Oil near $71 at 9-mth high on Iran, gasoline fears

(Reuters) - Benchmark London Brent crude gained 20 cents at $70.80 a barrel by 0616 GMT, after hitting a fresh nine-month high of $70.90 earlier. U.S. crude traded up 14 cents at $65.91.




Prices climbed after nine U.S. warships put on a show of force off Iran's coast on Wednesday, coming at the same time as a United Nations report that said Tehran had expanded its nuclear programme.


Read more at Reuters.com Hot Stocks News

S.Africa c.bank eyes food, oil impact on inflation

(Reuters) - South Africa's central bank was closely watching whether another round of oil and food price increases widens inflation, and it would take action if this occured, Governor Tito Mboweni said on Wednesday.

"If we see second round effects coming through it is prudent for the central bank to tighten monetary policy," Mboweni said in a speech in Cape Town, adding that the central bank considered the impact of recent food and oil price hikes as "alarming".


Read more at Reuters Africa

Barclays says UK retail bank profits rise

(Reuters) - Barclays confirmed earlier comments that pretax profit in
the first quarter was 15 percent above a year earlier, and rose
10 percent excluding property gains, and Barclays Capital had
its best quarter ever.




Read more at Reuters.com Market News

Japanese Shares Rise, Led by Traning Companies; Insurers Fall on Earnings

(Bloomberg) -- Japanese stocks gained, paced by
trading companies including Itochu Corp. and Marubeni Co. after
Mizuho Securities Co. lifted its ratings on Japan's five largest
trading houses.

Insurers declined after companies such as Sompo Japan
Insurance Inc. and Mitsui Sumitomo Insurance Co. reported their
profits fell.


Read more at Bloomberg Stocks News

TREASURIES-Futures rebound from 4-mth low in Asia

(Reuters) - But gains were limited as market participants awaited reports
on durable goods orders and new home sales due later in the
session to give more clues about the health of the economy and
the future path of the Fed's monetary policy.




The U.S. central bank has been leaving the funds rate on hold
at 5.25 percent since June last year.


Read more at Reuters.com Bonds News

Qantas eyes sale, buyback after bid collapse

(Reuters) - Qantas told investors it was reviewing ownership of its frequent flyer program and might sell off its express freight joint venture and other operations as part of a "demerger" option being considered to return capital to shareholders.




Qantas shares hit a record high, rising 2.2 percent to A$5.54 by 0253 GMT after the airline reaffirmed previous profit guidance and outlined the options it was considering under a capital management strategy review.


Read more at Reuters.com Mergers News

Yuan Snaps 6-day Rally as Central Bank's Zhou Says Gains Are `Fast Enough'

(Bloomberg) -- The yuan snapped a six-day rally after
central bank Governor Zhou Xiaochuan said China has tried its
best in reforming the currency, which is ``already moving fast
enough.''

U.S. legislators have pledged to proceed with sanctions on
imports from China unless the yuan rises faster than the 8.2
percent gain since the end of a dollar link in July 2005. Vice
Premier Wu Yi said the U.S. shouldn't resort to threats and trade
sanctions, damping speculation China will agree to demands for
faster currency appreciation to help solve global imbalances.


Read more at Bloomberg Currencies News

Japan Air Default Swaps Plunge on Report It Asked Banks for $3.3 Billion

(Bloomberg) -- The perceived risk of owning the debt
of Japan Airlines Corp. plunged after a report said the carrier
asked its main banks for up to 400 billion yen ($3.3 billion).

The airline has asked banks to convert any new loans into
equity in the airline and intends to replace old aircraft with
smaller, fuel-efficient planes, Nikkei English News said today,
citing unidentified people close to the situation. Asia's most
indebted carrier forecast this month its first profit in three
years after losing 64 billion yen over the past two years.


Read more at Bloomberg Bonds News

Gold Little Changed Amid Speculation Indian Demand May Fall; Silver Gains

(Bloomberg) -- Gold traded little changed in Asia
amid speculation of reduced investor demand from India, the
world's largest buyer. Silver gained.

Imports of bullion by India, which uses more gold than the
U.S. and China combined, traditionally peak in May as the local
wedding season drives demand. The onset of the monsoon season
traditionally weakens demand, Darren Heathcote, head of trading
at Investec Bank (Australia) Ltd., said today by phone.


Read more at Bloomberg Commodities News

FDA to monitor toothpaste from China

(Reuters) - The Food and Drug Administration has no evidence that contaminated toothpaste has made its way into the United States but is taking the step as a precaution, agency spokesman Doug Arbesfeld said.




