China's Stocks Rise for Third Day as Capital Gains Tax Concern Recedes

(Bloomberg) -- China's stocks rose for a third day
after an official newspaper said speculation that the government
will impose a capital gains tax is ``ridiculous.'' China
Minsheng Banking Corp. led the advance.

``Investors are quite relieved to hear clarification of the
rumors about a capital gains tax,'' said Lu Yizhen, who oversees
about $640 million at Citic-Prudential Fund Management Co. in
Shanghai. ``The market has stabilized after the recent
fluttering.''


Read more at Bloomberg Stocks News

Oil nears 9-month high above $71 on Turkey Iraq raid

(Reuters) - Oil prices extended gains above $71 a barrel on Thursday, nearing their highest in nine months after a raid by Turkish troops into northern Iraq revived Middle East geopolitical jitters.

Data showing U.S. refiners were struggling to boost summer fuel production and Cyclone Gonu's disruption of Omani oil and gas exports lent additional support to the market, keeping Brent crude within a dollar of late May's $71.80 high.


Read more at Reuters Africa

Malaysia's Production Increased Less Than Expected in April on Electronics

(Bloomberg) -- Malaysia's industrial production rose
less than expected in April, after declining in the previous two
months, as weak overseas demand for the country's electronics
goods hurt manufacturing.

Overall production at factories, utilities and mines gained
0.4 percent from a year earlier, compared with a revised 2.6
percent drop in March and a 0.2 percent fall in February, the
Putrajaya-based Statistics Department said today. Economists
were forecasting a 2 percent increase.


Read more at Bloomberg Emerging Markets News

Repsol YPF, Union Fenosa, Sonaecom: Spanish, Portugal Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in Spain symbols follow company names and prices are from the
last close.

The benchmark IBEX 35 Index fell 386.10, or 2.5 percent, to
14,928.80. Portugal's PSI-20 Index slid 156.58, or 1.2 percent,
to 12,812.77.


Read more at Bloomberg Stocks News

Japan's Technology Stocks Fall, Led by Advantest; Trading Companies Gain

(Bloomberg) -- Japan's technology-related shares
such as Sony Corp. and Advantest Corp. declined after a higher-
than-forecast rise in U.S. labor costs fueled concern
accelerating inflation will prompt the Federal Reserve to
increase interest rates.

Limiting losses, trading companies advanced after Nikko
Citigroup Ltd. raised its rating on Sumitomo Corp. and Marubeni
Corp. Oil explorers such as Inpex Holdings Inc. rose along with
the price of crude oil.


Read more at Bloomberg Stocks News

China says Citi, 3 others set for debit card debut

(Reuters) - Wang said foreign banks were currently limited to issuing
debit cards, and it was unclear whether they would be allowed to
issue credit cards in the future.




"Currently, we are receiving applications only for debit card
issuance instead of credit card issuance, due to current Chinese
banking rules," Wang told reporters on the sidelines of a banking
summit in Shanghai, China's financial hub.


Read more at Reuters.com Government Filings News

Thailand Asks Abbott, Merck, Sanofi to Further Cut Prices of AIDS Drugs

(Bloomberg) -- Thailand's health ministry will buy
patented AIDS and heart drugs from Abbott Laboratories, Merck &
Co., and Sanofi-Aventis SA if they cut prices to 5 percent more
than the cost of buying or making copies, an official said.

Meetings between the pharmaceutical companies and Thai
health officials to prevent the country from making and buying
generic copies ``haven't reached any conclusion,'' Siriwat
Thiptharadol, director-general of Thailand's Food and Drug
Administration and chief negotiator, told a press conference in
Bangkok today. Merck, of Whitehouse Station, New Jersey, and
Paris-based Sanofi offered additional supplies, he said.


Read more at Bloomberg Emerging Markets News

Japan's 10-Year Government Bonds Drop; Yields Rise to Highest Since August

(Bloomberg) -- Japan's 10-year bonds fell, pushing
yields to the highest since August, on speculation a government
report tomorrow will show machinery orders increased.

Debt declined before the Cabinet Office report that will
show orders for April rose the most since June 2006, according
to a Bloomberg News survey. A government report this week showed
business investment advanced to a record, signaling growth may
be accelerating in the world's second largest economy.


Read more at Bloomberg Bonds News

ICICI Bank, PTT Exploration, Fairfax Media, Azgard Nine: Asia Bond Alert

(Bloomberg) -- The following is a list of bond sales
in Asia expected in the coming days and weeks.

