GlobalSantaFe probing its Nigerian operations

(Reuters) - U.S. offshore oil and gas drilling contractor GlobalSantaFe Corp. said on Monday it has started an internal probe of its Nigerian operations to determine whether anti-corruption laws were broken.

The company, based in Houston, said the investigation is focused on whether Nigerian customs agents fully complied with the U.S. Foreign Corrupt Practices Act (FCPA) and local laws.


Read more at Reuters Africa

U.S. Senate to try again on immigration overhaul

(Reuters) - Supporters expect a close vote on a motion to resume Senate
debate on the legislation, which faltered this month in the
face of opposition from conservative Republicans who called it
an amnesty that would do little to stem illegal immigration.




The measure also faces opposition from some labor unions,
who say its temporary worker program, backed by business, will
create an underclass of cheap laborers. Immigrant groups
opposed the bill's limits on family migration.


Read more at Reuters.com Bonds News

TREASURIES-Steady in Asia, subprime jitters in focus

(Reuters) - Persistent flight-to-quality bids stemming from hedge fund
worries continued to support Treasuries and pressured two-year
Treasury yields to the lowest levels in nearly a month.




"No one knows what more the hedge funds problem will bring,"
said Yoshio Takahashi, a bond strategist at Barclays Capital in
Tokyo.


Read more at Reuters.com Bonds News

U.K. Pound May Fall Versus Dollar, Euro on Views Recent Rise Is Excessive

(Bloomberg) -- The U.K. pound may fall as traders
judged its recent rise, fuelled by speculation the Bank of
England will keep raising interest rates, was excessive.

The pound climbed through the $2 barrier yesterday for the
first time since May as investors bet BOE Governor Mervyn King
will this week tell lawmakers interest rates need to rise
further. A report showed futures traders have raised bets the
pound will rise, pushing the so-called net long positions to a
four-month high.


Read more at Bloomberg Currencies News

European Government Bonds May Rise as Risk Aversion Stokes Demand for Debt

(Bloomberg) -- European government bonds may extend
gains as concern more banks will have to write down the value of
securities with U.S. subprime mortgages stokes investor demand
for the world's safest assets.

Gains in debt may send yields on 10-year bunds, Europe's
benchmark, down for a third day from the highest in almost five
years, helped by a worldwide rally in bond markets after Bear
Stearns Cos. offered $3.2 billion to bail out a hedge fund it
managed. Still, advances may be capped as a report today may show
Italian business confidence rose, underpinning expectations of
higher interest rates in the euro region.


Read more at Bloomberg Bonds News

Philippines Trade Deficit Narrows in April as Electronics Imports Decline

(Bloomberg) -- The Philippines trade deficit
narrowed in April as manufacturers imported fewer raw materials
used to make laptops and video players for export, signaling
shipments abroad may continue to slow in coming months.

The gap in trade was $219 million, compared with a revised
shortfall of $499 million a year earlier, the National
Statistics Office said in Manila today. The deficit for the
first four months was $8 million.


Read more at Bloomberg Emerging Markets News

SK Corp. Shares Rise in Seoul Before Stock Is Halted for Re-organization

(Bloomberg) -- Shares of SK Corp., South Korea's
largest oil refiner, rose as much as 7.8 percent as investors
purchase the stock before a scheduled halt in trading this week
for a company re-organization.

SK Corp. shares climbed as much as 9,000 won to 124,000 won
and traded at 122,000 won at 9:46 a.m. in Seoul. Trading will be
halted on June 28 for a month, when the Seoul-based company will
split into a holding company structure.


Read more at Bloomberg Energy News

CORRECTED - Two U.S. bank trade groups agree to merge in 2007

(Reuters) - The new group will retain the ABA name and it will be
headed by Ed Yingling as president and chief executive officer,
the groups said in a joint statement.




The merger allows some banks to reduce paying duplicate
membership fees to belong to each organization, which operates
lobbying and outreach programs.


Read more at Reuters.com Government Filings News

Japan Stocks Drop, Paced by Exporters, Honda, Komatsu, on Subprime Concern

(Bloomberg) -- Japanese shares fell on lingering
concern that losses tied to U.S. subprime mortgages will curb
growth in the world's biggest economy. Honda Motor Co. and
Komatsu Ltd. which rely on sales there, paced losses.

U.S. stocks fell for a second day yesterday on speculation
hedge fund losses are greater than forecast and after a report
showed sales of previously owned homes declined in May.


