Altria to test Marlboro smokeless tobacco product

(Reuters) - Snus are small pouches of dried tobacco that users place in the mouth. Unlike chewing tobacco or so-called "dip," Snus do not require spitting.




Marlboro Snus, modeled after products that are popular in Sweden, will come in four varieties -- rich, mild, mint and spice, according to a release e-mailed to Reuters on Friday.


Read more at Reuters.com Business News

U.S. FCC formally opens XM-Sirius merger review

(Reuters) - The FCC has a 180-day target for completing merger reviews,
although the target is not binding and the agency sometimes
takes longer to evaluate major transactions.




Sirius plans to buy XM in a deal that would combine the
only two providers of satellite radio service in the United
States and has sparked concerns among some U.S. lawmakers and
consumer groups.


Read more at Reuters.com Government Filings News

Qualcomm aims to seek stay of US ban Mon. or Tues.

(Reuters) - "I would expect we'd file Monday or Tuesday, early next
week at the latest," he said in an interview with Reuters.




Lupin also said that U.S. Customs officials could take as
much as two weeks to implement the ban.


Read more at Reuters.com Government Filings News

Asian Stocks Rise in U.S. Trading, Led by Chipmakers, Taiwan Semiconductor

(Bloomberg) -- Asian stocks trading in the U.S. had
their biggest gain in four weeks, led by Taiwan Semiconductor
Manufacturing Co., as better-than-expected earnings at National
Semiconductor Corp. lifted shares of chipmakers.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, advanced 1.6 percent to
166.47, the biggest gain since May 11. For the week, it rose 0.1
percent, the third weekly gain in a row.


Read more at Bloomberg Stocks News

US CREDIT-D.R. Horton's debt risks junk status

(Reuters) - Moody's Investors Service on Wednesday changed its outlook
on Horton to negative from stable, indicating the company's
debt ratings may be lowered into junk territory over the next
12 to 18 months. For details, see [ID:nN06438137].




"Horton has a solid history of navigating through difficult
housing markets, and credit metrics appear to be holding up
well versus peers for the time being," analysts at Barclays
Capital said in a report. "Even so, the company is more reliant
than peers on the lower end of the housing market, where demand
could be most crimped by tighter lending standards across the
country."


Read more at Reuters.com Bonds News

UPDATE 1-Bank of America appeals "shocking" ABN ruling

(Reuters) - By Jonathan Stempel



NEW YORK, June 8 - Bank of America Corp. has accused a Dutch court of unlawfully trying to block its $21 billion purchase of ABN AMRO Holding NV's LaSalle Bank unit, calling the decision "shocking," court papers show.


Read more at Reuters.com Mergers News

Company Bond Risk Slips From Two-Month High, Credit Default Swaps Show

(Bloomberg) -- The perceived risk of owning
corporate bonds fell from its highest level in two months as 10-
year U.S. Treasury notes pared their biggest weekly drop in more
than two years, according to credit-default swap traders who bet
on corporate creditworthiness.

Contracts based on $10 million in debt included in the CDX
North America Crossover Index fell $1,500 to $152,500 as of
11:40 a.m. in New York after rising in early trading by as much
as $4,000 to $158,000, according to Deutsche Bank AG. The index
includes 35 companies with investment- and speculative-grade
ratings. The index has risen $9,500 per $10 million this week,
the most since the last week of March.


Read more at Bloomberg Bonds News

US STOCKS-Indexes rise as inflation, rate fears wane

(Reuters) - NEW YORK, June 8 - U.S. stocks rose on Friday as
bond yields retreated from their highs and oil prices fell,
easing concerns about rising borrowing costs and inflation.




A flurry of encouraging news, including strong monthly
sales at fast-food chain McDonald's Corp. , also lent
support after the previous session's steep losses.


Read more at Reuters.com Bonds News

UPDATE 1-Syncrude to restart oil sands coker unit next week

(Reuters) - The unit will begin processing bitumen on Monday, said
Siren Fisekci, a spokeswoman for the trust, returning
Syncrude's output to about 350,000 barrels a day.




Coker 8-3, which started up last year as part of Syncrude's
C$8.4 billion Stage 3 expansion, was shut down
to clean out deposits fouling that part of the upgrading plant
and constraining output.


Read more at Reuters.com Market News

UPDATE 1-Gross: short rates on hold, no Greenspan input yet

(Reuters) - In an interview on CNBC Television, Gross, the chief
investment officer for Pacific Investment Management Co., also
said former Fed chief Alan Greenspan has not yet had any input
into the money management firm's thinking.




Last month Pimco struck a deal for Greenspan to consult
with Pimco investment managers on a regular basis.


Read more at Reuters.com Bonds News

WRAPUP 1-Canada adds fewer jobs than expected in May

(Reuters) - The economy added just 9,300 jobs last month as the
manufacturing and trade sectors shed workers, Statistics Canada
said. That was less than half the number forecast by analysts
in a Reuters poll.




