Pakistan's Bond Sale Will Offer a Higher Yield Than Philippines, Uruguay

(Bloomberg) -- Pakistan's government is offering
higher returns than debt sold by the Philippines and Uruguay to
attract investors to what may be its biggest bond sale.

Pakistan is seeking to sell 10-year bonds to yield about 7
percent, according to an e-mail sent to investors. The South Asian
nation plans to sell as much as $1 billion of bonds, Standard &
Poor's said on May 18, in rating the securities B+, four levels
below investment grade.


Read more at Bloomberg Emerging Markets News

Japan bank shares rise 4 pct on Mizuho results

(Reuters) - Sector share prices had slumped by a quarter since hitting a
seven-year peak last April, as the Bank of Japan's first rate
increase in more than half a decade failed to generate a
predicted revenue surge.




Mizuho reported a narrower-than-expected 4.4 percent decline
in annual net profit on Tuesday. Losses at a major borrower had
forced it to boost reserves against a potential default, but the
damage was smaller than forecast and was partly offset by a gain
in lending income.


Read more at Reuters.com Market News

Oil rises ahead of report on Iranian atomic advances

(Reuters) - Benchmark London Brent rose 21 cents to $69.73 by 0247 GMT. It fell 97 cents to settle at $69.52 on Tuesday amid expectations that the weekly U.S. government storage report will show a build-up in crude and gasoline supplies.




U.S. crude rose 9 cents to $65.60.


Read more at Reuters.com Hot Stocks News

Copper Falls in Shanghai on Concern That China Demand May Slow; Zinc Down

(Bloomberg) -- Shanghai copper fell on concern that
demand may slow in China, the world's biggest consumer of the
metal, following a surge in imports and domestic stockpiles.

China's copper imports rose 61 percent to 1.1 million metric
tons from January to April from year-ago levels. Shanghai Futures
Exchange stockpiles are at their highest in three years, jumping
17 percent to 99,556 tons in the week to May 18.


Read more at Bloomberg Commodities News

Lacker: comfortable with rates for now

(Reuters) - Lacker dissented four times last year in favor of another
rate hike to curb inflation as the central bank kept rates
steady since last June. He is not a voting member of the Fed's
rate-setting committee this year.




Read more at Reuters.com Bonds News

Lacker: Markets know Fed won't tolerate inflation

(Reuters) - Lacker also said the best contribution that central banks
can make to ensure growth was to keep inflation low and
stable.




Lacker dissented four times last year in favor of another
rate hike to curb inflation as the central bank kept rates
steady since last June. He is not a voting member of the Fed's
rate-setting committee this year.


Read more at Reuters.com Bonds News

South Korean Won Declines on Concern Central Bank to Sell as Yen Weakens

(Bloomberg) -- South Korea's won weakened from the
highest in four days on speculation the central bank will sell the
currency to keep exports competitive as the Japanese yen slipped
to a three-month low.

A weakening yen, down 2.2 percent this year compared with 0.2
percent for the won, makes Japan's goods more competitive overseas
and may hurt demand for South Korea's exports, which account for
40 percent of the economy. The won is ``highly overvalued'' and
Korea will respond to speculation, Ahn Byung Chan, the central
bank's top currency official, said May 16.


Read more at Bloomberg Currencies News

Hyundai Heavy, Kookmin Bank, Samsung Techwin: South Korea Equity Preview

(Bloomberg) -- The following shares may rise or fall
in South Korea. Prices refer to the previous close. This preview
includes news announced after markets shut yesterday. Stock
symbols are in brackets after the company names.

The Kospi index gained 0.9 percent to a record 1642.88. The
Kosdaq added 0.2 percent to 710.86. Kospi 200 futures expiring
in June rose 0.9 percent to 211.05, while the underlying index
advanced 0.9 percent to 210.69.


Read more at Bloomberg Stocks News

MUFG to boost 07/08 dividend by 27 pct-paper

(Reuters) - MUFG, the world's largest private lender by assets, plans to
pay a dividend of 11,000 yen for the year ended March 31, up
1,000 yen from a previous forecast and above the 7,000 yen it
paid in the business year ended March 2006, the newspaper said.




For the current year to March 2008, MUFG will forecast a
14,000 per share dividend, the paper said. MUFG is due to
announce earnings after the close of trade on Wednesday and will
unveil its dividend plans then, the paper said.