China -- the second-largest exporter of toothpaste to the United States behind Canada, according to the FDA -- has been at the forefront of growing concerns about its standards as well as the U.S. government's ability to monitor foods and other products.


Read more at Reuters.com Business News

U.S.-China currency deal elusive

(Reuters) - WASHINGTON - The United States and China on Wednesday announced deals to increase flights to China and ease U.S. entry into its financial sector but made no headway on the thorny issue of speeding up Chinese currency reforms.




After two days of top-level economic talks, U.S. Treasury Secretary Henry Paulson claimed "tangible results" while China's Vice Premier Wu Yi said relations between the two countries were "complicated" and needed careful handling.


Read more at Reuters.com Business News

Investors push Exxon board member on climate

(Reuters) - The group, which includes the California State Teachers Retirement System, labor funds and the treasurers of six U.S. states, is pushing for the removal of Michael Boskin, who is chairman of Exxon's public issues committee.




"While Exxon Mobil's competitors are moving aggressively on climate change, this company -- one of the world's largest refiners and marketers of oil products -- continues to hide its head in the sand rather than acknowledge the business implications of climate change," Connecticut State Treasurer Denise Nappier said on a conference call with reporters.


Read more at Reuters.com Business News

Singapore's Industrial Production Probably Rose in April on Drugs, Rigs

(Bloomberg) -- Singapore's industrial production
probably rose in April, recovering from the first decline in two
years the month before, as pharmaceutical and marine engineering
companies boosted output to meet orders.

Manufacturing, which accounts for a quarter of Singapore's
$134 billion economy, rose 8.4 percent from a year earlier,
after falling 2.9 percent in March, according to the median
forecast of 12 economists in a Bloomberg News survey. The
government report is due tomorrow at 1 p.m. in Singapore.


Read more at Bloomberg Bonds News

Emerging-Market Bond Yield Premium Reaches a Record Low Before Increasing

(Bloomberg) -- Emerging-market bonds fell after a
decline in U.S. stocks cut into demand for riskier assets.

The yield to the 2015 call on Brazil's 11 percent bonds due
2040, the most widely traded emerging-market securities, rose 5
basis points, or 0.05 percentage point, to 5.68 percent at 4:57
p.m. in New York, according to JPMorgan Chase & Co. The bond's
price, which moves inversely to the yield, fell 0.40 cent to
134.55.


Read more at Bloomberg Bonds News

UDPATE 1-Novell's option review finds incorrect dates

(Reuters) - The adjustment due to the review will reduce retained
earnings as of the beginning of fiscal 2006 to $965 million
from $984 million, Novell said in a statement.




Novell added it will not restate its financial statements
for prior periods, and said it found no intentional wrongdoing
by any former or current employee, officer or director.


Read more at Reuters.com Government Filings News

Washington, D.C., to Borrow $735 Million, Leading Week's Municipal Sales

(Bloomberg) -- Washington D.C. borrowed $735 million
today in the week's largest auction of U.S. municipal debt after
winning its highest-ever general obligation credit ratings.

The U.S. capital joined city governments in Phoenix, San
Antonio and New York that tapped the municipal bond market today
for a combined $1.34 billion. The three other sales will help
fund an expansion of Arizona State University, pay for a new
coal-fired power plant southeast of San Antonio and refinance
debt used for capital work on New York City's water system.


Read more at Bloomberg Bonds News

Allos Therapeutics files $150 mln mixed shelf offer

(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

Allianz sees no earnings impact in WTC settlement

(Reuters) - World Trade Center developer Larry Silverstein said in
March that Allianz still owed him $553 million. An Allianz
spokeswoman said at the time that Allianz had already paid
Silverstein and a public land-owning entity $550 million.




The seven insurance companies settled with Silverstein
Properties for $2 billion to resolve all outstanding insurance
claims related to the destruction of the World Trade Center,
Governor Eliot Spitzer and State Insurance Superintendent Eric
Dinallo said on Wednesday.


Read more at Reuters.com Bonds News

UPDATE 1-NetApp sees lower sequential revenue, shares fall

(Reuters) - Shares of Network Appliance fell more than 17 percent in
extended trading following the earnings report after closing up
22 cents at $38.06 in regular-session trading on Nasdaq.




The company said it expects fiscal first-quarter revenue to
decline 6 percent to 7 percent from the fourth quarter after
large U.S. corporations cut spending in March, Chief Executive
Dan Warmenhoven said in an interview.


