Japanese Shares Gain, Led by Toyota; Nippon Mining, Metals Producers Climb

(Bloomberg) -- Japanese shares gained, led by
automakers, on speculation Toyota Motor Corp.'s U.S. sales rose
in May and that the company will report higher-than-estimated
earnings for the first three months of this business year.

Denso Corp. and Aisin Seiki Co., Toyota affiliates that
make auto parts, jumped. Nippon Mining Holdings Inc. and Mitsui
& Co. advanced after prices of crude oil and metals climbed.


Read more at Bloomberg Stocks News

Oil above $68 after surprise US crude stock draw

(Reuters) - Oil held steady above $68 a barrel on Friday, building on the previous day's gains after an unexpected fall in U.S. crude oil stockpiles.

London Brent crude oil currently a better indicator of the global market than U.S. oil, rose 19 cents to $68.23 a barrel by 0551 GMT, having settled up 20 cents on Thursday. U.S. crude was up 19 cents at $64.20 a barrel.


Read more at Reuters Africa

John McCain Confronts Rivals on Immigration to Regain His Maverick Aura

(Bloomberg) -- John McCain is betting that he can
revive his reputation for straight talk, and his campaign, by
challenging his rivals for the Republican nomination on the issue
of immigration.

McCain, 70, is championing legislation that the other
contenders, and many of the party's core voters, denounce as an
amnesty program for illegal immigrants. While some Republican
strategists say this strategy risks political suicide, the
Arizona senator said he is following a contrarian script that has
served him well.


Read more at Bloomberg Currencies News

Dell Shares Rise on Profit, Sales Report as Founder Displays `Magic' Touch

(Bloomberg) -- Dell Inc. shares surged after first-
quarter profit topped analysts' expectations, a sign founder
Michael Dell's return to the helm is making a difference at the
world's second-largest personal-computer maker.

The shares rose as much as 8.3 percent yesterday in late
trading after the Round Rock, Texas-based company said a 14
percent jump in average selling prices of its products and lower
part costs helped boost first-quarter revenue and margins.


Read more at Bloomberg Stocks News

Copper in Shanghai Rises for Second Day as Global Inventories Decline

(Bloomberg) -- Copper prices in Shanghai rose for a
second day after global inventories fell to a seven-month low and
as demand for the metal in China, the world's biggest consumer,
is forecast to rise this year.

Inventories of copper tracked by the London Metal Exchange
dropped 1 percent to 128,925 metric tons, the lowest since Oct.
27. Shanghai exchange stockpiles also fell 0.5 percent from a
three-year high in the past week to 99,027 tons. The exchange
will announce weekly stockpiles later today.


Read more at Bloomberg Commodities News

Malaysia's Exports Probably Recovered in April as Commodities Demand Rose

(Bloomberg) -- Malaysia's exports probably resumed
growth in April after falling the previous two months, as demand
for the country's electronics and commodities exports improved.

Overseas sales grew 4.1 percent from a year earlier, after
declining 4.3 percent in the previous month and 2.8 percent in
February, according to the median forecast of 13 economists in a
Bloomberg survey. The trade ministry is due to release the data
in Kuala Lumpur at 12:01 p.m. on June 4.


Read more at Bloomberg Emerging Markets News

Japanese Shares Advance, Paced by Toyota; Inpex, Metals Producers Climb

(Bloomberg) -- Japanese shares gained, led by
automakers, on speculation Toyota Motor Corp.'s U.S. sales rose
in May and that the company is likely to report higher-than-
estimated earnings for the first three months of this business
year.

Denso Corp. and Aisin Seiki Co., auto-part maker affiliates
of Toyota, jumped. Inpex Holdings Inc. and Mitsui & Co. advanced
after prices of crude oil and metals climbed.


Read more at Bloomberg Stocks News

South Korean Shares Rise to Record, Set to Complete Longest Weekly Rally

(Bloomberg) -- South Korea's Kospi index rose to a
high, poised to round off a record 13th week of gains. Samsung
Electronics Co. climbed after prices for dynamic random access
memory, or DRAM, jumped by the most in nine months and CJ
Investment & Securities Co. said prices have ``bottomed out.''

Samsung Heavy Industries Co. advanced after it said it
would buy back 467.4 billion won ($504.4 million) worth of
shares.


Read more at Bloomberg Stocks News

Japan's Government Bonds Drop, 10-Year Yields Reach Highest Since October

(Bloomberg) -- Japan's government bonds fell for a
second day.

The yield on the 1.7 percent security due March 2017 rose 2
basis points to 1.77 percent as of 9:20 a.m. in Tokyo, according
to Japan Bond Trading Co. That was the highest since October.
The yield on the benchmark five-year bond rose 3 basis points to
1.375 percent, the highest since August 2006. A basis point is
0.01 percentage point.


Read more at Bloomberg Bonds News

Calif. regulator seeks to reform title insurance

(Reuters) - He has submitted a new set of regulations to govern title
insurers, which will become effective on Jan. 1, 2009. The new
rules will be refined before that date and the agency will seek
feedback from the industry.




"Because there is no meaningful competition in the title
industry, consumers are paying unnecessarily high rates,"
Poizner said in his prepared statement. "These regulations will
ensure that prices are fair."


Read more at Reuters.com Government Filings News

China, Indonesia, Sri Lanka, Malaysia, Singapore: 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 central bank yesterday sold 30 billion ($3.9
billion) of 91-day bills at a yield of 2.7461 percent. The
government will set up a budget to manage the revenue and
expenditure of state-owned companies, Xinhua News Agency
reported on May 30, citing a decision by a State Council meeting.
The budget will collect earnings from state-owned companies and
spend the funds on economic restructuring, compensating state
firms for reforms and injecting money into the social security
fund, Xinhua said.


Read more at Bloomberg Bonds News

BHP Billiton, Rio Tinto, Woodside Petroleum: Australian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may rise or fall in Australia. This preview includes
news announced after markets closed yesterday. Prices are from
yesterday's close unless otherwise stated. Stock symbols are in
brackets after the company names.

The S&P/ASX 200 Index futures contract due in June added 0.1
percent to 6340 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index rose 0.8 percent in New York.


Read more at Bloomberg Stocks News

ICE's Sprecher Tell CBOT Shareholders He Will Bypass Board in Takeover Bid

(Bloomberg) -- Intercontinental Exchange Inc. Chief
Executive Officer Jeff Sprecher told shareholders of the Chicago
Board of Trade he was willing to work directly with them and
bypass the board of directors in its $10.9 billion acquisition
bid.

The Board of Trade's directors chose a $9.8 billion offer
from the Chicago Mercantile Exchange earlier this month. Sprecher
yesterday offered to resolve a long-standing dispute between the
Board of Trade and the Chicago Board Options Exchange. Most of
the questions posed to Sprecher concerned the deal to potentially
solve the so-called exercise right.


Read more at Bloomberg Energy News

New Zealand Dollar Heads for First Weekly Gain Since April on Yield Gap

(Bloomberg) -- New Zealand's dollar is heading for its
first weekly gain since April amid speculation central bank
Governor Alan Bollard could raise interest rates next week,
buoying demand from investors who borrow at lower rates overseas.

New Zealand's currency has gained 5.1 percent the past three
months as the central bank raised borrowing costs in March and
April to a record 7.75 percent. There is a 24 percent chance of a
quarter-point rise in the benchmark interest rate at the June 7
review, according to an index calculated by Credit Suisse.


Read more at Bloomberg Currencies News

UPDATE 1-Hovnanian posts 2nd-quarter loss, withdraws forecast

(Reuters) - For the fiscal second quarter ended April 30, Hovnanian
posted a net loss of $30.7 million, or 49 cents per share,
compared with a profit of $101.0 million, or $1.55 a share, in
the year-earlier quarter.




On May 4, the Red Bank, New Jersey-based company said it
expected a loss of 45 cents to 50 cents per share, including
land impairment and predevelopment write-offs.


Read more at Reuters.com Bonds News

Liquor Barn CEO rejects sweeter takeover bid

(Reuters) - Mather, who previously said he would oust most of his
company's board and lead a turnaround effort himself, urged
Liquor Barn unitholders on Thursday to reject the new bid.




"There are some key issues that Liquor Barn unitholders
need to understand to make an informed choice," he said in a
statement.


Read more at Reuters.com Mergers News

UPDATE 1-Argentina says no proposal to OECD on Paris Club

(Reuters) - The spokesman for Economy Minister Felisa Miceli told
Reuters: "The Argentine government has not presented any
proposal regarding this issue."




Three local newspapers reported on Thursday that
Argentina's secretary for economic policy, Oscar Tangelson,
said the government had discussed this possibility at an OECD
meeting in Paris last week.


Read more at Reuters.com Bonds News

J. Crew first quarter net profit rises

(Reuters) - Net income for the first quarter was $24.6 million, or 39 cents per share, up from $7.8 million, or 12 cents per share, a year ago.



Analysts on average were expecting 30 cents per share, according to Reuters Estimates.


Read more at Reuters.com Market News

Buy.com files with SEC to withdraw IPO plans

(Reuters) - Thomas Weisel Partners LLC and Stifel Nicolaus were listed
as underwriters for the offering.




