Rand steady, range-bound on US holiday

(Reuters) - South Africa's rand steadied versus the dollar on Wednesday and traders expected a range-bound session for the currency especially as U.S. markets will be closed for a public holiday.

At 0645 GMT, the rand was at 6.99/dollar, unmoved from its New York close on Tuesday and stuck near a six-week high hit on Monday. Dealers said the unit was likely to trade between 6.95-7.05 in the session.


Read more at Reuters Africa

European Government Bonds Drop as Outlook for Growth, Rates Deters Buyers

(Bloomberg) -- European government bonds fell for a
second day on views stronger-then-anticipated economic growth in
the euro region will persuade the European Central Bank to raise
interest rates further from a six-year high.

Yields on 10-year German bunds, Europe's benchmark, climbed
for a second day after concerns spurred by terrorist plots in the
U.K. sent them to the lowest in three weeks. ECB President Jean-
Claude Trichet may repeat his view borrowing costs are still low
enough to fuel expansion in the $10.4 trillion economy when the
bank's policy makers meet tomorrow to set rates.


Read more at Bloomberg Bonds News

Japan Exporter Stocks Rise, Led by Nintendo, Sony on U.S. Factory Orders

(Bloomberg) -- Japanese exporter shares rose after
factory orders in the world's largest economy fell less than
predicted, adding to confidence in the outlook for the U.S.,
Japan's No. 1 overseas market.

Nintendo Co. jumped to a record and Sony Corp. climbed for
the first time in three sessions.


Read more at Bloomberg Stocks News

Auto sales wobble in June, GM plunges

(Reuters) - Shares of GM dropped more than 4 percent after the
holiday-shortened close of trade on the New York Stock Exchange
in reaction to the sales shortfall and indications the largest
U.S. automaker would have to respond with bigger discounts.




Sales for GM's Detroit-based rivals also slid for June,
while Toyota Motor Corp. , Honda Motor Co. and
Nissan Motor Co. all gained ground after taking the
unusual step of increasing spending on showroom discounts.


Read more at Reuters.com Business News

Toyota, Honda, Nissan June U.S. Sales Rise; GM, Ford, DaimlerChrysler Drop

(Bloomberg) -- Toyota Motor Corp., Honda Motor Co.,
Nissan Motor Co. and other Asian automakers won a record share
of U.S. sales in June, aided by demand for fuel-efficient cars.

The Japanese and South Korean companies boosted sales 11
percent from a year earlier, to 42.7 percent of the U.S. market.
Sales increased 23 percent for Nissan, 11 percent for Honda and
10 percent for Toyota. Market share for General Motors Corp.,
Ford Motor Co. and Chrysler slid to a record low 50.3 percent,
according to data compiled by Bloomberg.


Read more at Bloomberg Currencies News

India Wadia Group says in Britannia long term-paper

(Reuters) - Danone had spoken to the Wadias on the deal, Chairman Nusli
Wadia said, but he did not comment on whether Britannia would
partner Kraft, the Economic Times newspaper reported.




"Britannia is a long-term strategic play for the Wadia
Group," he told the paper.


Read more at Reuters.com Mergers News

Japanese Stocks Rise, Led by Exporters on U.S. Factory Orders, Auto Sales

(Bloomberg) -- Japanese stocks climbed for a fifth
day. Exporter shares rose after factory orders in the world's
largest economy fell less than predicted, adding to confidence
in the outlook for the U.S., Japan's No. 1 overseas market.

Nintendo Co. jumped to a record and Sony Corp. climbed for
the first time in three sessions.


Read more at Bloomberg Stocks News

Japanese Government Bonds Decline as Gains in Stocks Cut Demand for Debt

(Bloomberg) -- Japan's 10-year bonds fell as gains
in local stocks deterred investors from buying government debt
with yields near the lowest in almost a month.

Bonds in Japan followed a drop in Treasuries yesterday as
investors grew more comfortable holding riskier securities and a
report showed U.S. factory orders fell less than forecast. Bank
of Japan Deputy Governor Toshiro Muto yesterday said keeping
interest rates low for too long could hurt the economy.


