UPDATE 1-Venezuela "knows" which oil majors stay post-talks

(Reuters) - CARACAS, June 22 - Venezuela's energy minister
said on Friday he already knows which oil majors are set to
stay in the OPEC nation and which will leave, days before a
deadline for the companies to reach nationalization deals.




The targeted companies in projects valued above $30 billion
and capable of producing 600,000 barrels per day are Exxon
Mobil , ConocoPhillips , Chevron Corp. ,
Norway's Statoil , Britain's BP Plc and France's
Total .


Read more at Reuters.com Bonds News

U.S. Xpress management makes $20/shr tender offer

(Reuters) - June 22 - A management-led buyout firm said it intends to start a $20 per share tender offer for all the class A common stock of truckload carrier U.S. Xpress Enterprises Inc. .



The offer price is about 41 percent premium to the stock's closing price of $14.23 on the Nasdaq Thursday, the buyout firm, Mountain Lake Acquisition Co., said on behalf of U.S. Xpress Chief Executive Max Fuller and President Patrick Quinn. Shares of the company rose over 32 percent to $18.83 in after-market electronic trade Friday. They had earlier closed at $14.20 on the Nasdaq.


Read more at Reuters.com Mergers News

Emerging debt-Risk spreads widen on flight to quality

(Reuters) - Emerging markets stocks and currencies were harder hit,
while bond returns slid a more modest 0.15 percent on the
benchmark JP Morgan's EMBI+ , their third consecutive
session of losses.




Yield spreads between emerging markets debt and U.S.
Treasury notes widened 5 basis points to 160 basis points,
according to the EMBI+, in a sign that investors became a
little more cautious toward the asset class.


Read more at Reuters.com Bonds News

UPDATE 1-Former Amaranth trader to testify to Senate

(Reuters) - Greenwich, Connecticut-based Amaranth collapsed after
sustaining $6.4 billion in losses in September on a series of
bad bets in the natural gas market, the biggest-ever hedge fund
meltdown.




Shane Lee, a former Amaranth natural gas trader, will
testify at the hearing, along with big industrial natural gas
consumers and academic experts, the committee said in a
notice.


Read more at Reuters.com Government Filings News

Toyota says U.S. market solid, growth strategy intact

(Reuters) - The Wall Street Journal reported this week that Japan's top automaker would intentionally scale back new plant construction in North America in a shift of strategy to save costs and avoid the risk of overcapacity. Toyota was also mindful of the bigger profits it could reap by exporting from Japan in light of the soft yen, the paper said.




Over the last few years, Toyota has been adding car factories in North America at a pace of about one a year to meet a spike in demand for its fuel-efficient fleet of cars and to conquer segments in which it has a small presence.


Read more at Reuters.com Business News

Mexico's Central Bank Holds Benchmark Interest Rates as Inflation Slows

(Bloomberg) -- Mexico's central bank held its
overnight lending rate unchanged today after consumer prices
fell more than expected last month.

Policy makers kept the benchmark rate at 7.25 percent,
matching estimates from 14 of 17 economists surveyed by
Bloomberg. The bank raised rates for the first time in almost
two years in April and last month said it expected inflation to
fall to 3 percent toward the end of next year.


Read more at Bloomberg Emerging Markets News

Wells Fargo's unit to buy Universal Insurance Services

(Reuters) - The terms of the transaction were not disclosed.






Read more at Reuters.com Mergers News

Ecuador plans to send Congress broad mining reforms

(Reuters) - A top mining official told Reuters in an interview on
Friday that the bill will modernize one of the least effective
mining laws in Latin America, imposing stricter environmental
controls, limiting the duration of exploration concessions and
imposing royalties.




Ecuador has no commercial mines, but as production
prospects grow on several gold and copper properties,
environmental protests have become more commonplace.


Read more at Reuters.com Bonds News

Nymex Gas Falls on Ample U.S. Supply, Expectations of Further Price Drop

(Bloomberg) -- Natural gas in New York fell to a
three-month low as adequate storage eased concern over potential
supply shortfalls later this year and as analysts forecast lower
prices.

``There has yet to be an extended period of very hot weather
that is needed to really boost cooling demand and put a dent in
storage,'' Michael Fitzpatrick, vice president for energy risk
management at Man Financial Inc. in New York, said in note.


