Canada Dollar Reaches 30-Year High on Outlook for Interest Rate Increase

(Bloomberg) -- The Canadian dollar reached a 30-
year high on speculation the Bank of Canada will raise its
benchmark interest rate as soon as next month.

The currency gained 0.3 percent in June after the central
bank said the prior month that it may lift rates ``in the near
term'' from 4.25 percent. A quarterly survey by the central bank
yesterday showed Canadian companies reported the most difficulty
meeting new orders in almost seven years, and most expect
inflation to exceed the central bank's 2 percent target.


Read more at Bloomberg Currencies News

European Shares Post Fourth Straight Quarterly Gain on Growth, Dividends

(Bloomberg) -- European stocks rose this week and
posted a fourth straight quarterly advance, after reports in the
U.S. signaled the world's biggest economy will keep growing
without stoking inflation.

Oil companies rallied as crude prices rose to a 10-month
high. Vodafone Group Plc paced gains by phone companies as
investors bought shares that pay the highest dividends. Banks and
insurers limited gains, declining on speculation central banks
will keep raising interest rates to quell inflation.


Read more at Bloomberg Stocks News

iPhone sellers open doors, greeted by cheers

(Reuters) - Apple stores became magnets for technology enthusiasts who waited for the phones to go on sale at 6 p.m. local time in each U.S. time zone.




More than 600 people were lined up at two Apple stores in New York, and the crowd cheered at one of them as the doors opened. Smaller groups of several dozen customers waited outside AT&T stores. AT&T Inc. is the phone's exclusive wireless carrier for the next two years.


Read more at Reuters.com Business News

UPDATE 2-AT&T says to buy Dobson for $2.8 billion

(Reuters) - NEW YORK, June 29 - U.S. telecommunications
company AT&T Inc. said on Friday it will buy rural
wireless carrier Dobson Communications Corp. for $2.8
billion in cash to expand its reach in rural and suburban
markets.




The deal comes a month after the top U.S. rural wireless
provider, Alltel Corp. accepted a $25 billion takeover
offer from TPG Capital and the buyout arm of Goldman Sachs, the
largest private equity deal for the telecommunications
industry.


Read more at Reuters.com Mergers News

Hayes Lemmerz says sells unit to privately held ECF-Group

(Reuters) - The company said it does not expect the deal to have a
material impact on its prior full fiscal year 2007 outlook.





Read more at Reuters.com Mergers News

Aeroflex to divest radar business

(Reuters) - Aeroflex, which makes electronics for the communications,
aerospace and defense industries, had agreed to be bought by
private equity group Veritas Capital in a $1.1 billion deal.





Read more at Reuters.com Mergers News

No picnic for Treasuries in Q2,rate cut hopes fade

(Reuters) - The yield on the benchmark 10-year Treasury note
began April near 4.65 percent and ended at 5.04
percent on the second quarter's last trading day on Friday,
marking the biggest setback for bonds since the first quarter
of 2006. Bond yields move inversely to prices.




"We have had some stronger economic numbers, and the market
realized that the Fed is not going to be easing any time soon,"
said Joseph Shatz, government bond strategist at Merrill Lynch
Government Securities in New York.


Read more at Reuters.com Bonds News

Shire seeks Vyvanse approval for adult ADHD

(Reuters) - A supplemental NDA is used to obtain an add-on approval for a therapy already approved for another use. Vyvanse is already approved to treat ADHD in children.






Read more at Reuters.com Government Filings News

North Carolina legislators OK temporary budget plan

(Reuters) - The stopgap spending plan was adopted earlier by the House
after the two bodies failed to reach an agreement on taxes.
Gov. Michael Easley has received the continuing resolution,
according to Deputy Press Secretary Seth Effron.




Easley in late February proposed a 12.6 percent increase in
state spending over the next two years to be funded in part by
$1.62 billion of new debt, projecting total fiscal 2008
spending of $40.7 billion. Spending in fiscal 2007 ending on
Saturday was budgeted at $36.8 billion.


Read more at Reuters.com Bonds News

UPDATE 1-New York takes precautions after London bomb defused

(Reuters) - New York Police Commissioner Ray Kelly said critical
response teams reinforced crowded areas like Times Square, the
bustling theater district and a square near the Empire State
Building that is a magnet for tourists.




"We are increasing our coverage in the transit system,
certainly for this rush hour this afternoon," Kelly told
reporters. "We have vehicle checkpoints that we have instituted
on bridges. We're checking parking garages, asking the owners
and doing it ourselves, to look for suspicious vehicles."


Read more at Reuters.com Bonds News

Lazard shares sag as deal closings lag

(Reuters) - As a result, Lazard stock has been marked down just as revenue from announced deals is expected to jump.




Wall Street is on pace to enjoy its busiest year ever in mergers and acquisitions, with announced M&A worldwide up 51 percent to a record $2.8 trillion during the first half, according to Dealogic. That should be good news for Lazard, which earns most of its money by advising on takeovers.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Citigroup, Merrill top underwriters amid strains

(Reuters) - NEW YORK, June 29 - Wall Street underwriters kept
busy in the second quarter, yet ebbing investor appetite for
lower-rated debt and riskier assets may dampen their summer.




In the last couple of weeks, investors have grown more wary
of risk, amid struggles at two Bear Stearns Cos. hedge
funds loaded with illiquid mortgage debt. Several companies
restructured junk bond offerings. Corporate raider Carl Icahn
said the private equity boom has "peaked." And while Blackstone
Group LP conducted a $4 billion initial public offering,
its shares fell below the IPO price less than a week later.


Read more at Reuters.com Bonds News

U.S. ABS issuance falls in first half of 2007

(Reuters) - Analysts had predicted at least a 30 percent drop in
subprime loan originations for this year.




Citigroup was the top underwriter of asset-backed
securities in the first half, underwriting $66.1 billion worth
of ABS deals via 109 offerings, Thomson said.


Read more at Reuters.com Bonds News

Apple giving free iPhones to employees

(Reuters) - Chief Executive Steve Jobs announced the gift in a meeting with employees on Thursday. Employees will get the high-end model with 8 gigabytes of storage, worth $600.




"That's the good news. The bad news is that he wants the first wave to go to customers. Employees will probably get their phones at the end of July," said one Apple staffer who declined to be identified.


Read more at Reuters.com Business News

U.S. Stocks Advance After Inflation Gauge Slows; Research In Motion Surges

(Bloomberg) -- Most U.S. stocks gained after a
government report showed inflation cooled and telephone
companies rallied on demand for BlackBerrys and iPhones.

Research In Motion Ltd., the maker of the BlackBerry e-mail
phone, surged to a record after it reported earnings that topped
analysts' estimates. Apple Inc. climbed on the day its iPhone
goes on sale in the U.S. AT&T Inc., the iPhone's service
provider, rose for a fifth day.


Read more at Bloomberg Stocks News

Komag Call-Option Trading Surged Before Western Digital's $1 Billion Offer

(Bloomberg) -- Trading in options to buy shares of
Komag Inc. surged to a record June 25, three days before Western
Digital Corp. agreed to acquire the maker of computer disk-drive
components for about $1 billion.

Call-option volume jumped to 19,030 on June 25, a more than
sevenfold increase from the 20-day average, and remained above
10,000 yesterday and the day before. Call volume this week is
almost equal to the total number of contracts traded during the
entire month of May. Western Digital's agreement was announced
after the close of U.S. exchanges yesterday.


Read more at Bloomberg Stocks News

WRAPUP 2-US inflation gauge eases, Midwest activity grows

(Reuters) - In a separate report, a Reuters/University of Michigan
survey showed consumer sentiment improved slightly in June from
earlier in the month as gasoline prices ebbed. Even so, the
final June reading was the lowest since last August.




Taken together, the reports suggested the Federal Reserve
was succeeding in controlling price pressures while fostering
moderate economic growth. They came a day after Fed
policy-makers said they were leaving the benchmark interest
rate at 5.25 percent, where it has stood for the past year.


Read more at Reuters.com Bonds News

Apollo Group, BIW, Heelys, Macy's, PMI Group, Talbots: 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.

American Home Mortgage Investment Corp. (AHM US) fell $2.71,
or 13 percent, to $18.20. The lender specializing in adjustable-
rate mortgages withdrew its fiscal 2007 earnings guidance and
said it will likely have a second-quarter loss.


Read more at Bloomberg Stocks News

Corn Falls to 12-Week Low as U.S. Farmers Plant More Than March Forecast

(Bloomberg) -- Corn plunged to a 12-week low in
Chicago after the government said U.S. farmers planted more
acres than forecast in March and the most since 1944.

U.S. farmers, the world's largest corn growers, planted
92.888 million acres this year, 19 percent more than last year,
the Department of Agriculture said. The increase was sparked by
the highest prices in a decade, which made corn as much as $200
an acre more profitable than other crops. Prices have dropped 19
percent in the past four months as planting increased.


Read more at Bloomberg Commodities News

UPDATE 2-U.S. Midwest expansion roars along in June

(Reuters) - CHICAGO, June 29 - Business activity in the U.S.
Midwest continued to grow at a rapid pace in June as new orders
poured in, reports showed on Friday.




