Treasuries Gain for Second Week, Pushing 10-Year Yield to Three-Week Low

(Bloomberg) -- U.S. Treasuries gained for a
second straight week, pushing the benchmark 10-year note's
yield to a three-week low before the release next week of
the first major economic reports for June.

The rally was fueled by a decline in the Federal
Reserve's preferred measure of inflation to a three-year
low and flight from riskier assets such as corporate and
emerging market bonds. Ten-year yields declined more than
shorter-maturity yields as the Fed kept the key short-term
rate unchanged at 5.25 percent and said it remained
vigilant against inflation.


Read more at Bloomberg Bonds News

FACTBOX-Key developments for U.S. cell phone market

(Reuters) - * 1947, Bell Laboratories engineers Douglas H. Ring and W. Rae Young propose the idea of mobile communication through signals sent from hexagonal cells located on the corner of cell towers




* 1968, Bell Labs and AT&T propose a cellular system to the Federal Communications Commission featuring small broadcast towers covering a radius of a few miles. Collectively, the towers would cover a larger area and would pass calls along as a caller traveled


Read more at Reuters.com Business News

Last state charges in HP spying case dismissed

(Reuters) - The dismissals on Thursday bring to an end the state's
criminal case arising from a scandal that ensnared one of
Silicon Valley's oldest and best-known technology companies
last year. Another private investigator, Bryan Wagner, pleaded
guilty to two federal counts of identity theft and conspiracy
and is scheduled to be sentenced on Oct. 3.




The state's criminal investigation helped bring attention
to the tactics used by the private investigators and led to a
California law making it illegal to obtain phone records
through fraud or misrepresentation, a technique known as
pretexting, Sivilla said.


Read more at Reuters.com Government Filings News

Tyco bondholders said they will continue litigation

(Reuters) - Tyco's bondholders argue that they are harmed by the
reorganization because the majority of the assets supporting
the debt is being transferred to new entities as part of spin
offs.




Tyco spokesman Paul Fitzhenry was not immediately available
for comment.


Read more at Reuters.com Bonds News

UPDATE 1-TOUSA to settle with lenders, buy Transeastern JV

(Reuters) - Shares of the company rose nearly 5 percent to close at
$4.19 on the New York Stock Exchange.




In August 2005, Technical Olympic acquired a 50 percent
ownership in a joint venture which bought Transeastern
Properties, and has been in trouble with lenders amid a slump
in the housing market in the United States.


Read more at Reuters.com Mergers News

Fannie, Freddie could have big subprime exposure: analyst

(Reuters) - "Looking only at their non-AAA positions, a write-down of 15 percent to 30 percent would mean a $1.8 billion to $3.6 billion hit for Fannie and a $1.5 billion to $3 billion hit for Freddie," the report said.




Neither government-sponsored enterprise has much of a cash reserve against losses of that size, and covering those costs could push the companies' capital below the levels agreed to with their regulator.


Read more at Reuters.com Bonds News

UPDATE 1-Bisys' No. 2 shareholder opposes Citigroup buyout

(Reuters) - Okumus Capital LLC, a New York-based investment firm, said
it owns about 10.9 percent of Roseland, New Jersey-based Bisys'
shares.




In a June 27 letter to Bisys Chief Executive Robert Casale,
President Ahmet Okumus wrote that "we strongly feel that the
price of $12.00/share offered significantly
undervalues the company."


Read more at Reuters.com Mergers News

GLOBAL MARKETS-U.S. bonds rise, stocks fall on financial sector

(Reuters) - NEW YORK, June 29 - U.S. bonds were higher Friday
and stocks fell as concerns about losses in the subprime
mortgage industry and financial sector dimmed optimism from
earlier economic data on tame inflation and steady growth.




In the currency market, the dollar extended declines
against the euro and fell against the yen as investors avoided
U.S. assets.


Read more at Reuters.com Bonds News

Cocoa Rises to Four-Year High in New York After Attack on Ivorian Minister

(Bloomberg) -- Cocoa rose to a four-year high in New
York after an attack on Ivory Coast's prime minister raised
concerns that fighting may resume and cut production in the
country, the world's biggest grower.

Prime Minister Guillaume Soro wasn't hurt when his plane was
attacked with rockets and small-arms fire after landing at an
airport in central Ivory Coast, spokesman Issa Doumbia said.
Soro, a former rebel leader, signed a peace accord with the
government of President Laurent Gbagbo in March that sought to
end a civil war that began in 2002.


Read more at Bloomberg Commodities News

US Senate OKs bill on foreign investment reviews

(Reuters) - The Senate approved legislation that would revamp takeover
reviews by the interagency Committee on Foreign Investments in
the United States .




The legislation is nearly identical to a bill endorsed by
the Senate Banking Committee in May and does not include some
provisions opposed by business groups that were contained in
last year's version.


Read more at Reuters.com Mergers News

RLPC-UPDATE 1-ServiceMaster lifts pricing again on LBO loan

(Reuters) - Additionally, the company has postponed pricing its $1.15
billion high-yield bond offering until Monday afternoon, as it
needs more time to gain investor interest.




Pricing on ServiceMaster's $2.85 billion term loan B was on
Friday increased by another 25 basis points to 300 basis points
over Libor. Earlier this week pricing was bumped up by 50 basis
points to 275 basis points over Libor from original price talk
of 250 basis points over Libor.


Read more at Reuters.com Bonds News

U.S. mortgage bond issuance rises in 1st half '07

(Reuters) - Lehman Brothers underwrote 62 issues of mortgage-backed
bonds, totaling $59.6 billion, a 10.7 percent market share.




Read more at Reuters.com Bonds News

Chilean Stocks Complete Quarterly Gain on Economic Growth, Takeover Talk

(Bloomberg) -- Chile's main stock index rose and
headed for its biggest quarterly gain in four years on speculation
that an accelerating economy will spur company profits and more
mergers and acquisitions.

The IPSA index of 40 stocks advanced 0.7 percent to 3464.39, a
record, at 2:03 p.m. New York time. Banco de Chile led today's
gains.


Read more at Bloomberg Stocks News

CBOE to offer options on Blackstone Group

(Reuters) - In a statement, CBOE said BX options will trade on the
March expiration cycle, with introductory expirations in July,
August, September and December. Initial strike prices have been
set at 25, 30 and 35, with position limits of 250,000
contracts. Group One Trading, LP has been named the Designated
Primary Market Maker in the options.




Other U.S. options exchanges are expected to follow suit,
since the majority of equity options are multiply listed.


Read more at Reuters.com Mergers News

UPDATE 1-Petroleum Development Q1 earnings fall

(Reuters) - The company recorded a loss of $5.6 million from its net
oil and gas price risk management activities for the first
quarter, compared with a gain of $4.9 million in the year-ago
quarter.




First-quarter general and administrative expense and
depreciation, depletion, and amortization almost doubled from
the prior-year period.


Read more at Reuters.com Market News

ABS traders, dealers reject swap contract change

(Reuters) - Paulson's concern was that sellers of protection on
mortgages could buy delinquent loans underlying the contracts
to avoid triggering default payments and limit their losses.
For details, see [ID:nN07639106].




"The possibility that sellers could attempt to manipulate
these products to their economic advantage was articulated, but
the universal view was that firms are committed to the
integrity of the market and that fraud and manipulation are
unacceptable," the International Swaps and Derivatives
Association said in a release issued late Thursday.


Read more at Reuters.com Bonds News

Sanofi says no plans to list vaccines business

(Reuters) - Gupta was responding to a question from an analyst as Sanofi
held a conference call to discuss its Rimonabant product.




Read more at Reuters.com Mergers News

CBOT's Largest Holder Votes Against Merger With Merc, Seeking Higher Price

(Bloomberg) -- 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.

Caledonia, owner of 6.6 percent of the shares of CBOT
Holdings Inc., wants Chicago Mercantile Exchange Holdings Inc. to
raise its $10 billion bid by about 14 percent, according to a
person at the fund who declined to be named. The Chicago Merc is
trying to fend off an unsolicited $11.2 billion offer from
Intercontinental Exchange Inc. and get a majority of CBOT holders
on its side for a July 9 vote on the deal.


Read more at Bloomberg Energy News

Zimbabwe gold firms working below fifth of capacity

(Reuters) - Zimbabwe's gold producers are operating below 20 percent of capacity while some have suspended operations over a deepening economic crisis and electricity cuts, the mining chamber said on Friday.

The news came after President Robert Mugabe on Wednesday threatened to seize and nationalise mines, especially gold producers he accused of smuggling the metal outside the country and stashing foreign currency earnings abroad as part of a campaign to undermine his government.


Read more at Reuters Africa

TREASURIES-Quarter-end buying lifts bonds,stocks cap gains

(Reuters) - That was comforting news to some investors, but a rise in
stocks reduced some of the safe-haven appeal of Treasuries.




Month-end and quarter-end buying kept bond prices, which
move inversely to yields, at higher levels.


