Delphi reaches tentative deal with UAW, GM

(Reuters) - The deal, which must be ratified by UAW members and approved by federal bankruptcy court, would clear a major risk for former Delphi parent GM, which remains Delphi's biggest customer and heads into its own high-stakes labor talks with the union next month.




Terms of the proposed contract were not disclosed but include one-time payouts from GM in exchange for lower wages, a person involved in the negotiations said.


Read more at Reuters.com Business News

SandRidge Energy files for $690 million IPO

(Reuters) - The filing did not detail how many shares the company plans
to sell or an expected price, as that information is usually
disclosed in future filings.




Read more at Reuters.com Government Filings News

Athenahealth files for $86.25 million IPO

(Reuters) - Athenahealth intends to list its stock on the Nasdaq under
the symbol "ATHN" .




Read more at Reuters.com Government Filings News

Former Amaranth trader to testify to Senate

(Reuters) - Shane Lee, a former Amaranth natural gas trader, will testify at the hearing, along with big industrial natural gas consumers and academic experts, the committee said in a notice.




After Amaranth, Lee joined a team of commodities traders that founded Calgary-based Solengo Capital, which is headed by Brian Hunter, whose team made the bets that caused the formerly $9.3 billion Amaranth fund group to implode.


Read more at Reuters.com Business News

Corn Has Biggest Weekly Drop Since 1997 on Midwest Rains; Soybeans Fall

(Bloomberg) -- Corn fell to a two-week low in
Chicago, capping the biggest weekly loss in almost 10 years, and
soybeans dropped as Midwest rains rejuvenate U.S. crops stressed
by dry weather.

As much as 2 inches (5 centimeters) of rain has fallen in
parts of the Midwest since yesterday, according to T-Storm
Weather. Fields from Minnesota to Ohio may receive triple the
normal rainfall during the next five days, the forecaster said.
Some areas east of the Mississippi River have gotten less than
half the normal rain in the past two months.


Read more at Bloomberg Commodities News

Fitch may cut Bear Stearns Asset Management CDO rank

(Reuters) - Fitch awards BSAM a CDO manager rating of "CAM2," the
second highest of five rankings.




Read more at Reuters.com Bonds News

Analysts Are Split on the Direction of Oil Prices Next Week, Survey Shows

(Bloomberg) -- Analysts surveyed by Bloomberg News
were split over whether oil prices will rise or fall next week
amid surging U.S. inventories and threats to Nigerian shipments.

Eighteen of 48 analysts surveyed, or 38 percent, said oil
prices will increase. Another 18 said that prices will decline.
Twelve, or 25 percent, said prices will be little changed. Last
week, 49 percent of respondents said prices would rise.


Read more at Bloomberg Energy News

Cotton Falls for First Day in Three on Boost in China Production Estimate

(Bloomberg) -- Cotton in New York fell for the
first day in three after researcher Cotlook Ltd. raised its
forecast for next season's production in China, the biggest
grower, by 7.5 percent.

A larger crop in Xinjiang province prompted Cotlook to
raise the estimate for the marketing year starting in August to
7.2 million metric tons from a May forecast of 6.7 million, the
U.K.-based firm said today in a report. China will produce
7.1 million metric tons this marketing year, Cotlook said.


Read more at Bloomberg Commodities News

UPDATE 1-Visa details restructuring, results ahead of IPO

(Reuters) - San Francisco-based Visa also disclosed financial results
for the publicly traded entity to be known as Visa Inc., which
will combines Visa USA, Visa International and Visa Canada.




Visa Inc. posted net income of $525.9 million, or 68 cents
per share, on operating revenue of $2.36 billion for the six
months ended March 31, according to a U.S. Securities and
Exchange Commission filing. Visa USA accounted for more than
two-thirds of profit and revenue, the company said.


Read more at Reuters.com Market News

UPDATE 1-KCBT says not going way of Winnipeg's ICE deal

(Reuters) - KANSAS CITY, Mo., June 22 - The Kansas City Board
of Trade is not interested in taking part in industry
consolidation, unlike its northern neighbor, the Winnipeg
Commodity Exchange, the KCBT said Friday.




