BAE Says U.S. Justice Department Is Investigating Saudi Arabian Contracts

(Bloomberg) -- BAE Systems Plc, Europe's biggest
weapons maker, said the U.S. Justice Department started a probe
of the company's compliance with anti-corruption laws.

The U.S. investigation includes BAE's business in Saudi
Arabia, the London-based company said in a Regulatory News
Service statement today.


Read more at Bloomberg Emerging Markets News

Gold steady, higher yen hurts TOCOM

(Reuters) - Gold was steady on Tuesday as resilience of the dollar versus the euro reduced investor appetite for the metal, while a rise in the yen dragged down yen-based gold futures in Tokyo.

Spot gold was at $651.20/651.80 an ounce as of 0250 GMT, compared with $650.80/651.40 late in New York on Monday, when it dropped nearly $3 amid a lack of physical buying ahead of a series of economic data.


Read more at Reuters Africa

ConocoPhillips to Quit Venezuela After Oil Project Talks Fail, Person Says

(Bloomberg) -- ConocoPhillips will leave Venezuela
after negotiations over the country's oil projects failed,
according to a person on the government's side of the talks.

Exxon Mobil Corp. will also leave, the Wall Street Journal
and Reuters reported, citing unnamed people familiar with the
government and company positions in the negotiations.


Read more at Bloomberg Emerging Markets News

China's Currency Reserves Plan to Worsen Bond Slump, Shenyin Wanguo Says

(Bloomberg) -- China's bonds may extend a five-
month slide as a government fund sells about 1.5 trillion yuan
($200 billion) of debt to buy some of the nation's foreign
exchange reserves, Shenyin Wanguo Securities Co. said.

China is setting up the State Investment Co. that will
purchase a portion of the country's $1.2 trillion foreign-
exchange reserves from the central bank to seek higher returns
in global markets. The government said this month lawmakers will
review plans for a ``special bond sale'' to fund the acquisition.


Read more at Bloomberg Currencies News

Cementos Argos, Grupo Mexico and Petrobras: Latin American Equity Preview

(Bloomberg) -- The following stocks may make
significant gains or losses in Brazil, Colombia and Mexico
today. Symbols are in parentheses after the company name, and
stock prices are from the last session.

In Brazil, preferred shares are the most commonly traded
class of stock.


Read more at Bloomberg Stocks News

China Shares Slide as Faltering Rally Damps Demand; Citic Securities Falls

(Bloomberg) -- China's stocks fell for a third day,
set for the longest losing stretch this year, as a faltering
rally cools demand for shares. Citic Securities Co. dropped.

The CSI 300 Index declined 46.36, or 1.2 percent, to 3831.23
as of 10:11 a.m. local time, extending a two-day 7.6 percent
decline. It last posted three consecutive declines in the period
ending Dec. 8.


Read more at Bloomberg Stocks News

Euro Rally May Reach $1.3520 on a Close Above $1.3470, Okasan's Soma Says

(Bloomberg) -- The euro may rise to $1.3520 against
the dollar should it close above so-called resistance at $1.3470
on a daily basis, said Tsutomu Soma, a bond and currency dealer
at Okasan Securities Co. in Tokyo.

``A daily close above that resistance would pave the way for
further euro appreciation,'' Soma said, citing charts that
predict currency movements. Resistance is a level where sell
orders may be clustered.


Read more at Bloomberg Currencies News

Codelco's Contract Workers Strike Over Wages, Blockading Mines in Chile

(Bloomberg) -- Contract workers at Codelco, the
world's biggest copper producer, began a strike at the company's
mines in Chile as part of a dispute over wages.

Workers slowed output at three copper mines after protesters
used burning tires and buses to block roads that police later
cleared, said Codelco's press office in Santiago. Police arrested
68 workers, said the Confederation of Copper Workers, which
organized the strike. The group said blockades remain in place.


Read more at Bloomberg Commodities News

Bee Deaths, Still a Mystery, Pose Global Crop Risk, Insect Scientist Says

(Bloomberg) -- A malady that has decimated millions
of honeybees and is threatening $14.6 billion of U.S. crops is
also harming hives in Asia, Europe and South America, said a
scientist scheduled to testify before Congress tomorrow.

The disease known as Colony Collapse Disorder has been
reported in Taiwan, Brazil, Spain and several other countries,
May Berenbaum, head of the University of Illinois entomology
department, told an audience today on Capitol Hill in Washington.