Read more at Bloomberg Bonds News

Australian Dollar Strengthens as Trade Deficit Unexpectedly Narrows in May

(Bloomberg) -- The Australian dollar gained after a
government report showed the country's trade deficit
unexpectedly narrowed in May.

The currency bought 85.67 U.S. cents at 11:35 a.m. in
Sydney from 85.51 cents immediately before the report. The local
dollar traded at 85.57 cents late in Asia yesterday, when it
touched 85.98 cents, the highest since February 1989.


Read more at Bloomberg Currencies News

UPDATE 3-Blackstone Group to buy Hilton for $26 billion

(Reuters) - LOS ANGELES, July 3 - U.S. private equity firm
Blackstone Group said on Tuesday it would buy Hilton
Hotels Corp. for about $26 billion cash, the richest in
a series of recent private equity offers for hotel companies.




Under terms of the agreed deal, Blackstone will pay $47.50
for each share of Hilton, one of the most prominent global
hotel brand names.


Read more at Reuters.com Bonds News

Alaska starts bidding process for gas pipeline

(Reuters) - Palin unveiled the state's formal Request for Applications, a 57-page document that details the mandates that any licensed project must meet and the financial incentives that a winning bidder would receive.




"It's been about half a century since Alaska has dreamed of this next economic lifeline, this gas line, to finally feed hungry markets with Alaska's energy," the Republican governor said at an Anchorage news conference.


Read more at Reuters.com Bonds News

Asian Stocks Rise in U.S. Trading, Led by Chalco, PLDT; Unicom Advances

(Bloomberg) -- Asian stocks gained in U.S. trading
after Aluminum Corp. of China Ltd. agreed to buy Baotou Aluminium
Co. and China Unicom Ltd. said it plans to start a music-
downloading service to attract mobile-phone subscribers.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, advanced for a fifth day,
adding 0.4 percent to 171.23 in half-day trading. U.S. markets
closed early today and will be shut tomorrow for the Independence
Day holiday.


Read more at Bloomberg Stocks News

Exelon, Ameren, Illinois Attorney General May Settle Power Auction Dispute

(Bloomberg) -- Exelon Corp., Ameren Corp. and the
Illinois attorney general asked federal regulators to delay
action on a complaint about the state's power-market auction,
saying there is a ``real possibility'' of settlement.

Illinois Attorney General Lisa Madigan is ``actively engaged
in negotiations'' with the two utilities and other parties,
according to a filing today. The complaint she brought to the
Federal Energy Regulatory Commission in March asked for an
investigation of possible price manipulation in the auctions the
state ran last year.


Read more at Bloomberg Energy News

Lundin Mining wraps up Tenke takeover

(Reuters) - As part of the deal, Tenke's South American copper and gold
assets will be spun off into a new company called Suramina
Resources Inc. that will be distributed to Tenke shareholders
on a one-for-one basis. The stock will begin trading in Toronto
on Thursday under the symbol SAX.




Lundin unveiled its offer for Tenke in April, part of its
attempt to become a leading intermediate base metals miner.


Read more at Reuters.com Mergers News

American Airlines reports higher June load factor

(Reuters) - The airline said domestic traffic decreased 3.0 percent year over year on 5.8 percent less capacity. International traffic decreased by 4.3 percent over last year on a capacity decrease of 4.6 percent.



American boarded 8.7 million passengers in June.


Read more at Reuters.com Market News

Crude Oil Rises to 10-Month High on Speculation Gasoline Output May Fall

(Bloomberg) -- Crude oil rose to a 10-month high on
speculation U.S. gasoline production will fall after refineries
unexpectedly shut units.

Flint Hills Resources LP, a unit of Koch Industries Inc.,
shut a gasoline-producing unit at its refinery in Corpus Christi,
Texas, according to a report on a state Web site today. A
refinery in Kansas was shut on July 1 because of flooding. Crude-
oil prices often follow gasoline during the driving season, which
lasts from late May to early September.


Read more at Bloomberg Commodities News

UPDATE 1-Penson Worldwide sees '07 earnings below analysts' view

(Reuters) - The financial industry technology and services provider now
expects net income for 2007 to be about $1.20 to $1.24 per
share. Analysts were expecting $1.39 a share, before items,
according to Reuters Estimates.




