Oil Falls From Close to Nine-Month High; Earlier Gain Seen as Unjustified

(Bloomberg) -- Crude oil fell from near a nine-month
high in New York as some analysts and traders speculated recent
gains weren't justified.

Oil rose this week after the U.S. Department of Energy said
refineries cut processing to a six-week low last week, as demand
for gasoline grew. Oil also rose after Iran, the second-largest
producer in the Organization of Petroleum Exporting Countries,
rejected United Nations demands to quit enriching uranium.


Read more at Bloomberg Energy News

UPDATE 1-US May consumer prices up 0.7 pct, core prices tame

(Reuters) - The gain in overall prices outstripped Wall Street
economists' forecasts for a 0.6 percent rise and was the
largest since a 1.2 percent jump in September 2005. But more
closely watched core prices increased only 0.1 percent, lower
than a forecast 0.2 percent rise and down from 0.2 percent in
April.




The muted core price rise was likely to reassure financial
markets that price gains remain tame, notwithstanding Federal
Reserve officials' warning that they still see a danger from
potential inflationary pressures. "Although core inflation
seems likely to moderate gradually over time, the risks to this
forecast remain to the upside," Fed Chairman Ben Bernanke told
a monetary policy conference last week.


Read more at Reuters.com Economic News

GLOBAL MARKETS-Stocks, bonds gain on tepid U.S. core inflation

(Reuters) - LONDON, June 15 - Global stocks rose on Friday
after tepid U.S. core consumer prices reassured investors that
improving economic growth was not fuelling inflation, while the
yen sank after the Bank of Japan left interest rates on hold.




The U.S. Labor Department reported a steady rise in food and
energy costs pushed overall U.S. consumer prices up 0.7 percent
in May but that with those volatile sectors stripped out, core
inflation edged up just 0.1 percent.


Read more at Reuters.com Economic News

Marsh & McLennan's Been Down So Long, Shares Looking Up to $40 Soon Enough

(Bloomberg) -- Marsh & McLennan Cos. gets no respect
among investors and that may be reason enough to start buying the
shares of the insurance industry's largest middleman.

Ever since it was hobbled by a bid-rigging scandal that lopped
almost half of its market value in October 2004, the New York-based
broker's stock hasn't traded above $33.19, down from a high of
$67.44 in 2000. A mere two out of 13 analysts recommend buying
Marsh & McLennan, the only one of the top three brokers not to
advance since the industry paid more than $1 billion to settle
price-fixing allegations.


Read more at Bloomberg Stocks News

U.S. Stock Index Futures Rally After Measure of Consumer Prices Slows

(Bloomberg) -- U.S. stock-index futures rose after
consumer prices excluding food and energy fell in May, easing
inflation concern.

The 0.1 percent advance in the Labor Department's so-called
core consumer price index was half what economists forecast in a
Bloomberg survey. The slower growth in prices may diminish the
Federal Reserve's reluctance to lower interest rates. Fed
officials have said inflation is their ``predominant concern.''


Read more at Bloomberg Stocks News

Abbas names Fayyad new Palestinian PM: officials

(Reuters) - Fayyad is considered a moderate who has good connections with Western governments.




Read more at Reuters.com Bonds News

US RATE FUTURES-Trim losses on calm May core CPI

(Reuters) - U.S. core consumer prices, stripped of food and energy,
rose by 0.1 percent in May and the year-on-year core rose by
2.2 percent, below expectations.




Read more at Reuters.com Bonds News

Bonds slightly soft ahead of inflation data

(Reuters) - However, after benchmark yields rose to five-year highs in recent sessions, some analysts now see the market as better positioned for an environment where firm economic growth translates into modest upward pressure on inflation and the potential for Fed rate hikes.




Economists polled by Reuters predicted the annual inflation rate minus food and energy prices would post a reading of 2.3 percent, the same as April.


Read more at Reuters.com Hot Stocks News

Bids for Home Depot's supply group due Friday: source

(Reuters) - Several groups of private equity firms showed initial
interest, but have since faded from the picture as the division
has been hit by a housing market slowdown, according to sources
close to the deal.




A group consisting of Thomas H. Lee Partners and
CCMP Capital was among the remaining parties interested in the
company, but as of Friday morning it was still unclear whether
they would bid, the source involved with the deal said.


