Reputation fears nag as Swiss trusts proliferate

(Reuters) - A change in Swiss law that will facilitate the use of trusts
has led to a surge in the number of such entities, which own
assets -- anything from equity, art collections, real estate or
even race horses -- on behalf of others.




"An awful lot of people are moving in, saying they're going
to be a trustee and that's it," said Stephanie Jarrett, a
partner at law firm Baker & McKenzie in Geneva.


Read more at Reuters.com Government Filings News

Depressed dollar/yen vols lure bargain hunters

(Reuters) - Option dealers in Tokyo cited a hedge fund buying on one-year implied volatility when it fell to an all-time low of 6.6 percent in mid-May, suggesting that vols may have bottomed out for the time being.




Implied volatility, a gauge of how much the options market thinks a currency pair will move over a given time period, has tumbled since early May as expectations for a Federal Reserve interest rate cut have receded, pushing the dollar back towards a 4-1/2-year peak of 122.20 yen hit in January.


Read more at Reuters.com Hot Stocks News

Advantage secures $2.6 bln for Tokyo Star-sources

(Reuters) - The structure of the financing will now be studied by Japan's regulatory watchdog the Financial Services Authority.



) Keywords: JAPAN TOKYO STAR ADVANTAGE


Read more at Reuters.com Bonds News

Vietnamese Dong Falls as Central Bank Increases Reserve Ratio From Today

(Bloomberg) -- The Vietnamese dong fell for a fourth
day after the central bank doubled the amount of deposits
commercial banks must set aside as reserves from today to help
cool inflation.

The currency headed for a third week of declines and traded
near the weakest in six months. State Bank of Vietnam Governor Le
Duc Thuy said on May 24 that the central bank had been selling
the dong to help exporters.


Read more at Bloomberg Currencies News

Oil above $68 after surprise U.S. crude stock draw

(Reuters) - London Brent crude oil in reaction to a fall in U.S. inventories when most people expected them to rise. But it's a fairly stable situation," said Andrew Harrington, industry analyst from ANZ Bank in Australia.


Read more at Reuters.com Hot Stocks News

Taiwan Dollar Heads for Best Week Since December on Central Bank Measures

(Bloomberg) -- Taiwan's dollar headed for the
biggest five-day rally since Dec. 1 on speculation the central
bank will curb declines after the currency last week reached a
17-month low.

The currency is set for a second weekly gain after the
central bank yesterday said mutual funds should invest more in
local stocks rather than sending money abroad. The island's
dollar yesterday touched the strongest since March 2.


Read more at Bloomberg Currencies News

Dow Jones to consider Murdoch bid, other offers

(Reuters) - The family earlier on Thursday said it would meet Murdoch, a softening of its earlier opposition to his $60-per-share offer for the company.




Read more at Reuters.com Business News

Australian Shares Gain, Led by BHP, Australia & New Zealand Banking Group

(Bloomberg) -- Australian stocks rose, led by BHP
Billiton Ltd. and Woodside Petroleum Ltd. after prices of
commodities including copper and crude oil gained.

The S&P/ASX 200 Index climbed 16.20, or 0.3 percent, to
6329.70 as of 10:13 a.m. in Sydney. About 12 stocks rose for every
five that fell.


Read more at Bloomberg Stocks News

Judge ponders dismissing KPMG case: experts

(Reuters) - In a filing on Thursday, U.S. District Judge Lewis Kaplan asked defense attorneys what sanctions other than dismissal of the entire indictment are available, and what steps the government could voluntarily take to remedy constitutional violations related to payment of the former partners' legal fees.




The questions indicated that the judge may want the government and the former KPMG partners to reach a settlement, one expert said.


Read more at Reuters.com Business News

UPDATE 1-Brinker to buy back more shares, sell 76 Chili's

(Reuters) - The restaurant company also said it would sell 76 Chili's
restaurants to franchisee ERJ Dining as part of a plan to
increase the number of franchised restaurants in its system.




Financial terms were not disclosed.


