Dow, S&P close at records as energy shares rise

(Reuters) - U.S. stocks rose on Monday, with the Dow and the S&P 500 eking out closing records, as higher energy shares and a fresh round of takeovers offset concerns about a sharp sell-off in Chinese stocks.

Wal-Mart Stores Inc. rose 3.5 percent, boosting the Dow and the S&P, after several brokerages raised their ratings on the retailer's shares.


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UPDATE 1-RBS H1 earnings to beat forecasts

(Reuters) - It said costs as a ratio of income should improve from the
2006 level of 42.1 percent.




RBS said last week it should beat analysts' forecasts for
first-half underlying earnings. Profit before tax and
exceptional items is expected to be 10.3 billion pounds in 2007, up 9 percent from 9.4 billion in 2006,
according to a Reuters Estimates average forecast from 11
analysts.


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Japanese Stocks Climb; Denso Leads Advances Among Auto-Related Shares

(Bloomberg) -- Japanese stocks rose, led by
automotive-related shares such as Denso Corp., as concern eased
a slowdown in the U.S. economy will drag on the companies'
profit growth.

Energy producers advanced after the price of crude oil
climbed above $66 a barrel in New York.


Read more at Bloomberg Stocks News

Philippine Government Bonds Drop on Inflation Data: World's Biggest Mover

(Bloomberg) -- Philippine bonds fell, the biggest
fluctuation of any government debt market today, after a report
showed inflation accelerated for a second straight month. The
peso dropped.

Yields on five-year notes rose to the highest since
December on speculation quicker inflation, supported by rising
oil prices, will give the central bank less room to reduce
interest rates. The economy grew a faster-than-expected 6.9
percent last quarter, weakening optimism policy makers will
reduce borrowing costs.


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Japan's LDP pledges to achieve 2.5 pct econ growth

(Reuters) - While the party did not specify when such growth should be
achieved, the ambitious target underlines the pro-growth policy
of prime minister and party head Shinzo Abe, who has prioritised
corporate tax breaks and other measures aimed at boosting growth
since taking office in September last year.




"In pursuing tax reforms, we will focus on sustaining or
enhancing the economy's vitality and strengthening the nation's
global competitiveness," the policy pledge said.


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Japan's Government Bonds Are Little Changed After Auction of 10-Year Debt

(Bloomberg) -- Japanese government bonds were little
changed after an auction of 10-year debt.

The Ministry of Finance's sale of 1.9 trillion yen ($15.6
billion) of the securities had bids worth 3.20 times the amount
on offer, compared with 4.03 times at last month's auction.


Read more at Bloomberg Bonds News

Malaysia Palm Oil Futures Climb to Record on Supply Concern, Rising Demand

(Bloomberg) -- Palm oil futures in Malaysia rose to
an all-time high amid concern that supplies in Southeast Asian
producing countries may not be enough to meet surging export
demand as well as domestic market needs.

Palm oil for August delivery, the most actively traded
contract on the Malaysia Derivatives Exchange, rose 23 ringgit,
or 0.9 percent, to a record 2,624 ringgit ($772) a metric ton. It
traded at 2,623 ringgit at 11:08 a.m. local time.


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Dollar steadies after slip, yen stays weak

(Reuters) - The dollar slipped on Monday after investors booked profits. It was unable to maintain a four-month high against the yen and a two-month peak versus the euro hit late last week after strong U.S. jobs data made it less likely the Federal Reserve will cut rates this year.




Traders said the dollar would continue to suffer against the euro given that euro rates are seen rising this week, but the yen would keep sliding as market participants shun it due to Japan's paltry 0.5 percent yield.


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Philippines' SM Prime Holdings Borrows 4 Billion Pesos to Fund Expansion

(Bloomberg) -- SM Prime Holdings Inc., the
Philippines' biggest shopping mall company, said it borrowed 4
billion pesos ($88 million) from five banks to help fund
expansion.

SM Prime sold the lenders five-year floating-rate notes,
the company said in a statement received through e-mail, without
elaborating. First Metro Investment Corp. and SB Capital
Investment Corp. arranged the loan.


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Asian Energy Stocks Climb, Led by Inpex on Oil Price; China's Shares Drop

(Bloomberg) -- Asian energy stocks rose after crude-
oil prices climbed to a two-week high, bolstering expectations
for earnings growth.

``Money is heading to commodity-related shares, pushing the
level of the overall market higher,'' said Terunobu Kinoshita,
who helps manage $785 million at Fund Creation Co. in Tokyo.
``Investors should anticipate further gains.''


