Thursday, June 14, 2007

ASM, EADS, Enel, Intercell, MAN, Terna, Shell: European Equity Preview

(Bloomberg) -- The following stocks may rise or
fall in European markets. Prices are from the last close.

The Dow Jones Stoxx 600 added 1.6 percent to 394.29. The
Dow Jones Stoxx 50 Index increased 1.6 percent to 3942.39. The
Euro Stoxx 50 Index, a benchmark for the 13 nations using the
euro, climbed 1.9 percent to 44.85.04.


Read more at Bloomberg Stocks News

Bombardier and Com Dev International May Be Active: Canadian Equity Previe

(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 added 142.47, or
1 percent, to 14,001.99 in Toronto.


Read more at Bloomberg Stocks News

Philippine Bonds Jump Before Auction on Speculation Treasury to Curb Rates

(Bloomberg) -- Philippine government bonds surged
on speculation the government won't allow borrowing costs to
rise at next week's debt auction. The peso rose for a second day.

Ten-year bonds gained the most in almost seven months as
the market anticipates the Bureau of the Treasury will cap
interest rate increases in Tuesday's auction of bonds due
September 2016. The Treasury, which spurned all bids at a sale
of four-year bonds on June 12, will sell 5 billion pesos ($107
million) of 9.125 percent bonds on June 19.


Read more at Bloomberg Bonds News

Argentina, Brazil, Peru, Venezuela: Latin America Bond Government Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Latin American local bonds
today. Bond yields are from the previous session.

Argentina: The gross domestic product, the broadest
measure of a country's output of goods and services, grew 8
percent in the first quarter of 2007, the National Statistics
Institute reported. First quarter GDP growth was lower than the
8.8 percent growth recorded in the same period a year earlier,
officials reported yesterday in Buenos Aires. The figure matched
the 8 percent median forecast in a Bloomberg survey of 11
economists.


Read more at Bloomberg Currencies News

Asian Currencies: Taiwan's Dollar Falls to Three-Week Low; Peso Advances

(Bloomberg) -- Taiwan's dollar weakened to the
lowest in almost three weeks on speculation investors will buy
U.S. dollars to put money in higher-yielding assets overseas.

The island's currency headed for the biggest weekly loss
since March as lawmakers yesterday approved a proposal to allow
insurers to invest up to 45 percent of assets abroad from the
current 35 percent. Taiwan's benchmark interest rate is the
second lowest in Asia after Japan, encouraging local investors
to send money abroad to seek better returns.


Read more at Bloomberg Currencies News

China's Palm Oil Imports Rise 28.9 Percent in Five Months, Customs Says

(Bloomberg) -- China, the world's biggest palm oil
buyer, increased overseas purchases of the commodity by 28.9
percent in the first five months of this year as declining
domestic production of vegetable oils increased import needs.

Imports for January-May were 1.68 million metric tons,
according to data issued by the Beijing-based customs office in
an e-mailed statement. The nation imported 360,000 tons of palm
oil last month.


Read more at Bloomberg Commodities News

China's Factory Investment Surges, Adding to Pressure for Rate Increase

(Bloomberg) -- China's factory and property
investment surged, adding to speculation that an interest-rate
increase is imminent after inflation, exports and industrial
production growth accelerated.

Fixed-asset investment in urban areas rose 25.9 percent in
the first five months from a year earlier to 3.2 trillion yuan
($420 billion), the National Bureau of Statistics said today.
That topped the 25.5 percent increase in the first four months
and the 25.4 percent median estimate of 17 economists surveyed
by Bloomberg News.


Read more at Bloomberg Emerging Markets News

Asian Stocks Gain for Second Day, Led by BHP Billiton on Metals, Oil Rise

(Bloomberg) -- Asian stocks rose for a second day,
led by BHP Billiton Ltd. and Sumitomo Metal Mining Co., after
prices of copper, nickel and crude oil climbed.

``Globally, economic growth looks strong enough to sustain
high levels of demand for commodities so you can expect strength
to continue in related stocks for as long as that view holds,''
said Hans Kunnen, who helps manage $107 billion at Colonial First
State Global Asset Management in Sydney.


Read more at Bloomberg Stocks News

UPDATE 1-U.S. Senate leaders revive immigration bill

(Reuters) - WASHINGTON, June 14 - U.S. Senate leaders agreed
on Thursday to revive a stalled immigration overhaul after
lawmakers worked out a plan to overcome conservatives'
objections to a bill that would legalize millions of
immigrants.




