Cogeco reports weaker 3rd qtr profit due to charge

(Reuters) - The company said it booked a C$2.5 million non-recurring
charge in the third quarter, related to the elimination of a
senior management performance program and an income tax
adjustment in its media business.




Consolidated revenue rose to C$277.4 million, from C$189
million in the same period last year.


Read more at Reuters.com Market News

UPDATE 2-Prudential to keep Wachovia joint venture for now

(Reuters) - Wachovia said in May that it would buy regional broker A.G.
Edwards Inc. for $6.8 billion, creating the
second-largest U.S. retail broker. The move required
Prudential, which now owns a 38 percent stake in the venture,
to make a decision.




Newark, New Jersey-based Prudential said it would exercise
its "lookback" option, which allows it to delay a decision for
up to two years following the combination. It can then add
additional capital, sell its stake back to Wachovia or accept a
reduced stake in the venture.


Read more at Reuters.com Mergers News

Macy's, Target shares, options up on deal talk

(Reuters) - Shares of department store operator Macy's, known for its Macy's and Bloomingdale's chains, climbed as much as 8.1 percent before closing 5.6 percent higher at $41.99. Target ended up 6.1 percent to a new closing high of $68.10.




Analysts said Macy's investors seemed to be positioning for a possible merger, reflected by a sharp rise in the department store's options call volume, as old rumors of a deal resurfaced.


Read more at Reuters.com Mergers News

Freightliner, striking Ore. machinists open talks

(Reuters) - The 670 union-represented machinists will remain on strike
until a new contract is ratified, he said, adding that
negotiations with management had re-started on Thursday night.




The union's current contract expired on June 30. Workers
rejected a tentative contract agreement on Monday in a dispute
that centers on retiree health benefits.


Read more at Reuters.com Bonds News

Immtech Pharma files for $50 million stock shelf

(Reuters) - Those purposes could include clinical trials, research and
development expenses, general and administrative expenses, and
working capital.




Under a shelf registration, a company may sell securities in
one or more separate offerings with the size, price and terms
to be determined at the time of sale.


Read more at Reuters.com Government Filings News

Bally Fitness Shareholders Submit Alternative to Company's Bankruptcy Plan

(Bloomberg) -- A group of Bally Total Fitness Holding
Corp. shareholders proposed an alternative to the gym operator's
bankruptcy plan, which would cancel their stock.

The group, led by Harbinger Capital Partners Masters Fund I
Ltd., instead wants to give shareholders 10 percent of the equity
in the reorganized company and a chance to buy another 10 percent
in a rights offer, Harbinger said in a letter to Bally directors
included in a regulatory filing today. The Harbinger group
would get the other 80 percent of the stock, while subordinated
noteholders would receive $60 million in cash and new notes.


Read more at Bloomberg Bonds News

UPDATE 1-Fidelity National title unit won't be indicted

(Reuters) - Chicago Title had received a letter on Feb. 16 from the
U.S. Attorney for the Southern District of Texas saying it was
the target of a Houston grand jury investigation.




Fidelity, one of the largest U.S. title insurance
companies, said the probe concerned some residential and
commercial mortgage loans that closed between 1999 and 2001,
and which involved three banks in Texas.


Read more at Reuters.com Government Filings News

Net $3.56 bln US securities stripped in June

(Reuters) - The Treasury said $3.398 trillion in securities were
eligible for stripping in June. Of the total, $201.46 billion
were held in stripped form on June 30, compared with $197.90
billion on May 31.




Read more at Reuters.com Bonds News

CBOT, Genzyme, Macy's, Newmont, PolyOne, Rowan Cos.: U.S. Equity Movers

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

CBOT Holdings Inc. (BOT US) rose $11.94, or 5.8 percent,
to $218.09. Chicago Mercantile Exchange Holdings Inc. (CME US)
raised its offer for the Chicago Board of Trade for a third
time, to $11 billion, to fend off rival Intercontinental
Exchange Inc. (ICE US) and form the world's largest futures
exchange. Chicago Merc shares fell $1.90 to $553.79, and
Intercontinental shares gained $3.24 to $155.05.


