Teachers group wins C$52 bln race for BCE

(Reuters) - It said that was a 40 percent premium over what it called the "undisturbed share price," or the price before BCE put itself up for sale. BCE shares closed at C$40.34 on the Toronto Stock Exchange on Friday.




"The all-cash transaction is valued at C$51.7 billion, including C$16.9 billion of debt, preferred equity and minority interests," BCE said, adding that it expected the deal to close in the first quarter of next year.


Read more at Reuters.com Mergers News

Independent News & Media says H1 revenue up 3 pct

(Reuters) - Irish newspaper publisher Independent News & Media said on Friday it expected first-half group revenue to be about 3 percent higher than a year earlier.

The company said in a trading statement that circulation revenue was expected to have risen 2 percent in the six months to the end of June while advertising revenue was set to come in 5 percent higher year on year.


Read more at Reuters Africa

Asian Currencies: Philippine Peso Posts Quarterly Gain on Overseas Funds

(Bloomberg) -- The Philippine peso had a fourth
quarterly gain on speculation workers abroad sent back more
remittances and overseas funds bought the nation's stocks.

The peso was the second-best performer of 10 of the most-
traded Asia currencies this quarter as the Philippine Stock
Exchange Index reached a record high. Money sent home by
Filipinos working abroad exceeded $1 billion for a 12th month in
April. The figures are issued with a lag and may rise in May and
June as funds are remitted for the start of the school year.


Read more at Bloomberg Currencies News

Everlast says Sports Direct raises offer

(Reuters) - Earlier, New York-based investment firm Hidary Group raised
its bid for the company to $31.25 a share from $26.50 following
Sports Direct's offer on Thursday.





Read more at Reuters.com Mergers News

CME has room to boost its CBOT offer -- Bernstein

(Reuters) - "As a result, the CME could still increase its offer by
about $1.25 billion ," the report said.




CME, the largest U.S. futures exchange, has a clearing
arrangement with CBOT that runs through January 2009.


Read more at Reuters.com Mergers News

Theravance says GlaxoSmithKline not to exercise call right

(Reuters) - The right was granted to GSK as part of a 2004 strategic alliance, the biopharmaceutical company said in a statement.






Read more at Reuters.com Mergers News

US STOCKS-Wall Street slips on credit concerns

(Reuters) - NEW YORK, June 29 - U.S. stocks fell on Friday,
as banks and brokers retreated on concerns about the impact of
tightening credit on takeovers and the subprime mortgage
industry.




Early gains evaporated as oil rose to $71 a barrel and
investors booked profits before the quarter's end and the July
4th holiday week. That offset data pointing to moderating
inflation and economic growth.


Read more at Reuters.com Bonds News

Retailer hhgregg sets IPO at 9.4 million shares

(Reuters) - Credit Suisse, Lehman Brothers, Wachovia Securities, UBS
Investment Bank, Piper Jaffray, and KeyBanc Capital Markets are
underwriting the IPO.




Read more at Reuters.com Government Filings News

TOUSA to settle with lenders, buy Transeastern JV

(Reuters) - The settlement, expected to be closed by July 31, would be
financed by the issuance of new equity and debt securities,
including a new $500 million senior secured credit facility
underwritten by Citibank, it said in a statement.





Read more at Reuters.com Bonds News

A. Schulman, Apollo, Fluor, Gevity, Office Depot: 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 2:45 p.m. New York time.

American Home Mortgage Investment Corp. (AHM US) fell $2.74,
or 13 percent, to $18.17. The lender specializing in adjustable-
rate mortgages withdrew its fiscal 2007 earnings guidance and
said it will likely have a second-quarter loss.


Read more at Bloomberg Stocks News

Heelys up after withdrawing secondary offer

(Reuters) - Heelys, which makes a popular brand of shoes that double as roller-skates, had originally filed with the regulators to sell 8 million shares, but later cut the offering to 4.5 million shares.




The withdrawal was motivated by the management's and shareholder Capital Southwest's confidence in the company's direction, J.P. Morgan Securities analyst Robert Samuels said in a note to clients.


Read more at Reuters.com Hot Stocks News

U.S. Stocks Erase Rally, Led by Financial Shares on Subprime Concern

(Bloomberg) -- U.S. stocks erased a rally after a
report that the government is increasing scrutiny of Bear
Stearns Cos.' hedge funds heightened concern that losses in
mortgage-backed bonds will hurt bank and brokerage earnings.

Financial shares have tumbled the last two weeks on
speculation losses from securities tied to subprime mortgages
will deepen. Two Bear Stearns hedge funds nearly collapsed and
forced the firm this week to put up $1.6 billion for a bailout.


Read more at Bloomberg Stocks News

US firms sell $93.72 bln junk debt in H1 -Thomson

(Reuters) - J.P. Morgan was the top underwriter in the
high-yield category for the first two quarters of 2007, while
Citigroup was the top underwriter in the high-grade
category, Thomson data showed.




Read more at Reuters.com Bonds News

United, Continental raise fees on high fuel prices

(Reuters) - Continental, the No. 4 U.S. carrier, raised its domestic fuel surcharge by $2 to $7 each way, spokesman Dave Messing said.




Last week U.S. airlines, led by Delta Air Lines Inc. , initiated a fare increase of $5 each way that has largely held.


Read more at Reuters.com Business News

US STOCKS-Wall Street flat as financials weigh

(Reuters) - NEW YORK, June 29 - U.S. stocks barely budged in
the early afternoon on Friday as concerns about fewer buyout
financings and the subprime mortgage industry overshadowed
earlier optimism about the economy and inflation.




Oil hovered above $70 a barrel and investors took profits
before a long weekend, which contributed to the erasing of
gains. With the Fourth of July falling in the middle of next
week, some market participants may opt to start the holiday
early by taking a long weekend.


Read more at Reuters.com Bonds News

U.S. Stocks Pare Gains as Brokerage Shares Fall; Bear Stearns Shares Fall

(Bloomberg) -- U.S. stocks pared a rally after the
replacement of Bear Stearns Cos.' asset management chief
reinforced concern that losses in mortgage-backed bonds will
hurt bank and brokerage earnings.

The Standard & Poor's 500 Index rose 1.54, or 0.1 percent,
to 1507.25 as of 12:47 p.m. in New York after earlier rising as
much as 0.8 percent. The Dow Jones Industrial Average added
14.88 to 13,437.16, while the Nasdaq Composite Index increased
2.51, or 0.1 percent, to 2610.88.


Read more at Bloomberg Stocks News

RLPC-US loan issuance rises, $942.9 bln in 1st half

(Reuters) - J.P. Morgan led U.S. loan underwriting for the
first half of 2007, followed by Bank of America and
Citigroup , Reuters LPC data showed. J.P. Morgan was also
the lead underwriter for leveraged loans. Companies sold $93.7
billion of high-yield bonds compared to $63.5 billion in 2006.




Read more at Reuters.com Bonds News

U.S. judge approves BAWAG settlement in Refco case

(Reuters) - By Paritosh Bansal



NEW YORK, June 29 - A U.S. judge approved a $140 million final settlement on Friday between Austrian bank BAWAG and investors in Refco Inc., a major commodity and futures broker that collapsed in 2005.


Read more at Reuters.com Mergers News

UPDATE 1-EU OKs Nestle buy of Novartis unit with concessions

(Reuters) - The European Union executive said on Friday it gave the
green light after Nestle offered to divest overlapping
activities in France and Spain.




"In the light of these commitments, the Commission has
concluded that the proposed transaction would not significantly
impede effective competition in the European Economic Area or
any substantial part of it," the executive said in a statement.


Read more at Reuters.com Government Filings News

Copper Rises to Three-Week High in New York as Global Inventories Decline

(Bloomberg) -- Copper futures rose to a three-week
high in New York as declining global inventories of the metal
increased supply concerns.

Chinese stockpiles fell 5.6 percent to 90,617 metric tons,
the biggest decline in six months, the Shanghai Futures Exchange
said in a weekly report today. Inventories in warehouses
monitored by the London Metal Exchange fell 1.4 percent to
114,700 tons today.


Read more at Bloomberg Commodities News

CORRECTION - - UPDATE 1-U.S. judge approves BAWAG settlement in Refco case

(Reuters) - NEW YORK, June 29 - A U.S. judge approved a $140
million final settlement on Friday between Austrian bank BAWAG
and investors in Refco Inc., a major commodity and futures
broker that collapsed in 2005.




The settlement resolves the complaint against one major
defendant and boosts the investors' efforts for recoveries
against others, including several banks, an accounting firm,
Refco and some of its executives.


Read more at Reuters.com Bonds News

UPDATE 1-U.S. regulators set new subprime loan standards

(Reuters) - WASHINGTON, June 29 - U.S. bank regulators issued
new standards for subprime mortgage lending on Friday that
includes several new consumer protections.




Subprime borrowers should not be penalized for refinancing
out of a mortgage before the interest rate resets to a higher
level, according to a statement of principles issued by the
regulators. The guidelines also call for lenders to warn
borrowers when a reset is coming and grant them at least 60
days to refinance.


Read more at Reuters.com Government Filings News

EU conditionally OKs Nestle's buy of Novartis unit

(Reuters) - The European Union executive said it gave the green light after the world's largest food group offered to divest overlapping activities in France and Spain.



