FDA declines to approve Encysive's Thelin

(Reuters) - As a result of the FDA's decision, the company said it may have to make significant infrastructure and staff cuts in the United States. It is also reviewing its strategic alternatives.




According to Houston-based Encysive, the U.S. Food and Drug Administration , in a third approvable letter, said Thelin did not demonstrate the effectiveness required for approval as a treatment for pulmonary arterial hypertension, or PAH.


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Congress could move quickly on Blackstone bill

(Reuters) - Backers of the bill were expected to spend the immediate future weighing reaction to it, with an eye on the narrowing window for legislation ahead of a scheduled August recess and the 2008 election campaigns kicking into high gear.




An aide to Montana Democratic Sen. Max Baucus, one of the bill's co-authors, said, "There's no immediate timetable for action, but we'll move forward as appropriate."


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Gilead wins US approval to sell new lung drug

(Reuters) - The drug's generic name is ambrisentan, and it will be sold under the brand name Letairis.



) Keywords: GILEAD LUNG/


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StealthGas files for $200 mln debt, stock shelf

(Reuters) - StealthGas will use its proceeds from the offering for
general corporate purposes, including the acquisition of new
vessels, working capital and debt repayment.




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S&P cuts Abitibi, Bowater on falling profitability

(Reuters) - "North American newsprint demand, a key driver of Abitibi's
profitability and cash flow, has declined faster than expected,
with a year-over-year drop of about 9 percent in the first half
of 2007," S&P said in a statement.




A strong Canadian dollar is also pressuring margins at
Abitibi, S&P said.


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Analysts mull Lexmark's status as takeover target

(Reuters) - To be sure, no suitor has publicly announced interest in
Lexmark, known for its inkjet and laser printers, and the
company has not declared any interest in being sold.




But analysts say the active merger market could see a
leveraged buyout by those interested in Lexmark's competitive
laser printers, its proven ability to generate cash, and its
deflated stock price.


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Brazilian Stocks Surge to Weekly Gain on Rate Cuts; America Movil Advances

(Bloomberg) -- Brazil's main stock index rose for a
third day, heading for the biggest weekly gain in three months, on
speculation that faster interest rate cuts by the central bank will
lead to increased company profits and spur investment in stocks.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange gained 869.33, or 1.6 percent, to 54,582.22 as of 1:18
p.m. New York time, led by Petroleo Brasileiro SA. The weekly gain
of 4.3 percent was the steepest since March 23. Mexico's Bolsa
index rose 0.7 percent to 32,341.09, eclipsing a June 5 record and
heading for a 2.8 percent weekly gain.


Read more at Bloomberg Stocks News

Oil Rises to Nine-Month on Speculation Gasoline Output to Trail Demand

(Bloomberg) -- Crude oil in New York rose to the
highest price since September on concern that U.S. refiners will
be unable to keep up with growing gasoline demand.

Valero Energy Corp. shut a unit at its Corpus Christi,
Texas, refinery yesterday, according to a state-administered Web
site. Refineries in the U.S. and Canada have unexpectedly shut
units this spring, paring gasoline production for the peak-demand
driving season. U.S. refineries reduced operating rates the past
three weeks, an Energy Department report on June 13 showed.


Read more at Bloomberg Commodities News

Emerging bond fund flows stable despite sell-off

(Reuters) - The category had net inflows of $272 million in the period,
but $282 million of that were directed into a single fund that
opens to subscriptions or redemptions only once a month,
according to data from EPFR Global.




"It could have been activity from earlier in the month. If
you cancel out that fund then you've got flat flows," Brad
Durham, EPFR Global's managing director, told Reuters in a
phone interview.


Read more at Reuters.com Bonds News

BP says Prudhoe Bay oil field running normally

(Reuters) - He added the 400,000 barrel-per-day field typically
undergoes planned routine maintenance over the summer months,
which can occasionally reduce output, but he declined to give
details on timing.




"This is our traditional turnaround season," he said.


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Mauritius 2007/08 growth seen rising to 5.5 pct

(Reuters) - Mauritian economic growth will rise to 5.5 percent in the 2007/08 fiscal year from just under 5 percent this year, the Indian Ocean nation's finance minister said in his annual budget speech on Friday.

"We are taming the twin beasts of budget deficit and public debt to create fiscal space for development," Rama Sithanen told parliament. "Growth will accelerate from just under 5 percent in 2006/07 to almost five and a half percent in 2007/08."


Read more at Reuters Africa

UPDATE 2 - U.S. long-term capital inflows jump in April

(Reuters) - NEW YORK, June 15 - Long-term capital inflows to
the U.S. jumped in April to their highest since January as
foreign investors took advantage of a weakening dollar to snap
up U.S. equities.




