Blackstone shares fall nearly 6 pct on 2nd day

(Reuters) - Blackstone units slid more than 5 percent in morning trading on the New York Stock Exchange, dropping as much as $2.06 to $33.00.




The units rose 13 percent in their Friday market debut to $35.06, in contrast to the wider market, which fell sharply.


Read more at Reuters.com Business News

REFILE-Almost half of Canadians oppose BCE-Telus merger

(Reuters) - The Angus Reid Strategies poll, released on Sunday, found
48 percent of respondents believe the federal government should
not approve the merger if it were to occur, while only 27
percent think the deal should get a go-ahead from Ottawa and 25
percent are unsure.




Last week, Telus touted the creation of a "national
champion" by proposing a takeover of BCE, Canada's largest
telecom company. Telus became the fourth party interested in
mounting a bid for Montreal-based BCE. The other three are
buyout consortiums that each include a different U.S.
private-equity firm.


Read more at Reuters.com Mergers News

US STOCKS-Indexes rise as bond yields fall; GM up

(Reuters) - NEW YORK, June 25 - U.S. stocks advanced on
Monday as data on existing-home sales landed near analysts'
estimates and bond yields fell, easing worries about higher
borrowing costs and helping stocks recover from last week's
losses.




General Motors Corp. gave a boost to the Dow
industrials after Goldman Sachs lifted its rating on shares of
the largest U.S. automaker. Goldman, cited expectations GM may
win concessions from unionized workers. For details, see
[ID:nN25282960].


Read more at Reuters.com Bonds News

Soybeans Rise for First Session in Three as Drought Threatens China Crops

(Bloomberg) -- Soybeans in Chicago rose for the
first time in three sessions on speculation unusually dry
weather threatens crops in China, the world's biggest buyer of
the oilseed.

Parts of the North China Plain and all of the Manchurian
Plain were dry during the weekend, with temperatures rising as
high as 100 degrees Fahrenheit (38 degrees Celsius), said John
Dee, president of Global Weather Monitoring in Mohawk, Michigan.
Unusually hot, dry weather will persist in the region through
next week, Dee said.


Read more at Bloomberg Commodities News

UPDATE 2-BASF sees sales growing faster than market

(Reuters) - If market conditions worsen, however, its earnings before
interest and tax could drop, it added.




Chief Executive Juergen Hambrecht told investors in New York
that sales growth should outpace that of the market by 2
percentage points. EBIT should be between 5 billion and 8
billion euros in 2010, compared with 6.75 billion in 2006.


Read more at Reuters.com Mergers News

Rand in ranges vs dollar, market awaits data

(Reuters) - South Africa's rand drifted in narrow ranges against the dollar on Monday and should mostly be influenced by overseas market trends ahead of domestic inflation, credit and trade data later in the week.

At around 1445 GMT the local unit was at 7.1570 against the dollar, just 0.08 percent firmer than its Friday New York close of 7.1625, and within a session trading band of 7.1350/1815.


Read more at Reuters Africa

Miners, MTN drag South African bourse down

(Reuters) - Mining stocks, led by Anglo American, and mobile operator MTN pushed South Africa's blue chip Top-40 index lower on Monday, amid investor concern about lower metal prices and a possible interest rate hike.

The Top-40 ended 0.59 percent lower at 26,139 points while the broader All-share index closed down 0.62 percent at 28,914 points.


Read more at Reuters Africa

Corn Declines on Speculation Midwest Rains to Boost U.S. Crop Production

(Bloomberg) -- Corn fell to the lowest in more than
two weeks in Chicago on speculation that Midwest rains in the
past week revived plants and will boost production.

As much as 2 inches (5.1 centimeters) of rain fell in parts
of Iowa and Illinois in the past three days with most areas from
South Dakota to Indiana getting at least 0.5 inch, the National
Weather Service said. An additional inch may fall from Missouri
to Ohio in the next five days, the government forecaster said.
Corn, the biggest U.S. crop, tumbled 8.9 percent last week.


