Dow Chemical paid 540 mln eur for Bayer unit

(Reuters) - "Following regulatory clearance from various authorities
around the world, payment and share transfers have occurred, and
Dow has taken full ownership of the Wolff Walsrode group of
companies on June 30, 2007," it added.




Bayer announced the divestment in December but gave no sales
price at the time.


Read more at Reuters.com Mergers News

UPDATE 1-ING buys 5.55% of own shares from Fortis Insurance

(Reuters) - The agreed price for 28.17 million of ING's preferred "A"
shares is 3.618 euros per share, or 0.55 euro higher than its
closing price on Friday, ING said in a statement.




A spokeswoman for ING said that the share repurchase was not
part of ING's ongoing share buyback programme, and that the
banking and insurance group was buying the shares as they were
being offered.


Read more at Reuters.com Mergers News

PRESS DIGEST - Wall Street Journal - July 2

(Reuters) - * Bear Stearns Cos. Inc. hedge-fund investors must
wait until as late as July 16 to learn their losses because of
the difficulty in valuing thinly traded securities.




* Bancroft family lawyers at the center of key trusts hold
a crucial role in the decision on whether to sell Dow Jones &
Co. Inc. to News Corp. .


Read more at Reuters.com Mergers News

European Energy Stocks May Rise, Led by Total, Shell; Thomas Cook May Drop

(Bloomberg) -- European energy stocks may rise after
oil traded near a 10-month high. Total SA, Europe's largest
refiner, and Royal Dutch Shell Plc may lead gains.

Thomas Cook Group Plc, the travel operator created last
month by a merger, may decline after Credit Suisse Group rated
the shares ``underperform'' in new coverage. Groupe Danone SA may
be active after a report said it might be in talks to sell its
biscuit and cereal products division to Kraft Foods Inc.


Read more at Bloomberg Stocks News

China's CNPC signs exploration agreement with Sudan

(Reuters) - China's top state-run energy group, China National Petroleum Corp. (CNPC), has signed an agreement with the Sudanese government to prospect for oil and gas in Sudan's northern territory, a local newspaper said on Monday.

Under the agreement, CNPC would have exploration rights to 13 oil blocks located in the northern coast of the Red Sea. The fields have a total acreage of about 3.8 square kilometres, China Petroleum Daily reported.


Read more at Reuters Africa

Palm Oil Rises to Two-Week High in Malaysia on Drop in U.S. Soybean Crop

(Bloomberg) -- Palm oil prices in Malaysia rose to a
two-week high on expectations demand for the world's largest
traded vegetable oil will increase as supply of competing
soybean oil declines from a lower U.S. crop.

U.S. farmers planted the lowest acreage to soybeans in 12
years this year as they switched production to corn, according
to a June 29 report from the U.S. Department of Agriculture.
Palm oil is the most consumed vegetable oil in the world,
followed by soybean oil.


Read more at Bloomberg Commodities News

Factory Growth in U.S. Was Near 13-Month High in June, Economists Say

(Bloomberg) -- U.S. manufacturing growth in June
probably stayed close to the highest level in 13 months, a sign
demand is picking up as businesses replenish stockpiles,
economists said before a report today.

The Institute for Supply Management's manufacturing index
stayed at 55 for a second month, according to the median of 70
forecasts in a Bloomberg News survey. Readings greater than 50
signal expansion.


Read more at Bloomberg Currencies News

India's Sensex Advances to a Record High, Led by Reliance Communications

(Bloomberg) -- India's Sensitive Index rose to a
record. Reliance Communications Ltd., the nation's second-biggest
wireless company, gained after Morgan Stanley raised its earnings
forecast for the company citing higher subscriber additions.

``A higher subscriber base and relative stable revenues per
user should lead to higher profit margins for the entire
industry,'' Mumbai-based analyst Vinay Jaising at Morgan wrote in
a note to clients today.


Read more at Bloomberg Stocks News

Japan's Government Bonds Fall; Yields Near One-Month Low Deter Investors

(Bloomberg) -- Japan's 10-year bonds fell, erasing
earlier gains, on speculation yields near the lowest in almost a
month will deter investors from buying before an auction of the
securities tomorrow.