Read more at Reuters.com Bonds News

Zambia to revoke railway firm's concession

(Reuters) - Zambia plans to revoke a 20-year concession awarded to the company which operates the national railways network, a key transport route for its vast copper and cobalt mines, President Levy Mwanawasa said on Friday.

Railway Systems of Zambia (RSZ), a subsidiary of New Limpopo Bridge Investments (NLBI), will lose the concession to provide freight service -- one of the country's major privatizations -- because of its poor management, said Mwanawasa.


Read more at Reuters Africa

Senegal's Economic Growth Rate May Double by 2010, President Wade Says

(Bloomberg) -- Senegal's economic growth rate may
double in two or three years to 6.5 percent as the government
spends more on agriculture, President Abdoulaye Wade said.

Growth slowed last year as record oil prices pushed up import
costs and electricity shortages hurt production. The International
Monetary Fund estimates growth slowed to 3.5 percent in 2006 from
5.5 percent in the previous year.


Read more at Bloomberg Emerging Markets News

Treasuries Poised for Sixth Weekly Decline Before U.S. Inflation Report

(Bloomberg) -- U.S. Treasuries headed for a sixth
weekly decline before a government report today that will
probably show consumer price inflation accelerated last month.

Yields on benchmark 10-year bonds rose 12 basis points to
5.23 percent this week, while those on Treasury Inflation
Protected Securities climbed 8 points to 2.78 percent, signaling
increased concern about gains in consumer prices.


Read more at Bloomberg Bonds News

Yen at 4-1/2 year low vs dollar; US CPI eyed

(Reuters) - The yen hit a 4-1/2 year low versus the dollar and a 15-year trough against sterling on Friday after the Bank of Japan left interest rates on hold and gave limited guidance on future tightening.

The dollar was broadly firmer as investors expected U.S. inflation data could boost the view the next move from the Federal Reserve on rates would be up rather than down.


Read more at Reuters Africa

UPDATE 2-Longreach to invest $568 mln in Taiwan lender

(Reuters) - TAIPEI/TOKYO June 15 - Private equity house
Longreach Group said it will invest US$568 million to take a
controlling stake in EnTie Bank , its first move into
Taiwan's consolidating banking sector as it seeks to expand in
Asia.




The T$18.8 billion stake purchase in the loss-making lender
highlighted Longreach's ambition to explore the region's retail
banking business.


Read more at Reuters.com Bonds News

American Home Mortgage cuts dividend 38 pct

(Reuters) - In April, the REIT said first-quarter profit fell 44
percent to $30.7 million, or 54 cents per share. It also cut
its 2007 earnings forecast for a second time in three weeks,
projecting profit of $3.25 to $3.75 per share. The REIT makes
more than 2 percent of U.S. home loans.




Read more at Reuters.com Bonds News

West Virginia Leads U.S. Municipal Borrowers; Mutual Funds See Outflows

(Bloomberg) -- West Virginia, San Antonio and
Illinois led U.S. state and local government borrowers this week
with the largest of $9 billion in long-term bond sales.

The West Virginia Tobacco Settlement Finance Authority sold
more than $900 million of taxable securities backed by annual
payments from cigarette makers. The SA Energy Acquisition Public
Facility Corp. issued $649 million of bonds to lock in a 20-year
supply of natural gas for San Antonio's CPS Energy. Illinois
offered $437 million of state bonds to refinance debt and pay
for new highway, school and public building projects.


Read more at Bloomberg Bonds News

Winnebago third-quarter earnings fall

(Reuters) - The manufacturer of motor homes reported net income of $11.3 million, or 35 cents a share, compared with $13.2 million, or 40 cents a share last year.



Revenue rose 5.2 percent to $231.7 million in the quarter.


Read more at Reuters.com Market News

German 2008 Power Retreats From 12-Month High as Emissions Costs Decline

(Bloomberg) -- German electricity prices for
delivery in 2008 slipped from their highest in more than a year
as carbon dioxide emission permits declined.

Next-year power prices in Germany, Europe's biggest
electricity market, dropped after two days of gains. The contract
fell 25 cents, or 0.4 percent, to 57.25 euros ($76.20) a
megawatt-hour at 12:02 p.m. in Berlin, data from broker GFI Group
Inc. showed.