Read more at Bloomberg Stocks News

UPDATE 1-Babcock submits revised offer for NorthWestern

(Reuters) - The new proposal offers US$20 million in customer refunds,
a commitment to spend at least US$380 million to bolster
existing operations in Montana, and slash the debt component of
the purchase by half with a corresponding increase in equity.




"The joint applicants, and particularly BBI, have heard the
Commission loud and clear," Babcock & Brown Infrastructure
Chief Executive Officer Jeff Kendrew said in a statement.


Read more at Reuters.com Mergers News

ConocoPhillips to leave Venezuela-source

(Reuters) - Venezuelan President Hugo Chavez has set Tuesday as a
deadline for oil majors to accept terms for the government to
take a majority stake in four heavy-crude upgrading projects
away from foreign oil companies. The projects are valued at
more than $30 billion and can produce 600,000 barrels per day.




Read more at Reuters.com Bonds News

New Zealand Dollar Falls as Stock Drop, Subprime Concern Hurts Carry Trade

(Bloomberg) -- New Zealand's dollar fell as
declining stocks and concern about losses tied to subprime
mortgages in the U.S. prompted some investors to unwind riskier
bets.

The currency is a favorite for the carry trade, where
investors borrow cheaply in yen to put their funds in nations
offering higher yields. New Zealand's 8 percent official cash
rate is 7.5 percentage points higher than Japan's overnight rate.


Read more at Bloomberg Currencies News

CORRECTED - SunTrust Bank sells $2 bln floaters in 2 parts -lead

(Reuters) - The sale included $900 million of notes with a coupon rate
of 0.01 percentage point over the three-month London interbank
offered rate . It also included $1.1 billion of notes
with a coupon rate of 0.02 percentage point over one-month
LIBOR.




Read more at Reuters.com Bonds News

Infineon to buy TI's home DSL broadband unit

(Reuters) - BERLIN, June 25 - German chipmaker Infineon Technologies will buy Texas Instruments Inc.'s home DSL broadband chip unit to strengthen its wireline business, it said on Monday. Infineon declined to say how much it was paying for TI's DSL customer premises equipment unit, its first acquisition since 2004, nor would it give the unit's sales or staff numbers. A spokesman said most of the unit's staff were in California.



The transaction is expected to close in the summer of 2007, Infineon said in a statement.


Read more at Reuters.com Mergers News

UPDATE 1-John Hancock settles SEC probe, to pay $21.2 mln

(Reuters) - The SEC said in its ruling that the Boston-based company, a
unit of Canada's Manulife Financial Corp. , used
brokerage commissions to pay for affiliated distributors'
marketing expenses from 2001 to late 2004, but failed to make
the practice public.




"This settlement highlights the importance of proper
disclosure to fund boards," said David Bergers, who heads the
SEC's office in Boston. "Investors need to have confidence that
fund boards have that information to make decisions about fund
assets."


Read more at Reuters.com Government Filings News

Bear Stearns, Doral, Pier 1, Tektronix, Tiffany: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes on U.S. exchanges today.
Stock symbols are in parentheses after company names. Share
prices are as of 4 p.m. in New York.

Car rental companies: Hertz Global Holdings Inc. (HTZ US),
Avis Budget Group Inc. (CAR US) and Dollar Thrifty Automotive
Group Inc. (DTG US) were downgraded by Morgan Stanley as
travelers balk at higher car rental prices. The companies'
ratings were cut to ``underweight'' from ``equal-weight'' by
Morgan Stanley analyst Christina Woo. Hertz lost 53 cents, or 2.1
percent, to $25.01. Avis fell $1.92, or 6.5 percent, to $27.56.
Dollar Thrifty dropped $2.40, or 5.7 percent, to $40.06.


Read more at Bloomberg Stocks News

Latin American Stocks Fall on Growth Concerns; Walmex, Vale Shares Decline

(Bloomberg) -- Latin American stock indexes fell as
prospects of slower growth in China lessened the allure of emerging
market stocks.

The Morgan Stanley Capital International index of Latin
American shares fell 1.4 percent to 3722.06 as of 3:41 p.m. in New
York. Mexico's benchmark Bolsa index slid 1 percent to 31,333.32.


