Oil slips under $71 as Oman tests export terminal

(Reuters) - Oil slipped back under $71 on Friday, as Gulf producer Oman carried out tests to see if it could reopen its export terminal after a three-day closure due to a storm.

London Brent crude, currently seen as more representative of the global market, was down 53 cents at $70.69 a barrel at 0631 GMT, after rising 20 cents on Thursday. U.S. crude fell 37 cents to $66.56 after a 97-cent rally.


Read more at Reuters Africa

Asian Stocks Drop Most in Seven Weeks on Rate Concerns; Toyota Declines

(Bloomberg) -- Asian stocks dropped the most in seven
weeks on concern rising global interest rates will curb consumer
spending and corporate profits.

All 10 industry groups of the Morgan Stanley Capital
International Asia-Pacific Index retreated, sending the regional
benchmark to its biggest loss in seven weeks. Toyota Motor Corp.,
which gets almost two-thirds of its revenue from overseas sales,
fell after U.S. bond yields jumped.


Read more at Bloomberg Stocks News

Taiwan's Taishin to form insurance jv with Aegon

(Reuters) - No other details were immediately available.




Taishin's major investors include private equity firm
Newbridge [NB.UL] and billionaire investor George Soros.



Read more at Reuters.com Mergers News

Axa, Club Med, Eutelsat, Gemalto, Heurtey and Flo: French Equity Preview

(Bloomberg) -- Shares of the following companies may
rise or fall on the Paris stock exchange. Stock symbols are in
parentheses and prices are from the last close.

The CAC 40 Index fell 87.38, or 1.5 percent, to 5890.49,
declining for a fourth day. The SBF 120 Index also decreased 1.5
percent.


Read more at Bloomberg Stocks News

ABN AMRO to buy branches of Taiwan distressed lender

(Reuters) - No financial terms were given.




Read more at Reuters.com Mergers News

Australian, New Zealand Dollars Pare Losses Against Yen on Yield Demand

(Bloomberg) -- The New Zealand and Australian dollars
pared losses against the yen as investors returned to their
higher-yielding assets on the prospect interest rates will rise.

The two currencies have led gains versus the yen in the past
12 months as Japan's lowest benchmark rate among major economies
spurs the investment in assets elsewhere that offer bigger
returns, known as a carry trade. Rising global interest rates are
pushing up bond yields, with New Zealand and Australia's 10-year
yields climbing to the highest since June, 2002.


Read more at Bloomberg Currencies News

China Communications Construction's Four-Month Profit Rises 60-70 Percent

(Bloomberg) -- China Communications Construction Co.,
the country's biggest port builder, said its profit in the first
four months likely rose about 60 percent to 70 percent from a
year earlier.

Sales and new contract value increased some 30 percent in
the January-April period, the Beijing-based company said in a
Hong Kong stock exchange filing today. The unaudited figures were
based on domestic accounting standards, it added. The company
didn't disclose figures for profit, sales and new contracts.


Read more at Bloomberg Emerging Markets News

LG.Philips shares jump on stake sale talk

(Reuters) - "Talk of a sale to Toshiba is not without credibility since Toshiba has already invested in an LG.Philips flat-screen plant in Poland," Song told Reuters, referring to a $46 million deal inked in late 2006.




"But the amount quoted in the report, $1 billion, is too low compared to LG.Philips' current stock price, and raises questions about the credibility of the whole report."


Read more at Reuters.com Hot Stocks News

UPDATE 1-Immigration bill stalls in U.S. Senate

(Reuters) - The sharply divided Senate refused to limit debate on the
fragile compromise hammered out by a bipartisan group of
senators and the White House. The vote was 45-50, 15 short of
the 60 votes needed to advance major legislation in the
Senate.




As a result of the action, the legislation was set aside
and the Democratic-majority Senate moved on to other
legislation.


Read more at Reuters.com Bonds News

Malaysian Ringgit Slumps on Signs of Waning Economic Growth, Fund Outflows

(Bloomberg) -- Malaysia's ringgit fell for a fourth
day, pushing the currency to the weakest in two months.

