UPDATE 2-U.S. immigration reform advocates vow comeback

(Reuters) - WASHINGTON, June 8 - Backers of a broad U.S.
immigration overhaul on Friday began efforts to revive the
stalled bipartisan package in the U.S. Senate amid partisan
bickering over who is to blame for the bill's failure.




Sen. Edward Kennedy, a Massachusetts Democrat who helped
lead months of painstaking negotiations that produced the
fragile compromise, said: "We are not giving up. We are not
giving in."


Read more at Reuters.com Bonds News

Stocks still have room to extend rally

(Reuters) - Major stock market gauges recovered on Friday after a bond sell-off pushed the benchmark 10-year U.S. Treasury note's yield up to 5.25 percent -- matching the fed funds rate target at one point -- from levels below 5 percent a week ago. That jump in government bond yields rattled investors who, skittish about a bull market that has lasted longer than most, worry that rising capital costs will cut corporate profits.




Around midday on Friday, stocks began rallying as the 10-year note's yield retreated to around 5.11 percent.


Read more at Reuters.com Business News

Senator to seek private student loan crackdown

(Reuters) - "This legislation will help to ensure that students understand the products they are buying to help finance their education, and that unfair and deceptive practices in this market are outlawed," said Sen. Chris Dodd, a Connecticut Democrat and presidential candidate.




Dodd's committee held a hearing on Wednesday to look into questionable practices in the private student loan market, which now accounts for 20 percent of lending to college students. The remaining 80 percent comes from government-guaranteed and direct government loans.


Read more at Reuters.com Government Filings News

Brazilian Real Rebounds on Equities; Weekly Loss Largest Since May 2006

(Bloomberg) -- Brazil's real suffered its largest
weekly decline since May 2006 while eking out its first gain
this week on rising U.S. stocks that bolstered demand for
riskier, emerging market assets.

The real reversed early declines today, rebounding from a
three-week low. Emerging market currencies declined yesterday
after U.S. treasury yields breached 5 percent for the first time
since August.


Read more at Bloomberg Currencies News

U.S. immigration reform advocates vow comeback

(Reuters) - Sen. Edward Kennedy, a Massachusetts Democrat who helped
lead months of painstaking negotiations that produced the
fragile compromise, said: "We are not giving up. We are not
giving in."




The bill ties tough border security and workplace
enforcement measures to a temporary worker program and a plan
to legalize most of the 12 million illegal immigrants in the
United States. It also would create a new merit-based system
for future immigration.


Read more at Reuters.com Bonds News

Greek Pension Funds Accept Offer to Sell Disputed Bonds Back to JPMorgan

(Bloomberg) -- Four Greek pension funds that said
they were sold government bonds at inflated prices agreed to
accept a buyback proposal from underwriter JPMorgan Chase & Co.
after the government sweetened the bank's offer.

``We have received commitments in principle from all of them
to proceed with our proposed offer,'' Michael Golden, a spokesman
for New York-based JPMorgan, said in a statement.


Read more at Bloomberg Bonds News

Sprecher, Brodsky Say Further Talks on CBOE Legal Dispute Are Possible

(Bloomberg) -- The top executives of Intercontinental
Exchange Inc. and the Chicago Board Options Exchange said they
are open to further negotiations to resolve a longstanding legal
dispute between the CBOE and the Chicago Board of Trade.

Intercontinental Exchange Chief Executive Officer Jeff
Sprecher is working with CBOE to help his effort to break up the
Board of Trade's plan to sell itself to the Chicago Mercantile
Exchange. The CBOT has accepted a $10 billion acquisition offer
from the Chicago Mercantile Exchange over Sprecher's unsolicited
$10.8 billion bid.


Read more at Bloomberg Energy News

Cocoa Falls to Five-Week Low After Ivory Coast Boosts Forecast for Harvest

(Bloomberg) -- Cocoa in New York fell to the lowest
in more than five weeks after Ivory Coast, the world's biggest
grower, raised its estimate of this year's harvest.

