Business.com could sell for up to $400 mln -WSJ

(Reuters) - None of the companies mentioned in the report was
immediately available to comment.




Santa Monica, California-based Business.com runs a search
engine, directory, and pay-per-click advertising network with
more than six million monthly unique visitors, according to the
site.


Read more at Reuters.com Mergers News

Cognos and Velan Inc. Shares May Move: Canadian Equity Market 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.
Stock symbols are in parentheses after company names and prices
are from the last close.

The Standard & Poor's/TSX Composite Index gained 117.57, or
0.8 percent, to 14,095.73 in Toronto. The benchmark, which is
0.6 percent below its June 18 record, is still up 0.7 percent on
the week, headed for its second straight weekly advance.


Read more at Bloomberg Stocks News

PRESS DIGEST - Washington Post Business - June 22

(Reuters) - The Senate passed a sweeping energy legislation package
Thursday night that would mandate the first substantial change
in U.S. fuel-efficiency law since 1975 despite opposition from
auto companies and their Senate supporters.




---


Read more at Reuters.com Bonds News

Brazilian Real, Mexican, Argentine Peso: 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 current account surplus probably
narrowed to $950 million in the first quarter, from $2.54 billion
in the previous period, according to the median forecast in a
Bloomberg survey of nine economists.


Read more at Bloomberg Currencies News

Taiwan Dollar Climbs as Interest Rates Rise; Korean Won Has Weekly Gain

(Bloomberg) -- Taiwan's dollar strengthened to the
highest in five months after the central bank raised its
benchmark interest rate twice as much as expected.

The currency headed for the biggest weekly advance since the
five-day period to Dec. 1 after the central bank yesterday lifted
the discount rate on 10-day loans by 0.25 percentage point to
3.125 percent. Taiwan's rate is the second-lowest in Asia after
Japan, encouraging investors to borrow the currency to buy
higher-yielding assets abroad.


Read more at Bloomberg Currencies News

Asian Stocks Slip from Record High; Mitsubishi Estate Falls on Bond Yields

(Bloomberg) -- Asian stocks fell for the first time
in seven days, led by property developers and insurers, on
concern rising bond yields will curb earnings growth.

Mitsubishi Estate Co. and Millea Holdings Inc. declined,
derailing a rally that lifted the Morgan Stanley Capital
International Asia-Pacific Index to a record high. Korea Exchange
Bank fell by the most in six months after its largest shareholder
sold a stake in the lender.


Read more at Bloomberg Stocks News

Honda May Develop New Small Cars to Suit India Market, Challenge Suzuki

(Bloomberg) -- Honda Motor Co., Japan's second-
biggest automaker, is studying developing small cars with
engines of less than 1.2 liters to woo buyers in India and other
countries.

The small cars will also enjoy tax advantages in India,
where they make up 75 percent of the market, Masahiro Takedagawa,
chief executive of Honda Siel Cars India Ltd. said in an
interview at its headquarters in Tokyo yesterday.


Read more at Bloomberg Emerging Markets News

Asian Stocks Drop from Record High; Mitsubishi Estate Falls on Bond Yields

(Bloomberg) -- Asian stocks fell for the first time
in seven days on concern rising bond yields will curb companies'
earnings growth.

Property developer Mitsubishi Estate Co. and insurer Millea
Holdings Inc. declined, derailing a rally that lifted the Morgan
Stanley Capital International Asia-Pacific Index to a record
high. Korea Exchange Bank fell by the most in six months after
its largest shareholder sold a stake in the lender.


Read more at Bloomberg Stocks News

South Korean Chipmaker Stocks Advance on DRAM Price Rise; Samsung Climbs

(Bloomberg) -- South Korea's chipmaker stocks rose,
led by Samsung Electronics Co. on speculation a rebound in
prices for dynamic random access memory, or DRAM, will help
improve profit.

Korea Exchange Bank dropped after Lone Star Funds sold a
13.6 percent stake in the company for 1.19 trillion won ($1.3
billion).