Bonds reversed direction after posting their biggest rally
since March on June 29 on concern brokerages will prepare for
the 1.9 trillion yen ($15.4 billion) sale of 10-year debt. Chief
government spokesman Yasuhisa Shiozaki said in Tokyo today the
Bank of Japan's Tankan survey shows the economy is recovering
steadily and monetary policy is up to the central bank.


Read more at Bloomberg Bonds News

Trichet's `Vigilance' Vow Gives Way to Less Visibility, More Volatility

(Bloomberg) -- In the annals of central-banker
buzzwords, ``strong vigilance'' is probably about to go the way
of ``measured pace.''

Investors and economists who've grown used to European
Central Bank President Jean-Claude Trichet's vow to be on
constant lookout for signs of faster inflation are likely to
find the term disappearing from his pronouncements.


Read more at Bloomberg Currencies News

European Government Bonds May Drop on Outlook for Economic Growth, Rates

(Bloomberg) -- European government bonds may fall as
the economic momentum gathers pace in the 13 nations using the
euro, underpinning views the European Central Bank needs to raise
interest rates further to curb inflation.

Ten-year Bunds, Europe's benchmark, may extend their drop
after ending their worst quarter since the September 1999. ECB
President Jean-Claude Trichet may this week reiterate borrowing
costs are low enough to stimulate expansion in the $10.4 trillion
euro-region economy.


Read more at Bloomberg Bonds News

China's CSI 300 Index Declines, Set for Longest Losing Streak This Year

(Bloomberg) -- China's key stock index fell in
volatile trade, set for its longest losing streak this year, amid
signs investor demand for equities is cooling. China Merchants
Bank Co. and China Vanke Co. dropped.

The CSI 300 Index fell 18.34, or 0.5 percent, to 3745.73 as
of the 11:30 a.m. local-time break, dropping for its third
consecutive day and erasing gains of as much as 1 percent. It
last declined for three days in the period ending Dec. 8.


Read more at Bloomberg Stocks News

Mubadala denies Jaguar, Landrover interest

(Reuters) - Britain's Observer newspaper said on Sunday Mubadala and
government-owned Dubai International Capital had asked bankers
to prepare bids for one or both of the Ford units. The report
did not cite sources.




Dubai International Capital could not be reached for
comment on Sunday.


Read more at Reuters.com Mergers News

Forecasts rise for Q2 earnings-Reuters Estimates

(Reuters) - Health care and technology stocks continue to lead, with
double-digit profit growth forecast in both stock sectors. By
contrast, profits are seen falling in the energy sector and in
cyclical consumer goods and services, Reuters Estimates said.




Read more at Reuters.com Bonds News

Yen Gains Versus Euro on Speculation of Funds From German Bund Redemptions

(Bloomberg) -- The yen rebounded from a record low
versus the euro on speculation Japanese investors will bring back
money invested in German bunds.

Germany pays more than 16 billion euros ($21.7 billion) in
coupon and principal on government debt July 4, according to data
compiled by Bloomberg. The yen last month declined to an all-time
low against the euro and a 4 1/2-year low versus the dollar as
investors sent funds overseas in search of higher yields.


Read more at Bloomberg Currencies News

KarstadtQuelle, Deutsche Telekom, Siemens, Zapf: German Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in German markets. Stock symbols are in parentheses after the
company names and prices are from the Xetra close on June 29
unless otherwise stated.

Germany's X-DAX Index rose 0.15 percent. The index provides
an estimate of the DAX Index, based on trading in DAX futures
after the Xetra electronic market closes. The DAX climbed 1.09
percent to 8007.32 on the Xetra electronic-trading system.


Read more at Bloomberg Stocks News

Japan's 10-Year Bonds Are Little Changed on Signs Global Inflation to Slow

(Bloomberg) -- Japanese bonds were little changed on
speculation signs of cooling global inflation will spur demand
for government debt.

