Congo logging contracts under review

(Reuters) - A significant number of logging concessions issued by previous governments in the Democratic Republic of Congo, home to the world's second-largest tropical forest after the Amazon, could be scrapped under a World Bank-sponsored legal review.

"It's very hard to predict, but given the very clear criteria, it is reasonable to expect that a significant amount of the concessions will be canceled," Guiseppe Topa, a forest specialist for Africa at the World Bank, said in an interview with Reuters.


Read more at Reuters Africa

PRESS DIGEST - New York Times Business News - June 14

(Reuters) - * Kellogg Co. will phase out ads aimed at children
under 12 unless the products meet nutrition guidelines.
Products that did not meet the guidelines would either be
reformulated so that they did, or no longer be advertised to
children, the company said.




* Four leading Democratic and Republican senators proposed
legislation aimed at penalizing China over its export practices
and predicted that they would have the votes to pass it in the
U.S. Congress this year even if it was vetoed by President
Bush.


Read more at Reuters.com Government Filings News

China Aviation Oil Names New Managers to Run Company, Disbands Task Force

(Bloomberg) -- China Aviation Oil (Singapore) Corp.,
which sought protection from creditors in 2004 after a trading
scandal, appointed new managers to run the company.

The jet-fuel supplier named Zhang Zhenqi as executive
director and general manager of a group called the ``Senior
Officers Meeting,'' the company said in a filing to the Singapore
Exchange today. Zhang was formerly deputy head of a task force
set up in November 2004 to restructure the company after it
revealed $550 million in losses caused by bad bets on oil prices.


Read more at Bloomberg Emerging Markets News

Bear Stearns fund facing mortgage losses: WSJ

(Reuters) - Bear Stearns was not immediately available for comment.




Bids for the bonds, many of which are backed by risky subprime mortgages, are due on Thursday, shortly after Bear reports quarterly results. The fund could be shut down if the sale is not a success, the Journal reported.


Read more at Reuters.com Business News

Gold rallies from 3-month low

(Reuters) - However, traders said sentiment for gold was weak and nervous, noting it was trading at a level some 2 percent below the 100-day moving average of about $664.




"Gold is walking a very thin tightrope," said Akira Doi, director at Daiichi Commodities Co. Ltd.


Read more at Reuters.com Hot Stocks News

China Aviation Oil's Shares Extend Gains in Singapore on Acquisition Talk

(Bloomberg) -- Shares of China Aviation Oil
(Singapore) Corp. surged for a second day on speculation the
company will announce asset acquisitions.

The jet-fuel trader's shares rose 8.4 percent, or 19 cents,
to S$2.44 at 10:25 a.m. local time, and were headed for a record
close. The stock gained as much as 10.2 percent today following
yesterday's 16 percent advance.


Read more at Bloomberg Energy News

JPMorgan launches debut A$ 5-yr senior bond

(Reuters) - ANZ Investment Bank, JPMorgan and Westpac Institutional
Bank are jointly leading the planned sale.




Pricing is expected on Thursday.



Read more at Reuters.com Bonds News

South Korean Stocks Rise on U.S. Retails Sales; Samsung Electronics Gains

(Bloomberg) -- South Korean stocks advanced.
Samsung Electronics Co. rose after U.S. retail sales gained and
the Federal Reserve said growth isn't stoking inflation, easing
concern that interest rates will rise.

The Kospi index added 20.09, or 1.2 percent, to 1742.08 as
of 9:26 a.m. in Seoul. The Kosdaq gained 1.1 percent to 774.21.
Kospi 200 futures expiring in June climbed 1.2 percent to 221.15,
while the underlying index rose 1.2 percent to 221.10.


Read more at Bloomberg Stocks News

Australian Dollar Advances to 15-Year High Versus Yen on Yield Advantage

(Bloomberg) -- The Australian dollar rose to its
highest in 15 years against the yen as a surge in U.S. stocks
encouraged traders to buy higher-yielding assets with money
borrowed in Japan.

The local dollar the past year is the third-best performer
versus the yen of the 16 most-actively traded currencies as
investors extended so-called carry trades. Australia's 6.25
percent interest rate compares with Japan's 0.5 percent cost of
borrowing, the lowest among major economies. The Dow Jones
Industrial Average climbed 1.4 percent in the U.S., its biggest
gain in almost 11 months.