Read more at Reuters.com Bonds News

S.African stocks dip as rand hits miners, BCX drops

(Reuters) - South African stocks dipped on Friday as a firmer rand hit mining shares and IT outsourcing firm Business Connexion slid after a planned buy-out by Telkom fell through.

The Johannesburg Top-40 index of blue-chip stocks slipped 0.40 percent to 25,564.57 points while the All-share index fell 0.23 percent to 28,337.22 points.


Read more at Reuters Africa

Antares to raise $15 mln from private placement

(Reuters) - The company said it will issue about 9.4 million shares at
$1.60 a share, together with warrants to purchase up to about
3.3 million additional common shares at $2.00 a share.





Read more at Reuters.com Mergers News

Dollar Share of Global Reserves Declines to Lowest Since 1999, IMF Says

(Bloomberg) -- The dollar's share of global
foreign-exchange reserves fell to the lowest level in at least
eight years as central banks accelerated purchases of euros, the
International Monetary Fund said.

Dollars accounted for 64.2 percent of reserves in the first
quarter, down from 64.6 percent in the prior three months, the
IMF said today in Washington. The share of euros climbed to 26.1
percent from 25.9 percent, reaching its highest proportion since
the single currency was introduced in 1999.


Read more at Bloomberg Currencies News

UPDATE 1-Hudson's shareholder sells 14.9 mln shares

(Reuters) - Fleming Funds, which are finite-life partnerships and have
been investing in Hudson for more than eight years, have
reached a point in the partnerships' term that makes it
necessary to seek liquidity of the partnerships' remaining
investments, Hudson said in a statement.




Hudson said it purchased and retired 5.7 million of its
shares from Fleming Funds, which previously owned 19.1 million
shares of the company, while certain executive officers and one
key employee of the company purchased the remaining 9.2 million
shares.


Read more at Reuters.com Mergers News

Gauge of U.S. economy held flat in latest week-ECRI

(Reuters) - The index held steady as weaker housing activity offset
positive factors such as lower interest rates and jobless
claims, said Lakshman Achuthan, managing director at ECRI.




WLI annualized growth rate declined to 6.5 percent from 6.7
percent reported the prior week.


Read more at Reuters.com Economic News

US STOCKS-Indexes rise on tame inflation

(Reuters) - NEW YORK, June 29 - U.S. stocks rose on Friday
after a inflation gauge watched by the Federal Reserve showed
its lowest reading since March 2004, putting the Dow
industrials on track to end the quarter on a strong note.




Among top gainers, shares of Research In Motion Ltd.
surged after the BlackBerry maker posted a
quarterly profit above Wall Street estimates and announced a
3-for-1 share split. The results triggered a flood of
brokerage upgrades. For details, see [ID:nN2838412.


Read more at Reuters.com Bonds News

US end-June consumer sentiment at 10-mo low-U.Mich

(Reuters) - The Reuters/University of Michigan consumer index was 88.3
at the end of May. It read 82.0 in August 2006.




Read more at Reuters.com Bonds News

Oil above $71 on drop in US fuel stocks

(Reuters) - Oil rose above $71 a barrel on Friday as investors focused on falling gasoline inventories in top consumer the United States and a regional drop in crude stocks.

A U.S. government report on Wednesday showed gasoline stocks fell 700,000 barrels last week and crude inventories at Cushing, Oklahoma, the delivery point for the U.S. crude benchmark, dropped 1.4 million barrels.


Read more at Reuters Africa

Apollo, Ariba, Corn Products, CryoCor, Priceline: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 8:30 a.m. New York time.

American Home Mortgage Investment Corp. (AHM US) fell $1.81,
or 8.7 percent, to $19.10 in trading before U.S. exchanges
opened. The lender specializing in adjustable-rate mortgages
withdrew its fiscal 2007 earnings guidance and said it will
likely have a second-quarter loss.


Read more at Bloomberg Stocks News

TREASURIES-Bond prices rise on tame inflation data

(Reuters) - The positive inflation data added to month-end and
quarter-end buying, as well as a modest flight-to-quality bid
from weaker equities and news that British police had defused a
bomb left in an abandoned car in London's theater district.




""Bonds are doing a little better. We have a benign core
PCE deflator and another month of confirmation that consumer
spending is slowing down significantly in the second quarter
from its average pace of the first," said Josh Stiles, bond
strategist with IDEAglobal in New York.


Read more at Reuters.com Bonds News

Year-over-year core PCE index up 1.9 pct in May

(Reuters) - The core personal spending price index advanced by 0.1 percent from a month ago and that was exactly in line with economists' expectations. That was after the same advance a month earlier.




Personal income advanced by a lower-than-expected 0.4 percent in May after a 0.2 percent decrease in April that was revised from a 0.1 percent decrease. Economists were expecting a 0.6 percent gain.


Read more at Reuters.com Economic News

TREASURIES-Bond prices edge up ahead of inflation data

(Reuters) - "People yesterday were a bit concerned about the PCE
deflator that is coming out this morning," said Doug Roberts,
chief investment strategist at Channel Capital Research in
Shrewsbury, New Jersey.




"Now they are realizing the Fed probably wouldn't have
moderated their statement if they thought the PCE was going to
come in somewhat ... massively different from what they
anticipated. Although it might not come out on target, probably
it will come in pretty close."


Read more at Reuters.com Bonds News

Symetra Financial files for $750 mln IPO

(Reuters) - In addition to the affiliates of White Mountains Insurance
Group Ltd. and Berkshire Hathaway Inc., who led the investor
group that formed Symetra, others from the original investor
group may participate in this offering as selling stockholders.




The Bellevue, Washington-based company, which has applied
for a New York Stock Exchange listing under the symbol "SYA,"
told the U.S Securities and Exchange Commission in a
preliminary prospectus that Merrill Lynch & Co. and Goldman,
Sachs & Co., among others, were underwriting the IPO.



Read more at Reuters.com Government Filings News

UPDATE 1-EU scraps competition exemption for some air fares

(Reuters) - Last October, the Commission said the International Air
Transport Association would have to justify why the
exemptions should continue.




"IATA has not supplied data that would allow the Commission
to conclude that an exemption would continue to benefit
passengers," the EU's executive arm said in a statement on
Friday.


Read more at Reuters.com Government Filings News

Hannover Re to help clients shift risk to markets

(Reuters) - "We feel that Swiss Re has not made money with that," Wallin
said.




"However, with the growth of the securitisation market we
feel that transforming might become a valuable business model
and we should be in at an early stage rather than a later
stage."


Read more at Reuters.com Bonds News

China's CSI 300 Index Declines on Rate Concern: World's Biggest Mover

(Bloomberg) -- China's stocks dropped, with the key
index posting its first monthly fall in almost a year, as the
central bank's latest economic forecasts fueled speculation the
government will raise interest rates to cool the economy.

Shanghai International Airport Co. and Citic Securities Co.
led declines among the country's most valuable companies.


Read more at Bloomberg Stocks News

U.K. FTSE 100 Index Reverses Advance; Segro, Liberty, Drax Pace the Drop

(Bloomberg) -- U.K. stocks erased gains, as Segro
Plc, Liberty International Plc and Drax Group Plc declined.

The benchmark FTSE 100 Index lost 19.4, or 0.3 percent, to
6551.9 at 9:02 a.m. in London, after rising as much as 0.3
percent earlier. The FTSE All-Share Index dropped 5.91, or 0.2
percent, to 3382.25. Ireland's ISEQ Index rose 17.19 to 9321.94.


Read more at Bloomberg Stocks News

Valeo, Cap Gemini, FKI: European Credit-Default-Swap Market Movers Today

(Bloomberg) -- The risk of owning European
corporate bonds rose today, according to traders of credit-
default swaps.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index rose 2,000 euros
to 225,000 euros at 8:30 a.m. in London, according to JPMorgan
Chase & Co.


Read more at Bloomberg Bonds News

France's CAC 40 Advances, Led by Cap Gemini, Air France-KLM Group

(Bloomberg) -- French stocks rose for a second day.
Cap Gemini SA, Europe's largest computer-services company, and
Air France-KLM Group paced the gains.

The CAC 40 Index added 17.39, or 0.3 percent, to 6023.70 at
9:07 a.m. in Paris. The broader SBF 120 Index rose 12.36, or 0.3
percent, to 4392.66.


Read more at Bloomberg Stocks News

BAE, Berkeley Group, HSBC, Cadbury Shares: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from yesterday's close.

The benchmark FTSE 100 Index rose 43.70, or 0.7 percent, to
6571.30 in London. The FTSE All-Share Index rose 24.40, or 0.7
percent, to 3388.16.


Read more at Bloomberg Stocks News

European Mining Stocks, BHP Billiton May Advance; FastWeb May Decline

(Bloomberg) -- European mining stocks may gain, led
by BHP Billiton Ltd. and Rio Tinto Group, after copper prices
rose. Indexes in the region may open little changed.