Read more at Bloomberg Energy News

UPDATE 2-Mexico holds rates steady, talks tough on inflation

(Reuters) - MEXICO CITY, June 22 - Mexico's central bank held
interest rates steady on Friday, but sharpened its tone on
inflation by warning risks had increased, which raised the
possibility of a fresh hike as early as next month.




The Banco de Mexico, known as Banxico, held its key
overnight interest rate steady at 7.25 percent as expected, but
said inflation risks were heightened last month and monetary
policy maintained a restrictive bias.


Read more at Reuters.com Bonds News

Mexico Peso Bonds Fall as Central Bank `Restrictive Bias' Delays Rate Cuts

(Bloomberg) -- Mexico's peso-denominated bonds fell
after central bankers kept their ``restrictive bias'' at a
monetary policy meeting, damping expectations they will lower
interest rates this year.

The government's benchmark 20-year securities led declines
as policy makers expressed concern about inflation, saying higher
global grain prices may trigger a pickup in consumer price rises
in Mexico. Central bankers voted today to keep the overnight
lending rate at a one-year high of 7.25 percent.


Read more at Bloomberg Bonds News

UPDATE 1-U.S. House bill targets 'carried interest' taxes

(Reuters) - WASHINGTON, June 22 - A bill to raise taxes on
"carried interest" compensation awarded to private equity firm
partners was introduced on Friday by 14 Democratic members of
the U.S. House of Representatives.




Among lawmakers introducing the measure were Ways and Means
Committee Chairman Charles Rangel, Financial Services Committee
Chairman Barney Frank and Michigan Rep. Sander Levin.


Read more at Reuters.com Bonds News

Canada's top court to rule on tobacco advertising

(Reuters) - The government rules that the tobacco industry has
challenged were imposed after the Supreme Court in 1995 struck
down a total ban on tobacco ads on the grounds that it violated
free speech.




The 1995 decision did allow partial bans, for example a
prohibition on ads aimed at children, and said the government
could require health warnings as long as they were properly
attributed -- for example to the federal health department.


Read more at Reuters.com Government Filings News

Mexico's Bolsa Has Weekly Decline on Tax Concerns; Cemex, Televisa Slide

(Bloomberg) -- Mexican stocks fell, heading for a
second weekly loss in three, on concern President Felipe Calderon's
proposed tax bill will reduce company profits.

The benchmark Bolsa index slid 0.4 percent today to 31,720.06
as of 11:54 a.m. in New York, for a weekly loss of 1.3 percent.
Cemex, North America's largest cement producer, led the weekly
decline, hurt by concern that the U.S. housing slump will hurt
earnings.


Read more at Bloomberg Stocks News

UAW's Gettelfinger says automakers "posturing"

(Reuters) - "Unfortunately, the newspapers keep repeating that the auto companies 'need' a $30 reduction in hourly wages and benefits," Ron Gettelfinger said in an online chat with UAW members.




"In our opinion, this is nothing more than posturing by the auto companies."


Read more at Reuters.com Business News

S.African stocks trip on fears of higher rates

(Reuters) - South African shares, led by financial group Investec, withered on Friday on worries of another interest rate hike and pressured by losses overseas.

The blue chip Top-40 index fell for a second consecutive day, slipping 0.77 percent to 26,294.83 points while the broader All-Share Index shed 0.73 percent to 29,094.32 points.


Read more at Reuters Africa

UPDATE 2-MOVES-Deutsche Bank, Global Infrastructure Partners

(Reuters) - DEUTSCHE BANK




Deutsche Bank said Juan Martin will join as a managing
director and head of Latin American Loan Syndication and
Trading. In this newly created role, he will be responsible for
the risk management and distribution of Latin American loans.


Read more at Reuters.com Bonds News

Lear delays vote on Icahn takeover after criticism

(Reuters) - NEW YORK, June 22 - Lear Corp. , which is facing criticism of billionaire Carl Icahn's $36-per-share buyout offer, delayed a shareholder vote on the deal until July 12, the auto parts maker said on Friday.



Lear shareholders had been scheduled to vote on the nearly $2.9 billion offer from Icahn's American Real Estate Partners on June 27.


Read more at Reuters.com Bonds News

European Stocks Decline on Ifo Report; Arcelor, Julius Baer, Barclays Fall

(Bloomberg) -- European stocks dropped for a second
day after German business confidence fell more than economists
forecast in June.

