Thailand, Taiwan Stock Ratings Raised at HSBC; South Korea, Hong Kong Cut

(Bloomberg) -- Investors should buy more shares in
Thailand and Taiwan and reduce holdings in South Korea and Hong
Kong, HSBC Securities Asia Ltd. said.

Investors should ``rotate out of the priciest markets into
those that have so far missed out on the fun, such as Thailand
and Taiwan,'' said Garry Evans, Asian equities strategist at HSBC
in Hong Kong, in a research note to clients. He declined to
comment when contacted by Bloomberg News.


Read more at Bloomberg Stocks News

Russia's Altimo ups Vimpelcom stake, board clout

(Reuters) - By raising its stake above 44 percent, Altimo's Eco Telecom
removes a requirement for one of its four nominees on the
nine-strong board to be independent. Vimpelcom will hold its
annual shareholder meeting on Friday.




The filing said Eco Telecom, which previously had 43.8
percent of the voting shares, still owned less than the 50
percent threshold that would force it to make a bid for the
entire company.


Read more at Reuters.com Mergers News

Treasury chief seeks regulatory changes: report

(Reuters) - The Treasury-led review will make recommendations by early next year and is expected to be announced at a Journal conference in New York later on Wednesday.




It would establish a framework for an eventual overhaul of the regulatory system, most likely after Paulson leaves office, according to the report.


Read more at Reuters.com Business News

UBS Hired to Arrange PetroChina's $5.9 Billion Sale of Shares in Shanghai

(Bloomberg) -- UBS AG has been hired by PetroChina
Co. to arrange what may become China's biggest share sale this
year, raising as much as $5.9 billion, people with direct
knowledge of the decision said.

UBS Securities Co., the China venture of Europe's largest
bank by assets, won a mandate for PetroChina's share sale, the
people said, asking not to be identified before an announcement.
China's largest oil producer plans to offer a maximum of 4
billion shares in Shanghai to raise funds for overseas
acquisitions, increased oil drilling and refinery constructions,
the company said June 20.


Read more at Bloomberg Currencies News

Norwegian Central Bank May Raise Benchmark Rate, Signal Further Increases

(Bloomberg) -- Norway's central bank will probably
raise its benchmark interest rate for the 11th time in two years
today and say the rate will peak at a higher level than
previously forecast, a survey of economists shows.

The bank will increase the deposit rate by a quarter-point
to 4.5 percent, according to all but one of 18 economists in a
Bloomberg survey. The bank may forecast the rate will rise to 5.5
percent in 2008, the survey shows. The decision will be announced
at 2 p.m. in Oslo.


Read more at Bloomberg Bonds News

Agfa, Alitalia, Beneteau, Eiffage, E.ON and PPR: European Equity Preview

(Bloomberg) -- The following stocks may rise or
fall in European markets. Prices are from the last close.

The Dow Jones Stoxx 600 fell 0.6 percent to 389.52. The Dow
Jones Stoxx 50 Index declined 0.6 percent to 3900.19. The Euro
Stoxx 50 Index, a benchmark for the 13 nations using the euro,
dropped 0.9 percent to 4433.04.


Read more at Bloomberg Stocks News

China's CSI 300 Index Climbs on Higher Earnings; Shanghai Automotive Rises

(Bloomberg) -- China's stocks rose for a second day
after a government report showed profits generated by industrial
companies jumped 42 percent in the first five months. Shanghai
Automotive Co. gained.

``The figures boosted optimism about first-half earnings
for listed companies,'' said Yan Ji, an investment manager at
HSBC Jintrust Fund Management Co. in Shanghai, which manages
about $517 million. ``Growth is still pretty fast.''


Read more at Bloomberg Stocks News

Nissan, Expanding Production Base in Thailand, Will Export Navara Trucks

(Bloomberg) -- Nissan Motor Co., Japan's third-
largest automaker, will export Thai-built Navara pickup trucks
as it expands its use of the Southeast Asian country as a low-
cost production base.

Nissan, based in Tokyo, will start shipping its new one-ton
pickup truck to more than 100 countries from August, said Carlos
Ghosn, Nissan's chief executive officer, in an interview in
Bangkok. He didn't specify the quantity.


