Nasdaq bids $3.7 bln for Nordic bourse group OMX

(Reuters) - The companies said in a statement that based on Nasdaq's May 23 closing price, the offer valued OMX at 208.1 crowns per share, or 25.1 billion Swedish crowns .




They said this was a 19 percent premium to OMX's May 23 closing price of 174.5 crowns. Both companies' shares were suspended on Thursday.


Read more at Reuters.com Mergers News

GAM's Chow, Spurred by Al Gore, Purchases Malaysia Timber for Asia Fund

(Bloomberg) -- The Canadian mountain pine beetle, a
voracious insect that has wiped out six years' worth of pine
forest harvests in British Columbia, prompted Inez Chow to buy
Malaysian timber stocks.

Chow, manager of GAM Holding AG's Singapore/Malaysia fund,
learned about the beetle in a September speech on global warming
by former U.S. Vice President Al Gore. She decided the timber
shortage was worse than she had thought and bought WTK Holdings
Bhd., whose shares have jumped 55 percent since mid-September.


Read more at Bloomberg Stocks News

Aecon and LionOre Mining International 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 fell 196.24, or
1.4 percent, to 13,946.27.


Read more at Bloomberg Stocks News

Yuan Has Second-Best Week Since February as Wu Says to Boost Flexibility

(Bloomberg) -- The yuan was set for the second
biggest weekly gain since February as Vice Premier Wu Yi said
China will increase flexibility of the exchange rate.

Treasury Secretary Henry Paulson this week said the U.S. is
``impatient'' with the pace of change. Governor Zhou Xiaochuan
yesterday said the yuan is ``already moving fast enough.''
China's currency has risen 0.22 percent this week, above the
0.09 percent average for the year.


Read more at Bloomberg Currencies News

Pantaloon, India's Retailers Add Stores to Increase Sales, Draw Investors

(Bloomberg) -- India's biggest retailers are adding
stores to lure people whose incomes are rising in the world's
second-fastest growing major economy. They're also luring
investors.

Retailers' shares, which lagged behind the broader market
in 2006, are rallying. Tata Group-owned Trent Ltd., which runs
fashion and cosmetics stores, has climbed 15 percent from an
eight-month low in March. Shoppers' Stop Ltd., which sells
clothing, accessories and home decor items, in April had its
biggest monthly gain since September.


Read more at Bloomberg Emerging Markets News

Gold Trades Near Two-Month Low in Asia Amid Dollar Rise, Silver Increases

(Bloomberg) -- Gold traded near a two-month low in
Asia as the dollar rose to highest in six weeks, reducing demand
for the precious metal as an alternative investment. Silver rose.

Gold generally moves in the opposite direction of the dollar
which gained against the euro after a U.S. government report
yesterday showed purchases of new homes in the U.S. increased the
most in 14 years. Before today gold had gained 2.8 percent this
year as the euro climbed 1.7 percent against the dollar.


Read more at Bloomberg Commodities News

U.K. House of Lords Calls for EU-Wide VAT Rate to Combat Carrousel Fraud

(Bloomberg) -- British lawmakers called for the
European Union to adopt a common value added tax rate to prevent
fraudulent traders swindling billions of euros from national
treasuries.

The House of Lords European Union Committee said in a report
today that EU nations should introduce a 15 percent VAT rate on
all cross-border trades within the 27 nation block. Trade within
the EU is currently exempt from VAT payments and, when charged,
can be claimed back.


Read more at Bloomberg Bonds News

Amgen launches $4 bln debt sale in 3 parts-mkt source

(Reuters) - Morgan Stanley and Merrill Lynch are managing the sale,
which will be used to fund a $3 billion share repurchase by
Amgen.




Read more at Reuters.com Bonds News

Rand softer partly on poor EM sentiment

(Reuters) - South Africa's rand softened as much as one percent against the dollar on Thursday after unexpectedly strong U.S. home sales figures lent the greenback strength.

The rand was at 7.15 to the dollar at 1540 GMT, after falling 1.06 percent to 7.1495 earlier, compared to 7.0750 at New York's close on Wednesday.


Read more at Reuters Africa

U.S. expert panel urges regulation of tobacco

(Reuters) - Aggressive steps are needed to reverse waning momentum in U.S. tobacco control efforts and declining public attention to the country's largest public health problem, the 14-member panel from the Institute of Medicine said.




Congress and the president should give the FDA, for the first time, broad regulatory power over tobacco marketing, packaging and distribution, the panel said.


Read more at Reuters.com Government Filings News

Hormel posts lower-than-expected net; stock falls

(Reuters) - Although sales of higher-end grocery items such as microwaveable meals were strong, the company has struggled to pass through higher feed costs in its Jennie-O Turkey Store business.




