Japan's Government Notes Decline as Stocks Advance; Yield at 11-Month High

(Bloomberg) -- Japan's government notes fell, pushing
five-year yields to the highest in 11 months, on speculation a
gain in share prices cut demand for debt.

Yields on five-year notes have climbed faster than those on
the 10 year since the start of last month on increasing
speculation the Bank of Japan will raise borrowing costs again
this year. The Nikkei 225 Stock Average advanced for a fourth day,
the longest stretch since March.


Read more at Bloomberg Bonds News

South Sea Petroleum to Sell $200 Million of Convertible Bonds to Expand

(Bloomberg) -- South Sea Petroleum Holdings Ltd., a
Hong Kong-based oil and gas exploration and development company,
said it plans to sell $200 million of convertible bonds to fund
expansion in Indonesia and China.

The five-year zero-coupon securities will more than double
South Sea's share capital if they're all converted, into six
billion shares, South Sea said in a statement to the Hong Kong
stock exchange today.


Read more at Bloomberg Energy News

Bri-Chem Corp. and QLT Shares May Be Active: Canadian Equity Preview

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

The Standard & Poor's/TSX Composite Index rose 27.37, or 0.2
percent, to 14,146.74.


Read more at Bloomberg Stocks News

Amazon buys out China online shopping platform

(Reuters) - "We are increasing the investment in Joyo," he told Reuters.




Amazon now held 100 percent of Joyo he said, without giving details of the size of the investment.


Read more at Reuters.com Mergers News

Fannie Mae, Freddie Mac Poised to Enrich Shareholders in Subprime Shakeout

(Bloomberg) -- Fannie Mae and Freddie Mac, the once-
derided white elephants of the mortgage market, are benefiting
from the subprime lending debacle and trampling just about
anything in their way.

The government-chartered companies, the biggest source of
money for Americans buying houses, accounted for 46.9 percent of
all mortgage bonds sold through April, newsletter Inside
Mortgage Finance says. Their share rose from a record low 37.3
percent in last year's second quarter.


Read more at Bloomberg Bonds News

Philippine Peso Falls as Charts Signal Gains Overdone; Stocks Aide Won

(Bloomberg) -- The Philippine peso fell, ending three
days of gains, as a chart traders use to predict price movements
suggested the currency was due to weaken.

The peso reached the highest since September 2000 yesterday
on speculation faster-than-expected economic growth will keep
enticing investors from overseas into Philippine stocks and bonds.
The dollar's 14-day relative strength index against the peso held
below 30 for a second day, a level that indicates a reversal.


Read more at Bloomberg Currencies News

Paris Neighborhood Gets Lesson in Global Economy From Chinese Wholesalers

(Bloomberg) -- The Sedaine-Popincourt neighborhood
in eastern Paris, once lined with boulangeries, butchers,
hairdressers and fishmongers, now has block after block of
Chinese wholesale clothing shops. With culturally opaque names
like Splendide, Wonderful, Lola, Trend Attitude and Pull &
Sweat, the 550 outlets sell inexpensive apparel to retailers
worldwide.

Their swelling numbers have overwhelmed efforts by local
groups and the mayor of the 11th arrondissment, Georges Sarre,
to block the spread of what he calls ``mono-activity'' --
clusters of stores that all sell the same product.


Read more at Bloomberg Currencies News

Indonesia May Take Back Coal and Metal Concessions From Mining Companies

(Bloomberg) -- Indonesia, the world's biggest
exporter of power station coal and second-largest tin producer,
may take back parts of mining concessions already awarded to
companies in order to secure reserves.

Companies such as Freeport-McMoRan Copper & Gold Inc. and PT
International Nickel Indonesia may lose part of areas with
deposits of copper, nickel, bauxite and iron ore, Simon Sembiring,
director general of coal and mineral resources at the energy
ministry, said in an interview yesterday.


Read more at Bloomberg Emerging Markets News

China's CSI 300 Index Extends Losses; Shanghai Port, Air China Lead Drop

(Bloomberg) -- China's stocks dropped, extending a
slide that's wiped out at least $402 billion of market value, or
more than Taiwan's gross domestic product, since the government
tripled the tax on securities trade on May 30.

Shanghai International Port (Group) Co. and Air China Ltd.
led decliners.


Read more at Bloomberg Stocks News

Euro Strengthens to Record High Against Yen on Search for Higher Yields

(Bloomberg) -- The euro rose to a record high versus
the yen on prospects the European Central Bank will raise
interest rates tomorrow, encouraging Japanese investors to seek
the higher yields available in Europe.

