European Stocks May Advance on Yields; Allianz, ING Shares Might Gain

(Bloomberg) -- European stocks may rise after a
three-day drop in U.S. bond yields tempered concern interest
rates will rise further in the world's biggest economy.

U.S.-traded securities of Allianz SE, Europe's largest
insurer, and ING Groep NV, the Netherlands' biggest financial-
services company, advanced.


Read more at Bloomberg Stocks News

European Bonds May Fall on Speculation Report to Show German Optimism Rose

(Bloomberg) -- European government bonds may fall
before a report this week that's expected to show business
optimism in Germany held near the highest on record this month.

Futures trading shows investors expect the European Central
Bank to raise borrowing costs at least once this year from 4
percent. The Ifo institute's business sentiment index probably
reached 108.4, according to a Bloomberg survey before the report
due on June 22. The rate compares with May's 108.6 reading, the
second-highest level since records began in 1991.


Read more at Bloomberg Bonds News

Merrill Lynch to Auction $800 Million of Bonds Held by Bear Stearns Fund

(Bloomberg) -- Merrill Lynch & Co. plans to auction
today about $800 million of bonds held by a money-losing hedge
fund run by Bear Stearns Cos. that specialized in mortgage-
related assets and so-called collateralized debt obligations,
people with knowledge of the offering said.

Merrill Lynch, a creditor to the fund, began distributing a
list to investors late yesterday of the bonds it will sell,
according to the people, who declined to be named because the
details aren't public. Merrill Lynch two days ago postponed the
auction while Bear Stearns worked on a plan to bail out the
hedge fund. Merrill Lynch and Bear Stearns are based in New
York.


Read more at Bloomberg Bonds News

Microsoft to change Vista after Google complaint

(Reuters) - Under an agreement with the department and 17 state attorneys general and the District of Columbia, Microsoft will build into Vista an option to let users select a default desktop search program on personal computers running Windows.




The function, known as "Instant Search," allows Windows users to enter a search query and get a list of results from their hard drive that contain the search term.


Read more at Reuters.com Business News

Deutsche Bank, Stada Arzneimittel, ProSiebenSat.1: German Equity Preview

(Bloomberg) -- The following stocks may rise or
fall in German markets.

Germany's X-DAX Index climbed 0.2 percent to 8055.59. The
index provides an estimate of the DAX Index, based on trading in
DAX futures after the Xetra electronic market closes. The DAX
was little changed at 8033.52 on the Xetra electronic-trading
system.


Read more at Bloomberg Stocks News

Asian Stocks Climb for Fifth Day, Led by Toyota, Hon Hai on Bond Yields

(Bloomberg) -- Asian stocks climbed for a fifth day
after a drop in U.S. home construction damped concern interest
rates will be raised in the world's largest economy.

Toyota Motor Corp. and Hon Hai Precision Industry Co. led
exporters higher, helping the Morgan Stanley Capital International
Asia-Pacific Index to a record. The yield on the 10-year U.S.
Treasury note fell for three days after touching a five-year high
last week.


Read more at Bloomberg Stocks News

SEC sees more mutual fund disclosures

(Reuters) - "We want to make sure that while some fees are upfront such
as front-end sales loads, other fees that behave similarly
aren't disguised," SEC Chairman Christopher Cox said after a
hosting a daylong round-table on mutual fund fees.




His comments come as the agency reviews how 401 savings
plans, which many American use for their retirement savings,
can provide clearer information to investors and whether mutual
funds should stop charging distribution fees.


Read more at Reuters.com Business News

China Cosco Sells $2 Billion of Stock, Plans to Buy More Container Ships

(Bloomberg) -- China Cosco Holdings Co., operator
of Asia's largest container line, sold 15 billion yuan ($1.97
billion) of stock in Shanghai to buy new ships.

Investors bought 1.78 billion shares at 8.48 yuan each, the
top end of the price range, on June 18, the company said in a
Shanghai stock exchange statement today. The sale was the fourth
biggest in China this year, according to Bloomberg data.


Read more at Bloomberg Emerging Markets News

U.S. SEC sees more mutual fund disclosures

(Reuters) - "We want to make sure that while some fees are upfront such
as front-end sales loads, other fees that behave similarly
aren't disguised," SEC Chairman Christopher Cox said after a
hosting a daylong round-table on mutual fund fees.




His comments come as the agency reviews how 401 savings
plans, which many American use for their retirement savings,
can provide clearer information to investors and whether mutual
funds should stop charging distribution fees.