Read more at Reuters.com Mergers News

Crude Oil Is Steady After Rising on Concerns Over U.S. Gasoline Stockpiles

(Bloomberg) -- Crude oil was little changed in New
York after rising with gasoline yesterday on concern U.S.
refiners aren't increasing production fast enough to restore
fuel stockpiles for the summer.

Refiners used 91.1 percent of their plant capacity last
week, unchanged from the 19-week high reached the week before,
the Energy Department said yesterday. Below-average gasoline
stocks rose for a fourth week as imports jumped to their highest
in a year. Oil inventories fell for the first time in six weeks.


Read more at Bloomberg Energy News

US FCC moves to tighten wireless "E911" standards

(Reuters) - FCC commissioners voted to consider proposals to tighten
standards that wireless carriers must meet for the accuracy of
their so-called "E911" function, which allows public safety
workers to find someone who has dialed 911 from a cellular
telephone.




Under current standards, wireless carriers using some E911
systems must be able to determine a caller's location within
100 meters for 67 percent of the calls and 300 meters for 95
percent of the calls. Other systems are required to determine
location within 50 meters for 67 percent of calls and 150
meters for 95 percent of the calls.


Read more at Reuters.com Government Filings News

U.S. finalizes plan to speed flu vaccine development

(Reuters) - The recommendations, proposed in March 2006, were designed to help manufacturers use newer technology that allows vaccines to be made faster once a strain of flu is identified, and to encourage more companies to get into the vaccine business.




"Having additional manufacturers of licensed influenza vaccines will enhance the capacity to produce more doses of seasonal influenza vaccines, as well as contribute to the nation's pandemic preparedness, one of our top priorities," said Jesse Goodman, director of the U.S. Food and Drug Administration's Center for Biologics Evaluation and Research.


Read more at Reuters.com Government Filings News

Icahn asks WCI board to delay annual meeting

(Reuters) - Icahn said on May 21 that his all-cash tender offer of $22
a share for WCI had expired with none of the nearly 10.8
million shares tendered being bought by his affiliates.




Read more at Reuters.com Mergers News

Bush's Fed nominees are both multimillionaires

(Reuters) - Klane, most recently a vice president at credit card issuer
and financial services firm Capital One, listed assets worth as
much as $41 million but not less than $12 million.




Among Klane's widely diversified holdings are accounts with
at least three hedge funds worth between $500,000 and $1
million each.


Read more at Reuters.com Bonds News

Dollar Trades Near Three-Month High Versus Yen Before Employment Report

(Bloomberg) -- The dollar traded near a three-month
high against the yen before a U.S. government report forecast by
economists to show job growth accelerated last month.

Signs of strength in the labor market may add to evidence of
a rebound in the world's largest economy, reducing speculation on
an interest rate cut by the Federal Reserve this year. The dollar
in May posted its biggest monthly advance versus the yen since
August on economic reports showing advances in consumer
confidence, housing and manufacturing.


Read more at Bloomberg Currencies News

Gold gains 1.3 pct, rebounds on dollar decline

(Reuters) - But investors were reluctant to chase prices higher and the metal continued to hover in a trading range of $650-665 an ounce.




"It was driven by the exchange rate today, but we have been in the same range for three weeks and I don't see anything at the moment that will make me go long," said Michael Widmer, director of metal research at Calyon Corporate and Investment Bank.


Read more at Reuters.com Hot Stocks News

Portugal Telecom board approved Telemar contacts

(Reuters) - Portuguese daily Diario Economico reported on Wednesday that PT was considering a bid for Telemar, one of Brazil's largest telecoms companies.



"The board of directors approved on May 28 the re- establishment of contacts with certain Telemar shareholders in order to explore investment alternatives," PT said in a statement.


Read more at Reuters.com Mergers News

Foreign holdings of US securities climb - Treasury

(Reuters) - The Treasury said official holdings of U.S. securities
increased to $2.301 trillion by the end of June 2006 from
$1.938 trillion the year before.