Japan's currency is the world's worst performer this quarter
as the lowest borrowing costs of any major economy entice
investors to borrow yen to buy currencies paying higher returns.
The spread between European and Japanese three-month benchmark
lending rates reached a five-year high as traders raised bets the
ECB will also signal more rate increases.


Read more at Bloomberg Currencies News

Japan's Topix Falls, Nikkei Is Little Changed; Mizuho, Fast Retailing Drop

(Bloomberg) -- Japan's Topix index fell 2.36, or 0.1
percent, to 1770.48 at 9:39 a.m. in Tokyo, reversing a gain of
as much as 0.3 percent. The Nikkei 225 Stock Average was little
changed at 17,969.31.

Mizuho Financial Group Inc. and Fast Retailing Co. led the
declines.


Read more at Bloomberg Stocks News

China, India, Malaysia, Philippines, South Korea: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: The government will sell 30 billion yuan ($3.9
billion) of three months bills on June 6. China plans to use
hydropower, nuclear energy, biomass fuels and gas to help cut
950 million metric tons of so-called greenhouse gas output by
2010 as the country closes in on the U.S. as the biggest
producer of harmful emissions, the government said in a National
Climate Change Programme presented in Beijing yesterday.


Read more at Bloomberg Bonds News

NxStage agrees to buy Medisystems for $78.7 mln in stock

(Reuters) - Following the deal, Medisystems' Chief Executive Officer
David Utterberg will own about 23 percent of NxStage stock.
Utterberg already owns 7 percent of NxStage.





Read more at Reuters.com Mergers News

Sekisui House, Fast Retailing, Toho, ABC-Mart: Japanese Equity Preview

(Bloomberg) -- The following stocks may move in
Japanese markets tomorrow. Prices are as of the close of trading.
Statements were released after the close. Stock symbols are in
parentheses.

ABC-Mart Inc. (2670 JT): The shoe retailer said same-store
sales in May rose 1.3 percent from the same month a year earlier,
helped by a gain in sales per customer. The stock lost 145 yen,
or 5.1 percent, to 2,690.


Read more at Bloomberg Stocks News

UPDATE 1-OMX reports owning over 10 percent of Nasdaq

(Reuters) - OMX reported owning 10.3 percent of Nasdaq in a filing made
on Monday with the U.S. Securities and Exchange Commission.




A spokeswoman for Nasdaq was not immediately available to
comment. OMX, a Swedish company that operates Nordic bourses,
also could not be reached for comment.


Read more at Reuters.com Mergers News

Subprime lender Accredited Home in $400 million buyout

(Reuters) - The transaction values Accredited Home at $15.10 per share, a 9.7 percent premium over its Friday closing price. The price is 72 percent below the stock's 52-week high of $53.45, set one year ago, but four times above its March 13 trough of $3.77.




Accredited Home, which cut 1,300 jobs in the first quarter, is one of many providers of home loans to people with poor credit histories who have struggled with rising losses and mounting defaults.


Read more at Reuters.com Business News

Kimco buys 12 shopping centers in western U.S.

(Reuters) - The centers total about 1.1 million square feet and are 98.7
percent occupied.




The New Hyde Park, New York-based company acquired two centers
-- D'Andrea Marketplace in Sparks, Nevada, and Black Mountain
Village in San Diego, California -- directly for $53.6 million,
including the assumption of $17.1 million in mortgage debt.


Read more at Reuters.com Bonds News

Chandler reps step down from Tribune board

(Reuters) - With the departure of Jeffrey Chandler, Roger Goodan and William Stinehart Jr., the board now has nine members including Zell, who was elected on May 9 and will become chairman after Tribune is taken private.



The Chandler Trust representatives were elected to the board in 2000, when Tribune acquired The Times Mirror Co. The Trusts now hold about 17 percent of Tribune's outstanding shares, down from about 20 percent before the tender offer.


Read more at Reuters.com Mergers News

RPT-UPDATE 1-Brazil names Lula party ally to national treasury

(Reuters) - Augustin, a former finance secretary in the southern state
of Rio Grande do Sul, is a long-time member of President Luiz
Inacio Lula da Silva's Workers Party. Augustin was also deputy
executive-secretary under market-friendly Antonio Palocci,
President Luiz Inacio Lula da Silva's first finance minister.




"Augustin has good experience," Finance Minister Guido
Mantega told reporters in Sao Paulo.


