FCC denies industry bid to delay cable box rule

(Reuters) - The Federal Communications Commission said it would not
postpone an order, scheduled to go into effect on Monday, that
requires cable companies to separate the security functions
from set-top boxes and put them into a card that can be used in
TVs and set-top boxes made by other manufacturers.




"In a new era with a competitive set-top box market,
consumers will enjoy greater choice and reap the benefits of
exciting and innovative features -- such as the ability to
watch Internet videos or view slideshows of family vacations on
their TV sets," FCC Chairman Kevin Martin said in a statement.


Read more at Reuters.com Government Filings News

Teachers group wins C$52 bln race for BCE

(Reuters) - It said that was a 40 percent premium over what it called the "undisturbed share price," or the price before BCE put itself up for sale. BCE shares closed at C$40.34 on the Toronto Stock Exchange on Friday.




"The all-cash transaction is valued at C$51.7 billion, including C$16.9 billion of debt, preferred equity and minority interests," BCE said, adding that it expected the deal to close in the first quarter of next year.


Read more at Reuters.com Mergers News

U.S. family tries living without China

(Reuters) - In "A Year Without 'Made in China,"'
Bongiorni tells how she and her family found that such formerly
simple acts as finding new shoes, buying a birthday toy and
fixing a drawer became ordeals without the Asian giant.




Bongiorni takes pains to say she does not have a
protectionist agenda and, despite the occasional worry about
the loss of U.S. jobs to overseas factories, she has nothing
against China. Her goal was simply to make Americans aware of
how deeply tied they are to the international trading system.


Read more at Reuters.com Business News

U.S. Dollar's Share of Global Reserves Falls to Eight-Year Low, IMF Says

(Bloomberg) -- The dollar's share of global
foreign-exchange reserves fell to the lowest level in at least
eight years as central banks accelerated purchases of euros, the
International Monetary Fund said.

Dollars accounted for 64.2 percent of reserves in the first
quarter, down from 64.6 percent in the prior three months, the
IMF said today in Washington. The share of euros climbed to 26.1
percent from 25.9 percent, reaching its highest proportion since
the single currency was introduced in 1999.


Read more at Bloomberg Currencies News

US STOCKS-Indexes climb as Wall St ends strong quarter

(Reuters) - NEW YORK, June 29 - U.S. stocks rose on Friday
after data showed strength in the economy while an inflation
measure moderated, putting the stock market on track to end the
quarter on a strong note.




Among advancing shares, Research In Motion Ltd.
surged after the BlackBerry maker posted
stronger-than-expected quarterly profit and announced a stock
split. For details, see [ID:nN2838412.


Read more at Reuters.com Bonds News

New York takes precautions after London bomb

(Reuters) - New York normally puts police on heightened alert in response to security incidents in other countries.




As a city that has twice been attacked by Islamic extremists -- a truck bombing of the World Trade Center in 1993 and the attacks of September 11, 2001, -- New York has police representatives in hot spots around the world, including London.


Read more at Reuters.com Bonds News

Copper Rises to Three-Week High in New York as Global Inventories Decline

(Bloomberg) -- Copper futures rose to a three-week
high in New York as declining global inventories of the metal
increased supply concerns.

Chinese stockpiles fell 5.6 percent to 90,617 metric tons,
the biggest decline in six months, the Shanghai Futures Exchange
said in a weekly report today. Inventories in warehouses
monitored by the London Metal Exchange fell 1.4 percent to
114,700 tons today.


Read more at Bloomberg Commodities News

Rand gains from trade, bonds consolidate

(Reuters) - South Africa's rand gained on the dollar on Friday after a smaller than expected trade deficit, while bonds firmed in step with the currency.

The rand was trading at 7.0425 against the greenback, 0.75 percent above its New York close after touching a five-week high of 7.0280.


Read more at Reuters Africa

CHC Helicopter wins C$1.1 bln in Statoil contracts

(Reuters) - OTTAWA, June 29 - CHC Helicopter Corp. said on Friday it has been awarded two contracts by Norwegian oil company Statoil ASA for helicopter services in the Norwegian Sea valued at about C$1.1 billion .



CHC, a provider of helicopter services to the global offshore oil and gas industry, said the five- and seven-year contracts, each with options to extend for up to four years, represent the largest bundle of helicopter service contracts ever awarded.


Read more at Reuters.com Mergers News

BCE confirms it is reviewing several proposals

(Reuters) - TORONTO, June 29 - BCE Inc. has received
and is examining several proposals as part of its review of
business alternatives, the country's largest telecom company
said on Friday.




In a terse statement, BCE also said there are no assurances
that the review of alternatives will lead to a deal. Three
separate buyout consortiums are bidding for BCE in hopes of
taking it private.


Read more at Reuters.com Mergers News

Commerce Bancorp replaces CEO, fixes governance

(Reuters) - Analysts said Hill's exit makes New Jersey's largest bank a target for a takeover, which Hill had long resisted. Commerce executives would not rule out that possibility but pledged to continue rapidly opening branches to fuel growth. Commerce shares rose as much as 11.4 percent in early trading.




Hill, 61, will retire on July 31 from the Cherry Hill-based company he founded 34 years ago. He stepped down immediately as chairman and chief executive of its banking unit.


Read more at Reuters.com Bonds News

Apple, AT&T shares raise ahead of iPhone release

(Reuters) - AT&T, for now the exclusive carrier for the iPhone, has said that of those making early inquiries about the device, around 40 percent were not already AT&T customers.




The company hopes to capture new subscribers who might switch carriers to buy the iPhone, which combines regular talk functions with music- and video-playing and Web browsing.


Read more at Reuters.com Hot Stocks News

Argentine's Peso Trades Near Two-Month Low on Subprime Mortgage Concerns

(Bloomberg) -- Argentina's peso was little changed
after falling to an almost two-month low yesterday as
uncertainty over the impact of U.S. subprime mortgages damps
emerging markets.

``We'll continue to see some mild volatility with the peso
over the subprime mortgages,'' said Guillermo Estebanez, a
currency strategist at Banc of America Securities LLC in San
Francisco. ``The market has become more comfortable with the
subprime issue, but the problem is still there and it will
recur.''


Read more at Bloomberg Currencies News

FACTBOX: Features of Apple's iPhone

(Reuters) - * Its main feature is a 3.5-inch touch-sensitive screen with one physical button. Programs are accessed by touching icons, and text is entered with an on-screen keyboard.




* It uses AT&T Inc.'s GSM network for voice calls and its EDGE network for data transmission. AT&T has exclusive rights to the phone for at least two years.


Read more at Reuters.com Business News

TREASURIES-Quarter-end buying lifts bonds,stocks cap gains

(Reuters) - That was comforting news to some investors, but a rise in
stocks reduced some of the safe-haven appeal of Treasuries.




Month-end and quarter-end buying kept bond prices, which
move inversely to yields, at higher levels.


Read more at Reuters.com Bonds News

S&P cuts Tyco's debt ratings on reorganization

(Reuters) - "The ratings reflect Tyco's business profile, which despite
the loss of the healthcare and electronics businesses will
still benefit from significant business and geographic
diversity and leading positions in large though fragmented and
highly competitive markets that have moderate growth
prospects," S&P said in a statement.




S&P cut Tyco's senior unsecured debt one notch to "BBB,"
the second-lowest investment grade ranking, from "BBB-plus."
The outlook is stable, indicating an additional ratings change
is not anticipated over the next two years.


Read more at Reuters.com Bonds News

UPDATE 1-U.S. construction spending up 0.9 percent in May

(Reuters) - Economists polled ahead of the report were expecting a much
weaker 0.1 percent rise in the overall construction spending
figure.




Spending on private homebuilding, however, fell 0.8 percent
to a seasonally adjusted $549 billion annual rate, the 15th
consecutive monthly decrease as U.S. housing market troubles
continue.


Read more at Reuters.com Economic News

U.K. Stocks Rebound, Paced by Shares of Northern Rock, Shell; Segro Drops

(Bloomberg) -- U.K. stocks advanced, paced by
Northern Rock Plc after Goldman, Sachs & Co. recommended
investors buy the shares.

Royal Dutch Shell Plc climbed with the price of oil while BT
Group Plc rose after the phone company said analysts are too
pessimistic about sales growth.


Read more at Bloomberg Stocks News

CPP, Teachers frontrunners in BCE race: papers

(Reuters) - Consortiums led by Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan have filed identical C$41-per-share all-cash offers, valuing the bid at almost C$33 billion , not including debt, according to the Financial Post.



Both consortiums are backed by U.S. private equity firms. Kohlberg Kravis Roberts & Co. is in the CPP group and Providence Equity Partners is in the Teachers' group.


