U.S. drags down Volvo truck deliveries by 17 pct

(Reuters) - This would mean shipments in April alone fell 27.4 percent year-on-year to 14,045 trucks, according to Reuters' calculations.




Deliveries to North America slid 57 percent in the January to April period to 9,964 units.


Read more at Reuters.com Business News

Norilsk says Australia regulator clears LionOre bid

(Reuters) - The offer will be open until June 18, unless extended or
withdrawn, Norilsk said in a statement.




Norilsk has already received approval from Germany's Federal
Cartel Office and has anti-trust clearance in Canada for its
proposed acquisition.


Read more at Reuters.com Mergers News

Aracruz, Kuo, Unipar, Suzano, Telmex May Be Active: Latin Equity Preview

(Bloomberg) -- The following stocks may make
significant gains or losses in Brazil and Mexico today. Symbols
are in parentheses after the company name, and stock prices are
from the last session.

In Brazil, preferred shares are the most commonly traded
class of stock.


Read more at Bloomberg Stocks News

Dollar steadies ahead of US data, stocks eyed

(Reuters) - The dollar steadied on Thursday near a three-month high against the yen as investors awaited U.S. housing data later in the day that could stir more doubts about the possibility of a Federal Reserve rate cut this year.

Investors trimmed short positions in the yen early in the session after former Federal Reserve Chairman Alan Greenspan said he feared a "dramatic contraction" in Chinese stocks, stoking worries over a potential pull-back in Asian equity markets and an unwinding of carry trades.


Read more at Reuters Africa

U.S. Durable Goods Orders Rise, Home Sales Held Near Low, Reports May Show

(Bloomberg) -- Orders for durable goods in the U.S.
rose for a third month in April and sales of new homes held near
a seven-year low, a reminder that housing remains the economy's
weakest link, reports today may show.

The Commerce Department will report that new home sales
rose to an annual rate of 860,000 from 858,000 the prior month,
according to the median estimate in a Bloomberg survey of 72
economists. A separate Commerce report will show orders for
goods made to last several years increased 1 percent after a 4.3
percent jump, according to the survey median.


Read more at Bloomberg Currencies News

China warns U.S. against trade "confrontation"

(Reuters) - "The dialogue made it clear that a confrontational approach
focusing on so-called immediate results only complicates the
situation and adds nothing to problem solving," it said.




China's economic growth was indeed too dependent on
exports, it said, but it was also "all too obvious that the
U.S. consumers spend too much and save too little, resulting in
their country's current account deficit".


Read more at Reuters.com Bonds News

Japan Air Default Swaps Plunge on Report Banks May Cancel Debt, Take Stake

(Bloomberg) -- The perceived risk of owning bonds of
Japan Airlines Corp. declined after a report said the carrier
asked its main banks for up to 400 billion yen ($3.3 billion) to
reduce debt.

The airline has asked lenders to convert any new loans into
equity in the airline, Nikkei English News said today, citing
unidentified people close to the situation. Asia's most indebted
carrier forecast this month its first profit in three years after
losing 64 billion yen over the past two years.


Read more at Bloomberg Bonds News

Lawmakers prod China's Wu on currency, trade

(Reuters) - The powerful House of Representatives Ways and Means Committee told Chinese Vice Premier Wu Yi that China was flouting world trade rules by manipulating the value of its currency to boost exports and distorting trade with subsidies.




"The committee has serious concerns about China's massive and constant interventions in the currency markets," it said in a letter given to Wu when she visited Capitol Hill following two days of talks with Bush administration officials.


Read more at Reuters.com Business News

Japan's Exports to U.S. Fall for First Time in Two Years, Slowing Growth

(Bloomberg) -- Japan's exports to the U.S. fell for
the first time in two years, underscoring the nation's reliance
on faster growing markets in Asia and Europe.

Exports rose 8.3 percent in April from a year earlier,
cooling from 10.3 percent in March, the Ministry of Finance said
today in Tokyo. Shipments to the U.S. dropped 4.8 percent, the
steepest decline since May 2004.


Read more at Bloomberg Bonds News

Asian Stocks Drop, Ending Three-Day Advance, on Greenspan's China Warning

(Bloomberg) -- Asian stocks fell for the first time
in four days after former Federal Reserve Chairman Alan Greenspan
warned that Chinese equities face a ``dramatic contraction.''

All but one of the 10 industry groups on the Morgan Stanley
Capital International Asia-Pacific Index dropped on concern a
potential fall in Chinese shares will spread to stock markets
elsewhere. Mitsubishi UFJ Financial Group Inc. slid from a two-
month high after the company forecast the only earnings decline
among Japan's three biggest banks.


