Ethanol-producing co shares surge on energy bill OK

(Reuters) - per gallon, or to 35 miles per gallon by 2020.




Analysts said there was no other obvious reason to account for the rise in share prices of companies that produce the gasoline alternative made from corn or other crops.


Read more at Reuters.com Hot Stocks News

UPDATE 1- US Foodservice trims bond sale, restructures- KDP

(Reuters) - The sale will now include a $550 million issue of senior
notes due in 2015 that will have a toggle feature for the first
four years only, meaning interest may be paid in cash or
additional notes. It will also include $550 million of cash-pay
senior notes due in 2015. A $450 million subordinated note has
been withdrawn.




Language in the bond covenants indicates, however, that the
company intends to issue the $450 million portion at a later
time as subordinated discount notes, said KDP market analyst
Justin Monteith.


Read more at Reuters.com Mergers News

Canada's Senate passes 2007-08 budget bill

(Reuters) - The minority Conservative government got a minor scare
earlier this week that the opposition-controlled Senate might
delay passage of the bill or even defeat it.




Senators from Nova Scotia and Newfoundland charged that the
2007-08 budget breaks a promise by Ottawa to grant them special
treatment for their offshore oil and gas resources.


Read more at Reuters.com Bonds News

Parmalat wins injunction against U.S. creditors

(Reuters) - NEW YORK, June 22 - Parmalat , the Italian dairy company, on Friday said a U.S. bankruptcy judge has awarded it a permanent injunction to protect it against claims by Bank of America Corp. and other U.S. creditors.



The order by Judge Robert Drain of the U.S. bankruptcy court in Manhattan, which Parmalat said was dated Thursday, would be a defeat for an estimated 31 holders of privately placed Parmalat bonds with some 646 million euros of claims.


Read more at Reuters.com Bonds News

London Stock Exchange, Italian Bourse to Hold Merger Talks, Two People Say

(Bloomberg) -- London Stock Exchange Plc, Europe's
third-largest trading platform, reached agreement with Borsa
Italiana SpA on a takeover as the two exchanges respond to
increased competition, two people familiar with the plan said.

The London bourse will offer about 1.6 billion euros ($2.2
billion) for Borsa Italiana, news agency Ansa reported. Borsa
Italiana's board authorized Chief Executive Officer Massimo
Capuano to negotiate the merger with the LSE after a two-hour
board meeting in Milan, said the people, who declined to be
identified before the companies release a statement.


Read more at Bloomberg Stocks News

Lear delays vote on Icahn takeover after criticism

(Reuters) - NEW YORK, June 22 - Lear Corp. , which is facing criticism of billionaire Carl Icahn's $36-per-share buyout offer, delayed a shareholder vote on the deal until July 12, the auto parts maker said on Friday.



Lear shareholders had been scheduled to vote on the nearly $2.9 billion offer from Icahn's American Real Estate Partners on June 27.


Read more at Reuters.com Mergers News

Lear delays vote on Icahn takeover

(Reuters) - Lear shareholders had been scheduled to vote on the nearly $2.9 billion offer from Icahn's American Real Estate Partners on June 27.




The move is aimed at giving Lear time to set the record straight with investors after criticism of the deal this week, including a negative report from proxy advisory firms including Institutional Shareholders Services and comments by money manager Pzena Investment Management, Lear said.


Read more at Reuters.com Business News

Limited Brands to cut jobs, boost buyback

(Reuters) - Limited, which recently agreed to sell 67 percent of its Express chain to a private equity firm, is trying to shed its underperforming apparel brands in order to focus on what most of its customers want -- sexy undergarments and bath and beauty products.




In addition to raising its buyback program to $1 billion from $500 million, Limited said it plans to accelerate the pace of those buybacks. It has already repurchased $190.5 million worth of shares under the existing plan. Limited authorized the $500 million buyback program on May 23.


Read more at Reuters.com Hot Stocks News

Gold drifts higher, investors watch credit market

(Reuters) - A weaker dollar lifted gold prices on Friday, but investors kept an eye on credit market conditions that may make investors more averse to risk-taking.

Platinum group metals (PGMs) were supported by the risk of supply disruptions in South Africa.


Read more at Reuters Africa

European Stocks Decline on Ifo Report; Arcelor, Julius Baer, Barclays Fall

(Bloomberg) -- European stocks dropped for a second
day after German business confidence fell more than economists
forecast in June.