Read more at Reuters.com Mergers News

Dollar Share of Global Reserves Declines to Lowest Since 1999, Says IMF

(Bloomberg) -- The dollar's share of global
foreign-exchange reserves fell to the lowest level in at least
eight years as central banks accelerated purchases of euros, the
International Monetary Fund said.

Dollars accounted for 64.2 percent of reserves in the first
quarter, down from 64.6 percent in the prior three months, the
IMF said today in Washington. The share of euros climbed to 26.1
percent from 25.9 percent, reaching its highest proportion since
the single currency was introduced in 1999.


Read more at Bloomberg Currencies News

Platinum Is Little Changed on South Africa Labor Talks; Palladium Falls

(Bloomberg) -- Platinum was little changed in New
York, heading for a weekly decline, after Anglo Platinum Ltd.,
the world's largest producer of the metal, raised a wage offer
in an attempt to avert a strike in South Africa.

Anglo Platinum is offering pay raises of 8 percent to
10 percent, after a 7 percent increase was rejected, Solidarity
labor union said. At Impala Platinum Holdings Ltd., the world's
second-largest producer, workers in South Africa turned down an
increased pay offer this week. The country produces about
80 percent of the world's platinum.


Read more at Bloomberg Commodities News

Core inflation edges down, lowest in 3 years

(Reuters) - In a report that also showed consumer spending and income was a bit softer than expected, the Commerce Department said on Friday overall prices rose a stiff 0.5 percent last month but core prices edged up just 0.1 percent.




The subdued core price increase pulled the year-on-year reading down to its lowest since March 2004, welcome news for policy-makers at the Fed, some of whom have said they would like to see core inflation in a 1 percent to 2 percent range.


Read more at Reuters.com Business News

EU drug agency to finalise Acomplia review in July

(Reuters) - The EU watchdog had initially said it was likely to give a
view this month.




The close review of Acomplia's safety profile comes two
weeks after a U.S. advisory panel said the medicine should not
be approved in the world's biggest drugs market because it may
increase suicidal thinking and depression.


Read more at Reuters.com Government Filings News

US Midwest business expands strongly in June

(Reuters) - The employment component of the index fell to 52.7 from
57.3 in May. Prices paid fell to 68.1 from 70.2 and new orders
slipped to 65.7 from 71.1.




Read more at Reuters.com Bonds News

UPDATE 1-RESEARCH ALERT-UBS cuts MGIC, PMI Group to neutral

(Reuters) - The brokerage downgraded PMI and MGIC to "neutral" from
"buy." UBS also cut its price target on MGIC to $62 from $75
and on PMI to $52 from $56.




UBS now estimates that reserve building would be
substantially greater than its previous forecast, and that it
would reduce earnings and return on earnings through 2008.


Read more at Reuters.com Bonds News

UPDATE 1-Midwest expansion slows in June but still strong

(Reuters) - The National Association of Purchasing Management-Chicago
business barometer eased to 60.2 from 61.7 in May.




Economists had forecast the index at 58.0. A reading above
50 indicates expansion.


Read more at Reuters.com Bonds News

UAW expected to announce Delphi pact vote Friday

(Reuters) - Voting on the agreement, which includes wage and benefit
cuts and eventual plant closings, is cumulative among the
eligible 17,000 UAW members, but results reported independently
from some of the largest locals showed a majority in favor.




Delphi has said it must have the cuts in labors costs to
complete its reorganization. The deal would also remove 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 Bonds News

Lilly May Face More Zyprexa Lawsuits After U.S. Raises Side Effect Concern

(Bloomberg) -- Eli Lilly & Co. may attract more
lawsuits alleging it failed to warn users that a psychiatric drug
was linked to diabetes after the pharmaceutical company received
a letter from U.S. regulators.

The U.S. Food and Drug Administration told Lilly in March it
would delay the approval of Symbyax for depression because the
agency wanted more information about the risk of diabetes in the
medicine's prescribing label. Symbyax combines Lilly's
antipsychotic pill Zyprexa and the antidepressant Prozac.


Read more at Bloomberg Exclusive News

UPDATE 1-Banco de Chile soars on Citigroup alliance talks

(Reuters) - The shares were up 9.1 percent after earlier registering a
rise of 11.9 percent.




On Thursday night, Banco de Chile's majority shareholder,
manufacturing conglomerate Quinenco , said it was
talking to Citigroup again about an alliance.


Read more at Reuters.com Mergers News

European Stocks Advance in Quarter; Total, Linde, Swatch Pace the Gains

(Bloomberg) -- European stocks headed for a fourth
consecutive quarterly advance on speculation companies will keep
increasing profit and takeovers will lift shares.

Linde Group and BASF AG led chemical makers higher on
expectations they may merge. Swatch Group AG rallied after
Deutsche Bank AG recommended buying shares in the watchmaker
because revenue and profit margins may increase. Total SA and
Royal Dutch Shell Plc as oil climbed to a 10-month high.


Read more at Bloomberg Stocks News

Crude Oil Futures Rise to 10-Month High as U.S. Refineries Increase Output

(Bloomberg) -- Crude oil rose to a 10-month high in
New York on speculation that consumption will increase as
refineries bolster gasoline output.

Prices climbed above $70 for the first time since September
yesterday after an Energy Department report showed that U.S.
gasoline, diesel and heating oil inventories fell last week as
refineries increased operating rates. Crude-oil supplies at
Cushing, Oklahoma, where oil traded in New York is delivered,
plunged 5.7 percent, the June 27 report showed.


Read more at Bloomberg Energy News

US STOCKS-Indexes gain at open on tame inflation

(Reuters) - The Dow Jones industrial average was up 23.90
points, or 0.18 percent, at 13,446.18. The Standard & Poor's
500 Index was up 2.25 points, or 0.15 percent, at
1,507.96. The Nasdaq Composite Index was up 10.91
points, or 0.42 percent, at 2,619.28.




Read more at Reuters.com Bonds News

Banco de Chile Controller Resumes Alliance Talks With Citigroup

(Bloomberg) -- Quinenco SA, the Santiago-based
controller of Chile's second-largest bank Banco de Chile, has
resumed strategic alliance talks with Citigroup Inc.

Negotiations cover a possible alliance between Citigroup and
Quinenco's financial and banking operations, which include Banco
de Chile, the Santiago-based holding company said in a filing to
securities regulators after the market closed yesterday.


Read more at Bloomberg Stocks News

S.Africa maize follows Chicago higher

(Reuters) - South African maize futures bounced higher on Friday, cheered by an overnight rally in U.S. corn which has overshadowed local crop concerns for the past few months.

July white maize fetched 1,657 rand a tonne, advancing by 1.97 percent on the previous session's close but still staying below the important 1,700 rand mark.


Read more at Reuters Africa

Hudson's shareholder sells 14.9 mln shares

(Reuters) - The company said it intends to buy back about 1.2 million
additional shares through a tender offer, increasing total
shares to be retired to 6.9 million.





Read more at Reuters.com Mergers News

UPDATE 1-Canada economy stands still in April

(Reuters) - April was the first time since June 2006 that gross
domestic product did not grow, according to Statscan's revised
figures.




Analysts had forecast, on average, 0.2 percent growth in
April, after a robust 3.7 percent growth in the first quarter
and 1.5 percent expansion in the fourth quarter of last year.


Read more at Reuters.com Economic News

Oil above $71 on drop in US fuel stocks

(Reuters) - Oil rose above $71 a barrel on Friday as investors focused on falling gasoline inventories in top consumer the United States and a regional drop in crude stocks.

A U.S. government report on Wednesday showed gasoline stocks fell 700,000 barrels last week and crude inventories at Cushing, Oklahoma, the delivery point for the U.S. crude benchmark, dropped 1.4 million barrels.


Read more at Reuters Africa

U.N. chief in Afghanistan, focus on lack of law and order

(Reuters) - The meeting took place amid heavy security at the presidential palace, which still bears the scars of the past 30 years of conflict in the central Asian state.




Journalists were called to the palace, but there was no news conference.


Read more at Reuters.com Business News

GLOBAL MARKETS-Stocks, bonds turn higher after U.S. data

(Reuters) - The core Personal Consumption Expenditure index -- the
Federal Reserve's favourite measure of inflation -- rose 1.9
percent in May from a year ago, its lowest reading since March
2004.




"It's good news for the bond market, and so that means bond
yields will come down, and lead to a firmer tone in stock data
... This suggests that core inflation is moderating, but as the
Fed said, it isn't conclusive yet," said Scott Brown, chief
economist at Raymond James & Associates in Florida.


