Apax considering counterbid for Iberia -- sources

(Reuters) - Apax declined to comment.




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TREASURIES-Bonds steady after rollercoaster session

(Reuters) - The latest snapshot of the economy was unequivocally negative for bonds, with everything from consumer spending and inflation to manufacturing and construction showing unexpected signs of strength.

"Suddenly we've gone from this bias of pessimism to one where we don't see any justification for the Fed to ease," said Jeoff Hall, chief North American economist Thomson IFR. "It's like we fell asleep and woke up in a different universe."


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Bain, Blackstone among Ceridian bidders - sources

(Reuters) - But a major Ceridian shareholder, hedge fund manager William Ackman, is pushing for a spin-off of the company's fast growing Comdata division.

Two corporations are also bidding for the company, the sources said, but it was unclear which companies were involved. Whether Bain and Blackstone are bidding as a team or separately was also unclear. Ceridian has a market value of $4.6 billion.


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US STOCKS-Shares fall after news of U.S. duties on China

(Reuters) - The dollar also fell after the news, while crude oil prices rose further, putting stock investors on edge.

The Dow Jones industrial average was down 71.79 points, or 0.58 percent, at 12,276.96. The Standard & Poor's 500 Index was down 9.80 points, or 0.69 percent, at 1,412.73. The Nasdaq Composite Index was down 9.62 points, or 0.40 percent, at 2,408.26.


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Philip Morris makes full $3.5 bln states payment

(Reuters) - Tobacco manufacturers can reduce their payments if they lose market share to companies that do not participate in the agreement and if an independent consultant determines that the agreement contributed to the loss, among other factors.

Philip Morris paid the full amount, even though it disputes that it owes about $400 million of the total as a result of the 2004 Non-Participating Manufacturer adjustment.


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S.Africa bourse hits peak, platinum shares, MTN rally

(Reuters) - South African stocks moved to another record high on Friday, lifted by platinum, banking and telecoms shares.

The Johannesburg Top-40 index of blue-chip stocks ticked 0.40 percent higher to 24,590.20 points, while the All-share index gained 0.43 percent to 27,267.24 points.


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UPDATE 1-Northwest awards management with 4.9 pct stake

(Reuters) - The awards, in the form of restricted stock and stock options, are valued at about $382 million, based on the company's estimate of a $7.8 billion valuation. That works out to an average of $955,000 per employee.

"Like all Northwest employees, our management team made financial sacrifices that enabled the company to execute its successful turnaround," Roy Bostock, chairman of Northwest's compensation committee, said in a statement.


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UPDATE 1-US, in policy shift, sets new duties on China goods

(Reuters) - "China's economy has developed to the point that we can add another trade remedy tool, such as the countervailing duty law. The China of today is not the China of years ago," U.S. Commerce Secretary Carlos Gutierrez told reporters.

Gutierrez announced a preliminary countervailing duty level of 10.90 to 20.35 percent on the coated paper from China.


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Rand gains slightly versus dollar

(Reuters) - South Africa's rand was a touch firmer against the dollar on Friday, tracking emerging market trends and also cheered in part by a lower February trade deficit, although pressure lurked from higher fuel import costs.

At 1503 the rand was at 7.2530 against the dollar, up just 0.10 percent from its Thursday New York close of 7.26. The local unit treaded a 7.23/30 during Friday's session.


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TREASURIES-Bonds fall as data pushes back rate cut expectations

(Reuters) - Benchmark 10-year Treasury yields, which move inversely to prices, struggled through the morning to break through a key technical level at 4.65 percent, but eventually climbed to their highest in more than a month.

The move followed the release of a report showing business activity in the U.S. Midwest expanded in March at a very strong pace. The National Association of Purchasing Management-Chicago's business barometer confounded expectations for a third month of contraction. For details, see [ID:nN30289877].


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UTC to buy Rentokil security unit for $1.2 bln

(Reuters) - United Technologies Corp. , which makes products ranging from Pratt & Whitney jet engines to Otis elevators, said the deal would boost UTC Fire & Security protection services.

"This acquisition builds UTC's scale and capability in the electronic security business which we regard as attractive in national markets where we have significant presence," UTC Chairman and Chief Executive Officer George David said.


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US Midwest business in surprise March expansion

(Reuters) - The employment component of the index fell to 45.0 from 50.6 in February. Prices paid fell to 59.1 from 63.2 and new orders surged to 72.2 from 48.7.




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UPDATE 1-JA Solar sees Q1 rev above analysts' view, shares rise

(Reuters) - The American Depository shares of the company rose more than 10 percent to $19.31 in early morning on the Nasdaq.

JA Solar, which makes solar cells, said it sees first-quarter revenue of about $39 million to $41 million. Four analysts on average expect the company to post revenue of $38.2 million, according to Reuters Estimates.


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UPDATE 3-UTC to buy Rentokil security unit for $1.2 bln

(Reuters) - LONDON, March 30 - U.S. conglomerate United Technologies Corp. is to buy the electronic security division of British services group Rentokil Initial for 595 million pounds , the two firms said.