Benchmark bonds in Japan and the U.S. completed their first
two-week gains in more than three months on June 29, after
reports showed consumer prices in Tokyo unexpectedly fell and a
measure of inflation watched by the Federal Reserve slowed. The
Tankan, Japan's key business survey, today showed confidence
among large manufacturers was unchanged in June from March.


Read more at Bloomberg Bonds News

Taiwan Dollar Falls, Reversing Gain on Speculation of Outflows; Bonds Drop

(Bloomberg) -- Taiwan's dollar weakened, reversing
appreciation that had sent it to the highest in almost six
months, on speculation investors will buy the U.S. currency to
invest abroad for higher returns. Local bonds declined.

The island's currency also fell on speculation oil
companies are demanding more U.S. dollars as crude prices trade
near a 10-month high. Investors have shifted funds overseas as
Taiwan's benchmark interest rate of 3.125 percent is the second-
lowest in Asia after Japan, making local bonds and deposits
unattractive and weighing on the currency.


Read more at Bloomberg Currencies News

China's June Manufacturing Activities Grows at Slowest Pace in Four Months

(Bloomberg) -- Manufacturing activity in China
expanded at the slowest pace in four months in June amid a
government clampdown on polluting and energy-intensive industries,
according to a survey of purchasing managers released today.

The June Purchasing Managers' Index fell to 54.5 from 55.7
in May, the China Federation of Logistics and Purchasing and the
National Bureau of Statistics said in an e-mailed statement. That
was the lowest reading in four months.


Read more at Bloomberg Emerging Markets News

Nintendo Wii outsells PS3 6 to 1 in Japan in June

(Reuters) - The Wii's lead against the PS3 was 4 to 1 in April and 5 to 1 in May.




The Wii's strong performance, coupled with continued brisk demand for Nintendo's portable game gear, the DS, helped the Kyoto-based company shoot past Sony in market capitalization last week and become one of Japan's 10 most valuable companies.


Read more at Reuters.com Business News

South Korea's Kospi Advances; LG. Philips Gains, Samsung Electronics Falls

(Bloomberg) -- South Korea's Kospi index advanced.
LG.Philips LCD Co. gained after Shinyoung Securities Co. said the
company's second-quarter earnings will jump on higher panel prices.

``The market is showing a little rebound today after a recent
correction period,'' said Seo Jung Ho, who manages $540 million at
Daehan Investment Trust Management Co. in Seoul. ``There will be
more ups and downs for the time being before companies announce
their second-quarter earnings starting this month.''


Read more at Bloomberg Stocks News

Stocks Lose Takeover Premium as U.S. Buyouts Slump, Bond Yields Increase

(Bloomberg) -- The steepest drop in mergers and
acquisitions in 16 months is making U.S. stocks the most
expensive compared with bonds in two years.

This year's record pace of takeovers slowed by 49 percent
in June, data compiled by Bloomberg show. Delaware Investments,
the Hartford and City National Bank, which manage more than $500
billion, say the decline plus the decision by leveraged buyout
firm Blackstone Group LP to sell shares to the public are
signaling that the five-year bull market is nearing an end.


Read more at Bloomberg Stocks News

South Korea to Deliver Oil to North Korea Under Nuclear Dismantling Accord

(Bloomberg) -- The South Korean government agreed
to begin the delivery of 50,000 metric tons of heavy fuel oil to
North Korea within two weeks, as part of a nuclear dismantling
agreement, the South's Unification Ministry said.

The agreement came late yesterday, after two-days of
discussions with North Korean officials in the North's city of
Gaeseong, the ministry said in an e-mailed statement. South
Korea will deliver the oil via a sea route and complete it
within 20 days of the first ship's departure.


Read more at Bloomberg Energy News

Japan's Real Estate Shares Decline as Banks Raise Mortgage Interest Rates

(Bloomberg) -- Japanese property developer stocks
fell, led by Mitsubishi Estate Co., after the country's largest
bank raised interest rates on fixed-rate mortgages. Higher
mortgage rates may damp demand among consumers for buying
property.

