Principal Financial to buy Morley Fin'l Services

(Reuters) - Principal will buy Morley, a stable-value asset manager,
from Columbus, Ohio-based Nationwide Mutual Insurance Company.




Read more at Reuters.com Mergers News

Harley surges on Honda talk; skeptics abound

(Reuters) - CHICAGO, June 22 - The shares and options of motorcycle maker Harley-Davidson Inc. surged on Friday amid speculation Honda Motor Co. Ltd. was looking to buy the U.S. motorcycle maker.



A spokesman for Harley-Davidson declined to comment on the talk and a call requesting comment from the U.S. unit of Honda was not immediately returned.


Read more at Reuters.com Mergers News

Thomson Learning LBO financing hits turbulence

(Reuters) - The financing package, part of a record debt-raising spree
by takeover firms, was sweetened with stricter terms on both
the loans and bonds after being downsized earlier this week,
market sources said.




Thomson Learning is selling debt to pay for its buyout from
Thomson Corp. by private equity investors Apax
Partners and OMERS Capital Partners.


Read more at Reuters.com Bonds News

AIG files with US SEC for $22 billion mixed shelf

(Reuters) - Under a shelf registration, a company may sell securities
in one or more separate offerings with the size, price and
terms to be determined at the time of sale.




Read more at Reuters.com Government Filings News

U.S. to ease small bank money laundering oversight

(Reuters) - WASHINGTON, June 22 - U.S. authorities said on Friday they are adopting a risk-based approach to policing banks' compliance with money laundering regulations, a step giving some relief to small banks with little or no international business.



U.S. small community banks have complained for years that costly regulatory examinations should differ from those at big banks.


Read more at Reuters.com Government Filings News

Mexico's Peso Bonds Fall as Central Bankers Maintain `Restrictive Bias'

(Bloomberg) -- Mexico's peso-denominated bonds fell
after central bankers kept their ``restrictive bias'' at a
monetary policy meeting, damping expectations they will lower
interest rates this year.

The government's benchmark 20-year securities led declines
as policy makers expressed concern about inflation, saying higher
global grain prices may trigger a pickup in consumer price rises
in Mexico. Central bankers voted today to keep the overnight
lending rate at a one-year high of 7.25 percent.


Read more at Bloomberg Emerging Markets News

Coke may be eyeing Cadbury's Snapple - report

(Reuters) - Citing several Coke executives, Beverage Digest reported that "Coke might be interested -- or in words of some, should be interested -- in buying Snapple to beef up its tea business."



Snapple, which sells flavored teas, lemonades and juice drinks, was the third-largest bottled tea brand in the first quarter, ahead of Coke's entire tea portfolio, which includes Nestea, Gold Peak and recently acquired Fuze, according to Beverage Digest data.


Read more at Reuters.com Mergers News

Fed's Lacker: Expectations key to low inflation

(Reuters) - Lacker said that economic conditions in 2006 had
deteriorated as growth dipped below 3 percent and inflation
moved above 2.5 percent.




"While still relatively low by historical standards, I view
that number -- and, more importantly, the upward trend in
inflation -- with some caution. Inflation is, in my opinion,
too high," he said.


Read more at Reuters.com Bonds News

Cantor Fitzgerald Says It Avoided Losses on Bear Stearns Hedge Funds

(Bloomberg) -- Cantor Fitzgerald LP said it avoided
losses from loans to money-losing hedge funds run by Bear Stearns
Cos. after selling its collateral in the riskiest fund.

Cantor Fitzgerald sold its remaining securities in the High-
Grade Structured Credit Strategies Enhanced Leverage Fund in an
auction yesterday, spokesman Robert Hubbell said in a telephone
interview.


Read more at Bloomberg Bonds News

Copper Falls to One-Week Low in New York After Codelco Reaches Wage Accord

(Bloomberg) -- Copper fell in New York to a one-
week low after Codelco, the world's biggest producer, reached a
wage agreement that averts protests at a mine in northern Chile.