Read more at Reuters.com Market News

Mizuho Financial, Konami, Mitsubishi Heavy, Juki: Japanese Equity Preview

(Bloomberg) -- The following stocks may move in
Japanese markets tomorrow. Prices are as of the close of trading.
Statements were released after the close. Stock symbols are in
parentheses.

Aruze Corp. (6425 JQ) The company said it will delay its
earnings announcement to May 31 from May 25, as it needs time to
conclude the figures. Aruze rose 40 yen, or 1 percent, to 3,950.


Read more at Bloomberg Stocks News

Shinhan Bank, Allco Finance, SocGen, Westpac, IMB: Australia Bond Alert

(Bloomberg) -- The following is a list of bond sales
in Australia expected in the coming days and weeks.

Kangaroo Bonds


Read more at Bloomberg Bonds News

New Zealand Dollar Falls First Time in Three Days as Investors Shun Risk

(Bloomberg) -- The New Zealand dollar fell the first
time in three sessions as a decrease in risk appetite prompted
investors to shun riskier currencies that benefit from higher
interest rates.

The local currency gained 16 percent in the past 12 months,
buoyed by a record 7.75 percent interest rate that is the highest
after Iceland's among AAA-rated countries. New Zealand's benchmark
stock index closed down for the first time in four days yesterday,
and the Dow Jones Industrial Average declined for a second
consecutive session, deterring riskier investments.


Read more at Bloomberg Currencies News

ArQule files $100 mln equity shelf offering

(Reuters) - Under a shelf registration filed with the U.S. Securities
and Exchange Commission, a company may sell securities in one
or more separate offerings with the size, price and terms to be
determined at the time of sale.




The shelf offering includes $19.6 million of previously
registered but unsold securities.


Read more at Reuters.com Government Filings News

Solvay Pharmaceuticals says schizophrenia drug shows promise

(Reuters) - The drug is being developed jointly by Wyeth




Read more at Reuters.com Government Filings News

UPDATE 1-Aeroflex says Veritas buyout offer is superior

(Reuters) - Aeroflex, which makes electronics for the communications,
aerospace and defense industries, agreed in March to be bought
by private equity firms General Atlantic and Francisco Partners
for $13.50 per share, or about $1 billion overall.




In April, the company got a rival bid from Veritas, which
was raised slightly on Monday.


Read more at Reuters.com Mergers News

UPDATE 2-Analog Devices posts lower net on higher R&D

(Reuters) - Analog Devices said that it expects its third-quarter gross
margin to be about the same as in the second quarter,
reflecting its plan to hold back on chip production at its
factories. It expects to boost output in the fourth quarter.




Analog Devices' gross margin in the quarter, according to
generally accepted accounting principles, was 57 percent,
including $4.8 million as a result of stock-based compensation
and acquisition-related expenses, or 0.8 percent.


Read more at Reuters.com Market News

UPDATE 1-New York's yellow cabs to go green by 2012

(Reuters) - NEW YORK, May 22 - New York City's famed yellow
taxi cabs will go green within five years under a plan that
could serve as a model for other large cities, Mayor Michael
Bloomberg announced on Tuesday.




He said 1,000 hybrid taxis -- powered by gasoline and
electricity -- would be introduced by October 2008, and that
hybrids would gradually replace the rest of the city's 13,000
taxi cabs by 2012.


Read more at Reuters.com Bonds News

Medtronic profit up as ICD sales improve

(Reuters) - Wall Street analysts, on average, forecast 62 cents a share, according to those polled by Reuters Estimates.




Fourth-quarter revenue rose 7 percent to $3.28 billion.


Read more at Reuters.com Business News

Medtronic quarterly earnings rise

(Reuters) - Wall Street analysts on average forecast 62 cents a share, according to those polled by Reuters Estimates.




Read more at Reuters.com Market News

University group sues Monsanto over patent

(Reuters) - In a lawsuit filed Monday in U.S. District Court for the
Southern District of Iowa, the Iowa State University Research
Foundation accused Monsanto of commercializing a low-linolenic
acid content soybean, considered healthier and more desirable
than conventional soybeans, although the foundation holds at
least eight patents covering methods for breeding and
manufacturing such soybeans.




The suit claims Monsanto has been aware of the infringement
and seeks an injunction against Monsanto as well as a trebling
of damages due to the "knowing willful and wanton nature of
Monsanto's conduct."


Read more at Reuters.com Government Filings News

UPDATE 2-Colombia's peso at strongest close since March 2000

(Reuters) - The peso surged after Colombia's central bank hiked its key
interest rate on Friday by 25 basis points to 8.75 percent and
foreign capital kept up its strong flow into the country.