Read more at Bloomberg Commodities News

Yen May Extend Gains as Investors Unwind Carry Trades on Stock Weakness

(Bloomberg) -- The yen was the best-performing
major currency today on speculation investors will pare so-
called carry trades after U.S. stocks declined.

A slide in the Standard & Poor's 500 Index on concerns
losses tied to subprime mortgages will deepen may reduce
appetite for risky investments funded with loans in yen. Japan's
currency is the world's worst performer this quarter as the
lowest interest rate among major economies encouraged investors
to borrow in Japan to buy higher yielding assets overseas.


Read more at Bloomberg Currencies News

Asian Stocks Decline in U.S. Trading, Led by PetroChina and Yanzhou Coal

(Bloomberg) -- Asian stocks fell in U.S. trading,
as Chinese central bank Governor Zhou Xiaochuan said equities in
the mainland may be overvalued and Lehman Brothers Holdings Inc.
said the country is an emerging market to avoid.

PetroChina Co., the nation's biggest oil company, declined.


Read more at Bloomberg Stocks News

UPDATE 2-Bear may have to bail out second fund -analyst

(Reuters) - That fund could have a loan exposure of as much as $7
billion, Moszkowski wrote.




But at current valuations, Bear Stearns shares offer an
excellent value, he added.


Read more at Reuters.com Bonds News

UPDATE 1-Exxon, Conoco reject Venezuela takeover deal:sources

(Reuters) - CARACAS, June 25 - Exxon Mobil and ConocoPhillips
rejected on Monday a deal to stay in multibillion-dollar
projects that Venezuela is nationalizing, increasing the
chances two of the world's top oil companies will leave the
OPEC nation, two sources close to the talks said.




Four other companies -- Chevron Corp. , Norway's
Statoil , Britain's BP Plc and France's Total
-- plan to sign an accord that will keep them in the
massive Orinoco oil reserve projects, a government official
said.


Read more at Reuters.com Bonds News

Latin American Stocks Fall on Growth Concerns; Walmex, Cosan Shares Slip

(Bloomberg) -- Latin American stocks fell for the
fourth time in five days on global growth concerns spurred by a
plunge in Chinese stocks and subprime mortgage losses in the U.S.

The Morgan Stanley Capital International index of Latin
American shares fell 1.2 percent to 3729.36. Mexico's benchmark
Bolsa index slid 1.1 percent to 31,296.01.


Read more at Bloomberg Stocks News

Tiffany shares jump on takeover speculation

(Reuters) - Renewed chatter is that "LVMH is interested in acquiring Tiffany," said Paul Foster, options strategist at theflyonthewall.com, a Web site that tracks daily equity option and stock movement.




French-based LVMH Moet Hennessy Louis Vuitton , which sells luxury brands Fendi, TAG Heuer and Chaumet, has been mentioned as a possible buyer in earlier reports.


Read more at Reuters.com Hot Stocks News

UPDATE 1-U.S. DOE to fund two wind-blade facilities

(Reuters) - The Lone Star Wind Alliance in Texas and the Commonwealth
of Massachusetts Partnership were selected from six initial
applicants to design, build, and operate facilities to test
wind blades beginning in about 2009.




The agency decided to double its funding to support the
final pair of competing proposals to build two U.S. testing
sites, said DOE spokeswoman Julie Ruggiero. Having more
capacity for testing services will help accelerate industry
advances, she said. "The two sites will serve the same role,
doubling our efforts," Ruggiero said.


Read more at Reuters.com Bonds News

Border Patrol hiring surge raises concerns

(Reuters) - The U.S. government is seeking to increase the size of the Border Patrol by almost half, for a total of 18,000 agents, as part of an immigration overhaul President George W. Bush announced last year seeking to combine tougher enforcement with concessions for 12 million undocumented immigrants.




A Government Accountability Office report released last week concluded that the drive to add 6,000 agents to the force in a little over two years -- a mainstay of the White House's efforts to tighten border security -- could dilute their training and supervision.


Read more at Reuters.com Bonds News

Mexico stocks fall, hurt by A. Movil, Walmex

(Reuters) - The benchmark IPC stock index slipped 1.16 percent
to 31,274 points. The peso was off 0.11 percent
at 10.847 per dollar.




Retail sales rose a less-than-expected 0.7 percent in April
over the same month a year ago, according to government data
released during the final minutes of stock trading on Friday.


Read more at Reuters.com Bonds News

AT&T, Bear Stearns, Doral, Pier 1, Tektronix, Tiffany: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes on U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 2:40 p.m. in New York.