Read more at Bloomberg Emerging Markets News

ProSieben says buys SBS for 3.3 bln euros

(Reuters) - ProSiebenSat.1 said the purchase would be financed entirely
with new syndicated loans from a group of banks led by Bank of
America, Calyon, Credit Suisse, HypoVereinsbank, JPMorgan,
Lehman Brothers, Morgan Stanley and Royal Bank of Scotland.




The transaction was not subject to approval by antitrust or
media regulators and the share purchase agreement would be
completed by the beginning of July, it said, adding that
projected synergies from the merger would be between 80 million
and 90 million euros per year.


Read more at Reuters.com Mergers News

Japan Will Probably Reduce Bond Sales Next Fiscal Year, MOF's Sumi Says

(Bloomberg) -- Japan will probably cut bond sales
next fiscal year after a reduction in refinancing allowed the
nation to cut issuance by a record this year, said Chikahisa
Sumi, a finance ministry official.

The ministry, which manages the world's biggest government
bond market, in December said it would cut issuance, including
debt for refinancing and new revenue, by 13 percent to 143.8
trillion yen ($1.17 trillion) in the fiscal year started April 1.
Sumi declined to comment on the size of next year's reduction.


Read more at Bloomberg Bonds News

UPDATE 1-Apogee profit up, spurred by architectural unit

(Reuters) - The shares rose more than 6 percent following the earnings
announcement after closing up 12 cents to $25.20 in
regular-session trading on Nasdaq.




Net income in the fiscal first quarter ended June 2
increased to $11.7 million, or 40 cents per share, from $4.74
million, or 17 cents per share, a year earlier. Sales advanced
to $209.9 million from $187 million.


Read more at Reuters.com Market News

Apogee profit up, spurred by architectural unit

(Reuters) - Operating income in the architectural business more than
doubled, the company said.




Read more at Reuters.com Market News

Cox says US SEC has formed subprime mortgage group

(Reuters) - "We recently formed a working group in the division of
enforcement to focus... on the problems of the subprime
securities market," Cox said in response to a question about
whether the SEC has any concerns about recent debt financing in
the markets.




Read more at Reuters.com Government Filings News

Australian Pharma, BHP, GRD, Qantas, Woodside: Australian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may rise or fall in Australia. This preview includes
news announced after markets closed yesterday. Prices are from
yesterday's close unless otherwise stated. Stock symbols are in
brackets after the company names.

The S&P/ASX 200 Index futures contract due in September fell
0.5 percent to 6304 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index slid 0.7 percent in New York.


Read more at Bloomberg Stocks News

YRC Worldwide reaches deal to buy Shanghai Jiayu

(Reuters) - "This acquisition will allow us to build a service network
that will provide greater reliability for our customers as they
move shipments within China," YRC Worldwide's Chief Executive
Bill Zollars said in a statement.




Read more at Reuters.com Mergers News

US SEC examines exec pay tables, plans a report

(Reuters) - Cox acknowledged that he personally had read "some horrible
examples" of pay tables which were not "the kind of clarity we
had hoped for" with the new disclosure regulation. "We have the
very best opportunity to get this right now, this year," he
added.




Read more at Reuters.com Bonds News

U.S. Web radio stations silently protest royalty hike

(Reuters) - Campaign organizer SaveNetRadio estimated about half of the 30,000 U.S. Webcasters were silent, partly silent or playing announcements urging an estimated 50 million U.S. listeners to act against the hike by calling lawmakers in Washington.




Under a Copyright Royalty Board ruling in March, Webcasters will pay a performance royalty of $0.0008 for each listener of each song in 2006, rising to $0.0019 in 2010. The first payment, backdated to January 1, 2006, is due on July 15.


Read more at Reuters.com Government Filings News

UPDATE 1-Nike beats Street, net profit up 32 percent

(Reuters) - LOS ANGELES, June 26 - Nike Inc. posted higher fourth-quarter net profit on Tuesday, beating Wall Street estimates and sending shares up 4 percent in extended trade, as strong sales of Nike-branded footwear helped offset overall challenges in the U.S. athletic shoe market.



