Canada Dollar Reaches 30-Year High on Outlook for Interest Rate Increase

(Bloomberg) -- The Canadian dollar reached a 30-
year high on speculation the Bank of Canada will raise its
benchmark interest rate as soon as next month.

The currency gained 0.3 percent in June after the central
bank said the prior month that it may lift rates ``in the near
term'' from 4.25 percent. A quarterly survey by the central bank
yesterday showed Canadian companies reported the most difficulty
meeting new orders in almost seven years, and most expect
inflation to exceed the central bank's 2 percent target.


Read more at Bloomberg Currencies News

BCE agrees C$42.75/shr offer from Teachers' group

(Reuters) - "The all-cash transaction is valued at C$51.7 billion, including C$16.9 billion of debt, preferred equity and minority interests," it said.




Read more at Reuters.com Business News

S&P 500 Stalls on Concern Subprime Losses May Worsen; Dow Industrials Rise

(Bloomberg) -- The Standard & Poor's 500 Index
was little changed amid heightened concern that losses from
loans to the riskiest borrowers will mount, while the Dow
Jones Industrial Average gained, capping its biggest
quarterly advance since 2003.

Bear Stearns Cos., Goldman Sachs Group Inc. and Lehman
Brothers Holdings Inc. led financial firms to the second-
steepest retreat among 10 industries in the S&P 500. Bear
Stearns this week said it would spend $1.6 billion to bail
out two hedge funds that made bad bets on bonds backed by
subprime mortgages.


Read more at Bloomberg Stocks News

Treasuries Gain for Second Week, Pushing 10-Year Yield to Three-Week Low

(Bloomberg) -- U.S. Treasuries gained for a
second straight week, pushing the benchmark 10-year note's
yield to a three-week low before the release next week of
the first major economic reports for June.

The rally was fueled by a decline in the Federal
Reserve's preferred measure of inflation to a three-year
low and flight from riskier assets such as corporate and
emerging market bonds. Ten-year yields declined more than
shorter-maturity yields as the Fed kept the key short-term
rate unchanged at 5.25 percent and said it remained
vigilant against inflation.


Read more at Bloomberg Bonds News

UPDATE 2-U.S. Midwest expansion roars along in June

(Reuters) - CHICAGO, June 29 - Business activity in the U.S.
Midwest continued to grow at a rapid pace in June as new orders
poured in, reports showed on Friday.




The National Association of Purchasing Management-Chicago
business barometer eased to 60.2 from 61.7 in May.


Read more at Reuters.com Economic News

Investors cut euro corp bonds in June -Citigroup

(Reuters) - Hedge funds, which had been increasing positions in May,
also reduced positions this month to return close to levels seen
in March following a sell-off in Chinese stocks and jump in
corporate credit spreads.
"The subprime fallout probably has more in store,"
Citigroup's credit strategists wrote in a note released late on
Friday.




"But the reduction in positions gives us some comfort that
most credit investors will no longer feel compelled to react as
severely to negative news going forward," they wrote.


Read more at Reuters.com Bonds News

European Stocks Advance in Quarter; DaimlerChrysler, LVMH, Swatch Rise

(Bloomberg) -- European stocks rose, posting a
fourth consecutive quarterly advance, after reports in the U.S.
signaled the world's biggest economy will keep growing without
stoking inflation.

DaimlerChrysler AG and LVMH Moet Hennessy Louis Vuitton SA
led gains today by companies most dependent on the U.S. for
sales. Swatch Group AG rallied after Deutsche Bank AG recommended
buying shares in the watchmaker because revenue and profit
margins may increase. Total SA and Royal Dutch Shell Plc rose as
oil climbed to a 10-month high.


Read more at Bloomberg Stocks News

S.African stocks dip as rand hits miners, BCX drops

(Reuters) - South African stocks dipped on Friday as a firmer rand hit mining shares and IT outsourcing firm Business Connexion slid after a planned buy-out by Telkom fell through.

The Johannesburg Top-40 index of blue-chip stocks slipped 0.40 percent to 25,564.57 points while the All-share index fell 0.23 percent to 28,337.22 points.


Read more at Reuters Africa

Zimbabwe gold firms working below fifth of capacity

(Reuters) - Zimbabwe's gold producers are operating below 20 percent of capacity while some have suspended operations over a deepening economic crisis and electricity cuts, the mining chamber said on Friday.

The news came after President Robert Mugabe on Wednesday threatened to seize and nationalise mines, especially gold producers he accused of smuggling the metal outside the country and stashing foreign currency earnings abroad as part of a campaign to undermine his government.


Read more at Reuters Africa

EU conditionally OKs Nestle's buy of Novartis unit

(Reuters) - The European Union executive said it gave the green light after the world's largest food group offered to divest overlapping activities in France and Spain.



"In the light of these commitments, the Commission has concluded that the proposed transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it," the executive said in a statement.


Read more at Reuters.com Mergers News

Boxing brand Everlast center of takeover fight

(Reuters) - Everlast had signed a "go-shop" provision allowing it to seek other suitors.




Hidary also said it would be prepared to consider a further increase if Everlast's termination fee in connection with the other deal was invalidated.


Read more at Reuters.com Mergers News

CORRECTION - - UPDATE 1-U.S. judge approves BAWAG settlement in Refco case

(Reuters) - NEW YORK, June 29 - A U.S. judge approved a $140
million final settlement on Friday between Austrian bank BAWAG
and investors in Refco Inc., a major commodity and futures
broker that collapsed in 2005.




The settlement resolves the complaint against one major
defendant and boosts the investors' efforts for recoveries
against others, including several banks, an accounting firm,
Refco and some of its executives.


Read more at Reuters.com Bonds News

Soybean, Wheat Prices Soar as U.S. Farmers Cut Acreage to Plant More Corn

(Bloomberg) -- Soybeans surged the maximum amount
allowed by the Chicago Board of Trade after the government said
U.S. farmers planted less than analysts expected and the fewest
acres in 12 years. Wheat rose to a record.

Soybeans were planted on 64.08 million acres, a 12-year
low, the Agriculture Department said today. That's down 4.6
percent from a forecast in March and 15 percent below last
year. Analysts surveyed by Bloomberg were expecting 67.84
million. U.S. production may fall 18 percent to a four-year
low, depleting global inventories already at record low levels.


Read more at Bloomberg Commodities News

Core inflation eases, consumers hold firm

(Reuters) - In a report released on Friday, the Commerce Department said it "core" personal consumption expenditures price index, which removes food and energy costs, rose 1.9 percent in May from a year ago, its smallest annual rise since March, 2004.




On a month-to-month basis, prices rose a stiff 0.5 percent in May but core prices edged up just 0.1 percent.


Read more at Reuters.com Business News

Bear Stearns shakes up asset management unit

(Reuters) - Marin will remain as a senior adviser to Lane, the company said.




Earlier this week, Bear Stearns said it would bail out only one of two struggling hedge funds, providing $1.6 billion of financing to save its High-Grade Structured Credit Strategies Fund.


Read more at Reuters.com Business News

SAfrica ANC opens door for Mbeki to remain leader

(Reuters) - Although Mbeki must step down as the country's president in
2009, the ANC's constitution does not prevent him from staying
on as its leader, and he has not ruled out making another bid
for the job.




Read more at Reuters.com Bonds News

NAPM-Milwaukee says purchasing index up in June

(Reuters) - The index of the region's blue-collar employment rose in
June to 67 from 60, while white-collar employment was up 2
points at 57.




New orders jumped 19 points to 75 and production was at 72
against 63 in May. Supplier lead times fell 6 points to 38 and
order backlogs were up 13 points to 68.


Read more at Reuters.com Economic News

US stock indexes rise on tame inflation

(Reuters) - U.S. stocks rose on Friday after a inflation gauge watched by the Federal Reserve showed its lowest reading since March 2004, putting the Dow industrials on track to end the quarter on a strong note.

Among top gainers, shares of Research In Motion Ltd. surged after the BlackBerry maker posted a quarterly profit above Wall Street estimates and announced a 3-for-1 share split. The results triggered a flood of brokerage upgrades. For details, see ID:nN2838412.


Read more at Reuters Africa

U.S. Stocks Advance on Signs of Economic Growth, Slowdown in Inflation

(Bloomberg) -- U.S. stocks gained after reports
showed the economy is expanding without spurring inflation and
Research In Motion Ltd. and Apple Inc. rallied on growing
demand for their mobile devices.

Research In Motion, the maker of the BlackBerry e-mail
phone, surged after it reported first-quarter earnings that
topped analysts' estimates. Apple Inc. climbed on the day its
iPhone goes on sale in the U.S.


Read more at Bloomberg Stocks News

Antares to raise $15 mln from private placement

(Reuters) - The company said it will issue about 9.4 million shares at
$1.60 a share, together with warrants to purchase up to about
3.3 million additional common shares at $2.00 a share.





Read more at Reuters.com Mergers News

Cocoa Rises to Four-Year High in New York as Ivory Coast Minister Attacked

(Bloomberg) -- Cocoa rose to a four-year high in
New York after an attack on the prime minister of Ivory Coast,
the world's biggest grower, raised concerns that fighting may
resume in the country and cut production.

