British Airways gets lift from S&P upgrade

(Reuters) - "The upgrade reflects the positive implications for BA's
capital structure, future cash flows, and business operations of
the proposed pension deficit solution and the debt reduction
achieved in recent years," S&P credit analyst Leigh Bailey said
in a statement.




Five-year credit default swaps on BA tightened around 14
basis points to 59.5 basis points after the announcement,
although the move was not totally unexpected for some traders.


Read more at Reuters.com Bonds News

Quest Diagnostics prices $800 mln of senior notes

(Reuters) - The net proceeds are expected to be used, together with
cash on hand, to repay all borrowings under the bridge loan
facility incurred to pay a portion of the acquisition price for
AmeriPath Inc., the company said in a statement.





Read more at Reuters.com Bonds News

UPDATE 2-Morgan Stanley profit rises, beats estimates

(Reuters) - NEW YORK, June 20 - Morgan Stanley on
Wednesday said its second-quarter profit rose 40 percent,
trouncing expectations as most of its trading and
investment-banking businesses achieved record results.




The blowout results come a week after Lehman Brothers'
strong earnings fueled optimism that Wall Street would
escape any harm from rising subprime mortgage losses. But
expectations were dampened after Goldman Sachs' and Bear
Stearns' fixed-income trading profits took hits.


Read more at Reuters.com Bonds News

Mexican 20-Year Peso Bond Falls on Speculation of Opposition to Tax Plan

(Bloomberg) -- Mexico's 20-year bond fell from a
two-week high on concerns President Felipe Calderon's tax
proposal released yesterday may face congressional opposition.

The yield on Mexico's bond due in December 2024, the
country's most-traded security, today fell for the first time in
five days. Mexican bonds had rallied after Calderon's success
getting the divided congress to approve a pension bill in March
raised expectations he would obtain opposition support for the
tax legislation.


Read more at Bloomberg Bonds News

FedEx quarterly profit rises, misses expectations

(Reuters) - The Memphis, Tn.-based company said net income for its 2007 fiscal fourth quarter ending May 31 rose 7 percent to $610 million, or $1.96 a share, compared with $568 million, or $1.82, a year earlier.




FedEx said the results included a gain from a settlement with Airbus related to its A380 order cancellation of approximately 6 cents a share. Excluding that gain, FedEx's quarterly earnings came in below the $1.96 per share expected by Wall Street analysts, according to Reuters Estimates.


Read more at Reuters.com Business News

Egypt benchmark Hermes index hits all-time high

(Reuters) - Egypt's benchmark Hermes stock index hit an all-time closing high on Wednesday led by investment bank EFG-Hermes, which rallied to a one-year high after breaking a key technical price level.

Shares in EFG-Hermes, the most heavily traded stock by turnover, closed 5 percent up at 47.30 Egyptian pounds, the highest since May 21, 2006 according to Reuters data.


Read more at Reuters Africa

Gold hovers below 2-week high, sentiment positive

(Reuters) - Gold traded just below the previous day's two-week highs on Wednesday, but sentiment was friendly and traders said the precious metal had a good chance of adding to recent gains.

Spot gold was quoted at $657.90/658.50 an ounce by 1426 GMT, compared with $660.70/662.20 in New York late on Tuesday, when it rose to $661.40, its highest since June 7.


Read more at Reuters Africa

US STOCKS-Indexes turn lower on rate worries

(Reuters) - The Dow Jones industrial average was down 11.22
points, or 0.08 percent, at 13,624.20. The Standard & Poor's
500 Index was down 2.32 points, or 0.15 percent, at
1,531.38. The Nasdaq Composite Index was down 3.28
points, or 0.12 percent, at 2,623.48.




Read more at Reuters.com Market News

Canadian Stocks Rise, Led by Financial Shares; Sun Life, Manulife Advance

(Bloomberg) -- Canadian stocks rose for the fifth time
in six days, led by insurance companies Sun Life Financial Inc. and
Manulife Financial Corp.

The Standard & Poor's/TSX Composite Index added 49.36, or 0.4
percent, to 14,168.85 as of 9:45 a.m. in Toronto. The benchmark
rebounded to near a record 14,176.42 reached June 18, after
dropping yesterday.


Read more at Bloomberg Stocks News

Infineon CEO sees no Qimonda stake cut till Aug 9

(Reuters) - "At the moment we have a phase until the first year is over
during which we could only sell with a complete SEC filing,
which means this wouldn't be a convenient time to sell," Ziebart
said on the fringes of a corporate conference.




