PRESS DIGEST - New York Times front page - June 15

(Reuters) - Masked Hamas gunmen took control of the Gaza Strip and the
Fatah president dissolved the 3-month-old unity government.




---


Read more at Reuters.com Bonds News

Babcock & Brown to buy Coinmach

(Reuters) - The transaction, which has been recommended by Coinmach's board, is expected to be completed by the third quarter of 2007. Coinmach's shareholders are yet to vote on the deal.




Coinmach's core business involves leasing laundry rooms from building owners, property management companies, universities and other multi-family housing properties, installing and servicing laundry equipment and collecting revenues from the laundry machines.


Read more at Reuters.com Mergers News

Oil Trades Near Nine-Month High on U.S. Refinery Slowdowns; Iran Concerns

(Bloomberg) -- Crude oil traded near a nine-month
high in New York after a drop in U.S. refining raised concern
that fuel supplies may remain below average.

Maintenance at refineries last week cut processing rates to
a six-week low, prompting oil companies to produces less diesel
and heating oil in an effort to boost gasoline stockpiles. Oil
also rose after Iran, the second-largest producer in the
Organization of Petroleum Exporting Countries, rejected United
Nations demands to suspend its uranium enrichment.


Read more at Bloomberg Commodities News

China's Soybean Oil Imports Surge 23 Percent; Palm Oil Imports Decline

(Bloomberg) -- China, the world's biggest vegetable
oil consumer, boosted its imports of soybean oil 23 percent in
May from April as lower domestic production and higher costs of
rival palm oil increased demand for the commodity.

Imports were 260,000 metric tons in May, according to
preliminary data issued by the Beijing-based customs office in
an e-mailed statement. Palm oil imports declined 17 percent to
360,000 tons from April, according to Bloomberg data.


Read more at Bloomberg Commodities News

U.K. Salary Increases Slowed in Quarter Through May, Pay Group Survey Says

(Bloomberg) -- U.K. salary increases slowed in the
quarter through May, a sign faster inflation has yet to stoke
higher pay, a survey by Industrial Relations Services showed.

Pay negotiators clinched gains of a median 3 percent, down
from 3.1 percent in the three months through April, the London-
based researcher said in a statement today. The result is based
on salary increases in 192 out of 260 wage deals for almost 1
million workers agreed during the quarter.


Read more at Bloomberg Bonds News

Yen Heads for Weekly Loss Before Bank of Japan's Interest Rate Decision

(Bloomberg) -- The yen was headed for a weekly loss
against the dollar and euro on speculation Bank of Japan
Governor Toshihiko Fukui will signal today he plans to raise
interest rates gradually.

The yen traded near a 4 1/2 year low against the dollar as
the lowest borrowing costs in the industrialized world spur
investors to take out loans in Japan and buy higher-yielding
assets elsewhere. Fukui will speak today after policy makers
conclude a two-day meeting. All 43 economists surveyed by
Bloomberg forecast they will keep the benchmark rate at 0.5
percent.


Read more at Bloomberg Currencies News

ABN Amro Plans to Raise $500 Million in Asia for Commodity Investment Fund

(Bloomberg) -- ABN Amro Holding NV, which markets
investor Jim Rogers' commodities indexes, expects this year to
win $500 million of investments in commodities products in Asia
driven by demand from insurance companies and money managers.

The products will offer a ``hedge-fund type strategy'' so
investors can benefit from declines as well as gains in
commodities, Matthew Wong, head of private investor products in
Asia for ABM Amro, the biggest Dutch bank, said in Shanghai
yesterday. The investments are raised in Asia outside of Japan.


Read more at Bloomberg Emerging Markets News

Melco to take majority stake in U.S. gaming firm

(Reuters) - VendingData will issue 55 million new shares and 88 million
warrants to Melco for the services to be provided.




The shares will represent 61.44 percent of the enlarged share
capital of VendingData, Melco said.



Read more at Reuters.com Mergers News

Japan Shares Rise on Oil, Nickel Prices, Weak Yen; Mitsubishi Corp. Gains

(Bloomberg) -- Japanese stocks climbed for a second
day. Trading companies including Mitsubishi Corp. led gains
after the price of oil rose to a nine-month high, while nickel
climbed the most in 10 weeks.

Honda Motor Co. led exporters higher after the yen fell to
the lowest in more than four years against the dollar, boosting
the value of their U.S. sales.


