Threadneedle Sells First Bonds From $200 Million Flexible Credit Fund

(Bloomberg) -- Threadneedle Asset Management Ltd., the London-based money manager that's owned by American Express Co., has sold the first bonds from a new fund pooling credit- default swaps.

The transaction, called Polestar, will earn a return for investors by buying and selling credit-default swaps on company bonds and bond indexes. The fund, which was structured by Royal Bank of Scotland Group Plc, has sold about $80 million of notes so far, and is targeting sales of $200 million.


Read more at Bloomberg Bonds News

U.S. Stock-Index Futures Decline; IBM, Yahoo Shares Retreat on Earnings

(Bloomberg) -- U.S. stock-index futures dropped after earnings from International Business Machines Corp. and Yahoo! Inc. disappointed some investors, reviving concern profit growth is slowing.

IBM, the world's biggest computer-services company, fell in Europe after reporting first-quarter net income that failed to exceed analysts' estimates. Yahoo tumbled after profit and sales at the owner of the most-visited U.S. Web site trailed forecasts.


Read more at Bloomberg Stocks News

U.K. Pound Gains to Highest in More Than Quarter Century on BOE Minutes

(Bloomberg) -- The pound rallied to its highest since 1981 after minutes of the Bank of England's latest meeting of policy makers showed two of them voted for an immediate quarter point increase in interest rates.

The pound touched $2.0133 after the minutes showed Timothy Besley and Andrew Sentance voted to increase rates, while the other 7 members of the committee voted to keep rates unchanged this month. Ten out of 22 economists in a Bloomberg News survey predicted a three-way split among the Monetary Policy Committee members. Noone forecast the decision to keep the benchmark rate at 5.25 percent this month would be unanimous.


Read more at Bloomberg Currencies News

U.K. Pound at 15-Year High Before Bank Releases Minutes of Rate Meeting

(Bloomberg) -- The pound rose to its highest since September 1992 on speculation the minutes of the Bank of England's last meeting will suggest policy makers are minded to raise interest rates twice more this year to head off inflation.

The pound broke through the $2 mark for the first time in 15 years yesterday after a government report showed inflation unexpectedly quickened, breaching the bank's 2 percent target by more than 1 percentage point. Ten out of 22 economists in a Bloomberg News survey predict a three-way split among members of the Monetary Policy Committee, and noone predicts the decision to keep rates on hold at 5.25 percent this month was unanimous.


Read more at Bloomberg Currencies News

Oil rises on forecast of lower U.S. gasoline stocks

(Reuters) - London Brent crude for June was up 31 cents to $66.24 a barrel by 0809 GMT, after sliding $1.32 on Tuesday. U.S. May crude futures gained 25 cents to $63.35, after a 51-cent loss on Tuesday.

Gasoline stockpiles are seen falling 2.1 million barrels last week in U.S. data due later on Wednesday, a Reuters survey of analysts showed, which would take stocks down for the 10th week on strong demand and refinery glitches.


Read more at Reuters.com Hot Stocks News

U.K. FTSE 100 Stocks Decline, Paced by BP, Shell; L&G, BAE Systems Fall

(Bloomberg) -- U.K. stocks declined, paced by BP Plc and Royal Dutch Shell Plc. Legal & General Group Plc and BAE Systems Plc fell as their shares traded without the right to the latest dividend.

The benchmark FTSE 100 Index slipped 18.10, or 0.3 percent, to 6479.70 at 8:13 a.m. The FTSE All-Share Index lost 0.2 percent to 3367.94. Ireland's ISEQ Index dropped 0.3 percent to 9674.64.


Read more at Bloomberg Stocks News

GSK gets Japanese approval for Advair, Arixtra

(Reuters) - "The additional news, that Arixtra is also approved today...is further evidence of a strong product pipeline coming to fruition in this key international market."




Read more at Reuters.com Government Filings News