Read more at Bloomberg Stocks News

Fidelity National says unit won't be indicted

(Reuters) - Fidelity said that in February 2005, Chicago Title had
agreed with several federal and state regulators to pay a civil
fine and upgrade its internal controls to settle probes into
matters relating to these loans. The unit did not admit
wrongdoing.




Fidelity said it is still cooperating with the U.S.
Attorney. It disclosed the decision in a U.S. Securities and
Exchange Commission filing. The Jacksonville, Florida-based
company's shares rose 10 cents to $23.70 in afternoon trading.


Read more at Reuters.com Bonds News

Corn Rises as U.S. Exports Improve After Price Drops to Eight-Month Low

(Bloomberg) -- Corn in Chicago gained for a second
straight session, after falling to an eight-month low, as
overseas demand for U.S. supplies rose.

U.S. exporters reported net sales of 1.068 million metric
tons of corn in the week ended June 28, 42 percent more than
the previous week, the Department of Agriculture said today. An
additional 860,900 tons were sold for delivery in the next
market year, which starts Sept. 1. And unknown buyers have
purchased at least 116,000 tons since yesterday, the USDA said.


Read more at Bloomberg Commodities News

GLOBAL MARKETS-US jobs data lifts bond yields, stocks edge up

(Reuters) - NEW YORK, July 6 - Robust U.S. jobs data
diminished already slim expectations for a Federal Reserve
interest rate cut this year, lifting Treasury bond yields and
curbing stocks' gains on Friday.




The dollar briefly rose after the June non-farm payrolls
report, but swiftly erased part of those gains.


Read more at Reuters.com Bonds News

Mexico May Ease Rules to Foster Competition, Attract Foreign Fund Managers

(Bloomberg) -- Mexican market regulators may ease rules
in the asset management industry, opening the way for more foreign
fund managers and reducing the dominance of local banks to increase
investment in the country's securities.

The National Banking and Securities Commission may create a
new category of licensed financial company to spur competition in
the market for underwriting securities, said Mauricio Basila, a
vice president in charge of market supervision. The commission is
also reviewing ways to bring more fund management companies to the
country.


Read more at Bloomberg Stocks News

Colombia's Peso Bonds Gain on Expectations Inflation to Slow a Third Month

(Bloomberg) -- Colombia's bonds gained as
expectations inflation will continue to slow made the fixed-rate
securities more attractive.

Colombian inflation slowed in June for a second straight
month as food prices dropped, the government said on July 1.


Read more at Bloomberg Bonds News

Canadian Dollar Rises to 30-Year High as Job Growth Accelerated in June

(Bloomberg) -- Canada's dollar rose to the highest
in 30 years after a government report showed employers added
twice the expected number of jobs in June.

The Canadian dollar was the biggest gainer against the U.S.
dollar among the 10 most actively traded currencies. Investors
stepped up bets the Bank of Canada will lift its benchmark
interest rate more than once by year-end, increasing the appeal
of holding the nation's currency.


Read more at Bloomberg Currencies News

Freddie Mac to sell $5 bln in bills on Monday

(Reuters) - -- $3.0 billion of three-month bills due Oct. 9, 2007 to be
sold Monday and settle Tuesday; and




-- $2.0 billion of six-month bills due Jan. 7, 2008 to be
sold Monday and settle Tuesday.


Read more at Reuters.com Bonds News

AMD buys $7.5 mln stake in Transmeta, shares rise

(Reuters) - It is still best known for its Crusoe and Efficeon computer microprocessors, which went on sale in 2000 when it strived to be a chip manufacturer. Their small design and efficient use of power allowed the fledgling company to hold its own against No. 1 chipmaker Intel Corp. , but only for several years.




In 2005, Transmeta said it was pulling out of the microprocessor business, under heavy pressure from Intel, which had beefed up the technology and marketing efforts behind its laptop microprocessors.