Read more at Reuters.com Bonds News

Canadian Stocks May Gain on Research In Motion's Profit; BCE May Advance

(Bloomberg) -- Canadian stocks may rise after Research
In Motion Ltd. announced a stock split and first-quarter profit
exceeded analyst estimates.

Research In Motion, the maker of BlackBerry e-mail phones,
surged 17 percent in trading before the open of Canadian exchanges.
BCE Inc., Canada's biggest phone company, gained after the Ontario
Teachers' Pension Plan said it made bids for all BCE shares it
doesn't already own.


Read more at Bloomberg Stocks News

Copper Rises For Third Session in New York as Global Inventories Decline

(Bloomberg) -- Copper futures rose for a third
session in New York as global inventories of the metal shrank.

Chinese stockpiles fell 5.6 percent to 90,617 metric tons,
the biggest decline in six months, the Shanghai Futures Exchange
said in a weekly report today. Inventories in warehouses
monitored by the London Metal Exchange fell 1.4 percent to
114,700 tons today. Copper has gained 20 percent this year,
partly on supply concerns.


Read more at Bloomberg Commodities News

Canada's Dollar Falls From 30-Year High as April Economic Growth Is Flat

(Bloomberg) -- The Canadian dollar fell from a 30-
year high after the nation's economic growth unexpectedly
stalled in April.

Canada's currency dropped to 94.22 U.S. cents at 8:50 a.m.
in Toronto, from 94.39 U.S. cents yesterday. One U.S. dollar
buys C$1.0596. The currency earlier touched 95.51 U.S. cents, or
C$1.0471, the strongest since May 1977 as crude oil prices rose.


Read more at Bloomberg Currencies News

Valeo says to continue talks with fund

(Reuters) - The Financial Times reported earlier that Valeo had been in
talks since March with PAI and U.S. funds Apollo Investment
Management and Cerberus [CBS.UL] about a possible leveraged
buyout.




The FT added that Valeo and PAI had failed to agree on a
price.


Read more at Reuters.com Mergers News

Ariba, Black Box, Priceline.com, Research in Motion: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 7:30 a.m. New York time.

American Home Mortgage Investment Corp. (AHM US): The lender
specializing in adjustable-rate mortgages withdrew its fiscal
2007 earnings guidance and said it will likely have a second-
quarter loss. The shares fell 52 cents to $20.91 in regular
trading yesterday.


Read more at Bloomberg Stocks News

Treasuries Extend Advance After Consumption Report Shows Slowing Inflation

(Bloomberg) -- Treasuries extended their gains as a
gauge watched by the Federal Reserve showed slowing inflation.

The yield on benchmark 10-year notes fell 3 basis points,
or 0.03 percentage point, to 5.08 percent at 8:35 a.m. in New
York, according to bond broker Cantor Fitzgerald LP. The price
of 4 1/2 percent securities maturing in May 2017 rose 6/32, or
$1.88 per $1,000 face amount, to 95 17/32.


Read more at Bloomberg Bonds News

US STOCKS-Futures turn higher after inflation data

(Reuters) - NEW YORK, June 29 - U.S. stock index futures
reversed direction on Friday, turning higher, after a gauge of
inflation in May showed its lowest reading since March 2004.




The report was likely to give the Federal Reserve some
assurance it is making progress in its effort to curb
inflation.


Read more at Reuters.com Bonds News

Darling Inherits a Fraying U.K. Economy as Brown's Successor at Treasury

(Bloomberg) -- Alistair Darling, Britain's new
chancellor of the exchequer, faces what may be the toughest task
in Prime Minister Gordon Brown's government: steering a fraying
economy with Brown looking over his shoulder.

Brown, who as chancellor oversaw the longest expansion in
two centuries, appointed the 53-year-old Darling as his
successor yesterday. Darling worked under Brown at the Treasury
in 1997, then ran the Departments of Trade and Industry and of
Work and Pensions for former Prime Minister Tony Blair.


Read more at Bloomberg Exclusive News

Bank of England's Jenkinson Warns on Weaknesses Shown by Subprime Fallout

(Bloomberg) -- The U.S. subprime lending crisis has
shown weaknesses in risk controls which could affect the whole
financial system in the event of a bigger shock to deeper markets
such as corporate credit, a Bank of England official said.

``Recent distress in the U.S. subprime lending market'' has
``exposed weaknesses in risk management,'' Nigel Jenkinson, the
bank's executive director for financial stability, said today.
``In a more severe stress scenario, perhaps in a more significant
market such as corporate credit,'' the effect ``could have more
serious consequences for the financial system.''


Read more at Bloomberg Bonds News

TREASURIES-Bond prices edge up ahead of inflation data

(Reuters) - "People yesterday were a bit concerned about the PCE
deflator that is coming out this morning," said Doug Roberts,
chief investment strategist at Channel Capital Research in
Shrewsbury, New Jersey.




"Now they are realizing the Fed probably wouldn't have
moderated their statement if they thought the PCE was going to
come in somewhat ... massively different from what they
anticipated. Although it might not come out on target, probably
it will come in pretty close."


Read more at Reuters.com Bonds News

Talbots names Liz Claiborne president as CEO

(Reuters) - Liz Claiborne, which is in the process of restructuring, said it plans to eliminate the position of president and that it is almost finished searching for an executive vice president for its newly formed "partnered brands" division, which includes the Liz Claiborne, Dana Buchman and Ellen Tracy brands.




The company's namesake, designer Liz Claiborne, died in New York on Tuesday at the age of 78.


Read more at Reuters.com Business News

U.K. Stocks Retreat, Paced by Segro, Liberty; Shares of Drax Group Slide

(Bloomberg) -- U.K. stocks declined, paced by Segro
Plc as HSBC Holdings Plc recommended investors reduce their
stakes in the property company. Liberty International Plc and
Hammerson Plc also fell. Standard Life Plc and Prudential Plc led
insurers lower.

Drax Group Plc declined after the utility said it sold
electricity at cheaper prices.


Read more at Bloomberg Stocks News

Intertape Polymer shareholders reject plan to sell co

(Reuters) - The company also said Eric Baker was appointed Chairman, after shareholders elected Baker, Melbourne Yull and Dale McSween to its board at an annual shareholder meeting.






Read more at Reuters.com Mergers News

Symetra Financial files for $750 mln IPO

(Reuters) - In addition to the affiliates of White Mountains Insurance
Group Ltd. and Berkshire Hathaway Inc., who led the investor
group that formed Symetra, others from the original investor
group may participate in this offering as selling stockholders.




The Bellevue, Washington-based company, which has applied
for a New York Stock Exchange listing under the symbol "SYA,"
told the U.S Securities and Exchange Commission in a
preliminary prospectus that Merrill Lynch & Co. and Goldman,
Sachs & Co., among others, were underwriting the IPO.



Read more at Reuters.com Government Filings News

US STOCKS-Futures fall with inflation data on tap

(Reuters) - In earnings news, Research In Motion Ltd. may give
a lift to the Nasdaq after the maker of the Blackberry reported
results that beat analysts' estimates. For details, see
[ID:nN28384123]




Research in Motion stock jumped 8.1 percent to $179 in
electronic trading.


Read more at Reuters.com Bonds 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

Constellation Brands eyes buys in 3 areas: CEO

(Reuters) - Sands does not expect to continue with large wine acquisitions of $1 billion to $2 billion like it has made recently, but would more likely do smaller, bolt-on acquisitions that would fill niches in its portfolio.




Sands also reiterated that the company is not interested in buying Absolut vodka maker Vin & Sprit.


Read more at Reuters.com Mergers News

FACTBOX-Five facts about Iberia, Europe's No.4 airline

(Reuters) - Following are five key facts about the airline:







Read more at Reuters.com Mergers News

DealTalk: Spinoffs back in fashion amid pressure to perform

(Reuters) - After four slower years when the combined value of U.S. spinoffs ranged from roughly $25 billion to $55 billion, 2006 saw a big comeback for such deals, with their total value topping $145 billion, according to research firm Dealogic.




Already in 2007, completed U.S. spinoffs have reached at least $80 billion, up from $60 billion at this stage last year.


Read more at Reuters.com Business News

Cisco, CKE, Dillard's, General Motors, LSI, Meridian: 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 10:45 a.m. New York time.

Atmel Corp. (ATML US) gained 9 cents, or 1.6 percent, to
$5.80. 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

South African coal prices fall in line with swaps

(Reuters) - Prices of prompt loading South African coal cargoes dropped sharply on Thursday in line with weaker API4 paper values, traders and utilities said.

Prompt cargoes on Monday had been offered at $60.00-$60.50 a tonne FOB Richards Bay, basis 6,000kc/kg NAR against few bids.