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South Korean Won Rises to Near Two-Week High on Inflows to Stock Market

(Bloomberg) -- The South Korean won advanced to near
its highest in two weeks on speculation gains in local equities
will encourage overseas investment in the nation's assets.

The won has advanced 2.5 percent over the past three months
as signs of an economic recovery helped boost Korean stocks by 21
percent this year to a record close yesterday. Reports last week
showed overseas sales rose more than expected in May and service
companies increased output at a faster pace in April.


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Japan's Omi: fiscal policy must assume rate rise

(Reuters) - But he added that a 1 percent rise in yields would raise
annual costs to the government by 7.7 trillion yen and that the government needed to keep this in mind in
achieving fiscal health.




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Indian casinos' 2006 revenue hit $25.1 billion

(Reuters) - Commercial casinos, such as those operated by MGM Mirage
, Boyd Gaming Corp. , Las Vegas Sands Corp.
and Wynn Resorts Ltd. , saw 2006 gross gaming
revenue grow nearly 7 percent to $32.4 billion, according to
the American Gaming Association.




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Australian Dollar Gains to Three-Week High on Yields, Rising Metal Prices

(Bloomberg) -- The Australian dollar rose to a three-
week high as investors were attracted to higher yielding assets
and increasing prices for raw materials the nation exports.

The local dollar traded near the most in 15 years versus the
yen as investors were lured to Australia's 6.25 percent interest
rate, which compares with Japan's 0.5 percent. Australia's
currency gained a fourth day against the U.S. dollar as a measure
of six metals on the London Metal Exchange rose 1.6 percent to the
most in almost three weeks. Commodity exports add about 14 percent
to Australia's economic growth.


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Japan to Offer a Seven-Month High Coupon on 10-Year Bonds, Survey Shows

(Bloomberg) -- Japan's Ministry of Finance will offer
a 1.8 percent coupon at a 10-year bond auction today, the highest
since November, a Bloomberg News survey showed.

All of seven traders, analysts and investors surveyed
predicted the coupon for the 1.9 trillion yen ($15.58 billion)
sale of the debt.


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House panel sets hearing on Internet gambling

(Reuters) - Committee Chairman Barney Frank introduced a bill in April that would repeal an effective ban on online gambling imposed last year by Congress.




The Massachusetts Democrat said the ban was "imprudently adopted" and the pastime is "a matter of individual freedom."


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UPDATE 1-Siebert founder to waive part of dividend payout

(Reuters) - NEW YORK, June 4 - Brokerage Siebert Financial
Corp. raised its dividend by 50 percent as its founder
and chairwoman Muriel Siebert waived her right to receive most
of the payout she would have been entitled to based on her
stake.




The move means that Siebert will get $280,000 instead of
the $2.4 million she could have received based on her stake in
the company. The remaining amount of about $2.1 million will be
retained by Siebert as capital for use in its business, the
company said.


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Argentina stocks slip from highs on profit-taking

(Reuters) - "The MerVal's decline is due to predictable profit-taking
after last week's gains," said Jorge Alberti, an analyst at
ElAccionista.com online brokerage.




Trade volume on the broad market was a moderate 80.8
million pesos , down from 92.2 million pesos on
Friday. Of active stocks, 31 advanced, 35 retreated and 13 were
unchanged.


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U.S. Stocks Rise, Led by Energy Producers; Wal-Mart Stores Shares Advance

(Bloomberg) -- America's equity benchmarks climbed
to records again on analyst upgrades of Wal-Mart Stores Inc. and
a rise in oil prices that buoyed energy shares.

Wal-Mart, the world's largest retailer, led the S&P 500 to
its fourth consecutive peak and the Dow Jones Industrial Average
to its 27th this year after four brokerages recommended the
company because of its planned $15 billion share-buyback plan.
Oil and gas companies climbed to a high after the price of crude
surged above $66 a barrel on concern supplies from Nigeria may
be disrupted.


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Cattle Futures, Unchanged, Touch Four-Month Intraday Low; Hog Price Rises

(Bloomberg) -- Cattle futures were unchanged in
Chicago after falling to a four-month intraday low as meatpacking
plants dropped prices to encourage retailers to buy excess
inventories. Hog futures rose.

The wholesale carcass price for cattle on June 1 fell to a
one-month low, according to data from the U.S. Department of
Agriculture. Slaughterers sold 19.6 million pounds of beef on
May 31, the most in 10 months, according to data from the USDA.
Meatpacking plants normally sell beef at a discount instead of
paying to store it.