Workers at the Radomiro Tomic mine last night accepted a
proposal that included a wage increase of 3.7 percent above
inflation, said Arturo Cruz, director of the Mining Union. The
union on June 15 threatened to blockade two Codelco mines to
press for their demands.


Read more at Bloomberg Commodities News

Junk Debt Investors May Be at `Breaking Point,' Thomson Learning LBO Shows

(Bloomberg) -- U.S. high-yield debt investors, after
snapping up a record $600 billion in new loans and bonds this
year, are starting to push back.

Thomson Learning, the textbook and educational testing unit
of Thomson Corp., this week cut its bond offering to $1.6 billion
from $2.14 billion, removed the riskiest portion of the deal and
agreed to pay more interest on its planned loan, according to KDP
Investment Advisors Inc. US Foodservice, a unit of Dutch
supermarket company Royal Ahold NV, also raised the interest on
its planned loan to attract lenders, Standard & Poor's LCD said.


Read more at Bloomberg Bonds News

Bear has $35 mln exposure to two hedge funds-CFO

(Reuters) - The company is negotiating with counterparties to help
stabilize both funds, and reduce leverage in an orderly manner.
Bear's financial position remains fundamentally strong,
Molinaro said.




Read more at Reuters.com Bonds News

Lehman Raises Oil Price Forecast 3.7 Percent; Sees Limited Supply Growth

(Bloomberg) -- Lehman Brothers Holdings Inc. raised
its forecast for average Brent crude oil prices this year 3.7
percent because of limits in supply growth.

The fourth-biggest U.S. securities firm increased its
estimate for 2007 Brent oil prices to $70 a barrel from $67.50.
Oil will average $75 a barrel in 2008, up from the previous
forecast of $72, Edward Morse, Lehman's New York-based chief
energy economist, said today in an e-mailed report.


Read more at Bloomberg Energy News

UPDATE 2-Catalyst: recapitalization of BCE better than sale

(Reuters) - TORONTO, June 22 - A boutique investment banking
firm without any ownership stake in BCE Inc. says its
plan to recapitalize the telecom giant and hike its payouts to
shareholders is better than selling the company to private
equity firms or merging it with rival Telus Corp. .




Catalyst Asset Management Inc. said on Friday it would
propose an exchange offer for BCE that would change its capital
structure but leave its Canadian ownership intact.


Read more at Reuters.com Government Filings News

Canadian Stocks Drop for Week on Rate Concerns; EnCana and Cognos Retreat

(Bloomberg) -- Canadian stocks fell for a third time
in four days, extending the Standard & Poor's/TSX Composite Index's
drop from a record, as concern the country's strengthening currency
will hurt profits weighed on such export-related stocks as Canadian
National Railway Co. and Cognos Inc.

The Canadian dollar rose to a 30-year high against its U.S.
counterpart this month on speculation the nation's central bank may
raise borrowing costs as early as next month to cool inflation,
while the U.S. Federal Reserve may maintain its rate. A commodity
boom has boosted demand for Canada's resources, which make up more
than half of exports.


Read more at Bloomberg Stocks News

S.Africa maize falls sharply with Chicago

(Reuters) - South African maize futures dived sharply on Friday, shadowing moves in the United States and ahead of a close-out of the most-active contract.

July white maize closed at 1,724 rand a tonne, shedding 2.38 percent and almost down by the daily limit of 45 rand, in anticipation of its expiry on Monday, dealers said.


Read more at Reuters Africa

UPDATE 1- US Foodservice trims bond sale, restructures- KDP

(Reuters) - The sale will now include a $550 million issue of senior
notes due in 2015 that will have a toggle feature for the first
four years only, meaning interest may be paid in cash or
additional notes. It will also include $550 million of cash-pay
senior notes due in 2015. A $450 million subordinated note has
been withdrawn.




Language in the bond covenants indicates, however, that the
company intends to issue the $450 million portion at a later
time as subordinated discount notes, said KDP market analyst
Justin Monteith.


