Japanese Stocks Climb, Led by Toyota; Topix Gains the Most in Eight Weeks

(Bloomberg) -- Japanese stocks climbed, sending the
Topix index to its best performance in almost eight weeks.
Exporters led the advance after the Federal Reserve said the
housing slowdown won't keep the U.S. economy from expanding and
the yen weakened.

Toyota Motor Corp. advanced to a three-month high, while
Sony Corp. gained for the first time in five days.


Read more at Bloomberg Stocks News

UAW members back Delphi deal in early returns

(Reuters) - The UAW leadership is expected to release results on Friday of the vote at numerous local units on a deal that includes pay and benefit cuts and eventual plant closings Delphi has said it must have to exit bankruptcy.




The deal would remove a major barrier to Delphi's reorganization and the threat of a strike that could cripple the company and former parent General Motors Corp. , Delphi's biggest customer.


Read more at Reuters.com Business News

Alcatel-Lucent, Avanquest, Groupe Steria, Satimo: French Equity Preview

(Bloomberg) -- Shares of the following companies
may rise or fall on the Paris stock exchange. Stock symbols are
in parentheses and prices are from the last close.

The CAC 40 Index rose 64.64, or 1.1 percent, to 6006.316 in
Paris. The broader SBF 120 Index also gained 1.1 percent.


Read more at Bloomberg Stocks News

Croatia's Economic Growth Probably Accelerated on Higher Consumer Spending

(Bloomberg) -- The economy of Croatia, the next
country in line to join the European Union, probably grew at the
fastest pace in a year in the first quarter as consumer spending
and industrial output increased, a survey of economists shows.

Gross domestic product rose an annual 5.5 percent in the
quarter, according to the median estimate of six economists in a
Bloomberg survey, the most since the 6 percent pace achieved in
the same period of 2006. The state statistics office will release
the growth figure today in Zagreb.


Read more at Bloomberg Bonds News

PTT's Pichai Says 2007 Sales, Profit May Fall Because of Stronger Currency

(Bloomberg) -- PTT Pcl, Thailand's biggest energy
company, said profit this year may fall from a record as gains in
the baht erode the value of its dollar-denominated sales of fuels
and petrochemicals.

The baht's 11 percent rise against the dollar in the past 12
months will pare profit because PTT calculates its revenue in U.S.
dollars and reports earnings in baht, Chief Financial Officer
Pichai Chunhavajira said. The Bangkok-based company will probably
post ``slightly better'' earnings in U.S. dollar terms, beating
last year's record sales and net income, he said.


Read more at Bloomberg Energy News

Japanese Stocks Climb; Ibiden, Toshiba, Seven & I Gain on Growth Outlook

(Bloomberg) -- Japanese stocks climbed, led by
exporters after the Federal Reserve said the housing slowdown
won't keep the U.S. economy from expanding and the yen weakened.

Share also gained after reports showed Japan's household
spending rose for a fifth month in May, the jobless rate held at
a nine-year low and consumer prices slipped as predicted by
economists. Seven & I Holdings Co. advanced after the Nikkei
newspaper said the company will probably show a 6 percent
increase in operating profit in the latest quarter.


Read more at Bloomberg Stocks News

Australia's RAMS Mortgage Sells A$500 Million of Debt Backed by Home Loans

(Bloomberg) -- RAMS Mortgage Corp., an Australian
non-bank lender that's planning an initial public offering, sold
A$500 million of ($423 million) debt backed by home loans.

The sale included A$433.5 million of Class A notes priced
to yield 19 basis points more than the one-month bank bill swap
rate with the highest triple-A credit rating from Standard &
Poor's and Moody's Investors Service, said arranger of the sale
National Australia Bank Ltd., in a statement e-mailed to
Bloomberg News. A basis point is 0.01 percentage point.


Read more at Bloomberg Bonds News

UPDATE 1-Japan consumer prices edge down as expected

(Reuters) - TOKYO, June 29 - Japanese core consumer prices fell
slightly as expected in in May from a year earlier, supporting
the widespread view that the Bank of Japan could raise interest
rates as early as August.




Separate data showed the jobless rate remained at a nine-year
low of 3.8 percent in May, while household spending rose 0.4
percent from the same month a year earlier, climbing for the
fifth straight month.


