AIG raises $1.6 bln for S.Korea building project

(Reuters) - Top local lender Kookmin Bank and second-ranked Shinhan Bank, a unit of Shinhan Financial Group , are part of the consortium, as well as unlisted Samsung Life, the country's top life insurance firm.

The remaining 500 billion won would be funded by international equity investors according to a previous agreement, a spokesman for the construction project added, declining to identify them.


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PRESS DIGEST - Washington Post - April 4

(Reuters) - The United States announced the arrests of three former South American military officers suspected of war crimes by U.S. Immigration and Customs Enforcement, which has renewed its efforts to crack down on alleged human rights violators living as fugitives in the United States.


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JGBs tumble as Nikkei racks up strong gains

(Reuters) - The Nikkei stock average rose more than 1.5 percent, lifted by easing concerns about volatility in U.S. equities. This helped push benchmark 10-year yields to six-week highs as investors dumped bonds for riskier stocks.

A heavy slate of debt auctions this month and a break of key technical levels added to the negative tone in the JGB market.


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FACTBOX: U.S. auto sales fall in March

(Reuters) - Overall industry:

* Total industry sales were 1.54 million units, down 2.9 percent from a year earlier after adjusting for an extra selling day in 2007. The seasonally adjusted annualized rate of sales fell to 16.32 million units from 16.59 million in March 2006.


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JGB futures hit 3-month low as Nikkei extends rally

(Reuters) - The offering met with solid demand, but with the Ministry of Finance due to offer 500 billion yen of 10-year consumer price-linked JGBs on Thursday, further supply was expected to put some upward pressure on long-dated bond yields.

"This month's supply is larger than it was in March," said Bin Gao, head of Pacific Rim interest rate research at Merrill Lynch. "Also, the recovery in U.S. equities should boost investor sentiment and weigh on JGBs."


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JGB futures hit three-month low as Nikkei rallies

(Reuters) - The 10-year yield rose 1.5 basis points to 1.670 percent, matching a one-month high hit last week.




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Falling oil, rising home sales spark rally

(Reuters) - The rally took the Dow and S&P 500 to their highest levels since February 27.

The drop in oil, which came as hopes grew for a diplomatic resolution to the standoff between Iran and Britain, helped buoy airlines and consumer-oriented shares such as home improvement chain Home Depot Inc. , which gained 2.3 percent.


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UPDATE 1-Ex-Valero CEO Greehey starts new venture with bids

(Reuters) - SAN ANTONIO, April 3 - Former Valero Energy Corp. Chief Executive Bill Greehey said on Tuesday his new venture, NuStar Energy , started its first official day of operation by bidding on two Citgo Petroleum Corp. asphalt plants up for sale.

The aggressive start to NuStar, a spin-off of leading U.S. refiner Valero's petroleum pipeline and terminal operations, will be followed by further acquisitions.


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UPDATE 1-Nikko holder to join in tendering above Citi bid

(Reuters) - NEW YORK, April 3 - A major shareholder of No. 3 Japanese brokerage Nikko Cordial Corp. said on Tuesday it would join Orbis in tendering Nikko stock for sale at 1,900 yen per share, above Citigroup's takeover offer of 1,700 yen.

David Herro, a fund manager at Harris Associates, told Reuters his firm would follow Orbis Investment Management, which said on Monday it would place a sell order on the Tokyo Stock Exchange for its roughly 5.8 percent stake at 1,900 yen.


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LA billionaires study Tribune options -- source

(Reuters) - Philanthropist Eli Broad and supermarket investor Ron Burkle are meeting with their advisers and "continuing to study Tribune opportunities," the source said.

Representatives for Tribune, Broad and Burkle declined to comment.


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America Movil unit buys Telecom Puerto Rico

(Reuters) - America Movil is controlled by Mexican tycoon Carlos Slim.




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UPDATE 1-Icagen stops late-stage trial as failure looms

(Reuters) - The company said there was low probability of the trial achieving its main goal -- a reduction in crisis rate.

The company also said there were no statistically significant differences in safety measurements between the patient group being treated with its drug senicapoc and the group on placebo.


