Egypt to offer eight gold mining concessions

(Reuters) - Egypt plans to offer eight new gold mining concessions as part of its scheme to revive its precious metal industry, a senior official said on Wednesday.

The Arab world's most populous country, which once considered gold the skin of the gods, is revisiting ancient deposits of the metal -- some of which have not been worked for 2000 years.


Read more at Reuters Africa

Gold rallies from 3-month low, Tokyo futures up

(Reuters) - Spot gold bounced back on Thursday, recovering from a three-month low on bargain hunting, while Tokyo futures rose by 1 percent, helped by a slide in the value of the yen.

Spot gold rose to $650.10/$650.70 an ounce at 0350 GMT, compared with $647.20/$647.70 last quoted in New York.


Read more at Reuters Africa

Currency Volatility to Rise, Eroding Carry Trade Returns, Goldman Predicts

(Bloomberg) -- Greater fluctuations in the prices
of stocks, bonds and currencies will likely erode profits from
one of the most popular investment strategies in the foreign
exchange market, according to Goldman, Sachs & Co.

A Goldman index that tracks three-month implied volatility
on options on eight major currency pairs is at 6.03 percent,
after reaching 5.78 percent last week. The record low, set in
November, was 5.54 percent. Implied volatility, which traders
quote as part of setting options prices, indicates expectations
for future price swings.


Read more at Bloomberg Emerging Markets News

Australian Dollar Retreats Against Yen After RBA Governor Stevens' Speech

(Bloomberg) -- Australia's dollar declined from the
strongest in 15 years against the yen after Reserve Bank of
Australia Governor Glenn Stevens said he has ``time'' to respond
to faster economic growth and inflation.

The currency retreated as traders pared bets the central
bank will increase the benchmark interest rate by November. The
cost of borrowing last week was left at 6.25 percent for a sixth
meeting. The Australian dollar initially rose against the yen as
a surge in U.S. stocks encouraged traders to buy higher-yielding
assets with money borrowed in Japan.


Read more at Bloomberg Currencies News

Currency Volatility to Rise, Eroding Carry Trade Profits, Goldman Predicts

(Bloomberg) -- Greater fluctuations in the prices
of stocks, bonds and currencies will likely erode profits from
one of the most popular investment strategies in the foreign
exchange market, according to Goldman, Sachs & Co.

A Goldman index that tracks three-month implied volatility
on options on eight major currency pairs is at 6.03 percent,
after reaching 5.78 percent last week. The record low, set in
November, was 5.54 percent. Implied volatility, which traders
quote as part of setting options prices, indicates expectations
for future price swings.


Read more at Bloomberg Currencies News

BNP Paribas, Gemalto, Group Eurotunnel, Bongrain: French Equity Preview

(Bloomberg) -- Shares of the following companies
may rise or fall on the Paris stock exchange. Stock symbols are
in parentheses and prices are from the last close.

The CAC 40 Index jumped 36.11, or 0.6 percent, to 5934.27.
The SBF 120 Index also added 0.6 percent.


Read more at Bloomberg Stocks News

South Korea's Samsung Card to Raise $619 Million From Initial Share Sale

(Bloomberg) -- Samsung Card Co., South Korea's
third-largest credit card issuer, plans to raise 576 billion won
($619 million) in an initial share sale to help repay debt.

The company and its owners will sell 12 million shares at
48,000 won each, more than the high end of the 40,000 won to
45,000 won range marketed to investors, Seoul-based Samsung Card
said in a regulatory filing today.


Read more at Bloomberg Emerging Markets News

China's May Crude Oil Output Rises 2 Percent on Higher Demand for Energy

(Bloomberg) -- China increased oil production by 2
percent last month as producers pumped more crude to meet demand
in the world's fastest-growing major economy.

Oil production increased to 16.06 million metric tons
(about 3.8 million barrels a day) in May, according to an e-
mailed statement today from the Beijing-based China Mainland
Marketing Research Co., which compiles data for the National
Bureau of Statistics.