Read more at Bloomberg Stocks News

Japan Shares Fall on Greenspan China Stocks Warning; Mitsubishi UFJ Drops

(Bloomberg) -- Japanese shares fell after former
Federal Reserve Chairman Alan Greenspan warned the stock market
in China faces a ``dramatic contraction.''

Mitsubishi UFJ Financial Group Inc. dropped 2.1 percent and
Sony Corp. fell 1.4 percent as investors sold their holdings to
benefit from recent gains. U.S. stocks declined yesterday after
Greenspan's remarks.


Read more at Bloomberg Stocks News

Dolby says offering of 7 mln Class A shares priced at $32/shr

(Reuters) - The underwriters have an option to purchase up to 1 million
additional shares from the selling stockholder, it added.





Read more at Reuters.com Mergers News

Zarlink slips into the red in fourth quarter

(Reuters) - Ottawa-based Zarlink said it lost $900,000, or 1 cent a
share, in the three months ended March 30, compared with a
year-earlier profit of $3.7 million, or 2 cents a share.




Analysts had expected Zarlink to break even before
exceptional items, according to Reuters Estimates.


Read more at Reuters.com Market News

Texas legislation won't jeopardize TXU buyout -KKR

(Reuters) - "We are going to move forward on closing the transaction,"
said Jeff Eller, a spokesman for the private equity group. He
declined to comment on the specifics of the compromise.




Read more at Reuters.com Mergers News

New Zealand Dollar May Extend Gains on Bets Imports to Fuel Rate Increases

(Bloomberg) -- The New Zealand dollar may rise on
speculation imports continue to outpace exports, fuelling consumer
demand enough to spur another interest rate increase next month.

New Zealand's dollar, known as the kiwi, gained 4 percent
this year as the central bank boosted the benchmark rate to a
record 7.75 percent to subdue demand and control inflation. The
trade shortfall, released today, probably widened for a second
consecutive month in the year ended April 30, according to the
median estimate of 10 economists surveyed by Bloomberg News.


Read more at Bloomberg Currencies News

Duff & Phelps files for $200 mln IPO

(Reuters) - It is seeking a New York Stock Exchange listing under the
symbol "DUF."




Read more at Reuters.com Government Filings News

GM to Raise $5.2 Billion From Convertible Bond Sale, Loan Secured by GMAC

(Bloomberg) -- General Motors Corp., the largest U.S.
automaker, plans to offer $1.1 billion in convertible debt
securities and take out a $4.1 billion revolving credit facility
secured by the automaker's holdings in the GMAC LLC finance unit.

The convertible bond replaces a $1.1 billion convertible
issue the company paid out in March, the Detroit-based automaker
said today in a statement. The revolving credit, secured by GM's
49 percent stake in GMAC, would be used for general corporate
purposes, GM said.


Read more at Bloomberg Bonds News

Panama to auction mobile phone spectrum in October

(Reuters) - The auctions seek to boost competition, lower prices and
increase mobile penetration to 70 percent from the current 50
percent.




Executives at America Movil, controlled by billionaire
Carlos Slim, have said the company was interested in operating
in Panama, one of the few countries in the region where it is
not present.


Read more at Reuters.com Government Filings News

GM to offer $1.1 bln in debt; gets $4.1 bln commitment

(Reuters) - The joint-book running managers for the offering are Citi,
Deutsche Bank Securities and Goldman, Sachs and Co.




Additionally, GM said it has received commitment for a
supplemental revolving credit facility for about $4.1 billion.
The automaker expects the facility would be secured by GM's
common equity ownership of its former finance arm GMAC, in
which it owns a 49-percent stake.


Read more at Reuters.com Bonds News

Gymboree quarterly profit rises

(Reuters) - Analysts on average had expected earnings of 63 cents a
share, excluding exceptional items, on revenue of $208.9
million, according to Reuters Estimates.





Read more at Reuters.com Market News

Iraq war funds bill set to pass U.S. Congress

(Reuters) - Democrats and the White House have engaged in fierce debate
since January, kicked off by Bush's request for nearly $100
billion for the wars in Iraq and Afghanistan and to pay for the
30,000 extra troops he is sending to the war zone.




If all goes as planned, the House of Representatives will
vote first on Thursday, before sending the bill to the Senate
for final passage of the measure that will bring total war
spending to more than half a trillion dollars since late 2001.


