May jobs data to test stocks' rally

(Reuters) - For a holiday-shortened four-day work week, the calendar is crowded with reports on consumer confidence and the overall pace of economic growth, among others.




On Monday, U.S. financial markets will be closed in observance of the Memorial Day holiday.


Read more at Reuters.com Business News

CMS to Purchase Michigan Power Plant From LS Power Group for $517 Million

(Bloomberg) -- CMS Energy Corp. said its flagship
Michigan utility agreed to buy a power plant in the state from LS
Power Group for $517 million to meet rising demand without
purchasing electricity on the wholesale market.

Consumers Energy's purchase of the 946-megwatt plant in
Zeeland is expected to close next year subject to approval by the
Michigan Public Service Commission, Jackson, Michigan-based CMS
said today in a statement.


Read more at Bloomberg Energy News

Cleveland-Cliffs, Peru Copper, VaxGen, Agilysys: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges today.
Stock symbols are in parentheses after company names. Shares
prices are as of 4 p.m. New York time.

Adams Respiratory Therapeutics Inc. (ARXT US) rose $3.89, or
9.7 percent, to $43.94. U.S. regulators moved to force illegal
competitors to the company's Mucinex off the market. Hundreds of
time-release drugs containing the chemical guaifenesin are sold
to ease cold and cough symptoms, although Adams alone has
approval to sell such products, the Food and Drug Administration
said on its Web site.


Read more at Bloomberg Stocks News

Treasuries Drop for a Third Straight Week on Signs of U.S. Economic Growth

(Bloomberg) -- Treasuries dropped for a third week
on signs of economic recovery and as Federal Reserve policy
members reiterated their commitment to containing inflation.

Benchmark 10-year notes briefly pared their declines today
after an industry report showed sales of existing homes in the
U.S. fell in April to the lowest level in almost four years. The
yield rose yesterday to the highest level since January as
traders lowered bets on a Fed rate cut after a government report
showed the biggest jump in new-home sales in 14 years.


Read more at Bloomberg Bonds News

Cannes Film Festival Attracts Hedge Funds, Private-Equity Firms to Invest

(Bloomberg) -- The Cannes Film Festival, which ends with an
awards ceremony on May 27, is drawing investment by hedge funds
and private-equity companies in motion-picture financing,
production and distribution.

Film production companies said the money is transforming the
way some movies are being made and sold, with hedge-fund managers
becoming piggy banks for the industry. Since 2005, funds and
private-equity investors have committed at least $4.5 billion to
films, betting that the box-office returns can beat other
investments.


Read more at Bloomberg Exclusive News

Soybean Futures Surge to 35-Month High on Increased Demand for Biofuels

(Bloomberg) -- Soybean futures in Chicago rose,
extending a rally to 35-month highs, as increased demand for
alternative fuels made from oilseeds boosted soybean oil prices
to the highest in 23 years and reduced supplies for cooking.

The European Union, the biggest biodiesel market, wants
fuels made from crops to make up 5.75 percent of transportation
fuel by 2010, to reduce dependence on fossil-based energy. U.S.
biodiesel production jumped to 250 million gallons last year from
75 million in 2005 because of government subsidies of $1 per
gallon to mix the fuel with petroleum-based diesel.


Read more at Bloomberg Commodities News

Copper Rebounds as Drop in Chinese Inventory May Signal Improved Demand

(Bloomberg) -- Copper rebounded in New York as
stockpiles in Shanghai dropped for a first time in six weeks,
signaling a pickup in Chinese demand and easing concern that the
world's biggest consumer was oversupplied.

Inventories at five warehouses in the city fell 0.5 percent
to from a three-year high in the past week, after tripling since
the end of December, the Shanghai Futures Exchange said today on
its Web site. Stockpiles monitored by London Metal Exchange
declined for a sixth daily session.


Read more at Bloomberg Commodities News

U.S. Stocks Gain on M&A, Metal Prices; Archstone-Smith Shares Lead Advance

(Bloomberg) -- U.S. stocks posted their biggest gain
this week after takeover speculation swept into the real-estate
industry and metals prices surged.

Real-estate investment trusts were the top three gainers in
the Standard & Poor's 500 Index after UBS AG said Archstone-Smith
Trust, the second-largest U.S. apartment owner, is a potential
takeover target. Freeport-McMoRan Copper & Gold Inc. led mining
shares higher after gold rebounded from a two-month low and silver
also rose.


