Asian Currencies: Philippine Peso Posts Quarterly Gain on Overseas Funds

(Bloomberg) -- The Philippine peso had a fourth
quarterly gain on speculation workers abroad sent back more
remittances and overseas funds bought the nation's stocks.

The peso was the second-best performer of 10 of the most-
traded Asia currencies this quarter as the Philippine Stock
Exchange Index reached a record high. Money sent home by
Filipinos working abroad exceeded $1 billion for a 12th month in
April. The figures are issued with a lag and may rise in May and
June as funds are remitted for the start of the school year.


Read more at Bloomberg Currencies News

Everlast says Sports Direct raises offer

(Reuters) - Earlier, New York-based investment firm Hidary Group raised
its bid for the company to $31.25 a share from $26.50 following
Sports Direct's offer on Thursday.





Read more at Reuters.com Mergers News

CME has room to boost its CBOT offer -- Bernstein

(Reuters) - "As a result, the CME could still increase its offer by
about $1.25 billion ," the report said.




CME, the largest U.S. futures exchange, has a clearing
arrangement with CBOT that runs through January 2009.


Read more at Reuters.com Mergers News

Theravance says GlaxoSmithKline not to exercise call right

(Reuters) - The right was granted to GSK as part of a 2004 strategic alliance, the biopharmaceutical company said in a statement.






Read more at Reuters.com Mergers News

US STOCKS-Wall Street slips on credit concerns

(Reuters) - NEW YORK, June 29 - U.S. stocks fell on Friday,
as banks and brokers retreated on concerns about the impact of
tightening credit on takeovers and the subprime mortgage
industry.




Early gains evaporated as oil rose to $71 a barrel and
investors booked profits before the quarter's end and the July
4th holiday week. That offset data pointing to moderating
inflation and economic growth.


Read more at Reuters.com Bonds News

Retailer hhgregg sets IPO at 9.4 million shares

(Reuters) - Credit Suisse, Lehman Brothers, Wachovia Securities, UBS
Investment Bank, Piper Jaffray, and KeyBanc Capital Markets are
underwriting the IPO.




Read more at Reuters.com Government Filings News

TOUSA to settle with lenders, buy Transeastern JV

(Reuters) - The settlement, expected to be closed by July 31, would be
financed by the issuance of new equity and debt securities,
including a new $500 million senior secured credit facility
underwritten by Citibank, it said in a statement.





Read more at Reuters.com Bonds News

A. Schulman, Apollo, Fluor, Gevity, Office Depot: 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.
Share prices are as of 2:45 p.m. New York time.

American Home Mortgage Investment Corp. (AHM US) fell $2.74,
or 13 percent, to $18.17. The lender specializing in adjustable-
rate mortgages withdrew its fiscal 2007 earnings guidance and
said it will likely have a second-quarter loss.


Read more at Bloomberg Stocks News

Heelys up after withdrawing secondary offer

(Reuters) - Heelys, which makes a popular brand of shoes that double as roller-skates, had originally filed with the regulators to sell 8 million shares, but later cut the offering to 4.5 million shares.




The withdrawal was motivated by the management's and shareholder Capital Southwest's confidence in the company's direction, J.P. Morgan Securities analyst Robert Samuels said in a note to clients.


Read more at Reuters.com Hot Stocks News

U.S. Stocks Erase Rally, Led by Financial Shares on Subprime Concern

(Bloomberg) -- U.S. stocks erased a rally after a
report that the government is increasing scrutiny of Bear
Stearns Cos.' hedge funds heightened concern that losses in
mortgage-backed bonds will hurt bank and brokerage earnings.

Financial shares have tumbled the last two weeks on
speculation losses from securities tied to subprime mortgages
will deepen. Two Bear Stearns hedge funds nearly collapsed and
forced the firm this week to put up $1.6 billion for a bailout.


Read more at Bloomberg Stocks News

US firms sell $93.72 bln junk debt in H1 -Thomson

(Reuters) - J.P. Morgan was the top underwriter in the
high-yield category for the first two quarters of 2007, while
Citigroup was the top underwriter in the high-grade
category, Thomson data showed.




Read more at Reuters.com Bonds News

United, Continental raise fees on high fuel prices

(Reuters) - Continental, the No. 4 U.S. carrier, raised its domestic fuel surcharge by $2 to $7 each way, spokesman Dave Messing said.




Last week U.S. airlines, led by Delta Air Lines Inc. , initiated a fare increase of $5 each way that has largely held.