Car rental companies: Hertz Global Holdings Inc. (HTZ US),
Avis Budget Group Inc. (CAR US) and Dollar Thrifty Automotive
Group Inc. (DTG US) were downgraded by Morgan Stanley as
travelers balk at higher car rental prices. The companies'
ratings were cut to ``underweight'' from ``equal-weight'' by
Morgan Stanley analyst Christina Woo. Hertz lost 32 cents, or 1.3
percent, to $25.22. Avis fell $1.79, or 6.1 percent, to $27.69.
Dollar Thrifty dropped $2.35, or 5.5 percent, to $40.11.


Read more at Bloomberg Stocks News

FACTBOX-Features of Apple's iPhone

(Reuters) - * Its main feature is a 3.5-inch touch-sensitive screen with one physical button. Programs are accessed by touching icons and text is entered with an on-screen keyboard.




* It uses AT&T Inc.'s GSM network for voice calls and its EDGE network for data transmission. AT&T has exclusive rights to the phone for at least two years.


Read more at Reuters.com Business News

Exxon, Conoco reject Venezuela takeover deal:sources

(Reuters) - Four other companies -- Chevron Corp. , Norway's
Statoil , Britain's BP Plc and France's Total
-- plan to sign an accord that will keep them in the
massive Orinoco oil reserve projects, a government official
said.




The officials -- one from the oil industry and the other
from the government -- asked not to be named because the state
oil company, PDVSA, planned to officially make the deals
public.


Read more at Reuters.com Bonds News

Arbitron, AT&T, Doral, Pier 1, True Religion, Versar: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes on U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 1:10 p.m. in New York.

Car rental companies: Hertz Global Holdings Inc. (HTZ US),
Avis Budget Group Inc. (CAR US) and Dollar Thrifty Automotive
Group Inc. (DTG US) were downgraded by Morgan Stanley as
travelers balk at higher car rental prices. The companies'
ratings were cut to ``underweight'' from ``equal-weight'' by
Morgan Stanley analyst Christina Woo. Hertz lost 4 cents, or 0.2
percent, to $25.50. Avis fell $1.38, or 4.7 percent, to $28.10.
Dollar Thrifty dropped $2.28, or 5.4 percent, to $40.18.


Read more at Bloomberg Stocks News

Copper Gains, Erasing Earlier Loss, as U.S. Home Resales Match Forecasts

(Bloomberg) -- Copper rose in New York, erasing
earlier losses, after a report showed sales of previously owned
homes in the U.S. matched economists' forecasts.

Existing-home purchases in May dropped 0.3 percent from
April to an annual rate of 5.99 million, the lowest in almost
four years, the National Association of Realtors said. Copper,
used in pipes and wires, had fallen 16 percent from a record
$4.04 a pound in May 2006 as the housing slump reduced demand by
builders, the biggest users of the metal.


Read more at Bloomberg Commodities News

Blackstone shares fall nearly 6 pct on 2nd day

(Reuters) - Blackstone units slid more than 5 percent in morning trading on the New York Stock Exchange, dropping as much as $2.06 to $33.00.




The units rose 13 percent in their Friday market debut to $35.06, in contrast to the wider market, which fell sharply.


Read more at Reuters.com Business News

Almost half of Canadians oppose BCE-Telus merger

(Reuters) - Last week, Telus touted the creation of a "national
champion" by proposing a takeover of BCE, Canada's largest
telecom company. Telus became the fourth party interested in
mounting a bid for Montreal-based BCE. The other three are
buyout consortiums that each include a different U.S.
private-equity firm.




The survey found that 68 percent of respondents believe the
cost of wireless services would rise and 80 percent foresee
"massive layoffs" if a merger of Telus and BCE were to take
place.


Read more at Reuters.com Government Filings News

Caribbean Tanker Rates Extend Decline on Reduced Demand From Refineries

(Bloomberg) -- Rates to ship crude oil from the
Caribbean basin extended their decline as demand in the region
continued to be hurt by low refinery operating rates and high oil
stockpiles.

The current rate to contract an Aframax tanker, which can
transport about 600,000 barrels of oil, was an average rate of
Worldscale, or WS, 142.5 at 9:13 a.m. New York time, according to
New York-based broker Poten & Partners.