Read more at Reuters.com Government Filings News

UPDATE 1-Quanex quarterly earnings fall 23 percent

(Reuters) - Quanex raised the bottom of its full year earnings per
share forecast, citing expectations for an improving automotive
outlook and some new programs for its building group.




Net income fell to $32.8 million, or 84 cents per share, in
its second quarter ended April 30, from $42.8 million, or $1.07
per share, a year earlier. Net sales rose 2.4 percent to $519.4
million.


Read more at Reuters.com Market News

Crude Oil Climbs After U.S. Petroleum Inventories Unexpectedly Decline

(Bloomberg) -- Crude oil in New York rose after a
government report showed an unexpected decline in U.S.
inventories.

Supplies of crude oil fell 1.96 million barrels to 342.2
million barrels in the week ended May 25, the Energy Department
reported today. A gain of 1 million barrels was expected,
according a Bloomberg News survey. Gasoline stockpiles rose 1.36
million barrels to 198 million. Crude-oil imports fell 8 percent
and gasoline imports jumped 24 percent, the report showed.


Read more at Bloomberg Commodities News

Sugar in New York Falls for Third Day as Brazil Forecasts Record Harvest

(Bloomberg) -- Sugar futures in New York fell for a
third-straight day after Brazil, the largest producer, said it
will have a record sugarcane crop, adding to a global surplus of
the sweetener.

Brazilian farmers will reap 528 million metric tons in the
current harvest, up from 474.8 million tons in the previous
season, the agricultural ministry said today in its first
estimate of this year's crop. Sugar output will rise to
31.3 million tons from 30.2 million tons, the agency said.


Read more at Bloomberg Commodities News

Appeals court denies bid to block Western-Giant link

(Reuters) - The ruling, issued by the U.S. Court of Appeals for the Tenth Circuit, could allow Western to close the deal for Giant as early as Thursday, although the court said it would hear arguments in September on whether to overturn a lower court's ruling not to block the buyout.




The FTC will proceed with the appeal to try to block the deal, but the companies were now free to complete the link-up, a spokesman said.


Read more at Reuters.com Government Filings News

Brocade to pay $7 mln to settle stock option fraud

(Reuters) - "Brocade is being held accountable for the egregious and
long-running misconduct of its former CEO and other former
executives who misled investors and obscured the company's
financial condition and performance," the SEC stated.




Read more at Reuters.com Government Filings News

No subprime impact seen on credit card ABS-Moody's

(Reuters) - Moody's expects delinquencies and net charge-offs to
gravitate back toward, but probably not exceed, levels that
existed in 2005 before bankruptcy legislation caused
delinquencies to ease.




However, should the economy slow at a faster rate than
expected, then the pace of deterioration could accelerate, it
said in a recent report.


Read more at Reuters.com Bonds News

Orange Juice Falls to Five-Week Low as Rains May Ease Florida Crop Damage

(Bloomberg) -- Orange-juice futures fell to a five-
week low on speculation that rains will ease the risk of damage
to the citrus crop in Florida, the largest orange producer after
Brazil.

Rain may fall in citrus-growing regions including Polk,
Hendry and Highlands counties tomorrow through June 6, the
National Weather Service said. Wholesale orange juice had jumped
6.6 percent during the first two weeks of May as dry weather
threatened groves still recovering from hurricane damage in 2004
and 2005.


Read more at Bloomberg Commodities News

Treasuries Decline, Pushing Yields to the Highest Since August in the U.S.

(Bloomberg) -- U.S. Treasuries fell, pushing the
benchmark 10-year note's yield to its highest level since August,
after a measure of business activity rose more than forecast.

Expectations the Federal Reserve will cut interest rates
this year fell to the lowest since last July as the National
Association for Purchasing Management-Chicago report indicated
the economy is rebounding from a first-quarter slowdown. U.S.
equities extended an advance that yesterday pushed the Standard &
Poor's 500 Index to a record.


Read more at Bloomberg Bonds News

Tribune says holders tender 52 pct of outstanding stock

(Reuters) - The company will start payment for these shares by June 5,
the statement added.





Read more at Reuters.com Mergers News

CORRECTED: GE employee sues, charging gender discrimination

(Reuters) - In papers prepared for filing in U.S. District Court in Connecticut, Lorene Schaefer charged the world's second-largest company by market capitalization with gender discrimination. The suit also names 13 GE officers and directors, including Chairman and Chief Executive Jeff Immelt.




Her suit, which is seeking class-action status, seeks $500 million in damages for a class of about 1,500 GE women workers, according to a statement issued by her attorneys, David Sanford and Steven Wittels of Sanford Wittels & Heisler LP.


Read more at Reuters.com Business News

Brazil's Real Trades at 7-Year High on Investor Purchases of Stocks, Bonds

(Bloomberg) -- Brazil's real rose to an almost
seven-year high, boosted by foreign investment in the country's
stock and bond markets.

The real has gained about 10 percent against the dollar
this year, the most among the 16 most actively traded
currencies. Fitch Ratings and Standard & Poor's this month
raised Brazil's foreign debt rating to BB+, one level below
investment grade.


Read more at Bloomberg Currencies News

UPDATE 2-CIBC profit rises 38 pct but stock slips

(Reuters) - TORONTO, May 31 - Lower taxes and higher retail
banking profits, including a boost from a Caribbean
acquisition, helped lift second-quarter profits by 38 percent
at Canadian Imperial Bank of Commerce , or C$2.27 a
share diluted, in the three months to April 30, up from C$585
million, or C$1.63 a share, in the year-ago period.


Read more at Reuters.com Market News

TREASURIES-Bond prices edge lower after mixed US data

(Reuters) - NEW YORK, May 31 - Benchmark U.S. government bond
prices edged lower on Thursday after mixed U.S. economic data
reinforced investors the view that the Federal Reserve may hold
official overnight interest rates steady for some time.




A recent run of fairly robust economic reports has reduced
market expectations for rate cuts and benchmark bond yields
have risen to four-month highs, with the 10-year yield climbing
to 4.90 percent last week, its highest since late January.


Read more at Reuters.com Bonds News

Bush taps McCormick for Treasury international post

(Reuters) - The undersecretary for international affairs is a key post for Treasury. It involves handling global issues as wide-ranging as shaping the U.S. relationship with key emerging powers like China and pushing for reform of institutions like the International Monetary Fund and World Bank.




The job has been vacant since late April when Tim Adams resigned, saying he wanted to spend more time with his family. The first White House nominee for the post, JPMorgan Chase executive Tim Ryan, withdrew his name from consideration, citing personal reasons.


Read more at Reuters.com Bonds News

Oil Rises After Government Report of Unexpected Decline in U.S. Supplies

(Bloomberg) -- Crude oil rose after a government
report showed an unexpected decline in U.S. inventories.

Supplies of crude oil fell 1.96 million barrels to 342.2
million barrels in the week ended May 25, the Energy Department
reported today. A gain of 1 million barrels was expected,
according to the median of 15 responses in a Bloomberg News
survey.


Read more at Bloomberg Energy News

Dollar rises on strong Chicago PMI

(Reuters) - The dollar rose against the yen and trimmed losses against the euro on Thursday after a report showed business activity in the U.S. Midwest expanded at a faster pace than expected.

The data offset a weaker-than-expected U.S. economic growth number for the first quarter reported earlier and reduced the perceived chances of interest rate cuts by the Federal Reserve this year. Markets still expect the Fed to hold rates steady at its next monetary policy meetings in June and August.


Read more at Reuters Africa

Central European Shares Gain; Pekao, BRE Lead Rally on ING `Buy' Rating

(Bloomberg) -- Central European shares gained, led by
BRE Bank SA, Bank Pekao SA and Bank BPH SA after ING Groep NV
advised investors to buy the stocks of Polish lenders, citing the
outlook for earnings growth.

Voestalpine AG advanced after Deutsche Bank AG raised its
share-price estimate for Austria's largest steelmaker.


Read more at Bloomberg Stocks News

Sears Holdings quarterly net up, but sales slip

(Reuters) - Sales fell 2.5 percent to $11.7 billion. Sales at stores open at least a year fell 4.7 percent at Kmart and 2.4 percent at U.S. Sears stores.




"In part, our domestic operating results reflect the impact of some of the same challenges being faced by our customers, such as rising energy costs and a slower housing market," Aylwin Lewis, Sears' chief executive, said in a release. "However, as an organization, we need to overcome these factors by better controlling costs and developing innovative solutions that better meet our customers' needs."


Read more at Reuters.com Business News

Crude Oil Declines on Expectations U.S. Will Report Gasoline Supply Gain

(Bloomberg) -- Crude oil fell before a government
report that's expected to show U.S. gasoline inventories climbed
for a fourth week.

Gasoline stockpiles increased 1.5 million barrels in the
week ended May 25, according to the median of responses by 15
analysts before today's Energy Department report. Gasoline
stockpiles increased 3.6 million barrels in the three weeks ended
May 18. Refiners typically boost motor-fuel output before the
peak-demand summer-driving season, which began last weekend.


Read more at Bloomberg Energy News

Brocade to pay $7 mln to settle options case - WSJ

(Reuters) - Brocade spokeswoman Leslie Davis declined to confirm the
settlement. "We do not have any further updates at this time,"
she said.




The SEC could not be reached immediately.


