NASD fines four firms over mutual fund sales

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




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


Read more at Reuters.com Government Filings News

Hedge funds seek TD Ameritrade talks on deals

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




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


Read more at Reuters.com Mergers News

Growth slows to 4-year low in first quarter

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




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


Read more at Reuters.com Business News

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

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

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


Read more at Bloomberg Stocks News

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

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

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


Read more at Bloomberg Bonds News

Dominion up on share buyback offer

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




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


Read more at Reuters.com Hot Stocks News

Rand gains, bonds slip on inflation worry

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

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


Read more at Reuters Africa

Orascom shares buoy Egypt stock indexes

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

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


Read more at Reuters Africa

Monsanto quarterly profit jumps 71 percent

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




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


Read more at Reuters.com Hot Stocks News

Dollar General to sell $1.9 bln notes in 2 parts

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




Read more at Reuters.com Bonds News

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

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




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


Read more at Reuters.com Mergers News

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

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

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


Read more at Bloomberg Commodities News

US STOCKS-Futures slip as core inflation perks up

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




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


Read more at Reuters.com Bonds News

Florida firm launching air taxi service

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




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


Read more at Reuters.com Bonds News

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

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




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


Read more at Reuters.com Bonds News

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

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




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


Read more at Reuters.com Bonds News

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

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

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


Read more at Bloomberg Stocks News

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

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

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


Read more at Bloomberg Energy News

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

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

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


Read more at Bloomberg Bonds News

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

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




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


Read more at Reuters.com Mergers News

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

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






Read more at Reuters.com Mergers News

EU mergers and takeovers (June 28)

(Reuters) - APPROVALS AND WITHDRAWALS:




-- Porsche acquires Volkswagen of
Germany


Read more at Reuters.com Mergers News

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

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

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


Read more at Bloomberg Stocks News

UPDATE 1-Extreme Networks to record costs on option grants

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




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


Read more at Reuters.com Market News

Commerzbank executive says keen on Postbank

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



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


Read more at Reuters.com Mergers News

Kenya to sell 40 pct of Kenya Reinsurance

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

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


Read more at Reuters Africa

Growth slows to four-year low in first quarter

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




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


Read more at Reuters.com Economic News

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

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




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


Read more at Reuters.com Economic News

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

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

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


Read more at Bloomberg Stocks News

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

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




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


Read more at Reuters.com Bonds News

US STOCKS-Futures edge lower on signs of core inflation

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




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


Read more at Reuters.com Bonds News

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

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

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


Read more at Bloomberg Currencies News

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

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

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


Read more at Bloomberg Stocks News

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

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

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


Read more at Bloomberg Currencies News

Northern Greece Hit by Power Cut as Transformer in Thessaloniki Explodes

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

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


Read more at Bloomberg Energy News

TREASURIES-Bond prices steady; await final GDP, FOMC

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




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


Read more at Reuters.com Bonds News

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

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




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


Read more at Reuters.com Bonds News

StemCells agrees to stay litigation against Neuralstem

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



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


Read more at Reuters.com Government Filings News

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

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

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


Read more at Bloomberg Currencies News

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

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

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


Read more at Bloomberg Energy News

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

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




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


Read more at Reuters.com Mergers News

Encana, Interoil, Meridian, Northern Orion, Tesco: Canadian Equity Preview

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

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


Read more at Bloomberg Stocks News

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

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




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


Read more at Reuters.com Market News

Migrant workers missing out in S.Africa platinum boom

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

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


Read more at Reuters Africa

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

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

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


Read more at Bloomberg Currencies News

Futures flat before Fed rate decision

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




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


Read more at Reuters.com Business News

General Mills 4th-quarter profit edges higher

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




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


Read more at Reuters.com Market News

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

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

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


Read more at Bloomberg Stocks News

US STOCKS-Futures flat before Fed rate decision

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




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


Read more at Reuters.com Bonds News

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

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

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


Read more at Bloomberg Currencies News