South African stocks hit by miners, profit-taking

(Reuters) - South African shares dipped on Tuesday as mining shares like Anglo American got hit by a firm rand, weaker metals prices and profit taking.

The blue chip Top-40 index fell for the second day, shedding 0.27 percent to 26,423.50 points, while the broader All-Share Index lost 0.26 percent to 29,243.19 points.


Read more at Reuters Africa

Nickel hits five-month low on China steel threat

(Reuters) - Nickel prices fell more than five percent on Tuesday as worries about falling demand intensified after news that China may cut stainless steel output, while copper prices slipped.

Two-thirds of all nickel mined is used to make stainless steel. Expectations of strong demand from Chinese steelmakers had helped lift nickel for delivery in three months to an all-time high of $51,800 per tonne in May.


Read more at Reuters Africa

Bear Stearns, Creditors May Help Save Hedge Fund, Person Familiar Says

(Bloomberg) -- Bear Stearns Cos., the biggest
broker for U.S. hedge funds, offered to provide $1.5 billion in
loans to help rescue a money-losing fund run by its asset-
management unit, a person familiar with the situation said.

The plan calls for New York-based Bear Stearns to provide
the money only if some of the hedge fund's creditors, which
include Merrill Lynch & Co. and JPMorgan Chase & Co., inject
$500 million of cash into the fund, said the person, who
declined to be named because the negotiations aren't public.


Read more at Bloomberg Bonds News

U.S. Stocks Retreat on Housing Data, Best Buy Profit Decline; Centex Falls

(Bloomberg) -- U.S. stocks posted their second
straight drop after a decline in Best Buy Co.'s profit and a
slide in housing starts added to concern that consumer spending
will falter in the face of higher interest rates.

Best Buy, the biggest consumer electronics chain, plunged
the most in a year after reporting earnings that trailed analyst
estimates. NVR Inc., Centex Corp. and Hovnanian Enterprise Inc.
led a gauge of homebuilders to its lowest level in 11 months.


Read more at Bloomberg Stocks News

Mexican stocks fall, hit by Cemex; debt gains

(Reuters) - Shares of Cemex , one of Mexico's largest
companies, fell 3.56 percent to 42.24 pesos and its New
York-traded stock was down. 3.71 percent at $39.21.




Cemex dropped after Merrill Lynch Tuesday cut its rating on
Cemex to "neutral" from "buy", saying recent guidance for the
second quarter fell short of expectations.


Read more at Reuters.com Bonds News

Citigroup sign Vietnam finance deals

(Reuters) - None of the companies are listed.




Vietnamese President Nguyen Minh Triet who arrived in New
York on Monday in the first visit to the United States by a
Vietnamese head of state since the U.S. war in Vietnam ended in
1975.


Read more at Reuters.com Bonds News

Carnival profit narrowly higher

(Reuters) - Revenue rose 9 percent to $2.9 billion despite price pressures in Caribbean operations.




Wall Street analysts had expected Miami-based Carnival to earn 47 cents per share, according to Reuters Estimates.


Read more at Reuters.com Business News

Germany Plans to Sell 40 Million Tons of Emission Permits in Second Phase

(Bloomberg) -- Germany plans to sell 40 million tons
of carbon dioxide emissions permits for each year of the second
phase of the European Union's carbon-trading system.

The country will sell permits for the period running from 2008
through 2012 to companies in the second half of this year,
according to a preliminary agreement published today. The country
will consider both auctioning and direct sale of the permits,
according to an e-mailed statement.


Read more at Bloomberg Energy News

Chile's Peso Rise on Expectations Interest Rates Will Increase Next Month

(Bloomberg) -- Chile's peso rose on expectations
the government will increase rates next month as economic growth
accelerates.

``The pressure is on the peso to strengthen,'' said John
Zalles, an analyst at Euroamerica Corredores de Bolsa SA in
Santiago. ``The expectation is that rates will increase.''


Read more at Bloomberg Currencies News

Best Buy says still optimistic about growth

(Reuters) - "Despite what we believe to be the first industrywide interruption in six years, we have never been more optimistic about our future growth opportunities," Chief Operating Officer Brian Dunn said during a conference call with analysts.




"Does this mean that people are changing their minds, turning away from technology and entertainment products and solutions? We don't think so," he said. "They simply hit the pause button."


Read more at Reuters.com Hot Stocks News

Cadbury sees acquisition warchest up to 1 bln stg

(Reuters) - "We will have a warchest of between 500 million pounds and 1 billion pounds for bolt-on acquisitions," said Stitzer at a briefing on its new confectionery strategy.




