Indonesia's Bumi Raises $300 Million as It Revives Convertible Bond Sale

(Bloomberg) -- PT Bumi Resources, Indonesia's biggest
exporter of coal for power stations, raised $300 million from a
convertible bond sale, less than two months after scrapping a
deal as investors asked for better terms. Shares fell.

Bumi will allow investors in the five-year, zero-coupon
securities to convert the debt into shares at 2,362.5 rupiah
apiece, 25 percent above the closing price yesterday, according
to a term sheet sent to investors. Credit Suisse Group is
managing the sale.


Read more at Bloomberg Bonds News

Ahold Q1 net down 2 pct, sees recovery ahead

(Reuters) - AMSTERDAM, June 7 - Dutch retailer Ahold posted a 2 percent drop in first-quarter net profit on Thursday, hurt by the ongoing overhaul of its U.S. supermarkets, but said it was on track for a recovery.



Net profit fell to 241 million euros from 246 million euros a year earlier, but came above an average forecast of 229 million euros in a Reuters poll of 17 analysts.


Read more at Reuters.com Mergers News

President Uribe, Back in Washington, Lobbies for Colombian Trade Accord

(Bloomberg) -- Colombian President Alvaro Uribe will
press reluctant U.S. lawmakers today for a free-trade accord as
concern mounts at home that without a treaty, the country may
see resurgent rebel violence and drug trafficking.

Uribe, on his second trip to the U.S. in a month, will seek
to persuade the Democratic-led Congress in Washington to affirm
an agreement that may add $1.5 billion to $16 billion of annual
trade between the U.S. and Colombia. To win approval for the
deal, Uribe must allay concerns of some U.S. lawmakers that he
has failed to stop death-squad killings of union organizers.


Read more at Bloomberg Currencies News

Bank of England Will Probably Keep Rate Unchanged, Raise Again by August

(Bloomberg) -- The Bank of England will probably
leave its benchmark interest rate unchanged at a six-year high
today, as it assesses whether four previous increases are enough
to bring down inflation, a survey of economists shows.

The nine-member Monetary Policy Committee will keep the Bank
Rate at 5.5 percent at noon today after raising it to the highest
since April 2001 last month, according to 58 out of 62 economists
in a Bloomberg News survey. The bank will increase the rate a
quarter-point by its August meeting, a separate survey shows.


Read more at Bloomberg Bonds News

Treasuries Fall on Speculation Federal Reserve Will Hold Off Cutting Rates

(Bloomberg) -- U.S. Treasuries fell on speculation
the Federal Reserve won't be in a hurry to cut interest rates
this year on signs economic growth is picking up.

The yield on the benchmark 10-year note gained 1 basis point,
or 0.01 percentage point, to 4.98 percent at 12:20 p.m. in
Singapore, according to bond broker Cantor Fitzgerald LP. The
price of the 4.5 percent security maturing in May 2017 fell 3/32,
or 94 cents per $1,000 face amount, to 96 8/32. Bond yields move
inversely to prices.


Read more at Bloomberg Bonds News

Copper Falls in Shanghai Amid Concern China May Move Again to Cool Economy

(Bloomberg) -- Copper prices fell for a second day in
Shanghai amid concern that China may introduce further measures
to slow economic growth, curbing demand in the world's biggest
consumer of the metal.

China may raise lending and deposit rates at least once more
this year to cool investment and curb asset bubbles, according to
a Bloomberg survey of economists on June 5. The central bank last
month raised interest rates for the second time this year, and
the benchmark CSI 300 Index of Chinese shares has plunged 12
percent since closing at a record 4168.29 on May 29.


Read more at Bloomberg Commodities News

FXMarketSpace opens new office in Tokyo

(Reuters) - FXMarketSpace, a joint venture between Reuters Group Plc
and the Chicago Mercantile Exchange , offers
centrally cleared trading of foreign exchange on a global basis,
allowing transactions to be completed anonymously.




The Tokyo currency market is the third largest in the world
behind London and New York, with daily volumes of about $227
billion, according to a survey of major market participants in
April 2006.