Read more at Reuters.com Bonds News

Calpine to expand Geysers geothermal plant

(Reuters) - The company expects to spend $200 million to begin the
program and would consider further development if it is able to
enter into long-term power sales contracts, Calpine Chief
Executive Robert May said in a statement.




The Geysers, which is 72 miles north of San
Francisco, is the largest producer of geothermal energy in the
United States, tapping steam from hot rocks deep in the earth to
generate electricity.


Read more at Reuters.com Bonds News

Dutch TMG to take stake in German ProSieben-report

(Reuters) - In a preview Thursday of an article to be published on
Friday, the newspaper did not say how big TMG's stake in
ProSieben would be.




In exchange for the stake, TMG would forsake a right of
last refusal clause, which entitles it to buy the rest of SBS
if the company's majority owners, private equity firms Permira
[PERM.UL] and Kohlberg Kravis Roberts, [KKR.UL] opt to sell.


Read more at Reuters.com Mergers News

Highland, Pardus exploring Delphi investment

(Reuters) - Delphi, based in Troy, Michigan, previously rebuffed
Highland when the hedge fund proposed an alternative to the
$3.4 billion equity plan Delphi had developed with Cerberus
Capital Management LP, Appaloosa Management LP and others last
year.




It was not clear whether a proposal developed by Pardus
would involve or rival the $3.4 billion equity plan.


Read more at Reuters.com Bonds News

Crude Oil Climbs After U.S. Petroluem Inventories Unexpectedly Decline

(Bloomberg) -- Crude oil in New York rose after a
government report showed an unexpected decline in U.S.
inventories.

Supplies of crude oil fell 1.96 million barrels to 342.2
million barrels in the week ended May 25, the Energy Department
reported today. A gain of 1 million barrels was expected,
according a Bloomberg News survey. Gasoline stockpiles rose 1.36
million barrels to 198 million. Crude-oil imports fell 8 percent
and gasoline imports jumped 24 percent, the report showed.


Read more at Bloomberg Commodities News

Bayer buys Stoneville in $310 million deal

(Reuters) - Stoneville generated turnover of $45 million in its 2005/2006 fiscal year, Bayer said.




"This acquisition is expected to enhance the fast-growing U.S. cotton seed business of Bayer CropScience," it added.


Read more at Reuters.com Mergers News

Coffee, Little Changed in New York, May Fall on Favorable Brazil Weather

(Bloomberg) -- Coffee, little changed in New York,
may fall on forecasts of favorable weather in Brazil, the world's
biggest grower of the beans.

No damaging cold weather is expected in the near term in
Brazil's coffee-growing regions, with temperatures forecast to be
normal to below-normal, according to Meteorlogix LLC, a
forecaster in Woburn, Massachusetts.


Read more at Bloomberg Commodities News

Dubai's Leisurecorp buys S.Africa golf course

(Reuters) - State-owned Dubai World said on Thursday it bought a golf-course development in South Africa, without giving a value for the transaction.

Leisurecorp, a unit of Dubai World's Istithmar, made the purchase of the 170-hectare Pearl Valley Signature Golf Estate and Spa in the Cape Winelands area in the south of the country, Dubai World said in a statement.


Read more at Reuters Africa

Moody's cuts Beazer, Hovnanian debt deeper into junk

(Reuters) - "The downgrade is based on Moody's projections that the
company will come very close to violating its 2.0 times
interest coverage covenant in fiscal 2007," Moody's said. "The
downgrade also reflects the deterioration of the company's
other earnings-based metrics, including return on assets and
gross margins, into the B ratings category."




Moody's cut Beazer's corporate family rating by one notch
to "Ba2," two levels below investment grade, from "Ba1." The
outlook is negative, indicating an additional cut is likely
over the next 12 to 18 months.


Read more at Reuters.com Bonds News

Five winners picked for big telecoms contract

(Reuters) - This is the second of two contracts that comprise the government's Networx program, which is designed to overhaul federal agencies' telecommunication services.




The General Services Administration picked AT&T, Verizon Communications and Qwest for the first contract worth up to $48 billion.