Read more at Reuters.com Bonds News

Cocoa Rises to One-Month High on Report of Shrinking Ivory Coast Supplies

(Bloomberg) -- Cocoa futures in New York rose to the
highest in more than a month on a report that prices in Ivory
Coast, the world's biggest grower, have climbed because of
shrinking supplies.

Buyers are offering more for beans in Ivory Coast, Reuters
reported, citing farmers who said they are holding on to cocoa
in expectation that prices will rise. Ivory Coast also is
struggling to implement a peace agreement between rebels and the
government of President Laurent Gbagbo.


Read more at Bloomberg Commodities News

UPDATE 3-U.S. and China make deals but not on currency

(Reuters) - WASHINGTON, May 23 - The United States and China
on Wednesday announced deals to increase flights to China and
ease U.S. entry into its financial sector but made no headway
on the thorny issue of speeding up Chinese currency reforms.




After two days of top-level economic talks, U.S. Treasury
Secretary Henry Paulson claimed "tangible results" while
China's Vice Premier Wu Yi said relations between the two
countries were "complicated" and needed careful handling.


Read more at Reuters.com Bonds News

Treasury 10-Year Yield Touches Highest Level Since January on Fed Outlook

(Bloomberg) -- Treasury 10-year note yields rose to
the highest level since January as traders reduced the odds of an
interest rate cut by the Federal Reserve this year.

The 10-year note's yield was higher than that of the two-
year security for the first time in three weeks on signs of
resilience in the U.S. economy. Richmond Fed President Jeffrey
Lacker said yesterday it's the central bank's responsibility to
curb inflation and it would be a mistake to rely on slower growth
to stem price increases.


Read more at Bloomberg Bonds News

UPDATE 2-US-China airline flights to double by 2012

(Reuters) - WASHINGTON, May 23 - Passenger flights between
the United States and China would more than double by 2012
under an agreement between the two countries on Wednesday, good
news for the biggest U.S. airlines aiming to shake their
domestic woes.




The announcement by the Transportation and Treasury
departments at the conclusion of a U.S.-China economic forum is
the second important international aviation services agreement
sealed by the Bush administration in recent months.


Read more at Reuters.com Government Filings News

Nymex Gas Is Little Changed Amid Expectations for U.S. Inventory Gain

(Bloomberg) -- Natural gas in New York was little
changed, erasing earlier gains, before tomorrow's government
report on stockpiles that analysts forecast will show a higher-
than-normal increase for last week.

Gas supplies held in underground caverns last week may have
jumped 96 billion cubic feet, based on the average of 18
estimates in a Bloomberg survey of analysts. Storage levels rose
95 billion for the week ended May 11, an Energy Department report
last week showed.


Read more at Bloomberg Energy News

InterChem to Join U.S. Gasoline, Naphtha Trading, Plans to Hire in Houston

(Bloomberg) -- InterChem 2000 Group, a closely held
petrochemicals distributor, will start trading gasoline and
naphtha in the U.S. this year, said two people with knowledge of
the company's plans.

Gasoline trading and blending will begin in the second half,
with naphtha trading starting in the fourth quarter, said the
people, who declined to be identified because the plans are
confidential. Daniel Withers, a senior trader for gasoline
components at InterChem in Houston, declined to comment.


Read more at Bloomberg Energy News

Crude Oil Is Little Changed After U.S. Gasoline Supplies, Demand Increase

(Bloomberg) -- Crude oil was little changed after a
government report showed that U.S. gasoline inventories and
consumption increased last week.

U.S. gasoline supplies rose 1.43 million barrels last week,
an Energy Department report showed today. Gasoline use averaged
9.36 million barrels a day in the past four weeks, up 1.2 percent
from a year ago, the department said. Refineries operated at the
highest rate since Jan. 5. Prices also rose after UN inspectors
said they were learning less about Iran's nuclear program.


Read more at Bloomberg Commodities News

Corn, Soybeans Rise as Scant Rains May Threaten Crops East of Mississippi

(Bloomberg) -- Corn and soybean prices rose in
Chicago as dry weather in the eastern Midwest threatened crops
that have received less than 25 percent of normal moisture this
month.

Two storms in the next six days may bring as much as
1.5 inches (3.8 centimeters) of rain to parts of the Great
Plains and western Midwest, Joel Burgio of Meteorlogix LLC said.
East of the Mississippi, less than 0.5 inch is expected, drying
out soils from Illinois to Ohio, he said.


