Copper Little Changed in Asian Trade as Strike at Codelco Mine Averted

(Bloomberg) -- Copper prices were little changed in
Asia as a strike was averted at Codelco, the world's largest
producer, averting the threat of protests by the workers at a
time when global stockpiles are falling.

Stockpiles monitored by the London Metal Exchange, the
world's biggest metals market, fell 1.5 percent and Shanghai
inventories slumped 3.8 percent, the exchanges said June 22.


Read more at Bloomberg Commodities News

European Bonds Advance for Second Day ; 10-Year Yield Falls t 4.62 Percent

(Bloomberg) -- European government bonds advanced
for a second day in London.

The yield on the 10-year bund fell 3 basis points to 4.62
percent by 7:05 a.m. in London. The price of the 4.25 percent
bond due July 2017 gained 0.24, or 2.4 euros per 1,000-euro
($1,345) face amount, to 97.08. Bond yields move inversely to
prices.


Read more at Bloomberg Bonds News

European Stocks May Decline; Shares of Barclays, Credit Suisse Might Fall

(Bloomberg) -- European stocks may retreat after
U.S. and Asian equities fell. Barclays Plc and Credit Suisse
Group may drop after their U.S.-traded securities declined.

France Telecom SA may be active as the French government
sells as much as 3.8 billion euros ($5.1 billion) of the nation's
largest phone company. Shares of Cumerio NV, owner of the biggest
copper smelter in southeastern Europe, may be active after
Germany's Norddeutsche Affinerie AG agreed to buy the company.


Read more at Bloomberg Stocks News

Yen stuck near 4-1/2-year low vs dollar, kiwi jumps

(Reuters) - The yen was pinned near a 4-1/2-year low against the dollar and an all-time trough versus the euro on Monday, staying under pressure as investors kept selling the low-yielding currency in carry trades.

The New Zealand dollar recovered all the losses it incurred on suspected central bank intervention in the late U.S. session on Friday, striking a 22-year high against the dollar and climbing near a 20-year peak against the yen.


Read more at Reuters Africa

UPDATE 1-Remy Cointreau posts year loss due Maxxium

(Reuters) - The maker of Remy Martin cognac and Piper-Heidsieck
champagne said on Monday current operating profit rose 10
percent to 153.8 million euros in the year to March 31, and it
aimed to achieve "significant organic growth" in underlying
earnings in 2007/08.




At constant exchange rates, current operating profit would
have risen 20 percent in 2006/07, it noted.


Read more at Reuters.com Market News

Stockland increases, prices US$450 mln bond issue

(Reuters) - The offer, Stockland's third visit to the U.S. traditional
private placement market, was almost twice oversubscribed at
the final prices and increased from an initially announced
US$300 million, the market source said.




Typical buyers of private placements are U.S. insurance
companies keen on long-dated paper to match their assets.


Read more at Reuters.com Bonds News

GLG Partners sells stake, sets up U.S. listing

(Reuters) - The combined company, named GLG Partners Inc., expects to
trade on the New York Stock Exchange under the symbol "GLG"
once the deal is consummated in the fourth quarter.




Freedom shareholders will own about 28 percent of the
combined company, while current GLG stockholders will own about
72 percent, GLG said.


Read more at Reuters.com Mergers News

Cemex, Corp. Durango, Gerdau and Gol Linhas Aereas: Latin Equity Preview

(Bloomberg) -- The following stocks may make
significant gains or losses in Brazil and Mexico today. Symbols
are in parentheses after the company name, and stock prices are
from the last session.

In Brazil, preferred shares are the most commonly traded
class of stock.


Read more at Bloomberg Stocks News

Amaranth Distorted Natural Gas Market, Evaded Regulators, Senate Reports

(Bloomberg) -- Amaranth Advisors LLC held natural
gas trades worth more than $18 billion and exploited loopholes
to evade regulators who tried to limit the firm's speculation on
its way to becoming the biggest-ever hedge fund collapse, a
Senate investigation found.

Greenwich, Connecticut-based Amaranth made trades that were
big enough to sway prices, in some cases controlling gas
contracts for a particular month equal to all the fuel consumed
by U.S. residential customers in the period, according to the
analysis by the Senate Permanent Subcommittee on Investigations.