"In the light of these commitments, the Commission has concluded that the proposed transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it," the executive said in a statement.


Read more at Reuters.com Mergers News

Cocoa Rises to Four-Year High in New York as Ivory Coast Minister Attacked

(Bloomberg) -- Cocoa rose to a four-year high in
New York after an attack on the prime minister of Ivory Coast,
the world's biggest grower, raised concerns that fighting may
resume in the country and cut production.

Prime Minister Guillaume Soro wasn't hurt when his plane
was attacked with rockets and small-arms fire after landing at
an airport in the central Ivory Coast town of Bouake, spokesman
Issa Doumbia said. Soro, a former rebel leader, signed a peace
accord with the government of President Laurent Gbagbo in March
that sought to end a civil war that began in 2002.


Read more at Bloomberg Commodities News

Teachers' Union Targets Bush's No-Child Law for Change Under Democrats

(Bloomberg) -- The largest U.S. teachers' union is
urging the Democratic-controlled Congress to fix ``serious
flaws'' in the No Child Left Behind law, a plan by President
George W. Bush to make schools more accountable for improving
students' basic skills.

The National Education Association, representing 3.2
million teachers and other school staffers, put the five-year-
old measure
at the top of the agenda for its national convention opening
tomorrow in Philadelphia. Seven Democratic candidates for
president and one Republican will address the meeting.


Read more at Bloomberg Exclusive News

DAX Index Rises for Second Day; Linde Group, Volkswagen, BASF Pace Gains

(Bloomberg) -- German stocks including Allianz SE
and Bayerische Motoren Werke AG declined. Linde Group and BASF
AG led rising stocks.

The DAX added 1.94, or less than 0.1 percent, to 7923.30 at
11:36 a.m. in Frankfurt, adding its gains for the year to 20
percent. DAX futures expiring in September increased 0.2 percent
to 8000. The HDAX Index of the country's 110 biggest companies
added 0.1 percent.


Read more at Bloomberg Stocks News

UPDATE 1-French group Valeo says to continue talks with fund

(Reuters) - PARIS, June 29 - French car-parts maker Valeo said on Friday it would continue talks with an investment fund, which a source familiar with the matter said concerned possible buyout discussions involving PAI Partners.



"Talks will continue over the weekend with one fund," said a spokeswoman for Valeo, which has a market value of about 3 billion euros .


Read more at Reuters.com Mergers News

Apollo, Ariba, Corn Products, CryoCor, Priceline: 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 9:30 a.m. New York time.

American Home Mortgage Investment Corp. (AHM US) fell $2.51,
or 12 percent, to $18.40. The lender specializing in adjustable-
rate mortgages withdrew its fiscal 2007 earnings guidance and
said it will likely have a second-quarter loss.


Read more at Bloomberg Stocks News

Copper Rises For Third Session in New York as Global Inventories Decline

(Bloomberg) -- Copper futures rose for a third
session in New York as global inventories of the metal shrank.

Chinese stockpiles fell 5.6 percent to 90,617 metric tons,
the biggest decline in six months, the Shanghai Futures Exchange
said in a weekly report today. Inventories in warehouses
monitored by the London Metal Exchange fell 1.4 percent to
114,700 tons today. Copper has gained 20 percent this year,
partly on supply concerns.


Read more at Bloomberg Commodities News

Canada's Dollar Falls From 30-Year High as April Economic Growth Is Flat

(Bloomberg) -- The Canadian dollar fell from a 30-
year high after the nation's economic growth unexpectedly
stalled in April.

Canada's currency dropped to 94.22 U.S. cents at 8:50 a.m.
in Toronto, from 94.39 U.S. cents yesterday. One U.S. dollar
buys C$1.0596. The currency earlier touched 95.51 U.S. cents, or
C$1.0471, the strongest since May 1977 as crude oil prices rose.


Read more at Bloomberg Currencies News

Valeo says to continue talks with fund

(Reuters) - The Financial Times reported earlier that Valeo had been in
talks since March with PAI and U.S. funds Apollo Investment
Management and Cerberus [CBS.UL] about a possible leveraged
buyout.




The FT added that Valeo and PAI had failed to agree on a
price.


Read more at Reuters.com Mergers News

Canada's Dollar Advances to 30-Year High as Crude Oil Price Extends Gain

(Bloomberg) -- The Canadian dollar rose to the
highest in 30 years as traders bet higher crude oil prices will
boost the country's economic growth.

Commodities including oil make up about half of Canada's
exports. The Canadian dollar has gained 10.6 percent this year
against the U.S. dollar as oil prices have advanced 15 percent.


Read more at Bloomberg Currencies News

BBVA to Hire 240 Derivatives Bankers in Madrid, London, Mexico, Hong Kong

(Bloomberg) -- Banco Bilbao Vizcaya Argentaria SA,
Spain's second-largest bank, is hiring 240 bankers worldwide
this year to boost its derivatives business.

BBVA recruited 151 of the bankers since January, including
Lorenzo Isla, 34, Barclays Capital's former head of structured
credit research in London, who will run credit derivatives in
Madrid. The Bilbao, Spain-based lender will add about 100 of the
new derivatives staff in Madrid and 115 in offices including
London, Frankfurt and Mexico City, said Ricardo Laiseca, head of
global markets. A team of 25 will start an equity derivatives
business in Hong Kong.


Read more at Bloomberg Emerging Markets News

US STOCKS-Futures fall with inflation data on tap

(Reuters) - In earnings news, Research In Motion Ltd. may give
a lift to the Nasdaq after the maker of the Blackberry reported
results that beat analysts' estimates. For details, see
[ID:nN28384123]




Research in Motion stock jumped 8.1 percent to $179 in
electronic trading.


Read more at Reuters.com Bonds News

Platinum Gains in London as Investors Bet on Auto Demand; Palladium Rises

(Bloomberg) -- Platinum gained on speculation that
investment funds will add to their holdings because expanding car
production will buoy demand for the precious metal, which is used
in autocatalysts. Palladium also rose.

Demand for platinum for catalytic converters will climb this
year, mostly because of expansions in production of European
diesel cars and growing car output in Asia, London-based
manufacturer Johnson Matthey Plc said last month. Platinum headed
for a quarterly gain of 3.5 percent after a 9.4 percent increase
in the first quarter.


Read more at Bloomberg Commodities News

U.S. Notes Headed for Quarterly Loss as Bets on Fed Rate Cut Are Reduced

(Bloomberg) -- U.S. Treasuries headed for their
biggest quarterly loss since the three months ending March 2006
as traders pared bets the Federal Reserve will lower interest
rates this year.

Government debt fell yesterday after Fed policy makers
reiterated quickening inflation remained their ``predominant''
concern and kept the benchmark rate at 5.25 percent. Bonds were
little changed before a report that's forecast to show U.S.
inflation held near the top of the Fed's preferred range.


Read more at Bloomberg Bonds News

South Korea Stocks Drop on Strong Won, Posting the Worst Week Since March

(Bloomberg) -- South Korean stocks fell, completing
their worst week since March. Samsung Electronics Co. slid after
the won appreciated to a seven-week high against the dollar,
raising concern the value of exporters' overseas sales will drop.

``When the won strengthens like this, it can't help but have
a negative effect on stocks because of the direct impact on
earnings,'' said Park Seh Ick, who helps manage $1.3 billion at
Hanwha Investment Trust Management Co. in Seoul. ``Exporters
will show a clear reaction to the exchange rates.''


Read more at Bloomberg Stocks News

Indonesia Telkom mulls acquisition to boost market cap

(Reuters) - "Telkom is reviewing and discussing the possibility of an
acquisition, in line with its strategic roadmap to achieve a
target of $30 billion market capitalisation by 2010," the
company said in the letter.




Telkom already controls 65 percent of PT Telekomunikasi
Selular , the country's biggest mobile phone
operator, which holds more than half of Indonesia's around 70
million mobile phone users.


Read more at Reuters.com Mergers News

German Stocks Rise, Led by Volkswagen, Commerzbank, Continental Shares

(Bloomberg) -- German stocks advanced, led by
Volkswagen AG, Commerzbank AG and Continental AG.

The benchmark DAX Index rose 31.99, or 0.4 percent, to
7953.35 as of 9:05 a.m. in Frankfurt. The HDAX Index of the
country's 110 biggest companies climbed 0.4 percent.


Read more at Bloomberg Stocks News

Australian Shares Post Fourth Straight Quarterly Gain; BHP Billiton Rises

(Bloomberg) -- Australian shares rose, with the key
stock index completing its fourth straight quarterly advance. BHP
Billiton Ltd. and Rio Tinto Group gained after prices of
commodities such as copper climbed.

``Commodity demand remains overwhelming relative to supply,
so there looks like there could be more upside for mining
companies' shares,'' said Atul Lele, who helps manage about $380
million at White Funds Management in Sydney.


Read more at Bloomberg Stocks News

Alcatel-Lucent, Gaz de France, Steria May Move: French Equity Preview

(Bloomberg) -- Shares of the following companies may
rise or fall on the Paris stock exchange. Stock symbols are in
parentheses and prices are from the last close.