Read more at Reuters.com Bonds News

Freddie Mac to sell $6.0 billion in bills next week

(Reuters) - -- $2.5 billion of one-month bills due July 25, 2007 to be
sold Wednesday and settle Thursday;




-- $1.5 billion of three-month bills due Sept. 24, 2007 to
be sold Monday and settle Tuesday;


Read more at Reuters.com Bonds News

Gauge of U.S. economy inched down in latest week - ECRI

(Reuters) - The index's annualized growth rate was unchanged at 6.7
percent, although the previous week's number was revised down
from 6.9 percent.




"Notwithstanding sporadic concerns about the economy, WLI
growth is holding at a 37-month high," said Lakshman Achuthan,
managing director at ECRI. "Thus, U.S. economic growth is
poised to firm in the months ahead."


Read more at Reuters.com Economic News

Union says declares dispute against Northam Platinum

(Reuters) - South Africa's National Union of Mineworkers (NUM) has declared a dispute against small mining firm Northam Platinum, it said on Friday.

The NUM declared a dispute, the first legal step towards going on strike, after the company refused to submit a wage offer, it said in a statement.


Read more at Reuters Africa

EU experts recommend biosimilar anaemia drugs

(Reuters) - By Ben Hirschler, European Pharmaceuticals Correspondent



LONDON, June 22 - Europe accelerated its adoption of so-called biosimilar medicines on Friday as an expert panel recommended the approval of three cut-price versions of epoetin alfa, or EPO, for treating anaemia.


Read more at Reuters.com Government Filings News

German Consumer Confidence, U.S. Home Sales, Fed Rates: Europe Week Ahead

(Bloomberg) -- Reports on German consumer
confidence, U.S. home sales and the Federal Reserve's decision on
interest rates may move stock markets in Europe next week.

``With a flurry of economic data to be released next week,
inflation will be the main topic,'' said Juergen Lukasser, who
helps manage $20 billion as head of equities at Constantia
Privatbank AG in Vienna. ``Investors will look very closely at
the housing data from the U.S.''


Read more at Bloomberg Stocks News

UPDATE 1-Argentine firm fails to buy GE's hydro business

(Reuters) - "The deal fell through," a Pescarmona spokesman told
Reuters, declining to provide further details.




GE Energy had said in December that the sale would have
included its worldwide hydro business, excluding operations in
Norway and Sweden.


Read more at Reuters.com Mergers News

Gold, Silver Futures Climb in New York as Euro Rises Against U.S. Dollar

(Bloomberg) -- Gold and silver rose in New York
after a decline in the value of the dollar against the euro
increased the appeal of precious metals as alternative
investments.

Gold usually moves in tandem with the euro, which rose the
most against the dollar in more than two months on signals the
European Central Bank may continue to raise interest rates this
year. Before today, gold had gained 2.5 percent this year, while
the euro had climbed 1.5 percent against the dollar.


Read more at Bloomberg Commodities News

Sun, Microsoft Cram Servers in Shipping Containers to Lower Power Costs

(Bloomberg) -- When Richard Mount needed more
processing power for Stanford University's particle accelerator,
he didn't have room in his four-story building for a bunch of new
computers. So he put them in the parking lot.

Sun Microsystems Inc. will deliver a 20-foot (6.1-meter)
shipping container packed with 252 servers next week to crunch
data for physicists, betting a wave of customers follow suit as
Internet companies look for quicker, cheaper ways to grow.


Read more at Bloomberg Exclusive News

BCE, Canadian National Rail, Cognos, Telus, Velan: Canada Equity Preview

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

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


Read more at Bloomberg Stocks News

Crude Oil Little Changed on Speculation Nigerian Strike Won't Halt Exports

(Bloomberg) -- Crude oil was little changed as some
analysts and traders speculated a strike in Nigeria would fail to
affect exports from Africa's largest producer.

Oil workers left Nigeria's export terminals yesterday as part
of a general strike protesting an increase in domestic fuel prices
and taxes. Oil traders and analysts doubt the strike has further
disrupted supplies from Nigeria. About a third of the nation's
output was already halted by political and criminal violence.