Read more at Reuters.com Business News

Peruvian Stocks Rebound, Gaining Most in 12 Years: World's Biggest Mover

(Bloomberg) -- Peru's main stock index rose the most in
12 years as investors bet a five-day plunge brought share prices
back in line with earnings prospects.

The Lima General Index climbed 1219.26, or 6.6 percent, to
19,763.08 at 11:23 a.m. New York time, its steepest gain since
April 1995 and the biggest move among markets included in global
benchmarks.


Read more at Bloomberg Stocks News

Dell, Direct-Sales Icon, Tries Wal-Mart in Bid to Revive Profit Growth

(Bloomberg) -- Dell Inc. founder Michael Dell built
the world's largest personal-computer maker by bypassing
retailers and selling directly to customers. Now he's looking to
the people he snubbed to help reclaim the No. 1 spot from
Hewlett-Packard Co.

Dell last week said it will sell PCs at Wal-Mart Stores Inc.
starting June 10. The Round Rock, Texas, company may give details
of the new retail strategy today, when it reports earnings.
Profit probably fell for a fourth quarter in five, analysts
surveyed by Bloomberg say.


Read more at Bloomberg Exclusive News

CBOT defends CME merger proposal

(Reuters) - The letter cited the ability of CME and CBOT to integrate
"quickly and efficiently" with "relatively low execution risk"
compared with the ICE proposal.




"Minimizing surprises ... are in part what makes for a
successful merger," Dan and Carey said.


Read more at Reuters.com Mergers News

TREASURIES-U.S. 10-year yields highest since Aug 2006

(Reuters) - Bond prices and yields move inversely.




Read more at Reuters.com Bonds News

UPDATE 3-Canada economy surges, stage set for rate hike

(Reuters) - OTTAWA, May 31 - The Canadian economy grew more
than twice as fast in the first quarter of 2007 as in the
previous quarter, setting the stage for the Bank of Canada to
begin hiking interest rates soon.




Statistics Canada said on Thursday that gross domestic
product grew 3.7 percent on an annualized basis, topping
analysts' estimate of a 3.5 percent gain and up from 1.5
percent in the fourth quarter. It was the fastest quarterly
growth clip since the third quarter of 2005.


Read more at Reuters.com Bonds News

Treasury 10-Year Yield at 2007 High on Chicago Business Index Increase

(Bloomberg) -- U.S. Treasuries fell the most in
almost two weeks, pushing the benchmark 10-year note's yield to
its highest level of this year, after a measure of business
activity rose more than forecast in May.

Expectations the Federal Reserve will cut interest rates
this year fell to the lowest since last July as the National
Association for Purchasing Management-Chicago report indicated
the economy is rebounding from a first-quarter slowdown. U.S.
equities extended an advance that yesterday pushed the Standard &
Poor's 500 Index to a record.


Read more at Bloomberg Bonds News

US Midwest business expands strongly in May

(Reuters) - The employment component of the index jumped to 57.3 from
50.5 in April. Prices paid rose to 70.2 from 64.9 and new
orders surged to 71.1 from 56.5.




Read more at Reuters.com Economic News

Cocoa Deficit to Widen to 145,000 Tons This Year, Organization Forecasts

(Bloomberg) -- The global cocoa deficit this year
will be larger than previously forecast after adverse weather
hurt crops in Ivory Coast, Ghana and Indonesia, the top
producing countries, the International Cocoa Organization said.

Production will drop 7.5 percent to 3.44 million tons,
falling short of demand by 145,000 tons, Laurent Pipitone,
senior statistician at the London-based ICCO, said today in an
interview. The organization forecast in March a deficit of
103,000 tons.


Read more at Bloomberg Commodities News

Eastern Europe Needs Ambitious Budget Deficit Targets, World Bank Says

(Bloomberg) -- The European Union's 10 eastern
countries should take ``adequate advantage'' of fast economic
growth to improve public finances, the World Bank said.