Read more at Reuters.com Government Filings News

South Korean Stocks Drop, Breaking Four-Day Climb; Brokerages Decline

(Bloomberg) -- South Korea's Kospi index slid,
snapping a four-day climb. Daewoo Securities Co. dropped as
investors judged recent gains an opportunity to sell, and on
concern the value of takeovers will fall as it becomes easier for
financial companies to set up their own securities firms.

Kookmin Bank advanced after Maeil Business Newspaper said
the lender will acquire a brokerage to enter the securities
industry.


Read more at Bloomberg Stocks News

UPDATE 2-Blackstone issues of interest to SEC-agency head

(Reuters) - WASHINGTON, June 19 - As private equity firm
Blackstone Group LP prepared to price its controversial initial
public offering on Thursday, the U.S. Securities and Exchange
Commission said on Tuesday the deal was being reviewed by
agency experts.




Christopher Cox, chairman of the SEC, had little to say
about the IPO and acknowledged he received letters of concern
from lawmakers and a labor federation. He gave no indication of
whether the agency would delay the offering.


Read more at Reuters.com Government Filings News

UPDATE 1-Blackstone issues of interest to SEC-agency head

(Reuters) - WASHINGTON, June 19 - As Blackstone Group LP
moved closer to pricing its controversial initial public
offering, the U.S. Securities and Exchange Commission said on
Tuesday the deal was being reviewed by agency experts.




Christopher Cox, chairman of the SEC, had little to say
about the IPO and acknowledged he received letters of concern
from lawmakers and a labor federation. He gave no indication of
whether the agency would delay the offering.


Read more at Reuters.com Government Filings News

La-Z-Boy posts 4th-qtr profit

(Reuters) - The Monroe, Michigan-based company posted fiscal fourth-quarter income of $7.7 million, or 16 cents per share, from continuing operations. In the year-ago quarter ended April 29, it had a loss of $10.3 million, or 24 cents a share.




The most recent quarter included a restructuring charge of 8 cents per share and a gain of 14 cents a share from properties sales.


Read more at Reuters.com Market News

Cantor Fitzgerald sees growth in unusual places

(Reuters) - Cantor has rebounded since the Sept. 11, 2001 attacks on
its World Trade Center headquarters killed 658 of the firm's
nearly 1,000 New York employees. With its wholesale bond
business now once again among the market's leaders, Cantor is
splitting off its bond units while it expands in equities and a
number of other emerging asset classes.




Many are not those commonly found in a New York securities
firm, such as insurance and life settlements. Lutnick, the
keynote speaker at a Securities Industry and Financial Markets
Association conference in New York, sees life insurance
policies bundled and sold much the way mortgages are today.


Read more at Reuters.com Mergers News

Google to build $600 million data center in Iowa

(Reuters) - Construction of the new data center in Council Bluffs has started and Google plans to start operations by spring of 2009, Iowa Governor Chet Culver announced in a news release. Google said the region is a busy crossroads of Internet activity.




The western Iowa facility, which sits on nearly 1,200 acres of land, with room for expansion, will employ about 200 workers whose responsibility will be to keep the facility running 24 hours a day.


Read more at Reuters.com Bonds News

Goldman CEO received $15 mln of shares from trust

(Reuters) - As of June 15, Blankfein, who was named CEO last June,
directly owned 1.41 million Goldman shares worth $324 million.




He also indirectly holds 195,876 Goldman shares worth $45
million through a trust controlled by Blankfein's spouse and
the beneficiaries of which are his immediate family. Blankfein
disclaims beneficial ownership of these shares.


Read more at Reuters.com Bonds News

UPDATE 1-Renaissance, Millennium settle trade dispute

(Reuters) - NEW YORK, June 19 - U.S. hedge fund Renaissance
Technologies Corp. settled a long-running lawsuit that accused
Millennium Partners LP, another fund, of expropriating its
quantitative trading strategies, the firms said on Tuesday.




Renaissance, which has strict rules that bar former
employees from using intellectual property at rival firms, sued
Millennium in December 2003 in New York state court after two
of its employees, Pavel Volfbeyn and Alexander Belopolsky left
to join Millennium.


Read more at Reuters.com Mergers News

Canada Stocks Slip From Record on Rate Outlook; Bank of Nova Scotia Falls

(Bloomberg) -- Canadian stocks fell from a record, led
by such financial companies as Bank of Nova Scotia, as a May
inflation report heightened concern that borrowing costs will
increase.

Teck Cominco Ltd. and other raw materials producers fell as
copper prices slipped and a drop in U.S. housing starts stoked
concern that growth in North America may be flagging.


Read more at Bloomberg Stocks News

U.S. Stocks Rise as Bond Yields Slip; General Electric, Financials Advance

(Bloomberg) -- U.S. stocks rose after bond yields
fell for a third day, easing concern that higher borrowing costs
will restrain consumers and businesses.

