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