However, many analysts see Cadbury as a standalone confectionery group more as prey rather then predator, with U.S. rivals Wm. Wrigley Jr. Co. , Hershey Co and Kraft Foods Inc being the most likely buyers.


Read more at Reuters.com Mergers News

UPDATE 1-Pearson says may sell French paper les Echos

(Reuters) - They were protesting over the potential sale of the French
business newspaper to Bernard Arnault, head of luxury group LVMH
and owner of rival La Tribune.




Pearson , which also owns the Financial Times and
the Penguin publishing house, said it was considering selling
the paper but would not confirm it was in exclusive talks with
Arnault.


Read more at Reuters.com Mergers News

Sirius, XM Shares Show Greater Risk of Rally Than Slide to Wider Losses

(Bloomberg) -- Since Sirius Satellite Radio Inc.
Chief Executive Officer Mel Karmazin agreed to buy his only
rival, investors have sold both stocks in a bet regulators will
block the deal. Now some analysts say the shares are undervalued.

Sirius, based in New York, and larger XM Satellite Radio
Holdings Inc. have seen their shares fall since the union of the
only two pay-radio companies was announced Feb. 19.


Read more at Bloomberg Exclusive News

Canadian Stocks Decline From Record on Oil, Metals; EnCana, Teck Retreat

(Bloomberg) -- Canadian stocks retreated for the first
time in five days, as falling commodity prices dragged down energy
and raw-materials companies, including EnCana Corp. and Teck
Cominco Ltd.

The Standard & Poor's/TSX Composite Index dropped 44.75 from a
record, or 0.3 percent, to 14,131.67 as of 9:41 a.m. in Toronto.
The benchmark has risen 9.5 percent this year on takeovers and
higher prices for energy and other commodities.


Read more at Bloomberg Stocks News

Lear raises 2nd-qtr outlook on light-truck output

(Reuters) - CHICAGO, June 19 - Automotive parts supplier Lear Corp. on Tuesday raised its quarterly operating earnings forecast because of higher-than-expected light-truck production in North America.



However, Lear said in a regulatory filing that it still expects North American vehicle output levels for the full year to be in line with its previous forecast, and the longer-term outlook has not changed significantly.


Read more at Reuters.com Market News

Tyco Int'l to focus on growth after spin-offs

(Reuters) - The conglomerate plans to split into three parts later this
month, with Tyco International continuing as a stand-alone
company. Tyco Electronics and Covidien health care will then
operate as independent, publicly traded entities.




"We are going to focus on organic growth initiatives,"
Edward Breen, Tyco's chairman and chief executive, told
investors in New York. Referring to the fire, security and
engineered-products segments, he said: "They are extremely
fragmented industries from a competitive standpoint ... that's
one of the keys to the future success of Tyco, is how we go
about changing that landscape."


Read more at Reuters.com Bonds News

EXCLUSIVE-Home Depot in $10 bln deal to sell unit

(Reuters) - NEW YORK, June 19 - Home Depot Inc. has agreed to sell its supply division to three private equity firms, sources said on Tuesday, in a deal worth more than $10 billion.



Bain Capital, Carlyle Group and Clayton, Dubilier & Rice won the auction and were finalizing the deal early on Tuesday, sources close to the process told Reuters.


Read more at Reuters.com Bonds News

Tyco to focus on growth after spin-offs

(Reuters) - The conglomerate plans to split into three parts later this month, with Tyco International continuing as a stand-alone company. Tyco Electronics and Covidien health care will then operate as independent, publicly traded entities.




The company aims for long-term revenue growth, factoring out the effect of any acquisitions, of about 4 percent to 6 percent a year, said Chris Coughlin, executive vice president and chief financial officer.


Read more at Reuters.com Bonds News

Gold, Silver Decline in New York After Euro's Rally Versus Dollar Stalls

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

Gold generally moves in tandem with the euro, which fell
for the first time in five sessions against the dollar. Before
today, gold had gained 3.4 percent this year, while the dollar
had lost 1.6 percent against the euro.


Read more at Bloomberg Commodities News

Brazil Real Falls on Speculation Central Bank to Further Act to Slow Gains

(Bloomberg) -- Brazil's real fell on bets the
central bank may further seek to slow the currency's
appreciation after it currency gained for four consecutive days,
trading near its strongest since October 2000.

