest maker of fragrances and flavors.

The Swiss Market Index of the 24 largest and most actively
traded companies fell 27.66, or 0.3 percent, to 9329.36 at 9:39
a.m. in Zurich. The broader Swiss Performance Index retreated
22.47, or 0.3 percent, to 7591.94.


Read more at Bloomberg Stocks News

U.K. FTSE 100 Falls, Paced by Anglo American, Vedanta Resources

(Bloomberg) -- U.K. stocks dropped, paced by Anglo
American Plc and Vedanta Resources Plc. Shares of Mitchells &
Butlers Plc fell.

The benchmark FTSE 100 Index lost 27.2 or 0.4 percent, to
6538.2 in London at 8:04 a.m. The FTSE All-Share Index retreated
25.71, or 0.8 percent, to 3414.67. Ireland's ISEQ Index slid 8.48
to 9911.55.


Read more at Bloomberg Stocks News

Japan's 5-Year Government Notes Set for Biggest Weekly Loss Since December

(Bloomberg) -- Japan's five-year notes headed for
the biggest weekly drop since December on speculation signs of
faster growth in the U.S. will help the Bank of Japan build the
case for raising interest rates.

Debt declined after U.S. reports showing unexpected gains
in new homes sales and consumer confidence tempered concern
exports from Japan will slow. Yields on two-year notes rose to
the highest since June 1997 after Jiji Press reported this week
that Bank of Japan policy board member Atsushi Mizuno said
policy makers may be in a better position to judge the state of
the economy in July.


Read more at Bloomberg Bonds News

Yen gains as carry trades reversed on stock slide

(Reuters) - The yen jumped on Friday, pulling away from a three-month low against the dollar struck earlier in the week, as investors reversed short positions in the Japanese currency amid a drop in regional stock markets.

Japan's broad TOPIX share index fell 1.4 percent and other Asian markets lost nearly 1 percent following a pull-back in Wall Street shares, stirring worries about a rise in financial market volatility that hurts carry trades.


Read more at Reuters Africa

Asian Equities Retreat on U.S. Economic Reports; Toyota, BHP Billiton Drop

(Bloomberg) -- Asian stocks fell the most in five
weeks after U.S. home sales unexpectedly surged, damping
speculation the Federal Reserve will cut interest rates in the
region's biggest export market.

Toyota Motor Corp., the world's second-largest automaker,
declined the most in two weeks, while BHP Billiton Ltd., the No. 1
mining company, slid on concern demand for their products will
drop. Miners also declined with metals prices.


Read more at Bloomberg Stocks News

U.S. Stocks Fall, Pushing Dow Average Lower for Fourth Day; Utilities Drop

(Bloomberg) -- The two-week surge in bond yields,
prompted by unexpected signs of growth in the economy, unraveled
the stock market and sent the Dow Jones Industrial Average to
its longest losing streak since February.

Exelon Corp., the largest operator of U.S. nuclear plants,
and Edison International, owner of California's second-biggest
utility, led declines on concern higher bond yields make their
dividends less attractive. Network Appliance Inc. triggered the
worst drop in technology shares since March 13 after the maker
of data-storage computers said profit may trail estimates.


Read more at Bloomberg Stocks News

Zapatero's Support Dips After Spanish Opposition Plays on Terrorism Issue

(Bloomberg) -- Spain's People's Party, unseated by
fallout from the 2004 Madrid train bombing, has closed the gap
with the ruling Socialist Party by branding Prime Minister Jose
Luis Rodriguez Zapatero a traitor whose policy on terrorism
threatens to tear the country apart.

The PP heads into the May 27 local elections, the biggest
test of strength before national voting next year, in a
statistical dead heat with Zapatero's Socialists. Political
violence is on the rise and relations between the parties are at
their worst since Spain's return to democracy three decades ago.


Read more at Bloomberg Currencies News

Berlian Laju May Acquire Shipping Company in Europe to Expand Tanker Fleet

(Bloomberg) -- PT Berlian Laju Tanker, Indonesia's
biggest shipping company by market value, may acquire a company
in Europe to expand its fleet and move into markets outside Asia.

Berlian will raise about $50 million, or 5 percent of its
equity, selling new shares to help finance expansion, said Kevin
Wong, the company's finance director. He didn't say which
companies Jakarta-based Berlian is interested in buying or how
much an acquisition will cost.


Read more at Bloomberg Emerging Markets News

Crude Oil Rises From One-Week Low on Concerns Over U.S. Gasoline Supplies

(Bloomberg) -- Crude oil rose from a one-week low in
New York on speculation U.S. refiners will have to increase fuel
production to restore stockpiles and meet peak summer demand.

Gasoline futures jumped 2 percent yesterday after Valero
Energy Corp. and ConocoPhillips cut production at plants in
Louisiana and Texas. Motor-fuel stockpiles in the U.S., the
world's biggest oil consumer, climbed to 196.7 million barrels
last week, 7 percent less than the seasonal average.


Read more at Bloomberg Commodities News

Existing-Home Sales in U.S. Were Probably Unchanged, a Sign Slump May Ease

(Bloomberg) -- Sales of previously owned homes in
the U.S. were probably unchanged last month after posting the
biggest drop in 18 years, a sign the housing market may have
touched bottom, economists said before an industry report today.

The National Association of Realtors may say existing homes
were sold at a 6.12 million annual rate in April, according to
the median forecast of 70 economists in a Bloomberg News survey.
Sales dropped 8.4 percent in March, the most since January 1989.


Read more at Bloomberg Bonds News