Read more at Bloomberg Energy News

JGB futures climb from 7-year low on Treasuries

(Reuters) - Analysts said investors were cautiously looking for a time to
buy JGBs as their higher yields now looked appealing.




"The recovery in JGBs may not be one-way and could take some
time, because the slide was so deep," said Katsutoshi Inadome, a
strategist at Mitsubishi UFJ Securities.


Read more at Reuters.com Bonds News

Australian Shares Advance; BHP Billiton and Rio Tinto Group lead Gains

(Bloomberg) -- Australia's benchmark stock index,
the S&P/ASX 200 Index, rose 0.69 percent at 10:05 a.m.

The index of 202 companies traded on the Australian Stock
Exchange rose 42.40 to 6,223.10. Among the stocks in the index,
112 rose, 10 fell and 80 were unchanged.


Read more at Bloomberg Stocks News

Yen Trades Near Lowest Since 2002 Versus Dollar on Widening Yield Spread

(Bloomberg) -- The yen traded near the weakest
against the dollar since December 2002 as investors are attracted
to U.S. Treasuries and their yield advantage over Japanese debt.

Economists expect the Bank of Japan to keep rates at the
lowest among major economies at a two-day meeting beginning today,
encouraging investors to send money overseas in so-called carry
trades. The yen has dropped 2.9 percent this year as traders
reduced bets the Federal Reserve will cut rates, causing U.S.
yields to rise and the 10-year spread with Japan to widen to the
most in almost four years.


Read more at Bloomberg Currencies News

UK's NICE backs Lucentis for blindness treatment

(Reuters) - NICE added that the drug should only be used once patients
had already lost the sight in one eye and also said it did not
recommend the use of rival drug Macugen made by OSI
Pharmaceuticals .




The draft guidence drew criticism from health campaigners
who said the decision would condemn 20,000 people a year to
blindness.


Read more at Reuters.com Government Filings News

U.S. House Panel Approves Plan to Slow Oil and Gas Drilling Permit Process

(Bloomberg) -- A U.S. congressional panel narrowly
approved a measure opposed by the oil and gas industry because it
delays permits for drilling on federal lands.

The Natural Resources Committee in a 26-22 vote gave the
Interior Department six months to establish a new fee structure
that would likely raise the cost of drilling on federal lands.
The legislation also lengthens by 60 days a mandate in the 2005
Energy Policy Act that the department process permits within 30
days.


Read more at Bloomberg Energy News

Ecuador tight-lipped on debt after video scandal

(Reuters) - Officials at the economy ministry and central bank have
declined to comment on whether the government has ordered the
$30.5 million coupon payment of the 2015 global bonds due on
Friday.




The government usually orders a coupon payment 48 hours
before the due date.


Read more at Reuters.com Bonds News

UPDATE 1-Agricore shareholders give OK to Saskpool buyout

(Reuters) - Agricore said 99.99 percent of its shareholders voted for
plan that will see the smaller Saskpool acquire all of
Agricore's limited voting shares and its series A convertible
preferred shares.




Agricore said Chief Executive Brian Hayward had retired,
leaving Saskpool CEO Mayo Schmidt in charge of the grain
handler.


Read more at Reuters.com Mergers News

RC2 to recall some toys; cites lead poisoning threat

(Reuters) - No illness or injury related to the recalled product, which represents about 4 percent of the total wooden railway units sold by the company domestically, has been reported so far, RC2 said in a statement.







Read more at Reuters.com Government Filings News

UPDATE 1-Applebee's shares jump after report of IHOP bid

(Reuters) - The Bloomberg News report, citing people familiar with the
matter, said IHOP's move came in the second round of bidding
for Applebee's, which put itself up for sale earlier this year.
The sources did not know the value of the offer and said there
could be other bidders, Bloomberg reported.




Officials at both Applebee's and IHOP said they would not
comment on rumors or speculation.


Read more at Reuters.com Mergers News

Investors split on 'say-on-pay' at US companies

(Reuters) - Activist share owners have won a few victories in their
push to give public company stockholders an advisory vote on
the pay of top executives. But the proposals have failed at
many companies, including a closely watched vote at Countrywide
Financial Corp.'s annual meeting on Wednesday.




