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