Read more at Bloomberg Commodities News

LKQ buys two businesses

(Reuters) - The recycler of automobile parts said it expects these
acquisitions to provide about 1 cent a share in earnings.





Read more at Reuters.com Mergers News

Orange Juice Falls to 13-Month Low After Florida Rain Eases Drought Threat

(Bloomberg) -- Orange-juice futures fell to the
lowest closing price in 13 months after weekend rains in
Florida, the biggest producer after Brazil, eased concerns that
a drought might damage fruit.

Central and southern Florida, where citrus groves are
concentrated, received 2 inches (5 centimeters) to 5 inches of
rain during the weekend, said Joel Burgio, a meteorologist with
Meteorlogix LLC in Woburn, Massachusetts. The showers will help
the state make up for a shortfall of rain from January through
March, he said.


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Anadarko, Atlas, Cholestech, Scholastic, UAL Corp.: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 1:10 p.m. New York time.

Amylin Pharmaceuticals Inc. (AMLN US) fell $1.76, or 3.8
percent, to $45 and traded as high as $45.69. The pharmaceutical
company said in a statement send by PR Newswire that it intends
to sell $400 million of convertible bonds to help fund drug
development and market products that are approved for sale.


Read more at Bloomberg Stocks News

US FDA panel will advise on communicating risks

(Reuters) - The new advisory committee "will bring together a broad
range of experts and views to help improve FDA's communication
of the science-based information about product risks and
benefits that the public needs to make informed decisions,"
Randall Lutter, FDA's acting deputy commissioner for policy,
said in a statement.




Fifteen voting members will sit on the panel. The FDA said
they would include experts on risk communication, social
marketing, health literacy, journalism, bioethics and other
relevant fields.


Read more at Reuters.com Government Filings News

U.S. Stocks Rise on M&A, Oil Prices; Solectron, Chevron Shares Lead Gains

(Bloomberg) -- U.S. stocks rose, erasing an initial
drop, after acquisitions boosted technology shares and a jump in
oil prices lifted energy producers.

Solectron Corp. jumped the most in the Standard & Poor's 500
Index after the electronics manufacturer agreed to be acquired by
rival Flextronics International Ltd. for $3.6 billion. Oil
companies, led by Chevron Corp., contributed the most to the rise
in the Standard & Poor's 500 Index.


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Highbridge taps Kapnick to start private equity arm

(Reuters) - JPMorgan declined comment.




Highbridge is the latest hedge fund to expand into
corporate buyouts, branching out from short-term trading
strategies by targeting long-term equity investments and then
operating businesses.


Read more at Reuters.com Mergers News

Miners, real estate shares weigh on UK's FTSE

(Reuters) - Britain's leading share index slipped 0.2 percent on Monday, weighed down by miners and real estate stocks while investors geared up for interest rate decisions in the UK and Europe later this week.

Equities markets also took their cue from an 8 percent slump in Chinese shares as investors continued to fret about last week's hike in China's tax on stock trading in order to cool a market that had nearly tripled in value in the past year.


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UPDATE 2-Colombia to prepay up to $500 mln multilateral debt

(Reuters) - The government said it had bought $750 million in dollars
on the currency market last week to curb the peso's volatility,
of which $250 million will be for debt servicing, the Finance
Ministry's director of public credit, Julio Torres, said.




"This will reduce the stock of debt and better our credit
profile," Torres told reporters about the debt operation.


Read more at Reuters.com Bonds News

ICE to buy ChemConnect's commodity trading business

(Reuters) - Other terms of the transaction were not disclosed.





Read more at Reuters.com Mergers News

Gold, silver hit highs in Europe on weaker dollar

(Reuters) - Gold climbed to its highest level in nearly three weeks on Monday and silver hit a five-week peak, helped by a drop in the dollar against the euro and firmer oil.

But the metals were expected to hover in their familiar trading range in the near term in absence of clearer market triggers, analysts said.


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Edge Petroleum files up to $400 mln mixed shelf

(Reuters) - Under a shelf registration filed with the U.S. Securities
and Exchange Commission, a company may sell securities in one
or more separate offerings with the size, price and terms to be
determined at the time of sale.





Read more at Reuters.com Bonds News

Crude Oil Advances on Increased Fuel Consumption, Nigeria Supply Concern

(Bloomberg) -- Crude oil rose on signs high prices
aren't slowing the growth of fuel demand and that supplies from
Nigeria may be further disrupted.

