Turkcell, Boyner, Izocam, Turk Ekonomi Bankasi: Turkish Equity Preview

(Bloomberg) -- The following stocks may rise or fall in Turkey today. Company symbols are in parentheses and prices are from the previous close. The ISE National 100 Index dropped 4 percent to 44,984.45 yesterday after the military signaled at the weekend it would block the government's presidential candidate, possibly forcing an early election.

Turkcell Iletisim Hizmetleri AS (TCELL TI): The country's biggest mobile-phone company signed a $30 million 18-year license to operate in Turkish-held northern Cyprus, it said in a filing with the Istanbul Stock Exchange. KKTCELL, its Turkish Cypriot unit, has paid half of the fee and will pay the rest in five monthly installments, the filing said. Turkcell fell 10 kurus, or 1.3 percent, to 7.60 liras.


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Islamic Bond Fatwas Surge on Million-Dollar Men Sought for Newest Issues

(Bloomberg) -- Sheikh Nizam Yaquby is the gatekeeper to the $1 trillion market for managing Muslim wealth.

Yaquby, who lives in Bahrain, says he's on advisory boards of 40 finance companies, and tells Citigroup Inc., American International Group Inc. and HSBC Holdings Plc which insurance policies, accounts and bonds they can sell to devout Muslims.


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PRESS DIGEST - Wall Street Journal - May 1

(Reuters) - * The U.S. Supreme Court made it harder to get new patents and to defend existing ones. In a unanimous decision, the justices ruled that lower courts have given patent holders more power than Congress intended, potentially stifling innovation.

* World Bank President Paul Wolfowitz signaled he may consider resigning -- but only if the bank's board clears him of any wrongdoing.


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Australia Shares Slide, Led by Rio Tinto, Aristocrat Leisure; Santos Jumps

(Bloomberg) -- Australian stocks dropped, led by companies that rely on global growth after U.S. consumer spending slowed in March and construction spending eased. Rio Tinto Group and Westfield Group led declines.

Aristocrat Leisure Ltd. slumped after the company forecast first-half profit growth below market expectations.


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Copper Falls in Asia as Production in Peru Unaffected by Mining Strike

(Bloomberg) -- Copper futures fell in Asia as China started a week-long holiday and a strike in Peru hasn't dented output of the metal.

A national strike by some mine workers in Peru including employees of Southern Copper Corp. and Doe Run Resources Corp. hasn't affected production, Labor Minister Susana Pinilla said yesterday. China, the world's largest consumer of copper, has a holiday until May 7.


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U.S. Treasuries Little Changed as Investors Await Manufacturing Report

(Bloomberg) -- Treasuries were little changed after rising the most in two months yesterday, as investors awaited reports that will provide more clues about the health of the U.S. economy.

The Institute for Supply Management may say today its manufacturing index rose to 51 points last month from 50.9 in March, according to a Bloomberg News survey. The yield on 10- year notes fell 7 basis points yesterday as the measure of inflation favored by Federal Reserve policy makers showed consumer prices were stable in March.


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Euro's Rally to Record Highs May Stall, Bank of America's Fujii Predicts

(Bloomberg) -- The euro's gain to a record high against the dollar and the yen may stall, according to a technical indicator traders use to predict currency movements.

The euro's 14-day relative strength index was 67.63 against the dollar today and 70.33 versus the yen. A level above 70 signals a reversal is likely. Futures traders also raised their bets on the euro against the dollar to a record, suggesting the single currency is vulnerable to a decline.


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Pacific Equity mulls bid for Borders unit-source

(Reuters) - "It's a strong retail brand and would be a sensible acquisition," the source said.

PEP already owns the A&R Whitcoulls retailer, which operates the 180-store Angus & Robertson bookstore chain and Whitcoulls bookstores in New Zealand. It would likely make any purchase through A&R Whitcoulls.