FastWeb SpA, the Italian phone and Internet company bought
by Swisscom AG, will probably decline after JPMorgan, Chase & Co.
cut its recommendation on the stock. Swatch Group AG, the world's
largest watch maker, might rise after Deutsche Bank AG advised
investors to buy the shares.


Read more at Bloomberg Stocks News

European Government Bonds Set for 4th Monthly Drop on Growth, Rate Outlook

(Bloomberg) -- European government bonds are set to
drop for a fourth month as signs of quickening economic growth
and inflation underpin the case for further interest-rate
increases by the European Central Bank.

German bunds, Europe's benchmark, also headed for their
steepest quarterly loss in almost eight years, with 10-year
yields rising half a percentage point as the ECB raised its
lending rate to a six-year high and indicated further increases
are needed to curb inflation. ECB President Jean-Claude Trichet
has said borrowing costs are low enough to stimulate growth.


Read more at Bloomberg Bonds News

Malaysian Government Bonds Extend Rally on Offshore Demand; Ringgit Gains

(Bloomberg) -- Malaysian bonds rose on speculation
the ringgit will extend gains from a one-week high, boosting
overseas demand for local-currency debt.

Five-year yields dropped to the lowest in three weeks after
an auction of June 2012 notes yesterday attracted the most demand
in at least seven years. Government bonds have returned 0.9
percent this quarter, the third-best in Southeast Asia after
Indonesia and Thailand, according to indexes compiled by HSBC
Holdings Plc.


Read more at Bloomberg Bonds News

Apple's iPhone to hit stores, jolt mobile industry

(Reuters) - The product, which melds a phone, Web browser and media player, deepens Apple's transformation from a maker of stylish-but-niche computers into a consumer electronics powerhouse already known for its iPod music and video players.




The svelte, glassy iPhone is a gamble by Apple's co-founder and chief executive, Steve Jobs, aimed at expanding the market for the company's software and media services.


Read more at Reuters.com Business News

Travelers in JV talks with India's HDFC - source

(Reuters) - A HDFC spokesman declined comment.




"A high-level team from U.S. insurer Travelers is in town
to finalise a joint venture partner for non-life insurance,"
the Economic Times newspaper said in an unsourced report on
Friday, suggesting HDFC Chubb General Insurance Co. Ltd. could
be renamed after a new partner.


Read more at Reuters.com Mergers News

PTT's Pichai Says 2007 Sales, Profit May Decline as Thai Currency Gains

(Bloomberg) -- PTT Pcl, Thailand's biggest energy
company, said profit this year may fall from a record as gains in
the baht erode the value of its dollar-denominated sales of fuels
and petrochemicals.

The baht's 11 percent rise against the dollar in the past 12
months will pare profit because PTT calculates its revenue in U.S.
dollars and reports earnings in baht, Chief Financial Officer
Pichai Chunhavajira said. The Bangkok-based company will probably
post ``slightly better'' earnings in U.S. dollar terms, beating
last year's record sales and net income, he said.


Read more at Bloomberg Emerging Markets News

Japanese Stocks Advance; Ibiden, Toshiba Gain on Outlook for Profit Growth

(Bloomberg) -- Japanese stocks climbed, led by
auto-related shares on speculation global growth will spur
rising profits and after UBS AG lifted its stance on the
automotive parts industry.

Electronics makers advanced on expectations earnings will
rise after three brokerages issued reports touting their growth
potential and the yen weakened for a second day.


Read more at Bloomberg Stocks News

Value of U.S. IPOs surges 37 pct in first half '07

(Reuters) - The value of U.S. offerings in the first half of 2007 rose
37 percent compared with the same period a year ago, according
to preliminary data from research firm Dealogic.




The number of deals so far this year totaled 146, up from
116 in the same period a year ago, with the finance and
technology industries representing more than half of the
debuts, Dealogic said.


Read more at Reuters.com Mergers News

MFS Living, National Leisure, Tandou, 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 yesterday. Prices are from
yesterday's 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
0.4 percent to 6300 at 9:34 a.m. in Sydney. The Bank of New York
Australia ADR Index rose 2 percent in New York.


Read more at Bloomberg Stocks News

Japan's Bonds May Drop on Speculation Decline in Consumer Prices Slowing

(Bloomberg) -- Japan's 10-year bonds may fall on
speculation a government report today will show that the decline
in consumer prices is slowing, signaling inflation may soon take
hold.

Benchmark 10-year bonds may complete their biggest monthly
drop in more than a year as the report is forecast to show core
consumer prices excluding fresh food fell 0.1 percent in May
from a year earlier, according to a Bloomberg News survey.
Prices decreased 0.1 percent in April, slowing from a 0.3
percent drop in March.


Read more at Bloomberg Bonds News

UPDATE 1-Adept Technology to cut 15 pct jobs; shut plants

(Reuters) - Adept also said its Chief Financial Officer Steven Moore
will leave effective mid-July as he has accepted a position
with another company.




Adept has over 180 employees in offices worldwide,
according to the company's Web site.


Read more at Reuters.com Market News

UPDATE 1-Tibco quarterly profit down, shares fall

(Reuters) - The results fell short of Wall Street estimates and its
shares fell.




The maker of software that helps computer systems in large
corporate networks communicate with each other said it had
second-quarter profit excluding items of 7 cents a share.


Read more at Reuters.com Market News

UPDATE 1-American Home Mortgage pulls outlook on credit losses

(Reuters) - NEW YORK, June 28 - American Home Mortgage
Investment Corp. on Thursday withdrew its 2007 earnings
forecast, and will likely suffer a surprise second-quarter loss
as it takes "substantial" charges for soured loans.




The Melville, New York-based real estate investment trust,
which makes roughly 2.5 percent of all U.S. home loans, is one
of many lenders to suffer from rising losses as more homeowners
fall behind on payments.


Read more at Reuters.com Bonds News

REFILE-US STOCKS-Wall St ends flat after Fed statement; RIMM up

(Reuters) - NEW YORK, June 28 - U.S. stocks closed little
changed on Thursday, after the Federal Reserve said it sees
moderate economic growth over coming quarters but signaled it
remains concerned about inflation.




The Nasdaq ended slightly higher, boosted by
communications equipment and semiconductor stocks, which rose
after brokerage upgrades of Cisco Systems Inc. and
Intel Corp. .


Read more at Reuters.com Bonds News

Yen Heads for Biggest Quarterly Loss Against Dollar Since 2001 on Rate Gap

(Bloomberg) -- The yen headed for the biggest
quarterly loss against the dollar since 2001 before reports that
are forecast to show falling prices and slowing consumption in
Japan.

The data may raise speculation the Bank of Japan will
refrain from raising borrowing costs, encouraging investors to
look overseas to buy higher-yielding assets funded by loans in
yen, in a practice known as the carry trade. The yen has dropped
this quarter against all 16 major currencies tracked by
Bloomberg.


Read more at Bloomberg Currencies News

Canada's Dollar Advances Most in 3 Months on Oil Prices, Fed Rate Decision

(Bloomberg) -- The Canadian dollar advanced the
most since March on speculation an advance in crude oil will
lift the country's economic growth.

Commodities including oil make up about half of Canada's
exports. The Canadian currency remained higher after the U.S.
Federal Reserve kept its target rate at 5.25 percent and
stressed that inflation is its ``predominant'' concern.


Read more at Bloomberg Currencies News

US RATE FUTURES-Slip as Fed seen focused on inflation

(Reuters) - CHICAGO, June 28 - U.S. short-term interest rate
futures extended losses on Thursday after the Federal Open
Market Committee kept rates steady, as expected, but kept its
focus on the inflation outlook after a two-day meeting.




"The take-away point from the Fed statement is that the
easing of price pressures thus far has not been sufficient to
change the Fed's risk assessment," said Marc Chandler, senior
currency strategist at Brown Brothers Harriman in New York.


Read more at Reuters.com Bonds News

US STOCKS-Indexes rise after Fed rate decision

(Reuters) - The Dow Jones industrial average was up 57.79
points, or 0.43 percent, at 13,485.52 after briefly paring
gains immediately after the statement.




The Standard & Poor's 500 Index was up 7.69 points,
or 0.51 percent, at 1,514.03. The Nasdaq Composite Index
was up 19.18 points, or 0.74 percent, at 2,624.53.


Read more at Reuters.com Bonds News

Mexico Bolsa Gains on Tax Bill, Led by America Movil; Peru Stocks Advance

(Bloomberg) -- Mexican stocks rose for a second day as
investors speculated a tax bill will be modified to reduce levies
on business and gain support needed for passage.

The benchmark Bolsa index advanced 218.83, or 0.7 percent, to
31,023.04 as of 1:48 p.m. in New York, led by America Movil SAB,
Latin America's biggest mobile-phone company.


Read more at Bloomberg Stocks News

Corn Futures Decline as Cool, Wet Weather May Boost U.S. Crop Production

(Bloomberg) -- Corn in Chicago fell for a third
session this week as rains revive crops in the U.S. Midwest
threatened by unusually hot, dry weather earlier this month.