Record volume and soaring membership values at the KCBT,
the largest futures market for hard red winter wheat, are
keeping member-owners content to keep the exchange independent
for now, said some long-time members and exchange officials.


Read more at Reuters.com Mergers News

Blackstone up 15 percent in NYSE debut

(Reuters) - The highly anticipated issue shot up as much as 23 percent to $38.00 in early trade on the New York Stock Exchange. But the units then fell from the high and dipped below the opening price, indicating some investors sold on concerns of higher U.S. taxes or worries whether the ideal conditions of recent years would persist.




"The opening price was less than people had speculated," said Al Goldman, chief market strategist at brokerage A.G. Edwards. "Maybe people are concerned Congress is trying to raise taxes for this type of company ... People are wondering what's going on. Are the insiders selling because they think the party is about over?"


Read more at Reuters.com Business News

Medtronic ups dividend by 14 pct, to buy back more shares

(Reuters) - The dividend, a 14 percent increase over the last quarterly dividend, is payable on July 27 to shareholders of record at the close of business on July 6, the company said in a statement.



The increase in the share repurchase raises the total number of shares Medtronic is authorized to repurchase to about 60 million.


Read more at Reuters.com Mergers News

American Capital gets $1.6 bln unsecured credit facility

(Reuters) - The interest on borrowings under the facility is currently
charged at LIBOR plus 0.90 percent, it added.





Read more at Reuters.com Bonds News

Wheat Falls From 11-Year High as Drier Weather May Speed U.S. Harvesting

(Bloomberg) -- Wheat fell in Chicago and Kansas
City, heading for the first weekly decline since mid-May, on
speculation drier weather will allow farmers in the Great
Plains to accelerate the harvest of the U.S. winter crop.

Wheat reached an 11-year high this week after heavy rains
delayed the harvest and threatened to spread fungal disease.
The harvest should speed up, with only light showers and above-
normal temperatures expected next week, according to
Meteorlogix LLC. Drier weather will also benefit spring crops
in the northern Plains and in Canada, the forecaster said.


Read more at Bloomberg Commodities News

US bankers, lawyers gear up for distressed M&A boom

(Reuters) - The prominent middle-market firm's bankers weren't on a
roadshow or due diligence trip. Instead they were conducting a
month-long seminar on Wall Street's hottest buzz phrase:
distressed mergers and acquisitions.




The seminar series was attended by thousands of lawyers,
investors, consultants and others, and it came complete with a
case study, 50-page glossy booklet and other materials.


Read more at Reuters.com Bonds News

Care Investment, EBay, Pacific Ethanol, Tyson, Quantum: 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 11:40 a.m. New York time.

Shares of ethanol producers rose after the U.S. Senate
passed legislation that would overhaul car fuel economy standards
for the first time in more than two decades and quadruple use of
alternative fuels such as ethanol.


Read more at Bloomberg Stocks News

EBay Rallies as Bernstein Rates Stock at `Outperform' on PayPal Growth

(Bloomberg) -- EBay Inc. shares had their biggest
gain in almost three months after Sanford C. Bernstein & Co.
rated the world's largest online auctioneer at ``outperform'' on
growth prospects for its PayPal online payment service.

``We are bullish on PayPal,'' wrote Bernstein analyst
Jeffrey Lindsay. ``We forecast PayPal will be 30 percent of
EBay's growth by 2011 as it expands further into merchant and
online financial services.'' PayPal's first-quarter revenue
surged 31 percent to $439.3 million.


Read more at Bloomberg Stocks News

TREASURIES-Bonds rise on short-covering ahead of weekend

(Reuters) - Most investors moved to the sidelines amid concerns over
hedge fund troubles and rising global interest rates.




They have also become cautious ahead of next week's Federal
Reserve policy meeting. Wall Street widely expects the Fed to
leave the federal funds rate unchanged at 5.25 percent, but
signs of reviving economic growth are expected to keep
inflation the predominant issue for policy-makers.