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UPDATE 1-Poultry farms in Indiana given contaminated feed

(Reuters) - WASHINGTON, April 30 - The U.S. government said on Monday 38 poultry farms in Indiana were given contaminated feed in early February containing melamine, with some of the chickens likely to have entered the food supply.

The U.S. Agriculture Department and the Food and Drug Administration said there was a "low-risk" to humans and no food recalls were expected at this time. They are uncertain how many chickens were involved, how many entered the food supply or where they went.


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38 poultry farms in Indiana given contaminated feed

(Reuters) - Pet food tainted with melamine, a chemical used in plastics and fertilizer, was found in feed given to hogs. Last week, USDA said around 6,000 hogs in six states -- California, Kansas, New York, North Carolina, South Carolina and Utah -- may have been given the contaminated feed.




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CORRECTED - UPDATE 1-CBOE demutualization pushes up seat sales

(Reuters) - By Doris Frankel

CHICAGO, April 30 - The Chicago Board Options Exchange said on Monday that a membership traded for a record $2.4 million, underscoring the benefits of the largest U.S. options exchange's conversion into a stock structure.


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FPL Group shares up as earnings beat

(Reuters) - The company's results were helped by a solid performance from its unregulated merchant generation unit, which sells power in the competitive markets.

"It looks like they are off to a good start," said Paul Patterson, analyst at Glenrock Associates in New York City. "They benefited from new generation and favorable market conditions."


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Northwest cuts estimated amount of payable claims

(Reuters) - Northwest revised its estimate based on "additional refinements in claims analysis," the airline said in a government filing without giving further details.




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UPDATE 1-Shoppers Drug Mart profit jumps almost 19 percent

(Reuters) - Shoppers Drug Mart said it earned C$85.1 million , or 39 Canadian cents a share, for the quarter ended March 24, up from a profit of C$71.7 million, or 33 Canadian cents a share, in the corresponding period a year earlier.

On average, analysts had expected a profit of 38 Canadian cents before exceptional items, according to Reuters Estimates.


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UPDATE 1-US high court loosens patent 'obviousness' test

(Reuters) - In a case involving vehicle throttle pedals, the justices unanimously said the courts should be more flexible in the way they interpret the standard for whether patents are valid or merely "obvious" combinations of previous inventions that should be rejected.

The case has been keenly watched by industries that rely heavily on patents, such as the pharmaceutical, biotechnology and software industries. Obviousness in the most common ground for the U.S. Patent & Trademark Office to reject a patent.


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ISE board accepts D. Boerse offer: source

(Reuters) - Deutsche Boerse wants to buy ISE to expand in the fast-growing global market for options trading. ISE is the largest U.S. equity options market. The companies could not be immediately reached for comment.




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Treasuries Gain Most in Seven Weeks Amid Stability in Inflation Last Month

(Bloomberg) -- U.S. Treasuries rose the most in almost seven weeks after the measure of inflation favored by Federal Reserve policy makers showed consumer prices excluding food and energy were stable in March.

The larger-than-forecast decline in the core personal consumption expenditures index bolstered the view that the Fed may cut interest rates this year after raising them 17 times between 2004 and 2006. Treasuries held their gains after an industry report showed business activity slowed more than forecast this month.


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Rand reverses losses after knee-jerk fall

(Reuters) - South Africa's rand and government bonds were steady on Monday after bouncing back from a knee-jerk fall in early trade, bolstered by a smaller-than-expected trade deficit for March.

The currency initially slid against the dollar as political turmoil in Turkey and moves by China to raise bank's statutory reserves hit emerging markets.


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Mexico cuts 2007 GDP forecast to 3.3 pct-Carstens

(Reuters) - He also said he believed the Mexican central bank "went ahead of time in tightening monetary policy" on Friday.




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Shipping Rates May Plummet as Vessel Supply Rivals U.S. WWII Building Boom

(Bloomberg) -- The cost of shipping coal and iron ore is about to decline as the supply of cargo vessels overwhelms demand.