Read more at Bloomberg Stocks News

Japan's Nikkei Stock Average, Topix Rise; Canon, Mitsui & Co. Lead Gain

(Bloomberg) -- Japan's Nikkei 225 Stock Average
rose 93.35, or 0.5 percent, to 17,935.64 at 9:03 a.m. in Tokyo.
The broader Topix index added 8.58, or 0.5 percent, to
1765.22.

Canon Inc. and Mitsui & Co. led the advances.


Read more at Bloomberg Stocks News

UPDATE 1-Smith & Wesson Q4 beats estimates, raises 2008 view

(Reuters) - Net product sales rose 59.3 percent to $82.6 million.




Analysts were expecting earnings of 10 cents a share,
before items, on sales of $72.9 million, according to Reuters
Estimates.


Read more at Reuters.com Market News

RPT-BOJ starts policy meeting, rates seen on hold

(Reuters) - TOKYO, June 14 - The Bank of Japan looks set to
maintain interest rates unchanged at a two-day policy meeting
that started on Thursday, wanting to wait a while longer to see
if the economy has improved enough to withstand a rate hike.




Financial markets already see a rate hike by September as a
done deal, and will closely scrutinise comments by the bank's
governor, Toshihiko Fukui, for hints on how soon it will happen.


Read more at Reuters.com Bonds News

GM says making new investment in New York plant

(Reuters) - Union representatives and state and local officials have
been trying to secure production of GM's 4.5 liter diesel
engine for some pickup trucks and sport utility vehicles for
the 2010 model year.




Senator Hillary Rodham Clinton has written to GM Chief
Executive Rick Wagoner supporting efforts for production of the
engine at the upstate New York plant.


Read more at Reuters.com Bonds News

Bush backs move to revive immigration reforms

(Reuters) - Bush supported a proposed amendment which would provide some $4.4 billion for border security as a way to overcome conservative objections to the legislation that would legalize millions of unlawful immigrants.




Bush is anxious for Congress to approve what would be a significant legislative achievement in his second term in office, as he struggles with low approval ratings and the new Democratic majority on Capitol Hill.


Read more at Reuters.com Bonds News

Asian Stocks Gain in U.S. Trading For 2nd Day, Led by BHP Billiton, Chalco

(Bloomberg) -- Asian stocks trading in the U.S. rose
for a second day as commodity shares including BHP Billiton
gained along with prices of oil, gold and other metals.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, added 0.3 percent to
166.96.


Read more at Bloomberg Stocks News

Foreign cenbanks bought Treasuries despite slump

(Reuters) - The Fed said its holdings of Treasury and agency debt kept
for overseas central banks rose $7.55 billion in the week ended
June 13, bringing the total to $1.958 trillion.




A downward spiral in the Treasury market has catapulted
bond yields to five-year highs over the past week. Investors
have voiced concerns that the move would be accompanied by a
long-feared pullout by Asian central banks, which control over
a quarter of the market.


Read more at Reuters.com Bonds News

U.S. Fed approves Bank of NY-Mellon merger

(Reuters) - The deal, which will create an institution called Bank of
New York Mellon Corp., would combine two storied names in
American finance and create a powerhouse in custody services
for institutional investors and one of the biggest asset
managers.




Read more at Reuters.com Mergers News

Oil Jumps on U.S. Refining Slowdown, Iran's Refusal to Defer Nuclear Plans

(Bloomberg) -- Crude oil rose to a nine-month high
in New York on concern that U.S. refineries are failing to keep
up with growing gasoline demand, and after Iran said it isn't
willing to suspend its nuclear program.

Refineries operated at 89.2 percent of capacity last week,
the lowest since May 4 and the lowest utilization rate in 15
years for the second week in June, an Energy Department report
showed yesterday. Iran, the Middle East's second-largest producer
of crude oil, said its nuclear research is advancing. The U.S.
and its allies accuse Iran of developing nuclear weapons.


Read more at Bloomberg Energy News

Midwest takes step toward AirTran after vote

(Reuters) - NEW YORK, June 14 - Midwest Air Group Inc. shareholders on Thursday elected three board members nominated by would-be acquirer AirTran Holdings Inc. , Midwest Air said, based on a preliminary review of votes.



The election outcome, which still needs to be certified, weakens Midwest's effort to fend off AirTran's hostile takeover offer. The low-cost carrier said it was now willing to listen to AirTran.