Arcelor Mittal led metal producers lower after the world's
largest steelmaker said demand may slow. Julius Baer Holding AG
declined the most in a year after UBS AG sold its stake in the
Swiss Bank. Deutsche Bank AG and Barclays Plc paced a retreat by
banks on concern losses in the U.S. mortgage market may grow.


Read more at Bloomberg Stocks News

Blackstone jumps over 20 percent in debut

(Reuters) - The $4.13 billion offering, closely watched by Wall Street to Washington, was the largest U.S. IPO in five years and the sixth-biggest ever. People familiar with the offering said Blackstone shares were about seven times oversubscribed, indicating strong demand.




The IPO broke new ground for an industry that has become a driving force in global finance by pursuing ever-larger takeovers and raising record amounts of capital.


Read more at Reuters.com Business News

Treasury Yield Curve Is Steepest Since 2005 as Investors Look for Safety

(Bloomberg) -- The difference in Treasury 10-year
and two-year note yields widened to the most since October 2005
as investors sought a haven from hedge fund losses.

Two-year notes were poised for their first weekly gain
since April, while 10-year notes were down for a seventh week,
widening the yield advantage of the longer-term debt to 23 basis
points. Investors bought two-year notes as creditors moved to
liquidate assets from two Bear Stearns Cos. hedge funds.


Read more at Bloomberg Bonds News

EU experts recommend biosimilar anaemia drugs

(Reuters) - By Ben Hirschler, European Pharmaceuticals Correspondent



LONDON, June 22 - Europe accelerated its adoption of so-called biosimilar medicines on Friday as an expert panel recommended the approval of three cut-price versions of epoetin alfa, or EPO, for treating anaemia.


Read more at Reuters.com Government Filings News

Nymex Natural Gas Declines as Buyers See Ample Supply, Price Moving Lower

(Bloomberg) -- Natural gas in New York fell for a
fifth straight day as mild weather and adequate storage eased
concern over potential supply shortfalls later this year.

``People are finally saying: `We do have plenty of supply
around','' said Stephen Briggs, managing partner at Intermarket
Management LLC in Verona, New Jersey. ``We're headed lower, it's
supply and demand, there's plenty of the stuff around.''


Read more at Bloomberg Energy News

Africa cotton growers fret over trade talks setback

(Reuters) - African cotton producers said on Friday the collapse of talks critical to salvaging global trade negotiations was a blow to their hopes of obtaining an end to U.S. cotton subsidies.

But the struggling African growers vowed to pursue their campaign in the World Trade Organisation against hefty subsidies paid to American cotton farmers which they say shut them out of the market and keep them stuck in poverty.


Read more at Reuters Africa

Oil Rises as Nigerian Strike Moves Into Third Day, Spurring Supply Concern

(Bloomberg) -- Crude oil rose as a general strike in
Nigeria, Africa's biggest oil producer, continued for a third day
after the government and unions failed to reach an agreement over
an increase in fuel prices.

Yesterday, oil unions withdrew workers from export terminals
in a bid to halt shipments and intensify pressure on the new
administration of President Umaru Yar'Adua. About a third of the
nation's output was already halted by political and criminal
violence. The strike comes during the summer driving season, when
U.S. fuel consumption peaks.


Read more at Bloomberg Commodities News

UPDATE 1-ICICI share sale well covered, pricing seen high

(Reuters) - MUMBAI, June 22 - India's second-largest lender
ICICI Bank is set to price its $4.9 billion share sale at the
top end of the range after the local order book was filled more
than 11 times, bankers said.




Demand for the country's biggest ever share sale was boosted
by a significant bid from Singapore's Temasek Holdings [TEM.UL]
and private equity firm Warburg Pincus, but retail interest was
less strong.


Read more at Reuters.com Bonds News

Canadian Stocks Slip as Investors Await Merger Developments: Encana Falls

(Bloomberg) -- Canadian stocks fell as investors
awaited further developments on the potential takeovers of two of
the nation's biggest companies, Alcan Inc. and BCE Inc. Such energy
companies as EnCana Corp., among the biggest advancers yesterday,
declined.

Investors may decide to lock in gains today, said Fred
Ketchen, managing director of equity trading at Scotia McLeod Inc.
in Toronto.


Read more at Bloomberg Stocks News

UPDATE 1-Gas prices weigh less on consumer confidence-survey

(Reuters) - Consumers expect additional increases in gasoline prices
before the end in September of the summer driving season, said
Richard Curtin, director of the Reuters/University of Michigan
Surveys of Consumers.




Consumers then anticipate smaller gains over the next five
years, he said in a statement.