Read more at Reuters.com Economic News

Palm quarterly profit drops, expects iPhone effect

(Reuters) - Palm also said it could post a small loss on declining revenue this quarter due to slow summer sales and fears that Apple Inc.'s widely anticipated iPhone -- due to launch on Friday -- would temporarily hurt demand for Treos.




"It's likely that as people try out, there may be some stall in our sell-through," Palm Chief Executive Ed Colligan told Reuters in an interview.


Read more at Reuters.com Business News

REFILE-UPDATE 1-Western Digital to buy rival Komag

(Reuters) - SAN FRANCISCO, June 28 - Western Digital Corp.
has agreed to acquire Komag Inc. , one of its
last rivals in the U.S. hard disk drive industry, for about $1
billion in cash, the companies said on Thursday.




The proposed merger comes amid a sharp fall in prices in
the highly commoditized computer disk-drive industry, once one
of the bedrock manufacturing sectors in Silicon Valley.


Read more at Reuters.com Bonds News

U.S. merger volume hits record despite soft June

(Reuters) - The U.S. broke through the $1 trillion level for total
mergers, marking the first time that mergers have hit that level
in the first six months of any year, according to research firm
Dealogic.




So far this year, U.S. merger volume totaled $1.005 trillion,
up 36 percent from the same period a year ago. The number of
deals, however, dropped 12 percent, Dealogic said.


Read more at Reuters.com Mergers News

Hedge fund boosts stake in Advanced Medical

(Reuters) - In a series of U.S. Securities and Exchange filings this
week, the fund revealed that since June 22 it has acquired
about 2 million shares of the company, boosting its total stake
in Advanced Medical to about 12.2 percent.




ValueAct, with some 7.3 million shares, is now Advanced
Medical's third largest shareholder, behind Fidelity Management
& Research and MFS Investments.


Read more at Reuters.com Government Filings News

Palm posts drop in quarterly profit and revenue

(Reuters) - NEW YORK, June 28 - Palm Inc. posted lower quarterly profit on Thursday, with declining sales of its more profitable handheld computers, despite record sales of its Treo smartphones.



Palm said profit fell to $15.4 million, or 15 cents per share, for its fiscal fourth quarter, from $27.2 million, or 25 cents a share in the year-ago quarter.


Read more at Reuters.com Market News

Wall Street Journal reporters protest Murdoch bid

(Reuters) - Between 150 and 175 reporters took part and Journal bureaus
in Atlanta, Boston, Chicago, Dallas and elsewhere were nearly
empty, according to a Journal reporter who declined to be
identified because of fears of retribution if Dow Jones sells
itself to Murdoch's News Corp.




The Journal employs about 600 editorial staff in the United
States and 700 worldwide, a spokesman said.


Read more at Reuters.com Mergers News

Dollar General sells $1.9 bln in 2 parts - source

(Reuters) - Goldman Sachs, Citigroup Global Markets, Lehman Brothers
and Wachovia Securities were the joint lead managers of the
sale.




Read more at Reuters.com Bonds News

House Democrat proposes affordable housing trust fund

(Reuters) - The bill establishes the National Affordable Housing Trust Fund, which would receive an infusion of funds from mortgage finance companies Fannie Mae FNM.N and Freddie Mac FRE.N as well as new revenue from an existing program for home loan insurance.




The trust fund would recycle money from other national housing programs, rather than raise taxes or budget spending, said Rep. Barney Frank, chairman of the House of Representatives Financial Services Committee.


Read more at Reuters.com Bonds News

Beazer, Con-way, Penford, Sprint, Worthington: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges today.
Stock symbols are in parentheses after company names. Share
prices are as of 4 p.m. New York time.

Beazer Homes USA Inc. (BZH US) fell $2.73, or 9.6 percent,
to $25.81. The company said it fired its chief accounting officer
for attempting to destroy documents while it is under
investigation for potential fraud by the Federal Bureau of
Investigation.


Read more at Bloomberg Stocks News

US SEC says top credit raters can keep working

(Reuters) - The commission said those three firms -- Moody's Corp.
unit Moody's Investors Service, McGraw-Hill Cos Inc.
unit Standard & Poor's, and the Fitch Ratings unit of
France's Fimalac SA -- have already applied to be
registered with the SEC.