Read more at Reuters.com Mergers News

UPDATE 1-RESEARCH ALERT-UBS starts Tyco "when issued" with buy

(Reuters) - The brokerage said the rating reflects its view of an
attractive mix of later-cycle industrial exposures, favorable
secular growth components, a significant cost reduction program
and an attractive valuation.




In a research note, the brokerage said it expects Tyco to
grow earnings per share by 40 percent in 2008 and 30 percent in
2009.


Read more at Reuters.com Mergers News

Canadian Stocks May Fall as Oil Prices Decline; Canadian Natural May Drop

(Bloomberg) -- Canadian stocks may fall for a second
day, led by energy producers including Canadian Natural Resources
Ltd., after crude oil prices slipped from a nine-month high and
Merrill Lynch & Co. downgraded the natural-gas company's stock.

Losses in the market may be limited as raw-materials producers
gain on speculation there will be more takeovers in the industry,
after a report that Alcan Inc. opened its books to potential
bidders. Copper prices rebounded from a drop yesterday and may also
support resource stocks.


Read more at Bloomberg Stocks News

Emission Permits Increase on Likely Demand From Norway; Power Also Gains

(Bloomberg) -- European Union emission permits rose
from their lowest in a month on speculation demand from Norway
will boost prices across the bloc, according to an analyst at the
investment-banking unit of Dresdner Bank AG. French power gained.

Permits for delivery in December 2008 rose 56 cents, or 2.6
percent, to 21.75 euros ($29) a metric ton on the European
Climate Exchange in Amsterdam at 1:52 p.m. local time. They sank
as low as 20.60 euros yesterday, the lowest price for the
benchmark permits since May 15.


Read more at Bloomberg Energy News

Merrill seizes $800 million Bear hedge fund assets

(Reuters) - Merrill Lynch declined to comment. Bear Stearns was not
immediately available for comment.




Read more at Reuters.com Bonds News

TREASURIES-Bond prices slip in line with euro zone debt

(Reuters) - The benchmark 10-year note's price slipped 5/32 for a yield
of 5.11 percent , compared with 5.09 percent late on
Tuesday. Bond yields and prices move inversely.




Read more at Reuters.com Bonds News

RPT-UPDATE 1-Mexico govt presents tax proposal to Congress

(Reuters) - Mexico has one of the lowest tax rates in Latin America,
and sorely needs a fiscal overhaul to boost income.




Winning a solid tax reform would be a major boost for
President Felipe Calderon, who won last year's presidential
elections by less than a percentage point.


Read more at Reuters.com Bonds News

US STOCKS-Higher open eyed on Home Depot, Morgan Stanley

(Reuters) - NEW YORK, June 20 - U.S. stocks headed for a
higher opening on Wednesday, helped by news of a $22.5 billion
share repurchase plan from Home Depot Inc. and
investment bank Morgan Stanley's stronger-than-expected
profit.




Shares of Home Depot, a component of the Dow Jones
industrial average , were up 5.7 percent in electronic
trade, while Morgan Stanley's stock rose 2 percent.


Read more at Reuters.com Market News

Reliance Steel to buy Illinois-based Clayton Metals

(Reuters) - Clayton Metals specializes in the processing and distribution of aluminum, stainless steel and red metal flat-rolled products, custom extrusions and aluminum circles, the company added.







Read more at Reuters.com Business News

Delphi labor deal expected as early as Wednesday: report

(Reuters) - Workers from several Delphi plants as well as people close to the talks said they expect a tentative agreement to offer cash payments, known as buy-downs, to workers in exchange for a lower hourly wage, the newspaper said.




Both Delphi and a UAW spokesman declined to comment.


Read more at Reuters.com Business News

Treasuries Drop on Concern Housing Weakness Won't Weigh Down U.S. Economy

(Bloomberg) -- Treasuries fell for the first time
in four days on concern a slowdown in housing may not weigh on
the U.S. economy.

``The market just got overbought the past couple of days,''
said Gary Pollack, who helps oversee $12 billion as head of
fixed-income trading at Deutsche Bank AG's Private Wealth
Management unit in New York.


Read more at Bloomberg Bonds News

Banks, commodities boost FTSE amid global rally

(Reuters) - The UK's leading share index advanced on Wednesday, as commodities and banks helped European stocks keep up with a global rally and as the market shrugged off minutes from the Bank of England's June meeting.

Financial stocks extended their overnight gains on Wall Street, with Man Group, the world's largest listed hedge-fund company rising 1.9 percent.