Read more at Reuters.com Business News

US STOCKS-Wall Street flat as financials weigh

(Reuters) - NEW YORK, June 29 - U.S. stocks barely budged in
the early afternoon on Friday as concerns about fewer buyout
financings and the subprime mortgage industry overshadowed
earlier optimism about the economy and inflation.




Oil hovered above $70 a barrel and investors took profits
before a long weekend, which contributed to the erasing of
gains. With the Fourth of July falling in the middle of next
week, some market participants may opt to start the holiday
early by taking a long weekend.


Read more at Reuters.com Bonds News

U.S. Stocks Pare Gains as Brokerage Shares Fall; Bear Stearns Shares Fall

(Bloomberg) -- U.S. stocks pared a rally after the
replacement of Bear Stearns Cos.' asset management chief
reinforced concern that losses in mortgage-backed bonds will
hurt bank and brokerage earnings.

The Standard & Poor's 500 Index rose 1.54, or 0.1 percent,
to 1507.25 as of 12:47 p.m. in New York after earlier rising as
much as 0.8 percent. The Dow Jones Industrial Average added
14.88 to 13,437.16, while the Nasdaq Composite Index increased
2.51, or 0.1 percent, to 2610.88.


Read more at Bloomberg Stocks News

RLPC-US loan issuance rises, $942.9 bln in 1st half

(Reuters) - J.P. Morgan led U.S. loan underwriting for the
first half of 2007, followed by Bank of America and
Citigroup , Reuters LPC data showed. J.P. Morgan was also
the lead underwriter for leveraged loans. Companies sold $93.7
billion of high-yield bonds compared to $63.5 billion in 2006.




Read more at Reuters.com Bonds News

U.S. judge approves BAWAG settlement in Refco case

(Reuters) - By Paritosh Bansal



NEW YORK, June 29 - A U.S. judge approved a $140 million final settlement on Friday between Austrian bank BAWAG and investors in Refco Inc., a major commodity and futures broker that collapsed in 2005.


Read more at Reuters.com Mergers News

UPDATE 1-EU OKs Nestle buy of Novartis unit with concessions

(Reuters) - The European Union executive said on Friday it gave the
green light after Nestle offered to divest overlapping
activities in France and Spain.




"In the light of these commitments, the Commission has
concluded that the proposed transaction would not significantly
impede effective competition in the European Economic Area or
any substantial part of it," the executive said in a statement.


Read more at Reuters.com Government Filings News

Copper Rises to Three-Week High in New York as Global Inventories Decline

(Bloomberg) -- Copper futures rose to a three-week
high in New York as declining global inventories of the metal
increased supply concerns.

Chinese stockpiles fell 5.6 percent to 90,617 metric tons,
the biggest decline in six months, the Shanghai Futures Exchange
said in a weekly report today. Inventories in warehouses
monitored by the London Metal Exchange fell 1.4 percent to
114,700 tons today.


Read more at Bloomberg Commodities News

CORRECTION - - UPDATE 1-U.S. judge approves BAWAG settlement in Refco case

(Reuters) - NEW YORK, June 29 - A U.S. judge approved a $140
million final settlement on Friday between Austrian bank BAWAG
and investors in Refco Inc., a major commodity and futures
broker that collapsed in 2005.




The settlement resolves the complaint against one major
defendant and boosts the investors' efforts for recoveries
against others, including several banks, an accounting firm,
Refco and some of its executives.


Read more at Reuters.com Bonds News

UPDATE 1-U.S. regulators set new subprime loan standards

(Reuters) - WASHINGTON, June 29 - U.S. bank regulators issued
new standards for subprime mortgage lending on Friday that
includes several new consumer protections.




Subprime borrowers should not be penalized for refinancing
out of a mortgage before the interest rate resets to a higher
level, according to a statement of principles issued by the
regulators. The guidelines also call for lenders to warn
borrowers when a reset is coming and grant them at least 60
days to refinance.


Read more at Reuters.com Government Filings News

EU conditionally OKs Nestle's buy of Novartis unit

(Reuters) - The European Union executive said it gave the green light after the world's largest food group offered to divest overlapping activities in France and Spain.



"In the light of these commitments, the Commission has concluded that the proposed transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it," the executive said in a statement.


