European Oil Stocks May Climb, Led by Shell; Rio Tinto May Decline

(Bloomberg) -- European energy stocks may climb,
paced by Royal Dutch Shell Plc and Total SA, after crude oil
climbed for a second today.

Rio Tinto Group, the world's third-largest mining company,
may decline after copper prices dropped in Asia. Vodafone Group
Plc will probably rise after the company received a letter from a
shareholder asking it to submit a number of resolutions regarding
the restructuring of the company.


Read more at Bloomberg Stocks News

Hedge funds slam Bear over subprime losses: WSJ

(Reuters) - Hedge funds that had sold short such securities made profits when an index tied to a basket of subprime bonds was falling. But the index has recovered in recent weeks, leading to howls of protest from hedge funds, according to the report.




The chief critic, John Paulson of Paulson & Co., a $12 billion fund, says Bear Stearns wanted to prop up faltering mortgages-backed securities by purchasing individual mortgages that were rapidly losing value to avoid doling out billions in swap payments, the Journal reported.


Read more at Reuters.com Business News

Kyushu Oil to Raise Processing Capacity at Japan Refinery by 26 Percent

(Bloomberg) -- Kyushu Oil Co., a closely-held
Japanese petroleum refiner, plans to increase the capacity of a
crude distillation unit by 26 percent to 24,000 barrels a day at
its Oita refinery on Japan's western Kyushu Island.

The boost to the unit's output will cost 2 billion yen
($16.5 million) and will increase the refinery's total processing
capacity to 160,000 barrels a day from 155,000 barrels a day,
Kazuki Nakai, a spokesman for the company, said by phone today.


Read more at Bloomberg Energy News

Hong Kong Stocks Fall on Interest Rate Concern; Henderson, Li & Fung Drop

(Bloomberg) -- Hong Kong stocks fell on speculation
U.S. interest rates may be raised to tame inflation, a move that
would likely drive local borrowing costs higher.

Henderson Land Development Co., Hong Kong's fourth-largest
developer by value, declined on concern customers will delay
housing purchases. Li & Fung Ltd., which sells goods to Wal-Mart
Stores Inc., dropped as traders bet U.S. demand will cool.


Read more at Bloomberg Stocks News

DynCorp, Greif, SAIC, Monster, SAIC, Spectrum Brands: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names.

ADC Telecommunications Inc. (ADCT US) rose 56 cents, or 3.2
percent, to $17.85 in trading after the official close of U.S.
exchanges yesterday. The maker of phone-networking gear said
second-quarter profit quadrupled from a year earlier. Earnings
excluding some items were 35 cents a share, topping the 23 cent
average estimate from analysts in a Bloomberg survey.


Read more at Bloomberg Stocks News

JGB futures hit 10-month low on BOJ rate worries

(Reuters) - Selling resumed after traders confirmed prices were top-heavy
despite favourable external factors, with trend-following CTA
funds seen unwinding long JGB positions and Japanese megabanks
holding off from boosting JGB holdings on the rise in yields.




Traders also said some were seen hedging against the 500
billion yen offer of inflation-linked 10-year
JGBs this session. Concerns about a 2 trillion yen sale in
five-year JGBs next week further weighed on prices, traders said.


Read more at Reuters.com Bonds News

China's Trade Surplus May Stoke U.S. Tension Over Yuan, Dangerous Exports

(Bloomberg) -- China's trade surplus probably grew
50 percent in May from a year earlier, fueling tension with the
U.S. over claims that the yuan is undervalued.

The gap swelled to $19.5 billion from $13 billion a year
earlier, according to the median estimate of 18 economists
surveyed by Bloomberg News. That would bring the surplus for the
first five months to $82.8 billion, up 78 percent from the same
period a year earlier.


Read more at Bloomberg Emerging Markets News

Microsoft, LG Electronics ink licensing deal

(Reuters) - Under the agreement, LG will be able to use Microsoft-patented innovations in its products, including Linux-based embedded devices. Microsoft will have access to LG's patents and will license other patents developed by LG that are now owned by MicroConnect Group.