The National Association of Purchasing Management-Chicago
business barometer eased to 60.2 from 61.7 in May.


Read more at Reuters.com Economic News

Thomson gets 4.8 bln pounds loan for Reuters

(Reuters) - The loan is structured as a 364-day bridge financing and has been arranged by Barclays Capital, Royal Bank of Scotland and Toronto Dominion Bank. J.P. Morgan, Bank of America and Citigroup also participated in the financing.



Pricing is 20 basis points over Libor, with a 5 basis points facility fee.


Read more at Reuters.com Bonds News

EU drug agency to finalise Acomplia review in July

(Reuters) - The EU watchdog had initially said it was likely to give a
view this month.




The close review of Acomplia's safety profile comes two
weeks after a U.S. advisory panel said the medicine should not
be approved in the world's biggest drugs market because it may
increase suicidal thinking and depression.


Read more at Reuters.com Government Filings News

Philips sells Ommic stake to Financiere Victoire

(Reuters) - "The sale of Ommic represents another step Philips is taking to focus on its healthcare, lifestyle and technology activities," the company said in a statement.



Philips is the world's biggest lighting maker, a top three hospital equipment maker and Europe's biggest consumer electronics producer.


Read more at Reuters.com Mergers News

Core inflation eases, consumers hold firm

(Reuters) - In a report released on Friday, the Commerce Department said it "core" personal consumption expenditures price index, which removes food and energy costs, rose 1.9 percent in May from a year ago, its smallest annual rise since March, 2004.




On a month-to-month basis, prices rose a stiff 0.5 percent in May but core prices edged up just 0.1 percent.


Read more at Reuters.com Business News

Degussa Reprieve in EU Cartel Case Shows Confessions Good for Bottom Line

(Bloomberg) -- Executives at Degussa AG, the world's
biggest specialty chemicals maker, in 2002 blew the lid off a
six-year-old conspiracy to fix the price of hydrogen peroxide by
handing over proof of its own involvement in the scheme.

That revelation allowed the German chemical maker, which had
already been penalized for other antitrust violations, to avoid
another 130 million-euro ($175 million) penalty for its
wrongdoing.


Read more at Bloomberg Exclusive News

Regulators set new subprime loan standards

(Reuters) - Lenders should only offer loans to borrowers with little proof of assets and income if there is other evidence that they can repay, the statement says.




Read more at Reuters.com Business News

Crude Oil Futures Rise to 10-Month High as U.S. Refineries Increase Output

(Bloomberg) -- Crude oil rose to a 10-month high in
New York on speculation that consumption will increase as
refineries bolster gasoline output.

Prices climbed above $70 for the first time since September
yesterday after an Energy Department report showed that U.S.
gasoline, diesel and heating oil inventories fell last week as
refineries increased operating rates. Crude-oil supplies at
Cushing, Oklahoma, where oil traded in New York is delivered,
plunged 5.7 percent, the June 27 report showed.


Read more at Bloomberg Energy News

Banco de Chile Controller Resumes Alliance Talks With Citigroup

(Bloomberg) -- Quinenco SA, the Santiago-based
controller of Chile's second-largest bank Banco de Chile, has
resumed strategic alliance talks with Citigroup Inc.

Negotiations cover a possible alliance between Citigroup and
Quinenco's financial and banking operations, which include Banco
de Chile, the Santiago-based holding company said in a filing to
securities regulators after the market closed yesterday.


Read more at Bloomberg Stocks News

Gold, Silver Rally as Dollar Decline Boosts Demand for Precious Metals

(Bloomberg) -- Gold and silver rose in New York
after a decline in the value of the dollar against the euro
boosted the appeal of precious metals as alternative
investments.

Gold generally moves in the opposite direction of the
dollar, which today dropped the most against the euro in a week.
The dollar was also lower against a basket of six major
currencies. Before today, gold and the euro have gained 1.9
percent this year.


Read more at Bloomberg Commodities News

Personal Spending in U.S. Rises 0.5 Percent; Core Prices Gain 0.1 Percent

(Bloomberg) -- Consumer spending in the U.S. rose
less than forecast in May and the Federal Reserve's preferred
inflation gauge cooled, a sign moderating growth is restraining
price pressures.

The 0.5 percent rise in spending matched the gain in April,
the Commerce Department said today in Washington. Core prices,
which exclude food and fuel costs, rose at the slowest pace since
March 2004 in the year ended May.


Read more at Bloomberg Currencies News

A. Schulman posts higher quarterly profit

(Reuters) - Analysts, on average, had forecast earnings of 25 cents a
share, according to Reuters Estimates.




The Akron, Ohio-based company posted sales of $467 million,
a 9.3 percent increase from a year earlier.



Read more at Reuters.com Market News

Pound Heads for Sixth Quarterly Gain on View Rates Have Further to Rise

(Bloomberg) -- The pound headed for a quarterly
gain, its sixth in a row, after a rise in consumer and mortgage
lending supported the view that the Bank of England will keep
raising interest rates to curb inflation.

Data showed consumer credit growth almost doubled in May and
mortgage approvals unexpectedly rose to a three-month high,
suggesting the BOE must do more to cool price growth. Policy
makers next decide on interest rates on July 5, and economists
surveyed by Bloomberg News expect them to lift the main benchmark
a quarter-point to 5.75 percent.


Read more at Bloomberg Currencies News

Bond prices edge up ahead of inflation data

(Reuters) - "People yesterday were a bit concerned about the PCE deflator that is coming out this morning," said Doug Roberts, chief investment strategist at Channel Capital Research in Shrewsbury, New Jersey.




"Now they are realizing the Fed probably wouldn't have moderated their statement if they thought the PCE was going to come in somewhat ... massively different from what they anticipated. Although it might not come out on target, probably it will come in pretty close."


Read more at Reuters.com Hot Stocks News

CCS Income Trust to go private in C$3.5 bln bid

(Reuters) - CCS units last traded at C$37.89 on the Toronto Stock
Exchange, representing a 21-percent premium.




The investor group, headed by Werklund, includes, CAI
Capital Partners, Goldman Sachs Capital Partners, Kelso & Co.,
Vestar Capital Partners, British Columbia Investment Management
Corporation and O.S.S. Capital Management L.P.


Read more at Reuters.com Mergers News

New Zealand Dollar Reaches New High Versus Dollar, Yen on Rate Speculation

(Bloomberg) -- The New Zealand dollar rose to a 22-
year high on speculation the central bank may raise interest
rates further to curb economic growth and inflation.

The central bank has boosted the official cash rate three
times this year in a bid to subdue consumer spending, which it
says is spurring inflation and unsustainable growth. The record 8
percent rate has helped the New Zealand dollar, known as the
kiwi, gain 29 percent in the past 12 months. The government
statistician said today the economy expanded 1 percent in the
first quarter, matching economists' expectations.


Read more at Bloomberg Currencies News

GLOBAL MARKETS-Yen, stocks fall, mkt eyes data, digests Fed

(Reuters) - European stocks gave back earlier post-Fed gains as markets
eyed U.S. inflation data for clues on the health of the world's
biggest economy in the absence of significant company news.




Oil held around $70 a barrel for a third session as the
market focused on falling gasoline inventories in the United
States and a decline in crude stocks in a key delivery point in
the world's top consumer.


Read more at Reuters.com Economic News

Philippine Peso Gains for Quarter on Overseas Funds; Won Boosted by Growth

(Bloomberg) -- The Philippine peso had a fourth
quarterly gain on speculation workers abroad sent back more
remittances and overseas funds bought the nation's stocks.

The peso was the second-best performer of 10 of the most-
traded Asia-Pacific currencies this quarter as the Philippine
Stock Exchange Index reached a record high. Money sent home by
Filipinos working abroad exceeded $1 billion for a 12th month in
April. The data are issued with a lag and may rise in May and
June as funds are remitted for the start of the school year.


Read more at Bloomberg Currencies News

Norges Bank to Buy Currency for 670 Million Kroner a Day Starting in July

(Bloomberg) -- Norway's central bank said it will -
increase purchases of foreign currency for the country's global
pension fund next month.

The Oslo-based central bank will buy 670 million kroner ($113
million) of foreign currency a day in July, up from 400 million a
day in June, it said in a statement on its Web site today.


Read more at Bloomberg Currencies News

Exxon Mobil Shuts Some Units at Its Refinery in Singapore for Maintenance

(Bloomberg) -- Exxon Mobil Corp., the world's
largest publicly traded oil company, shut ``several operating
units'' for planned maintenance at its 605,000 barrels-a-day
Singapore refinery.

Repairs to units at the Jurong site started today, and will
continue for about seven weeks, the company said in an e-mailed
statement. The shutdown will allow engineers to inspect
equipment normally in continuous operation, as well as to
install ``facility improvement projects,'' the company said.


Read more at Bloomberg Energy News

Pertamina to Shut Refinery Unit in Indonesia in October for Maintenance

(Bloomberg) -- PT Pertamina, Indonesia's state oil
company, will shut its Balongan refinery in West Java for
maintenance in October, a company official said.