Fields from Missouri to Ohio may get up to an inch of rain
by tomorrow while the entire Midwest will see cooler weather
this weekend, according to Global Weather Monitoring in Mohawk,
Michigan. A storm may also bring up to 0.6 inch of rain after
July 4, keeping temperatures below normal, the forecaster said.


Read more at Bloomberg Commodities News

Martek says to sell fluorescent detection products unit

(Reuters) - Robert Flanagan, currently Martek's director, would replace
Linsert as chairman of the board, the company said. The deal is
expected to close by the end of June.





Read more at Reuters.com Mergers News

Kansas City Fed manufacturing index at 5-year low

(Reuters) - The index measures changes in plant production of both
durable and nondurable goods. A reading below zero indicates
contraction in production.




Rising gasoline and energy prices affected many of the 103
producers responding to the survey, which spanned Colorado,
Kansas, Nebraska, Oklahoma, Wyoming, New Mexico and Missouri,
said Chad Wilkerson, the economist compiling the index.


Read more at Reuters.com Bonds News

Soybeans Rise as Report Shows Climbing Demand for Cooking Oil, Animal Feed

(Bloomberg) -- Soybeans in Chicago rose for a third
time this week after a government report showed increased demand
for animal feed and vegetable oil made from the second-biggest
U.S. crop.

Processors including Bunge Ltd. converted 3.8 percent more
soybeans into feed and cooking oil last month than a year ago,
the Census Bureau said. Supplies of soybean oil fell 0.7 percent
to 3.266 billion pounds at the end of May from April and feed
inventories on May 31 dropped 8.6 percent to 277,581 tons from a
year earlier, the bureau said.


Read more at Bloomberg Commodities News

South African coal prices fall in line with swaps

(Reuters) - Prices of prompt loading South African coal cargoes dropped sharply on Thursday in line with weaker API4 paper values, traders and utilities said.

Prompt cargoes on Monday had been offered at $60.00-$60.50 a tonne FOB Richards Bay, basis 6,000kc/kg NAR against few bids.


Read more at Reuters Africa

Yamana, Northern Orion to combine, eyeing Meridian

(Reuters) - Yamana and Northern Orion said if they cannot reach an agreement with Meridian within 30 days, they will launch a joint tender offer aimed at acquiring 100 percent of its outstanding shares.




Meridian said on Thursday that it would not comment on the joint takeover bid until it receives a formal offer.


Read more at Reuters.com Bonds News

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

Most U.S. Stocks Gain, Led by Technology Companies; Monsanto Advances

(Bloomberg) -- Most U.S. stocks rose, led by
technology companies, after analysts upgraded Intel Corp. and
Cisco Systems Inc. on prospects for profit growth.

Monsanto Co., the world's biggest seed producer, gained
after earnings beat analyst estimates. About three stocks
advanced for every two that fell on the New York Stock
Exchange.


Read more at Bloomberg Stocks 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

Dillard's soars as unhappy shareholder seeks talks

(Reuters) - The New York-based firm said it requested talks after being unable to reach Chief Executive William Dillard by phone.




Julie Bull, a Dillard's spokeswoman, was out of the office and unavailable for immediate comment, a company representative said.


Read more at Reuters.com Business 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

Intel Upgraded to `Overweight' at Lehman Brothers on Semiconductor Outlook

(Bloomberg) -- Intel Corp. was upgraded to
``overweight'' from ``equal weight'' at Lehman Brothers, which
said a new series of semiconductors designed for laptop computers
may boost revenue and earnings growth.

The world's largest computer-chip maker may also benefit
from improving margins and a share price that is ``reasonable''
relative to the company's earnings, analyst Tim Luke wrote in a
note. Price cuts on the new chips, called Santa Rosa, that are
scheduled for later this year may increase demand, he wrote.


Read more at Bloomberg Stocks News

Milan Utility Aem Restores Electricity to 670 Customers Following Blackout

(Bloomberg) -- Aem SpA, Milan's municipal utility,
restored power to customers after a fault on a medium-voltage
cable cut the supply in central and southern areas of the city.

Electricity was cut to 670 clients between Vigentina in
southern Milan and one of the city's main shopping streets, Corso
Vittorio Emanuele, for about 40 minutes, a spokesman for Aem who
declined to be identified, said today.


Read more at Bloomberg Energy News

Brazil Real Gains Most in 2-Weeks on Central Bank's Higher Growth Forecast

(Bloomberg) -- Brazil's currency advanced the most
in two weeks after the central bank raised its economic growth
forecast for the year.

The economy will grow 4.7 percent this year, up from the
previous estimate of 4.1 percent, according to the central
bank's quarterly report on inflation released on its Web site
today.


Read more at Bloomberg Currencies News

Dollar up vs yen, down vs euro ahead of Fed

(Reuters) - The dollar was down against the euro but up against the yen on Thursday as investors awaited the outcome of a two-day Federal Reserve policy meeting later in the session.

The central bank is seen holding rates at 5.25 percent but its statement will be scrutinised for clues on future policy.


Read more at Reuters Africa

Unhappy Dillard's shareholder seeks talks

(Reuters) - Barington Capital Group LP, which said it owns more than 3.2 percent of Little Rock, Arkansas-based Dillard's shares, said it is seeking meetings with Chief Executive William Dillard and management to discuss merchandising, inventory management, cost controls, and measures to "unlock" value in the company's real estate portfolio. It said it requested talks after being unable to reach William Dillard by phone.



New York-based Barington said it has "substantial experience helping improve shareholder value" as an investor in other retail, apparel and footwear companies, including Maxwell Shoe, Nautica, Payless ShoeSource, Pep Boys, Steven Madden, Stride Ride, Syms and Warnaco.


Read more at Reuters.com Bonds 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

Inverness Medical gets FDA nod for malaria test device

(Reuters) - The drug maker said Januvia is the first and only medication in the class of drugs called dipeptidyl peptidase-4 inhibitors, which enhance the body's ability to lower blood sugar when it is elevated, to be adopted by the European Commission.






Read more at Reuters.com Government Filings News

Global rally sweeps FTSE up as commodities bounce

(Reuters) - The leading share index joined a rebound in global equities on Thursday by jumping 0.6 percent, hoisted by commodities shares and by expectations that the Federal Reserve will keep U.S. interest rates on hold.

Mining and oil shares jointly added more than 26 points to the index's upside as copper prices bounced back and oil edged higher on a drop in U.S. gasoline inventories.


Read more at Reuters Africa

Treasuries Are Little Changed as Fed Policy Makers Meet on Interest Rates

(Bloomberg) -- U.S. Treasuries were little changed
ahead of the Federal Reserve's interest-rate decision.

All 113 economists surveyed by Bloomberg News predict the
Fed will keep its key rate at 5.25 percent for an eighth time,
leaving Treasury yields below the central bank's benchmark.


Read more at Bloomberg Bonds News

Wall St set for firmer start before Fed decision

(Reuters) - The Federal Reserve's policy-setting committee meets for a second day on Thursday.




While the Fed is widely expected to hold benchmark interest rates steady at 5.25 percent, its statement will be scrutinized for clues on the central bank's next move on interest rates.


Read more at Reuters.com Business News

Czech Central Bank Leaves Key Rate at 2.75 Percent, Lowest Rate in the EU

(Bloomberg) -- The Czech central bank left its key
interest rate at the European Union's lowest level of 2.75
percent as it awaits a new economic forecast in July.

The policy-making board voted today in Prague to keep rates
unchanged, the central bank said on its Web site. The decision
was predicted by all 21 economists in a Bloomberg survey.


Read more at Bloomberg Emerging Markets News

Pound Gains Above $2 After Report Shows House Price Growth Has Quickened

(Bloomberg) -- The pound rose above $2 for the third
day this week as quickening U.K. house-price growth spurred
speculation the Bank of England will resume raising interest
rates to push inflation back below its target.

The pound rose to the highest since May 1 versus the dollar
after the Nationwide Building Society said U.K. property-price
inflation accelerated to a 2 1/2-year high. BOE Governor Mervyn
King, who told lawmakers this morning there have been signs the
U.K. economy may be slowing, was among the policy makers who
backed higher rates at the BOE's last meeting.


Read more at Bloomberg Currencies News

Gold recovers from 3-mth low on bargain hunting

(Reuters) - Tokyo gold futures also gained ground as the yen's three-day rally against the dollar fizzled and triggered a wave of short-covering.




Spot gold stood at $644.60/646.10 an ounce as of 0728 GMT, versus $642.50/644.00 in late New York. On Wednesday, it fell as low as $638.90, the lowest since March 14, as investors cashed in gold, amid worries over troubled U.S. mortgage securities.


Read more at Reuters.com Hot Stocks News

Dow Jones deal would let Murdoch fire editors: report

(Reuters) - Murdoch has bid $5 billion or $60 per share for Dow Jones, and he told Reuters on Wednesday final approval from the Bancrofts would come within two or three weeks, "or not at all."




None of the parties could immediately be reached for comment.