The CAC 40 Index rose 64.64, or 1.1 percent, to 6006.316 in
Paris. The broader SBF 120 Index also gained 1.1 percent.


Read more at Bloomberg Stocks News

UPDATE 2-Seagate CEO sees Japan hard drive consolidation

(Reuters) - TOKYO, June 29 - The head of Seagate Technology
, the world's largest maker of hard disk drives, said
Western Digital Corp's acquisition of Komag Inc.
would likely spur consolidation among Japanese hard disk makers.




Hard disk drive maker and Seagate rival Western Digital has
agreed to buy Komag, maker of hard disks that go into hard disk
drives, for about $1 billion in cash [ID:nN28389449], taking a
step towards vertical integration of its storage business.


Read more at Reuters.com Mergers News

Siemens, Wacker Construction Equipment May Move: German Equity Preview

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

Germany's X-DAX Index was little changed at 7922.22. The
index provides an estimate of the DAX Index, based on trading in
DAX futures after the Xetra electronic market closes. The DAX
increased 1.5 percent to 7921.36 on the Xetra electronic-trading
system.


Read more at Bloomberg Stocks News

U.K. Chancellor Darling Inherits Fraying Economy With Predecessor Close By

(Bloomberg) -- Alistair Darling, Britain's new
chancellor of the exchequer, faces what may be the toughest task
in Prime Minister Gordon Brown's government: steering a fraying
economy with Brown looking over his shoulder.

Brown, who as chancellor oversaw the longest expansion in
two centuries, appointed the 53-year-old Darling as his
successor yesterday. Darling worked under Brown at the Treasury
in 1997, then ran the Departments of Trade and Industry and of
Work and Pensions for former Prime Minister Tony Blair.


Read more at Bloomberg Bonds News

TREASURIES-Sideways drift in Asia after Fed

(Reuters) - The emphasis on stubborn consumer prices was not accompanied
by any renewed concern over housing, despite the struggles of two
mortgage-related hedge funds this month.




Market hopes for a possible interest rate cut this year were
again dashed, pushing two-year note yields up on Thursday.


Read more at Reuters.com Bonds News

Asian Shares Climb for a Second Day on Earnings Outlook; Toyota Advances

(Bloomberg) -- Asian stocks climbed for a second day,
led by Sony Corp., after Japan's household spending rose and its
jobless rate stayed at a nine-year low, signaling strengthening
demand in the region's biggest economy.

Toyota Motor Corp. advanced to a three-month high as the yen
weakened and UBS AG and Goldman, Sachs & Co. said the outlook for
Japan's auto industry is improving. Japanese retailers gained
after the Nikkei newspaper said Seven & I Holdings Co. may report
higher operating profit.


Read more at Bloomberg Stocks News

Japanese Bonds Head for Worst Quarter Since 2006 on Interest-Rate Outlook

(Bloomberg) -- Japan's government bonds rose,
heading for the biggest gain since March, on speculation
investors are buying the securities to match a monthly change in
a benchmark index.

Nomura Securities Co. will add debt including 10- and 20-
year bonds sold this month to its Bond Performance Index in July
and remove securities due in a year and less. Money managers
such as the Government Pension Investment Fund, which runs the
world's largest pool of retirement wealth, use the index to
decide on holdings. Bonds also advanced after a report today
showed consumer prices in Tokyo unexpectedly declined this month.


Read more at Bloomberg Bonds News

CORRECTED - UPDATE 1-Accenture profit up on consulting gains

(Reuters) - Net income for Accenture's fiscal third quarter ended May
31 climbed to $345.4 million, or 54 cents per share, from
$342.3 million, or 56 cents per share, a year earlier. Revenue
excluding reimbursements to clients advanced to $5.08 billion
from $4.41 billion.




Shares of Accenture, incorporated in Hamilton, Bermuda,
rose 1.8 percent in extended trading after closing little
changed at $42.83 on the New York Stock Exchange. The stock was
up 16 percent this year through Wednesday's close.


Read more at Reuters.com Market News

Japan's Nikkei 225 Stock Average, Topix Rise; Toshiba, Toyota Lead Gain

(Bloomberg) -- Japan's Nikkei 225 Stock Average
rose 74.10, or 0.4 percent, to 18,006.32 at 9:02 a.m. in Tokyo.
The broader Topix index added 7.28, or 0.4 percent, to
1758.40.

Toshiba Corp. and Toyota Motor Corp. led the advances.


Read more at Bloomberg Stocks News

Global bond deals surge in first half -Dealogic

(Reuters) - Overall, global debt capital market deals are up 11
percent in the first half of 2007, compared with the first six
months of last year, totalling $3.7 trillion, according to data
compiled by Dealogic.




That shows just how resilient investor risk appetite has
been against a global stock sell-off in February, prompted by a
fall in Chinese stocks, and more recent volatility related to
renewed concerns about the risky U.S. subprime market.


Read more at Reuters.com Bonds News

M&A on pace for record despite signs of strain

(Reuters) - An increase in cross-border corporate mergers helped Europe
push past the United States in volume for the first time in four
years, and lifted the global tally of announced M&A in the first
half by 51 percent to $2.8 trillion, according to preliminary
data released on Friday by research firm Dealogic.




Global M&A was $1.9 trillion in the first half of 2006.


Read more at Reuters.com Mergers News

UPDATE 2-Dow Jones pact gives group power to OK editors

(Reuters) - NEW YORK, June 28 - A tentative deal between News
Corp. and Dow Jones & Co. Inc. would give an
independent board the power to approve the hiring and firing of
top editors at The Wall Street Journal, three sources said on
Thursday.




The agreement is an attempt to persuade the Bancroft
family, which controls Dow Jones through its voting shares, to
sell the 125-year-old U.S. publishing company to media tycoon
Rupert Murdoch's News Corp. for $5 billion.


Read more at Reuters.com Bonds News

Accenture profit gains on strong consulting demand

(Reuters) - SAN FRANCISCO, June 28 - Accenture Ltd. , the fourth-largest U.S. technology consulting company, said on Thursday that quarterly profit rose as it benefited from strong demand for its consulting services.



Net income for Accenture's fiscal third quarter ended May 31 climbed to $345.4 million, or 54 cents per share, from $342.3 million, or 56 cents per share, a year earlier. Revenue excluding reimbursements to clients advanced to $5.08 billion from $4.41 billion.


Read more at Reuters.com Market News

UPDATE 1-Heelys withdraws filing for sale of 4.5 mln shares

(Reuters) - The company said the statement was filed on May 7 and last
amended on June 25.




Heelys had originally filed to sell 8 million shares,
nearly a third of its common shares held by stockholders, but
it was later amended to a sale of 4.5 million shares.


Read more at Reuters.com Mergers News

Global Traffic files to sell up to 4.5 mln shares

(Reuters) - It also said it could use the funds to expand its business
either organically or through acquisitions.




Read more at Reuters.com Government Filings News

KBR completes DML shipyard sale, sees gain

(Reuters) - Houston-based KBR, which was split off from parent company Halliburton Co. earlier this year, said it expects to record a gain of about $93 million from the sale of its 51 percent interest.



The sale to Babcock was first announced in May.


Read more at Reuters.com Bonds News

Most U.S. Stocks Advance After Fed Says Economy Likely Will Keep Growing

(Bloomberg) -- Most U.S. stocks gained and
benchmark indexes were little changed after the Federal Reserve
said the economy will probably keep growing even as inflation
remains its main concern.

Intel Corp., the world's biggest semiconductor company,
and Cisco Systems Inc., the largest provider of networking
equipment, led computer stocks higher after analysts advised
buying the shares. Transocean Inc., the biggest offshore
driller, led a drop in energy producers after natural gas fell
the most in four months.


Read more at Bloomberg Stocks News

Consolidated Edison Says Storms May Cause a Second Day of Power Failures

(Bloomberg) -- Consolidated Edison Inc., owner of
New York City's utility, said thunderstorms may cause a second
day of power failures and delay restoration to customers who lost
service yesterday and last night.

Rain, wind and lightning last night knocked out power to
18,000 customers in Westchester County, north of New York City,
and to 18,000 in the Borough of Queens, New York-based
Consolidated Edison said today in a statement.


Read more at Bloomberg Energy News

Proctor Investment buys stake in Conquest

(Reuters) - New York-based Proctor, which is backed by National Bank
Financial of Canada, has made seven deals since its formation
in January 2006. The deal for Conquest is the first into a
single-strategy alternative asset firm, said Proctor.





Read more at Reuters.com Mergers News

Fed holds rates steady, nods to ease in inflation

(Reuters) - The decision by the central bank's Federal Open Market
Committee keeps the overnight federal funds rate target at the
level it hit in June last year after 17 straight
quarter-percentage point increases.




At its previous two meetings in March and May, the Fed had
described increases in nonfood, nonenergy prices as "somewhat
elevated."


Read more at Reuters.com Economic News

Beazer Homes, CKE, Comverge, Liz Claiborne, Starbucks: 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 1:10 p.m. New York time.

Beazer Homes USA Inc. (BZH US) fell $2.17, or 7.6 percent,
to $26.37. The company said it fired its chief accounting officer
for attempting to destroy documents while it is under
investigation for potential fraud by the Federal Bureau of
Investigation.