The refinery, which can process 125,000 barrels of oil a day
at its crude distillation unit, will close for 30 days, Suroso
Atmomartoyo, the company's director of processing, told reporters
in Jakarta today.


Read more at Bloomberg Energy News

Japanese Stocks Climb, Led by Toyota; Topix Gains the Most in Eight Weeks

(Bloomberg) -- Japanese stocks climbed, sending the
Topix index to its best performance in almost eight weeks.
Exporters led the advance after the Federal Reserve said the
housing slowdown won't keep the U.S. economy from expanding and
the yen weakened.

Toyota Motor Corp. advanced to a three-month high, while
Sony Corp. gained for the first time in five days.


Read more at Bloomberg Stocks News

UAW members back Delphi deal in early returns

(Reuters) - The UAW leadership is expected to release results on Friday of the vote at numerous local units on a deal that includes pay and benefit cuts and eventual plant closings Delphi has said it must have to exit bankruptcy.




The deal would remove a major barrier to Delphi's reorganization and the threat of a strike that could cripple the company and former parent General Motors Corp. , Delphi's biggest customer.


Read more at Reuters.com Business News

Alcatel-Lucent, Avanquest, Groupe Steria, Satimo: French Equity Preview

(Bloomberg) -- Shares of the following companies
may rise or fall on the Paris stock exchange. Stock symbols are
in parentheses and prices are from the last close.

The CAC 40 Index rose 64.64, or 1.1 percent, to 6006.316 in
Paris. The broader SBF 120 Index also gained 1.1 percent.


Read more at Bloomberg Stocks News

Croatia's Economic Growth Probably Accelerated on Higher Consumer Spending

(Bloomberg) -- The economy of Croatia, the next
country in line to join the European Union, probably grew at the
fastest pace in a year in the first quarter as consumer spending
and industrial output increased, a survey of economists shows.

Gross domestic product rose an annual 5.5 percent in the
quarter, according to the median estimate of six economists in a
Bloomberg survey, the most since the 6 percent pace achieved in
the same period of 2006. The state statistics office will release
the growth figure today in Zagreb.


Read more at Bloomberg Bonds News

PTT's Pichai Says 2007 Sales, Profit May Fall Because of Stronger Currency

(Bloomberg) -- PTT Pcl, Thailand's biggest energy
company, said profit this year may fall from a record as gains in
the baht erode the value of its dollar-denominated sales of fuels
and petrochemicals.

The baht's 11 percent rise against the dollar in the past 12
months will pare profit because PTT calculates its revenue in U.S.
dollars and reports earnings in baht, Chief Financial Officer
Pichai Chunhavajira said. The Bangkok-based company will probably
post ``slightly better'' earnings in U.S. dollar terms, beating
last year's record sales and net income, he said.


Read more at Bloomberg Energy News

Japanese Stocks Climb; Ibiden, Toshiba, Seven & I Gain on Growth Outlook

(Bloomberg) -- Japanese stocks climbed, led by
exporters after the Federal Reserve said the housing slowdown
won't keep the U.S. economy from expanding and the yen weakened.

Share also gained after reports showed Japan's household
spending rose for a fifth month in May, the jobless rate held at
a nine-year low and consumer prices slipped as predicted by
economists. Seven & I Holdings Co. advanced after the Nikkei
newspaper said the company will probably show a 6 percent
increase in operating profit in the latest quarter.


Read more at Bloomberg Stocks News

Australia's RAMS Mortgage Sells A$500 Million of Debt Backed by Home Loans

(Bloomberg) -- RAMS Mortgage Corp., an Australian
non-bank lender that's planning an initial public offering, sold
A$500 million of ($423 million) debt backed by home loans.

The sale included A$433.5 million of Class A notes priced
to yield 19 basis points more than the one-month bank bill swap
rate with the highest triple-A credit rating from Standard &
Poor's and Moody's Investors Service, said arranger of the sale
National Australia Bank Ltd., in a statement e-mailed to
Bloomberg News. A basis point is 0.01 percentage point.


Read more at Bloomberg Bonds News

UPDATE 1-Japan consumer prices edge down as expected

(Reuters) - TOKYO, June 29 - Japanese core consumer prices fell
slightly as expected in in May from a year earlier, supporting
the widespread view that the Bank of Japan could raise interest
rates as early as August.




Separate data showed the jobless rate remained at a nine-year
low of 3.8 percent in May, while household spending rose 0.4
percent from the same month a year earlier, climbing for the
fifth straight month.


Read more at Reuters.com Economic News

Palm quarterly profit drops, expects iPhone effect

(Reuters) - Palm also said it could post a small loss on declining revenue this quarter due to slow summer sales and fears that Apple Inc.'s widely anticipated iPhone -- due to launch on Friday -- would temporarily hurt demand for Treos.




"It's likely that as people try out, there may be some stall in our sell-through," Palm Chief Executive Ed Colligan told Reuters in an interview.


Read more at Reuters.com Business News

REFILE-UPDATE 1-Western Digital to buy rival Komag

(Reuters) - SAN FRANCISCO, June 28 - Western Digital Corp.
has agreed to acquire Komag Inc. , one of its
last rivals in the U.S. hard disk drive industry, for about $1
billion in cash, the companies said on Thursday.




The proposed merger comes amid a sharp fall in prices in
the highly commoditized computer disk-drive industry, once one
of the bedrock manufacturing sectors in Silicon Valley.


Read more at Reuters.com Bonds News

U.S. merger volume hits record despite soft June

(Reuters) - The U.S. broke through the $1 trillion level for total
mergers, marking the first time that mergers have hit that level
in the first six months of any year, according to research firm
Dealogic.




So far this year, U.S. merger volume totaled $1.005 trillion,
up 36 percent from the same period a year ago. The number of
deals, however, dropped 12 percent, Dealogic said.


Read more at Reuters.com Mergers News

Hedge fund boosts stake in Advanced Medical

(Reuters) - In a series of U.S. Securities and Exchange filings this
week, the fund revealed that since June 22 it has acquired
about 2 million shares of the company, boosting its total stake
in Advanced Medical to about 12.2 percent.




ValueAct, with some 7.3 million shares, is now Advanced
Medical's third largest shareholder, behind Fidelity Management
& Research and MFS Investments.


Read more at Reuters.com Government Filings News

Palm posts drop in quarterly profit and revenue

(Reuters) - NEW YORK, June 28 - Palm Inc. posted lower quarterly profit on Thursday, with declining sales of its more profitable handheld computers, despite record sales of its Treo smartphones.



Palm said profit fell to $15.4 million, or 15 cents per share, for its fiscal fourth quarter, from $27.2 million, or 25 cents a share in the year-ago quarter.


Read more at Reuters.com Market News

Wall Street Journal reporters protest Murdoch bid

(Reuters) - Between 150 and 175 reporters took part and Journal bureaus
in Atlanta, Boston, Chicago, Dallas and elsewhere were nearly
empty, according to a Journal reporter who declined to be
identified because of fears of retribution if Dow Jones sells
itself to Murdoch's News Corp.




The Journal employs about 600 editorial staff in the United
States and 700 worldwide, a spokesman said.


Read more at Reuters.com Mergers News

Dollar General sells $1.9 bln in 2 parts - source

(Reuters) - Goldman Sachs, Citigroup Global Markets, Lehman Brothers
and Wachovia Securities were the joint lead managers of the
sale.




Read more at Reuters.com Bonds News

House Democrat proposes affordable housing trust fund

(Reuters) - The bill establishes the National Affordable Housing Trust Fund, which would receive an infusion of funds from mortgage finance companies Fannie Mae FNM.N and Freddie Mac FRE.N as well as new revenue from an existing program for home loan insurance.




The trust fund would recycle money from other national housing programs, rather than raise taxes or budget spending, said Rep. Barney Frank, chairman of the House of Representatives Financial Services Committee.


Read more at Reuters.com Bonds News

Beazer, Con-way, Penford, Sprint, Worthington: U.S. Equity Movers Final

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

Beazer Homes USA Inc. (BZH US) fell $2.73, or 9.6 percent,
to $25.81. The company said it fired its chief accounting officer
for attempting to destroy documents while it is under
investigation for potential fraud by the Federal Bureau of
Investigation.


Read more at Bloomberg Stocks News

US SEC says top credit raters can keep working

(Reuters) - The commission said those three firms -- Moody's Corp.
unit Moody's Investors Service, McGraw-Hill Cos Inc.
unit Standard & Poor's, and the Fitch Ratings unit of
France's Fimalac SA -- have already applied to be
registered with the SEC.




It said A.M. Best Co. Inc., DBRS, Japan Credit Rating
Agency Ltd., and Rating and Investment Information Inc. was
each also previously identified as a "nationally recognized
statistical rating organization" and may also continue
operating while the SEC considers their applications.


Read more at Reuters.com Government Filings News

UPDATE 2-Fed nods to easing inflation, but still worried

(Reuters) - WASHINGTON, June 28 - The Federal Reserve on
Thursday held benchmark U.S. interest rates steady and, while
nodding to a recent easing in core inflation, restated that
inflation remained its top concern.