Read more at Bloomberg Commodities News

Nordic Shares Climb, Led by Maersk; Fortum, Volvo Rise on Price Estimates

(Bloomberg) -- Nordic stocks advanced, paced by A.P.
Moeller-Maersk A/S after shares of the world's biggest shipping
company were upgraded by Morgan Stanley. Fortum Oyj and Volvo AB
gained after brokerages raised their share-price estimates.

Shares of A.P. Moeller-Maersk were raised to ``overweight''
from ``underweight'' by London-based analyst Menno Sanderse, who
also increased his share-price target for the company by 61
percent to 74,000 Danish kroner ($13,363).


Read more at Bloomberg Stocks News

S.African minister calls monorail deal a surprise

(Reuters) - A plan to build a $1.7 billion dollar monorail system around South Africa's business hub was announced without the transport ministry's approval, Transport Minister Jeff Radebe said on Wednesday.

Gauteng province, which includes Johannesburg, last week unveiled the monorail project, which would see a Malaysian-led consortium invest 12 billion rand to build a monorail system between the black township of Soweto and Johannesburg.


Read more at Reuters Africa

REFILE-Bush to meet China's Wu on Thursday

(Reuters) - White House spokesman Tony Fratto said Bush would meet her
and her delegation sometime before 10 a.m. EDT .




Bush's decision to talk with her reflected the importance
of the U.S.-China dialogue, he said.


Read more at Reuters.com Bonds News

Wheat Rises in Chicago After Freeze Damage, Pests Hurt Crop Before Harvest

(Bloomberg) -- Wheat rose in Chicago and Kansas City
after high winds in the central U.S. toppled some of the plants
damaged by a freeze in April.

Temperatures on April 7 dipped to as low as 17 degrees
Fahrenheit (minus 8 Celsius) from Kansas to Ohio. A freeze like
that can result in damage that causes wheat stems to break,
according to a report from Kansas State University.


Read more at Bloomberg Commodities News

Alcan shares surge on its rejection of Alcoa bid

(Reuters) - The share price jump came after the Globe and Mail newspaper reported that Alcan was in talks with BHP Billiton as part of its plan to consider alternatives to the Alcoa bid.




A spokeswoman for BHP Billiton, whose U.S.-listed shares were up $1.04, or 2 percent, at $51.79 in New York, declined to comment on the report.


Read more at Reuters.com Hot Stocks News

US' Paulson-China agrees needs to rebalance economy

(Reuters) - Paulson said agreement had been reached on "significant
items in financial services, energy and the environment and
civil aviation."




Read more at Reuters.com Bonds News

Repsol looks to reduce LatAm exposure in YPF deal

(Reuters) - Repsol bought YPF for some $15 billion when it was
privatised by the Argentine government in 1999 in what was
described by some as the "deal of the century", set to transform
Repsol into a major producer.




But Argentina was then hit by an economic crisis and Repsol
has been left looking for a solution.


Read more at Reuters.com Mergers News

UPDATE 1-Freddie Mac, Fannie Mae portfolios shrink in April

(Reuters) - Both agencies have been curtailing their purchases of
mortgage assets while under regulatory growth limits as they
overcome accounting and financial reporting crises.




On Tuesday, the U.S. House of Representatives passed a bill
tightening federal oversight of Fannie and Freddie, the two
largest purchasers and guarantors of U.S. home mortgages.


Read more at Reuters.com Bonds News

JBS, Lopes, Perdigao, Petrobras and Vale do Rio Doce: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index rose for the
third time in four days, led by state-controlled oil company
Petroleo Brasileiro SA.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange gained 124.83, or 0.2 percent, to 52,332.92 as of 9:43
a.m. New York time.


Read more at Bloomberg Stocks News

Wet Seal beats estimates, shares jump

(Reuters) - Analysts, on average, expected it to earn 6 cents a share according to Reuters Estimates.




Its shares rose 28 cents to $5.86 in early Nasdaq trading.


Read more at Reuters.com Business News

Bank of Montreal second-quarter profit rises 3 pct

(Reuters) - BMO, Canada's fourth biggest bank by assets, posted earnings of C$671 million, or C$1.29 per share, in the three months ended April 30. That is up from C$651 million, or C$1.25 a share, in the same period a year earlier.



BMO said last week it would record the commodities-related pretax trading losses over the first and second quarters.


Read more at Reuters.com Market News

Treasury Yields Trade Near Three-Month Highs on Fed Interest Rate Outlook

(Bloomberg) -- Treasury yields traded near the
highest levels in three months on speculation the Federal
Reserve will refrain from cutting interest rates this year.