Prime Minister Guillaume Soro wasn't hurt when his plane
was attacked with rockets and small-arms fire after landing at
an airport in the central Ivory Coast town of Bouake, spokesman
Issa Doumbia said. Soro, a former rebel leader, signed a peace
accord with the government of President Laurent Gbagbo in March
that sought to end a civil war that began in 2002.


Read more at Bloomberg Commodities News

Teachers' Union Targets Bush's No-Child Law for Change Under Democrats

(Bloomberg) -- The largest U.S. teachers' union is
urging the Democratic-controlled Congress to fix ``serious
flaws'' in the No Child Left Behind law, a plan by President
George W. Bush to make schools more accountable for improving
students' basic skills.

The National Education Association, representing 3.2
million teachers and other school staffers, put the five-year-
old measure
at the top of the agenda for its national convention opening
tomorrow in Philadelphia. Seven Democratic candidates for
president and one Republican will address the meeting.


Read more at Bloomberg Exclusive News

US clears Rexam deal for Owens-Illinois

(Reuters) - Rexam, the world's biggest drinks can maker, said earlier
this month it wanted to buy O-I Plastics.




The company hopes the purchase of O-I Plastics will help it
ride a boom in the plastic packaging market. The $4 billion
U.S. market is expanding 7 percent annually as an aging and
healthcare-conscious population uses more medicines.


Read more at Reuters.com Government Filings News

Shares of RIM jump 18 pct after strong earnings

(Reuters) - Analysts at UBS, Bear Stearns, Banc of America, Credit Suisse and Morgan Keegan all upgraded RIM shares.




Though some analysts have raised concerns that competition from Apple Inc.'s iPhone could hurt sales of RIM smartphones, RIM forecast higher-than-expected guidance for the current quarter.


Read more at Reuters.com Hot Stocks News

UPDATE 1-U.S. consumer sentiment ends June at 10-month low

(Reuters) - The Reuters/University of Michigan Surveys of Consumers
said its final June figure on consumer sentiment was 85.3,
above a median forecast of 84.0 and the preliminary June
reading of 83.7.




The Reuters/University of Michigan consumer index was 88.3
at the end of May. It read 82.0 in August 2006.


Read more at Reuters.com Bonds News

US STOCKS-Indexes rise on tame inflation

(Reuters) - NEW YORK, June 29 - U.S. stocks rose on Friday
after a inflation gauge watched by the Federal Reserve showed
its lowest reading since March 2004, putting the Dow
industrials on track to end the quarter on a strong note.




Among top gainers, shares of Research In Motion Ltd.
surged after the BlackBerry maker posted a
quarterly profit above Wall Street estimates and announced a
3-for-1 share split. The results triggered a flood of
brokerage upgrades. For details, see [ID:nN2838412.


Read more at Reuters.com Bonds News

Gauge of U.S. economy held flat in latest week-ECRI

(Reuters) - The index held steady as weaker housing activity offset
positive factors such as lower interest rates and jobless
claims, said Lakshman Achuthan, managing director at ECRI.




WLI annualized growth rate declined to 6.5 percent from 6.7
percent reported the prior week.


Read more at Reuters.com Bonds News

Degussa Reprieve in EU Cartel Case Shows Confessions Good for Bottom Line

(Bloomberg) -- Executives at Degussa AG, the world's
biggest specialty chemicals maker, in 2002 blew the lid off a
six-year-old conspiracy to fix the price of hydrogen peroxide by
handing over proof of its own involvement in the scheme.

That revelation allowed the German chemical maker, which had
already been penalized for other antitrust violations, to avoid
another 130 million-euro ($175 million) penalty for its
wrongdoing.


Read more at Bloomberg Exclusive News

UPDATE 1-Hudson's shareholder sells 14.9 mln shares

(Reuters) - Fleming Funds, which are finite-life partnerships and have
been investing in Hudson for more than eight years, have
reached a point in the partnerships' term that makes it
necessary to seek liquidity of the partnerships' remaining
investments, Hudson said in a statement.




Hudson said it purchased and retired 5.7 million of its
shares from Fleming Funds, which previously owned 19.1 million
shares of the company, while certain executive officers and one
key employee of the company purchased the remaining 9.2 million
shares.


Read more at Reuters.com Mergers News

U.K. Stocks Rebound; Shares of Northern Rock, Reed Elsevier, ITV Increase

(Bloomberg) -- U.K. stocks rebounded, paced by
Northern Rock Plc, Reed Elsevier Plc and ITV Plc.

The benchmark FTSE 100 Index added 11.40, or 0.2 percent,
to 6582.7 as of 2:55 p.m. in London. The measure earlier slid as
much as 0.8 percent. The FTSE All-Share Index rose 4.85, or 0.1
percent, to 3393.01. Ireland's ISEQ Index fell 8.48 to 9296.27.


Read more at Bloomberg Stocks News

Nymex Natural Gas Futures Advance as Buyers Hedge Against Possible Storms

(Bloomberg) -- Natural gas in New York rose as lower
prices from yesterday's 6 percent decline attracted buyers more
worried about supply disruptions from Atlantic Basin storms than
either mild weather or rising storage levels.

``The potential for disruption in the next 16 weeks
outweighs what we have in storage,'' said Michael Rose, trading
director at Angus Jackson Inc. in Fort Lauderdale, Florida. ``You
have to do some forecasting, April, May and June are premature to
be hurricane-worrying, but July, August, September and October,
you can really worry.''


Read more at Bloomberg Energy News

Brazil's Real Rises as U.S. Price Index Eases, Boosting Local Investments

(Bloomberg) -- Brazil's currency rose as signs of
slowing inflation in the U.S. boosted speculation that returns
on high-yielding local assets will remain attractive.

``Concerns about inflation and higher rates in the U.S.
seem to have lifted, so the real is back on its appreciating
trend,'' said Ovidio Pinho Soares, a currency strategist at
Finabank Corretora in Sao Paulo.


Read more at Bloomberg Currencies News

European Stocks Recover Earlier Losses as Linde, BASF, Shell Advance

(Bloomberg) -- European stocks recovered earlier
losses as shares of Linde Group, BASF AG and Royal Dutch Shell
Plc advanced.

The Dow Jones Stoxx 600 Index was little changed, adding
less than 0.1 percent to 391.78 as of 2:25 p.m. in London. The
gauge has climbed 4.7 percent this quarter, heading for its
fourth consecutive gain, on speculation companies will keep
increasing profit and takeovers will rise. The index fell as much
as 0.5 percent earlier today.


Read more at Bloomberg Stocks News

U.S. Stocks Gain After Inflation Gauge Matches Forecast; Apple Shares Gain

(Bloomberg) -- U.S. stocks advanced after a
government report showed a measure of inflation matched
forecasts last month, giving the Federal Reserve leeway to cut
interest rates should the economy slow.

Research In Motion Ltd. rallied after the maker of the
BlackBerry e-mail phone reported first-quarter earnings that
topped analysts' estimates. Apple Inc. climbed on the day its
iPhone goes on sale in the U.S.


Read more at Bloomberg Stocks News

Commerce Bancorp open to mergers that make sense

(Reuters) - "We've often been presented with M&A opporutnities. Our
plan is to stay the course with what is working so well for us,
which is de novo expansion," said Dennis DiFlorio, chairman of
the company's Commerce Bank NA unit, on a conference call. He
nevertheless said Commerce would consider transactions that
make "good strategic sense for the company."




Read more at Reuters.com Mergers News

Treasuries Advance as Inflation Gauge Preferred by Federal Reserve Slows

(Bloomberg) -- Treasuries rose after a government
report showed the Federal Reserve's most closely watched measure
of inflation slowed in May and consumer spending increased less
than economists forecast.

U.S. government securities also got a boost from investors
who typically buy Treasuries at the end of the month to match
changes in benchmark indexes. The 10-year note's yield has
declined on the last business day of June each of the past five
years.


Read more at Bloomberg Bonds News

London cocoa hits 4-year high after Ivory Coast attack

(Reuters) - London benchmark September cocoa futures hit a fresh four-year high of 1,118 pounds per tonne basis second month on speculative buying after news of a rocket attack on the Ivorian Prime Minister.

Ivory Coast is the world's top cocoa producing country.


Read more at Reuters Africa

U.S. soldiers kill 4 Afghan civilians: rights group

(Reuters) - The soldiers also arrested 15 civilians during the pre-dawn raid in Khogiani district which lies in the foothills of the provincial capital Jalalabad, Lal Gul, the head of Afghanistan's Human Rights Group said.




Those killed in the raid were an 85-year-old man, Mohammada Jan, two of his sons and a grandson, Gul told Reuters.


Read more at Reuters.com Business News

US STOCKS-Futures point to higher open on tame inflation

(Reuters) - NEW YORK, June 29 - U.S. stock index futures
pointed to a higher market open on Friday after a gauge of
inflation in May showed its lowest reading since March 2004.