The decision by the central bank's Federal Open Market
Committee keeps the overnight federal funds rate target at 5.25
percent, the level it hit in June last year after 17 straight
quarter-percentage point increases.


Read more at Reuters.com Economic News

Dollar Advances Versus Yen as Fed Highlights Risk of Inflation in Economy

(Bloomberg) -- The dollar rose against the yen as
the Federal Reserve said inflation is a risk to the economy,
reducing speculation the central bank will cut interest rates
later this year.

The Fed held its target rate for overnight loans between
banks at 5.25 percent for an eighth straight meeting, after
raising it to that level a year ago. Higher rates can help the
dollar by attracting foreign investment.


Read more at Bloomberg Currencies News

Mexico Bolsa Gains on Outlook for Tax Legislation, Led by America Movil

(Bloomberg) -- Mexican stocks rose for a second day as
investors speculated a tax bill will be modified to reduce levies
on business and gain support needed for passage.

The benchmark Bolsa index advanced 243.25, or 0.8 percent, to
31,047.46 as of 12:56 a.m. in New York, led by America Movil SAB,
Latin America's biggest mobile-phone company.


Read more at Bloomberg Stocks News

IMF Chief De Rato to Leave Post in October, Two Years Before His Term Ends

(Bloomberg) -- International Monetary Fund Managing
Director Rodrigo de Rato will quit his post in October, two
years before his term ends, citing ``personal reasons.''

De Rato, a former Spanish economy minister who has led the
Washington-based agency since June 2004, will leave after the
annual meetings of the fund and the World Bank, the IMF said in
a statement. He said that he was concerned about his children's
education, without elaborating.


Read more at Bloomberg Emerging Markets News

UPDATE 2-Exelon Ill. Braidwood 1 reactor shut during storm

(Reuters) - She said the company was still investigating the cause of
the outage but noted there was no damage to plant equipment.




She could not say when the unit would return to service due
to competitive reasons.


Read more at Reuters.com Bonds News

Hedge funds seek TD Ameritrade talks on deals

(Reuters) - The letter specifically mentioned board member W. Edmund Clark, a TD Bank director, and said "the board must remove Mr. Clark from this role and empower the independent directors to reach out and lead discussions with potential strategic partners."




The funds also made a demand under Delaware law for books and records related to the board's exploration of possible strategic combinations, including Toronto-Dominion's influence on the process.


Read more at Reuters.com Mergers News

Growth slows to 4-year low in first quarter

(Reuters) - It was the weakest quarterly expansion in gross domestic product, or GDP, since the fourth quarter of 2002. The slowdown came as businesses sold off inventories even though consumer spending remained strong.




However, a key inflation gauge favored by the Federal Reserve, the personal consumption expenditures price index excluding volatile food and energy prices, showed price pressures were stronger than expected.


Read more at Reuters.com Business News

Wheat, After Record High Yesterday, Rallies as Rains May Damage U.S. Crop

(Bloomberg) -- Wheat rose in Chicago as wet
weather stalls harvesting and damages crops in the southern
U.S. Great Plains.

Parts of Oklahoma got as much as 5 inches of rain in the
past 24 hours, according to the Oklahoma Wheat Commission. Some
fields and roads were flooded, prompting growers to consider
abandoning the crops and seeking insurance payments, said
Commission spokeswoman KC Keffer.


Read more at Bloomberg Commodities News

Dominion up on share buyback offer

(Reuters) - Dominion expects to start a modified Dutch auction self-tender by mid-July. Shareholders could tender some or all of their shares at prices from $82 to $92 per share, said the Richmond, Virginia-based company. The company then will pick a price and buy shares tendered at that level or below.




Shares of the power company were up $3.27 to $86.82 in late morning trade on the New York Stock Exchange.


Read more at Reuters.com Hot Stocks News

Empire reports lower profit, hikes dividend

(Reuters) - The Stellarton, Nova Scotia-based company said it earned C$64.5 million , or 98 Canadian cents a share, for the three months ended May 5, compared to C$118.4 million, or C$1.80 a share, in the same quarter a year ago. It raised its annual dividend by 10 percent to 66 cents from 60 cents.






Read more at Reuters.com Market News

Oil Climbs Above $70 as Refineries Increase Output to Meet Gasoline Demand

(Bloomberg) -- Crude oil rose above $70 a barrel to
a nine-month high in New York as U.S. refineries increase output
of gasoline and other fuels.

Refineries operated at 89.4 percent of capacity last week, a
1.8 percentage point gain from the week before, an Energy
Department report yesterday showed. West Texas Intermediate crude
oil, or WTI, the grade traded in New York, was at the lowest
discount to Brent oil in more than three months today.


Read more at Bloomberg Energy News

Cosan, JBS, Medial Saude, Petroleo Brasileiro, Vale: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index rose for a
second day, led by state-controlled oil company Petroleo Brasileiro
SA rising.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 145.35, or 0.3 percent, to 54,288.42 as of 10:12 a.m.
New York time.


Read more at Bloomberg Stocks News

US STOCKS-Indexes flat before Fed rate decision

(Reuters) - NEW YORK, June 28 - U.S. stocks were treading
water on Thursday after data showed a measure of inflation
accelerated in the first three months of 2007 and before the
Federal Reserve's interest-rate decision.




Semiconductors were trading higher after chip makers Intel
Corp. and Advanced Micro Devices Inc. got
brokerage upgrades [ID:nWNA0822] [ID:nWNA0851] , while
financial shares were dragging on concerns about the subprime
mortgage market and the outlook for buyout activity.


Read more at Reuters.com Bonds News

Atmel, Cisco, Intel, LSI, Meridian Gold, Red Hat: 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 9:30 a.m. New York time.

Atmel Corp. (ATML US) gained 14 cents, or 2.5 percent, to
$5.85. The maker of chips for mobile phones and DVD players said
first-quarter net income was 6 cents a share, more than the 3-
cent average estimate of five analysts surveyed by Bloomberg.


Read more at Bloomberg Stocks News

UPDATE 1-Argentine banker says could buy YPF stake in 2008

(Reuters) - Enrique Eskenazi told leading Argentine newspaper La Nacion
that the deal would not be done as quickly as some Argentine
government officials had said.




"If it's done, it will be next year. This is a long
process," Eskenazi said.


Read more at Reuters.com Bonds News

Monsanto quarterly profit jumps 71 pct

(Reuters) - Monsanto said it posted net income of $570 million, or
$1.03 a share, for its third quarter, up from $334 million, or
60 cents a share, a year earlier.




Excluding a 1 cent-a-share loss for discontinued business,
Monsanto earned $1.02 a share.


Read more at Reuters.com Business News

Commerzbank executive says keen on Postbank

(Reuters) - FRANKFURT, June 28 - Shares in Deutsche Postbank rose over 4 percent after a top Commerzbank executive said in a television interview his bank may be interested in Germany's biggest retail bank. Management board member Wolfgang Hartmann told Bloomberg Television that Postbank would be an "excellent addition" to Commerzbank's business.



"If it were possible to buy Postbank, we would immediately snap it up," Hartmann said. "Unfortunately, Deutsche Post isn't ready to sell at the moment."


Read more at Reuters.com Mergers News

UPDATE 1-Unhappy Dillard's shareholder seeks talks

(Reuters) - Barington Capital Group LP said it represents investors
owning more than 3.2 percent of Dillard's shares. It said it is
seeking meetings with management to discuss merchandising,
inventory management, cost controls and measures to "unlock"
value in the company's real estate portfolio.




It said it requested talks after being unable to reach
Chief Executive William Dillard by phone.


Read more at Reuters.com Bonds News

Russia's Mechel 2006 net profit rises 58 pct

(Reuters) - Earnings before interest, taxation, depreciation and
amortisation were $1.068 billion, up from $726 million.




Read more at Reuters.com Market News

Monsanto quarterly profit jumps

(Reuters) - St. Louis-based Monsanto has been benefiting from increased farmer interest in planting corn this spring. Corn demand has surged amid a rally in corn prices and strong demand from the ethanol, food and livestock feed sectors.




Read more at Reuters.com Business News

Swiss Franc Gains After Central Bank Says Further Rate Increases `Likely'

(Bloomberg) -- The Swiss franc rose after the
country's central bank said it may raise interest rates further
``in coming months'' should the currency's slide to a record low
versus the euro earlier this month fuel inflation.

Switzerland's currency is benefiting from speculation a
higher benchmark rate will prompt investors to cut so-called
carry trades, by making it less profitable to borrow the franc to
fund higher-yielding purchases elsewhere. Further interest-rate
increases are ``likely,'' the Swiss National Bank said today. The
bank's use off the phrase ``in coming months'' may indicate a
willingness to move before scheduled quarterly meetings.


Read more at Bloomberg Currencies News

US STOCKS-Futures flat before Fed rate decision

(Reuters) - In company news, wine and spirits company Constellation
Brands Inc. said quarterly profit fell sharply, hurt by
a plan to cut the amount of wine it ships to U.S. distributors
and lower results from its British business.