Read more at Reuters.com Government Filings News

Pfizer, Glaxo Are Poised to Emulate Genentech in Breakthroughs on Cancer

(Bloomberg) -- The best time to buy Pfizer Inc. and
GlaxoSmithKline Plc may be now, with their shares at a five-year
low relative to earnings and about two dozen treatments in
development designed to attack cancer.

Pfizer, the largest pharmaceutical company, is valued at
12.3 times profit, far from its peak of 72 times in 1998. Glaxo,
the second-biggest drugmaker, has a price-earnings ratio of 13.3,
the lowest in at least five years.


Read more at Bloomberg Exclusive News

European Yields Hold Near Five-Year High on Rising Optimism, Rates Outlook

(Bloomberg) -- European two-year government note
yields held near the highest in five years as investors add to
bets the region's central bank will increase interest rates
further on signs of faster expansion in the 13-nation economy.

Benchmark two-year yields have climbed a quarter of a
percentage point in May as a report today showed confidence in
the $10.4 trillion euro region economy climbed this month to the
highest in almost six years. The European Central Bank has
signaled it will raise borrowing costs next week.


Read more at Bloomberg Bonds News

UPDATE 1-Canada economy surges in first quarter

(Reuters) - OTTAWA, May 31 - The Canadian economy grew more
than twice as fast in the first quarter of 2007 as in the
previous quarter, setting the stage for the Bank of Canada to
begin hiking interest rates soon.




Statistics Canada said on Thursday that gross domestic
product grew 3.7 percent on an annualized basis, topping
analysts' estimate of a 3.5 percent gain and up from 1.5
percent in the fourth quarter. It was the fastest quarterly
growth clip since the third quarter of 2005.


Read more at Reuters.com Economic News

Blyth posts quarterly profit versus year-ago loss

(Reuters) - Last year's loss included a pre-tax charge of $40.7 million
related to the sale of Blyth's European wholesale business.




Read more at Reuters.com Market News

Israel's Clal Insurance buys U.S insurer Guard

(Reuters) - Clal said in a statement to the Tel Aviv Stock Exchange it
had paid an additional $10 million for Guard, which focuses on
workers' compensation.




In order to help finance the acquisition, Clal said it had
received a loan of $46 million from an international bank.


Read more at Reuters.com Mergers News

AltaGas, LionOre, Menu Foods, Suncor Energy: Canadian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets.
This preview includes news that broke after markets closed.
Symbols are in parentheses after company names and prices are
from the last close.

The Standard & Poor's/TSX Composite Index rose 118.99, or
0.9 percent, to 14,081.71 yesterday.


Read more at Bloomberg Stocks News

TREASURIES-Bond prices little changed before US GDP data

(Reuters) - A recent run of fairly robust economic data has reduced
market expectations for rate cuts and benchmark bond yields
have risen to four month highs, with the 10-year yield climbing
to 4.90 percent last week, its highest since late January.




Wednesday's release of minutes of the Fed's May 9 policy
setting meeting also weighed on rate cut expectations. Interest
rate futures signaled the implied chance of a single Fed ease
in 2007 slipped to 42 percent, down from the start of the month
when futures priced between one and two 25-basis point Fed rate
cuts by year-end.


Read more at Reuters.com Bonds News

Malaysia Shares Have Record Winning Streak on Ringgit, Palm Oil, Economy

(Bloomberg) -- Malaysia stocks, Southeast Asia's
most expensive, are the only ones in Asia that have risen for 11
straight months. The rally may have further to run as rising
government spending and wages lift earnings.

``We're a lot more bullish than some people on Malaysia,''
said Hugh Young, who oversees $35 billion as managing director
at Aberdeen Asset Asia Ltd. in Singapore. ``The market may not
be cheap, but we're bullish on what's happening in that
market.'' The firm this year added to its stake in Bumiputra-
Commerce Holdings Bhd., Malaysia's second-biggest bank, and owns
stock in British American Tobacco Bhd., the nation's biggest
cigarette maker.


Read more at Bloomberg Stocks News

All America Latina, Banorte, Votorantim: Latin American Equity Preview

(Bloomberg) -- The following stocks may make
significant gains or losses in Brazil and Mexico today. Symbols
are in parentheses after the company name, and stock prices are
from the last session.

In Brazil, preferred shares are the most commonly traded
class of stock.


Read more at Bloomberg Stocks News

JGBs fall on stocks rebound, BOJ move eyed

(Reuters) - Short-term bonds remained under pressure as investors have
grown wary about a rate hike by the Bank of Japan in the coming
months, sending two-year yields to a 10-year high.




"While the stock market is approaching 18,000 and overseas
bonds are bottoming out in the U.S. and Europe, the JGB market
is turning bearish," said Makoto Yamashita, chief JGB strategist
at Lehman Brothers.


Read more at Reuters.com Bonds News

Polish Zloty Gains Versus Euro After First-Quarter Growth Beats Forecasts

(Bloomberg) -- The Polish zloty rose against the euro
on signs economic growth is gathering pace, reinforcing
expectations the central bank will keep raising interest rates.

The Polish economy grew at its fastest pace since 1997 in
the first quarter at 7.4 percent, the Polish statistics office
said today. Growth of 7.3 percent was forecast, according to the
median estimate of 18 economists polled by Bloomberg.


Read more at Bloomberg Currencies News

S.Africa April credit data raises rate hike chances

(Reuters) - Growth in demand for credit by South Africa's private sector quickened to 25.08 percent year-on-year in April, central bank data showed on Thursday, making another interest rate increase next week more likely.

Credit growth accelerated from a downwardly revised 24.09 percent in March while the broadly defined M3 measure of money supply grew by 22.27 percent, above forecasts, compared to 20.02 percent the previous month.


Read more at Reuters Africa

Philippine Peso Strengthens After First Quarter Economic Growth Quickens

(Bloomberg) -- The Philippine peso strengthened after
the government said the economy grew faster than predicted in the
first quarter. Government bonds fell.

The currency ended two days of losses after the report
showed gross domestic product expanded 6.9 percent from a year
earlier, as increasing remittances from overseas workers boosted
consumer spending. Economists forecast growth of 5.7 percent,
according to the median estimate in a Bloomberg News survey.


Read more at Bloomberg Currencies News

Costco quarterly profit rises

(Reuters) - Excluding items, Costco said it earned 56 cents a share.




Read more at Reuters.com Hot Stocks News

Morgan Stanley to buy Australia's Investa

(Reuters) - Morgan Stanley Real Estate offered A$3.08 for each Investa share, its second major acquisition in the past week.




Investa shares, which have already risen 50 percent in the past year on takeover speculation, jumped 15.6 percent to A$3.11 at 0520 GMT, also triggering sharp gains for other property trusts.


Read more at Reuters.com Business News

Nortel-Avaya deal no match made in heaven: analyst

(Reuters) - "We see two potential reasons why Nortel might explore such a combination," he said in a note. "We can think of a lot more than two reasons for Nortel to stay clear."




The obvious allure of a deal is to grow market share, with a combined company leading the business phone market. A merger would also expose Nortel to Avaya's strong services business, he wrote.


Read more at Reuters.com Business News

S&P 500 closes at first record high in 7 years

(Reuters) - The Dow Jones industrial average was up 110.44 points, or 0.82 percent, to end unofficially at 13,631.78. The Standard & Poor's 500 Index was up 11.99 points, or 0.79 percent, to finish unofficially at 1,530.10. The Nasdaq Composite Index was up 20.53 points, or 0.80 percent, to close unofficially at 2,592.59.




Read more at Reuters.com Hot Stocks News

Elbit Medical Imaging posts quarterly loss

(Reuters) - The company reported revenue of $97.2 million, including gain from sales of two of its shopping and entertainment centers. It expects to record additional gain of about $20.7 million as a result of these sales in the forthcoming quarters.



Elbit said excluding stock-based compensation, loss for the latest quarter was $5.6 million, compared with a net income of $2.3 million for the year-ago period.


Read more at Reuters.com Market News

Qwest sees 2007 mass market revenue growing

(Reuters) - As customers such as Verizon Communications revenue and keep it fairly flat," Qwest Chief Executive
Richard Notebaert said during an analyst conference Webcast.


Read more at Reuters.com Bonds News

KKR Seeks Record $16 Billion of Covenant-Lite Loans to Purchase First Data

(Bloomberg) -- Kohlberg Kravis Roberts & Co. will
seek a record $16 billion of high-yield loans with the fewest
restrictions to help fund its buyout of First Data Corp., the
world's largest processor of credit-card payments.

Banks led by Credit Suisse Group agreed to provide a $14
billion seven-year term loan and a $2 billion six-year revolving
credit facility, Greenwood Village, Colorado-based First Data
said in a Securities and Exchange Commission filing yesterday.
The term loan, called covenant-lite, would be the largest of its
type, exceeding the $7.45 billion loan that was used to fund the
buyout of broadcaster Univision Communications Inc. this year.


Read more at Bloomberg Bonds News

ConocoPhillips Restores Most Output From Louisina Refinery Shut Last Week

(Bloomberg) -- ConocoPhillips said that most
production has been restored at its Belle Chasse Alliance
refinery in Louisiana after a power failure forced a shutdown
last week.

``Most of the production has been brought back,'' spokesman
Philip Blackburn said today in a telephone interview. ``We expect
all of the units to be back online shortly.''


