Japan Energy to Cut Crude Oil Processing by 3 Percent in July to September

(Bloomberg) -- Japan Energy Corp., the refining unit
of Nippon Mining Holdings Inc., will cut crude processing 3
percent in the third quarter this year as it processed more oil
in the previous quarter.

Japan Energy, the nation's sixth-biggest refiner, aims to
process 5.63 million kiloliters in July to September, spokesman
Masaki Takata said by phone today. Japan Energy refined 3 percent
more oil in the April to June period, using 4.68 million
kiloliters of oil, he said.


Read more at Bloomberg Energy News

Cheyne Capital Fund Loses Net 67.7 Million Euros in Subprime Slump

(Bloomberg) -- Queen's Walk Investment Ltd., a fund
run by London-based Cheyne Capital Management Ltd. that buys the
riskiest portions of bonds backed by mortgages, said it made a
net loss of 67.7 million euros ($91 million) in the year ending
March 31.

To contact the reporter on this story:
Neil Unmack in London at
nunmack@bloomberg.net


Read more at Bloomberg Bonds News

Japanese Stocks Fall, Led by Property Developers; Takeda, Victor Advance

(Bloomberg) -- Japanese stocks declined, led by
property developers including Mitsubishi Estate Co., as
investors shifted funds out of shares that may be hurt by the
trend of increasing interest rates.

Some exporters such as Advantest Corp. and Fanuc Ltd.
gained as investors judged the benefit of a weaker yen
outweighed the risk defaults in the U.S. will curb consumer
spending in Japan's largest overseas market.


Read more at Bloomberg Stocks News

Asian markets sag after U.S. fall, yen under pressure

(Reuters) - Demand for high-yielding currencies kept the yen pinned near an all-time low versus the euro and a 4-1/2-year low against the dollar. The Bank of Japan, unlike other central banks, was seen in no hurry to raise interest rates.




Oil prices slid below $71 a barrel following an end to a strike in Nigeria that had threatened to disrupt oil exports, while gold took a breather after rising in New York.


Read more at Reuters.com Hot Stocks News

Oil slides 0.8 percent as Nigerian strike ends

(Reuters) - Oil prices fell by more than half a dollar to below $71 a barrel on Monday as Nigerian unions ended a strike that had threatened to disrupt oil exports.

Benchmark London Brent crude for August fell 59 cents or 0.83 percent to $70.59 a barrel by 0143 GMT. The contract touched a 10-month high of $72.25 a barrel early last week as dealers fretted over the potential impact of the general strike.


Read more at Reuters Africa

FACTBOX: China's property market cooling measures

(Reuters) - Following are some of the steps taken to date to cool the economy and property sector.




June 18, 2007 - China's banking regulator says it has punished the branches of eight banks for extending loans that were illicitly used for property and stock market investments


Read more at Reuters.com Bonds News

Home Resales in U.S. Probably Fell to Four-Year Low in May, Survey Shows

(Bloomberg) -- Home resales dropped in the U.S.
last month as demand remained near a four-year low, reinforcing
concerns about a protracted housing slump, economists said
before an industry report today.

The National Association of Realtors may report home
resales fell 0.3 percent to an annual rate of 5.97 million, the
lowest since June 2003, according to the median forecast of 55
economists in a Bloomberg News survey.


Read more at Bloomberg Bonds News

Dobson Communications considers sale-WSJ

(Reuters) - Dobson, based in Oklahoma City, primarily serves rural
markets. A Dobson spokesman did not immediately return a call
seeking comment.




Shares of the company closed Friday at $10.09 on the
Nasdaq.


Read more at Reuters.com Bonds News

U.K. Pound May Gain on Speculation BOE to Resume Raising Interest Rates

(Bloomberg) -- The U.K. pound may gain on
speculation Bank of England Governor Mervyn King will this week
reiterate that the central bank is ready to raise the highest
interest rates among the Group of 7 nations even more.

The pound climbed last week after minutes of the bank's June
policy meeting showed King was among policy makers who backed
higher borrowing costs. King is due to testify in Parliament this
week. Nationwide Building Society will this week probably say
U.K. house prices quickened for the fourteenth month during June,
according to economists in a Bloomberg survey.