Read more at Reuters.com Bonds News

UPDATE 1-Japan's reserves fall for first time in 5 months

(Reuters) - TOKYO, June 7 - Japan's official foreign reserves,
the world's second largest, shrank for the first time in five
months due largely to rises in overseas interest rates, the
Ministry of Finance said on Thursday.




The reserves totalled $911.137 billion at the end of May,
down $4.486 billion from April, when they hit a record $915.623
billion.


Read more at Reuters.com Economic News

South Korean Stocks Fall, Ending Seven-Day Gain; Samsung Electronics Slips

(Bloomberg) -- South Korean stocks fell, snapping a
seven-day advance. Samsung Electronics Co. declined after U.S.
labor expenses jumped more than forecast, raising concern
inflation will pick up in the world's largest economy.

The Kospi index slid 16.01, or 0.9 percent, to 1726.18 as of
9:22 a.m. in Seoul. About two stocks declined for every one that
rose. The Kosdaq added 0.1 percent to 750.98. Kospi 200 futures
expiring in June lost 0.8 percent to 220.25, while the underlying
index dropped 0.8 percent to 220.55.


Read more at Bloomberg Stocks News

Japan's 10-Year Bonds May Gain; Yields Near Seven-Month High Lure Buyers

(Bloomberg) -- Japan's 10-year government bonds may
rise on speculation yields near the highest in more than seven
months will attract investors.

A technical chart that traders use to predict price changes
suggests a five-day slide may end. Benchmark yields have risen
almost a third of a percentage point in less than three months
after falling to the lowest level in more than a year in March.


Read more at Bloomberg Bonds News

Indonesia, Malaysia, Sri Lanka, Taiwan, Thailand: 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: State-owned China Development Bank will sell 20
billion yuan ($2.6 billion) of five-year bonds on June 11. The
lender sold similar maturity debt at a yield of 3 percent on
Sept. 20. Retail sales may rise by about 14 percent in 2007 from
a year earlier, the Ministry of Commerce said in a research
report on June 5.


Read more at Bloomberg Bonds News

BHP Billiton, Rio Tinto, Orica, Woolworths: 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 fell 1.2
percent to 6270 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index fell 0.7 percent in New York.


Read more at Bloomberg Stocks News

KeySpan says contacted by US gov't on NYC mkt probe

(Reuters) - KeySpan said the CID does not constitute a start of legal
proceedings and that it intends to fully cooperate with this
investigation.




Read more at Reuters.com Market News

Chicago Mercantile Exchange to Start Trading Credit Derivatives on June 18

(Bloomberg) -- The Chicago Mercantile Exchange will
begin trading credit derivatives on June 18, likely becoming the
first U.S. exchange to allow investors to bet on the ability of
companies to repay their debt.

The Merc will offer a futures contract tied to the
creditworthiness of 32 companies that investors consider among
the riskiest with investment-grade ratings. The contract is
modeled after credit-default swaps, the privately negotiated
contracts that trade in the over-the-counter market and now
cover an estimated $34.5 trillion in debt.


Read more at Bloomberg Bonds News

RPT-Venezuela's January-May vehicle sales surge 54 pct

(Reuters) - May sales reached 41,125 units, up 60.7 percent from sales
of 25,592 the year before.




Vehicle sales for January to May reached 172,081 compared
with 111,549 in the same period a year earlier, Venezuela's
auto chamber Cavenez said.


Read more at Reuters.com Economic News

UPDATE 1-Brinker says May same-store sales fell 2.8 percent

(Reuters) - At Chili's, Brinker's flagship chain, same-store sales fell
3 percent in the four weeks ended May 30.




Like many restaurant companies, Brinker has been hard-hit
by a pullback in consumer spending on meals outside the home
amid a spike in gasoline prices and competition from both rival
chains and supermarkets.


Read more at Reuters.com Market News

American Eagle May same-store sales up 5 percent

(Reuters) - The company said total sales rose 18 percent to $199.2 million for the four weeks ended June 2, from $168.8 million in the comparable period a year earlier.