Read more at Bloomberg Energy News

Dollar Tree quarterly profit up, raises year view

(Reuters) - Analysts, on average, had expected it to earn 37 cents a share, according to Reuters Estimates.




Sales rose 13.8 percent to $975 million. Sales at stores open at least a year -- a measure of retail strength called same-store sales -- rose 5.8 percent in the quarter.


Read more at Reuters.com Business News

Gold Futures Fall on U.S. Interest Rate Outlook; Silver Is Little Changed

(Bloomberg) -- Gold fell in New York on speculation
the U.S. Federal Reserve won't cut interest rates anytime soon,
strengthening the dollar and reducing the appeal of the precious
metal as an alternative investment. Silver was little changed.

Gold generally moves in the opposite direction of the
dollar, which has risen 1.6 percent against a basket of six
major currencies since falling on May 1 to the lowest level this
year. Gold reached an 11-month high on April 20, before shedding
as much as 6.7 percent by May 24. Before today, the metal had
risen 4 percent this year.


Read more at Bloomberg Commodities News

China's CSI 300 Drops Mmost in Three Months After Transaction Tax Tripled

(Bloomberg) -- China's stocks tumbled the most in three
months after the government tripled the tax on securities
transactions to cool a rally that's drawing more than 300,000 new
investors a day.

The CSI 300 Index dropped 281.83, or 6.8 percent, to close at
3886.46 in Shanghai. The value of local stocks has more than
doubled this year to $2.47 trillion and brokerage accounts topped
100 million for the first time this week.


Read more at Bloomberg Stocks News

Ernst & Young partners charged in tax fraud case

(Reuters) - In an indictment filed in U.S. district court in Manhattan,
prosecutors allege the defendants at the "Big Four" accounting
firm created and marketed tax shelters from 1998 through 2004
based on false and fraudulent scenarios to allow wealthy
individuals to reduce the federal taxes they would have to pay.




The Ernst & Young current or former partners named in the
case are Robert Coplan, Martin Nissenbaum, Richard Shapiro and
Brian Vaughn.


Read more at Reuters.com Business News

Optimism About U.S. Stocks Falls for First Time in Five Weeks, Survey Says

(Bloomberg) -- Investor optimism about U.S. stocks
fell for the first time in more than a month after the Standard
and Poor's 500 Index ended its longest stretch of weekly gains
since 2004, according to Investors Intelligence.

The percentage of ``bullish'' newsletter writers dropped to
53.8 percent last week from 54.3 percent the previous week, the
New Rochelle, New York-based newsletter said. That marks the
first decline since the week ended April 20.


Read more at Bloomberg Stocks News

Terra Firma sets June 27 deadline for EMI deal

(Reuters) - Former EMI Music Chief Executive Jim Fifield has also said
he wants to buy his former company.




In a statement to the stock exchange, Terra Firma said the
offer document was being posted on Wednesday, and acceptances of
the offer should be received no later than 1200 GMT on June 27.


Read more at Reuters.com Mergers News

GLOBAL MARKETS-Stocks fall on China's tax hike, U.S. bonds rise

(Reuters) - U.S. stocks bounced back from early losses and were little
changed at midday.




The Chinese government's move was seen as an attempt to
cool an overheating stock market.


Read more at Reuters.com Bonds News

S.African stocks dip on global jitters, rate fears

(Reuters) - South African stocks slid on Wednesday led by financial and industrial stocks as China's move to cool its booming market hit global equities and a jump in local inflation bolstered the case for an interest rate hike.

The Johannesburg Top-40 index of blue-chip stocks dipped 0.79 percent to 25,502.56 points, recovering from earlier in the day when it fell more than 1 percent, while the All-share index fell 0.79 percent to 28,439.40 points.


Read more at Reuters Africa

China stocks fall, but ripple limited

(Reuters) - Currencies were relatively steady and demand for euro zone government bonds rose slightly.




China's Ministry of Finance raised stamp duty on share transactions to 0.3 from 0.1 percent in what was seen as the strongest attempt yet to curb speculation in a market that had risen more than 60 percent so far this year.


Read more at Reuters.com Hot Stocks News

Housing Slump's Toll on U.S. Jobs Being Felt First by Undocumented Workers

(Bloomberg) -- The slump in homebuilding, the
deepest since 1990, has so far taken only a modest toll on the
U.S. job market. Workers like Francisco Leon may be part of the
explanation.

Two years ago, Leon, an undocumented immigrant from
Guatemala, had little trouble finding construction work five
days a week in northern Virginia. Nowadays, the 22-year-old
mainly does odd jobs, often only two days a week.


Read more at Bloomberg Exclusive News

GLOBAL MARKETS-Stocks fall on China share tax rise but no rout

(Reuters) - LONDON, May 30 - Global equities eased on Thursday
after further moves by China to cool its red-hot market sent
Shanghai shares tumbling more than 6 percent, but there was no
sign of the widespread rout feared by some investors.




The dollar edged higher, hitting a seven-week peak versus
the euro ahead of minutes from the Federal Reserve's last rate
setting meeting, while U.S. stock futures were pointing to a
softer start on Wall Street.


Read more at Reuters.com Bonds News

Nymex Gas Jumps on Forecasts for Warmer Weather in U.S. Midwest, Northeast

(Bloomberg) -- Natural gas in New York advanced as
forecasts for above-average temperatures in the eastern third of
the U.S. are expected to spur air conditioner use and electricity
demand.

Temperatures will be at least 8 degrees Fahrenheit above
normal in parts of the Midwest and Northeast through June 3,
according to MDA Federal Inc.'s Earthsat Energy Weather.


Read more at Bloomberg Energy News

U.K.'s FTSE 100 Index Falls, Led by GlaxoSmithKline; BP, Shell Shares Drop

(Bloomberg) -- U.K. stocks dropped, paced by
GlaxoSmithKline Plc after Merrill Lynch & Co. lowered its
recommendation on the shares to ``sell'' from ``neutral.''

BP Plc, Europe's second-largest oil company, and Royal
Dutch Shell Plc, the region's largest, also fell.


Read more at Bloomberg Stocks News

Brazil plays down Mozambique AIDS drug plant offer

(Reuters) - Brazil has prepared a feasibility study for a pharmaceutical plant in AIDS-ravaged Mozambique but did not offer to fund it, the Brazilian Health Ministry said on Tuesday.

Earlier, Mozambique's Noticias newspaper said that Brazil offered to build a $23 million factory, which would produce a range of drugs, including generic antiretroviral drugs (ARVs) to treat HIV/AIDS as well as medicines for malaria and other diseases.


Read more at Reuters Africa

Yen firmer as falling stocks curb risk appetite

(Reuters) - The low-yielding yen ticked higher against the euro on Wednesday as a six percent fall in Chinese stocks made investors nervous about risky carry trades.

The dollar held steady against the euro near last week's six-week high ahead of Federal Reserve minutes of its May policy meeting, which could add to expectations the central bank might hold interest rates steady this year instead of cutting them -- a factor supporting the dollar in recent weeks.


Read more at Reuters Africa

Investec gets UK "sub-prime" hook with Kensington buy

(Reuters) - South-African investment bank Investec said on Wednesday it has agreed to buy British lender Kensington Group Plc, securing a foothold in the UK's "sub-prime" mortgage market.

Investec agreed to buy Kensington in a share and dividend deal worth around 273 million pounds and plans to inject money into the company, which said trading was challenging in the face of stiff competition from other lenders.


Read more at Reuters Africa

Zloty Falls to Six-Week Low Against Euro as Emerging Market Stocks Slide

(Bloomberg) -- The Polish zloty fell to the lowest in
more than six weeks against the euro as emerging-market stocks
declined around the world, and the country's central bank kept
interest rates at their current level.

Expectations the central bank will raise interest rates this
year to stem inflation helped the zloty advance to an almost five
month high on May 10. The currency is the third-worst performer
among 72 currencies tracked by Bloomberg this month as sentiment
towards emerging markets worsened and some policy makers,
including Jan Czekaj, said borrowing costs may stay on hold for
several months.


Read more at Bloomberg Emerging Markets News

Rupee Drops Most in Two Months on Speculation Central Bank Sold Currency

(Bloomberg) -- India's rupee dropped the most in two
months on speculation the central bank is selling the currency
to stem an advance that pushed it to the highest in more than
nine years.

The currency advanced as much as 9.5 percent this year,
making it the best performer in Asia, as investors abroad take
advantage of growth in the region's fourth-biggest economy. A
report tomorrow may show gross domestic product in the quarter
through March grew at the fastest pace in three years. The
central bank may slow the pace of the currency's gains to
protect exporters' earnings.


Read more at Bloomberg Currencies News

China to raise foreign brokerages' investment cap

(Reuters) - Tu Guangshao, vice chairman of the China Securities
Regulatory Commission, was quoted by state media as saying that
the government plans to gradually raise the ceiling by the end
of this year.




He made the remarks at a domestic financial forum on
Tuesday, official securities newspapers reported.


Read more at Reuters.com Mergers News

UPDATE 3-Statoil says poised to grow after Q1 profit drop

(Reuters) - OSLO, May 30 - Norway's Statoil in January-March, missing all 17
forecasts from a Reuters poll of analysts.


Read more at Reuters.com Mergers News

Copper Falls in London on Speculation Chinese Demand May Slow; Lead Rises

(Bloomberg) -- Copper snapped two days of gains in
London on speculation Chinese government moves to damp the
nation's booming stock market will slow economic growth and
demand for industrial metals. Lead rose to a record.