The unemployment rate stayed at a 33-year low of 6.1
percent, in line with market forecasts.


Read more at Reuters.com Economic News

Edgars Consolidated Stores to Increase Premium on New Bonds, Banker Says

(Bloomberg) -- Edgars Consolidated Stores Ltd., the
South African retailer being bought by Bain Capital LLC, will
increase the yield on bonds it's selling to finance its
acquisition, said a banker involved in the transaction.

The Johannesburg-based company will pay a premium of 325
basis points over the euro interbank offered rate on 1.18 billion
euros ($1.58 billion) of seven-year floating-rate notes due in
2014, said the banker, who declined to be identified. The notes
were first offered at a range of 275 to 300 basis points.


Read more at Bloomberg Bonds News

TREASURIES-Cautious rebound underway as selloff lures buyers

(Reuters) - Benchmark yields jumped nearly a quarter percentage point
this week as global investors shifted their focus away from the
risk of a slower economy toward that of a possible run-up in
inflation.




The sheer magnitude of the market's slide, which
momentarily allowed benchmark yields to catch up to the Federal
Reserve's 5.25 percent overnight lending target, seemed to be
luring a bid.


Read more at Reuters.com Bonds News

Rand rebounds from lows, eyes equity markets

(Reuters) - South Africa's rand firmed versus the dollar on Friday after choppy trade that saw the local unit dip to a 10-week low.

At 1450 GMT, the rand was trading at 7.2625 to the dollar, 0.3 percent stronger than its previous New York close, after recovering sharply from a 2-1/2 month low of 7.3645.


Read more at Reuters Africa

ITG buying broker-dealer to expand offerings

(Reuters) - ITG shares were up 16 cents at $39.08 in morning New York
Stock Exchange trading.




Read more at Reuters.com Mergers News

U.S. May Raise Winter-Wheat Estimate as Rains Help Overcome Freeze Damage

(Bloomberg) -- U.S. farmers will harvest more winter
wheat than the government forecast a month ago as wet weather in
the Great Plains helped plants overcome freeze damage in early
April, analysts said.

The U.S. Department of Agriculture on June 11 will project a
crop of 1.639 billion bushels, up 1.4 percent from its May
forecast, according to the average estimate of 12 analysts
surveyed by Bloomberg. A crop of that size would be 26 percent
bigger than last year and the largest in four years. The forecast
is the USDA's second based on a field survey.


Read more at Bloomberg Commodities News

Avanir's Zenvia shows positive results

(Reuters) - The data from the trial also showed that a higher dose of Zenvia met four out of its five secondary goals, the company said in a statement.






Read more at Reuters.com Government Filings News

`Sopranos' Fans in New Jersey Will Bid Farewell With Bada Bing Baked Ziti

(Bloomberg) -- Tony Soprano would love it. Satin
Dolls, the New Jersey bar where dozens of scenes from HBO's
``The Sopranos'' have been filmed, is setting out a free Italian
buffet with baked ziti for fans who gather Sunday to learn
whether the crime-family boss gets whacked in the final episode.

The nightclub, portrayed as strip joint Bada Bing on the
show, calls its send-off The Last Supper. The Emmy award-winning
drama brought bare breasts and the f-word to millions of
television screens. It's the most-watched series in the history
of cable TV, said Jeff Cusson, a spokesman for Time Warner
Inc.'s HBO. New Jerseyans are mourning its departure.


Read more at Bloomberg Exclusive News

Gold, Silver Head for Weekly Drop; Rising Interest Rates May Curb Demand

(Bloomberg) -- Gold fell in New York, heading for
its fourth weekly decline in five weeks, on speculation that
higher global interest rates will reduce demand for the precious
metal as an alternative investment. Silver also dropped.

Traders now assign a 44 percent chance the U.S. Federal
Reserve will raise rates by 25 basis points by December,
compared with zero percent a month ago, according to options on
Fed funds futures. Gold has fallen 2.7 percent this week after
the Reserve Bank of New Zealand and the European Central Bank
raised rates. Holding gold becomes less attractive when rates
rise because the metal has no fixed returns.


Read more at Bloomberg Commodities News

USDA May Cut Cotton Export Forecast on Weak Demand Near Market Year's End

(Bloomberg) -- The U.S. may export less cotton than
the government forecast a month ago as merchants may not be able
to ship bales sold fast enough before the marketing year ends
July 31, analysts said.

The U.S. Department of Agriculture on June 11 may project
exports of 13.21 million bales for this marketing year, down from
13.25 million forecast in May, according to the average estimate
of nine analysts in a Bloomberg survey. Unsold supplies at the
end of the year may reach 9.65 million bales, up from 9.5 million
projected last month, the analysts said.


Read more at Bloomberg Commodities News

Base metals down on inflation and demand worries

(Reuters) - Base metals prices fell on Friday and prices are seen holding lower levels on fears of inflation and a slowdown in demand from China, analysts said.

"Risk reduction is once again affecting all the markets as concerns rise that interest rates and inflation are picking up," analyst William Adams at BaseMetals.com said in a report.