Read more at Reuters Africa

Build-A-Bear to evaluate strategic alternatives

(Reuters) - The stuffed-animal retailer also said it would not give any new earnings forecasts or update previous numbers while it conducts the review.




Susquehanna Financial Group upgraded Build-A-Bear's shares to "positive" from "neutral."


Read more at Reuters.com Business News

S.African tribunal blocks Telkom, BCX deal

(Reuters) - South Africa's Competition Tribunal has prohibited the acquisition of IT outsourcing firm Business Connexion Group (BCX) by fixed-line group Telkom, the regulator said on Thursday.

Telkom planned to acquire the IT firm for 2.43 billion rand and first announced the transaction in March 2006, but ran into opposition from competition bodies and competitors.


Read more at Reuters Africa

Oil rises above $70 after US fuel stock drop

(Reuters) - Oil climbed above $70 a barrel on Thursday after a surprisingly steep decline in U.S. gasoline inventories revived supply worries during the height of the summer driving season.

A slowdown in gasoline imports drained inventories of motor fuel in the world's top consumer by 700,000 barrels last week versus an expected rise of 1.2 million barrels.


Read more at Reuters Africa

Most U.S. Stocks Gain, Led by Technology Companies; Monsanto Advances

(Bloomberg) -- Most U.S. stocks rose, led by
technology companies, after analysts upgraded Intel Corp. and
Cisco Systems Inc. on prospects for profit growth.

Monsanto Co., the world's biggest seed producer, gained
after earnings beat analyst estimates. About three stocks
advanced for every two that fell on the New York Stock
Exchange.


Read more at Bloomberg Stocks News

Worthington to close some facilities, cut jobs

(Reuters) - Worthington on Thursday reported fourth-quarter earnings of
45 cents a share on net sales of $788.6 million.




Analysts on average had expected the company to earn 37
cents on a revenue of $754.4 million for the latest fourth
quarter.



Read more at Reuters.com Market News

Security Benefit to acquire Rydex Investments

(Reuters) - Rydex, based in Rockville, Maryland, manages more than $15
billion in mutual funds, exchange-traded funds and
institutional products.




The combined firm will manage about $35 billion in assets,
the announcement said.


Read more at Reuters.com Mergers News

Chile's Peso Rises First Time in Five Days as Copper Strike Concern Grows

(Bloomberg) -- Chile's peso gained for the first
time in five days after copper, the country's biggest export,
rose amid concern of possible strikes at the state-run Codelco
mine.

``The early moves are related to copper,'' said Benjamin
Sierra, an economist at Bandesarrollo Administradora de Fondos,
which manages pension funds assets in Santiago.


Read more at Bloomberg Currencies News

TREASURIES-Bonds dip on strong Q1 inflation data

(Reuters) - Investors are betting that the Fed would maintain a hawkish
tone on inflation when it announces it interest rate verdict at
the end of a two-day policy meeting at about 2:15 p.m. .




"The price index was much higher. It's mildly negative . Today's real action is going to be based on the Fed's
statement. That's what going to set the tone today," said
Andrew Brenner is at MAN Financial in New York.


Read more at Reuters.com Bonds 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

Supreme court rejects race as factor in school programs

(Reuters) - By a 5-4 vote on the last day of its term, the court's conservative majority struck down voluntary programs adopted in Seattle and Louisville, Kentucky, to attain racial diversity in public school classrooms.




The ruling added to a string of decisions this term in which President George W. Bush's two appointees -- Chief Justice John Roberts and Justice Samuel Alito -- have shifted the court sharply to the right on divisive social issues like abortion.


Read more at Reuters.com Bonds 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

Fannie, Freddie had enough capital in Q1, OFHEO

(Reuters) - Adequately capitalized is the highest designation that either
company can receive concerning its reserves against possible
losses.




Read more at Reuters.com Government Filings News

Spanish Realtor Colonial May Pledge Assets on $9.7 Billion Loan Amid Slump

(Bloomberg) -- Inmobiliaria Colonial SA, Spain's
second-biggest realtor, may put up collateral because its bankers
can't attract enough investors to a 7.2 billion-euro ($9.7
billion) loan for the company, people involved in the deal said.

Goldman Sachs Group Inc., Royal Bank of Scotland Group Plc,
Calyon and Eurohypo AG, which have underwritten the sale, want
Colonial to pledge its 1.3 billion-euro stake in builder Fomento
de Construcciones & Contratas, said two people who declined to be
identified because the terms aren't set.


Read more at Bloomberg Bonds News

Treasuries Little Changed Before Federal Reserve's Interest Rate Decision

(Bloomberg) -- Treasuries were little changed
before the Federal Reserve's announcement on interest rates.

U.S. government debt fell earlier after a Commerce
Department report showed first-quarter inflation was faster than
previously estimated. All 113 economists surveyed by Bloomberg
News expect the central bank to leave its target rate unchanged
at 5.25 percent for an eighth straight time.


Read more at Bloomberg Bonds News

Quantum Fuel says reviewing strategic options for unit

(Reuters) - It retained Merriman Curhan Ford as financial adviser to
assist it in the process, the company said in a statement.





Read more at Reuters.com Mergers News

UPDATE 1-GM selling Allison Transmission for $5.6 billion

(Reuters) - GM said the sale would include almost all of the Allison
Transmission unit's assets, including seven manufacturing
plants in Indianapolis and the unit's worldwide distribution
network.




GM had said in January that it was looking to sell Allison,
which makes transmissions for commercial trucks, buses and
military vehicles.


Read more at Reuters.com Mergers News

US blue chips slip at open on inflation data

(Reuters) - U.S. blue-chip stocks opened down slightly on Thursday after government data showed first-quarter core personal consumption spending, an inflation gauge favored by the Federal Reserve, was revised higher.

The Nasdaq was higher. Chip maker Intel Corp. received a brokerage upgrade.


Read more at Reuters Africa

UAW May Hire Lazard for Health-Care Advice in U.S. Auto Talks, People Say

(Bloomberg) -- The United Auto Workers may hire
investment bank Lazard Ltd. to advise the union on health-care
concessions in contract talks with U.S. automakers, two people
with knowledge of the matter said.

The union told New York-based Lazard to be ready to assist
in negotiations that begin next month with General Motors Corp.,
Ford Motor Co. and DaimlerChrysler AG's Chrysler, said the
people, who asked not to be named because the plans are private.


Read more at Bloomberg Exclusive News

Dillard's soars as unhappy shareholder seeks talks

(Reuters) - The New York-based firm said it requested talks after being unable to reach Chief Executive William Dillard by phone.




Julie Bull, a Dillard's spokeswoman, was out of the office and unavailable for immediate comment, a company representative said.


Read more at Reuters.com Hot Stocks News

Copper Gains in New York on Concern Strikes in Chile Will Disrupt Supplies

(Bloomberg) -- Copper in New York gained the most in
two weeks on concern that strikes in Chile, the world's largest
source of the metal, will disrupt global supplies.

Codelco, the world's biggest copper producer, said a strike
by contract workers reduced output at mines and a smelter in
Chile. A union at Dona Ines des Collahuasi, the country's third-
largest copper mine, voted yesterday to strike next month. The
metal rose to a record high in May 2006 as labor unrest and mine
accidents disrupted production.


Read more at Bloomberg Commodities News

Corrected: Monsanto quarterly profit jumps

(Reuters) - Monsanto reported fiscal third-quarter profit of $1.03 a share on an as-reported basis, compared with 60 cents a share a year earlier. Analysts on average were looking for $1 a share, according to Reuters Knowledge.




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

UPDATE 1-Canada factory prices fall in May as C$ rises

(Reuters) - The decline was the biggest since September 2006. Analysts
had expected no change in prices in May.




Statscan revised the April rise in factory prices to 0.3
percent from 0.2 percent. In the 12 months to May, prices rose
3 percent versus 3.8 percent in April, revised from 3.7
percent.


Read more at Reuters.com Economic News

Intel Upgraded to `Overweight' at Lehman Brothers on Semiconductor Outlook

(Bloomberg) -- Intel Corp. was upgraded to
``overweight'' from ``equal weight'' at Lehman Brothers, which
said a new series of semiconductors designed for laptop computers
may boost revenue and earnings growth.

The world's largest computer-chip maker may also benefit
from improving margins and a share price that is ``reasonable''
relative to the company's earnings, analyst Tim Luke wrote in a
note. Price cuts on the new chips, called Santa Rosa, that are
scheduled for later this year may increase demand, he wrote.


Read more at Bloomberg Stocks News

UPDATE 2-Dominion to buy back 16 pct of outstanding shares

(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.




The share buyback program is part of the power company's
plan to use the proceeds from the sales of most of its oil and
natural gas exploration and production assets.