The world's top maker of athletic shoes and apparel said quarterly net profit rose 32 percent to $437.9 million, or 86 cents per share, compared with $332.8 million, or 64 cents per share, a year earlier. Revenue rose 9 percent to $4.38 billion.


Read more at Reuters.com Market News

Oracle profit rises as acquisitions boost sales

(Reuters) - Excluding items, Oracle made a per-share profit of 37 cents. Analysts were expecting a per-share profit excluding items of 35 cents, the average forecast based on Reuters Estimates.




Revenue rose to $5.83 billion from $4.85 billion.


Read more at Reuters.com Business News

UPDATE 1-Prosecutors say Conrad Black's defense failed

(Reuters) - CHICAGO, June 26 - Prosecutors trying to seal
their case on Tuesday against former media baron Conrad Black
and his associates told jurors about to decide their fate that
defense lawyers failed to refute the core fraud charges against
the four men.




Instead they "cobbled together a defense, taking a phrase
from a memo here and a sentence from an e-mail there," said
lead prosecutor Eric Sussman, "but never taking on the
accusations head-on."


Read more at Reuters.com Bonds News

Apple gives cost of iPhone service, first fans show

(Reuters) - A small clutch of gadget enthusiasts staked out spots in front of Apple's store on New York's tony Fifth Avenue, days before the iPhone goes on sale on Friday evening local time.




Plenty of potential iPhone consumers have said they would wait for Apple's next versions of the device to buy it, hoping for a lower price and faster network connection.


Read more at Reuters.com Business News

UPDATE 1-Canada film distributor stake sold for C$193.3 mln

(Reuters) - TORONTO, June 26 - Movie Distribution Income Fund
said on Tuesday it plans to sell its minority stake
in Motion Picture Distribution LP, a leading distributor of
films in Canada, to private equity firm EdgeStone Capital
Partners for about C$193.3 million .




Toronto-based EdgeStone is conducting the deal in
partnership with GS Capital Partners, a private equity
affiliate of Goldman Sachs & Co.


Read more at Reuters.com Mergers News

SEC settles short selling case with GLG hedge fund

(Reuters) - GLG did not admit or deny wrongdoing as part of the
settlement, which involved public offerings in the funds GLG
Market Neutral Fund, GLG North American Opportunity Fund, GLG
Technology Fund and GLG European Long Short Fund.




Read more at Reuters.com Government Filings News

Reynolds shares up ahead of Star patent ruling

(Reuters) - Star filed a lawsuit in 2001 against Reynolds American's R.J. Reynolds Tobacco unit, saying Reynolds had infringed on patents related to a curing process that reduces the level of cancer-causing toxins in tobacco.




Garbis has previously ruled that key patent claims at issue in the lawsuit were invalid. He has agreed with Reynolds that the term "anaerobic condition," used in Star Scientific's patents on a curing process that reduces the level of cancer-causing toxins in tobacco, was "fatally indefinite" and therefore invalid.


Read more at Reuters.com Hot Stocks News

GLOBAL MARKETS-U.S. stocks higher; bonds flat

(Reuters) - Stocks subsequently turned higher by the midsession as
investors snapped up shares in sectors seen likely to withstand
a slowdown in growth, but worries about fallout from the
subprime mortgage market kept investors skittish.




The yen rose for a second straight day, rebounding from
recent multiyear lows against the dollar and euro, after
Japan's finance minister cautioned about the weakness of the
country's currency.


Read more at Reuters.com Bonds News

Bond prices fall on profit-taking before auction

(Reuters) - Government bonds have tapped flight-to-quality flows after problems at two Bear Stearns' hedge funds renewed worries about the subprime mortgage sector and traders said caution was also creeping in before the Federal Reserve's two-day meeting begins on Wednesday.




While the Fed is expected on Thursday to leave its overnight lending rate unchanged at 5.25 percent, investors will scrutinize the wording of the statement accompanying the interest-rate verdict for clues on the future direction of monetary policy.