Japan, China and South Korea will produce so many vessels that shipping costs, now at an all-time high, will fall 40 percent by 2010, according to futures contracts traded privately between banks, transportation companies and hedge funds. The decline would hurt Antwerp-based Compagnie Maritime Belge SA, the world's largest commodities-shipping line, and Golden Ocean Group Ltd., run by Norwegian billionaire John Fredriksen.


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Insurer Old Mutual confirms UK distribution shakeup

(Reuters) - South Africa's biggest insurer Old Mutual has merged its UK distribution platform Selestia with platforms run by Skandia, the Swedish group it bought last year, to create Britain's largest fund platform.

The combined business, including Skandia Life and Skandia MultiFunds, will be led by Brett Williams, who will report to Nick Poyntz-Wright, chief executive of Skandia UK & Offshore, Old Mutual said on Monday, confirming an expected move.


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Copper Gains in New York as Peru Mining Strike May Threaten World Supplies

(Bloomberg) -- Copper prices in New York rose the most in more than a week as a strike threatened to slow supplies from Peru, the world's third-largest producer of the metal.

Miners in Peru began their first national strike in three years after weekend talks with the government failed. Workers at two Southern Copper Corp. mines and zinc producer Volcan Cia. Minera SA began the strike today, according to the Mining Federation union. Prices for copper rose to a record in May as mine accidents and labor disputes disrupted supplies.


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Ceragon, Eagle Hospitality, Enpath, Wrigley, Xinhua: U.S. Equity Movers

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

American Real Estate Partners LP (ACP US) fell $15.21, or 14 percent, to $93.30 and traded as low as $92.25. Shares of the holding company controlled by Carl Icahn are overvalued with the 69 percent premium the stock carries, Barron's reported, without citing anyone. The company is worth about $65 a share, compared with the closing price of $108.51 on April 27, Barron's said.


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TREASURIES-Bonds rise on tamer-than-expected inflation

(Reuters) - NEW YORK, April 30 - U.S. Treasury debt prices climbed on Monday after a weaker-than-forecast reading on inflation boosted investor expectations the Federal Reserve could move to cut benchmark interest rates.

Fed officials have said that inflation remains their highest concern when considering monetary policy, but March data released on Monday showed inflation that was nearer to the central bank's presumed comfort zone.


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US Midwest business growth eases in April

(Reuters) - The employment component of the index rose in April to 50.5 from 45.0 in March. Prices paid rose to 64.9 from 59.1 and new orders fell to 56.5 from 72.2 in March.




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Alcan signs agreement for Saudi aluminum smelter

(Reuters) - Alcan, the world's second-largest maker of primary aluminum, said it would hold a 49-percent stake in the project, which would include 1,400 megawatts of power generation, a 720,000-tonne aluminum smelter and 1.6 million-tonne alumina refinery.




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CIT says accounting decision will reduce profit

(Reuters) - The company said its profit excluding noteworthy items remained unchanged at $1.30 per share.

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UPDATE 1-Hilton Hotels profit falls

(Reuters) - Net income for the first quarter fell to $95 million, or 23 cents per share, from $104 million, or 26 cents per share, in the same period a year ago.

Excluding gains from asset sales, the earnings were in line with analyst expectations of 18 cents per share, according to Reuters Estimates.


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CORRECTED: RadioShack profit rises as expenses drop

(Reuters) - Selling, general and administrative expenses in the quarter dropped 16.9 percent to $412 million, as the company cut jobs, advertising spending and outside services in an ongoing effort to turn around its struggling business.

RadioShack incurred $8.5 million in costs related to cutting about 280 jobs, as announced earlier. It had previously said the reduction in payroll and elimination of other open positions will yield $30 million a year in pretax savings.