American Eagle said that May same-store sales showed "meaningful improvement" compared with April, adding that customers responded well to its summer merchandise offerings, such as shorts and dresses.


Read more at Reuters.com Business News

US STOCKS-Indexes end down on inflation, rate concerns

(Reuters) - The Dow Jones industrial average fell 131.09 points,
or 0.96 percent, to end unofficially at 13,464.37. The Standard
& Poor's 500 Index was down 13.49 points, or 0.88
percent, to finish unofficially at 1,517.46. The Nasdaq
Composite Index was down 24.10 points, or 0.92 percent,
to close unofficially at 2,587.13.




Read more at Reuters.com Bonds News

Husky Injection reports slimmer 3rd-qtr profit

(Reuters) - For the three months ended April 30, net earnings were
$17.6 million, or 15 cents a share, down from $20.7 million, or
18 cents a share, in the same period a year earlier.







Read more at Reuters.com Market News

ABN AMRO CEO: Too early to say which bid better

(Reuters) - "It's too early for us to make a judgment on this,"
Groenink said in a June 5 interview posted on ABN's internal
Web site. "We are looking closely at the consortium's proposed
offer and figuring out what the implications would be."




ABN filed a transcript of the interview with the U.S.
Securities and Exchange Commission.


Read more at Reuters.com Bonds News

UPDATE 2-Countrywide urges no shareholder voice on exec pay

(Reuters) - NEW YORK, June 6 - Countrywide Financial Corp.
, which has been criticized for overpaying top
executives, on Wednesday mounted a defense against giving
shareholders a say in setting compensation for Chief Executive
Angelo Mozilo.




The largest U.S. mortgage lender voiced its opposition
hours before Ingersoll-Rand Co. shareholders endorsed a
similar proposal at the manufacturer's annual meeting.


Read more at Reuters.com Government Filings News

Finance: Kiddie tax saving strategies

(Reuters) - The latest move came at the end of May, when Congress tucked another kiddie tax change into the Iraq spending bill. Now, starting with tax year 2008, any "kids" who are full-time students will be taxed at their parents' rate until they are 24. That's a further restriction from last year's tightening, which bumped up the age at which kids could be taxed at their own rates from 14 to 18.




All in all, it wipes out some useful tax-saving strategies.


Read more at Reuters.com Business News

Brazil's Real Drops to Two-Week Low on Concerns U.S. Rates Won't Fall Soon

(Bloomberg) -- The real fell to an almost two-week
low on speculation the Federal Reserve may keep its benchmark
interest rate unchanged, reducing the allure of riskier,
emerging-markets.

Federal Reserve Bank of Cleveland President Sandra Pianalto
said the central bank ``cannot afford to be complacent'' about
inflation. U.S. labor costs rose 1.8 percent in the first
quarter, more than the 0.6 percent initially estimated, the
Labor Department said today in Washington.


Read more at Bloomberg Currencies News

ABN unions seek Dutch Finance Minister's support

(Reuters) - "ABN AMRO is not a state enterprise, and I can not sit in
the position of an employer," Bos said. "But every opportunity I
have, I will offer my support."




Barclays and the consortium of RBS, Santander and
Fortis are locked in a tussle for what would be the
biggest-ever bank takeover.


Read more at Reuters.com Mergers News

New York widens student loan probe to underwriting

(Reuters) - "I urge Congress to enact stringent legislation to clean up all of the student loan industry," Cuomo told a Senate Banking Committee hearing looking at allegations of conflicts of interest and kickbacks in the $85-billion industry.




Cuomo said he is widening his probe beyond these allegations. "We recently commenced an investigation ... into the underwriting of these loans," he said.


Read more at Reuters.com Bonds News

Hog Futures Fall in Chicago as Demand Slows for Pork; Cattle Futures Drop

(Bloomberg) -- Hog futures in Chicago declined for
the first time in seven sessions on signs that U.S. pork demand
may be slowing. Cattle futures fell to a four-month low.