Read more at Reuters Africa

US STOCKS-Wall St set to extend losses on rate worry

(Reuters) - NEW YORK, June 8 - U.S. stock index futures
signaled a lower market open on Friday as bond yields surged,
worsening fears among equity investors that global inflation
would force borrowing costs higher.




European shares fell to two-month lows, with the
pan-European FTSEurofirst 300 index down 0.8 percent.


Read more at Reuters.com Bonds News

Kellwood 1st-quarter profit higher

(Reuters) - Net income was $7.4 million, or 28 cents per share,
compared with $9.2 million, or 36 cents per share, a year ago.




Read more at Reuters.com Market News

Treasuries Extend Slide, Pushing 10-Year Yields to Highest in Five Years

(Bloomberg) -- U.S. Treasuries dropped, pushing 10-
year yields to the highest since May 2002, on concern
accelerating economic growth and inflation will encourage
central banks to raise interest rates.

The benchmark 10-year note extended declines after slumping
yesterday by the most in more than three years. Debt markets in
the U.S., Europe and Asia have been sliding since New Zealand
unexpectedly raised borrowing costs yesterday, stoking concern
other central banks will follow.


Read more at Bloomberg Bonds News

Japan top insurers see two BOJ rate hikes in FY07/08

(Reuters) - The Japanese government bond market has been tumbling over
the past three weeks as global yields kept climbing on
expectations for solid global growth and central banks
continuing to lift interest rates to ward off inflation.




The 10-year U.S. Treasury yield topping a psychologically
important 5 percent and looking set to rise further has
reinforced views that selling in JGBs was likely to continue in
tandem with a global trend of higher yields.


Read more at Reuters.com Bonds News

Copper Falls on Speculation Chinese Exports Will Slow; Aluminum, Zinc Drop

(Bloomberg) -- Copper fell in London, heading for
its fourth weekly decline since the beginning of May, on
speculation imports into China slowed as demand weakened in the
world's largest user of the metal. Aluminum, zinc and other
industrial metals dropped.

Imports probably fell by at least 48 percent to 100,000
metric tons, from close to a record in April, said traders and
analysts including Xue Feng at Maike Futures Co. China's customs
office will issue May data next week. Imports also may slide
this month and next, BNP Paribas analyst David Thurtell said.


Read more at Bloomberg Commodities News

Japan's Five-Year Notes Have Worst Week Since 2006 on Global Rate Outlook

(Bloomberg) -- Japan's five-year government notes
completed the worst week since 2006 after U.S. Treasuries
declined the most in more than three years on concern global
interest rates will rise.

Yields on five-year notes rose to the highest since they
were first sold in 2000 today as traders increased bets the
central bank will raise rates again this year. The gain in
Japan's long-term rates reflects the rise in borrowing costs in
the U.S. and Europe, Economic and Fiscal Policy Minister Hiroko
Ota said today in Tokyo.


Read more at Bloomberg Bonds News

India's Inflation Slows to Nine-Month Low, Eases Pressure on Central Bank

(Bloomberg) -- India's inflation rate fell below the
central bank's target for the first time in nine months,
reducing the need for further interest-rate increases.

Wholesale prices rose 4.85 percent in the week ended May 26
from a year ago, slowing from 5.06 percent in the previous week,
the Ministry of Commerce and Industry said in New Delhi today.
That was below all estimates in a Bloomberg survey of 12
analysts, where the median forecast was a 5.05 percent increase.


Read more at Bloomberg Emerging Markets News

AstraZeneca's Brennan, $7 Billion in Hand, Prowls for More Drug Purchases

(Bloomberg) -- AstraZeneca Plc Chief Executive
Officer David Brennan, who spent $16.2 billion on purchases since
taking over, says he'll continue buying to fill the drugmaker's
product pipeline.

Brennan, 53, became CEO of London-based AstraZeneca in
January 2006, when he beat former Chief Financial Officer Jon
Symonds. Brennan and Symonds, who unexpectedly resigned June 6,
have bought four companies to bring in experimental medicines
after the failure of four drugs in late stages of testing.


Read more at Bloomberg Stocks News

Handelsbanken hesitant on Nasdaq's bid for OMX-report

(Reuters) - "That will be a part of our evaluation. We will not
exclusively do a financial analysis of the bid," the paper
quoted Handelsbanken Chairman Lars Gronstedt as saying.




Nasdaq and OMX last month announced an agreed $3.7 billion
takeover by Nasdaq of OMX.


Read more at Reuters.com Mergers News

S.Africa c.bank sees price pressure outside food, oil

(Reuters) - South Africa's central bank Governor Tito Mboweni said on Friday there was upward pressure on prices from sources other than food and oil, and that while interest rates were generally too high, low rates cause overspending.

"We are noticing a kind of generalised tendency for prices to rise ... so we are seeing generalised price (increases)," he told a breakfast meeting.


Read more at Reuters Africa