Proponents say the concept, which is new to the United
States but become widely adopted at British companies, is
gaining momentum. Last year, none of the proposals appearing on
U.S. shareholder ballots won enough votes to pass but they did
get significant support.


Read more at Reuters.com Government Filings News

Applebee's shares rise after report of IHOP bid

(Reuters) - A spokeswoman for Applebee's said the company would not comment on rumors or speculation. A representative of IHOP could not immediately be reached for comment.




Applebee's announced earlier this year that it was reviewing strategic alternatives for its business, and said in April that it had received several takeover proposals. It is also considering a recapitalization.


Read more at Reuters.com Hot Stocks News

U.S. Stocks Gain After Retail Sales Rise, Treasuries Gain; Target Advances

(Bloomberg) -- U.S. stocks gained after retail
sales jumped more than forecast and bond prices rose.

Target Corp., the second-biggest discount chain, and Home
Depot Inc., the largest home-improvement retailer, climbed.
Citigroup Inc. and JPMorgan Chase & Co. advanced and financial
shares contributed the most to the Standard & Poor's 500 Index's
ascent.


Read more at Bloomberg Stocks News

Fed's Geithner Says Volatility in Bonds May Be Returning to `Normal' Level

(Bloomberg) -- Federal Reserve Bank of New York
President Timothy Geithner said volatility in U.S. Treasuries, at
the highest in almost two years, may be returning to ``normal.''

``It's possible'' the recent jump in fluctuations marks a
return to historical levels, Geithner said in responding to
questions following a speech today in Singapore. ``It's hard to
know what normal is in a world that's changed so much and what
normal will prove to be.''


Read more at Bloomberg Bonds News

Crude Oil Jumps More Than $1 as Gasoline Supplies Rises Less Than Forecast

(Bloomberg) -- Crude oil jumped more than $1 a
barrel and gasoline rebounded from a seven-week low after a
government report showed a smaller-than-expected gain in U.S.
supplies of the motor fuel.

Gasoline inventories rose 3,000 barrels to 201.5 million in
the week ended June 8, the Energy Department reported. A gain of
1.5 million barrels was expected, according to the median of 16
responses in a Bloomberg News survey. Refineries operated at 89.2
percent of capacity, the lowest since May 4 and the lowest
utilization rate in 15 years for the second week in June.


Read more at Bloomberg Commodities News

TREASURIES-Bonds rebound, yields still near 5-yr peak

(Reuters) - NEW YORK, June 13 - U.S. government bond prices
rebounded on Wednesday on short-covering, but benchmark yields
stayed near five-year highs as strong economic data raised the
prospect that the Federal Reserve may increase interest rates.




A slight moderation in selling by mortgage players, partly
blamed for the recent rout that pushed yields up 30 basis
points in a week, was also contributing to the recovery in
Treasuries, analysts said. But they added that the market
remained edgy.


Read more at Reuters.com Bonds News

Wheat Rises to 11-Year High in Kansas City as Rains May Damage U.S. Crops

(Bloomberg) -- Wheat rose to an 11-year high in
Kansas City, extending a weeklong rally, as unusually heavy
rains delay the U.S. harvest and damage fields in the southern
Great Plains.

As much as 1 inch of rain fell in parts of the southern
Plains in the past 24 hours, delaying wheat harvesting and
increasing losses. About 5 percent of the crop was collected as
of June 10, less than the five-year average of 10 percent, after
some fields received as much as three times the normal rain the
past 30 days, data from the Department of Agriculture show.


Read more at Bloomberg Commodities News

Gold rebounds from three-month lows in Europe

(Reuters) - Gold bounced back in late trade on Wednesday after falling to a three-month low as the dollar pared gains following a retreat in U.S. Treasury yields.

Gold was also helped by short-covering. It rose as high as $652.25 an ounce after falling to $642.90, its weakest since mid-March. Gold was quoted at $651.15/651.65 at 1505 GMT, compared with $648.30/649.80 in New York late on Tuesday..