Lower revenue at its Nexa Technologies Inc. unit also
contributed to the shortfall in earnings, the company said.


Read more at Reuters.com Mergers News

WRAPUP 2-US housing sector, factory orders sag in May

(Reuters) - WASHINGTON, July 3 - Pending sales of existing U.S.
homes hit the lowest level in more than five years in May and
factory orders dipped modestly, according to reports on Tuesday
that showed the economy struggling to keep moving forward.




The National Association of Realtors said its index of
pending home sales -- a forward-looking gauge -- slumped by 3.5
percent in May to 97.7, its lowest level since September 2001.


Read more at Reuters.com Bonds News

Sales slide for Ford, Chrysler; Nissan jumps

(Reuters) - Ford's overall monthly sales, including sales into commercial fleets, were down 8 percent, although the No. 2 U.S. automaker eked out its first monthly gain in showroom sales since October.




Sales for Chrysler Group were down 1 percent in one of its last months in operation as a unit of DaimlerChrysler AG . Chrysler is being taken private by Cerberus Capital Management in a $7.4 billion deal expected to close as early as this month.


Read more at Reuters.com Business News

Argentina's Credit Rating Hurt by Arrears With Paris Club, Moody's Says

(Bloomberg) -- Argentina's refusal to settle its $6
billion debt with Paris Club creditors is hurting the country's
chances of getting credit ratings increases, said Mauro Leos, an
analyst at Moody's Investors Service.

Argentina hasn't made payments on its debt with the Paris
Club since 2001, when it also defaulted on $95 billion of bonds.
The government has refused to pay even after economic growth of
more than 8 percent in each of the past four years helped it post
budget surpluses, Leos said at a conference in Buenos Aires.


Read more at Bloomberg Emerging Markets News

Mexican Bolsa Rises on Rating Outlook, Led by America Movil; Bovespa Gains

(Bloomberg) -- Mexico's Bolsa index rose for a fifth
day as investors bet the country's credit rating will be raised by
Standard & Poor's, reducing government borrowing costs and fueling
spending.

The benchmark Bolsa index advanced 242.19, or 0.8 percent, to
31,662.88 as of 11:57 a.m. in New York, led by America Movil SAB,
Latin America's biggest mobile-phone company. Brazil's Bovespa
index rose 0.2 percent to a record 55,503.91.


Read more at Bloomberg Stocks News

US STOCKS-Takeover talk, Apple lift stocks in short session

(Reuters) - NEW YORK, July 3 - U.S. stocks rose in a
holiday-shortened session on Tuesday, lifted by fresh takeover
talk and expectations that Apple Inc. will make
higher-than-expected profit margins on its iPhone.




A report showing factory orders, excluding the volatile
transportation sector, rose in May, added to optimism about
the state of the economy, following a surprising rise of a
manufacturing index on Monday.


Read more at Reuters.com Bonds News

Gold, Silver Futures Drop on Speculation Euro Rally Versus Dollar to Stall

(Bloomberg) -- Gold and silver fell in New York on
speculation the euro's rally against the dollar will stall,
reducing the appeal of precious metals as alternative
investments.

Gold generally moves in tandem with the euro, which today
fell from a two-month high. Before today, gold had climbed 3.3
percent this year and the euro had risen 3.2 percent against the
dollar.


Read more at Bloomberg Commodities News

Fox deal for Photobucket gets U.S. antitrust OK

(Reuters) - The purchase is part of News Corp.'s. plan to bolster its
Internet businesses. Photobucket lets its more than 42 million
users upload photos and videos, which can be pasted on their
own Web sites, blogs and social networks like MySpace.




Read more at Reuters.com Government Filings News

Porsche N.American vehicle sales up 13 pct in June

(Reuters) - It also reported sales of its Boxster model line rose 3
percent to 937 cars, including 577 units of its more profitable
Boxster derivative, the Cayman coupe.




Read more at Reuters.com Market News

GE's WMC subprime unit says sells $3 bln in loans

(Reuters) - The loans sold included a mix of first and second liens, said GE Money spokesman Michael Ettlemyer.