Senate Majority Leader Harry Reid, a Nevada Democrat, and
Sen. Mitch McConnell, a Kentucky Republican, said in a joint
statement the Senate would reconsider the legislation after
completing work on an energy bill some time next week.


Read more at Reuters.com Bonds News

New Zealand's First-Quarter Manufacturing Sales Increase on Meat and Dairy

(Bloomberg) -- New Zealand manufacturing sales rose
0.8 percent in the first quarter, amid increasing sales of meat
and dairy products, Statistics New Zealand said in a statement
released in Wellington today.

Excluding meat and dairy manufacturing, sales rose 0.3
percent from the fourth quarter, the agency said. Meat and dairy
sales increased 2.1 percent.


Read more at Bloomberg Bonds News

Florida lawmakers approve property tax reform

(Reuters) - With one dissenting vote, lawmakers approved a mandatory
rollback of current property tax rates and tied future local
revenue growth to increases in personal income. That is
expected to cut tax collections by $15 billion over the next
five years.




In January, Florida voters will go to the polls to decide
if they want to modify the state's tax structure by allowing
homeowners to discard a 3 percent tax cap on property tax
increases in return for higher homestead exemptions.


Read more at Reuters.com Bonds News

US STOCKS-Oil sector's gain, moderate inflation lift stocks

(Reuters) - NEW YORK, June 14 - U.S. stocks rose on Thursday
as a 2 percent gain in oil prices boosted shares of Exxon
Mobil Corp. and other energy companies while data
showing moderate inflation lifted optimism about the economy.




Exxon's stock led the major advancers in the S&P 500 as
crude rose on gasoline supply concerns.


Read more at Reuters.com Bonds News

U.S. senators eye private equity taxes, Blackstone

(Reuters) - The two senators said in a statement, "Private equity
firms, for instance, derive most of their income directly or
indirectly from investment adviser or asset management
services."




Read more at Reuters.com Government Filings News

UPDATE 1-US junk bond funds report $399.6 mln outflow -AMG

(Reuters) - The funds reported a revised $156.1 million net inflow for
the prior week.




The outflows came after a sell-off in U.S. Treasuries
hammered bonds of all types, including junk bonds, which are
rated below investment grade because of their default risks.


Read more at Reuters.com Bonds News

GLOBAL MARKETS - Oil price rise fuels stock gains

(Reuters) - Asian stock market also moved higher, with South Korea
closing at a record high.




U.S. shares started higher after data showed core producer
prices rising 0.2 percent, in line with expectations. But
overall producer prices, which includes volatile food and
energy, were up a greater-than expected 0.9 percent.


Read more at Reuters.com Bonds News

Bank of China, Hynix, LCL, Rinker, Wheelock: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in Asian markets, excluding Japan. 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.

Bank of China Ltd. (3988 HK): Shareholders of the nation's
second-biggest lender approved a plan 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 debt. The shares rose 7
cents, or 1.9 percent, to HK$3.80.


Read more at Bloomberg Stocks News

Tyco says sees no impediments to spinoff

(Reuters) - As part of the reorganization Tyco attempted to tender for its debt, however the majority of the holders of the U.S.-denominated debt did not accept the tender, arguing that Tyco was not paying the full value of the bonds.




The bondholders said it sent a letter to Tyco's Board of Directors on Thursday stating that "Tyco failed to obtain requisite bondholder consents for the proposed break-up of the company and instead attempted, unsuccessfully, to coerce the bondholders to accept less than the full amount of money owed to them."


Read more at Reuters.com Business News

Treasuries Fall, Pushing Yields Close to a Five-Year High on Inflation

(Bloomberg) -- Treasuries fell as a report on
producer prices signaled that inflation rose at a faster pace
last month, pushing yields close to a five-year high,.

Yields on 10-year U.S. notes are set to rise for a sixth
straight week amid growing concern among investors that
inflation won't moderate. Faster inflation erodes the value of
Treasuries' fixed payments and may fuel speculation the Federal
Reserve will lift interest rates later this year.


Read more at Bloomberg Bonds News

Aventine Says Ethanol Price Slump May Last Through 2009 Amid Glut of Fuel

(Bloomberg) -- Aventine Renewable Energy, an
ethanol-producer whose shares have fallen about 34 percent this
year, said the price slump for the additive that began a year
ago may last for the next two years because of a supply glut.