Read more at Reuters.com Hot Stocks News

UPDATE 1-CME beefs up CBOT bid, gets Caledonia nod

(Reuters) - CBOT Holdings shareholders would own about 36 percent of
the outstanding shares of the combined company after the deal,
CME said, terming the move its "best and final" offer.




The beefed-up terms appears aimed to be a knockout punch
for IntercontinentalExchange Inc. , the upstart energy
exchange that has been bidding for CBOT since March.


Read more at Reuters.com Mergers News

UPDATE 2-EU's Almunia says worried about strong euro

(Reuters) - SANTANDER, Spain, July 6 - The potential effect of
euro strength on Europe's economy is worrying, European Union
Economic and Monetary Affairs Commissioner Joaquin Almunia said
on Friday, but added there had been no harm so far.




Exchange rates must remain flexible given the risk of a
strong euro, Almunia told reporters at a seminar in northern
Spain.


Read more at Reuters.com Bonds News

Canadian Stocks May Rise on Jobs Reports, Oil; EnCana, Alcan May Advance

(Bloomberg) -- Canadian stocks may rise after jobs
reports in Canada and the U.S. signaled the economies are still
expanding. EnCana Corp. and other energy producers may pace gains
on higher crude oil prices, while Alcan Inc. may advance on
takeover speculation.

The market's advance may be limited by speculation that the
better-than-expected labor market gives additional reason to the
Bank of Canada to raise borrowing costs next week. The Canadian
dollar, which approached 30-year high on the data, may hurt
manufacturers and exporters.


Read more at Bloomberg Stocks News

CME beefs up CBOT bid

(Reuters) - CBOT Holdings shareholders would own about 36 percent of the outstanding shares of the combined company after the deal, CME said, terming the move its "best and final" offer.




The beefed-up terms appears aimed to be a knockout punch for IntercontinentalExchange Inc. , the upstart energy exchange that has been bidding for CBOT since March.


Read more at Reuters.com Business News

Absa Bank raises 600 mln euros in bond issue

(Reuters) - South African banking group Absa said on Friday its Absa Bank unit raised 600 million euros in an unsecured bond issue.

The bank increased the issue size from an expected 500 million euros due to strong demand across Europe, resulting in oversubscription of 1.55 times, a statement said.


Read more at Reuters Africa

UPDATE 1-Omrix gets FDA nod to use cryo in manufacturing process

(Reuters) - On Oct. 11, Omrix announced a long-term supply agreement
with Talecris for cryo under which Omrix committed to certain
minimum purchases and obtained a right of first refusal to
additional supply of cryo.




Omrix uses Cryoprecipitate or cryo to make BAC, the
fibrinogen component of its marketed surgical tissue adhesives,
Evicel and Quixil.


Read more at Reuters.com Government Filings News

UPDATE 1-UK Takeover Panel sets Akzo deadline for ICI bid

(Reuters) - On June 18, ICI said it had rejected a 7.2 billion pound
, or 600-pence-a-share, cash takeover approach
from Akzo, saying it undervalued the company.




Source familiar with the matter have told Reuters that Akzo
Nobel, the world's largest maker of industrial coatings, is
considering a higher bid for ICI but is prepared to delay a move
as the disclosure of its 600p offer for ICI may flush out a
rival bid.


Read more at Reuters.com Mergers News

Highveld Steel appoints Ballandino as CEO

(Reuters) - South Africa's Highveld Steel and Vanadium Corp has appointed Walter Ballandino as chief executive, it said on Friday.

Highveld, 54.1 percent owned by Russian steel maker Evraz Group, said in a statement the appointment was effective immediately.


Read more at Reuters Africa

Higher oil prices boost FTSE; US jobs data eyed

(Reuters) - Britain's leading share index rose 0.5 percent by mid-session on Friday ahead of key U.S. jobs data, as oil shares sparkled with crude prices surging past $75 a barrel to an 11-month high.

