TNT takes 25 pct stake in German mail delivery firm

(Reuters) - The deal is part of a strategic alliance with S?ddeutscher Verlag and Ippen Publishing Group, which jointly own ecoflash Briefservice GmbH.



It did not provide financial details.


Read more at Reuters.com Mergers News

UPDATE 1-Sunrise adds KPMG veteran to board amid probe

(Reuters) - The board of the troubled senior living chain appointed
Stephen Harlan, a former vice chairman of KPMG Peat Marwick, to
the new seat. He was named a member of the audit committee and
will play a key role in the company's restatement of several
years of financial results.




Harlan comes to Sunrise amid the tumult of a U.S.
Securities and Exchange Commission probe into accounting,
insider stock sales and the options grant timing; earnings
restatements; and the recent sacking of the company's chief
financial officer.


Read more at Reuters.com Government Filings News

Nymex Gas Rises on Expectation of Stronger Demand as Weather Gets Warmer

(Bloomberg) -- Natural gas rose in New York as
buyers shrugged off a government report showing storage rose more
than expected, turning instead to the likelihood of searing
summer heat and disruptions caused by potential hurricanes.

``Summer has just officially started and there is certainly
plenty of time for a weather situation to impact the market,''
John Kilduff, vice president of risk management at Man Financial
Inc. in New York, said before the report. ``We need to have a
record amount of storage going into winter once again and heat
spikes we get can really stress that ability.''


Read more at Bloomberg Energy News

UPDATE 1-News Corp. to explore options for outdoor ad group

(Reuters) - News Outdoor, based in Moscow, has 4,500 employees and
operates 50,000 advertising displays in more than 300 cities.




The company said it also has operations in Poland, Czech
Republic, Romania, Ukraine and Bulgaria.


Read more at Reuters.com Mergers News

UPDATE 1-FHLB sells $3 billion 7-year global bonds

(Reuters) - The 5.50 percent bonds were priced at 99.984 to yield 5.504
percent, or 45.5 basis points over U.S. Treasuries. Settlement
is June 22.




FHLB said in a press release that 46 percent of the bonds
were sold in the United States, 33 percent in Asia, 9 percent
in Europe and 12 percent to other investors, based on
preliminary data.


Read more at Reuters.com Bonds News

Bear still hoping to restructure funds: source

(Reuters) - Blackstone declined to comment. Bear Stearns was not immediately available for comment.




Read more at Reuters.com Bonds News

Jefferies buys Putnam Lovell investment banking

(Reuters) - NEW YORK, June 21 - New York-based investment bank Jefferies Group Inc. said on Thursday it acquired the Putnam Lovell investment banking business from Canada's National Bank Financial Group . Terms were not disclosed.



The Putnam Lovell investment banking business is a mergers and acquisitions adviser to the financial services sector, with bankers located in New York, London and San Francisco.


Read more at Reuters.com Bonds News

Corporate Debt Risk Jumps Worldwide on Concern Over Bear Stearns Funds

(Bloomberg) -- The perceived risk of owning
corporate debt soared worldwide on concern that the collapse of
two hedge funds run by Bear Stearns Cos. may cause a chain
reaction that sparks losses for other hedge funds and the banks
that finance them.

Credit-default swaps based on $10 million of debt in the CDX
North America Crossover index of 35 companies surged as much as
$10,000 to a nine-month high of $179,000, according to Deutsche
Bank AG. In Europe, the iTraxx Crossover Series 7 Index of 50
European companies jumped as much as 16,000 euros ($21,400) to
216,000 euros, the biggest one-day rise in three months,
according to Deutsche Bank.


Read more at Bloomberg Bonds News

CEZ Plans to Start Trading Natural Gas, Coal, Hires More Energy Traders

(Bloomberg) -- CEZ AS, the Czech Republic's biggest
power company, is planning to start trading natural gas and
financial coal contracts this year to benefit from price
movements and to hedge supplies.

``We need to hedge our positions on the fuel side and it's
a way to get to know the gas market,'' Alan Svoboda, CEZ's
executive director of sales and trading, said yesterday in an
interview in Monaco.


Read more at Bloomberg Energy News

U.S. Stocks Gain, Led by Energy Producers as Crude Oil Rises; Exxon Climbs

(Bloomberg) -- U.S. stocks rose, led by energy
producers, after the price of crude oil approached $70 a barrel.