Read more at Reuters.com Business News

UPDAE 1-U.S. immigration bill survives major challenge

(Reuters) - WASHINGTON, June 6 - As the U.S. Senate headed
for a showdown vote on immigration, backers of a fragile
compromise thwarted what they said on Wednesday was an effort
to gut a provision to legalize millions of illegal immigrants
and torpedo the bill.




The Senate defeated an amendment by Sen. John Cornyn, a
Texas Republican, that would have barred large numbers of
illegal immigrants from taking advantage of the proposed
legalization program.


Read more at Reuters.com Bonds News

Japan's Nikkei Stock Average, Topix Index Fall; Honda, Takeda Lead Drop

(Bloomberg) -- Japan's Nikkei 225 Stock Average
fell 162.47, or 0.9 percent, to 17,878.46 at 9:02 a.m. in Tokyo.
The broader Topix index dropped 14.69, or 0.8 percent, to
1763.81.

Honda Motor Co. and Takeda Pharmaceutical Co. led the
declines.


Read more at Bloomberg Stocks News

Monster names new CFO, shakes up management

(Reuters) - It also reunites Yates, previously finance chief at Symbol
Technologies, with Monster CEO Sal Iannuzzi, who held the same
position at Symbol before selling it to Motorola Inc.




Monster stock jumped early last month on speculation that
it could be bought out in coming months, and analysts cited the
recent appointment of Iannuzzi to the top job. In addition to
leading Symbol Technologies, Iannuzzi has a background as an
investment banker.


Read more at Reuters.com Mergers News

Redstone: No plans to take CBS, Viacom private: report

(Reuters) - Redstone controls Viacom and CBS through his privately held National Amusements Inc.




"That has been suggested to me and Philippe and to Les," Redstone said on CNBC, in response to a reporter's question about taking the companies private. "At the present time, we really like the companies the way they are."


Read more at Reuters.com Business News

Sierra Pacific unit gets small rate boost in Nevada

(Reuters) - The adjustment to energy rates represents recovery of fuel
and purchased power costs and recovered costs for a Nevada
program to guarantee payments to suppliers of renewable
energy.




In May, the Nevada commission approved an electric rate
increase of 5.2 percent across all customers groups for Sierra
Pacific's Nevada Power Co. subsidiary, including adjustments to
general rates and fuel costs.


Read more at Reuters.com Bonds News

Risks of Glaxo diabetes drug still unclear: FDA

(Reuters) - At a House of Representatives committee hearing, Democrats asked why the FDA had failed to request a study years ago that would have shed more light on Avandia's effect on the heart.




Republicans, meanwhile, said the spotlight on the drug was political rather than scientific.


Read more at Reuters.com Business News

US STOCKS-Inflation and interest-rate worries batter indexes

(Reuters) - NEW YORK, June 6 - U.S. stocks fell sharply for a
second day on Wednesday after data showing higher-than-expected
labor costs stoked worries about inflation and interest rates.




Energy stocks such as Exxon Mobil Corp. fell and
the sector was among the heaviest drags on the S&P 500 after
government data showed gasoline stockpiles rose more than
analysts had forecast.


Read more at Reuters.com Bonds News

UPDATE 1-Aeropostale May same-store sales miss estimates

(Reuters) - Analysts, on average, had expected an increase of 4.8
percent, according to a Reuters survey.




In the year-earlier month, same-store sales fell 1.1
percent.


Read more at Reuters.com Market News

US STOCKS-Inflation and rate worries batter indexes

(Reuters) - NEW YORK, June 6 - U.S. stocks fell sharply for a
second day on Wednesday after data showing higher-than-expected
labor costs stoked worries about inflation and interest rates.




Energy stocks such as Exxon Mobil Corp. fell and
the sector was among the heaviest drags on the S&P 500 after
government data showed gasoline stockpiles rose more than
analysts had forecast.