Read more at Bloomberg Energy News

BHP Billiton, Hulamin and Pick'n Pay Shares: South Africa Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in South Africa. Symbols are in parentheses and prices are from
the last close.

The FTSE/JSE Africa All Share Index slid 215.38, or 0.7
percent, to 29,094.32, as nearly three stocks decreased for each
one that rose. The gauge is down 0.7 percent this week after
reaching a record on June 20.


Read more at Bloomberg Stocks News

Interest Rates Will Advance in `Golden Age' of Economic Growth, BIS Says

(Bloomberg) -- Central banks will need to continue
raising interest rates to quell inflation as the ``golden age''
of global economic expansion continues, the Bank for
International Settlements said.

``Inflationary pressures might turn out to be more
significant than anticipated,'' BIS General Manager Malcolm
Knight told a press conference in Basel, Switzerland, yesterday.
``Authorities should continue gradually to normalize the level of
policy interest rates'' as the global economy extends what ``may
well go down in history as a `golden age.'''


Read more at Bloomberg Bonds News

LSE Credit Rating Is Placed on Review for Possible Downgrade by Moody's

(Bloomberg) -- London Stock Exchange Plc, which
agreed to buy Borsa Italiana SpA on June 23 for 1.63 billion
euros ($2.2 billion), has been put on review by Moody's Investors
Services for possible downgrade of its debt rating.

The decision to review the LSE's rating follows the
announcement that the exchange had reached agreement with the
board of Borsa Italiana on the terms of the recommended offer,
Moody's said today in an e-mailed statement.


Read more at Bloomberg Currencies News

Gold Little Changed in Asian Trading as Equity Markets Fall a Second Day

(Bloomberg) -- Gold was little changed amid
speculation a fall in Asian equity markets for a second day may
reduce demand for the precious metal.

Stocks in Asia declined on concern rising interest rates may
hurt future earnings. The Morgan Stanley Capital International
Asia-Pacific Index fell 0.2 percent to 153.21 as of 1:18 p.m. in
Sydney, after dropping 0.6 percent on June 22.


Read more at Bloomberg Commodities News

U.S. Previously-Owned Home Sales Probably Declined to a Four-Year Low

(Bloomberg) -- Home resales dropped in the U.S.
last month as demand remained near a four-year low, reinforcing
concerns about a protracted housing slump, economists said
before an industry report today.

The National Association of Realtors may report home
resales fell 0.3 percent to an annual rate of 5.97 million, the
lowest since June 2003, according to the median forecast of 55
economists in a Bloomberg News survey.


Read more at Bloomberg Currencies News

Dow Jones, Murdoch near pact on independence: report

(Reuters) - The Wall Street Journal said News Corp.'s offer had reduced the Bancroft family's involvement in the editorial protection system and Dow Jones was working on a counter-proposal.




Dow Jones declined to comment. News Corp. and the Bancroft family were not immediately available to comment.


Read more at Reuters.com Business News

Taiwan Dollar Rises After Rate Increase; Bonds Gain as Debt Sales Reduced

(Bloomberg) -- Taiwan's dollar rose to near the
highest in more than five months after a bigger-than-expected
interest-rate increase last week boosted the allure of local-
currency assets. Bonds gained.

The currency advanced for a fifth day after the central
bank raised its key rate a quarter percentage point to 3.125
percent on June 21. The increase was twice as much as expected,
according to Bloomberg News survey. The gain in the local dollar
in the past 10 days has reduced this year's loss to 0.4 percent.


Read more at Bloomberg Bonds News

Nissan to Buy More Parts From China, India to Cut Costs After Profit Drops

(Bloomberg) -- Nissan Motor Co., Japan's third-
largest carmaker, will buy more components from China and India
after profit fell for the first time since the company's record
loss in 2000.

The automaker will raise global component purchases from
low-cost countries to as much as 24 percent of the total, from as
much as 14 percent now, said Carlos Ghosn, Nissan's chief
executive officer, in an interview in Singapore.


Read more at Bloomberg Emerging Markets News

BP, Dobbies, ICI, LSE, Pearson, Prudential: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from the June 22 close.