Read more at Reuters.com Mergers News

Tyco bondholders say spin-off could be delayed

(Reuters) - The Ad-Hoc Committee of Tyco Noteholders said it wants to meet with the board. Tyco officials were not immediately available for comment.



) Keywords: TYCO BONDS/


Read more at Reuters.com Bonds News

Lehman raises $1.5bln private equity fund of funds

(Reuters) - Among the private equity firms that Lehman invests in are
The Blackstone Group, Carlyle Group, Doughty Hanson and JC
Flowers & Co. LLC, said John Buser, managing director and head
of the Fund of Funds team.




Lehman said the fund will commit up to 20 percent of its
capital to co-investment deals alongside private equity firms
and to acquire private equity fund interests in the secondary
market.


Read more at Reuters.com Mergers News

Mexican Peso, Bonds Advance on Expectations of Calderon Tax Collection Law

(Bloomberg) -- Mexican local-currency bonds and the
peso rose on expectations President Felipe Calderon will soon
send to congress his plan for boosting tax collections.

Agustin Carstens, Mexico's Minister of Finance, met with
opposition lawmakers this week to confirm their support for
Calderon's tax plan, El Universal daily reported today citing a
member of the finance committee in the lower house. The plan
will be submitted in coming days, according to the Mexico City
newspaper.


Read more at Bloomberg Currencies News

Federal Reserve hears call for subprime standards

(Reuters) - By Patrick Rucker



WASHINGTON, June 14 - The U.S. Federal Reserve must walk a "fine line" in considering how best to stop abusive practices in subprime mortgage lending because it does not want to choke off responsible loans, a top Fed official said on Thursday.


Read more at Reuters.com Government Filings News

Brazil's Bovespa Rises to Record on Prospects for Rate Cuts, Led by Vale

(Bloomberg) -- Brazil's main stock index rose to a
record as the central bank signaled it may keep cutting interest
rates in half-percentage point increments this year.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 587.74, or 1.1 percent, to 53,581.47 as of 12:05 p.m.
New York time, beating the June 1 high. Cia. Vale do Rio Doce, the
world's biggest iron-ore producer, led the gains.


Read more at Bloomberg Stocks News

Brazil's Real Rises as Central Bank Says Trade Surplus to Remain Strong

(Bloomberg) -- Brazil's real rose after the central
bank said it expects the country's trade surplus and flows into
local markets to remain strong.

The central bank also said in minutes released today from
last week's policy meeting that it expects inflation to remain in
check as the real's three-year rally keeps import prices in
check. That tame inflation outlook will help continue to lure
investment to Brazil's high-yielding assets, said Juliana Braga,
strategist at Banco UBS Pactual SA.


Read more at Bloomberg Currencies News

US STOCKS-Wall St rises on energy gains, growth optimism

(Reuters) - NEW YORK, June 14 - U.S. stocks advanced on
Thursday as rising oil prices sent shares of energy companies
including Exxon Mobil Corp. higher, offsetting
disappointment over profit reports from Bear Stearns
and Goldman Sachs .




Exxon shares led advances on both the Dow and the S&P 500
as U.S. crude for July delivery rose 1.4 percent to
$67.19 a barrel on fresh supply concerns.


Read more at Reuters.com Bonds News

Wheat Rises to 11-Year High, Extending Rally as Rains Delay U.S. Harvest

(Bloomberg) -- Wheat rose in Chicago and Kansas
City, extending its rally to the highest price since 1996, as
storms delayed the harvest of U.S. crops already diminished by
an earlier cold spell.

As much as 5 inches of rain fell overnight in Oklahoma and
Kansas, the largest wheat-growing state, and some fields were
hit by hail four inches in diameter, said Weather Derivatives
meteorologist David Salmon. Prices are up 33 percent in Chicago
since April 7, when some U.S. crops were hurt by temperatures
that dropped as low as 17 degrees Fahrenheit (minus 8 Celsius).


Read more at Bloomberg Commodities News

Bear bid list includes hybrid, option ARMs

(Reuters) - Also included are option ARMs from issuers such as
Countrywide Financial Corp. and Washington Mutual Inc.
, which are also mostly from 2004 and 2005, according to
the list.




Read more at Reuters.com Bonds News

Colombia Says Investors Offer to Sell Back More Than $800 Million of Debt

(Bloomberg) -- Colombia said that bondholders
offered to sell more than the $800 million of foreign debt the
South American country planned to buy back.

