Brazil orders arrest of controllers over air chaos

(Reuters) - A work slowdown by controllers, most of them air force
officers, caused long flight delays and cancellations on Friday
for the fourth consecutive day. The controllers are demanding
higher pay, modern equipment and a lighter work load.




Angry passengers, many of whom slept on overcrowded airport
floors, have stormed airline counters and scuffled with company
officials in recent days.


Read more at Reuters.com Bonds News

S.Africa maize falls sharply with Chicago

(Reuters) - South African maize futures dived sharply on Friday, shadowing moves in the United States and ahead of a close-out of the most-active contract.

July white maize closed at 1,724 rand a tonne, shedding 2.38 percent and almost down by the daily limit of 45 rand, in anticipation of its expiry on Monday, dealers said.


Read more at Reuters Africa

UPDATE 1-Thomson Learning loan terms sweetened-sources

(Reuters) - A covenant, or term, was added, limiting the amount of
permitted leverage, the latest of a string of changes that
investors have demanded on the financing package for the buyout
of Thomson Corp.'s textbook publishing
business. Investors were asked to commit to the deal by noon on
Friday.




Under the added covenant, senior secured debt is limited to
no more than 8.25 times earnings before interest, taxes,
depreciation and amortization, sources said.


Read more at Reuters.com Bonds News

Coke may be eyeing Cadbury's Snapple: report

(Reuters) - "One source suggests it's a 'fair assumption' that Coke would have interest in Snapple," Beverage Digest reported.




Coke spokesman Ben Deutsch declined to comment.


Read more at Reuters.com Mergers News

US bankers, lawyers gear up for distressed M&A boom

(Reuters) - The prominent middle-market firm's bankers weren't on a
roadshow or due diligence trip. Instead they were conducting a
month-long seminar on Wall Street's hottest buzz phrase:
distressed mergers and acquisitions.




The seminar series was attended by thousands of lawyers,
investors, consultants and others, and it came complete with a
case study, 50-page glossy booklet and other materials.


Read more at Reuters.com Government Filings News

UAW leaders say strike an option in national talks

(Reuters) - The union begins contract talks with General Motors Corp. , Ford Motor Co. and Chrysler Group, which DaimlerChrysler AG AG is selling this summer.




Read more at Reuters.com Business News

US credit derivative indexes at 4-month wides

(Reuters) - The investment grade credit derivative index widened by
around half a basis point to be bid at 39.5 basis points, the
trader said.




The index of high volatility credits, which comprises
mainly "BBB"-rated swaps, widened one and a half basis points
to 97.5 basis points and the index of crossover credits reached
an all-time wide of 170 basis points, three basis points wider
on the day, the trader said.


Read more at Reuters.com Bonds News

UPDATE 1-Paulson sees signs of change in Macau banking

(Reuters) - "We're still engaging with Banco Delta Asia on certain
remedial actions that I think will ultimately lead to
behavioral change," he added.




But Paulson declined to answer a question on whether the
Treasury believed that North Korea had stopped its
counterfeiting and money laundering activities now that $25
million in previously frozen accounts at Banco Delta Asia had
been transferred back to North Korea.


Read more at Reuters.com Government Filings News

Coffee Falls in New York After Robusta Prices Ease From Nine-Year High

(Bloomberg) -- Coffee declined for the fourth time
in five days in New York as arabica beans moved in tandem with a
drop in robusta prices in London.

Robusta futures for September delivery fell as much as 2.1
percent on Euronext.liffe after climbing to the highest in nine
years on Vietnamese supply concerns. Robusta beans are used for
espresso and instant coffee. The arabica variety is used by
coffeehouse operators such as based Starbucks Corp. Arabica
futures in New York are down 1.5 percent this week.


Read more at Bloomberg Commodities News

IMF says US soft landing scenario likely amid risks

(Reuters) - At the same time, economic growth is "uncomfortably close"
to the 2 percent stall speed associated with past recessions,
the IMF said. In addition, cost pressures from rising energy
and food prices could spur inflation, particularly if the
productivity of U.S. workers fails to pick up, the world
financial body said.




But IMF officials said resilient consumer spending, revived
business investment, and increased export opportunities
provided by strong global growth should support an acceleration
in U.S. output.


Read more at Reuters.com Bonds News

UPDATE 1-IMF says US soft landing scenario likely amid risks

(Reuters) - "The most likely scenario is a soft landing as growth
recovers and inflation falls," the IMF said in a statement
summarizing staff views after a review of the U.S. economy.