Exxon Mobil Corp., the biggest energy producer, and Chevron
Corp., the second largest, advanced.


Read more at Bloomberg Stocks News

Quest Software to acquire ScriptLogic for $90 mln in cash

(Reuters) - ScriptLogic, which had revenue of around $20 million last
year, provides solutions for Microsoft Windows-based networks
and has more than 19,000 customers, including many leading
small and medium-sized businesses, the company said.





Read more at Reuters.com Mergers News

News Corp. to explore options for outdoor ad group

(Reuters) - The company said it also has operations in Poland, Czech Republic, Romania, Ukraine and Bulgaria.




Read more at Reuters.com Mergers News

A.G. Edwards posts higher first-quarter results

(Reuters) - A.G. Edwards said first-quarter net was $83 million or $1.10 a share, compared with $78 million or $1.01 a share in the year-earlier quarter.



) Keywords: AGEDWARDS RESULTS/


Read more at Reuters.com Mergers News

Braskem, Cosan, Petroleo Brasileiro and Votorantim: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index fell for a
third day, led by sugar and ethanol producer Cosan SA Industria &
Comercio.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 97.60, or 0.2 percent, to 53,931.64 as of 10:00 a.m.
New York time.


Read more at Bloomberg Stocks News

ISS says Icahn's Lear bid not high enough

(Reuters) - A special committee of the Lear board supports the bid, while one of Lear's largest shareholders, Pzena Asset Management, in a statement on Tuesday said the Icahn offer was too low.




Icahn was not immediately available for comment. But Lear officials said ISS was not taking into account the challenges the company faces in remaining independent in a tough auto supplier market.


Read more at Reuters.com Business News

U.S. subprime woes to test European credit nerves

(Reuters) - U.S. sub-prime mortgage sector woes have resurfaced after several Wall street banks unwound positions in two Bear Stearns hedge funds that were heavily invested in the riskiest U.S. home loans.




That has added to recent worries about rising interest rates, after the yield on 10-year benchmark U.S. Treasuries shot up to five-year highs around 5.30 percent earlier this month.


Read more at Reuters.com Bonds News

MasterCard, FIFA settle World Cup sponsor fight

(Reuters) - Financial terms of the settlement were not immediately
disclosed.




Read more at Reuters.com Bonds News

H&R Block subprime mortgage unit's value falls

(Reuters) - That means the takeover value of the business dropped by $300 million, or 21 percent, since Block announced a deal on April 20 to sell the unit to Cerberus.




"This was a really rough quarter for the subprime industry overall," H&R Block Chief Executive Mark Ernst said.


Read more at Reuters.com Bonds News

UPDATE 1-H&R Block subprime mortgage unit's value falls

(Reuters) - Chief Financial Officer Bill Trubeck, speaking to analysts
on a conference call, said the unit, Option One Mortgage Corp.,
had $1 billion of current assets, $705 million of noncurrent
assets and $610 million of liabilities. That yields an
estimated net asset value of $1.1 billion.




That means the takeover value of the business dropped by
$300 million, or 21 percent, since Block announced a deal on
April 20 to sell the unit to Cerberus.


Read more at Reuters.com Market News

South Africa's Cell C Phone Company May Default Within Year, Moody's Says

(Bloomberg) -- Cell C Ltd., South Africa's third-
biggest mobile phone company, may default on $805 million of
bonds within the next year as the company fails to generate
enough cash to pay interest, Moody's Investors Service said.

Moody's downgraded Cell C's credit rating on May 21
indicating the company was ``very close to a default,'' Craig
Jamieson, a credit analyst for Moody's in South Africa, said in
an interview in Johannesburg. The company may default ``within
the next year,'' he said. Cell C says it is confident it can
meet its repayment obligations.


Read more at Bloomberg Emerging Markets News

Gold, Silver Fall in New York as Interest-Rate Outlook Bolsters Dollar

(Bloomberg) -- Gold and silver fell in New York on
speculation a pickup in the U.S. economy may keep the Federal
Reserve from cutting interest rates, boosting the dollar and
reducing the metals' appeal as alternative investments.

Gold generally moves in the opposite direction of the
dollar, which rose for the first day in five against a basket of
six major currencies. Before today, gold had gained 3.4 percent
this year, while the dollar index had dropped 1.4 percent.