It said A.M. Best Co. Inc., DBRS, Japan Credit Rating
Agency Ltd., and Rating and Investment Information Inc. was
each also previously identified as a "nationally recognized
statistical rating organization" and may also continue
operating while the SEC considers their applications.


Read more at Reuters.com Government Filings News

UPDATE 2-Fed nods to easing inflation, but still worried

(Reuters) - WASHINGTON, June 28 - The Federal Reserve on
Thursday held benchmark U.S. interest rates steady and, while
nodding to a recent easing in core inflation, restated that
inflation remained its top concern.




The decision by the central bank's Federal Open Market
Committee keeps the overnight federal funds rate target at 5.25
percent, the level it hit in June last year after 17 straight
quarter-percentage point increases.


Read more at Reuters.com Economic News

Dollar Advances Versus Yen as Fed Highlights Risk of Inflation in Economy

(Bloomberg) -- The dollar rose against the yen as
the Federal Reserve said inflation is a risk to the economy,
reducing speculation the central bank will cut interest rates
later this year.

The Fed held its target rate for overnight loans between
banks at 5.25 percent for an eighth straight meeting, after
raising it to that level a year ago. Higher rates can help the
dollar by attracting foreign investment.


Read more at Bloomberg Currencies News

Mexico Bolsa Gains on Outlook for Tax Legislation, Led by America Movil

(Bloomberg) -- Mexican stocks rose for a second day as
investors speculated a tax bill will be modified to reduce levies
on business and gain support needed for passage.

The benchmark Bolsa index advanced 243.25, or 0.8 percent, to
31,047.46 as of 12:56 a.m. in New York, led by America Movil SAB,
Latin America's biggest mobile-phone company.


Read more at Bloomberg Stocks News

IMF Chief De Rato to Leave Post in October, Two Years Before His Term Ends

(Bloomberg) -- International Monetary Fund Managing
Director Rodrigo de Rato will quit his post in October, two
years before his term ends, citing ``personal reasons.''

De Rato, a former Spanish economy minister who has led the
Washington-based agency since June 2004, will leave after the
annual meetings of the fund and the World Bank, the IMF said in
a statement. He said that he was concerned about his children's
education, without elaborating.


Read more at Bloomberg Emerging Markets News

UPDATE 2-Exelon Ill. Braidwood 1 reactor shut during storm

(Reuters) - She said the company was still investigating the cause of
the outage but noted there was no damage to plant equipment.




She could not say when the unit would return to service due
to competitive reasons.


Read more at Reuters.com Bonds News

Hedge funds seek TD Ameritrade talks on deals

(Reuters) - The letter specifically mentioned board member W. Edmund Clark, a TD Bank director, and said "the board must remove Mr. Clark from this role and empower the independent directors to reach out and lead discussions with potential strategic partners."




The funds also made a demand under Delaware law for books and records related to the board's exploration of possible strategic combinations, including Toronto-Dominion's influence on the process.


Read more at Reuters.com Mergers News

Growth slows to 4-year low in first quarter

(Reuters) - It was the weakest quarterly expansion in gross domestic product, or GDP, since the fourth quarter of 2002. The slowdown came as businesses sold off inventories even though consumer spending remained strong.




However, a key inflation gauge favored by the Federal Reserve, the personal consumption expenditures price index excluding volatile food and energy prices, showed price pressures were stronger than expected.


Read more at Reuters.com Business News

Wheat, After Record High Yesterday, Rallies as Rains May Damage U.S. Crop

(Bloomberg) -- Wheat rose in Chicago as wet
weather stalls harvesting and damages crops in the southern
U.S. Great Plains.

Parts of Oklahoma got as much as 5 inches of rain in the
past 24 hours, according to the Oklahoma Wheat Commission. Some
fields and roads were flooded, prompting growers to consider
abandoning the crops and seeking insurance payments, said
Commission spokeswoman KC Keffer.


Read more at Bloomberg Commodities News

Dominion up on share buyback offer

(Reuters) - Dominion expects to start a modified Dutch auction self-tender by mid-July. Shareholders could tender some or all of their shares at prices from $82 to $92 per share, said the Richmond, Virginia-based company. The company then will pick a price and buy shares tendered at that level or below.




Shares of the power company were up $3.27 to $86.82 in late morning trade on the New York Stock Exchange.