Read more at Reuters.com Business News

NEWSMAKER-Japan tests mettle of Steel Partners' Lichtenstein

(Reuters) - His combative U.S. hedge fund has invested in more than 300
companies, engaged in over 20 proxy fights, and taken control of
more than a dozen firms worldwide, but Japan is giving him a
headache.




Lichtenstein has become emblematic to the Japanese of Western
capitalists trying to the break into the boardroom and boost
shareholder profits at the expense of others such as employees,
suppliers and creditors.


Read more at Reuters.com Mergers News

U.K. FTSE 100 Index Climbs, Paced by BHP, British Land, Whitbread Shares

(Bloomberg) -- U.K. stocks advanced, paced by BHP
Billiton Ltd., British Land Co. Plc and Whitbread Plc.

The benchmark FTSE 100 Index rallied 37.4, or 0.6 percent,
to 6565 in London at 8:05 a.m. The FTSE All-Share Index added
23.25, or 0.7 percent, to 3387.01. Ireland's ISEQ Index rose
61.85 to 9298.65.


Read more at Bloomberg Stocks News

Cement Makers Advance After Chidambaram Says No Freeze on Material Prices

(Bloomberg) -- Shares of ACC Ltd. and rival Indian
cement makers surged after Morgan Stanley said prices may rise
on the finance minister's statement the government hasn't asked
companies to freeze rates and wouldn't interfere in setting them.

``Pricing power appears to have returned for the next six
to nine months for cement companies,'' Mumbai-based analyst
Akshay Soni at Morgan Stanley said in a note to clients today.
``With inflation easing, the government seems to have relaxed
their stance on cement pricing.''


Read more at Bloomberg Emerging Markets News

European Stocks May Rise; Statoil, BP, BHP, Nestle Will Probably Advance

(Bloomberg) -- European stocks may advance for the
first time in six days, paced by energy and mining shares as oil
and metals prices rose.

U.S.-traded securities of Statoil ASA and BP Plc gained. BHP
Billiton Ltd. and Rio Tinto Group rallied in Australian trading.
Nestle SA, the world's largest food company, will probably
increase after Deutsche Bank AG recommended buying the stock.
Groupe Danone may be active on a report the yogurt maker will
likely sell its LU cookies division.


Read more at Bloomberg Stocks News

Yen's rise fizzles as risk-aversion eases

(Reuters) - The yen's three-day rally fizzled on Thursday as a rebound in U.S. stocks eased concerns about fallout from problems in the U.S. subprime mortgage sector, prompting investors to again sell the yen in carry trades.

The Nikkei share average was up 0.57 percent on Thursday after U.S. stocks rallied the previous day, showing that investor risk appetite is reviving.


Read more at Reuters Africa

Fed May Keep 5.25 Percent Rate as Growth, Prices Vindicate Bernanke Stance

(Bloomberg) -- Federal Reserve Chairman Ben S.
Bernanke, who resisted calls for an interest-rate increase when
prices climbed and brushed off arguments for a cut as growth
slowed, can claim vindication as data on the economy reinforce
his case for keeping rates just where they are.

Economists in a Bloomberg News survey unanimously predict
that Bernanke and Fed policy makers will announce today that
they are keeping the benchmark rate at 5.25 percent, where it
has been for a year.


Read more at Bloomberg Currencies News

UPDATE 1-Yamana, Northern seek three-way gold merger

(Reuters) - Under the deal, Northern Orion shareholders would receive
0.543 of a Yamana share, or C$7.07 based on Yamana's Wednesday
closing price. Meridian shareholders would receive 2.235 of a
Yamana share plus C$3.15 in cash, totaling C$32.25 per share,
Yamana and Northern said.




The three companies have a combined market capitalization
of about $7.5 billion, according to Reuters Data.


Read more at Reuters.com Mergers News

Dollar Trades Little Changed Against Yen, Euro Before Fed Rate Decision

(Bloomberg) -- The dollar was little changed against
the yen and euro before a Federal Reserve meeting that ends today.

The Fed is expected to keep its target rate for overnight
lending between banks at 5.25 percent. Futures show traders
priced in higher odds of an interest-rate cut this year. Fed
officials acknowledged at their last meeting that a slump in
housing would restrain growth ``through most of this year,'' the
minutes of the gathering released on May 30 showed.


Read more at Bloomberg Currencies News

Bangkok Bank's 2007 Profit to Stall Amid Confidence Slump, Chartsiri Says

(Bloomberg) -- Bangkok Bank Pcl, Thailand's biggest
financial-services company, said profit growth has stalled in the
wake of a military coup that sapped consumer and business
confidence.

``We expect profit this year to be along the same basis with
what we have seen in 2006,'' said Chartsiri Sophonpanich, 48, the
bank's president, in a June 25 interview in Bangkok. ``Confidence
is low but there has been some slight improvement with the
announcement of the election timing by the end of this year.''


Read more at Bloomberg Emerging Markets News

UPDATE 1-Seven & I to spend $2.4 billion on U.S. expansion

(Reuters) - Seven-Eleven Japan, a unit of Seven & I, turned 7-Eleven Inc.
in the United States into a 100 percent subsidiary in 2005 to
gain better access to the local market and boost efficiency, a
Tokyo-based spokesman said.




The Japanese retailer has not been vigorously investing in
its 6,000 U.S. stores in the past few yearsBEV FOD US


Read more at Reuters.com Mergers News

UPDATE 4-CBOT, ICE keep pressure on as CME deal vote nears

(Reuters) - CHICAGO, June 27 - The fate of the Chicago Board
of Trade, the No. 2 U.S. futures exchange, remained in the
balance as its parent company, favoring a merger with the
Chicago Mercantile Exchange, and rival bidder ICE stepped up
the pressure on shareholders on Wednesday.




Members and shareholders of the Chicago Board of Trade's
parent, CBOT Holdings Inc. , will vote on July 9 on
whether to accept a merger deal with Chicago Mercantile
Exchange Holdings Inc. , which operates the largest U.S.
futures mart.


Read more at Reuters.com Mergers News

Thailand Current Account Surplus May Widen as Spending Slump Slows Imports

(Bloomberg) -- Thailand's current account surplus
probably widened in May as falling consumption curbed imports,
and exporters boosted overseas shipments to counter lower
domestic sales.

The surplus widened to $534 million from a $44 million
excess in April, according to the median estimate of 11
economists surveyed by Bloomberg. The current account report is
scheduled for release by the Bank of Thailand on June 29 at 2:30
p.m. in Bangkok.


Read more at Bloomberg Bonds News

New Zealand Dollar Gains as First Quarter Current Account Deficit Narrows

(Bloomberg) -- The New Zealand dollar rose after
government reports showed the nation's current account deficit
narrowed in the first quarter and more new homes were built in
May compared with a month earlier.

The currency bought 76.43 U.S. cents at 10:56 a.m. in
Wellington from 76.24 cents immediately before the report's
release and 76.10 in late Asian trading yesterday.


Read more at Bloomberg Currencies News

UPDATE 2-Bed Bath & Beyond posts higher quarterly profit

(Reuters) - First-quarter net income rose to about $104.6 million, or
38 cents a share, from $100.4 million, or 35 cents a year
earlier. Quarterly sales rose to about $1.6 billion.




Analysts, on average, were expecting the Union, New
Jersey-based retailer to earn 37 cents a share for the quarter
on about $1.5 billion in sales, according to Reuters
Estimates.


Read more at Reuters.com Market News

UPDATE 1-Sierra shareholders approve UnitedHealth deal

(Reuters) - NEW YORK, June 27 - Sierra Health Services Inc. said on Wednesday that its shareholders voted overwhelmingly to approve its acquisition by UnitedHealth Group Inc. for $43.50 per share.



Both companies expect the deal to close by the end of the year, if not sooner, Sierra said.


Read more at Reuters.com Mergers News

Sierra shareholders approve UnitedHealth deal

(Reuters) - Both companies expect the deal to close by the end of the year, if not sooner, Sierra said.



UnitedHealth said in March that it would buy Sierra for more than $2.4 billion to expand in the fast-growing Las Vegas area.


Read more at Reuters.com Mergers News

Atmel says expects to meet Nasdaq listing rules

(Reuters) - Net income was $28.9 million, or 6 cents per diluted share,
including the net benefit of a $15 million research and
development tax credit in France. A year earlier, profit was
$4.7 million, or 1 cent per diluted share.




Shares of Atmel added 11 cents in extended trade, reversing
a decline of 11 cents to $5.71 in regular Nasdaq trading ahead
of news that its filings were up to date.


Read more at Reuters.com Market News

Power back on in New York City

(Reuters) - The company was still investigating the cause.




Read more at Reuters.com Bonds News

UPDATE 1-Red Hat profit rises on demand for Linux software

(Reuters) - Fiscal first-quarter net income rose to $16.2 million, or 8
cents a share, from $13.8 million, or 7 cents a share, a year
earlier. Revenue rose to $118.9 million from $84.0 million in
the quarter ended May 31.




The company posted profit of 16 cents a share, excluding
items. On that basis, analysts expected profit of 15 cents on
revenue of $116.8 million.