Read more at Reuters.com Economic News

Weyerhaeuser to shut Alberta joists plant; cut 85 jobs

(Reuters) - Weyerhaeuser said the move comes after a strategic review of its TJI joist business, and the decline in housing starts in the North American market provided the impetus for the decision.






Read more at Reuters.com Mergers News

Siemens A&D unit on lookout for acquisitions

(Reuters) - "But it's always the case that there must be a target that
makes sense technically and economically, and then the target
has to like to be bought by us," he said.




Read more at Reuters.com Mergers News

Gold, Silver Futures Climb in New York as Euro Rises Against U.S. Dollar

(Bloomberg) -- Gold and silver rose in New York
after a decline in the value of the dollar against the euro
increased the appeal of precious metals as alternative
investments.

Gold usually moves in tandem with the euro, which rose the
most against the dollar in more than two months on signals the
European Central Bank may continue to raise interest rates this
year. Before today, gold had gained 2.5 percent this year, while
the euro had climbed 1.5 percent against the dollar.


Read more at Bloomberg Commodities News

Abercrombie, Blackstone, Delphi, EBay, Jabil, Taser: 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 8:35 a.m. New York time.

Abercrombie & Fitch Co. (ANF US) fell $3.56, or 4.7 percent,
to $73.02. The casual clothing retailer for teens and college
students was cut to ``equal weight'' from ``overweight'' at
Lehman Brothers Holdings Inc. The company's same-store sales
could decline in the second and third quarters, and a later back
to school period could result in a ``disappointing'' July,
analysts wrote in a note.


Read more at Bloomberg Stocks News

Treasury Yield Curve Reaches Steepest Since 2005 as Investors Seek Safety

(Bloomberg) -- The difference in Treasury 10-year
and two-year note yields widened to the most since October 2005
as investors sought a haven from hedge fund losses.

Two-year notes were poised for their first weekly gain
since April, while 10-year notes were down for a seventh week,
widening the yield advantage of the longer-term debt to 21 basis
points. Investors bought two-year notes as creditors moved to
liquidate assets from two Bear Stearns Cos. hedge funds.


Read more at Bloomberg Bonds News

REFILE-FFCB launches $1.0 bln 2-year designated bonds

(Reuters) - The bonds will price later on Friday via the joint lead
managers on the sale, which are Nomura Securities International
and Merrill Lynch .




Read more at Reuters.com Bonds News

UPDATE 1-Freddie Mac's portfolio grows 3.8 pct in May

(Reuters) - For the year to date, the portfolio has expanded by 2.6
percent after falling by 0.9 percent in 2006 to end the year at
about $704 billion.




The company is growing within the constraints of a
voluntary agreement with its regulator, the Office of Federal
Housing Enterprise Oversight, to limit the expansion of its
mortgage holdings while emerging from an accounting crisis.


Read more at Reuters.com Bonds News

Sun, Microsoft Cram Servers in Shipping Containers to Lower Power Costs

(Bloomberg) -- When Richard Mount needed more
processing power for Stanford University's particle accelerator,
he didn't have room in his four-story building for a bunch of new
computers. So he put them in the parking lot.

Sun Microsystems Inc. will deliver a 20-foot (6.1-meter)
shipping container packed with 252 servers next week to crunch
data for physicists, betting a wave of customers follow suit as
Internet companies look for quicker, cheaper ways to grow.


Read more at Bloomberg Exclusive News

KKR wins Air Canada unit, aims to go global-report

(Reuters) - But the official also told the newspaper the maintenance,
overhaul and repair operator would be based in Canada, where
there are also growth opportunities.




Ace Aviation Holdings Inc. , parent of ACTS, will
make the joint announcement with KKR on Friday, the newspaper
said. The division's total value will surpass C$900 million
, the industry official told the Globe.


Read more at Reuters.com Mergers News

BCE, Canadian National Rail, Cognos, Telus, Velan: Canada Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets
today. This preview includes news that broke after markets closed
yesterday. Stock symbols are in parentheses after company names and
prices are from the last close.

The Standard & Poor's/TSX Composite Index rose 117.57, or 0.8
percent, to 14,095.73 yesterday in Toronto. The benchmark, which is
0.6 percent below its June 18 record, is still up 0.7 percent this
week, headed for a second straight weekly gain.


Read more at Bloomberg Stocks News

Lear affirms support for Icahn buyout, delays vote

(Reuters) - Other large shareholders, including Pzena Investment Management, also have opposed the offer as too low for Lear, which produces automotive seating and electronics.




Read more at Reuters.com Mergers News

Taser up after price target raised

(Reuters) - Separately, Taser announced that a Texas court dismissed a wrongful death or injury lawsuit, the 51st such action, against the company.




