Bahrain takes full ownership of Gulf Air

(Reuters) - "There is a committee evaluating how much each party is to be receiving or paying ... The committee has been given a maximum of six months but we think it will be much earlier," he said.

Gulf Air said last month it would shed 25 percent of its workforce, or about 1,500 jobs, to cut losses of more than $1 million a day and launched a two-year restructuring plan that includes a cash injection of 310 million dinars .


Read more at Reuters.com Business News

UPDATE 1-Berkshire shareholder PetroChina proposal seen failing

(Reuters) - As of May 2, just 1.8 percent of shares favored the proposal, while 98.2 percent opposed it, Berkshire said at its annual meeting. Buffett opposes the proposal, and controls 33 percent of Omaha-based Berkshire's voting power.

The proposal by Judith Porter of Ardmore, Pennsylvania would prevent Berkshire from investing in foreign companies or subsidiaries that engage in activities that would be prohibited for U.S. companies by presidential order.


Read more at Reuters.com Mergers News

Buffett: Subprime problems not big economic threat

(Reuters) - As long as unemployment and interest rates did not rise significantly, Buffett said "it's unlikely that that factor triggers anything of a massive nature in the general economy."

Earlier in the meeting, Buffett said the U.S. housing downturn was hurting results at Berkshire's residential construction businesses.


Read more at Reuters.com Government Filings News

Benchmark U.S. Treasuries Rise, Yield Curve Inverts, on Slowing Inflation

(Bloomberg) -- U.S. Treasury 10-year notes gained, pushing their yields lower than those of two-year notes for the first time in four weeks, amid signs inflation is moderating.

Two-year notes fell as traders pared bets the Federal Reserve will cut interest rates this year. While a Labor Department report yesterday showed job creation fell to a more than two-year low in April, industry reports indicated economic activity is picking up.


Read more at Bloomberg Bonds News

Reuters soars on approach, Thomson touted as bidder

(Reuters) - News and financial data provider Reuters said on Friday it had received a takeover approach, sending its shares up almost a third, with Canadian publisher Thomson widely touted as the mystery suitor.

Canada's Globe and Mail newspaper and several U.S. and British publications reported on their Web sites that the bidder was Thomson Corp., citing sources familiar with the situation. The Financial Times later reported on its Web site that Reuters looked set to endorse an offer from Thomson.


Read more at Reuters Africa

Kuwait Financing, Saudi Telecom, National Industries: Gulf Equity Preview

(Bloomberg) -- The following stocks may rise or fall in Saudi Arabia and Kuwait today. Stock symbols are in parentheses and prices are from the previous close.

Saudi Arabia's Tadawul fell 0.6 percent, while Kuwait's benchmark gained 0.6 percent. All other stock markets in Persian Gulf monarchies are closed for the weekend.


Read more at Bloomberg Stocks News

UBS Erodes Deutsche Bank's Lead in Currency Market With Electronic Trading

(Bloomberg) -- UBS AG, the second-biggest foreign- exchange trader, is eroding the lead of Deutsche Bank AG in the $1.9 trillion-a-day currency market by boosting electronic trading, according to a survey by Euromoney magazine.

Frankfurt-based Deutsche Bank, Europe's biggest securities firm, had a 19.3 percent share of currency dealings between banks and customers, little changed from a year ago, the survey showed. UBS raised its share to 14.9 percent, from 11.9 percent.


Read more at Bloomberg Currencies News