The Fed's benchmark fed funds target rate is forecast to
remain steady at 5.25 percent, but investors will scrutinize
the accompanying statement for any signal that the Fed is
preparing Wall Street for a shift in monetary policy.


Read more at Reuters.com Bonds News

Sasol shuts plants in chemical unit restructuring

(Reuters) - Africa's top synthetic fuels and chemicals group Sasol said on Thursday it had started the restructuring of a chemical unit it failed to sell by closing an office in Germany and two plants in Italy and the

U.S.


Read more at Reuters Africa

U.S. 10-Year Notes Fall on Speculation Fed May Keep Anti-Inflation Tilt

(Bloomberg) -- U.S. Treasuries fell on speculation
Federal Reserve policy makers will reiterate that inflation is
the biggest risk to the economy when they finish meeting today.

All 113 economists surveyed by Bloomberg News predict the
Fed will keep its key rate at 5.25 percent for an eighth time,
leaving Treasury yields below the central bank's benchmark. The
difference in yields between two and 10-year notes narrowed to
the least in more than a week on speculation inflation will ease.


Read more at Bloomberg Bonds News

Donor aid poses liquidity problem for Tanzania - IMF

(Reuters) - Absorbing high liquidity from donor funds will be a challenge for Tanzania's economy and the government should sell more foreign exchange, the international Monetary Fund said in a statement.

The country is among Africa's top aid recipients and received $336 million in debt relief from the IMF last year.


Read more at Reuters Africa

UPDATE 1-Bull-Dog wins court case vs Steel Partners-source

(Reuters) - TOKYO, June 28 - Japan's Bull-Dog Sauce has won a court case allowing it to erect anti-takeover defences aimed at thwarting a $260 million bid by U.S. hedge fund Steel Partners, said a source familiar with the situation.



Steel Partners had sought an injunction from the Tokyo District Court to bar the sauce maker from activating the defence, saying it discriminated against the fund and was financially damaging.


Read more at Reuters.com Mergers News

Carbon Emission Permits Climb to Three-Day High as German Power Advances

(Bloomberg) -- European Union emission permits
rose to their highest in three days as German power
advanced, potentially making generation more profitable.

EU carbon dioxide emission permits for December 2008
gained 37 cents, or 1.7 percent, to 21.80 euros ($29.33) a
metric ton on the European Climate Exchange in Amsterdam at
9:18 a.m. local time. They earlier traded as high as 21.85
euros a ton, their highest since June 25.


Read more at Bloomberg Energy News

Japan's Bull-Dog wins court case vs Steel Partners-Jiji

(Reuters) - More than 80 percent of Bull-Dog Sauce's shareholders
approved a poison pill scheme on June 24 that will allow the
sauce maker to issue new shares making it more difficult for
Steel Partners to acquire the company.




Read more at Reuters.com Government Filings News

Asia stocks gain after days of U.S. pain

(Reuters) - European shares opened firmer on relief over U.S. stocks. Investors are gearing up for the Federal Reserve's decision on U.S. interest rates after the market close.




After 10 minutes of trading, London's FTSE 100 was up 0.5 percent, Germany's DAX gained 1 percent and France's CAC 40 added 0.8 percent.


Read more at Reuters.com Hot Stocks News

Texas Pacific drops bid for Australia's Coles

(Reuters) - Shares in Wesfarmers rose 2 percent on increasing chances of grabbing Coles with its A$19.7 billion bid. Coles shares were down just 0.2 percent at A$16.25, below the A$16.47 per share Wesfarmers' offer.




"It looks increasingly like a fire sale rather than a competitive bidding process," said ABN AMRO Asset Management analyst Matthew Hoult. "Suddenly Wesfarmers holds all the cards."


Read more at Reuters.com Mergers News

Diageo says profits growth on target, sees sales uptick

(Reuters) - It expects to publish its full-year results on Aug. 30.




Read more at Reuters.com Market News

Australia court clears Citigroup of insider trading

(Reuters) - Australian regulators had charged the bank with breaching its "Chinese Walls" after a chat between two Citigroup dealers over a cigarette break on a Sydney street led one trader -- Andrew Manchee -- to believe his firm was involved in the A$6.3 billion takeover of stevedoring firm Patrick by rival Toll Holdings Ltd. in 2005.




That trader, then in possession of "inside information", sold a parcel of Patrick shares later that day, the Australian Securities and Investments Commission told the court.


Read more at Reuters.com Business News

European Government Bond Rally May Stall on View Interest Rates Will Rise

(Bloomberg) -- European bonds may drop, snapping
their longest winning run in two months, as expectations the
European Central Bank will lift interest rates outweigh
speculation a weaker U.S. house market will slow global growth.

Yields on 10-year bunds may rise from a three-week low as
investors bet on two more interest-rate increases by the ECB.
Euro-region money supply growth probably held near the fastest in
24 years in May, a Bloomberg survey showed. The Federal Reserve
will probably keep its key rate on hold today citing inflation,
which may halt debt market gains worldwide.


Read more at Bloomberg Bonds News

Bauer, Escada, Grammer, IKB Deutsche Industriebank: German Equity Preview

(Bloomberg) -- The following stocks may rise or
fall in German markets.

Germany's X-DAX Index climbed 1.1 percent to 7865.38. The
index provides an estimate of the DAX Index, based on trading in
DAX futures after the Xetra electronic market closes. The DAX
declined 0.8 percent to 7801.23 on the Xetra electronic-trading
system.


Read more at Bloomberg Stocks News

Total Is Selected to Market AED's Puffin Crude Oil Pumped From Timor Sea

(Bloomberg) -- Total SA, Europe's third-largest oil
company, won a selection process to market crude oil from AED Oil
Ltd.'s Puffin project in the Timor Sea, which is due to start
production next month.

The agreement for the marketing of Puffin North East Crude
Oil is with Total Oil Trading SA, or Totsa, Melbourne-based AED
said today in a statement to the Australian Stock Exchange. The
oil is a ``premium-quality light sweet crude,'' the company said.


Read more at Bloomberg Energy News

Copper Rises in Shanghai as Contract Workers Strike at Codelco; Zinc Gains

(Bloomberg) -- Copper prices in Shanghai rose for
the first day in five on concern that supply may lag behind
demand as a strike by contract workers at Chile's Codelco, the
world's largest producer, reduced output.

Protesters throwing rocks delayed employees as they went to
work at the company's Andina and El Teniente divisions,
Executive President Jose Pablo Arellano said yesterday. Output
at Codelco's Ventanas smelter was also cut, although the amount
of lost production could not be estimated.


Read more at Bloomberg Commodities News

Asian Stocks Rebound From a Two-Week Low as Crude Oil Climbs, Yen Weakens

(Bloomberg) -- Asian stocks rebounded from a two-
week low after crude oil prices advanced and the yen weakened.

Woodside Petroleum Ltd., Australia's second-largest oil
explorer, gained for the first time in six days. Honda Motor Co.
rose by the most in almost three weeks, leading gains among
Japanese exporters, as concern eased that the value of their
overseas sales will be eroded.


Read more at Bloomberg Stocks News

South Korea's Kospi Climbs, Led by Hyundai Heavy and Korea Electric Power

(Bloomberg) -- South Korea's benchmark stock index,
the Kospi Index, rose 0.82 percent at 9:05 a.m.

The index of 730 companies traded on the Korea Exchange rose
14.28 to 1,747.38. Among the stocks in the index, 421 rose, 107
fell and 201 were unchanged.


Read more at Bloomberg Stocks News

TEXT-Bluescope sells Vistawall business for US$190 mln

(Reuters) - BlueScope Steel has owned Vistawall since April 2004 when
it acquired Butler Manufacturing Company for US$206 million.
This acquisition included Butler Buildings and The Vistawall Group .
BlueScope Steel will continue to own and operate the Butler
Buildings and Vistawall China businesses.




On announcing the transaction, Managing Director and CEO of
BlueScope Steel, Mr Kirby Adams, said, "The time is right for
BlueScope Steel to divest Vistawall North America in order to
realise the outstanding value created in this non-steel
business which was included in the strategic acquisition of
Butler Manufacturing Company in 2004. The sale price represents
a strong financial return for our shareholders and reflects the
excellent work by BlueScope Steel and Vistawall's management
and employees in creating a successful and strong business."


Read more at Reuters.com Mergers News

China Merchants Energy to Buy Two Oil Tankers for $232 Million From Dalian

(Bloomberg) -- China Merchants Energy Shipping Co.,
the country's largest operator of international oil tankers,
plans to order two supertankers from Dalian Shipbuilding Industry
Co. for $232 million.

The two 300,000-ton very large crude carriers will be
delivered by 2011, the Shanghai-based company said in a statement
to the city's stock exchange today.


Read more at Bloomberg Energy News

Silver Lake says going public not on radar

(Reuters) - "I'm not ruling anything out," said Glenn Hutchins, co-founder
and managing director of Silver Lake, on the sidelines of a
conference held by the Wall Street Journal. "But, look, we are
nine years old. Blackstone is over 20 years old. There's a lot
that you do in terms of developing your business over the course
of that time period. It's just not something that is on our radar
screen."