At the same time, economic growth is "uncomfortably close"
to the 2 percent stall speed associated with past recessions,
the IMF said. In addition, cost pressures from rising energy
and food prices could spur inflation, particularly if the
productivity of U.S. workers fails to pick up, the world
financial body said.


Read more at Reuters.com Bonds News

UPDATE 1-Blackstone jumps over 20 percent in NYSE debut

(Reuters) - Common units of the highly anticipated issue shot as high
as $37.49 in early trade on the New York Stock Exchange, a 21
percent premium to the IPO price of $31 per unit.




The $4.13 billion offering, closely watched by Wall Street
to Washington, was the largest U.S. IPO in five years and the
sixth-biggest ever. People familiar with the offering said
Blackstone shares were about seven times oversubscribed,
indicating strong demand.


Read more at Reuters.com Mergers News

FACTBOX-Expected timetable in battle for ABN AMRO

(Reuters) - A Dutch court is due to rule on the sale of LaSalle. Here is
an expected timetable of events, based on information from the
companies, court, analysts and sources familiar with the
situation:




In next week -- Dutch advocate general expected to provide
opinion to Supreme Court on the contested sale of LaSalle to
Bank of America, which will be made public.


Read more at Reuters.com Mergers News

Blackstone raises $4.1 billion

(Reuters) - The pricing, closely watched by regulators and financial markets worldwide, proved demand for the offering was heavy despite pressure from Congress.




Blackstone's planned opening on the New York Stock Exchange on Friday is a watershed event for the booming private equity industry as it is the first major U.S. buyout firm to take part of itself public. Blackstone will trade under the symbol "BX".


Read more at Reuters.com Hot Stocks News

Coffee Futures Fall in London, Erasing Earlier Gain to Highest Since 1998

(Bloomberg) -- Robusta coffee futures fell, erasing
an earlier gain in London.

Robusta for delivery in September dropped $21, or 1.1
percent, to $1,908 a metric ton at 3:03 p.m. on Euronext.liffe.
Earlier, it rose to $1,945, the highest since May 18, 1998.


Read more at Bloomberg Commodities News

Gauge of U.S. economy inched down in latest week - ECRI

(Reuters) - The index's annualized growth rate was unchanged at 6.7
percent, although the previous week's number was revised down
from 6.9 percent.




"Notwithstanding sporadic concerns about the economy, WLI
growth is holding at a 37-month high," said Lakshman Achuthan,
managing director at ECRI. "Thus, U.S. economic growth is
poised to firm in the months ahead."


Read more at Reuters.com Economic News

Corus, EBay, InPhonic, Limited Brands, Sirius, XM: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 10:20 a.m. New York time.

Abercrombie & Fitch Co. (ANF US) fell $1.95, or 2.6 percent,
to $74.63. The casual clothing retailer for teens and college
students was cut to ``equal weight'' from ``overweight'' at
Lehman Brothers Holdings Inc. The company's same-store sales
could decline in the second and third quarters, and a later back
to school period could result in a ``disappointing'' July,
analysts wrote in a note.


Read more at Bloomberg Stocks News

Thomson Learning Drops $540 Million in Notes From LBO Bond Offering

(Bloomberg) -- Thomson Learning, the textbook and
educational testing unit of Thomson Corp., cut its bond offering
by $540 million to $1.6 billion and eliminated so-called toggle
notes from the sale, said KDP Investment Advisors Inc.

Proceeds are being used to finance the leveraged buyout of
the Thomson Learning and Nelson Canada assets by London-based
buyout firm Apax Partners and the Ontario Municipal Employees
Retirement System.


Read more at Bloomberg Bonds News

UPDATE 1-ACE Aviation to sell 70 pct of maintenance unit

(Reuters) - ACE, the parent company of Air Canada , said it
sold the interest in Air Canada Technical Services to
private investment firm Sageview Capital LLC and KKR Private
Equity Investors L.P., the publicly traded fund of Kohlberg
Kravis Roberts & Co.




According to ACE, the sales implies an enterprise value of
about C$975 million for 100 percent ownership of
ACTS on a cash and debt free basis.


Read more at Reuters.com Mergers News

Nymex Gasoline Price Advances as Refinery Production Declines Below Demand

(Bloomberg) -- Gasoline futures rose for a second
day on concern refineries aren't making enough of the fuel to
meet summer driving demand.