Read more at Reuters.com Bonds News

TREASURIES-Stock decline offers relief to bruised bonds

(Reuters) - NEW YORK, June 6 - U.S. Treasury debt prices rose
on Wednesday as a sell-off in the stock market stoked some
buying in bonds despite data signaling wage inflation
pressures.




Major Wall Street indexes shed nearly one percent, helping
Treasuries stabilize after their month-long decline driven by
fading prospects of a Federal Reserve interest rate cut this
year.


Read more at Reuters.com Bonds News

Babcock buys 10 pct stake in Portugal's Brisa

(Reuters) - The operations were both carried out at a price of 9.85
euros per Brisa share, Mello said.




Jose de Mello said making a "global player" like Babcock a
Brisa shareholder should sharply boost Brisa's strategy of
growth in international markets.


Read more at Reuters.com Mergers News

U.S. immigration bill survives major challenge

(Reuters) - The Senate defeated an amendment by Sen. John Cornyn, a
Texas Republican, that would have barred large numbers of
illegal immigrants from taking advantage of the proposed
legalization program.




The measure would have excluded anyone who used false
documents, ignored deportation orders or committed other crimes
from gaining legal status.


Read more at Reuters.com Bonds News

Nymex Gas Price Rises on Storms, Concern About Possible Supply Disruption

(Bloomberg) -- Natural gas rose in New York as
speculators and users of the power-plant and furnace fuel bought
on the prospect of storms and hot weather combining to crimp
supplies later this year.

``When you have Tropical Storm Barry and then a tropical
cyclone, where they don't have cyclones on a regular basis, any
selling has been put completely on hold because of what people
are seeing in their backyard,'' said Michael Rose, trading
director at Angus Jackson Inc. in Fort Lauderdale, Florida.


Read more at Bloomberg Energy News

Nordstrom ups Jeffrey stake, Kalinsky role widens

(Reuters) - Now, Kalinsky will move from a part-time advisory capacity to a more
hands-on leadership position, Nordstrom said. He will still work with the head
merchants of the women's and men's designer apparel, shoes and accessories
businesses.




Kalinsky remains president of Jeffrey, which has luxury stores in Atlanta
and in New York.


Read more at Reuters.com Mergers News

US STOCKS-Inflation fear drives major indexes down 1 percent

(Reuters) - NEW YORK, June 6 - U.S. stocks slid sharply for a
second day on Wednesday after data showing higher-than-expected
labor costs stoked fears that inflation and rising interest
rates will harm corporate profits.




Energy stocks were the heaviest drags on the S&P 500 after
government data showed gasoline stockpiles rose by more than
analysts had forecast.


Read more at Reuters.com Bonds News

U.K. FTSE 100 Slides, Led by Marks & Spencer, Rio Tinto, Northern Rock

(Bloomberg) -- The U.K.'s FTSE 100 Index fell the
most in more than two months as all but two stocks in the
benchmark retreated. Marks & Spencer Plc led retailers lower and
Rio Tinto Group paced a decline by mining companies.

Northern Rock Plc dropped after JPMorgan Chase & Co. lowered
its recommendation on the shares.


Read more at Bloomberg Stocks News

Latin American Stocks Fall, Led by America Movil, on Interest Rate Concern

(Bloomberg) -- Latin American stocks fell, sending a
regional index down for a third day, on concern that rising global
interest rates will slow growth and curtail investment in emerging
market stocks.

The Morgan Stanley Capital International index of Latin
American shares fell 97.55, or 2.6 percent, to 3646.33 as of 11:27
a.m. New York time. Mexico's America Movil SAB, Latin America's
biggest mobile-phone operator, led the decline.


Read more at Bloomberg Stocks News

Euro Falls From Record High Versus Yen as Traders Reduce Bets on ECB Rate

(Bloomberg) -- The euro dropped from a record high
against the yen and weakened versus the dollar as European
Central Bank President Jean-Claude Trichet's remarks led traders
to reduce bets on two more boosts in interest rates this year.