Read more at Reuters.com Hot Stocks News

Abercrombie, Blackstone, Chipotle, EBay, Jabil, TiVo: 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.

Abercrombie & Fitch Co. (ANF US) fell $3.56, or 4.7 percent,
to $73.02. The casual clothing retailer for teens and college
students was cut to ``equal weight'' from ``overweight'' at
Lehman Brothers Holdings Inc. The company's same-store sales
could decline in the second and third quarters, and a later back
to school period could result in a ``disappointing'' July,
analysts wrote in a note.


Read more at Bloomberg Stocks News

UPDATE 1-Care Investment Trust IPO raises $209.8 million

(Reuters) - The 15 million share offering priced at $15 per share,
compared with a forecast range of $15 to $17.




The offering price gives the company an initial market
capitalization of $350.7 million.


Read more at Reuters.com Bonds News

Crude Oil Little Changed on Speculation Nigerian Strike Won't Halt Exports

(Bloomberg) -- Crude oil was little changed as some
analysts and traders speculated a strike in Nigeria would fail to
affect exports from Africa's largest producer.

Oil workers left Nigeria's export terminals yesterday as part
of a general strike protesting an increase in domestic fuel prices
and taxes. Oil traders and analysts doubt the strike has further
disrupted supplies from Nigeria. About a third of the nation's
output was already halted by political and criminal violence.


Read more at Bloomberg Energy News

TREASURIES-Prices flat, rate and fund worries linger

(Reuters) - Given the lack of major economic reports, Treasuries will
likely take directions from stocks, oil and overseas debt,
analysts said.




Bond prices retreated from overseas gains tied to stronger
Bunds in reaction to a surprising weak reading of German
business confidence in June.


Read more at Reuters.com Bonds News

BP May Lose Control of Siberian Field to Gazprom; Kremlin Meeting Called

(Bloomberg) -- BP Plc may lose control of a
Siberian gas field big enough to supply Asia for five years, a
government official said, as Russian President Vladimir Putin
ends foreign ownership of the nation's biggest energy assets.

Dmitry Medvedev, chairman of OAO Gazprom and a first deputy
prime minister, will chair a meeting in the Kremlin later today
between the Russian gas-export monopoly and BP, a Kremlin
spokeswoman said by phone, declining to be identified. Both
companies declined to comment.


Read more at Bloomberg Emerging Markets News

Delphi Near Accord With Auto Workers to Emerge From Bankruptcy, People Say

(Bloomberg) -- Delphi Corp. and former parent
General Motors Corp. are close to an agreement with the United
Auto Workers union that would pave the way for the auto-parts
supplier to emerge from bankruptcy this year, people with
knowledge of the negotiations said.

UAW officials have summoned union plant leaders to Detroit
for a briefing today on the accord, which would provide Delphi
workers buyouts and job guarantees in exchange for plant
closings, the people said.


Read more at Bloomberg Exclusive News

LSE bids 1.6 bln euros for Borsa Italiana: sources

(Reuters) - The LSE bid, which Borsa Italiana will continue discussing on Friday, is mostly in shares with a small amount of cash, the sources said. It would see five board members in a new company from the Italian side and seven from London.




"Borsa's value is under 30 percent of the total of the two companies but the LSE is giving Borsa, which ends up under its control, a premium at the board level," one of the sources said.


Read more at Reuters.com Mergers News

U.K. FTSE 100 Stock Index Declines, Led by National Grid; Pearson Gains

(Bloomberg) -- U.K. stocks dropped, sending the
benchmark FTSE 100 Index lower for a fifth consecutive day.
National Grid Plc paced the retreat after Goldman, Sachs & Co.
recommended selling shares in the natural-gas pipeline operator.

BHP Billiton Ltd. led mining companies lower as copper
prices declined in Asia.


Read more at Bloomberg Stocks News

UPDATE 1-Barclays says no big exposure to troubled US funds

(Reuters) - Barclays Capital has about $300 million exposed to Bear
Stearns hedge funds that are on the brink of collapse,
according to media reports. The Daily Telegraph said Barclays
Capital may have lent $1.2 billion to the funds.




Barclays confirmed in a statement that in the ordinary
course of its business Barclays Capital had some exposure to the
funds, but the bank did not quantify the amount other than to
say it would not have a big impact.


Read more at Reuters.com Bonds News

Gold Climbs in London as Dollar Declines Against the Euro; Silver Drops

(Bloomberg) -- Gold rose for the first day in three
in London as the dollar declined, buoying demand prospects for
the precious metal as an alternative investment. Silver declined.