The Burbank, California-based business was one of scores of lenders targeting the subprime market, or borrowers with weaker credit histories. Defaults in this segment of the market have surged this year, leading some borrowers to lose their homes and causing about 50 subprime lenders to close.


Read more at Reuters.com Bonds News

UPDATE 1-U.S. May factory orders fall 0.5 percent

(Reuters) - Analysts polled by Reuters were expecting orders to slide
1.2 percent. April orders were revised higher to show a 0.5
percent gain from the 0.3 percent rise first reported.




The data contrasts with other reports pointing to strength
in U.S. manufacturing such as Monday's Institute for Supply
Management report, which said manufacturing growth accelerated
in June while price pressures eased.


Read more at Reuters.com Economic News

U.S. Stocks Advance on Factory Orders, Takeover Speculation; Apple Climbs

(Bloomberg) -- U.S. stocks rose for a second day
after factory orders fell less than forecast and Kraft Foods
Inc.'s $7.2 billion takeover bid for a unit of Groupe Danone SA
fanned speculation mergers will extend this year's rally.

Wendy's International Inc., the third-biggest hamburger
chain, advanced after billionaire investor Nelson Peltz said he
may make a bid for the company. Apple Inc. rose after Goldman,
Sachs & Co. said the iPhone sold twice as fast as forecast.


Read more at Bloomberg Stocks News

Corrected: Danone in talks on $7.2bln biscuit sale to Kraft

(Reuters) - PARIS - French food group Danone is in exclusive talks to sell its biscuit and cereal unit for 5.3 billion euros in cash to Kraft Foods Inc , the world's biggest cookie maker, they said on Tuesday.




Kraft's bid for Danone's cookie unit, which includes the LU, Prince and Tuc brands, will give the U.S. food giant a stronger foothold in Europe and in emerging markets.


Read more at Reuters.com Bonds News

Canada's Government Bond Yields Fall as Bets on Rate Increases Subside

(Bloomberg) -- Canada's government bonds rose for a
third straight day as traders pared bets that the Bank of Canada
will lift interest rates multiple times this year.

Canada's economy unexpectedly stalled in April on lower
wholesale sales and oil and gas exploration, Statistics Canada
said on June 29. Following a national holiday yesterday, 10-year
yields dropped to the lowest in almost a month.


Read more at Bloomberg Bonds News

DealTalk: Coles private equity pullout highlights debt worries

(Reuters) - Wesfarmers Ltd. , which agreed to buy Coles for A$20.7 billion in cash and stock on Monday, was the lone bidder after the owner of hardware stores saw its private equity partners, Permira and Pacific Equity Partners , withdraw over the weekend on concerns about the rising cost of debt, according to a source familiar with the matter.




Rival private equity firm Texas Pacific also quit the Coles auction last week on debt market worries.


Read more at Reuters.com Bonds News

Buyout head likens subprime woes to private equity

(Reuters) - "It could be very close. It could be a year or two forward.
It's very hard to call," said Jon Moulton, the managing partner
of buyout firm Alchemy, in remarks to a Treasury committee
investigating the private equity industry. "It is near future."




Moulton said the spreading fallout of loans to home buyers
with spotty credit histories in the United States is likely to
be a harbinger of what's to come for private equity.


Read more at Reuters.com Mergers News

U.S. workers' confidence falters in June - Hudson

(Reuters) - "It appears worker sentiment caved under the pressure of
the weak housing market, high energy prices and inconsistent
job growth," said Robert Morgan, president of talent management
at Hudson Highland Group , a job recruitment company,
in a statement.




After hovering between 32 percent and 33 percent for four
straight months, the number of workers who said their employer
had plans to hire declined to 30 percent in June, the Hudson
survey said.


Read more at Reuters.com Economic News

Silverstar Holdings gets commitment for $9 mln private placement

(Reuters) - Chief Executive Clive Kabatznik and Chairman Michael Levy
invested in the deal, the company said in a statement.





