Qatar gas plant on track after Sasol warning - Shell

(Reuters) - Royal Dutch Shell said on Wednesday a multibillion dollar project to turn gas into liquid fuel in Qatar was on schedule, a day after Sasol warned a similar venture had problems.

Sasol said its Oryx gas-to-liquids joint venture plant in Qatar had technical snags and would only make a marginal cash contribution to earnings. Shell started building its plant, Pearl GTL, last year.


Read more at Reuters Africa

Alcan, DataMirror, Zarlink Semiconductor May Move: Canada Equity Preview

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

The Standard & Poor's/TSX Composite Index rose 30.32, or 0.2
percent, to 14,142.51.


Read more at Bloomberg Stocks News

U.K. Pound May Advance as Bank of England Signals Interest Rate Increase

(Bloomberg) -- The pound may extend gains against the
dollar after Bank of England policy makers yesterday signaled the
need for more interest rate increases.

The pound yesterday posted its biggest one-day gain against
the dollar since April 17 when a report showed inflation breached
the central bank's target by more than a percentage point. Minutes
from the last rate-setting meeting published yesterday showed
policy makers voted unanimously to increase interest rates to
combat price increases.


Read more at Bloomberg Currencies News

Swiss Franc Volatility Declines to an 11-Year Low, Aids Carry Trades

(Bloomberg) -- Volatility on Swiss franc options has
fallen to the lowest level in at least 11 years, increasing
investors' appetite for borrowing in the currency to finance
purchases of higher-yielding assets.

Narrower swings in the franc encourage investors to boost
so-called carry trades. This strategy involves borrowing in
countries such as Switzerland, where the benchmark interest rate
is 2.25 percent, to invest in economies including the U.S.,
where the key rate is 5.25 percent.


Read more at Bloomberg Currencies News

Euro Trades Near Record High Against Yen Before Germany's May IFO Report

(Bloomberg) -- The euro traded near a record high
versus the yen before a report that's likely to show business
confidence in Germany rose to the highest since 1991.

The common European currency has gained 4 percent this
quarter against the yen as improving economic figures suggest
interest rates will rise from 3.75 percent, widening the
advantage over Japan's 0.5 percent borrowing cost. Europe's yield
premium has encouraged Japanese investors to buy assets there, as
part of the so-called carry trade.


Read more at Bloomberg Currencies News

Investors bet on Biogen amid takeover speculation

(Reuters) - Shares in the Massachusetts-based maker of multiple
sclerosis drugs Tysabri and Avonex rose $1.12, or 2.4 percent,
to close at $48.13 in heavy Nasdaq trade on Wednesday.




Biogen call options, granting the right to buy the
company's shares, were also on investors' radar screens as they
positioned for a potential move in the underlying stock.


Read more at Reuters.com Mergers News

CA, GM, Gymboree, Limited Brands, Network Appliance: U.S. Equity Preview

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

CA Inc. (CA US) fell $1.35, or 4.8 percent, to $26.49 in
trading after the official close of U.S. exchanges. The second-
largest maker of software for mainframe computers posted an
unexpected fourth-quarter loss after orders declined. The net
loss was 4 cents a share, the company said. Analysts anticipated
earnings of 20 cents, the average of estimates in a survey
compiled by Bloomberg.


Read more at Bloomberg Stocks News

UPDATE 1-Foot Locker 1st-quarter net income falls sharply

(Reuters) - The largest retailer of athletic shoes and apparel said its
first-quarter net income was $17 million, or 11 cents per
share, compared with $59 million, or 38 cents per share, a year
earlier, the company said.




Net sales slipped 3.6 percent to about $1.32 billion from
about $1.4 billion a year earlier.


Read more at Reuters.com Market News

Wells Real Estate Investment plans $345 mln offer

(Reuters) - Wells said it is seeking a New York Stock Exchange listing
but did not provide a proposed symbol.




Read more at Reuters.com Bonds News

Novell's option review finds use of incorrect measurement dates

(Reuters) - The adjustment due to the review will reduce retained earnings as of the beginning of fiscal 2006 to $965 million from $984 million, the business software maker said in a statement.



Novell added it will not restate its financial statements for prior periods.


Read more at Reuters.com Government Filings News

Allstate seeks 1st Calif. rate hike in 4 years

(Reuters) - Northbrook, Illinois-based Allstate, the largest publicly traded U.S. home and auto insurer, said a hike would reflect the "true costs" of providing insurance, including potential claims for earthquakes and other catastrophes. It has said the 2003 firestorms in southern California cost it $300 million.