Read more at Bloomberg Stocks News

CORRECTED - UPDATE 4-Blackstone raises $4.1 bln; largest US IPO in 5 yrs

(Reuters) - NEW YORK, June 21 - Blackstone Group LP
priced its initial public offering at the top end of the range
on Thursday, even as lawmakers pushed for its delay, raising
$4.13 billion in the largest U.S. IPO in five years.




The pricing, closely watched by regulators and financial
markets across the globe, proved that demand for the offering
was heavy, despite pressure from Congress.


Read more at Reuters.com Mergers News

New Zealand Dollar May Beat 22-Year High as Investors Test Central Bank

(Bloomberg) -- The New Zealand dollar may rise to a
new 22-year high as investors test the central bank's currency
intervention policy and are attracted to the nation's higher-
yielding assets.

The currency yesterday rose to its highest since being
allowed to trade freely in 1985, and above the level it reached
before the central bank sold New Zealand dollars June 11,
calling the gains ``unjustified.'' The currency has gained 25
percent against the U.S. dollar the past 12 months, as a record
8 percent benchmark rate lures investors to the country's debt.


Read more at Bloomberg Currencies News

Crude Oil Is Steady After Three Days of Declines on Nigerian Strike Doubts

(Bloomberg) -- Crude oil was little changed in New
York after three days of declines on doubts strikes in Nigeria
have halted the exports from Africa's largest producer.

Oil workers left Nigeria's export terminals yesterday in the
second day of a general strike protesting an increase in domestic
fuel prices. Loadings continued, Reuters reported, citing oil and
shipping company executives. Water and power supplies may be cut
today as the nation's main unions toughen their stance with the
government, Agence France-Presse reported.


Read more at Bloomberg Commodities News

Blackstone CEO to pocket $7.74 bln from IPO

(Reuters) - Schwarzman, who co-founded the firm 22 years ago, will also
get a one-time payout of up to $677.2 million.




Senior Chairman and co-founder Peter Peterson's stake was
valued at $1.35 billion, based on the offering's price.


Read more at Reuters.com Mergers News

Cotton Rises to Three-Year High in New York as Exports to China Increase

(Bloomberg) -- Cotton in New York extended a rally
to a three-year high on speculation China's demand for imports
will rise as U.S. production drops.

U.S. export sales of upland cotton, including unshipped
bales, surged 44 percent to 201,100 bales in the week ended June
14, with 122,200 going to China, the Department of Agriculture
said today. China's dwindling supplies may lead to higher
imports in the second half, the nation's National Development
and Reform Commission said June 13.


Read more at Bloomberg Commodities News

Mexico tax dodgers one step ahead of government

(Reuters) - Hoping to wean Mexico off oil dollars and generate cash for
infrastructure like hospitals, roads and schools, President
Felipe Calderon gave lawmakers a long-awaited bill on Wednesday
aimed at bumping up the country's miserable tax take.




Proposals include a plan to levy a tax of 2 percent on
monthly bank deposits of cash larger than a sum equivalent to
just under $2,000 -- a measure aimed at small businesses and
self-employed workers who keep transactions in cash.


Read more at Reuters.com Bonds News

Bank of New York, Mellon name 18 board members

(Reuters) - Mellon Chief Executive Robert Kelly will become CEO of the
merged company, while Bank of New York CEO Thomas Renyi will
become chairman.




Bank of New York's purchase of Mellon would create the
world's largest provider of custody services for institutional
investors, overseeing more than $18 trillion of assets, and one
of the largest asset managers, with more than $1 trillion.


Read more at Reuters.com Mergers News

UPDATE 1-Cognos reports jump in first-quarter profit

(Reuters) - The business-intelligence software maker said it earned
$22.4 million, or 25 cents per share, for the three months
ended May 31. That was up from a profit of $14.5 million, or 16
cents a share, in the same period a year earlier.




The company's adjusted earnings hit 32 cents per share, up
from 22 cents a share a year earlier. Revenue was $236.7
million, up from $217 million a year before.