The benchmark FTSE 100 Index fell 28.60, or 0.4 percent, to
6567.40 in London. The FTSE All-Share Index fell 13.43, or 0.4
percent, to 3390.26.


Read more at Bloomberg Stocks News

Japan's 10-Year Bonds Advance After Treasuries Gain on Flight to Safety

(Bloomberg) -- Japan's government bonds rose after
U.S. Treasuries gained last week as investors sought a haven
from possible hedge fund losses.

Ten-year bonds climbed for a second day as the Nikkei 225
Stock Average fell on concern losses in the U.S. subprime market
will be worse than expected, triggering a decline in global
stocks. Treasuries, which often lead Japan's bond prices, rose
June 22 after Bear Stearns Cos. offered to provide $3.2 billion
in loans to bail out one of its money-losing hedge funds.


Read more at Bloomberg Bonds News

South Korea Won Climbs as Consumers More Confident; Government Bonds Drop

(Bloomberg) -- The South Korean won climbed after a
central bank report showed consumers were the most optimistic in
15 months in the second quarter. Bonds declined before a
government auction of debt today.

Growth in Korea's gross domestic product is likely to
strengthen ``gradually'' over the rest of 2007 as domestic
demand picks up, the Organization for Economic Cooperation and
Development said June 20. The won rose to a one-month high June
20, two days after the finance ministry said consumers are
supporting the expansion in Asia's third-largest economy.


Read more at Bloomberg Bonds News

Vietnam Will Weaken Dong as Much as 1% a Year, Deputy Prime Minister Says

(Bloomberg) -- Vietnam will extend its policy of
weakening the dong by as much as 1 percent a year to boost the
country's exports, Deputy Prime Minister Nguyen Sinh Hung said.

The State Bank of Vietnam, the country's central bank, has
engineered about 1 percent depreciation against the dollar in
each of the last three years to promote overseas shipments and
economic growth. Central bank selling of the dong may counter
demand for the currency from overseas investors buying shares in
the nation's companies.


Read more at Bloomberg Currencies News

Singapore's Stocks Fall; Chartered Drops on U.S. Subprime Loan Concern

(Bloomberg) -- Singapore's stocks fell for a second
day. Chartered Semiconductor Manufacturing Ltd. paced a decline
by the city's exporters on concern losses from the U.S. subprime
market will be worse than expected.

The Straits Times Index dropped 12.61, or 0.4 percent, to
3602.77 at 9:38 a.m. local time. Two stocks retreated for each
that advanced. June futures slipped 0.2 percent.


Read more at Bloomberg Stocks News

Dollar Trades Near Three-Week Low as Weak Housing Data May Weigh on Growth

(Bloomberg) -- The dollar traded near the lowest in
almost three weeks against the euro before a report today that
may show existing home sales last month were the worst in almost
four years.

The currency may extend last week's biggest drop in 10 on
speculation a slump in the U.S. housing market will restrict
economic growth, increasing the likelihood the Federal Reserve
will need to cut interest rates. The yield premium on U.S. two-
year Treasuries over similar-maturity German debt narrowed to the
least in 2 1/2 years.


Read more at Bloomberg Currencies News

New Zealand Dollar Reaches 22-Year High; Speculation Intervention to Fail

(Bloomberg) -- The New Zealand dollar rose to a 22-
year high on speculation the central bank will fail to halt the
currency's gains as Japanese investors bought the nation's
assets for their higher yields.

The currency has climbed 35 percent against the yen the
past year and 27 percent versus the U.S. dollar, as investors
borrowed cheaply in yen to buy New Zealand bonds and bills. The
Reserve Bank of New Zealand has called the gains ``unjustified''
and may have sold the currency for a third time June 22,
according to Westpac Banking Corp. and Bank of New Zealand Ltd.


Read more at Bloomberg Currencies News

South Korea's Kospi Index Drops on U.S. Subprime Concern; Hynix Declines

(Bloomberg) -- South Korean stocks dropped for a
second day after the near collapse of a Bear Stearns Cos. hedge
fund fueled concern the impact from faltering U.S. subprime
loans will be worse than expected. Hynix Semiconductor Inc. fell.