UTC, based in Hartford, Connecticut, also said on Friday it planned to sell its low-technology manned guarding business in Australia and the UK in a move to reposition itself towards the high-tech and higher margin areas of guarding.


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Ethanol fuels largest corn sowing since 1944

(Reuters) - Growers surveyed told the Agriculture Department they will cut back on soybeans in the Midwest and on cotton and rice in the South to sow more corn.

Soybean plantings are projected at 67.140 million acres, the smallest area since 1996, while upland cotton would be the smallest since 1989 at 11.855 million acres. Rice, at 2.64 million acres, would have the smallest seeded area since 1987.


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Mittal S.Africa unit to raise steel prices in May

(Reuters) - Mittal Steel SA, the South African unit of Arcelor Mittal, the world's top steel-maker, will raise the prices of certain long and flat steel products from May 1, it said on Friday.

Blaming stronger international steel prices, Mittal SA said in a statement it would from the start of May raise the price of hot and cold rolled coil by 7 percent and 2 percent, respectively, and plate by 10 percent.


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Imperial to press for 48-euro Altadis deal-sources

(Reuters) - LONDON, March 30 - Britain's Imperial Tobacco is to press Franco-Spanish rival Altadis to accept a raised bid of 48 euros a share as it is determined not to overpay, sources close to the situation said on Friday.

Altadis's big shareholders are telling the Madrid-based group it should accept between 48 and 50 euros after Imperial's 45 euro bid earlier this month, but Imperial is focusing around the lower end of this range, they added.


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Ford March sales to be down by double digits

(Reuters) - Pipas also said fleet sales, including sales to daily rental companies, would be down this month.

Automakers are scheduled to report March U.S. sales on Tuesday.


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US STOCKS-Futures rise after income, spending data

(Reuters) - However, the core personal consumption expenditure index, an inflation measure, rose slightly more than expected.

S&P 500 futures were up 3.5 points, slightly above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.


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S.Africa Feb trade deficit falls to 2.7 bln rand

(Reuters) - South Africa recorded a smaller than expected trade deficit of 2.7 billion rand in February, down from 11.94 billion in January, the South African Revenue Service (SARS) said on Friday.

The figure was below the forecast deficit of 4.4 billion rand in a Reuters poll of economists, but the numbers are notoriously unpredictable.


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TREASURIES-Bonds little changed ahead of inflation data

(Reuters) - The focus on inflation has in part spurred investors to scale back expectations for an early cut in the Fed's benchmark interest rate target.

Bond yields have risen and prices fallen during March, with the yield on the benchmark 10-year note on track for its largest monthly increase so far this year.


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Vodafone Egypt buys Raya's stake in Raya Telecom

(Reuters) - The statement quoted Chairman Medhat Khalil as saying, "In the past years we've made massive investments in the telecommunications sector, but the profits were not as we expected."

Money from the sale would partly go towards expanding the company's call centre services, according to the statement.


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UPDATE 2-First Data to buy Polcard processor for $325 mln

(Reuters) - NEW YORK, March 30 - First Data Corp. , one of the world's largest payment processors, on Friday said it agreed to buy Polcard SA, an independent merchant acquirer and card issuer processor in Poland, for $325 million in cash to expand in central and eastern Europe.

Founded in 1990, Polcard operates the largest network of electronic card acceptance services in Poland, including more than 58,000 terminals and 1,700 automated teller machines.


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TPG swoops on Iberia with $4.5 bln approach

(Reuters) - The cash approach, at an indicated price of 3.6 euros per share, is below the price range mooted in media reports and by analysts in recent days of up to 4.4 euros per share.

Iberia shares have risen 25 percent in the last 10 days on bid speculation and closed at 4.0 euros on Thursday.


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S.Africa petrol prices to rise from April 4-govt

(Reuters) - South Africa's retail petrol prices will rise by at least 68 cents a litre from April 4 due to higher international oil prices and a weaker rand currency, the government said on Friday.

A statement from the minerals and energy department said the retail price of the most used 95 unleaded petrol grade in Gauteng province, which includes the financial hub of Johannesburg, would go up 68 cents to 6.67 rand a litre.


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S.African 3-month T-Bill up slightly at 8.26 pct

(Reuters) - The average discount rate for South African three-month Treasury Bills inched up to 8.26 percent on Friday from 8.25 percent last week.

The average yield was 8.43 percent from 8.42 percent, the Reserve Bank said.


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IMF's Rato sees risk of mkt correction from imbalances

(Reuters) - Rato also said there was a risk that rising protectionism could cut world productivity growth.




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Sasol says will not sell chemicals unit

(Reuters) - South African petrochemical group Sasol does not intend to sell its chemicals unit at this stage after receiving offers that were below par and will restructure it instead, it said on Friday.

At 0920 GMT, Sasol's shares slid 3.23 percent to 240.50 rand, underperforming a 0.19 percent decline in the blue chip Top-40 index after announcing it would retain its Olefins & Surfactants (O&S) business.