U.S. ethanol prices are down 25 percent from an all-time
high in 2006. Pekin, Illinois-based Aventine is delaying the
expansion of its hometown distillery because of an industry
slump caused by supply outpacing demand, the company's Chief
Executive Officer Ronald Miller said in an interview yesterday.


Read more at Bloomberg Energy News

Washington's Drab Concrete Office Buildings Get Neon, Glass Makeover

(Bloomberg) -- Washington's drab commercial office
buildings are getting a face-lift, with New York real estate
firms driving the glass, steel and neon overhaul.

Blackstone Real Estate Advisors and Tishman Speyer
Properties LP are among real estate investment trusts snapping
up more than $4 billion of property in the U.S. capital in the
past year, drawn by lease rates that are the second-highest in
the U.S., behind only those of Midtown Manhattan.


Read more at Bloomberg Exclusive News

NYBOT revises electronic futures holiday schedule

(Reuters) - Electronic futures contracts at NYBOT, owned by
Atlanta-based IntercontinentalExchange , have traded
side-by-side open-outcry since early February. The NYBOT board
had recently stated that the ICE electronic platform would be
open to NYBOT agriculture and financial futures contracts on
most U.S. holidays for the rest of the year.




The revision was in response to customer feedback, an ICE
spokeswoman said in an e-mail on Thursday.


Read more at Reuters.com Bonds News

UPDATE 1-I/O in JV for offshore reservoir monitoring system

(Reuters) - Shares of Input/Output touched a new year-high of $17.06
in
morning trade. They rose more than 6 percent to $16.84 in
afternoon trade on the New York Stock Exchange.




The seismic solutions provider said it will license
technology and contribute personnel to the JV formed along with
Reservoir Innovation AS and Hydro Technology Ventures, the
venture capital arm of a Norsk Hydro ASA subsidiary.


Read more at Reuters.com Mergers News

Goldman quarterly profit barely rises

(Reuters) - The world's largest investment bank by profit and market value said net earnings rose to $2.33 billion, or $4.93 a share, in the second quarter ended on May 25, from $2.29 billion, or $4.78 a share, a year earlier.




While earnings were about 4 percent higher than the analysts' average estimate of $4.76 a share, the results paled in comparison with the double-digit growth of previous periods. Indeed some analysts said earnings would have been lower if not for lower compensation and tax rates, and Goldman shares fell nearly 3 percent.


Read more at Reuters.com Bonds News

Sanofi Shares Drop Most in Five Years After FDA Panel Blocks Obesity Pill

(Bloomberg) -- Sanofi-Aventis SA shares had their
biggest drop in three years, wiping out more than $7 billion in
market value, after a U.S. panel blocked the company's new
weight-loss pill because it was linked to suicides.

The stock fell 4.26 euros to 63 euros at the close of
trading in Paris, the steepest decline since April 2004. The
Paris-based company didn't get a single vote yesterday in favor
of Zimulti from a Food and Drug Administration panel, which found
that patients' weight lost didn't justify danger of the
psychiatric or neurological dangers.


Read more at Bloomberg Stocks News

UPDATE 1-First Charter says made loans in disputed projects

(Reuters) - The bank holding company said it made 67 loans of $13.6
million to individual lot purchasers related to the projects.




Charlotte, North Carolina-based First Charter said it is
currently unable to determine the likely amount of related loan
losses.


Read more at Reuters.com Bonds News

European stocks at highest close in over a week

(Reuters) - European shares bounced to their highest close in over a week on Thursday, with banks and oil producers leading the way, with sentiment buoyed by a stronger performance on Wall Street.

The pan-European FTSEurofirst 300 index ended unofficially up 1.4 percent at 1,603.3, its highest closing level since June 5, recovering from the past week's sell-off.


Read more at Reuters Africa

UPDATE 3-Speedy Hire to buy Hewden tools for 115 mln stg

(Reuters) - LONDON, June 14 - Speedy Hire Plc agreed
to buy its nearest competitor, the tool hire division of Hewden
Stuart, for 115 million pounds in cash to bolster
its position as Britain's biggest tool hire company.




The deal, announced on Thursday, comes a day after Archie
Norman, former chief executive of supermarkets group Asda,
teamed up with Och-Ziff Capital to buy tool hire company HSS
from private equity firm 3i for 310 million pounds.