The European currency weakened as the ECB, which increased
its benchmark lending rate to 4 percent as economists expected,
reduced its growth outlook and held its inflation forecast
steady for next year. The yen strengthened as a decline in U.S.
stocks and rising bond yields in Japan led investors to reduce
speculation against the currency.


Read more at Bloomberg Currencies News

UPDATE 1-Stelco to sell stake in Wabush iron mine

(Reuters) - The transaction includes C$44.4 million in cash and assumed
liabilities of about C$94.6 million, as well an agreement with
Consolidated Thompson to supply iron ore pellets to the steel
producer until Dec. 31, 2009, Stelco said in a statement.




Hamilton-based Stelco said will also retain its share of
the Wabush iron ore inventory, which is valued at about C$35.7
million.


Read more at Reuters.com Mergers News

Mexico's Bonds Fall Most Since April on Outlook for U.S. Interest Rates

(Bloomberg) -- Mexico's 10-year bond fell the most
since April and the peso dropped as prospects of higher U.S.
interest rates reduced investor demand for riskier assets.

Yields on Mexico's 10-year benchmark bond climbed after
Federal Reserve Bank of Cleveland President Sandra Pianalto said
the central bank ``cannot afford to be complacent'' about
inflation and as a report showed U.S. labor costs rose more than
expected in the first quarter.


Read more at Bloomberg Bonds News

Pacific Internet to restate results from 2000 to 2006

(Reuters) - It will also widen net loss by less than 10 percent for
2000 and by about 15 percent for 2001, the Singapore-based
company said. Net income for 2002 is expected to be lower by
about 15 percent, it added.




Pacific Internet said the restatement will be completed on
or around June 18.



Read more at Reuters.com Government Filings News

UPDATE 1-Bank regulators won't ban stated income loans -FDIC

(Reuters) - Stated-income, or low-documentation, loans have proven
themselves among the most susceptible to fraud and delinquency
in the past year, especially when handed to the riskiest, or
subprime, borrowers, analysts have said.




There "is the potential for fraud," and some borrowers
might well have received better terms if they proved their
income, she said, addressing the annual meeting of the American
Securitization Forum's annual meeting in New York.


Read more at Reuters.com Bonds News

Inflation, rate worries drag US indexes down

(Reuters) - U.S. stocks fell on Wednesday after Europe's central bank lifted interest rates and U.S. data showed higher-than-expected labor costs, fueling concern that inflation and rising rates will hurt corporate profits.

Utility shares were the biggest drag on the S&P 500 index on expectations that rising bond yields will make the dividend-paying sector comparatively less attractive to investors.


Read more at Reuters Africa

Borders Cut to `Sell' by Goldman on Lower Buyout Odds, Sending Shares Down

(Bloomberg) -- Borders Group Inc. shares were
downgraded to ``sell'' at Goldman, Sachs & Co., which said the
odds the second-largest U.S. bookseller will be acquired have
diminished given heightened risk of an antitrust challenge.

Shares of Borders declined the most since October 2005,
losing $1.45, or 6.7 percent, to $20.33 as of 10:44 a.m. in New
York Stock Exchange composite trading.


Read more at Bloomberg Stocks News

Platinum Falls in New York on Concern Rally Was Overdone; Palladium Rises

(Bloomberg) -- Platinum futures fell on speculation
that a rally that drove the precious metal to a record last month
was overdone. Palladium rose.

The price of platinum, a precious metal used as an
alternative investment to stocks and bonds and to make jewelry,
electronics and car pollution-control devices, rose to an all-
time high on May 7. Before today, the price rose 13 percent this
year.


Read more at Bloomberg Commodities News

Gol, Petroleo Brasileiro, Telemar, Vale do Rio Doce: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index fell for a
third day, led by mining company Cia. Vale do Rio Doce.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 677.51, or 1.3 percent, to 52,484.70 as of 9:39 a.m.
New York time.


