Mwana sets nickel production target, shares rise

(Reuters) - Africa-focused miner Mwana Africa Plc set a new production target for a Zimbabwe nickel mine on Tuesday, sending its shares higher.

Chief Executive Kalaa Mpinga said the firm's fledgling Zimbabwe nickel project Hunters Road was expected to produce 2,500 tonnes of nickel annually by the end of 2008, whereas in its results statement two weeks ago it said a feasibility study was still being completed.


Read more at Reuters Africa

European Phone Stocks May Rise on Upgrade; Adecco, Vedior Might Decline

(Bloomberg) -- European telecommunications stocks may
gain, led by Deutsche Telekom AG after Credit Suisse Group raised
its recommendation for the industry to ``overweight.''

Bayerische Motoren Werke AG may lead advances by auto shares
after reporting higher U.S. sales in June. BHP Billiton Ltd. may
rise after the world's largest mining company announced the
approval of its $1.7 billion Pyrenees oil field.


Read more at Bloomberg Stocks News

UPDATE 2-Moody's puts Japan A2 rating on review for upgrade

(Reuters) - TOKYO, July 4 - Moody's Investors Service placed
Japan's A2 sovereign rating on review for a possible upgrade on
Wednesday, saying Japan had reached an "inflection point" in
efforts to curb its massive government debt.




An upgrade by Moody's of Japan's A2 sovereign rating for
domestic-currency debt would mark a turnaround from a series of
downgrades by the ratings agency, which began by cutting Japan's
top-notch Aaa rating in November 1998.


Read more at Reuters.com Bonds News

Euro May Decline to 9.0830 Against Sweden's Krona, Goldman's Edgeley Says

(Bloomberg) -- The euro may fall to 9.0830 against
Sweden's krona after dropping below the base of a so-called
``bear flag,'' said Kevin Edgeley, a technical analyst at Goldman
Sachs Group Inc., citing charts that predict price movements.

``The break below the flag base gives a measured move target
at 9.0830,'' London-based Edgeley wrote in a research note
yesterday. ``The weekly indicators reinforce the negative bias.''


Read more at Bloomberg Currencies News

Japanese Stocks Rise, Led by Exporters on U.S. Factory Orders; Inpex Slips

(Bloomberg) -- Japanese exporter shares rose after
factory orders in the world's largest economy fell less than
predicted, adding to confidence in the outlook for the U.S.,
Japan's No. 1 overseas market.

Nintendo Co. jumped to a record and Sony Corp. climbed for
the first time in three sessions.


Read more at Bloomberg Stocks News

Trinity Mirror, Sainsbury, Allied Irish Banks: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from yesterday's market close.

The benchmark FTSE 100 Index advanced 49.20, or 0.8 percent,
to close at 6639.80 in London as 89 stocks rose, 12 fell and two
were unchanged. The FTSE All-Share Index
gained 30.52, or 0.9 percent, to 3427.29.


Read more at Bloomberg Stocks News

China Merchants May Add Dry-Bulk Terminals as Coal, Iron Ore Demand Surges

(Bloomberg) -- China Merchants Holdings
(International) Co., the owner of stakes in the country's five
largest container ports, may invest in more dry-bulk terminals
because of surging Chinese imports of iron ore and coal.

``We are studying China's long-term needs for resources and
minerals to see if there is a shortage of bulk terminals,''
Chairman Fu Yuning, 50, said in a June 22 interview in Hong Kong.
The company is also planning to invest in more container
terminals both in China and overseas.


Read more at Bloomberg Emerging Markets News

Chrysler, China's Chery to Start U.S. Sales of A1 Hatchback in Early 2008

(Bloomberg) -- Chrysler Group, the fourth-largest
U.S. carmaker, will sell a Chinese-made small car in the U.S.
next year that retails for about half the price of its cheapest
model.

The carmaker will begin selling Chery Automobile Co.'s A1
hatchback in the first quarter of 2008, Chery President Yin
Tongyao told reporters in Beijing. The 1.3-liter A1 costs from
53,800 yuan ($7,100) in China. Chrysler's least expensive U.S.
model is the $13,850 Dodge Caliber, according to Edmunds.com.
Yin didn't say how much the A1 would cost in the U.S.