Net income rose to $68 million, or 49 cents per share, in the second quarter ended on April 29 from $67.3 million, or 48 cents per share, a year earlier.


Read more at Reuters.com Hot Stocks News

US indexes fall further, Nasdaq off 1 percent

(Reuters) - U.S. stocks fell on Thursday, with the Nasdaq down more than 1 percent, as investors took advantage of an early rally on housing data to lock in profits in advance of a long U.S. holiday weekend.

Tech stocks fell after Dell Inc. announced a plan to sell computers through Wal-Mart Stores Inc., raising concern that profit margins of chip producers may be squeezed.


Read more at Reuters Africa

Delphi costs already reflected in GM rating-S&P

(Reuters) - GM on Thursday changed its estimate of its exposure related to Delphi to $7 billion from between $6 billion and $7.5 billion. For details, see [nN24309225].



"We still expect the comprehensive costs of a consensual rather than court-imposed resolution of the Delphi situation to be well within the scope of GM's liquidity, and such an outcome is reflected in our rating," S&P said in a statement.


Read more at Reuters.com Bonds News

Wheat Rises in Chicago as Rain, Wind Damage Crops in U.S. Southern Plains

(Bloomberg) -- Wheat futures in Chicago rose the
most in a month as flooding and winds in the U.S. southern
plains damaged plants already weakened by freezing temperatures
in April.

As much as 7 inches (18 centimeters) of rain fell in parts
of Kansas, said Fred Gesser, a forecaster at Planalytics Inc. in
Wayne, Pennsylvania. The rains broke plant stems that had been
weakened on April 7 when temperatures fell as low as 17 degrees
Fahrenheit (minus 8 Celsius).


Read more at Bloomberg Commodities News

TREASURIES-Bond prices fall on strong home sales data

(Reuters) - With yields at their highest since January, bond investors
looking for any sign of deterioration in the U.S. economy were
disappointed by the rise in home sales in April.




U.S. sales of new homes rose 16.2 percent, the sharpest
climb in 14 years, while prices fell a record 11 percent,
according to a government report. For details see
[ID:nN23227556].


Read more at Reuters.com Bonds News

Clorox gives FY 2008 forecast, increases dividend

(Reuters) - Analysts, on average, were expecting it to earn $3.68 per
share, according to Reuters Estimates.




It also said its quarterly cash dividend will be increased
by 29 percent to 40 cents per share from 31 cents per share.
The new rate will be payable on Aug. 15 to stockholders of
record on July 27.


Read more at Reuters.com Market News

Mutual & Federal Q1 adjusted pre-tax op profit falls

(Reuters) - South African short-term insurer Mutual & Federal posted a 3.5 percent fall in adjusted pre-tax operating profit for the three months to end March as bad weather hit underwriting results.

Mutual & Federal, majority-owned by insurer Old Mutual Plc, said on Thursday adjusted pre-tax operating profit fell to 224 million rand from 232 million last year.


Read more at Reuters Africa

Clorox sees adjacent mergers and acqusitions

(Reuters) - Clorox defines economic profit as profit generated over and
above the cost of paying for the assets used to run the
business.




Read more at Reuters.com Market News

European Stocks Rebound, Led by Siemens, Cable & Wireless, Invensys Shares

(Bloomberg) -- European stocks pared losses after
purchases of new homes in the U.S. unexpectedly jumped in April
by the most in 14 years, boosting speculation low lending rates
and incentives may be reviving demand.

Shares of Siemens AG, Cable & Wireless Plc and Invensys Plc
paced the advance.


Read more at Bloomberg Stocks News

Fed's Fisher makes no policy statement in remarks

(Reuters) - The Dallas and Cleveland Federal Reserve banks are
co-hosting the conference on price measurement for monetary
policy. The first day will examine measurement issues and the
second day is focused on the measurement of inflation
expectations.




Fed Board Governor Richard Mishkin will also deliver a
speech over dinner on Thursday, with an introduction from
Cleveland Fed President Sandra Pianalto.


Read more at Reuters.com Economic News

Advanced Medical interested in Bausch & Lomb

(Reuters) - Bausch & Lomb agreed last week to be acquired by Warburg Pincus for about $3.67 billion. Bausch & Lomb, however, had the right to solicit other offers during the next 50 days.




Read more at Reuters.com Business News

La Jolla says lupus drug well tolerated, shares jump

(Reuters) - Riquent, unlike other lupus drugs, does not suppress the immune system that can result in serious infections, he said.




The drugmaker presented three papers related to the drug at the 8th International Congress on SLE .


Read more at Reuters.com Hot Stocks News

Nestle to sell Turtles brand's U.S. rights to pvt equity fund

(Reuters) - In a seperate deal, Brynwood said it will also acquire the
Turtles production facility in Toronto, Canada from Nestle
Canada. Terms of both deals were not disclosed.