The West African nation's Economy and Finance Ministry
boosted the forecast by 3.7 percent to 1.4 million metric tons,
according to a document handed to Bloomberg News yesterday by a
ministry official who asked not to be identified.


Read more at Bloomberg Commodities News

Imperial Oil Restarts Crude Processing Unit at Edmonton, Alberta, Refinery

(Bloomberg) -- Imperial Oil Ltd., Canada's largest
refiner, restarted a crude-oil processing unit at its Edmonton,
Alberta, refinery shuttered by a June 2 fire.

It will ``take a few days'' for the unit to resume full
operations, Imperial spokesman Gordon Wong said today in a
telephone interview. The company does not disclose the capacity
of individual units at its refineries, he said.


Read more at Bloomberg Energy News

U.K.'s FTSE 100 Closes Unchanged; Shell Gains on Merrill Lynch Upgrade

(Bloomberg) -- U.K. stocks including Royal Dutch
Shell Plc rose after Merrill Lynch & Co. suggested investors
increase their holdings of the shares. BHP Billiton paced falling
shares after copper fell in London. Rexam Plc declined on talks
to buy a plastics company.

The benchmark FTSE 100 Index today was unchanged at
6,505.10. For the week, the index declined 2.6 percent, its
biggest weekly drop in three months. The FTSE All-Share Index
dropped 0.1 percent today to 3,364.66. Ireland's ISEQ Index lost
0.5 percent to 9,381.82.


Read more at Bloomberg Stocks News

Moody's raises CMS' debt rating on lower leverage

(Reuters) - CMS has been making asset sales and using proceeds to
reduce its debt. CMS has now successfully completed the sale of
its businesses in the Middle East, Africa, India, Argentina and
Venezuela as well as the sale of certain northern Michigan gas
assets, Moody's said.




Moodys raised CMS' senior unsecured debt two notches to
"Ba1," one step below investment grade, from "Ba3." The outlook
is "stable," indicating an additional rating change is not
anticipated over the next 12 to 18 months.


Read more at Reuters.com Bonds News

Copper Drops Most in Four Months on Expectations of Rising Interest Rates

(Bloomberg) -- Copper futures in New York tumbled the
most in four months on expectations that rising borrowing costs
in major economies will slow growth and limit demand for metals.

Copper, which generally moves in tandem with economic
growth, has gained 14 percent this year during a global
expansion. The U.S. Federal Reserve is unlikely to cut interest
rates before 2008, according to a Bloomberg survey. Economists
last month forecast a 25 basis-point cut in the fourth quarter.
The European Central Bank, the Reserve Bank of New Zealand and
South Africa's central bank raised interest rates this week.


Read more at Bloomberg Commodities News

Dollar Rises to Two-Month High Against Euro as Treasuries Draw Investors

(Bloomberg) -- The dollar surged to a more than two-
month high versus the euro and rose against the yen as benchmark
Treasury yields attracted international investors, boosting the
U.S. currency's appeal.

The dollar also strengthened against the British pound and
Swiss franc as the yield of the 10-year U.S. note rose as high
as 5.25 percent. A government report showing the U.S. trade
deficit narrowed in April added to evidence that the world's
largest economy is gaining strength.


Read more at Bloomberg Currencies News

Crude Oil Declines From a Nine-Month High as Cyclone Gonu Misses Platforms

(Bloomberg) -- Crude oil fell from a nine-month high
on speculation that U.S. fuel supplies will increase for a sixth
straight week and as Cyclone Gonu weakened after threatening the
Persian Gulf.

U.S. gasoline inventories rose 4.4 percent in the past five
weeks, the Energy Department said. U.S. refiners maximize output
of the fuel at this time of year to meet peak demand. Gonu is
dissipating after sweeping across coastal Oman and Iran. Oman's
ports, including its oil-export terminal at Mina al-Fahal, opened
today for partial operations, Gulf Agency Co. reported.


Read more at Bloomberg Commodities News

Cosan, Petrobras, Sao Martinho and Vale do Rio Doce: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index fell for a
fourth day, led by mining company Cia. Vale do Rio Doce.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 771.70, or 1.5 percent, to 51,277.61 as of 9:58 a.m.
New York time.