The metal has gained 2.5 percent this year while the dollar
has fallen 1.3 percent against a basket of six currencies
including the euro and yen. The dollar dropped against the euro
today as yields on 10-year Treasuries declined.


Read more at Bloomberg Commodities News

Kenya tea production up 21 pct in May to 32 mln kg

(Reuters) - Kenya's tea output rose by 21 percent in May to 32 million kg compared with 26 million kg produced during the same period last year, due to improved weather, the Tea Board of Kenya said on Friday.

Production in April was 30.6 million kg.


Read more at Reuters Africa

European Union May Lift 35.8 Percent Duty on Steel Pipes From Russia's TMK

(Bloomberg) -- The European Union may remove a 35.8
percent tariff on steel pipes made by Russia's OAO TMK, a step
that would help the company's exports and expose EU producers
including Tenaris SA and Vallourec SA to more competition.

The EU said it would review the need for the duty against
TMK, Russia's biggest maker and exporter of steel pipes, because
the company's production costs may be lower than originally
assumed. The EU also left open the possibility of paring the
levy, which is meant to punish TMK for selling seamless pipes
and tubes in the bloc below domestic prices or below the
production cost, a practice known as dumping.


Read more at Bloomberg Emerging Markets News

European Spot Carbon Emission Permits Fall to Record on Likely Oversupply

(Bloomberg) -- European Union carbon-dioxide
emission permits for immediate delivery fell to a record on a
likely oversupply this year.

Emission permits fell 3 cents, or 27 percent, to 8 euro
cents ($0.11) a metric ton on the Powernext exchange in Paris at
11:27 a.m. local time. Permits for December 2008 fell 42 cents,
or 1.9 percent, to 21.20 euros a ton, according to the European
Climate Exchange in Amsterdam.


Read more at Bloomberg Energy News

European Stocks Decline on Ifo Report; Vinci, DaimlerChrysler Fall

(Bloomberg) -- European stocks dropped for a second
day after German business confidence fell more than economists
forecast in June, adding to signs that growth in Europe's largest
economy may slow.

Vinci SA, the world's biggest construction company, and
German carmaker DaimlerChrysler AG led the retreat. Julius Baer
Holding AG declined the most in a year after UBS AG sold part of
its stake in the Swiss Bank, thwarting takeover speculation.
Infineon Technologies AG slid after Merrill Lynch & Co. lowered
its recommendation for the shares.


Read more at Bloomberg Stocks News

U.S. shares set for weak start; eyes on Blackstone

(Reuters) - Investor focus is likely to be on private equity group
Blackstone , which makes its debut on the New York Stock
Exchange after its initial public offering at $31 a share valued
it at $33.48 billion and marked a watershed for the booming
private equity industry.




"The Street is talking of an opening $2 to $3 higher, and
it's clear that those who got in early will make money," Steve
Previs of Jefferies International said.


Read more at Reuters.com Bonds News

Lone Star sells KEB stake, S.Korean firms

(Reuters) - The Dallas-based fund has faced public outcry over the size of expected profits from its deals in South Korea, which some have described as a litmus test of how far the country is willing to accept foreign investment.




Lone Star Chairman John Grayken said the fund had sold a 13.6 percent stake in key investment Korea Exchange Bank to pay down debt, and added it plans to sell its remaining 51 percent in South Korea's fifth-biggest lender to a strategic investor.


Read more at Reuters.com Business News

Lone Star sells S.Korea's STARLease for $326 mln

(Reuters) - Hyosung's activities range from textiles to machinery,
construction and services.





Read more at Reuters.com Mergers News

China Stocks Slide on Interest Rate Speculation: World's Biggest Mover

(Bloomberg) -- China's shares fell the most in
almost three weeks on speculation the government will raise
interest rates to tame a stock-market boom and cool the economy.
Industrial & Commercial Bank of China Ltd. paced the decline.

``It's Friday,'' said Sun Chao, an analyst at Citic
Securities Co. in Shanghai. ``People are always worried that the
government will announce some negative news over the weekend,
such as interest rate hikes.''


Read more at Bloomberg Stocks News

Philippines' BPI sells bad loans to Bank of America

(Reuters) - BPI said aside from Bank of America, four other foreign
institutions submitted bids for the loans.




Philippine commercial banks' non-performing loans have
fallen to 5.27 percent of total loans as of end April from a
peak of about 18 percent in 2001.


Read more at Reuters.com Bonds News