Read more at Reuters.com Mergers News

GM says could take $1 billion charge on Delphi

(Reuters) - "We have taken a $6 billion charge to date," Rashid-Merem said. "In order to hit that $7 billion, we would potentially take an additional $1 billion charge in the second quarter."




"That's primarily non-cash," she added.


Read more at Reuters.com Business News

Conrad Black's Diamonds, Servants' Park Avenue Apartment May Sour Jurors

(Bloomberg) -- Conrad Black, as chairman of Hollinger
International Inc., lived a lifestyle so lavish that he needed
two Park Avenue apartments -- one for his servants.

His wife, Barbara Amiel Black, had five separate closets for
her evening gowns, $500 shoes and $7,000 handbags in their London
townhouse. His chauffeur had a corporate American Express card he
used to shop for the couple.


Read more at Bloomberg Exclusive News

U.S. jobless claims rose in latest week

(Reuters) - But the four-week moving average of claims, which irons
out weekly variations to give a clearer picture of underlying
trends in the labor market, fell for a fourth successive week.
This average dropped to 302,750 from a revised 306,250 in the
prior week, hitting the lowest level since late February last
year.




The total number of unemployed still on the benefit rolls
after drawing an initial week of aid climbed to 2.53 million in
the week ended May 12, the latest period for which the data
were available, from 2.47 million a week earlier. Economists
had forecast that continuing claims would be slightly lower at
2.50 million.


Read more at Reuters.com Bonds News

UPDATE 1-Hormel posts rise in 2nd-qtr net; lowers outlook

(Reuters) - The maker of Spam luncheon meat and Dinty Moore canned stew
reported net income of $68 million, or 49 cents per share, for
the fiscal second quarter, compared with $67.3 million, or 48
cents per share, a year earlier.




Analysts, on average, were expecting earnings of 51 cents
per share, according to Reuters Estimates.


Read more at Reuters.com Market News

Germany's DAX Index Declines; TUI, Metro, RWE Shares Pace the Retreat

(Bloomberg) -- Germany's benchmark DAX Index fell
for the first time in six days. TUI AG paced the drop after
Europe's largest travel company said it will issue as much as
715 million euros ($962 million) of convertible bonds.

Metro AG and RWE AG declined after analysts lowered their
recommendations on the stocks.


Read more at Bloomberg Stocks News

AnnTaylor profit falls on weakness at LOFT

(Reuters) - Sales rose 4.3 percent to $580.3 million, as a greater number of stores and a growing factory outlet and Internet business helped offset a quarterly decline in stores open at least a year.




Same-store sales, a key metric of retail health, fell 3.3 percent for the quarter, as a 0.9-percent increase at Ann Taylor stores failed to offset a 9-percent decline at LOFT.


Read more at Reuters.com Market News

C&W scotches M&A talk

(Reuters) - Persistent bid speculation has underpinned shares in Britain's number two corporate telecoms provider for months as a recovery in its laggard UK business gathers pace, making it one of the top performing telecoms stocks globally.




But the group, with a history that dates back to the 1860s when telegraph cables were first laid overseas from Britain, said most of the rumors were just market mischief-making.


Read more at Reuters.com Bonds News

Former EMI CEO working on new takeover bid-NY Post

(Reuters) - It said Fifield wanted to run EMI's recorded music division
and sell its publishing assets to record executive Charles
Koppelman and private equity firm GTCR Golder Rauner.




EMI's board recommended a 265 pence a share offer from
private equity firm Terra Firma on Monday.


Read more at Reuters.com Mergers News

Striking Nigerian oil unions threaten production

(Reuters) - Staff of Nigeria's state oil company began an indefinite strike on Thursday over welfare and union leaders said they would target oil production if their demands are not addressed within days.

The strike, which is also to protest against the privatisation of the country's largest oil refinery last week, is expected to first hit domestic fuel supplies.


Read more at Reuters Africa

China brokerage plan stirs hope among foreigners

(Reuters) - Since a huge, two-year overhaul of the country's brokerage
sector, hard lobbying for Beijing to allow foreign players to
set up brokerage joint ventures has largely fallen on deaf
ears.




But China heeded U.S. calls for further opening its
financial sector during high-level talks in Washington on
Wednesday, unveiling its intention to resume licensing for
securities firms, including joint ventures, this year.


Read more at Reuters.com Mergers News

China Stocks Fall From Record as Greenspan Warns of `Dramatic Correction'

(Bloomberg) -- China's stocks fell from a record
after former Federal Reserve Chairman Alan Greenspan said he was
concerned that Chinese equities might undergo a ``dramatic
contraction.'' Daqin Railway Co. and Shenergy Co. paced declines
among some of the biggest companies.