Read more at Reuters.com Market News

California can't import college graduates fast enough

(Reuters) - Attracting those workers from other states or from abroad
on a scale to meet the demand is unlikely so California should
focus on improving its education system, according to the
report by the Public Policy Institute of California.




"Given recent trends, the state probably won't be able to
attract enough college-educated workers to meet current,
skill-driven, economic projections -- and thus may have to rein
in expectations about what the economy will look like in 20
years," the report said.


Read more at Reuters.com Bonds News

Marsh shares rise; takeover speculation cited

(Reuters) - "MMC is a constant takeover rumor," said Jeff Praissman, market maker for Marsh options at Timber Hill, a division of Interactive Brokers Group. "It has been so for at least six months.




"Investors are going after the June 30 and 35 calls and July 35 calls," he added.


Read more at Reuters.com Hot Stocks News

US STOCKS-Wall Street trims most gains on China worries

(Reuters) - NEW YORK, May 23 - U.S. stocks were little
changed on Wednesday, paring gains as the market digested
comments by former Federal Reserve Chairman Alan Greenspan
that he feared a "dramatic contraction" in Chinese stocks
after the recent boom.




Greenspan told a management meeting via teleconference
that the boom was "clearly unsustainable." [ID:nMDT004118]


Read more at Reuters.com Bonds News

UPDATE 1-Mexico's Telmex registered to bid for Satmex

(Reuters) - Offers for Satmex, Mexico's main satellite operator that
had been struggling with high debt, are due at the end of this
month.




"We are registered in the sale process, we have done the due
diligence," Elias Ayub said.


Read more at Reuters.com Mergers News

Key US senator urges rejection of XM-Sirius deal

(Reuters) - Democratic Sen. Herb Kohl of Wisconsin said he had sent a
letter to the Justice Department and the Federal Communications
Commission calling on them to oppose the deal on grounds that
it would cause "substantial harm to competition and
consumers."




"Such a result should be be unacceptable under antitrust
law and as a matter of communication policy," Kohl wrote to
FCC Chairman Kevin Martin and the Justice Department's
antitrust chief, Thomas Barnett.


Read more at Reuters.com Government Filings News

Key senator urges rejection of XM-Sirius deal

(Reuters) - Democratic Sen. Herb Kohl of Wisconsin said he had sent a letter to the Justice Department and the Federal Communications Commission calling on them to oppose the deal on grounds that it would cause "substantial harm to competition and consumers."




"Such a result should be unacceptable under antitrust law and as a matter of communication policy," Kohl wrote to FCC Chairman Kevin Martin and the Justice Department's antitrust chief, Thomas Barnett.


Read more at Reuters.com Business News

U.S. House Passes Legislation Making Gasoline Price Gouging Federal Crime

(Bloomberg) -- The House of Representatives approved
legislation today that would make gasoline price gouging a
federal crime, subjecting companies to as much as $150 million
in fines.

The 284-141 vote marks the second action the House has
taken this week in response to record gasoline prices. Lawmakers
yesterday approved a measure that would allow the Justice
Department to file antitrust lawsuits against the Organization
of Petroleum Exporting Countries, which provided 44 percent of
U.S. crude oil imports in February.


Read more at Bloomberg Energy News

Video scandal unlikely to tarnish Ecuador's Correa

(Reuters) - Ecuadoreans are dismissing the daily ins and outs of a complex scandal and still look to Correa, a U.S.-educated economist, to lower the cost of borrowing and lift them out of poverty, analysts and experts said.




Ecuador's top prosecutor and the Andean nation's Congress are examining a video, released on Monday, showing Economy Minister Ricardo Patino making ambiguous remarks about debt that have fueled opposition charges of market manipulation.


Read more at Reuters.com Bonds News

Parmalat: NJ court rejects Citigroup appeal

(Reuters) - Parmalat Chief Executive Enrico Bondi has accused some 50 defendants, including Citigroup, of helping prior management hide debt and inflate results, leading in 2003 to Europe's largest bankruptcy. Much of the resulting litigation is being handled in Italy and a Manhattan federal court.




Citigroup spokesman Daniel Noonan said the bank was disappointed with the latest ruling, but noted it does not address the merits of Bondi's case. "Citigroup has done nothing wrong, and we look forward to being vindicated," Noonan said.


Read more at Reuters.com Bonds News

Investor Pessimism on U.S. Stocks Advances For The First Time in a Month

(Bloomberg) -- Investors grew more pessimistic about
U.S. stocks last week for the first time in a month, according to
Investors Intelligence.