Particularly Latvia, Bulgaria and Romania need more
``ambitious fiscal policy'' to curb economic imbalances such as
wide current-account gaps and high inflation leading to
overheating, the bank said today in its regular report on the
development of the EU's 10 eastern nations.


Read more at Bloomberg Emerging Markets News

Copper Futures Advance in New York as Inventories Fall to Seven-Month Low

(Bloomberg) -- Copper futures in New York rose to the
highest in more than a week after inventories monitored by the
London Metal Exchange fell for a ninth day.

Stockpiles in London fell 1 percent to 128,925 metric tons
today, the lowest since Oct. 27. Supplies of the metal monitored
by the LME have dropped 30 percent in 2007 as imports into China
rose to record levels. Copper has rallied 17 percent this year as
inventories dwindled and demand rose in China, the world's
biggest consumer of the metal used in pipes and wires.


Read more at Bloomberg Commodities News

Eaton Vance's Tooke Turns Around Small-Cap Fund With `Unloved' U.S. Stocks

(Bloomberg) -- Nancy Tooke, the third manager of
Eaton Vance Corp.'s Tax Managed Small Cap Growth Fund since 2003,
is turning the fund around after a six-year slump.

The fund ranks first this year in its class of 235
competitors after rising 17 percent, data compiled by Bloomberg
show. The 60-year-old Tooke revived performance by investing in
what she calls ``unloved, undervalued'' companies such as
seismic-data designer Input/Output Inc. and ball-bearings maker
RBC Bearings Inc. Shares of Input/Output surged 67 percent in the
past year and RBC Bearings advanced 54 percent.


Read more at Bloomberg Exclusive News

Japan's Five-Year Government Notes Drop, Have Worst Month Since March 2006

(Bloomberg) -- Japan's five-year government notes had
the biggest monthly decline in more than a year on speculation
advancing stocks will back the case for the central bank to raise
interest rates this year.

Government reports this week showed the jobless rate dropped
to a nine-year low and households increased spending for a fourth
month. Bank of Japan policy board member Kiyohiko Nishimura said
the market ``appears to be factoring in future rate adjustments
in a gradual manner.'' Yields on two-year notes climbed to the
highest in almost a decade as the Nikkei 225 Stock Average rose
to a three-month high.


Read more at Bloomberg Bonds News

REFILE Derivatives traders see 121,200 gain in US payrolls

(Reuters) - That compares with prevailing forecasts on Wall Street
around 130,000. The Labor Department report is due out on
Friday at 8:30 a.m. .




Traders use the auctions to hedge against surprises in the
report or speculate on the outcome.


Read more at Reuters.com Economic News

Genesco first-quarter profit falls

(Reuters) - The Nashville, Tennessee-based company reported first-quarter net income of $2.2 million, or 10 cents a share, versus $10.5 million, or 40 cents a share, a year earlier. Net income included asset impairment charges of 15 cents a share.



Net sales rose 6 percent to $334.7 million.


Read more at Reuters.com Market News

Tiffany reports higher profit

(Reuters) - Earnings were a penny above the analysts' average forecast of 35 cents a share, according to Reuters Estimates.




Sales rose 15 percent to $620.9 million, helped by growth in most markets except for Japan.


Read more at Reuters.com Hot Stocks News

Jordanian Stocks Rise, Paced by Arab Bank Shares: World's Biggest Mover

(Bloomberg) -- Jordan's main stock index gained for
the first time in nine days on speculation the shares have become
cheap relative to prospects for earnings growth. Arab Bank Plc,
the country's largest lender, led the advance.

The Amman Stock Exchange General Index added 2.9 percent to
5831.06 at the close, the biggest move among markets included in
global benchmarks. The measure dropped 3.8 percent during its
latest losing streak and is down 5.2 percent so far this quarter.


Read more at Bloomberg Stocks News

Canada's Dollar Strengthens on Optimism About Economic Growth Prospects

(Bloomberg) -- The Canadian dollar rose, approaching
the 30-year high reached this week, on optimism of a government
report will show the nation's economy in the first-quarter
expanded at the fastest pace in two years.