Read more at Bloomberg Energy News

China Copper Imports Fall After Rise in Domestic Stockpiles, Higher Prices

(Bloomberg) -- China's copper imports fell in May
and stockpiles climbed to a three-year high at a time of record
domestic production, fueling concern that supply in the world's
biggest consumer of the metal may be outpacing demand.

Refined copper and alloy imports fell 32 percent to 129,949
metric tons last month, according to preliminary figures issued
by the Beijing-based customs office today. This would be the
biggest drop since October 2005. Shanghai Futures Exchange copper
inventories jumped 6.4 percent to 99,773 tons, the highest since
April 2004, the exchange said in a weekly report.


Read more at Bloomberg Commodities News

Eland Platinum Asks JSE to Investigate After Shares Plunged This Week

(Bloomberg) -- Eland Platinum Holdings Ltd., whose
stock plunged 20 percent this week on speculation that potential
bidders pulled out of takeover talks, asked the Johannesburg
stock exchange to investigate volatility in its shares.

The company is still in talks that may affect its shares,
Johannesburg-based Eland said in an e-mailed statement today.
Articles published recently on Mineweb.com contain ``material
inaccuracies'' about Eland, it added.


Read more at Bloomberg Emerging Markets News

UPDATE 2-Universal agrees to buy struggling Sanctuary

(Reuters) - LONDON, June 15 - Universal Music Group
has agreed to buy struggling British rival Sanctuary for
44.5 million pounds to develop its merchandising,
live agency and artist management businesses.




Universal unit Centenary Music Holdings said on Friday it
had offered 20 pence per share for Sanctuary, which manages
artists James Blunt and Elton John and markets merchandise for
over 30 big-name acts including Oasis and The Who.


Read more at Reuters.com Mergers News

US should look beyond China on current acct-study

(Reuters) - The current account is the broadest measure of external
trade flows, including goods, services and interest payments,
between countries.




The U.S. deficit, termed a worry by economists when it hit
3 percent of gross domestic product in 1999, has gone on to
reach $857 billion, or 6.5 percent of GDP, both record highs,
in 2006.


Read more at Reuters.com Bonds News

Wall St. to lack clear direction as CPI

(Reuters) - No S&P 500 companies were scheduled to report on Friday and the overnight corporate news flow was thin.




Dow Jones futures were down 0.03 percent at 0930 GMT and the indicative Dow Jones index , which tracks the Dow shares as they are traded in Frankfurt, was 0.1 percent lower.


Read more at Reuters.com Business News

UPDATE 1-Tokyo bourse buys 4.99 pct of Singapore exchange

(Reuters) - Despite being the world's second-largest economy, Japan
accounts for just 9 percent of global equity trading volume, and
has been losing investors to other markets partly because it has
not punched its weight in derivatives, commodities and other
complex products.




To catch up with other global bourses, the TSE has been
mulling alliances and acquisitions.


Read more at Reuters.com Mergers News

Gold Falls in London as Demand May Slow on Stronger Dollar; Silver Drops

(Bloomberg) -- Gold fell in London on speculation
demand for the precious metal will slow after the dollar gained
against the euro. Silver also declined.

Bullion dropped and the dollar rebounded yesterday before
the U.S. Labor Department reported a 0.9 percent rise in
producer prices in May, higher than the 0.6 percent increase
forecast by analysts surveyed by Bloomberg News. Traders and
analysts are awaiting the U.S. report on the consumer price
index for May that's due later today.


Read more at Bloomberg Commodities News

UPDATE 1-Shanghai Port set to finalise Belgian buy -sources

(Reuters) - SHANGHAI, June 15 - Shanghai International Port
, China's biggest port operator, expects to
finalise this year its purchase of a major stake in a Belgium
container terminal, sources close to the deal said on Friday.




SIPG signed a framework agreement in September to buy 40
percent of a container terminal in Zeebrugge, Belgium, that was
built by APM Terminals, part of A.P. Moeller-Maersk Group
, for about 45 million euros .


Read more at Reuters.com Mergers News

JGB futures extend gains after Fukui comments

(Reuters) - Fukui's comments were taken as a sign that the central bank
is in no hurry to raise interest rates, relieving some who were
worried about an interest rate hike as early as next month and
helping lead euroyen futures to post the biggest one-day gain in
five months.




The short and mid-term sectors, that are more sensitive to
to changes in the monetary policy outlook, outperformed the rest
of the market, with the five-year yield dropping sharply.