Read more at Reuters.com Market News

Capital One to cut 2,000 jobs, sees charge

(Reuters) - Capital One said about half of the job cuts have taken
place. It also expects to achieve additional savings from job
attrition and by not filling open positions. It expects to
achieve about $400 million of pre-tax savings in 2008, and
another $300 million in 2009.




Read more at Reuters.com Bonds News

UPDATE 1-US money market assets hit new record-report

(Reuters) - Taxable assets rose $4.6 billion to a record $2.1 trillion,
while tax-free assets increased by $985 million to a record
$404 billion, said the report published by iMoneyNet Inc.




Taxable money fund yields slipped 2 basis points in the
week to an average 4.70 percent. Tax-free money fund yields
rose 3 basis points to an average 3.16 percent.


Read more at Reuters.com Bonds News

Gas Rises in Late-Session New York Trading, Following Oil Futures Higher

(Bloomberg) -- Natural gas in New York rose, erasing
an earlier loss, as crude oil prices surged following a
government report showing an unexpected decline in U.S. gasoline
stockpiles.

``Crude oil, the products, all had numbers that weren't as
bearish as people wanted them to be so they took the whole
complex up,'' said Michael Rose, trading director at Angus
Jackson Inc. in Fort Lauderdale, Florida.


Read more at Bloomberg Energy News

Poor nations face new health challenges --World Bank

(Reuters) - Rising life expectancy, lower fertility rates and changing
lifestyles, with more smoking, bad diets and lack of exercise,
were factors contributing to the increasing rates of the
diseases, the report said.




Such health problems not only affect the elderly but also
afflicted people between the ages of 15 and 69, when they are
their most productive, the report said.


Read more at Reuters.com Bonds News

Corn Tumbles on Speculation Rains in Midwest to Boost Propsects for Crops

(Bloomberg) -- Corn fell to the lowest in four
weeks in Chicago on speculation that rains will revive Midwest
crops threatened by hot, dry weather earlier this month.

As much as twice the normal amount of rain may fall from
Kansas to Ohio in the next five days, boosting soil moisture in
fields that had been depleted by six weeks of heat and dryness,
said Mike Tannura, a meteorologist for T-Storm Weather in
Champaign, Illinois. Cool weather this weekend also will benefit
crops next month.


Read more at Bloomberg Commodities News

U.S. Stocks Rise, Led by Energy, Technology Companies; Oracle, Nike Jump

(Bloomberg) -- U.S. stocks rose after a rally in
oil improved the earnings prospects of energy companies and
profit at Oracle Corp. topped analyst estimates.

Exxon Mobil Corp., the world's biggest oil producer, led
energy stocks in the Standard & Poor's 500 Index to the top
gain among 10 industries. Oracle, the No. 3 software maker,
pushed the Nasdaq Composite Index higher for the first time in
four days after saying sales may rise 21 percent.


Read more at Bloomberg Stocks News

Doctors want more study on overuse of video games

(Reuters) - The AMA, which recommended a review of the current video game rating system, also said it would leave it up the American Psychiatric Association and other experts to decide whether video game addiction should be designated a mental illness.




"While more study is needed on the addictive potential of video games, the AMA remains concerned about the behavioral, health and societal effects of video game and Internet overuse," said AMA president Dr. Ronald Davis.


Read more at Reuters.com Government Filings News

Conrad Black trial goes to jury

(Reuters) - The 62-year-old, Canadian-born Black, a member of Britain's House of Lords, could face decades in prison and the forfeiture of millions of dollars if convicted on all counts.




Read more at Reuters.com Bonds News

UPDATE 1-Goldman raises Cytec, adds to Americas buy list

(Reuters) - The company's shares were up 3.8 percent at $63.99 in
midday trading, after having risen as high as $64.90, earlier
in the session on the New York Stock Exchange.




"Cytec is poised to benefit from lower fixed costs,
selective pricing increases, along with its aggressive cost
savings and production rationalization initiatives," Goldman
Sachs analyst Robert Koort said in a note to investors.


Read more at Reuters.com Mergers News

Mexico's Bolsa Falls on U.S. Report, Led by Cemex; Vale Declines in Brazil

(Bloomberg) -- Mexican stocks fell for a fourth day,
led by cement maker Cemex SAB, on concern a slowing U.S. economy
will hurt exports.

The benchmark Bolsa index slid 0.8 percent today to 30,515.36
as of 11:59 a.m. in New York. It is the first four-day decline in
the index since April. Brazil's Bovespa index fell 260.82, or 0.5
percent, to 53,590.86.


Read more at Bloomberg Stocks News

Personal Finance: The credit card re-shuffle

(Reuters) - WASHINGTON, June 27 - Americans are dissatisfied,
resentful and apathetic -- about their credit cards! Those are
the findings of a recent survey which found more than half of
Americans are unhappy with the plastic in their wallet, but not
really doing anything about it.




" ... contradictions between how the public
thinks about credit cards and how they actually use them," said
Elisabeth Demarse of CreditCards.com, the comparison site which
sponsored the study. The survey, carried out by GFK Roper
Public Affairs and Media for CreditCards.com, found that most
cardholders ignore offers they get in the mail and don't bother
comparison shopping online for new cards either, even though
they're not happy with the card they have.


Read more at Reuters.com Bonds News

Private equity firms see rising threat of lawsuits

(Reuters) - Almost half of 170 private equity professionals
surveyed by Marsh, a unit of the world's largest insurance
broker Marsh & McLennan Cos. Inc. , said they expected to
defend against more legal action over the next two years.




Only 6 percent said they expected less legal action.


Read more at Reuters.com Government Filings News

U.S. Stocks Retreat on Drop in Durable Goods; GE, Moody's Shares Decline

(Bloomberg) -- U.S. stocks rose after energy
shares rebounded with the price of oil and Oracle Corp.
reported results that beat analyst estimates.

Exxon Mobil Corp., the biggest crude producer, and Chevron
Corp., the second largest, advanced. Oracle, the No. 3 software
maker, gained after saying sales may rise 21 percent.


Read more at Bloomberg Stocks News

Wells Fargo CEO--Large out-of-market deal unlikely

(Reuters) - San Francisco-based Wells Fargo operates mainly in the western two-thirds of the United States.




Earlier Wednesday, Wells Fargo announced Stumpf's promotion to chief executive. He had previously been chief operating officer. Richard Kovacevich, who had been chief executive since 1998, will remain chairman.


Read more at Reuters.com Mergers News

UPDATE 1-Southwest Air to slow capacity growth

(Reuters) - Southwest, the leading U.S. discount carrier, intends to
adjust its route schedule to slow capacity growth to about 6
percent for 2007 and 2008, down from a planned increase of
about 8 percent, CEO Gary Kelly said during a company analyst
conference.




Southwest has gotten off to a slow start this year,
buffeted by tougher competition and softening demand for air
travel. It has said it will likely not grow revenue fast enough
to achieve its long-standing target of 15 percent growth in
earnings before special items this year.


Read more at Reuters.com Market News

Hungarian Stocks Lead Declines in Central Europe: World's Biggest Mover

(Bloomberg) -- Hungary's benchmark index fell from
a record, pacing declines in central European stock markets.

Mol Nyrt. tumbled after Deutsche Bank AG recommended
selling the stock and Hungary's prime minister said he will
fight a takeover of the country's largest oil company.


Read more at Bloomberg Stocks News

Freddie Mac sells $2.5 billion in bills

(Reuters) - The sale was part of Freddie Mac's weekly bill auction, on
Monmday Freddie Mac sold $1.5 billion in three-month bills due
Sept. 24, 2007, $1.0 billion in six-month bills due Dec. 24,
2007 and $1.0 billion in 12-month bills June 23, 2008.




Read more at Reuters.com Bonds News

Steadier dollar may burst commodity bubble: fund

(Reuters) - Michael Howell, managing director at UK-based Crossborder Capital, said a large part of commodity price gains in recent years were due to the generally weaker dollar rather than strong economic growth as is generally advertised.




A weaker U.S. currency makes dollar-denominated commodities cheaper and more attractive to investors holding other currencies.


Read more at Reuters.com Hot Stocks News

Flight from risk weighs on base metals

(Reuters) - Investors switching to safer assets due to fears of economic slowdown weighed on industrial metals on Wednesday, but strikes at mines capped losses.

Weaker metal prices hit London-listed miners. Xstrata, BHP Billiton and Rio Tinto shed around 2.5 percent, in line with falling European shares, which tracked losses in U.S. and Asian markets.


Read more at Reuters Africa

Guitar Center to be acquired by Bain Capital

(Reuters) - The offer represents a 26 percent premium over Guitar Center's closing price on Tuesday.




The transaction is expected to close in the fourth quarter, the company said.


Read more at Reuters.com Business News

U.S. Stock-Index Futures Retreat; ConocoPhillips, General Electric Decline

(Bloomberg) -- U.S. stock-index futures fell after
energy producers retreated on a drop in the price of oil and a
government report said orders for durable goods declined more
than forecast.

