UPDATE 1-Veolia launches rights issue, to buy U.S. firm

(Reuters) - The capital increase with preferential subscription rights
will be at a price of 49.70 euros per new share, the French
utility group said in a statement. Veolia's existing shares
closed trading on Monday at 58.67 euros.




Veolia, which has been on a buying spree since the middle of
last year, said Boston-based Thermal North America Inc focuses
on investments in district heatings and cooling systems and the
acquisition would lift the market share of its Dalkia heating
division to 10 percent in the region.


Read more at Reuters.com Bonds News

Zambia says plans to cancel unused mining licences

(Reuters) - Copper-rich Zambia plans to cancel mining licences that have not been used since they were obtained -- years ago in some cases -- and reassign them to new investors, the country's mining minister said on Monday.

Mines and Minerals Development Minister Kalombo Mwansa said the government had begun an investigation to find out how many licences might be covered and to determine whether companies were operating beyond areas allocated to them in the licences.


Read more at Reuters Africa

ICBC Is a `Value Stock' After Trailing All Peers in China, Chairman Says

(Bloomberg) -- The chairman of Industrial &
Commercial Bank of China Ltd. said the company is working to
maximize the value of the stock, the worst performer this year on
the nation's benchmark CSI 300 Index.

``ICBC is a value stock,'' Jiang Jianqing said today in Hong
Kong at the company's first yearly shareholder meeting. ``China
is on the rise. Miracles will happen, and this is the beginning
of it.''


Read more at Bloomberg Emerging Markets News

U.K. Pound May Gain After BOE's King Signals Interest Rate to Rise Further

(Bloomberg) -- The pound may advance after Bank of
England Governor Mervyn King signaled U.K. interest rates may
have to rise further from a six-year high should inflation hold
near its current levels.

Britain's currency is set to snap a four-day losing streak
versus the dollar after King said late yesterday the U.K. central
bank will be ``watching closely indicators of capacity pressures,
pricing intentions and inflation expectations'' and if these
``remain elevated, the MPC may need to take further action.''


Read more at Bloomberg Currencies News

Canadian REIT and Saskatchewan Wheat Pool: Canadian 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 gained 34.32, or
0.3 percent, to 13,832.82 in Toronto.


Read more at Bloomberg Stocks News

Australia's Canola Production Forecast Little Changed at 1.54 Million Tons

(Bloomberg) -- Forecast canola production in
Australia, the world's third-largest exporter of the oilseed,
remains little changed this month, the Australian Oilseeds
Federation said today.

The nation may produce 1.54 million metric tons of canola
in the 2007-08 harvest, the Sydney-based group said today in an
e-mailed report. That compares with its May forecast of 1.55
million tons and output of 512,000 tons last year.


Read more at Bloomberg Commodities News

Laiwu Steel Extends Agreement to Sell a 38 Percent Stake to Arcelor Mittal

(Bloomberg) -- China's Laiwu Steel Group has
extended an agreement to sell 38 percent of its publicly traded
unit, Laiwu Steel Corp., to Arcelor Mittal, the world's largest
steelmaker, as it has yet to receive government approval.

Laiwu Steel Group, the nation's eighth-largest mill, and
Arcelor Mittal extended the accord to Dec. 31, the Laiwu,
Shandong province-based Laiwu Steel Corp. said in a statement to
the Shanghai Stock Exchange today. The statement didn't say when
the initial agreement expires.


Read more at Bloomberg Emerging Markets News

Japan's Government Bonds May Fall on Concern Traders to Hedge Before Sale

(Bloomberg) -- Japan's notes may fall on speculation
traders will sell to protect against potential losses at an
auction of five-year government debt today.

Brokers that will bid at the auction may cut holdings in case
prices drop before they can pass on the 2 trillion yen ($16
billion) in new debt to investors. Japan's government bonds may
also decline as comments by officials in the U.S. and Japan
spurred concern that global inflation may rise.


Read more at Bloomberg Bonds News

Barclays, BP, EMI, Biffa, Jarvis, Sainsbury: U.K., Irish 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 the last market close.

The benchmark FTSE 100 Index rose 62.40, or 1 percent, to
6567.50 in London. The FTSE All-Share Index rose 29.28, or 0.9
percent, to 3393.94.