General Electric Co., the world's second-largest company by
market value, climbed to a five-year high. Bank of America
Corp., Citigroup Inc. and JPMorgan Chase & Co. led shares of
companies that benefit from falling interest rates.


Read more at Bloomberg Stocks News

FCC chief wants some subsidies used for broadband

(Reuters) - The $7.3 billion Universal Service Fund administered by the
FCC has traditionally subsidized voice telephone services in
high-cost, rural areas of the nation. Martin said the fund
should also help companies roll out broadband service in those
areas.




"I think that we need to recognize that we have a limited
amount of money, and we need to be spending it wisely and
trying to facilitate broadband connectivity more fully," Martin
said in a speech at a telecommunications industry conference.


Read more at Reuters.com Bonds News

UPDATE 2-Watanabe: Japan won't diversify dollar reserves now

(Reuters) - Hiroshi Watanabe, Japan's top financial diplomat, said that
for now the world's second-largest economy has no immediate
plans to switch the dollars in its reserves for another
currency.




"Japan has absolutely no intention of diversifying away
from U.S. dollars. In the future, we may do so but only when
the dollar is solid and stable," Watanabe told a group of
reporters after a speech in New York.


Read more at Reuters.com Bonds News

Ex-Sadia director settles insider trading charges

(Reuters) - Fontana settled with the SEC without admitting or denying
the charges. He agreed to pay $142,848.95 in disgorgement and
interest and a $173,893.13 civil penalty, and to be barred for
five years from serving as an officer or director of a public
company.




An attorney for Fontana could not immediately be reached
for comment.


Read more at Reuters.com Government Filings News

Sanofi, Bristol win Plavix patent ruling

(Reuters) - The following is reaction from industry analysts and investors:




LES FUNTLEYDER, HEALTH CARE ANALYST, MILLER TABAK


Read more at Reuters.com Business News

Stryker gets FDA warning letter for Ireland plant

(Reuters) - The letter, dated March 15, is heavily redacted, but it
refers to a voluntary recall of "hip fracture stems" that the
company completed earlier this year, which appears to be
related to the problems.




A Stryker spokesman was not available for comment.


Read more at Reuters.com Government Filings News

TREASURIES-Bonds rise as data support weak housing view

(Reuters) - NEW YORK, June 19 - U.S. Treasury debt prices
rose for a third day on Tuesday after data showing the first
drop in housing starts since January reinforced the view that
the housing sector would remain a drag on the economy.




Benchmark bond yields, which move inversely to prices,
slipped to their lowest levels in a week as weaker stocks and
gains in Bunds also enticed Treasury investors, analysts said.


Read more at Reuters.com Bonds News

Bristol-Myers Squibb Co., CV Therapeutics, VIX: U.S. Equity Option Movers

(Bloomberg) -- The following is a list of companies
with unusual option trading in U.S. exchanges today. Stock
symbols are in parentheses after company names. Option trading
and stock prices are as of 11 a.m. in New York.

Each call option gives investors the right, without the
obligation, to buy 100 shares of a company at a specified price
by a given date. A put conveys the right to sell 100 shares.


Read more at Bloomberg Stocks News

Nickel hits five-month low on China steel threat

(Reuters) - Nickel prices fell more than five percent on Tuesday as worries about falling demand intensified after news that China may cut stainless steel output, while copper prices slipped.

Two-thirds of all nickel mined is used to make stainless steel. Expectations of strong demand from Chinese steelmakers had helped lift nickel for delivery in three months to an all-time high of $51,800 per tonne in May.


Read more at Reuters Africa

TREASURIES-Bonds rise on sluggish housing starts data

(Reuters) - NEW YORK, June 19 - U.S. Treasury debt prices
rose on Tuesday after data on housing starts that was roughly
in line with forecasts reinforced the view that the housing
sector would remain a drag on the economy.




Benchmark bond yields, which move inversely to prices,
slipped to their lowest levels in a week, as weaker stocks and
gains in Bunds also enticed Treasury investors, analysts said.


Read more at Reuters.com Bonds News

Ryanair Cuts Fares, Says Ticket Prices Lower Than Forecast; Shares Slide

(Bloomberg) -- Ryanair Holdings Plc Chief Executive
Officer Michael O'Leary predicted a ``big downturn'' for the
discount-airline industry and said the carrier's average ticket
prices will be lower this year.

The stock fell as much as 5.2 percent, its biggest decline
since June 5, when the airline said profit would grow at the
slowest rate in four years. Ryanair cut prices on 3 million seats
at a cost of as much as 45 million pounds ($89.4 million) over
three months, O'Leary said today at a press conference in London.