Chinese shares tumbled the most in three months after the
government tripled the tax on securities transactions to cool a
rally that has doubled the value of local stocks this year to
$2.47 trillion. The Chinese economy grew at 11.1 percent in the
first three months of the year.


Read more at Bloomberg Commodities News

Junk Bond Risk Premiums Fall to a Record Low on Signs Economy Accelerating

(Bloomberg) -- Risk premiums on high-yield, high-
risk U.S. corporate bonds fell to a record low on speculation
the economy is accelerating, bolstering the ability of companies
to meet their debt payments.

The extra yield investors demand to own junk bonds instead
of Treasuries narrowed to 2.42 percentage points on average
yesterday, based on Merrill Lynch & Co.'s high-yield index. The
spread is less than half the average of more than 5 percentage
points over the past five years, and is down from more than 10
percentage points in 2002.


Read more at Bloomberg Bonds News

Ford expects rise in U.S. retail sales in May

(Reuters) - "We will be reporting an increase in retail sales this month," Ford chief sales analyst George Pipas told reporters on Tuesday evening, adding that crossover sport utility vehicles and cars were driving the improvement in showroom sales.




But a 20 percent reduction in sales to daily-rental companies would drag Ford's overall U.S. sales in May down for a "single-digit" percentage decline, Pipas said.


Read more at Reuters.com Business News

Gold Near Two-Month Low in Asia Trade Amid Holidays, Silver Little Changed

(Bloomberg) -- Gold was little changed near a two-
month low in Asian trading amid speculation holidays in the
northern hemisphere yesterday reduced investor demand for the
precious metal.

Gold yesterday traded in a range of $654.95 to $657.58, its
most narrow trading range since April 6, as investors lacked
direction from major markets in the U.S. and U.K. Gold traded at
a two-month low of $652.01 on May 24.


Read more at Bloomberg Commodities News

Alcatel-Lucent, EADS, Faurecia, Gemalto and Scor: French Equity Preview

(Bloomberg) -- Shares of the following companies may
rise or fall on the Paris stock exchange. Symbols are in
parentheses after company names and prices are from the last
close.

The CAC 40 Index yesterday rose 13.98, or 0.2 percent, to
6071.47. The SBF 120 Index also increased 0.2 percent.


Read more at Bloomberg Stocks News

Indofood, World's Top Noodle Maker, Raises Prices as Wheat, Palm Oil Surge

(Bloomberg) -- PT Indofood Sukses Makmur, the
world's biggest instant-noodle maker, raised prices of the
staple by as much as 5.5 percent after wheat and palm-oil costs
surged. It was the first increase in more than three years.

All pack prices were boosted 50 rupiah (1 cent) yesterday,
Werianty Setiawan, head of investor relations, said today. That
raised best-selling Indomie Rasa Kari Ayam by 5 percent to 1,050
rupiah, while Indomie Mi Goreng rose 5.5 percent to 950 rupiah.


Read more at Bloomberg Emerging Markets News

CORRECTED: Yen gets boost on BOJ rate hike view after data

(Reuters) - TOKYO - The yen pulled back from a three-month low against the dollar on Tuesday after upbeat data further stoked expectations that the Bank of Japan will raise interest rates in the next few months.




A drop in Japan's jobless rate to a nine-year low in April and consumer spending that beat market forecasts in the same month sent the two-year bond yield to a 10-year high and prompted investors to buy the yen.


Read more at Reuters.com Hot Stocks News

Private equity in talks for tech retailer CDW -WSJ

(Reuters) - The talks are at a sensitive stage and could fall apart,
the paper said. The buyout firm might also face some late
competition from others, it added.




CDW and Madison Dearborn could not be reached immediately
for comment.


Read more at Reuters.com Mergers News

Slower global growth means new risks: World Bank

(Reuters) - In its annual Global Development Finance report, the bank
said higher interest rates and emerging capacity constraints
would slow the rapid growth of developing countries, with
global growth falling to around 3.5 percent in 2009 from 4
percent in 2006.




In developing countries, growth is likely to moderate
gradually to about 6 percent in 2009 from 7.3 percent in 2006,
the report said.


Read more at Reuters.com Bonds News

Copper Prices Rise in Shanghai as Fall in Stockpiles Fuels Supply Concern

(Bloomberg) -- Shanghai copper prices rose after
climbing the daily limit yesterday amid concern that supply may
lag behind demand following a drop in global stockpiles.

Global inventories of copper in warehouses monitored by the
London Metal Exchange fell 1.5 percent to 134,125 metric tons,
their lowest since Oct.31, the exchange said on May 25. The
exchange was closed yesterday for a public holiday. Shanghai
exchange stockpiles dropped 0.5 percent from a three-year high in
the past week to 99,027 tons.


Read more at Bloomberg Commodities News

ABN Amro, Ackermans, Fortis, Fountain Industries: Benelux Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in Benelux markets. Stock symbols are in parentheses after
company names and prices are from the previous day close.

The Amsterdam Exchanges Index increased 2.08, or 0.4
percent, to 537.56. Belgium's Bel20 Index gained 17.80, or 0.4
percent, to 4689.51.


Read more at Bloomberg Stocks News

Short Sales Break Record on NYSE; Making Market Bulls Even More Bullish

(Bloomberg) -- Short sellers are betting against
U.S. stocks like never before as the Standard & Poor's 500 Index
approaches an all-time high. That's making some of the biggest
bulls even more optimistic.

``What the short seller appears to be doing is doubling
down,'' said Kenneth Fisher, who oversees about $40 billion as
chairman of Fisher Investments in Woodside, California. ``You
love to see it, because if you believe there is a basic driver
to the bull market, they're going to get run over.''


Read more at Bloomberg Stocks News

IPO Fees in Europe Catch Wall Street for First Time Since World War II

(Bloomberg) -- The lights may be going out on Wall
Street, where for the first time since World War II bankers are
on the verge of earning less from initial public offerings than
in Europe.

As American underwriters continue to charge double the
going fee rate on European IPOs, the total amount of money
raised in Europe so far this year is 78 percent greater than the
value of U.S. offerings, data compiled by Bloomberg show. As a
result, the historic bank-earnings gap between the two markets
is barely perceptible: more than $1.1 billion in fees from IPOs
in Europe, compared with about $1.4 billion from initial sales
on American stock exchanges. In 2002, investment banks earned
five times as much taking companies public in the U.S. as they
did in Europe.


Read more at Bloomberg Exclusive News

UPDATE 1-Japan jobless rate hits 9-yr low, spending strong

(Reuters) - Separate data on Tuesday showed that household spending rose
much more than expected, suggesting that consumption held up well
in April after robust growth in the January-March quarter,
although retail sales shrank from a year ago.




Taken together, the data supported expectations that the Bank
of Japan could raise interest rates sometime after August,
helping lift two-year Japanese government bond yields to a
10-year high.


Read more at Reuters.com Economic News

China, India, Indonesia, Malaysia, Thailand: Asian 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: State-owned China Development Bank will sell 20
billion yuan ($2.6 billion) of 10-year bonds tomorrow. The
lender last sold the same-maturity debt on May 21 when it issued
20 billion yuan of the debt with a coupon of 3.66 percent.


Read more at Bloomberg Bonds News

APEC to Study Impact of State-Owned Oil Companies, Consider Nuclear Body

(Bloomberg) -- Asia-Pacific Economic Cooperation
energy ministers will later today call for a working group to
examine the effects on trade and investment of state-owned oil
and gas companies, according to a draft communiqué.

The working group will be directed also to study how
partnering and cooperating with state-owned companies could
``improve the value chain'' in oil and gas supply, according to
the draft statement obtained by Bloomberg News in advance of the
release of the final communiqué later today. APEC nations will
also be encouraged to consider setting up a regional association
of nuclear safeguard authorities, the draft says.


Read more at Bloomberg Energy News

Australian Dollar May Fall on Narrowing Yield Premium With U.S. Treasuries

(Bloomberg) -- The Australian dollar may fall as the
yield advantage of the nation's bonds over Treasuries narrows,
suggesting traders are reducing bets the interest rate spread with
the U.S. will widen.

The currency has declined 1.5 percent over the past two weeks
as the yield spread between Australian and U.S. two-year bonds
shrunk to 1.37 percentage points from 1.49 percentage points.
Traders have cut bets Australia's 1 percentage point rate
advantage over the U.S. will widen on weaker local wages data and
stronger U.S. economic figures.


Read more at Bloomberg Currencies News

Belize govt seeks private sector bailout for loan

(Reuters) - "Instead of going the public sector route, we will try to
encourage private sector investors to take over that loan,"
Deputy Prime Minister John Briceno said during a climate change
conference in the tiny Central American nation.




"It could be local or international investors and there are
a few known Belizean investors that have signaled their
interest."


Read more at Reuters.com Bonds News

Venezuela's Bolivar Advances as Concern Over TV Network's Shutdown Eases

(Bloomberg) -- Venezuela's currency strengthened to
a two-week high in unregulated markets on speculation political
tension over President Hugo Chavez's shutdown of the country's
most-watched TV network won't disrupt financial trading.