Read more at Bloomberg Stocks News

UPDATE 1-US bank regulators urged to review unsigned checks

(Reuters) - The letter, written by House Financial Services Committee
Chairman Barney Frank and fellow Massachusetts Democrat Edward
Markey, highlights concerns raised in a New York Times story in
May describing the use by fraudsters, posing as telemarketers,
of so-called "remotely created" checks.




The practice involves a call to someone who is told he or
she won a prize, but they must provide bank account information
in order to claim it. Instead of depositing a prize the
criminal drains the account using unsigned checks, also called
"demand drafts."


Read more at Reuters.com Government Filings News

Indexes flat on rate worry; Texas Instruments falls

(Reuters) - Exxon Mobil Corp. helped lead the Standard & Poor's 500 index higher as oil prices rose nearly 2 percent on news Saudi Arabia will keep OPEC supply limits in place through July.




Interest-rate worries carried over from last week, when a spike in benchmark U.S. Treasury bond yields reached their highest level in a year and helped trigger a three-day slide in the stock market.


Read more at Reuters.com Hot Stocks News

Schlumberger, Tyco International, Accenture to Join Russell's U.S. Indexes

(Bloomberg) -- Schlumberger Ltd., Tyco International
Ltd. and Accenture Ltd. were added to Russell Investment Group's
U.S. stock indexes after Russell stopped excluding firms
incorporated outside the nation.

``They do their business in the U.S. so they behave as if
they are U.S. companies,'' Steve Wood, senior portfolio
strategist at Russell in New York, said in an interview today
before the index changes were announced. ``You get an even
better, more accurate representation'' of the market by including
them, he added.


Read more at Bloomberg Stocks News

Biofuel Energy IPO pricing range cut

(Reuters) - The offering had been due to price on Monday but was
delayed until Tuesday to allow for the new forecast range to be
filed with regulators, the underwriter added.




Underwriters, led by JPMorgan, Citigroup and A.G. Edwards,
have the option to purchase an additional 1.4 million shares to
cover overallotments.


Read more at Reuters.com Government Filings News

UPDATE 1-Pzena Investment files for $150 million IPO

(Reuters) - The New York-based investment management firm said in a
preliminary prospectus with the U.S. Securities and Exchange
Commission that Goldman Sachs & Co., UBS Investment Bank, and
Banc of America Securities LLC are underwriting the IPO.




Pzena plans to list its Class A shares on the New York
Stock Exchange under the symbol "PZN" .


Read more at Reuters.com Government Filings News

Alliance One International to restate results

(Reuters) - Alliance One also said it expects to exceed its previous
underlying-earnings outlook of 25 cents to 32 cents a share for
fiscal 2007.





Read more at Reuters.com Market News

UPDATE 1-VCG enters into letter of intent to buy 2 nightclubs

(Reuters) - The purchase price of one of the nightclubs is $4.5 million
and that of the other is $6.9 million, the owner and operator
of nightclubs said in a statement.




The deals, if completed, should add 2 cents a share to the
third-quarter earnings and 3 cents a share to fourth-quarter
earnings, it added.


Read more at Reuters.com Mergers News

RPT-TREASURIES-Bonds wobble on inflation jitters

(Reuters) - NEW YORK, June 11 - U.S. government bond prices
fell on Monday in a continuation of last week's rout as hawkish
inflation comments by a Federal Reserve official added to the
conviction that interest rates would not be cut in 2007.




But benchmark 10-year yields held just off Friday's peak
around 5.25 percent amid some mild short-covering. Traders said
a rebound in commodity prices also heightened inflation fears
among investors.


Read more at Reuters.com Bonds News

Nymex Natural Gas Declines as Ample Storage Eases Weather-Related Worries

(Bloomberg) -- Natural gas in New York fell as mild
weather limited demand, allowing storage levels to rise and
easing concern over possible shortages later this year.

``The reality is that storage is high and gas isn't
threatened,'' said Charlie Sanchez, vice present of energy
markets at Gelber & Associates in Houston.


Read more at Bloomberg Energy News

Copa Holdings, Dyax, Netflix, Qwest, Taser, Valeant: U.S. Equity Movers

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

Back Yard Burgers Inc. (BYBI US) rose $1.20, or 24 percent,
to $6.25. The chain of fast-food restaurants concentrated in the
southeast U.S. agreed to be acquired for about $6.50 a share, or
$33.3 million, by a group of investors including Cherokee
Advisors LLC.