The local currency firmed 1.31 percent from the close of
trading on Friday last week and fluctuated between 1,968.05
pesos to 1,952 pesos against the greenback. Monday was a market
holiday.


Read more at Reuters.com Economic News

Brazil's Real Declines on Speculation Central Bank to Temper Currency Gain

(Bloomberg) -- Brazil's real reversed early gains,
declining on speculation the central bank may boost dollar
purchases in the spot market to slow a rally that has added 10
percent to the currency this year.

``It looks like the bank is working to keep the exchange
rate stronger than 1.90, so it may have to soak up a lot of
excess dollars through its interventions,'' said Emilio
Garofalo, a former central bank director who now runs the
investment consulting company EBS Capital in Sao Paulo.


Read more at Bloomberg Currencies News

UPDATE 1-US-China talks not aimed at short-term--Gutierrez

(Reuters) - Gutierrez said the U.S. delegation explained to Chinese
officials that U.S. restrictions on high-technology exports
were not a barrier to increasing U.S. exports to China, noting
that only a small portion of last year's $17 billion worth of
U.S. high-technology exports to China required a license.




The U.S. government only rejected $12 million of proposed
high-tech exports to China last year, he added.


Read more at Reuters.com Government Filings News

Subprime Mortgage Bonds Rally on CDO Demand, Better Underwriting of Loans

(Bloomberg) -- Bonds backed by subprime U.S.
mortgages are rallying as lenders tighten their underwriting
standards and demand increases from managers needing the
securities to fill collateralized debt obligations.

Yields relative to benchmarks on some of the debt have
fallen from record highs in February and March, when investors
fled the securities amid rising delinquencies on home loans made
to people with poor credit. So-called spreads on new BBB rated
bonds have tightened 1.25 percentage points to 2.75 percentage
points in the past month, according to Deutsche Bank AG.


Read more at Bloomberg Bonds News

TREASURIES-Bonds pressured by Bunds in absence of data

(Reuters) - Bund yields climbed to multi-year highs after data
reinforced the outlook for strength in the euro zone economy,
which could lead to more interest rate hikes by the European
Central Bank, analysts said.




"We have been taking our cue from European markets, which
have been leading U.S. markets today. The European Central Bank
is still in play and short-term rates are heading higher. I
think that probably will be the main technical factor for
Treasuries," said George Goncalves, chief Treasury/TIPS/agency
strategist with Morgan Stanley in New York.


Read more at Reuters.com Bonds News

Canadian Stocks Rise, Led by Eastern Platinum; Crystallex Shares Advance

(Bloomberg) -- Canadian stocks advanced to a record on
expectations of takeovers in the mining and utilities industries
after Eastern Platinum Ltd. said it may buy other companies and
TransAlta Power said it would consider selling itself.

``Clearly there is consolidation that's going on,'' said David
Rea, chairman of Davis-Rea Ltd. Investment, which manages $475
million in Toronto. ``This market has been driven by cheap money
and undervalued assets.''


Read more at Bloomberg Stocks News

Sugar Falls on Expectations Rising Supply From Brazil Will Widen Surplus

(Bloomberg) -- Sugar futures fell in New York on
expectations that rising output from Brazil and India, the
world's largest growers, will widen a global surplus.

Farms are increasing output on rising demand for ethanol,
an alternative fuel made from sugar in Brazil. The South American
country, the biggest exporter of sugar and ethanol made from
cane, will harvest a record 513.1 million metric tons of the
tropical plant this year, 13 percent more than last year, the
government said on May 10.


Read more at Bloomberg Commodities News

FACTBOX: Forecasts for 2007 Atlantic hurricane season

(Reuters) - No forecast so far predicts anything like a repeat of record-breaking 2005, when 28 tropical storms spawned 15 hurricanes, including Katrina. Following are the latest predictions for 2007:




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Read more at Reuters.com Bonds News

Treasuries Drop, Pushing Yields to Near Three-Month Highs on U.S. Economy

(Bloomberg) -- Treasuries fell, pushing two-year
yields to near three-month highs on expectations reports this
week will show the U.S. economy is gathering momentum.

Yields on the notes, the most sensitive to changes in
interest-rate expectations, have risen 8 basis points in the
past week as traders reduced bets the Federal Reserve will cut
interest rates this year. Richmond Fed President Jeffrey Lacker
said today he is still worried about inflation.


Read more at Bloomberg Bonds News

Casino shares soar on Tracinda/MGM Mirage

(Reuters) - Tracinda said Monday it will enter talks to buy MGM Mirage's Bellagio property and its $7.4 billion CityCenter development on the Las Vegas Strip.