Read more at Bloomberg Stocks News

Consumers see no housing strength til mid-08-survey

(Reuters) - "This standoff has remained largely unchanged since the
start of 2007, but it is likely to gradually recede over the
next year," Curtin said in a statement on the survey, which was
produced in May.




"While monthly sales are likely to vary as either buyers or
sellers gain temporary advantage, a sustained upward trend is
not expected until mid-2008," Curtin said.


Read more at Reuters.com Economic News

Marriott to pay $220 mln in tax settlement

(Reuters) - The charge was not included in Marriott's second-quarter earnings guidance, the company said.




In April, the top U.S. hotel company had forecast second-quarter earnings, excluding its synthetic fuel operations, of 51 cents to 55 cents per share.


Read more at Reuters.com Government Filings News

U.S. May Leave Florida Orange Crop Forecast Unchanged as Harvest Nears End

(Bloomberg) -- The U.S. government may leave its
estimate for Florida's orange crop, the world's biggest after
Brazil, unchanged as the harvest nears an end.

The Department of Agriculture on June 11 will probably
maintain last month's projection for Florida's crop at 130.6
million boxes, according to four analysts and traders surveyed by
Bloomberg. That would be the smallest harvest in 17 years. A
recent drought in Florida probably did not harm the crop,
analysts said. A box of oranges weighs 90 pounds.


Read more at Bloomberg Commodities News

U.S. Stock Futures Gain After 10-Year Bond Yields Slip From Day's High

(Bloomberg) -- U.S. stock-index futures rose after
Treasury yields fell from their highs of the day.

McDonald's Corp., the world's biggest restaurant chain,
gained after reporting a jump in May sales. National
Semiconductor Corp. advanced after the maker of computer chips
posted profit that beat analysts' estimates and announced a $2
billion stock buyback.


Read more at Bloomberg Stocks News

African Copper says hedged sales at $3 per lb

(Reuters) - Prospective copper miner African Copper has forward sold 5,850 tonnes of copper from its Botswana operations at $3 per lb.

The hedge will run between April and December 2008, Chief Executive Jospeh Hamilton said on Friday.


Read more at Reuters Africa

Swiss Franc Set for 6th Weekly Drop on Global Interest Rate Expectations

(Bloomberg) -- The Swiss franc headed for a sixth
weekly decline versus the dollar as expectations of higher
interest rates around the world fuel the so-called carry trade.

Low-yielding currencies such as the franc and Japan's yen
have fallen in recent months because their low interest rates make
them favorites for investors to borrow in to fund purchases of
higher-yielding assets. The franc slumped the most versus the
dollar in six months today as traders pare bets the U.S. Federal
Reserve will cut borrowing costs this year.


Read more at Bloomberg Currencies News

Texas Trims Sale as Detroit, New Jersey Borrowers Postpone Amid Rate Rise

(Bloomberg) -- Texas sold the largest of $6.4
billion in new long-term debt issued by U.S. states and
municipalities this week, even as other local governments
scrapped offerings as borrowing costs rose to the highest in
almost 10 months.

Texas, the second-largest state by area and population,
trimmed its general obligation debt sale by 5 percent to $1.01
billion as U.S. yields climbed. Among municipal borrowers that
shelved bond deals, a Detroit airport authority and a New Jersey
environmental trust postponed offerings aimed at refinancing
higher-interest debt.


Read more at Bloomberg Bonds News

Canadian Dollar Weakens as Economy Added Fewer Jobs in May Than Forecast

(Bloomberg) -- Canada's dollar fell after a
government report showed employers added fewer jobs in May than
economists forecast.

Canada's economy added 9,300 jobs last month after shedding
5,200 positions in April, Statistics Canada said today.
Employers were expected to add 14,300 new jobs in May, according
to the median forecast of 24 economists surveyed by Bloomberg.
The unemployment rate held steady at 6.1 percent.