Read more at Reuters.com Mergers News

Cocoa Rises to Four-Year High in New York as Ivory Coast Minister Attacked

(Bloomberg) -- Cocoa rose to a four-year high in
New York after an attack on the prime minister of Ivory Coast,
the world's biggest grower, raised concerns that fighting may
resume in the country and cut production.

Prime Minister Guillaume Soro wasn't hurt when his plane
was attacked with rockets and small-arms fire after landing at
an airport in the central Ivory Coast town of Bouake, spokesman
Issa Doumbia said. Soro, a former rebel leader, signed a peace
accord with the government of President Laurent Gbagbo in March
that sought to end a civil war that began in 2002.


Read more at Bloomberg Commodities News

Teachers' Union Targets Bush's No-Child Law for Change Under Democrats

(Bloomberg) -- The largest U.S. teachers' union is
urging the Democratic-controlled Congress to fix ``serious
flaws'' in the No Child Left Behind law, a plan by President
George W. Bush to make schools more accountable for improving
students' basic skills.

The National Education Association, representing 3.2
million teachers and other school staffers, put the five-year-
old measure
at the top of the agenda for its national convention opening
tomorrow in Philadelphia. Seven Democratic candidates for
president and one Republican will address the meeting.


Read more at Bloomberg Exclusive News

DAX Index Rises for Second Day; Linde Group, Volkswagen, BASF Pace Gains

(Bloomberg) -- German stocks including Allianz SE
and Bayerische Motoren Werke AG declined. Linde Group and BASF
AG led rising stocks.

The DAX added 1.94, or less than 0.1 percent, to 7923.30 at
11:36 a.m. in Frankfurt, adding its gains for the year to 20
percent. DAX futures expiring in September increased 0.2 percent
to 8000. The HDAX Index of the country's 110 biggest companies
added 0.1 percent.


Read more at Bloomberg Stocks News

UPDATE 1-French group Valeo says to continue talks with fund

(Reuters) - PARIS, June 29 - French car-parts maker Valeo said on Friday it would continue talks with an investment fund, which a source familiar with the matter said concerned possible buyout discussions involving PAI Partners.



"Talks will continue over the weekend with one fund," said a spokeswoman for Valeo, which has a market value of about 3 billion euros .


Read more at Reuters.com Mergers News

Apollo, Ariba, Corn Products, CryoCor, Priceline: 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.
Share prices are as of 9:30 a.m. New York time.

American Home Mortgage Investment Corp. (AHM US) fell $2.51,
or 12 percent, to $18.40. The lender specializing in adjustable-
rate mortgages withdrew its fiscal 2007 earnings guidance and
said it will likely have a second-quarter loss.


Read more at Bloomberg Stocks News

Copper Rises For Third Session in New York as Global Inventories Decline

(Bloomberg) -- Copper futures rose for a third
session in New York as global inventories of the metal shrank.

Chinese stockpiles fell 5.6 percent to 90,617 metric tons,
the biggest decline in six months, the Shanghai Futures Exchange
said in a weekly report today. Inventories in warehouses
monitored by the London Metal Exchange fell 1.4 percent to
114,700 tons today. Copper has gained 20 percent this year,
partly on supply concerns.


Read more at Bloomberg Commodities News

Canada's Dollar Falls From 30-Year High as April Economic Growth Is Flat

(Bloomberg) -- The Canadian dollar fell from a 30-
year high after the nation's economic growth unexpectedly
stalled in April.

Canada's currency dropped to 94.22 U.S. cents at 8:50 a.m.
in Toronto, from 94.39 U.S. cents yesterday. One U.S. dollar
buys C$1.0596. The currency earlier touched 95.51 U.S. cents, or
C$1.0471, the strongest since May 1977 as crude oil prices rose.


Read more at Bloomberg Currencies News

Valeo says to continue talks with fund

(Reuters) - The Financial Times reported earlier that Valeo had been in
talks since March with PAI and U.S. funds Apollo Investment
Management and Cerberus [CBS.UL] about a possible leveraged
buyout.




The FT added that Valeo and PAI had failed to agree on a
price.


Read more at Reuters.com Mergers News

Canada's Dollar Advances to 30-Year High as Crude Oil Price Extends Gain

(Bloomberg) -- The Canadian dollar rose to the
highest in 30 years as traders bet higher crude oil prices will
boost the country's economic growth.

Commodities including oil make up about half of Canada's
exports. The Canadian dollar has gained 10.6 percent this year
against the U.S. dollar as oil prices have advanced 15 percent.