Read more at Bloomberg Exclusive News

Husky gets US antitrust OK to buy Valero refinery

(Reuters) - Calgary-based Husky said last month it planned to buy the
165,000-barrel-per-day Ohio refinery to secure processing
capacity for its expanding Canadian oil sands operations.
Valero, based in San Antonio, Texas, is the biggest fuel
producer in the United States and decided to sell the Ohio
refinery rather than invest in upgrading and expanding it.




Read more at Reuters.com Mergers News

Axtel, Cemex, Grupo Mexico and Telefonos de Mexico: Mexican Equity Movers

(Bloomberg) -- Mexico's main stock index fell for the
first time in five days, led by cement maker Cemex SAB.

The Bolsa index retreated 285.03, or 0.9 percent, to 31,933.14
at 10:14 a.m. New York time.


Read more at Bloomberg Stocks News

Treasuries Rise a Third Day as Housing Starts Decline to a Four-Month Low

(Bloomberg) -- U.S. Treasuries rose for a third
straight day after a government report showed home construction
slowed to a four-month low in May.

The consecutive declines in yields on benchmark 10-year
notes is the longest streak in two months. Yields on the
securities had touched the highest in five-years last week as
investors pared expectations for the Federal Reserve to reduce
interest rates this year.


Read more at Bloomberg Bonds News

Telefonica Emisiones S.A.U to sell $2 bln notes-source

(Reuters) - The joint lead managers on the sale are Deutsche Bank
Securities, Merrill Lynch and Morgan Stanley.




Read more at Reuters.com Bonds News

Blackstone to present Bear Stearns fund rescue plan

(Reuters) - In the Tuesday meeting, creditors including Merrill Lynch
, Citigroup and JPMorgan Chase & Co. will
be briefed on a plan to keep the fund going, including a $500
million capital infusion and a year-long freeze on collateral
calls. Citi would lead the recapitalization.




Blackstone [BG.UL], the private-equity investment giant
that is also an active restructuring adviser, and Merrill
declined to comment. Officials at Bear Stearns and JPMorgan
were not immediately available to comment.


Read more at Reuters.com Mergers News

Boeing wins $8.8 billion ILFC plane order

(Reuters) - ILFC, which is owned by American International Group Inc. , also ordered 10 737 planes and one 777-300 ER plane.




The two 787 options and the single 777-300 ER had previously been listed on Boeing's company Web site as options attributed to an unidentified customer.


Read more at Reuters.com Business News

Nickel Drops as Earlier Price Rally May Curb Usage; Copper, Zinc Decline

(Bloomberg) -- Nickel declined in London for a second
consecutive day on speculation stainless-steel makers will continue
to cut usage after an earlier price rally. Copper and zinc also fell.

Nickel's 19 percent gain this year has made the market
``overheated,'' analysts including Tobias Merath at Credit Suisse
Group in Zurich said. Such increases have reduced usage among
stainless-steel producers, which account for two-thirds of
consumption worldwide, Merath said today in a phone interview.


Read more at Bloomberg Commodities News

Expedia, Lehman Brothers, Peabody, Tower, Yahoo: 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. Share prices are as of 7:30 a.m. New York time.

Abraxis Inc. (ABAX US): The maker of blood analysis systems
said Chief Operating Officer Robert B. Milder is retiring
effective June 29. Shares rose 31 cents to $23.06 in regular
trading yesterday.


Read more at Bloomberg Stocks News

Euro Falls Versus Yen After German Investor Confidence Unexpectedly Drops

(Bloomberg) -- The euro fell the most in a week
against the yen after a report showed investor confidence in
Germany, Europe's largest economy, unexpectedly declined.

The single European currency was little changed versus the
dollar as optimism on the economy waned among analysts and
investors following a surge in bond yields to the highest in five
years. Rising borrowing costs for home buyers and businesses will
limit economic growth and weaken the European Central Bank's case
for raising interest rates.


Read more at Bloomberg Currencies News

Asian Exporter Stocks Fall, Led by Nissan, on U.S. Homes Data; ICICI Rises

(Bloomberg) -- Asian exporter stocks fell after a
report showed confidence in the U.S. homebuilding industry
slipped to a 16-year low and oil prices traded near the highest
in nine months.

Nissan Motor Co. and James Hardie Industries NV led a drop
among companies that rely on U.S. sales on concern growth in the
world's largest economy will slow. Tokyo Electric Power Co. and
Hanjin Shipping Co. fell on speculation rising fuel costs will
erode profits, while Woodside Petroleum Ltd. gained.