Read more at Bloomberg Commodities News

Norilsk says S.Africa regulator clears LionOre bid

(Reuters) - Norilsk's all-cash offer expires on June 28. The latest
offer trumped a bid by Anglo-Swiss miner Xstrata Plc .




Norilsk and LionOre both have operations in South Africa.


Read more at Reuters.com Government Filings News

Cosan files for $2 bln IPO

(Reuters) - The filing did not reveal how many shares the company
planned to sell or their expected price. Cosan expects to be
listed on the New York Stock Exchange under the symbol "CZZ."





Read more at Reuters.com Bonds News

Fannie Mae to sell $4.0 bln in bills on Wednesday

(Reuters) - Bids will be accepted from authorized dealers from 9:00
a.m. EDT , until 9:45 a.m. EDT .




Settlement is June 27-28.


Read more at Reuters.com Bonds News

Mexican stocks fall, weak copper hits Grupo Mexico

(Reuters) - Copper dropped to one-week lows on worries of a global
economic slowdown, pushing copper miner Grupo Mexico
down 0.87 percent to 66.12 pesos.




Leading retailer Wal-Mart de Mexico also
factored in the decline, dropping 1.1 percent to 41.80 pesos
after lower-than-expected Mexican retail sales data was
released late Friday.


Read more at Reuters.com Bonds News

France Sells France Telecom Shares at Low End of Price Range to Cut Debt

(Bloomberg) -- The French government sold a 5
percent stake in France Telecom SA for about 2.65 billion
euros ($3.57 billion), the bottom of the price range sought
by the state. The stock fell as much as 3.5 percent.

All the proceeds will be used to repay debt,
Finance Minister Christine Lagarde said late yesterday in
announcing the sale. The state will hold about 27 percent
of the former monopoly after the sale.


Read more at Bloomberg Stocks News

UPDATE 1-RCN Corp. to buy NEON Communications for $260 mln

(Reuters) - The deal, which is expected to close during the fourth
quarter, would double RCN Business Solutions' revenue in
Northeast Corridor and Chicago markets, the companies said in a
joint statement.




The combined entity will have more than 14,000 route miles
and more than 1,000 on-net buildings, NEON's Chief Executive
Kurt Van Wagenen said in a statement.


Read more at Reuters.com Mergers News

Gafisa, Gol, Perdigao and Petroleo Brasileiro: Brazilian Equity Movers

(Bloomberg) -- Brazil's main stock index fell for a
second day, led by state-controlled oil company Petroleo Brasileiro
SA.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 426.07, or 0.8 percent, to 53,841.03 as of 10:09 a.m.
New York time.


Read more at Bloomberg Stocks News

UPDATE 1-J.C. Flowers to control Italy's Euromobiliare

(Reuters) - Credem has agreed to sell Euromobiliare to a
management buyout called E2Holding for 120.9 million euros
, it said in a statement.




J.C. Flowers will then take a controlling stake in the
management buyout, Credem said. Italy's Mid Industry Capital
will take a minority stake.


Read more at Reuters.com Mergers News

U.S. existing home sales down slightly in May

(Reuters) - The inventory of homes for sale rose 5.0 percent to 4.43
million units at the end of May which represents a 8.9 months'
supply at the current sales pace. That is the highest months'
supply since June 1992, although the 1992 figure only includes
single-family homes while the current data also includes
condos.




Economists polled by Reuters were expecting home resales to
fall to a 5.98 million-unit pace from the 5.99 million-unit
rate initially reported for April. The April sales pace was
revised to a 6.01 million unit rate.


Read more at Reuters.com Economic News

Platinum Futures Fall in New York as Strike Threats Ease; Palladium Drops

(Bloomberg) -- Platinum fell the most in three
months in New York as concerns decreased about potential strikes
at mines in South Africa, which produces about 80 percent of the
metal. Palladium also declined.