Investment Grade


Read more at Bloomberg Bonds News

Australian Stocks Fall for Third Day, Led by BHP, Rio on Lower Metals

(Bloomberg) -- Australia's benchmark stock index, the
S&P/ASX 200 Index, fell 0.51 percent at 10:05 a.m.

The index of 202 companies traded on the Australian Stock
Exchange fell 32.30 to 6,304.80. Among the stocks in the index,
10 rose, 114 fell and 77 were unchanged.


Read more at Bloomberg Stocks News

UPDATE 1-Brazil central bank cuts rate to low of 12 pct

(Reuters) - The bank's monetary policy directors voted 5 to 2 for the
half-percentage-point cut, which extended a 22-month rate
easing cycle, the longest in Brazil's history.




Two directors wanted a smaller 25-basis-point cut.


Read more at Reuters.com Economic News

ADC Telecom profit up

(Reuters) - Net income from continuing operations jumped to $96.5 million, or 73 cents per share, for its fiscal second quarter ended May 4, from $25.1 million, or 21 cents per share, a year ago.




Net sales fell to $349.4 million from $358.1 million, while analysts expected $333 million, on average, based on Reuters Estimates.


Read more at Reuters.com Business News

Netflix stock up on Amazon takeover talk: analysts

(Reuters) - A Netflix spokesman said the company does not comment on "rumors and speculation." Amazon representatives could not immediately be reached for comment.




Netflix shares closed up 5.7 percent, or $1.21, at $22.60 on Nasdaq. Amazon ended down 1.8 percent, or $1.36, at $72.29.


Read more at Reuters.com Hot Stocks News

Takeda to add boxed warning to Actos label

(Reuters) - June 6 - Takeda Pharmaceuticals North America Inc., a unit of Japanese drugmaker Takeda Pharmaceutical Co. Ltd. , said it will add a boxed warning to the label of its diabetes drug, Actos, to increase awareness of risk of congestive heart failure.



The request came from the U.S. Food and Drug Administration, the company said in a statement.


Read more at Reuters.com Government Filings News

Chile stock indexes fall with region, peso slips

(Reuters) - The all-market IGPA index slipped 0.71 percent to
14,363.24 points, while the trade-weighted blue-chip IPSA index
fell 0.88 percent to 3,290.78.




"I think there's concern about interest rates both locally
and internationally," said Elizabeth Palma, an analyst with the
Tanner brokerage. "It looks like Chilean and U.S. rates will be
rising."


Read more at Reuters.com Bonds News

UPDATE 1-Venezuela's Chavez says IMF withdrawal on hold

(Reuters) - President Hugo Chavez announced in April he wanted to leave
the International Monetary Fund immediately, complaining that
the Washington-based lender's policies failed to help the poor
in Latin America.




He was seemingly unaware that the move could trigger a
massive default on the South American country's debt.


Read more at Reuters.com Bonds News

UPDATE 1-ADC Telecom profit jumps, shares rise on outlook

(Reuters) - The company also issued a full-year forecast that was above
analyst estimates and the stock rose 4.5 percent.




Second-quarter sales and earnings were "stronger than
expected," Chief Executive Robert Switz said in a statement,
noting it boosted profitability through gains in manufacturing
efficiencies while also cutting total operating expenses.


Read more at Reuters.com Market News

UPDATE 1-Husky Injection 3rd-qtr profit dips 15 pct

(Reuters) - For the three months ended April 30, net earnings were
$17.6 million, or 15 cents a share, down from $20.7 million, or
18 cents a share, in the same period a year earlier.




Sales for the third quarter increased 9 percent to $303.9
million from $279.6 million, as a result of higher orders, the
company said.


Read more at Reuters.com Market News

Panera cuts earnings view, shares fall

(Reuters) - "Our core business is under pressure and the newer pieces are doing well," he said.




Panera now expects second-quarter earnings of 38 cents to 40 cents a share, down from its prior view of 47 cents to 51 cents a share.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Ameren denies evidence tampering in dam collapse

(Reuters) - The company said it disputed inferences that any new
information has come to light in the investigation.




"We have fully cooperated with all subsequent
investigations including that of the Missouri Highway Patrol.
That investigation has been completed, and the Missouri
Attorney General concluded there was no basis for criminal
charges," Ameren said in a statement.


Read more at Reuters.com Government Filings News

TREASURIES-Stock slide helps bruised bonds raise head

(Reuters) - NEW YORK, June 6 - U.S. government debt prices
rose on Wednesday as a sell-off in the stock market stoked some
buying in bonds, despite data signaling wage inflation
pressures.