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Wesizwe Platinum shares rise on mine project study

(Reuters) - Shares in South Africa's Wesizwe Platinum Ltd jumped on Friday after it released a feasibility study for a new mine and said the project was one year ahead of schedule.

Shares soared as much as 8.0 percent and were up 4.3 percent at 9.18 rand by 0905 GMT, outperforming a 0.77 percent rise in the platinum mining index. Wesizwe shares have nearly doubled so far this year.


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PRESS DIGEST - Washington Post Business - March 30

(Reuters) - At least 45.7 million credit and debit card numbers from customers in the United States, Britain and Canada were stolen over a period of several years from the computers of TJX , the discount retail giant disclosed in a regulatory filing.

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UPDATE 1-Chinese think-tank says more flexible yuan needed

(Reuters) - The central bank has employed a range of tools in recent months to mop up excess cash in the banking system. In addition to regularly issuing bills, it has raised interest rates three times and banks' required reserves five times since last April.

The State Information Centre said that while those steps were part of the solution, the central bank needed to loosen its grip on the currency to turn off the tap of excess liquidity at the source -- the country's huge trade surplus.


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TREASURIES-Retreat as Japan's fiscal year winds down

(Reuters) - The June 10-year contract fell 3/32 to 108-5/32 after having touched a low of 108-3.5/32 the previous session.

Benchmark 10-year notes were flat to yield 4.644 percent, near a one-month high of 4.65 percent. Two-year notes were also unchanged to yield 4.592 percent, keeping the yield curve positively sloped by about 5 basis points.


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PRESS DIGEST - Wall Street Journal - March 30

(Reuters) - * Take-Two Interactive Software Inc. shareholders owning 46.1 percent of the videogame maker's stock succeeded in removing the company's board and replacing it with six new directors.

* Dell Inc. found evidence of misconduct following an internal probe of its accounting practices. The personal computer maker stressed that the inquiry isn't complete and said it will delay filing its annual report.


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PRESS DIGEST - New York Times - March 30

(Reuters) - * The drama for control of the Tribune Co. intensified as two Los Angeles billionaires put in a last-minute bid, topping an offer from the Chicago real estate magnate, Sam Zell, by a dollar a share.

* Dell Inc. said "evidence of misconduct" had been uncovered in an internal investigation of its financial practices over several years.


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CORRECTED - -JGBs static, soft CPI brushed off before tankan

(Reuters) - TOKYO, March 30 - Japanese government bonds barely moved on Friday, the last trading day of the fiscal year, as investors brushed off a batch of data that supported the view that interest rates will rise, albeit slowly.

At the same time, investors were hesitant to pick up debt ahead of a barrage of debt auctions scheduled for next month.


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LA billionaires offer new Tribune bid - source

(Reuters) - By Robert MacMillan

NEW YORK, March 29 - Two Los Angeles billionaires have offered $34 per share for Tribune Co. , according to a source familiar with the matter, two days before the newspaper publisher and TV broadcaster plans to choose among bids that could take all or part of it private.


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CKE Q4 earnings fall, revenue climbs

(Reuters) - Consolidated revenue for the current year quarter for the restaurant company was $359.0 million, an increase of $10.4 million, or 3 percent, from the prior year quarter.




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Dutch car producer Spyker books first profit ever

(Reuters) - Total production in 2006 rose to 94 cars from 48 in the previous year. Total production is expected to increase in 2007 compared to 2006, the company said in a statement.

Spykey, whose roots reach back more than 100 years to a family auto shop that once built the Golden State Coach for the Dutch royal family, said its order backlog rose to 327 cars.


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European shares dented as Iran concern tops M&A

(Reuters) - European shares fell on Friday as concern over the tension between Britain and Iran pushed up oil prices and eclipsed a fresh burst of supportive merger news.

Markets got off to an uneasy start as London and Tehran still had not reached an agreement on the release of 15 British sailors and marines seized by Iran last week.


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FTSE ticks down as Vodafone weighs, M&A supports

(Reuters) - Britain's top share index was down early on Friday as losses in index heavyweight Vodafone and insurer Resolution offset gains in M&A targets Kingfisher and Alliance Boots.

At 0755 GMT, the FTSE 100 was down 5.8 points, or 0.1 percent, at 6,318.4, having closed up 0.9 percent in the previous session. European shares were also lower.


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US blue chips up on safety bid amid Iran concerns

(Reuters) - U.S. blue chips ended higher on Thursday with investors scooping up large-cap, defensive stocks including Altria Group Inc. and energy shares, as the dispute between Iran and the West appeared to escalate.

The Nasdaq was nearly unchanged as a rally in biotechnology shares was offset by profit warnings from the semiconductor sector.


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Iberia gets 3.6 euros/share bid approach from TPG

(Reuters) - The cash approach, at an indicated price of 3.6 euros per share, is below Iberia's closing price on Thursday of 4 euros and below a price tag mentioned by media reports and analysts of up to 4.4 euros per share.

By 0702 GMT Iberia shares were down 3 percent at 3.88 euros


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