Read more at Bloomberg Currencies News

Japan's Topix Drops, Led by Property Developers; Takeda, Nintendo Gain

(Bloomberg) -- Japan's Topix index declined, led by
property developers such as Mitsubishi Estate Co., as investors
shifted funds out of shares that may be hurt by the trend of
increasing interest rates.

Limiting losses, some exporters such as Advantest Corp. and
Fanuc Ltd. gained as investors judged the benefit of a weaker
yen outweighed the implications of mortgage defaults in the U.S.


Read more at Bloomberg Stocks News

France Selling Its 7 Percent Stake in France Telecom as Sarkozy Cuts Debt

(Bloomberg) -- The French government is selling as
much as 7 percent of France Telecom SA, a stake worth about 3.8
billion euros ($5.1 billion), as newly elected President Nicolas
Sarkozy seeks to reduce debt before implementing tax cuts.

France will sell between 130 million and 180 million shares
in Paris-based France Telecom, cutting its stake in Europe's
third-biggest phone company to as low as 25.5 percent, Finance
Minister Christine Lagarde said in an e-mailed statement late
yesterday. The government will remain a ``significant
shareholder'' for ``the medium term,'' she said.


Read more at Bloomberg Bonds News

Interest Rates Will Rise in `Golden Age' of Global Expansion, BIS Reports

(Bloomberg) -- Central banks will need to continue
raising interest rates to quell inflation as the ``golden age''
of global economic expansion continues, the Bank for
International Settlements said.

``Inflationary pressures might turn out to be more
significant than anticipated,'' BIS General Manager Malcolm
Knight told a press conference in Basel, Switzerland, yesterday.
``Authorities should continue gradually to normalize the level of
policy interest rates'' as the global economy extends what ``may
well go down in history as a `golden age.'''


Read more at Bloomberg Currencies News

Asian Shares Decline on Concern Over U.S. Home Sales; Taiwan Stocks Climb

(Bloomberg) -- Asian shares fell, led by Toyota
Motor Corp. and BHP Billiton Ltd., on concern figures this week
will show a drop in U.S. home sales, signaling declining demand
in the region's largest export market.

``Stocks globally take a fall every time there's more bad
news on U.S. housing-related or lending data because there's a
threat that this may spill over into other parts of the
economy,'' said Eric Betts, a strategist at Nomura Australia Ltd.
in Sydney. ``This wouldn't be good for companies that depend on
the U.S. consumer.''


Read more at Bloomberg Stocks News

Bernanke Stumbles as Lawmakers Bash Fed for Inaction on Consumer Lending

(Bloomberg) -- Federal Reserve Chairman Ben S.
Bernanke is a hero on Wall Street; the same isn't true in
Washington.

Sixteen months after succeeding Alan Greenspan, the
chairman has managed to avert recession despite a housing
collapse and keep inflation drifting lower in the face of $70
oil. At the same time, his relations with Congress are souring
as lawmakers threaten to strip some of the Fed's authority to
punish it for what they see as lax credit regulation.


Read more at Bloomberg Currencies News

Indonesian Palm Oil Exports May Fall 6 Percent on Tax, Trade Minister Says

(Bloomberg) -- Indonesia, the world's largest palm
oil producer, will export 6 percent less of the tropical oil
this year after raising taxes on shipments to ensure that local
supplies are adequate, Trade Minister Mari Pangestu said.

``It will provide enough of a dampening effect domestically,
and will stabilize domestic cooking oil prices,'' Pangestu said
in an interview in Singapore. Cooking oil in the country is made
from palm oil, the price of which rose to a record this month.


Read more at Bloomberg Commodities News

Soybeans, Corn May Fall as Rains Revive Stressed Crops in U.S. Midwest

(Bloomberg) -- Soybeans may drop from a three-year
high on the Chicago Board of Trade, and corn might fall as rains in
the U.S. Midwest revive crops threatened by dry weather.

Thirteen of 23 traders, farm advisers and merchants surveyed
June 22 said to sell soybeans and 12 said corn will fall. Soybeans
for November delivery last week fell 5.7 percent to $8.3075 a
bushel after rising for seven weeks. December corn tumbled
8.9 percent to $3.815 a bushel, the largest weekly drop since July
1997. Corn is still up 66 percent from a year ago.


