Asian Shares Fall as Bond Yields Rise; Tokyo Electric, Westfield Decline

(Bloomberg) -- Asian stocks fell for the first time in
seven days as higher regional bond yields sparked speculation
that investors will shift money from equities.

Tokyo Electric Power Co., Asia's biggest utility company,
and Westfield Group, the world's largest shopping-center owner by
market value, paced declines.


Read more at Bloomberg Stocks News

Vimpelcom in talks to take Golden Telekom stake

(Reuters) - A company spokeswoman confirmed a report in the Vedomosti daily that Vimpelcom had been talking to Alfa Group and Norway's Telenor on buying their holdings in Golden Telecom, the Nasdaq-listed alternative fixed line operator.



But the talks had not yet brought any concrete results and the acquisition of the Golden Telecom stake was merely one of a range of options under considerationm, she added.


Read more at Reuters.com Mergers News

Taiwan's CPC Sells 60,000 Tons of 92-RON Gasoline for Loading in August

(Bloomberg) -- CPC Corp., Taiwan's state oil refiner,
sold 60,000 metric tons of 92-RON gasoline in two cargoes at
premiums to benchmark prices for August loading, said a company
official, who declined to identify the buyers.

Details of the refiner's offer are as follows:


Read more at Bloomberg Energy News

ICICI Seeks $1.5 Billion Syndicated Loan, Biggest Borrowing by Indian Bank

(Bloomberg) -- ICICI Bank Ltd., which raised $5
billion last month in India's biggest share sale, is borrowing a
record $1.5 billion to fund growth in demand for credit, said
Chief Financial Officer Vishakha Mulye.

ICICI is seeking the biggest loan by an Indian bank to meet
credit expansion of as much as 30 percent in the fastest-growing
major economy after China. The amount is almost twice the
syndicated borrowings of Indian banks this year and shy of the
$1.86 billion total loans Mumbai-based ICICI took out in 2006.


Read more at Bloomberg Emerging Markets News

New Zealand's Dollar `Overvalued,' Will Weaken, Says Trade Minister Goff

(Bloomberg) -- New Zealand's dollar is ``overvalued''
and investors should stop betting on its gain extending, said Trade
Minister Phil Goff.

``We believe the dollar is artificially high and at an
unsustainable level,'' Goff said in an interview while attending
the 21-member Asia-Pacific Economic Cooperation group in Cairns,
Australia. `We don't think it will stay at that level and those
that choose to speculate on it risk getting their fingers burnt.''


Read more at Bloomberg Currencies News

ICICI Seeks $1.5 Billion Loan, Biggest by an Indian Bank, to Fund Growth

(Bloomberg) -- ICICI Bank Ltd., which raised $5
billion last month in India's biggest share sale, is borrowing a
record $1.5 billion to fund growth in demand for credit, said
Chief Financial Officer Vishakha Mulye.

ICICI is seeking the biggest loan by an Indian bank to meet
credit expansion of as much as 30 percent in the fastest-growing
major economy after China. The amount is almost twice the
syndicated borrowings of Indian banks this year and shy of the
$1.86 billion total loans Mumbai-based ICICI took out in 2006.


Read more at Bloomberg Bonds News

Asian Shares Fall as Bond Yields Rise; Tokyo Electric, Westfield Advance

(Bloomberg) -- Asian stocks fell for the first time in
seven days as higher regional bond yields sparked speculation
that investors will shift money from equities.

Tokyo Electric Power Co., Asia's biggest generator, and
Westfield Group, the world's largest shopping center owner by
market value, paced declines.


Read more at Bloomberg Stocks News

China, Philippines, Singapore, Sri Lanka, Taiwan: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: The Agricultural Development Bank of China will sell
10 billion yuan ($1.32 billion) of three-year bonds today. The
nation's trade surplus may have widened by more than 60 percent
to $110 billion in the first half of the year, state-run Xinhua
News Agency said yesterday, citing an unidentified official from
the country's customs bureau.