Colombia said in a statement that it will repurchase the
entire amount of the tendered bonds maturing in 2008, 2009, 2010
and 2011. It will buy back only half of the tendered 11 3/4
percent peso bonds due in 2010 and a quarter of the floating rate
notes maturing in 2013.


Read more at Bloomberg Emerging Markets News

U.S. Stocks Rise, Led by Energy, Materials Producers: Exxon Shares Advance

(Bloomberg) -- U.S. stocks rallied for a second
day, led by energy companies and miners, after advances in oil,
copper, gold and silver prices.

Exxon Mobil Corp., the largest crude producer, and Chevron
Corp., the second-biggest, led energy shares higher. CBOT
Holdings Inc., operator of the Chicago Board of Trade, climbed
after the Chicago Mercantile Exchange Holdings Inc. said it will
boost its bid.


Read more at Bloomberg Stocks News

WellPoint Seizes Lead in Selling Cheap U.S. Health Plans to Young Adults

(Bloomberg) -- Aetna Inc. and WellPoint Inc. are
competing to sell no-frills health plans to a generation of so-
called young immortals, Americans ages 18 to 34 who don't have
medical insurance because they doubt they'll need it.

Aetna, WellPoint and about 160 other U.S. insurance
providers see future sales growth in these 19 million young
adults. The companies are offering policies with monthly premiums
of $39 to $160, hundreds less than other plans. Insurers keep
costs low by requiring customers to pay as much as $5,000 of
their medical bills before coverage kicks in.


Read more at Bloomberg Exclusive News

Freddie Mac posts $211 mln net loss in 1st quarter

(Reuters) - The company reported a net share loss of 46 cents in the first quarter. Excluding unusual items, Freddie Mac was expected to show a profit of $1.09 per share in the first quarter, according to Reuters Estimates.




With this report, Freddie Mac returns to timely quarterly financial reporting for the first time since its 2003 accounting scandal, which led to a $5 billion restatement of past earnings.


Read more at Reuters.com Bonds News

Paulson says higher rates a 'wake-up call'

(Reuters) - He acknowledged that there has been volatility in financial
markets but said it was not worrying. "You're always going to
see volatility. I tend to look at the underlying economic
conditions, which I believe continue to still be very good."




Read more at Reuters.com Bonds News

WRAPUP 1-U.S. producer prices up on energy rise in May

(Reuters) - Separate data out on Thursday showed no change in the
number of workers signing up for first-time jobless benefits
last week, underscoring stability in the labor market.




Economists polled ahead of the data were expecting producer
prices -- the prices paid by manufacturers and wholesalers --
to rise 0.6 percent and by 0.2 percent when energy and food
were stripped out.


Read more at Reuters.com Economic News

Bear Stearns quarterly results fall

(Reuters) - Net income was $361.7 million, or $2.52 a share, for the fiscal second quarter ended May 31, compared with $539.3 million, or $3.72 a share, a year earlier.




Excluding a non-cash charge of $227 million, or 88 cents a share, related to the write-down of intangible assets linked to its Bear Wagner Specialists unit, earnings were $3.40 a share. On that basis, analysts on average had forecast $3.49 a share, according to Reuters Estimates.


Read more at Reuters.com Business News

Cryptologic, Gerdau Ameristeel, Transcontinental: Canadian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets.
This preview includes news that broke after markets closed. Symbols
are in parentheses after company names and prices are from the last
close.

The Standard & Poor's/TSX Composite Index gained 135.19, or 1
percent, to 13,859.52 in Toronto.


Read more at Bloomberg Stocks News

UPDATE 1-Sunrise Senior Living should be sold-hedge fund

(Reuters) - In a letter released Thursday, Millennium Partners LP,
which said it owns 1.3 million, or 2.5 percent, of Sunrise's
shares, called on Sunrise's board to sell, merge or restructure
the company, or to recruit new management.




It said Sunrise's business value is "north of $54 per
share," at least 30 percent higher than its Wednesday closing
price of $41.52. The market value of McLean, Virginia-based
Sunrise is roughly $2 billion.


Read more at Reuters.com Mergers News

Indonesia's Listrik Negara Hires UBS for Planned $1 Billion Bond Sale

(Bloomberg) -- PT Perusahaan Listrik Negara,
Indonesia's state utility, hired UBS AG to help it raise about $1
billion selling bonds, President Director Eddie Widiono said.