Read more at Bloomberg Commodities News

Sinopec Shares Decline After Chairman Chen Resigns for `Personal Reasons'

(Bloomberg) -- Shares of China Petroleum & Chemical
Corp., Asia's largest refiner, fell after Chairman Chen Tonghai
resigned. Declines may be curbed because Chen's departure may
have limited impact on the company's operations, analysts said.

The stock dropped as much as 2.5 percent to HK$8.82 and
traded at HK$8.97 at 10:33 a.m. in Hong Kong. Shanghai-traded
shares in the company, known as Sinopec, fell as much as 5.5
percent to 13.51 yuan.


Read more at Bloomberg Emerging Markets News

Nintendo Surpasses Sony in Market Value as Wii Game Console Outsells PS3

(Bloomberg) -- Nintendo Co., the world's largest
maker of handheld game players, surpassed Sony Corp. in market
value as its Wii home console outsells the rival PlayStation 3.

Shares of Nintendo, based in Kyoto, western Japan, rose 1.8
percent to 46,250 yen as of 10:33 a.m. on the Osaka Securities
Exchange, valuing the company at 6.55 trillion yen ($53 billion).
Sony stock fell 0.8 percent to 6,500 yen, giving the Tokyo-based
company a value of 6.51 trillion yen.


Read more at Bloomberg Stocks News

JGBs follow Treasuries higher before Japan data

(Reuters) - Investors are awaiting figures on industrial output, consumer
prices, household spending and employment. Strong readings would
add to the view that the economy is on a solid footing, and that
the Bank of Japan may raise rates in August.




"Prices could edge up a bit more, but given the upcoming
events, gains should be capped in the near term," said Tetsuya
Miura, bond strategist at Shinko Securities.


Read more at Reuters.com Bonds News

UPDATE 1-Goldman to sell S.Korea cable operator stake-paper

(Reuters) - The Maeil Business Newspaper cited unnamed investment banking
and industry sources as saying that Citigroup , which is
handling the deal, closed the auction on Thursday. Goldman
declined to comment on the report.




With the planned stake sale, the U.S. investment bank is
likely to earn more than $800 million in capital gains, the
newspaper estimated.


Read more at Reuters.com Mergers News

U.S. Notes Little Changed; Report Will Probably Show Home Sales Declined

(Bloomberg) -- U.S. 10-year notes were little
changed before a private report that economists say will show
home sales fell to a four-year low last month.

Benchmark Treasuries may extend gains, after their first
weekly advance since early May, as a U.S. housing slump would
support the case for a Federal Reserve interest-rate cut. Notes
may gain by the end of the year, according to a survey of
investors published today by Ried, Thunberg & Co., a research
unit of ICAP Plc, the world's largest inter-bank broker.


Read more at Bloomberg Bonds News

Malaysian Palm Oil Exports Drop 11 Percent This Month, Intertek Estimates

(Bloomberg) -- Malaysia's palm oil exports fell 11
percent from June 1 to June 25 compared with the same period a
month earlier, according to an estimate from Intertek, an
independent cargo surveyor.

A total of 821,500 metric tons of bulk shipments through
Malaysian sea ports were tracked in the first 25 days of the
month, Intertek Malaysia said in a report today. Malaysia
exported 918,738 tons in the same period last month, the
surveyor said.


Read more at Bloomberg Commodities News

As Real Soars, Brazilians Make Love to Gucci, Porsche, Prada and Tiffany

(Bloomberg) -- Never have Gucci, Porsche, Jaguar,
Prada and Tiffany been so in love with Brazil, home of the
world's best-performing currency over the past three years.

The waiting list for Prada SpA's new spring-summer line of
leather bags has swelled to 120 people at Dona Santa, a luxury
goods store in the Brazilian coastal city of Recife. The most
expensive bag in the collection costs $3,600, equal to about
half the annual income of the average Brazilian household.


Read more at Bloomberg Emerging Markets News

JGBs follow Treasury prices higher, data in focus

(Reuters) - "Prices could edge up a bit more, but given the upcoming
events, gains should be capped in the near term," said Tetsuya
Miura, bond strategist at Shinko Securities.