Read more at Bloomberg Energy News

UPDATE 2-Hedge fund GLG eyes U.S. listing with reverse deal

(Reuters) - LONDON, June 25 - GLG Partners, one of Europe's
largest hedge fund firms, has lined up a U.S. stock market
listing to help it expand and hire top managers, using a reverse
acquisition that values it at $3.4 billion.




Public flotations of alternative investment vehicles,
including hedge funds and private equity firms, have become one
of the hottest areas of the markets in New York and London, with
the likes of Fortress Investment Group and Blackstone
Group becoming available to individual investors.


Read more at Reuters.com Bonds News

TREASURIES-Prices rise on safe-haven flows, rate cut hopes

(Reuters) - Treasuries also got some support from continuing
reverberations from the problems at hedge funds managed by Bear
Stearns and more evidence of a weak U.S. housing
market.




Last week, problems at two Bear Stearns' hedge funds
renewed worries about the spillover effect from the subprime
mortgage sector's woes, prompting safe-haven bids, with nervous
investors dumping stocks.


Read more at Reuters.com Bonds News

UPDATE 1-U.S. existing home sales down slightly in May

(Reuters) - WASHINGTON, June 25 - The pace of existing home
sales in the United States was off slightly in May to a 5.99
million-unit annual rate, the National Association of Realtors
said in a report on Monday that showed continued weakness in
the housing sector.




Sales were off 0.3 percent in May and hit their lowest
level since June 2003 when the pace was 5.94 million units.


Read more at Reuters.com Economic News

Freddie Mac sells $3.5 billion in bills

(Reuters) - The six-month bills were priced at 97.4424 and have a money
market yield of 5.221 percent, and the 12-month bills were
priced at 94.9997 and have a money market yield of 5.220
percent. Settlement is June 26.




The sale was part of Freddie Mac's weekly bill auction, on
Wednesday Freddie Mac will sell $2.5 billion in one-month bills
due July 25, 2007.


Read more at Reuters.com Bonds News

Blackstone, Doral Financial, Nvidia, Pier 1 Imports: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes on U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 9:45 a.m. in New York.

Blackstone Group LP (BX US) fell $1.31, or 3.7 percent, to
$33.75. The private-equity firm may face challenges from higher
taxes and a shrinking field of takeovers, Barron's said, without
citing anyone. Blackstone stock rose $4.06 to $35.06 in its June
22 debut following a $4.13 billion initial public offering.


Read more at Bloomberg Stocks News

Boeing raises plane prices on material costs

(Reuters) - Boeing posted its revised price list on its Web site
on Thursday, showing
an average price increase of 5.6 percent.




Its hot-selling 787-8 Dreamliner, for example, is now
listed at $157 million to $167 million, depending on
configuration. The previous price range was $148 million to
$157.5 million.


Read more at Reuters.com Business News

Smith Micro, Dobson and Walgreen gain

(Reuters) - Shares of Walgreen Co. rose more than 1 percent to $45.50 before the bell after the drugstore chain posted a quarterly profit that topped Wall Street's forecasts.




Read more at Reuters.com Hot Stocks News

TREASURIES-Bond prices push higher, subprime woes linger

(Reuters) - "It's a continuation of the bid from last week. Equities
are a little bit softer. Traders will continue to assess recent
market activity where credit concerns have manifest in sharply
wider spreads, a flight to quality into Treasuries," said Kim
Rupert, head of global fixed income research at Action
Economics in San Francisco.




The benchmark 10-year Treasury note rose 5/32
in price for a yield of 5.12 percent, versus 5.14 percent late
on Friday.


Read more at Reuters.com Bonds News

BCE, Centerra Gold, Denison Mines and Telus: Canada Equity Market Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets
today. This preview includes news that broke after markets closed
on June 22. Stock symbols are in parentheses after company names
and prices are from the close on June 22.

The Standard & Poor's/TSX Composite Index fell 109.70, or 0.8
percent to 13,986.03 in Toronto on June 22.


Read more at Bloomberg Stocks News

Sasol says headline EPS seen up 5-10 pct

(Reuters) - South African synthetic fuels and chemicals firm Sasol expects annual headline earnings per share to rise 5-10 percent this year, it said on Monday.

Attributable EPS, however, is due to jump by 55-65 percent, mainly because last year's results included a 2.8 billion rand writedown of its chemicals unit, it said.


Read more at Reuters Africa

Indonesia's Gudang Garam launches low-tar cigarette

(Reuters) - Analysts have blamed Gudang Garam's strategy for its
declining performance, because the majority of its customers are
more sensitive to prices. Rival Sampoerna, which targets urban
smokers, enjoys a steadier revenue stream.