Platinum rose 1.7 percent this month before today after
companies including Anglo Platinum Ltd., the biggest producer,
Impala Platinum Holdings Ltd. and Northam Platinum Holdings Ltd.
started wage talks with workers last month. Unions say near-
record prices for the metal should allow companies to boost wages
beyond inflation, currently at 6.3 percent.


Read more at Bloomberg Commodities News

China to Keep `Bulk' of Foreign Reserves in Dollars, Central Banker Says

(Bloomberg) -- China, with a record $1.2 trillion
of foreign-exchange reserves, will keep the ``bulk'' of its U.S.
dollar holdings because the currency is one of safest investment
options, a People's Bank of China assistant governor said.

The dollar remains ``important'' because trade and foreign
direct investment is conducted mostly in the currency, Yi Gang
told delegates at a meeting that was closed to the media at the
World Economic Forum in Singapore. Asian central banks will
continue to hold most of their reserves in dollars, he said.


Read more at Bloomberg Currencies News

DAX Index Slides, Led by Deutsche, Hypo Real; DaimlerChrysler Retreats

(Bloomberg) -- Germany's benchmark DAX Index fell
for a third day, led by banking stocks on speculation increasing
borrowing costs will hurt corporate earnings. Shares of
DaimlerChrysler AG also dropped.

The DAX lost 88.79, or 1.1 percent, to 7860.84 at 2:55 p.m.
in Frankfurt. DAX futures expiring in September slid 1.1 percent
to 7939. The HDAX Index of the country's 110 biggest companies
decreased 1.1 percent.


Read more at Bloomberg Stocks News

Most Stocks Drop, Led by Oil Shares; Bear Stearns, Schlumberger Retreat

(Bloomberg) -- Most U.S. stocks fell, led by
energy companies and brokerages, after the price of oil dropped
and analysts cut their price estimate on Bear Stearns Cos.

Schlumberger Ltd., the world's biggest oilfield services
provider, led a decline by 31 of 32 energy companies in the
Standard & Poor's 500 Index. Bear Stearns, the U.S. securities
firm trying to prevent two of its hedge funds from collapsing,
dropped after CIBC World Markets Inc. cut its estimate on the
shares. Almost three stocks fell for every two that advanced on
the New York Stock Exchange.


Read more at Bloomberg Stocks News

RPT-Automakers eye U.S. House after Senate fuel fight

(Reuters) - WASHINGTON, June 24 - The fight over higher
automobile fuel efficiency standards shifts to the U.S. House
of Representatives this week with big car companies regrouping
after a stinging defeat in Senate energy legislation.




"Major changes are still needed to make this bill
achievable," Ford Motor Co. government affairs Vice
President Bruce Andrews said.


Read more at Reuters.com Government Filings News

Splits emerge in S.Africa civil servant strike

(Reuters) - Cracks emerged in a crippling public sector strike on Monday after two unions representing some 160,000 members withdrew from one of the largest mass actions in post-apartheid South Africa.

The Health and Other Service Personnel Union (HOSPERSA) accused the powerful COSATU labour federation, which is spearheading the three-week protest, of pursuing a political agenda in the strike over pay.


Read more at Reuters Africa

US STOCKS-Indexes open higher on upgrades, oil drop

(Reuters) - Investors are expected to seek direction from data on May
existing home sales due at 10 a.m. .




The Dow Jones industrial average was up 42.35
points, or 0.32 percent, at 13,402.61. The Standard & Poor's
500 Index was up 2.43 points, or 0.16 percent, at
1,504.99. The Nasdaq Composite Index was up 2.21
points, or 0.09 percent, at 2,591.17.