Read more at Bloomberg Stocks News

UPDATE 1-Eurotunnel gets new lease of life after swap

(Reuters) - The French AMF financial regulator said on Friday Eurotunnel
had declared it had obtained 87 percent of units after the share
swap offer and therefore the condition of 50 percent plus one
unit had been met. A unit represents one share in Eurotunnel SA
and one in Eurotunnel Plc.




"The offer will therefore have a positive outcome," AMF
said, adding the final result would be announced before May 31.


Read more at Reuters.com Government Filings News

UPDATE 1-India HDFC to sell shrs to Citi, Carlyle for $767mln

(Reuters) - HDFC, India's largest mortgage firm, will sell 18 million
shares, or 7.11 percent of the equity, to the firms at 1,730
rupees a share to raise up to 31.14 billion rupees , the company said in a statement.




After the share sale, Citigroup's holding in HDFC will
remain at 12.3 percent, while Carlyle will have 5.6 percent, it
said.


Read more at Reuters.com Bonds News

Bioenvision, Gap, Red Robin Gourmet, Verigy, Nasdaq: 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.
Share prices are as of 9:30 a.m. New York time.

Aruba Networks Inc. (ARUN US) rose $1.34, or 8.8 percent, to
$16.50 and traded as high as $16.64. The maker of wireless
networking equipment posted third-quarter sales of $34.7 million,
up 65 percent from a year earlier. That exceeded the $30.5
million estimate of three analysts surveyed by Bloomberg. The
shares rose 2 cents to $15.16 in regular trading yesterday.


Read more at Bloomberg Stocks News

Sunstone Hotel amends $200 mln revolving credit facility

(Reuters) - The maturity of the facility may be extended for one year
and the commitment increased to $300 million, the company
added.





Read more at Reuters.com Bonds News

Canada Stocks May Fall, Led by Financials, as Royal Bank Misses Estimates

(Bloomberg) -- Canadian stocks may fall for a second
day, led by financial shares, after Royal Bank of Canada reported
quarterly profit that missed analysts' estimates.

The Standard & Poor's TSX Composite Index fell yesterday for
the first time since May 14, dropping 196.24, or 1.4 percent, to
13,946.27 in Toronto.


Read more at Bloomberg Stocks News

U.S. Stock-Index Futures Rise on Takeovers; NYSE Euronext, GM Shares Gain

(Bloomberg) -- U.S. stock-index futures gained after
Nasdaq Stock Market Inc. agreed to buy Sweden's OMX AB and Coca-
Cola Co. said it would purchase Energy Brands Inc., the maker of
Glaceau Vitaminwater.

NYSE Euronext, owner of the world's largest stock market,
advanced after Goldman, Sachs & Co. upgraded the shares on
speculation of more consolidation among exchanges. MGM Mirage
shares advanced after the second-biggest casino company hired UBS
AG to advise on a possible breakup being considered by Kirk
Kerkorian.


Read more at Bloomberg Stocks News

De Beers selects bidders for S.Africa Cullinan mine

(Reuters) - The world's biggest diamond producer, De Beers, has chosen bidders interested in buying its loss-making Cullinan mine in South Africa, it said on Friday.

The firm said in February it planned to sell the Cullinan and Kimberley underground mines and other dormant diamond resources in and around Kimberley.


Read more at Reuters Africa

UBS to Sell Julius Baer Stake Valued at $3.3 Billion to Fund Share Buyback

(Bloomberg) -- UBS AG, the world's biggest money
manager, plans to sell its 4.1 billion-Swiss franc ($3.3 billion)
stake in Julius Baer Holding AG and use the proceeds to buy back
stock.

UBS got the 20.7 percent holding when it sold three private
banks and an asset management unit to Julius Baer in December
2005. The sale will generate a pretax gain of about 2.1 billion
francs, Zurich-based UBS said in a statement today.


Read more at Bloomberg Stocks News

Amgen, CVS Lead Borrowers as Corporate Bond Sales Accelerate in the U.S.

(Bloomberg) -- Amgen Inc., the world's largest
biotechnology company, and drug retailer CVS Caremark Corp. led
borrowers selling $34 billion of bonds this week as issuance
accelerated on signs the economy is improving.

The sales pushed the total for May to $128.6 billion,
making this month the second-busiest ever, according to data
compiled by Bloomberg. Thousand Oaks, California-based Amgen
issued $4 billion of notes to buy back stock, and CVS offered
$5.5 billion in the biggest investment-grade sale this year.