On May 10, Allstate said it would stop offering new homeowner and landlord coverage in California, the latest of a series of coverage cutbacks nationwide. Allstate last year estimated it had 900,000 homeowner policies in the state.


Read more at Reuters.com Bonds News

Network Appliance net gains as revenue up 40 pct

(Reuters) - Net income increased to $89.6 million, or 23 cents per share, from $59.2 million, or 15 cents per share, a year earlier. Revenue rose to $801.2 million from $598 million.



Earnings excluding certain items were 30 cents per share, in line with the company's earlier forecast.


Read more at Reuters.com Market News

Greenspan sees dramatic drop in Chinese stocks

(Reuters) - Addressing a meeting in Madrid via teleconference, Greenspan said the recent boom in Chinese stocks could not last.




"It is clearly unsustainable," he said "There's going to be a dramatic contraction at some point."


Read more at Reuters.com Business News

UPDATE 1-Mexico trade deficit rises to $728 mln in April

(Reuters) - Analysts surveyed by Reuters had forecast the April deficit
at $350 million compared with a $417 million deficit in March.




Exports rose 6.9 percent compared with the same month last
year, the government said, of which oil shipments were down
11.1 percent and non-oil exports up 10.8 percent.


Read more at Reuters.com Economic News

Cypress Bioscience, Dillard's RSC, Spartan Stores: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Shares prices are as of 2:40 p.m. New York time.

Advanced Analogic Technologies Inc. (AATI US) rose $1.14, or
14 percent, to $9.15 and traded as high as $9.90. The maker of
power-management chips for mobile phones and computers said Judge
Sidney Harris of the U.S. International Trade Commission ruled
the company didn't infringe Linear Technology Corp.'s (LLTC US)
patents. Shares of Linear fell $1.10, or 3 percent, to $36.03.


Read more at Bloomberg Stocks News

UPDATE 2-Fed's Kroszner: credit rules must not crimp market

(Reuters) - WASHINGTON, May 23 - Stronger rules to protect
U.S. borrowers may be warranted but must not curb innovation or
impose costs that outweigh their benefits, Federal Reserve
Board Governor Randall Kroszner said on Wednesday.




"In fulfilling its responsibility to protect consumers, the
Federal Reserve will do all that it can to prevent fraudulent
and abusive mortgage lending practices, Kroszner told the
George Washington University School of Business.


Read more at Reuters.com Government Filings News

Crude Oil Gains on Speculation Gasoline Demand to Outpace U.S. Supplies

(Bloomberg) -- Crude oil rose on skepticism that U.S.
refineries can produce enough gasoline to keep up with increasing
consumption of the motor fuel.

U.S. gasoline supplies rose 1.43 million barrels last week,
an Energy Department report showed today. Gasoline use averaged
9.36 million barrels a day in the past four weeks, up 1.2 percent
from a year ago, the department said. Refineries operated at the
highest rate since Jan. 5. Prices also rose after UN inspectors
said they were learning less about Iran's nuclear program.


Read more at Bloomberg Commodities News

UPDATE 1-Foreign investment in Mexico up 66 pct in 1st qtr

(Reuters) - Senior economy ministry officials said in February that
foreign direct investment in Mexico would probably drop in 2007
as the U.S. economy slows and Chinese factories undercut
manufacturers.




Foreign direct investment in Mexico grew to $18.94 billion
in 2006, the second highest in the country's history.


Read more at Reuters.com Economic News

Euro Touches Record High Against Yen on Interest-Rate Outlook in Europe

(Bloomberg) -- The euro touched a record high against
the yen as European economic data and central bank officials fuel
speculation interest rates will rise twice more this year.

The euro rose 0.1 percent to $1.3459 at 1:54 p.m. in New
York, from $1.3448 yesterday. The currency also gained to 163.77
yen after reaching the record 164.02.


Read more at Bloomberg Currencies News

SEC adopts new guidance for Sarbanes-Oxley

(Reuters) - The agency, by a 5-0 vote, encouraged companies to take a more risk-based approach to complying with Section 404 of the legislation.




"Congress never intended that the 404 process should become inflexible, burdensome and wasteful," SEC Chairman Christopher Cox said at the agency's open meeting.


Read more at Reuters.com Business News

Finance: Put those kids to work

(Reuters) - There's little that's better for introducing responsibility, self-confidence, new friends and some walking around cash. Not to mention appreciation for all of the education you're expecting them to get.