The ringgit headed for the biggest daily and weekly loss
since the central bank scrapped its currency peg to the U.S.
dollar in July 2005. Government reports this week showed exports
and industrial production grew less than expected. A slump in the
bond market stoked speculation investors were withdrawing funds
from the country.


Read more at Bloomberg Currencies News

Japan's Government Bonds Drop on U.S. Slide; Yield at Highest Since August

(Bloomberg) -- Japan's government bonds slid, pushing
10-year yields to the highest since August, after benchmark U.S.
Treasury notes had the biggest drop in more than three years on
concern central banks will raise interest rates.

Benchmark yields in Japan have gained more than a third of a
percentage point since falling to their lowest in more than a year
on March 22. The yield premium of 10-year U.S. Treasuries over
Japan's 10-year bonds widened over the same period as the outlook
for the world's biggest-economy improved.


Read more at Bloomberg Bonds News

New Zealand Dollar Drops on Concern Yield Gap Will Narrow Versus U.S. Debt

(Bloomberg) -- New Zealand's dollar fell from a 22-
year high on speculation the Federal Reserve will hold off
cutting U.S. interest rates in 2007, making it less likely the
yield premium on the South Pacific nation's debt will widen.

The benchmark 10-year U.S. Treasury dropped the most in
three years yesterday, sending the yield above 5 percent for the
first time since August as traders ended bets on a rate cut by
the Fed and some anticipated an increase. That may damp demand
highest-yielding New Zealand debt and the currency to buy it.


Read more at Bloomberg Currencies News

Paulson says need for China revaluation rising

(Reuters) - Speaking to the President's Export Council, an advisory
group, Paulson implied that China has too tightly restrained
the value if its yuan, also called the renmimbi, since it was
freed from its peg to the dollar in July 2001 and revalued by
2.1 percent.




"The renminbi has moved about 8.2 percent against the
dollar since July 2005," he said. "The Chinese have recognized
the principle of flexibility but when you look at the deficits
and what reserves China has and the trade balance, there's
really more need to move the renminbi now than there was in
July 2005 if you look at it on a trade-weighted basis."


Read more at Reuters.com Bonds News

UPDATE 1-U.S. lawmakers quiz student lenders on 'redlining'

(Reuters) - WASHINGTON, June 7 - Two congressional committee
chairmen and New York's attorney general said on Thursday they
are asking student loan firms about possible "redlining"
practices that may discriminate against students at
historically black colleges.




Redlining refers to an illegal practice in the home-
mortgage business in which banks base lending decisions on what
neighborhood the potential borrower lives in, regardless of
other qualifications.


Read more at Reuters.com Bonds News

United Security finds irregularities in unit's loan deals

(Reuters) - The irregularities are mainly limited to two branches of
the unit and related to the making of improper or fraudulent
loans and handling of repossessed automobiles, the company
said.





Read more at Reuters.com Government Filings News

TREASURIES-Bonds tumble on fears over rising global rates

(Reuters) - NEW YORK, June 7 - U.S. Treasury debt prices
collapsed on Thursday as benchmark yields posted their largest
one-day spike in three years, spurred by fears of tighter
monetary policy worldwide.




The market plunge was initiated by an unlikely source, New
Zealand, whose central bank unexpectedly raised rates a day
after the European Central Bank hiked rates to curb inflation.


Read more at Reuters.com Bonds News

Quebec to apply Canada's first carbon tax

(Reuters) - For motorists, the tax amounts to 0.8 Canadian cents for
each liter of gasoline.




The tax, proposed more than a year ago, takes effect
October 1 and will be applied on other hydrocarbons at
different rates, including per-liter taxes of 0.9 Canadian
cents for diesel fuel and 0.96 Canadian cents for light heating
oil, as well as C$8 a metric ton for coal.


Read more at Reuters.com Bonds News

MasterCard shares fall on Fed governor speech

(Reuters) - MasterCard shares closed down $7.61 at $139.41 on the New York Stock Exchange.




The market appears to be interpreting Mishkin's comments as signaling tighter regulation of the credit card industry, but rules currently being considered by the Fed will not affect MasterCard's way of doing business, said Craig Maurer, an analyst at Calyon, in a research note.