Tracinda said a deal could result in a financial restructuring of the remainder of the casino company, which controls roughly one-third of the famed Strip, with properties such as Luxor, Mandalay Bay and Circus Circus.


Read more at Reuters.com Hot Stocks News

Copper erases gains, lead hits new high

(Reuters) - Copper erased gains on Tuesday in a market reluctant to make big bets as worries swirled about demand from China, the top consumer of the metal, while lead hit a fresh record high.

Weakness in metal prices was reflected in mining stocks. London-listed miners such as Vedanta Resources, Anglo American, Rio Tinto, Xstrata and Kazakhmys either pared earlier gains or traded with slight losses.


Read more at Reuters Africa

Wheat Falls After U.S. Crop Conditions Improve for Fourth Straight Week

(Bloomberg) -- Wheat in Chicago fell as the
condition of the U.S. winter crop improved for the fourth
straight week after wet weather helped plants recover from a
freeze in early April.

About 59 percent of the winter-wheat crop was rated good or
excellent as of May 20, compared with 58 percent the previous
week, the U.S. Department of Agriculture said. Temperatures fell
to 17 degrees Fahrenheit (minus 8 Celsius) from Kansas to Ohio
on April 7. Fields in western Kansas may yield as much as 60
bushels an acre.


Read more at Bloomberg Commodities News

Boeing gets 787 order from Hong Kong's Lau

(Reuters) - In all, Boeing said it now has seven orders for private 787s, or "787 VIPs" as it calls them. It is pitching this mega-business jet at wealthy entrepreneurs, especially in Asia, where business people tend to travel longer distances.




It has not made public the names of other 787 VIP buyers. The first 787 is set to roll off Boeing's Seattle production line in July and is set for its first test flight in August.


Read more at Reuters.com Business News

Euro Falls Versus Yen as Traders See Additional Declines on Risk Reversal

(Bloomberg) -- The euro fell versus the yen as
investors increased bets the currency would retrace previous
gains.

Europe's currency fell against 11 of the 16 most-active
currencies as the euro-dollar risk reversal rate fell to the
lowest level since October, signaling investors increased bets on
a drop in the euro. The 13-nation currency has gained 4.6 percent
versus the dollar in the last 12 months, reaching a record on
April 27.


Read more at Bloomberg Currencies News

UPDATE 1-SAP shares gain on talk Oracle bought 8 pct stake

(Reuters) - "There is talk that Oracle bought 8 percent in SAP," one
trader said.




An SAP spokesman said the talk was pure speculation. Oracle
was not immediately available for comment.


Read more at Reuters.com Mergers News

Lebanon to Proceed With Dollar-Bond Sale as Troops, Gunmen Tangle in North

(Bloomberg) -- Lebanon is pressing ahead with its
first sale of government bonds in dollars since Israel invaded
last July as Lebanese troops fought Islamic gunmen for a third
day.

``We are mandated for a potential dollar financing for
Lebanon, and subject to market conditions, it will be executed as
early as this week,'' Jeffrey French, a spokesman in London for
sale manager Citigroup Inc., said in an e-mailed note.


Read more at Bloomberg Bonds News

Intel sees better margin from STMicro venture

(Reuters) - Intel also expects the deal to decrease revenue and cost of sales in the fourth quarter, but it did not give a specific estimate in a regulatory filing with the U.S. Securities and Exchange Commission on Tuesday.



"Assuming this transaction closes late in the third quarter or early in the fourth quarter of 2007, Intel expects that fourth quarter 2007 revenue and cost of sales will decrease and gross margin percent should improve slightly while direct spending decreases slightly, but still within the full year forecast previously provided," said Intel's filing.


Read more at Reuters.com Bonds News

OSI says suitors raise offer to $3.18 billion

(Reuters) - Shares in OSI gained about 1 percent to $40.90 in premarket trading compared with a close of $40.41 on the New York Stock Exchange.




The investor group raised its offer to $41.15 per share from $40 per share. The previous offer would have been worth about $3.09 billion based on the company's latest share count.


Read more at Reuters.com Business News

JPMorgan Seeks Delay in Meeting Greek Lawmakers Probing Debt Sale to Fund

(Bloomberg) -- JPMorgan Chase & Co. asked Greek
lawmakers to delay a parliamentary hearing probing whether the
third-largest U.S. bank was part of group that sold government
bonds to pension funds at inflated prices.