ConocoPhillips, the third-largest U.S. oil company,
slipped after it said it will record a charge of $4.5 billion
to write off its Venezuela projects. General Electric Co., the
second biggest company by market value, also dropped.


Read more at Bloomberg Stocks News

UK's Jaeger happy to go it alone as sales surge

(Reuters) - High-end and luxury retailers boasting iconic brands have
attracted private equity investors looking to expand their
operations in emerging economies such as China and Russia, where
demand for designer clothes and accessories is booming.




CEO Belinda Earl, formerly head of department store group
Debenhams before its private equity buyout, said there
were "always the speculative calls" at Jaeger but that they had
never reached a stage at which money was discussed.


Read more at Reuters.com Market News

UnitedHealth says does not endorse TRC's mini-tender offer

(Reuters) - The company said TRC's offer to purchase up to 2 million shares of UnitedHealth's common stock for $51.50 per share is 3.03 percent below its closing price on June 13, the day before the start of the unsolicited offer.






Read more at Reuters.com Mergers News

US STOCKS-Futures signal weak start on liquidity worry

(Reuters) - In takeover news, Rupert Murdoch told Reuters on Wednesday
he had no plan to raise his News Corp.'s bid for Dow
Jones & Co. Inc. and said he is waiting for final
approval of the proposed acquisition from the Bancroft family,
which controls the publisher of the Wall Street Journal. For
details, see [ID:nL27771376].




A weak Japanese currency has allowed investors to borrow
cheaply in yen to buy higher-yielding assets elsewhere, a
practice known as carry trade. The yen rose on Wednesday
against the dollar and euro.


Read more at Reuters.com Bonds News

Aeroflot Drops Alitalia Bid, Says It Was Denied `Critical' Information

(Bloomberg) -- OAO Aeroflot, eastern Europe's
largest airline, abandoned a bid for the Italian government's
stake in Alitalia SpA, saying it was denied ``critical
information'' about the company.

``Aeroflot and its advisers have not had access to
critical information with respect to the commercial and
operational aspects of Alitalia's business to confidently
formulate a well-supported business proposal to successfully
restructure Alitalia,'' the Moscow-based company said in an e-
mail today.


Read more at Bloomberg Emerging Markets News

Commodity Trading Triples in `Long-Dated' Futures, Societe Generale Says

(Bloomberg) -- Oil traders have tripled their use
of futures contracts for delivery three years from now since
2000, enabling refiners and other users to bolster their
protection against swings in prices, Societe Generale SA said.

The number of oil-futures contracts traded three years
ahead rose to 61,696 last year from 17,035 in 2000, said Michael
Haigh, a commodity strategist at Societe Generale, citing U.S.
Commodity Futures Trading Commission, or CFTC, data on the
benchmark West Texas Intermediate oil market. Hedge funds were
the most active traders of the contracts, he said.


Read more at Bloomberg Energy News

U.S. 10-Year Notes Advance as Investors Shun Risk, Stock Markets Decline

(Bloomberg) -- U.S. 10-year notes rose for a fourth
day, the longest run of gains since February, as investors turn
more risk averse on concerns losses linked to subprime mortgages
in the U.S. will hurt the wider global economy.

Yields fell to the lowest in almost three weeks after losses
at hedge funds run by Bear Stearns Cos. and the U.K.'s Queen's
Walk Investment Ltd. showed increases in mortgage defaults may
impair the value of securities backed by pools of debt. Stock
markets also declined, with European equities dropping for a
fifth day, boosting Treasuries.


Read more at Bloomberg Bonds News

Platinum Falls as South African Talks May Avert Strike; Palladium Gains

(Bloomberg) -- Platinum declined for a third
consecutive day in London on speculation wage talks will avert a
strike in South Africa, the biggest producer of the precious
metal. Palladium increased for the first time in three days.

The National Union of Mineworkers cut its demand for a pay
raise to 18 percent, from 20 percent, in negotiations with
Northam Platinum Holdings Ltd. yesterday. Talks are expected to
resume on July 3. Anglo Platinum Ltd., the world's biggest
platinum producer, goes back to the bargaining table today.


Read more at Bloomberg Commodities News

Retailer X5 Borrows $1 Billion From Goldman, Sberbank and Surgutneftegaz

(Bloomberg) -- X5 Retail Group NV, Russia's largest
supermarket chain, borrowed $1 billion from banks led by Goldman
Sachs Group Inc. and Citigroup Inc. to refinance existing debt.

The money will go to refinance an $800 million loan taken
out last year to fund the merger of its two main chains, the
Moscow-based company said today in a statement. The new loan has
a one-year term.


Read more at Bloomberg Emerging Markets News

Gold hits 3-month low as investors flee risk

(Reuters) - Spot gold slipped to $640.50/640.90 an ounce as of 0635 GMT, from $642.00/642.60 late in New York on Tuesday, when it plunged more than $10. Earlier in Tokyo, gold fell as low as $638.90, the lowest since March 14.




Spot silver fell as low as $12.11 an ounce, the lowest since January 8, following a decline in gold and falls in copper prices. By late Tokyo trade, silver stood at $12.16/12.19 versus $12.24/12.27 in late New York on Tuesday.


Read more at Reuters.com Hot Stocks News

Bear Stearns Turns to Marano for Fund Bailout, Underscoring Risk of Losses

(Bloomberg) -- Bear Stearns Cos. assigned its top
mortgage trader to help manage the $1.6 billion bailout of a
money-losing hedge fund, highlighting the risk of losses as it
tries to unwind bad bets on investments tied to home loans.

Thomas Marano, the 45-year-old global head of mortgages and
asset-backed securities, was parachuted in after the firm agreed
to finance the Bear Stearns High-Grade Structured Credit
Strategies Fund, according to a person with knowledge of the
decision. New York-based Bear Stearns said in a statement
yesterday that it won't rescue a second fund, which borrowed
more heavily and sustained bigger losses.


Read more at Bloomberg Bonds News

Citi in talks to buy electronic trading firm: report

(Reuters) - The deal would be part of Citigroup's strategy of trying to increase its market share in trading U.S. stocks while bringing under its roof computer programs that could improve its efforts to trade stocks overseas, according to the report.




Citigroup did not immediately return calls seeking comment. A spokeswoman for ATD declined comment.


Read more at Reuters.com Business News

Australian Dollar Weakens From 18-Year High as Investors Pare Carry Trades

(Bloomberg) -- The Australian dollar fell from an
18-year high against the U.S. currency on speculation investors
will reduce holdings of higher-yielding assets as Asian stocks
followed U.S. equities lower.

Australia's currency also dropped for a third day versus the
yen as investors pared so-called carry trades, where they buy
higher-returning assets with money borrowed in countries with
lower interest rates. The local dollar has made the second-
biggest gain among major currencies in the past year because of
Australia's 6.25 percent benchmark rate, which compares with
Japan's 0.5 percent and 5.25 percent in the U.S.


Read more at Bloomberg Currencies News

Oil prices steady at $70, US stockpiles seen up

(Reuters) - Oil steadied near $70 a barrel on Wednesday, as U.S. crude inventories were forecast to balloon to a fresh nine-year high and gasoline stockpiles were seen rising as refiners boosted output.

London Brent crude, currently seen as the best benchmark for global oil prices, edged up 1 cent to $70.18 a barrel by 0334 GMT, after falling $1.19 on Tuesday. U.S. light, sweet crude gained 3 cents to $67.80 a barrel.


Read more at Reuters Africa

US Treasury chief seeks regulatory changes-WSJ

(Reuters) - The Treasury-led review will make recommendations by early
next year and is expected to be announced at a Journal
conference in New York later on Wednesday.




It would establish a framework for an eventual overhaul of
the regulatory system, most likely after Paulson leaves office,
according to the report.


Read more at Reuters.com Government Filings News

News Corp, DJ board in early editorial pact:: source

(Reuters) - The source said Dow Jones' controlling family, the Bancrofts, would be consulted on the agreement, which was reached late Monday evening. The Bancroft family must approve any deal with News Corp., which is controlled by Murdoch.




A separate source close to the situation said an agreement, which would cover The Wall Street Journal and the Dow Jones Newswires, was near, but some items remained unresolved. The source did not elaborate.


Read more at Reuters.com Business News

China to Sell $200 Billion Bond to Soak Up Currency Reserves, Xinhua Says

(Bloomberg) -- China's finance ministry will sell
1.55 trillion yuan ($200 billion) of a special treasury bond to
buy foreign-exchange reserves from the central bank and remove
excess cash from the economy, Xinhua News Agency reported.

The bonds will mature in more than 10 years, while their
coupon rates will be based on ``market conditions'' at the time
of issuance, Xinhua said today without elaborating.


Read more at Bloomberg Currencies News

U.S. to Experience Record Independence Day Holiday Travel, AAA Forecasts

(Bloomberg) -- A record 41.1 million vacationers in
the U.S. will travel for the July Fourth Independence Day
holiday, after gasoline prices dropped from an all-time high in
the past month, AAA said in an annual outlook.