Arcelor Mittal led metal producers lower after the world's
largest steelmaker said demand may slow. Julius Baer Holding AG
declined the most in a year after UBS AG sold its stake in the
Swiss Bank. Deutsche Bank AG and Barclays Plc paced a retreat by
banks on concern losses in the U.S. mortgage market may grow.


Read more at Bloomberg Stocks News

India's 10-Year Bonds Advance in Week as Inflation Slows to One-Year Low

(Bloomberg) -- India's 10-year bonds advanced in
the week after a government report showed the inflation rate
declined more than economists expected, to a 13-month low.

Bonds snapped two weeks of losses as the Ministry of
Commerce and Industry said wholesale prices climbed 4.28 percent
in the week ended June 9 from a year earlier. The median
estimate in a Bloomberg News survey was for an increase of 4.45
percent. Slower inflation boosts the value of the returns from
debt, making the securities more attractive.


Read more at Bloomberg Bonds News

U.S. approves Barr generic version of Roche's Vesanoid

(Reuters) - Barr said it plans to launch 10 mg capsules of tretinoin immediately. Vesanoid had sales of $24 million in the year to April, the company said.



Roche Laboratories is a subsidiary of Swiss drug maker Roche Holdings AG


Read more at Reuters.com Government Filings News

U.K. FTSE 100 Index Declines, Led by National Grid Shares; Pearson Gains

(Bloomberg) -- U.K. stocks dropped, sending the
benchmark FTSE 100 Index lower for a fifth consecutive day.
National Grid Plc paced the retreat after Goldman, Sachs & Co.
recommended selling shares in the natural-gas pipeline operator.

Pearson Plc, Kingfisher Plc and Unilever paced advancing
shares.


Read more at Bloomberg Stocks News

Siemens A&D unit on lookout for acquisitions

(Reuters) - "But it's always the case that there must be a target that
makes sense technically and economically, and then the target
has to like to be bought by us," he said.




Read more at Reuters.com Mergers News

Canada's Dollar Rises From Three-Week Low on Rate Increase Expectations

(Bloomberg) -- The Canadian dollar rebounded from a
three-week low on expectation the Federal Reserve will remain on
hold while the Bank of Canada may raise the borrowing costs
twice this year.

The Canadian dollar advanced a day after a slower-than-
forecast retails sales growth prompted the currency's biggest
loss in eight months. The yield gap between 2-year Canadian
government bonds and similar-maturity U.S. Treasury notes at
stood at 28 basis points, or 0.28 percentage point, near the
lowest since January 2005. Shorter maturities are most sensitive
interest rate change.


Read more at Bloomberg Currencies News

Alaska Airlines unit revs fall in May

(Reuters) - The carrier also forecast a decline in Alaska Airlines'
second-quarter cost per available seat mile, or unit costs, by
1 percent to 2 percent. It expects second-quarter capacity at
Alaska Airlines to rise by 5 percent.




Read more at Reuters.com Market News

Mauritius Telecom 2006 pre-tax profits up 22 pct

(Reuters) - Mauritius Telecom's pre-tax profits jumped 22 percent to 2.41 billion rupees in 2006 from 1.96 billion rupees a year earlier despite tough competition, the company has said.

It did not say explicitly where the profit had been earned, but noted growth in its mobile, broadband and "converging technologies" business sectors.


Read more at Reuters Africa

BP May Agree to Sell Kovykta Field Stake to Gazprom, Russian Ministry Says

(Bloomberg) -- BP Plc may lose control of a
Siberian gas field big enough to supply Asia for five years, a
government official said, as Russian President Vladimir Putin
ends foreign ownership of the nation's biggest energy assets.

Dmitry Medvedev, chairman of OAO Gazprom and a first deputy
prime minister, will chair a meeting in the Kremlin later today
between the Russian gas-export monopoly and BP, a Kremlin
spokeswoman said by phone, declining to be identified. Both
companies declined to comment.


Read more at Bloomberg Energy News

English Smoking Ban on July 1 May Squeeze Short Sales of Imperial, BAT

(Bloomberg) -- Smoking bans are meant to be good for
public health. In Europe, they haven't been too bad for tobacco
companies either.

Shares of London-based British American Tobacco Plc and
Imperial Tobacco Group Plc have more than doubled since smoking
bans were first implemented in 2004, as producers adjusted by
raising prices. Prohibitions on public smoking, along with
advertising bans and tax increases, have narrowed their market to
the most addicted smokers who are willing to pay whatever price
to get their nicotine fix.


