Pakistan's Azgard Nine Hires Citigroup for Its First Overseas Bond Sale

(Bloomberg) -- Azgard Nine Ltd., a Pakistani textile
and fertilizer maker, hired Citigroup Inc. to arrange its first
overseas debt sale as it seeks to tap investor demand for
higher-yielding assets, an e-mail sent to investors shows.

The Lahore-based company plans to sell as much as $260
million of bonds, according to rating companies. The bonds were
today rated B+, four levels below investment grade, by Standard
& Poor's, and one step lower at B2 by Moody's Investors Service.


Read more at Bloomberg Bonds News

Dollar hits 26-year low vs sterling on rate view

(Reuters) - The dollar hit a 26-year low versus sterling and hovered near a record trough against the euro on Tuesday as investors flocked to currencies whose interest rates are expected to climb further and erode the dollar's appeal.

Investors were hesitant to buy the dollar ahead of the U.S. Independence Day holiday on concerns about the threat to the United States following an attack on Glasgow airport and foiled attempts to detonate car bombs in London late last week.


Read more at Reuters Africa

SAP admits inappropriate downloads in Oracle case

(Reuters) - "Even a single inappropriate download is unacceptable from my perspective. We regret very much that this occurred," SAP's chief executive said in a statement.




SAP said it had now made changes to TomorrowNow's management to ensure compliance with proper business practices.


Read more at Reuters.com Business News

Asian Stocks Rise on Manufacturing Outlook, Metals; Honda, Samsung Gain

(Bloomberg) -- Asian stocks rose, lifting a regional
benchmark to a record, after reports showed the pace of
manufacturing in the U.S. and Europe is accelerating, and prices
of metals and crude oil climbed.

Honda Motor Co. and Samsung Electronics Co. led gains on
speculation demand for their exports will be sustained. BHP
Billiton Ltd., the world's biggest mining company and Australia's
largest oil explorer, advanced to an all-time high.


Read more at Bloomberg Stocks News

Wesfarmers, Coles shares fall after $17 bln deal

(Reuters) - Investors are also disappointed by the increased scrip component used to fund the A$20 billion deal, after Wesfarmers shares rose 24 percent since April, when it first declared its intention to buy Coles.




"I think there's a little bit of trepidation that running a supermarket successfully is an extremely hard task, and are they up to it," said James Holt, portfolio manager with Zurich Financial Services, which oversees about A$8 billion, including Coles shares.


Read more at Reuters.com Hot Stocks News

Air Liquide, Alstom, EADS, Fiat, Parmalat, Valeo: 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 fell 0.4 percent to 392.23. The Dow
Jones Stoxx 50 Index declined 0.4 percent to 3929.78. The Euro
Stoxx 50 Index, a benchmark for the 13 nations using the euro,
dropped 0.4 percent to 4470.26.


Read more at Bloomberg Stocks News

Oil stays over $72, eye on U.S. crude stock levels

(Reuters) - London Brent crude presently a better reflection of the global crude oil market, traded 13 cents lower at $72.50 a barrel by 0230 GMT, after hitting $72.77 in the previous session, the highest since August.




U.S. light crude inched down 15 cents to $70.94.


Read more at Reuters.com Hot Stocks News

Taiwan's Monetary Authorities Urge Island's Banks to Accept Time Deposits

(Bloomberg) -- Taiwan's monetary authorities
reiterated they urged banks ``not to reject time deposits'' in a
meeting with executives of five major lenders.

The gathering yesterday was aimed at learning ``more about
the current financial conditions,'' the Central Bank of the
Republic of China (Taiwan) said in a statement issued late
yesterday on its Web site. Central bank governor Perng Fai-nan,
Financial Supervisory Commission Chairman Hu Sheng-cheng and
Finance Minister Ho Chih-chin joined the meeting yesterday, the
statement said.


Read more at Bloomberg Emerging Markets News

Australian Dollar Falls After Retail Sales and Building Approvals Reports

(Bloomberg) -- The Australian dollar fell from near
an 18-year high after government reports showed retail sales and
building approvals declined in May. Bonds rose.