``The fact that Mr. Greenspan, a highly regarded, esteemed
personality, has that opinion gives the bear China stock view
much credibility,'' said Desmond Soon, who helps manage $300
million of debt at Pacific Asset Management Co. in Singapore.


Read more at Bloomberg Stocks News

Citigroup's Cumming Resigns to Join Royal Bank of Scotland in New York

(Bloomberg) -- Citigroup Inc.'s head of European
special situations, William Cumming, has resigned to join the
New York office of Royal Bank of Scotland Group Plc.

Cumming, 43, will be a managing director in Edinburgh,
Scotland-based RBS's equity finance unit in the U.S., he told
Bloomberg when contacted by telephone yesterday. The team
invests the capital of the U.K.'s second-biggest bank in assets
and companies ranging from utilities to property. It is run from
London by Lindsey McMurray.


Read more at Bloomberg Bonds News

Russian Shares Post Biggest 2-Day Drop Since March: World's Biggest Mover

(Bloomberg) -- Russian stocks fell, putting the
Micex Index on course for its biggest two-day decline in more
than 2 1/2 months. Evraz Group SA slid following a deadly blast
at one of the steelmaker's Siberian coal mines.

OAO Unified Energy System and OAO Sberbank also dropped.


Read more at Bloomberg Stocks News

Air France-KLM boosts profit, orders planes

(Reuters) - Europe's biggest airline in terms of passengers, and the world's largest by revenues, said its widely watched operating income reached 1.240 billion euros in the year to March 31 as revenues rose 7.6 percent to 23.073 billion euros.




The figures imply a one percentage point gain in the operating margin to 5.4 percent, compared with 2005-06.


Read more at Reuters.com Business News

Polish Zloty Declines as Greenspan Remarks Turn Investors Risk Averse

(Bloomberg) -- Poland's zloty fell along with other
emerging market currencies as remarks by from former Federal
Reserve Chairman Alan Greenspan led investors to withdraw from
riskier assets.

Asian and European stocks fell today after Greenspan said
that Chinese equities might undergo a ``dramatic contraction.''
The NTX Index of 30 companies in central Europe lost 1.2 percent
as of 10:04 a.m. in Vienna, falling from a record high yesterday,
as 28 stocks dropped and only two rose.


Read more at Bloomberg Currencies News

Ghana Plans Debut Eurobond Sale, Seeking to Raise as Much as $750 Million

(Bloomberg) -- Ghana plans to sell its first Eurobond
in July in either London or Luxembourg as it seeks to raise as
much as $750 million to fund infrastructure projects, a finance
ministry official said.

In July 2005 Ghana, the world's second-largest cocoa
producer, was selected as one of 18 countries by the Group of
Eight to have its debt to the International Monetary Fund, World
Bank and African Development Bank canceled. Power shortages in
Ghana's capital Accra is holding back economic growth. Supply is
currently rationed with outages in Accra averaging four times a
week for as much as 12 hours at a time.


Read more at Bloomberg Bonds News

S.Africa's JSE Top-40 index down 1.2 percent

(Reuters) - South Africa's blue chip Top-40 index fell 1.2 percent on Thursday, with index heavyweights Anglo American and BHP Billiton dragging the market lower.

A Johannesburg-based trader said commodity stocks were weaker in Australia, which hit the index heavyweights.


Read more at Reuters Africa

JGB futures hit month low as overseas yields climb

(Reuters) - "If such expectations strengthen, that could lead to the
environment for a rate rise in Japan," Suezawa said.




JGBs gained little reprieve even after an auction of 800
billion yen in 20-year bonds met with the best
demand in seven months.


Read more at Reuters.com Bonds News

Natural Rubber Futures in Tokyo Gain for Seventh Day as Stockpiles Fall

(Bloomberg) -- Rubber futures in Tokyo, the global
benchmark, rose for a seventh day on a decline in Japan's crude
rubber stockpiles and speculation strong demand for tires in
China and the weaker yen may help prices test the 300 yen level.

Crude rubber stockpiles held at Japanese warehouses fell to
17,998 metric tons as of May 10 from 18,101 tons at the end of
April and 18,640 tons a month earlier, according to data from the
Rubber Trade Association of Japan.


Read more at Bloomberg Commodities News

Barclays, Burberry, Cable & Wireless Shares May Move: U.K. 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 market close.

The benchmark FTSE 100 Index rose 9.8, or 0.2 percent, to
6616.4 in London as 52 stocks rose, 47 fell and 3 were unchanged.
The FTSE All-Share Index gained 6.16, or 0.2 percent, to 3440.38.


Read more at Bloomberg Stocks News