Read more at Reuters.com Bonds News

Limited Brands to cut jobs, boost buyback

(Reuters) - Limited, which recently agreed to sell 67 percent of its Express chain to a private equity firm, is trying to shed its underperforming apparel brands in order to focus on what most of its customers want -- sexy undergarments and bath and beauty products.




In addition to raising its buyback program to $1 billion from $500 million, Limited said it plans to accelerate the pace of those buybacks. It has already repurchased $190.5 million worth of shares under the existing plan. Limited authorized the $500 million buyback program on May 23.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Bush to host Vietnam president in historic visit

(Reuters) - WASHINGTON, June 22 - President George W. Bush,
hosting Vietnam's president in a historic visit, will welcome
robust trade ties the United States has developed with a former
enemy but also will voice concerns on Hanoi's human rights
record.




Vietnamese President Nguyen Minh Triet is making the first
U.S. trip by a head of state from his country since the Vietnam
War ended in 1975.


Read more at Reuters.com Bonds News

U.S. Stocks Drop on Mortgage Concern; Bear Stearns, Citigroup Retreat

(Bloomberg) -- U.S. stocks fell on concern hedge-
fund losses at Bear Stearns Cos. may signal wider problems in
credit markets.

Bear Stearns, the second-biggest U.S. underwriter of
mortgage bonds, dropped after people with knowledge of the
company's proposal said it plans to take on $3.2 billion of
loans to stave off the collapse of a hedge fund. Citigroup Inc.,
JPMorgan Chase & Co. and Moody's Corp. also declined.


Read more at Bloomberg Stocks News

Nymex Natural Gas Declines as Buyers See Ample Supply, Price Moving Lower

(Bloomberg) -- Natural gas in New York fell for a
fifth straight day as mild weather and adequate storage eased
concern over potential supply shortfalls later this year.

``People are finally saying: `We do have plenty of supply
around','' said Stephen Briggs, managing partner at Intermarket
Management LLC in Verona, New Jersey. ``We're headed lower, it's
supply and demand, there's plenty of the stuff around.''


Read more at Bloomberg Energy News

RPT-REFILE-FFCB launches $1.0 bln 2-year designated bonds

(Reuters) - The bonds will price later on Friday via the joint lead
managers on the sale, which are Nomura Securities International
and Merrill Lynch .




Read more at Reuters.com Bonds News

Treasury Yield Curve Steepens the Most Since 2005 as Investors Seek Safety

(Bloomberg) -- The difference in Treasury 10-year
and two-year note yields widened to the most since October 2005
as investors sought a haven from hedge fund losses.

Two-year notes were poised for their first weekly gain
since April, while 10-year notes were down for a seventh week,
widening the yield advantage of the longer-term debt to 21 basis
points. Investors bought two-year notes as creditors moved to
liquidate assets from two Bear Stearns Cos. hedge funds.


Read more at Bloomberg Bonds News

Abercrombie, Blackstone, Chipotle, EBay, Jabil, TiVo: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names.

Abercrombie & Fitch Co. (ANF US) fell $3.56, or 4.7 percent,
to $73.02. The casual clothing retailer for teens and college
students was cut to ``equal weight'' from ``overweight'' at
Lehman Brothers Holdings Inc. The company's same-store sales
could decline in the second and third quarters, and a later back
to school period could result in a ``disappointing'' July,
analysts wrote in a note.


Read more at Bloomberg Stocks News

Russian Benchmark Index Rises, Led by Norilsk Nickel on Nickel Price

(Bloomberg) -- Russian stocks climbed, led by shares
of OAO GMK Norilsk Nickel, Russia's biggest mining company, after
nickel prices rose in London.

The ruble-denominated Micex Index climbed 0.5 percent to
1682.30 at 1:07 p.m. in Moscow. Twenty-one stocks advanced and
nine retreated. The dollar-denominated RTS Index added 0.1
percent to 1895.79.


Read more at Bloomberg Emerging Markets News

Catalyst Asset proposes exchange offer for BCE

(Reuters) - Each stapled security would consist of one underlying Bidco
common share and one Bidco subordinated debt security. The
combined dividends and interest per stapled security would be
set at an initial annual rate of C$2.55, Catalyst said. This
compares with BCE's current dividend of C$1.46 a share, it
said.