In company news, shares of Research In Motion Ltd.
rose before the opening bell after the
BlackBerry maker posted a quarterly profit above estimates,
which was followed by several brokerage upgrades. For details,
see [ID:nN28384123]


Read more at Reuters.com Bonds News

Treasuries Advance as Inflation Gauge Used by Federal Reserve Slows in May

(Bloomberg) -- Treasury 10-year notes rose as a
government report showed a measure of inflation watched by the
Federal Reserve slowed in May as consumer spending increased
less than economists forecast.

Purchases by investors who habitually buy Treasuries on the
last business day of the quarter also pushed prices higher,
traders said. The 10-year note's yield has declined on the last
business day of June each of the past five years.


Read more at Bloomberg Bonds News

Gold, Silver Rally as Dollar Decline Boosts Demand for Precious Metals

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

Gold generally moves in the opposite direction of the
dollar, which today dropped the most against the euro in a week.
The dollar was also lower against a basket of six major
currencies. Before today, gold and the euro have gained 1.9
percent this year.


Read more at Bloomberg Commodities News

Personal Spending in U.S. Rises 0.5 Percent; Core Prices Gain 0.1 Percent

(Bloomberg) -- Consumer spending in the U.S. rose
less than forecast in May and the Federal Reserve's preferred
inflation gauge cooled, a sign moderating growth is restraining
price pressures.

The 0.5 percent rise in spending matched the gain in April,
the Commerce Department said today in Washington. Core prices,
which exclude food and fuel costs, rose at the slowest pace since
March 2004 in the year ended May.


Read more at Bloomberg Currencies News

Bond prices rise on tame inflation data

(Reuters) - ""Bonds are doing a little better. We have a benign core PCE deflator and another month of confirmation that consumer spending is slowing down significantly in the second quarter from its average pace of the first," said Josh Stiles, bond strategist with IDEAglobal in New York.




"That is good confirmation for the bond market right now. It will help the tone of the market at quarter end."


Read more at Reuters.com Hot Stocks News

European Stocks Fall, Led by Banks, Insurers; Segro Tumbles on Downgrade

(Bloomberg) -- European stocks fell on concern
government reports in the U.S. may show the world's largest
economy isn't expanding enough to fuel earnings growth.

Schroders Plc, London's biggest publicly traded money
manager, and Allianz SE, Europe's largest insurer, paced the
retreat. Segro Plc slid the most in four months after HSBC
Holdings Plc recommended selling shares of the U.K. property
company, saying the commercial real-estate boom is over.


Read more at Bloomberg Stocks News

A. Schulman posts higher quarterly profit

(Reuters) - Analysts, on average, had forecast earnings of 25 cents a
share, according to Reuters Estimates.




The Akron, Ohio-based company posted sales of $467 million,
a 9.3 percent increase from a year earlier.



Read more at Reuters.com Market News

US RATE FUTURES-May PCE data taken in stride

(Reuters) - The core personal consumption expenditures index rose by
0.1 percent in May, in line with Wall Street forecasts. The
year-on-year core PCE slowed to a 1.9 percent advance from 2.0
percent in April.




Read more at Reuters.com Bonds News

Canada's Dollar Advances to 30-Year High as Crude Oil Price Extends Gain

(Bloomberg) -- The Canadian dollar fell from a 30-
year high after a report showed the nation's economic growth was
flat in April.

Canada's currency traded at 94.38 U.S. cents at 8:32 a.m.
in Toronto, from 94.39 U.S. cents yesterday. One U.S. dollar
buys C$1.0596. The currency earlier touched C$1.0471, the
strongest since May 1977 as crude oil prices rose.


Read more at Bloomberg Currencies News

Japan Asks Brokerages for Views on 10-Year Auction After Call for Re-Issue

(Bloomberg) -- Japan's Ministry of Finance is
asking securities firms and banks their views on next week's 10-
year bond auction, including whether to issue a new security or
sell existing debt.

Some brokerages asked the ministry to re-issue the No. 286
10-year bond with a 1.8 percent coupon at the sale on July 3,
said Kazuo Katayama, director for market finance division of the
ministry's finance bureau. The brokers said there has been a
shortage of the debt in the repurchase market, in which debt is
lent out for an agreed time, according to Katayama.


Read more at Bloomberg Bonds News

Cell C bonds slip on balance sheet questions

(Reuters) - Bonds of South African mobile phone operator Cell C fell on Friday, dealers said, as some market participants raised questions about how the company might try to recapitalise its balance sheet.

Chief Executive Officer Jeffrey Hedberg on Thursday said he was pressing majority owner Oger Telecom to review the company's balance sheet to cut onerous debt repayments, with a buy back of some of the high-yield bonds a possibility.


Read more at Reuters Africa

Bond prices edge up ahead of inflation data

(Reuters) - "People yesterday were a bit concerned about the PCE deflator that is coming out this morning," said Doug Roberts, chief investment strategist at Channel Capital Research in Shrewsbury, New Jersey.




"Now they are realizing the Fed probably wouldn't have moderated their statement if they thought the PCE was going to come in somewhat ... massively different from what they anticipated. Although it might not come out on target, probably it will come in pretty close."


Read more at Reuters.com Hot Stocks News

Cocoa Jumps in London After Plane of Ivory Coast Prime Minister Attacked

(Bloomberg) -- Cocoa jumped in London after a plane
carrying the prime minister of Ivory Coast, the world's biggest
grower of the beans, was attacked.

The plane carrying Guillaume Soro was attacked with rockets
and small handguns shortly after landing at an airport in the
central town of Bouake today, said Lee Woodyear, a United Nations
spokesman. While three people were killed, Soro survived the
attack, Agence France-Presse reported.


Read more at Bloomberg Commodities News

UPDATE 1-Indonesia Telkom mulls acquisition, pays dividend

(Reuters) - State-run Telkom, the biggest company on the Jakarta Stock
Exchange with a market capitalisation of around $21 billion, did
not provide details on the target or the value of the potential
deal in its letter to the exchange on Friday.




"Telkom is reviewing and discussing the possibility of an
acquisition, in line with its strategic roadmap to achieve a
target of $30 billion market capitalisation by 2010," the
company said in the letter.


Read more at Reuters.com Mergers News

Futures fall with inflation data on tap

(Reuters) - In earnings news, Research In Motion Ltd. may give a lift to the Nasdaq after the maker of the Blackberry reported results that beat analysts' estimates.




Research in Motion stock jumped 8.1 percent to $179 in electronic trading.


Read more at Reuters.com Hot Stocks News

UPDATE 1-S.Africa's ANC nears decision on leadership spat

(Reuters) - ANC Secretary General Kgalema Motlanthe told a news
conference delegates were debating a number of non-binding
proposals on how to resolve a leadership crisis that arose after
Mbeki sacked his popular deputy president Jacob Zuma, once the
frontrunner to succeed him.




Mbeki, who has become an object of scorn for the country's
powerful trade unions and Communist party, has not ruled out
running for a third term as ANC chief although the constitution
prevents him from continuing to lead South Africa after 2009.


Read more at Reuters.com Bonds News

NASD fines four firms over mutual fund sales

(Reuters) - Class "B" and "C" shares typically do not carry up-front
sales charges, but often carry exit charges and higher annual
fees than Class "A" shares.




MML, NYLife and Securities America together agreed to
remediation plans covering at least 1,080 households and more
than 10,200 transactions.


Read more at Reuters.com Government Filings News

Hedge funds seek TD Ameritrade talks on deals

(Reuters) - The funds also made a demand under Delaware law for books
and records related to the board's exploration of possible
strategic combinations, including Toronto-Dominion's influence
on the process.




Canada's Toronto-Dominion Bank has a 40 percent stake in TD
Ameritrade.


Read more at Reuters.com Mergers News

Growth slows to 4-year low in first quarter

(Reuters) - It was the weakest quarterly expansion in gross domestic product, or GDP, since the fourth quarter of 2002. The slowdown came as businesses sold off inventories even though consumer spending remained strong.




However, a key inflation gauge favored by the Federal Reserve, the personal consumption expenditures price index excluding volatile food and energy prices, showed price pressures were stronger than expected.


Read more at Reuters.com Business News

NYSE Delays Open for Wyeth, AT&T, Jefferies on Erroneous Brokerage Orders

(Bloomberg) -- The New York Stock Exchange delayed
the open of trading in Wyeth, Jefferies Group Inc. and AT&T Inc.
after receiving erroneous orders likely generated by a computer
problem at a member firm.

The problem was identified by specialists responsible for
matching trades in the three stocks and the brokerage placing
the orders has been notified, said NYSE spokesman Richard
Adamonis. The exchange will cancel the erroneous orders, the Big
Board said in a statement.


Read more at Bloomberg Stocks News

Kia Cancels Bond Sale, KKR Cuts Offering as Subrime Debt Concerns Spread

(Bloomberg) -- Kia Motors Corp., South Korea's
second-largest automaker, canceled a $500 million bond sale for
this week as skittish investors cut demand for riskier assets.