``There were very few elements that altered public order
over the weekend, which in the end gives all this a neutral
tone,'' said Nelson Corrie, head of trading at Caracas-based
Interacciones Mercado de Capitales.


Read more at Bloomberg Currencies News

Bank of Israel Cuts Key Interest Rate a Quarter-Point to 3.5 Percent

(Bloomberg) -- The Bank of Israel lowered its
benchmark lending rate by a quarter-point for June after six
earlier cuts failed to spark a depreciation of the shekel and
boost inflation back up into the target range.

The rate the central bank charges commercial lenders will
be lowered to 3.5 percent on May 31, a spokeswoman for the
Jerusalem-based bank said today. Eleven out of 12 economists
surveyed by Bloomberg last week forecast a 25 basis point
reduction, with one saying it would remain unchanged.


Read more at Bloomberg Emerging Markets News

S.African union members strike at BHP Billiton mine

(Reuters) - South African trade union, the National Union of Mineworkers, on Monday said over 500 miners had downed tools at BHP Billiton's Samancor mine in the Northern Cape province over discrimination.

The union said the miners were on strike because black workers had to walk two kilometres to their nearest bus-stop, while employees of other races got their transport in front of their home-gates.


Read more at Reuters Africa

Canadian Stocks Gain on Increased Mergers Activity, Led By Alcan, Teck

(Bloomberg) -- Canadian stocks rose, led by Alcan
Inc., as surging metal prices and an increase in mergers sent
shares of commodity producers higher.

Alcan climbed on a Globe and Mail report that Norsk Hydro
ASA is preparing a bid worth more than $30 billion for the
Canadian aluminum miner. Teck Cominco Ltd., the world's second-
largest zinc miner and owner of Canada's biggest copper mine,
jumped as copper prices in Shanghai rose by the limit for the
third time this month.


Read more at Bloomberg Stocks News

Gold Price Trades Near Two-Month Low Amid Speculation Dollar to Strengthen

(Bloomberg) -- Gold prices in Asia were little
changed near a two-month low amid speculation the dollar will
strengthen further against the euro, reducing the appeal of the
precious metal as an alternative investment. Silver rose.

Gold generally moves in the opposite direction to the dollar
which last week gained to a six-week high against the euro. Gold,
which traded at a two-month low of $652.01 on May 24, has risen 3
percent so far this year as the dollar dropped 1.9 percent
against the euro.


Read more at Bloomberg Commodities News

Rio Tinto eyeing bid for Alcan: report

(Reuters) - Rio Tinto is the latest mining house reportedly sizing Alcan up for takeover after Alcan rejected a $28.4 billion bid by Alcoa. An Alcan-Rio link up would create the world's largest aluminum company.




Rio was unlikely to retain Alcan's downstream aluminum rolling and packaging arms, which it could sell for more than $8 billion and take some of the sting out of having to fork out possibly over $30 billion for Alcan, analysts said.


Read more at Reuters.com Business News

Kuwait Interbank Lending Rates Fall After Central Bank Withdraws Note

(Bloomberg) -- Kuwait's interbank lending rates fell a
day after the central bank withdrew its one-month certificate of
deposit from the market.

The dinar fell against the dollar below the rate at which the
central bank will buy dinars. The average one month interbank
lending rate declined 14 percent to 4.3125 percent from 4.9375
percent yesterday, data published on the central bank's Web site
showed. The dinar fell 0.14 percent to 0.28816 to the dollar at
1:27 p.m.


Read more at Bloomberg Currencies News

Taiwan Dollar Rises as Central Bank May Buy; Indonesian Rupiah Advances

(Bloomberg) -- Taiwan's dollar strengthened to a
five-week high on speculation the island's central bank will
purchase the currency to curb declines.

A slide in the Taiwan dollar last week to a 17-month low
increased the cost of imports, adding to inflation. A weakening
currency may also encourage some investors to take funds out as
the value of their securities is eroded. The local dollar is the
second-worst performer after the Japanese yen among the world's
16 most-traded currencies this year.


Read more at Bloomberg Currencies News

Central European Stocks Rise First Time in Three Days, Led by KGHM, CEZ

(Bloomberg) -- Central European shares gained for the
first time in three days. KGHM Polska Miedz SA, Poland's largest
copper mining company, followed the price of the metal higher.
CEZ AS, the biggest Czech utility, also paced the advance.

The NTX Index of 30 companies in the region added 0.2
percent to 1937.76 at 9:51 a.m. in Warsaw.


Read more at Bloomberg Stocks News

Italian Stocks Rise; UniCredit, Assicurazioni Generali, Monte Paschi Gain

(Bloomberg) -- Italian stocks advanced, led by
UniCredit SpA and Assicurazioni Generali SpA. Banca Monte dei
Paschi di Siena SpA shares also climbed.

The S&P/MIB Index added 141, or 0.3 percent, to 43,160 at
9:10 a.m. in Milan, as 28 stocks increased, 10 fell and two were
unchanged. Futures expiring in June gained 126, or 0.3 percent,
to 43,240.


Read more at Bloomberg Stocks News

ECM, CETV, KGHM, Lotos, Telekomunikacja: Central European Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in central European markets. Symbols are in parentheses and
prices are from the last close.

The NTX Index of 30 companies in the region lost 0.4 percent
to 1,933.29 as 18 stocks fell, nine rose and three were
unchanged. The measure added 0.1 percent last week.


Read more at Bloomberg Stocks News

U.K. Growth in House Prices Slows to a Four-Month Low, Hometrack Reports

(Bloomberg) -- U.K. house prices rose at the slowest
pace in four months in May as interest rates at a six-year high
discouraged buyers, Hometrack Ltd. said.

The average cost of a home in England and Wales increased
0.6 percent from April, the least since January, to 175,600
pounds ($348,000), a survey by the London-based research company
showed today. Price growth was ``subdued'' in all regions apart
from the areas around the capital as London prices rose 1.3
percent from the previous month, Hometrack said.


Read more at Bloomberg Currencies News

Australian Equities Decline, Led by Macquarie; BHP Billiton, Rio Advance

(Bloomberg) -- Australian stocks dropped, led by
Macquarie Bank Ltd. after hedge fund manager Jim Chanos, who
predicted the collapse of Enron Corp., said the company's shares
are likely to drop.

Mining stocks rose, led by BHP Billiton Ltd. and Rio Tinto
Group, after prices of metals including copper and zinc gained,
and amid speculation of mergers and acquisitions in the mining
industry.


Read more at Bloomberg Stocks News

Monte Paschi, Pop. Dell'Emilia, Edison, Pirelli: Italian Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in Italy. Stock symbols follow company names and prices are from
the last close.

The S&P/MIB increased 79, or 0.2 percent, to 43,019. The
number of declining shares outweighed those advancing. The gauge
dropped 3 percent last week, its worst performance since the five
days ended March 2. Futures expiring in June gained 73, or 0.2
percent, to 43,150.


Read more at Bloomberg Stocks News

New Zealand Dollar May Fall as Consumer Confidence Slips for Third Month

(Bloomberg) -- New Zealand's dollar may fall on
speculation declining consumer and business confidence will
reduce domestic demand, ensuring interest rates will be
unchanged next week.

Consumer confidence fell for a third month in May, showed a
poll conducted for Television New Zealand published today.
Business confidence fell for a second month in April, according
to ANZ National Bank Ltd., which releases this month's survey
May 31. The currency has gained 3.1 percent this year as the
Reserve Bank of New Zealand raised interest rates twice to a
record 7.75 percent to curb consumer spending and housing demand.


Read more at Bloomberg Currencies News

Bank of China May Sell $392 Million of Yuan-Denominated Bonds in Hong Kong

(Bloomberg) -- Bank of China Ltd., the nation's
second-biggest lender, plans to sell as much as 3 billion yuan
($392 million) of bonds in Hong Kong in what may be the city's
first sale of Chinese currency bonds.

The debt will have a maturity of up to three years, the
Beijing-based lender said in a statement to the Shanghai Stock
Exchange today. The yuan has risen 5.8 percent in the past year
against the Hong Kong dollar.


Read more at Bloomberg Emerging Markets News

Indonesia's Rupiah Advances on Speculation Central Bank to Reduce Rate

(Bloomberg) -- Indonesia's rupiah rose for the first
time in four days on speculation the central bank will cut
interest rates at its June meeting, feeding demand for bonds and
stocks.

The currency gained after Bank Indonesia Governor
Burhanuddin Abdullah at the end of last week said the central
bank forecasts its benchmark policy rate will be 7.5 percent at
the close of 2008, versus 8.75 now. Falling interest rates
helped increase foreign ownership of the 442 trillion rupiah
($50.8 billion) government bond market to a record 16 percent
last month.


Read more at Bloomberg Currencies News

Japan's Bonds May Fall for 4th Day on Concerns Stock Gains to Dent Demand

(Bloomberg) -- Japan's government bonds fell, sending
10-year yields to the highest since February, after the Nikkei 225
Stock Average rebounded from the biggest decline in a month.

Ten-year bonds last week completed their steepest slide this
year as signs of faster growth in the U.S. tempered concerns that
demand in Japan's biggest export market will slow. Reports this
week will probably show hiring rose in the U.S. and industrial
production increased in Japan, according to Bloomberg News surveys.