Read more at Bloomberg Commodities News

Canada Stocks May Rise, Led by BCE; Rate Sensitive Shares May Limit Gains

(Bloomberg) -- Canadian stocks may rise on takeover
speculation after BCE Inc., Canada's largest phone company, said
it's in talks about a possible sale to Telus Corp., the fourth
party to consider what would be the country's biggest buyout.

Canadian Natural Resources Ltd. may lead energy shares higher,
after crude oil prices approached $70 a barrel. Gains in the market
may be limited as interest-rate sensitive financial shares decline
on rising bond yields in the U.S., the world's largest economy.


Read more at Bloomberg Stocks News

Bond Risk Rises Worldwide on Concern Over Bear Stearns Hedge-Fund Losses

(Bloomberg) -- The perceived risk of owning
corporate bonds soared worldwide on concern over losses at hedge
funds run by Bear Stearns Cos.

Credit-default swaps based on 10 million euros ($13
million) of debt included in the iTraxx Crossover Series 7 Index
of 50 European companies jumped as much as 16,000 euros to
216,000 euros, the biggest one-day rise in three months,
according to Deutsche Bank AG. The CDX Crossover index in New
York surged as much as $10,000 to a nine-month high of $178,000.


Read more at Bloomberg Currencies News

Newfield to sell GoM assets to McMoRan for $1.1 bln

(Reuters) - Newfield, in a statement, said it will use the proceeds to finance the previously announced acquisition of Rocky Mountain properties from Stone Energy Corp. .




McMoRan also agreed to acquire a 50 percent interest in Newfield's non-producing exploration leases on the shelf and certain interests in leases associated with Newfield's Treasure Island ultra-deep prospect inventory.


Read more at Reuters.com Mergers News

UPDATE 1-Canada retail sales growth slows in April

(Reuters) - Statistics Canada reported that strong new car sales
largely explained the third consecutive increase in retail
sales. But excluding the auto sector, which saw gains of 1.6
percent, sales were flat in the month.




Analysts had forecast, on average, a 1.1-percent gain in
total retail sales and a 0.5-percent increase excluding autos.
The weak April data followed a 1.8 percent jump in March retail
sales, revised from 1.9 percent previously.


Read more at Reuters.com Economic News

Telus CEO says merger with BCE "compelling"

(Reuters) - "Telus believes the combination of the two businesses would represent a compelling strategic and financial opportunity for all BCE and Telus stakeholders," Telus Chief Executive Darren Entwistle said in a statement.




"It would be an all Canadian solution for both immediate and long-term value creation, whilst ensuring a vibrant player continues in this increasingly competitive industry."


Read more at Reuters.com Business News

World needs rules for burying greenhouse gases: IEA

(Reuters) - The IEA said pilot projects for capturing gases -- emitted
mainly by burning fossil fuels in power plants, refineries, and
factories -- now accounted for just 0.05 percent of the
potential total by mid-century.




"There is a need...for a worldwide agreement on the legal
challenges," Claude Mandil, executive director of the IEA,
which advises 26 industrialized nations, told a news briefing
in Oslo during a conference on carbon capture and storage.


Read more at Reuters.com Government Filings News

Titanium raises $120 mln in IPO, eyes acquisitions

(Reuters) - At 1230 GMT, shares in the Delaware-based company were
quoted at $5.50/$7.50. Titanium placed 20 million units -- each
comprising one share and one warrant -- at $6 apiece.




Israel's Clal Finance Ltd, a subsidiary of Clal Insurance
Enterprises Holdings , one of Israel's largest
insurance companies, bought a 50.5 percent stake in Titanium
with the remainder being placed with institutional investors.


Read more at Reuters.com Mergers News

H&R Block posts loss on subprime woes

(Reuters) - June 21 - H&R Block Inc. , the largest U.S. tax preparer, said its quarterly net income from continuing operations rose 9 percent, helped by a strong performance at its consumer financial services division. Earnings from continuing operations rose to $591.2 million, or $1.81 a share, from $541.7 million, or $1.63, a year earlier, for the Kansas City, Missouri-based company's fiscal fourth quarter ending April 30.



Revenue rose 8 percent to $2.4 billion.


Read more at Reuters.com Bonds News

U.S. Stock Futures Fall on Rising Oil, Mortgage Concern; Citigroup Slips

(Bloomberg) -- U.S. stock-index futures fell after
oil approached $70 a barrel and concern spread that losses in
mortgage securities will reduce profits at financial firms.