Read more at Reuters Africa

Gold, Little Changed in New York, May Gain on Weaker Dollar; Silver Rises

(Bloomberg) -- Gold, little changed in New York,
may gain on speculation the dollar will drop, boosting the
appeal of precious metals as alternative investments.
Silver climbed.

Gold generally moves in the opposite direction of the
dollar, which touched a two-week low against the euro today as
the yield on the benchmark 10-year U.S. Treasury note declined
for a fourth day. Before today, gold had gained 4.2 percent this
year, while the dollar dropped 1.7 percent against the euro.


Read more at Bloomberg Commodities News

FedEx profit falls short of expectations

(Reuters) - The Memphis, Tennessee-based company said net income for its 2007 fiscal fourth quarter ending May 31 rose 7 percent to $610 million or $1.96 a share, compared with $568 million or $1.82 a share a year earlier.



FedEx said the results included a gain from a settlement with Airbus related to its A380 order cancellation of approximately 6 cents a share.


Read more at Reuters.com Market News

US STOCKS-Futures up as Home Depot, Morgan Stanley gain

(Reuters) - NEW YORK, June 20 - U.S. stock futures rose on
Wednesday, helped by news of a $22.5 billion share repurchase
plan from Home Depot Inc. and investment bank Morgan
Stanley's stronger-than-expected profit.




Shares of Home Depot, a component of the Dow Jones
industrial average , were up 5.7 percent in electronic
trade, while Morgan Stanley's stock rose 2 percent.


Read more at Reuters.com Bonds News

Yen Drops to Near Record Against Euro as BOJ Signals Rates to Stay Low

(Bloomberg) -- The yen fell to near a record low
against the euro and declined versus the dollar after minutes
from the Bank of Japan's meeting in May said central bankers
stuck to a policy of raising interest rates ``gradually.''

The Japanese yen has weakened more than any other currency
against the euro and dollar this year as fund managers increased
investments using borrowed yen in the so-called carry trade. The
extra yield investors earn on German 10-year bonds over similar
maturity Japanese debt widened to near a three-year high.


Read more at Bloomberg Currencies News

Brown Shoe, FedEx, Home Depot, MGM Mirage, Nuveen: 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 8:10 a.m. New York time.

Brown Shoe Company Inc. (BWS US): The owner of the Famous
Footwear retail chain plans to open more than 500 stores in China
by 2012 through a joint venture with Hongguo International
Holdings Ltd. Shares of Brown Shoe gained 13 cents to $26.16 in
regular trading yesterday.


Read more at Bloomberg Stocks News

DEALTALK-Lender wariness signals peak for REIT buyouts

(Reuters) - Acquisitions such as Blackstone Group's $23 billion purchase of Chicago-based Equity Office Properties in February sent property prices soaring on talk of more such deals to come, particularly for office REITs.




But valuation and credit concerns have undermined lender confidence in commercial real estate, threatening private equity firms' strategy of funding takeovers by flipping properties soon after completing a deal.


Read more at Reuters.com Mergers News

Circuit City posts qtr loss, withdraws forecast

(Reuters) - Analysts, on average, had been expecting a loss of 32 cents a share, according to Reuters Estimates.




The results come one day after Best Buy Co. Inc. reported quarterly earnings that missed analysts' estimates by a wide margin and gave a disappointing full-year forecast as TV sales cooled. The results and a weak earnings forecast cast new doubts on U.S. consumer spending trends, weighing on its rivals' shares and the U.S. stock market as a whole.


Read more at Reuters.com Business News

French Stocks Advance, Paced By Total, Arcelor Mittal, Michelin, Areva

(Bloomberg) -- French stocks advanced, led by Total
SA, Arcelor Mittal and Electricite de France SA.

Shares of Michelin & Cie., the world's second-largest
tiremaker, gained as rubber futures tumbled.


Read more at Bloomberg Stocks News

Insider Traders Concealed by Swaps, Options That Boesky Never Dreamed Of

(Bloomberg) -- Earlier this year, someone was
confident that Hydril Co.'s stock was due to take flight --
and very soon. During the two days ended on Friday, Feb. 9,
investors purchased options conveying the right, through Feb.
16, to buy more than 160,000 Hydril shares for $90 apiece.

It was the first time anyone had invested in that
particular option. On its face, the wager looked like a long
shot: The Houston-based oil-drilling-equipment maker's stock
fell 2.3 percent that Friday to $83.04 and had never topped
$90. The shares would have to rise almost 9 percent in a week
before anyone could make money by exercising the options.