Read more at Bloomberg Stocks News

GLOBAL MARKETS-U.S. stocks flat, bonds lower ahead of Fed

(Reuters) - NEW YORK, June 28 - U.S. stocks were little
changed on Thursday as investors stayed cautious ahead of the
outcome of a Federal Reserve policy meeting, while government
bonds edged lower in the face of inflation fears.




The dollar gained against the yen as risk appetite improved
marginally, though investors were reluctant to make large bets
ahead of the statement from the Fed policy meeting.


Read more at Reuters.com Bonds News

Carbon Emission Permits Climb to One-Week High as German Power Advances

(Bloomberg) -- European Union emission permits rose
to their highest in a week, on speculation demand from proposed
German power stations will exceed the permits set aside by the
national government, a Deutsche Bank AG analyst said. Rising power
prices helped push permits higher.

EU carbon dioxide emission permits for December 2008 gained
93 cents, or 4.3 percent, to close at 22.36 euros ($30.11) a metric
ton on the European Climate Exchange in Amsterdam. They earlier
traded as high as 22.60 euros a ton, their highest since June 21.


Read more at Bloomberg Energy News

FACTBOX-Five facts about Iberia, Europe's No.4 airline

(Reuters) - Following are five key facts about the airline:







Read more at Reuters.com Mergers News

DealTalk: Spinoffs back in fashion amid pressure to perform

(Reuters) - After four slower years when the combined value of U.S. spinoffs ranged from roughly $25 billion to $55 billion, 2006 saw a big comeback for such deals, with their total value topping $145 billion, according to research firm Dealogic.




Already in 2007, completed U.S. spinoffs have reached at least $80 billion, up from $60 billion at this stage last year.


Read more at Reuters.com Business News

DAX Index Rises; Postbank Shares Jump After Commerzbank Expresses Interest

(Bloomberg) -- Germany's benchmark DAX Index rose
for the first time in six days, led by Deutsche Postbank AG
after Commerzbank AG said the rival would be an ``excellent
addition.'' MAN AG and Henkel KGaA also paced gains.

The DAX added 90.32, or 1.2 percent, to 7891.55 at 2:26
p.m. in Frankfurt. DAX futures expiring in September increased
1.1 percent to 7967. The HDAX Index of the country's 110 biggest
companies climbed 1.32percent.


Read more at Bloomberg Stocks News

Orascom shares buoy Egypt stock indexes

(Reuters) - Major Egyptian shares rose on Thursday, lifted by a rebound in global equities and the heavy-weighted Orascom Telecom as the market digested news it was buying a majority stake in a Pakistani mobile operator, traders said.

"Pakistan has a huge potential and now OT being a majority shareholder will move the company forward in the direction it wants and get more profit. It's positive news," said Yasser Hassanein of Dynamic Securities, adding the market didn't initially react to the news.


Read more at Reuters Africa

GM selling Allison for $5.6 bln; shares rise

(Reuters) - DETROIT, June 28 - General Motors Corp. on Thursday said it reached a deal to sell its Allison Transmission unit for $5.6 billion to private-equity firms Carlyle Group and Onex Corp.



GM said the sale would include almost all of the Allison Transmission unit's assets, including seven manufacturing plants in Indianapolis and the unit's worldwide distribution network.


Read more at Reuters.com Mergers News

Worthington to close some facilities, cut jobs

(Reuters) - Worthington on Thursday reported fourth-quarter earnings of
45 cents a share on net sales of $788.6 million.




Analysts on average had expected the company to earn 37
cents on a revenue of $754.4 million for the latest fourth
quarter.



Read more at Reuters.com Market News

Canadian Stocks Gain for Second Day on Meridian Gold Takeover, Rising Oil

(Bloomberg) -- Canadian stocks rose for a second day,
led by commodity producers, after Meridian Gold Inc. received a
takeover proposal from rival bullion miners and prices of gold and
copper advanced.

Rising crude oil and natural-gas prices lifted such energy
producers as EnCana Corp., which had dragged the Standard &
Poor's/TSX Composite Index to three consecutive losses before
yesterday.


Read more at Bloomberg Stocks News

UPDATE 1-Fannie, Freddie had enough capital in Q1, says OFHEO

(Reuters) - WASHINGTON, June 28 - Mortgage finance companies
Fannie Mae and Freddie Mac FRE.N were "adequately
capitalized" during the first quarter of the year, the
companies' regulator said on Thursday.




The Office of Federal Housing Enterprise Oversight said the
both companies achieved the designation, the highest they can
receive concerning its reserves against possible losses, as of
March 31.


Read more at Reuters.com Bonds News

U.S. Stocks Decline After Inflation Gauge Rises Faster Than Forecast

(Bloomberg) -- U.S. stocks fell after a gauge of
inflation rose more than forecast in the first quarter,
reinforcing speculation the Federal Reserve won't cut interest
rates this year.

Bed Bath & Beyond Inc., the largest U.S. home-furnishings
retailer, dropped after it said earnings may decline because of
the slump in housing. Novellus Systems Inc., the maker of
equipment to produce computer chips, declined after saying
second-quarter profit and sales will be at the bottom end of
its forecast.


Read more at Bloomberg Stocks News

UPDATE 1-Build-A-Bear evaluates strategic alternatives

(Reuters) - CHICAGO, June 28 - Stuffed-animal retailer Build-A-Bear Workshop Inc. on Thursday said it has hired Lehman Brothers to help it evaluate a range of strategic alternatives, sending the retailer's stock up more than 13 percent in pre-market trading.



The company also said it would not give any new earnings forecasts or update previous ones while it conducts the review.


Read more at Reuters.com Bonds News

UPDATE 1-Extreme Networks to record costs on option grants

(Reuters) - A special committee of its board, which completed the
investigation into the stock-option grants, found no evidence
of fraud, the communications networking equipment maker said in
a statement on Thursday.




Extreme Networks said it would restate its results for
fiscal years 2002 to 2005 to record the expense.


Read more at Reuters.com Government Filings News

UPDATE 1-Canada factory prices fall in May as C$ rises

(Reuters) - The decline was the biggest since September 2006. Analysts
had expected no change in prices in May.




Statscan revised the April rise in factory prices to 0.3
percent from 0.2 percent. In the 12 months to May, prices rose
3 percent versus 3.8 percent in April, revised from 3.7
percent.


Read more at Reuters.com Economic News

GLOBAL MARKETS-Stocks gain ground, yen falls as risk re-bid

(Reuters) - LONDON, June 28 - World stocks regained composure
on Thursday after an almost week-long sell-off and the yen's
rally fizzled out as investors regained some appetite for risky
assets ahead of the Federal Reserve's interest rate decision.




Over the past week, concerns had grown that credit problems
in the U.S. high-risk mortgage sector could raise borrowing
costs for companies, squeeze liquidity and spread to the wider
economy.


Read more at Reuters.com Bonds News

PHH posts 1st-qtr profit

(Reuters) - Revenue rose 8.6 percent to $596 million.




In a regulatory filing, the company said revenue at its
mortgage servicing and fleet management services segments rose
$42 million and $22 million respectively, partially offset by a
$17 million decrease at its mortgage production segment.


Read more at Reuters.com Market News

Dollar Little Changed before Federal Reserve's Rate Decision, Growth Data

(Bloomberg) -- The dollar traded little changed
against the yen ahead of the Federal Reserve's monthly interest-
rate decision.

The U.S. currency pared earlier gains versus its Japanese
counterpart amid speculation the benchmark rate will remain at
5.25 percent for an eighth month. The dollar has weakened in the
past week after reports showed sales of new U.S. homes fell more
than expected in May and on concern losses at hedge funds managed
by Bear Stearns Cos. that invested in mortgages would spread to
other banks.


Read more at Bloomberg Currencies News

General Mills 4th-quarter profit edges higher

(Reuters) - Analysts, on average, forecast 63 cents a share, according to Reuters Estimates.




Sales rose 7 percent to $3.06 billion. Analysts, on average, forecast $2.99 billion, according to Reuters estimates.


Read more at Reuters.com Market News

CORRECTED: Fed seen on hold as core inflation edges lower

(Reuters) - WASHINGTON - Federal Reserve policy-makers meeting for a second day on Thursday look set to hold borrowing costs steady as they monitor risks that U.S. inflation could rekindle and that economic growth may stall.




Financial markets widely expect the U.S. central bank to hold benchmark overnight interest rates at 5.25 percent, a level reached in June last year after 17 straight increases.


Read more at Reuters.com Business News

U.S. Stock-Index Futures Are Little Changed; Apple Shares Climbe in Europe

(Bloomberg) -- U.S. stock-index futures were little
changed before the Federal Reserve announces its interest-rate
decision and comments on the economic and inflation outlook.

Apple Inc. shares gained in Europe after the Financial Times
reported Motorola Inc., the world's second-biggest mobile-phone
maker, is worried about the iPhone, which goes to market in the
U.S. tomorrow. Bed Bath & Beyond Inc. fell. The largest U.S.
home-furnishings retailer said profit may decline.