Citigroup Inc., American International Group Inc. and
JPMorgan Chase & Co. declined in Europe. Home Depot Inc., the
largest home-improvement chain, and Nokia Oyj, the biggest
mobile-phone maker, slipped after analysts cut their
recommendations on the shares.


Read more at Bloomberg Stocks News

Jobless claims rose 10,000 last week

(Reuters) - Wall Street analysts had forecast a slight rise in claims to 312,000 from an initial reading of 311,000 in the week ended June 9.




The closely watched four-week moving average of initial jobless claims, which flattens weekly fluctuations and gives a better sense of what is happening to underlying employment, rose for the fourth consecutive week, rising to 314,500 from 312,000 the prior week.


Read more at Reuters.com Business News

Bell Industries to sell some assets to Sprint Nextel

(Reuters) - Bell said it will receive an initial payment of $12.5
million on closing of the deal, with the remainder becoming
payable 18 months after closing, subject to certain
conditions.





Read more at Reuters.com Mergers News

Corporate Bond Risk Rises on Concern Over Bear Stearns Hedge-Fund Losses

(Bloomberg) -- The perceived risk of owning
corporate bonds soared worldwide on concern over losses at hedge
funds run by Bear Stearns Cos.

Credit-default swaps based on 10 million euros ($13
million) of debt included in the iTraxx Crossover Series 7 Index
of 50 European companies jumped as much as 16,000 euros to
216,000 euros, the biggest one-day rise in three months,
according to Deutsche Bank AG. The CDX Crossover index in New
York surged as much as $10,000 to a nine-month high of $178,000.


Read more at Bloomberg Bonds News

RayBan owner Luxottica to buy Oakley for $2.1 bln

(Reuters) - Luxottica will buy all the outstanding shares of Oakley for $29.30 per share, the companies said in a joint statement.




The offer represents a 16.1 percent premium to Oakley's Wednesday close of $25.23 on the New York Stock Exchange.


Read more at Reuters.com Business News

AES, Andersons, Brookfield, Esco, H&R Block, Oakley: 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 7:35 a.m. New York time.

AES Corp. (AES US): The U.S. power producer with operations
in more than 25 countries had a $455 million first-quarter net
loss on costs related to the sale of its Venezuela utility to the
South American country's government. The stock dropped 58 cents
to $21.16 yesterday.


Read more at Bloomberg Stocks News

J.M. Smucker quarterly profit up 19 percent

(Reuters) - NEW YORK, June 21 - J.M. Smucker Co. posted a 19 percent rise in quarterly profit Thursday on strong sales of its Jif, Smucker's and Pillsbury brands.



The peanut butter and jelly maker said net income for the fiscal fourth quarter that ended April 30, was $42.5 million, or 75 cents per share, compared with $35.7 million, or 62 cents per share, a year earlier.


Read more at Reuters.com Market News

S.Africa government bonds extend losses, rand weakens

(Reuters) - South African government bonds extended early weakness on Thursday, knocked by rising U.S. Treasury yields and expectations of higher interest rates.

Yields on the short-dated R153 due 2010 were up 17 basis points at 9.01 percent at 1138 GMT compared to Wednesday's close -- the highest level since August 2004, according to Reuters data.


Read more at Reuters Africa

Goldman ups bid for Italian property funds

(Reuters) - The move follows Pirelli RE's increase on Wednesday of its offer for Tecla to 678 euros for each unit and to 685 euros per unit for Berenice.




Trading in both funds was suspended on Thursday pending the statement and will resume trading at 1430 GMT, the Italian exchange said.


Read more at Reuters.com Mergers News

Competition to crimp Talanx profit growth in 2007

(Reuters) - Talanx has gotten out of some businesses, which will be
reflected in lower 2007 premiums, Haas said.




Talanx reinsurance unit Hannover Re sold its U.S.
specialty business, Praetorian, for example.


Read more at Reuters.com Mergers News

UPDATE 1-U.S. disaster insurance prices high - Hannover Re

(Reuters) - Hannover Re Chief Executive Wilhelm Zeller said prices for
catastrophe insurance being renewed in June and July were
surprisingly high.




"We continue to expect sufficiently prices," Zeller
told journalists on the margins of a Talanx news conference in
Hanover. Talanx controls Hannover Re.


Read more at Reuters.com Mergers News

UPDATE 1-Pier 1 quarterly loss widens, to close more stores

(Reuters) - In a regulatory filing on Thursday, the company said it
expects to close 100 stores rather than the 60 it had
previously planned and cut some more jobs. The company did not
specify how many jobs it planned to cut.