Read more at Bloomberg Stocks News

Platinum Falls Most in Month as Strike Concerns Ease; Palladium Declines

(Bloomberg) -- Platinum in New York fell the most in
a month as concerns eased about potential strikes at mines in
South Africa, which produces about 80 percent of the metal.
Palladium also declined.

Before today, platinum rose 1.7 percent this month after
companies including Anglo Platinum Ltd., the biggest producer,
Impala Platinum Holdings Ltd. and Northam Platinum Holdings Ltd.
started wage talks with workers. Unions say near-record prices
for the metal should allow companies to increase wages beyond
inflation, currently at 6.3 percent.


Read more at Bloomberg Commodities News

Grubb&Ellis sees strong NYC market

(Reuters) - "This extraordinary run-up in rental rates is going to continue through 2008 and into early 2009," the 23-year veteran commercial broker told the Reuters Summit. "There is just not a lot of space around and not a lot of big blocks of space."




Manhattan is currently enjoying a boom in real estate, rebounding from the September 11, 2001 terror attack, which prompted fears that the financial services "anchor industry" could abandon the city for safer regions.


Read more at Reuters.com Mergers News

Oil Is Little Changed as End of Strike in Nigeria Eases Supply Concerns

(Bloomberg) -- Crude oil was little changed after a
nationwide strike of oil workers in Nigeria ended, easing concern
supplies from Africa's biggest producer would be further
disrupted.

The strike, which began June 20 after the government failed
to reverse an automobile fuel price increase, halted commerce and
drove up the country's gasoline prices sixfold on the black
market. New York oil prices rose the past two weeks partly on the
threat of strikes in Nigeria, where violence has already shut
down about a third of production.


Read more at Bloomberg Energy News

TreeHouse to buy E.D. Smith in C$217 mln deal

(Reuters) - TORONTO, June 25 - Canadian Jam and sauce maker E.D. Smith Income Fund said on Monday it plans to sell all of its assets to U.S.-based TreeHouse Foods Inc. in a deal valued at about C$217 million in cash.



TreeHouse, based in Westchester, Illinois, will also assume E.D. Smith's existing debt and the transaction costs.


Read more at Reuters.com Mergers News

Mexico's Bolsa Declines on Concern Chinese Growth May Slow; Walmex Falls

(Bloomberg) -- Mexico's Bolsa index fell for the
fourth time in five days as prospects of slower growth in China
lessened the allure of emerging market stocks.

The benchmark Bolsa index slid 0.4 percent today to 31,531.62
as of 12:36 a.m. in New York. Wal-Mart de Mexico SAB, Latin
America's largest retailer, led the decline.


Read more at Bloomberg Stocks News

US housing seen drag on growth into 2008-Citigroup

(Reuters) - Alexander forecast that residential construction would fall
at an annual rate of 8 percent in the second quarter, 4 percent
in the third quarter and 6 percent in the fourth quarter,




"We continue to see residential construction being a drag
on growth all the way through the end of this year and indeed
into next year," Alexander said on a media conference call.


Read more at Reuters.com Bonds News

Wheat Rises as Thunderstorms Delay Harvesting of Crops in Oklahoma, Texas

(Bloomberg) -- Wheat rose in Kansas City and
Chicago as rains delayed harvests in parts of Oklahoma and
Texas, hurting yields and grain quality.

A ``daily chance of thundershowers'' threatens crops in
both states, Meteorlogix LLC said. As much as six times normal
rain fell in the past 30 days, according to National Weather
Service data, keeping machinery out of muddy fields. Yields in
some areas aren't as high as they were expected to be before an
April freeze damaged plants.


Read more at Bloomberg Commodities News

Swift & Co. names Batista CEO, replaces Rovit

(Reuters) - In May, it was announced that Brazilian meat company
JBS-Friboi would buy Swift for $225 million, and
assume about $1.16 billion of Swift's debt.




Read more at Reuters.com Mergers News

Prices rise on safe-haven flows, rate cut hopes

(Reuters) - Last week, problems at two Bear Stearns' hedge funds renewed worries about the spillover effect from the subprime mortgage sector's woes, prompting safe-haven bids, with nervous investors dumping stocks.




"The market went off very strong on Friday and this is just follow through short-covering from last week. There is very decent mortgage buying on the back of this short-covering, that is producing buyers of Treasuries," said Thomas di Galoma, head of U.S. Treasury trading at Jefferies & Co in New York.