Read more at Bloomberg Stocks News

Barry Callebaut, Prologis, Caja Madrid to Sell Debt: European Bond Alert

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

Investment-Grade Sales


Read more at Bloomberg Bonds News

Bull-Dog wins court case vs Steel Partners-source

(Reuters) - TOKYO, June 28 - Japan's Bull-Dog Sauce has won a court case allowing it to erect anti-takeover defences aimed at thwarting a $260 million bid by U.S. hedge fund Steel Partners, said a source familiar with the situation.



Steel Partners had sought an injunction from the Tokyo District Court to bar the sauce maker from activating the defence, saying it discriminated against the fund and was financially damaging.


Read more at Reuters.com Government Filings News

Shanghai copper up 3.5 pct on Chile strike vote

(Reuters) - Shanghai copper rallied 3.5 percent on Thursday after workers at a large mine in Chile voted in favour of industrial action, adding to a series of supply concerns from disputes across North and South America.

The most-active September copper contract on the Shanghai Futures Exchange rose 2,110 yuan or 3.5 percent to 62,550 yuan at the close, recouping most of the previous day's 4 percent slide.


Read more at Reuters Africa

S.Africa unions expected to suspend strike - media

(Reuters) - Unions representing hundreds of thousands of striking South Africa's civil servants are expected to suspend their protest after last night's wage talks with the government, South African media said on Thursday.

Unions said on Wednesday night they would announce their response to a government wage offer on Thursday at a news conference at 0900 GMT, raising hopes the end was in sight to a crippling four-week strike.


Read more at Reuters Africa

Rand steady, looks to producer inflation

(Reuters) - South Africa's rand steadied versus the dollar on Thursday, after firming overnight on central bank governor Tito Mboweni's comments that interest rates may have to rise further.

Producer price data at 0930 GMT will give further clues on the interest rate outlook.


Read more at Reuters Africa

CHRONOLOGY-Texas Pacific pulls out of bidding for Coles

(Reuters) - Following is a chronology of events leading up to the TPG
consortium's decision to withdraw.




Aug. 22, 2006 - Coles board confirms it has received a
"highly conditional" takeover proposal from a group of private
investment funds led by KKR.


Read more at Reuters.com Mergers News

Callebaut looks to sell struggling Brach's unit

(Reuters) - "The continued unsatisfactory performance of Barry Callebaut's North American consumer business prompted the company to put the business unit under strategic review," the group said in a statement.




The company said it was looking at a joint venture or a partial or a full sale of the Brach's business and that a sale would be the most favorable outcome.


Read more at Reuters.com Mergers News

Japan's Victor Credit Default Swaps May Decline to 2007 Low, BNP Says

(Bloomberg) -- The perceived risk of owning the
debt of Victor Co. of Japan Ltd., the country's fourth-largest
television and stereo maker, may fall to the lowest this year
because investors overestimate the chance of credit downgrades,
according to BNP Paribas SA.

Matsushita Electric Industrial Co., which owns more than 52
percent of Victor, plans to sell the unit to Kenwood Corp.,
people familiar with the matter said June 23. Japan's largest
consumer electronics manufacturer will sell some of the stake to
Sparx Group Co., Kenwood's biggest shareholder, Nikkei English
News reported. Matsushita and Victor are ``desperately''
considering the best way to raise corporate value, Matsushita
President Fumio Ohtsubo told investors yesterday.


Read more at Bloomberg Bonds News

Turkish Interest Rates to Fall After July Elections, Akbank's Dincer Says

(Bloomberg) -- Turkish interest rates may fall as
next month's general election restores political stability to an
economy bigger than two-thirds of European Union members, Akbank
TAS's managing director said.

The July 22 vote should bring down borrowing costs provided
the new government can end a dispute over the presidency that's
kept rates high, Suzan Sabanci Dincer said in an interview at
Akbank's Istanbul headquarters. That could revive a credit boom
that's attracted Citigroup Inc. and ING Groep NV to the nation of
72 million.


Read more at Bloomberg Emerging Markets News

Axa, Total, Danone, Partouche, L'Oreal, Total: French Equity Preview

(Bloomberg) -- Shares of the following companies
may rise or fall on the Paris stock exchange. Symbols are in
parentheses after company names and prices are from the last
close.

The CAC 40 Index today lost 11.69, or 0.2 percent, to
5941.67 in Paris. The SBF 120 Index slipped 0.2 percent.


Read more at Bloomberg Stocks News

Visa to sponsor 2010 and 2014 soccer world cups

(Reuters) - The deal between Visa and FIFA, soccer's governing body, follows the $90 million settlement on June 21 of a legal fight between FIFA and Visa rival MasterCard Inc. , which had sponsored the tournament for 16 years.




MasterCard had sued FIFA in April 2006 after the soccer group awarded the coveted sponsorship for the next two World Cups to Visa. MasterCard claimed it had right of first refusal on future sponsorship of the tournament, the world's most watched sports event.


Read more at Reuters.com Bonds News

Indonesian Rupiah, Peso, Ringgit Vulnerable to Risk Reduction, SMBC Says

(Bloomberg) -- Indonesia's rupiah, the Malaysian
ringgit and the Philippine peso may suffer the most among Asian
currencies from a sell-off in emerging-market assets, said Tetsuo
Yoshikoshi at Sumitomo Mitsui Banking Corp.

These currencies are most at risk because the respective
stock markets were the biggest beneficiaries of foreign capital
this quarter, said Yoshikoshi, a Singapore-based market analyst.
The peso this month reached the strongest since September 2000,
the rupiah rose to a three-year high in May and the ringgit
touched a nine-year peak as equity indexes climbed to records.


Read more at Bloomberg Currencies News

Japanese September Bond Futures Decline as Nikkei 225 Halts Four-Day Slide

(Bloomberg) -- Japan's bond futures fell as the
Nikkei 225 Stock Average halted a four-day slide.

Ten-year bond futures for September delivery dropped 0.22
to 131.72 as of 9:39 a.m. in Tokyo.


Read more at Bloomberg Bonds News

Japan's Nikkei 225 Stock Average, Topix Rise; Toyota, Honda Lead Advance

(Bloomberg) -- Japan's Nikkei 225 Stock Average
rose 63.98, or 0.4 percent, to 17,913.26 at 9:02 a.m. in Tokyo.
The broader Topix index added 10.21, or 0.6 percent, to
1751.29.

Toyota Motor Corp. and Honda Motor Co. led the advances.


Read more at Bloomberg Stocks News

Investor Carl Icahn says LBO boom has "peaked"

(Reuters) - "They've had a walk in the park for years, but now
shareholders are waking up to the fact that we're not going to
sell it to you so cheap," Icahn told a "Deals and Dealmakers"
conference sponsored by Dow Jones, referring to LBO firms that
take companies private. "And interest rates could start
creeping up."




Icahn, who is known for pressuring companies for strategic
and management changes, said "I think it's peaked," referring
to the private equity boom.


Read more at Reuters.com Mergers News

Oil Trades Little Changed After Surging on Drop in U.S. Gasoline Stocks

(Bloomberg) -- Crude oil was little changed in New
York after jumping $1 a barrel yesterday on a report showing U.S.
gasoline supplies unexpectedly declined for the first time in
eight weeks.

Stockpiles of the motor fuel fell 749,000 barrels after
imports plunged to a 10-week low last week, the U.S. government
said yesterday. Gasoline production rose as refiners raised
operating rates to a three-week high. Oil inventories, already at
a nine-year high, gained an extra 1.56 million barrels.


Read more at Bloomberg Energy News

Corporate Bond Risk in U.S. Retreats After Reaching Highest in 10 Months

(Bloomberg) -- The perceived risk of owning U.S.
corporate bonds retreated from a 10-month high as concerns eased
about companies' inability to get financing, according to traders
who bet on corporate creditworthiness in the credit-default swap
market.

Credit-default swaps based on $10 million of debt in the CDX
North America Crossover Index was unchanged at $184,000 at 5:09
p.m. in New York after rising to $192,000 earlier today,
according to Deutsche Bank AG.


Read more at Bloomberg Bonds News

New Zealand Dollar Drops as Central Bank Says It May Sell Currency Again

(Bloomberg) -- The New Zealand dollar fell to its
lowest in more than a week after the central bank said it may
continue to sell the currency.

Intervention is an ``ongoing process'' and the currency
will eventually fall to a ``more sustainable level,'' Deputy
Governor Grant Spencer said yesterday.


Read more at Bloomberg Currencies News

Charoen, HSBC, Keppel, Noble, Sinotrans: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or fall
today in Asian markets, excluding Japan. This preview includes
news that broke after markets closed. Prices are from the local
market's last close. Stock symbols are in parentheses after
company names.

PT Charoen Pokphand Indonesia (CPIN IJ): Indonesia's second-
biggest chicken feed maker by sales said it will pay 40 percent
of its 2006 profit as dividend. Charoen Pokphand allocated 62.4
billion rupiah ($6.7 million), or 38 rupiah a share, from its 157
billion rupiah profit last year for the dividend payment, the
company said. The shares were unchanged at 980 rupiah.


Read more at Bloomberg Stocks News

New York City Suffers Power Loss in Sections of Manhattan, Police Report

(Bloomberg) -- Scattered power failures occurred in
parts of Manhattan and the Bronx in New York City, the police
department said.