The real fell 0.09 percent to 1.9065 at 9:39 a.m. New York
time. Yesterday, it advanced to 1.8995 per dollar, near its high
of 1.8991 on June 1, the strongest since October 2000. The real
has gained almost 12 percent this year, making it the best
performer among the 16 currencies most actively traded against
the dollar.


Read more at Bloomberg Currencies News

Boeing wins $8.8 billion ILFC plane order

(Reuters) - ILFC, which is owned by American International Group Inc. , also ordered 10 737 planes and one 777-300 ER plane.




The two 787 options and the single 777-300 ER had previously been listed on Boeing's company Web site as options attributed to an unidentified customer.


Read more at Reuters.com Business News

UPDATE 1-Carnival quarterly profit narrowly higher

(Reuters) - Carnival, which operates the Holland America, Cunard and
Princess cruise lines as well as its namesake line, said net
profit rose to $390 million, or 48 cents per share, in the
fiscal second quarter ended May 31, from $380 million, or 46
cents per share, a year earlier.




Revenue rose 9 percent to $2.9 billion despite price
pressures in Caribbean operations.


Read more at Reuters.com Market News

AIRSHOW-ILFC says A350 basic design frozen, sees optimisation

(Reuters) - "The engine is a big question" he said, referring to the
fact GE Aviation was unwilling to offer an engine for the
largest of the three versions, the A350-1000.




Only Rolls-Royce is offering engines for the A350 currently.


Read more at Reuters.com Mergers News

Canadian Stocks May Fall From Record on Oil, Metals; EnCana, Teck May Drop

(Bloomberg) -- Canadian stocks may retreat for the
first time in five days, as falling commodity prices drag down
energy and raw-materials companies including EnCana Corp. and Teck
Cominco Ltd.

Declines in the market may be limited as shares of such
industrial companies as Bombardier Inc. are boosted by reports of
strong demand for civil aircraft from the Paris Air Show.


Read more at Bloomberg Stocks News

U.S. Housing Starts Fall 2.1 Percent to 1.474 Million Pace; Permits Climb

(Bloomberg) -- Housing starts in the U.S. fell in
May, signaling the slump in home construction will continue to
depress growth.

Builders broke ground on new houses at an annual rate of
1.474 million, down 2.1 percent from 1.502 million the prior
month, the Commerce Department said today in Washington. Building
permits rose 3 percent to 1.501 million from 1.457 million.


Read more at Bloomberg Currencies News

May housing starts fall 2.1 percent

(Reuters) - Building permits, which signal future construction plans, rose in May by 3.0 percent to a pace of 1.501 million units. Economists had been expecting the permits to hit a 1.471 million unit rate. Permits for single-family homes fell 1.8 percent to their lowest level since July 1997 but permits for multi-family units jumped 16.5 percent.




Tuesday's data comes a day after a report indicating that home-builder confidence is at its lowest level in over 16 years.


Read more at Reuters.com Business News

UPDATE 2-GE to buy stake in Regency Energy for $603 mln

(Reuters) - The transaction also gives GE Energy Financial Services a
91 percent stake in Regency's general partner, meaning GE will
have operational control of the company.




Under the deal with Dallas-based HM Capital Partners LLC,
GE Energy Financial Services has acquired an estimated 37
percent of Regency's limited-partner units outstanding.


Read more at Reuters.com Bonds News

Louisiana council OKs Valero project bonds--report

(Reuters) - Valero plans to decide later this year if it will go forward with the
expansion.




The bonds must also be approved by the State Bond Commission.


Read more at Reuters.com Bonds News

Best Buy quarterly profit falls

(Reuters) - Best Buy reported net income of $192 million, or 39 cents a share for its fiscal first quarter that ended June 2, from $234 million, or 47 cents per share, a year earlier.




Analysts, on average, had been expecting it to earn 50 cents per share, according to Reuters Estimates.


Read more at Reuters.com Hot Stocks News

U.S. May housing starts fall 2.1 pct, permits up

(Reuters) - Building permits, which signal future construction plans, rose in May by 3.0 percent to a pace of 1.501 million units. Economists had been expecting the permits to hit a 1.471 million unit rate. Permits for single-family homes fell 1.8 percent to their lowest level since July 1997 but permits for multi-family units jumped 16.5 percent.




Tuesday's data comes a day after a report indicating that home-builder confidence is at its lowest level in over 16 years.


Read more at Reuters.com Economic News

Goldman Sachs, Fidelity May Be Forced to Cut Stakes in Indian Exchanges

(Bloomberg) -- Goldman Sachs Group Inc. and
Fidelity International Ltd. may be forced to pare their stakes
in India's biggest commodity exchanges should the government
push through a plan to cap investment.

