Crude Oil Climbs on Signs Gasoline Output to Drop Amid Refinery Mishaps

(Bloomberg) -- Crude oil rose, pulled higher by
gasoline on speculation that U.S. output of the fuel will slow
because of unexpected refinery shutdowns.

BP Plc closed the largest of three crude units at its
refinery in Whiting, Indiana, a person familiar with the plant
said yesterday. The refinery, the biggest in the Midwest,
supplies consumers in the Chicago area. Refineries in Texas and
Kansas shut units last week. The crude-oil market often follows
gasoline during the summer months, when motor-fuel demand peaks.


Read more at Bloomberg Commodities News

UPDATE 1-Marshall & Ilsley agrees to buy First Indiana

(Reuters) - The offer amounts to $32 a share, or 45 percent higher than
First Indiana's closing share price of $22.05 on Friday.




The deal is expected to hurt Marshall & Ilsley's earnings
by about 2 cents a share in the first year after close and add
to earnings thereafter.


Read more at Reuters.com Mergers News

DLF Rises on Debut in Mumbai After Record Initial Share Sale Last Month

(Bloomberg) -- Shares of DLF Ltd., the Indian
property developer controlled by billionaire Kushal Pal Singh,
rose 8 percent on listing, lifted by demand from investors who
missed out on the country's biggest initial stock sale.

The stock debuted today at 568.80 rupees on the Bombay
Stock Exchange at 9:55 a.m., 43.80 rupees more than the IPO
price. DLF traded at 546.5 rupees, up 4.1 percent, at 11:33 a.m.,
valuing the New Delhi-based developer at 923 billion rupees ($23
billion).


Read more at Bloomberg Emerging Markets News

GM selling Allison for $5.6 billion

(Reuters) - GM shares reacted by rising more than 2 percent, hitting their highest level since January 2005, on speculation that the automaker could use the proceeds from the Allison sale to fund a cost-cutting deal on health care in upcoming talks with the United Auto Workers union.




GM said the sale would include almost all of the Allison Transmission unit's assets, including seven manufacturing plants in Indianapolis and the unit's worldwide distribution network.


Read more at Reuters.com Bonds News

Vietnam Will Weaken Dong as Much as 1 Percent, Deputy Prime Minister Says

(Bloomberg) -- Vietnam will engineer a decline in
the dong of as much as 1 percent this year to support exports,
Deputy Prime Minister Nguyen Sinh Hung said, confounding
forecasts by global banks for a stronger currency.

State Bank of Vietnam intervention has led to a
depreciation of about 1 percent in each of the past three years,
even as foreign investment drove faster economic growth. The
currency has dropped 0.4 percent this year, while the Indian
rupee gained 8.6 percent, the Philippine peso climbed 6.2
percent and the Thai baht rose 2.5 percent.


Read more at Bloomberg Currencies News

India would welcome Airbus assembly plant

(Reuters) - Airbus agreed last year to set up an assembly line for the
A320 family in China from 2009 to meet strong demand. India's
aviation market is also witnessing rapid expansion.




"I would be very happy to see that," Indian Civil Aviation
Minister Praful Patel told reporters, asked whether Airbus
should consider opening an assembly line in India.


Read more at Reuters.com Mergers News

Indian Bonds Gain as Yields at Three-Week High Lure Investors Back to Debt

(Bloomberg) -- Indian government bonds snapped three
days of losses as yields at the highest in almost three weeks
lured investors back to debt.

Benchmark 10-year bonds had fallen earlier this week on
concern debt sales by the federal government and the central bank
would drain funds from the financial system, leaving lenders with
less money to buy the securities. Near-zero overnight lending
rates and slowing inflation will spur demand for bonds, said
Rajesh Babu, a trader at state-owned Andhra Bank in Mumbai.


Read more at Bloomberg Bonds News

India's Suzlon Energy to Borrow 1.3 Billion Euros for Repower Acquisition

(Bloomberg) -- Suzlon Energy Ltd., an Indian wind-
turbine maker, hired three banks to arrange a 1.3 billion euro
($1.75 billion) loan to buy a stake in Germany's Repower Systems
AG, according to a term sheet sent by one of the banks.

The company, run by Indian billionaire Tulsi Tanti, hired
ABN Amro Holding NV, ICICI Bank Ltd. and State Bank of India Ltd.
The loan will be used to refinance existing debt and to pay for
the acquisition, the document, obtained by Bloomberg News, said.


Read more at Bloomberg Bonds News

Indian Rupee Advances on Speculation Growth Will Lure Overseas Investors

(Bloomberg) -- India's rupee rose, adding to a nine-
year high, on expectations economic growth will boost corporate
profits, lift stocks and attract investment from abroad.

Overseas investors' stock purchases, which climbed to the
highest in three months on May 17, have helped lift the currency 8
percent this year. The rupee may also gain after China widened the
yuan's trading band, spurring speculation the Indian central bank
will tolerate further strength in its currency.


Read more at Bloomberg Currencies News