Read more at Bloomberg Currencies News

BBVA to Hire 240 Derivatives Bankers in Madrid, London, Mexico, Hong Kong

(Bloomberg) -- Banco Bilbao Vizcaya Argentaria SA,
Spain's second-largest bank, is hiring 240 bankers worldwide
this year to boost its derivatives business.

BBVA recruited 151 of the bankers since January, including
Lorenzo Isla, 34, Barclays Capital's former head of structured
credit research in London, who will run credit derivatives in
Madrid. The Bilbao, Spain-based lender will add about 100 of the
new derivatives staff in Madrid and 115 in offices including
London, Frankfurt and Mexico City, said Ricardo Laiseca, head of
global markets. A team of 25 will start an equity derivatives
business in Hong Kong.


Read more at Bloomberg Emerging Markets News

US STOCKS-Futures fall with inflation data on tap

(Reuters) - In earnings news, Research In Motion Ltd. may give
a lift to the Nasdaq after the maker of the Blackberry reported
results that beat analysts' estimates. For details, see
[ID:nN28384123]




Research in Motion stock jumped 8.1 percent to $179 in
electronic trading.


Read more at Reuters.com Bonds News

Platinum Gains in London as Investors Bet on Auto Demand; Palladium Rises

(Bloomberg) -- Platinum gained on speculation that
investment funds will add to their holdings because expanding car
production will buoy demand for the precious metal, which is used
in autocatalysts. Palladium also rose.

Demand for platinum for catalytic converters will climb this
year, mostly because of expansions in production of European
diesel cars and growing car output in Asia, London-based
manufacturer Johnson Matthey Plc said last month. Platinum headed
for a quarterly gain of 3.5 percent after a 9.4 percent increase
in the first quarter.


Read more at Bloomberg Commodities News

U.S. Notes Headed for Quarterly Loss as Bets on Fed Rate Cut Are Reduced

(Bloomberg) -- U.S. Treasuries headed for their
biggest quarterly loss since the three months ending March 2006
as traders pared bets the Federal Reserve will lower interest
rates this year.

Government debt fell yesterday after Fed policy makers
reiterated quickening inflation remained their ``predominant''
concern and kept the benchmark rate at 5.25 percent. Bonds were
little changed before a report that's forecast to show U.S.
inflation held near the top of the Fed's preferred range.


Read more at Bloomberg Bonds News

South Korea Stocks Drop on Strong Won, Posting the Worst Week Since March

(Bloomberg) -- South Korean stocks fell, completing
their worst week since March. Samsung Electronics Co. slid after
the won appreciated to a seven-week high against the dollar,
raising concern the value of exporters' overseas sales will drop.

``When the won strengthens like this, it can't help but have
a negative effect on stocks because of the direct impact on
earnings,'' said Park Seh Ick, who helps manage $1.3 billion at
Hanwha Investment Trust Management Co. in Seoul. ``Exporters
will show a clear reaction to the exchange rates.''


Read more at Bloomberg Stocks News

Indonesia Telkom mulls acquisition to boost market cap

(Reuters) - "Telkom is reviewing and discussing the possibility of an
acquisition, in line with its strategic roadmap to achieve a
target of $30 billion market capitalisation by 2010," the
company said in the letter.




Telkom already controls 65 percent of PT Telekomunikasi
Selular , the country's biggest mobile phone
operator, which holds more than half of Indonesia's around 70
million mobile phone users.


Read more at Reuters.com Mergers News

German Stocks Rise, Led by Volkswagen, Commerzbank, Continental Shares

(Bloomberg) -- German stocks advanced, led by
Volkswagen AG, Commerzbank AG and Continental AG.

The benchmark DAX Index rose 31.99, or 0.4 percent, to
7953.35 as of 9:05 a.m. in Frankfurt. The HDAX Index of the
country's 110 biggest companies climbed 0.4 percent.


Read more at Bloomberg Stocks News

Australian Shares Post Fourth Straight Quarterly Gain; BHP Billiton Rises

(Bloomberg) -- Australian shares rose, with the key
stock index completing its fourth straight quarterly advance. BHP
Billiton Ltd. and Rio Tinto Group gained after prices of
commodities such as copper climbed.

``Commodity demand remains overwhelming relative to supply,
so there looks like there could be more upside for mining
companies' shares,'' said Atul Lele, who helps manage about $380
million at White Funds Management in Sydney.


Read more at Bloomberg Stocks News