Read more at Reuters.com Bonds News

UPDATE 2-Doral Fin'l shares sink as rival bidder drops out

(Reuters) - NEW YORK, June 25 - Doral Financial Corp.
, a Puerto Rico lender trying to avoid bankruptcy, on
Monday said its second-largest shareholder withdrew a takeover
offer, perhaps clearing the way for a buyout led by Bear
Stearns Cos.' private equity arm.




FBOP Corp., a privately held banking company with a 4.6
percent stake in Doral, dropped its unsolicited $610 million
bid to take an 80 percent stake in the San Juan-based lender.


Read more at Reuters.com Bonds News

Blackstone, Chevron, Doral Financial, Pier 1 Imports: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes on U.S. exchanges
today. This preview includes news that broke after exchanges
closed on June 22. Stock symbols are in parentheses after company
names. Share prices are as of 9:08 a.m. in New York.

Blackstone Group LP (BX US) gained 39 cents, or 0.4 percent,
to $35.45 before the official open of U.S. exchanges. The
private-equity firm may face challenges from higher taxes and a
shrinking field of takeovers, Barron's said, without citing
anyone. Blackstone stock rose $4.06 to $35.06 in its June 22
debut following a $4.13 billion initial public offering.


Read more at Bloomberg Stocks News

Fannie Mae's portfolio grew 13.8 pct in May

(Reuters) - Fannie Mae's duration gap, an interest rate risk measure,
stayed at zero months, unchanged from the previous month.




A zero duration gap indicates that Fannie Mae's payments to
its debtholders matches income the company receives on its
assets.


Read more at Reuters.com Bonds News

UPDATE 1-Star Scientific may spinoff tobacco, looks at drugs

(Reuters) - The company plans to divide itself into two publicly traded
units: one that focuses on tobacco manufacturing and another
that focuses on its intellectual property and new-product
development, including pharmaceutical products that use a
tobacco component.




Star Scientific, whose products include hard, dissolvable
tobacco products under the Ariva and Stonewall brands, saw its
shares plummet in January after an adverse ruling in a patent
lawsuit it is fighting against Reynolds American Inc.'s
R.J. Reynolds Tobacco unit.


Read more at Reuters.com Mergers News

Gold declines with oil prices and other metals

(Reuters) - Gold prices slipped on Monday as weakness in oil prices, base metals and equities prompted bullion investors to lock in profits, analysts said.

A report from the Bank of International Settlements warning about inflationary pressures also dampened sentiment, they said, adding gold was seen trading in a range this week, with a bias to the downside.


Read more at Reuters Africa

Canadian Stocks May Decline on Metals, Crude Oil Prices; Talisman May Drop

(Bloomberg) -- Canadian stocks may decline for a
fourth time in five days, led by such raw-materials and energy
producers as Teck Cominco Ltd. and Talisman Energy Inc., as prices
for copper, gold and crude oil decline.

Copper dropped a third day in London on concern that Asian
demand may be slowing. Gold also fell in London on speculation a
drop in European equity markets may cut demand for bullion. Crude
oil fell from a nine-month high in New York after a strike in
Nigeria ended.


Read more at Bloomberg Stocks News

Inter-Tel says PROXY Governance recommends Mitel merger deal

(Reuters) - In April, Mitel Networks had agreed to buy Inter-Tel for
$25.60 per share in cash.





Read more at Reuters.com Mergers News

Colombia's President Uribe Doesn't See Risk That Economy Is Overheating

(Bloomberg) -- Colombia's President Alvaro
Uribe said he'll stay the course on economic policy after first
quarter growth last week exceeded expectations at a time
inflation is surging ahead of central bank targets.

``We do not fear the possibility that our economy will be
overheated,'' Uribe, 54, said in an interview. ``We need a high
rate of economic growth for the long term. This is the only way
for us to overcome poverty, to create high quality jobs.''


Read more at Bloomberg Emerging Markets News

Diller says he will retain control of Expedia

(Reuters) - "I don't want any of you to wonder or worry that the company is being tossed around between me and Liberty as a pawn on a chessboard. It is not," Diller said in a brief note to employees on Friday that was made public in a regulatory filing on Monday.