Read more at Bloomberg Currencies News

Crude Oil Is Steady After Rising on Small Gain in U.S. Gasoline Supplies

(Bloomberg) -- Crude oil was little changed in New
York after rising with gasoline yesterday on a report showing a
plunge in U.S. motor-fuel imports left supplies barely changed.

Gasoline inventories rose 3,000 barrels to 201.5 million on
June 8, 5.2 percent less than the five-year average for the
period, the Energy Department said yesterday. A 1.5 million
barrel increase was forecast by analysts. Price gains were
limited as U.S. gasoline output unexpectedly jumped to the
highest this year.


Read more at Bloomberg Energy News

House panel slashes student loan companies' subsidy

(Reuters) - The vote signalled that the $85 billion, student-loan
industry is likely headed for a major overhaul this year which
industry analysts predicted would squeeze large lenders'
profits and chase smaller ones from the sector.




The education committee's bill must now go to the full
House for consideration. Democrat George Miller, the bill's
author and education committee chairman, said. Action is not
expected before the July 4th holiday.


Read more at Reuters.com Bonds News

ICE bid for CBOT faces uphill battle, analysts say

(Reuters) - "While ICE's bid is superior financially, we get the sense that many CBOT members and long term holders would like to go with CME, given possibly greater integration and competitive risks from CME associated with an ICE deal," Deutsche Bank Securities Inc. analysts Rob Rutschow and Scott Appleby wrote in a research note.




Atlanta-based energy exchange ICE in March offered to buy the Chicago Board of Trade's parent, topping an earlier offer by Chicago Mercantile Exchange Holdings Inc., the largest U.S. futures mart.


Read more at Reuters.com Business News

Protestors disrupt Caterpillar shareholder meeting

(Reuters) - The disruption came after the Peoria, Illinois-based heavy construction and mining equipment manufacturer had reaffirmed its full-year sales and earnings outlook and voted on all shareholder proposals tabled for the meeting.




The protesters, who oppose Caterpillar's sale of tractors that are used by the Israeli Army to demolish the homes of Palestinian civilians, were quickly hustled out of the remote country club conference center 40 miles west of Chicago.


Read more at Reuters.com Business News

UPDATE 1-CSC profit up but shares fall on revenue miss

(Reuters) - CSC stock, up 2.6 percent this year as of Tuesday's close,
slipped 2.7 percent in extended trading following the earnings
report after closing up 2.4 percent in regular-session trading
on the New York Stock Exchange.




Net income in the company's fiscal-fourth quarter ended
March 30 increased to $249.7 million, or $1.42 per share, from
$158.8 million, or 84 cents per share, a year earlier.


Read more at Reuters.com Market News

Pentagon clears way for new cargo aircraft fleet

(Reuters) - One team is made up of L-3 Communications Holdings Inc.
, Boeing Co. and Alenia North America, a unit of
Italy's Finmeccanica SpA . It is offering the C-27J
Spartan.




Vying with it is a team of Raytheon Co. and
Europe's EADS , which is offering the C-295.


Read more at Reuters.com Government Filings News

Agricore shareholders approve buyout by SaskPool

(Reuters) - Agricore said chief executive Brian Hayward had retired,
leaving Saskpool CEO Mayo Schmidt in charge of the grain
handler.




Read more at Reuters.com Mergers News

UPDATE 1-Fed's Fisher says US rates part of "global" shift

(Reuters) - "The Euro curve has steepened. The Japanese curve has steepened," Fisher told reporters after a speech on education to the Rotary Club of Dallas.




Fisher skirted a question on whether a rise in yields could make the Fed's job of tamping down inflation easier, as some bond market pundits have suggested recently.


Read more at Reuters.com Bonds News

Union pushes for more disclosure in Blackstone IPO

(Reuters) - In its second letter to the Securities and Exchange
Commission, AFL-CIO said Blackstone should be required to
register under the Investment Company Act and follow the same
rules that govern mutual funds, which require more disclosure.




The letter was sent two days after Blackstone revealed in a
filing with the SEC that its co-founders stand to gain at least
$2.33 billion after the firm goes public.


Read more at Reuters.com Government Filings News

Apple, Applebee's, Epiq, Healthspring, Sapient: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 2:40 p.m. New York time.