Read more at Reuters.com Bonds News

U.K. Stocks Drop, Led by BAE Systems on U.S. Probe; BT, Vodafone Gain

(Bloomberg) -- U.K. stocks declined. BAE Systems
Plc, Europe's biggest weapons maker, posted its steepest drop in
4 1/2 years after saying the U.S. started a probe into the
company's compliance with anti-corruption laws.

Cadbury Schweppes Plc shares also slipped. BT Group Plc and
Vodafone Group Plc rose as investors bought shares of companies
that pay the highest dividends relative to share prices.


Read more at Bloomberg Stocks News

Venezuela confirms takes over Conoco oil project

(Reuters) - PDVSA said Venezuela now controlled 78 percent of the
Orinoco projects.




Read more at Reuters.com Bonds News

New Mortgage CDO Pipeline Dries Up Amid Hedge Fund Bailout, JPMorgan Says

(Bloomberg) -- The pipeline of collateralized debt
obligations backed mainly by subprime mortgages is drying up and
may shut down amid concerns about the integrity of the market
following the near collapse of hedge funds run by Bear Stearns
Cos., JPMorgan Chase & Co. said.

The amount of high-grade, structured finance CDOs that are
being offered to investors has plunged to $3 billion, from
$20 billion a month ago, JPMorgan said in a report dated
yesterday. CDOs are pools of asset-backed securities, bonds or
corporate loans divided into securities with different credit
ratings and maturities to cater to investors' preferences.


Read more at Bloomberg Bonds News

UPDATE 1-Total still in talks on Venezuela, hopes deal on Tues

(Reuters) - This clarifies earlier comments from Total that it would
sign an accord committing to stay in the multi-billion dollar
Orinoco project.




On Monday, a government official told Reuters that Total,
Chevron Corp. , Norway's Statoil and Britain's
BP Plc planned to sign a nationalisation accord that
would keep them in the massive Orinoco oil reserve projects.


Read more at Reuters.com Mergers News

Colombia's Central Bank Sells Dollar Call Options After Recnet Peso Slide

(Bloomberg) -- Colombia's central bank sold dollar
call options after the peso slid 3.5 percent in the past five
days.

The central bank said in a statement that it sold $180
million of the call options. The bank sells the options every
time the peso's 20-day moving average changes by more than 2
percent.


Read more at Bloomberg Currencies News

Edgestone buys stake in Motion Picture Distribution

(Reuters) - The units of Movie Distribution closed at C$9.15 on the
Toronto Stock Exchange on Monday.







Read more at Reuters.com Mergers News

Sweden says M.Stanley has free rein in V&S sale

(Reuters) - Sweden's parliament last week passed a bill allowing the
centre-right government to sell Vin & Sprit, real estate firm
Vasakronan and mortgage lender SBAB.




The state already had leave to sell its stakes in three
listed firms -- telecoms operator TeliaSonera , Nordea
Bank AB and OMX , the Nordic bourse company
subject to a takeover bid from Nasdaq Stock Market .


Read more at Reuters.com Bonds News

Canada S&P/TSX Little Changed as BCE Drops, Telus Gains on Bid Withdrawal

(Bloomberg) -- Canadian stocks were little changed.
BCE Inc., the country's biggest phone company, dropped after Telus
Corp. said it won't submit a takeover offer. Shares of Telus rose.

The Standard & Poor's/TSX Composite Index slipped 3.69, or
less than 0.1 percent, to 13,838.18 as of 10:08 a.m. in Toronto.
Earlier it rose as much as 0.3 percent.


Read more at Bloomberg Stocks News

Advanced Medical, Christiana, GeoPharma, W Holding: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Shares prices are as of 9:30 a.m. New York time.

Advanced Medical Optics Inc. (EYE US) fell 98 cents, or 2.9
percent, to $32.50. The maker of contact lens care products
forecast a loss this year because of the recall in May of its
MoisturePlus contact lens solution. The company expects an
adjusted per-share loss of 95 cents to $1.15 this year, Advanced
said in a statement. That compares with a previous earnings
forecast of $1.40 to $1.55 a share. Shares lost 17 cents, or 0.5
percent, to $33.48 in regular trading yesterday.