Read more at Bloomberg Bonds News

Uranium Price May Rise to $200 a Ton in Year Before Falling, Investec Says

(Bloomberg) -- Uranium prices may rise to $200 a
pound within the next year because of a shortage of the nuclear
material, Investec Securities said.

The metal, currently trading at $138 a pound, may average
$160 a pound in 2009 before declining to an average of $50 a
pound from 2013, Leon Esterhuizen, a Johannesburg-based analyst
at Investec, wrote in the report yesterday that was obtained by
Bloomberg. Esterhuizen declined to comment on the report when
called on his mobile phone.


Read more at Bloomberg Energy News

Wal-Mart to open 1,000 MoneyCenters by end 2008

(Reuters) - The retailer made the announcement in a posting on its Web site.




Read more at Reuters.com Business News

Ericsson Sells $1.6 Billion of Debt, First Sale in More Than Two Years

(Bloomberg) -- Ericsson AB, the world's largest
maker of mobile-network equipment, is issuing $1.6 billion of
bonds in its first sale of debt in more than two years.

The company is taking on new debt less than a week after
Standard & Poor's boosted Stockholm-based Ericsson's investment-
grade credit rating by two levels on rising demand for its
products. The issue doubles the amount of Ericsson's outstanding
bonds to the equivalent of $3.2 billion, according to data
compiled by Bloomberg.


Read more at Bloomberg Bonds News

U.S. mortgage applications dropped last week - MBA

(Reuters) - Thirty-year mortgage interest rates dipped 0.01 percentage
point last week to 6.60 percent, the MBA said.




The MBA's seasonally adjusted purchase index fell 3.0
percent to 450.9 while its refinancing applications index shed
4.2 percent to 1,776.8 on a seasonally adjusted basis.


Read more at Reuters.com Economic News

US STOCKS-Futures rise on Home Depot, earnings in focus

(Reuters) - Shares of Home Depot, a component of the Dow Jones
industrial average were up 5.2 percent in Europe.




The home improvement chain announced its share repurchase
plan late on Tuesday, when it also said its board had approved
a $10.3 billion sale for its supply unit. For details, see
[ID:nN19471168].


Read more at Reuters.com Market News

India would welcome Airbus assembly plant

(Reuters) - Airbus agreed last year to set up an assembly line for the
A320 family in China from 2009 to meet strong demand. India's
aviation market is also witnessing rapid expansion.




"I would be very happy to see that," Indian Civil Aviation
Minister Praful Patel told reporters, asked whether Airbus
should consider opening an assembly line in India.


Read more at Reuters.com Mergers News

Kuwaiti, Greek banks to examine Egypt's Al Watany

(Reuters) - Al Watany Bank of Egypt said on Wednesday the central bank had agreed to allow three banks, including two from Kuwait, to conduct due-diligence studies that could lead to potential offers for the bank.

A Watany Bank spokeswoman told Reuters the three banks were the National Bank of Kuwait, the Commercial Bank of Kuwait and Greek lender EFG Eurobank.


Read more at Reuters Africa

Barclays Capital Gains Approval for Tokyo Commodity Exchange Membership

(Bloomberg) -- Barclays Capital, a unit of
Britain's third-biggest bank, won approval to become a member of
the Tokyo Commodity Exchange, as rising raw materials prices
drive investor interest in commodities.

Tocom, Japan's largest commodities futures exchange,
approved the application at a board meeting held in Tokyo today,
the exchange said in a statement released to reporters.


Read more at Bloomberg Commodities News

Sawiris says Martin Marietta stake is investment

(Reuters) - On Tuesday, Sawiris, chief executive of Egyptian cement
maker Orascom Construction , said NNS owned
nearly 450,000 Martin Marietta shares. It also owns options for
an additional 3.7 million shares that mature within 60 days.




NNS said it "wishes to make clear that this investment in
Martin Marietta is not being made by OCI and is entirely
separate from the activities of that company".


Read more at Reuters.com Mergers News

McClatchy says advertising revenue falls in May

(Reuters) - The company said it expects advertising trends to improve
by the fourth quarter though revenues will likely still be
down.





Read more at Reuters.com Market News

Global Energy files for $350 mln IPO

(Reuters) - The filing did not reveal how many shares the company
planned to sell or their expected price.




The company plans to list its stock on the Nasdaq under the
symbol "GEGT" ."



Read more at Reuters.com Bonds News

Google wins Internet content licence in China

(Reuters) - "We have made very positive progress on the ICP application and have received preliminary
approval," spokeswoman Marsha Wang said in an e-mailed response
to Reuters enquiries.