At least eight companies from Kohlberg Kravis Roberts & Co.
in New York to steelmaker Arcelor Mittal in Rotterdam,
Netherlands, pulled more than $3 billion of debt sales amid
concern that losses from bonds backed by U.S. subprime mortgages
will spread to other markets. Caliber Global Investment Ltd., a
$908 million hedge fund, said today it will close after losses.


Read more at Bloomberg Bonds News

Dominion up on share buyback offer

(Reuters) - Dominion expects to start a modified Dutch auction self-tender by mid-July. Shareholders could tender some or all of their shares at prices from $82 to $92 per share, said the Richmond, Virginia-based company. The company then will pick a price and buy shares tendered at that level or below.




Shares of the power company were up $3.27 to $86.82 in late morning trade on the New York Stock Exchange.


Read more at Reuters.com Hot Stocks News

Rand gains, bonds slip on inflation worry

(Reuters) - South Africa's rand firmed against major currencies on Thursday, bolstered by an increased likelihood of higher interest rates and a stronger gold price, but bonds sold off on the rates outlook.

The domestic currency was trading at 7.0850 to the dollar at 1510 GMT, a gain of 0.56 percent compared to Wednesday's New York close, and extending an overnight rally.


Read more at Reuters Africa

Orascom shares buoy Egypt stock indexes

(Reuters) - Major Egyptian shares rose on Thursday, lifted by a rebound in global equities and the heavy-weighted Orascom Telecom as the market digested news it was buying a majority stake in a Pakistani mobile operator, traders said.

"Pakistan has a huge potential and now OT being a majority shareholder will move the company forward in the direction it wants and get more profit. It's positive news," said Yasser Hassanein of Dynamic Securities, adding the market didn't initially react to the news.


Read more at Reuters Africa

Monsanto quarterly profit jumps 71 percent

(Reuters) - Net income rose to $570 million, or $1.03 a share, in its fiscal third quarter ended May 31, from $334 million, or 60 cents a share, a year earlier. Analysts on average were looking for $1 a share, according to Reuters Knowledge.




St. Louis-based Monsanto said strong demand for its branded corn seed products in the United States, as well as in Italy, France and Germany, contributed to the sharp profit increase. Corn prices have rallied on strong demand from the ethanol, food and livestock feed sectors.


Read more at Reuters.com Hot Stocks News

Dollar General to sell $1.9 bln notes in 2 parts

(Reuters) - The eight-year senior payment-in-kind toggle notes have
been withdrawn from the sale.




Read more at Reuters.com Bonds News

UPDATE 2-Argentine banker says could buy YPF stake in 2008

(Reuters) - Enrique Eskenazi, named in media reports as the likely
buyer, told leading Argentine newspaper La Nacion the deal
would not be done as quickly as some Argentine government
officials had said.




"If it's done, it will be next year. This is a long
process," Eskenazi said.


Read more at Reuters.com Mergers News

Grain Supply, Stock Forecasts Cut by Council on Drought, Canadian Sowings

(Bloomberg) -- Global stockpiles of grains such as
wheat and corn will be 1.7 percent lower than previously
forecast because of drought in Europe and fewer sowings in
Canada, the International Grains Council said.

Inventories for the year ending June 2008 will 236 million
tons, the lowest in 30 years, the London-based council said in
an e-mailed report today. Its May forecast was 240 million tons.
Grain production in the year will be 1.66 billion metric tons,
0.6 percent less than previously forecast.


Read more at Bloomberg Commodities News

US STOCKS-Futures slip as core inflation perks up

(Reuters) - NEW YORK, June 28 - U.S. stock index futures
dipped on Thursday after government data showed first-quarter
core personal consumption spending, an inflation gauge favored
by the Federal Reserve, was revised higher.




Semiconductors could give the market a lift after chip
makers Intel Corp. and Advanced Micro Devices Inc.
got brokerage upgrades. For details, see [ID:nWNA0822]
[ID:nWNA0851]


Read more at Reuters.com Bonds News

Florida firm launching air taxi service

(Reuters) - The goal, according to DayJet Corp., is to make the convenience of corporate jet travel -- once the preserve of top executives and the fabulously wealthy -- more widely available to the general public.




A new breed of planes known as "very light jets," which are cheaper and more fuel efficient than traditional corporate jets, has opened the door to mass-market possibilities.


Read more at Reuters.com Bonds News

UPDATE 1-Fed seen on hold as it mulls inflation outlook

(Reuters) - WASHINGTON, June 28 - U.S. Federal Reserve
policy-makers resumed a two-day meeting on Thursday that looked
certain to end with a decision to hold borrowing costs steady
and a likely restatement of concerns over inflation.




Financial markets widely expect the U.S. central bank to
hold benchmark overnight interest rates at 5.25 percent, a
level reached in June last year after 17 straight increases.


Read more at Reuters.com Bonds News

UPDATE 1-US court rejects race as factor in school programs

(Reuters) - WASHINGTON, June 28 - A bitterly divided U.S.
Supreme Court ruled on Thursday that race cannot be used to
decide where students go to school, one of the most important
civil rights rulings in years that could affect millions of
students nationwide.




By a 5-4 vote on the last day of its term, the court's
conservative majority struck down voluntary programs adopted in
Seattle and Louisville, Kentucky, to attain racial diversity in
public school classrooms.


Read more at Reuters.com Bonds News

U.S. Stocks Gain, Led by Fuel Producers After Oil Rallies; Intel Advances

(Bloomberg) -- Most U.S. stocks rose, led by
energy and technology companies, after the price of oil jumped
above $70 a barrel and analysts upgraded Intel Corp. and Cisco
Systems Inc.

Exxon Mobil Corp., Chevron Corp. and Marathon Oil Corp.
led fuel companies in the Standard & Poor's 500 Index to the
top gain among 10 industries. About seven stocks gained for
every four that fell on the New York Stock Exchange.


Read more at Bloomberg Stocks News

Oil Climbs Above $70 as Refineries Increase Output to Meet Gasoline Demand

(Bloomberg) -- Crude oil jumped above $70 a barrel
to a nine-month high in New York on signs U.S. supplies will slip
as refineries increase output of gasoline and other fuels.

Refineries operated at 89.4 percent of capacity last week, a
1.8 percentage point gain from the week before, an Energy
Department report yesterday showed. West Texas Intermediate crude
oil, or WTI, the grade traded in New York, was at the lowest
discount to Brent oil in more than three months today.


Read more at Bloomberg Energy News

Mexico May Be Closing in on Credit Rating Increase, S&P's Mukherji Says

(Bloomberg) -- Mexico's chances of a credit rating
increase are improving as President Felipe Calderon moves toward
garnering congressional approval for legislation that would boost
tax collection, said Joydeep Mukherji, a sovereign ratings
director at Standard and Poor's.

The government last week sent legislators a proposal to
boost annual tax revenue by the equivalent of 3 percent of gross
domestic product in an effort to ease Mexico's dependence on oil
export income and keep the budget deficit in check.


Read more at Bloomberg Bonds News

UPDATE 1-Equinix agrees to buy IXEurope for 241 mln stg

(Reuters) - Equinix said it would pay 125 pence per share in the British
data centre group, disappointing investors and analysts who felt
the deal undervalued IXEurope's potential.




Shares in the company, which had closed at 131-1/2 pence on
Wednesday, slid 6.5 percent to 123p.


Read more at Reuters.com Mergers News

Aspen says Blackstone, DLJ Merchant to sell stake in co.

(Reuters) - Blackstone Group will sell about 5.7 million shares, while DLJ Merchant will sell about 2.2 million shares, the insurer said in a statement.






Read more at Reuters.com Mergers News

EU mergers and takeovers (June 28)

(Reuters) - APPROVALS AND WITHDRAWALS:




-- Porsche acquires Volkswagen of
Germany


Read more at Reuters.com Mergers News

U.S. Stocks Decline After Inflation Gauge Rises Faster Than Forecast

(Bloomberg) -- U.S. stocks fell after a gauge of
inflation rose more than forecast in the first quarter,
reinforcing speculation the Federal Reserve won't cut interest
rates this year.

Bed Bath & Beyond Inc., the largest U.S. home-furnishings
retailer, dropped after it said earnings may decline because of
the slump in housing. Novellus Systems Inc., the maker of
equipment to produce computer chips, declined after saying
second-quarter profit and sales will be at the bottom end of
its forecast.


Read more at Bloomberg Stocks News

UPDATE 1-Extreme Networks to record costs on option grants

(Reuters) - A special committee of its board, which completed the
investigation into the stock-option grants, found no evidence
of fraud, the communications networking equipment maker said in
a statement on Thursday.




Extreme Networks said it would restate its results for
fiscal years 2002 to 2005 to record the expense.


Read more at Reuters.com Market News

Commerzbank executive says keen on Postbank

(Reuters) - FRANKFURT, June 28 - Shares in Deutsche Postbank rose over 4 percent after a top Commerzbank executive said in a television interview his bank may be interested in Germany's biggest retail bank. Management board member Wolfgang Hartmann told Bloomberg Television that Postbank would be an "excellent addition" to Commerzbank's business.