Read more at Bloomberg Stocks News

Bakers Footwear to privately place $4 mln debentures

(Reuters) - Bakers expects the private placement to close within two
weeks.





Read more at Reuters.com Bonds News

Stock futures dip but Yahoo may support Wall St

(Reuters) - A surprisingly weak reading on German investor confidence prompted European shares to pare gains, which knocked Standard & Poor's 500 and Nasdaq 100 futures .




"Bond yields going higher, that's getting people nervous and the sell-off in European markets is also doing it," said Steve Previs, senior vice president at Jefferies International.


Read more at Reuters.com Hot Stocks News

Expedia to buy back up to $3.5 billion in stock

(Reuters) - The tender offer is set to begin next week and to expire the week of Aug. 6, Expedia said. It said it would pay $27.50 to $30 per share, compared with its Monday close of $25.50.



) Keywords: EXPEDIA BUYBACK


Read more at Reuters.com Mergers News

Bulgarian Economic Growth Accelerated in First Quarter on EU Investment

(Bloomberg) -- Bulgaria's economy accelerated in the
first quarter, driven by consumer spending and investment during
the first three months of European Union membership.

The Balkan country's $31.5 billion economy grew an annual 6.2
percent, compared with 5.7 percent in the previous three-month
period, the statistics office said in an e-mailed statement from
Sofia today. The result beat the median estimate of 6 percent by
five economists surveyed by Bloomberg.


Read more at Bloomberg Emerging Markets News

European Stocks Pare Gains After ZEW Survey; Tesco Declines on Sales

(Bloomberg) -- European stocks pared gains after a
report showed German investor confidence unexpectedly fell in
June. Tesco Plc dropped after Britain's largest supermarket
operator reported sales that missed analysts' estimates.

The Dow Jones Stoxx 600 Index added less than 0.1 percent to
397.97 as of 10:12 a.m. in London, after rising as much as 0.3
percent earlier. The Stoxx 50 increased 0.1 percent, while the
Euro Stoxx 50, a measure for the nations sharing the euro, gained
less than 0.1 percent.


Read more at Bloomberg Stocks News

French Stocks Advance; EADS, Renault, Vivendi Shares Pace the Gain

(Bloomberg) -- French stocks rose, led by European
Aeronautic Defence & Space Co., Renault SA and Vivendi SA.

The CAC 40 Index advanced 15.22, or 0.3 percent, to 6102.37
at 9:59 a.m. in Paris. The SBF 120 Index also rose 0.2 percent.


Read more at Bloomberg Stocks News

Vattenfall Says Start of Sweden's Ringhals-3 Reactor Delayed a Second Time

(Bloomberg) -- Vattenfall AB, the Nordic region's
biggest utility, said it will delay the resumption of power
generation at its Ringhals-3 nuclear reactor by nine days after
annual maintenance.

The 1,040-megawatt Swedish generation unit is now scheduled
to start on July 6, Vattenfall said today in a statement
circulated by the Nord Pool ASA power exchange. It was initially
due to start on June 16 and the company said on June 11 it would
delay the start to June 27.


Read more at Bloomberg Energy News

Germany's DAX Increases: Shares of Bayer, SAP, Henkel Pace the Advance

(Bloomberg) -- German stocks gained, led by Bayer
AG, SAP AG and Henkel KGaA.

The benchmark DAX Index rose 30.90, or 0.4 percent, to
8067.02 as of 9:08 a.m. in Frankfurt. The HDAX Index of the
country's 110 biggest companies climbed 0.3 percent.


Read more at Bloomberg Stocks News

Oil holds above $72, near 10-month high on Nigeria

(Reuters) - London benchmark Brent crude edged 16 cents lower to $72.02 a barrel by 0650 GMT after touching an intra-day peak of $72.25 on Monday, its highest since August 28.




U.S. light sweet crude eased 11 cents to $68.98 a barrel, paring only a fraction of Monday's $1.09 rise, the fourth day of a rally that has lifted prices by nearly $4.


Read more at Reuters.com Hot Stocks News

Platinum Futures Climb to Record in Tokyo as Anglo Shuts Rustenburg Mine

(Bloomberg) -- Platinum futures held near a record
high in Tokyo after Anglo Platinum Ltd., the world's largest
producer, said yesterday it would shut its biggest mine for as
long as seven days.

The disruption may cut output at the mine in Rustenburg,
South Africa, by as much as 15,000 ounces this year, Anglo
Platinum said. The Johannesburg-based company said the closure is
to improve safety after 12 workers were killed at the mine this
year, including five in the past two weeks.


Read more at Bloomberg Commodities News