Read more at Reuters.com Bonds News

Accredited Home, Amylin, Anadarko, Cadence Design: 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 2:40 p.m. New York time.

Accredited Home Lenders Holding Co. (LEND US) rose $1.46, or
11 percent, to $15.22 and traded as high as $15.44. The subprime
mortgage lender that raised doubts about its survival will be
sold to private-equity firm Lone Star Funds for about $400
million in cash.


Read more at Bloomberg Stocks News

US 1st qtr home price growth at slowest rate in 14 years

(Reuters) - "Existing home sales rose in the first quarter relative to
the fourth quarter, on a seasonally adjusted basis, but were
down more than 9 percent from a year ago and as a result home
price growth decelerated further," he said in a statement.




Freddie Mac said its Conventional Mortgage Home Price Index
features a new purchase-transaction only series for the
nation and the nine Census divisions, rather than relying on
data from both purchase and refinance-appraisal transactions.


Read more at Reuters.com Bonds News

US STOCKS-Indexes flat as energy stocks, M&A offset China

(Reuters) - NEW YORK, June 4 - U.S. stocks were little
changed on Monday as surging oil prices boosted energy stocks
and a fresh round of takeovers tempered concerns about a sharp
sell-off in Chinese stocks.




Energy was the top gaining sector on the S&P, as oil surged
above $70 on news a cyclone was headed towards the
oil-producing Arabian peninsula with a potential to disrupt
shipping and output. Shares of Chevron Corp. rose
nearly 1 percent to $83.03.


Read more at Reuters.com Bonds News

Three bids seen for Jurys Inn chain -sources

(Reuters) - Irish hotel group Jurys Doyle put the three-star, 20-hotel
Jurys Inn chain up for sale earlier this year, and dozens of
initial suitors have been winnowed to four.




Hotel and restaurant group Whitbread hinted on Monday it
would use proceeds from its sale of the David Lloyd health club
chain to pursue Jurys Inn.


Read more at Reuters.com Mergers News

Countrywide Financial launches $2.5 bln notes in 2 parts

(Reuters) - It also includes $500 million in five-year floating-rate
notes expected to have a coupon rate of 0.44 percentage point
over the three-month London interbank offered rate.




The other joint lead managers on the offering are Goldman
Sachs and JP Morgan.


Read more at Reuters.com Bonds News

Moody's may raise Wyeth's debt rating

(Reuters) - The FDA last month approved Wyeth's birth control pill
Lybrel and its drug Torisel for patients with an advanced form
of kidney cancer.




Moody's currently rates Wyeth's senior unsecured debt "A3,"
its seventh-highest investment-grade rating.


Read more at Reuters.com Bonds News

S.African stocks fall on rate jitters

(Reuters) - South African stocks closed weaker on Monday as the market awaits Thursday's interest rate decision, leaving interest rate sensitive stocks such as retailers and banks in negative territory.

The Johannesburg All-share index shed 0.36 percent to 28,837.52 points, while the Top-40 index of blue-chip stocks ended 0.31 percent weaker at 25,934.57 points.


Read more at Reuters Africa

UPDATE 1-KMG Chemicals shares soar to life high on strong Q3

(Reuters) - Shares of the Houston-based company jumped more than 25
percent to $19, an all-time high, in opening trade on the
Nasdaq. The stock is up 52 percent so far this year before
Monday's gains.




The specialty chemicals company also said its Chief
Executive Officer David Hatcher resigned. KMG named Chief
Operating Officer Neal Butler as a successor to Hatcher, who
will remain as chairman.


Read more at Reuters.com Market News

U.S. Stocks Decline After Tumble in China; Honeywell, 3M Shares Lead Fall

(Bloomberg) -- U.S. stocks fell for the first time
in six days after China's benchmark index plunged and orders to
American factories rose less than forecast.

Honeywell International Inc., the world's largest maker of
airplane controls, and 3M Co., the manufacturer of 50,000
products, declined.


Read more at Bloomberg Stocks News

Gold Rises in New York as U.S. Dollar Weakens Against Euro; Silver Climbs

(Bloomberg) -- Gold rose in New York as a decline in
the dollar's value against the euro boosted the appeal of the
precious metal as an alternative investment. Silver also rose.

Gold generally moves in tandem with the euro, which today
rose from a seven-week low against the dollar. Before today,
gold had gained 6.1 percent this year as the euro climbed
1.9 percent against the dollar.


Read more at Bloomberg Commodities News

Fannie Mae to sell $3 billion in 10-year notes Wed

(Reuters) - The joint lead managers on the sale are JP Morgan, Banc of
America Securities and Lehman Brothers.