Read more at Reuters.com Bonds News

UPDATE 1-Build-A-Bear evaluates strategic alternatives

(Reuters) - CHICAGO, June 28 - Stuffed-animal retailer Build-A-Bear Workshop Inc. on Thursday said it has hired Lehman Brothers to help it evaluate a range of strategic alternatives, sending the retailer's stock up more than 13 percent in pre-market trading.



The company also said it would not give any new earnings forecasts or update previous ones while it conducts the review.


Read more at Reuters.com Bonds News

Fed resumes policy meeting, rates seen unchanged

(Reuters) - Market interest has centered on whether the Fed, meeting
against a backdrop of an economy showing signs of gathering
strength, would acknowledge in its statement that inflation
outside energy and food costs has moderated.




Such an observation might lead markets to bet the Fed might
feel more open to the idea of lowering borrowing costs in the
future to provide a boost for an economy still feeling the drag
from downtrodden housing markets.


Read more at Reuters.com Bonds News

Yen Weakens Versus Euro on Speculation Investors Are Restoring Carry Trade

(Bloomberg) -- The yen fell from a two-week high
against the dollar and weakened versus the euro as investors
resumed their search for higher yields outside Japan through so-
called carry trades.

The dollar fell versus the euro before the Federal Reserve's
interest-rate decision as policy makers are forecast to hold
borrowing costs at 5.25 percent. Japan's yen fell against all 16
of the most-active currencies as Bank of Japan Governor Toshihiko
Fukui said the central bank aims to adjust interest rates at a
gradual pace.


Read more at Bloomberg Currencies News

Apple IPhone Buzz Takes On `Life of Its Own,' Topping Mustang, Windows 95

(Bloomberg) -- Apple Inc.'s campaign to build
excitement about its iPhone may be the most successful marketing
effort ever, surpassing the drive to promote Ford Motor Co.'s
1964 Mustang and Microsoft Corp.'s Windows 95.

The combination mobile phone and music player has generated
more pre-sale media coverage than any other product, says Al
Ries, chairman of Ries & Ries, an Atlanta marketing strategy
firm. Michael Gartenberg, an analyst at JupiterResearch in New
York, estimates Apple will spend about $100 million on the
introduction, roughly half what Microsoft spent for Windows 95.


Read more at Bloomberg Exclusive News

Uganda population growth hurting economy - UN

(Reuters) - Uganda's population growth rate, the third highest in the world, threatens to undo government efforts to promote economic growth and slash poverty, the United Nations said on Thursday.

The United Nations Population Fund's (UNFPA) annual report said this week Uganda's population was growing at 3.6 percent a year, behind only East Timor and fellow African nation, Burundi.


Read more at Reuters Africa

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

U.S. jobless claims fall 13,000 in latest week

(Reuters) - The four-week moving average of initial jobless claims,
which smooths out week-to-week volatility, edged up to 316,000,
the highest in seven weeks.




In the last six weeks, initial claims have held steady
between 309,000 and 326,000. The high for the year so far was
356,000 in early February.


Read more at Reuters.com Bonds 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

UPDATE 1-Momenta sees longer US review for generic Lovenox

(Reuters) - Momenta, whose shares fell 13.9 percent in pre-market
trading, said it originally expected the U.S. Food and Drug
Administration review to take 18 to 24 months from when it
filed the application in August 2005.




In a filing, the company said the review will "likely
extend" beyond its prior view "due to a change in the projected
timing of certain activities required for the completion of the
FDA's review."


Read more at Reuters.com Government Filings News

UPDATE 1-Rite Aid posts unexpected profit, shares rise

(Reuters) - Rite Aid bought the U.S. Brooks and Eckerd drugstore chains
from Canada's Jean Coutu Group Inc. on June 4,
just after the quarter ended.




The acquisition made Rite Aid the largest drugstore chain
on the U.S. East Coast, but it still trails Walgreen Co.
and CVS/Caremark Corp. in revenue and number of
stores.


Read more at Reuters.com Market News

UPDATE 1-Dominion to buy back 55 mln common shares

(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 would pick a
price and buy shares tendered at that level or below.




The power company is in the process of selling most of its
oil and natural gas exploration and production assets.


Read more at Reuters.com Mergers News

Dollar Little Changed before Federal Reserve's Rate Decision, Growth Data

(Bloomberg) -- The dollar traded little changed
against the yen ahead of the Federal Reserve's monthly interest-
rate decision.

The U.S. currency pared earlier gains versus its Japanese
counterpart amid speculation the benchmark rate will remain at
5.25 percent for an eighth month. The dollar has weakened in the
past week after reports showed sales of new U.S. homes fell more
than expected in May and on concern losses at hedge funds managed
by Bear Stearns Cos. that invested in mortgages would spread to
other banks.


Read more at Bloomberg Currencies News

Amazon, Cisco, Family Dollar, Intel, Meridian Gold: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 8 a.m. New York time.

Amazon.com Inc. (AMZN US): RBC Capital raised its share-
price estimate for the world's biggest online retailer to $75
from $45, citing high short interest. The shares rose 66 cents to
$68.14 in regular trading yesterday.


Read more at Bloomberg Stocks News

Lithuania adopts law on new nuclear power plant

(Reuters) - The 3,000-3,500 megawatt plant, to replace the ageing
Soviet-era Ignalina nuclear reactor, which has to be shut down
under a deal with the European Union, is expected to be built by
2015.




One goal is to strengthen the region's energy independence
from Russia.


Read more at Reuters.com Mergers News

Global rally sweeps FTSE up as commodities bounce

(Reuters) - The leading share index joined a rebound in global equities on Thursday by jumping 0.6 percent, hoisted by commodities shares and by expectations that the Federal Reserve will keep U.S. interest rates on hold.

Mining and oil shares jointly added more than 26 points to the index's upside as copper prices bounced back and oil edged higher on a drop in U.S. gasoline inventories.


Read more at Reuters Africa

U.S. Stock-Index Futures Drop; Bed Bath & Beyond, Novellus Shares Decline

(Bloomberg) -- U.S. stock-index futures fell after
profit forecasts from Bed Bath & Beyond Inc. and Novellus
Systems Inc. missed some analysts' estimates.

Bed Bath & Beyond, the largest U.S. home-furnishings
retailer, dropped after it said earnings may decline because of
the slump in housing. Novellus led shares of semiconductor
equipment makers lower after saying second-quarter profit and
sales will be at the low end of its forecast.


Read more at Bloomberg Stocks News

Momenta sees longer US review for generic Lovenox

(Reuters) - In a new filing, the company said the review will "likely
extend" beyond its prior view "due to a change in the projected
timing of certain activities required for the completion of the
FDA's review."




Momenta declined to provide a new projection for the timing
but said it believes the FDA review "continues to progress
satisfactorily."



Read more at Reuters.com Government Filings News

RPT-General Mills 4th-quarter profit rises

(Reuters) - The maker of Cheerios cereal, Progresso soups and Yoplait
yogurt said profit was $224 million, or 62 cents a share, for
the fiscal fourth quarter ended May 27. That compares with $222
million, or 61 cents a share, a year earlier.




Analysts, on average, forecast 63 cents a share, according
to Reuters Estimates.


Read more at Reuters.com Market News

Michigan County Sells Bonds for Retiree Benefits, Leading Muni Borrowers

(Bloomberg) -- Michigan's Oakland County, a New
York state agency and Nevada will sell a combined $1.3 billion
of bonds in today's largest sales of U.S. municipal debt.

Oakland County will offer $570 million of 20-year taxable
bonds to raise money to help cover future payments of benefits
for retired workers. The New York State Dormitory Authority will
borrow $438.8 million for a variety of capital projects at
schools in the state. Nevada will sell almost $300 million for
capital projects.


Read more at Bloomberg Bonds News

CORRECTED: Fed seen on hold as core inflation edges lower

(Reuters) - WASHINGTON - Federal Reserve policy-makers meeting for a second day on Thursday look set to hold borrowing costs steady as they monitor risks that U.S. inflation could rekindle and that economic growth may stall.




Financial markets widely expect the U.S. central bank to hold benchmark overnight interest rates at 5.25 percent, a level reached in June last year after 17 straight increases.


Read more at Reuters.com Business News

U.S. Stocks Retreat on Drop in Durable Goods; GE, Countrywide Shares Fall

(Bloomberg) -- U.S. stocks fell for a fourth day
after a government report said orders for durable goods
declined more than forecast and concerns lingered that losses
may worsen in bonds tied to mortgage loans.

General Electric Co., which makes products ranging from
appliances to jet engines, retreated. Countrywide Financial
Corp., the biggest U.S. mortgage lender, helped push a gauge of
financial shares to its lowest since April.