Read more at Reuters.com Bonds News

Bear sees little future earnings impact from fund

(Reuters) - Bear Stearns has little exposure to the fund, Molinaro added.




Read more at Reuters.com Bonds News

ABN faces job turmoil as takeover drama drags on

(Reuters) - AMSTERDAM, June 14 - Three months of takeover turmoil surrounding ABN AMRO are taking a toll on the Dutch bank as employees become increasingly frustrated and rivals try to lure away talent.



ABN employs more than 100,000 people worldwide, including 23,000 in the Netherlands.


Read more at Reuters.com Mergers News

J&J's Cordis unit resolves issues with FDA

(Reuters) - CHICAGO, June 14 - Johnson & Johnson on Thursday said its Cordis unit, which makes cardiovascular devices, has resolved its issues with the U.S. Food and Drug Administration, clearing the way for the introduction of new products.



Cordis, best known for its Cypher drug-eluting heart stent, has been operating under a warning from the FDA since April 2004. Regulators cited problems with internal procedures, including many issues with manufacturing processes.


Read more at Reuters.com Government Filings News

Uganda GDP to grow unchanged 6.5 pct in 2007/8

(Reuters) - Uganda's economy is seen growing by 6.5 percent in the 2007/08 fiscal year, the same rate as the previous year, the finance minister said on Thursday.

"Real GDP growth in fiscal year 2006/07 is estimated at 6.5 percent ... Next fiscal year, real GDP growth is also expected to grow by 6.5 percent," Ezra Suruma told parliament in the east African country's annual budget speech.


Read more at Reuters Africa

Fed walks "fine line" on subprime rules-Kroszner

(Reuters) - By Patrick Rucker



WASHINGTON, June 14 - The U.S. Federal Reserve must walk a "fine line" in considering how best to stop abusive practices in subprime mortgage lending because it does not want to choke off responsible loans, a top Fed official said on Thursday.


Read more at Reuters.com Bonds News

Landry's Restaurants first-quarter revenue up 5 pct

(Reuters) - The company said it expects a net loss from discontinued
operations for the first quarter due to the sale of Joe's Crab
Shack in the fourth quarter.





Read more at Reuters.com Market News

RPT-Given Imaging gets FDA approval for esophagus imaging device

(Reuters) - The PillCam video capsule is a disposable, miniature video
camera contained in a capsule for detecting gastrointestinal
disorders.




Given Imaging said exclusive U.S. marketing rights for
PillCam ESO have been granted to InScope, a division of Ethicon
Endo-Surgery, a Johnson & Johnson company.



Read more at Reuters.com Government Filings News

CommVault share offering priced at $17 each

(Reuters) - The underwriters have an option to purchase a maximum of
1.2 million additional shares from the selling stockholders to
cover over-allotments, the company said.





Read more at Reuters.com Mergers News

S.Africa to launch currency futures market

(Reuters) - South Africa is to launch currency futures trading on Monday, allowing investors to trade rand futures in a regulated exchange for the first time, exchange operator JSE Ltd said on Thursday.

The currency futures will be traded on the JSE's interest rate exchange, YieldX, which was aimed at giving retail investors access to offshore forex markets.


Read more at Reuters Africa

Dollar Rises to 4 1/2-Year High Versus Yen Before U.S. Economic Report

(Bloomberg) -- The dollar rose to the highest in 4
1/2 years against the yen on expectations a U.S. report today
will show faster inflation and as the extra yield investors earn
on Treasuries over Japanese debt widened.

The dollar has risen 3.3 percent against the yen this year
as traders reduced bets on lower U.S. interest rates, causing the
10-year yield spread with Japan to widen almost a quarter point.
Traders also expect the Bank of Japan to keep its key borrowing
cost at the lowest among major economies tomorrow.


Read more at Bloomberg Currencies News

Fund says Sunrise should be sold or restructured

(Reuters) - "We believe that this company, with this management, does not belong as a participant in the public securities markets," Millennium said in a letter it sent on May 31 that was released Thursday.




Sunrise shares closed Wednesday at $41.52 on the New York Stock Exchange.


Read more at Reuters.com Mergers News

Platinum Drops For Third Day in London on Gains in Dollar; Palladium Rises

(Bloomberg) -- Platinum fell for a third successive
day in London because of speculation that gains in the dollar may
erode demand for the metal as an alternative investment.
Palladium advanced.