At 1052 GMT, the FTSE 100 was up 35.4 points, or 0.53 percent at 6,670.6. European shares also traded higher before the release of the U.S. non-farm payrolls at 1230 GMT, which investors hope will shed further light on the state of the world's largest economy.


Read more at Reuters Africa

German Power Recovers From Two-Month Low as Carbon Permits, Crude Oil Gain

(Bloomberg) -- German power for delivery in 2008
climbed for a second day, continuing its recovery from a two-
month low, as carbon-dioxide emission permits rose together with
crude-oil prices.

Next-year power prices in Germany, Europe's biggest
electricity market, rose as much as 30 cents, or 0.5 percent, to
55.90 euros ($76) a megawatt-hour, data from broker GFI Group Inc.
showed. The contract traded at 55.85 euros at 10:25 a.m. in Berlin.


Read more at Bloomberg Energy News

U.K. Gilts Set for Weekly Loss on Rates; 10-Year Yields Near 7-Year High

(Bloomberg) -- U.K. bonds headed for a weekly drop,
pushing 10-year yields to near the highest in seven years, on
speculation the Bank of England will add to yesterday's interest
rate increase in coming months to cool inflation.

The BOE raised rates for a fifth time in 12 months, to a
six-year high of 5.75 percent, and signaled further increases
may be needed. The central bank said inflation risks in the
medium term ``lie to the upside.'' The government said today
that factory production rose in May to the highest in almost six
years, a sign manufacturing is supporting economic expansion.


Read more at Bloomberg Bonds News

Stock futures hold before jobs, market wary

(Reuters) - A 4.4 percent rise in shares of iPhone maker Apple on Thursday boosted the Nasdaq Composite , while gains in the broader blue chip market were restrained by another rise in Treasury yields ahead of the June employment report.




Apple shares were up 1.5 percent in Frankfurt and were last at 97.71 euros, making them one of the top gainers among major U.S. stocks traded in Europe.


Read more at Reuters.com Hot Stocks News

M-real sees chance to raise paper prices-CEO

(Reuters) - CEO Mikko Helander said the deal would "without a doubt"
create a better environment for price hikes.




"When there is consolidation, it supports the efforts for
higher market prices," Helander told a news conference.


Read more at Reuters.com Mergers News

Better financial controls encourage risk-taking-Nobel laureate

(Reuters) - Merton was awarded the Nobel prize in economics in 1997 for
inventing the Black-Scholes options pricing formula together
with his colleagues Fischer Black and Merton Scholes.




However, the 62-year-old Harvard professor is mainly known
in the financial community as the co-founder of Long-Term
Capital Management , the hedge fund that nearly collapsed
under multi-billion dollar losses in 1998 due to highly
leveraged bets.


Read more at Reuters.com Bonds News

European shares tread water; eyes on US, UBS

(Reuters) - European stocks trod water early on Friday with investors waiting for direction from a key U.S. employment report, and with eyes also on Swiss bank UBS after its surprise change of chief executive.

The pan-European FTSEurofirst 300 index was 0.06 percent higher at 1,610.66 points at 0753 GMT.


Read more at Reuters Africa

BNP Paribas says takes 3 pct in Turquoise platform

(Reuters) - Citigroup , Credit Suisse , Deutsche Bank
, Goldman Sachs , Merrill Lynch , Morgan
Stanley and UBS announced their plans to set up
the Turquoise platform last November.




Read more at Reuters.com Mergers News

U.K. FTSE 100 Stocks Advance, Paced by HSBC; BP, Shell Shares Advance

(Bloomberg) -- U.K. stocks advanced, led by HSBC
Holdings Plc. BP Plc and Royal Dutch Plc gained as the price of
crude oil traded near a 10-month high.

The benchmark FTSE 100 Index climbed 17.5, or 0.3 percent,
to 6652.70 at 8:20 a.m. in London. The FTSE All-Share Index rose
0.3 percent to 3436.93. Ireland's ISEQ Index jumped 0.4 percent
to 9402.7.


Read more at Bloomberg Stocks News

Nasdaq rises on Apple, economic data

(Reuters) - 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 Africa