Read more at Bloomberg Energy News

NYSE Euronext rivals LSE for Italy bourse: report

(Reuters) - Italy's Borsa Italiana will discuss the LSE's offer again at a board meeting on Friday. It spent hours discussing the LSE's complex offer on Thursday.




"At the moment, the only offer under discussion is the one from the LSE," a Borsa spokeswoman said on Friday. Borsa said after Thursday's meeting ended there were no other offers.


Read more at Reuters.com Business News

Alexion wins EU approval for blood disorder drug

(Reuters) - The biotechnology company said the European Commission had approved its drug, which is already approved in the United States, for PNH, which destroys red blood cells.



Alexion, based in Cheshire, Connecticut, said it aimed to launch Soliris in one or more major European markets by the end of 2007.


Read more at Reuters.com Government Filings News

Spain's Marsans looks at Argentine airline float

(Reuters) - Marsans owns 95 percent of the Argentine airline and has
made an offer for Spanair which is owned by Scandinavian group
SAS .




Read more at Reuters.com Mergers News

U.S. Stock-Index Futures Drop; Bear Stearns, Merrill Shares Fall in Europe

(Bloomberg) -- U.S. stock-index futures fell after
people familiar with the situation said Bear Stearns Cos. plans
to take on $3.2 billion of loans to stave off a crisis involving
one of its money-losing hedge funds.

Shares of Bear Stearns, the second-biggest U.S. underwriter
of mortgage bonds, dropped in Europe. Merrill Lynch & Co., the
world's largest broker, also retreated.


Read more at Bloomberg Stocks News

China Stocks Slide on Interest Rate Speculation: World's Biggest Mover

(Bloomberg) -- China's shares fell the most in
almost three weeks on speculation the government will raise
interest rates to tame a stock-market boom and cool the economy.
Industrial & Commercial Bank of China Ltd. paced the decline.

``It's Friday,'' said Sun Chao, an analyst at Citic
Securities Co. in Shanghai. ``People are always worried that the
government will announce some negative news over the weekend,
such as interest rate hikes.''


Read more at Bloomberg Stocks News

Shanghai copper down 1 pct, LME stocks seen rising

(Reuters) - Shanghai copper fell nearly 1 percent on Friday on weakness in London futures in the previous session after stocks jumped nearly 5 percent following large-scale deliveries into warehouses in South Korea.

London Metal Exchange inventories rose 5,400 tonnes to 119,600 tonnes on Thursday after deliveries of 6,550 tonnes into warehouses in South Korea, and traders said more metal was expected.


Read more at Reuters Africa

Arcelor, Carphone Warehouse, Kaupthing to Sell Debt: European Bond Alert

(Bloomberg) -- The following is a list of bond sales
denominated in euros or pounds and expected in the coming days
and weeks.

Investment-Grade Sales


Read more at Bloomberg Bonds News

Blackstone Raises $4.13 Billion in IPO as Congress Considers Higher Taxes

(Bloomberg) -- Blackstone Group LP, abandoning 22
years of private ownership, now faces increasing scrutiny from
U.S. and British lawmakers who want the buyout firm to pay more
taxes.

Blackstone raised $4.13 billion yesterday in the biggest
U.S. initial public offering in five years, selling a 12.3
percent stake that values the company at $33.5 billion. It sold
partnership units at $31 each, the top of the range used to
market the securities. The New York-based firm will use the
money to expand its buyout and asset-management units, and pay
founders Stephen Schwarzman and Peter G. Peterson a combined
$2.33 billion.


Read more at Bloomberg Bonds News

Lone Star Sells Minority Stake in Korea Exchange Bank for $1.3 Billion

(Bloomberg) -- Lone Star Funds, the U.S. buyout firm
founded by John Grayken, raised 1.19 trillion won ($1.3 billion)
selling a minority stake in Korea Exchange Bank, seven months
after scrapping the sale of its controlling interest.

Lone Star sold 87.7 million Korea Exchange shares,
equivalent to a 13.6 percent stake, at 13,600 won each, according
to documents e-mailed by Credit Suisse Group, which arranged the
sale. The price was a 6.8 percent discount to yesterday's close.


Read more at Bloomberg Emerging Markets News