Read more at Reuters.com Hot Stocks News

Empire reports lower profit, hikes dividend

(Reuters) - The Stellarton, Nova Scotia-based company said it earned C$64.5 million , or 98 Canadian cents a share, for the three months ended May 5, compared to C$118.4 million, or C$1.80 a share, in the same quarter a year ago. It raised its annual dividend by 10 percent to 66 cents from 60 cents.






Read more at Reuters.com Market News

Oil Climbs Above $70 as Refineries Increase Output to Meet Gasoline Demand

(Bloomberg) -- Crude oil rose above $70 a barrel to
a nine-month high in New York as U.S. refineries increase output
of gasoline and other fuels.

Refineries operated at 89.4 percent of capacity last week, a
1.8 percentage point gain from the week before, an Energy
Department report yesterday showed. West Texas Intermediate crude
oil, or WTI, the grade traded in New York, was at the lowest
discount to Brent oil in more than three months today.


Read more at Bloomberg Energy News

Cosan, JBS, Medial Saude, Petroleo Brasileiro, Vale: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index rose for a
second day, led by state-controlled oil company Petroleo Brasileiro
SA rising.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 145.35, or 0.3 percent, to 54,288.42 as of 10:12 a.m.
New York time.


Read more at Bloomberg Stocks News

US STOCKS-Indexes flat before Fed rate decision

(Reuters) - NEW YORK, June 28 - U.S. stocks were treading
water on Thursday after data showed a measure of inflation
accelerated in the first three months of 2007 and before the
Federal Reserve's interest-rate decision.




Semiconductors were trading higher after chip makers Intel
Corp. and Advanced Micro Devices Inc. got
brokerage upgrades [ID:nWNA0822] [ID:nWNA0851] , while
financial shares were dragging on concerns about the subprime
mortgage market and the outlook for buyout activity.


Read more at Reuters.com Bonds News

Atmel, Cisco, Intel, LSI, Meridian Gold, Red Hat: 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 9:30 a.m. New York time.

Atmel Corp. (ATML US) gained 14 cents, or 2.5 percent, to
$5.85. The maker of chips for mobile phones and DVD players said
first-quarter net income was 6 cents a share, more than the 3-
cent average estimate of five analysts surveyed by Bloomberg.


Read more at Bloomberg Stocks News

UPDATE 1-Argentine banker says could buy YPF stake in 2008

(Reuters) - Enrique Eskenazi told leading Argentine newspaper La Nacion
that the deal would not be done as quickly as some Argentine
government officials had said.




"If it's done, it will be next year. This is a long
process," Eskenazi said.


Read more at Reuters.com Bonds News

Monsanto quarterly profit jumps 71 pct

(Reuters) - Monsanto said it posted net income of $570 million, or
$1.03 a share, for its third quarter, up from $334 million, or
60 cents a share, a year earlier.




Excluding a 1 cent-a-share loss for discontinued business,
Monsanto earned $1.02 a share.


Read more at Reuters.com Business News

Commerzbank executive says keen on Postbank

(Reuters) - FRANKFURT, June 28 - Shares in Deutsche Postbank rose over 4 percent after a top Commerzbank executive said in a television interview his bank may be interested in Germany's biggest retail bank. Management board member Wolfgang Hartmann told Bloomberg Television that Postbank would be an "excellent addition" to Commerzbank's business.



"If it were possible to buy Postbank, we would immediately snap it up," Hartmann said. "Unfortunately, Deutsche Post isn't ready to sell at the moment."


Read more at Reuters.com Mergers News

UPDATE 1-Unhappy Dillard's shareholder seeks talks

(Reuters) - Barington Capital Group LP said it represents investors
owning more than 3.2 percent of Dillard's shares. It said it is
seeking meetings with management to discuss merchandising,
inventory management, cost controls and measures to "unlock"
value in the company's real estate portfolio.




It said it requested talks after being unable to reach
Chief Executive William Dillard by phone.


Read more at Reuters.com Bonds News

Russia's Mechel 2006 net profit rises 58 pct

(Reuters) - Earnings before interest, taxation, depreciation and
amortisation were $1.068 billion, up from $726 million.




Read more at Reuters.com Market News

Monsanto quarterly profit jumps

(Reuters) - St. Louis-based Monsanto has been benefiting from increased farmer interest in planting corn this spring. Corn demand has surged amid a rally in corn prices and strong demand from the ethanol, food and livestock feed sectors.