Major Wall Street indexes were down about 1 percent,
helping Treasuries to stabilize after their month-long decline
driven by fading prospects of a Federal Reserve interest rate
cut this year, analysts and traders said.


Read more at Reuters.com Bonds News

Pimco, Prudential Snap up Indonesia Bonds as Yudhoyono Reins in Inflation

(Bloomberg) -- Indonesian President Susilo Bambang
Yudhoyono's success in taming inflation has persuaded more than
100 foreign investors to double their holdings of the nation's
bonds.

Overseas investors including Pacific Investment Management
Co. and Prudential Investment Management raised their share of
the 442.1 trillion rupiah ($50 billion) of government debt
outstanding to 17.7 percent in May from 8 percent at the start of
last year, according to the Ministry of Finance in Jakarta.


Read more at Bloomberg Bonds News

Dana: court approves sale of non-core fluid products businesses

(Reuters) - The company said its coupled products business will be sold
to Coupled Products Acquisition LLC, a unit of Wanxiang
Holdings Corp. for a nominal price.





Read more at Reuters.com Government Filings News

TREASURIES-Bonds rise on weaker stocks, 5 pct support holds

(Reuters) - NEW YORK, June 6 - U.S. government debt prices
rose on Wednesday as a stock sell-off spurred buying in bonds,
despite data suggesting inflation pressure from the labor
market.




Major Wall Street indexes were down about 1 percent,
helping Treasuries to stabilize from their month-long decline
tied to fading prospects of a Federal Reserve rate cut this
year, analysts and traders said.


Read more at Reuters.com Bonds News

Gold Falls as Prospects for Higher Global Interest Rates Damp Metal Demand

(Bloomberg) -- Gold and silver fell in New York on
speculation that higher global interest rates will reduce demand
for precious metals as alternative investments.

The European Central Bank raised its benchmark rate to
4 percent, the highest in six years, to temper inflation. Labor
costs in the U.S. in the first quarter rose more than forecast,
a signal that the Federal Reserve might have to raise rates to
curb accelerating prices. Holding gold becomes less attractive
when rates rise because the metal has no fixed returns.


Read more at Bloomberg Commodities News

No mistrial granted for Conrad Black co-defendant

(Reuters) - The charges of mail fraud, wire fraud and tax evasion against Kipnis are the least serious of those against the four men on trial. Prosecutors had contended he helped enable Black and his associates to steal $60 million from the company. His lawyer had denied that, saying that $150,000 in bonuses that Kipnis received was payment due for legal work.




The judge told Kipnis' lawyer that he had very effectively demonstrated in an earlier cross-examination that the money Kipnis received was done for work and not related to the scheme, yet she refused to grant the mistrial.


Read more at Reuters.com Bonds News

Fendi, Wal-Mart settle counterfeit bag dispute

(Reuters) - Last year, Fendi sued Wal-Mart, accusing the world's largest retailer of selling counterfeit handbags and passing them off as genuine at its Sam's Club warehouse stores.




The suit, filed in U.S. District Court in Manhattan, said Sam's Club stores sold knock-off handbags, wallets and key chains that were identified as "genuine" Fendi products.


Read more at Reuters.com Business News

Fed's Lacker-US housing market may turn up mid-'07

(Reuters) - "I think we're pretty close to a bottom in terms of demand
but there are risks to that outlook," he said.




Read more at Reuters.com Bonds News

Aetna gets antitrust OK for Schaller Anderson deal

(Reuters) - Antitrust authorities completed their review of the deal without taking any action to block it, the U.S. Federal Trade Commission said in a notice.



Schaller is a provider of health care management services for Medicaid plans in eight states, including California and Texas.


Read more at Reuters.com Government Filings News

Mortgage applications drop as loan rates trek up

(Reuters) - The Mortgage Bankers Association's loan application index slipped 1.7 percent to a seasonally adjusted 625.3 in the week ended June 1. A rise in applications to buy homes was overshadowed by the drop in refinancing demand last week.




Neither purchase nor refinancing loans are likely to see escalating demand anytime soon, especially now that expectations for Federal Reserve rate cuts this year have been waning, analysts said.


Read more at Reuters.com Bonds News

Home sales, prices to slip further in 2007: NAR

(Reuters) - The National Association of Realtors trimmed its sales forecast for the fourth straight month and said it now expected sale prices would drop more sharply than it previously forecast.




Sales of existing homes should hit a pace of 6.18 million units this year, down from the 6.29 million units the NAR predicted last month.


Read more at Reuters.com Business News

Stelco says to sell stake in Wabush iron mine

(Reuters) - Stelco will also retain its share of the Wabush iron ore
inventory.