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Steel distributor PNA Group files for IPO

(Reuters) - The preliminary filing with the U.S. Securities and Exchange Commission did not detail how many shares the company plans to sell or the expected price of the shares, as those details will likely be in future filings.




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Canada's Dollar Advances to Seven-Month High as Economic Growth Quickens

(Bloomberg) -- Canada's dollar touched a seven- month high after a report showed economic growth quickened in February.

Traders bought Canadian dollars after Statistics Canada said the nation's economy grew at a 0.4 percent pace in February, compared with a 0.1 percent gain the previous month. Economists expected a 0.2 percent expansion, according to the median forecast in a Bloomberg survey.


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Verizon quarterly profit falls

(Reuters) - Earnings per share from continuing operations was 51 cents, or 54 cents on an adjusted basis, compared to 46 cents in the first quarter of 2006, the No. 2 U.S. phone company said.

That was in line with analysts' expectations of 54 cents in adjusted earnings per share before discontinued items, according to Reuters Estimates.


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S.Africa trade deficit 2.7 bln rand in March

(Reuters) - South Africa recorded a trade deficit of 2.74 billion rand in March, virtually unchanged from the shortfall in February, the South African Revenue Service said on Monday.

The figure, below the 4.1 billion rand deficit forecast in a Reuters poll of economists, confirms a trend of relatively small deficits in the wake of January's 11.7 billion rand shortfall and record deficits in the second half of 2006.


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S&P 500 Futures Rise on Earnings, Inflation; RadioShack, Verizon Advance

(Bloomberg) -- Futures on the Standard & Poor's 500 Index gained after earnings beat estimates and a measure of inflation was unchanged, bearing out the Federal Reserve's prediction that price increases will ease as the economy slows.

RadioShack Corp. advanced after the third-largest U.S. electronics retailer said first-quarter profit rose fivefold because of reduced costs. Verizon Communications Inc. rose after revenue at the nation's second-biggest phone company topped analysts' projections.


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Chicago, California Hospital Lead Municipal Bond Borrowers of $6 Billion

(Bloomberg) -- The city of Chicago and Community Medical Centers of central California will lead U.S. tax-exempt borrowers as new municipal bond issues drop to about $6 billion, the lowest in three weeks.

Chicago will sell $603 of general obligation bonds in a deal managed by Merrill Lynch & Co., while the Fresno, California-based nonprofit hospital network will borrow $327 million with Citigroup Inc. as managing underwriter. Banner Health of Phoenix also may offer $600 million of tax-exempt bonds as soon as this week.


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D.Boerse in friendly talks to buy ISE - source

(Reuters) - The source said Deutsche Boerse Chief Excecutive Reto Francioni would present the plan to a supervisory board meeting on Monday, confirming a report in the Wall Street Journal.

The source said Deutsche Boerse was likely to announce the planned deal, which would bulk up the German stock exchange operator's position in the fast-growing area of equities options, in a statement later on Monday.


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UPDATE 1-Deutsche Boerse in talks to buy ISE for $68/shr-WSJ

(Reuters) - A deal would allow the Frankfurt stock exchange to expand into the U.S. options trading market. Financial exchanges have been consolidating to diversify their businesses and cut costs. Options markets have become particularly attractive as the trading of listed options is growing faster than both stock and futures trading

Deutsche Boerse Chief Executive Reto Francioni is presenting the plan at a supervisory board meeting on Monday, The Journal reported, citing people familiar with the matter.


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Hungarian Forint Falls as Investors Shun Emerging Market Assets on Turkey

(Bloomberg) -- The Hungarian forint fell the most in two weeks against the euro, in line with other central European currencies, as political instability in Turkey prompted investors to sell riskier assets.

Turkey's lira headed for its biggest drop in 11 months and bonds and stocks also slumped after the military threatened to block the government's presidential candidate because of his Islamist past. The zloty today fell versus the euro with the Polish zloty, the Romanian leu and the Slovak koruna.