Monday's rise came as the market has regained its composure
following a frantic sell-off in the past month or so, when
concerns about climbing global bond yields and growing
expectations for an August rate rise by the BOJ drove JGB
futures to a seven-year low.


Read more at Reuters.com Bonds News

South Korean Won Climbs as Consumers Help Support the Economic Expansion

(Bloomberg) -- The South Korean won climbed after a
central bank report showed consumers were the most optimistic in
15 months in the second quarter.

Growth in Korea's gross domestic product is likely to
strengthen ``gradually'' over the rest of 2007 as domestic demand
picks up, the Organization for Economic Cooperation and
Development said June 20. The won rose to a one-month high June
20, two days after the Finance Ministry said consumers are
supporting the expansion in Asia's third-largest economy.


Read more at Bloomberg Currencies News

Pallinghurst ups bid for Australia's Consolidated

(Reuters) - The new bid values Consolidated at A$2.82 a share, compared with Friday's close of A$2.84.




Pallinghurst, headed by former BHP Billiton Ltd. chief Brian Gilbertson, increased the cash component of the offer in response to the demand from institutional investors.


Read more at Reuters.com Business News

Japan's Stocks Drop, Led by Sony, Exporters on U.S. Concerns, Takeda Gains

(Bloomberg) -- Japanese stocks declined, led by
companies relying on U.S. sales such as Sony Corp., on concern
losses from the faltering subprime market there will be worse
than expected.

The Standard & Poor's 500 Index dropped by the most since
early March last week after the near collapse of a Bear Stearns
Cos. hedge fund spurred speculation investors will have to write
down the value of securities containing subprime mortgages. The
U.S. has been the largest overseas market for Sony.


Read more at Bloomberg Stocks News

Japan's 10-Year Bonds May Rise After Treasuries Gain on Flight to Safety

(Bloomberg) -- Japan's 10-year government bonds may
rise for a second day after U.S. Treasuries gained as investors
sought a haven from possible hedge fund losses.

U.S. Treasuries, which often lead Japanese bond prices,
advanced on June 22 after Bear Stearns Cos. offered to provide
$3.2 billion in loans to bail out one of its money-losing hedge
funds. Ten-year yields in Japan and the U.S. had a 0.88
correlation in the past year, according to Bloomberg data. A
value of 1 means the two moved in lock step.


Read more at Bloomberg Bonds News

Taiwan's Export Orders Probably Climbed 10 Percent in May on China Demand

(Bloomberg) -- Taiwan's export orders probably grew
in May at a similar pace to April as electronics demand in China,
the island's biggest overseas market, offset weaker sales to the
U.S.

Export orders, indicative of actual shipments in one-to-
three months, climbed 10.1 percent from a year earlier,
according to the median estimate of 10 economists in a Bloomberg
News survey. Export orders advanced 11.3 percent in April from a
year earlier. The report is due at 4 p.m. in Taipei today.


Read more at Bloomberg Bonds News

Li Ka-shing, Barrack Outwit Shell, Marathon, Buy Refineries as Prices Rise

(Bloomberg) -- Li Ka-shing and Thomas Barrack have
found a way to make more money from record gasoline prices than
Marathon Oil Corp. and Royal Dutch Shell Plc.

The billionaires are buying refineries in Europe and the
U.S. for about $12,000 per barrel of processing capacity, 33
percent less than the oil companies pay to build them along the
Gulf of Mexico. Charges for contractors, labor, cement and steel
have doubled and the new plants are years away from completion.


Read more at Bloomberg Exclusive News

Australian Coal Price Jumps to Record After Storm Cuts Newcastle's Exports

(Bloomberg) -- The price for power-station coal at
Newcastle, Australia, the world's largest export harbor for the
fuel, rose to a record after exports were disrupted by storms
and heavy rainfall.

The price of thermal coal for immediate delivery from the
port in New South Wales state rose $3.19 a metric ton to $66.30
in the week ended June 22 from a week earlier, according to the
globalCOAL NEWC Index. Coal deliveries by rail to the port were
due to reach full capacity by today, the Hunter Valley Coal
Chain Logistics Team, coordinator of coal movements on the
railway, said June 22.