Three police precincts reported that they lost power, a
spokesman for the police, Detective Kevin Czartoryski, said in a
phone interview. WABC Television said power was cut to about
135,000 customers after an explosion at a substation in the
Bronx. About 78,000 customers in Manhattan have since had their
power restored, the television station said.


Read more at Bloomberg Energy News

U.S. senators battle over immigration overhaul

(Reuters) - Backers were able to block a number of amendments they said
would have undermined the fragile compromise negotiated by a
group of Democratic and Republican senators and the White
House.




Republican opponents engaged in a procedural jousting match
with Senate Majority Leader Harry Reid, a Nevada Democrat,
throughout the day on Wednesday in an effort to kill the bill.


Read more at Reuters.com Bonds News

Procter & Gamble Int'l Funding $2 bln 2-part notes

(Reuters) - The joint lead managers on the sale were Citigroup Global
Markets and JP Morgan.




Read more at Reuters.com Bonds News

Brazil's Bovespa Gains, Led by Petrobras, on Oil: Tenaris Rises on Merval

(Bloomberg) -- Brazil's stock index rose for the first
time in four days, led by state-controlled oil company Petroleo
Brasileiro SA, as oil prices rose on declining U.S. gasoline
stockpiles.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 249.46, or 0.5 percent, to 54,101.14. Petrobras
accounted for more than one-fourth of the gain.


Read more at Bloomberg Stocks News

Soybeans Fall for First Day This Week as Rains Revive Crops in Midwest

(Bloomberg) -- Soybeans in Chicago fell for the
first time this week as rains restore soil moisture in Midwest
fields, aiding the growth of crops.

As much as twice the normal rain may fall from Kansas to
Ohio in the next five days, wetting fields depleted by six weeks
of heat and dryness, said Mike Tannura, a meteorologist for T-
Storm Weather in Champaign, Illinois. Some fields have received
three times normal rain the past seven days.


Read more at Bloomberg Commodities News

UPDATE 1-NYSE CEO says full subprime effect not yet seen

(Reuters) - NEW YORK, June 27 - The full effect of the
subprime lending crisis has not yet been seen, the chief
executive of stock exchange group NYSE Euronext
said on Wednesday.




"We haven't yet seen the full extent of the problems," John
Thain said on the sidelines of a Wall Street Journal conference
at the New York Stock Exchange building.


Read more at Reuters.com Mergers News

Treasury's Paulson-Need for comprehensive tax reform

(Reuters) - But he urged against focusing on one particular industry in
the tax code. "There's a lot of focus today on private equity,
on hedge funds, he said, but added "I don't believe it makes
sense to single out any one industry."




)


Read more at Reuters.com Bonds News

Terra Firma likely to extend EMI bid: sources

(Reuters) - It can, however, extend the offer twice in two-week blocs.




Terra Firma declined to comment.


Read more at Reuters.com Mergers News

Gold Futures Fall on Technical Signs Price May Decrease; Silver Declines

(Bloomberg) -- Gold in New York extended losses to a
three-month low after technical signals suggested the price may
be poised to fall. Silver also declined.

Gold traded below its 200-day moving average yesterday, a
technical signal that the price may have further to fall. Gold
lost 1.4 percent yesterday and silver plunged 4.7 percent. Gold
has fallen 7.7 percent since reaching this year's high of $698 on
April 20.


Read more at Bloomberg Commodities News

Canadian Financial Stocks Fall on U.S. Report; Energy Shares, Suncor, Gain

(Bloomberg) -- Canadian financial stocks fell, led by
Bank of Montreal, on concern that slower economic growth in the
U.S., Canada's main trade partner, will curb profit growth.

Industrial companies including Finning International Inc.
declined on a U.S. report showing demand for durable goods
unexpectedly fell last month. Such energy companies as Suncor
Energy Inc. rose along with rebounding crude oil prices.


Read more at Bloomberg Stocks News

UPDATE 1-Brazil banks' bets against dollar hit record high

(Reuters) - Banks more than doubled short dollar positions to $15.79
billion at the end of May, compared with $7.52 billion at the
end of April. The short positions were the biggest since the
central bank began compiling the data in 1994.




A short position on the dollar is a bet that the currency
will weaken.


Read more at Reuters.com Economic News

Guitar Center to be bought by Bain Capital

(Reuters) - As of March 31, the company had 30.17 million diluted shares outstanding, as reported in its first-quarter earnings report.




Total value of the transaction, expected to close in the fourth quarter, is approximately $2.1 billion including assumed debt, the company said.


Read more at Reuters.com Bonds News

UPDATE 3-Wells Fargo names Stumpf CEO; Kovacevich stays chair

(Reuters) - NEW YORK, June 27 - Wells Fargo & Co. , the fifth-largest U.S. bank, on Wednesday named John Stumpf chief executive, replacing Richard Kovacevich, who will remain chairman.



Stumpf, 53, has been president and chief operating officer since August 2005, and was long considered to be a leading candidate to replace Kovacevich. Last June, Stumpf joined Kovacevich as the only inside directors on Wells Fargo's board.


Read more at Reuters.com Mergers News

Northwest Airlines shares fall after cancellations

(Reuters) - On average from Friday to Monday, Northwest canceled 10.7 percent of mainline flights, according to a statement released by the airline on Tuesday. In May, Northwest completed 99.1 percent of its scheduled mainline flights.




The No. 5 U.S. airline blamed the cancellations on air traffic control restrictions, severe summer weather and a high level of pilot absenteeism.


Read more at Reuters.com Hot Stocks News

Blockbuster, Netflix settle patent dispute

(Reuters) - Netflix sued Blockbuster last year for refusing to pay the online DVD rental company royalties. Blockbuster countersued Netflix on fraud and antitrust claims and said Netflix's patents were so broad as to be unenforceable.




Terms of the settlement were confidential, Blockbuster said in a regulatory filing on Wednesday. The company gave no further details, but said the settlement would have not material effect on its future earnings.


Read more at Reuters.com Business News

Chile's Andina outlines dividend payments

(Reuters) - Andina, which has operations in Argentina and Brazil as
well as Chile, posted a net profit of $41.3 million in the
first quarter, up 3 percent from a year earlier.





Read more at Reuters.com Market News

US STOCKS-Blue chips trim losses as energy shares recover

(Reuters) - The Nasdaq rose, helped by Oracle Corp. after the
world's third-largest software company reported a higher
quarterly profit. For details, see [ID:nN26384527].




The Dow Jones industrial average was down 34.79
points, or 0.26 percent, at 13,302.87. The Standard & Poor's
500 Index was down 1.59 points, or 0.11 percent, at
1,491.30. The Nasdaq Composite Index was up 4.24
points, or 0.16 percent, at 2,578.40.


Read more at Reuters.com Bonds News

UPDATE 1-Osprey receives C$404 million bid from Black Press

(Reuters) - Osprey said Black Press would pay C$8.25 in cash for each
Osprey unit. That represents a deal worth about C$404 million
and tops a bid from Quebecor Media earlier this
month that offered C$7.25 per unit.




The income fund's units rose 94 Canadian cents, or 13.02
percent, to C$8.16 on the Toronto Stock Exchange in early trade
on Wednesday.


Read more at Reuters.com Mergers News

U.S. Stocks Retreat on Drop in Durable Goods; GE, ConocoPhillips Decline

(Bloomberg) -- U.S. stocks fell for a fourth day
after a government report showed orders for durable goods
declined more than forecast and energy producers slipped on a
drop in oil.

General Electric Co., which makes products ranging from
appliances to jet engines, retreated. ConocoPhillips, the
third-largest U.S. oil company, slid after it said it will
record a $4.5 billion charge to write off Venezuela projects.


Read more at Bloomberg Stocks News

People's United to buy Chittenden

(Reuters) - Chittenden shareholders will receive $20.35 plus 0.8775 times the average closing price of People's United in the five days prior to closing.




People's United said it will pay 55 percent of the purchase price, or roughly $1 billion, in cash.


Read more at Reuters.com Bonds News

Crude Oil Declines on Signs U.S. Refineries Bolstered Gasoline Production

(Bloomberg) -- Crude oil fell on speculation that an
Energy Department report today will show that U.S. refineries
bolstered production of gasoline and other fuels.

Gasoline stockpiles increased 1.04 million barrels in the
week ended June 22, according to the median of responses by 16
analysts surveyed by Bloomberg News. Inventories of distillate
fuel, a category that includes heating oil and diesel, rose
550,000 barrels. Refineries increased operating rates for the
first time in five weeks, the survey showed.


Read more at Bloomberg Commodities News

Morocco launches Maroc Telecom share sale

(Reuters) - Morocco's government is putting up for sale a 4 percent stake in telecoms operator Maroc Telecom with a share offer to local and foreign institutional investors, the Finance Ministry said on Wednesday.

Morocco's state owns 34 percent of the company, with French media and telecoms group Vivendi holding 51 percent and the remaining 15 percent traded on the Paris and Casablanca bourses.


Read more at Reuters Africa

Copper Falls in London on Slowing U.S Demand, China Rates; Nickel Declines

(Bloomberg) -- Copper fell to a two-week low in
London on signs of sluggish demand in the U.S. and speculation
that China, the world's biggest consumer of the metal, will
raise interest rates. Aluminum and nickel also dropped.