Read more at Reuters.com Market News

UPDATE 1-Exxon CEO sees Venezuela talks passing June deadline

(Reuters) - "We continue to talk to the government of Venezuela about
receiving compensation and value for the interests that we
transfer under the migrating contracts," CEO Rex Tillerson told
reporters.




"We've come to no conclusion on that and so my expectation
is that even though the date of the 26th certainly will come
and go, that we'll continue to work with them to see if we
cannot find a way to mutually resolve the value of the
migration."


Read more at Reuters.com Government Filings News

White House run wouldn't force Bloomberg to sell

(Reuters) - No law would require Bloomberg to sell his majority stake in the company that bears his name even if he wins the presidency, but every decision he made in the Oval Office would be scrutinized for the impact it would have on the news and financial information provider, experts said.




"When it comes to a conflict of interest, technically for the president of the United States, that becomes a political issue, not a legal one," said Jan Baran, a campaign finance lawyer.


Read more at Reuters.com Bonds News

Restructuring firms TRG, CRP to merge

(Reuters) - The move comes amid rising concern over the debt of many
companies resulting from years of relatively easy credit.
Restructuring experts say a business downturn in coming months
or years would boost demand for credit and operational
restructuring services like those offered by CRG and others.




Scott Avila, one of four senior managing directors who will
lead the firm, said the primary reason for the merger was to
"broaden the breadth of services" that a combined entity could
offer customers.


Read more at Reuters.com Bonds News

Brokerage shares fall on troubled credit markets

(Reuters) - Merrill sold only $100 million of $850 million in collateralized debt obligation bonds it seized from the two Bear Stearns' hedge funds, a person familiar with the auction said on Thursday.




Merrill's stock was down 1.9 percent to $86.00, Lehman fell 1.5 percent to $78.62 and Goldman declined 0.5 percent to $224.77.


Read more at Reuters.com Bonds News

Dollar Trades Near Four-Year High Versus Yen After Fed's Philadelphia Data

(Bloomberg) -- The dollar rose to near the strongest
in more than four years against the yen after a Federal Reserve
report showed manufacturing in the Philadelphia area accelerated
in June at the fastest pace in more than two years.

The U.S. currency capped its gain versus the yen and euro as
yields on two-year Treasuries erased an advance on concern losses
at hedge funds run by Bear Stearns Cos. may increase, dimming the
allure of dollar-denominated assets.


Read more at Bloomberg Currencies News

France's Bollore in no rush for big media deals

(Reuters) - CANNES, France, June 21 - French financier Vincent
Bollore said on Thursday he was in no rush to join the race to
snap up media assets amid a flurry of major deals in the online
advertising industry, but had the cash on hand if he needed to.




"When I see all our colleagues acquiring companies like in a
race, a rush, I wonder whether it is a good opportunity or not,"
Bollore said during a briefing with journalists near the Cannes
Lions advertising festival held annually at the seaside town.


Read more at Reuters.com Mergers News

UPDATE 1-Wachovia fined by NASD for charging excessive fees

(Reuters) - NEW YORK, June 21 - The NASD said on Thursday it
fined Wachovia Securities LLC $2 million and ordered it to pay
restitution to more than 1,300 customers for what it said were
excessive fees in fee-based brokerage accounts.




The regulator said Wachovia Securities charged
inappropriate fees to several hundred customers for maintaining
accounts, even though they did not conduct any trades. It also
said several hundred customers who bought Class A mutual fund
shares were charged duplicative account fees despite paying
sales charges. The violations took place from 2001 to 2004, the
NASD said.


Read more at Reuters.com Government Filings News

Crude Oil Is Little Changed Amid Surging U.S. Inventories, Nigerian Strike

(Bloomberg) -- Crude oil fell a second day in New
York after an Energy Department report showed that U.S.
inventories surged.