Read more at Bloomberg Commodities News

Japanese Stocks May Drop; Sony, Exporters May Pace Losses on U.S. Concerns

(Bloomberg) -- Japanese stocks may decline, led by
companies relying on U.S. sales such as Sony Corp., on concern
losses from the faltering subprime market will be worse than
expected.

The Standard & Poor's 500 Index had its biggest weekly drop
since early March. The U.S. was the largest overseas market for
Sony last business year.


Read more at Bloomberg Stocks News

ICICI Bank, Singapore Airlines, United Bank: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or
fall today in Asian markets, excluding Japan. This preview
includes news that broke after markets closed on June 22. Prices
are from the local market's last close. Stock symbols are in
parentheses after company names.

ICICI Bank Ltd. (ICICIBC IN): India's biggest lender by
market value, raised $4.3 billion selling shares locally and
overseas, a record for an Indian company, as the nation
experiences its fastest economic growth in six decades. ICICI
sold the Indian shares at 940 rupees each, raising 87.5 billion
rupees ($2.15 billion), according to an e-mailed statement.
Demand was 11.5 times greater than what was sold. ICICI Bank
shares rose 4.05 rupees, or 0.4 percent, to 953.75 rupees.


Read more at Bloomberg Stocks News

Shares of investment firm State Street a "cheap" buy: Barrons

(Reuters) - Richard Bove, an analyst at broker Punk Ziegel, said in the
article that State Street's acquisition, of Investor Financial
Services "only enhanced their superb international position."




"The lower multiple certainly creates a buying
opportunity," added Bove, who has an $85 target on the stock,
according to Barron's. That is more than 20 percent higher than
the firm's Friday closing price of $68.32 per share.


Read more at Reuters.com Business News

Japanese Yen, Indian Rupee, Indonesian Rupiah, Won: Asian Currency Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian currencies today.

Exchange rates are from the June 22 session.


Read more at Bloomberg Currencies News

Yahoo reorganizes ad sales; Millard to Martha Stewart

(Reuters) - Recently elevated Yahoo President Susan Decker said in a phone interview that the consolidation of Yahoo's two advertising arms -- display and Web search advertising -- reflects growing demand by customers for campaigns that combine both types of ads, with newer types of video advertisements.




The restructuring of top U.S. sales management follows the company's warning last week that a nearly year-old slowdown in its display ad business -- the online banner ads and other methods -- would lead to weaker second-quarter results.


Read more at Reuters.com Business News

Raytheon to protest U.S. award to rivals: WSJ

(Reuters) - Raytheon officials decided to file a protest after, in the past week, having been briefed on the contest outcome, the Journal reported.




"Raytheon filed a bid protest on Friday with the Government Accountability Office regarding the Joint Cargo Aircraft award announced June 13, 2007. We will have no further comment at this time," Raytheon said in a statement obtained by the Journal.


Read more at Reuters.com Business News

Blackstone Group, Crocs, Salesforce, Family Dollar: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes on U.S. exchanges
tomorrow. This preview includes news that broke after exchanges
closed. Stock symbols are in parentheses after company names.

Blackstone Group LP (BX US): The private-equity firm may
face challenges from higher taxes and a shrinking field of
takeovers, Barron's said, without citing anyone. Blackstone
stock rose $4.06 to $35.06 in its June 22 debut following a
$4.13 billion initial public offering.


Read more at Bloomberg Stocks News

UPDATE 1-French state says sells 5 pct of France Telecom

(Reuters) - After completion of the deal, the French state will own
between 25.5 percent and 27.4 percent of France Telecom, the
Finance Ministry said in a statement.




"The state plans to remain a significant shareholder of
France Telecom in the medium term," it added.


Read more at Reuters.com Mergers News

Automakers eye U.S. House after Senate fuel fight

(Reuters) - "Major changes are still needed to make this bill
achievable," Ford Motor Co. government affairs Vice
President Bruce Andrews said.




The Senate measure, the first major rewrite of efficiency
goals in 30 years, would require the U.S. vehicle fleet of
passenger cars, sport utilities, pickups and vans average 35
miles per gallon by 2020, a 10 mpg improvement over today's
standards.


Read more at Reuters.com Government Filings News

RPT-Bay Street Week Ahead: Are Canadians a bunch of wimps?