Read more at Reuters.com Hot Stocks News

UPDATE 5-Vodafone rejects investor call to free up cash

(Reuters) - LONDON, June 7 - British mobile phone company
Vodafone Group Plc
to shareholders by spinning off its key U.S. asset and issuing
bonds.




The world's biggest mobile operator outside China said the
proposals by investment group Efficient Capital Structures
, backed by the former deputy chairman of telecoms
equipment maker Marconi, were not in shareholders' interests.


Read more at Reuters.com Bonds News

UPDATE 1-US govt awards charge-card contract to 4 companies

(Reuters) - The charge cards are used by more than 350 federal agencies
and organizations for travel expenses as well as purchasing
supplies and services, officials said.




"It is the largest government charge-card program in the
world," Barney Brasseux, deputy commissioner of the GSA's
Federal Acquisition Service, told reporters.


Read more at Reuters.com Bonds News

Michigan economy shrinks in 2 of last 3 years

(Reuters) - Real GDP is gross domestic product after adjusting for the
impact of price inflation.




"Michigan was the only state to decline in 2006 due to
declines in many sectors, particularly construction," the
Commerce Department said.


Read more at Reuters.com Bonds News

Gold steadies in Europe, seen roaming in range

(Reuters) - Gold steadied after choppy trading on Thursday but remained vulnerable to declines as the dollar rose against major currencies.

Spot gold was quoted at $669.00/669.50 an ounce by 1437 GMT after rising as high as $672.40 and falling to $665.90, compared with $669.20/670.70 in New York late on Wednesday and Tuesday's three-week high of $673.95.


Read more at Reuters Africa

Immigration bill fails crucial Senate vote

(Reuters) - The Senate voted 33-63, falling 27 short of the 60 votes needed in the 100-member chamber to limit debate and advance the major overhaul toward passage. The action followed a series of amendments that upset a delicately balanced compromise hammered out by a bipartisan group of senators and the White House.




The move was a serious blow to the comprehensive effort to overhaul immigration law before President George W. Bush leaves office in January 2009.


Read more at Reuters.com Bonds News

NYSE Euronext CEO says won't buy into BATS Trading

(Reuters) - "We've certainly talked about it internally," said John Thain in response to a question about whether the two marketplaces would be a good fit at NYSE Euronext's annual shareholder meeting.




"I think given their strategy at the moment, they would not be interested in us owning a piece of them," Thain said.


Read more at Reuters.com Mergers News

UTi profit beats Street view

(Reuters) - Gross revenue rose 22 percent to $945 million, topping an average Wall Street forecast of $925 million.




In the year-earlier quarter, the Rancho Dominguez, California, company earned $19.3 million, or 20 cents a share.


Read more at Reuters.com Hot Stocks News

Toyota says sold 1 million hybrid vehicles globally

(Reuters) - Of the one million hybrid sales worldwide, more than half have been sold in the United States, Toyota said. Toyota sold 541,210 hybrid vehicles in the U.S. from 2000 through April 2007, the company said.



) Keywords: TOYOTA HYBRIDS


Read more at Reuters.com Market News

U.S. lawmaker faults Fed on credit card problems

(Reuters) - "If other regulators had similar powers, perhaps we would
see more regulatory monitoring of bad practices," she said.




The subcommittee held a hearing to get the views of
industry executives and regulators, including Fed Board of
Governors member Frederic Mishkin, on credit card practices.


Read more at Reuters.com Bonds News

Mexico Bonds, Peso Drop as Rising Global Rates Cut Demand for Risky Assets

(Bloomberg) -- Mexico's 10-year bond fell for a
second day and the peso weakened as rising interest rates in
developed countries trimmed investor demand for riskier emerging-
market assets.

The yield on Mexico's 10-year bond denominated in pesos
reached its highest in two weeks after New Zealand unexpectedly
raised borrowing costs today. A day earlier, the European Central
Bank lifted its benchmark rate to a six-year high. Traders are
also trimming bets that the Federal Reserve will cut the
benchmark U.S. interest rate this year as the economy rebounds.