Federal Reserve Bank of Richmond President Jeffrey Lacker
said it's the central bank's responsibility to curb inflation
and it would be a mistake to rely on a slowing economy to stem
price increases. Ten-year yields have risen almost 20 basis
points over the past two weeks on signs of strength in the
world's largest economy.


Read more at Bloomberg Bonds News

Lender to allow mortgage payments through AMEX

(Reuters) - The card holders will have to pay a one-time fee of $395 to the lender for enrollment in the program at the time of closing, the credit card and travel services company said in a statement.






Read more at Reuters.com Bonds News

Crude Oil Pares Gain Before an Energy Department Report on U.S. Gasoline

(Bloomberg) -- Crude oil pared gains and traded below
$66 a barrel in New York before a report later today on how much
fuel the U.S. has available for the summer driving season, which
starts next week.

The U.S. Energy Department will probably report gasoline
stockpiles rose last week, a Bloomberg News survey of analysts
indicated. Supplies were 7.5 percent below the five-year average in
the week to May 11, the Energy Department said last week.


Read more at Bloomberg Energy News

Bancrofts plan meeting on Murdoch bid: report

(Reuters) - It was not clear whether all the family's various branches would be represented at the meeting, the paper said. The meeting has no formal agenda but would allow members to debate their ownership strategy, it said.




Most of the Bancroft family, which controls the company with a class of super-voting shares, oppose the deal. Dow Jones's board has said as a result that it would not consider Murdoch's offer.


Read more at Reuters.com Business News

US regulator sees stated income subprime problem

(Reuters) - Regulators must decide whether to address the practice in
in finalizing proposed guidance on subprime lending, Dugan said
in remarks prepared for a speech to the Neighborhood Housing
Services of New York.




"I believe we should, although how we do so and the extent
to which we do it are of course decisions that should only be
made after careful consideration of the comments we have
received," he said.


Read more at Reuters.com Government Filings News

Wet Seal flips to profit as shares fall on outlook

(Reuters) - Foothill Ranch, California-based Wet Seal said it expected to earn between 5 cents and 8 cents per share in the second quarter. Analysts, on average, expect earnings of 9 cents a share, according to Reuters Estimates.




The company also forecast same-store sales in May and the fiscal second quarter to rise in the low single digit. Same-store sales are a measure of retail strength and track sales at stores open at least one year.


Read more at Reuters.com Market News

Norilsk Nickel Raises LionOre Offer to $6.3 Billion, Trumps Xstrata's Bid

(Bloomberg) -- OAO GMK Norilsk Nickel, the world's
largest producer of the metal, increased an offer for LionOre
Mining International Ltd. by 28 percent to C$6.8 billion ($6.3
billion), trumping an improved bid from Xstrata Plc.

Norilsk bid C$27.50 a share, up from the C$21.50 it
proposed May 3, the Moscow-based company said today in a
statement. Xstrata boosted its offer for Toronto-based LionOre
last week to C$6.2 billion, or C$25 a share. The shares closed
at C$27.25 in Toronto yesterday.


Read more at Bloomberg Emerging Markets News

UPDATE 1-Swiss give Glaxo cancer pill first Europe approval

(Reuters) - The regulatory green light represents a small piece of good
news for Europe's biggest drugmaker, whose shares have fallen
more than 7 percent this week due to safety fears over its
diabetes medicine Avandia.




The stock was 1.2 percent down on the day at 1100 GMT.


Read more at Reuters.com Government Filings News

Russian Indexes Decline Amid IPOs, Political Concerns; Gazprom Retreats

(Bloomberg) -- Russian stocks fell, led by OAO
Gazprom and OAO Unified Energy System, following a series of new
share sales and on political concerns after Russia said it
wouldn't extradite a murder suspect to Britain.

The ruble-denominated Micex Index dropped 1.9 percent to
1614.83 at 2:15 p.m. in Moscow as 29 of the index's 30 stocks
fell. The dollar-based RTS Index sank 1.4 percent to 1834.36.


Read more at Bloomberg Stocks News

Rio Tinto Considers $6 Billion Investment in Guinea Iron Ore Complex

(Bloomberg) -- Rio Tinto Group, the world's third-
largest mining company, is considering a plan to spend at least
$6 billion on a combined iron ore mine, railway and port
operation in the west African nation of Guinea.

The project, at the pre-feasibility stage, will involve
building an iron ore mine at Simandou and a 700-kilometer rail
link to a new deep-water port south of Guinea's capital of
Conakry, London-based Rio spokesman Nick Cobban said in an
interview yesterday.


Read more at Bloomberg Emerging Markets News