European Government Bonds Gain; 10-Year Bund Yield Falls to 4.61 Percent

(Bloomberg) -- European government bonds advanced
in London, reversing earlier declines.

The yield on the 10-year bund fell 3 basis points to 4.61
percent by 1:38 p.m. in London. The price of the 4.25 percent
bond due July 2017 gained 0.21, or 2.1 euros per 1,000-euro
($1,343) face amount, to 97.13. Bond yields move inversely to
prices.


Read more at Bloomberg Bonds News

H&R Block posts loss on subprime woes

(Reuters) - June 21 - H&R Block Inc. , the largest U.S. tax preparer, said its quarterly net income from continuing operations rose 9 percent, helped by a strong performance at its consumer financial services division. Earnings from continuing operations rose to $591.2 million, or $1.81 a share, from $541.7 million, or $1.63, a year earlier, for the Kansas City, Missouri-based company's fiscal fourth quarter ending April 30.



Revenue rose 8 percent to $2.4 billion.


Read more at Reuters.com Market News

J.M. Smucker quarterly profit up 19 percent

(Reuters) - NEW YORK, June 21 - J.M. Smucker Co. posted a 19 percent rise in quarterly profit Thursday on strong sales of its Jif, Smucker's and Pillsbury brands.



The peanut butter and jelly maker said net income for the fiscal fourth quarter that ended April 30, was $42.5 million, or 75 cents per share, compared with $35.7 million, or 62 cents per share, a year earlier.


Read more at Reuters.com Market News

Lone Star offers 11.3 pct of S.Korea's KEB: sources

(Reuters) - Lone Star saw its $7.3 billion agreement to sell KEB to the country's biggest lender, Kookmin Bank , aborted in November last year due to a legal dispute over its $1.2 billion purchase of KEB in 2003.




The Dallas-based fund is offering 73.09 million shares in KEB, or an 11.3 percent stake, at between 13,150 won and 13,750 won per share, said a source, who declined to be named.


Read more at Reuters.com Mergers News

Corporate Bond Risk Rises on Concern Over Bear Stearns Hedge Fund Losses

(Bloomberg) -- The perceived risk of owning
European corporate bonds rose the most in two weeks on concern
over losses at hedge funds run by Bear Stearns Cos.

Credit-default swaps based on 10 million euros ($13
million) of debt included in the iTraxx Crossover Series 7 Index
of 50 European companies increased 9,000 euros to 209,000 euros,
according to Deutsche Bank AG. The contracts are used to bet on
a company's ability to repay debt and an increase in the cost
indicates worsening perceptions of credit quality.


Read more at Bloomberg Bonds News

UPDATE 1-AES posts quarterly loss due to Venezuela sale

(Reuters) - AES posted a loss of $455 million, or 67 cents per share,
compared with a year-earlier profit of $348 million, or $52
cents per share, which was restated because of problems with
the company's reporting controls.




Excluding special charges, earnings from continued
operations were 24 cents per share, which included a charge of
3 cents for an adverse court ruling in Kazakhstan, the
Arlington, Virginia-based company said.


Read more at Reuters.com Market News

Gold extends losses, hits one-week lows

(Reuters) - Gold extended losses on Thursday to slip to its lowest level in nearly a week, as a slightly firmer dollar triggered further selling, analysts said.

Gold fell as low as $652.60 an ounce, the lowest since June 15, and was quoted at $653.90/654.50 by 1002 GMT, against $654.50/656.00 in New York late on Wednesday, when it dropped around one percent on weaker oil prices.


Read more at Reuters Africa