A. Schulman Inc. (SHLM US) fell $2.95, or 12 percent, to
$21.01. The maker of plastics used in steering wheels cut its
2007 forecast, citing unexpected weakness in Europe and North
America. Profit this year will be $17 million to $23 million,
lower than an earlier estimate of as much as $30 million.


Read more at Bloomberg Stocks News

Enel Funds Endesa Bid With 4.97 Billion Euros of Debt in Biggest Bond Sale

(Bloomberg) -- Enel SpA, Italy's largest utility,
raised 4.97 billion euros ($6.61 billion) in the world's biggest
bond sale this year to help finance its bid for Endesa SA.

Today's debt sale almost doubles the Rome-based company's
outstanding bonds to 11.31 billion euros, according to data
compiled by Bloomberg. Enel bought is paying 43.7 billion euros
for Madrid-based Endesa.


Read more at Bloomberg Bonds News

UPDATE 2-US senators propose bill to press China on yuan

(Reuters) - WASHINGTON, June 13 - Four U.S. senators unveiled
a long-awaited bill on Wednesday aimed at forcing China to more
quickly raise the value of its currency by giving the U.S.
Treasury Department new tools to pressure Beijing.




The legislation, which does not mention China or any other
country by name, sets out a series of actions that increase in
severity over time.


Read more at Reuters.com Government Filings News

Canada new home prices not down as expected-Dodge

(Reuters) - "So far we haven't seen nearly as much abatement of that
pressure as we might have expected. Maybe it's still to come,
but there is still more upward pressure on new housing
prices."




Read more at Reuters.com Bonds News

Greenspan Says Low Global Interest Rates May Not Last, Reducing Liquidity

(Bloomberg) -- Former Federal Reserve Chairman Alan
Greenspan said low long-term interest rates may not last,
bringing an end to a global boom in financial liquidity.

``It's liquidity that is driving the world,'' Greenspan said
to a conference in Mexico City. ``It will continue to be strong
as long as real long-term interest rates stay low. This is not a
permanent feature. It's an intermediate-term period in world
economic history that has never occurred before.''


Read more at Bloomberg Bonds News

Soybeans Fall in Chicago as Rains May Revive U.S. Crops Stunted By Dryness

(Bloomberg) -- Soybeans fell for a second session
after reaching a three-year high on June 11 as cool, wet weather
may improve crops in the eastern Midwest, where plants have been
stunted by dry conditions in the past month.

Temperatures will average below normal and rains will be
above normal in the period June 18 to June 22, the U.S. National
Weather Service said. About 70 percent of the crop was rated good
or excellent on June 10, compared with 71 percent last week and
67 percent a year earlier, the U.S. Department of Agriculture
said this week.


Read more at Bloomberg Commodities News

Infrastructure, red tape hobble Africa economies - report

(Reuters) - African economies are lagging behind their emerging market counterparts as poor infrastructure and red tape continue to hobble the continent's global competitiveness, according to a new report.

"Low access to financial services emerges as a major obstacle for African enterprises, but poor infrastructure, corruption and weak institutions also make African goods and services less competitive in the global marketplace," a statement accompanying The Africa Competitiveness Report 2007 said.


Read more at Reuters Africa

Feds, states to cooperate on mortgage brokers

(Reuters) - Dugan said in prepared remarks for a House Financial Services Committee hearing on consumer protection that the coordinated effort is in its early stages and limited in scope.




The congressional hearing comes almost two months after the Supreme Court issued a decision that blocked state efforts to enforce strict consumer protection laws applying to mortgage units of national banks.


Read more at Reuters.com Bonds News

Canadian Stocks Rise, Led by Teck Cominco, Financials, as Bond Yields Ease

(Bloomberg) -- Canadian stocks rose as government
bonds rallied, pushing down bond yields from a near three-year
high. Financial shares including Bank of Nova Scotia gained, after
declining much of the past week on rising bond yields.

Shares of raw-materials producers such as Teck Cominco Ltd.
paced a rebound in the Standard & Poor's/TSX Composite Index as
copper and gold prices rose in New York.


Read more at Bloomberg Stocks News

Cabot settles lawsuit relating to carbon black prices

(Reuters) - However, the specialty chemicals maker denied wrongdoing of
any kind and said it agreed to settle the cases to avoid
additional expenses and protracted litigation.




The company added that it would continue to defend the
remaining antitrust lawsuits pending against it in several
state courts.