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Central European Stocks Decline, Led by Erste Bank; KGHM Polska Advances

(Bloomberg) -- Central European shares fell, led by Erste Bank AG, Austria's largest bank, and Poland's PKO Bank Polski SA.

Shares of KGHM Polska Miedz SA jumped after the PAP newswire reported the Polish company that mines more copper in Europe than any competitor may raise its profit forecast and after copper prices increased.


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Eni to Buy Dominion Assets for $4.8 Billion, Triple Gulf of Mexico Output

(Bloomberg) -- Eni SpA, Europe's fourth-largest oil company, agreed to buy Dominion Resources Inc.'s exploration and production assets in the Gulf of Mexico for $4.8 billion, to triple its output from the region.

The purchase will boost Eni's production in the Gulf to 110,000 barrels of oil equivalent a day by the second half of 2007, from 36,000 barrels a day currently, the Rome-based company said today in a statement distributed by the Italian Stock Exchange.


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JPMorgan Analysts Downgrade European Property Stocks on Interest Rates

(Bloomberg) -- Shares of European property companies were downgraded by JPMorgan Chase & Co. on concern higher interest rates will hurt the industry.

The brokerage lowered its recommendation for property companies to ``underweight'' from ``neutral,'' according to a research note dated today.


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Turkish Stocks Tumble After Army Warning, Protests: World's Biggest Mover

(Bloomberg) -- Turkey's main stock index sank the most in 11 months after the military signaled it may block the government's presidential candidate. Turkiye Garanti Bankasi AS, a bank co-owned by General Electric Co., paced the retreat.

The nation's military, which has forced four governments from power since 1960, said late on April 27 it was watching the presidential elections and was prepared to ``clearly express'' its worries for the secular constitution. Hundreds of thousands of people protested the government's nominee for president yesterday in Istanbul.


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UPDATE 1-UPS offers to exchange 2031 stg bond for 2050 debt

(Reuters) - UPS said it was undertaking the exchange offer to give it greater financing flexibility by extending its debt maturity.

A special committee of the Association of British Insurers representing 44 percent of the existing notes has considered the deal and thinks it suitable to present to holders, the company said.


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U.K. Pound Gains Versus Euro on Speculation BOE to Raise Interest Rates

(Bloomberg) -- The U.K. pound rose against the euro before reports this week that will probably reinforce views that the interest-rate premium the pound has over the dollar will widen further.

The pound fell last week as the rally that pushed it to a 26-year high versus the dollar was judged by traders as being too rapid. Data this week may show money supply growth quickened in March and gains in house prices held above 10 percent in the three months to April. U.S. reports may show personal spending grew at a slower pace in March while inflation slowed.


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Billionaire Ananda Krishnan Offers to Buy the Rest of Maxis Communications

(Bloomberg) -- Billionaire T. Ananda Krishnan plans to buy full control of Maxis Communications Bhd., Malaysia's biggest mobile-phone operator, which is valued at $9.6 billion.

Krishnan's Usaha Tegas Sdn. and affiliates plan to make an offer to buy all shares they don't already own by May 3, Maxis said today in a statement to the stock exchange in Kuala Lumpur. Sarah Lim, a Maxis spokeswoman, declined to say why Krishnan planned a bid or comment on financial terms.


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Australian Farmers to Start Sowing Wheat, Canola After Rain in Many Areas

(Bloomberg) -- Grain growers in Australia, the world's third-largest wheat and canola exporter, will likely start sowing this week as rain in many parts raised hopes of relief from one of the country's worst droughts in a century.

As much as 50 millimeters of rain fell in some cropping regions in South Australia, Western Australia, Victoria and New South Wales states in the week ending April 29, the Bureau of Meteorology said on its Web site.


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PRESS DIGEST - New York Times front page - Apr 30

(Reuters) - Animal feed produced in China has been regularly supplemented with a cheap additive that is at the center of a pet food recall.

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