Read more at Bloomberg Emerging Markets News

Japanese Shares Rise, Led by Exporters on U.S. Factory Orders, Auto Sales

(Bloomberg) -- Japanese stocks climbed for a fifth
day. Exporter shares rose after factory orders in the world's
largest economy fell less than predicted, adding to confidence
in the outlook for the U.S., Japan's No. 1 overseas market.

Nintendo Co. jumped to a record and Sony Corp. climbed for
the first time in three sessions.


Read more at Bloomberg Stocks News

Japanese Exporter Shares Advance on U.S. Factory Orders, June Auto Sales

(Bloomberg) -- Japanese exporter shares advanced
after factory orders in the world's largest economy fell less
than predicted, adding to confidence in the outlook for the U.S.,
Japan's No. 1 overseas market.

Matsushita Electric Industrial Co. and Nintendo Co. climbed.


Read more at Bloomberg Stocks News

Philippine Inflation Probably Quickened in June as Oil Prices Increased

(Bloomberg) -- Philippine inflation probably
quickened in June from close to the slowest pace in seven years
as oil costs rose. Gains in the peso curbed price increases.

Consumer prices rose 2.5 percent from a year earlier,
according to the median estimate of 14 economists surveyed by
Bloomberg News. Inflation, which was 2.4 percent in May, slowed
for 12 months through March. The National Statistics Office
report is due at 9 a.m. tomorrow in Manila.


Read more at Bloomberg Bonds News

Nymex Natural Gas Is Steady as Mild Weather, U.S. Holiday Reduces Demand

(Bloomberg) -- Natural gas in New York was little
changed as mild weather and an approaching U.S. holiday reduced
demand for the fuel.

Gas for August delivery fell 1 cent, or 0.2 percent, to
settle at $6.754 per million British thermal units at the 2:51
p.m. settlement of trading on the New York Mercantile Exchange.


Read more at Bloomberg Energy News

UPDATE 1-Fannie former execs to get bonus payouts -source

(Reuters) - WASHINGTON, July 3 - Former Fannie Mae top
executives Franklin Raines and Timothy Howard are set to
receive bonus payouts under the mortgage finance company's
recently announced compensation plan, sources familiar with the
deal said on Tuesday.




Raines, the former CEO, and former chief financial officer
Howard, who resigned in December 2004 as an accounting scandal
was breaking, are eligible for bonuses under a long-term
incentive program, the sources said.


Read more at Reuters.com Bonds News

ABC/Wash Post Consumer Comfort Index rises to -7

(Reuters) - The measure ranges from -100 to +100. Its 2007 average is
-6 and its average since 1985 is -9.




The three components of the survey scored higher as
Americans' positive views on their personal finances improved 1
percentage point to 61, views on the national economy were up 2
percentage points to 40 and those on the buying climate
improved by 5 percentage points to 39.


Read more at Reuters.com Economic News

Judge denies Merck motion to discard Vioxx cases

(Reuters) - Merck had sought a summary judgment in the two individual cases on federal preemption grounds, but U.S. District Court Judge Eldon Fallon denied the motion.



"Because the court finds that the plaintiffs' claims are not expressly nor impliedly preempted by virtue of the federal regulation of prescription drugs, Merck's motion is denied," Fallon said in his ruling.


Read more at Reuters.com Government Filings News

GM U.S. sales down 24 percent in June

(Reuters) - GM said it sold 326,300 vehicles in the United States last month. The results were adjusted for an extra selling day this year.




GM's chief sales analyst Paul Ballew said the industry was "underperforming" as it hurt from high gas prices and a weak housing market in key states such as Florida and California, which account for about one-fifth of the industry's sales volume.


Read more at Reuters.com Business News

Morgan Stanley fined by R.I. over fund sales

(Reuters) - Regulators said one broker on multiple occasions sold
clients' low-cost mutual funds and replaced them with more
expensive funds and annuities. They said the same broker also
once sold an 80-year-old client's certificate of deposit and
replaced it with an inappropriate variable annuity.