Read more at Reuters.com Market News

Colombian Peso Falls to Two-Week Low Versus Dollar as Risk Aversion Rises

(Bloomberg) -- Colombia's peso fell to a more-than-
two-week low on speculation that rising global interest rates
may prompt a flight to quality away from riskier, emerging
market assets.

The peso fell 2 percent last week, the biggest decline
since August, when yields on U.S. Treasury 10-year notes jumped
to a five-year high.


Read more at Bloomberg Currencies News

U.S. says China not deliberately undervaluing yuan

(Reuters) - "Treasury was unable to determine that China's exchange
rate policy was carried out for the purpose of preventing
effective balance of payments adjustment or gaining unfair
competitive advantage in international trade," the department
said.




The finding was unsurprising in view of Treasury Secretary
Henry Paulson's contention, repeated on Tuesday, that
persuasion is more likely than legislation to get Beijing to
alter its policy.


Read more at Reuters.com Bonds News

IFC helps fund Celtel's $320 mln African expansion

(Reuters) - The International Financial Corp (IFC) will contribute half of the $320 million in funding for cell phone operator Celtel to expand and upgrade its network in five African countries, it said on Wednesday.

Celtel is the African unit of Kuwait's Mobile Telecommunications Co., and it will inject the funds in Uganda, the Democratic Republic of Congo (DRC), Madagascar, Malawi and Sierra Leone.


Read more at Reuters Africa

WRAPUP 1-U.S. retail sales, import prices surge

(Reuters) - Sales by U.S. retailers rose 1.4 percent in May as
consumers shrugged off higher gasoline prices and increased
their spending on cars, clothing and building materials, a
Commerce Department report showed.




Import prices, which are monitored closely by Federal
Reserve policy-makers as a potential source of inflation, rose
for the fourth straight month on higher petroleum costs.


Read more at Reuters.com Economic News

Enel Sells $6.61 Billion of Bonds to Help Finance Bid for Spain's Endesa

(Bloomberg) -- Enel SpA, Italy's largest utility,
raised 4.97 billion euros ($6.61 billion) in Europe's biggest
bond sale this year to help finance its bid for Endesa SA.

The Rome-based company will pay as much as 34 basis points
more than benchmark rates on 1.5 billion euros of 10-year bonds,
the largest part of the financing, according to data compiled by
Bloomberg. That's 5 basis points more than the yield on Enel's
existing 750 million euros of 4.75 percent bonds due 2018. Enel
is paying more than Norwegian utility Statkraft AS, which has
worse credit ratings.


Read more at Bloomberg Energy News

Dollar Rises Sixth Day Against Euro as Retail Sales in May Beat Forecast

(Bloomberg) -- The dollar rose for a sixth straight
day against the euro after a government report showed U.S.
retail sales rose last month more than economists forecast.

Traders increased bets the Federal Reserve will hold
interest rates steady later this year. The U.S. currency
strengthened yesterday as former Federal Reserve Chairman Alan
Greenspan predicted a decline in U.S. bonds, pushing benchmark
10-year Treasury yields to the highest since 2002.


Read more at Bloomberg Currencies News

TREASURIES-Bond prices rebound on short-covering-traders

(Reuters) - The benchmark 10-year note's price rose 6/32 for a yield of
5.26 percent , compared with 5.29 percent late on
Tuesday. Bond yields and prices move inversely.







Read more at Reuters.com Bonds News

Oil Trades Little Changed on Expectations Report to Show Fuel Supply Grew

(Bloomberg) -- Crude oil traded little changed in New
York on speculation U.S. gasoline stockpiles rose for a sixth
straight week as refiners increased output.

An Energy Department report today will probably show refiners
added 1.5 million barrels of fuel to the nation's gasoline supply
last week, according to a Bloomberg News survey of 16 analysts.
Increases in refinery runs will raise demand for crude to make more
motor fuel during the summer.


Read more at Bloomberg Energy News

U.S. Stock-Index Futures Gain as Treasury Yields Decline; Merrill Gains

(Bloomberg) -- U.S. stock-index futures gained
after the yield on the 10-year Treasury bond retreated from a
five-year high and mortgage applications unexpectedly jumped.

Merrill Lynch & Co., the world's biggest brokerage, and
Wachovia Corp., the fourth-biggest U.S. bank, gained in trading
in Europe.