Total implied fuel demand in the U.S. averaged 20.9 million
barrels in the four weeks ended May 25, up 2.4 percent from the
same period a year earlier, according to the Energy Department.
The department measures shipments from refineries, pipelines and
terminals to calculate demand. Union officials in Nigeria's oil
and gas industry said they plan to support a general strike.


Read more at Bloomberg Energy News

Daimler CFO rejects changing balance at EADS -paper

(Reuters) - In an interview to be published on Tuesday in German business daily Handelsblatt, Daimler Chief Financial Officer Bodo Uebber spoke out in favour of retaining a parity in the balance of influence between German and French stakeholders.



"We want to retain this rule in the future as well," the Daimler CFO said.


Read more at Reuters.com Mergers News

N.Y. Crude Oil Is Little Changed Amid Signs U.S. Stockpiles Are Adequate

(Bloomberg) -- Crude oil was little changed in New
York amid signs that U.S. supplies are sufficient for refiners
making gasoline for the peak-demand driving season.

Crude-oil inventories in the week ended May 25 were 7.2
percent higher than the five-year average for the period, the
Energy Department said last week. Gasoline use rises in the
summer, when Americans take to the highways for vacations. Crude-
oil prices jumped $1.07 on June 1 on signs gasoline supplies
won't rise fast enough to replenish stockpiles of the fuel.


Read more at Bloomberg Energy News

Two Mideast firms said to be eyeing Barneys-report

(Reuters) - Citing financial and industry sources, WWD said the
purchase price being discussed is higher than the $1 billion to
$1.2 billion that Jones was believed to be seeking. Several of
the sources believe the bidding could go as high as $1.4
billion, it said.




Financial sources said a deal could be completed soon,
perhaps within the next seven to 14 days, the paper said.


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Estee Lauder may be in talks to buy Murad: WWD

(Reuters) - Estee Lauder and Murad were not immediately available for comment.




Murad, based in El Segundo, California, sells skin care products and dietary supplements via the Internet and infomercials, and also in spas and stores such as Sephora and Bath and Body Works.


Read more at Reuters.com Mergers News

Telkom appoints chair of its pay-TV unit

(Reuters) - South African fixed-line operator Telkom announced on Monday the appointment as chairman of its new Telkom Media pay-TV service Connie Molusi, the former chief executive of South Africa's second-biggest media firm, Johnnic Communications (Johcom).

Telkom Media is one of 17 companies applying to the country's communications regulator for a commercial satellite and cable broadcasting licence to rival Africa's biggest media firm, Naspers' monopoly.


Read more at Reuters Africa

Emission Permits, German Power Rise After EU Curbs Finland's Allocation

(Bloomberg) -- European Union carbon-dioxide permits
rose toward their highest in 13 months after a regulatory
decision curbed Finland's allocation of allowances in the five
years through 2012 by 5.1 percent.

Emission permits for delivery in December 2008 gained as
much as 1.07, or 4.5 percent, to 24.95 euros ($34) a metric ton,
the highest since May 30. On that day the contract reached a 13-
month high of 26 euros. The security was at 24.90 euros a ton at
1:24 p.m. in Amsterdam on the European Climate Exchange.


Read more at Bloomberg Energy News

TREASURIES-Yields at 10-mo highs as bearish tone prevails

(Reuters) - Bond yields have climbed as much as 40 basis points since
March as growth expectations improve. A record-setting stock
market has also tarnished the allure of government debt.




Indeed, futures markets now see only a small chance that
the Federal Reserve will choose to reduce borrowing costs this
year, having priced in as many as three rate cuts just a few
months ago.


Read more at Reuters.com Bonds News

TPG, Silver Lake near deal for Avaya -WSJ

(Reuters) - NEW YORK, June 4 - Private equity firms TPG Capital LLP and Silver Lake Partners are in a leading position to buy telecommunications equipment company Avaya Inc. for about $17 per share, The Wall Street Journal reported in its online edition on Monday.



The offer would represent a 6 percent premium over Avaya's Friday close of $16.08. Amid buyout speculation, the company's stock had jumped 15 percent last week to its highest level since 2005. The deal could break down, or Avaya could fall into the hands of another suitor, such as Canada's Nortel Networks Corp. , the Journal reported, citing people familiar with the matter.


Read more at Reuters.com Mergers News

Brad Pitt, Angelina Jolie Movie Revenue to Back Paramount Filmmaking Fund

(Bloomberg) -- Paramount Vantage, a unit of Viacom
Inc.'s Paramount Pictures Corp., is seeking investors for a $150
million fund to help finance movies including Babel, starring
Brad Pitt, and A Mighty Heart featuring Angelina Jolie.