Read more at Bloomberg Emerging Markets News

N.Y. Crude Oil Rises, Pulled Higher by Gasoline, as Fuel Production Drops

(Bloomberg) -- Crude oil rose in New York, pulled
higher by gasoline, after a report showed that U.S. refineries
curbed operating rates last week.

Refineries operated at 89.6 percent of capacity, a 1.5
percentage point drop from the week before, yesterday's Energy
Department report showed. A 0.5 percentage point gain was
expected, according to a Bloomberg News survey. The driving
season, when U.S. demand peaks, lasts from the Memorial Day
weekend in late May to Labor Day in early September.


Read more at Bloomberg Energy News

SunTrust pays $800 mln for stock buyback

(Reuters) - SunTrust said it has bought back more than $850 million of stock this quarter, as part of its plan announced May 15 to buy back $750 million to $1 billion over the rest of the year.



The company disclosed the buyback in a U.S. Securities and Exchange Commission filing.


Read more at Reuters.com Mergers News

Dollar General posts lower quarterly profit

(Reuters) - Analysts on average expected the company to earn 8 cents a
share, before items, on revenue of $2.27 billion, according to
Reuters Estimates.





Read more at Reuters.com Market News

S.Africa c.bank: preliminary data suggests narrower c/acct

(Reuters) - South Africa's central bank said on Thursday preliminary data suggested the country's current account deficit narrowed in the first quarter of this year from the Q4 in 2006.

Reserve Bank Governor Tito Mboweni also told a televised press conference that food and oil price prices as well as continued high household expenditure posed risks to the inflation outlook.


Read more at Reuters Africa

Copper Declines for Third Day on Speculation China's Demand May Tumble

(Bloomberg) -- Copper fell for the third-straight
day in New York on speculation that demand will slacken in
China, the world's biggest consumer of the metal.

China's imports in May might have dropped by the most in
three years after inventories increased and prices soared,
traders and analysts including Xue Feng at Maike Futures Co.
said. Stockpiles monitored by the Shanghai Futures Exchange more
than tripled this year as imports reached a record. Before
today, the price of copper climbed 19 percent in 2007.


Read more at Bloomberg Commodities News

U.S. Stock Futures Drop as Yields on 10-Year Bond Rise Above 5 Percent

(Bloomberg) -- U.S. stock-index futures fell after
the yield on the 10-year Treasury note rose above 5 percent for
the first time since August.

Citigroup Inc., the biggest U.S. bank, and Goldman Sachs
Group Inc., the largest securities firm, led financial companies
lower. Wal-Mart Stores Inc., Macy's Inc. and J.C. Penney
retreated after reporting May sales that trailed estimates.


Read more at Bloomberg Stocks News

Gap May same-store sales fall 3 percent

(Reuters) - Analysts, on average, had been expecting the San Francisco-based clothing retailer to post a same-store sales decrease of 3.7 percent, according to a Reuters survey.



Gap, which runs Banana Republic, Old Navy and its namesake Gap stores, said total sales for the four weeks ended June 2 rose 2 percent to $1.19 billion.


Read more at Reuters.com Market News

Discovery's US unit in partnership

(Reuters) - South Africa's top health insurer Discovery's U.S. unit, Destiny Health, has formed a marketing alliance with AEGON Direct Marketing Services, Inc. (AEGON-DMS), the firm said on Thursday.

Under the agreement, Discovery said its U.S. unit was entitled to market its wellness-based healthcare plan using the AEGON-DMS distribution channels.


Read more at Reuters Africa

PepsiAmericas, PepsiCo to buy 80 pct of Ukraine's Sandora

(Reuters) - PepsiAmericas expects the acquisition to dilute its 2007 earnings by 2 cents to 3 cents per share and add 1 cent per share to 2008 profit.



The transaction will have no impact on PepsiCo's previously announced earnings per share outlook for 2007, a joint statement from the companies said.


Read more at Reuters.com Mergers News

Stein Mart May same-store sales rise 2.5 pct

(Reuters) - Stein Mart said it expects to end the second quarter with
flat to slightly positive comparable store sales.





Read more at Reuters.com Market News

Cadbury to Acquire Intergum, Gaining Almost Half of Turkey's Gum Market

(Bloomberg) -- Cadbury Schweppes Plc, the world's
largest confectioner, agreed to buy Turkey's Intergum for $450
million to gain almost half of the country's gum market.