Read more at Reuters.com Bonds News

Santam appoints Ian Kirk new CEO

(Reuters) - South African insurer Santam has appointed Ian Kirk as its new chief executive officer, succeeding Steffen Gilbert who will step down with immediate effect, a company statement said.

Gilbert's departure was "made by mutual agreement," the company said.


Read more at Reuters Africa

U.K. Power Traders, RWE, Merrill, Seek Exchange for Electricity Auctions

(Bloomberg) -- The U.K.'s Power-Trading Forum,
whose members include utilities such as RWE AG and banks Merrill
Lynch & Co. and Barclays Capital, called for the development of
exchange-based clearing and auctions for electricity.

The forum is seeking an operator to immediately provide an
exchange-trading platform for electricity and act as a pool for
market liquidity, it said in an e-mailed statement.


Read more at Bloomberg Energy News

Treasuries Fall, Heading for Sixth Weekly Decline, Before Inflation Report

(Bloomberg) -- U.S. Treasuries fell, heading for a
sixth weekly decline, as a government report today will probably
show inflation accelerated last month.

Yields on benchmark 10-year bonds rose 13 basis points to
5.239 percent this week, while those on Treasury Inflation
Protected Securities increased 9 points to 2.79 percent,
signaling increased concern about gains in consumer prices.


Read more at Bloomberg Bonds News

Euroyen futures rally on Fukui's cautious remarks

(Reuters) - Lead December euroyen futures jumped as much 5 basis
points to 99.000, poised for the largest one-day gain in nine
months, before slipping back to 98.990.




Swap contracts on the overnight call rate cut
the chance of a July rate hike to 27 percent from 35 percent
earlier in the day, while the chance of a move in August dipped
to 84 percent from 89 percent. A hike by the September meeting is
fully priced in.


Read more at Reuters.com Bonds News

FTSE climbs; Qatari stake-build boosts Sainsbury

(Reuters) - Britain's leading share index extended gains on Friday, joining a global stock market rally, with Sainsbury leaping into the lead after a Qatari group raised its stake in the supermarket chain.

Sainsbury jumped 4.8 percent after investment group Delta (Two) Ltd., said it had bought 123 million shares in the British supermarket group at 595 pence per share, boosting its stake in the firm chain to 25 percent.


Read more at Reuters Africa

European Bonds Set for Sixth Weekly Drop; ECB Signals Higher Interest Rate

(Bloomberg) -- European government bonds headed for
a sixth weekly drop after central bank officials said interest
rates may need to rise to curb accelerating growth in the $10.4
trillion economy.

The bonds are poised for the longest run of weekly losses
since January, pushing yields on benchmark 10-year debt to the
highest since August 2002. European Central Bank policy maker
Axel Weber said late yesterday that interest-rate policy is
``still far from being restrictive'' on economic growth.


Read more at Bloomberg Bonds News

Africa market size, rules hinder private equity

(Reuters) - Private equity funds are circling African companies but the money being spent on the continent still represents a small slice of the global industry, a banker said.

Private equity is being deterred by regulatory concerns, lack of liquidity and small markets, Martin Kingston, Executive Deputy Chairman of Rothschild & Sons, South Africa said late on Thursday.


Read more at Reuters Africa

Yen Declines Against Dollar, Euro as Fukui Signals Gradual Rate Increases

(Bloomberg) -- The yen fell to a 4 1/2-year low
against the dollar and a one-week low against the euro as Bank
of Japan Governor Toshihiko Fukui said the central bank will
raise the overnight lending rate only gradually.

The currency also slid against the New Zealand and
Australian dollars after policy makers unanimously decided to
keep the benchmark rate at 0.5 percent for a fifth meeting. The
lowest borrowing costs in the industrialized world encouraged
investors to take out loans in Japan and buy higher-yielding
assets in so-called carry trades.


Read more at Bloomberg Currencies News

NYMEX explores sale of company -report

(Reuters) - A NYMEX response is not mentioned in the report, which cited
two people involved in the discussions. A spokeswoman for NYMEX
did not immediately respond to a call and e-mail seeking
comment. The three exchanges mentioned in the report were not
immediately available for comment.




NYMEX shares closed at $139.80 on Thursday on the New York
Stock Exchange, up almost 5 percent on the day.