The currency bought 85.64 U.S. cents at 11:36 a.m. in
Sydney from 85.86 cents immediately before the reports. It
earlier reached 85.98 cents, the strongest since February 1989
and traded at 85.56 cents late in Asia yesterday.


Read more at Bloomberg Currencies News

Keppel Corp., Nylect Technology, STX Pan Ocean: Singapore's Equity Preview

(Bloomberg) -- The following shares may rise or fall
in Singapore. Stock symbols are in parentheses and prices are
from the previous market close.

The Straits Times Index advanced 0.1 percent to 3550.34.
July futures advanced 0.1 percent.


Read more at Bloomberg Stocks News

Dollar Near Record Low Against Euro on Diverging Interest Rate Outlooks

(Bloomberg) -- The dollar traded near a record low
against the euro and the least in 26 years versus the British
pound as investors favor currencies of countries where interest
rates are more likely to rise.

The dollar has slid against nine of the 10 most-traded
currencies since June 28 when the Federal Reserve kept its
borrowing costs unchanged for an eighth straight meeting. The
Bank of England is forecast to raise rates while the European
Central Bank may signal increases on July 5.


Read more at Bloomberg Currencies News

Malaysian Bonds Will Gain This Year on Currency Bets, RHB Research Says

(Bloomberg) -- Malaysian government bonds will
extend gains this year as overseas funds buy them on speculation
the currency will strengthen, said RHB Research Institute.

Investors should purchase 10-year bonds as they will return
more than shorter-dated securities as the so-called yield curve
flattens, said Ray Choy, head of debt market research at the
institute, a unit of RHB Capital Bhd, the nation's fourth-
largest banking group said.


Read more at Bloomberg Currencies News

Continental Airlines June passenger revenue rises

(Reuters) - Traffic, as measured by revenue passenger miles, rose 5
percent in June, while capacity, as measured by available seat
miles, increased 3.4 percent.




Read more at Reuters.com Market News

Kuwaiti investor keeps buying Krispy Kreme shares

(Reuters) - According to the investment company's latest U.S.
Securities and Exchange Commission filing on Monday, it now
holds some 9.1 million shares of Krispy Kreme, or about 14
percent of the company.




The investment company disclosed on June 18 that it had
boosted its Krispy Kreme stake to 7.3 million shares, or 11.3
percent of its shares outstanding, and has been building its
position ever since.


Read more at Reuters.com Mergers News

Chinese game developer Perfect World files for IPO

(Reuters) - The preliminary filing did not state how many ADSs the
company intends to offer or their expected price.




Perfect World plans to list its ADSs on the Nasdaq under
the symbol "PWRD" .


Read more at Reuters.com Government Filings News

S&P cuts Manor Care debt rating to junk on buyout

(Reuters) - "We expect the transaction to include the issuance of a
large amount of new debt that will significantly compromise
credit quality," S&P said in a statement.




S&P cut Manor Care's corporate credit rating four notches
to "B-plus," four steps below investment grade, from
"BBB-minus," the lowest investment grade.


Read more at Reuters.com Mergers News

UPDATE 1-S&P revises Mexico outlook to 'positive' from 'stable'

(Reuters) - "Steps to strengthen the government's tax base, building
upon the recent reform of public sector pensions, could
strengthen Mexico's public finances and underscore the
government's ability to act effectively, leading to an
upgrade," the ratings agency said in a statement.




Mexico's President Felipe Calderon sent to Congress last
month a long-awaited reform plan aimed at boosting government
revenues by closing off corporate tax loopholes. Expectations
that Mexico's Congress will approve the reform program have
been boosting Mexico's financial markets.


Read more at Reuters.com Bonds News

Nymex Natural-Gas Price Is Steady on Trader Short Covering, Light Volume

(Bloomberg) -- Natural gas in New York was steady,
erasing earlier declines, as traders covered short positions.

``The market is weak but it's also fairly vulnerable to a
reflex rally,'' said Dan Chesler, an independent market analyst
in Wellington, Florida, at the start of today's trading. ``If
you're short you may want to play it a little defensive.''


Read more at Bloomberg Energy News

TREASURIES-Bomb worries boost bonds

(Reuters) - NEW YORK, July 2 - U.S. government bonds rose on
Monday, sending yields to three-week lows as investors shrugged
off robust factory data and instead sought a safe haven after
recent attempted car bombings in the UK and an attack in
Yemen.