The percentage of ``bearish'' newsletter writers climbed to
20.7 percent in the week ended May 18. That was up from the
previous week's 19.6 percent, which matched the lowest level
since August 2005, the New Rochelle, the New York-based
newsletter said. It was also the first gain since the week of
April 20.


Read more at Bloomberg Stocks News

Major Ellerines owner to offer 20.2 pct stake

(Reuters) - South African furniture and appliance retailer Ellerine Holdings said on Wednesday a major shareholder plans to offer for sale its entire 20.2 percent stake in the company.

Poco International Holdings, through its unit Eurotin S.A., will offer its 25.2 million shares through a private placement, a statement said. A bookbuilding exercise has been launched and is due to close by May 25, it added.


Read more at Reuters Africa

U.S. Fed proposes clearer credit card disclosures

(Reuters) - One proposal, which could reduce fees for the industry,
would notify consumers 45 days ahead of changes to the terms of
the account, instead of the current 15 days.




Fed staffers said one of the issues they are grappling with
is whether to further help consumers understand how the annual
percentage rate is calculated or simply eliminate it from
the summary table.


Read more at Reuters.com Bonds News

Copper Drops to Seven-Week Low After First-Quarter Production Tops Demand

(Bloomberg) -- Copper futures in New York dropped to
a seven-week low after a report showed production of the metal
outpaced demand in the first quarter.

Output topped consumption by 99,000 metric tons, the Ware,
England-based World Bureau of Metal Statistics said today. The
copper surplus in 2006 was 352,000 tons, the group said. Prices
for the metal used in pipes and wires have dropped 19 percent
from a record in May 2006 as miners ramped up production and
U.S. economic growth slowed.


Read more at Bloomberg Commodities News

Tokyo bourse eyes NYSE capital ties

(Reuters) - The world's second-largest bourse has proposed a cross-shareholding arrangement with the NYSE after the TSE lists its shares, which is planned for 2009, outgoing TSE President Taizo Nishimuro said on Wednesday.




"With other exchanges, similar proposals have been made," Nishimuro told a news conference. Other options might be 50-50 joint ventures, but he refused to elaborate further.


Read more at Reuters.com Mergers News

Bush to meet China's Wu on Thursday

(Reuters) - Bush's decision to talk with her reflected the importance of the U.S.-China dialogue, he said.




"The bilateral economic relations between China and the United States is probably the most important bilateral economic relationship in the world," he told reporters aboard Air Force One.


Read more at Reuters.com Bonds News

RSC Holdings falls 7.5 percent in debut

(Reuters) - The 20.83 million-share initial public offering sold for
$22 per share on Tuesday, compared with a $23 to $25 forecast
range.




Underwriters were led by Deutsche Bank Securities, Morgan
Stanley and Lehman Brothers.


Read more at Reuters.com Mergers News

Glaxo's Avandia Heart-Attack Risks Prompt Doctors to Switch Diabetes Drugs

(Bloomberg) -- Boston doctor Annaswamy Raji says she
was so alarmed by a study linking GlaxoSmithKline Plc's drug
Avandia to heart disease that she immediately advised a diabetes
patient to stop taking the medicine.

Research released May 21 by the New England Journal of
Medicine provided evidence that Avandia raises the chance of a
heart attack by as much as 43 percent. London-based Glaxo shares
dropped for a third day, bringing the week's decline to 7.5
percent. The data caused U.S. lawmakers to question the
government's drug-safety monitoring.


Read more at Bloomberg Exclusive News

Alcan, Analog, Men's Wearhouse, Stride Rite, Target: 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.
Shares prices are as of 9:30 a.m. New York time.

Advanced Analogic Technologies Inc. (AATI US) rose $1.44, or
18 percent, to $9.45 and traded as high as $9.65. The maker of
power-management chips for mobile phones and computers said Judge
Sidney Harris of the U.S. International Trade Commission ruled
the company didn't infringe Linear Technology Corp.'s (LLTC US)
patents. Shares of Linear fell 86 cents to $36.27.


Read more at Bloomberg Stocks News

KB Home to sell French unit stake for $738 million

(Reuters) - The purchase price consists of 50.17 euros per share in cash to be paid by PAI to KB Home after payment of a cash dividend of 4.83 euros per share by Kaufman & Broad. The total payment is 55 euros per share , or about $810 million including the dividend.




Kaufman & Broad designs and builds apartments, single family homes and some office properties.