The company plans to meet investors in Hong Kong, Singapore,
London and Los Angeles from tomorrow till June 20 to promote the
debt sale, according to an e-mail sent to investors today.


Read more at Bloomberg Bonds News

Tanzania inflation falls to 5.0 pct yr/yr in May

(Reuters) - Tanzania's annual inflation rate dropped to 5.0 percent in May from 6.1 percent in April, the National Bureau of Statistics (NBS) said on Thursday.

Prices for foodstuff including rice, maize flour, spaghetti, sweet potatoes, vegetables, fruits, fish and coconuts were among those that eased, the NBS said. Prices of mineral water, cigarettes, kerosene diesel and petrol were among those that rose.


Read more at Reuters Africa

Swiss Franc Gains as Central Bank Says More Interest-Rate Increases Likely

(Bloomberg) -- The Swiss franc gained versus the
euro after Swiss National Bank President Jean-Pierre Roth said
more interest-rate increases are likely to be needed to prevent
inflation quickening.

The Zurich-based SNB raised its three-month Libor target
rate by 25 basis points to 2.5 percent, the highest since
September 2001, matching the forecast of all 25 economists in a
Bloomberg News survey.


Read more at Bloomberg Currencies News

UBM cutting 200 U.S. jobs amid online drive

(Reuters) - Shares in UBM were up 2.8 percent at 815-1/2 pence by 0948 GMT, to be one of the top four performing media stocks in Europe.




The revamp in its U.S. CMP Technology, which has more than 20 print titles such as "Wall Street & Technology", "Planet Analog" and "Call Center Magazine" will cost around $12 million.


Read more at Reuters.com Business News

U.K. Pound Extends Decline as Evidence of Slowing Economic Growth Mounts

(Bloomberg) -- The U.K. pound fell for a second day
versus the dollar after a report showed retail sales growth
slowed last month, reinforcing speculation four interest-rate
increases since August are crimping expansion.

Sales growth in Europe's second largest economy slowed to an
annual 3.9 percent last month, from 4.2 percent in April, the
Office for National Statistics said today. A separate report
showed house prices rose at the weakest pace in a year in May.
The data may make it less likely the Bank of England will raise
interest rates, eroding the lure of pound-denominated assets.


Read more at Bloomberg Currencies News

BT Group Returns to Bond Market After 6 Years With 1.5 Billion-Pound Sale

(Bloomberg) -- BT Group Plc, the U.K.'s largest
phone company, sold the equivalent of 1.56 billion pounds ($3.07
billion) of bonds in pounds and euros, according to a banker
managing the sale who declined to be named.

The sale by London-based BT was in three parts and is the
company's first debt issue in more than six years, according to
data compiled by Bloomberg.


Read more at Bloomberg Bonds News

Investors Should Cut Holdings of Dow Jones & Co. Shares, UBS Analysts Say

(Bloomberg) -- Investors should reduce holdings of
shares in Dow Jones & Co., the target of a $5 billion takeover
bid by News Corp., because there is no guarantee that the
controlling Bancroft family will accept the offer, UBS AG said.

Brian Shipman, a New York-based analyst at Europe's biggest
bank by assets, lowered his recommendation for the publisher of
the Wall Street Journal to ``reduce'' from ``neutral.''


Read more at Bloomberg Stocks News

U.S. Treasuries Decline, Resuming Six-Week Slump, Before Inflation Reports

(Bloomberg) -- U.S. Treasuries fell, resuming a
six-week slump, before government reports that will probably
show faster inflation.

The spread between 10-year and two-year yields has widened
to 14 basis points, from 2 basis points at the start of the
month. The Labor Department may say producer prices excluding
food and energy costs increased 0.2 percent in May from a month
earlier, after being unchanged in April, according to a
Bloomberg News survey of economists.


Read more at Bloomberg Bonds News

BOJ starts policy meeting, rates seen on hold

(Reuters) - TOKYO, June 14 - The Bank of Japan looks set to
maintain interest rates unchanged at a two-day policy meeting
that started on Thursday, wanting to wait a while longer to see
if the economy has improved enough to withstand a rate hike.




Financial markets already see a rate hike by September as a
done deal, and will closely scrutinise comments by the bank's
governor, Toshihiko Fukui, for hints on how soon it will happen.


Read more at Reuters.com Bonds News