The dollar's rebound from a record low against the euro
since April has halted a rally in platinum and gold. Before
today, platinum had gained 13 percent this year, partly on
investor demand and speculation that a strike will disrupt
supplies from South Africa, the world's biggest producer.


Read more at Bloomberg Commodities News

Milling Wheat Futures Surge 5.3 Percent in Paris; World's Biggest Mover

(Bloomberg) -- Milling wheat futures climbed to the
highest in more than six months in Paris, the biggest price
movement of any commodity today.

Milling wheat for September delivery rose 9 euros, or 5.3
percent, to 180 euros ($239) a metric ton as of 12:06 p.m. on
the Euronext.liffe exchange in Paris. Prices have jumped 37
percent this year.


Read more at Bloomberg Commodities News

South Korea's Kospi Index Jumps Most in 11 Months: World's Biggest Mover

(Bloomberg) -- South Korean stocks jumped the most
in 11 months after U.S. retail sales rose and the Federal
Reserve said growth isn't stoking inflation, damping speculation
interest rates will be increased in the world's biggest economy.
LG.Philips LCD Co. and Hyundai Motor Co. led exporters higher.

``As concerns recede a bit people can see what's really
happening, which is that economies are still strong,'' said Kim
Young Il, who oversees about $1.1 billion as chief investment
officer at Hanwha Investment Trust Management Co. in Seoul.
``There will be rate increases but only enough to control,
rather than cut off economic momentum. It's OK to buy stocks.''


Read more at Bloomberg Stocks News

French Stocks Rise, Led by Danone, Axa, Air Liquide While Sanofi Declines

(Bloomberg) -- French stocks advanced, paced by
Groupe Danone SA, Axa SA and other companies making part of
their revenue in the U.S. after the Federal Reserve said the
world's largest economy is growing without spurring inflation.

Shares in Air Liquide, the world's second-biggest maker of
industrial gases, rose after analysts at Citigroup raised their
price target on the company.


Read more at Bloomberg Stocks News

Wesfarmers Seeks $10 Billion of Debt for Coles Takeover Bid, People Say

(Bloomberg) -- A buyout group led by Wesfarmers Ltd.,
Australia's biggest home improvement retailer, is seeking to
raise about A$12 billion ($10 billion) to fund an offer for Coles
Group Ltd., said two people with direct knowledge of the matter.

The group met with 11 international and domestic banks in
Melbourne yesterday, the people said, declining to be identified
as talks aren't public. In addition to loans, it plans to sell
bonds in Australia and globally, they said. The debt will be
backed by Coles assets.


Read more at Bloomberg Bonds News

Oil holds around $70 after gasoline stock surprise

(Reuters) - Oil steadied at around $70 a barrel on Thursday, with traders catching their breath after a $1 spike on unexpectedly flat gasoline stocks and a deepening deficit in heating fuel supplies.

London Brent crude for July, which expires later in the day, rose 15 cents to $70.09 a barrel by 0745 GMT, adding to Wednesday's $1.15 rally after data showed gasoline stocks stuck at unseasonally low levels with the driving season getting into full swing.


Read more at Reuters Africa

UPDATE 1-Speedy Hire to buy Hewden tools for 115 mln stg

(Reuters) - Speedy said it would pay for the deal by increasing its
borrowing facilities to 325 million pounds from 210 million and
would also place 4.36 million new shares, or 9.5 percent of its
existing equity capital, in two tranches at 1,250 pence each.




The deal with Hewden Stuart, a unit of Canada's Finning
International Inc, will increase Speedy's number of depots to
over 540 from 361, give it a customer base of over 100,000, and
bolster its position in industrial and local authority markets.


Read more at Reuters.com Mergers News

Laos Seeks at Least $9 Billion Investment in Power Plants Over Next Decade

(Bloomberg) -- Laos, one of Southeast Asia's
poorest nations, seeks at least $9 billion of investment in
hydro and coal-fired power plants over the next 10 years to
boost electricity sales overseas and spur economic growth.

The country plans to tap its rivers and coal to build power
stations with a capacity of 8,000 megawatts by 2017, Xaypaseuth
Phomsoupha, chief of Bureau of the Secretary at Lao National
Committee for Energy, said in an interview in Bangkok yesterday.
Hydropower plants will account for almost all of the new
capacity, while the remainder will use coal as main fuel,
Phomsoupha said.


Read more at Bloomberg Emerging Markets News