"If it were possible to buy Postbank, we would immediately snap it up," Hartmann said. "Unfortunately, Deutsche Post isn't ready to sell at the moment."


Read more at Reuters.com Mergers News

Kenya to sell 40 pct of Kenya Reinsurance

(Reuters) - Kenya plans to sell a 40 percent stake in Kenya Reinsurance Corporation for 2.28 billion shillings in an initial public offering, the country's finance minister said on Thursday.

"After today, Kenyans can start planning to participate in the Kenya Re IPO," Amos Kimunya told a press conference.


Read more at Reuters Africa

Growth slows to four-year low in first quarter

(Reuters) - It was the weakest quarterly expansion in gross domestic product, or GDP, since 2002. The slowdown came as businesses sold off inventories, though consumer spending remained strong.




However, the report's inflation gauge, the Personal Consumption Expenditures price index, showed price pressures were stronger than expected.


Read more at Reuters.com Economic News

GLOBAL MARKETS-Stocks gain ground, yen falls as risk re-bid

(Reuters) - LONDON, June 28 - World stocks regained composure
on Thursday after an almost week-long sell-off and the yen's
rally fizzled out as investors regained some appetite for risky
assets ahead of the Federal Reserve's interest rate decision.




Over the past week, concerns had grown that credit problems
in the U.S. high-risk mortgage sector could raise borrowing
costs for companies, squeeze liquidity and spread to the wider
economy.


Read more at Reuters.com Economic News

Canadian Stocks May Gain on Takeover Offer for Meridian Gold, Rising Oil

(Bloomberg) -- Canadian stocks may rise for a second
day, led by commodity producers, after Meridian Gold Inc. received
a takeover proposal from rival bullion miners and prices of gold
and copper advanced.

Rising crude oil and natural-gas prices may lift such energy
producers as EnCana Corp., which had dragged the Standard &
Poor's/TSX Composite Index to three consecutive losses before
yesterday. The S&P/TSX yesterday gained 78.04, or 0.6 percent, to
13,741.92 in Toronto.


Read more at Bloomberg Stocks News

UPDATE 1-U.S. jobless claims fall 13,000 in latest week

(Reuters) - Analysts polled by Reuters were expecting claims to slip to
318,000 in the week ending June 23 from the previous week. New
jobless claims were revised to 326,000 from 324,000 in the week
ending June 16.




The report was "a little stronger than had been expected
... but it was an improvement. This I think is kind of
encouraging for economic activity." said Michael Metz, chief
investment strategist, Oppenheimer & Co. in New York.


Read more at Reuters.com Bonds News

US STOCKS-Futures edge lower on signs of core inflation

(Reuters) - NEW YORK, June 28 - Standard & Poor's 500 stock
index futures dipped on Thursday after government data showed
first-quarter core personal consumption spending, an inflation
gauge favored by the Federal Reserve, was revised higher.




PCE excluding food and energy was revised up during the
quarter to a 2.4 percent rate from the prior 2.2 percent
estimate. This will likely be weighed by Fed officials as they
conclude their two-day policy meeting later on Thursday.


Read more at Reuters.com Bonds News

Norway's Krone Gains to 10-Month High Versus Euro on Interest Rate Outlook

(Bloomberg) -- Norway's krone rose to a 10-month
high versus the euro after the central bank raised interest rates
yesterday and indicated there are further increases to come.

The krone is the second best performer versus the dollar in
the past five days of the 16 major currencies monitored by
Bloomberg, as investors buy it to take advantage of Norway's
relatively high interest rate in the so-called carry trade.
Norges Bank yesterday lifted borrowing costs to 4.5 percent and
said it would increase them to 5.75 percent by the mid-2008.


Read more at Bloomberg Currencies News

U.S. Stock Futures Drop as Inflation Gauge Rises Faster Than Forecast

(Bloomberg) -- U.S. stock-index futures fell after
the government said a measure of inflation rose more than
forecast in the first quarter.

The Federal Reserve's preferred measure of inflation,
which strips out food and energy costs, rose at a 2.4 percent
annual rate, faster than the 2.2 percent previously estimated.
The government also said the economy grew at an annual rate of
0.7 percent in the first quarter, the slowest in four years.
The Commerce Department reports may signal that the Fed will
hold interest rates unchanged for months to come.


Read more at Bloomberg Stocks News

Dollar Little Changed Versus Euro on Slowing Economic Growth in the U.S.

(Bloomberg) -- The dollar was little changed versus
the euro after a government report showed the U.S. economy grew
at the slowest pace in four years during the first quarter.

Federal Reserve policy makers conclude a two-day meeting
today and are forecast to keep U.S. borrowing costs unchanged at
5.25 percent. The Fed's interest-rate announcement and
accompanying statement on the outlook for inflation and growth
will be released at 2:15 p.m. Washington time.


Read more at Bloomberg Currencies News

Northern Greece Hit by Power Cut as Transformer in Thessaloniki Explodes

(Bloomberg) -- An explosion at an electricity
transmission center in Thessaloniki, Greece's second-biggest
city, cut power supplies across the country's north.

``A transformer exploded and the center had to be shut down
to fight the fire,'' Nikos Ippofantis, an official at the
country's electricity grid operator Desmie said in a phone
interview today.


Read more at Bloomberg Energy News

TREASURIES-Bond prices steady; await final GDP, FOMC

(Reuters) - Investors were also awaiting the final readings of first
quarter gross domestic product and underlying price data
before taking any positions in the market, analysts said. For
more on these forecasts see [ID:nN26356220].




"The highlight of the day is the FOMC statement," said
Matthew Moore, economic strategist at Banc of America
Securities in New York.


Read more at Reuters.com Bonds News

US STOCKS-S&P futures slip after core PCE revised

(Reuters) - S&P 500 futures were down 2.2 points, just above
fair value, a mathematical formula that evaluates pricing by
taking into account interest rates, dividends and time to
expiration on the contract.




Dow Jones industrial average futures were down 15
points, and Nasdaq 100 futures were unchanged.


Read more at Reuters.com Bonds News

StemCells agrees to stay litigation against Neuralstem

(Reuters) - The biotechnology company said the outcome of the re-examination, which was requested by Neuralstem, would have no material impact on its patent porfolio.



StemCells said petitioning for patent re-examination and a stay is a procedural tactic often used by defendants to delay a trial.


Read more at Reuters.com Government Filings News

Dollar Little Changed as Economic Growth Is Less Than Forecast in the U.S.

(Bloomberg) -- The dollar was little changed versus
the yen and euro after a government report showed the U.S.
economy grew at a slower pace in the first quarter than
economists had forecast.

Federal Reserve policy makers conclude a two-day meeting
today and are forecast to keep U.S. borrowing costs unchanged at
5.25 percent. The Fed's interest-rate announcement and
accompanying statement on the outlook for inflation and growth
will be released at 2:15 p.m. Washington time.


Read more at Bloomberg Currencies News

Petro-Canada, UTS Proceed With $24.6 Billion Oil-Sands Project in Alberta

(Bloomberg) -- Petro-Canada, the third-largest oil
company in Canada, and its partners will spend C$26.2 billion
($24.6 billion) to build an oil-sands development in northern
Alberta.

The Fort Hills project will be designed to produce 280,000
barrels a day of synthetic crude oil from the tar-like deposits
by 2014, with output starting in the second quarter of 2012, Teck
Cominco Ltd., one of the partners, said today in a statement
distributed by CCNMatthews.


Read more at Bloomberg Energy News

India's IDBI sells 2 pct in NSE for $50 million

(Reuters) - In March, the exchange said Morgan Stanley ,
Citigroup and private equity firm Actis had entered into
agreements to buy stakes totaling 6 percent for undisclosed
sums.




India caps foreign investment in its stock exchanges at 49
percent, including foreign direct investment of 26 percent and
foreign portfolio investment of 23 percent. Any one strategic
investor's stake is limited to 5 percent.


Read more at Reuters.com Mergers News

Encana, Interoil, Meridian, Northern Orion, Tesco: Canadian 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 gained 78.04, or 0.6
percent, to 13,741.92, yesterday in Toronto.


Read more at Bloomberg Stocks News

UPDATE 1-Family Dollar reports higher 3rd-quarter results

(Reuters) - The discount chain, which operates more than 6,300 stores,
reported net income of $60.4 million, or 40 cents per share,
for its fiscal third quarter that ended June 2, compared with
$56.9 million, or 37 cents per share, a year earlier.




Excluding a $5.7 million, or 2 cents-per-share charge for
settling a shareholder lawsuit over its stock option award
practices, the company earned 42 cents a share -- a penny over
analysts' average forecast of 41 cents a share, according to
Reuters Estimates.


Read more at Reuters.com Market News

Migrant workers missing out in S.Africa platinum boom

(Reuters) - South Africa's platinum boom has given rise to mushrooming informal settlements by migrant labourers around mines, posing serious health, social and environmental risks to communities, a report said.

The world's two biggest platinum producers, Angloplat and Implats, have announced multi-billion dollar expansion plans, but a report by the church-sponsored Bench Marks Foundation this week said many miners, especially contract workers, are falling through the cracks.