Diller, who is also chairman and chief executive of Expedia's former parent, IAC/InterActiveCorp , controls Expedia through an agreement with Liberty Media that allows him to vote Liberty's 43.6 million common shares and 1.2 million Class B supervoting shares. Expedia has 323.7 million shares outstanding, according to filings.


Read more at Reuters.com Mergers News

Smith Micro, Dobson and Walgreen gain

(Reuters) - Shares of Walgreen Co. rose more than 1 percent to $45.50 before the bell after the drugstore chain posted a quarterly profit that topped Wall Street's forecasts.




Read more at Reuters.com Hot Stocks News

UPDATE 1-Silver State sees share offering at $22-$24/shr

(Reuters) - In an amended filing with the U.S Securities and Exchange
Commission, the bank holding company said Sandler O'Neill &
Partners L.P. and Howe Barnes Hoefer & Arnett Inc. were
underwriting the offering.




The underwriters may buy up to 480,000 additional shares to
cover any over-allotments.


Read more at Reuters.com Bonds News

European Stocks Decline; France Telecom, Anglo American, GDF Lead Slide

(Bloomberg) -- European stocks declined for a third
day, led by financial shares and utilities, after the Bank for
International Settlements said central banks will need to keep
raising interest rates to quell inflation.

Deutsche Bank AG, Germany's largest bank, and French utility
Gaz de France SA paced the drop. France Telecom SA fell the most
in two weeks as the French government began selling shares worth
as much as 3.8 billion euros ($5.1 billion). Anglo American Plc
and Antofagasta Plc led mining companies lower after Cazenove
downgraded the stocks.


Read more at Bloomberg Stocks News

Citigroup denies report of bid for Kuwait bank

(Reuters) - "The news about Citi's offer to shareholders in Gulf Bank is categorically false and totally unfounded," Mohammed al-Shroogi, Middle East managing director for Citigroup, said in a statement.




Read more at Reuters.com Mergers News

BASF sees sales growing faster than market

(Reuters) - BASF also plans to buy back 3 billion euros' worth of its
own shares in 2007 and 2008.




The company expects the catalyst business to grow at an
average of 7 percent annually in the medium term.


Read more at Reuters.com Market News

Firstrand raised $699 mln in Euro bond issue

(Reuters) - South African banking and financial services group FirstRand has raised 5 billion rand through its euro medium term notes (EMTN) programme from European capital markets, it said on Monday.

FirstRand said the issue was placed with 41 investors in 16 different countries and priced 50 basis points over the euro three month rate.


Read more at Reuters Africa

Miners, banks pull FTSE down amid global sell-off

(Reuters) - Britain's leading shares fell for a sixth consecutive day on Monday, as world markets tracked steep falls on Wall Street at the end of last week, with mining stocks and banks bearing the brunt of the decline.

Miners, which snatched 9 points off the index, all traded in the red as copper prices fell. Anglo American shed 2.2 percent and Xstrata fell 2.4 percent. Antofagasta lost 1.5 percent after a downgrade from Cazenove.


Read more at Reuters Africa

UPDATE 1-TravelCenters of America plans to offer 4 mln shares

(Reuters) - The hospitality and fuel services provider said UBS
Investment Bank and Morgan Stanley are the joint book running
managers for this offering.




The company said it plans to offer a 30-day option to
underwriters to purchase up to an additional 600,000 shares to
cover over allotments.


Read more at Reuters.com Government Filings News

US STOCKS-Futures point higher on growth optimism

(Reuters) - Dobson Communications Corp. kicked off a fresh
round of merger-and-acquisition chatter as the rural wireless
provider mulls strategic options, including a possible sale,
the Wall Street Journal Online reported.




Dow Jones & Co. Inc. and News Corp. are
nearing a pact that would preserve the editorial independence
of the Wall Street Journal if News Corp. acquired the media
company, according to newspaper reports.