Net long-term capital inflows, excluding swaps, rose to
$84.1 billion in April from $51.2 billion in March, the
Treasury Department said on Friday. It was the largest inflow
since January, when long-term flows were $99.2 billion.


Read more at Reuters.com Economic News

Corn, Soybeans Rise as Lack of Rain in Midwest Threatens to Dry Out Fields

(Bloomberg) -- Corn rose to a three-month high in
Chicago and soybeans gained for the third time this week on
forecasts for dry, warm weather that will reduce soil moisture
and increase plant stress for the two biggest U.S. crops.

Rain totals the next two weeks will be less than half of
normal in the eastern Midwest, even as plants' demand for water
increases, said CropCast Agricultural Weather in Rockville,
Maryland. Drought conditions expanded for an eighth straight
week as of June 12, the National Drought Mitigation Center at
the University of Nebraska in Lincoln said.


Read more at Bloomberg Commodities News

U.S. leading index growth rate at 3-year high -ECRI

(Reuters) - The WLI annualized growth rate reached 6.9 percent, the
highest since May 14, 2004, when it was 7.2 percent.




"With WLI growth at its highest reading in over three
years, U.S. economic growth is bound to pick up in the months
ahead," said Lakshman Achuthan, managing director at ECRI.


Read more at Reuters.com Economic News

Chile's Peso Gains Most in Two Weeks as Stock Gains Improve Export Outlook

(Bloomberg) -- Chile's peso rose the most in more
than two weeks after stock markets surged, improving the outlook
for the country's main exports, such as copper.

Equity indexes in Asia, Europe and the U.S. gained as growth
prospects improved and the price of commodities strengthened.
Copper rose for a third day.


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Monsanto raises fiscal 2007 earnings outlook

(Reuters) - Monsanto also said that third-quarter results were expected to be about $1.00 per share on an ongoing and reported basis.




Read more at Reuters.com Business News

Iberia board split ahead of sale decision -sources

(Reuters) - LONDON, June 15 - Board members of Spanish airline Iberia are divided over whether to sell the company as they prepare to make a decision in about two weeks, people familiar with the situation said. Iberia has received a takeover bid valuing the carrier at 3.4 billion euros from a group that includes private equity firm TPG [TPG.UL] and minority shareholder British Airways . The board plans to vote on June 28.



"There's lack of definition in the board," one of the sources close to the negotiations said. "It's a complex board, and this isn't an easy case. It's a difficult industry. It's not like there's going to be lots of offers or that there's a list of people interested. You can't really wait for a bidding war."


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Higher yields not bad for stability-ECB's Papademos

(Reuters) - Releasing the ECB's latest financial stability report,
Papademos said he did not think higher inflation expectations
played a major role in higher long-term bond yields.




Investors' concerns that central banks around the world will
keep rates higher for longer than previously thought have
sparked a rout on bond markets in recent weeks. U.S. 10-year
Treasury yields have gained more than half a
percentage point since the beginning of May, hitting a near
five-year peak of 5.25 percent last week.


Read more at Reuters.com Bonds News

UPDATE 1-U.S. May industrial production unchanged

(Reuters) - Analysts polled by Reuters were expecting industrial
production to rise 0.2 percent and the nation's factories,
mines and utilities to use capacity at an 81.6 percent rate.




Manufacturing output rose by 0.1 percent in the month,
while mining production gained 0.5 percent. Utilities output
fell by 1.3 percent because of unusually cold temperatures in
the month, the Fed said.


Read more at Reuters.com Economic News

ITW reaffirms 2nd qtr, full-year profit forecasts

(Reuters) - CHICAGO, June 15 - Diversified manufacturer Illinois Tool Works Inc. on Friday reiterated its profit forecasts for the year, reaffirming that demand overseas remains strong while North America continues to be weak.



The company said it still expects to earn 86 to 90 cents a share in the second quarter and $3.27 to $3.39 a share for the year. It previously offered those forecasts in April.


Read more at Reuters.com Market News

U.S. Stock Index Futures Rally After Measure of Consumer Prices Slows

(Bloomberg) -- U.S. stock-index futures rose after
consumer prices excluding food and energy fell in May, easing
inflation concern.

The 0.1 percent advance in the Labor Department's so-called
core consumer price index was half what economists forecast in a
Bloomberg survey. The slower growth in prices may diminish the
Federal Reserve's reluctance to lower interest rates. Fed
officials have said inflation is their ``predominant concern.''


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Gold clearing statistics fall in May - LBMA

(Reuters) - Gold ounces transferred fell 3.5 percent to a daily average of 19.5 million ounces in May, compared with the previous month, the London Bullion Market Association (LBMA) said on Friday.

Based on an average fixing of $666.86 an ounce -- $12.50 lower than in April -- value fell to a daily average of $13.0 billion from $13.7 billion the previous month.