Read more at Bloomberg Bonds News

Australia Dollar Falls From 18-Year High as Yield Premium to U.S. Declines

(Bloomberg) -- The Australian dollar fell from an
18-year high as the country's yield premium on two-year bonds
over those in the U.S. declined to the least in two weeks.

The currency snapped six days of gains after U.S. reports
showed expansion of service industries was at a 14-month high
and companies added the most workers in seven months in June.
Australia's dollar is still near a 16-year high versus the yen
on the attraction of the country's higher yielding assets.


Read more at Bloomberg Currencies News

Apple Inc., H&R Block Inc. and Medarex: U.S. Equity Option Market Movers

(Bloomberg) -- The following is a list of companies
with unusual option trading in U.S. exchanges today. Stock
symbols are in parentheses after company names. Option trading is
as of 6:15 p.m. in New York, and stock prices are as of 4 p.m.

Each call option gives investors the right to buy 100 shares
of a company at a certain price, called the strike price, by a
given date. A put conveys the right to sell 100 shares.


Read more at Bloomberg Stocks News

Validus sets IPO at 15.7 mln shares, $24-$26 each

(Reuters) - Goldman Sachs and Merrill Lynch are lead underwriters, the
filing said. Validus intends to list its stock on New York
Stock Exchange under the symbol "VR" .




Read more at Reuters.com Government Filings News

Meridian takeover not dilutive, Yamana says

(Reuters) - Yamana announced last week it had struck a friendly deal to
acquire small-cap miner Northern Orion Resources and
said the two would team up to bid for Reno, Nevada-based
Meridian for about C$3.1 billion .




Since then, Meridian has said the proposal does not reflect
the company's value, while some analysts have complained
Yamana's earnings and cash flow would suffer from the
combination.


Read more at Reuters.com Mergers News

SEC raises New Century probe to formal status

(Reuters) - In an SEC filing, New Century said the agency orally
advised the company's outside counsel on June 21 of the formal
probe. New Century had been notified on March 12 by the SEC's
Pacific regional office of a preliminary investigation.




New Century was the largest independent provider of home
loans to people with poor credit before filing for Chapter 11
bankruptcy protection on April 2 amid mounting customer
defaults.


Read more at Reuters.com Bonds News

Apple shares at new high on iPhone sales prospects

(Reuters) - Analyst estimates for iPhone sales in its first weekend run as high as 700,000 units, beating many investors' expectations, and some now expect the momentum to continue. The device went on sale last Friday.




AT&T Inc., the exclusive U.S. provider for the phone, said it had virtually sold out of the device in that time, though neither company has provided sales data.


Read more at Reuters.com Business News

US STOCKS-Nasdaq climbs on Apple, signs of growth

(Reuters) - NEW YORK, July 5 - The Nasdaq Composite rose on
Thursday as technology shares benefited from
stronger-than-expected economic data and Apple Inc.
shot to a record on expectations of strong sales momentum for
its iPhone.




But rising bond yields were a damper on the broader market,
leaving the Dow industrials and S&P 500 barely changed on the
day.


Read more at Reuters.com Bonds News

UPDATE 2-AirTran says second-qtr unit revenue likely fell

(Reuters) - In a government filing, the airline said its non-fuel costs
are expected to have fallen between 5.25 percent and 5.75
percent in the quarter. The airline said its cost per gallon of
jet fuel is expected to be about $2.23 to $2.27.




AirTran, which has made a bid for rival Midwest Air Group
Inc. , said its load factors for the third quarter are
well ahead of the same period in 2006.


Read more at Reuters.com Bonds News

Most U.S. Stocks Rise on Takeover Speculation; Hilton, Huntsman Advance

(Bloomberg) -- U.S. stocks rose for a third day as
investors speculated more acquisitions will follow the $20
billion buyout of Hilton Hotels Corp.