Read more at Bloomberg Bonds News

Coca-Cola to buy Glaceau for $4.1 billion

(Reuters) - Coca-Cola said the deal would add to its earnings per share in the first full year after the agreement is completed.




Read more at Reuters.com Mergers News

Venoco files $500 mln shelf offering

(Reuters) - Under a shelf registration filed with the U.S. Securities
and Exchange Commission, a company may sell securities in one
or more separate offerings with the size, price and terms to be
determined at the time of sale.





Read more at Reuters.com Bonds News

IMF Expects Russian Economy to Grow 7 Percent With 'Potential for Upside'

(Bloomberg) -- The International Monetary Fund
expects Russia's economy to expand at least 7 percent this year.

That forecast has ``potential for upside,'' Poul Thomsen,
head of Washington-based IMF's Russia office, told reporters in
Moscow today. The government's target of annual inflation of 7
percent to 8 percent ``is feasible,'' Thomsen said. The rate may
fall to between 6 percent and 7 percent next year, he said.


Read more at Bloomberg Emerging Markets News

IMF Says Turkish Tax Cut Plans `Inconsistent' With $10 Billion Loan Accord

(Bloomberg) -- The International Monetary Fund said
Turkey's plans to cut sales tax on tourism and food are
``inconsistent'' with a $10 billion loan accord.

``The government did not consult with us'' on the plans to
cut sales tax on tourism and some food items to 8 percent from 18
percent, Hugh Bredenkamp, the fund's representative in Ankara,
said in a telephone interview today. ``Any initiative that erodes
the'' Value Added Tax, or VAT, ``base would be inconsistent with
commitments under the IMF-supported program.''


Read more at Bloomberg Emerging Markets News

Chicago Soybean Oil Rises to 23-Year High After Malaysia Palm Oil Gains

(Bloomberg) -- Chicago soybean oil prices rose to the
highest in almost 23 years as prices of palm oil in Malaysia
climbed following a report showing vegetable oil imports by China,
the largest consumer, jumped this year.

China's palm oil imports rose 27 percent to 1.6 million
metric tons in January-April, while imports in April alone were
435,783 tons, according to data issued by the Beijing-based
customs office. Soybean oil imports rose 16 percent to 792,380
tons in the first four months. In April, it imported 211,233 tons.


Read more at Bloomberg Commodities News

CIFC Starts London Fund to Buy $2.7 Billion of European Leveraged Loans

(Bloomberg) -- Commercial Industrial Finance Corp.,
the debt-fund manager that opened an office in London this
month, plans to spend 2 billion euros ($2.7 billion) buying
loans in Europe by the end of next year.

CIFC, founded in New York two years ago, manages $2.5
billion of high-risk, high-yield loans. It buys the debt to
create collateralized loan obligations, securities that package
debt and use the income to pay investors.


Read more at Bloomberg Bonds News

Socar to Sell 2.2 Million Barrels of Rebco Crude Oil in Russia by May 30

(Bloomberg) -- Socar, Azerbaijan's state oil company,
invited bids on 2.2 million barrels of Russian export blend
crude oil that will be delivered to Novorossiysk, Russia's
biggest Black Sea port.

The winner will be announced May 30. The oil will be
shipped in three consignments from June 15 to June 30, Baku-
based Socar said on its Web site.


Read more at Bloomberg Energy News

Japan's Five-Year Government Notes Have Biggest Weekly Decline This Year

(Bloomberg) -- Japan's five-year notes had the
biggest weekly drop since December on speculation reports
showing faster-than-expected growth in the U.S. will help the
Bank of Japan build the case for raising interest rates.

Debt fell after U.S. reports showing gains in new homes
sales and consumer confidence tempered concern exports from
Japan will slow. Two-year yields rose to the highest since June
1997 after Jiji Press reported this week that BOJ policy board
member Atsushi Mizuno said policy makers may be in a better
position to judge the state of the economy in July.


Read more at Bloomberg Bonds News

Nasdaq to buy Nordic bourse group OMX for $3.7 bln

(Reuters) - Nasdaq Stock Market has agreed to buy Nordic bourse owner OMX for $3.7 billion, the two companies announced on Friday, as Nasdaq sets its sights on expanding beyond the U.S. market and adds to a wave of stock market consolidation.

Nasdaq has been under pressure to get a deal done after the London Stock Exchange's rejection of its final bid in February and as rival exchanges consolidate.


Read more at Reuters Africa