``We've communicated with the Greek parliament and said
we're willing to cooperate but asked to do that at a later
date,'' JPMorgan spokesman Michael Golden in London said in a
telephone interview. He said bank officials wouldn't appear at
today's committee meeting and that the ``appropriate people''
would be available at a later point.


Read more at Bloomberg Bonds News

Intel, STMicroelectronics to create semiconductor company

(Reuters) - In exchange, Intel will get a 45.1 percent stake and a $432
million cash payment at close. STMicroelectronics will receive
a 48.6 percent equity ownership stake and a $468 million cash
payment at close.





Read more at Reuters.com Mergers News

Africa's biggest trade bloc calls for harmonisation

(Reuters) - Africa's myriad regional customs unions must be harmonised if the world's poorest continent is to compete on the world stage, its biggest trading bloc COMESA said on Tuesday.

Heads of state and delegates representing 20 countries and more than 400 million people are expected to endorse COMESA's plans to launch its own customs union in 2008 at the end of a two-day summit in Kenya.


Read more at Reuters Africa

United Natural quarterly profits up, miss market view

(Reuters) - The company's profits rose 11 percent as strong consumer demand for natural and organic products coupled with increased market share in the West helped sales in the latest quarter.




Both its supernatural and supermarket channels of the wholesale segment saw growth of more than 20 percent during the quarter, United Natural said in a statement Tuesday.


Read more at Reuters.com Hot Stocks News

AQuantive, Cytyc, Dynegy, Fremont General, MGM Mirage: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Shares prices are as of 8:10 a.m. New York time.

Accredited Home Lenders Holding Co. (LEND US) rose $1.35, or
11 percent, to $14.10 in trading before the open of U.S.
exchanges. Silver Point Capital LP said in a regulatory filing
that it boosted its stake in the subprime mortgage company to 5.2
percent from 3.8 percent.


Read more at Bloomberg Stocks News

Microsoft forms Taiwan JV for cross-strait firms

(Reuters) - The venture will target cross-strait small and medium-sized enterprises, Microsoft and its venture partner, Chunghwa Telecom and voice over Internet protocol .


Read more at Reuters.com Mergers News

Texas's Harris County, Pennsylvania to Lead Sellers of Municipal Bonds

(Bloomberg) -- Texas's Harris County and
Pennsylvania are selling a total of about $800 million of bonds
in today's largest debt offerings by U.S. states and
municipalities.

Houston's county government is issuing $425 million of
insured bonds backed by toll-road revenue in a deal managed by
JPMorgan Chase & Co. Pennsylvania, the sixth-most populous
state, is taking bids from investment banks seeking to
underwrite $373 million of general obligation debt.


Read more at Bloomberg Bonds News

AIG's new China stx fund raises 7 bln yuan in 1st day

(Reuters) - "The amount raised today is basically in line with our
expectations. We are still optimistic," the official told
Reuters.




Demand for mutual funds in China has cooled a bit in May, as
the domestic stock market set a string of new record highs
despite a series of risk warnings from analysts, economists and
government officials.


Read more at Reuters.com Bonds News

AutoZone quarterly earnings rise 5 percent

(Reuters) - Analysts, on average, expected Memphis, Tennessee-based
AutoZone to report earnings of $2.15 per share on revenue of
$1.48 billion, according to Reuters Estimates.




Read more at Reuters.com Market News

GigaMedia quarterly profit rises

(Reuters) - Consolidated revenue jumped 95 percent to $36.1 million.





Read more at Reuters.com Market News

Wild Peanuts, Potatoes Are Being Threatened by Climate Change, Study Shows

(Bloomberg) -- Wild relatives of peanuts and potatoes
are increasingly at risk of extinction as a result of climate
change, depriving their cultivated versions of a valuable gene
pool, researchers said.

Over the next 50 years, 61 percent of wild peanut species
and 12 percent of wild potatoes may become extinct as a result of
rising temperatures and changing rainfall patterns, the
Consultative Group on International Agricultural Research said in
a statement today.


Read more at Bloomberg Commodities News

Stocks seen higher, eyes on economic data

(Reuters) - "Company data and the earnings season is coming to an end and now we will be looking closer at economic data for impulses," said Giuseppe-Guido Amato, equity strategist at German brokerage Lang & Schwarz.




The Richmond Federal Reserve Bank's manufacturing index is due on Tuesday, but Amato said the market would be more focused on initial jobless claims, durable goods orders and new homes sales which are expected on Thursday.


Read more at Reuters.com Hot Stocks News