The Reserve Bank of India may limit ownership in the
commodity bourses to 5 percent for a single investor, mirroring
rules set for stock exchanges, Yashwant Bhave, secretary at the
Department of Consumer Affairs, said in a June 14 interview.


Read more at Bloomberg Exclusive News

Best Buy post disappointing quarterly profit

(Reuters) - NEW YORK, June 19 - Top U.S. consumer electronics retailer Best Buy Co. Inc. on Tuesday posted a weaker-than-expected quarterly profit, dragged down by sales of lower margin products such as notebook computers and video game consoles.



Shares of Best Buy, whose rivals include Circuit City Stores , Tweeter Home Entertainment Group as well as Wal-Mart , slipped in early trade after the company also forecast a full year profit that also fell short of Wall Street analysts views.


Read more at Reuters.com Market News

Dollar Little Changed Versus Euro After Release of Housing, Permits Data

(Bloomberg) -- The dollar was little changed against
the euro after a government report showed housing starts last
month in the U.S. declined while building permits increased.

Housing starts decreased to an annual rate of 1.474 million
in May, a four-month low, from a revised 1.506 million the prior
month, the Commerce Department said in Washington. The median
forecast of 68 economists in a Bloomberg survey was for a rate of
1.472 million.


Read more at Bloomberg Currencies News

New age town in U.S. embraces dollar alternative

(Reuters) - So it is fitting that the artist's face adorns the 50 BerkShares note, one of five denominations in a currency adopted by towns in western Massachusetts to support locally owned businesses over national chains.




"I just love the feel of using a local currency," said Trice Atchison, 43, a teacher who used BerkShares to buy a snack at a cafe in Great Barrington, a town of about 7,400 people. "It keeps the profit within the community."


Read more at Reuters.com Bonds News

US STOCKS-Futures stay in red as Best Buy weighs

(Reuters) - But as the leading U.S. electronics chain Best Buy Co. Inc.
posted a quarterly profit below Wall Street's
expectations ahead of the housing data, futures remained in the
red.




S&P 500 futures were down 2.80 points, but above
fair value, a 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
25 points while Nasdaq 100 futures were down 6.50.


Read more at Reuters.com Bonds News

Eni declares force majeure at Nigeria oil plant

(Reuters) - Eni has declared force majeure on oil shipments from an oilfield station in Nigeria after the facility was attacked on Sunday, a company spokesman said on Tuesday.

The Ogbainbiri flow station in Bayelsa state was one of two oil plants in the Niger Delta invaded by armed men on Sunday. "It was declared after the attack," the Eni spokesman said.


Read more at Reuters Africa

Nickel Drops as Earlier Price Rally May Curb Usage; Copper, Zinc Decline

(Bloomberg) -- Nickel declined in London for a second
consecutive day on speculation stainless-steel makers will continue
to cut usage after an earlier price rally. Copper and zinc also fell.

Nickel's 19 percent gain this year has made the market
``overheated,'' analysts including Tobias Merath at Credit Suisse
Group in Zurich said. Such increases have reduced usage among
stainless-steel producers, which account for two-thirds of
consumption worldwide, Merath said today in a phone interview.


Read more at Bloomberg Commodities News

Euro Falls Versus Yen After German Investor Confidence Unexpectedly Drops

(Bloomberg) -- The euro fell the most in a week
against the yen after a report showed investor confidence in
Germany, Europe's largest economy, unexpectedly declined.

The single European currency was little changed versus the
dollar as optimism on the economy waned among analysts and
investors following a surge in bond yields to the highest in five
years. Rising borrowing costs for home buyers and businesses will
limit economic growth and weaken the European Central Bank's case
for raising interest rates.


Read more at Bloomberg Currencies News

Expedia, Lehman Brothers, Peabody, Tower, Yahoo: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 7:30 a.m. New York time.

Abraxis Inc. (ABAX US): The maker of blood analysis systems
said Chief Operating Officer Robert B. Milder is retiring
effective June 29. Shares rose 31 cents to $23.06 in regular
trading yesterday.


Read more at Bloomberg Stocks News

Actuant posts higher third-quarter profit

(Reuters) - Including items, net income for the third quarter rose to $29.6 million, or 95 cents a share, from $26.8 million, or 86 cents a share in the year-ago period.



Third quarter net sales rose to $385 million from $316.7 million a year ago.