Demand for gasoline rose 104,000 barrels a day last week
and production rose 2,000 barrels a day, a U.S. Energy
Department report on June 20 showed. Refineries used 87.6
percent of their capacity last week, down 1.6 percentage points
from the previous week.


Read more at Bloomberg Energy News

Congo to cancel logging deals to protect forests

(Reuters) - Congo is ready to cancel more than half its timber contracts to protect the world's second biggest tropical forest but it wants more aid from foreign governments to help do so, the environment minister said.

Democratic Republic of Congo is carrying out a World Bank-sponsored review of 156 logging deals, most of them issued during the vast country's 1998-2003 civil war and a subsequent three-year transitional government.


Read more at Reuters Africa

Copper Rises in New York on Drop in Global Inventories, Threatened Strikes

(Bloomberg) -- Copper rose in New York as global
inventories declined and workers in Chile and Peru threatened
strikes that might disrupt supplies.

Stockpiles monitored by the London Metal Exchange, the
world's biggest metals market, fell 1.5 percent and Shanghai
inventories slumped 3.8 percent, the exchanges said today.
Copper, used in pipes and wiring, has climbed 19 percent this
year on possible mining strikes and surging demand.


Read more at Bloomberg Commodities News

U.S. judge accepts Parmalat injunction request

(Reuters) - An injunction was put in place in July 2004 and had been
extended several times.




Read more at Reuters.com Bonds News

US junk bond funds report $502.5 mln outflow-AMG

(Reuters) - Month to date, junk bonds have posted a loss of 1.33
percent, the worst performance of any major class of U.S.
bonds, according to Merrill Lynch data. Year to date,
investment returns on junk bonds are still positive, however,
at 3.43 percent.




Read more at Reuters.com Bonds News

U.K. FTSE 100 Index Declines, Led by National Grid Shares; Pearson Gains

(Bloomberg) -- U.K. stocks dropped, sending the
benchmark FTSE 100 Index lower for a fifth consecutive day.
National Grid Plc paced the retreat after Goldman, Sachs & Co.
recommended selling shares in the natural-gas pipeline operator.

Pearson Plc, Kingfisher Plc and Unilever paced advancing
shares.


Read more at Bloomberg Stocks News

U.S. Stocks Drop on Mortgage Concern; Bear Stearns, Citigroup Retreat

(Bloomberg) -- U.S. stocks fell on concern hedge-
fund losses at Bear Stearns Cos. may signal wider problems in
credit markets.

Bear Stearns, the second-biggest U.S. underwriter of
mortgage bonds, dropped after people with knowledge of the
company's proposal said it plans to take on $3.2 billion of
loans to stave off the collapse of a hedge fund. Citigroup Inc.,
JPMorgan Chase & Co. and Moody's Corp. also declined.


Read more at Bloomberg Stocks News

UPDATE 1-ICE to buy Winnipeg Commodity Exchange for C$40 mln

(Reuters) - The 120-year-old WCE, known for its flagship canola contract, had said
in April it hired an investment bank to look at its options because of
global consolidations among exchanges.




The deal, which ICE expects to close in the third quarter, must be
approved by two-thirds of the Winnipeg exchange's shareholders, the
majority of which are grain companies, the WCE said.


Read more at Reuters.com Mergers News

UPDATE 1-Argentine firm fails to buy GE's hydro business

(Reuters) - "The deal fell through," a Pescarmona spokesman told
Reuters, declining to provide further details.




GE Energy had said in December that the sale would have
included its worldwide hydro business, excluding operations in
Norway and Sweden.


Read more at Reuters.com Mergers News

CME urges CBOT members to vote in favor of merger

(Reuters) - ICE has been pursuing a hostile bid for CBOT since March. On Thursday, it sent a letter to CBOT members and shareholders urging them to vote against the CME-CBOT merger.




CME issued its response in the form of a letter on Friday, saying that a CME-CBOT merger would add significantly more value than the ICE offer, as well as immediate growth prospects with the lowest risk.


Read more at Reuters.com Mergers News

Brazil Real Falls on Speculation China to Raise Rates, Lower Equity Prices

(Bloomberg) -- Brazil's currency fell on concerns
that higher interest rates in China may damp demand for emerging
market assets. Local bond yields rose

Speculation the Chinese government may lift borrowing costs
this weekend to cool the economy and constrain a booming stock
market boom raised fears of an economic slowdown that could
weaken demand for Brazilian exports and its high-yielding
financial assets, said Mario Paiva, a currency strategist at
Liquidez DTVM in Rio de Janeiro.