Blackstone became the first major U.S. private-equity firm to
go public, debuting last week and rising 13 percent in its first
day of trading, minting billions of dollars of new wealth for its
founders.


Read more at Reuters.com Mergers News

Polypore International raises $285 mln in IPO

(Reuters) - Underwriters, led by J.P. Morgan Securities Inc., have the
option to purchase 2.25 million additional shares to cover
overallotments, according to a filing with the U.S. Securities
and Exchange Commission.




Charlotte, North Carolina-based Polypore makes polymer
membranes used in separation and filtration processes,
primarily for the energy and health-care sectors.


Read more at Reuters.com Mergers News

Unions vow to crank up the heat on buyout firms

(Reuters) - And now labor unions are jumping in.




While more than a hundred bankers and investors attended a
dealmaker conference at the New York Stock Exchange, two union
groups on Wednesday brought a handful of people to protest the
growing and, in their view, unchecked power of these
well-heeled and secretive investment firms.


Read more at Reuters.com Mergers News

Schroder's Parbrook Likes China, Not Stocks, for Top Fund in Hong Kong

(Bloomberg) -- Robin Parbrook's fund has beaten its
rivals in Hong Kong in the past year by steering away from
companies in China, the world's fastest growing major economy and
home to the world's top-performing stock market.

Parbrook instead has focused on companies such as Hong Kong-
based Jardine Matheson Holdings Ltd., which runs hotels worldwide,
and Standard Chartered Plc, a London-based bank that makes most of
its money in Asia and is expanding in China.


Read more at Bloomberg Exclusive News

US STOCKS-Indexes end 3-day decline; energy, tech lead

(Reuters) - NEW YORK, June 27 - U.S. stocks rose on Wednesday
as investors snapped up beaten-down shares after a three-day
slide and a nearly 2 percent jump in oil prices boosted demand
for energy companies.




Major indexes had fallen earlier in the day after
weaker-than-expected durable goods data.


Read more at Reuters.com Bonds News

Aspreva, Crocs, Data Domain, Given Imaging, McCormick: 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 3:05 p.m. New York time.

Oil Refiners: Citigroup Global Markets Inc. downgraded
shares of Valero Energy Corp. (VLO US), the largest U.S. refiner,
and Tesoro Corp. (TSO US), the largest refiner in the U.S. West,
to ``sell'' from ``hold'' because of valuations. Sunoco Inc. (SUN
US), the biggest refiner in the Northwest, was cut to ``hold''
from ``buy.'' Valero fell $1.08, or 1.5 percent, to $73.58.
Sunoco lost $1.21 to $79.12 and Tesoro retreated $1.21 to $56.70.


Read more at Bloomberg Stocks News

TSX Venture to appeal panel ruling on murderer

(Reuters) - Nichols, who was convicted of murder in 1976 and spent 18
years in jail, failed to disclose full details of his multiple
crimes in a regulatory filing to TSX Venture Exchange.




The exchange, run by Toronto Stock Exchange operator TSX
Group , said Nichols' "history of dishonesty" made him
unsuitable for an investor relations role, and argued that his
association with the listed company could hurt the junior
market's reputation.


Read more at Reuters.com Government Filings News

Husky to review needs for Ohio refinery, CEO says

(Reuters) - Speaking to Reuters after shareholders approved a share
split, John Lau said Husky will start an extensive review of
the 165,000 barrel-a-day refinery's operations when the deal
closes next week.




"We will look at...all alternatives," Lau said. "Crude
purchases, sales, expansions... Hopefully within six months we
should have a more definite idea. We won't change something we
don't know."


Read more at Reuters.com Mergers News

Conrad Black jury gets case, begins deliberating

(Reuters) - Judge Amy St. Eve of the U.S. District Court handed the case to the 12 men and women who will decide the fate of Black and the others after both sides made final pleas over the course of more than six days. The jury began deliberating immediately.




There was no clue as to which way the jury was leaning after hearing from about 50 witnesses in a case involving complex business transactions that prosecutors say amounted to common thievery.


Read more at Reuters.com Bonds News

UPDATE 4-Iberdrola share issue raises $4.5 bln for takeover

(Reuters) - MADRID, June 27 - Spanish utility Iberdrola
raised 3.375 billion euros on Wednesday
in a share issue to fund its cash purchase of U.S. power supply
company Energy East .




The issue was one of the biggest by a Spanish company in the
past decade.


Read more at Reuters.com Mergers News

House Democrats vow to press auto fuel economy

(Reuters) - "We will pass a fuel economy standard soon, just as the Senate has done," Rep. Edward Markey told members of the Energy and Commerce Committee. "We have reached a historic moment."




The statement by the Massachusetts Democrat, a senior member of the panel, came as the committee began considering amendments to the package that does not include fuel economy or global warming provisions.


Read more at Reuters.com Government Filings News

NYSE CEO says full subprime effect not yet seen

(Reuters) - "I think there still are more problems to be seen -- but on
the other hand the financial system is very resilient. But I
don't think we have seen the full effect yet."
To view additional stories about the subprime lending crisis,
click on [ID:nN16195443]





Read more at Reuters.com Bonds News

Treasury to review financial services rules

(Reuters) - The Treasury said it would release a "blueprint" for regulatory reforms by early next year.




The review will seek to "combine high standards of market integrity, stability and investor protection with a strong foundation for innovation, growth, and competitiveness," it said in a statement that offered few details.


Read more at Reuters.com Business News

UPDATE 1-CBOT, ICE keep pressure on ahead of CME vote

(Reuters) - Members and shareholders of the Chicago Board of Trade's
parent will vote on July 9 on whether to accept a merger deal
with Chicago Mercantile Exchange , the largest U.S.
futures mart.




ICE, an Atlanta-based exchange whose stronghold has been
energy derivatives trading, ICE made a higher bid for CBOT in
March which was rejected by CBOT's board.


Read more at Reuters.com Mergers News

UPDATE 2-Activist Breeden seeks 3 H&R Block board seats

(Reuters) - The news sent shares of H&R Block as much as 6.8 percent higher. H&R Block did not immediately return a call seeking comment.



Breeden Capital Management LLC, which said it controls 1.86 percent of H&R Block shares, said it will propose directors for election at the company's Sept. 6 annual meeting. Just three of 11 incumbent directors are up for reelection, Breeden said.


Read more at Reuters.com Mergers News

U.S. Stocks Retreat on Drop in Durable Goods; GE, Countrywide Shares Fall

(Bloomberg) -- U.S. stocks fell for a fourth day
after a government report said orders for durable goods
declined more than forecast and concerns lingered that losses
may worsen in bonds tied to mortgage loans.

General Electric Co., which makes products ranging from
appliances to jet engines, retreated. Countrywide Financial
Corp., the biggest U.S. mortgage lender, helped push a gauge of
financial shares to its lowest since April.


Read more at Bloomberg Stocks News

UPDATE1-Herley's two facilities suspended from federal contracts

(Reuters) - Shares of Herley, which designs and develops microwave
technology, were down more than 13 percent to $15.42 in morning
trade Wednesday on the Nasdaq.




The suspension arises out of certain discrepancies in the
test data for some equipment manufactured by Herley at its
Lancaster facility, the company said.


Read more at Reuters.com Government Filings News

AT&T Embrace of IPhone Threatens to Torpedo Sprint's Recovery, Share Price

(Bloomberg) -- Cary Fabrikant's devotion to Apple
Inc. spells trouble for his cellular carrier, Sprint Nextel Corp.

Fabrikant, a Miami sports agent, plans to forfeit $200 and
switch to AT&T Inc. to get an iPhone, Apple's blend of an iPod
music player with a mobile phone, when it goes on sale June 29.


Read more at Bloomberg Exclusive News

Activist Breeden seeks 3 H&R Block board seats

(Reuters) - The news sent shares of H&R Block as much as 6.8 percent higher. H&R Block did not immediately return a call seeking comment.



Breeden Capital Management LLC, which said it controls 1.86 percent of H&R Block shares, said it will propose directors for election at the company's Sept. 6 annual meeting. Just three of 11 incumbent directors are up for reelection, Breeden said.


Read more at Reuters.com Bonds News

RadioShack, Amazon.com Burn Short Sellers by Posting Top Gains in S&P 500

(Bloomberg) -- RadioShack Corp. and Amazon.com Inc.
have defied short sellers and Wall Street analysts this year by
posting the top gains in the Standard & Poor's 500 Index.

Shares of RadioShack, the third-largest U.S. electronics
chain, and Amazon, the world's biggest online retailer, were
among the 10 most-shorted in the S&P 500 as of June 15,
according to data from the New York Stock Exchange and the
Nasdaq Stock Market. Short sellers try to profit from stock
declines by selling borrowed shares and buying them back at a
lower price.


Read more at Bloomberg Exclusive News

Andrew, Jones Soda, Mosaic, Nuvelo, Valero Energy: 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 9:30 a.m. New York time.