Read more at Bloomberg Bonds News

Japanese Shares Rebound on Higher Commodity Prices, Weaker Yen; Sony Gains

(Bloomberg) -- Japanese stocks rebounded from their
biggest loss in a month, led by trading companies, after
commodities prices rose at the end of last week. Exporters
advanced after the yen weakened against the dollar and euro,
boosting the value of their overseas sales.

Mitsui & Co., Japan's second-largest trading company,
jumped 1.7 percent. Sony Corp., the maker of the PlayStation 3
game console, rose for the first time in four days.


Read more at Bloomberg Stocks News

Coles bid consortium says CVC exits group

(Reuters) - "I can confirm that CVC is no longer part of the
consortium," a spokesman for the buyout group said, confirming
a report in The Australian newspaper.




"One can presume they have some concerns about the state of
the business."


Read more at Reuters.com Business News

IBM shares could easily climb over $120: Barron's

(Reuters) - The company plans to bolster profits through higher-margin
software sales, Barron's said. It also noted that IBM bought
back $27 billion of stock between 2003 and 2006, and was
authorized to buy another $16.4 billion.




The report also quoted an analyst as saying third world
markets would become a growth engine for IBM in the future.


Read more at Reuters.com Business News

Israeli Stocks Gain, Led by Israel Corp.; Partner Communications Declines

(Bloomberg) -- Israeli stocks rose after declining
in earlier trading, paced by Israel Corp. The holding company
gained the most in more than a month and a half after it agreed
to buy power stations in Latin America and the Caribbean.

The index added 1.75, or 0.2 percent, to 1107.28 at the
close in Tel Aviv as 13 shares advanced and 12 dropped.
Investors bought and sold about 1.05 billion shekels ($260
million) in shares and convertibles.


Read more at Bloomberg Stocks News

Global warming-hurricane link spurs controversy

(Reuters) - With the 2007 Atlantic hurricane season about to begin, the controversy over the role of climate change in boosting hurricane intensity is a matter for debate among the researchers who watch the water and the clouds and work to figure out what makes the worst storms so furious.




"As far as I can tell, there is no dispute that higher sea temperatures mean more energy for these storms to feed on," said Kevin Trenberth of the National Center for Atmospheric Research in Boulder, Colorado, part of a consortium of U.S. universities.


Read more at Reuters.com Bonds News

Canada's Dollar Reaches 30-Year High on Outlook for Higher Interest Rates

(Bloomberg) -- The Canadian dollar reached a
30-year high and bonds fell as a strengthening economy
paced by rising commodity export receipts prompted
speculation the Bank of Canada will lift interest rates.

Canada's dollar was the top performer this week among
the 16 most-actively traded currencies against the U.S.
dollar, gaining 0.8 percent. It also reached a 15-year high
against the yen.


Read more at Bloomberg Currencies News

Egypt buys 1.1 mln T wheat from farmers

(Reuters) - The Egyptian government has bought 1.1 million tonnes of wheat from farmers since April 1, the start of the marketing season, about 700,000 tonnes less than at the same point last year, an official said on Saturday.

Darwish Mustafa, undersecretary in the Ministry of Social Solidarity, told Reuters the purchases were down because the harvest had started later than usual in some provinces.


Read more at Reuters Africa

Nigerian oil unions end strike

(Reuters) - Nigerian oil unions have suspended a two-day strike in the national oil company after the government agreed to a pay rise and other benefits, a union leader said.

The strike had threatened to halt oil shipments from the world's eighth largest exporter and had worsened fuel shortages across Nigeria in the days leading up to a change of government on Tuesday.


Read more at Reuters Africa

UPDATE 2-Mexico's KOF says $380 mln acquisition blocked

(Reuters) - KOF decision to object to the purchase.




They gave no reason for the move.


Read more at Reuters.com Bonds News

UPDATE 1-U.S. sues two real-estate firms

(Reuters) - The suit, filed on Wednesday in the central district of
California, seeks to recover "illegitimate profits" generated
by "sham" joint ventures formerly operated by Realogy Corp.,
Prudential California Realty and Property I.D. Corp.




Under California law, home sellers or their real estate
agents are required to provide a statement of hazards, such as
flooding, fires, or earthquake fault lines, usually in the
settlement process for a property sale, according to the
government.


Read more at Reuters.com Government Filings News

U.S. Senate panel eyes tax gap on stock gains

(Reuters) - The proposal would require brokers to report to their
customers the cost basis of securities that are sold as well as
the proceeds. The information would also be reported to the
Internal Revenue Service.




Currently brokers provide clients with information on the
proceeds from a sale, but usually leave it to the client to
figure out the cost basis and the gain or loss to be reported
to the IRS.


Read more at Reuters.com Government Filings News

Kumpulan Europlus, Tata Tea and Union Bank: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in Asian markets, excluding Japan, on May 28. This preview
includes news that broke after markets closed. Prices are from
the local market's last close. Stock symbols are in parentheses
after company names.

Cnooc Ltd. (883 HK): China's biggest offshore oil producer
may get approval to sell yuan-denominated shares to mainland
investors for a so-called A-share listing this year, Chairman Fu
Chengyu said. The stock fell 17 cents, or 2.3 percent, to HK$7.26
in Hong Kong.


Read more at Bloomberg Stocks News

UBS co-global M&A boss leaving - internal memo

(Reuters) - The memo was addressed to UBS investment banking employees
and was sent by its joint global investment banking heads Alex
Wilmot-Sitwell and Rick Leaman.




A separate memo, sent by Leaman and Wilmot-Sitwell and
dated Friday, said that Adam Reeder and Steve Conway, who ran
UBS' Financial Sponsors/Leveraged Finance business, would take
on new roles, announcements of which would be made in the
coming days.


Read more at Reuters.com Mergers News

Copper Rises Most in Two Months in New York After China's Inventories Drop

(Bloomberg) -- Copper in New York rose the most in
two months after stockpiles in Shanghai dropped, signaling a
pickup in Chinese demand and easing concern that the world's
biggest consumer was oversupplied.

Inventories at five warehouses in the city fell 0.5 percent
in the past week from a three-year high, the Shanghai Futures
Exchange said today on its Web site. Stockpiles monitored by
London Metal Exchange declined for a sixth daily session.


Read more at Bloomberg Commodities News

Court orders review of World Cup sponsor ruling

(Reuters) - The decision means that sponsorship for the 2010 and 2014 World Cups remains uncertain.




In December, U.S. District Judge Loretta Preska ruled that MasterCard -- not rival Visa International -- should get an eight-year contract with soccer's governing body, FIFA. MasterCard already had sponsored the tournament for 16 years.


Read more at Reuters.com Business News

EnteroMedics files for $86.25 mln IPO

(Reuters) - It is seeking Nasdaq listing under the symbol "ETRM."




Read more at Reuters.com Government Filings News

S.African stocks slip; gold miners sag,Telkom stars

(Reuters) - South African stocks dipped on Friday as a stronger rand and a lacklustre gold price hit miners but fixed-line phone firm Telkom jumped on signs the onset of fully-fledged competition could be delayed.

The Johannesburg Top-40 index of blue-chip stocks slipped 1 percent to 25,536.42 points, after falling more sharply earlier in the day following weakness on Asian markets.


Read more at Reuters Africa

Wheat Rises as Rain and Wind Batter Freeze-Damaged Crops on U.S. Plains

(Bloomberg) -- Wheat rose in Chicago and Kansas City
as rain and wind damaged crops already hurt by an early April
freeze in the U.S. southern Great Plains.

Parts of Kansas and Oklahoma, the largest U.S. growers of
hard-red winter wheat used to make bread and flour, have
received as much as six times normal moisture in the past week,
flooding fields and knocking down weakened plants. As much as
7.1 inches (18 centimeters) of rain fell yesterday in
Hutchinson, Kansas, according to the National Weather Service.


Read more at Bloomberg Commodities News

Norway to buy 4 Hercules planes for $597 mln

(Reuters) - "The defence forces have a great need for flexible and secure transport aircraft capacity, especially in Afghanistan," she said.




Norway has about 600 soldiers serving with the NATO stabilization force in Afghanistan.


Read more at Reuters.com Business News

Lowe's expands share buyback, raises qtrly dividend

(Reuters) - The home improvement retailer said it raised its dividend to 8 cents from 5 cents a share previously. The dividend will be payable on Aug. 3 to shareholders of record on July 20.






Read more at Reuters.com Mergers News

Morgan Stanley Hires From Barclays, Deutsche Bank for High-Yield Loans

(Bloomberg) -- Morgan Stanley hired two loan traders
from Barclays Capital and Deutsche Bank AG, boosting the high-
risk, high-yield debt trading team at the London office of the
second-largest securities firm to eight.

Robert Campbell, who formerly ran loan trading at Barclays
Capital, will join as an executive director in August, said
Robert Lepone, head of European distressed and leveraged credit
trading at Morgan Stanley. Andrew Jarman joins as an associate
from Deutsche Bank. Both will trade high-yield loans, bonds and
derivatives, reporting to Lepone.


Read more at Bloomberg Bonds News

Dollar Falls Versus Euro as Home Sales Rate in the U.S. Declines in April

(Bloomberg) -- The dollar fell the most in more than
a week versus the euro after a private report showed purchases of
existing homes in the U.S. declined during April compared with
the prior month.

Sales decreased 2.6 percent to an annual pace of 5.99
million last month, from a revised 6.15 million rate in March,
according to the National Association of Realtors.


