Gold rises on inflation concerns, TOCOM up 1 pct

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

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


Read more at Reuters Africa

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

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

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


Read more at Bloomberg Bonds News

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

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




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


Read more at Reuters.com Bonds News

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

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

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


Read more at Bloomberg Currencies News

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

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

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


Read more at Bloomberg Emerging Markets News

Gold rises on inflation concerns

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




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


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

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




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


Read more at Reuters.com Business News

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

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

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


Read more at Bloomberg Stocks News

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

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

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


Read more at Bloomberg Stocks News

CKX gets acquisition offer from CEO

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





Read more at Reuters.com Mergers News

Bush Proposes International Initiative to Reduce Greenhouse Gas Emissions

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

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


Read more at Bloomberg Energy News

Pall Corp. quarterly earnings rise

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





Read more at Reuters.com Market News

Another FDA delay for Labopharm pain drug

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




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


Read more at Reuters.com Government Filings News

ICE urges CBOT members to defy board on CME deal

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




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


Read more at Reuters.com Mergers News

TREASURIES-Strong economic data lift yields before jobs data

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




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


Read more at Reuters.com Bonds News

Bank earnings fall slightly in 1st quarter

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




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


Read more at Reuters.com Market News

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

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




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


Read more at Reuters.com Government Filings News

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

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





Read more at Reuters.com Mergers News

Brocade posts sharply lower quarterly profit

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




Read more at Reuters.com Market News

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

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

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


Read more at Bloomberg Stocks News

FTC probes student loan marketing tactics-lawmaker

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




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


Read more at Reuters.com Government Filings News

UPDATE 1-Mexican government says has no tax deal date

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




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


Read more at Reuters.com Bonds News

Starwood Hotels up on takeout talk

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




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


Read more at Reuters.com Hot Stocks News

Columbia University signs New York's student loan code

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




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


Read more at Reuters.com Bonds News

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

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

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


Read more at Bloomberg Commodities News

S.African stocks climb, led by resource heavyweights

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

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


Read more at Reuters Africa

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

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




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


Read more at Reuters.com Bonds News

YouTube signs broad licensing pact with EMI

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




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


Read more at Reuters.com Business News

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

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

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


Read more at Bloomberg Stocks News

Texas Instruments sees second quarter on track-CEO

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



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


Read more at Reuters.com Market News

AIG unit to invest in firm to limit greenhouse gas

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




Read more at Reuters.com Mergers News

Home price rise slowest in a decade

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




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


Read more at Reuters.com Bonds News

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

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




The quarterly index is based on sales and refinancing
transactions.


Read more at Reuters.com Bonds News

Foschini says year headline EPS rises 15.4 pct

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

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


Read more at Reuters Africa

NAPM-Milwaukee says purchasing index jumps in May

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




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


Read more at Reuters.com Economic News

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

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

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


Read more at Bloomberg Commodities News

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

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

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


Read more at Bloomberg Emerging Markets News

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

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

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


Read more at Bloomberg Commodities News

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

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

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


Read more at Bloomberg Exclusive News

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

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

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


Read more at Bloomberg Bonds News

U.S. jobless claims fell in latest week

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




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


Read more at Reuters.com Economic News

Heinz posts higher quarterly profit

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



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


Read more at Reuters.com Market News

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

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



)


Read more at Reuters.com Mergers News

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

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

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


Read more at Bloomberg Stocks News

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

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






Read more at Reuters.com Bonds News

UC RUSAL considers Mozambique bauxite project - Ifax

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

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


Read more at Reuters Africa

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

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

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


Read more at Bloomberg Stocks News

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

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

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


Read more at Bloomberg Energy News

Tiger Wheels fall 18 pct after warning on German unit

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

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


Read more at Reuters Africa

Cell phone market to grow 16 pct in 2007 - Gartner

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

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


Read more at Reuters Africa

UPDATE 2-Garden chair sales help Kingfisher to sunny Q1

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


Read more at Reuters.com Economic News

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

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

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


Read more at Bloomberg Currencies News

Leaner Northwest Airlines set for bankruptcy exit

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




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


Read more at Reuters.com Business News