Companies look outside developing countries - World Bank

(Reuters) - Companies from developing countries are raising vast sums of capital on global markets on an unprecedented scale, which has also increased their exposure to interest rate and currency risks, the World Bank said on Tuesday.

With growth in developing countries like China and India outpacing that of wealthy nations, the new phenomenon of corporate globalization is likely to intensify in the next few years, the bank's annual Global Development Finance report said.


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JBS of Brazil Agrees to Buy Swift for $1.4 Billion, People Familiar Say

(Bloomberg) -- JBS SA, Latin America's biggest meat
producer, agreed to buy Swift & Co., the third-largest U.S. beef
and pork producer, for $1.4 billion, people familiar with the
matter said.

JBS, the Sao Paulo-based owner of Brazil's Friboi meat
brand, will acquire all of Swift's assets in the U.S. and
Australia, the people said. The transaction may be announced
today, they said.


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Consumers in U.S. Gained Confidence in May on Jobs, Stocks, Survey Shows

(Bloomberg) -- Consumer confidence in the U.S. rose
in May from its lowest level in eight months, as wage and stock
market gains put Americans in a mood to spend, economists said
before a report due today.

The New York-based Conference Board's index of consumer
confidence rose to 105 this month from 104 in April, according
to the median forecast in a Bloomberg survey of 62 economists.
The index averaged 105.9 last year.


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Tax-Cut War Widens in U.K., France and Germany Try to Attract Investment

(Bloomberg) -- A tax-cut war is spreading across
Europe as leaders of the continent's biggest economies give up
criticizing smaller neighbors for slashing business rates and
decide to join them instead.

The move toward lower levies on corporate profits in Spain,
Germany, France and the U.K. is aimed at wooing companies and
reinforcing the strongest economic expansion in six years. It
comes after Ireland and new European Union members from eastern
Europe succeeded in attracting investment, and irking their
larger rivals, with tax rates of less than 20 percent -- among
the world's lowest.


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Alcatel-Lucent, EADS, Faurecia, Ingenico, Total: French Equity Preview

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

The CAC 40 Index rose 13.98, or 0.2 percent, to 6071.47.
The SBF 120 Index also increased 0.2 percent. Trading was
lighter than usual as the U.S. market was closed for a holiday.
Half of the 18 western European markets were also closed.


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Indonesia's Rupiah Declines on Speculation Central Bank Will Slow Gains

(Bloomberg) -- The Indonesian rupiah fell against
the dollar on speculation authorities aren't keen to see the
currency strengthen further.

The rupiah has declined from a three-year high of 8,640 set
on May 23 following comments by officials suggesting they
preferred the currency at a weaker level. Indonesia is ``happy''
with the rupiah at about 9,000 to the dollar, Vice President
Jusuf Kalla said at a conference in Tokyo last week.


Read more at Bloomberg Currencies News

South Korea's Poongsan to Expand Output as Demand for Metal Products Grows

(Bloomberg) -- Poongsan Corp., Asia's biggest maker
of copper and copper alloy products, plans to boost output as
demand for raw materials soars in industries ranging from cars to
semiconductors. The company's shares rose to a record.

Poongsan plans to raise annual capacity for metal sheets and
strips at its Onsan mill in South Korea by 33 percent to 200,000
metric tons by the end of 2009, Chang Bong Hun, Poongsan's
planning and management division director, said in an interview
yesterday. The unit in Thailand will expand capacity by 67
percent to 25,000 tons by mid-2008, he added.


Read more at Bloomberg Emerging Markets News

Treasuries Fall Before Report That Will Show Consumer Sentiment Rebounded

(Bloomberg) -- Treasuries declined, pushing yields on
benchmark 10-year notes to the highest since January, before a
report today that will probably show confidence among U.S.
consumers rebounded this month.

Ten-year yields have risen almost half a percentage point in
the past four weeks on expectations signs of economic growth will
limit the scope for a cut in interest rates by the Federal
Reserve this year.