Read more at Reuters Africa

Swiss Franc Gains After Central Bank Says Further Rate Increases `Likely'

(Bloomberg) -- The Swiss franc rose after the
country's central bank said it may raise interest rates further
``in coming months'' should the currency's slide to a record low
versus the euro earlier this month fuel inflation.

Switzerland's currency is benefiting from speculation a
higher benchmark rate will prompt investors to cut so-called
carry trades, by making it less profitable to borrow the franc to
fund higher-yielding purchases elsewhere. Further interest-rate
increases are ``likely,'' the Swiss National Bank said today. The
bank's use off the phrase ``in coming months'' may indicate a
willingness to move before scheduled quarterly meetings.


Read more at Bloomberg Currencies News

Futures flat before Fed rate decision

(Reuters) - In company news, wine and spirits company Constellation Brands Inc. said quarterly profit fell sharply, hurt by a plan to cut the amount of wine it ships to U.S. distributors and lower results from its British business.




The Fed's benchmark fed funds target rate is forecast to remain steady at 5.25 percent, but investors will scrutinize the accompanying statement for any signal that the Fed is preparing Wall Street for a shift in monetary policy.


Read more at Reuters.com Business News

General Mills 4th-quarter profit edges higher

(Reuters) - Analysts, on average, forecast 63 cents a share, according to Reuters Estimates.




Sales rose 7 percent to $3.06 billion. Analysts, on average, forecast $2.99 billion, according to Reuters estimates.


Read more at Reuters.com Market News

EnCana Corp., Telus Corp. May Move: Canadian Equity Preview for June 28

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

The Standard & Poor's/TSX Composite Index gained 78.04, or 0.6
percent, to 13,741.92 in Toronto.


Read more at Bloomberg Stocks News

US STOCKS-Futures flat before Fed rate decision

(Reuters) - In company news, wine and spirits company Constellation
Brands Inc. said quarterly profit fell sharply, hurt by
a plan to cut the amount of wine it ships to U.S. distributors
and lower results from its British business.




The Fed's benchmark fed funds target rate is forecast to
remain steady at 5.25 percent, but investors will scrutinize
the accompanying statement for any signal that the Fed is
preparing Wall Street for a shift in monetary policy.


Read more at Reuters.com Bonds News

Czech Koruna Drops Versus Euro; Central Bank Keeps Interest Rates on Hold

(Bloomberg) -- The Czech koruna fell against the
euro after the country's central bank kept its benchmark interest
rate unchanged at the lowest in the European Union.

The Prague-based policy-making board voted to leave
borrowing costs at 2.75 percent as it awaits a new economic
forecast in July, matching the prediction of all 21 economists in
a Bloomberg survey. Because of its low interest rates, investors
use the koruna in the so-called carry-trade, funding investments
in other higher-yielding assets.


Read more at Bloomberg Currencies News

Rand holds firm while stocks, bonds slip

(Reuters) - South Africa's rand held firm on Wednesday, despite faltering metals prices and equities falling as investors spurned risky assets, but bonds continued to slide.

The local currency was trading at 7.1780 to the dollar at 1515 GMT, 0.22 percent stronger than its previous New York close and well off a session low of 7.2325, touched in early trade. It was little changed against the euro, at around 9.62.


Read more at Reuters Africa

WRAPUP 1-US May durable goods orders fall,stir growth fears

(Reuters) - It was the first drop in durable goods orders since January
and followed a 1.1 percent rise in April, the Commerce
Department said on Wednesday. Analysts were expecting orders to
slip by only 1 percent.




A separate report showed U.S. mortgage applications fell
for the second straight week as interest rates remained near
recent highs and made home buying more expensive.


Read more at Reuters.com Bonds News

Private equity firms see rising threat of lawsuits

(Reuters) - Almost half of 170 private equity professionals
surveyed by Marsh, a unit of the world's largest insurance
broker Marsh & McLennan Cos. Inc. , said they expected to
defend against more legal action over the next two years.




Only 6 percent said they expected less legal action.


Read more at Reuters.com Government Filings News

Nymex Gas Is Steady Amid Reduced Concern Over Hot Weather, Storm Threat

(Bloomberg) -- Natural gas in New York was little
changed as intense hot weather that spurs demand and storms that
pose a possible threat to production haven't materialized.

``It looks like it's trying to hold this $6.80 level as far
as the July contract goes, you may have the shorts come in and
take some profit and get a bounce,'' said Brad Florer, a trader
with Kottke Associates Inc. in Louisville, Kentucky. ``And a lot
of guys who are long, are thinking if they can just tread water
and hold here, they'll get a storm and a move, and everything
will be alright.''


Read more at Bloomberg Energy News

Puerto Rico funding probe swirls around governor

(Reuters) - In recent weeks, a grand jury has subpoenaed Acevedo Vila's
records at the University of Puerto Rico, where he was a
student, and, according to newspaper reports, heard testimony
from employees of swanky clothing stores where the governor and
his political party, the Popular Democratic Party , have
admitted to paying cash to buy him $40,000 worth of suits.




The local news reports -- some based on what the governor
has called leaks of false information -- have also said the
grand jury is investigating claims he received gifts of jewelry
and cosmetic surgery.


Read more at Reuters.com Bonds News

U.S. Stocks Retreat on Drop in Durable Goods; GE, Moody's Shares Decline

(Bloomberg) -- U.S. stocks fell for a fourth day
after a government report said orders for durable goods
declined more than forecast and concerns lingered that losses
may worsen in bonds tied to mortgage loans.

General Electric Co., which makes products ranging from
appliances to jet engines, retreated. Moody's Corp., whose
founder created credit ratings, helped push a gauge of
financial shares to its lowest since April.


Read more at Bloomberg Stocks News

Apple IPhone Reviewers Say Device Lives Up to Hype and Even Inspires Lust

(Bloomberg) -- Apple Inc.'s iPhone is a ``beautiful
and breakthrough'' mobile device that lives up to the hype.

That's the word from reviewers for the Wall Street Journal,
New York Times and USA Today, who praised the software and design
of Apple's melded mobile phone and iPod media player. The
iPhone's strengths outweigh its spotty network service and price
of as much as $600, they said.


Read more at Bloomberg Exclusive News

Home loan demand drops to 4-month low

(Reuters) - The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both refinancing and purchasing loans, for the week ended June 22 fell 3.9 percent to 618.6 -- its lowest in four months.




Applications, however, were 16.8 percent above their year-ago level. The four-week moving average of mortgage applications, which smooths the volatile weekly figures, was down 0.7 percent.


Read more at Reuters.com Business News

Norway's Krone Strengthens as Central Bank Raises Benchmark Interest Rate

(Bloomberg) -- Norway's central bank raised its
benchmark interest rate and said rates will be lifted more than
previously forecast as widespread labor shortages threaten to
boost wage growth and fuel inflation.

The bank increased the deposit rate by a quarter point to 4.5
percent. The rate will average 4.5 percent this year and 5.75
percent in 2008 and 2009, the bank said, lifting a previous
forecast by a quarter-point this year and half a point for the
next two years. In 2010, the bank sees the rate at 5.5 percent.


Read more at Bloomberg Currencies News

Iran Starts Rationing of Gasoline, Sparking Protests in Tehran's Streets

(Bloomberg) -- Iranians rioted in the streets of
Tehran after the government imposed rationing of gasoline, which
the country spends $5 billion a year to import.

Starting today, drivers will be allowed 100 liters, or about
26 gallons, of gasoline a month, Oil Minister Kazem Vaziri-Hamaneh
said on state television. Taxis will get 800 liters. Lawmakers said
earlier this month drivers would probably get five or six liters a
day, 50 percent more than the program actually grants them.


Read more at Bloomberg Energy News

Intergen plans $1.975 bln high-yield notes -lead

(Reuters) - Merrill Lynch, Lehman Brothers, Deutsche Bank and Barclays
Capital are managing the sale.




The company will meet with European investors between July 2
and July 5.


Read more at Reuters.com Bonds News

ServiceMaster restructures LBO debt financing

(Reuters) - To finance the acquisition, the company had initially
planned to sell $3.8 billion in debt, which included $1.15
billion in toggle payment-in-kind notes, said Robert Lee,
analyst at KDP Investment Advisors in Montpelier, Vermont.




Investor reticence toward this kind of note, however, led
them to reduce the PIK component to 50 percent, he said. The
remainder of the bond issue will now be bonds that have cash
interest payments.


Read more at Reuters.com Bonds News

Blockbuster, Netflix settle patent dispute

(Reuters) - Netflix sued Blockbuster last year for refusing to pay the online DVD rental company royalties. Blockbuster countersued Netflix on fraud and antitrust claims and said Netflix's patents were so broad as to be unenforceable.




Terms of the settlement were confidential, Blockbuster said in a regulatory filing on Wednesday. The company gave no further details, but said the settlement would have not material effect on its future earnings.


Read more at Reuters.com Business News

Chilean Copper Output Rises 3.9 Percent in May as Companies Expand Mines

(Bloomberg) -- Chile, the world's biggest copper
supplier, said output of the metal rose 3.9 percent in May as
companies expanded mines.