Read more at Bloomberg Stocks News

Qwest CEO Notebaert to retire

(Reuters) - Analysts said the news raised questions about how Qwest would handle issues such as whether to seek a merger as competition from cable television providers increases.




"The time has come for me to spend more time with family and focus on other commitments," 59-year-old Notebaert said in a statement. He said he was looking forward to working closely with the Qwest Board in its search for a replacement.


Read more at Reuters.com Bonds News

Mexico stocks jump; Walmex, America Movil lead rally

(Reuters) - The benchmark IPC stock index rose 1.2 percent to
31,840.26 points, while the peso currency firmed
0.11 percent to 10.9105 per dollar.




Shares of Wal-Mart de Mexico were up
1.11 percent at 41.95 pesos after rising to 42.38 in early
trade.


Read more at Reuters.com Bonds News

Tweeter Home files for Chapter 11 bankruptcy

(Reuters) - The Canton, Massachusetts-based electronics retailer and seven affiliates filed for protection from creditors with the U.S. bankruptcy court in Wilmington, Delaware. Tweeter listed $258.6 million of assets and $190.4 million of debts in its bankruptcy filing.



Last month, the operator of Sound Advice and HiFi Buys stores posted a $35.2 million fiscal second-quarter loss, or $1.38 per share and said it believed its lacked sufficient working capital for short-term needs.


Read more at Reuters.com Bonds News

S.African shares rally, BHP, MTN, Kumba shine

(Reuters) - South African stocks recovered on Monday, buoyed by gains in resource and bank stocks, led by BHP Billiton, after falling last Friday on fears that global interest rates were headed higher.

The bourse tracked global stocks, which steadied somewhat after tumbling last week on inflation jitters.


Read more at Reuters Africa

UPDATE 1-Duckwall-ALCO posts Q1 loss; shares fall

(Reuters) - Duckwall-ALCO shares were one of the top losers on the
Nasdaq on Monday. They were trading down over 9 percent at
$36.02 in morning trade.




"The timing of several expense items negatively affected
our first quarter compared with last year's first quarter.
Nevertheless, our primary challenge in the quarter was our
sales shortfall," Bruce Dale, chief executive officer, said in
a statement.


Read more at Reuters.com Market News

Home ownership too costly for many Americans: study

(Reuters) - A record 37.3 million households, or one in three, were paying a "moderate cost burden" of 30 percent of their income toward housing, according to The State of the Nation's Housing 2007. The study said the number of households with that cost burden had risen roughly 20 percent since 2001, when interest rate cuts helped spark a U.S. house price boom.




Improving housing affordability would require an increase in low-income family wages, looser home building regulations and more spending from the federal government, the report said.


Read more at Reuters.com Government Filings News

CORRECTED (OFFICIAL) - Moody's release on TLC Vision

(Reuters) - June 8 - Moody's Investors Service assigned a B1
rating to TLC Vision Corporation's $25
million senior secured revolver due 2012 and $85 million senior
secured term loan due 2013. Proceeds from the credit facilities
will be used to support the company's recently announced share
repurchase auction, fund working capital and general corporate
purposes. Concurrently, Moody's assigned a B1 corporate family
rating, B2 probability of default rating, SGL-2 speculative
grade liquidity rating, and a stable ratings outlook.




The B1 Corporate Family Rating considers the highly
leveraged position, modest size and concentration within the
refractive lens market.


Read more at Reuters.com Bonds News

Chilean Currency Strengthens on Higher Copper Prices Amid Strike Threats

(Bloomberg) -- Chile's currency rose for the first
time since June 4 on increasing copper prices ahead of
threatened miners' strikes.

Workers at projects operated by Chile's Codelco, the
world's biggest producer, and at Chile's Collahuasi mine have
threatened to strike during wage negotiations. Workers at six
operations owned by Grupo Mexico SAB, the world's seventh-
largest copper producer, plan to strike starting June 15.


Read more at Bloomberg Currencies News

Bradesco, Even Construtora, Medial Saude, Petrobras: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index rose for a
second day, led by state-controlled oil company Petroleo Brasileiro
SA.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange gained 215.73, or 0.4 percent, to 52,545.41 as of 9:47
a.m. New York time.


Read more at Bloomberg Stocks News

U.S. Stocks Fall After Bond Yields, Oil Advance; Nucor, Netflix Decline

(Bloomberg) -- U.S. stocks fell after bond yields
and oil prices increased, reinforcing concern that the Federal
Reserve may raise interest rates.