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Marshall & Ilsley to split into two public firms

(Reuters) - Upon completion of the transaction, Marshall & Ilsley shareholders will receive one share of Marshall & Ilsley Corp. stock and one share of Metavante Corp. stock for every three shares of Marshall & Ilsley stock held.

About $1.75 billion of new Metavante Corp. debt will be arranged by J.P. Morgan Securities Inc. and Morgan Stanley.


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U.S. automakers could see national CO2 standard

(Reuters) - The nation's highest court ruled on Monday that the Environmental Protection Agency has the authority to regulate greenhouse gas emissions that spur global warming.

Under President George W. Bush, the Environmental Protection Agency in 2003 refused to regulate emissions from new cars and trucks, saying it lacked the authority. The Supreme Court on Monday told the EPA to reconsider.


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Marshall & Ilsley plans Metavante spinoff - source

(Reuters) - NEW YORK, April 3 - Marshall & Ilsley Corp. , Wisconsin's largest bank, is working on a plan to spin off its payment processing unit Metavante Corp., according to a source familiar with the matter.

The development sent M&I shares up as much as 10 percent on Tuesday morning. By late afternoon M&I stock was up about 8.5 percent at $49.77.


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Superior Offshore Int'l sets IPO at 8.7 mln shares

(Reuters) - Merrill Lynch & Co. and JPMorgan are the lead underwriters, according to an amended offering document filed with the U.S. Securities and Exchange Commission.




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Boardroom and factory feuds rage at Airbus

(Reuters) - faced wrangling in the boardroom over finance and protests in its factories over job cuts on Tuesday, hampering efforts to end a months-long crisis over jet production delays.

As 2,500-3,000 workers staged a half-day protest over jobs in the southwest French city of Toulouse, sources familiar with the situation disclosed that the French government was blocking advanced plans for a bond issue to raise restructuring cash.


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Ford U.S. March sales down 9 percent

(Reuters) - The results are not adjusted for an extra selling day last month.




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Napster says results should beat forecast

(Reuters) - The Los Angeles-based company said that for the fourth quarter ended March 31, it should report more than $28 million in revenue and more than 830,000 paid subscribers.

In February, Napster said it expected fourth-quarter revenue to exceed $26 million and operating expenses to decline on a sequential basis.


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T.Italia share rise seen short-lived - analysts

(Reuters) - MILAN, April 3 - Telecom Italia's shares may run out of steam despite speculation that Italian banks might counter a 4.5 billion euro offer for control of Europe's fifth-ranked telecoms group, analysts said on Tuesday.

U.S. phone giant AT&T and American Movil , the mobile phone group of Mexican billionaire Carlos Slim, are in exclusive talks about a deal that could value Telecom Italia at almost 3 euros per share.


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TREASURIES-Prices little changed on strong houses report

(Reuters) - NEW YORK, April 3 - U.S. Treasury debt prices fell in thin trade on Tuesday as a rebound in stocks and signs of an easing in British-Iranian tensions eroded interest in flight-to-quality trades.

Government bonds briefly extended losses after a stronger-than-expected pending home sales report, but volumes were light on religous holidays and ahead of kept of Friday's release of March job numbers.


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Continental shares lead airline stocks higher

(Reuters) - The gains came after Continental said on Monday that its March revenue per available seat mile increased on fuller planes. The airline's monthly report ripples throughout the industry, as Continental is the only major carrier to publish its revenue estimates.

"Strong month-of-March demand at Continental portends a quarterly profit for that carrier, hopefully serving as a reassuring reminder that demand trends remain intact," said J.P. Morgan analyst Jamie Baker in a research note.


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EADS defense head eyes higher profitability

(Reuters) - Stefan Zoller told journalists in Unterschleissheim, near Munich, on Tuesday he was aiming for a return on sales of 8 percent in three to five years, up from 5.9 percent last year, mainly boosted by organic growth.

But he said he would still look at acquisitions, also in the key U.S. defense market, despite the impact of problems at planemaker Airbus on parent EADS's buying power.