Widijanto, Gudang Garam's marketing director, admitted that
company had not sufficiently catered to the low-tar sector as he
unveiled the "Surya Slims" brand. Surya means sun in Indonesian.


Read more at Reuters.com Government Filings News

Silver State sees offering of 3.2 mln shares at $22-$24 each

(Reuters) - The Henderson, Nevada-based company said it has applied for
a Nasdaq listing under the symbol "SSBX." Its shares are
currently listed on the OTC Bulletin Board under the symbol
SSBX.OB





Read more at Reuters.com Government Filings News

UPDATE 1-Reuters Summit-RREEF earmarks a third of funds for Asia

(Reuters) - By Dominic Whiting




SINGAPORE, June 25 - RREEF, one of the world's
biggest property fund managers, will spend at least 30 percent
of its future private equity funds in Asia, with Japan, China
and India its favourite markets, an executive said on Monday.


Read more at Reuters.com Bonds News

UPDATE 1-Israel Chemicals to pay $352 mln for Supresta

(Reuters) - Supresta had 2006 sales of about $250 million, ICL said in a
statement. For the first five months of 2007, Supresta posted
revenues of $113.5 million.




ICL, a maker of fertilisers and specialty chemicals, said
Supresta will become part of the ICL Industrial Products segment
and push the unit's annual revenues to about $1.1 billion.


Read more at Reuters.com Mergers News

Yen Rebounds Against Euro as China Stock Market Slide Curbs Carry Trades

(Bloomberg) -- The yen rebounded from a record low
against the euro after Chinese stocks slid to the weakest in two
weeks, prompting investors to reduce emerging-market purchases
funded by money borrowed in Japan.

The Japanese currency also stayed higher versus the dollar
as a report by the Bank for International Settlements warned
investors about their ``too firm conviction'' on so-called carry
trades. Stock markets in Asia and Europe dropped today, led by
Chinese equities, as China's central bank governor Zhou Xiaochuan
said the country's shares may be overvalued and hinted at further
interest-rate increases.


Read more at Bloomberg Currencies News

U.K. Pound Breaks Through $2 Barrier For First Time Since May 2 on Rates

(Bloomberg) -- The U.K. pound pushed through the $2
barrier for the first time since May 2 on speculation Bank of
England Governor Mervyn King will this week tell lawmakers he's
ready to keep raising interest rates.

The pound also gained against the euro before a report this
week that will probably show house prices gained for a 14th month
in June. The U.K. currency climbed last week after minutes of the
BOE's last policy meeting showed King was among the policy makers
who backed higher borrowing costs. He's due to testify before
Parliament on June 28.


Read more at Bloomberg Currencies News

European Bonds Advance on Mortgage Liability Concerns, as Stocks Decline

(Bloomberg) -- European government bonds climbed for
a second day on concern about the U.S. subprime mortgage market,
and as falling global equity markets attracted investors to the
safest assets.

The gains in debt pushed yields on 10-year bunds, Europe's
benchmark, down from the highest in almost five years. Investors
shifted money out of risky assets such as shares on speculation
institutional investors will have to write down the value of
securities with subprime mortgages as Bear Stearns Cos. fought to
stop the collapse of a hedge fund that lost 20 percent this year.


Read more at Bloomberg Bonds News

Cheyne Capital's Queen's Walk Fund Loses $91 Million on Subprime Mortgages

(Bloomberg) -- Queen's Walk Investment Ltd., a fund
run by London-based Cheyne Capital Management Ltd. that buys the
riskiest portions of bonds backed by mortgages, said it made a
net loss of 67.7 million euros ($91 million) in the year ending
March 31.

The fund lost 1.67 euros per share and its net asset value
fell to 7.24 euros from 9.9 euros a year earlier, Queen's Walk
said in a Regulated News Service statement today. The fund
blamed the losses on ``significant developments'' in the U.S.
and U.K. mortgage markets, the statement said.


Read more at Bloomberg Bonds News

Cheyne Capital Fund Loses Net 67.7 Million Euros in Subprime Slump

(Bloomberg) -- Queen's Walk Investment Ltd., a fund
run by London-based Cheyne Capital Management Ltd. that buys the
riskiest portions of bonds backed by mortgages, said it made a
net loss of 67.7 million euros ($91 million) in the year ending
March 31.

To contact the reporter on this story:
Neil Unmack in London at
nunmack@bloomberg.net


Read more at Bloomberg Bonds News