Read more at Bloomberg Stocks News

M.Stanley satisfied with current NH Hoteles stake

(Reuters) - NH Hoteles' biggest individual investor is Spain's Hesperia
hotel group. Hesperia holds 22 percent of its share capital and
in March it said it did not rule out bidding, along with
partners, for NH Hoteles.




Martinez, who was speaking at a presentation of the bank's
hotels and real estate business, added Morgan Stanley backed NH
Hoteles' management team.


Read more at Reuters.com Mergers News

US STOCKS-Futures flat, await data for clues on rates

(Reuters) - Data on U.S. retail sales and import prices for May is due
for release before the bell.




The yield on the benchmark 10-year Treasury note
was 5.31 percent, above the 5.29 percent seen late
on Tuesday. Bond prices and yields move inversely.


Read more at Reuters.com Bonds News

European Government Bonds Slump on Concern Growth Will Push Rates Higher

(Bloomberg) -- European government bonds slid by the
most in more than a year on concern quickening global expansion
will prompt central banks to increase interest rates.

The slump sent 10-year yields to the highest since July 2002
as traders raised bets the European Central Bank will lift rates
twice more in 2007 and as ECB official Erkki Liikanen said the
outlook for growth in the region will stay positive. Bunds
followed Treasuries lower after former Federal Reserve Chairman
Alan Greenspan forecast rising yields and greater premiums on
emerging-market debt.


Read more at Bloomberg Bonds News

U.K. Bond Yields Reach Seven-Year High on View Rates Will Rise Further

(Bloomberg) -- Gilts fell, pushing yields to the
highest in seven years, on speculation global interest rates will
rise further as central banks attempt to check inflation.

Benchmark U.K. debt fell for a second day after former
Federal Reserve Chairman Alan Greenspan predicted an increase in
U.S. yields yesterday. Gilts extended declines as a government
report today showed unemployment at a 20-month low, which may
quicken inflation and erode the value of bonds' fixed returns.


Read more at Bloomberg Bonds News

CP Prima's Debt Rated Four Steps Below Investment Grade by Moody's, Fitch

(Bloomberg) -- PT Central Proteinaprima, an
Indonesian unit of Thailand's biggest poultry producer, received
non-investment grade ratings for its first bond offering.

Central Proteinaprima, which plans to raise as much as $400
million selling bonds, was rated B1 by Moody's Investors Service
and B+ by Fitch Ratings, four levels below investment grade, the
credit assessors said in separate statements today.


Read more at Bloomberg Bonds News

FTSE down on interest rate worries; banks weigh

(Reuters) - Britain's leading shares edged down on Wednesday amid a global slide triggered by U.S. Treasury bond yields hitting their highest in five years and exacerbating fears that central banks around the world may hike interest rates.

At 0722 GMT the FTSE 100 index was 26.8 points, or 0.4 percent lower at 6,493.6.


Read more at Reuters Africa

Oil steady as U.S. gasoline stocks seen climbing

(Reuters) - London Brent crude , currently seen as more representative of the global market, was 9 cents down at $68.70 a barrel by 0724 GMT, after a 77 cent drop on Tuesday. U.S. crude fell 3 cents to $65.32 after a 62 cent fall.




U.S. gasoline stocks were forecast to have risen by 1.7 million barrels last week as refinery usage increased, a Reuters poll of analysts said , though analysts said demand was still looking strong in the world's top consumer.


Read more at Reuters.com Business News

OMX chiefs say U.S. rules won't apply after merger

(Reuters) - In a signed article in Swedish business daily Dagens Industri, Chairman Urban Backstrom and Chief Executive Magnus Bocker sought to assuage concerns raised by some banks, brokerages and owners that the deal would mean more demanding U.S. regulations would apply to them.



"OMX would not have announced the deal without being absolutely convinced that a merger with Nasdaq would not mean the Nordic exchange, its members or listed firms were forced to adapt to U.S. rules against their will," the heads of OMX said.


Read more at Reuters.com Mergers News

Nikkei edges lower on rate worry but exporters up

(Reuters) - A weaker yen is a boon to companies that make the bulk of their sales abroad because it boosts profits when earnings from abroad are brought home.




The Nikkei shed 28.14 points to 17,732.77, while the broader TOPIX index was 0.33 percent lower at 1,745.92.


Read more at Reuters.com Hot Stocks News