Hotel companies posted four of the top five gains in the
Standard & Poor's 500 Index after Hilton said it will be
purchased by Blackstone Group LP. Huntsman Corp. jumped after
Apollo Management LP offered $6.35 billion for the chemical
maker. U.S. markets were closed yesterday for Independence Day.


Read more at Bloomberg Stocks News

Fitch cuts Hilton's debt rating on acquisition

(Reuters) - Terms are not yet final, but the deal is likely to result
in a substantial increase in leverage, Fitch said in a
statement.




Fitch cut Hilton's issuer rating by four notches to "B,"
the fifth-highest junk rating, from "BB-plus."


Read more at Reuters.com Bonds News

CHRONOLOGY-Boeing's path to the 787 Dreamliner

(Reuters) - 1910 - William E. Boeing buys shipyard in Seattle, which later becomes his first airplane factory




1917 - Boeing changes the name of Pacific Aero Products to the Boeing Airplane Co., making seaplanes for U.S. Navy


Read more at Reuters.com Business News

UPDATE 1-Moscow court delays $22.5 bln Bank of NY lawsuit

(Reuters) - NEW YORK, July 5 - A Moscow court on Thursday
delayed a hearing into a $22.5 billion lawsuit by Russia's
federal customs service against Bank of New York Mellon Corp.
after the bank submitted new documents in its defense, a
lawyer for the plaintiff said.




"They insist they are not representatives of the
organization that we identified in the suit," the lawyer, Maxim
Smal, said in an interview, referring to the bank. "We had to
ask for time to familiarize ourselves with the documents."


Read more at Reuters.com Mergers News

UPDATE 1-Watsco to buy ACR Group for $6.75/shr

(Reuters) - Shares of ACR Group rose more than 42 percent to $6.61 in
afternoon trade on the American Stock Exchange, while those of
Watsco rose about 4 percent to $57.64.




Coconut Grove, Florida-based Watsco said ACR will add 54
locations in its network in key heating, ventilation and air
conditioning markets.


Read more at Reuters.com Mergers News

UPDATE 1-Calif. urges power conservation during heat wave

(Reuters) - The power grid managed by the California Independent System
Operator is expected to hold without causing outages or calls
for involuntary cuts to electricity service, said Gregg Fishman,
spokesman for the Cal ISO.




Wednesday was a scorcher for much of the state but with
offices mostly shut for the holiday, power delivery systems were
not tested.


Read more at Reuters.com Bonds News

CORRECTED - CORRECTED-Hearst Communications reports 22.4 pct stake in Local.

(Reuters) - The company said it owned about 2.7 million shares, which
included ownership of about 1.5 million convertible notes,
Series A warrant to buy 597,105 shares and Series B warrant to
buy another 597,105 shares.




The filing reflects new warrants which were revised after
cancellation on March 29 to include, but not limited to,
changes in exercise period.


Read more at Reuters.com Government Filings News

U.S. Stocks Decline as Bond Yields Jump; GM, Financial Shares Lead Retreat

(Bloomberg) -- U.S. stocks fell for the first time
this week, led by financial shares, after a rise in Treasury
yields raised concern investors will buy bonds to lock in an
improving rate of return.

General Motors Corp., the biggest U.S. automaker, slid after
reporting a drop in U.S. sales last month. Bank of America Corp.,
JPMorgan Chase & Co. and Goldman Sachs Group Inc. led banks to
the steepest decline in the Standard & Poor's 500 Index.


Read more at Bloomberg Stocks News

HEADLINE STOCKS - U.S. stocks on the move on Thursday

(Reuters) - HILTON HOTELS CORP.




BLACKSTONE GROUP


Read more at Reuters.com Mergers News

Pound Holds Above $2 After Bank of England Increases Interest Rates

(Bloomberg) -- The pound held above the $2 mark after
the Bank of England raised interest rates and signaled that
further increases may be needed to curb inflation.

Policy makers lifted borrowing costs a quarter-point for the
fifth time in 12 months, to a six-year high of 5.75 percent. The
BOE said inflation risks in the medium term ``lie to the
upside.'' Expectations for further rate increases this year rose
to a record high after today's decision, futures trading showed.