The currency rose to 93.45 U.S. cents at 8:01 a.m. in
Toronto from 93.09 U.S. cents yesterday. It reached 93.56 U.S.
cents yesterday, the highest since July 1977. One U.S. dollar
buys C$1.0701.


Read more at Bloomberg Currencies News

Global sugar prices set for further falls - ISO

(Reuters) - Global sugar prices are likely to fall as strong Brazilian and Indian crops come on to the market, a senior economist with the London-based International Sugar Organization (ISO) said on Thursday.

Indian sugar harvest estimates were frequently being revised upwards, which would lead to the 2006/07 world sugar surplus swelling beyond the ISO's latest estimate of 9.1 million tonnes, the body's Sergey Gudoshnikov said.


Read more at Reuters Africa

FTSE 100 Stocks Gain, Led by Johnson Matthey, HBOS, BHP Billion Shares

(Bloomberg) -- U.K. stocks advanced, led by
Johnson Matthey Plc and HBOS Plc on broker recommendations.

Shares of BHP Billiton gained after the world's
largest mining company promoted Marius Kloppers to chief
executive officer, succeeding Charles ``Chip'' Goodyear.


Read more at Bloomberg Stocks News

Papua New Guinea May Produce 20 Million Tons a Year of LNG in 10-15 Years

(Bloomberg) -- Papua New Guinea may produce as much as 20
million metric tons a year of liquefied natural gas within 10 to 15
years, said Jack Hamilton, chief executive officer of Liquid Niugini
Gas Ltd.

The Pacific nation, which doesn't have LNG production yet, has
plenty of gas to support a gas export industry, Hamilton said today
at the South East Asia Australia Offshore Conference in Darwin.


Read more at Bloomberg Energy News

S.Africa April PPI quickens to 11.1 pct y/y

(Reuters) - South Africa's producer price inflation accelerated to 11.1 percent year-on-year in April after a 10.3 percent increase in March, far above forecasts, official data showed on Thursday.

On a monthly basis, PPI increased by 1.7 percent after a 1.2 percent increase in March.


Read more at Reuters Africa

Norilsk says Finnish regulator clears LionOre bid

(Reuters) - Russian metals giant Norilsk Nickel said on Wednesday it had received clearance from Finland's competition authority for its offer to buy Canadian miner LionOre.

Norilsk last Wednesday increased its bid for LionOre Mining International Ltd. to C$6.8 billion, raising the stakes in its battle with Xstrata Plc for the world's 10th-largest nickel producer.


Read more at Reuters Africa

Dollar steady near 7-week high vs euro, data eyed

(Reuters) - The dollar held near a seven-week high against the euro on Thursday as investors awaited a slew of U.S. data that could further cool expectations for the Federal Reserve to trim interest rates later in the year.

Revised U.S. data on first-quarter growth at 1230 GMT is forecast to show a downward revision from the initial estimate, but the May non-farm payrolls report on Friday is expected to show a rise, while a snapshot of manufacturing activity, also due on Friday, is seen holding up well in May.


Read more at Reuters Africa

Yen Volatility Prices `Too Good to Be True,' May Rise From 11-Year Low

(Bloomberg) -- Japanese yen option volatility may be
poised to rise from an 11-year low, drawing traders to wager on
appreciation of the yen and prospects that volatility won't
remain below historical levels.

Volatility on options granting the right to buy or sell yen
against the dollar in one year is nearly 1 percentage point below
measures of previous, average currency swings. Such a difference
may trigger trading models that hedge funds use to purchase
options.


Read more at Bloomberg Currencies News

Monster U.S. online jobs index rises in May

(Reuters) - The index showed a year-over-year growth of 13 percent, slower than the 14 percent in April, it said.




"Despite registering a more moderate annual rate of increase compared to the same period last year, the Monster Employment Index has shown stepwise growth in online job availability since the beginning of the year, and also points to a relatively stable U.S. labor market at the mid-point of second quarter," said Steve Pogorzelski, Group President, International at Monster Worldwide.


Read more at Reuters.com Business News