Read more at Reuters.com Business News

Grainger reinterates upbeat 2007 outlook

(Reuters) - He said after the company's aggressive performance in the
first quarter, investors should expect to see more of the same
in coming quarters and years.




Read more at Reuters.com Market News

Amazon buys audiobooks publisher

(Reuters) - Financial terms were not available.







Read more at Reuters.com Mergers News

UPDATE 1-Fannie Mae names ex-FBI Director Freeh to board

(Reuters) - Freeh will work on the board's compliance and compensation
committees. He becomes the eighth new director elected to
Fannie Mae's board since 2004. Freeh was director of the
Federal Bureau of Investigation from 1993 to 2001.




"Louie Freeh will be a terrific addition to our board as
the company moves forward," said Stephen Ashley, Fannie Mae's
chairman, in a statement.


Read more at Reuters.com Bonds News

France's GDF Says Delayed Merger With Suez Still Remains Its Best Option

(Bloomberg) -- Gaz de France SA, the operator of
Europe's biggest natural-gas network, said a merger with Suez SA
remains its `best option' even though the company's future
doesn't depend on a tie-up going ahead.

The planned 42.7 billion-euro ($57.3 billion) merger with
power and water company Suez can't be completed before July, the
country's highest court ruled in November. President Nicolas
Sarkozy raised doubts during his recent presidential campaign
that he would go ahead with it.


Read more at Bloomberg Energy News

Dillard's quarterly profit drops 30 percent

(Reuters) - The latest earnings included a pre-tax $4.1 million hurricane recovery gain, which added 3 cents to earnings after tax.




Net sales fell 4 percent to $1.76 billion during the quarter, dragged down by weak sales of juniors' and childrens' clothing.


Read more at Reuters.com Business News

France's CAC 40 Climbs, Paced by Shares of Suez, Gaz de France and Alcatel

(Bloomberg) -- French stocks advanced, led by Suez SA
and Gaz de France SA. Alcatel-Lucent led telephone-related stocks
higher.

The CAC 40 Index rose 20.64, or 0.3 percent, to 6110.36 at
12:21 p.m. in Paris. The SBF 120 Index also added 0.3 percent.


Read more at Bloomberg Stocks News

Amgen says gets subpoena from NY attorney general

(Reuters) - Amgen also said the U.S. Senate Finance Committee sent a letter to the company on May 16 requesting a briefing to discuss the issues and concerns reported in the media related to the marketing and safety of erythropoiesis stimulating agents.




Read more at Reuters.com Government Filings News

Dollar Advances Against Yen on Signs of Pickup in U.S. Economic Growth

(Bloomberg) -- The dollar rose to a three-month high
versus the yen on expectations reports this week will show signs
of a pickup in the U.S. economy, lessening the need to reduce
interest rates.

The U.S. currency has gained every day this week against the
yen before government reports that may show durable goods orders
and sales of new homes rose in the U.S. last month. The yen also
fell as on speculation Japanese investors will plow their June
bonuses into trusts buying high-yielding assets overseas.


Read more at Bloomberg Currencies News

Kenya to issue acreage as Africa exploration booms

(Reuters) - Kenya will issue more oil and gas exploration licences to capitalise on booming interest in Africa from energy companies, the government said on Wednesday.

No hydrocarbons have been found in the east African country to date, but Energy Minister Kiraitu Murungi said large, promising areas onshore and offshore had yet to be investigated.


Read more at Reuters Africa

Helicos cuts expected IPO price to $10-$11/share

(Reuters) - UBS Investment Bank, JPMorgan, Leerink Swann & Co. and
Pacific Growth Equities LLC are underwriting the offering.




Read more at Reuters.com Government Filings News

UPDATE 1-World's No.4 PC maker Lenovo jumps back into black

(Reuters) - Lenovo, which in 2005 bought out IBM's in the
world's second-largest PC market -- Lenovo's home turf.


Read more at Reuters.com Market News

Germany's DAX Climbs, Led by DaimlerChrysler; Lufthansa Gains on Upgrade

(Bloomberg) -- Germany's benchmark DAX Index rose
for the fifth day, led by DaimlerChrylser AG and Volkswagen AG.
Deutsche Lufthansa AG gained after UniCredit Markets &
Investment Banking recommended buying the shares.

Deutsche Telekom AG advanced after a newspaper report said
France Telecom SA offered to trade its Dutch mobile-phone unit
for Telekom's Spanish Internet and phone service Ya.com.


Read more at Bloomberg Stocks News