Mitsubishi UFJ Financial Group's main banking unit
yesterday raised its rates on mortgage loans, according to its
Web site. The bank added 0.25 percentage point to rates applied
to new loans with fixed-rate terms of five to 20 years.


Read more at Bloomberg Stocks News

Malaysia Debt Holdings of Foreign Investors Increase 24 Percent in April

(Bloomberg) -- Foreign investors increased their
holdings of Malaysian debt by 24 percent in April, Bank Negara
Malaysia said.

They raised total holdings to 55.3 billion ringgit ($16
billion) from 44.6 billion ringgit in March, according to Bank
Negara's Web site. The central bank releases the statistics with
a two-month lag.


Read more at Bloomberg Bonds News

South Korea's Kospi Index Is Little Changed; Samsung Electronics Declines

(Bloomberg) -- South Korea's Kospi index was little
changed. Samsung Electronics Co. slid after confidence among the
country's manufacturers fell on concern a stronger won will hurt
exporters' price competitiveness in overseas markets.

LG.Philips LCD Co. gained after Shinyoung Securities Co.
said the company's second-quarter earnings will jump on higher
panel prices.


Read more at Bloomberg Stocks News

Chicago Soybeans Jump to Three-Year High on U.S. Acreage; Tokyo Limit-Up

(Bloomberg) -- Chicago soybean futures jumped to a
three-year high after a government report showed U.S. farmers
planted less than analysts expected and the fewest acres in 12
years.

Soybean acreage was slashed as farmers planted more corn,
which reached a 10-year high in February, driven by record demand
for ethanol and animal feed. When farmers were making planting
decisions in early March, corn had gained 82 percent from a year
earlier, while soybeans were up 29 percent.


Read more at Bloomberg Commodities News

Asia Energy Day Ahead: Oil May Rise; CBOT Sale to Chicago Merc Is Opposed

(Bloomberg) -- Crude oil may rise this week on
speculation that U.S. inventories will fall because of increased
consumption by refiners. Chicago Board of Trade's largest
shareholder, Sydney-based hedge fund Caledonia Investments Ltd.,
has voted against the proposed sale to the Chicago Mercantile
Exchange because the price is too low.

MOST READ MARKETS STORIES


Read more at Bloomberg Energy News

UPDATE 1-Macquarie funds buy Global Tower in $1.4 bln deal

(Reuters) - New York-based fund Macquarie Infrastructure Partners and
Sydney-based Macquarie Communications Infrastructure Group
bought the Boca Raton, Florida, based provider of outsourced
antennae site facilities from buyout group Blackstone .




The consortium said in a press statement that the deal gave
Global Tower an enterprise value of $1.4 billion.


Read more at Reuters.com Mergers News

South Korea's Kospi Index Gains; LG.Philips, Samsung Heavy Lead Advances

(Bloomberg) -- South Korea's benchmark stock index,
the Kospi Index, rose 0.07 percent at 9:05 a.m.

The index of 730 companies traded on the Korea Exchange rose
1.20 to 1,744.80. Among the stocks in the index, 365 rose, 213
fell and 152 were unchanged.


Read more at Bloomberg Stocks News

Yen Trades Near Record Low Versus Euro After Bank of Japan Tankan Survey

(Bloomberg) -- The yen traded near a record low
versus the euro after a Bank of Japan quarterly Tankan survey,
which showed confidence among Japan's largest manufacturers
stayed close to a two-year high.

The yen declined to a record low against the euro and a 4
1/2-year low versus the dollar last month as reports showed
industrial production fell for a third month and consumer prices
unexpectedly dropped in May. Japan's key interest rate of 0.5
percent is the least of any major economy.


Read more at Bloomberg Currencies News

Macquarie funds buy Global Tower in $1.4 bln deal

(Reuters) - The consortium said in a press statement that the deal gave Global Tower an enterprise value of $1.4 billion.




Macquarie Group includes Australian investment bank Macquarie Bank .


Read more at Reuters.com Mergers News

China, India, Indonesia, Malaysia, Sri Lanka: Asian Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence Asian local-currency bonds today. Yields
are from the previous session.