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UPDATE 1-Walgreen March same-store sales rise 8 percent

(Reuters) - NEW YORK, April 3 - Walgreen Co. , one of the largest U.S. drugstore chains, on Tuesday posted an 8 percent rise in March sales at stores open at least a year as sales of prescription medications increased. Total March sales rose 12.8 percent to $4.61 billion. Same-store pharmacy sales increased 8.8 percent, while same-store sales of general, or "front-end," merchandise such as candy and cosmetics rose 6.5 percent.

Pharmacy sales accounted for 66.6 percent of total March sales.


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US STOCKS-Futures point to higher open, crude drops

(Reuters) - The stock market is also likely to take direction from February pending home sales due shortly after the opening. The data will be scrutinized for signs the subprime mortgage crisis has harmed the housing sector.

The fall in crude may underpin consumer-oriented sectors, such as retailers like Wal-Mart Stores Inc. , but it may also put pressure on shares of energy companies such as Exxon Mobil Corp.


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Wall St dollars help NY buck housing decline

(Reuters) - The overall selling price in Manhattan dipped, however, due to sales of smaller units.

The average price of an apartment with four bedrooms or more rose 24.8 percent year-on-year to $8,957,570, according to the Prudential Douglas Elliman's Manhattan overview report released on Tuesday.


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Glaxo's "son of Advair" takes shape as rivals snap

(Reuters) - LONDON, April 3 - GlaxoSmithKline Plc has taken a step forward in developing a successor to its top-seller Advair, as rivals snap at its dominant position in respiratory medicine.

Industry analysts said positive mid-stage trials with a new inhaled long-acting beta agonist , announced late on Monday by U.S. partner Theravance Inc , showed Glaxo's replacement for Advair was taking shape.


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Total CEO summoned by SEC on Iran deal-French report

(Reuters) - La Tribune said the SEC would likely ask Total to prove it followed Organisation for Economic Cooperation and Development anti-corruption guidelines.

"We are not aware of Christophe de Margerie being summoned by the SEC," a Total spokeswoman said.


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EV3 files for $202 million stock offering

(Reuters) - The company said in a registration statement filed with the U.S. Securities and Exchange Commission that it will sell part of the shares and stockholders will also sell part. It did not reveal the breakdown.

EV3 will use its proceeds from the offering for working capital and general corporate purposes, including acquisitions.


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UPDATE 1-LUKOIL may buy Conoco refinery in Germany

(Reuters) - "We understand that we need at least a couple of refineries in Europe. We are considering a specific proposal , to buy and modernise ," LUKOIL's first vice-president Vladimir Nekrasov told reporters.

He decline to disclose more details.


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Icahn investment group CFO resigns-SEC filing

(Reuters) - "The resignation was not the result of any disagreement with the company on any matter relating to the company's operations, policies or practices," American Real Estate Partners said in the filing.

The company said in the filing that it did not make a counter-offer to retain Moerman. It expects him to remain "for the next few weeks" to allow for a smooth transition for interim replacement Andrew Skobe.


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Comcast to buy Patriot Media for around $483 mln

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




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WRAPUP 1-Endesa deal spurs utilities stocks, political war

(Reuters) - E.ON gave up its 42-billion-euro offer to buy Endesa on Monday, announcing instead a deal with rivals Enel and Acciona to carve up the Spanish firm in the final twist of an 18-month takeover saga.

The news sent the DJ Stoxx European utilities index to a life-time high on Tuesday of 491.60. The index was up over 2 percent at 490.06 by 1200 GMT, the biggest one-day rise since Jan. 11 this year.


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Corus swings to 2nd-quarter profit, hikes dividend

(Reuters) - TORONTO, April 3 - Canadian radio and specialty TV group Corus Entertainment Inc. reported a profit in its second quarter on Tuesday, compared with a loss a year earlier due to a large debt refinancing loss.

Corus, which also owns the Nelvana animation house, earned C$19.5 million, or 45 Canadian cents per share diluted.


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Nikko Cordial investor pressures Citi to raise offer

(Reuters) - Analysts dismissed the move, which offers the shares at a price well above their current market value.

Orbis said it would immediately place an order on the Tokyo Stock Exchange to sell its entire 5.8 percent stake, adding that it believed Citigroup's offer of 1,700 yen per share for Nikko materially undervalued the company.