AAA, the largest U.S. motoring club, said 34.7 million
people will take to the nation's highways by car or light truck
for the holiday, 0.7 percent more than last year. Because July 4
falls on a Wednesday this year, many people are taking off the
entire week, AAA said.


Read more at Bloomberg Energy News

Asian Shares Slide on Commodity Prices, U.S. Home Sales; BHP, Toyota Drop

(Bloomberg) -- Asian stocks fell to the lowest in
two weeks after commodity prices dropped and on concern a U.S.
housing slump will curb growth in region's biggest export market.

Toyota Motor Corp., Japan's largest automaker, declined the
most in almost three weeks. BHP Billiton Ltd., the world's
biggest mining company, slid for a third day.


Read more at Bloomberg Stocks News

Samsung Card Shares Jump on Debut After IPO More Than 100 Times Subscribed

(Bloomberg) -- Shares of Samsung Card Co., South
Korea's third-largest credit-card issuer, rose as much as 31
percent on their first day of trading on demand from investors
who were unable to buy stock during its initial public offering.

Samsung Card's stock gained as much as 14,900 won to 62,900
won from the share sale price of 48,000 won. It was trading at
62,500 won at 9:06 a.m. in Seoul. Individual investors applied
for 103 times the number of shares offered in Samsung Card's 576
billion won ($622 million) IPO.


Read more at Bloomberg Emerging Markets News

UPDATE 4-US says importer must recall Chinese tires

(Reuters) - WASHINGTON/CHICAGO, June 26 - U.S. transportation
officials on Tuesday formally insisted a New Jersey importer
recall up to 450,000 Chinese-made light truck tires, dismissing
the company's claim it cannot financially withstand that step.




Nicole Nason, the National Highway Traffic Safety
Administration administrator, also said in an interview the
agency is trying to locate tires made by Hangzhou Zhongce
Rubber Co. for tests and will ask the manufacturer for
information.


Read more at Reuters.com Government Filings News

South Korean Stocks Slide for Fourth Day on Slump in U.S. Housing Market

(Bloomberg) -- South Korean stocks fell for their
first four-day decline since March. Samsung Electronics Co. slid
after U.S. new-home sales and consumer confidence trailed
estimates, fueling concern a housing slump will damp the world's
biggest economy.

The Kospi index lost 13.91, or 0.8 percent, to 1735.64 as of
9:28 a.m. in Seoul. The Kosdaq retreated 0.7 percent to 774.79.
Kospi 200 futures expiring in September slipped 0.7 percent to
222.25, while the underlying index dropped 0.8 percent to 220.76.


Read more at Bloomberg Stocks News

Japanese Government Bonds May Decline Before Industrial Production Report

(Bloomberg) -- Japan's 10-year bonds may fall,
ending a three-day rally, on speculation investors will refrain
from buying debt before the release of a production report.

The Trade Ministry report tomorrow is likely to show
industrial production in May gained for the first time in three
months, according to the median estimate of economists surveyed
by Bloomberg News. The Bank of Japan will release its quarterly
Tankan survey of business sentiment on July 2.


Read more at Bloomberg Bonds News

Japan's Consumer Prices Probably Fell in May, Signaling Inflation May Rise

(Bloomberg) -- The pace of Japan's consumer-price
declines probably stalled in May, a sign that inflation may soon
take hold as the economy expands.

Core consumer prices, which exclude fresh food, fell 0.1
percent from a year earlier, according to the median estimate of
45 economists surveyed by Bloomberg News. Core prices decreased
0.1 percent in April after a 0.3 percent drop in March. The
statistics bureau will release the report on June 29 at 8:30 a.m.


Read more at Bloomberg Bonds News

Bear Stearns Enlists Mortgage Chief Tom Marano to Help Funds, Person Says

(Bloomberg) -- Bear Stearns Cos. enlisted Tom
Marano, the head of its mortgage unit, to help unwind two money-
losing funds, according to a person with knowledge of the
decision.

Marano was assigned to Bear Stearns Asset Management
temporarily to help Richard Marin, chief executive officer of the
unit, and Ralph Cioffi, the manager of the two hedge funds, said
the person, who declined to be identified because the decision
hasn't been made public.


Read more at Bloomberg Bonds News

Apple IPhoniacs Line Up in New York Four Days Ahead of Device's Release

(Bloomberg) -- Apple Inc.'s iPhone already has
people lining up at two Apple stores in New York, four days
before the device is scheduled to be released.

David Clayman from Chicago got to Apple's Fifth Avenue
store 24 hours ago to take the third spot in line. He'll either
donate the device to charity or give it to his dad. Jessica
Rodriguez, who arrived this morning to take the next spot, plans
to give the iPhone to her sister as a birthday present. She'll
also buy one for herself if she can.


Read more at Bloomberg Exclusive News

Countrywide falls on rumors of subprime probe

(Reuters) - NEW YORK, June 26 - Countrywide Financial Corp. shares fell to a two-month low and the cost to insure its debt rose Tuesday on market talk that the largest U.S. mortgage lender may be the target of a government probe related to subprime loans.



Shares of the Calabasas, California-based company began to decline on increased volume around 2 p.m. EDT. A report on theflyonthewall.com attributed the decline to "unconfirmed chatter of a subprime loan investigation."


Read more at Reuters.com Bonds News

InVentiv Health to acquire Innovative Health, Chandler Chicco

(Reuters) - Both deals, likely to close in the third quarter, are
expected to immediately add to inVentiv's earnings, it said.





Read more at Reuters.com Mergers News

Brazil Monetary Council Sets 4.5 Percent Inflation Target for Central Bank

(Bloomberg) -- Brazil's National Monetary Council
extended the central bank's annual inflation target of 4.5
percent to 2009, saying the rate will give policy makers
``flexibility'' to deal with unexpected price increases.

The council, composed of Finance Minister Guido Mantega,
Budget Minister Paulo Bernardo and central bank president
Henrique Meirelles, maintained a band of 2 percentage points
above or below the target, Mantega said. Today's favorable
economic outlook allows the bank to aim for an inflation rate
below the mid-point of the target, he said.


Read more at Bloomberg Emerging Markets News

US STOCKS-Indexes slip again as subprime worries weigh

(Reuters) - But a drop in oil prices eased worries about inflation and
takeovers in health care and chemicals increased optimism
about share valuations, limiting the market's decline.




During the session, stocks remained skittish and swung
back and forth from positive to negative.


Read more at Reuters.com Bonds News

UPDATE 1-US SEC's Cox says agency probing 12 CDO matters

(Reuters) - WASHINGTON, June 26 - The U.S. Securities and
Exchange Commission has opened 12 enforcement investigations
into matters surrounding collateralized debt obligations ,
the agency's leader told a Congressional panel on Tuesday.




SEC Chairman Christopher Cox, in responding to questions
about whether the CDO market needs more transparency, said that
the agency's enforcement division has launched a dozen probes
into "issues such as this."


Read more at Reuters.com Government Filings News

SEC's Cox says agency probing 12 CDO matters

(Reuters) - A collateralized debt obligation or CDO is a security
backed by a pool of loans or other fixed income securities.




Cox did not identify the names of any companies involved in
the investigations or elaborate on the nature of the probes.


Read more at Reuters.com Bonds News

UPDATE 2-US judge tells Google to work through Justice Dept

(Reuters) - WASHINGTON, June 26 - The federal judge
overseeing Microsoft Corp.'s antitrust settlement said
on Tuesday she would leave it up to government lawyers to
determine how best to handle Google Inc.'s concerns
about Microsoft's Vista operating system.




U.S. District Judge Colleen Kollar-Kotelly said she would
rely on advice from the Justice Department and state attorneys
general on Google's complaint that Vista's computer search
function puts other potential rivals at a disadvantage.


Read more at Reuters.com Government Filings News

Indian 10-Year Bonds Drop; Investors Deterred by Yields at Two-Week Low

(Bloomberg) -- India's 10-year bonds dropped as
yields at the lowest in more than two weeks deterred investors.

Bonds also declined after the rate at which banks lend to
each other rose to the highest this month, spurring concern
surplus cash at banks will dwindle, leaving investors with less
money to buy debt. Near-zero interest rates in the money market
partly helped bonds yesterday extend last week's advance.


Read more at Bloomberg Bonds News

Soybean Futures Rise as Hot, Dry Weather May Damage Crops in U.S. Midwest

(Bloomberg) -- Soybeans rose for a second straight
day, rebounding from last week's 5.7 percent decline, on
speculation that hot, dry weather will damage U.S. crops west
of the Mississippi River.

Little rain and periods of above-normal temperatures are
expected the next three weeks from eastern Nebraska to
Minnesota, said Fred Gesser, senior global meteorologist for
Planalytics Inc. in Wayne, Pennsylvania. That's likely to
increase stress on crops that have received less than half the
normal rainfall this month, he said.


Read more at Bloomberg Commodities News