Read more at Bloomberg Stocks News

Zimbabwe reviews inflation calculation, delays data

(Reuters) - Zimbabwe is reviewing how it calculates inflation and will delay the release of May data, a government official said on Wednesday, as the country grapples with hyper-inflation.

President Robert Mugabe's government has declared the country's galloping inflation -- put at more than 3,700 percent in April -- as its number-one enemy. But prices continue to rise relentlessly, jumping by as much as 300 percent in the past week alone after the local currency tumbled.


Read more at Reuters Africa

US STOCKS-Shares flat after oil rise lifts energy shares

(Reuters) - NEW YORK, June 27 - U.S. stocks were little
changed in seesaw trading on Wednesday as a rise in oil's price
lifted energy shares, helping to erase most of the market's
losses.




Major indexes had fallen after weaker-than-expected durable
goods data hurt industrial shares and added to uneasiness about
the outlook for corporate profits.


Read more at Reuters.com Bonds News

S.Africa stocks fall 1.6 pct, led by miners

(Reuters) - Mining and resource stocks, led by Anglo American, dragged South Africa's blue-chip Top-40 index 1.62 percent lower on Wednesday as lower metal prices and fears about U.S. economic growth scared off investors.

The Top-40 index ended 1.62 percent down at 25,568 points while the broader All-share index ended 1.6 percent down at 28,285 points.


Read more at Reuters Africa

Colombia's Peso Weakens Sixth Day, Bonds Decline on U.S. Subprime Concerns

(Bloomberg) -- Colombia's peso weakened for a sixth
day and local government bonds declined as concern about losses
in the U.S. subprime market led investors to shun riskier,
emerging-market assets.

``Worries about the mortgage market shows how a shift in
external conditions reverses the peso's rally,'' said Alvaro
Camaro, head analyst at Stanford Financial Group's unit in
Bogota. ``Some local investors will likely begin investing in
dollars, taking advantage of a still strong peso.''


Read more at Bloomberg Currencies News

Merck wins speedy U.S. review for HIV drug

(Reuters) - NEW YORK, June 27 - Merck & Co. on Wednesday said U.S. regulators will review its experimental HIV drug Isentress on a priority basis, and that it anticipates a decision on the first in a new class of medicines by mid-October.



Merck said the drug, if approved, would be used alongside standard oral HIV drugs among patients that were no longer adequately protected by their current treatments because of viral resistance.


Read more at Reuters.com Government Filings News

Chile's Andina outlines dividend payments

(Reuters) - Andina, which has operations in Argentina and Brazil as
well as Chile, posted a net profit of $41.3 million in the
first quarter, up 3 percent from a year earlier.





Read more at Reuters.com Market News

CBOT says ISS recommends vote for CME merger

(Reuters) - CBOT shareholders and members vote on the CME deal on July
9, but are mulling a higher, competing bid from Atlanta-based
IntercontinentalExchange Inc. .




"If one is to compare ICE's adjusted offer price with CME's
offer price, the difference between the two offers is
marginal," ISS said in its report.


Read more at Reuters.com Mergers News

Coffee Declines in New York as Mild Temperatures May Boost Brazil's Crop

(Bloomberg) -- Coffee declined in New York as mild
temperatures ease concern that crops might be damaged by frost
in Brazil, the world's largest producer.

Forecasts signaled favorable harvest weather with no
damaging cold expected this week, according to Meteorologix LLC
in Woburn, Massachusetts. Temperatures will hover slightly above
normal with lows mostly in the 50s Fahrenheit (11 to 15
Celsius), and they may drop over the weekend before climbing
again on July 2, the forecaster said.


Read more at Bloomberg Commodities News

IEA Expects Oil Prices to Remain Near $70 a Barrel, Economist Birol Says

(Bloomberg) -- Crude oil prices will probably remain
near $70 a barrel during the next year because of political
tensions in Nigeria, Iran and Iraq, the chief economist of the
International Energy Agency said.

``I would be surprised if prices go down significantly,'' the
IEA's Fatih Birol said in an interview today at an energy
conference in Istanbul. ``We are going through difficult times.''


Read more at Bloomberg Energy News

Fidelity National to buy eFunds for $1.8 billion

(Reuters) - $34.60.




Jacksonville, Florida-based Fidelity National, which says about half of all U.S. residential mortgages are processed using its software, expects the deal to yield annual cost saving of $65 million and boost its earnings in 2008.


Read more at Reuters.com Bonds News

Activist Breeden seeks 3 H&R Block board seats

(Reuters) - The news sent shares of H&R Block as much as 6.8 percent higher. H&R Block did not immediately return a call seeking comment.



Breeden Capital Management LLC, which said it controls 1.86 percent of H&R Block shares, said it will propose directors for election at the company's Sept. 6 annual meeting. Just three of 11 incumbent directors are up for reelection, Breeden said.


Read more at Reuters.com Bonds News

UPDATE 1-Osprey receives C$404 million bid from Black Press

(Reuters) - Osprey said Black Press would pay C$8.25 in cash for each
Osprey unit. That represents a deal worth about C$404 million
and tops a bid from Quebecor Media earlier this
month that offered C$7.25 per unit.




The income fund's units rose 94 Canadian cents, or 13.02
percent, to C$8.16 on the Toronto Stock Exchange in early trade
on Wednesday.


Read more at Reuters.com Mergers News

Brazilian Coffee Growers Sell 4 Million Bags Offered at Subsidy Auction

(Bloomberg) -- Coffee growers in Brazil, the
world's biggest producer, sold all 4 million bags offered at an
auction today that was subsidized by the government.

The government will pay growers a subsidy of 39.99 reais
($20.40) a bag to supplement prices paid by roasters and
exporters, the Agriculture Ministry said on its Web site. Buyers
paid at least 260 reais per bag.


Read more at Bloomberg Commodities News

Crude Oil Rises on Unexpected Drop in U.S. Gasoline Inventories Last Week

(Bloomberg) -- Crude oil rose after an Energy
Department report showed an unexpected decline in U.S. gasoline
inventories last week.

Gasoline stockpiles fell 749,000 barrels, the first drop in
eight weeks, the report showed. An increase of 1.04 million
barrels was expected, according to the median of responses by 16
analysts surveyed by Bloomberg News. Inventories of distillate
fuel, a category that includes heating oil and diesel, plunged
2.28 million barrels. A 550,000 barrel gain was expected.


Read more at Bloomberg Commodities News

Mexico Peso Declines to Two-Week Low on Subprime Spillover, Slowdown Fears

(Bloomberg) -- Mexico's peso fell to a two-week low
on worries faltering subprime mortgages may prompt investors to
avoid riskier, emerging market assets and sliding U.S. durable
goods orders could signal economic slowing.

``The jitters about the U.S. credit markets certainly
weighed on the peso,'' said Rafael de la Fuente, chief Latin
America economist for BNP Paribas in New York.


Read more at Bloomberg Currencies News

Emerging-Market Bonds Decline as Demand for Risky, High-Yield Assets Wanes

(Bloomberg) -- Emerging-market bonds tumbled, led by
declines in Ecuadorean and Argentine securities, as concern about
losses related to subprime mortgages in the U.S. prompted some
investors to pare holdings of riskier assets.

The average spread, or extra yield, on emerging-market bonds
over U.S. Treasuries widened 6 basis points, or 0.06 percentage
point, to 1.74 percentage points, according to JPMorgan Chase &
Co.'s EMBI Plus index. Today's spread is the widest since March
21.


Read more at Bloomberg Bonds News

Freddie sees $9 bln-$17 bln reference notes in Q3

(Reuters) - Freddie Mac said it plans to sell reference notes in July,
August and September. It did not specify its targeted
maturities.




The agency also said it expects to issue at least one, but
not more than three, reference Real Estate Mortgage Investment
Conduit offerings in the third quarter, subject to
market conditions, including the availability of collateral and
investor interest.


Read more at Reuters.com Bonds News

UPDATE 1-Freddie plans up to $17 bln reference notes in Q3

(Reuters) - With $10 billion of reference notes set to mature, Freddie
Mac said net reference debt outstanding will shrink by $1
billion if it issues the minimum amount of new notes planned.
It if it issues the maximum during the quarter, net reference
debt outstanding will increase by $7 billion.




In the current quarter, Freddie Mac has issued $12 billion
of reference notes and increased the reference debt outstanding
by $5 billion because $7 billion of notes matured.


Read more at Reuters.com Bonds News

Freddie Mac sells $2.5 billion in bills

(Reuters) - The sale was part of Freddie Mac's weekly bill auction, on
Monmday Freddie Mac sold $1.5 billion in three-month bills due
Sept. 24, 2007, $1.0 billion in six-month bills due Dec. 24,
2007 and $1.0 billion in 12-month bills June 23, 2008.