Crude-oil stockpiles rose 6.9 million barrels to 349.3
million last week, the biggest gain since the week ended March
19, 2004, the report showed. Gasoline supplies climbed 1.79
million barrels to 203.3 million, according to the department.
Prices rose earlier today when Nigerian oil workers walked out at
the country's oil export terminals as a general strike expanded.


Read more at Bloomberg Energy News

U.K.'s FTSE 100 Slips, Paced by Land Securities, DSG, Bradford & Bingley

(Bloomberg) -- U.K. stocks fell for a fourth day,
led by Land Securities Group Plc and DSG International Plc, among
companies that are most sensitive to higher interest rates.

Bradford & Bingley Plc led a decline by banks, while
Antofagasta Plc fell with the price of copper.


Read more at Bloomberg Stocks News

Crude Oil Falls for a Second Day in New York on Surging U.S. Inventories

(Bloomberg) -- Crude oil fell a second day in New
York after an Energy Department report showed that U.S.
inventories surged.

Crude-oil stockpiles rose 6.9 million barrels to 349.3
million last week, the biggest gain since the week ended March
19, 2004, the report showed. Gasoline supplies climbed 1.79
million barrels to 203.3 million, according to the department.


Read more at Bloomberg Energy News

Copper Falls in New York as Global Inventories Surge Most in Eight Months

(Bloomberg) -- Copper fell in New York after
inventories monitored by the London Metal Exchange jumped the most
in almost eight months.

Warehouse stockpiles rose 4.7 percent to 119,600 tons, the
biggest increase since Oct. 24. Before today, inventories had
dropped 38 percent this year to the lowest since October. Copper,
used in pipes and wires, has gained 18 percent this year, partly
because of dwindling supplies.


Read more at Bloomberg Commodities News

UPDATE 1-Sunrise adds KPMG veteran to board amid probe

(Reuters) - The board of the troubled senior living chain appointed
Stephen Harlan, a former vice chairman of KPMG Peat Marwick, to
the new seat. He was named a member of the audit committee and
will play a key role in the company's restatement of several
years of financial results.




Harlan comes to Sunrise amid the tumult of a U.S.
Securities and Exchange Commission probe into accounting,
insider stock sales and the options grant timing; earnings
restatements; and the recent sacking of the company's chief
financial officer.


Read more at Reuters.com Government Filings News

Brazil stocks up, real seesaws on Treasuries yield

(Reuters) - The real opened stronger, then weakened as much as
0.41 percent to 1.928 per dollar, only to return to the
break-even mark before midday. It fell 1.2 percent the previous
session -- its biggest decline in more than two weeks.




Despite Wednesday's fall, the real is trading at around its
six-year highs and currency inflows remain high, traders said.


Read more at Reuters.com Bonds News

US stock indexes flat as oil offsets credit concerns

(Reuters) - U.S. stocks were little changed on Thursday, as rising oil prices boosted energy stocks, offsetting credit concerns.

Energy stocks such as Exxon Mobil gained 2 percent after U.S. crude for July delivery jumped 62 cents, or 0.9 percent, to $69.47 a barrel on the New York Mercantile Exchange on renewed supply concerns.


Read more at Reuters Africa

UPDATE 2-Italy gives extra time for Alitalia bids

(Reuters) - The Treasury said in a statement it had pushed back the
deadline for bids for the loss-making carrier to July 12 from
July 2. Other rules remain unchanged, it said.




The auction for the $1.6 billion airline had narrowed to two
bidders -- a consortium including domestic carrier Air One and
one headed by Russian airline Aeroflot -- before the
MatlinPatterson's return.


Read more at Reuters.com Mergers News

Union Pacific, Buffett, Icahn Win as Soaring Oil Drives Rail Renaissance

(Bloomberg) -- Nobody likes the rising price of oil
better than U.S. railroads.

As the cost of crude soars, rail is gaining a competitive
edge after losing ground to trucks for half a century. Even as
automotive plant closings and reduced U.S. housing construction
have contributed to a 4.4 percent drop in train shipments this
year, investors including Warren Buffett and Carl Icahn are
flocking to railroad shares, betting that higher oil prices and
surging Asian imports along with congested highways will boost
long-term demand.