Another broker, meanwhile, failed to exchange a customer's
securities in a manner that would have avoided the payment of
sales charges and given the benefit of available "breakpoints"
on commissions, the regulators said.


Read more at Reuters.com Bonds News

Danone in talks on $7.2 bln snack sale to Kraft

(Reuters) - Kraft's offer for Danone's biscuit division, which includes the LU, Prince and Tuc brands, will give the U.S. food giant a stronger foothold in Europe and in emerging markets and access to an extra 36 factories worldwide.




It will allow Danone to focus on the health range in its fast-growing dairy and drinks business, pay off some 2.9 billion euros of debt and raise cash for future possible acquisitions.


Read more at Reuters.com Business News

Ahold completes U.S. Foodservice sale

(Reuters) - Ahold said it had fulfilled customary conditions, including anti-trust clearance and approval by Ahold's shareholders.



"This is a milestone for Ahold. The sale of U.S. Foodservice is a significant step in implementing the company's strategy announced last November," John Rishton, Ahold's acting president and chief executive, said in a statement.


Read more at Reuters.com Mergers News

UPDATE 2-Peltz says Triarc "natural" buyer for Wendy's

(Reuters) - LOS ANGELES, July 3 - Billionaire investor and
major Wendy's International Inc. shareholder Nelson
Peltz said on Tuesday that his restaurant company, Arby's
parent Triarc Cos. Inc. , would be a natural buyer for
the struggling hamburger chain.




In a letter to Wendy's Chairman James Pickett, Peltz said
he objected, however, to a so-called "standstill" clause that
would prevent Triarc from launching a hostile takeover bid if
the two companies do not reach a mutual merger agreement.


Read more at Reuters.com Government Filings News

ServiceMaster deal delay signals investor pullback

(Reuters) - By Neil Shah



NEW YORK, July 3 - In the latest sign that investors are demanding more protection and better terms in exchange for financing debt-laden buyout deals, ServiceMaster Co. postponed a $1.15 billion high-yield debt offering on Tuesday.


Read more at Reuters.com Mergers News

Anaren, Apple, Continental, Massey Energy, NetList: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes on U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 11:40 a.m. in New York.

Anaren Inc. (ANEN US) fell $1.01, or 5.5 percent, to $17.60.
The maker of microwave communications gear said in a statement
that it may restate financial results for the second and third
quarters of 2007 because of accounting errors at its Chinese
subsidiary.


Read more at Bloomberg Stocks News

Alcan rebuffs Alcoa request for talks on bid

(Reuters) - In an exchange of letters included in a filing by Alcoa with the U.S. Securities and Exchange Commission, Belda had offered to meet Evans in Montreal to discuss Alcoa's offer, which Alcan has rejected.




Read more at Reuters.com Mergers News

United Capital's Devaney Halts Hedge Fund Withdrawals on Subprime Losses

(Bloomberg) -- John Devaney, who invests in subprime
mortgage bonds, restricted redemptions to protect some of his
Horizon Strategy hedge funds from being forced to sell assets.

It's ``a defensive move because we had an unusually high
number of redemption requests and we didn't want to be a forced
seller in this market,'' Michael Gregory, a spokesman for
Devaney's United Capital Markets Holdings Inc. said yesterday. One
investor who wanted to withdraw accounted for about 25 percent of
the funds' money, he said. United Capital, based in Key Biscayne,
Florida, oversaw $620 million in its fund group as of March 31 and
$266 million in its money-losing Horizon ABS funds, an April
investor letter said.


Read more at Bloomberg Bonds News

Coeur sees Q4 close for Bolnisi-Palmarejo purchase

(Reuters) - Coeur launched an offer in May to buy the owners of the
Palmarejo silver project in a friendly deal that Coeur said
would create the world's leading primary silver producer.




Currently under construction in Chihuahua, Mexico, the
Palmarejo project is seen producing 12 million ounces of silver
and 110,000 ounces of gold annually.