Read more at Bloomberg Stocks News

US home sales, prices to slip further this year--NAR

(Reuters) - Existing-home sales should hit a pace of 6.18 million units
this year, down from the 6.29 million units it predicted last
month.




The national median sales price for existing homes should
ease by 1.3 percent to $219,000 this year. Last month, the
trade group said prices should slip 1 percent.


Read more at Reuters.com Bonds News

Sanlam says new business rose 25 pct Jan-April

(Reuters) - South African financial services group Sanlam Ltd increased overall new business by 25 percent in the four months to end-April but headline earnings per share declined marginally, the company said on Wednesday.

Sanlam, South Africa's second-biggest insurer, said in a trading update that its strong operational performance last year continued during the first four months of 2007.


Read more at Reuters Africa

Crude Oil Is Little changed as Report May Show U.S. Fuel Supply Increase

(Bloomberg) -- Crude oil was little changed before
the release of a government report that is expected to show U.S.
fuel stockpiles rose as refineries increased operating rates.

Gasoline supplies gained 1.6 million barrels in the week
ended June 1, according to the median of responses by 14 analysts
surveyed by Bloomberg News. Refiners probably operated at 91.6
percent of capacity, the highest this year, the survey showed.
Tropical Cyclone Gonu is heading for the Strait of Hormuz, the
world's busiest oil shipping chokepoint.


Read more at Bloomberg Energy News

GLOBAL MARKETS-Interest rate fears dent stocks as ECB hikes

(Reuters) - LONDON, June 6 - A rise in European Central Bank
interest rates and expectations of tighter global monetary
policy sent stocks lower on Wednesday as government bond yields
at multi-year highs heightened equity valuation concerns.




U.S. stock futures were pointing to a weak start on Wall
Street after data showed U.S. labour costs rose a
higher-than-expected 1.8 percent in the first quarter.


Read more at Reuters.com Economic News

ECB lifts rates as expected

(Reuters) - The increase marks a doubling of euro zone rates in 18 months, raising questions in financial markets over how close the ECB may be to ending its rate hikes.




But strong ECB warnings on inflation risks have left dealers virtually certain that rates will reach at least 4.25 percent this year. They are awaiting clearer direction from ECB President Jean-Claude Trichet who gives a news conference at 1230 GMT.


Read more at Reuters.com Hot Stocks News

U.S. Stock Futures Retreat on Inflation Concern; Borders, Panera Decline

(Bloomberg) -- U.S. stock-index futures fell after
another Federal Reserve policy maker said inflation is too high.

Borders Group Inc., the second-largest U.S. bookseller,
dropped after Goldman, Sachs & Co. told clients to sell the
shares because of reduced chances of a takeover. Panera Bread Co.
declined after the bakery chain cut its forecast for second-
quarter profit and sales due to higher fuel costs.


Read more at Bloomberg Stocks News

MOL eyes expansion west Europe, east Mediterranean

(Reuters) - Akos Kassai, MOL's head of strategy, told a conference on
Wednesday the firm had to think beyond eastern European, where
it already has several subsidiaries such as Slovnaft in Slovakia
and a stake in Croatia's INA.




"The company has reached the stage of development, and the
market realities also dictate that we can expand this circle and
think wider," Kassai said.


Read more at Reuters.com Mergers News

Malaysia Palm Oil Falls After Rising to Record on Chinese, Indian Demand

(Bloomberg) -- Malaysia palm oil fell the most in 15
days, retreating from a record amid concern that high prices may
prompt buyers to opt for alternative products.

Higher prices may reduce the attraction of palm oil as a
substitute for soybean oil, especially in China and India, the
biggest importers of both oils. It may also make palm oil less
attractive in its use in new applications such as biofuels.