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Tax-Cut War Erupts as U.K., France, Germany Slash Rates to Lure Investment

(Bloomberg) -- A tax-cut war is spreading across
Europe as leaders of the continent's biggest economies give up
criticizing smaller neighbors for slashing business rates and
decide to join them instead.

The move toward lower levies on corporate profits in Spain,
Germany, France and the U.K. is aimed at wooing companies and
reinforcing the strongest economic expansion in six years. It
comes after Ireland and new European Union members from eastern
Europe succeeded in attracting investment, and irking their
larger rivals, with tax rates of less than 20 percent -- among
the world's lowest.


Read more at Bloomberg Exclusive News

Colorado, Utah Rival OPEC Reserves, Lure Shell, Chevron, Exxon With Sale

(Bloomberg) -- Colorado and Utah have as much oil as
Saudi Arabia, Iran, Iraq, Venezuela, Nigeria, Kuwait, Libya,
Angola, Algeria, Indonesia, Qatar and the United Arab Emirates
combined.

That's not science fiction. Trapped in limestone up to 200
feet (61 meters) thick in the two Rocky Mountain states is
enough so-called shale oil to rival OPEC and supply the U.S. for
a century.


Read more at Bloomberg Energy News

Japan's Stocks Slip on Concern Minister's Suicide Weakens Abe's Government

(Bloomberg) -- Japanese stocks slipped after the
suicide of Agriculture Minister Toshikatsu Matsuoka prompted
concern Prime Minister Shinzo Abe's popularity will be
undermined, reducing his chances of winning key parliamentary
elections this summer and making it harder to pass legislation.

Mitsubishi UFJ Financial Group Inc. and Toyota Motor Corp.
led declines by the nation's largest companies.


Read more at Bloomberg Stocks News

Yen Strengthens After Japanese Jobless Rate, Household Spending Reports

(Bloomberg) -- The yen rose for a second day against
the dollar after government reports showed Japan's jobless rate
unexpectedly fell to a nine-year low and households increased
spending for a fourth month in April.

Signs of a strengthening economy may fuel bets the Bank of
Japan will raise the lowest interest rates in the industrialized
world, increasing the appeal of yen-denominated assets. The yen
has fallen against 15 of the 16 most-active currencies in the
past year, as the BOJ signaled it may keep its benchmark rate at
0.5 percent in coming months.


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Japan Stocks May Drop Should Household Spending, Job Data Miss Forecasts

(Bloomberg) -- Japanese stocks may slip should
measures of household spending and employment miss forecasts.
Domestic demand-related shares including Seven & I Holdings Co.
may pace losses.

``Employment and consumer spending are not on a sustained
recovery track,'' said Yoshihisa Okamoto, who helps oversee $1.9
billion in assets at Fuji Investment Management Co. in Tokyo.
``That's making it hard to be a buyer of department store and
supermarket stocks.''


Read more at Bloomberg Stocks News

Japanese Yen, Thai Baht, Korean Won, Indian Rupee :Asian Currency Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian currencies today.

Exchange rates are from the previous session.


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Peru's Stocks Fall Most in Week, Led by Cerro Verde: World's Biggest Mover

(Bloomberg) -- Peru's main stock index fell for the
fourth time in five days as investors bet shares were expensive
relative to earnings after a rally earlier this year.

The Lima General Index declined 502.56, or 2.4 percent, to
20,745.75 at 2:44 p.m. New York time, led by miner Sociedad
Minera Cerro Verde SA. It was the index's steepest fall since May
16 and the biggest move among markets included in global
benchmarks.


Read more at Bloomberg Stocks News

Brazil's Lula defends Senate chief on graft charge

(Reuters) - Senate president Renan Calheiros is accused of receiving
payments from a lobbyist in exchange for favoring a
construction firm. Calheiros, a close ally of Lula, denied the
accusations made by a leading news magazine on Friday but he
was to address the Senate floor later on Monday.




It is the latest in a string of corruption scandals that
have marked Lula's presidency, now in its second term.