Read more at Reuters.com Mergers News

Bank of America shelves ABN AMRO lawsuit

(Reuters) - The Dutch Supreme Court will rule late this month or early July on whether ABN AMRO, the Netherlands' biggest bank, can proceed with the sale of LaSalle Bank.




In May, a Dutch commercial court had frozen the sale in order to allow a shareholder vote. Bank of America has appealed the ruling, accusing the court of unlawful action by blocking the sale.


Read more at Reuters.com Business News

Nordic Stocks Advance, Led by Statoil, Norsk; Mobile Phone Makers Climb

(Bloomberg) -- Nordic stocks advanced for a third
day, led by Statoil ASA and Norsk Hydro ASA, the region's biggest
oil and gas producers, as oil traded near a nine-month high.
Ericsson AB and Nokia Oyj also gained.

The Dow Jones Nordic 30 Index climbed 39.23, or 0.4 percent,
to 8953.08 at 9:06 a.m. in Stockholm, as all but five its members
rose.


Read more at Bloomberg Stocks News

Bharat Petroleum Plans to Increase Naphtha Exports to Asia by 25 Percent

(Bloomberg) -- Bharat Petroleum Corp., India's
third-biggest state-run refiner, plans to increase naphtha
exports to countries to its east by 25 percent this year to gain
from rising demand in Asia.

``We plan to export 1 million metric tons of the fuel to
China, Korea and Japan, this year, from about 0.8 million tons
last year,'' Sumita Bose Roy, General Manager of International
Trade, said in an interview at the Commodity Investment World
Asia conference in Shanghai yesterday.


Read more at Bloomberg Energy News

Shanghai copper pares gains on stock rise worry

(Reuters) - Shanghai copper edged higher by midday on Friday, paring earlier gains on speculation that Shanghai copper stocks may rise by as much as 10 percent this week.

The most-active August copper contract on the Shanghai Futures Exchange rose 0.3 percent to 63,600 yuan a tonne at midday, from 63,420 yuan on Thursday.


Read more at Reuters Africa

UPDATE 1-Qatari fund raises Sainsbury stake to 25 pct

(Reuters) - Delta Ltd, a vehicle of the Qatari royal family, said in a statement
it had purchased 123 million shares in British supermarket chain Sainsbury, or a
further 7.07 percent stake, at 595 pence per share.




Property tycoon Robert Tchenguiz, with a 5.07 percent Sainsbury stake, has
said he wants the supermarket chain to release real estate assets.


Read more at Reuters.com Mergers News

What happens to world trade post-Doha, experts ask

(Reuters) - Experts are charting a new course for the 12-year-old World Trade Organization as its mandate evolves from simple duty cuts to managing commerce across a fluid global economy.

"The WTO has been so successful over the years that we now expect it to deliver the same success in a far more complex situation," Pierre Pettigrew, a former Canadian trade minister, said on Thursday.


Read more at Reuters Africa

Dollar firm before Fukui and US CPI, yen slips

(Reuters) - The dollar held near a 4-1/2-year high on Friday, boosted by a climb in U.S. Treasury yields to a five-year high this week, while investors renewed their appetite for risk and sold the low-yielding yen in carry trades.

Traders awaited U.S. consumer price data later in the day to see if Treasury yields rise further, as well as comments by Bank of Japan Governor Toshihiko Fukui after a policy meeting at which the central bank held rates at 0.5 percent as widely expected.


Read more at Reuters Africa

BOJ: View unchanged, economy growing moderately

(Reuters) - On prices, the BOJ said year-on-year changes in consumer
prices are moving around zero percent and are expected to stay
near that level in the near term, due to lower oil prices
compared with the previous year.




But in the long term, consumer prices will remain in an
upward trend as the nation's output gap moves towards positive
territory, the report said.


Read more at Reuters.com Bonds News

UPDATE 2-S.Korea panel approves markets law, broker shares jump

(Reuters) - SEOUL, June 15 - Shares of South Korean
brokerages surged on Friday as a key committee backed a new law
the government hopes will trigger a "big bang" for its lagging
financial sector, spurring consolidation and luring in foreign
players.




The approval from the parliamentary finance committee
almost guarantees passage by parliament later this month of the
Capital Markets Integration Act, which is designed to give
brokerages a greater role in shaping the financial sector.


Read more at Reuters.com Bonds News