The Kospi index slid 3.27, or 0.2 percent, to 1767.71 as of
9:30 a.m. in Seoul. The Kosdaq declined 0.3 percent to 807.00.
Kospi 200 futures expiring in September retreated 0.1 percent to
225.75, while the underlying index slipped 0.2 percent to 224.62.


Read more at Bloomberg Stocks News

South Korea's Kospi Declines, Led by Samsung, Shinhan Financial, Kookmin

(Bloomberg) -- South Korea's benchmark stock index,
the Kospi Index, fell 1.03 percent at 9:05 a.m.

The index of 729 companies traded on the Korea Exchange
fell 18.26 to 1,752.72. Among the stocks in the index, 160 rose,
464 fell and 105 were unchanged.


Read more at Bloomberg Stocks News

Dollar Trades Near Lowest in Two Weeks Before Existing Home Sales Report

(Bloomberg) -- The dollar traded near its lowest in
two weeks against the euro before a report today that's likely
to show the pace of existing home sales fell last month to the
slowest in almost four years.

The currency may add to last week's losses against the euro
on concern a slump in housing will spread to other areas of the
economy, reducing demand for U.S. assets from international
investors. The yield advantage of U.S. two-year Treasuries over
equivalent German debt narrowed to the least in 2 1/2 years.


Read more at Bloomberg Currencies News

Japan's Nikkei 225 Stock Average, Topix Index Fall; Toyota, Sony Lead Drop

(Bloomberg) -- Japan's Nikkei 225 Stock Average
fell 73.50, or 0.4 percent, to 18,115.13 at 9:02 a.m. in Tokyo.
The broader Topix index dropped 6.13, or 0.3 percent, to
1777.86.

Toyota Motor Corp. and Sony Corp. led the declines.


Read more at Bloomberg Stocks News

China, India, Indonesia, Malaysia, South Korea: Asian Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence Asian local-currency bonds today. Yields
are from the previous session.

China: China Development Bank, the nation's second-biggest
issuer of debt, failed to sell 8.1 billion yuan ($1.06 billion)
of asset-backed securities, the government's depository said in
a report. The bank's sale didn't meet the minimum fund-raising
amount in its contract, and China Development Bank will have to
rearrange the asset pool and try to issue the bonds again, China
Government Securities Depository Trust & Clearing Co. said June
22 on its China Bond Web site.


Read more at Bloomberg Bonds News

Daewoo Shipbuilding, Hyosung, Hyundai Motor: South Korea Equity Preview

(Bloomberg) -- The following shares may rise or fall
in South Korea. Prices refer to the June 22 close. This preview
includes news announced after markets shut. Stock symbols are in
brackets after the company names.

The Kospi index lost 1.3 percent to 1770.98. The Kosdaq fell
0.1 percent to 809.58. Kospi 200 futures expiring in September
dropped 1.6 percent to 225.90, while the underlying index slid 1.3
percent to 224.95.


Read more at Bloomberg Stocks News

Higher Bond Yields Signal Gains for Stocks on Economy, Lessening Inflation

(Bloomberg) -- Is the five-year stock market rally
threatened by the highest bond yields since 2002? Some of the
world's biggest investors say no.

LPL Financial Services, Bank of America Corp. and BlackRock
Inc., which together oversee $1.9 trillion, say the three-month
increase in yields shows investors are selling bonds in
anticipation of faster economic growth -- not a pickup in
inflation. Their evidence includes falling gold prices and a
narrowing trade deficit.


Read more at Bloomberg Stocks News

Oil Has `Substantial' Risk of Surging as Non-OPEC Output Peaks, Bank Says

(Bloomberg) -- Oil prices have a ``substantial''
risk of surging higher and boosting inflation because non-OPEC
production may soon peak, the Bank for International Settlements
said in its annual report.

``The short-run risks of sharp increases in oil prices
remain substantial,'' the Basel, Switzerland-based BIS said in
its 77th annual report today. ``The impact of oil price increases
could be significant; a recent analysis estimates that a supply-
induced doubling of prices would boost inflation in emerging Asia
by as much as 1.4 percent points above baseline.''