Output climbed to 479,049 metric tons from a revised
461,195 tons in May 2006, the Chilean government's National
Statistics Institute said today in Santiago.


Read more at Bloomberg Commodities News

RadioShack, Amazon.com Burn Short Sellers by Posting Top Gains in S&P 500

(Bloomberg) -- RadioShack Corp. and Amazon.com Inc.
have defied short sellers and Wall Street analysts this year by
posting the top gains in the Standard & Poor's 500 Index.

Shares of RadioShack, the third-largest U.S. electronics
chain, and Amazon, the world's biggest online retailer, were
among the 10 most-shorted in the S&P 500 as of June 15,
according to data from the New York Stock Exchange and the
Nasdaq Stock Market. Short sellers try to profit from stock
declines by selling borrowed shares and buying them back at a
lower price.


Read more at Bloomberg Exclusive News

UPDATE 1-EU hits gambling curbs in wave of legal action

(Reuters) - The Commission adopted 955 legal actions spanning telecoms,
energy, gambling and the financial sector.




"While important improvements have been made in recent
years, too many member states persistently infringe Community
law. That is why we are determined to act," Commission President
Jose Manuel Barroso said in a statement.


Read more at Reuters.com Government Filings News

US STOCKS-Futures fall on durable goods, risk jitters

(Reuters) - NEW YORK, June 27 - U.S. stock index futures fell
on Wednesday, suggesting a lower open on Wall Street, after
weaker-than-expected durable goods data added to uneasiness
about growth in the economy and corporate profits.




Futures were already pointing a weaker open before the
report. A rise in the yen against other major currencies and
pressure from the subprime mortgage market stirred concern that
the appetite for stocks might weaken.


Read more at Reuters.com Bonds News

People's United to buy Chittenden

(Reuters) - Chittenden shareholders will receive $20.35 plus 0.8775 times the average closing price of People's United in the five days prior to closing.




People's United said it will pay 55 percent of the purchase price, or roughly $1 billion, in cash.


Read more at Reuters.com Bonds News

UPDATE 1-KeyCorp freed from special Fed oversight

(Reuters) - Cleveland-based KeyCorp in a U.S. Securities and Exchange
Commission filing said the Office of the Comptroller of the
Currency and the Federal Reserve Bank of Cleveland have ended
their special oversight of its KeyBank N.A. unit.




KeyCorp in October 2005 had agreed with the regulators to
strengthen its anti-money laundering controls, including those
related to its obligations under the Bank Secrecy Act.


Read more at Reuters.com Bonds News

US STOCKS-Blue chips fall on durables, risk worry

(Reuters) - NEW YORK, June 27 - U.S. blue-chip stocks fell on
Wednesday after weaker-than-expected durable goods data added
to uneasiness about the outlook for corporate profits.




Stocks were also under pressure from worries about higher
interest rates and the troubled subprime mortgage market, which
weighed on the financial sector.


Read more at Reuters.com Bonds News

General Electric Calls, Puts Should Be Sold, According to Goldman, Sachs

(Bloomberg) -- Investors should sell options on
shares of General Electric Co. because implied volatility, a key
factor in pricing the contracts, is poised to decline at the
world's second-biggest company by market value, according to
Goldman, Sachs & Co.

Investors who don't own GE shares should sell September
$37.50 puts, derivative strategists Maria Grant and John Marshall
wrote in a note to clients. Current shareholders should create
September $40 calls and September $37.50 puts and then sell them
to other investors, they said.


Read more at Bloomberg Stocks News

U.S. Stocks Retreat on Drop in Durable Goods; GE, ConocoPhillips Decline

(Bloomberg) -- U.S. stocks fell for a fourth day
after a government report showed orders for durable goods
declined more than forecast and energy producers slipped on a
drop in oil.

General Electric Co., which makes products ranging from
appliances to jet engines, retreated. ConocoPhillips, the
third-largest U.S. oil company, slid after it said it will
record a $4.5 billion charge to write off Venezuela projects.


Read more at Bloomberg Stocks News

S.Africa unions hint may accept wage deal

(Reuters) - One of the biggest public sector unions taking part in a damaging wage strike in South Africa said on Wednesday it was ready to accept a pay offer from the government.

Members of the National Education Health and Allied Workers Union (NEHAWU) were due to vote on the motion later on Wednesday as union negotiators held another meeting with the government to try to resolve the strike, SAPA news agency said.


Read more at Reuters Africa

McCormick & Co. quarterly profit beats forecast

(Reuters) - Net income for the fiscal second quarter ended May 31 was
$41.4 million, or 31 cents per share, including charges of 4
cents a share related to the restructuring program.




Analysts, on average, had expected the Sparks,
Maryland-based company to earn 29 cents per share after
one-time charges, according to Reuters Estimates.


Read more at Reuters.com Market News

Yen Gains the Most in 10 Weeks as Investors Scale Back Their Carry Trades

(Bloomberg) -- The yen rose the most in 10 weeks
against the euro and dollar as investors pared holdings of
emerging-market bonds and stocks funded by loans in the Japanese
currency.

Japan's yen gained against all 16 of the most-actively
traded currencies tracked by Bloomberg. The yen extended its
rally after global equity markets declined as investors shunned
riskier assets, prompting an unwinding of the so-called carry
trade. A U.S. report showed sales of durable goods, a proxy for
business spending, fell more than forecast.


Read more at Bloomberg Currencies News

Nymex Gas Declines on Reduced Concern Over Hot Weather, Threat of Storms

(Bloomberg) -- Natural gas in New York fell for the
eighth consecutive session as intense hot weather that spurs
demand and storms that pose a possible threat to production
haven't materialized.

``Both July and August are down, basically anticipating
another big injection,'' said Phil Flynn, vice president of risk
management at Alaron Trading Corp. in Chicago. ``It seems we're
starting to put aside the fears of a long, hot summer and
hurricane season and just focusing on supply.''


Read more at Bloomberg Energy News

CommScope to acquire Andrew for $2.6 billion

(Reuters) - The latest $15-a-share offer also represents a 16 percent premium over Andrew's closing share price on Tuesday. At least 90 percent of it will be paid in cash, the companies said in a statement.




The move comes amid a wave of mergers in the telecommunications industry, among service providers and their equipment vendors.


Read more at Reuters.com Mergers News

Guitar Center to be acquired by Bain Capital

(Reuters) - The offer represents a 26 percent premium over Guitar Center's closing price on Tuesday.




The transaction is expected to close in the fourth quarter, the company said.


Read more at Reuters.com Business News

Flight from risk weighs on base metals

(Reuters) - Investors switching to safer assets due to fears of economic slowdown weighed on industrial metals on Wednesday, but strikes at mines capped losses.

Weaker metal prices hit London-listed miners. Xstrata, BHP Billiton and Rio Tinto shed around 2.5 percent, in line with falling European shares, which tracked losses in U.S. and Asian markets.


Read more at Reuters Africa

Egyptian shares slip, hit by foreign markets

(Reuters) - Egyptian shares slipped on Wednesday under the influence of depressed foreign markets and because Egypt's financial year ends this week, brokers said.

Major housing stocks fell on sentiment and Ezz Steel dropped 4.5 percent after the Ezz Group sold 10 percent at a large discount on the London GDR market.


Read more at Reuters Africa

U.K. Natural Day-Ahead Gas Little Changed After Imports Satisfy Demand

(Bloomberg) -- U.K. natural gas for delivery today
was little changed after an increase in imports through the
Langeled pipeline from Norway yesterday helped ensure supply
would meet demand.

Gas for intraday delivery traded at 22.3 pence a therm at
12:11 p.m. local time, compared with yesterday's last price for
day-ahead gas of 22.45 pence a therm, according to data from ICAP
Plc. The latest price is equivalent to $4.45 a million British
thermal units. A therm is 100,000 Btus. Day-ahead gas declined
1.6 percent to 22.1 pence a therm.


Read more at Bloomberg Energy News

Copper Falls in London on Slowing U.S Demand, China Rates; Nickel Declines

(Bloomberg) -- Copper fell to a two-week low in
London on signs of sluggish demand in the U.S. and speculation
that China, the world's biggest consumer of the metal, will
raise interest rates. Aluminum and nickel also dropped.

New home purchases in the U.S., the second-biggest user of
the metal, fell in May, a government report showed yesterday,
signaling demand is still weak in the second year of a housing
slump. Builders are the biggest copper consumers.


Read more at Bloomberg Commodities News

U.S. Stock-Index Futures Retreat; ConocoPhillips, General Electric Decline

(Bloomberg) -- U.S. stock-index futures fell after
energy producers retreated on a drop in the price of oil and a
government report said orders for durable goods declined more
than forecast.

ConocoPhillips, the third-largest U.S. oil company,
slipped after it said it will record a charge of $4.5 billion
to write off its Venezuela projects. General Electric Co., the
second biggest company by market value, also dropped.


Read more at Bloomberg Stocks News

Dollar Accelerates Losses Versus Yen as Durable Orders Decline in the U.S.