Read more at Reuters.com Bonds News

Turkish Inflation Slowed to 9.2% in May, Largest Fall in Three Years

(Bloomberg) -- Turkey's inflation rate in May fell the
most in more than three years, confirming central bank predictions
of a decline that may allow it to cut the benchmark interest rate
late this year.

The annual consumer inflation rate in May tumbled to 9.2
percent from 10.7 percent in April, the statistics office in
Ankara said on its Web site today. Prices were expected to rise
9.7 percent, according to the median estimate of 11 economists
surveyed by Bloomberg. In the month, prices rose 0.5 percent.


Read more at Bloomberg Emerging Markets News

Canadian Stocks Drop After China's Plunge; Teck Cominco, LionOre Decline

(Bloomberg) -- Canadian stocks declined after China's
benchmark stock index plunged on concerns the government won't try
to stop a fall that's erased more than $350 billion of market value
in four days.

U.S. stocks fell. European stocks dropped for the first time
in three days. China's CSI 300 Index, which has doubled in the past
six months, dropped 7.7 percent, the biggest points slide on
record. The speed at which stock prices soared was ``extremely
unusual'' and highlighted ``structural bubbles'' in the market, the
state-owned China Securities Journal wrote in an editorial.


Read more at Bloomberg Stocks News

Corn, Soybeans May Fall as Rains Boost U.S. Crop; Wheat to Rise on Damage

(Bloomberg) -- Corn and soybeans may fall in Chicago
after rains reached fields across the U.S. Midwest. Wheat may
rise as wet weather damages ripening crops.

Most of the Midwest received at least 0.5 inch
(1.3 centimeters) of rain the past three days, with a few
locations receiving as much as 2 inches, said John Dee,
president of Global Weather Monitoring in Mohawk, Michigan. The
next chance for 1-inch rains is June 6, with a second storm
forecast beginning June 11, Dee said.


Read more at Bloomberg Commodities News

Brazil's Real Eases From 7-Year High as China's Share Slump Heightens Risk

(Bloomberg) -- Brazil's real fell for the first time
in four days after slumping Chinese stocks prompted investors to
shun riskier, emerging market assets and pare bets on the
Brazilian currency, which trades near a seven-year high.

The CSI 300 Index, China's benchmark stock index, fell 7.7
percent today as the government's main business newspaper
signaled authorities won't aid the equity market, which lost
more than $350 billion of market value in four days. The real
rose 2.4 percent last week, the second-best performer among the
16 most actively traded currencies against the dollar.


Read more at Bloomberg Currencies News

HeidelbergCement mandates bank for Maxit options

(Reuters) - Maxit, which makes dry mortar and expanded clay products
unit, generated revenue of around 1.2 billion euros in 2006.




Last month, HeidelbergCement agreed to buy Britain's Hanson
Plc to create the
world's second-largest company in construction materials.


Read more at Reuters.com Mergers News

U.S. Stock-Index Futures Decline After Chinese Shares Tumble; Boeing Fall

(Bloomberg) -- U.S. stock futures fell after China's
benchmark index plunged 7.7 percent on speculation the country's
government won't try to halt a slide that has erased more than
$350 billion of market value in four days.

Boeing Co., the world's second-biggest maker of commercial
aircraft, and JPMorgan Chase & Co., the third-largest U.S. bank,
declined.


Read more at Bloomberg Stocks News

Oil Is Little Changed Amid Concern Kidnappings in Nigeria May Cut Output

(Bloomberg) -- Crude oil rebounded on concern the
latest series of kidnappings in Nigeria, Africa's largest oil
producer, may further disrupt supplies.

Four employees of Houston-based Schlumberger Ltd. were taken
June 2 from a compound in Port Harcourt, said Stephen Whittaker, a
spokesman for the company. Yesterday, gunmen shot dead a driver and
abducted six workers of United Co. Rusal from housing at the Alscon
aluminum smelter, in southern Nigeria, a company spokeswoman said.


Read more at Bloomberg Commodities News

DuPont announces titanium dioxide price increases

(Reuters) - Prices for the pigment, which is used widely used in
paints, would increase $120 per metric ton in the Middle East,
the company said in a statement.




Read more at Reuters.com Market News

Algoma Steel, LionOre, Menu Foods, YM Biosciences: Canadian Equity Preview

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

The Standard & Poor's/TSX Composite Index rose 62.59, or 0.5
percent, to 14,119.37 on June 1.