Read more at Bloomberg Currencies News

TVO Starts Olkiluoto-2 Nuclear Reactor in Finland After a Fire Yesterday

(Bloomberg) -- Teollisuuden Voima Oy, a Finnish power
producer, started its Olkiluoto-2 reactor today after a fire in the
unit's turbine shaft caused it to halt yesterday.

The 860-megawatt unit at Olkiluoto started at 1 a.m. local
time, the plant's operator said in a note distributed by the Nord
Pool ASA power exchange.


Read more at Bloomberg Energy News

Central European Government Bonds Decline on Rising Global Benchmark Rates

(Bloomberg) -- Central European government bonds fell,
sending yields soaring, on speculation rising global interest
rates will make emerging market assets relatively less attractive
to investors.

New Zealand unexpectedly raised interest rates yesterday, and
the day before the European Central Bank raised its benchmark to a
six-year high. Futures trading in the U.K. shows traders expect
rates to rise at least once more this year after the Bank of
England yesterday kept them on hold. In the U.S, Fed Bank of
Richmond President said growth in the world's largest economy will
rebound, reducing the chances of a rate cut.


Read more at Bloomberg Bonds News

U.S. shares to open higher despite inflation worries

(Reuters) - "I could imagine that for now the nervousness will stay in
the markets," David Pieper, analyst at German regional bank
LBBW, said.




"The problem continues to be worries about inflation, which
prompt some to lock in profits. I think we'll tend to weaker
trade today again, with only second-tier data expected," Pieper
added.


Read more at Reuters.com Bonds News

Softbank, Nissan Lead Japan Bond Sales on Concern Interest Rates to Rise

(Bloomberg) -- Japanese companies including Nissan
Motor Co., Softbank Corp. and Nippon Yusen K.K. raised 355
billion yen ($2.9 billion) selling bonds today as their credit
improved and concern grew about an increase in interest rates.

Nissan, Japan's third-largest automaker, raised 100 billion
yen and Softbank, billionaire Masayoshi Son's telecommunications
group, raised a more-than-targeted 70 billion yen in debt sales.


Read more at Bloomberg Bonds News

Signet says U.S. trading environment weakend in Q1

(Reuters) - Burman said the group had seen weak sales over the Mother's
Day period at the start of the second quarter but trading since
had seen like-for-like sales return to the first-quarter
underlying rate of growth.




"There is no mistaking the fact that this is a fairly
cautious statement, although at this stage, we retain our
recommendation of hold," Seymour Pierce Analyst Andrew Wade
said.


Read more at Reuters.com Market News

U.K.'s FTSE 100 Index Slides, Paced by Vodafone; Anglo American Retreats

(Bloomberg) -- U.K. stocks fell, paced by
Vodafone Group Plc. Anglo American Plc led mining shares
lower after copper slid in Asia.

The benchmark FTSE 100 Index decreased 28.6, or 0.4
percent, to 6,476.5 at 8:10 a.m. in London. The FTSE All-
Share Index dropped 0.4 percent to 3,351.99. Ireland's ISEQ
Index lost 0.7 percent at 9,396.98.


Read more at Bloomberg Stocks News

South Korean Won Weakens as Global Investors Sell Stocks; Bonds Decline

(Bloomberg) -- South Korea's won weakened the most
since May 18 as overseas investors sold the nation's equities
after a drop in global stock markets. Government bonds declined.

The won fell this week as sales of Korean shares by overseas
fund managers today exceeded purchases by the most in a year,
according to Korea Exchange data. The benchmark Kospi index of
equities dropped 1.5 percent today.


Read more at Bloomberg Currencies News

Libya Will Keep Using Tamoil's Plants for European Refining, Ghanem Says

(Bloomberg) -- Libya, Africa's second-largest oil
producer, will still refine some of its crude in the refineries of
Tamoil SA after selling a majority stake in the company to Colony
Capital LLC.

``Tamoil will remain an important tool to market Libyan oil,''
Shokri Ghanem, the chairman of Libya's state-owned National Oil
Corp., said on the company's Web site.


Read more at Bloomberg Energy News