Read more at Bloomberg Currencies News

US stock indexes fall on rate worries, GM declines

(Reuters) - U.S. stocks fell on Thursday as rising bond yields fueled concern about higher borrowing costs, offsetting earlier optimism about a $20 billion buyout of Hilton Hotels Corp.

General Motors Corp. dragged on the Dow. The largest U.S. automaker's shares fell in reaction to a steeper-than-expected drop in U.S. sales in June. On Thursday, Bear Stearns cut its recommendation on General Motors' stock.


Read more at Reuters Africa

Australian Dollar Rises to Highest in 18-Years on Attraction of Yields

(Bloomberg) -- The Australian dollar rose to an 18-
year high against the U.S. currency and the strongest in 16
years versus the yen as investors were attracted to the nation's
high-yielding assets.

The Australian currency has advanced 12 percent against the
yen this year as traders borrow in Japan, where the benchmark
interest rate is 0.5 percent, to fund investments elsewhere.
Australia's key borrowing cost is 6.25 percent. Stocks rose in
Asia and Europe, prompting investors to buy riskier assets.


Read more at Bloomberg Currencies News

CVC to acquire Samsonite for $1.7 billion in cash

(Reuters) - Samsonite manufactures and distributes luggage and travel-related products under its namesake brand and others such as American Tourister, Lacoste and Timberland.




Its principal shareholders -- entities controlled by Ares Management LLC, Bain Capital Partners and Teachers' Private Capital, which is a private investment branch of Ontario Teachers' Pension Plan -- have agreed to the transaction, Samsonite said.


Read more at Reuters.com Mergers News

U.S. jobless claims rose 2,000 last week

(Reuters) - Wall Street analysts had forecast a rise in claims to
315,000 from an initial reading of 313,000 in the week ended
June 23.




The closely watched four-week moving average, which
flattens the more volatile weekly fluctuations, rose for the
sixth straight week to its highest level since April 28. The
four-week average rose to 318,500 from 316,750.


Read more at Reuters.com Economic News

REFILE-TREASURIES-Bonds fall with weaker European debt

(Reuters) - NEW YORK, July 5 - U.S. Treasury debt prices fell
early on Thursday, following the lead of weaker euro zone debt
ahead of data on U.S. employment and the service sector.




Euro zone debt fell on Thursday before an interest rate
decision by the European Central Bank, which, as expected, kept
rates on hold at 4 percent.


Read more at Reuters.com Bonds News

UPDATE 1-CVC to acquire Samsonite for $1.7 billion

(Reuters) - The deal, which was approved by Samsonite's board, values
Samsonite at $1.49 a share, the company said in a statement.




Samsonite manufactures and distributes luggage and
travel-related products under its namesake brand and others
such as American Tourister, Lacoste and Timberland.


Read more at Reuters.com Bonds News

U.S. layoffs fall 22 pct in June from May - survey

(Reuters) - Total announced layoffs were 55,726 in June, versus 71,115
in May, according to Challenger, Gray & Christmas Inc., an
employment consulting firm. June's job cuts were down 17
percent from a year earlier, when they totaled 67,176.




Firms in the financial sector eliminated 9,800 jobs in
June, compared with 6,125 in the apparel industry, which ranked
second in announced layoffs, Challenger said.


Read more at Reuters.com Economic News

Pound Climbs to Near 26-Year High Against Dollar After BOE Raises Rates

(Bloomberg) -- The pound traded near a 26-year high
against the dollar after the Bank of England raised interest
rates and signaled that further increases are needed to curb
inflation.

Policy makers lifted borrowing costs a quarter-point, to a
six-year high of 5.75 percent, for the fifth time in 12 months.
Expectations for further increases this year matched a record
high today, futures trading showed. The BOE said inflation risks
in the medium term ``lie to the upside.''