Read more at Reuters.com Mergers News

UPDATE 1-NY's Cuomo urges Congress clean up student loans

(Reuters) - WASHINGTON, June 6 - New York Attorney General
Andrew Cuomo urged Congress on Wednesday to legislate a
clean-up of the student loan industry, including the
fast-growing private loan market.




"I urge Congress to enact stringent legislation to clean up
all of the student loan industry," Cuomo said in remarks
prepared for delivery to a Senate Banking Committee hearing on
allegations of widespread conflicts of interest and improper
payments in the student loan business.


Read more at Reuters.com Government Filings News

Sun-Times Media Takeover Stalls as Former Chief Black, Shares Get Roiled

(Bloomberg) -- Blocks from the Chicago courtroom
where Conrad Black is fighting charges of fraud and
racketeering, Sun-Times Media Group Inc., the newspaper company
he once ran, faces a trial of its own.

Sun-Times, once called Hollinger International Inc., has
endured a 45 percent drop in its stock price since Black was
ousted as chairman in January 2004. Chief Executive Officer
Cyrus Freidheim is struggling to stem losses while resolving
lawsuits and tax claims left over from Black's tenure. He says
he may put Sun-Times up for sale by the end of next year.


Read more at Bloomberg Exclusive News

3M acquires maker of superabrasive products

(Reuters) - Diamond Productions' diamond and cubic boron nitride wheels and tools are used in the metalworking, woodworking and stone fabrication industries, said 3M, which is known for such products as Scotch tape, Post-it notes, Thinsulate insulation and optical films for liquid crystal displays.




The addition of Diamond Productions' superabrasives enhances 3M's cutting and grinding capabilities for such things as kitchen countertops, monuments and structural granite, as well as difficult-to-grind carbides, ceramics and glass, St. Paul, Minnesota-based 3M said.


Read more at Reuters.com Bonds News

UPDATE 1-Russ Berrie rejects $18/share takeover offer

(Reuters) - The company's board decided that at $18 per share, the
unsolicited, nonbinding offer did not provide a sufficient
basis for further consideration, Russ Berrie said in a
statement.




Russ Berrie shares jumped to $18.60 in pre-market
electronic trading after closing at $17.71 on Tuesday. They
touched a one-year high of $18.05 on the New York Stock
Exchange on June 1.


Read more at Reuters.com Mergers News

Copper Futures Fall Most in Almost Two Weeks on Concern Rally Was Overdone

(Bloomberg) -- Copper futures in New York fell the
most in almost two weeks on speculation that the metal's recent
rally was overdone.

The price of the metal gained 2.5 percent last week as
global inventories declined. Copper has still fallen 11 percent
since reaching an 11-month high on May 4 on speculation demand
will ease in the U.S. and China, the world's two biggest
consumers of the metal. Inventories monitored by the Shanghai
Futures Exchange have more than tripled this year.


Read more at Bloomberg Commodities News

US STOCKS-Futures fall as data stokes inflation worry

(Reuters) - NEW YORK, June 6 - U.S. stock index futures
pointed to a sharply weaker market open on Wednesday after
Europe's central bank lifted interest rates and U.S. data
showed higher-than-expected labor costs. fueling concern about
inflation and rising rates.




Rising energy costs were adding to inflation worries. ICE
Brent crude futures .


Read more at Reuters.com Bonds News

TD Ameritrade CEO says industry talks ongoing

(Reuters) - Two hedge funds that control about 8.4 percent of TD
Ameritrade have told the brokerage that it should merge with
E*Trade Financial Corp. or Charles Schwab Corp.
.




Read more at Reuters.com Bonds News

UPDATE 1-Dell to use deals to expand services business-FT

(Reuters) - Dell's services business is growing faster than sales of
computer equipment and represents a "huge opportunity," CEO
Dell told the FT.




"I think you will see some more acquisitions to add
capability to our services team," he said.


Read more at Reuters.com Bonds News

World Bank increasing aid to Rwanda

(Reuters) - The World Bank will increase grants to Rwanda by 51 percent to $106 million in the 2007/2008 financial year, its country representative said on Wednesday.

"We are pleased with the levels of transparency here because all the grant money goes directly to the projects it is meant for," country representative Victoria Kwakwa told reporters. "We even hope this amount would increase."


Read more at Reuters Africa

Arab Bank launches $500 mln syndicated loan

(Reuters) - "The move comes in line with the bank's strategy aiming at
diversifying funding resources and the efficient management of
its assets and liabilities," the bank said in a statement in
which the pricing of the deal was not given.