Read more at Reuters.com Mergers News

Wheat Farmers May Face Grim Harvests After U.S. Immigration Measure Dies

(Bloomberg) -- The immigration bill that was killed
by the U.S. Senate focused on the nation's 12 million illegal
aliens. To many farmers, the issue is more about such people as
Thomas Murphy, an Irishman who leads a crew of combine operators
from the U.K., cutting wheat across a swath of the Great Plains.

Murphy's crew and 2,500 other skilled, legal immigrants who
come from places such as South Africa, Australia and New Zealand
to cut grain are among the most productive workers in the U.S.,
gathering one-third of all the wheat in a $7.7 billion market.


Read more at Bloomberg Exclusive News

Guaranty Trust to Sell $750 Million of Shares in London and Nigeria

(Bloomberg) -- Guaranty Trust Bank Plc, Nigeria's
fifth-largest lender by market value, plans to sell stock in
London to fund growth.

Lagos, Nigeria-based Guaranty will offer $750 million of
shares, three people with knowledge of the transaction said. The
lender intends to raise $500 million from international investors
by selling global depositary receipts and the rest from
Nigerians, said the people, who declined to be identified because
the details are private.


Read more at Bloomberg Emerging Markets News

Bond prices ease on higher stock market

(Reuters) - Treasuries briefly trimmed their losses after weaker-than-forecast pending home sales data, but the move was fleeting, outweighed in part by gains in the stock market. Bond trading was razor-thin a day before the U.S. July 4 Independence Day holiday




Pending U.S. home sales in May fell more than analysts had expected to their lowest level in more than 5-1/2 years, according to data from the National Association of Realtors.


Read more at Reuters.com Hot Stocks News

Peltz says Triarc "natural" buyer for Wendy's

(Reuters) - NEW YORK, July 3 - Billionaire investor Nelson Peltz said on Tuesday his Triarc Cos. Inc. would be a "natural, strategic buyer" for Wendy's International Inc. , which is exploring a sale of the company.



In a letter to Wendy's Chairman James Pickett, Peltz said that for all Wendy's shareholders to benefit, "the board's fiduciary duties require that a synergistic buyer such as Triarc should not be impeded from participating in the sale process."


Read more at Reuters.com Bonds News

U.S. Stocks Advance Before Housing Report; Wendy's, Apple Shares Climb

(Bloomberg) -- U.S. stocks gained for a second day
on takeover speculation and expectations that a home-sales
report will show the housing slump is abating.

Wendy's International Inc., the third-biggest U.S.
hamburger chain, advanced after billionaire investor Nelson
Peltz said he is considering a bid for the company. Apple Inc.
rose after Goldman, Sachs & Co. said the iPhone sold twice as
fast as it forecast over the weekend.


Read more at Bloomberg Stocks News

Treasuries Little Changed Before Report Forecast to Show Gain in Housing

(Bloomberg) -- Treasuries were little changed as a
private report may show pending sales of U.S. homes rose in May
from the lowest level in four years.

The yield on the benchmark 10-year Treasury note is close
to 4.99 percent, a 38 percent retracement from the highest yield
of 2007 to the lowest, and it's near 4.96 percent, which
represents the top of the trading range for the security from
August 2006 through May on weekly charts.


Read more at Bloomberg Bonds News

Uphill struggle for Gulf investors in N.Africa

(Reuters) - Arab Gulf petrodollars are flooding into North Africa, helping investment-starved economies create jobs and help overcome poverty.

On paper, that is.


Read more at Reuters Africa

CORRECTED-Trian Fund says Triarc "natural" buyer for Wendy's

(Reuters) - According to the filing, Trian also upped its stake in
Wendy's from 8.4 percent to 9.8 percent.




Last year, Peltz, who questioned Wendy's strategy, placed
three nominees on the company's board. Pressure from him sped
up a spin-off of the Tim Hortons Inc. coffeehouse
chain and led to the sale of the Baja Fresh chain to an
investment group.


Read more at Reuters.com Mergers News

Futures rise on M&A, data eyed

(Reuters) - Kraft Foods Inc. is in exclusive talks to buy Danone's biscuit and cereal unit for 5.3 billion euros in cash, the companies said. Kraft's shares rose 1.5 percent in Europe.