Intergum, which has a 46 percent market share in Turkey,
will be acquired from the Amram family, the London-based company
said today in a statement. Cadbury, the maker of Dairy Milk
chocolate and Trident gum, will pay in cash and assumed debt.


Read more at Bloomberg Emerging Markets News

Bebe Stores May same-store sales fall 3 pct

(Reuters) - The company said retail sales for the four-week period
ended June 2 rose 8.1 percent to $53.1 million





Read more at Reuters.com Market News

AuthenTec sees IPO of 7.5 mln shares at $9-$11 each

(Reuters) - The Melbourne Florida-based company said it has applied for
a Nasdaq listing under the symbol "AUTH."





Read more at Reuters.com Government Filings News

Telenor wants Alfa barred from more Vimpelcom

(Reuters) - Telenor also said in documents filed with a U.S. District Court in New York and obtained by Reuters that Alfa Group companies, the defendants in its lawsuit, should be prevented from voting shares in Vimpelcom which Telenor alleges Alfa and its associates acquired illegally.



"Defendants should be barred from acquiring more Vimpelcom shares and , and should be barred from voting all Vimpelcom shares and ADSs acquired in the course of their illegal activities," Telenor said in its filing to the U.S. court.


Read more at Reuters.com Mergers News

Preem Expects Gothenburg Refinery Will Return to Full Production Tomorrow

(Bloomberg) -- Preem Petroleum AB, a Swedish oil
refiner, expects its Gothenburg refinery to return to full
production tomorrow after repairs following a May 13 fire are
completed.

The plant is making heating oil and jet fuel and diesel
production will resume this week, said Preem spokesman Thomas
Oegren in an interview. ``We are still on course to start up
tomorrow,'' he said.


Read more at Bloomberg Energy News

European shares near 3-week lows on rate worries

(Reuters) - European stocks hit their lowest in three weeks on Thursday in volatile trade, wiping out earlier gains, with investment banks UBS and Credit Suisse featuring among losers on interest rate concerns.

Vodafone however rose 2 percent after it was urged by an activist investment group to free up as much as 38 billion pounds from its assets to return to shareholders.


Read more at Reuters Africa

FKI, Altadis, Vodafone, Rhodia: European Credit-Default Swap Movers Today

(Bloomberg) -- The risk of owning European corporate
bonds was little changed today, according to traders in the
credit-default swaps market.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index rose 3,000 euros
to 200,500 euros today, according to JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

British Energy Starts Hunterston Nuclear Reactor After Maintenance Work

(Bloomberg) -- British Energy Group Plc, the U.K.'s
largest power producer, started production at one of the reactors
at its Hunterston nuclear plant this morning.

Hunterston's Unit 7, which has a capacity of 600 megawatts,
started production at about 1:30 a.m. local time, data on a Web
site operated by National Grid Plc showed.


Read more at Bloomberg Energy News

Dollar-Swiss Franc Volatility to Rise From 29-Year Low, Merrill Lynch Says

(Bloomberg) -- Investors should use derivatives to
bet fluctuations in the dollar against the Swiss franc will
increase from the smallest in 29 years, according to Merrill
Lynch & Co.

A Merrill Lynch model that tracks items including the pace
of U.S. economic growth and benchmark interest rates around the
world is signaling volatility in this exchange rate is poised to
rise, said Parag Ramaiya, a currency strategist at the third-
biggest U.S. securities firm by market value.


Read more at Bloomberg Currencies News

Airbus lowers national flags in new structure

(Reuters) - Sweeping aside national power structures dating back to its
birth as a consortium, Airbus said it would run most
operations and multibillion-dollar programs centrally and halt
a chronic overlap between decision-making in different
countries.




"This is a completely new in Airbus," Airbus President
Louis Gallois said in a joint interview with a group of
reporters.


Read more at Reuters.com Business News

Costco May same-store sales rise 7 pct

(Reuters) - Costco, the largest U.S. warehouse club, said total sales in the four weeks ended June 3 rose 11 percent to $5.14 billion.




Read more at Reuters.com Market News