Nucor Corp., the second-largest U.S. steel producer,
declined after it said profit probably will drop on declining
shipments and reduced demand from automakers and homebuilders.
Netflix Inc. retreated after the biggest provider of movie
rentals by the mail was downgraded at JPMorgan Securities Inc.


Read more at Bloomberg Stocks News

Private equity set to fight threats to UK tax breaks

(Reuters) - It was nine years ago that finance minister Gordon Brown, to
encourage business growth, introduced the idea of a 10 percent
capital gains tax instead of the regular 40 percent income tax
rate for investors that sold a company after owning it for at
least 10 years.




By 2000, the lower rate would apply to businesses owned for
four years, and two years later it was just two years.


Read more at Reuters.com Bonds News

Capital Corp to buy Calif. offices of National Bank of Arizona

(Reuters) - Capital Corp said it expects minimal accretion in 2007, but
expects the deal to add about 14 cents to 16 cents a share for
2008.





Read more at Reuters.com Mergers News

Platinum Climbs in London on Strike Speculation; Palladium Also Advances

(Bloomberg) -- Platinum gained in London on
speculation extended wage talks will lead to a strike in South
Africa, supplier of almost 80 percent of the metal that's used
in jewelry and car pollution devices. Palladium rose.

Talks are in their fourth week since Anglo Platinum Ltd.,
the world's largest producer, offered a 5 percent pay raise.
Workers want a 15 percent increase. Global supply beat demand
last year, the first surplus since 1998, London-based metals
trader and manufacturer Johnson Matthey Plc said last month.


Read more at Bloomberg Commodities News

Saxo Bank Advises Using Options to Wager Currency Volatility Will Increase

(Bloomberg) -- Investors should use options to bet
currency volatility will rise from near record lows and the yen
will rally to a 12-year high, according to Saxo Bank A/S.

The yen, the worst performing major currency against the
dollar in the past year, may surge 18 percent to 100 per dollar
in the next year if volatility climbs and leads investors to
exit so-called carry trade bets, according to Saxo, a
Copenhagen-based online bank specializing in currencies, stocks,
bonds and derivatives.


Read more at Bloomberg Currencies News

UPDATE 2-UK's FSA to scrutinise LBOs amid leverage worries

(Reuters) - LONDON, June 11 - Britain's financial regulator
sees a risk of too much borrowing in private equity deals and
plans to beef up oversight of the industry by asking banks about
their exposure to leveraged buyouts.




The Financial Services Authority also said on Monday it is
concerned about conflicts of interest that may arise when banks
advise private equity firms, lend to them and run their own
buyout arms, and the potentially conflicting duties fund
managers have to investors, managers and themselves.


Read more at Reuters.com Government Filings News

European Gasoil, Jet Prices Fall on Expectatiion That Supply Will Increase

(Bloomberg) -- European gasoil fell for a second day
on expectations that supplies of transportation fuels will rise
during coming weeks in Europe and the U.S., easing concern that
provision won't meet peak demand in the summer vacation season.

Gasoil for immediate delivery in the Amsterdam-Rotterdam-
Antwerp area dropped $8.50, or 1.4 percent, to $599.50 a metric
ton at 11:26 a.m. in London, according to energy broker PVM.


Read more at Bloomberg Energy News

China's CSI 300 Index Advances for Fifth Day: World's Biggest Mover

(Bloomberg) -- China's stocks rose for a fifth day
on speculation an unexpected slowdown in producer-price gains
will damp inflation, giving the central bank more room to hold
off raising deposit rates.

``The slower pace of PPI helped reduce expectations of an
interest rate hike,'' said Fan Hongyu, an investment manager at
China Jianyin Investment Securities Co. in Shanghai. ``That will
help keep funds flowing into the market.''


Read more at Bloomberg Stocks News

Kenyan unit tumbles vs dollar on explosion

(Reuters) - The Kenyan shilling fell against the U.S. currency on Monday following an explosion in downtown Nairobi that killed at least one person, traders said.

At 0950 GMT, commercial banks posted the local unit at 67.15/25 from Friday's 66.40/50 close.


Read more at Reuters Africa

UK High Court rejects 'supercasino' challenge

(Reuters) - One of the country's senior judges, Mr Justice Brian
Langastaff, dismissed the challenge, saying that the arguments
had failed.