Read more at Bloomberg Currencies News

US STOCKS-Wall St seen opening higher on M&A, data eyed

(Reuters) - Shares of Hilton Hotels Corp. will be in the
spotlight after U.S. private equity firm Blackstone Group
on Tuesday agreed to buy the company for about $20
billion plus debt -- the richest in a series of private equity
offers for hotel companies.




The U.S. stock market was closed for the Independence Day
holiday on Wednesday. Stocks rose in a shortened session on
Tuesday, boosted by takeover news.


Read more at Reuters.com Bonds News

BP, Sonatrach Leave U.K. LNG Import Berth Unfilled, Open to Third Parties

(Bloomberg) -- Britain's import terminal for
liquefied natural gas at the Isle of Grain has a berthing slot
vacant next week as higher prices for the fuel elsewhere prompt
capacity holders at the facility to send gas to other regions.

BP Plc and Algerian energy company Sonatrach share berths
at Grain, which can take one tanker a week and handle about 4
percent of Britain's gas needs. LNG is natural gas cooled to a
liquid for transport by tankers.


Read more at Bloomberg Energy News

Dell says to sell PCs at Asian retail chains

(Reuters) - Paul-Henri Ferrand, who heads Dell's operations in the Asia Pacific, excluding Japan, China and South Korea, said the company was in talks with some retail chains and specialized stores across Asia but gave no names.




"Asia is a diverse region so the indirect approach in the region will come sooner in some countries and later in others," Ferrand told a media briefing at Dell's Asian headquarters in Singapore.


Read more at Reuters.com Government Filings News

Microsoft to launch Xbox 360 Elite in Japan in Oct

(Reuters) - That compares with 25,000 yen for Nintendo's Wii and 49,980 yen for the basic version of Sony's PlayStation 3, equipped with a 20-gigabyte hard drive.




Microsoft sold 122,565 units of Xbox 360 in the first half of calendar 2007 in Japan, a home turf for Sony and Nintendo, according to data from game magazine publisher Enterbrain.


Read more at Reuters.com Business News

German Stocks Fall, Paced by Deutsche Telekom, Postbank, TUI Shares

(Bloomberg) -- Germany's benchmark DAX Index dropped
for the first day in three, led by Deutsche Telekom AG after a
report said the company is struggling to find a partner for its
T-Systems unit.

Deutsche Postbank AG fell after Goldman, Sachs & Co. cut its
price estimate for the stock. TUI AG also declined.


Read more at Bloomberg Stocks News

Copper Rises to One-Month High on Chile, Falling Stockpiles; Lead Gains

(Bloomberg) -- Copper prices rose in Asia to a one-
month high on concern labor disputes in Chile, the world's
largest source of the metal, may disrupt supplies and further
deplete global stockpiles. Zinc was also higher.

Inventories monitored by the London Metal Exchange dropped
for a seventh day, by 1,650 metric tons to 110,375 tons, the
exchange said yesterday. Contract workers at Dona Ines de
Collahuasi, Chile's third-largest copper mine, plan to strike on
July 9 after they found an improved wage offer too low.


Read more at Bloomberg Commodities News

Indonesian Rupiah Extends Loss After Central Bank Cuts Rate a 13th Time

(Bloomberg) -- Indonesia's rupiah extended a decline
after the central bank cut interest rates for a 13th time in more
than a year, making local currency deposits less attractive.

Bank Indonesia lowered its reference rate for bill sales by
a quarter-percentage point to 8.25 percent, as expected in a
Bloomberg News survey of economists. The rupiah is the worst
performer among 10 of Asia's most-active currencies over the past
month, dropping 2.5 percent, even as the benchmark stock index
traded at an all-time high as investors reduced risk.


Read more at Bloomberg Currencies News

Africa must capitalise on coffee demand surge

(Reuters) - Surging demand for African coffee is a unique opportunity for producers, but they must not let quality slip or assume processing is the best way to capitalise on it, a coffee official said on Thursday.

East African Fine Coffees Association director Philip Gitao told Reuters Africa's market has come of age.


Read more at Reuters Africa