Read more at Reuters.com Hot Stocks News

Coffee Plunges to Three-Week Low as Mild Weather Eases Brazil Frost Risk

(Bloomberg) -- Coffee fell to a three-week low in
New York as mild temperatures and dry weather ease concern that
crops may be damaged in Brazil, the world's largest producer.

Temperatures during the next five days will drop as low as
the upper-40s Fahrenheit (9 degrees Celsius), warm enough to
avoid frost, according to Meteorlogix LLC in Woburn,
Massachusetts. Brazil's harvest is from April to October.


Read more at Bloomberg Commodities News

UPDATE 1-RCN Corp. to buy NEON Communications for $260 mln

(Reuters) - The deal, which is expected to close during the fourth
quarter, would double RCN Business Solutions' revenue in
Northeast Corridor and Chicago markets, the companies said in a
joint statement.




The combined entity will have more than 14,000 route miles
and more than 1,000 on-net buildings, NEON's Chief Executive
Kurt Van Wagenen said in a statement.


Read more at Reuters.com Bonds News

U.S. Stocks Rise as Bond Yields Decline; General Motors Leads Advance

(Bloomberg) -- U.S. stocks rose on prospects
General Motors Corp. will overcome demand for higher wages and
after bond yields fell for a second day, easing concern about
higher borrowing costs.

GM, the biggest U.S. automaker, climbed the most in the
Dow Jones Industrial Average after Goldman, Sachs & Co. advised
clients to buy the shares.


Read more at Bloomberg Stocks News

Lead Rises to Record in London on Speculation Supply Growth to Be Limited

(Bloomberg) -- Lead rose to record for a fourth day
in London on speculation that supply growth of the metal used in
car batteries will be limited this year following a cut in
Chinese production. Copper dropped for a third consecutive day.

Lead smelters in China, the world's largest producer, are
cutting output this year due to rising prices of concentrate,
the raw material that's smelted into metal, Reuters reported
June 22. Demand for the metal beat supply by 111,000 metric tons
in the first four months, the Ware, England-based World Bureau
of Metal Statistics said last week.


Read more at Bloomberg Commodities News

Genesee & Wyoming to liquidate Mexican operations

(Reuters) - Genesee said its unit, which has 407 employees, expects to
wind down its operations and to discontinue rail service over
the next four weeks.





Read more at Reuters.com Mergers News

Gold declines with oil prices and other metals

(Reuters) - Gold prices slipped on Monday as weakness in oil prices, base metals and equities prompted bullion investors to lock in profits, analysts said.

A report from the Bank of International Settlements warning about inflationary pressures also dampened sentiment, they said, adding gold was seen trading in a range this week, with a bias to the downside.


Read more at Reuters Africa

Bioenvision, Genzyme disagree on Clofarabine pact rights

(Reuters) - Genzyme, which has agreed to acquire Bioenvision,
co-develops Clofarabine and markets it in the Unites States and
Canada. Bioenvision markets the product in Europe.





Read more at Reuters.com Bonds News

Diller says he will retain control of Expedia

(Reuters) - "I don't want any of you to wonder or worry that the company is being tossed around between me and Liberty as a pawn on a chessboard. It is not," Diller said in a brief note to employees on Friday that was made public in a regulatory filing on Monday.




Diller, who is also chairman and chief executive of Expedia's former parent, IAC/InterActiveCorp , controls Expedia through an agreement with Liberty Media that allows him to vote Liberty's 43.6 million common shares and 1.2 million Class B supervoting shares. Expedia has 323.7 million shares outstanding, according to filings.


Read more at Reuters.com Mergers News

Citigroup denies report of bid for Kuwait bank

(Reuters) - "The news about Citi's offer to shareholders in Gulf Bank is categorically false and totally unfounded," Mohammed al-Shroogi, Middle East managing director for Citigroup, said in a statement.




Read more at Reuters.com Mergers News

Firstrand raised $699 mln in Euro bond issue

(Reuters) - South African banking and financial services group FirstRand has raised 5 billion rand through its euro medium term notes (EMTN) programme from European capital markets, it said on Monday.

FirstRand said the issue was placed with 41 investors in 16 different countries and priced 50 basis points over the euro three month rate.


Read more at Reuters Africa

Borsa Italiana does not want to sell MTS -CEO

(Reuters) - "We do not want to sell MTS," Chief Executive Massimo Capuano told a news conference after agreeing to a 1.6 billion euro takeover by the London Stock Exchange .