Kraft's bid for Danone's cookie unit, which includes the LU, Prince and Tuc brands, will give the U.S. food company a stronger foothold in Europe and in emerging markets.


Read more at Reuters.com Bonds News

RBS group says on track for ABN offer this month

(Reuters) - RBS and its partners -- Spain's Santander and Belgian-Dutch Fortis -- has offered to buy Dutch rival ABN for about 71 billion euros , trumping an all-share offer from Britain's Barclays worth about 62 billion euros.



RBS said in a statement it expects to file with a prospectus the U.S. Securities and Exchange Commission and the consortium will issue its tender offer on schedule this month.


Read more at Reuters.com Government Filings News

US STOCKS-Wall St set to open higher on M&A

(Reuters) - Kraft Foods is in exclusive talks to buy Danone's
biscuit and cereal unit for 5.3 billion euros in cash, the companies said. Kraft's shares rose 0.8
percent in Europe.




Kraft's widely rumored bid for Danone's cookie unit, which
includes the LU, Prince and Tuc brands, will give the U.S. food
company a stronger foothold in Europe and in emerging markets.


Read more at Reuters.com Bonds News

U.K. Pound Trades Near 26-Year High Against Dollar on Interest Rate Views

(Bloomberg) -- The pound traded near its highest in
26 years against the dollar on expectations the Bank of England
will raise interest rates this week and signal further increases
may be needed to cool economic growth and inflation.

The U.K. currency gained to as high as $2.0196 today, the
strongest since June 2, 1981. BOE policy makers will lift
benchmark rates a quarter percentage point to 5.75 percent on
July 5, according to economists surveyed by Bloomberg News.
Governor Mervyn King told U.K. lawmakers in London last month
that the risk of inflation ``remains to the upside.''


Read more at Bloomberg Currencies News

Autonomy to buy Zantaz for $375 mln, place shares

(Reuters) - Shares in Autonomy, which pulls together and analyses information from a range of mediums such as e-mail, video and audio, jumped as much as 10 percent in early trading.




Autonomy said it was partly funding the deal to buy Zantaz with an underwritten placing of 12.7 million new shares, expected to raise about $180 million.


Read more at Reuters.com Hot Stocks News

South African Stocks Advance, Paced by Anglo American and Impala Platinum

(Bloomberg) -- South African shares rose for a second
day. Anglo American Plc and Impala Platinum Holdings Ltd. led the
gain as the prices of metals including copper, nickel and
platinum advanced.

The FTSE/JSE Africa All Share Index added 183.30, or 0.6
percent, to 28,886.43 at 10:22 a.m. in Johannesburg, as four
stocks rose for each one that fell.


Read more at Bloomberg Emerging Markets News

Euro Declines on View Recent Gains Already Reflect Interest-Rate Outlook

(Bloomberg) -- The euro declined from a record
against the yen on speculation recent gains already reflect the
interest-rate outlook for the European Central Bank.

The European currency also snapped a two-day advance versus
the dollar ahead of the ECB's monthly rate-setting meeting this
week. Economists surveyed by Bloomberg News expect policy makers
to maintain interest rates at 4 percent July 5.


Read more at Bloomberg Currencies News

Carlyle Capital confirms trimmed IPO

(Reuters) - Trading in the 15.8 million new shares plus a reoffering of 173,200 shares is expected to start on July 4, the affiliate of private equity firm Carlyle Group said in a statement. The company initially planned to issue 18.9 million new shares.




Last week, CCC's chief executive John Stomber told Reuters the company had cut the price and the volume of the offering due to "headwinds" in the market. It also postponed the issue.


Read more at Reuters.com Mergers News

UPDATE 1-Danone shares suspended ahead of statement

(Reuters) - Danone declined to comment on the reason for its stock suspension. It said a meeting with the group's trade union representatives would begin at 0730 GMT.




The sale of the Danone biscuits, including the Prince and Tuc brands, would give Kraft a stronger foothold in Europe and could provide Danone with cash to launch a takeover -- even though analysts have pointed out that Danone's healthy balance sheet does not require it to sell assets to expand.


Read more at Reuters.com Mergers News