Read more at Bloomberg Stocks News

Gold, Silver Decline in New York as Investors Shift to U.S. Treasuries

(Bloomberg) -- Gold fell for the second straight
day, and silver tumbled in New York on speculation that
investors will seek higher returns from U.S. Treasury bonds.

Gold, which bears no interest, has slumped 3.8 percent
since June 1. Yields on the benchmark 10-year note remained
above 5 percent after reaching a five-year high of 5.327 percent
on June 13. Before today, the precious metal had gained 2.6
percent this year.


Read more at Bloomberg Commodities News

PIMCO's Gross says "subprime crisis" not isolated

(Reuters) - He added that the subprime crisis will reduce consumption
and new home building in the next 12-18 months but that he
expected the Fed to lower interest rates at some point over the
next six months as an "insurance policy".




Read more at Reuters.com Bonds News

Apple, Cardinal Health, GeoPharma, Google: U.S. Equity Market 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. Shares prices are as of 8:15 a.m. New York time.

Apple Inc. (AAPL US) added 91 cents to $123.25 in trading
before U.S. exchanges opened. RBC Capital rated the shares
``outperform'' in new coverage, setting its price forecast at
$160. RBS said it saw further upside for Apple shares based on
the company's continued dominance of the MP3 player market with
its iPod and iTunes and gains from its Mac computers.


Read more at Bloomberg Stocks News

U.K. Natural-Gas Prices Rises on Low Supplies; Next-Day Electricity Falls

(Bloomberg) -- U.K. natural gas for delivery today
rose as forecasts showed for a second day that demand may exceed
supply. Shippers withdrew gas from underground storage sites and
imported the fuel from Belgium. Power prices fell.

Gas for intraday delivery climbed to 23 pence a therm, an
increase of 4.5 percent from the last price for deliveries today
in trading yesterday. The price is equivalent to $4.6 a million
British thermal units. A therm is 100,000 Btus.


Read more at Bloomberg Energy News

UPDATE 2-Lennar posts loss, says housing market may worsen

(Reuters) - "As we look to our third quarter and the remainder of 2007,
we continue to see weak, and perhaps deteriorating, market
conditions," Stuart Miller, chief executive, said in a
statement.




"Given uncertain market conditions, we continue to lack
visibility as to future results, but we currently expect to be
in a loss position in our third quarter," he said.


Read more at Reuters.com Bonds News

Treasuries Are Little Changed Amid Concern Losses at Hedge Funds to Widen

(Bloomberg) -- Treasuries were little changed amid
concern hedge fund losses tied to subprime mortgages will become
more widespread.

Two-year yields touched the lowest this month as investors
shifting out of riskier assets pushed equity indexes down across
Europe. Government securities may also be buoyed before reports
forecast to show consumer confidence fell to a 10-month low in
June and new home sales declined.


Read more at Bloomberg Bonds News

New York Transit Authority, Colorado City Lead U.S. Municipal Borrowers

(Bloomberg) -- New York State's Metropolitan
Transportation Authority and the city of Aurora, Colorado, will
borrow more than $800 million combined in today's largest sales
of U.S. state and local government bonds.

The Metropolitan Transportation Authority, operator of the
largest U.S. public transit network, will sell $425 million of
bonds in a deal managed by UBS AG. Aurora, Colorado's third
most-populous city, will offer $426 million of debt with
JPMorgan Chase & Co. tapped to manage the sale.


Read more at Bloomberg Bonds News

RPT-UPDATE 1-Arcelor postpones euro bond amid market volatility

(Reuters) - LONDON, June 26 - Arcelor Finance has put on hold
a planned two-part benchmark euro bond sale amid market
volatility related to worries about credit and the U.S. subprime
mortgage market, banks managing the sale said on Tuesday.




"Given the current volatility, Arcelor Finance have decided
to put their transaction on hold pending more stable market
conditions," one of the banks said.