Read more at Bloomberg Currencies News

Crude Oil Futures Increase as Nigerian General Strike Moves Into Third Day

(Bloomberg) -- Crude oil rose as a general strike in
Nigeria, Africa's biggest oil producer, continued for a third day
after the government and unions failed to reach an agreement over
an increase in fuel prices.

Yesterday, oil unions withdrew workers from export terminals
in a bid to halt shipments and intensify pressure on the new
administration of President Umaru Yar'Adua. About a third of the
nation's output was already halted by political and criminal
violence. The strike comes during the summer driving season, when
U.S. fuel consumption peaks.


Read more at Bloomberg Energy News

Pianalto-Fed wants efficient,effective credit flow

(Reuters) - While Pianalto focused on troubles in the subprime mortgage
market, she did not discuss the outlook for the U.S. economy or
monetary policy. A copy of her remarks was made available
ahead of delivery.




Read more at Reuters.com Bonds News

Metalico to privately place 5.2 mln shares at $7/shr

(Reuters) - The company said the purchase price for the acquisitions is
about $63 million.





Read more at Reuters.com Bonds News

Adelphia releases Time Warner Cable shares

(Reuters) - Media conglomerate Time Warner Inc. spun off 16 percent of it cable division this year.




Read more at Reuters.com Hot Stocks News

Yen hits fresh lows on quest for yield

(Reuters) - The yen weakened further on Friday, hitting a record low versus the euro and a 4-1/2 year trough against the dollar as investors chased high return assets at the expense of the low-yielding Japanese currency.

The high-yielding Australian and New Zealand dollars benefited from a continued vogue for carry trades, scoring fresh multi-year peaks against the yen and dollar.


Read more at Reuters Africa

Novartis gets U.S. FDA OK for gum to help quit smoking

(Reuters) - The strong mint-flavored nicotine replacement gum, Thrive, will be available in the market late 2007, the company said in a statement.



According to the Centers for Disease Control, smoking-related diseases claim the lives of an estimated 438,000 Americans each year, costing the U.S. more than $167 billion in health care and lost productivity expenses annually, the statement said.


Read more at Reuters.com Government Filings News

KKR planning an initial public offering: reports

(Reuters) - KKR declined to comment.




Read more at Reuters.com Business News

Mauritius Telecom 2006 pre-tax profits up 22 pct

(Reuters) - Mauritius Telecom's pre-tax profits jumped 22 percent to 2.41 billion rupees in 2006 from 1.96 billion rupees a year earlier despite tough competition, the company has said.

It did not say explicitly where the profit had been earned, but noted growth in its mobile, broadband and "converging technologies" business sectors.


Read more at Reuters Africa

Prices flat, rate and fund worries linger

(Reuters) - Given the lack of major economic reports, Treasuries will likely take directions from stocks, oil and overseas debt, analysts said.




Bond prices retreated from overseas gains tied to stronger Bunds in reaction to a surprising weak reading of German business confidence in June.


Read more at Reuters.com Hot Stocks News

EU experts back 8 new drugs, 3 biosimilars

(Reuters) - It also recommended Novartis AG's Rasilez,
Enviage, Sprimeo, Tekturna and Riprazo for hypertension and
three biosimilar medicines -- Binocrit from Sandoz GmbH, Epoetin
alfa Hexal from Hexal Biotech Forschungs GmbH, and Abseamed from
Medice Arzneimittel Pütter GMBH & Co.




Recommendations for marketing approval by the Committee for
Medicinal Products for Human Use are normally endorsed by the
European Commission within 90 days.


Read more at Reuters.com Government Filings News

Jones Apparel near $825 mln Barneys sale: NYT

(Reuters) - Jones Apparel did not immediately return a call seeking comment. A spokeswoman for Istithmar in Dubai declined to comment, saying that Friday was a day of prayer and rest in Dubai.




Istithmar, which has a global real estate portfolio valued at $7 billion to $8 billion, including prime properties in London and New York, has been aggressively buying up U.S. property and other assets over the past year. The investment firm owns off-price apparel retailer Loehmann's Holdings Inc. and a major stake in the Mandarin Oriental New York hotel.


Read more at Reuters.com Business News

Jones Apparel near Barneys sale: report

(Reuters) - Jones Apparel did not immediately return a call seeking comment. A spokeswoman for Istithmar in Dubai declined to comment, saying that Friday was a day of prayer and rest in Dubai.