Read more at Bloomberg Exclusive News

U.S. Stock-Index Futures Drop; Bear Stearns, Citigroup Decline in Europe

(Bloomberg) -- U.S. stock-index futures fell on
concern hedge-fund losses at Bear Stearns Cos. may worsen the
fallout from the subprime lending market.

Shares of Bear Stearns, the second-biggest U.S. underwriter
of mortgage bonds, dropped in Europe. The company plans to take
on $3.2 billion of loans to stave off a crisis involving one of
its money-losing hedge funds, people with knowledge of the
proposal said.


Read more at Bloomberg Stocks News

Corporate Bond Risk Increases in Europe, Credit-Default Swaps Indicate

(Bloomberg) -- The risk of owning European corporate
bonds rose, reversing an earlier decline today, 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 2,000 euros to 213,000 euros at 10:57 a.m. in
London, according to JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

Deutsche Bank Hires ABN Amro's Debt Syndication Head in Asia, People Say

(Bloomberg) -- Deutsche Bank AG hired Herman van den
Wall Bake from ABN Amro Holding NV as the German bank increases
its market share in Asia, according to two people with knowledge
of the matter.

The former head of Asian debt syndication at ABN Amro will
join the region's leading bond underwriter as a director, the
people said, asking not to be named before a company announcement.
Singapore-based van den Wall Bake, 37, will report to Mark Leahy,
Deutsche Bank's head of Asian debt syndication.


Read more at Bloomberg Bonds News

Electricite de France Shares Rise for Third Day on Outlook for Power Rates

(Bloomberg) -- Shares in Electricite de France SA,
Europe's biggest power generator, rose for a third day on
speculation the state-controlled utility may benefit from higher
power rates and demand for nuclear plants.

Shares of EDF, whose 58 nuclear plants generate almost half
of Europe's nuclear power, rose as much as 2.83 euros, or 3.7
percent, and were trading up 2.3 percent to 78.40 euros at 10:45
a.m. in Paris. The stock has gained 10 percent in three days,
making EDF France's biggest company by value ahead of Total SA.


Read more at Bloomberg Stocks News

WTO tries to kindle dimming hopes of global deal

(Reuters) - The World Trade Organisation (WTO) sought on Friday to rekindle hopes of a global trade deal after talks between four major powers collapsed.

U.S. Trade Representative Susan Schwab, Indian Commerce Minister Kamal Nath, Brazilian Foreign Minister Celso Amorim and the European Union's Peter Mandelson all headed for Geneva after their meeting in Potsdam, Germany, failed to overcome divisions.


Read more at Reuters Africa

European Government Bonds Rally After German Confidence Index Declines

(Bloomberg) -- European government bonds rallied
after a report showed business confidence in Germany, the
region's largest economy, unexpectedly fell this month.

Benchmark yields dropped from near a five-year high after
the Ifo institute's German sentiment index fell to 107 from 108.6
in May. Economists had expected a reading of 108.4. Separate
reports earlier this week showed declining sentiment among German
investors and Italian consumers, damping expectations of
interest-rate increases by the European Central Bank.


Read more at Bloomberg Bonds News

New Zealand Dollar Advances to 22-Year High as Traders Test Central Bank

(Bloomberg) -- The New Zealand dollar climbed to a
22-year high versus the U.S. currency as investors were lured to
the nation's relatively high yields.

The currency rose to the strongest since being freely traded
in March 1985, exceeding the level it reached June 11, when the
central bank sold New Zealand dollars, calling the gains
``unjustified.'' It has surged 26 percent in the past 12 months
as three benchmark rate increases to a record 8 percent, the
highest after Iceland's among Aaa-rated countries, enticed
investors to acquire 63 percent of the country's debt.


Read more at Bloomberg Currencies News

China Stocks Tumble on Interest Rate Speculation; ICBC, China Vanke Drop

(Bloomberg) -- China's shares fell the most in
almost three weeks on speculation the government will raise
interest rates to tame a stock-market boom and cool the economy.
Industrial & Commercial Bank of China Ltd. and China Vanke Co.
paced the decline.

The CSI 300 Index, which tracks yuan-denominated A shares
listed on China's two exchanges, slid 183.80, or 4.4 percent, to
4013.48 as of 2:37 p.m. local time. The measure, which has more
than doubled this year, is down 2.1 percent this week.


Read more at Bloomberg Stocks News