Read more at Reuters Africa

Japan Q1 investment trust assets surge to record

(Reuters) - The share of investment trusts in total Japanese household
assets rose to 4.5 percent at the end of March, while the share
of bank deposits and cash in overall financial assets dipped to
50.1 percent, the lowest since March 1996.




The rush of investment by households in mutual funds
featuring foreign assets has played a role in the yen's broad
weakness that has driven the Japanese currency's trade-weighted
and inflation-adjusted value to 22-year lows.


Read more at Reuters.com Bonds News

U.S. Stock-Index Futures Rise Ahead of CPI; Home Depot, Nymex Advance

(Bloomberg) -- U.S. stock-index futures rose on
takeover speculation before a consumer prices report that may
help investors gauge the outlook for interest rates.

Home Depot Inc., the world's largest home-improvement
retailer, gained in Europe after people familiar with the
negotiations said it will receive offers of about $10 billion
for its contractor-supplies unit. Nymex Holdings Inc. surged
after two people familiar with discussions said the biggest
energy market is exploring a sale.


Read more at Bloomberg Stocks News

China Copper Imports Fall After Rise in Domestic Stockpiles, Higher Prices

(Bloomberg) -- China's copper imports fell in May
and stockpiles climbed to a three-year high at a time of record
domestic production, fueling concern that supply in the world's
biggest consumer of the metal may be outpacing demand.

Refined copper and alloy imports fell 32 percent to 129,949
metric tons last month, according to preliminary figures issued
by the Beijing-based customs office today. This would be the
biggest drop since October 2005. Shanghai Futures Exchange copper
inventories jumped 6.4 percent to 99,773 tons, the highest since
April 2004, the exchange said in a weekly report.


Read more at Bloomberg Commodities News

UPDATE 2-Universal agrees to buy struggling Sanctuary

(Reuters) - LONDON, June 15 - Universal Music Group
has agreed to buy struggling British rival Sanctuary for
44.5 million pounds to develop its merchandising,
live agency and artist management businesses.




Universal unit Centenary Music Holdings said on Friday it
had offered 20 pence per share for Sanctuary, which manages
artists James Blunt and Elton John and markets merchandise for
over 30 big-name acts including Oasis and The Who.


Read more at Reuters.com Mergers News

Oil Falls From Near a Nine-Month High, Below $67.40 a Barrel in New Yorks

(Bloomberg) -- Crude oil fell from near a nine-month
high in New York as some analysts and traders speculated recent
gains weren't justified.

Crude oil for July delivery fell as much as 33 cents to $67.32
a barrel in electronic trading on the New York Mercantile Exchange.
The contract traded at 67.37 at 10:22 a.m. in London. Oil has risen
3.5 percent in the past two trading days.


Read more at Bloomberg Commodities News

Shell Nigeria tightens security after rebel freed

(Reuters) - Royal Dutch Shell tightened security for staff in Nigeria's anarchic Niger Delta on Friday as a precaution after the release of a prominent rebel leader, security sources said.

Shell told non-essential staff to stay at home and restricted the movement of others because of uncertainty over how Thursday's court decision to free Mujahid Dokubo-Asari on bail would play out in the lawless delta.


Read more at Reuters Africa

FTSE climbs; Qatari stake-build boosts Sainsbury

(Reuters) - Britain's leading share index extended gains on Friday, joining a global stock market rally, with Sainsbury leaping into the lead after a Qatari group raised its stake in the supermarket chain.

Sainsbury jumped 4.8 percent after investment group Delta (Two) Ltd., said it had bought 123 million shares in the British supermarket group at 595 pence per share, boosting its stake in the firm chain to 25 percent.


Read more at Reuters Africa

Gold off highs, but weak yen lifts Tokyo

(Reuters) - Tokyo gold futures prices closed higher reflecting a weaker yen, which hovered at a 4-½ year low against the dollar, but they drifted off from session highs in line with the cash price.




Some dealers said gold's prospect looked a bit brighter since it recovered from a three-month low of $642.90 hit on Wednesday, while others thought the precious metal could come under pressure again.


Read more at Reuters.com Hot Stocks News

FTSE 100 Stocks Gain, Paced by Sainsbury; Vodafone Group Shares Advance

(Bloomberg) -- U.K. stocks advanced for the
third day, paced by Vodafone Group Plc, the world's largest
mobile-phone company.

J Sainsbury Plc led shares of retail companies higher.


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Brazilian Real, Chilean, Argentine Pesos: Latin American Currency Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Latin American currencies
today. Exchange rates are from the previous session.

Argentine peso: The economy grew 8 percent in the first
quarter from a year earlier, the national statistics agency said
yesterday.


Read more at Bloomberg Currencies News