Read more at Reuters.com Bonds News

UPDATE 1-US Treasury to review of financial services rules

(Reuters) - "To maintain our capital markets' leadership, we need a
modern regulatory structure complemented by market leaders
embracing best practices," Treasury Secretary Henry Paulson
said in a statement.




The Treasury said it would release a "blueprint" for
regulatory reforms by early next year.


Read more at Reuters.com Bonds News

Canadian Stocks Slide on Commodity Prices; Petro-Canada and Alcan Retreat

(Bloomberg) -- Canadian stocks fell, sending the
country's main equity index to its first four-day decline in nine
months, after prices for such commodities as crude oil and copper
slid.

Energy and raw-materials producers such as Petro-Canada and
Alcan Inc. retreated on concern that demand for Canadian resources
will slow, after a report showed durable goods orders in the U.S.,
Canada's biggest export market, fell more than forecast. Investors
are also awaiting the U.S. Federal Reserve's interest rate decision
tomorrow.


Read more at Bloomberg Stocks News

Crude Oil Falls on Expectations for Increased U.S. Supplies of Gasoline

(Bloomberg) -- Crude oil fell on speculation that an
Energy Department report today will show that U.S. refineries
bolstered production of gasoline and other fuels.

Gasoline stockpiles increased 1.04 million barrels in the
week ended June 22, according to the median of responses by 16
analysts surveyed by Bloomberg News. Inventories of distillate
fuel, a category that includes heating oil and diesel, rose
550,000 barrels. Refineries increased operating rates for the
first time in five weeks, the survey showed.


Read more at Bloomberg Energy News

Copper Futures Decline in New York on Concern U.S. Metal Demand May Ease

(Bloomberg) -- Copper fell for the second straight
day in New York on concern that slowing growth in the U.S., the
world's second-largest consumer of the metal, will damp demand.

Orders for U.S. durable goods fell more than forecast in
May, casting doubt on the prospects for a projected increase in
business investment. Before today, copper, which sometimes moves
in line with economic growth, had gained 16 percent this year
during a global expansion.


Read more at Bloomberg Commodities News

Steadier dollar may burst commodity bubble: fund

(Reuters) - Michael Howell, managing director at UK-based Crossborder Capital, said a large part of commodity price gains in recent years were due to the generally weaker dollar rather than strong economic growth as is generally advertised.




A weaker U.S. currency makes dollar-denominated commodities cheaper and more attractive to investors holding other currencies.


Read more at Reuters.com Hot Stocks News

Canada Stocks May Fall on Commodities Prices; Petro-Canada, Alcan May Drop

(Bloomberg) -- Canadian stocks may fall, sending the
country's main equity index to its first four-day drop in nine
months, after prices for such commodities as crude oil and copper
slid.

Energy and raw-materials producers such as Petro-Canada and
Alcan Inc. may decline on concern that demand for Canadian
resources will slow, after a report showed durable goods orders in
the U.S., Canada's biggest export market, fell more than forecast.
Investors are also awaiting the U.S. Federal Reserve's interest
rate decision tomorrow.


Read more at Bloomberg Stocks News

YRC Worldwide says acquisition to fuel China growth

(Reuters) - YRC Logistics' China sales in 2006 were $350 million,
accounting for 35 percent of global sales.




On Tuesday, YRC Worldwide announced a preliminary deal to
acquire Chinese transportation service provider Shanghai Jiayu
Logistics Ltd., marking its latest expansion in the China market,
its largest in Asia.


Read more at Reuters.com Mergers News

UPDATE 2-People's United to buy Chittenden for $1.9 billion

(Reuters) - Chittenden shareholders will receive $20.35 plus 0.8775 times the average closing price of People's United in the five days prior to closing.




People's United said it will pay 55 percent of the purchase price, or roughly $1 billion, in cash.


Read more at Reuters.com Mergers News

ViroPharma hepatitis drug put on fast track in US

(Reuters) - ViroPharma's HCV-796 is currently in mid-stage studies and
is being developed with drugmaker Wyeth .




Read more at Reuters.com Government Filings News

Dollar down vs yen after May US durable goods data

(Reuters) - The dollar fell against the yen on Wednesday after a report showed May U.S. durable good orders weaker than expected, raising concerns about the strength of the U.S. economy.

The yen was already up for a third straight session against the dollar as volatile global equity markets and continued concerns about the U.S. subprime mortgage sector made investors more wary of risky carry trades.


Read more at Reuters Africa

Morocco launches Maroc Telecom share sale

(Reuters) - Morocco's government is putting up for sale a 4 percent stake in telecoms operator Maroc Telecom with a share offer to local and foreign institutional investors, the Finance Ministry said on Wednesday.

Morocco's state owns 34 percent of the company, with French media and telecoms group Vivendi holding 51 percent and the remaining 15 percent traded on the Paris and Casablanca bourses.


Read more at Reuters Africa

UPDATE 1-AGF Management's second-quarter earnings surge

(Reuters) - Canada's third-largest publicly traded fund management firm
reported net income of C$53.6 million , or 59
Canadian cents a share, for the three months ended May 31, up
from C$33 million, or 37 Canadian cents a share, in the same
quarter a year ago.




Profit from continuing operations was C$49.1 million, or 54
Canadian cents a share, versus C$21.5 million, or 24 Canadian
cents a share, in the same period last year.


Read more at Reuters.com Market News

Bond prices rise on lingering subprime woes

(Reuters) - These fears have been heightened after Bear Stearns was forced to bail out a hedge fund which suffered large losses due to its dealings in subprime mortgages.




"The subprime issue has become a much more focused problem. It has certainly caused some unease in terms of the overall equity market and the overall leverage picture. We have seen some money flow into Treasuries," said Doug Bender, managing director with McQueen, Ball & Associates in Bethlehem, Pennsylvania.


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Treasuries Extend Advance as Durable Goods Orders Drop More Than Forecast

(Bloomberg) -- Treasuries extended their gains
after a Commerce Department report showed orders for durable
goods dropped last month more than economists forecast.

``It supports the notion the economy isn't going
great,'' said David Coard, head of fixed-income trading in New
York at Williams Capital Group. There's ``a better bid in the
market.''


Read more at Bloomberg Bonds News

May durable goods orders fell 2.8 percent

(Reuters) - Transportation orders fell 6.8 percent as civilian aircraft and parts orders tumbled 22.7 percent.




However, excluding volatile transportation orders, durables orders declined surprisingly by 1 percent as manufacturing, machinery, metals and electrical equipment orders fell.


Read more at Reuters.com Bonds News

UPDATE 1-Guitar Center to be acquired by Bain Capital

(Reuters) - The offer represents a 26 percent premium over Guitar Center's closing price on Tuesday.




The transaction is expected to close in the fourth quarter, the company said.


Read more at Reuters.com Mergers News

CORRECTED-UPDATE 1-Reuters Summit-Shimao sees benefit in cooling

(Reuters) - By Joseph Chaney and Umesh Desai




HONG KONG, June 26 - Shimao Property Holdings Ltd.
, an arm of Chinese billionaire Xu Rongmao's real
estate empire, says China's measures to cool the country's
booming construction industry will benefit larger property
firms, but worries over a land appreciation tax loom.


Read more at Reuters.com Bonds News

McCormick & Co. profit down

(Reuters) - Charges related to its restructuring program reduced
earnings per share by 4 cents.




Analysts, on average, had expected the Sparks,
Maryland-based company to earn 33 cents per share.



Read more at Reuters.com Market News

Hedge Funds Cash Out of Big Lots Shares After Price Doubles, Profit Slows

(Bloomberg) -- Big Lots Inc., the largest U.S.
seller of overstocked and discontinued items, has an online Wild
and Wacky Find museum where customers can submit items they
stumble upon while shopping at the company's stores.

There's Chick A Poo Organic plant food made from chicken
droppings, Shower Buzz vibrating body soap and Woofy Pop
chicken-flavored popcorn for dogs. While the goods make Big Lots
fun for shoppers, the enjoyment is waning for investors,
particularly hedge funds.


Read more at Bloomberg Exclusive News

BAE Systems, CHC, ConocoPhillips, Mosaic, Playboy: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 7:30 a.m. New York time.

BAE Systems Plc (BAESY US): Analysts at Citigroup Inc.,
Morgan Stanley and Deutsche Bank AG said yesterday's 7.8 percent
drop in UK-traded shares of Europe's largest defense contractor
was excessive. The shares fell yesterday after the company said
the U.S. Department of Justice is investigating whether the
company violated corruption laws in arms sales to Saudi Arabia.
BAE's ADRS, each worth four shares, fell $2 to $32.70 in regular
trading yesterday.