The wholesale price for a pork carcass, or a cutout, fell
1.8 percent yesterday to 72.96 cents a pound, the biggest one-day
decline in more than two months.


Read more at Bloomberg Commodities News

Nigeria cuts benchmark interest rate by 200 bps

(Reuters) - Nigeria's central bank has cut its benchmark interest rate by 200 basis points to 8 percent, the bank said in a statement on Wednesday.

The bank also narrowed the interest rate corridor around the benchmark Monetary Policy Rate (MPR) to +/- 250 basis points, from +/- 300 basis points, the bank added.


Read more at Reuters Africa

Spanish IBEX Stocks Decline, Led by Sacyr, Acciona: World's Biggest Mover

(Bloomberg) -- Spanish stocks fell, led by Sacyr
Vallehermoso SA, the country's fifth-biggest construction
company, and competitor Acciona SA on concern higher borrowing
costs will lead to a slowdown in the nation's property market.

Spain's IBEX 35 Index dropped 386.10, or 2.5 percent, to
14,928.80 in Madrid, posting the biggest fluctuation among
markets included in global benchmarks. Portugal's PSI-20 Index
lost 1.2 percent to 12,812.77.


Read more at Bloomberg Stocks News

Polish Benchmark Index Leads Central Europe Retreat: World's Biggest Mover

(Bloomberg) -- Polish stocks led declines in central
Europe and posted the biggest fluctuation among markets included
in global benchmarks. PKO Bank Polski SA and Bank Zachodni WBK SA
paced the drop after recommendation downgrades.

KGHM Polska Miedz SA, Poland's largest copper miner,
retreated as prices of the metal fell.


Read more at Bloomberg Stocks News

U.S. Fed banks' income grew 25 pct in 2006-report

(Reuters) - The Fed banks' total current expenses, excluding special
assessments, grew to $3.26 billion from $2.89 billion in 2005.




Revenue from priced services for financial institutions
totaled $908 million in 2006, compared with $901 million a year
earlier.


Read more at Reuters.com Bonds News

Black's Gems, Servants on Park Avenue May Sour Jurors (Correct)

(Bloomberg) -- Conrad Black, as chairman of Hollinger
International Inc., lived a lifestyle so lavish that he needed
two Park Avenue apartments -- one for his servants.

His wife, Barbara Amiel Black, had five separate closets for
her evening gowns, $500 shoes and $7,000 handbags in their London
townhouse. His chauffeur had a corporate American Express card he
used to shop for the couple.


Read more at Bloomberg Exclusive News

UPDATE 1-US home sales, prices to slip further this year--NAR

(Reuters) - WASHINGTON, June 6 - U.S. home sales and prices
will fall at a faster pace in 2007 than originally expected, a
leading U.S. realty trade association predicted on Wednesday.




The National Association of Realtors trimmed its sales
forecast for the fourth straight month and also expanded the
speed at which sales prices would drop.


Read more at Reuters.com Government Filings News

White House revises U.S. 2007 growth forecast down

(Reuters) - The latest figures, presented on a
fourth-quarter-over-fourth-quarter basis, update estimates that
were made last November. They will be used in a mid-year review
that the White House will issue later.




The main reason for revising the figures down was because
the economy grew at a weak pace in the first quarter of this
year, though the Bush administration forecast the pace of
growth will pick up as the year wears on.


Read more at Reuters.com Economic News

U.S. Stocks Retreat on Inflation Concern; Borders, Panera Shares Decline

(Bloomberg) -- U.S. stocks fell for a second day,
pushing the Standard & Poor's 500 Index to its biggest two-day
drop since March, on concern that inflation is accelerating.

Home Depot Inc., the largest home-improvement retailer, led
the Dow Jones Industrial Average lower. Panera Bread Co. declined
the most in six years after the bakery chain cut its forecast for
profit and sales due to higher fuel costs.


Read more at Bloomberg Stocks News

Fed's Lacker: Not clear inflation is moderating

(Reuters) - Lacker does not have a vote this year on the Fed's interest-rate setting panel.