Read more at Bloomberg Energy News

Coles, James Hardie, Mirvac, Telstra, Wesfarmers: Australia Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may rise or fall in Australia. This preview includes
news announced after markets closed on Friday. Prices are from
Friday's close unless otherwise stated. Stock symbols are in
brackets after the company names.

The S&P/ASX 200 Index futures contract due in September fell
1 percent to 6331 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index dropped 1.1 percent in New York.


Read more at Bloomberg Stocks News

Asia Energy Day Ahead: Nigeria Strike Ends; Oil Price May Surge, BIS Says

(Bloomberg) -- The U.S. Senate passed legislation
that would overhaul car fuel economy standards for the first
time in more than 20 years and quadruple use of alternative
fuels. Gasoline futures rose to the highest in more than three
weeks on concern U.S. refineries aren't making enough of the
fuel to meet motorists' needs. Analysts surveyed by Bloomberg
News were split over whether oil prices will rise or fall this
week amid surging U.S. inventories and threats to Nigerian
shipments.

MOST READ MARKETS STORIES


Read more at Bloomberg Energy News

Crude Oil Falls as Supply Concerns Ease After Nigerian Strike Is Settled

(Bloomberg) -- Crude oil fell in New York after a
strike in Nigeria was settled, easing concerns about supply
disruptions from Africa's biggest oil producer.

Labor unions called off the four-day strike after the
government said it will restrict domestic fuel price rises and
review the sale of two state-owned oil refineries, Lumumba
Okugbawa, deputy general secretary of the Petroleum & Natural Gas
Senior Staff Association of Nigeria, said June 23.


Read more at Bloomberg Commodities News

Road show planned to raise funds in Chrysler deal: WSJ

(Reuters) - J.P. Morgan Chase & Co., Bear Stearns Cos. , Goldman Sachs Group Inc. , Citigroup Inc. and Morgan Stanley are helping Cerberus raise some $62 billion in debt for the deal, which includes Chrysler's finance arm, WSJ said.




On May 14, DaimlerChrysler AG announced that it was selling Chrysler to Cerberus in a $7.4 billion deal.


Read more at Reuters.com Business News

U.S. Treasury Bill Rally Says Bush Is Doing `A Heck of a Job' With Economy

(Bloomberg) -- Among the markets that say President
George W. Bush is doing ``a heck of a job,'' the one he can take
the most satisfaction from is U.S. Treasury bills.

That's because the unexpected surge in tax receipts may
pare the budget deficit by 39 percent to $150 billion this
fiscal year, causing a relative scarcity of four-week, three-
month and six-month bills. The result is the biggest bull market
for Treasury bills since the terrorist attacks on Sept. 11 drove
investors to the safety of the securities.


Read more at Bloomberg Bonds News

Global property investment at a turning point

(Reuters) - Future trends will be a key theme for top executives from the world's property industry at the Reuters Real Estate Summit, which is being held in London, New York and Singapore on June 25-27.




A bullish mix of surging rents, cross-border investment, capital values, and shrinking or stable yields remains intact in many parts of the world, where the amount of capital chasing investment opportunities still exceeds the amount of physical stock available.


Read more at Reuters.com Business News

Central banks should keep raising rates: BIS's Knight

(Reuters) - The global economy is poised for a fifth straight year of growth above 4 percent, but risks remain and have as their common thread the highly accommodative financial conditions that have buoyed it in recent years, BIS General Manager Malcolm Knight said.




Tighter rates would have the added benefit of reining in financial markets, which Knight said were still loaded with risk, possibly sowing the seeds for a nasty correction in assets and currencies.


Read more at Reuters.com Business News

No sure bets as Conrad Black fraud trial nears end

(Reuters) - Judge Amy St. Eve promised jurors at the close of the trial's 14th week on Thursday that they will begin their deliberations sometime in the early part of week 15, cementing her stance in a firm talk with the lawyers in the case.




The prosecution and lawyers for each of the four have taken the better part of a day apiece to present their arguments, trying to cover all the possibilities, it seems.


Read more at Reuters.com Business News

Dollar Is `Vulnerable' to a Decline in Investment Flows to U.S., BIS Says

(Bloomberg) -- The dollar is ``vulnerable'' to a
drop in the investment inflows that the U.S. relies on to fund
its trade and current-account deficits, according the Bank for
International Settlements.