China: China Development Bank will sell 20 billion yuan
($2.63 billion) of floating-rate one-year bonds on July 4. The
economy may grow 10.8 percent in 2007 from a year earlier, the
fastest since 1995, the central bank said in a report published
in the China Securities Journal on June 29. Inflation may
quicken to 3.2 percent, the report said. Lawmakers last week
approved a 1.55 trillion yuan sale of government bonds to set up
a fund to seek higher returns on the nation's currency reserves.


Read more at Bloomberg Bonds News

Bank of England Will Probably Increase Key Interest Rate to 5.75 Percent

(Bloomberg) -- Bank of England policy makers probably
will raise the benchmark interest rate for the fifth time in a
year this week as Governor Mervyn King wins more support for an
increase to curb inflation, a survey of economists shows.

The nine-member Monetary Policy Committee will lift the Bank
Rate to 5.75 percent, the highest since April 2001, according to
seven out of 60 economists in a Bloomberg News survey. The
central bank will announce the decision at noon in London on July
5 and release minutes of its meeting on July 18.


Read more at Bloomberg Currencies News

FEATURE-Commercial real estate refuses to cool in New York

(Reuters) - The Woolworth Building, a 1913 Gothic masterpiece in
downtown Manhattan, was set for conversion to luxury
condominiums, but the price of commercial office space has
risen so much that the owners changed course.




Instead of becoming one of the coolest places to live in
New York City, the building will house luxury office space. In
a city where people pay $500,000 for a studio apartment, the
owners -- led by the developers Steven Witkoff and Ruben Schron
-- scrapped a 7-year-old residential plan in May in favor of
the commercial project.


Read more at Reuters.com Bonds News

AED Oil, Billabong, Coles, Crossland, Woodside: Australian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may rise or fall in Australia. This preview includes
news announced after markets closed June 29. Prices are from the
June 29 close unless otherwise stated. Stock symbols are in
brackets after the company names.

The S&P/ASX 200 Index futures contract due in September rose
0.1 percent to 6285 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index rose 0.7 percent in New York.


Read more at Bloomberg Stocks News

ONGC, Gujarat State Slash `Speculative' Estimates of India Gas Discoveries

(Bloomberg) -- Oil & Natural Gas Corp. and Gujarat
State Petroleum Corp. reduced the estimates of natural gas
discoveries offshore India after the government challenged what
it called ``speculative forecasts.''

Oil & Natural Gas, India's largest explorer, cut its
projection of the Krishna Godavari basin find to 2 trillion cubic
feet from the 21 trillion disclosed in December, said V.K. Sibal,
director general of hydrocarbons, the regulator. Gujarat State's
gas field was lowered to 1.38 trillion from 20 trillion.


Read more at Bloomberg Energy News

IBM launches nuclear expertise centre in France

(Reuters) - International Business Machines Corp. is banking on a growth of the nuclear industry as the carbon dioxide-free energy source is touted as a tool to combat global warming and increase power output to meet surging demand.




Guido Bartels, IBM's global energy and utilities industry manager told Reuters that in the 30 countries with nuclear generation there was a need for sophisticated risk modeling and information tools driven by nuclear power plant license extensions and construction of new plants.


Read more at Reuters.com Business News

New Zealand Dollar Advances to Highest Since 1985 on Wider Yield Premium

(Bloomberg) -- New Zealand's dollar rose to its
highest since being allowed to trade freely in 1985 on demand
for the nation's relatively higher-yielding assets.

The currency has been buoyed by New Zealand's record 8
percent benchmark interest rate, the highest after Iceland's
among country's rated Aaa by Moody's Investors Service. It has
gained 36 percent against the yen in the past year as traders
borrow cheaply in Japan's currency to take advantage of higher
returns elsewhere, known as a carry trade. New Zealand's
official cash rate is 7.5 percentage points higher than Japan's.


