Indonesia to Change Price Formula for Crude Oil Exports Starting in July

(Bloomberg) -- Indonesia, Southeast Asia's biggest
oil producer, will change the formula it uses to price the
country's crude exports starting July to help boost revenue.

The energy ministry will drop the Asian Petroleum Price
Index, which has a 5 percent weight in the formula, and increase
the weights of assessments made by oil-pricing services Platts
and RIM Intelligence Co. to 50 percent each, Luluk Sumiarso,
director general of oil and gas, said by telephone today.


Read more at Bloomberg Energy News

Unibail makes formal offer for Rodamco Europe

(Reuters) - The offer period will begin May 22 and close June 20, the
two firms said.




Rodamco's largest shareholder, Dutch pension group PGGM, has
agreed to tender is 24.42 percent stake in Rodamco, they said.


Read more at Reuters.com Mergers News

Tokyo gold up nearly 1 percent on soft yen

(Reuters) - Tokyo gold futures bounced back on Monday, rising nearly 1 percent, as a higher close on New York's COMEX and a softer yen prompted buying, while bargain hunting lifted dollar-based gold prices.

Platinum also regained some ground to hit a record high as bargain hunters bought the metal, which is enjoying steady demand due to its use in automobile catalytic converters.


Read more at Reuters Africa

Yen hits record low against euro as stocks rise

(Reuters) - Group of Eight finance ministers avoided discussing the yen's weakness at a weekend meeting, which market players also took as a green light to push up high-yielding currencies.




The ministers issued a communique that was upbeat on the global economy and made no mention of currencies. The ministers also said there was no discussion of foreign exchange rates.


Read more at Reuters.com Hot Stocks News

Indian Rupee Advances on Speculation Growth Will Lure Overseas Investors

(Bloomberg) -- India's rupee rose, adding to a nine-
year high, on expectations economic growth will boost corporate
profits, lift stocks and attract investment from abroad.

Overseas investors' stock purchases, which climbed to the
highest in three months on May 17, have helped lift the currency 8
percent this year. The rupee may also gain after China widened the
yuan's trading band, spurring speculation the Indian central bank
will tolerate further strength in its currency.


Read more at Bloomberg Currencies News

European Government Debt May Fall Before German Investor Confidence Report

(Bloomberg) -- European bonds may fall before a
report tomorrow that's expected to show German investor
confidence rose to an 11-month high in May, a sign growth in
Europe's largest economy is accelerating.

Government debt fell by the most last week in five after
reports showed European economies grew faster than forecast in
the first quarter, and euro-region inflation quickened. Futures
trading shows investors are raising bets on European Central Bank
policy makers lifting rates at least twice more this year.


Read more at Bloomberg Bonds News

AT&T steps up Cingular rebranding ahead of iPhone

(Reuters) - AT&T acquired BellSouth Corp. last year, a move that consolidated its ownership of the two companies' wireless joint venture, Cingular, which is being rebranded as AT&T.




"The iPhone is one of the most anticipated handsets ever in the wireless industry, and we want to make sure that every drop of equity from the iPhone accrues to the AT&T brand," AT&T spokesman Michael Coe said.


Read more at Reuters.com Business News

Asian Currencies Gain, Led by Ringgit, After China Boosts Yuan Flexibility

(Bloomberg) -- Asian currencies climbed on
speculation the region will allow gains after China widened the
yuan's daily trading band, which may lead to faster appreciation.

The Malaysian ringgit rose to a 9 1/2-year year high and the
Philippine peso touched the strongest in six years after the
People's Bank of China May 18 also raised interest rates and
ordered banks to put aside more money as reserves. Faster gains
in the yuan may benefit the region's exports because it makes
China's goods more expensive to overseas buyers.


Read more at Bloomberg Currencies News

IRPC Sets Target Yield on First Bond Sale by Company in Thailand This Year

(Bloomberg) -- IRPC Pcl, Thailand's biggest
petrochemicals company by sales, set the target yield on a
planned sale of $250 million of bonds, the first overseas debt
offering by a Thai company this year.

IRPC, based in Bangkok, is seeking to price 10-year bonds to
yield 1.15 to 1.2 percentage points more than the mid-swap rate,
according to an e-mail sent to investors by one of the sale's
arrangers. The 10-year mid-swap rate was at 5.352 percent at 9:40
a.m. Singapore time, according to data compiled by Bloomberg.


Read more at Bloomberg Emerging Markets News

TPG, Goldman, near $25 bln deal for Alltel - report

(Reuters) - The buyers are expected to pay about $71.50 per share for
the Little Rock, Ark.-based company, the report said. Alltell
shares closed at $65.21 on Friday.




Read more at Reuters.com Mergers News

Asian Development Bank Will Sell 5 Billion Pesos in Five-Year Securities

(Bloomberg) -- The Asian Development Bank, funded by
governments to promote growth in the region, will sell 5 billion
Philippine pesos ($108 million) in five-year bonds to help fund
its ordinary operations, according to a document obtained from one
of the arrangers.

First Metro Investment Corp., the investment banking unit of
the Philippines' largest lender, and Standard Chartered Plc are
arranging the sale and will collect orders for the notes today and
tomorrow, according to the term sheet. The bank will price the
bonds after 5 p.m. tomorrow in Manila, according to the document.