Oil Refiners: Citigroup Global Markets Inc. downgraded
shares of Valero Energy Corp. (VLO US), the largest U.S. refiner,
and Tesoro Corp. (TSO US), the largest refiner in the U.S. West,
to ``sell'' from ``hold'' because of valuations. Sunoco Inc. (SUN
US), the biggest refiner in the Northwest, was cut to ``hold''
from ``buy.'' Valero fell $2.34, or 3.1 percent, to $72.32.
Sunoco lost $2.30 to $78.03 and Tesoro retreated $2.64 to $55.27.


Read more at Bloomberg Stocks News

TREASURIES-Prices jump on sharp drop in durable orders

(Reuters) - Gains, however, were limited as market attention shifted to
the outcome of the Federal Reserve's two-day policy meeting,
which starts on Wednesday.




"Treasury prices have popped higher after a worse than
expected durable goods report. Some of are a
reaction to the number, while we are also getting some support
from global bond markets as well," said Beth Malloy, bond
market analyst with Briefing.com in Chicago.


Read more at Reuters.com Bonds News

Copper Futures Decline in New York on Concern U.S. Metal Demand May Ease

(Bloomberg) -- Copper fell for the second straight
day in New York on concern that slowing growth in the U.S., the
world's second-largest consumer of the metal, will damp demand.

Orders for U.S. durable goods fell more than forecast in
May, casting doubt on the prospects for a projected increase in
business investment. Before today, copper, which sometimes moves
in line with economic growth, had gained 16 percent this year
during a global expansion.


Read more at Bloomberg Commodities News

Egyptian shares slip, hit by foreign markets

(Reuters) - Egyptian shares slipped on Wednesday under the influence of depressed foreign markets and because Egypt's financial year ends this week, brokers said.

Major housing stocks fell on sentiment and Ezz Steel dropped 4.5 percent after the Ezz Group sold 10 percent at a large discount on the London GDR market.


Read more at Reuters Africa

Gold Rises in London on Speculation Dollar's Rally Will End; Silver Falls

(Bloomberg) -- Gold snapped two days of declines in
London on speculation the dollar will stop strengthening against
other currencies, reviving demand for the precious metal as an
alternative investment. Silver also increased.

Bullion has dropped in five of the past seven weeks as
higher global interest rates and a strengthening U.S. currency
eroded the metal's investment appeal. The dollar dropped against
the yen today and the yield on the U.S. 10-year note fell.


Read more at Bloomberg Commodities News

ViroPharma hepatitis drug put on fast track in US

(Reuters) - ViroPharma's HCV-796 is currently in mid-stage studies and
is being developed with drugmaker Wyeth .




Read more at Reuters.com Government Filings News

CORRECTED-UPDATE 1-Reuters Summit-Shimao sees benefit in cooling

(Reuters) - By Joseph Chaney and Umesh Desai




HONG KONG, June 26 - Shimao Property Holdings Ltd.
, an arm of Chinese billionaire Xu Rongmao's real
estate empire, says China's measures to cool the country's
booming construction industry will benefit larger property
firms, but worries over a land appreciation tax loom.


Read more at Reuters.com Bonds News

Oil Falls to Nine-Day Low on Forecasts for Rising U.S. Gasoline Supplies

(Bloomberg) -- Crude oil fell to a nine-day low in New
York on forecasts U.S. gasoline supplies rose for an eighth
straight week.

An Energy Department report today will probably show U.S.
gasoline stockpiles gained 1 million barrels last week, according
to a Bloomberg News survey of analysts. A record 41.1 million
Americans may travel next week for the Independence Day holiday,
the AAA said in a survey released yesterday.


Read more at Bloomberg Energy News

European Emission Permits Rise for First Day in Three on Expected Demand

(Bloomberg) -- European Union emission permits rose
for the first time in three days on speculation power utilities
may buy more allowances as governments cut free allocations.

EU carbon dioxide emission permits for December 2008 rose
13 cents, or 0.6 of a percent, to 21.20 euros ($28.47) a metric
ton on the European Climate Exchange in Amsterdam at 11 a.m.
local time. They had traded today as high as 21.33 euros a ton.


Read more at Bloomberg Energy News

Iraqi Outhouse Is a Sign of Progress to Marines Seeking to Secure Country

(Bloomberg) -- After a tense drive in an armored
convoy, on constant lookout for roadside bombs and other
potential hazards, U.S. Marine Captain Jeffrey McCormack directed
a giant forklift to set down the wooden outhouse.

``It may be an outhouse to you,'' said McCormack. ``It's
progress for us.''


Read more at Bloomberg Exclusive News

U.K. Gilts Rise to Two-Week High as Risk-Averse Investors Seek Safer Debt

(Bloomberg) -- U.K. government bonds rose by the
most in two months as risk aversion among investors drove them to
switch out of risker assets, like stocks, and seek the relative
safety of debt.

Debt's advance pushed 10-year gilt yields to a two-week low
as investors wagered that a probable interest rate increase by
the Bank of England next week is already reflected in prices.
European stock markets for a fifth day, following losses
elsewhere in the world, amid concern a slump in the U.S. housing
market will hurt global growth.


Read more at Bloomberg Bonds News

UPS selling $59 mln in Sinotrans shares -source

(Reuters) - Citigroup is the sole bookrunner on the transaction.




Read more at Reuters.com Mergers News

Yen Rises Most in 10 Weeks Against Euro as Investors Reduce Carry Trades

(Bloomberg) -- The yen rose the most in 10 weeks
against the euro as investors pared holdings of emerging-market
bonds and stocks funded by loans in the Japanese currency.

Japan's yen gained against all 16 of the most-active
currencies, extending its rally after Finance Minister Koji Omi
yesterday stressed the risk of one-way foreign-exchange bets.
Stocks in Europe and Asia declined as investors shunned riskier
assets, prompting an unwinding of the so-called carry trade.


Read more at Bloomberg Currencies News

Yen up broadly as risk appetite ebbs

(Reuters) - The yen rose broadly on Wednesday and high yielders dipped as worries about the U.S. subprime mortgage sector dimmed appetite for the carry trade.

Falling stock markets, due partly to concerns about the exposure of U.S. lenders to subprime mortgages, have reduced investor interest in risky assets around the world.


Read more at Reuters Africa

OECD plays down emerging markets sell-off risk

(Reuters) - Organisation for Economic Co-operation and Development (OECD) Secretary General Angel Gurria said on Wednesday he did not believe there was a risk of an emerging markets selloff due to global monetary tightening.

"I don't think the whole situation today is conducive to any kind of very dramatic or very unexpected events," Gurria told Reuters at a conference when asked about whether there was a risk of an emerging markets selloff amid global tightening.


Read more at Reuters Africa

French Stocks Retreat; Danone, Arcelor Mittal and Axa Lead the Decline

(Bloomberg) -- French stocks declined, paced by
Groupe Danone SA, Arcelor Mittal and Axa SA.

The CAC 40 Index lost 43.27, or 0.7 percent, to 5910.09 in
Paris at 9:09 a.m. The SBF 120 Index dropped 0.7 percent.


Read more at Bloomberg Stocks News

US stock indexes dip again as subprime fears weigh

(Reuters) - U.S. stocks closed down for a third session on Tuesday as higher bond yields raised concerns about borrowing costs and more fallout from the subprime mortgage market kept investors on edge.

But a drop in oil prices eased worries about inflation and takeovers in health care and chemicals increased optimism about share valuations, limiting the market's decline.


Read more at Reuters Africa

PRESS DIGEST - New York Times business news - June 27

(Reuters) - * Negotiators reached an agreement in principle on
protecting the editorial independence of The Wall Street
Journal, an important step toward a purchase by the News Corp.
of the Journal's owner, Dow Jones and Co. Inc. ,
people briefed on the talks said.




* In a move to challenge Google Inc.'s YouTube,
News Corp.'s MySpace plans to rename and refurbish its
video-sharing service on the popular social network. The new
service, called MySpace TV, will be set up as an independent
Web site that people can visit to share and
watch videos.


Read more at Reuters.com Mergers News

Platinum Futures Traded in Tokyo Decline as Yen Rallies for a Third Day

(Bloomberg) -- Platinum futures fell in Tokyo and
headed for the biggest two-day decline in more than three months
as the yen climbed for a third day against the dollar.

The yen appreciated to 122.89 per dollar at 11:46 a.m. in
Singapore from 123.26 late in New York yesterday, after reaching
a 4 1/2-year low of 124.13 on June 22. An appreciating Japanese
currency erodes the value of yen-denominated contracts for
commodities such as platinum, which trades globally in dollars.


Read more at Bloomberg Commodities News

PRESS DIGEST - Wall Street Journal - June 27

(Reuters) - * U.S. Foodservice underwriters pulled a $1.5 billion bond
offering amid investor resistance to its terms, an indication
of possible trouble for the buyout boom.




* The U.S. Securities and Exchange Commission opened about
a dozen probes involving bundled financial products, as well as
the related near-collapse of two Bear Stearns Cos.
hedge funds.


Read more at Reuters.com Bonds News

Iceland's Kaupthing Bank Raises 28 Billion Yen Selling Bonds in Japan

(Bloomberg) -- Kaupthing Bank hf, Iceland's biggest
financial services company, raised 28 billion yen ($228 million)
selling bonds denominated in yen.