Read more at Reuters Africa

GLOBAL MARKETS-U.S. stocks rebound as bond yields fall

(Reuters) - NEW YORK, June 13 - U.S. stock rebounded on
Wednesday as benchmark bond yield increases abated and a report
showed strong consumer spending.




Ten-year government note yields that govern consumer and
corporate borrowing costs declined, damping concerns that the
rates would curb economic growth and hurt corporate profits.
The yield had risen more than 0.5 percentage point since
April.


Read more at Reuters.com Bonds News

Fed mulling ban on some mortgage lending: Kroszner

(Reuters) - Kroszner said the Fed was specifically eyeing 'stated-income' loan applications and prepayment penalties, as well as considering whether lenders should require monthly payments of annual fees like taxes.




On Thursday, Kroszner himself will chair a Fed hearing on its enforcement of the Home Ownership and Equity Protection Act , which gives the central bank broad authority to prohibit unfair lending practices.


Read more at Reuters.com Bonds News

Nigerian firms explore London listings-Nigerian SE

(Reuters) - Nigerian companies are looking at the potential for dual listings on the London Stock Exchange, reflecting growing demand in mature markets for emerging market assets, the head of the Nigerian Stock Exchange said.

"A lot of foreign investors are interested in Nigeria, the Nigerian Stock Exchange makes some of the best returns in the world," Ndi Okereke-Onyiuke, chief executive of the Nigerian Stock Exchange told Reuters at a weekend event in London.


Read more at Reuters Africa

Corporate Bond Risk Jumps in Europe on Yield Concerns, Default-Swaps Show

(Bloomberg) -- The risk of owning European corporate
bonds rose on speculation that higher global interest rates will
increase company borrowing costs, according to traders of credit-
default swaps.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies increased 4,000 euros to 210,500 euros, according to
Deutsche Bank AG. An increase in credit-default swaps, contracts
used to bet on a company's ability to repay debt, indicates a
deteriorating perception of credit quality.


Read more at Bloomberg Bonds News

Belgium's GIMV sells Captor stake to Kronos

(Reuters) - GIMV said the sale would have a minimal positive impact of
750,000 euros , or 0.03 euro per share, in the most
recently published net asset value of GIMV.




Read more at Reuters.com Mergers News

Investors Turn Negative on Banks, Insurers as Rates Climb, Merrill Says

(Bloomberg) -- Investors this month turned the most
bearish on bank and insurance stocks in more than a year as
expectations for higher interest rates reached an 11-month high,
a Merrill Lynch & Co. survey showed.

Money managers' preference for energy and industrial stocks
jumped as optimism for global economic growth touched the
highest since December 2005, according to 201 respondents who
together manage $689 billion.


Read more at Bloomberg Stocks News

Markets under pressure on rate fears

(Reuters) - Many investors expect higher interest rates in Australia, China and Britain following increases in Europe and New Zealand last week, which could make industrial commodities less attractive investments and choke off demand by curbing growth.




"As bond yields rise, borrowing costs go up and the return on more risky assets like equities and commodities decreases compared to interest rates," analyst Andrew Harrington at Australia and New Zealand Bank said.


Read more at Reuters.com Hot Stocks News

New York Bridge Authority Leads Muni Borrowers Raising Money For Projects

(Bloomberg) -- The Triborough Bridge and Tunnel
Authority, operator of seven bridges and two tunnels in New York
City, plans to borrow $225 million in today's largest sale of
U.S. municipal bonds for funding new capital projects.

The authority, an affiliate of the state Metropolitan
Transportation Authority and also known as MTA Bridges and
Tunnels, will offer securities due from next year through 2037
in a deal managed by Lehman Brothers Holdings Inc. The state of
Illinois might also sell $280 million of bonds to refinance debt
and trim its interest costs.


Read more at Bloomberg Bonds News

Treasuries Drop on Concern Retail Sales Report to Bolster Growth Outlook

(Bloomberg) -- Treasuries fell on concern a U.S.
report on retail sales today will bolster speculation that the
economy is gathering strength.