But this year, jobs are in short supply. The Center for Labor Market Studies at Northeastern University is projecting historically low teen employment levels for the summer of 2007.


Read more at Reuters.com Business News

TechTeam Global to acquire NewVectors for about $41 mln

(Reuters) - NewVectors provides business transformation, logistics
modernization, and modeling and simulation services mainly to
the Department of Defense.





Read more at Reuters.com Mergers News

GLOBAL MARKETS-Stocks rally on takeover talk, dollar slips

(Reuters) - NEW YORK, May 23 - Global stocks vaulted higher
on Wednesday, with more takeover talk driving the Dow Jones
industrial average and the Standard & Poor's 500 indexes to
record highs, while the dollar fell against the euro and
sterling as investors braced for higher European interest
rates.




Oil climbed above $70 a barrel in London after a United
Nations agency report said Iran had expanded its nuclear
program.


Read more at Reuters.com Bonds News

Feltus, Top Junk-Bond Fund Manager, Says U.S. Will Beat Returns Elsewhere

(Bloomberg) -- Andrew Feltus, manager of the top-
performing Pioneer Global High Yield Fund, expects U.S. junk
bonds to outperform those in Europe and emerging markets because
the Federal Reserve will refrain from raising interest rates.

Feltus, who runs the fund at Pioneer Investment Management
in Boston, said policy makers will hold their target interest
rate at 5.25 percent for the next 12 months, encouraging
economic growth and keeping risk premiums on speculative-grade
debt close to record lows. There is about a 25 percent chance
the Fed will lift rates to contain inflation, he said.


Read more at Bloomberg Bonds News

Africa urged to follow Nigeria gas expansion

(Reuters) - African nations should follow Nigeria's example by feeding growing global demand for natural gas via new technologies to tap previously uneconomical fields, an energy conference in Kenya heard on Wednesday.

Nigeria's NLNG expects to increase output of liquefied natural gas (LNG) by 66 percent to some 30 million tonnes a year by 2013 and account for a third of transatlantic gas shipments.


Read more at Reuters Africa

McMoRan Exploration shares rise

(Reuters) - Cramer said on his "Mad Money" TV show Tuesday that the potential upside is "enormous" for McMoRan if the company finds a big natural gas deposit. However, he advised that investors use limit orders and not buy too much of the stock at one time.




"It's true McMoRan reported low guidance, but all the bad news has already been priced into the stock," Cramer added.


Read more at Reuters.com Hot Stocks News

Parmalat says NJ court rejects Citigroup appeal

(Reuters) - Parmalat, an Italian company best known for its long-life milk, said the state supreme court rejected Citigroup's appeal of a January ruling by Bergen County Superior Court Judge Jonathan Harris. The judge had turned aside Citigroup's argument that Parmalat brought the case in the wrong court.



New York-based Citigroup did not immediately return a call seeking comment. A copy of the appellate ruling was not immediately available.


Read more at Reuters.com Bonds News

B&G Foods shares rise in market debut

(Reuters) - On Tuesday, the company raised $180.7 million in an offering of 13.9 million Class A common shares. The shares sold for $13 each, compared with a forecast of $12 to $14.




Based in Parsippany, New Jersey, B&G Foods manufactures and distributes shelf-stable food products that also include Emeril's Originals sauces and marinades.


Read more at Reuters.com Hot Stocks News

Amgen rating outlook negative, was stable -Moody's

(Reuters) - "Amgen's financial policies are aggressive at a time when
its operating risk profile has increased and its cash flows
face new uncertainties," Moody's analyst Michael Levesque said
in a statement.




Safety issues have clouded the outlook for sales of Amgen's
biggest product, Aranesp, and its older drug Epogen, both used
to treat anemia.


Read more at Reuters.com Bonds News

Canadian Stocks Rise on Takeover Speculation, Led by LionOre and Alcan

(Bloomberg) -- Canadian stocks rose for a sixth day,
led by material producers, after LionOre Mining International Ltd.
got a sweetened takeover offer and Alcan Inc. said it has held
talks with suitors other than Alcoa Inc.

``You're going to continue to see feverish M&A activity in the
commodity landscape,'' said Kyle McKay, who helps manage about $200
million at Leeward Hedge Funds Inc. in Toronto. ``It definitely
builds in a level of support.''


Read more at Bloomberg Stocks News

Treasury Yields Trade Near Three-Month High on Fed Interest Rate Outlook

(Bloomberg) -- Treasury yields traded near the
highest levels in three months on speculation the Federal
Reserve will refrain from cutting interest rates this year.