Read more at Bloomberg Stocks News

Loews to buy gas assets from Dominion for $4 bln

(Reuters) - "These long-lived and low-risk natural gas-producing assets represent an excellent platform for Loews to enter the exploration and production business," said Loews Chief Executive James Tisch, whose family runs the company.




Loews' businesses include financial, tobacco, energy, hotel and watch-making companies.


Read more at Reuters.com Business News

G8 summit to call for hedge fund vigilance

(Reuters) - The call, to be made at a summit hosted by German Chancellor Angela Merkel, falls way short of Berlin's attempt to crack down on an industry which has blossomed in recent years in the shade of mainstream funds and banks, which are more closely regulated.




"It's the first time the call has been made by a G8 summit, so it's significant in itself," said one official involved in negotiations for the gathering in Heiligendamm on Germany's Baltic coast, taking place from Wednesday to Friday.


Read more at Reuters.com Business News

Segro sells U.S. unit to HCP for $2.9 bln

(Reuters) - Segro, formerly Slough Estates, said on Monday it would return 250 million pounds of the proceeds from the sale of Slough Estates USA to shareholders via a special dividend.




The firm, which announced a strategic review of its U.S. assets in November, said it would receive net proceeds receivable would amount to 574 million pounds after deducting tax, debt and related costs.


Read more at Reuters.com Business News

Copper Rises in London as Stockpiles Fall Most in Seven Months; Zinc Drops

(Bloomberg) -- Copper rose in London as stockpiles
of the metal fell the most in more than seven months, indicating
demand may slow less than expected during the northern
hemisphere summer. Zinc and lead also dropped.

Inventories of copper tracked by the London Metal Exchange
declined 2.8 percent to 123,900 metric tons, the LME said today
in a daily report. That's the largest one-day drop since Oct.
17. Stockpiles are at the lowest since Oct. 24. Demand in the
summer period is traditionally weaker due to holidays.


Read more at Bloomberg Commodities News

Spanish Stocks Drop for First Time in Three Days, Paced by Santander, BBVA

(Bloomberg) -- Spanish stocks fell for the first time
in three days, led by Santander Central Hispano SA and Banco
Bilbao Vizcaya Argentaria SA, the nation's biggest banks.

Gamesa Corporacion Tecnologica SA, the largest wind-turbine
maker, advanced after Deutsche Bank AG raised its estimate for
the share price.


Read more at Bloomberg Stocks News

U.K. Natural Gas Declines on Forecasts of Warm Temperatures in Coming Week

(Bloomberg) -- U.K. natural-gas prices declined as
forecasts of warmer temperatures later this week eased demand
for heating in homes and offices.

Gas for delivery this week at the National Balancing Point,
the U.K. trading hub, fell 14 percent to 20.6 pence a therm as of
8:43 a.m. in London, according to broker ICAP Plc. That equals
$4.09 per million British thermal units. A therm is 100,000 Btus.


Read more at Bloomberg Energy News

FTSE flat after China slide, US data; rates eyed

(Reuters) - The FTSE 100 of Britain's leading shares was flat on Monday after Chinese stocks slumped 6 percent on continued worries about the hike in stock-trading tax.

At 0734 GMT the index was barely changed, up just 1.1 points, or 0.02 percent, at 6,677.8, supported by record finishes on U.S. markets on Friday after strong jobs and manufacturing data.


Read more at Reuters Africa

PartyGaming Says It's Provoding Information to U.S. Department of Justice

(Bloomberg) -- PartyGaming Plc, the world's biggest
Internet poker company, said it's in discussions with the U.S.
Department of Justice.

PartyGaming started talks with the U.S. Attorney's Office
for the southern district of New York, and is ``voluntarily''
responding to a request for information, the Gibraltar-based
company said today in a Regulatory News Service statement. It's
too early to say what the outcome of the talks will be, the
statement said.


Read more at Bloomberg Stocks News

Oil falls; U.S. gasoline pipeline, Nigeria truce eyed

(Reuters) - U.S. Colonial Pipeline Co. said on Sunday that it had restarted a gasoline line from Atlanta to North Carolina that had shut last Tuesday due to a leak. Delays to resuming operations on the line had spurred buying on Friday.




Despite steadily rising U.S. gasoline stocks, traders are on alert for signs that refiners may struggle to meet peak summer driving demand in the world's largest oil consumer. Inventories are still more than 12 million barrels below their seasonal norm.


Read more at Reuters.com Hot Stocks News