Read more at Reuters.com Bonds News

Spanish Property Developer Martinsa Faces Premium on 3 Billion-Euro Loan

(Bloomberg) -- Grupo Martinsa, the Spanish property
developer buying bigger rival Fadesa Inmobiliaria SA, increased
the interest offered on 3 billion euros ($4 billion) of loans to
finance the takeover, bankers involved in the transaction said.

Martinsa, run by Real Madrid soccer club's former president
Fernando Martin, will pay interest of 3.5 percentage points more
than benchmark lending rates on a 970 million-euro portion, 1
percentage point more than it initially sought to pay, said two
bankers involved in the deal.


Read more at Bloomberg Bonds News

Lead Rises to Record for Fifth Consecutive Day in London; Copper Declines

(Bloomberg) -- Lead increased to a record for a
fifth consecutive trading session in London on speculation that
supply disruptions and cuts to Chinese production will
exacerbate a shortage of the metal. Copper and aluminum fell.

China, the world's largest producer, raised export taxes on
products including lead and zinc on June 1 to help curb a record
trade surplus. Exports from Ivernia Inc.'s Magellan mine in
Australia, which accounts for 3 percent of global supply, have
been suspended since March due to an investigation into lead
poisoning at the port of Esperance.


Read more at Bloomberg Commodities News

IMF economist: World growth stronger, inflation risk

(Reuters) - Inflationary dangers pose the greatest risk to the rosy world outlook. But so far rapid gains in commodity prices, now spreading from metals and energy to food and agricultural products, have not pushed up consumer prices broadly, Simon Johnson said at a news briefing.




"There are real inflationary pressures when you run a world economy this fast," Johnson said at a briefing where he forecast global growth of around 5 percent this year.


Read more at Reuters.com Business News

Texas Pacific, consortium set to bid for UTAC-sources

(Reuters) - UTAC's share price closed at S$1.08 on Friday.




Dealers and analysts said the indicative price range for
the offer could be between S$1.10 to S$1.20, valuing the firm
at as much as S$1.8 billion.


Read more at Reuters.com Mergers News

China launches fund to help firms invest in Africa

(Reuters) - China on Tuesday launched a fund with initial capital of $1 billion to help finance domestic firms' investments in Africa, part of Beijing's pledge to double its aid to the continent.

It is the first phase of a $5 billion China-Africa Development Fund, promised by President Hu Jintao at a summit with African nations in Beijing last November, amid international criticism that China is changing the status quo of an aid game long monopolised by Western powers and multilateral lenders.


Read more at Reuters Africa

French Stocks Drop; Arcelor Mittal, Suez, BNP Paribas Lead the Retreat

(Bloomberg) -- French stocks declined for a fourth
day, led by Arcelor Mittal, Suez SA and BNP Paribas SA.

The CAC 40 Index lost 50.33, or 0.8 percent, to 5952.52 at
10:12 a.m. in Paris. The SBF 120 Index also dropped 0.8 percent.


Read more at Bloomberg Stocks News

UPDATE 1-No vote needed for ABN's LaSalle sale-adviser

(Reuters) - Advocate General Vino Timmerman's advice could indicate how
the court will rule on the frozen $21 billion sale of
Chicago-based LaSalle Bank to Bank of America , part of
ABN's agreement to be bought by Britain's Barclays .




A Dutch commercial court froze the $21 billion sale of
Chicago-based LaSalle to Bank of America in May pending
a shareholders' vote, but ABN and others appealed against the
decision.


Read more at Reuters.com Mergers News

French Stocks Decline, Led by Arcelor Mittal, Suez and Schneider Electric

(Bloomberg) -- French stocks declined, led by
Arcelor Mittal, Suez SA and Schneider Electric SA.

The CAC 40 Index lost 41.37, or 0.7 percent, to 5961.48 at
9:04 a.m. in Paris. The SBF 120 Index dropped 0.6 percent.


Read more at Bloomberg Stocks News

Roche-hopes hostile Ventana bid turns friendly

(Reuters) - "We've offered a very full premium and price and I would not
speculate in any other direction," Humer told journalists in a
conference call.




Humer said the group aimed to continue expanding its
diagnostics activities through in-house development and through
the acquisition of technologies.


Read more at Reuters.com Mergers News