Bankers say Arab Bank is paying a margin of 25 basis points
over LIBOR.


Read more at Reuters.com Bonds News

S.Africa April manufacturing output slows to 3.8 pct y/y

(Reuters) - South Africa's manufacturing output slowed to an unadjusted 3.8 percent in volume terms year-on-year in April from a revised 5.5 percent in March, official data showed on Wednesday.

Compared with March, manufacturing production in volume terms fell by a seasonally adjusted 1.9 percent, Statistics South Africa said.


Read more at Reuters Africa

Dubai to Offer the World's First Exchange-Traded Futures for Indian Rupee

(Bloomberg) -- Dubai Gold & Commodities Exchange
will tomorrow begin offering the world's first exchange-traded
futures contracts in Indian rupee, helping companies and
investors hedge against risks.

The contracts, linked to the future value of the rupee and
settled in euros, will trade in Dubai, United Arab Emirates,
David Rutledge, a director at DGCX, told reporters in Dubai
today. The market is outside the jurisdiction of India's central
bank, which places curbs on trading in the rupee, he said.


Read more at Bloomberg Emerging Markets News

Edcon sets guidance on buyout bonds - source

(Reuters) - South African retailer Edgars Consolidated Stores (Edcon) has set guidance on 1.83 billion euros of high-yield bonds to help fund its buyout by private equity firm Bain Capital, a syndicate source said on Wednesday.

The clothing and fashion retailer plans to sell 1.18 billion euros of 7-year senior secured floating rate notes yielding around 275 basis points over Euribor, the source said.


Read more at Reuters Africa

Dell to use deals to expand services business: report

(Reuters) - "I think you will see some more acquisitions to add capability to our services team," he said.




Dell did not immediately return a call seeking comment.


Read more at Reuters.com Mergers News

Gold Fields says total mineral resources up 40 pct

(Reuters) - South African gold miner Gold Fields Ltd said on Wednesday its total precious metal mineral resources rose 40 percent in the last year to 251.7 million ounces.

Gold Fields, the world's fourth biggest gold producer, said the total ore reserves were up 44 percent at 93.8 million ounces.


Read more at Reuters Africa

Russia's Baltic Sea Export Pipeline Boost Will Cut Urals Price, PVM Says

(Bloomberg) -- Russia's proposed oil pipeline that
will bypass Belarus could cut supplies to refineries in Hungary
and Slovakia and make its main export crude blend less
competitive, PVM Oil Associates GmbH said.

Russia plans to build a new link that will deliver at least
1 million barrels of oil a day to Primorsk on the Baltic Sea.
The pipeline will reduce supplies of Urals, Russia's major
export blend of oil, to refiners in eastern Europe, said
Johannes Benigni, the managing director at PVM.


Read more at Bloomberg Energy News

Crude Oil Pares Gains on Speculation U.S. Supplies of Gasoline Will Rise

(Bloomberg) -- Crude oil pared gains on speculation
U.S. gasoline supplies would rise as the summer driving season gets
under way.

Today's petroleum inventory report from the Energy Department
will probably show U.S. gasoline stockpiles rose by 1.6 million
barrels in the week to June 1, according to a Bloomberg News survey
of 11 analysts. Oil supplies probably rose 125,000 barrels, the
sixth gain in seven weeks.


Read more at Bloomberg Commodities News

Some signs of cyclical overheating: India adviser

(Reuters) - India also needed to be very careful about trying to moderate the large capital inflows into the economy, although some types could be discouraged, C. Rangarajan, who heads the prime minister's economic advisory panel, told reporters at a financial conference.




"Cyclical overheating in an economy occurs when the existing capacities are being fully utilized and demand pressures are still there. Yes there is, to some extent, cyclical overheating," he said


Read more at Reuters.com Business News

European Union Carbon Dioxide Emission Permits Decline for a Second Day

(Bloomberg) -- European Union carbon-dioxide permits
fell for a second day.

Emission permits for delivery in December 2008 dropped 61
cents, or 2.6 percent, to 22.75 euros ($30.80) a metric ton,
according to prices on the European Climate Exchange in
Amsterdam. Permits closed 5.1 percent lower yesterday at 23.36
euros a ton.


Read more at Bloomberg Energy News

Tunisia's STB bank's 2006 profit falls 39.5 pct

(Reuters) - Societe Tunisienne de Banque (STB), Tunisia's largest bank by assets, said on Tuesday net profit slumped 39.5 percent last year to 21.9 million dinars from 36.2 million in the previous year.

Revenue rose 27 percent to 182 million dinars due mainly to expanded commission gains.


Read more at Reuters Africa