Read more at Reuters.com Market News

Indian Stocks Gain, Led by ICICI Bank on Share Sale: World's Biggest Mover

(Bloomberg) -- India's Sensitive Index gained the
most in two months. ICICI Bank Ltd. led lenders higher after its
domestic share sale received bids for the entire offering within
20 minutes of the opening.

``All bank shares have gained because of the positive
sentiment generated by ICICI's quick share sale, which shows the
strong demand for banking stocks,'' said Navneet Munot, who
helps manage the equivalent of about $6 billion in assets at
Birla Sun Life Asset Management Co. in Mumbai.


Read more at Bloomberg Stocks News

Bond Selloff to Benefit Global Stocks as Economy Gathers Pace, HSBC Says

(Bloomberg) -- A selloff in bonds will benefit
stocks because it reflects stronger-than-estimated economic
growth and will prompt investors to switch to equities,
according to HSBC Holdings Plc.

Indexes worldwide fell earlier this month as yields on U.S.
10-year Treasuries reached a five-year high, eroding the appeal
of company dividends. Benchmarks rebounded last week after the
U.S. Federal Reserve said the world's biggest economy is growing
without causing inflation.


Read more at Bloomberg Stocks News

German court forces gas shippers to be transparent

(Reuters) - Three gas transport firms, ExxonMobil Gastransport ,
ExxonMobil/Shell joint venture BEB and VNG Ontras, had
complained about stipulations forcing them to cooperate with the
regulator in 2005, a complaint which the court threw out.




The regulatory authority started up two years ago and,
equipped with a brief to bring more competition, has enforced
many changes to the previously closed and fragmented gas
network, against opposition from established companies.


Read more at Reuters.com Government Filings News

Bakers Footwear to privately place $4 mln debentures

(Reuters) - Bakers expects the private placement to close within two
weeks.





Read more at Reuters.com Bonds News

Oil Little Changed as Nigerian Government, Union Talks Ease Strike Threat

(Bloomberg) -- Crude oil traded near a nine-month high
in New York after reports Nigerian unions had started talks with
the government to avert a strike that would affect Africa's largest
oil industry.

Nigeria's two main oil unions plan to meet the government and
hold internal talks today to decide on the strike tomorrow, Reuters
reported, citing Peter Akpatason, the president of the National
Union of Petroleum & Natural Gas Workers.


Read more at Bloomberg Energy News

Pan Pacific copper deal may hurt high-cost smelters

(Reuters) - Japan's top copper smelter, Pan Pacific Copper, has set mid-year copper fees with key miners, including mining giant BHP Billiton Ltd./Plc., at levels that may threaten high-cost refiners.

The low fees mean copper smelters at the higher end of the cost curve may face difficulties, but analysts said most would continue to operate, even at a loss, hoping for a change in market conditions.


Read more at Reuters Africa

UPDATE 1-Citigroup flags interest in German banks

(Reuters) - "We are not in any talks at all with Commerzbank," Sue
Harnett, Citi's Germany head, said on the sidelines of a press
conference, throwing cold water on recent rumours that Citi had
prepared a bid for the bank.




Citibank is interested in all banks in Germany that would be
for sale, Hartnett said.


Read more at Reuters.com Mergers News

Italy allows U.S. fund into Alitalia bidding again

(Reuters) - The Italian treasury, which has so far said that no new entrants would be allowed into the auction, said the firm could present a binding offer alongside the other bidders -- smaller Italian carrier Air One and Russian airline Aeroflot .




MatlinPatterson was earlier in a consortium with fellow U.S. private equity shop TPG , which withdrew from the auction last month citing difficulties with the conditions imposed by the Italian government.


Read more at Reuters.com Business News

German DAX Index Pares Gains After ZEW Index; Siemens Drops as Bayer Rises

(Bloomberg) -- German stocks erased earlier gains
after investor confidence in the country unexpectedly fell in
June. Siemens AG declined, while Bayer AG and SAP AG paced
rising shares.

The benchmark DAX Index dropped 8.40, or 0.1 percent, to
8027.72 at 11:31 a.m. in Frankfurt, ending a four-day winning
streak. DAX futures expiring in September also lost 0.1 percent.
The HDAX Index of the country's 110 biggest companies decreased
0.1 percent.


Read more at Bloomberg Stocks News

Heritage-Crystal files for $37 mln IPO

(Reuters) - The filing did not reveal how many shares the company
planned to sell or their expected price.





Read more at Reuters.com Bonds News