The Institute for Supply Management's manufacturing gauge
unexpectedly rose to a 14-month high, giving bonds a brief
knock lower as it provided fresh evidence that the factory
sector was weathering a persistent slump in housing.


Read more at Reuters.com Bonds News

Pound Rises to 26-Year High Against Dollar as Rate Advantage Set to Widen

(Bloomberg) -- The U.K. pound rose to a 26-year high
against the dollar on expectations the Bank of England will keep
raising interest rates, boosting the country's yield advantage.

The pound climbed the most against the dollar in a month
before a central bank meeting this week at which policy makers
are forecast to raise rates a quarter-point to a six-year high
of 5.75 percent. In contrast, the U.S. Federal Reserve held its
benchmark borrowing cost at 5.25 percent last week.


Read more at Bloomberg Currencies News

Schwab sets $3.5 bln capital restructuring plan

(Reuters) - The program includes a special dividend, share buyback plan and debt offerings.



Schwab said it would return $1.2 billion to shareholders through a special cash dividend of $1 per share.


Read more at Reuters.com Bonds News

Danone rises on talk it may sell biscuit unit

(Reuters) - PARIS, July 2 - Shares in Danone rose as much as 3.1 percent on Monday as a source familiar with the matter and media reports said the French food group is looking to sell its biscuit unit to focus on its yoghurts and drinks.



Over the weekend, a trade union source told Reuters Danone's biscuit unit management and trade union representatives would meet on Tuesday to discuss possible changes at LU biscuits, sparking speculation over the division's future.


Read more at Reuters.com Mergers News

Walgreen sees Option Care adding to earnings

(Reuters) - Speaking during a conference call, CFO William Rudolphsen said Walgreen anticipates pretax synergies of about $15 million in the first year. Walgreen expects the acquisition to close in a few months and add more to earnings in future years after adding "slightly" to earnings in the first year, he said.



Walgreen, one of the largest U.S. drugstore chains, agreed to buy Option Care on Monday $19.50 per share, or about $850 million including the assumption of some debt.


Read more at Reuters.com Market News

Citigroup buys Automated Trading Desk

(Reuters) - The largest U.S. bank will pay $102.6 million in cash and issue about 11.17 million shares.




Founded in 1988, Automated Trading Desk has about 120 broker-dealer customers and trades, on average, more than 200 million shares daily, or 6 percent of the volume on both the New York Stock Exchange and Nasdaq.


Read more at Reuters.com Mergers News

UPDATE 1-Hedge fund Och-Ziff Capital files for IPO

(Reuters) - New York-based Och-Ziff said it would offer up to $2
billion worth of Class A shares representing limited liability
company interests on the New York Stock Exchange under the
symbol OZM .




Och-Ziff was founded in 1994 by former Goldman Sachs
investor Daniel Och and the Ziff family. It is well regarded in
the secretive, $1.5 trillion hedge fund world, particularly for
its acumen in distressed debt and restructuring strategies.


Read more at Reuters.com Mergers News

Benchmark subprime ABX indexes plunge to new lows

(Reuters) - The ABX 06-2 "BBB-" series, which references loans made in
last year's first half, also fell to a record low 59 bid, after
hitting a new low of 60.84 on Friday. The index has fallen 38
percent this year.




Read more at Reuters.com Bonds News

UPDATE 1-Sunstone Hotel sells six non-core hotels for $150.5 mln

(Reuters) - Net proceeds of about $141 million from the sale will be
used to repay debt, the Southern California-based lodging real
estate investment trust said in a statement.




The sold hotels are Hilton Garden Inn , Courtyard and Residence Inn , Courtyard , Residence Inn
and Hawthorn Suites .


Read more at Reuters.com Mergers News

Dobson, Linn, North Pittsburgh Systems, Trump, Virgin: 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 10:20 a.m. New York time.

BCE Inc. (BCE US) rose $1.40, or 3.7 percent, to $39.19.
Ontario Teachers' Pension Plan, which manages C$106 billion ($100
billion) for teachers in Canada's most populous province, agreed
June 30 to buy the country's biggest phone company for C$34.2
billion with investors including Providence Equity Partners Inc.
The value of the transaction with debt, preferred shares and
minority interests is C$51.7 billion.