Read more at Reuters.com Business News

Swiss Franc Gains After Central Bank Says Further Rate Increases `Likely'

(Bloomberg) -- The Swiss franc rose after the
country's central bank said it may raise interest rates further
``in coming months'' should the currency's slide to a record low
versus the euro earlier this month fuel inflation.

Switzerland's currency is benefiting from speculation a
higher benchmark rate will prompt investors to cut so-called
carry trades, by making it less profitable to borrow the franc to
fund higher-yielding purchases elsewhere. Further interest-rate
increases are ``likely,'' the Swiss National Bank said today. The
bank's use off the phrase ``in coming months'' may indicate a
willingness to move before scheduled quarterly meetings.


Read more at Bloomberg Currencies News

US STOCKS-Futures flat before Fed rate decision

(Reuters) - In company news, wine and spirits company Constellation
Brands Inc. said quarterly profit fell sharply, hurt by
a plan to cut the amount of wine it ships to U.S. distributors
and lower results from its British business.




The Fed's benchmark fed funds target rate is forecast to
remain steady at 5.25 percent, but investors will scrutinize
the accompanying statement for any signal that the Fed is
preparing Wall Street for a shift in monetary policy.


Read more at Reuters.com Bonds News

Sasol shuts plants in chemical unit restructuring

(Reuters) - Africa's top synthetic fuels and chemicals group Sasol said on Thursday it had started the restructuring of a chemical unit it failed to sell by closing an office in Germany and two plants in Italy and the

U.S.


Read more at Reuters Africa

U.S. 10-Year Notes Fall on Speculation Fed May Keep Anti-Inflation Tilt

(Bloomberg) -- U.S. Treasuries fell on speculation
Federal Reserve policy makers will reiterate that inflation is
the biggest risk to the economy when they finish meeting today.

All 113 economists surveyed by Bloomberg News predict the
Fed will keep its key rate at 5.25 percent for an eighth time,
leaving Treasury yields below the central bank's benchmark. The
difference in yields between two and 10-year notes narrowed to
the least in more than a week on speculation inflation will ease.


Read more at Bloomberg Bonds News

Donor aid poses liquidity problem for Tanzania - IMF

(Reuters) - Absorbing high liquidity from donor funds will be a challenge for Tanzania's economy and the government should sell more foreign exchange, the international Monetary Fund said in a statement.

The country is among Africa's top aid recipients and received $336 million in debt relief from the IMF last year.


Read more at Reuters Africa

UPDATE 1-Bull-Dog wins court case vs Steel Partners-source

(Reuters) - TOKYO, June 28 - Japan's Bull-Dog Sauce has won a court case allowing it to erect anti-takeover defences aimed at thwarting a $260 million bid by U.S. hedge fund Steel Partners, said a source familiar with the situation.



Steel Partners had sought an injunction from the Tokyo District Court to bar the sauce maker from activating the defence, saying it discriminated against the fund and was financially damaging.


Read more at Reuters.com Mergers News

Carbon Emission Permits Climb to Three-Day High as German Power Advances

(Bloomberg) -- European Union emission permits
rose to their highest in three days as German power
advanced, potentially making generation more profitable.

EU carbon dioxide emission permits for December 2008
gained 37 cents, or 1.7 percent, to 21.80 euros ($29.33) a
metric ton on the European Climate Exchange in Amsterdam at
9:18 a.m. local time. They earlier traded as high as 21.85
euros a ton, their highest since June 25.


Read more at Bloomberg Energy News

Japan's Bull-Dog wins court case vs Steel Partners-Jiji

(Reuters) - More than 80 percent of Bull-Dog Sauce's shareholders
approved a poison pill scheme on June 24 that will allow the
sauce maker to issue new shares making it more difficult for
Steel Partners to acquire the company.




Read more at Reuters.com Government Filings News

Asia stocks gain after days of U.S. pain

(Reuters) - European shares opened firmer on relief over U.S. stocks. Investors are gearing up for the Federal Reserve's decision on U.S. interest rates after the market close.




After 10 minutes of trading, London's FTSE 100 was up 0.5 percent, Germany's DAX gained 1 percent and France's CAC 40 added 0.8 percent.


Read more at Reuters.com Hot Stocks News