The fund will pay investors a return from revenue such as
box office receipts, merchandising and pay-TV contracts generated
from films made or distributed by Los Angeles-based Paramount
Vantage over the next two years, according to a person familiar
with the deal. Morgan Stanley will arrange sales of bonds or
loans to finance the fund, the person said, who declined to be
identified because the deal is private.


Read more at Bloomberg Bonds News

Hungary's Premier Gyurcsany Plans to Set Euro Adoption Target Next Year

(Bloomberg) -- Hungarian Prime Minister Ferenc
Gyurcsany, whose budget overruns forced him to abandon a euro
adoption target, said he expects to set a new goal next year for
the switch to Europe's common currency between 2010 and 2014.

The government and the central bank will ``set up not just a
target date but a fully fledged program'' for what must be done
to meet euro terms ``by the end of next year,'' Gyurcsany said in
a June 1 interview with Bloomberg News in Athens.


Read more at Bloomberg Emerging Markets News

South African Bonds Hold Near Seven-Month Low on Speculation Rates to Rise

(Bloomberg) -- South African bonds traded near their
lowest in seven months on speculation the central bank will
attempt to contain inflation by raising interest rates this week.

The yield on the benchmark note due 2015 has risen 33 basis
points in the past four days as investors sold the bonds after a
report showed inflation above target. Foreign investors sold 4
billion rand ($560 million) more of the country's bonds than they
bought last week, adding to net sales of 4.4 billion rand in the
week through May 25.


Read more at Bloomberg Bonds News

U.S. Stock-Index Futures Decline; Dow Jones, Citigroup Fall in Europe

(Bloomberg) -- U.S. stock-index futures dropped
before a report on orders placed with factories that may show
economic growth has recovered enough to rule out a cut in
interest rates.

Dow Jones & Co. shares retreated in Europe after the Wall
Street Journal said Rupert Murdoch isn't willing to yield on what
may be a key demand from the controlling shareholders as a
takeover condition. Citigroup Inc., the world's biggest
financial-services company, declined.


Read more at Bloomberg Stocks News

CORRECTED: SNS buying AXA's Dutch insurance ops for $2.35 bln

(Reuters) - The bank, which provides retail banking and financial services to small and mid-sized companies in the Netherlands, said the acquisition would be earnings accretive from 2008 and double its share of the Dutch insurance market.




SNS said it will partly fund the acquisition with 350 million euros in equity and that its majority shareholding foundation would also concurrently sell up to 200 million euros' worth of existing shares, with an over-allotment of 50 million euros.


Read more at Reuters.com Business News

India's Suzlon Energy to Borrow 1.3 Billion Euros for Repower Acquisition

(Bloomberg) -- Suzlon Energy Ltd., an Indian wind-
turbine maker, hired three banks to arrange a 1.3 billion euro
($1.75 billion) loan to buy a stake in Germany's Repower Systems
AG, according to a term sheet sent by one of the banks.

The company, run by Indian billionaire Tulsi Tanti, hired
ABN Amro Holding NV, ICICI Bank Ltd. and State Bank of India Ltd.
The loan will be used to refinance existing debt and to pay for
the acquisition, the document, obtained by Bloomberg News, said.


Read more at Bloomberg Bonds News

Edgars, Santander, ASML, Delhaize Plan to Sell Debt: European Bond Alert

(Bloomberg) -- The following is a list of bond sales
denominated in euros or pounds and expected in the coming days
and weeks.

Investment-Grade Sales


Read more at Bloomberg Bonds News

U.K. Pound Is Little Changed Amid Speculation Rate Increases Are Hurting

(Bloomberg) -- The U.K. pound was little changed amid
speculation four interest-rate increases since August are starting
to take effect in Europe's second-largest economy.

The currency logged a weekly drop versus the dollar and the
euro last week after reports signaled a cooling in Britain's
property market. A separate report later today may show U.K.
construction contracted in May. Bank of England policy makers also
announce their monthly decision on interest rates this week.


Read more at Bloomberg Currencies News

Rand weaker vs dollar, eyes rates decision

(Reuters) - The rand softened in early trade against the dollar on Monday but should hold within ranges as it tracks market trends overseas, traders said.

At 0655 GMT, the rand was at 7.1325 versus the greenback, down 0.60 percent from Friday's New York close of 7.09 but recovering from a low of 7.1425 earlier.


Read more at Reuters Africa