Read more at Bloomberg Stocks News

Freddie Mac sells $3.5 bln in bills

(Reuters) - The six-month bills were priced at 97. 4459 and have a
money market yield of 5.213 percent.




Settlement is July 3


Read more at Reuters.com Bonds News

Bally in credit facilities commitment with Morgan Stanley

(Reuters) - These provide for a $50 million revolving credit facility
and a $242 million term loan, the fitness center operator
said.




The DIP facility will refinance the existing senior credit
facility and provide working capital during the pendency of its
planned Chapter 11 bankruptcy case, Bally said.


Read more at Reuters.com Bonds News

Trump Entertainment does not reach buyout deal

(Reuters) - Trump Entertainment, which runs three casinos in Atlantic City, New Jersey, said none of the indications of interest was likely to lead to a transaction that was in the best interests of the company and its shareholders.



Trump Entertainment said it will continue to review other strategic options.


Read more at Reuters.com Mergers News

eold, Silver Rise in London as Costs May Spur Demand for Inflation Hedge

(Bloomberg) -- Gold and silver rose in London on
speculation higher raw-material costs and a weaker dollar may
revive demand for precious metals as a hedge against inflation.

Bullion also gained after investors bought it as a haven
following attempted car bombings in London and an attack in
Glasgow last week, said Tom Kendall, a precious-metals strategist
at Mitsubishi Corp. in London.


Read more at Bloomberg Commodities News

Dollar down broadly on US financial sector woes

(Reuters) - The dollar fell broadly and the yen and Swiss franc rallied on Monday as concerns about U.S. housing market woes spilling into the wider economy dented risk appetite and led investors to buy low yielding currencies.

Concerns about the U.S. subprime mortgage market -- amplified in recent week by trouble at two Bear Stearns-managed hedge funds -- have dented investors' appetite for risk.


Read more at Reuters Africa

UPDATE 1-LeCroy cuts FY07 revenue outlook

(Reuters) - Fiscal-year 2007 revenue is now expected to be about $152
million, compared with a prior revenue outlook of $155 million
to $160 million, the serial data test technology provider said
in a statement.




Analysts on average were expecting the company to report
revenue of $157.1 million for the year, according to Reuters
Estimates.


Read more at Reuters.com Market News

RPT-TREASURIES-Narrowly mixed early, safety bid cited

(Reuters) - NEW YORK, July 2 - U.S. Treasury debt prices were
narrowly mixed in early dealings on Monday after rallying late
last week on friendly inflation news and a safety bid linked to
attempted car-bomb attacks in London.




Saturday's attack on Glasgow's airport in Scotland using a
fuel-filled vehicle kept that safety bid from unwinding on
Monday morning, traders said.


Read more at Reuters.com Bonds News

Oil steadies above $71, thin US fuel stocks support

(Reuters) - Oil steadied above $71 a barrel on Monday, underpinned by falling gasoline inventories in top consumer the United States and expectations of a recovery in refinery use.

Crude was so far little moved by security concerns that rippled through financial markets after a weekend attack on a Scottish airport, weighing on European stocks and boosting government bonds.


Read more at Reuters Africa

Treasuries Fall Before U.S. Report Forecast to Show Manufacturing Growth

(Bloomberg) -- U.S. Treasuries fell before a private
report that's forecast to show expansion in U.S. manufacturing
held near the highest in 13 months in June.

The 10-year yield rose 2 basis points to 5.03 percent as of
7:23 a.m. in New York, according to Cantor Fitzgerald LP. The
price of the 4 1/2 percent security maturing in May 2017 fell
3/32, or 94 cents per $1,000 face amount, to 95 28/32. A basis
point is 0.01 percentage point.


Read more at Bloomberg Bonds News

Thai Stocks Rise to Three-Year High, Led by PTT: World's Biggest Mover

(Bloomberg) -- Thai stocks rose to a three-year high,
led by PTT Pcl, the country's largest energy company, after the
price of crude climbed to the highest in 10 months.