Read more at Bloomberg Commodities News

U.K. Day-Ahead Power Price Falls as RWE, Scottish & Southern Resume Output

(Bloomberg) -- U.K. electricity for delivery tomorrow
declined as generation units owned by RWE AG and Scottish &
Southern Energy Plc resumed production, boosting supplies. German
and French prices fell.

Next-day electricity in Britain dropped as much as 2.4
percent to 20.50 pounds ($40.83) a megawatt hour, according to
prices on Bloomberg from the energy broker Spectron Group Plc. The
contract traded at 20.85 pounds at 10:05 a.m. London time.


Read more at Bloomberg Energy News

Colony to pay $5.4 bln for Libya's Tamoil

(Reuters) - The Libyan government will retain a 35 percent stake in the ongoing company, Los Angeles-based Colony said in a statement.




Colony, founded in 1991 by Thomas Barrack, focuses on real estate-related assets, securities, and operating companies.


Read more at Reuters.com Business News

Lackluster start for Wall St as rate worries weigh

(Reuters) - News Corp. was expected to be in the spotlight as the prospect of a rival bid emerged for Dow Jones & Co. Inc. , while TD Ameritrade was set to gain after two hedge funds that control a stake urged it to pursue a merger.




By 1002 GMT, stock futures for the Dow Jones industrial average , S&P 500 and Nasdaq were all down 0.5 percent.


Read more at Reuters.com Hot Stocks News

Iceland Krona Gains More Than Any Currency Against Euro on Current Account

(Bloomberg) -- Iceland's krona gained the most in
two weeks against the euro after an economic report showed the
current-account deficit narrowed more than forecast.

The krona strengthened more than any other currency against
the euro and dollar after the central bank said late yesterday
the current-account gap more than halved to 28 billion kronur
($444 million) from the same period a year earlier.


Read more at Bloomberg Currencies News

Celtel cancels roaming fees in six African nations

(Reuters) - Celtel, Africa's third largest cell phone firm, on Wednesday scrapped roaming charges for its users in six countries and said it plans to expand the service to 15 nations across the continent.

The "One Network" service allows its subscribers in countries where Celtel operates to make calls at local rates and receive incoming calls for free.


Read more at Reuters Africa

U.K. FTSE 100 Falls for Third Day, Led by Rio, Northern Rock, Kingfisher

(Bloomberg) -- U.K. stocks retreated for a third day,
paced by Rio Tinto Group and Anglo American Plc as copper prices
slipped in Asia. Northern Rock Plc fell after JPMorgan Chase & Co
lowered its recommendation on the bank's shares.

Kingfisher Plc dropped as Morgan Stanley sold $274 million
worth of the retailer's shares. GlaxoSmithKline Plc rallied after
a company-run study found the drugmaker's diabetes treatment
didn't increase the likelihood of death.


Read more at Bloomberg Stocks News

Colgate-Palmolive plans 7-year Eurobond -lead

(Reuters) - Colgate-Palmolive, which makes household products such as
toothpaste, is rated AA- by Standard and Poor's, Aa3 by Moody's
Investors Service and AA- by Fitch Ratings.




Read more at Reuters.com Bonds News

N.Hydro confirms lost Greenland project to Alcoa

(Reuters) - "Greenland could have been an interesting opportunity," Norsk Hydro's spokesman for its aluminum business Thomas Knutzen told NRK.




Knutzen said Greenland would have been an interesting location to produce aluminum because it could have supplied the key North American and European markets from a relatively short distance.


Read more at Reuters.com Mergers News

German Stocks Including Infineon Technologies, BMW Drop; Bayer Advances

(Bloomberg) -- German stocks including Infineon
Technologies AG and Bayerische Motoren Werke AG fell. Bayer AG
rose.

The benchmark DAX Index lost 8.01, or 0.1 percent, to
7911.82 as of 9:02 a.m. in Frankfurt. The HDAX Index of the
country's 110 biggest companies dropped 0.2 percent.


Read more at Bloomberg Stocks News