Read more at Bloomberg Currencies News

Copper bounces but prospects seen weak

(Reuters) - Copper prices bounced on Friday helped by a fall in inventories, but analysts think the overall trend of rising stocks is intact and that lower demand over coming months could pressure prices down further.

Copper for three-month delivery on the London Metal Exchange was bid up at $7,119 a tonne in the official rings from $7,000 on Thursday, when it fell to an eight-week low of $6,952.


Read more at Reuters Africa

FTSE lower by midday on US rate worries

(Reuters) - Britain's benchmark share index fell on Friday, ahead of a long weekend break, amid a retreat in global stock markets on U.S. interest rate fears, and as heavyweight oil stocks weighed.

At 1130 GMT, the FTSE was down 0.12 percent at 6,556.9, having recovered from a low of 6,532.5 points earlier in the day as U.S. stocks looked to be driven higher by merger and acquisition activity.


Read more at Reuters Africa

SEC opens probe after Dow Chemical firings: source

(Reuters) - The Midland, Michigan-based company accused Romeo Kreinberg, head of its specialty businesses and Pedro Reinhard, a senior adviser and board member, of engaging in a "business activity that was highly inappropriate."




The company had earlier this year been the subject of numerous leveraged buyout rumors.


Read more at Reuters.com Mergers News

Mafia Extortion Drives Palermo Shops to Unite in Fight Against Mobsters

(Bloomberg) -- Giorgio Scimeca, owner of a pub and
sandwich shop outside Palermo, Sicily, says he's proud of having
stood up to the Mafia, even though he's paying a high price.

Three years ago, Scimeca brought charges against an
extortionist who threatened to blow up his bar if he didn't hand
over 500 euros ($672). The man was convicted and spent 1 1/2
years in jail. When he got out, he opened his own pub nearby, and
Scimeca was forced to move to another neighborhood.


Read more at Bloomberg Exclusive News

Coca-Cola Will Buy Maker of Glaceau Vitaminwater for $4.1 Billion in Cash

(Bloomberg) -- Coca-Cola Co., the world's biggest
soda maker, agreed to buy the maker of Glaceau Vitaminwater and
Smartwater for $4.1 billion as it tries to narrow the gap with
PepsiCo Inc. in sales of noncarbonated drinks.

Coca-Cola will pay cash for closely held Energy Brands
Inc., which controls about 30 percent of the U.S. market for
flavored water. The transaction will probably add to Coca-Cola's
per-share earnings in the first full year after completion, the
Atlanta-based company said today in a Business Wire statement.


Read more at Bloomberg Stocks News

Wheat Futures Climb in Paris on Stockpile Forecast and Drought in Ukraine

(Bloomberg) -- French wheat futures rose for a fifth
consecutive day after the International Grains Council forecast
the lowest global stockpiles in a quarter of a century and
Ukraine warned that drought was killing its crops.

The London-based IGC cut its forecast yesterday for global
wheat stockpiles in the year ending in June 2008 by 2 million
metric tons to 115 million tons, the lowest since 1981. Ukraine's
agriculture ministry said today that 400,000 hectares of crops
were already destroyed by drought.


Read more at Bloomberg Commodities News

IMF Warns Russia Against Moves to Rapidly Accelerate Government Spending

(Bloomberg) -- The International Monetary Fund warned
about accelerating Russian government spending and raised
questions about whether it will administer the money effectively.

Russia plans to spend ``most of the oil windfall in the
next couple of years,'' Poul Thomsen, head of the IMF in Russia,
told reporters in Moscow today. ``The government must ask itself
whether it's wise to spend this oil wealth so quickly.''


Read more at Bloomberg Emerging Markets News

FACTBOX-World's largest stock exchanges

(Reuters) -





1. NYSE -$1.28


Read more at Reuters.com Mergers News

TOC says opposed to DaVinci's takeover offer

(Reuters) - The bid, worth 77 billion yen , started on
Monday and will end on July 18.




Read more at Reuters.com Mergers News

UPDATE 1-Siemens expects big SEC fine in bribery case-paper

(Reuters) - It has not set aside any provisions to handle this and in
the worst case could also face U.S. sanctions, including
exclusion from bidding for certain contracts, he told the
Sueddeutsche Zeitung in an interview to be published on
Saturday.




"We are doing our utmost to avoid sanctions," he said,
adding that Siemens would show by painstakingly correct
behaviour that it would no longer tolerate any shady dealings.


Read more at Reuters.com Mergers News

Fire guts Mozambique agriculture ministry

(Reuters) - Fire on Friday destroyed some offices of Mozambique's agriculture ministry which oversees more than 30 percent of the southern African nation's economy.

The fire began in the early hours at the building in the capital Maputo and spread quickly due to the presence of flammable material and a shortage of water.


Read more at Reuters Africa

U.K. Natural Gas Rises on Forecasts of Cooler Temperatures in Coming Days

(Bloomberg) -- U.K. natural-gas prices rose after
weather forecasters predicted temperatures may cool, potentially
boosting demand for heating in homes and offices.

Gas for delivery a day-ahead at the National Balancing
Point, the U.K. trading hub, rose 4.1 percent to 25.6 pence a
therm as of 8:27 a.m. in London, according to broker ICAP Plc.
That equals $5.08 per million British thermal units. A therm is
100,000 Btus. Day-ahead contracts concluded on Friday are for
delivery the following Monday.


Read more at Bloomberg Energy News

European Stocks Drop, Led by Anglo American, Rio; OMX Surges on Takeover

(Bloomberg) -- European stocks dropped for a second
day, paced by mining companies, after copper in Shanghai fell the
most in a week and gold traded near a two-month low.

Anglo American Plc, the world's second-biggest mining
company, and Rio Tinto Plc, the third largest, declined. OMX AB
had the biggest rally in more than four years after Nasdaq Stock
Market Inc. agreed to buy Europe's fifth-largest equity market.


Read more at Bloomberg Stocks News

FTSE joins global stocks descent, commodities weigh

(Reuters) - Britain's benchmark share index fell on Friday, dragged down by commodity shares and as global stock markets retreated amid a climate of concern over the health of the U.S. and Chinese economies.

Oil stocks weighed, with BP off 0.6 percent and Royal Dutch Shell also falling, despite oil rising over $71 on Friday on supply worries in Nigeria and tensions in Iran.


Read more at Reuters Africa

Wall Street closes sharply lower on rate worries

(Reuters) - U.S. stocks fell on Thursday, as interest-rate concerns spurred investors to lock in profits from the market's spring rally.

News that sales of new homes climbed at their fastest pace in 14 years signaled a slowdown in housing may have bottomed out, but it also put the Fed's cut in official rates further out on the horizon. A steady rise in bond yields has investors worried about higher borrowing costs.


Read more at Reuters Africa

Korean Won Rises, Reversing Drop, as Benchmark Stock Index Pares Losses

(Bloomberg) -- South Korea's won gained as the
nation's benchmark stock index pared losses, easing concern
investors will shun emerging-market assets.

The won reversed a slide of as much as 0.3 percent on
speculation overseas investors will keep putting funds into the
region as China's CSI 300 Index rose to a record. The won rose
1.3 percent this quarter as so-called net purchases by fund
managers abroad were 10 times more than in the first quarter.


Read more at Bloomberg Currencies News

Oil firm near 9-month highs on supply worries

(Reuters) - Oil was little changed on Friday, pausing after surging to a nine-month high in the previous session on supply worries in Nigeria and tensions in Iran.

Benchmark London crude was up 3 cents at $70.75 a barrel by 0115 GMT. It settled up 12 cents at $70.72 a barrel on Thursday.


Read more at Reuters Africa

Aviva, Marston's, Smurfit Kappa Shares: U.K., Irish Stock Market Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from yesterday's market close.

The benchmark FTSE 100 Index fell 51, or 0.7 percent, to
close at 6565.4 in London as 16 stocks rose, 83 fell and 3 were
unchanged. The FTSE All-Share Index lost 25.71, or 0.7 percent,
to 3414.67.


Read more at Bloomberg Stocks News

China's April Coal Imports Jump 27 Percent as Nation Remains Net Importer

(Bloomberg) -- China, which became a net importer of
coal this year, increased purchases of the fuel 27 percent in
April to meet higher energy demand in the world's fastest-growing
major economy.

Imports climbed to 4.92 million metric tons from 3.87
million tons a year earlier, figures the Customs General
Administration of China released in Beijing today show. Purchases
last month outweighed exports of 4.46 million tons. Over the
first four months, China imported a net 3.13 million tons of coal.


Read more at Bloomberg Energy News

SEC's Cox Sparks Investor Alarms, Favoring Companies, Curbing Enforcement

(Bloomberg) -- The U.S. Securities and Exchange
Commission last month granted Tenet Healthcare Corp. an unusual
break: The company will be given protection against shareholder
lawsuits even though it is being punished for fraud.

The SEC had accused the largest publicly traded hospital
chain of deceiving investors by failing to disclose a scheme to
boost earnings. Tenet, which neither admitted nor denied the
allegations, agreed to pay $10 million to settle. Yet the SEC
waived a rule that says companies engaging in fraud lose a
statutory shield that makes it harder for shareholders to sue if
forecasts turn out to be wrong.


Read more at Bloomberg Exclusive News