Federal Reserve Bank of Richmond President Jeffrey Lacker
said it's the central bank's responsibility to curb inflation
and it would be a mistake to rely on a slowing economy to stem
price increases. Ten-year yields have risen more than 15 basis
points over the past two weeks on signs of strength in the
world's largest economy.


Read more at Bloomberg Bonds News

GameStop profit more than doubles

(Reuters) - Analysts had expected a profit of 16 cents a share, excluding items, according to Reuters Estimates.







Read more at Reuters.com Market News

Gold moves higher in Europe on dollar, oil

(Reuters) - Gold drifted higher in afternoon trade on Wednesday as the dollar slipped against the euro after early gains and oil prices strengthened.

Analysts remained positive on gold's long-term outlook, saying a possible decline in the dollar on the back of concerns related to U.S. economic growth might generate more interest in gold among investment funds.


Read more at Reuters Africa

Fannie Mae names ex-FBI Director Freeh to board

(Reuters) - Freeh is president of Freeh Group International LLC, a
group of former federal judges and senior FBI officials who
provide legal, governance, risk management and other services.
He was director of the Federal Bureau of Investigation from
1993 to 2001, and a federal judge in Manhattan from 1991 to
1993.




Read more at Reuters.com Bonds News

Brazilian Real Falls on Concern Central Bank May Increase Dollar Purchases

(Bloomberg) -- Brazil's real weaken for a second day
on concern the central bank is increasing purchases of dollars to
stem a rally that has pushed the currency to a six-year high.

``The central bank may act more strongly in the spot market
or with derivatives to control the speed of the rally a bit,''
said Miriam Tavares, foreign exchange director at Sao Paulo-based
AGK Corretora. ``There is a natural appreciation trend because of
strong inflows so the real will probably trade around 1.90 to the
dollar in the very short term.'' She said if the central bank
doesn't act to cool gains, the real could strengthen beyond 1.90-
per-dollar.


Read more at Bloomberg Currencies News

BHP Billiton rises on Alcan talks report

(Reuters) - BHP Billiton shares rose to $51.75 in electronic trade from a close of $50.75 on the New York Stock Exchange.




Read more at Reuters.com Hot Stocks News

Euro Advances as Economic Reports, ECB Officials Fuel Speculation on Rates

(Bloomberg) -- The euro rose as European economic
reports and central bank officials fueled speculation interest
rates will rise twice more this year.

The currency rebounded from an almost six-week low against
the dollar after a report showed industrial orders in the euro
region recovered in March and before a survey tomorrow that's
expected to show increased business confidence in German.


Read more at Bloomberg Currencies News

Gold Climbs as Euro Extends Its Gain Against the Dollar; Silver Advances

(Bloomberg) -- Gold advanced in London as the euro
extended gains against the dollar, reviving demand for the
precious metal as an alternative investment. Silver also gained.

Gold dropped $4, or 0.6 percent, yesterday, partly on news
that Spain's central bank sold some of the metal, Standard Bank
Plc said in an e-mailed report today. Gold had dropped as much as
$1.70 before the euro advanced against the dollar.


Read more at Bloomberg Commodities News

Russian Stocks Fall, Led by Gazprom on IPOs, Lugovoi Extradition Concerns

(Bloomberg) -- Russian stocks fell after the country
said it won't extradite a murder suspect to Britain, raising
concern that increasing political tensions will discourage
foreign investment.

OAO Gazprom and OAO Unified Energy System led today's
decline. Russia's equity market has also been hurt as initial
public offerings drained investors' cash, according to traders.


Read more at Bloomberg Emerging Markets News

PartnerRe to buy renewal rights of Monceau's reinsurance ops

(Reuters) - Following this agreement, the reinsurer expects some
Mutuelle Centrale underwriting staff to join PartnerRe.





Read more at Reuters.com Mergers News

S.Africa forex rules seen blocking mine investment

(Reuters) - Exchange controls are blocking South African investment in Africa's mining boom while China extends its reach on the continent, a conference heard on Wednesday.

"Exchange controls are still restricting South African companies enormously getting involved in Africa," said Neil Gardyne, executive director of the New Africa Mining Fund.


Read more at Reuters Africa

Eskom Approves $20.8 Billion of South African Power Generation Projects

(Bloomberg) -- Eskom Holdings Ltd., Africa's largest
power company, has approved 13 electricity generation projects
worth a total of 203.6 billion rand ($28.8 billion), Chief
Executive Officer Jacob Maroga said.