)


Read more at Reuters.com Mergers News

China's CSI 300 Index Slides on Zhou Bubble Warning: World's Biggest Mover

(Bloomberg) -- China's stocks plunged by the most
in three weeks after central bank Governor Zhou Xiaochuan said
shares may be overvalued and he doesn't rule out raising
interest rates.

``Zhou's remarks are damping sentiment,'' said Fan Dizhao,
who helps manage $1.8 billion at Guotai Asset Management Co. in
Shanghai. ``Investors may be selling for fear of further
policies that will discourage speculation.''


Read more at Bloomberg Stocks News

U.S. Stock-Index Futures Rise; Blackstone, GM Gains as Bear Stearns Falls

(Bloomberg) -- U.S. stock-index futures rose
before a private report that may show home resales fell
last month, giving more room to the Federal Reserve to cut
interest rates.

Blackstone Group LP, the private-equity firm valued at
$38 billion after its initial public offering June 22,
gained in Europe. General Motors Corp. advanced as people
with knowledge of matter said the United Auto Workers union
will end its bid to keep wages at its biggest supplier,
Delphi Corp., at GM levels.


Read more at Bloomberg Stocks News

German, Dutch Power Prices for July Fall on Forecast That Weather May Cool

(Bloomberg) -- German power prices for delivery next
month extended last week's drop as forecasters predicted cooler
temperatures, reducing demand for electricity used for cooling.

Power delivered in July in Europe's biggest electricity
market fell for a sixth consecutive day. The contract slipped 1.4
euros, or 3.4 percent, to 39.75 euros ($53.47) a megawatt-hour,
according to prices from broker GFI on Bloomberg at 10:57 a.m.
Berlin time. Nordic and Dutch prices also declined.


Read more at Bloomberg Energy News

South African Stocks Decline, Led by Anglo American and Impala Platinum

(Bloomberg) -- South Africa's main stock index
declined for a third day, paced by Anglo American Plc and Impala
Platinum Holdings Ltd. as metals prices fell.

The FTSE/JSE Africa All Share Index lost 170.06, or 0.6
percent, to 28,924.26 at 10:07 a.m. in Johannesburg, as 82
stocks dropped, 16 rose and 66 were unchanged.


Read more at Bloomberg Emerging Markets News

European Stocks Decline; France Telecom, Anglo American Lead Slide

(Bloomberg) -- European stocks dropped as the French
government began selling as much as 3.8 billion euros ($5.1
billion) in shares of France Telecom SA and Cazenove downgraded
mining companies Anglo American Plc and Antofagasta Plc.

London Stock Exchange Group Plc, which agreed to buy Borsa
Italiana SpA for 1.63 billion euros, fell after the bourse was
put on review by Moody's Investors Services for a possible cut in
its debt rating.


Read more at Bloomberg Stocks News

FTSE falls 0.5 pct; LSE, miners, banks dip

(Reuters) - The UK's leading shares fell for a sixth session in a row on Monday, tracking steep falls on Wall Street at the end of last week and with banks and commodities reflecting much of the decline.

London Stock Exchange shares were down 1 percent -- having fallen over seven percent in early trade -- after news it is to buy its Italian counterpart Borsa Italiana for 1.6 billion euros, the latest step in a global consolidation of exchanges.


Read more at Reuters Africa

Germany's DAX Index Retreats, Led by ThyssenKrupp, Munich Re, Commerzbank

(Bloomberg) -- German stocks slipped, led by
ThyssenKrupp AG, Munich Re and Commerzbank AG.

The benchmark DAX Index lost 59.47, or 0.8 percent, to
7890.16 as of 9:07 a.m. in Frankfurt. The HDAX Index of the
country's 110 biggest companies also dropped 0.8 percent.


Read more at Bloomberg Stocks News

Asian Stocks Decline on Concern Over U.S. Home Sales; China Shares Plunge

(Bloomberg) -- Asian shares fell, led by Sony Corp.
and BHP Billiton Ltd., on concern figures this week will show a
drop in U.S. home sales, signaling declining demand in the
region's largest export market.

``Stocks globally take a fall every time there's more bad
news on U.S. housing-related or lending data because there's a
threat that this may spill over into other parts of the
economy,'' said Eric Betts, a strategist at Nomura Australia Ltd.
in Sydney. ``This wouldn't be good for companies that depend on
the U.S. consumer.''


Read more at Bloomberg Stocks News