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Miners fuel FTSE, M&A turns on electricity shares

(Reuters) - Britain's top share index advanced 0.5 percent amid buoyant European trade on Tuesday, as miners forged higher on robust copper prices and takeover hopes put the spark back into electricity stocks.

The mining sector accounted for a third of the index's upside, with Xstrata topping the gainers chart, up 3.4 percent, closely tailed by rising shares in fellow miners Kazakhmys, Rio Tinto and Lonmin.


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S.Africa's Eskom to auction bonds of 350 mln rand

(Reuters) - South Africa's electricity utility Eskom will issue up to 350 million rand worth of ES26 bonds on April 18, the company said on Tuesday.

Eskom, which is planning massive investment to boost tight power capacity in Africa's biggest economy, said the bond's bidding methodology would be on a spread basis to the government's R186 bond due 2026.


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U.S. shares set to rise, M&A activity supports

(Reuters) - "The wave of takeover activity continuous and that supports the market," said Roland Hirschmueller, trader in U.S. shares at German brokerage Baader, pointing to a $26 billion buyout bid for First Data Corp. .

The credit-card and payment processor First Data said on Monday it had agreed to a buyout bid by private equity firm Kohlberg Kravis Roberts & Co.


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Buoyant utilities lead European stocks higher

(Reuters) - European shares rose on Tuesday, led by gains in the utilities sector after E.ON joined forces with Enel and Acciona to carve up Spain's Endesa.

The FTSEurofirst 300 index was up 0.6 percent at the open at 1,529.55.


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FTSE rises, M&A hopes spark up electricity stocks

(Reuters) - Britain's FTSE 100 share index was up 0.4 percent on Tuesday as takeover hopes lifted Scottish & Southern Energy and results buoyed insurer Resolution.

Scottish & Southern gained more than 2 percent and hit a record high according to Reuters data as traders said there was speculation that German power giant E.ON might look elsewhere after giving up on its attempt to buy Spain's largest utility Endesa.


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Endesa carve up starts political war of words

(Reuters) - Germany's E.ON on Monday admitted defeat in its attempt to buy Endesa and announced a deal with its erstwhile rivals Enel and Acciona to carve up the Spanish firm.

E.ON's price for departing the scene was 10 billion euros worth of assets which include Enel's Viesgo in Spain and 20 percent of Endesa's generation capacity.


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Pricey ads hit carmakers

(Reuters) - NEW YORK, April 2 - The automotive industry saw prices for digital advertisements rise 10 percent to 20 percent last year, but still got more mileage from spending on the Internet than on television or newspapers, a top industry ad executive said on Monday.

"Digital is still very, very inexpensive compared to traditional," said Mitch Lowe, the chief executive of Jumpstart Automotive Media. "We're a long way from anyone thinking digital is overpriced compared with other options."


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PRESS DIGEST - New York Times - April 3

(Reuters) - * British music giant, EMI Group , broke ranks with the music industry's biggest corporations on Monday by announcing a deal to sell songs online through Apple Inc.'s music service without copy protection.

* U.S. and South Korean negotiators struck the world's largest bilateral free trade agreement on Monday, giving the United States a badly needed lift to its trade policy at home and South Korea a chance to reinvigorate its export economy.


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UPDATE 4-Nikko Cordial investor pressures Citi to raise offer

(Reuters) - NEW YORK, April 2 - A major shareholder of No. 3 Japanese brokerage Nikko Cordial Corp. said on Monday it will immediately place a selling order on the Tokyo Stock Exchange for its entire stake of 56.5 million Nikko shares at 1,900 yen per share.

Orbis Investment Management said it believes that Citigroup's offer of 1,700 yen per share for Nikko continues to materially undervalue the company.


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Commercial vehicles boost S.Africa March sales

(Reuters) - South African new vehicle sales increased by three percent from a year earlier in March, with the government's investment drive boosting commercial vehicle sales despite a lagging passenger car market.

The National Association of Automobile Manufacturers (NAAMSA) said on Tuesday it sold 57,899 units in the period. Including sales from Associated Motor Holdings -- incorporated for the first time from 2007 -- total sales were 64,071.


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