New home purchases in the U.S., the second-biggest user of
the metal, fell in May, a government report showed yesterday,
signaling demand is still weak in the second year of a housing
slump. Builders are the biggest copper consumers.


Read more at Bloomberg Commodities News

Iberdrola Completes $4.7 Billion Share Sale to Buy Energy East, People Say

(Bloomberg) -- Iberdrola SA, the world's largest
owner of wind-power parks, completed a share sale aimed at raising
3.5 billion euros ($4.7 billion) to pay for U.S. utility Energy
East Corp., two people with direct knowledge of the offering said.

The Spanish utility planned to sell 85 million new shares
through a so-called accelerated offering, the Bilbao-based power
producer said earlier today in an e-mailed statement. The people
declined to be identified before Iberdrola makes an announcement.


Read more at Bloomberg Stocks News

US STOCKS-Wall St set for lower start on liquidity jitters

(Reuters) - NEW YORK, June 27 - U.S. stock index futures
indicated a lower open on Wednesday on concern over a rising
Japanese yen, a signal that free-flowing liquidity that has
fueled gains in global equity markets could dry up.




On the economic agenda, the government will release data on
durable goods orders for May at 8:30 a.m. .
Economists forecast orders for long-lasting manufactured goods
to have fallen 1 percent last month.


Read more at Reuters.com Bonds News

Iberdrola Completes Share Sale, People Say; Aimed to Raise $4.7 Billion

(Bloomberg) -- Iberdrola SA, the world's largest
owner of wind-power parks, completed a share sale aimed at raising
3.5 billion euros ($4.7 billion) to pay for U.S. utility Energy
East Corp., two people with direct knowledge of the offering said.

The Spanish utility planned to sell 85 million new shares
through a so-called accelerated offering, the Bilbao-based power
producer said earlier today in an e-mailed statement. The people
declined to be identified before Iberdrola makes an announcement.


Read more at Bloomberg Energy News

Czech Koruna Rallies From 15-Month Low Versus Euro as Carry Trades Unwound

(Bloomberg) -- The Czech koruna rose against the
euro for the first day eight as a drop in global equity markets
prompted investors to unwind so-called carry trades, moving to
low interest-rate currencies.

In carry trades, investors borrow in low interest-rate
currencies, such as the Japanese yen or the Czech koruna, and buy
other higher yielding assets. The yen today rose the most in 10
weeks versus the dollar after Japanese Finance Minister Koji Ami
warned investors yesterday they were taking risks in making one-
way bets against the currency in carry trades.


Read more at Bloomberg Currencies News

Global mobile phone use to pass record 3 billion

(Reuters) - Global mobile phone use will pass the 3 billion mark -- equivalent to half the world's population -- for the first time in 2007 as cell phone demand booms in China, India and Africa, a survey said on Wednesday.

From African farmers to Chinese factory workers, mobile operators will have notched up more than 3.25 billion mobile phone subscriptions worldwide by the end of the year, according to a report by UK-based telecoms analysis company The Mobile World.


Read more at Reuters Africa

Tohoku Electric eyes S.Africa coal panamax cargoes

(Reuters) - Tohoku Electric Power Co. is planning to buy up to two panamax (65,000 tonne) cargoes of South African coal to meet a shortfall in supply, a company source said on Wednesday.

The source said Tohoku was in talks with traders to buy South African coal for delivery in July.


Read more at Reuters Africa

UPDATE 1-UPS selling $59 mln in Sinotrans shares -source

(Reuters) - UPS is selling roughly 125 million Sinotrans shares at
HK$3.56 to HK$3.71 each, a discount of 2 to 6 percent below its
Wednesday closing price of HK$3.79, the source said.




Sinotrans is a unit of Sinotrans Co., which is
injecting core assets into the Hong Kong-listed unit under a plan
to eventually list the entire group.


Read more at Reuters.com Mergers News

U.K. Natural Day-Ahaead Gas Little Changed After Imports Satisfy Demand

(Bloomberg) -- U.K. natural gas for delivery today
was little changed after an increase in imports via the Langeled
pipeline from Norway yesterday helped ensure supply was
sufficient to match consumption.

Gas for intraday delivery traded at 22.6 pence a therm,
compared with a last trade for day-ahead gas at 22.45 pence a
therm yesterday, according to prices on Bloomberg from Icap Plc.
The latest price is equivalent to $4.51 a million British
thermal units. A therm is 100,000 Btus.


Read more at Bloomberg Energy News

Investors dump risk as subprime worries weigh

(Reuters) - The risk premium on emerging market debt rose while the Japanese yen strengthened as investors moved away from popular "carry" trades funded by borrowing low-yielding currencies.




"The issue of U.S. subprime mortgages is flaring up again. It's not an atmosphere where people can aggressively take positions in risky assets," said one currency trader for a Japanese bank.


Read more at Reuters.com Hot Stocks News

Blackstone pulls out of bidding for Coles: source

(Reuters) - Investors pushed Wesfarmers' shares up as much as 1.7 percent on hopes its A$19.7 billion offer for the troubled supermarket chain will be successful. Wesfarmers shares ended in negative territory amid a broader market selloff.




If it succeeds, the takeover would be the largest in Australian corporate history.


Read more at Reuters.com Business News

U.K.'s FTSE 100 Slips; Northern Rock Plummets on Lower Profit Forecast

(Bloomberg) -- U.K. stocks declined, led by Northern
Rock Plc. Britain's seventh-largest bank said profit will
probably miss analysts' estimates this year after interest rates
rose more than expected.

The benchmark FTSE 100 Index retreated 38.6, or 0.6 percent,
to 6520.70 as of 8:09 a.m. in London. The FTSE All-Share Index
slid 0.6 percent to 3364.29. Ireland's ISEQ Index decreased 0.7
percent to 9318.55.


Read more at Bloomberg Stocks News

Thailand, Taiwan Stock Ratings Raised at HSBC; South Korea, Hong Kong Cut

(Bloomberg) -- Investors should buy more shares in
Thailand and Taiwan and reduce holdings in South Korea and Hong
Kong, HSBC Securities Asia Ltd. said.

Investors should ``rotate out of the priciest markets into
those that have so far missed out on the fun, such as Thailand
and Taiwan,'' said Garry Evans, Asian equities strategist at HSBC
in Hong Kong, in a research note to clients. He declined to
comment when contacted by Bloomberg News.


Read more at Bloomberg Stocks News

Russia's Altimo ups Vimpelcom stake, board clout

(Reuters) - By raising its stake above 44 percent, Altimo's Eco Telecom
removes a requirement for one of its four nominees on the
nine-strong board to be independent. Vimpelcom will hold its
annual shareholder meeting on Friday.




The filing said Eco Telecom, which previously had 43.8
percent of the voting shares, still owned less than the 50
percent threshold that would force it to make a bid for the
entire company.


Read more at Reuters.com Mergers News

Treasury chief seeks regulatory changes: report

(Reuters) - The Treasury-led review will make recommendations by early next year and is expected to be announced at a Journal conference in New York later on Wednesday.




It would establish a framework for an eventual overhaul of the regulatory system, most likely after Paulson leaves office, according to the report.


Read more at Reuters.com Business News

UBS Hired to Arrange PetroChina's $5.9 Billion Sale of Shares in Shanghai

(Bloomberg) -- UBS AG has been hired by PetroChina
Co. to arrange what may become China's biggest share sale this
year, raising as much as $5.9 billion, people with direct
knowledge of the decision said.

UBS Securities Co., the China venture of Europe's largest
bank by assets, won a mandate for PetroChina's share sale, the
people said, asking not to be identified before an announcement.
China's largest oil producer plans to offer a maximum of 4
billion shares in Shanghai to raise funds for overseas
acquisitions, increased oil drilling and refinery constructions,
the company said June 20.


Read more at Bloomberg Currencies News

Norwegian Central Bank May Raise Benchmark Rate, Signal Further Increases

(Bloomberg) -- Norway's central bank will probably
raise its benchmark interest rate for the 11th time in two years
today and say the rate will peak at a higher level than
previously forecast, a survey of economists shows.

The bank will increase the deposit rate by a quarter-point
to 4.5 percent, according to all but one of 18 economists in a
Bloomberg survey. The bank may forecast the rate will rise to 5.5
percent in 2008, the survey shows. The decision will be announced
at 2 p.m. in Oslo.


Read more at Bloomberg Bonds News

Agfa, Alitalia, Beneteau, Eiffage, E.ON and PPR: European Equity Preview

(Bloomberg) -- The following stocks may rise or
fall in European markets. Prices are from the last close.

The Dow Jones Stoxx 600 fell 0.6 percent to 389.52. The Dow
Jones Stoxx 50 Index declined 0.6 percent to 3900.19. The Euro
Stoxx 50 Index, a benchmark for the 13 nations using the euro,
dropped 0.9 percent to 4433.04.


Read more at Bloomberg Stocks News

China's CSI 300 Index Climbs on Higher Earnings; Shanghai Automotive Rises

(Bloomberg) -- China's stocks rose for a second day
after a government report showed profits generated by industrial
companies jumped 42 percent in the first five months. Shanghai
Automotive Co. gained.