Read more at Bloomberg Currencies News

Oil May Rise on Increased Consumption by Refineries in U.S., Survey Shows

(Bloomberg) -- Crude oil may rise next week on
speculation that U.S. inventories will fall because of increased
consumption by refiners.

Sixteen of 33 analysts surveyed, or 48 percent, said oil
prices will increase. Eleven, or 33 percent, said prices will
fall and six forecast little change. Analysts were split last
week with 38 percent looking for a gain and 38 percent expecting
a decline.


Read more at Bloomberg Energy News

Discover may struggle after spinoff: Barron's

(Reuters) - Barron's said that Discover "shares, like its fundamentals, are apt to come up short."




Read more at Reuters.com Business News

UPDATE 2-Argentine first lady to run for president

(Reuters) - BUENOS AIRES, July 1 - The senator wife of
President Nestor Kirchner will run as the government candidate
in Argentina's October presidential election after he decided
not to seek re-election, a government spokesman said on Sunday.




The decision ends months of speculation fueled by
Kirchner's public suggestions that either he or his wife,
Cristina Fernandez de Kirchner, would compete in the Oct. 28
vote. Polls show either would easily win.


Read more at Reuters.com Bonds News

Carbon backlash: coal divides corporations

(Reuters) - They are questioning not only the science but also the
motives of some of the big-name corporations who have made
well-publicized commitments to cleaning up their act.




At a recent industry conference in New York, Arch Coal
, one of America's "Big Four" producers, stressed the
need for research and investment in "clean coal" technology
that would allow the country to utilize its abundant reserves
while weaning itself off foreign oil.


Read more at Reuters.com Business News

Most iPhone owners gush but some have glitches

(Reuters) - Of 11 iPhone owners contacted by Reuters on Saturday, nine reported little or no trouble setting up their handsets, a combined cell phone, music player and Web browser.




"It's awesome, it's the best thing I ever saw in my life," said New York private detective Jerry Gregory. "Once people see this phone they are going to want one. Everybody I show this phone wants one, even people who were anti-iPhone."


Read more at Reuters.com Business News

U.S. airline unions showing signs of revival

(Reuters) - And ironically, in some ways the beating they took during the downturn gives them strength because there's nothing left to lose, labor experts say.




Airline staff have been cut to the bone and the public's perception about lack of manpower has added to complaints about rising flight delays and cancellations.


Read more at Reuters.com Bonds News

Peru inflation up 0.47 percent in June

(Reuters) - "The rise in prices of transport and communications
services is explained mainly because of the increase on fuels
and transport prices," the National Statistics Institute said
in a statement.




The result was above the forecasts of analysts consulted by
Reuters. They had predicted a median rise of 0.28 percent, with
estimates ranging from 0.20 percent to 0.40 percent.


Read more at Reuters.com Economic News

Uganda bans plastic bags, promotes banana leaves

(Reuters) - A ban on plastic bags in Uganda took effect on Sunday to cut down the stinking piles of rubbish that litter its dusty capital and other urban areas, breeding germs and poisoning water supplies.

Officials want Ugandans to instead use banana leaves, the traditional material for carrying goods.


Read more at Reuters Africa

UPDATE 1-Kuwait to keep Daimler shares, says troubles over

(Reuters) - KUWAIT, July 1 - Kuwait Investment Authority,
which manages an estimated $400 billion in assets, said on
Sunday it would keep its stake in DaimlerChrysler and
expects the German carmaker to have put its troubles behind it.




The state investment arm of the world's seventh largest oil
exporter has a 7.2 percent stake in DaimlerChrysler ,
making it the automaker's biggest shareholder.


Read more at Reuters.com Bonds News

Mideast funds target Jaguar, Land Rover: report

(Reuters) - No one at the funds could immediately be reached.




Ford's president for the Americas said on Friday the company


Read more at Reuters.com Mergers News

Carlyle lines up $8bln bid for Virgin Media-paper

(Reuters) - Providence Equity has also signalled its interest, it added
without citing sources.




The Sunday Telegraph report follows a similar story in
Saturday's edition of the Times newspaper.


Read more at Reuters.com Mergers News