Read more at Reuters.com Government Filings News

Platinum Rises as Industrial Users May Hoard the Metal; Palladium Falls

(Bloomberg) -- Platinum climbed for a second
consecutive day in London on speculation industrial users will
hoard the precious metal in anticipation of a strike in South
Africa, the largest producer. Palladium dropped.

The one-month interest rate to borrow rhodium, a metal
that's mined from the same ore bodies as platinum in South
Africa, has soared this week to an annual rate of 30 percent,
from 18 percent last week, said Mark Augustynak, a trader at
Natixis Commodity Markets Ltd. in London. South Africa is also
the biggest producer of rhodium.


Read more at Bloomberg Commodities News

Gazprom Chairman Calls BP Meeting in Kremlin to Discuss Kovykta Gas Field

(Bloomberg) -- OAO Gazprom Chairman Dmitry Medvedev
will hold a meeting in the Kremlin today with executives from BP
Plc, whose license to a Siberian field with more natural gas
than Canada is being threatened by the government.

Medvedev, who is also a first deputy prime minister, will
chair a meeting regarding BP, a Kremlin spokeswoman said by
phone, declining to elaborate.


Read more at Bloomberg Energy News

Hungarian Forint Heads for Second Weekly Gain Versus Euro on Carry Trades

(Bloomberg) -- Hungary's forint is set to advance
for a second week versus the euro as investors continue the so-
called carry trade, attracted by the European Union's highest
interest rate.

The forint headed for its biggest two-week gain in nine
months as investors borrow in low interest-rate currencies such
as the Japanese yen and Czech koruna, and invest in higher-
yielding assets elsewhere. Hungary's central bank holds its next
policy meeting June 25, when economists expect it to hold its
benchmark rate at 8 percent. The European Central Bank's rate is
at 4 percent.


Read more at Bloomberg Currencies News

Yen slides to 4-1/2-year low against dollar

(Reuters) - The yen fell to a 4-1/2-year low against the dollar on Friday as Japanese investors dumped their low-yielding currency for foreign assets and market players kept using the unit to fund carry trades.

The Australian dollar struck a 16-year peak against the yen and sterling hit a 15-year high as traders cited steady foreign currency buying by new Japanese investment trusts drawing in funds from households receiving summer bonuses.


Read more at Reuters Africa

European Stocks Decline on Ifo Report; Julius Baer, Maersk Lead Drop

(Bloomberg) -- European stocks dropped for a second
day after German business confidence fell more than economists
forecast in June, adding to signs that growth in Europe's largest
economy is slowing.

Julius Baer Holding AG fell after UBS AG sold part of its
stake in the Swiss Bank. A.P. Moeller-Maersk declined after the
company named a new chief executive officer. Pearson Plc rose after
the U.K. publisher abandoned a possible bid for Dow Jones & Co.


Read more at Bloomberg Stocks News

BP Will Share Oil, Gas Discoveries With Libya, National Oil's Ghanem Says

(Bloomberg) -- BP Plc, Europe's second-largest
petroleum company, and the Libyan government will share any oil
fields BP may find under an exploration accord signed with the
North African nation last month, a Libyan official said.

The agreement was initially announced as a ``natural-gas
cooperation accord'' during British Prime Minister Tony Blair's
visit to Libya on May 29. London-based BP committed to spend at
least $900 million on exploration works in offshore and onshore
plots that cover a total of 54,000 square kilometers (20,850
square miles), about the size of West Virginia.


Read more at Bloomberg Energy News

SK Corp. Delays Maintenance Shutdown of Ulsan Unit Until April Next Year

(Bloomberg) -- SK Corp., South Korea's largest oil
refiner, will delay a maintenance shutdown of its No. 5 crude
distillation unit in Ulsan to April 2008 from June and July this
year.

The refiner will delay shutting the 260,000 barrel-a-day
unit because it has undergone maintenance in 2005 and there's no
particular need for maintenance now, the Seoul-based company said
today in an e-mail to Bloomberg News. The exact dates and length
of the shut down next year will be decided later.


Read more at Bloomberg Energy News