Read more at Reuters.com Bonds News

Polish Zloty Declines Versus Euro as Investor Appetite for Risk Dwindles

(Bloomberg) -- Poland's zloty fell against the euro
as a pick-up in inflation and accelerating economic growth fueled
speculation global central banks will boost interest rates,
eroding the attractiveness of emerging-market assets.

The zloty lost 0.7 percent last week against the euro,
declining to a two-month low, as concerns over higher global
borrowing costs triggered a sell-off in the bond market that
brought emerging market currencies down.


Read more at Bloomberg Currencies News

UPDATE 1-Disney to sign Bollywood animation pact-WSJ

(Reuters) - In Mumbai, a spokeswoman for Yash Raj declined comment on
the specifics of the report, but said a press conference was
scheduled for Tuesday and that it concerned Disney.




The report said the venture will make at least one animated
film per year.


Read more at Reuters.com Mergers News

Malaysian Ringgit Rises on Stock Gains; Taiwan Dollar Drops on Yield Gap

(Bloomberg) -- Malaysia's ringgit rose by the most
since March on speculation gains in Asian stocks will lure
investors.

The currency snapped four days of losses that saw it drop
2.4 percent last week, the biggest decline since Bank Negara
Malaysia scrapped a peg to the dollar in July 2005. Global
investors exited emerging-market assets last week on concern
rising interest rates around the world would slow consumer
spending and investment.


Read more at Bloomberg Currencies News

Japan Shares Climb After GDP Report Shows Faster Growth in First Quarter

(Bloomberg) -- Japanese stocks advanced after a
report on gross domestic product showed the nation's economy
grew at a faster pace in the first quarter than initially
estimated, boosting confidence in the outlook for domestic
businesses.

Companies reliant on domestic demand rose, led by
Mitsubishi UFJ Financial Group Inc. and Nippon Telegraph &
Telephone Corp., which rebounded from the lowest in almost a
year on June 8.


Read more at Bloomberg Stocks News

Barclays jumps after fund tells bank to drop ABN bid

(Reuters) - The Financial Times said hedge fund Atticus Capital has taken a stake in Barclays and told the bank to drop its ABN offer. The paper quoted Barclays as saying the fund's views were "not representative" of the views of its shareholders.




Barclays was not immediately available for comment.


Read more at Reuters.com Hot Stocks News

China Stocks Are Due for a 65 Percent Drop, Singapore Exchange Predicts

(Bloomberg) -- What's a Chinese meat producer
really worth?

On the mainland, investors pay 146 times earnings to own
Fortune Ng Fung Food (Hebei) Co. Hong Kong-listed China Yurun
Food Group Ltd. trades at 26 times profit. And in Singapore,
People's Food Holdings Ltd. is valued at 11.4 times earnings.


Read more at Bloomberg Emerging Markets News

European Bond Yields Hold Near Highest in 4 1/2 Years on Rate Expectations

(Bloomberg) -- European 10-year bond yields held near
the highest in more than 4 1/2 years, on speculation accelerating
inflation and economic growth will lead global central banks to
boost interest rates.

Bunds posted the biggest weekly drop since April, with 10-
year benchmark yields, which reflect investors' perception of
future inflation, touching the highest since October 2002. Bunds
slid with debt markets in the U.S. and Asia as traders added to
wagers that the European Central Bank will lift interest rates.


Read more at Bloomberg Bonds News

Owens-Illinois sells plastics unit to Rexam

(Reuters) - The transaction is expected to close early in the third quarter, the company said.



The division sells specialty plastics packaging used by drugs, healthcare and food industries, among others.


Read more at Reuters.com Mergers News

Fund urges Barclays to drop ABN AMRO bid: reports

(Reuters) - The Wall Street Journal also reported that Atticus told Barclays officials that Barclays stock is undervalued and that if the bank dropped its bid, Barclays stock price would increase. The newspaper had a similar response from Barclays.




Barclays declined to comment on Monday.


Read more at Reuters.com Business News

Rand weakens, looks abroad

(Reuters) - South Africa's rand weakened slightly versus the dollar on Monday, and traders said the currency will take a cue from international markets in the absence of domestic market-moving data this week.

The rand stood at 7.2430 at 0630 GMT, a little off its New York close of 7.23 on Friday, but much recovered from a 2-1/2 year low of 7.3645 reached in Johannesburg trade on Friday.


Read more at Reuters Africa