The currency has been supported by purchases of Treasuries
by foreign investors attracted to U.S. yields and central banks
that buy dollars to curb appreciation in their exchange rates.
Such investors now own a record 80 percent of Treasuries due in
three to 10 years, according to research from HSBC Holdings Plc.


Read more at Bloomberg Bonds News

Putin Says Russia Wants to Play Key Role in Making Balkans an Energy Hub

(Bloomberg) -- Russia plans to increase its
influence in southeast Europe by buying state assets, supplying
fuel through new pipelines and linking power grids, President
Vladimir Putin said.

Companies like Russia's gas-export monopoly OAO Gazprom and
turbine-maker OAO Power Machines want to boost spending on the
region's energy infrastructure, Putin told leaders from the 10
Balkan states at an energy summit in Zagreb, Croatia today.


Read more at Bloomberg Energy News

Unions move toward health-care reform deal

(Reuters) - "There is a growing recognition among unions that they can't count on health insurance forever," said Joe Minarik, director of research at the Committee for Economic Development, a Washington-based business lobby.




"Like many corporations, the unions know a meaningful solution requires working together," Minarik said.


Read more at Reuters.com Government Filings News

Putin looks to gain lead in Balkan energy battle

(Reuters) - Russian President Vladimir Putin pledged on Sunday to help develop a Black Sea energy hub as the battle to control Europe's energy markets and supply routes moves to the Balkans.

At a Balkan energy summit held in Croatia, Putin said Russia, which supplies a quarter of Europe's gas, wanted to play a key role in all facets of energy supply and generation to the region, stressing Moscow's close cultural and historical ties.


Read more at Reuters Africa

UPDATE 1-Japan's Bull-Dog OK's poison pill for Steel Partners

(Reuters) - TOKYO, June 24 - Shareholders of Japan's Bull-Dog
Sauce approved a "poison pill" scheme that will allow
the sauce maker to issue new shares aimed at thwarting a $260
million takeover attempt by U.S. hedge fund Steel Partners.




If enacted, it would be the first time in Japan that a
company has used an anti-takeover defence to dilute a would-be
acquirer's stake, setting a precedent for the hundreds of other
firms building up similar defences, commonly called poison
pills.


Read more at Reuters.com Mergers News

Gaydamak to buy 45 percent of Israel's Willi Food

(Reuters) - Willi's Tel Aviv traded shares were up 30.4 percent at
33.43 shekels in the morning in Tel Aviv.




Under the agreement, Willi-Food controlling shareholder Zvi
Williger, who owns 38.54 percent of the company, would sell
30.54 percent, while his brother Joseph Williger would sell his
entire 14.42 percent stake.


Read more at Reuters.com Mergers News

Saab, Investor AB, Volvo and Fluegger Shares: Preview of Nordic Equities

(Bloomberg) -- The following stocks may rise or
fall in Nordic markets. Stock symbols follow company names and
prices are from the last close.

Markets in Finland and Sweden were closed June 22 for the
Midsummer holiday. Denmark's Copenhagen OMX 20 Index fell 1
percent to 480.88, while Norway's OBX Index declined 0.5 percent
to 421.96. Iceland's ICEX 15 Index rose 0.6 percent to 8236.83.


Read more at Bloomberg Stocks News

Nigerian unions call off general strike

(Reuters) - Nigerian unions called off a crippling strike in Africa's top oil producer on Saturday after the government agreed to freeze fuel prices for a year, both sides said in a statement.

The four-day-old general strike had halted most economic activity in Africa's most populous nation, but vital exports of crude oil were not affected.


Read more at Reuters Africa

Modest WTO free trade deal seen better than nothing

(Reuters) - Even a modest global trade pact may be better than nothing, according to economists and analysts who say the implosion of faltering World Trade Organisation talks would carry big costs.

Countries have missed deadline after deadline in their near six-year pursuit of a new WTO accord meant to give poorer nations a leg-up in world trade and reduce worldwide barriers to commerce in agriculture, manufacturing and services.


Read more at Reuters Africa