Read more at Reuters.com Mergers News

RPT-US STOCKS-Wall St set to open higher on M&A

(Reuters) - NEW YORK, July 3 - Wall Street was set to start a
shortened session higher on Tuesday, helped by the latest
merger and acquisition news and before data on the
manufacturing and housing sectors.




Kraft Foods is in exclusive talks to buy Danone's
biscuit and cereal unit for 5.3 billion euros in cash, the companies said. Kraft's shares rose 0.8
percent in Europe.


Read more at Reuters.com Bonds News

Brazil Plans to Use High-Resolution Technology to Map Congo Basin for Oil

(Bloomberg) -- High Resolution Technology Petroleum,
a Brazilian geological surveyor, will begin mapping an uncharted
area in the Democratic Republic of Congo that may have oil
deposits, Hydrocarbons Minister Lambert Mende said.

The Rio de Janeiro-based company is conducting preliminary
analysis on three of 26 blocks in the Cuvette Centrale basin, an
800,000-square-kilometer (308,882-square-mile) area of tropical
rainforest in the center of the country, Mende said yesterday in
an interview in the capital, Kinshasa. Initial estimates
provided by HRT suggest there may be 10 billion barrels of light
crude in the basin, he said.


Read more at Bloomberg Emerging Markets News

European Stocks Rise, Paced by MAN, Nokia; Danone Jumps After Bid for Unit

(Bloomberg) -- European stocks gained after
brokerages raised their estimates for equities in the region and
Kraft Foods Inc.'s bid for Groupe Danone SA's biscuit unit fanned
takeover speculation.

MAN AG advanced after Goldman, Sachs & Co. added shares of
Europe's third-largest truckmaker to its ``conviction buy'' list.
Nokia Oyj, the world's biggest maker of handsets, and German
engineering company Siemens AG gained after banks increased price
estimates for the stocks. Danone rose to the highest in more than
four months.


Read more at Bloomberg Stocks News

Citigroup hiring ex-HSBC exec as head of Asia M&A

(Reuters) - He replaces Gordon Paterson, who left Citigroup in April to join rival Deutsche Bank .




Wallace joined HSBC in August 2004 from Goldman Sachs as head of its Asia advisory group, as part of a large investment banking expansion spearheaded by former Morgan Stanley executive John Studzinski, who has since left the bank.


Read more at Reuters.com Mergers News

Anglo paper spin-off Mondi launches at $5 bln value

(Reuters) - Shares in paper producer Mondi Plc/Ltd launched in London and Johannesburg on Tuesday, valuing the company at around $5 billion, before easing in early trade.

Shares in the dual-listed firm, spun off from mining group Anglo American, opened at 500 pence in London and 70 rand in Johannesburg and were trading at 496.75 pence and 67.99 rand respectively at 0735 GMT.


Read more at Reuters Africa

Greenberg's `Hank' Starr Acquires Stake in Russian Property Developer

(Bloomberg) -- Starr International Co., a closely
held company run by former American International Group Inc.
Chief Executive Officer Maurice ``Hank'' Greenberg, has bought a
stake in a Russian real estate developer.

Starr International bought the stake in Discovery Russian
Realty Paveletskaya Project Ltd., the developer of a project that
includes four 11-story prime office buildings and a 170-room
hotel in Moscow, the company said in a statement today. It didn't
disclose the size of the stake or the investment.


Read more at Bloomberg Emerging Markets News

UPDATE 1-Japan gov't to sell $727 mln of Mitsui Trust stock

(Reuters) - Mitsui Trust on Tuesday announced that a government-backed
institution would convert a portion of its preferred shares held
in Mitsui Trust into 82.2 million common shares, which are equal
to roughly 89 billion yen at the current market price.




Those common shares will then be sold to both domestic and
foreign investors at a yet to be determined price.


Read more at Reuters.com Bonds News

European shares gain led by oil firms, MAN up

(Reuters) - European shares rallied in early trade on Tuesday after a strong performance on Wall Street overnight, while rising crude oil prices boosted shares of energy companies such as BP and Total.

At 0711 GMT The pan-European FTSEurofirst 300 index rose 0.7 percent to 1,610.41 points, mirroring sharp gains on the U.S. stock market on Monday.


Read more at Reuters Africa