The Reykjavik-based bank priced 10 billion yen of 1.65
percent bonds with a three-year maturity to yield 26 basis points
more than the yen swap rate, according to data compiled by
Bloomberg. It also priced 5 billion yen of 1.99 percent bonds and
13 billion yen of floating-rate notes which both mature in five
years, the data show.


Read more at Bloomberg Bonds News

BP, LSE, Tesco, Thomas Cook Group, Stagecoach: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from the June 26 close.

The benchmark FTSE 100 Index fell 29.10, or 0.4 percent, to
6559.30 in London. The FTSE All-Share Index fell 14.34, or 0.4
percent, to 3384.04.


Read more at Bloomberg Stocks News

Starbucks to file fresh application for India: report

(Reuters) - This arrangement was not acceptable as Sharma was a non-resident Indian, the official told the paper.




"We have not send the proposal to the Foreign Investment Promotion Board, which will take the final decision on the matter. We don't know how the company will draft its new proposal and the route it will take," the official said.


Read more at Reuters.com Government Filings News

Treasuries Little Changed; Durable Goods May Reduce Outlook for Inflation

(Bloomberg) -- U.S. Treasuries were little changed
before a government report that economists say will show
durable goods orders fell in May, sending a gauge of inflation
expectations to the lowest this month.

A decline in orders may provide further evidence the economy
is slowing enough for the Federal Reserve to cut interest rates,
after consumer confidence dropped in June to the lowest since
August. Reports this week also showed the slump in the housing
market may keep inflation, which erodes the fixed payments on
bonds, within the central bank's desired zone.


Read more at Bloomberg Bonds News

Chinese lawmakers debate FX agency funding bill

(Reuters) - It is not clear whether the bonds will be issued directly to
the central bank or sold in the domestic market, with the cash
raised then used to buy foreign exchange from the PBOC.




Chinese economists expect the fund will manage as much as
$200 billion of reserves with a mandate to increase returns.


Read more at Reuters.com Bonds News

South Korea's Won Declines on Speculation Central Bank to Sell Currency

(Bloomberg) -- South Korea's won dropped from near
the highest in more than a month on speculation the central bank
will sell the currency to keep exports competitive with Japan.

The won snapped two days of gains against the dollar and
fell for a third day versus the yen after the finance ministry
said yesterday the country and New Zealand are worried about the
yen's ``persistent weakness.'' Korea's Deputy Finance Minister
Kim Sung Jin last week said the government has the power and
capacity to act in the foreign-exchange market.


Read more at Bloomberg Currencies News

South Korea's Kospi Index Declines, Led by Samsung, Hyundai Heavy, Posco

(Bloomberg) -- South Korea's benchmark stock index,
the Kospi Index, fell 0.57 percent at 9:05 a.m.

The index of 729 companies traded on the Korea Exchange
fell 9.96 to 1,739.59. Among the stocks in the index, 192 rose,
321 fell and 216 were unchanged.


Read more at Bloomberg Stocks News

Merrill Lynch Hires ICF's Abyd Karmali as Global Head of Carbon Emissions

(Bloomberg) -- Merrill Lynch & Co., the world's
largest brokerage, hired Abyd Karmali as managing director and
global head of carbon emissions.

Karmali, London-based managing director for Europe at ICF
International Inc., accepted the position starting Sept. 3,
Karmali said today by e-mail.


Read more at Bloomberg Energy News

Australian Dollar Falls From 18-Year High as Prices of Raw Materials Drop

(Bloomberg) -- The Australian dollar fell from an
18-year high as prices declined for the raw materials the
country exports.

The currency snapped three days of gains after the London
Metal Exchange Index, a measure of six tradable metals including
copper and nickel, dropped 2.1 percent, the most in two weeks.
Commodity exports make up about 14 percent of Australia's
economic growth.


Read more at Bloomberg Currencies News

Asian Stocks Fall in U.S. Trading; Cnooc Leads Decline Among Energy Shares

(Bloomberg) -- Asian stocks trading in the U.S. fell
as a drop in the price of oil dragged down energy shares including
Cnooc Ltd.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, slipped 0.1 percent to
166.39, the lowest in two weeks.


Read more at Bloomberg Stocks News

U.S. Foodservice postpones LBO financing: sources

(Reuters) - It was not clear whether the two intend to finance their LBO by bridge loans that have been provided by Citigroup, Deutsche Bank, Goldman Sachs, J.P. Morgan, Morgan Stanley and RBS Securities.



U.S. Foodservice was in the process of raising a $3.36 billion bank loan and a $650 million high yield bond offering.


Read more at Reuters.com Mergers News

Conoco says Venezuela controls its operations there

(Reuters) - It said negotiations are continuing between ConocoPhillips
and Venezuelan authorities over compensation for the company's
stake in the projects.




Read more at Reuters.com Bonds News

FDA clears rapid blood test for malaria

(Reuters) - Standard laboratory tests require identifying malaria parasites in a blood sample under a microscope, the FDA said.




The new test provides results from a few drops of blood placed on a dipstick, and can differentiate between the most dangerous malaria parasite and less virulent forms, the FDA said. Results should be confirmed with standard microscopic evaluation.


Read more at Reuters.com Government Filings News

US SEC's Cox: Blackstone not investment company

(Reuters) - But SEC Chairman Christopher Cox said the SEC's enforcement
division found the company fails tests that would force it to
register under the 1940 Investment Company Act.




"The funds that Blackstone manages are indeed investment
companies but the fund manager is not, under the law," Cox said
in testimony before the U.S. House Financial Services
Committee.


Read more at Reuters.com Mergers News

Nike posts higher net profit in fourth quarter

(Reuters) - Excluding items, earnings were 90 cents a share. That beat analysts' average expectations of earnings of 86 cents, excluding items, on revenue of $4.36 billion, according to Reuters Estimates.




Sluggishness in the U.S. athletic shoe market has been a worry on Wall Street since last year, with Nike's two largest U.S. customers, Foot Locker Inc. and Finish Line Inc., experiencing weakness in same-store sales. Nike has been working on store initiatives to help its retail partners and has offered shoes at a broader range of price points to appeal to cost-conscious shoppers.


Read more at Reuters.com Business News

Conoco, Exxon to Quit Venezuelan Oil Projects as Talks Fail, Ramirez Says

(Bloomberg) -- ConocoPhillips and Exxon Mobil Corp.
will quit oil and natural-gas projects in Venezuela after the
failure of talks with President Hugo Chavez's government, the
country's energy minister said.

The minister, Rafael Ramirez, confirmed the departure of the
companies in signing ceremonies for agreements with four
companies that will continue heavy-oil operations in the country.
They are Chevron Corp., Statoil ASA, Total SA and BP Plc. The
departure of ConocoPhillips and Exxon Mobil was disclosed late
yesterday by a person on the government side of negotiations.


Read more at Bloomberg Energy News

Apple IPhone, on Sale This Week, May Set Investors Up for Disappointment

(Bloomberg) -- Apple Inc., whose market value passed
$100 billion in May as euphoria mounted over its iPhone, may be
facing investor expectations that are too high.

Apple may sell as many as 200,000 iPhones in the product's
first two days on the market this week and as many as 3 million
in the second half of the year, according to the most optimistic
analyst estimates. Apple, in its only public forecast, says it
plans to sell 10 million next year.


Read more at Bloomberg Exclusive News

UPDATE 1-Limited to offer July cost-cut update

(Reuters) - Limited, which also owns Victoria's Secret and Bath & Body
Works, has said it is in the process of shedding
underperforming businesses including the Express apparel chain,
to focus on the less seasonal, more profitable businesses of
undergarments and beauty and bath products.




In the letter dated June 22 and seen by Reuters on Tuesday,
Chief Executive Leslie Wexner also said Limited will "give
major attention to international growth" once it finishes the
sales of Limited and Express.


Read more at Reuters.com Mergers News

Subprime, fund trends in focus at Morningstar event

(Reuters) - The fallout from the subprime woes, which is threatening to engulf hedge funds, and the impact of rising global interest rates on mutual funds, will be main themes at Morningstar's annual investment conference this week.




"I'm very interested to see how the subprime issue is perceived," said Lee Schultheis, chief investment strategist at AIP Funds, which runs mutual funds employing hedge fund strategies and will be an exhibitor at the conference.


Read more at Reuters.com Bonds News

UPDATE 1-US lawmaker:Bear Stearns woes won't cause meltdown

(Reuters) - WASHINGTON, June 26 - U.S. House Financial
Services Committee Chairman Barney Frank told Reuters on
Tuesday that subprime mortgage problems forcing a Bear Stearns
Cos. bailout of a hedge fund will not lead to broad
problems in the financial markets.




"There may be more problems with subprime loans," Frank
said when asked if the Bear Stearns fund problems might reflect
deeper subprime problems with hedge funds. "I don't believe
it's going to lead to a financial meltdown," the Massachusetts
Democrat added.


Read more at Reuters.com Bonds News