(Reuters) - VANCOUVER, British Columbia, June 22 - "Canadians
are passive," says long-time shareholder activist Bob Verdun,
echoing an oft-heard lament about fainthearted investors in a
country where people are known for being polite, not
confrontational.




His comment comes as the criminal fraud trial of former
Canadian media tycoon Conrad Black is wrapping up in Chicago
and some people wonder why, when the holding company of Black's
now defunct publishing empire was based in Canada, he is not
being tried here?


Read more at Reuters.com Government Filings News

Goldcorp, Eldorado Shares May Catch Up to Bullion as Mining Costs Decline

(Bloomberg) -- Gold stocks have failed to keep up
with bullion prices this year. As mining costs slow and as the
companies find more gold that can be mined at a profit, the
shares have every reason to rebound.

Mining costs, which have doubled in the past seven years,
are starting to moderate as some producers focus on larger,
higher-grade mines in countries where operating expenses are
lower. Average total cash costs for North American producers are
forecast by National Bank Financial Inc. to fall 1.9 percent in
2008 after gaining by more than a fifth this year.


Read more at Bloomberg Stocks News

Banks face stern test when credit cycle turns

(Reuters) - "Given the key role that a benign credit environment has
been playing in boosting the performance of the financial
sector over the past years, a turn in the credit cycle
represents a significant risk to its outlook," the Basel-based
BIS said in its annual report.




A combination of low interest rates and unusually
infrequent rates of default among borrowers in many countries
have played a big part in boosting profits at financial
services companies.


Read more at Reuters.com Business News

RPT-Wall St Wk Ahead: Fed meeting, subprime jitters on tap

(Reuters) - NEW YORK, June 24 - One of Wall Street's oldest
maxims will be put to the test this week: markets don't hit
bottom on a Friday.




Stocks closed out their worst week in more than three
months on fears that trouble at two Bear Stearns hedge funds
may signal bigger problems ahead for credit markets.


Read more at Reuters.com Mergers News

Ford hires KPMG to eye Jaguar books: report

(Reuters) - "KPMG's main task will be giving a clear picture of Jaguar
and Land Rover's performance as businesses separate from the
influence of Ford," the paper said, adding that the accounting
firm is also understood to have been asked to examine the
companies' pension liabilities.




Officials at Ford and KPMG were not immediately available
for comment.


Read more at Reuters.com Business News

Japan's Bull-Dog OK's poison pill for Steel Partners

(Reuters) - At a general shareholders' meeting on Sunday, more than
two-thirds of votes were cast in favour of the scheme that
would give shareholders other than Steel Partners three new
shares for each existing one, while paying Steel Partners in
cash.




Steel Partners's unsolicited tender offer for Bull-Dog is
one of several fights the activist fund is waging in Japan. It
has spent about $3 billion to take stakes of more than 5
percent in some 30 Japanese firms.


Read more at Reuters.com Mergers News

London Stock Exchange Will Acquire Milan's Borsa Italiana for $2.2 Billion

(Bloomberg) -- London Stock Exchange Group Plc,
Europe's third-largest exchange, agreed to buy Italy's Borsa
Italiana SpA for 1.63 billion euros ($2.2 billion) in shares as
increased competition forces equity markets to consolidate.

The U.K. exchange will offer 4.9 of its own shares for each
share of the Milan-based operator of the Italian stock market,
the companies said in a joint statement today. The transaction
values each Borsa share at 100.70 euros, the statement said,
giving the new company a market value of about 5.8 billion euros.


Read more at Bloomberg Stocks News

Fed eyed after record-setting week

(Reuters) - An interest rate decision by the U.S. central bank and any fresh clues it gives on the health of the world's largest economy will be in focus this week as investors take stock of gains that have pushed share markets from Hong Kong to Singapore to record highs.

The latest rally in Asian markets was underpinned by growing optimism about a turnaround in earnings for chip makers, a move that could help see further gains in the sector.


Read more at Reuters Africa

Central bankers upbeat on global growth outlook

(Reuters) - The strong outlook for global growth is helping to lift long-term interest rates and correct market pricing of risks, central bank governors said on Saturday.

But some expressed concern about the prospect of faster growth fanning commodity prices and inflation, which might require tighter monetary policy in countries such as China.


Read more at Reuters Africa