``High oil prices boost energy stocks and improve the mood
for the whole market,'' said Chollathis Nualplab, an analyst at
Merchant Partners Securities Ltd. in Bangkok.


Read more at Bloomberg Stocks News

Airvana sees IPO of 8.3 mln shares at $8-$10 each

(Reuters) - The Chelmsford, Massachusetts-based company said it applied
for a Nasdaq listing under the symbol "AIRV."





Read more at Reuters.com Bonds News

UPDATE 1-MWB hires Bank of America to sell hotel assets

(Reuters) - MWB had planned to sell its Malmaison and Hotel du Vin
portfolio to Vector Hospitality and return the cash to
shareholders. But the deal lapsed last week after Vector shelved
its $3.6 billion initial public offering, blaming for weak
market conditions.




The IPO has been questioned by many investors for creating
potential conflicts of interest, partly because of the multiple
roles of MWB's Chief Executive Richard Balfour-Lynn as seller,
buyer and manager of the assets.


Read more at Reuters.com Mergers News

U.S. Stock-Index Futures Advance; Apple Gains in Europe on IPhone Sales

(Bloomberg) -- U.S. stock-index futures rose before
a report that may show manufacturing growth in June stayed close
to the highest in 13 months.

Apple Inc. shares gained in Europe after first figures
indicated the company's initial iPhone sales met analysts' top
estimates. Costco Wholesale Corp., the largest U.S. warehouse
club, may climb after Goldman, Sachs & Co. recommended buying
the shares. Kraft Foods Inc. dropped after a report that it may
be in discussions with Groupe Danone over the purchase of the
French company's biscuit and cereal products division.


Read more at Bloomberg Stocks News

ConocoPhillips Says J-Block Gas Flow Delayed by Factors Beyond Its Control

(Bloomberg) -- ConocoPhillips said the resumption of
natural-gas supplies from its J-Block facility in the U.K. North
Sea was delayed by factors out of its control.

``J-Block is not producing at present but is ready to start
exports,'' Sandra Ross, a spokeswoman for the company, said
today by telephone. ``Circumstances out of our control are
preventing us from starting exports at this time.''


Read more at Bloomberg Energy News

Marines Woo Desert Tribes in Iraq's Wild West to Fight Al-Qaeda's Network

(Bloomberg) -- U.S. Marines, searching for allies in
western Iraq to fight al-Qaeda's global terror network, are
recruiting and arming desert tribes, Marine and Iraqi officials
say.

The drive to create an anti-terror police force from clans
that roam the desert is centered around the towns of Ramadi and
Fallujah, 50 miles (85 kilometers) west of Baghdad. Tribes in
the barren region have eluded U.S. pacification efforts, and the
area is used by al-Qaeda members to enter Iraq from abroad.


Read more at Bloomberg Exclusive News

Stocks up, yen weak as tankan supports BOJ view

(Reuters) - The BOJ tankan survey confirmed sluggishness in some areas of Japan's recovery, dispelling any talk of a rate hike this month.




"At the same time, the survey was not weak enough to scale back expectations for a BOJ rate hike in August," said Masaki Fukui, senior market economist at Mizuho Corporate Bank.


Read more at Reuters.com Hot Stocks News

FTSE down on US sentiment; BoE rate verdict eyed

(Reuters) - The FTSE 100 of Britain's leading shares edged down 0.2 percent on Monday after U.S. stocks fell on Friday on concerns about the impact of tightening credit on takeovers and the subprime mortgage industry.

At 0730 GMT the FTSE 100 was down 13.5 points at 6,594.4, with many investors looking to euro-zone and UK manufacturing PMI data from 0800 GMT for further market direction.


Read more at Reuters Africa

Adaro May Seek $600 Million in Record Indonesian Share Sale, People Say

(Bloomberg) -- PT Adaro Indonesia, the nation's
second-largest coal producer, plans to sell shares in what may be
the biggest initial public offering in the Southeast Asian
country.

Adaro may raise as much as $600 million selling between 20
percent and 30 percent of existing and new shares this year, said
three people with knowledge of the plan. The proceeds will be
used to repay debt, said the people, who declined to be
identified because an announcement on the sale is pending.


Read more at Bloomberg Emerging Markets News