Lacker said that the rise in unit labor costs -- a gauge of the labor costs associated with any given unit of production -- had been consistent with the rise in inflation seen recently.


Read more at Reuters.com Business News

Congo Suspends Flights on Eastern Route, Halting Tin Exports From Kivu

(Bloomberg) -- The Democratic Republic of Congo,
Africa's third-biggest tin producer, suspended flights in the
east of the country on a route used by most of the nation's
exporters of the metal, traders said.

Aviation authorities suspended flights between Goma,
capital of North Kivu Province, and Walikale 100 kilometers (62
miles) to the west, Brian Christophers, managing director of
Mining and Processing Congo SPRL, said in an interview from
Goma. The flights were suspended in order to carry out security
inspections.


Read more at Bloomberg Commodities News

European Two-Year Bond Yields Hold at Six-Year High on Trichet Rate Views

(Bloomberg) -- European two-year government bonds
yields held near the highest since May 2001 after European
Central Bank President Jean-Claude Trichet hinted at further
increases in borrowing costs

Yields on benchmark 10-year bunds, more sensitive to the
inflation outlook, stayed at the highest in more than three years
after Trichet said interest rates in the euro region are still on
the ``accommodative'' side. The ECB lifted its refinancing rate a
quarter point to 4 percent today as predicted by all 54
economists in a Bloomberg News survey.


Read more at Bloomberg Bonds News

Sun International to buy back 16 pct of own stock

(Reuters) - South African casino and hotel operator Sun International will buy back up to 16 percent of its own stock for around 2.34 billion rand, the company said on Wednesday.

Sun International, South Africa's biggest casino operator, said it has experienced significant growth in the value of its operations while gearing has been reduced due to strong cash flows and debt repayments.


Read more at Reuters Africa

Treasuries Little Changed as First-Quarter Productivity Matches Forecast

(Bloomberg) -- Treasuries were little changed after a
measure of U.S. worker productivity in the first quarter matched
economists' forecasts.

U.S. notes declined yesterday as the yield on the two-year
security touched 5 percent for the first time since August.


Read more at Bloomberg Bonds News

Big managed care study backs Avandia, Glaxo says

(Reuters) - The findings from an analysis of a managed care database of more than 33,000 diabetes patients taking the drug as part of their daily routine, rather than in a clinical trial, were published online in Pharmacoepidemiology and Drug Safety.



The study looked at the incidence of hospitalisations for heart attack and for a surgery known as revascularisation among patients on Avandia. Glaxo had said last week that the paper was due to be published soon.


Read more at Reuters.com Government Filings News

European Government Bonds Are Little Changed as ECB Raises Interest Rates

(Bloomberg) -- European government bonds were little
changed after European Central Bank policy makers raised interest
rates and before a speech by President Jean-Claude Trichet, who
may hint at further increases in borrowing costs.

Yields on two-year notes, more sensitive to interest-rate
expectations, held near a six-year high after the ECB lifted its
main rate a quarter point to 4 percent as predicted by all 54
economists in a Bloomberg News survey. Investors are betting
rates will go higher again this year to curb inflation as
economic growth in the euro region beats expectations.


Read more at Bloomberg Bonds News

Soybeans Rise to 35-Month High in Chicago on Record Palm Oil; Wheat Gains

(Bloomberg) -- Chicago soybean futures rose for a
second day to a 35-month high on speculation demand for the
oilseed may reduce global stockpiles for food and biofuel use.
Wheat and corn futures also gained.

Soybeans, which are crushed into meal for high-protein
livestock feed and into oil for food and industrial uses, rose
after palm oil futures in Malaysia jumped for a third day to a
record on signs of sustained demand from China and India, the
biggest consumers of the vegetable oil.


Read more at Bloomberg Commodities News

U.S. mortgage applications decline in week: MBA

(Reuters) - A rise in applications to buy homes was overshadowed by the drop in refinancing applications.




The MBA's seasonally adjusted purchase index rose 1.5 percent to 433.6, but the refinancing gauge fell 6.1 percent to 1,757.1 in the June 1 week. The refinancing measure has not been lower since 1,640.4 at the end of last year.