``The figures boosted optimism about first-half earnings
for listed companies,'' said Yan Ji, an investment manager at
HSBC Jintrust Fund Management Co. in Shanghai, which manages
about $517 million. ``Growth is still pretty fast.''


Read more at Bloomberg Stocks News

Nissan, Expanding Production Base in Thailand, Will Export Navara Trucks

(Bloomberg) -- Nissan Motor Co., Japan's third-
largest automaker, will export Thai-built Navara pickup trucks
as it expands its use of the Southeast Asian country as a low-
cost production base.

Nissan, based in Tokyo, will start shipping its new one-ton
pickup truck to more than 100 countries from August, said Carlos
Ghosn, Nissan's chief executive officer, in an interview in
Bangkok. He didn't specify the quantity.


Read more at Bloomberg Emerging Markets News

ProSieben says buys SBS for 3.3 bln euros

(Reuters) - ProSiebenSat.1 said the purchase would be financed entirely
with new syndicated loans from a group of banks led by Bank of
America, Calyon, Credit Suisse, HypoVereinsbank, JPMorgan,
Lehman Brothers, Morgan Stanley and Royal Bank of Scotland.




The transaction was not subject to approval by antitrust or
media regulators and the share purchase agreement would be
completed by the beginning of July, it said, adding that
projected synergies from the merger would be between 80 million
and 90 million euros per year.


Read more at Reuters.com Mergers News

Japan Will Probably Reduce Bond Sales Next Fiscal Year, MOF's Sumi Says

(Bloomberg) -- Japan will probably cut bond sales
next fiscal year after a reduction in refinancing allowed the
nation to cut issuance by a record this year, said Chikahisa
Sumi, a finance ministry official.

The ministry, which manages the world's biggest government
bond market, in December said it would cut issuance, including
debt for refinancing and new revenue, by 13 percent to 143.8
trillion yen ($1.17 trillion) in the fiscal year started April 1.
Sumi declined to comment on the size of next year's reduction.


Read more at Bloomberg Bonds News

UPDATE 1-Apogee profit up, spurred by architectural unit

(Reuters) - The shares rose more than 6 percent following the earnings
announcement after closing up 12 cents to $25.20 in
regular-session trading on Nasdaq.




Net income in the fiscal first quarter ended June 2
increased to $11.7 million, or 40 cents per share, from $4.74
million, or 17 cents per share, a year earlier. Sales advanced
to $209.9 million from $187 million.


Read more at Reuters.com Market News

Apogee profit up, spurred by architectural unit

(Reuters) - Operating income in the architectural business more than
doubled, the company said.




Read more at Reuters.com Market News

Cox says US SEC has formed subprime mortgage group

(Reuters) - "We recently formed a working group in the division of
enforcement to focus... on the problems of the subprime
securities market," Cox said in response to a question about
whether the SEC has any concerns about recent debt financing in
the markets.




Read more at Reuters.com Government Filings News

Australian Pharma, BHP, GRD, Qantas, Woodside: Australian Equity Preview

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

The S&P/ASX 200 Index futures contract due in September fell
0.5 percent to 6304 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index slid 0.7 percent in New York.


Read more at Bloomberg Stocks News

YRC Worldwide reaches deal to buy Shanghai Jiayu

(Reuters) - "This acquisition will allow us to build a service network
that will provide greater reliability for our customers as they
move shipments within China," YRC Worldwide's Chief Executive
Bill Zollars said in a statement.




Read more at Reuters.com Mergers News

US SEC examines exec pay tables, plans a report

(Reuters) - Cox acknowledged that he personally had read "some horrible
examples" of pay tables which were not "the kind of clarity we
had hoped for" with the new disclosure regulation. "We have the
very best opportunity to get this right now, this year," he
added.




Read more at Reuters.com Bonds News

U.S. Web radio stations silently protest royalty hike

(Reuters) - Campaign organizer SaveNetRadio estimated about half of the 30,000 U.S. Webcasters were silent, partly silent or playing announcements urging an estimated 50 million U.S. listeners to act against the hike by calling lawmakers in Washington.




Under a Copyright Royalty Board ruling in March, Webcasters will pay a performance royalty of $0.0008 for each listener of each song in 2006, rising to $0.0019 in 2010. The first payment, backdated to January 1, 2006, is due on July 15.


Read more at Reuters.com Government Filings News

UPDATE 1-Nike beats Street, net profit up 32 percent

(Reuters) - LOS ANGELES, June 26 - Nike Inc. posted higher fourth-quarter net profit on Tuesday, beating Wall Street estimates and sending shares up 4 percent in extended trade, as strong sales of Nike-branded footwear helped offset overall challenges in the U.S. athletic shoe market.



The world's top maker of athletic shoes and apparel said quarterly net profit rose 32 percent to $437.9 million, or 86 cents per share, compared with $332.8 million, or 64 cents per share, a year earlier. Revenue rose 9 percent to $4.38 billion.


Read more at Reuters.com Market News

Oracle profit rises as acquisitions boost sales

(Reuters) - Excluding items, Oracle made a per-share profit of 37 cents. Analysts were expecting a per-share profit excluding items of 35 cents, the average forecast based on Reuters Estimates.




Revenue rose to $5.83 billion from $4.85 billion.


Read more at Reuters.com Business News

UPDATE 1-Prosecutors say Conrad Black's defense failed

(Reuters) - CHICAGO, June 26 - Prosecutors trying to seal
their case on Tuesday against former media baron Conrad Black
and his associates told jurors about to decide their fate that
defense lawyers failed to refute the core fraud charges against
the four men.




Instead they "cobbled together a defense, taking a phrase
from a memo here and a sentence from an e-mail there," said
lead prosecutor Eric Sussman, "but never taking on the
accusations head-on."


Read more at Reuters.com Bonds News

Apple gives cost of iPhone service, first fans show

(Reuters) - A small clutch of gadget enthusiasts staked out spots in front of Apple's store on New York's tony Fifth Avenue, days before the iPhone goes on sale on Friday evening local time.




Plenty of potential iPhone consumers have said they would wait for Apple's next versions of the device to buy it, hoping for a lower price and faster network connection.


Read more at Reuters.com Business News

UPDATE 1-Canada film distributor stake sold for C$193.3 mln

(Reuters) - TORONTO, June 26 - Movie Distribution Income Fund
said on Tuesday it plans to sell its minority stake
in Motion Picture Distribution LP, a leading distributor of
films in Canada, to private equity firm EdgeStone Capital
Partners for about C$193.3 million .




Toronto-based EdgeStone is conducting the deal in
partnership with GS Capital Partners, a private equity
affiliate of Goldman Sachs & Co.


Read more at Reuters.com Mergers News

SEC settles short selling case with GLG hedge fund

(Reuters) - GLG did not admit or deny wrongdoing as part of the
settlement, which involved public offerings in the funds GLG
Market Neutral Fund, GLG North American Opportunity Fund, GLG
Technology Fund and GLG European Long Short Fund.




Read more at Reuters.com Government Filings News

Reynolds shares up ahead of Star patent ruling

(Reuters) - Star filed a lawsuit in 2001 against Reynolds American's R.J. Reynolds Tobacco unit, saying Reynolds had infringed on patents related to a curing process that reduces the level of cancer-causing toxins in tobacco.




Garbis has previously ruled that key patent claims at issue in the lawsuit were invalid. He has agreed with Reynolds that the term "anaerobic condition," used in Star Scientific's patents on a curing process that reduces the level of cancer-causing toxins in tobacco, was "fatally indefinite" and therefore invalid.


Read more at Reuters.com Hot Stocks News

GLOBAL MARKETS-U.S. stocks higher; bonds flat

(Reuters) - Stocks subsequently turned higher by the midsession as
investors snapped up shares in sectors seen likely to withstand
a slowdown in growth, but worries about fallout from the
subprime mortgage market kept investors skittish.




The yen rose for a second straight day, rebounding from
recent multiyear lows against the dollar and euro, after
Japan's finance minister cautioned about the weakness of the
country's currency.


Read more at Reuters.com Bonds News

Bond prices fall on profit-taking before auction

(Reuters) - Government bonds have tapped flight-to-quality flows after problems at two Bear Stearns' hedge funds renewed worries about the subprime mortgage sector and traders said caution was also creeping in before the Federal Reserve's two-day meeting begins on Wednesday.




While the Fed is expected on Thursday to leave its overnight lending rate unchanged at 5.25 percent, investors will scrutinize the wording of the statement accompanying the interest-rate verdict for clues on the future direction of monetary policy.


Read more at Reuters.com Bonds News

U.K. Stocks Drop, Led by BAE Systems on U.S. Probe; BT, Vodafone Gain

(Bloomberg) -- U.K. stocks declined. BAE Systems
Plc, Europe's biggest weapons maker, posted its steepest drop in
4 1/2 years after saying the U.S. started a probe into the
company's compliance with anti-corruption laws.

Cadbury Schweppes Plc shares also slipped. BT Group Plc and
Vodafone Group Plc rose as investors bought shares of companies
that pay the highest dividends relative to share prices.


Read more at Bloomberg Stocks News

Venezuela confirms takes over Conoco oil project

(Reuters) - PDVSA said Venezuela now controlled 78 percent of the
Orinoco projects.




Read more at Reuters.com Bonds News