Zloty Falls Versus Euro; Sentiment Toward Europe's Emerging Markets Sours

(Bloomberg) -- The Polish zloty fell to the lowest in
a week against the euro, hurt by lingering risk aversion after
last week's global stock market losses.

Poland's currency has lost 2.3 percent in the past month,
falling from its five-year high against the European common
currency reached on May 10. Comments about the U.S. economy by
Federal Reserve Chairman Ben S. Bernanke yesterday added to the
negative sentiment toward Europe's emerging market currencies.


Read more at Bloomberg Currencies News

Russia May Have More Share Offering Flops, Renaissance Fund Director Says

(Bloomberg) -- Russia will have more ``unsuccessful''
initial public offerings after OAO Dixy Group and PIK Group sold
shares at lower prices than they targeted, said Natalia Ivanova,
the manager of the Renaissance Pre-IPO fund.

``This is only a start and we think there will be more of
those in the future,'' Ivanova said yesterday at a conference in
Moscow. ``The quality of Russian companies is not so high yet.
Some companies didn't meet expectations for their financial
performance after IPOs.''


Read more at Bloomberg Emerging Markets News

Shipping Futures Trading Volume Increased to Record, LCH.Clearnet Says

(Bloomberg) -- LCH.Clearnet Ltd., Europe's biggest
clearinghouse for derivatives, said it handled a record volume
of shipping futures contracts in May.

LCH.Clearnet cleared 25,000 lots of shipping derivatives
last month, almost 50 percent more than in April, the London-
based company said in a statement today.


Read more at Bloomberg Energy News

Credit Mutuel arm eyes stake in bank Baer -paper

(Reuters) - UBS, Pasche and CIC, which is owned by French mutual bank
Credit Mutuel, all declined to comment on the report.




UBS, the world's fifth-largest bank, said it would either
sell its stake, valued at around 4 billion Swiss francs , to a single buyer or dispose of it in the market and
that it would use the proceeds to buy back its own shares.


Read more at Reuters.com Mergers News

Mitsui & Co. Buys 14 Percent Stake in New Zealand Milk Processor Synlait

(Bloomberg) -- Mitsui & Co., Japan's second-largest
trading company, bought a 14 percent stake in New Zealand dairy
company Synlait Investments Ltd. to profit from rising demand.

Mitsui agreed to pay NZ$13.5 million ($10.2 million) for the
stake and will lend the Christchurch-based milk processor NZ$16.5
million to aid its expansion, the two companies said in a joint
statement today. As part of the agreement, Mitsui will manage all
Synlait's international shipments and receipts.


Read more at Bloomberg Commodities News

Russia's Mices Rises, Led by Unified Energy, OGK-5 as Stake Sale Starts

(Bloomberg) -- Russian stocks advanced for a second
day, led by OAO Unified Energy System and its electricity-
generating OAO OGK-5 unit on speculation that a stake in OGK-5
will fetch a high price at an auction today.

The ruble-denominated Micex Index climbed 0.4 percent to
1622.41 at 10:36 a.m. in Moscow. The dollar-denominated RTS Index
was little changed at 1834.40.


Read more at Bloomberg Stocks News

UPDATE 1-Umicore to buy Delphi catalyst unit for $55.6 mln

(Reuters) - The deal is expected to close during the third quarter of
2007, Delphi said.




"Umicore and Delphi's automotive catalyst businesses have
strong complementarities in terms of technologies and customer
mix," the two companies said in a statement.


Read more at Reuters.com Mergers News