The decline extends a rout in U.S. bonds that has pushed
10-year yields to the highest in more than five years. Former
Federal Reserve Chairman Alan Greenspan yesterday predicted
higher market rates for Treasuries and emerging market debt.


Read more at Bloomberg Bonds News

Gold Falls to Lowest in Almost Three Months on Dollar Gain; Silver Drops

(Bloomberg) -- Gold fell to the lowest in almost
three months in London as gains in the dollar cut demand for the
precious metal as an alternative investment. Silver also
declined.

Gold has lost 2.5 percent this month on speculation that
higher U.S. interest rates will fuel a rebound in the U.S.
currency. Investment in the metal held in the Lyxor Gold Bullion
Securities, Europe's biggest gold-backed fund, fell yesterday to
the lowest since April 27, World Gold Council data showed today.


Read more at Bloomberg Commodities News

China Turns to `Princeling,' Poet to Tackle Economy That Refuses to Cool

(Bloomberg) -- Signs that China's economy is at a
boiling point are hard to miss. Sparks rain down on Beijing from
night-and-day construction. Inflation is accelerating. Investors
clamor to buy stocks valued at 45 times earnings.

To cool expansion in the world's fastest-growing major
economy, Premier Wen Jiabao turns to a team of technocrats led
by central bank Governor Zhou Xiaochuan, 59, the ``princeling''
son of a Communist Party leader, and Ma Kai, 60, a poet who
heads the nation's top economic-planning agency.


Read more at Bloomberg Exclusive News

Bank of America Recommends Selling Australian Dollar Versus Yen on Risk

(Bloomberg) -- Bank of America Corp. has reversed
its call to buy the Australian dollar against the yen, saying it
will now drop as rising global bond yields slow economic growth
and hurt investors' appetite for the currency.

The second-biggest U.S. bank is betting investors will
unwind so-called carry trades, in which they borrow in Japan to
buy Australia's higher-yielding assets. Bank of America changed
its call on the currencies after U.S. 10-Year Treasury yields
surged to the highest in five years, sending stock markets in
the U.S. and Asia lower.


Read more at Bloomberg Bonds News

Australian, New Zealand Dollars Gain Versus Yen on Demand for Higher Yield

(Bloomberg) -- The Australian and New Zealand
dollars gained versus the yen and pared losses against the U.S.
currency as investors were attracted to higher-yielding assets.

The two currencies are the world's biggest gainers this
month as Japan's 0.5 percent benchmark interest rate spurs so-
called carry trades, where investors borrow yen to buy assets
with better returns. The currencies initially declined against
the U.S. dollar after the yield advantage of Australian and New
Zealand bonds over U.S. debt narrowed.


Read more at Bloomberg Currencies News

Barclays has plans to sweeten offer for ABN-FT

(Reuters) - ZURICH, June 13 - Barclays has drawn up contingency plans for a big cash sweetener to strengthen its all-share offer for Dutch bank ABN AMRO , the Financial Times said on Wednesday. The newspaper said Barclays recognised that unless legal disputes ran in its favour it needed to improve its 65 billion-euro offer if it was to have a chance of beating a consortium led by the Royal Bank of Scotland . Barclays is looking at reducing the number of shares it would issue for ABN and replacing them with cash, said the newspaper, quoting people familiar with the situation.



Barclays is not expected to make a decision about restructuring its offer until it becomes clear whether the RBS-led consortium can go ahead with its rival 71.4 billion euro break-up bid for ABN, said the FT.


Read more at Reuters.com Mergers News

Gold sinks, Tokyo futures hit 10-week low

(Reuters) - Cash gold fell further on Wednesday as the dollar wavered near an 11-week high against the euro, while Tokyo futures fell to a 10-week low tracking losses in New York's COMEX market and weak spot prices.

Spot gold traded at $647.30/$648.80 an ounce at 0314 GMT, down from $648.30/$649.80 last quoted in New York.


Read more at Reuters Africa