Read more at Reuters.com Business News

U.S. Treasuries Advance as Yields at 10-Month High Attract Investors

(Bloomberg) -- U.S. Treasuries advanced as yields
near a 10-month high attracted investors.

Bonds stayed higher even as Federal Reserve Bank of
Cleveland President Sandra Pianalto said today U.S. inflation is
faster than she'd like. Yields on both two-year and 10-year
Treasuries yesterday rose to the highest since August, paced by
signs economic growth is quickening.


Read more at Bloomberg Bonds News

Zloty Falls Versus Euro; Sentiment Toward Europe's Emerging Markets Sours

(Bloomberg) -- The Polish zloty fell to the lowest in
a week against the euro, hurt by lingering risk aversion after
last week's global stock market losses.

Poland's currency has lost 2.3 percent in the past month,
falling from its five-year high against the European common
currency reached on May 10. Comments about the U.S. economy by
Federal Reserve Chairman Ben S. Bernanke yesterday added to the
negative sentiment toward Europe's emerging market currencies.


Read more at Bloomberg Currencies News

Russia May Have More Share Offering Flops, Renaissance Fund Director Says

(Bloomberg) -- Russia will have more ``unsuccessful''
initial public offerings after OAO Dixy Group and PIK Group sold
shares at lower prices than they targeted, said Natalia Ivanova,
the manager of the Renaissance Pre-IPO fund.

``This is only a start and we think there will be more of
those in the future,'' Ivanova said yesterday at a conference in
Moscow. ``The quality of Russian companies is not so high yet.
Some companies didn't meet expectations for their financial
performance after IPOs.''


Read more at Bloomberg Emerging Markets News

Shipping Futures Trading Volume Increased to Record, LCH.Clearnet Says

(Bloomberg) -- LCH.Clearnet Ltd., Europe's biggest
clearinghouse for derivatives, said it handled a record volume
of shipping futures contracts in May.

LCH.Clearnet cleared 25,000 lots of shipping derivatives
last month, almost 50 percent more than in April, the London-
based company said in a statement today.


Read more at Bloomberg Energy News

Credit Mutuel arm eyes stake in bank Baer -paper

(Reuters) - UBS, Pasche and CIC, which is owned by French mutual bank
Credit Mutuel, all declined to comment on the report.




UBS, the world's fifth-largest bank, said it would either
sell its stake, valued at around 4 billion Swiss francs , to a single buyer or dispose of it in the market and
that it would use the proceeds to buy back its own shares.


Read more at Reuters.com Mergers News

Mitsui & Co. Buys 14 Percent Stake in New Zealand Milk Processor Synlait

(Bloomberg) -- Mitsui & Co., Japan's second-largest
trading company, bought a 14 percent stake in New Zealand dairy
company Synlait Investments Ltd. to profit from rising demand.

Mitsui agreed to pay NZ$13.5 million ($10.2 million) for the
stake and will lend the Christchurch-based milk processor NZ$16.5
million to aid its expansion, the two companies said in a joint
statement today. As part of the agreement, Mitsui will manage all
Synlait's international shipments and receipts.


Read more at Bloomberg Commodities News

Russia's Mices Rises, Led by Unified Energy, OGK-5 as Stake Sale Starts

(Bloomberg) -- Russian stocks advanced for a second
day, led by OAO Unified Energy System and its electricity-
generating OAO OGK-5 unit on speculation that a stake in OGK-5
will fetch a high price at an auction today.

The ruble-denominated Micex Index climbed 0.4 percent to
1622.41 at 10:36 a.m. in Moscow. The dollar-denominated RTS Index
was little changed at 1834.40.


Read more at Bloomberg Stocks News

UPDATE 1-Umicore to buy Delphi catalyst unit for $55.6 mln

(Reuters) - The deal is expected to close during the third quarter of
2007, Delphi said.




"Umicore and Delphi's automotive catalyst businesses have
strong complementarities in terms of technologies and customer
mix," the two companies said in a statement.


Read more at Reuters.com Mergers News