Read more at Bloomberg Exclusive News

European Government Bonds Advance on Concern Hedge Fund Losses May Widen

(Bloomberg) -- European government bonds advanced in
London as concern losses at hedge funds run by Bear Stearns Cos.
may increase attracted investors to the safest assets.

Gains in debt sent 10-year yields down from near a five-year
high as Bear Stearns funds collapsed, stoking concern on
valuations in the collateralized debt obligations market. The
perceived risk of owning European corporate bonds, as measured by
credit default swaps, rose the most in three months today.


Read more at Bloomberg Bonds News

Telus CEO says merger with BCE "compelling"

(Reuters) - "Telus believes the combination of the two businesses would represent a compelling strategic and financial opportunity for all BCE and Telus stakeholders," Telus Chief Executive Darren Entwistle said in a statement.




"It would be an all Canadian solution for both immediate and long-term value creation, whilst ensuring a vibrant player continues in this increasingly competitive industry."


Read more at Reuters.com Business News

UPDATE 2-Canada April retail sales disappoint

(Reuters) - Statistics Canada reported that strong new car sales
largely explained the third consecutive increase in retail
sales. But excluding the auto sector, which saw gains of 1.6
percent, sales were flat in the month.




Analysts had forecast, on average, a 1.1-percent gain in
total retail sales and a 0.5-percent increase excluding autos.
The weak April data followed a 1.8 percent jump in March retail
sales, revised from 1.9 percent previously.


Read more at Reuters.com Economic News

Dollar Little Changed as Jobless Claims Are More Than Forecast in the U.S.

(Bloomberg) -- The dollar was little changed against
the euro and yen after a U.S. government report showed initial
jobless claims exceeded economists' forecasts last week.

The number of Americans filing first-time claims for
unemployment benefits gained to 324,000 in the period ended June
16, from a revised 314,000 during the prior week. The median
forecast of 41 economists surveyed by Bloomberg News was for a
total of 311,000. So far this year, weekly claims have averaged
319,000 compared with 313,000 for all of last year.


Read more at Bloomberg Currencies News

UPDATE 1-U.S. disaster insurance prices high - Hannover Re

(Reuters) - FRANKFURT, June 21 - Prices for renewing reinsurace business in the United States were falling slightly but remained high, executives of the world's fourth biggest reinsurer, Hannover Re , said on Thursday.



Hannover Re Chief Executive Wilhelm Zeller said prices for catastrophe insurance being renewed in June and July were surprisingly high.


Read more at Reuters.com Mergers News

Western execs hit BRICS wall on emerging currencies

(Reuters) - Western executives believe the emerging economies of Brazil, Russia, India, China and South Africa will reshape the global business landscape, but they struggle to identify their currencies, a study released on Thursday said.

The study of 800 senior executives in the U.S., UK, France and Germany found 88 percent could not name the currency of Brazil, 55 percent did not know the name of India's currency and 65 percent did not know what unit was used in South Africa.


Read more at Reuters Africa

Futures flat as oil, bond yields weigh

(Reuters) - Concerns that higher borrowing costs could cut into corporate profits and slow the pace of takeovers fanned Wednesday's market drop. The yield on the 10-year Treasury note was up at 5.15 percent from the 5.13 percent seen late on Wednesday.




London benchmark Brent crude was up 0.8 percent at $70.96 a barrel after dropping $1.42 on Wednesday.


Read more at Reuters.com Business News

UPDATE 1-Pier 1 quarterly loss widens, to close more stores

(Reuters) - In a regulatory filing on Thursday, the company said it
expects to close 100 stores rather than the 60 it had
previously planned and cut some more jobs. The company did not
specify how many jobs it planned to cut.




Related to these actions, it sees additional expenses of
about $10 million beginning in the second quarter but mainly in
the third quarter.