Read more at Reuters.com Bonds News

Nordic Indexes Climb, Paced by Swedish Match; OMX Reaches Six-Year High

(Bloomberg) -- Nordic stocks gained, led by Swedish
Match AB, the world's second-largest maker of smokeless tobacco
products. Norsk Hydro ASA climbed on speculation the world's
fourth-biggest aluminum producer may bid for Alcan Inc.

OMX AB jumped to a six-year high after the Sunday Times
reported the Nordic region's largest stock exchange operator may
receive a counterbid from Dubai.


Read more at Bloomberg Stocks News

Obasanjo ally buys second Nigerian oil refinery

(Reuters) - Nigerian tycoon Aliko Dangote has acquired a controlling stake in Nigeria's third-largest oil refinery for an undisclosed sum, consolidating his grip on the OPEC member nation's refining industry.

It is the second major refinery purchase in 11 days by Dangote, who is a major financier of the ruling party and ally of outgoing President Olusegun Obasanjo, after he bought the largest refinery in Port Harcourt on May 17.


Read more at Reuters Africa

Norsk Hydro planning bid for Alcan: report

(Reuters) - "There are advantages," one banker close to Alcan told the
paper. "Obviously there are synergies there and there are
certain similarities in terms of potential desires by
governments. It has interesting potential."




Norsk is 43 percent owned by the Norwegian government.


Read more at Reuters.com Mergers News

Oil falls $1 after Nigeria oil strike ends

(Reuters) - London Brent crude fell $1.05 to $69.64 a barrel by 1200 GMT. U.S. crude fell 69 cents to $64.51 a barrel, after surging more than $1.00 on Friday. The market was thin due to holidays in both the UK and the United States.




Nigerian Union leaders said on Saturday workers at the national oil company had suspended the two-day strike after the government agreed to a pay rise and other benefits, although oil traders remained anxious over exports.


Read more at Reuters.com Business News

Vietnam's Government Bonds Gain on Speculation Banks Have Cash to Invest

(Bloomberg) -- Vietnam's bonds gained on speculation
the country's banks have surplus cash to invest in fixed-income
securities.

The yield on the benchmark five-year note fell 1.6 basis
points to 7.14 percent, according to prices by seven banks set
once a day and compiled by Bloomberg. A basis point is 0.01
percentage point. The government today sold 700 billion dong
($44 million) of bonds maturing on May 30, 2012, at a yield of
7.05 percent.


Read more at Bloomberg Bonds News

Wolfowitz says "overheated" row forced him to quit

(Reuters) - The former head of the World Bank Paul Wolfowitz, who resigned in a row about his companion's promotion, said on Monday he had been forced to quit because emotions at the organisation had become "overheated".

In a BBC interview, Wolfowitz defended his record as the bank's president, saying he was proud of what he had achieved during his two years in the job.


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India, Pakistan Near Accord on Gas Price for `Peace Pipeline,' Iran Says

(Bloomberg) -- Pakistan and India are close to an
agreement on the price of natural gas that will pass through a
proposed $7.4 billion pipeline linked with Iran, according to one
of the officials involved in the talks.

Hojatollah Ghanimifard, Iran's negotiator, said he hoped
``all problems would be settled'' by June 30, the latest deadline
set by Iran to finalize the contract, Shana, the press agency for
Iran's oil ministry, said in a statement late yesterday.


Read more at Bloomberg Emerging Markets News

European shares edge up in holiday-hit trade

(Reuters) - European shares ticked higher in early trade on Monday, taking their cue from a strong close in U.S. markets and a rise in Asian stocks, but activity will be thin as many major European markets are closed for public holidays.

France Telecom added 0.6 percent after the country's leading telecoms operator kicked off a formal review of bids for part or all of its Orange unit in the Netherlands.


Read more at Reuters Africa

Rand steady, eyes upcoming data

(Reuters) - South Africa's rand steadied against the dollar on Monday and traders expected a dull session due to holidays in Britain and the United States, but said a slew of data from Tuesday will guide the currency.

The rand was trading at 7.080 to the dollar at 0630 GMT, not far off its New York close of 7.0840 on Friday.


Read more at Reuters Africa