Read more at Bloomberg Bonds News

Yuan May Extend Gains From Highest Close Since 2005 on Wider Trading Band

(Bloomberg) -- The yuan may extend gains from last
week's highest close since a dollar link was scrapped in 2005
after China widened the currency's daily trading limit.

The gesture comes before Vice Premier Wu Yi meets U.S.
Treasury Secretary Henry Paulson in Washington on May 22-24 as
part of a dialogue aimed at reducing global trade imbalances. A
stronger yuan will increase export prices and lower import costs,
helping narrow China's record trade surplus and appease U.S.
lawmakers who say China's currency policy and the U.S. trade
deficit are losing American jobs.


Read more at Bloomberg Currencies News

China Eastern in smooth talks with S'pore Air-paper

(Reuters) - "So far, the negotiations with Singapore Airlines are smooth
... But when we can reach an agreement will be up to the support
of the government," Li said.




A deal would need support from the China Securities
Regulatory Commission, the country's top stock market watchdog,
and the government agency known as SASAC, which oversees large
state firms, Li said. Li did not give a timing on the planned
tie-up.


Read more at Reuters.com Mergers News

Euro May Advance to Record Against Yen on Widening Interest-Rate Premium

(Bloomberg) -- The euro may reach a record against
the yen as investors are attracted to Europe's interest-rate
premium over Japan, which is likely to widen.

The currency has gained 4.2 percent against the yen this
year on Europe's 3.25 percent rate advantage over Japan. European
Central Bank President Jean-Claude Trichet signaled he is likely
to raise the cost of borrowing next month, widening the rate
premium with Japan. The spread between German and Japanese bond
yields is close to the most in five years.


Read more at Bloomberg Currencies News

Japanese Stocks May Advance on U.S. Confidence, Yen; Sharp May Lead Gains

(Bloomberg) -- Japanese shares may advance after U.S.
consumer confidence unexpectedly rose this month and the yen
weakened against the dollar and euro. Sharp Corp may lead gains
by exporters.

The Standard & Poor's 500 Index posted the longest weekly
streak of gains since 2004. The U.S. is Japan's largest overseas
market and a weaker yen means Japanese exporters get more for
their overseas sales when they are converted back to local
currency.


Read more at Bloomberg Stocks News

APN News, BHP Billiton, Rio, Slater & Gordon: 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 on Friday. Prices
are from Friday'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 rose 1
percent to 6401 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index added 0.3 percent in New York.


Read more at Bloomberg Stocks News

Crude Oil Trades Little Changed on Signs U.S. Gasoline Supplies Are Rising

(Bloomberg) -- Crude oil was little changed in New
York after stalling near a three-week high last week on signs
rising U.S. gasoline stockpiles may damp motor-fuel prices.

Gasoline futures fell for the first day in four on May 18 as
traders bet the 8.6 percent gain the past two weeks already
priced the risk that refinery shutdowns may hamper production
going into the peak U.S. summer demand. U.S. gasoline stockpiles
rose for a second week, leaving them 7.5 percent below the five-
year average on May 11, the Energy Department said last week.


Read more at Bloomberg Energy News

Risk-taking needed for progress: Fed's Pianalto

(Reuters) - "If we are not willing to let go of the rung we are holding onto, even though it involves fear and loss as we abandon the familiar ... we can't reach for new and greater heights," she said. "This is true for the individual as well as the entire economy."




She did not touch on the outlook for the U.S. economy or Fed interest-rate policy in her remarks.


Read more at Reuters.com Bonds News

Capitalia chief Matteo Arpe makes quiet exit

(Reuters) - With Capitalia about to be swallowed up by larger rival UniCredit for more than $29 billion, Arpe resigned while the man who tried to oust him, Capitalia's chairman Cesare Geronzi, looked set to take up a new position in the combined group.




Arpe's exit comes after six years at the Rome-based bank where he engineered a rapid turnaround that won him fans amongst international investors. But a public spat with Geronzi nearly cost him his job three months ago.


Read more at Reuters.com Business News

Egyptian stocks up, housing dominates again

(Reuters) - Egyptian stocks rose on Sunday, driven by strong interest in Medinet Nasr Housing and Alexandria Real Estate Investment, brokers said.

But two other housing and real estate stocks, Heliopolis Housing and Sixth of October Investment and Development (SODIC) , fell back after early gains.


Read more at Reuters Africa

Warner may offer extra 100 mln stg for EMI -paper

(Reuters) - Last week people familiar with the situation said that EMI
had opened the door for suitors including Warner Music to
inspect the company's financial data.




Warner is widely considered by analysts to be the natural
home for EMI.


Read more at Reuters.com Mergers News

UniCredit, Capitalia about to create bank giant

(Reuters) - Long seen as one of Italy's last banking gems up for grabs, Capitalia's fate looks to be sealed in the hands of a domestic suitor after persistent speculation that it could be bought by a foreign bank looking for a foothold in Italy.




Financial sources have said the boards of both banks are meeting on Sunday to give a green light to the deal, which is expected to be an all-share offer.


Read more at Reuters.com Business News