Read more at Bloomberg Stocks News

BP Agrees to Venezuelan Terms to Maintain Stake in Cerro Negro Oil Project

(Bloomberg) -- BP Plc, Europe's second-largest oil
company, signed a memorandum of understanding with Venezuela
yesterday to keep its minority stake in a heavy-oil project as
the government consolidates its control of energy assets.

BP, based in London, will retain its 16.67 percent stake in
the Cerro Negro project, which will be majority owned and
operated by state-run Petroleos de Venezuela SA, BP spokesman
David Nicholas said today. The agreement was signed yesterday.


Read more at Bloomberg Emerging Markets News

UnitedHealth says does not endorse TRC's mini-tender offer

(Reuters) - The company said TRC's offer to purchase up to 2 million shares of UnitedHealth's common stock for $51.50 per share is 3.03 percent below its closing price on June 13, the day before the start of the unsolicited offer.






Read more at Reuters.com Mergers News

Oil Falls to Nine-Day Low on Forecasts for Rising U.S. Gasoline Supplies

(Bloomberg) -- Crude oil fell to a nine-day low in New
York on forecasts U.S. gasoline supplies rose for an eighth
straight week.

An Energy Department report today will probably show U.S.
gasoline stockpiles gained 1 million barrels last week, according
to a Bloomberg News survey of analysts. A record 41.1 million
Americans may travel next week for the Independence Day holiday,
the AAA said in a survey released yesterday.


Read more at Bloomberg Energy News

LSE CEO expects shareholder backing for Milan deal

(Reuters) - BRUSSELS, June 27 - Shareholders in the London Stock Exchange are expected to support the bourse's decision to buy Milan-based Borsa Italiana, LSE Chief Executive Clara Furse said on Wednesday.



"We expect shareholders to support this transaction," Furse told Reuters.


Read more at Reuters.com Bonds News

Futures signal weak start on liquidity worry

(Reuters) - In takeover news, Rupert Murdoch told Reuters on Wednesday he had no plan to raise his News Corp.'s bid for Dow Jones & Co. Inc. and said he is waiting for final approval of the proposed acquisition from the Bancroft family, which controls the publisher of the Wall Street Journal.




A weak Japanese currency has allowed investors to borrow cheaply in yen to buy higher-yielding assets elsewhere, a practice known as carry trade. The yen rose on Wednesday against the dollar and euro.


Read more at Reuters.com Business News

European Emission Permits Rise for First Day in Three on Expected Demand

(Bloomberg) -- European Union emission permits rose
for the first time in three days on speculation power utilities
may buy more allowances as governments cut free allocations.

EU carbon dioxide emission permits for December 2008 rose
13 cents, or 0.6 of a percent, to 21.20 euros ($28.47) a metric
ton on the European Climate Exchange in Amsterdam at 11 a.m.
local time. They had traded today as high as 21.33 euros a ton.


Read more at Bloomberg Energy News

Aeroflot Drops Alitalia Bid, Says It Was Denied `Critical' Information

(Bloomberg) -- OAO Aeroflot, eastern Europe's
largest airline, abandoned a bid for the Italian government's
stake in Alitalia SpA, saying it was denied ``critical
information'' about the company.

``Aeroflot and its advisers have not had access to critical
information with respect to the commercial and operational
aspects of Alitalia's business to confidently formulate a well
supported business proposal to successfully restructure
Alitalia,'' the Moscow-based company said in a statement today.


Read more at Bloomberg Emerging Markets News

Global mobile phone use to pass record 3 billion

(Reuters) - Global mobile phone use will pass the 3 billion mark -- equivalent to half the world's population -- for the first time in 2007 as cell phone demand booms in China, India and Africa, a survey said on Wednesday.

From African farmers to Chinese factory workers, mobile operators will have notched up more than 3.25 billion mobile phone subscriptions worldwide by the end of the year, according to a report by UK-based telecoms analysis company The Mobile World.


Read more at Reuters Africa

US mortgage applications fell in last week-MBA

(Reuters) - Borrowing costs on 30-year fixed-rate mortgages, excluding
fees, averaged 6.60 percent, unchanged from the previous week,
but near their highest since mid-2006.




The MBA's seasonally adjusted purchase index fell 4.9
percent to 428.9. The index is considered a timely gauge of
U.S. home sales.


Read more at Reuters.com Bonds News

Iraqi Outhouse Is a Sign of Progress to Marines Seeking to Secure Country

(Bloomberg) -- After a tense drive in an armored
convoy, on constant lookout for roadside bombs and other
potential hazards, U.S. Marine Captain Jeffrey McCormack directed
a giant forklift to set down the wooden outhouse.

``It may be an outhouse to you,'' said McCormack. ``It's
progress for us.''


Read more at Bloomberg Exclusive News

UPDATE 1-Chile Santiago retail sales rise 4.0 pct in May

(Reuters) - The average annual rate of monthly growth for the five
months from January was 2.1 percent, it said.




The Chamber of Commerce said in a statement that the
figures show retail sales are continuing to grow overall, but
at a slightly slower pace than the 3.3 percent grwoth in the
first five months of 2006.


Read more at Reuters.com Economic News

New Mortgage CDO Pipeline Dries Up Amid Hedge Fund Bailout, JPMorgan Says

(Bloomberg) -- The pipeline of collateralized debt
obligations backed mainly by subprime mortgages is drying up and
may shut down amid concerns about the integrity of the market
following the near collapse of hedge funds run by Bear Stearns
Cos., JPMorgan Chase & Co. said.

The amount of high-grade, structured finance CDOs that are
being offered to investors has plunged to $3 billion, from
$20 billion a month ago, JPMorgan said in a report dated
yesterday. CDOs are pools of asset-backed securities, bonds or
corporate loans divided into securities with different credit
ratings and maturities to cater to investors' preferences.


Read more at Bloomberg Bonds News

Visa hires president pre-IPO, Visa USA CEO resigns

(Reuters) - Morris will start at Visa Inc. on September 1 and oversee its income-generating businesses. He plans to move to San Francisco from New York and report to Joseph Saunders, Visa Inc.'s chief executive.




Morris, 48, has spent his 27-year career at Citigroup and its predecessors. Since November 2002, he has been chief financial officer of Citi Markets & Banking, which includes investment and corporate banking operations. He also sits on Citigroup's operating and management committees.


Read more at Reuters.com Business News

Colombia's Central Bank Sells Dollar Call Options After Recnet Peso Slide

(Bloomberg) -- Colombia's central bank sold dollar
call options after the peso slid 3.5 percent in the past five
days.

The central bank said in a statement that it sold $180
million of the call options. The bank sells the options every
time the peso's 20-day moving average changes by more than 2
percent.


Read more at Bloomberg Currencies News

Roche digs in for Ventana takeover battle

(Reuters) - Roche wants Ventana to strengthen its position in the emerging field of personalized medicine.




Chief Executive Franz Humer said he aimed to continue the group's build-up of its diagnostics division beyond the Ventana deal through in-house development and the acquisition of technologies.


Read more at Reuters.com Business News

India Invites Bids to Import 1 Million Tons of Wheat to Boost Reserves

(Bloomberg) -- India, short of wheat less than a
week before a deadline to fill its reserves, invited bids to
import 1 million metric tons of the grain.

The wheat is for delivery between August and November, and
suppliers have until July 4 to submit offers, according to a
document posted on a government Web site today.


Read more at Bloomberg Commodities News

Total still in talks on Venezuela, hopes deal on Tues

(Reuters) - On Monday, a government official told Reuters that Total,
Chevron Corp. , Norway's Statoil and Britain's
BP Plc planned to sign a nationalisation accord that
would keep them in the massive Orinoco oil reserve projects.




Read more at Reuters.com Mergers News

Canada S&P/TSX Little Changed as BCE Drops, Telus Gains on Bid Withdrawal

(Bloomberg) -- Canadian stocks were little changed.
BCE Inc., the country's biggest phone company, dropped after Telus
Corp. said it won't submit a takeover offer. Shares of Telus rose.

The Standard & Poor's/TSX Composite Index slipped 3.69, or
less than 0.1 percent, to 13,838.18 as of 10:08 a.m. in Toronto.
Earlier it rose as much as 0.3 percent.


Read more at Bloomberg Stocks News

UPDATE 2-Dutch Basell to buy Huntsman for about $5.6 bln

(Reuters) - Under the terms of the agreement, Basell will acquire all
of the outstanding common stock of Woodlands, Texas-based
Huntsman for $25.25 per share, the companies said in a
statement.




Huntsman shares jumped 28.4 percent to $24.26 in early
trading on the New York Stock Exchange.


Read more at Reuters.com Bonds News