She declined to comment on what further procedures may be
required for final approval to offer news in China, although
analysts said the move helped to add legitimacy to its
operations in the country.


Read more at Reuters.com Government Filings News

UPDATE 1-Huntsman overture boosts Clariant, Ciba shares

(Reuters) - Clariant stock rose 2.2 percent by 0914 GMT while Ciba
shares were 2.8 percent stronger, the strongest gainers among
Swiss blue chips and outperforming a 1.1 percent higher DJ Stoxx
European chemicals index .




On Tuesday, Huntsman Chief Executive Officer Peter Huntsman
was quoted as saying by Swiss weekly newspaper Handelszeitung he
was keen on buying the groups, or part of the groups, provided
they were for sale.


Read more at Reuters.com Mergers News

Lehman to raise $500 mln for buyout firm fund IPO

(Reuters) - Lehman Brothers Private Equity Partners Ltd. plans to issue a single class of U.S.-dollar-denominated shares at $10 each on Euronext Amsterdam. Conditional dealing is expected to start July 18 and unconditional dealings July 25.




The parent company will be the largest single investor by subscribing to $100 million of shares, which will be subject to a three-year lock-up.


Read more at Reuters.com Business News

China's Yuan Rises to Highest Since Dollar Link Scrapped; Bonds Unchanged

(Bloomberg) -- The yuan climbed to the highest
since a dollar peg was scrapped in 2005 as traders speculated
China will allow gains to help ease the record trade surplus.
Bonds were little changed.

China said yesterday it will reduce export rebates on 2,831
products to help ease friction with other countries that has
caused some U.S. lawmakers to accuse the nation of artificially
keeping its currency low. The yuan should be allowed to move
more to help the government's foreign-currency manager operate,
said Li Yang, a former adviser to the central bank.


Read more at Bloomberg Currencies News

Mexican Congress to Consider Calderon's Proposal to Boost Tax Collections

(Bloomberg) -- Mexico's Congress will begin
consideration today of tax legislation proposed by President
Felipe Calderon to boost revenue collection and reduce the
government's dependence on oil.

The legislation, released last night in Mexico City and
scheduled for a first hearing today by a committee that meets
when Congress is adjourned, calls for a flat tax and limits on
tax deductions. It also proposes a 2 percent levy on cash
deposits of more than 20,000 pesos monthly ($1,863) to fight
evasion by small businesses and individuals.


Read more at Bloomberg Emerging Markets News

Renault, AB Volvo eyeing Ford's Volvo Cars-paper

(Reuters) - Analysts were doubtful, saying such a move made little industrial sense for AB Volvo.



"This looks like a bad solution for Volvo's shareholders as there is no real industrial logic in buying a stake ... I think it would be very strange if they would take such a step", Danske Equities analyst Henrik Breum said.


Read more at Reuters.com Mergers News

U.K. Natural Gas Day Ahead Drops to Six-Week Low on Rising Supply Forecast

(Bloomberg) -- U.K. natural gas for delivery a day
ahead fell to the lowest in more than six weeks after forecasts
showed supply may outstrip demand.

Gas for delivery a day ahead at the National Balancing
Point, the U.K. trading hub, dropped 1 percent to 20.1 pence a
therm, the lowest since May 8, according to prices on Bloomberg
from broker ICAP Plc. That equals $4 a million British thermal
units. A therm is 100,000 Btus. Gas for same-day delivery traded
at 20 pence a therm.


Read more at Bloomberg Energy News

Namibia utility to raise R3 bln in bonds for growth

(Reuters) - Namibia's national power utility plans to raise 3 billion rand to expand its transmission network to neighbour Zambia, the company said on Wednesday.

Half of the money would be raised at the South African Bond Exchange, and the rest would be raised in Namibian bonds, a South African bond official close to the deal told Reuters.


Read more at Reuters Africa

Newcastle Coal Ship Sailings Are Restricted by Storms, Industry Group Says

(Bloomberg) -- Coal ship movements at Australia's
Newcastle Port, the world's biggest export harbor for the fuel,
are restricted today because of heavy seas and strong winds, the
Hunter Valley Coal Chain Logistics Team said.

``It is expected the swell will reduce tomorrow to allow
vessel movements to continue,'' the Team, the coordinator of
movements of coal through the rail system and port, said today in
a statement on its Web site. Shipping delays at Newcastle have
driven up prices for thermal coal, which reached $66.25 a metric
ton yesterday, according to globalCOAL.


Read more at Bloomberg Energy News