The projects are due to be completed by December 2015,
Maroga told lawmakers in Cape Town today.


Read more at Bloomberg Emerging Markets News

Nickel Falls in London on Speculation Demand May Slow; Copper Declines

(Bloomberg) -- Nickel fell for a second day in
London on speculation rising stockpiles signal slowing usage as
producers seek alternatives to the metal in stainless-steel
manufacturing. Copper also dropped.

Nickel inventories monitored by the London Metal Exchange
rose 1,446 metric tons, or 27 percent, to 6,834 tons, the
exchange said today in a daily report, the biggest one-day gain
since Sept. 11, 2003. ThyssenKrupp AG, the world's biggest
stainless steelmaker, said yesterday it may increase production
of nickel-free stainless steel to reduce costs.


Read more at Bloomberg Commodities News

South African Stocks Gain, Led Higher by Anglo American and BHP Billiton

(Bloomberg) -- South African shares advanced, led by
Anglo American Plc and BHP Billiton, the world's largest mining
companies, amid speculation industry takeovers will increase.

The FTSE/JSE Africa All Share Index added 173.06, or 0.6
percent, to 28,802.44 as of 10:09 a.m. in Johannesburg as 81
stocks gained, 24 declined and 55 were unchanged.


Read more at Bloomberg Emerging Markets News

DaVinci asks court to reveal TOC shareholder list

(Reuters) - DaVinci said the company requested a list of TOC shareholders
to explain the details of its bid and solicit support from them,
but TOC refused to hand over the list as it regards DaVinci as a
competitor.




"According to corporate law, we cannot reveal the list to any
companies in the same business," a company spokesman said.


Read more at Reuters.com Mergers News

UMG-BMG publishing deal earns EC approval

(Reuters) - The European Commission -- the European Union's antitrust
authority -- said Tuesday that Universal had responded to
initial "serious doubts" about the proposed merger by offering
to sell off the rights of key labels in the music giant's
roster. The eventual concessions would include the sale of
Rondor U.K., Zomba U.K., BBC Music, 19 Songs, 19 Music as well
as a European license for the Zomba U.S. catalog.




EU competition commissioner Neelie Kroes said the
concessions were vital in an environment where digital music
has the potential to change the face of the European music
industry. "I am satisfied that the significant remedies will
keep these markets competitive and ensure that consumers will
not be harmed by the merger," she said.


Read more at Reuters.com Business News

U.K. Plans $39 Billion Energy Market Reshape to Encourage Nuclear Power

(Bloomberg) -- The U.K. will today press ahead with
plans to spur investment of 20 billion pounds ($39 billion) in
electric generation plants, discouraging utilities that burn
fossil fuels and promoting nuclear and wind power.

Trade and Industry Secretary Alistair Darling will say he'll
begin looking at nuclear reactor designs and discuss measures
that may raise the cost of carbon emissions from coal- and gas-
fired units, a spokesperson for his department said. He will
speak to Parliament at 12:30 p.m. London time.


Read more at Bloomberg Energy News

Zurich's SMI Index Increases; Zurich Financial, SGS Pace the Advance

(Bloomberg) -- Swiss stocks rose for the first
time in three days, led by Zurich Financial Services AG and SGS
SA.

The Swiss Market Index of the 24 largest and most actively
traded companies gained 24.53, or 0.3 percent, to 9385.6. The
broader Swiss Performance Index climbed 18.34, or 0.2 percent, to
7636.79.


Read more at Bloomberg Stocks News

Tate & Lyle sees steady growth of sucralose over 5 years

(Reuters) - "We expect steady growth in sucralose progressing over the
next five years," Ferguson said after reporting annual results.




Sucralose accounts for around a fifth of group profits and a
warning of slower growth back in January undermined Tate's
shares and the group then promised a revised strategy.


Read more at Reuters.com Market News

Posco May Get Iron-Ore Mining Permit for $12 Billion India Plant by August

(Bloomberg) -- South Korea's Posco may get an iron-
ore mining license by August for the $12 billion plant in India,
three years after it agreed to invest in the South Asian nation.

``We had asked the Orissa state for some clarifications and
we hope the license will be granted in three months,'' said J.P.
Singh, secretary at the Ministry of Mines, in an interview in
New Delhi yesterday. ``The process is on.''


Read more at Bloomberg Commodities News