(Bloomberg) -- The dollar extended its loss versus
the yen after a report showed durable goods orders in the U.S.
declined last month more than economists had forecast.

Japan's yen earlier gained the most against the dollar in 10
weeks as investors pared holdings of emerging-market bonds and
stocks funded by loans in the Japanese currency. Signs of
weakness regarding demand for business equipment in the U.S. may
increase speculation of a cut in borrowing costs by the Federal
Reserve later this year to spur growth.


Read more at Bloomberg Currencies News

UPDATE 2-Wells Fargo names Stumpf CEO; Kovacevich stays chair

(Reuters) - NEW YORK, June 27 - Wells Fargo & Co. ,
the fifth-largest U.S. bank, on Wednesday named John Stumpf chief
executive effective immediately, replacing Richard Kovacevich,
who will remain chairman.




Stumpf, 53, has been president and chief operating officer
since August 2005, and was long considered to be a leading
candidate to replace Kovacevich. Last June, Stumpf joined
Kovacevich as the only inside directors on the bank's board.


Read more at Reuters.com Bonds News

Merck wins U.S. priority review for HIV drug

(Reuters) - The agency grants priority review to products that are considered to be potentially significant therapeutic advancements over existing therapies.



With priority review status, the U.S. Food and Drug Administration will make its decision on whether to approve the drug within six months, rather than the usual 10- to 12-month review period.


Read more at Reuters.com Government Filings News

TREASURIES-Bond prices rise on lingering subprime woes

(Reuters) - These fears have been heightened after Bear Stearns
was forced to bail out a hedge fund which suffered large losses
due to its dealings in subprime mortgages.




"The subprime issue has become a much more focused problem.
It has certainly caused some unease in terms of the overall
equity market and the overall leverage picture. We have seen
some money flow into Treasuries," said Doug Bender, managing
director with McQueen, Ball & Associates in Bethlehem,
Pennsylvania.


Read more at Reuters.com Bonds News

ConAgra profit beats estimates on trading strength

(Reuters) - The company posted net income of $192.0 million, or 39 cents a share, for the fourth quarter ended May 27, compared with $59.2 million, or 11 cents, a year earlier.




Income from continuing operations was 38 cents a share, including costs of 2 cents a share related to a recall of Peter Pan peanut butter and a benefit of 1 cent a share from a lower-than-expected tax rate.


Read more at Reuters.com Market News

Iberdrola Completes $4.7 Billion Share Sale to Buy Energy East, People Say

(Bloomberg) -- Iberdrola SA, the world's largest
owner of wind-power parks, completed a share sale aimed at raising
3.5 billion euros ($4.7 billion) to pay for U.S. utility Energy
East Corp., two people with direct knowledge of the offering said.

The Spanish utility planned to sell 85 million new shares
through a so-called accelerated offering, the Bilbao-based power
producer said earlier today in an e-mailed statement. The people
declined to be identified before Iberdrola makes an announcement.


Read more at Bloomberg Stocks News

Guitar Center agrees to be acquired by Bain Capital

(Reuters) - The offer represents a 26 percent premium over Guitar Center's closing price on Tuesday.






Read more at Reuters.com Mergers News

CommScope to acquire Andrew Corp for $2.6 billion

(Reuters) - The acquisition is expected to add to CommScope's earnings
in the first full year after closing, it said.





Read more at Reuters.com Mergers News

ConAgra quarterly profit rises

(Reuters) - Income from continuing operations was 38 cents a share,
including costs of 2 cents a share related to a recall of Peter
Pan peanut butter and a benefit of 1 cent a share from a
lower-than-expected tax rate.





Read more at Reuters.com Market News

Los Angeles, Colorado, Texas School District Lead U.S. Municipal Borrowers

(Bloomberg) -- Los Angeles, Colorado and a school
district in Texas will sell a combined $1.7 billion of bonds in
today's largest sales of U.S. state and local government debt.

Los Angeles will borrow $916 million with so-called tax-
and-revenue anticipation notes to cover the city's cash flow
needs until taxes are paid. Colorado will offer $500 million of
similar notes, while the Cypress-Fairbanks Independent School
District in Texas near Houston will sell $275 million of long-
term bonds for school construction.


Read more at Bloomberg Bonds News

Wells Fargo names Stumpf CEO; Kovacevich stays chair

(Reuters) - Kovacevich has said he would remain with the company no later than the end of 2008, when he will be 65.




Read more at Reuters.com Business News

American Oriental Bioengineering to offer 8 mln shares

(Reuters) - The underwriters for the offering are Piper Jaffray & Co.,
CIBC World Markets Corp., Lazard Capital Markets LLC, Jefferies
& Co Inc. and Brean Murray, Carret & Co. LLC.





Read more at Reuters.com Government Filings News

Franc Gains for Fourth Day Versus Euro on Bets Risk Aversion Will Continue

(Bloomberg) -- The Swiss franc gained for a fourth
day versus the euro, its longest winning run in more than a
month, on speculation investors will keep shifting out of riskier
assets as stocks markets decline.

Switzerland's currency, which investors often buy in times
of economic uncertainty, has benefited as concerns the housing
slump in the U.S. will hurt global growth caused investors to
sell equities. It has gained with Japan's yen, another currency
investors have used to fund so-called carry trades.


Read more at Bloomberg Currencies News

European Government Bonds Gain by Most Since April as Investors Shun Risk

(Bloomberg) -- European government bonds advanced by
the most in two months as concern a weak U.S. housing market will
lead to investor losses in mortgage-backed securities stoked
demand for the safest assets.

Debt's gains pushed yields on 10-year bunds, Europe's
benchmark, to the lowest in two weeks as investors turn more risk
averse by shunning stocks in favor of debt. Expectations a weaker
housing market and losses related to subprime mortgages in the
U.S. will hurt global growth and hold down inflation also helped
lift bonds. European equity markets fell for a fifth day.


Read more at Bloomberg Bonds News

China poised to set up $200 bln investment fund

(Reuters) - The embryonic agency has already spent $3 billion on a 10
percent stake in Blackstone, a U.S. private equity group, as
part of a drive by Beijing to earn higher returns by making
riskier investments.




Lawmakers started to review a proposal that would authorize
the Ministry of Finance to issue 1.55 trillion yuan in special treasury bonds to buy foreign exchange to
fund the start-up of the agency, Xinhua news agency reported.


Read more at Reuters.com Bonds News

Bain to buy German yacht maker for about $1.8 bln

(Reuters) - LONDON/FRANKFURT, June 27 - Private equity firm Bain Capital is buying Germany's biggest yacht builder, Bavaria Yachtbau GmbH, for about 1.3 billion euros with plans to expand the business into new markets.



The company produced 3,500 yachts in the year ended July 31, 2006, at its facility in Giebelstadt with sales of about 271 million euros. Bavaria Yachtbau employs about 620 people.


Read more at Reuters.com Bonds News

SCO Capital says will not tender Bioenvision shares for merger

(Reuters) - In his fourth letter to Bioenvision, Steven Rouhandeh said he and his SCO Capital Partners investment vehicle still opposed the deal, since it did not reflect "the true value of Bioenvision and the clofarabine franchise."






Read more at Reuters.com Government Filings News

UPDATE 1-U.S. new home sales fell 1.6 percent in May

(Reuters) - WASHINGTON, June 26 - Sales of new U.S. homes
fell 1.6 percent in May to a lower-than-expected level while
prices climbed from April, according to a government report on
Tuesday that continued to point to weakness in the housing
sector.




New single-family home sales fell to an annual rate of
915,000 from a downwardly revised rate of 930,000 in April, the
Commerce Department said.


Read more at Reuters.com Economic News

Bond prices mixed ahead of two-year auction

(Reuters) - "The market rallied quite a bit over the last couple of days and these numbers are largely priced into the market. People just started to take some profits," said Frank Hsu, director of global fixed income at Fimat in New York.




Benchmark 10-year Treasury notes were flat in price to yield 5.09 percent, versus 5.09 percent late on Monday.


Read more at Reuters.com Hot Stocks News

Treasury Two-Year Note Yields Advance From This Month's Low Before Auction

(Bloomberg) -- Treasury two-year note yields rose
from their lowest this month before today's auction of $18
billion of the securities.

Yields advanced even as reports showed purchases of new
homes dropped in May and a measure of consumer confidence fell
this month to the lowest level since August. Two-year yields had
fallen 10 basis points over the past two trading days on concern
a weak housing market will lead to losses for investors in
mortgage-backed securities.


Read more at Bloomberg Bonds News

New home sales ease, while confidence falls

(Reuters) - Sales of new U.S. homes fell 1.6 percent last month to an annual rate of 915,000 from a downwardly revised rate of 930,000 in April, the Commerce Department said on Tuesday. Analysts had been looking for May new home sales of 925,000.




While sales fell, sales prices rose. The median sales price of a new home climbed 1.5 percent in May to $236,100 from $232,700 in April. That marked a reversal for new homes from April, when prices fell a record amount but sales rose strongly.


Read more at Reuters.com Business News