Read more at Reuters.com Bonds News

Quotes, views on Indian property market

(Reuters) - "We are trying to invest in India as well, but relatively small at the moment. "We only pick the markets where we can do significant deals and India certainly has huge potential."




LIEW MUN LEONG, PRESIDENT AND CEO, CAPITALAND


Read more at Reuters.com Bonds News

Sasol says headline EPS seen up 5-10 pct

(Reuters) - South African synthetic fuels and chemicals firm Sasol expects annual headline earnings per share to rise 5-10 percent this year, it said on Monday.

Attributable EPS, however, is due to jump by 55-65 percent, mainly because last year's results included a 2.8 billion rand writedown of its chemicals unit, it said.


Read more at Reuters Africa

Honda denies talk of interest in Harley

(Reuters) - Despite scepticism from analysts and market participants,
Harley-Davidson shares and options surged, with 58,535 options
changing hands on Friday -- more than 14 times the daily
average, according to figures from market research firm Track
Data.




Its share price gained as much as 6.4 percent before closing
Friday's session up $2.43, or about 4 percent, at $62.55 on the
New York Stock Exchange.


Read more at Reuters.com Mergers News

Borsa Italiana does not want to sell MTS -CEO

(Reuters) - "We do not want to sell MTS," Chief Executive Massimo Capuano told a news conference after agreeing to a 1.6 billion euro takeover by the London Stock Exchange .



)


Read more at Reuters.com Mergers News

Silver State sees offering of 3.2 mln shares at $22-$24 each

(Reuters) - The Henderson, Nevada-based company said it has applied for
a Nasdaq listing under the symbol "SSBX." Its shares are
currently listed on the OTC Bulletin Board under the symbol
SSBX.OB





Read more at Reuters.com Government Filings News

U.K.'s FTSE 100 Drops for Sixth Day; Anglo American, Cadbury Pace Decline

(Bloomberg) -- U.K. stocks fell for the sixth day,
the longest consecutive decline since November.

Anglo American Plc and Antofagasta Plc paced the retreat
after Cazenove lowered its recommendation on the mining
companies' shares. Cadbury Schweppes Plc, the world's biggest
confectionery company, dropped to a five-week low.


Read more at Bloomberg Stocks News

GLG 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 Business News

Comton to acquire Stylus Energy for C$19 mln

(Reuters) - The deal, which includes the assumption of about C$12
million of net debt, represents a 20 percent premium to the
most recent closing price of the common shares of Stylus, the
companies said in a joint statement.





Read more at Reuters.com Mergers News

Private equity leads European cable deals- report

(Reuters) - The report singled out Cinven [CINV.UL], Carlyle Group,
Providence Equity Partners and Warburg Pincus [WP.UL] as being
particularly active.




Private equity actively invested in the cable industry in
the wake of the 2002 technology sector bubble bursting.


Read more at Reuters.com Mergers News

LSE shares slide after deal to buy Borsa Italiana

(Reuters) - At 0705 GMT, LSE shares were down 7.8 percent at 1,250 pence.




Read more at Reuters.com Hot Stocks News

Axa, Casino, EADS, France Telecom, Remy Cointreau: French Equity Preview

(Bloomberg) -- Shares of the following companies
may make gains or losses on the Paris stock exchange. Stock
symbols are in parentheses and prices are from the last close.

France's benchmark CAC 40 Index fell 6.54 points, or 0.1
percent, to 6023.25. The SBF 250 Index also lost 1 percent.


Read more at Bloomberg Stocks News

Rand steady ahead of data heavy week

(Reuters) - South Africa's rand was steady against the dollar on Monday and traders said the unit will probably be rangebound as investors brace themselves for a slew of market moving data this week.

The rand was trading at 7.1595 versus the dollar at 0630 GMT from a New York close of 7.1625 on Friday.


Read more at Reuters Africa