Read more at Reuters.com Market News

Dong Strike Continues Forcing Denmark's Coal-Fired Power Plants to Use Oil

(Bloomberg) -- Dong Energy A/S, the Danish state-
owned utility that's planning to sell shares to the public, said a
strike at its power stations continued for a second day forcing
the company to use oil at six coal-fired plants.

The 200 workers, about 10 percent of the plants' labor force,
showed up this morning and decided to leave again after brief
meetings, Jens Nybo Jensen, a spokesman for Hoersholm, Denmark-
based Dong, said by telephone.


Read more at Bloomberg Energy News

Hong Kong's Hang Seng Index Advances for Fifth Day: World's Biggest Mover

(Bloomberg) -- Hong Kong's stocks rose for a fifth
day, the longest run of gains in two months, after China's
government said it will allow mainland brokerages to buy
overseas shares for the first time. China Mobile Ltd. led gains.

``The impact is going to be huge as more money will be
coming to Hong Kong,'' said Renault Kam, a director of Atlantis
Investment Management Ltd., which oversees $3 billion in Asia.
Mainland companies listed in the city are likely to benefit the
most, as investors would ``rather buy shares of companies with
backgrounds they know about.''


Read more at Bloomberg Stocks News

Hungary Needs Spending Cuts to Improve Rating, Moody's Kockerbeck Says

(Bloomberg) -- Hungary's government needs to cut
state spending to boost the prospect of an upgrade in its debt
rating, a Moody's senior credit officer said.

Moody's Investor Service's outlook for the country that had
the European Union's widest budget deficit last year is currently
stable, with the foreign currency rating at A2, five steps from
the top investment grade.


Read more at Bloomberg Emerging Markets News

LSE board to discuss Borsa deal - sources

(Reuters) - LONDON/MILAN, June 21 - The London Stock Exchange board of directors was due to meet on Thursday morning to discuss the terms of a possible deal with Borsa Italiana, sources close to the situation told Reuters.



Among the issues being reviewed is how much of a stake Borsa Italiana would have in a combined company, the sources said.


Read more at Reuters.com Mergers News

S.Africa Q1 '07 c/act deficit narrows to 7.0 pct

(Reuters) - South Africa's current account deficit narrowed to 7.0 percent of gross domestic product (GDP) in the first quarter of 2007 as lower oil imports offset a decrease in mine exports, the central bank said on Thursday.

The shortfall compared with a 7.8 percent deficit in the fourth quarter of 2006 and 5.7 percent in the third quarter.


Read more at Reuters Africa

Man Group sets price range for U.S. unit IPO

(Reuters) - Man announced in March that it intended to demerge its U.S. brokerage unit, saying the business had started to have "a separate, stand-alone identity of its own".




At that time, one analyst forecast MF Global was likely to be worth around $4.4 billion.


Read more at Reuters.com Business News

Lehman Hires Goldman's Frase, Salameh for Energy Trading Desk, People Say

(Bloomberg) -- Lehman Brothers Holdings Inc., the
fourth-biggest U.S. securities firm, hired Jeff Frase and Roy
Salameh from Goldman Sachs Group Inc. for the bank's energy
desk, according to three people with knowledge of the situation.

Frase will be the global head of oil trading at the New
York-based bank, according to the people, who declined to be
identified because he hasn't yet started work. Salameh will be
head of energy sales for North America, they said. Mark Lane, a
London-based spokesman for Lehman, declined to comment.


Read more at Bloomberg Energy News

Low yield pins yen near 4-1/2-yr trough vs dollar

(Reuters) - The yen hung near a 4-1/2-year low versus the dollar on Thursday, weighed down as investors continued to use the currency to buy higher-yielding units such as the New Zealand dollar in carry trades.

The kiwi struck a 22-year peak of $0.7660 as market players brushed aside the Reserve Bank of New Zealand's attempts to stem the currency's strength in the past two weeks and chased its steep short-term yield of 8 percent.


Read more at Reuters Africa