Related to these actions, it sees additional expenses of
about $10 million beginning in the second quarter but mainly in
the third quarter.


Read more at Reuters.com Market News

UPDATE 1-H&R Block Q4 net income from cont ops rises 9 percent

(Reuters) - Earnings from continuing operations rose to $591.2 million,
or $1.81 a share, from $541.7 million, or $1.63, a year
earlier, for the Kansas City, Missouri-based company's fiscal
fourth quarter ending April 30.




Revenue rose 8 percent to $2.4 billion.


Read more at Reuters.com Market News

Pier 1 quarterly loss widens

(Reuters) - Related to these actions, it sees additional expenses of about $10 million beginning in the second quarter but mainly in the third quarter.




For the first quarter, net loss widened to $56.4 million, or 64 cents a share, from $23.2 million, or 27 cents a year ago.


Read more at Reuters.com Business News

Gold Falls a Second Day as Dollar Gains on U.S. Growth; Silver Declines

(Bloomberg) -- Gold fell a second day in London as
expectations of U.S. economic growth buoy the dollar, reducing
demand for the precious metal as an alternative investment.
Silver also declined.

Gold dropped the most since June 8 yesterday on speculation
higher U.S. bond yields will boost the dollar. The dollar gained
for a second day today before U.S. reports on manufacturing and
the future direction of the economy that are expected to signal
growth, Bloomberg surveys of economists show.


Read more at Bloomberg Commodities News

Shire gets U.S. approval signal on new ADHD drug

(Reuters) - LONDON, June 21 - Shire Plc said on Thursday the U.S. Food and Drug Administration intended to approve Intuniv, its extended-release, non-stimulant treatment for attention deficit hyperactivity disorder .



Britain's third-biggest drugmaker said it had received an "approvable letter" from the U.S. medicines regulator for Intuniv, formerly known as Connexyn, signaling it will approve a new drug pending further information.


Read more at Reuters.com Government Filings News

UPDATE 1-China says cancels debt owed by Iraq

(Reuters) - "China has always been supportive and has participated in
the rebuilding of Iraq," foreign ministry spokesman Qin Gang
told a regular news conference.




"We will reduce or forgive Iraq's debt on a large scale,
and help it to train people in the fields of economics,
electrical power, diplomacy and management," Qin said, adding
that Chinese companies were also willing to participate in the
rebuilding.


Read more at Reuters.com Bonds News

Nikko Cordial expects Q1 op profit to rise 50 pct

(Reuters) - Demand for investment trusts, which are like mutual funds in
the U.S., are growing in Japan as more people shift their money
from low-interest savings accounts to earn better returns.




Nikko has also benefited from deregulation that has made it
possible to sell investment trusts and other products at the
thousands of bank branches across the country.


Read more at Reuters.com Market News

Bank Hapoalim, Leumi Shares Downgraded at Deutsche Bank on Growth Outlook

(Bloomberg) -- Bank Hapoalim Ltd. and Bank Leumi Le-
Israel Ltd., Israel's two largest banks, had their share ratings
lowered to ``hold'' from ``buy'' at Deutsche Bank AG, citing
prospects for slowing income growth.

Shares of Hapoalim, Israel's No. 1 lender, will probably
trade at 23.3 shekels in the next 12 months, down from a previous
forecast of 26.6 shekels, Dan Harverd, an analyst at Deutsche
Bank in Tel Aviv, said in an e-mailed report today. Harverd
reiterated his 18-shekel share-price estimate for Bank Leumi.


Read more at Bloomberg Stocks News

H&R Block Q4 net income from cont ops rises 9 percent

(Reuters) - Revenue rose 8 percent to $2.4 billion.




Read more at Reuters.com Bonds News

Dong Strike Continues Forcing Denmark's Coal-Fired Power Plants to Use Oil

(Bloomberg) -- Dong Energy A/S, the Danish state-
owned utility that's planning to sell shares to the public, said a
strike at its power stations continued for a second day forcing
the company to use oil at six coal-fired plants.

The 200 workers, about 10 percent of the plants' labor force,
showed up this morning and decided to leave again after brief
meetings, Jens Nybo Jensen, a spokesman for Hoersholm, Denmark-
based Dong, said by telephone.


Read more at Bloomberg Energy News