Istithmar, which has a global real estate portfolio valued at $7 billion to $8 billion, including prime properties in London and New York, has been aggressively buying up U.S. property and other assets over the past year. The investment firm owns off-price apparel retailer Loehmann's Holdings Inc. and a major stake in the Mandarin Oriental New York hotel.


Read more at Reuters.com Bonds News

Russian Benchmark Index Rises, Led by Norilsk Nickel on Nickel Price

(Bloomberg) -- Russian stocks climbed, led by shares
of OAO GMK Norilsk Nickel, Russia's biggest mining company, after
nickel prices rose in London.

The ruble-denominated Micex Index climbed 0.5 percent to
1682.30 at 1:07 p.m. in Moscow. Twenty-one stocks advanced and
nine retreated. The dollar-denominated RTS Index added 0.1
percent to 1895.79.


Read more at Bloomberg Emerging Markets News

English Smoking Ban on July 1 May Squeeze Short Sales of Imperial, BAT

(Bloomberg) -- Smoking bans are meant to be good for
public health. In Europe, they haven't been too bad for tobacco
companies either.

Shares of London-based British American Tobacco Plc and
Imperial Tobacco Group Plc have more than doubled since smoking
bans were first implemented in 2004, as producers adjusted by
raising prices. Prohibitions on public smoking, along with
advertising bans and tax increases, have narrowed their market to
the most addicted smokers who are willing to pay whatever price
to get their nicotine fix.


Read more at Bloomberg Exclusive News

Robusta Coffee Futures Rise in London to Nine-Year High on Supply Concern

(Bloomberg) -- Robusta coffee futures rose for a
third consecutive day in London, trading at a nine-year high, on
speculation global supplies won't meet demand.

European stockpiles of the beans declined 12 percent this
year, London's Euronext.liffe exchange said on its Web site
after trading ended yesterday. Robusta has jumped 22 percent in
2007 on dwindling supplies from Vietnam, the biggest producer,
which has exported almost all of its last harvest.


Read more at Bloomberg Commodities News

Canadian Dollar Volatility Surges as Investors Buy Protection Amid Surge

(Bloomberg) -- Volatility on options for the
Canadian dollar is at the highest since January as investors use
the derivatives to protect against the greater-than-anticipated
rally against the U.S. currency.

Futures traders, who speculate on currencies, now hold
record bets Canada's currency will strengthen, a reversal from
record so-called net shorts in January, according to figures from
the Washington-based Commodity Futures Trading Commission.


Read more at Bloomberg Currencies News

U.S. Mortgage Deterioration Are `Tip of the Iceberg,' Bank of America Says

(Bloomberg) -- Losses in the U.S. mortgage market
may be the ``tip of the iceberg,'' Bank of America Corp. analysts
said today in a note for clients.

Higher interest rates have yet to filter through to many
home owners who took out adjustable-rate mortgages, the
Charlotte, North Carolina-based bank said.


Read more at Bloomberg Stocks News

Platinum Rises as Industrial Users May Hoard the Metal; Palladium Falls

(Bloomberg) -- Platinum climbed for a second
consecutive day in London on speculation industrial users will
hoard the precious metal in anticipation of a strike in South
Africa, the largest producer. Palladium dropped.

The one-month interest rate to borrow rhodium, a metal
that's mined from the same ore bodies as platinum in South
Africa, has soared this week to an annual rate of 30 percent,
from 18 percent last week, said Mark Augustynak, a trader at
Natixis Commodity Markets Ltd. in London. South Africa is also
the biggest producer of rhodium.


Read more at Bloomberg Commodities News

Alexion wins EU approval for blood disorder drug

(Reuters) - The biotechnology company said the European Commission had approved its drug, which is already approved in the United States, for PNH, which destroys red blood cells.



Alexion, based in Cheshire, Connecticut, said it aimed to launch Soliris in one or more major European markets by the end of 2007.


Read more at Reuters.com Government Filings News

Shares set for weak start; eyes on Blackstone

(Reuters) - Investor focus is likely to be on private equity group Blackstone , which makes its debut on the New York Stock Exchange after its initial public offering at $31 a share valued it at $33.48 billion and marked a watershed for the booming private equity industry.




"The Street is talking of an opening $2 to $3 higher, and it's clear that those who got in early will make money," Steve Previs of Jefferies International said.


Read more at Reuters.com Hot Stocks News