Mozambique says farm support plan to boost food output

(Reuters) - Mozambique's government on Wednesday launched a $50 million agricultural subsidy programme designed to raise the southern African nation's food production and cut its dependency on imports and humanitarian aid.

"We are banking on improved seeds, fertilizer and crop rotation to produce enough food for Mozambicans by 2014," Jose Gaspar, the national director of Mozamibique's Agriculture Extensions programme, said.


Read more at Reuters Africa

Detroit carmakers to seek big union concessions: report

(Reuters) - None of the three automakers or the UAW was immediately available for comment.




One industry executive told the Journal the three companies are resolved to move jobs overseas if they cannot reduce their U.S. labor costs.


Read more at Reuters.com Business News

China Aviation Oil's Board Appoints New Managers to Run Jet Fuel Supplier

(Bloomberg) -- China Aviation Oil (Singapore) Corp.,
which sought protection from creditors in 2004 after a trading
scandal, appointed new managers to run the company.

The jet-fuel supplier appointed Zhang Zhenqi as the
executive director and general manager of a group called the
`Senior Officers Meeting', the company said in a filing to the
Singapore Exchange today. Zhang was formerly the deputy head of a
task force appointed in November 2004 to restructure the company
after it revealed $550 million in losses in 2004, built up
because of bad bets on the price of oil.


Read more at Bloomberg Energy News

Gerdau Ameristeel and Transcontinental: 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 135.19, or
1 percent, to 13,859.52 in Toronto.


Read more at Bloomberg Stocks News

JPMorgan `Scapegoat' Savvides Testifies in Greek Bond Probe, Plans Lawsuit

(Bloomberg) -- Former JPMorgan Chase & Co. banker
Mike Savvides told prosecutors in Athens that the U.S. bank
misled Greek lawmakers about the sale of government bonds that
pension funds bought at inflated prices.

Savvides, 36, JPMorgan's former head of derivatives
marketing for Greece and Cyprus, said the New York-based bank is
making him a ``scapegoat'' and he plans to sue for unfair
dismissal.


Read more at Bloomberg Bonds News

JGB futures off 7-yr low but sell-off fears linger

(Reuters) - Traders trimmed short positions in futures and cash bonds
earlier in the session, and the benchmark 10-year yield slipped
from an 11-month high.




But super-long bonds, or those with maturities longer than 10
years, remained weak, making bond investors cautious.
"The recovery in JGBs may not be one-way and could take some
time, because the slide was so deep," said Katsutoshi Inadome, a
strategist at Mitsubishi UFJ Securities.


Read more at Reuters.com Bonds News

Pertamina, Bharat Petroleum, Korea South-East: Asia Energy Tender Alert

(Bloomberg) -- The following is a list of oil and
coal sales and purchase contracts in Asia. Some may be concluded
in the next few days and weeks.

Indonesia


Read more at Bloomberg Energy News

Philippines Buys 280,000 Tons of Rice From Vietnamese Exporters at Tender

(Bloomberg) -- The Philippines, the world's biggest
importer of rice, awarded contracts to buy 280,000 metric tons of
the grain, National Food Authority spokesman Rex Estoperez said.

State-run Vietnam Southern Food Corp., the nation's biggest
rice exporter, won a contract to supply 117,000 tons of 25
percent broken rice for $328.99 a ton, Estoperez said. The
company will also supply 25,000 tons of iron-fortified rice at
$348.99 a ton, he added.


Read more at Bloomberg Commodities News

South Korea's Won Rises After Overseas Investors Buy Nation's Equities

(Bloomberg) -- South Korea's won rose after
overseas investors bought more of the nation's stocks than they
sold for the first time in seven days.

Foreign fund managers bought won to purchase $39 million of
Korean shares in the first 15 minutes of trading, according to
stock exchange figures. Korea's benchmark Kospi share index
climbed as much as 1.4 percent.


Read more at Bloomberg Currencies News

UPDATE 1-Hyperion seeking Midwest refinery site -reports

(Reuters) - It would be the first refinery built in the United States
since 1976.




Hyperion executives said it was behind the "Gorilla"
project that had an unnamed, would-be manufacturer buying up
acres of land near Elk Point, South Dakota, according to the
Journal, the Sioux Falls Argus-Leader and the Elk Point
Leader-Courier.


Read more at Reuters.com Bonds News

DuPont CEO says state funds good for research

(Reuters) - Holliday praised Massachusetts, where last month Governor
Deval Patrick announced plans to spend $1.25 billion to help
keep the state competitive in stem cell research.




DuPont has a $60 million research alliance with The
Massachusetts Institute of Technology, based in Cambridge.
Scientists at MIT research creating new materials like the ones
DuPont uses in manufacturing products such as housing
insulation, crop protection chemicals and automotive finishes
and coatings.


Read more at Reuters.com Bonds News

UPDATE 1-L-3 team wins $2 bln Pentagon cargo aircraft deal

(Reuters) - WASHINGTON, June 13 - A team led by L-3
Communications Holdings Inc. has won a contract worth
up to $2 billion to supply as many as 78 cargo aircraft over
the next five years to the U.S. Army and Air Force, the Defense
Department said on Wednesday.




The L-3 team includes Boeing Co. and Alenia North
America, a unit of Italy's Finmeccanica SpA , as well
as Rolls-Royce Plc and Honeywell International Inc.
.


Read more at Reuters.com Government Filings News

News Corp says to sell 9 US television stations

(Reuters) - The stations are in Cleveland, Denver, St. Louis, Kansas City, Milwaukee, Salt Lake City, Birmingham, Memphis and Greensboro.



News Corp. said it has 35 owned-and-operated stations in the United States. After the nine stations are sold, Fox will have nine duopolies in major markets as well as single stations in eight mid- to large-sized markets, News Corp. said.


Read more at Reuters.com Mergers News

TREASURIES-Bonds rebound sharply in technical reprieve

(Reuters) - NEW YORK, June 13 - U.S. government bond prices
rebounded on Wednesday, with the benchmark 10-year Treasury
note posting its best day since March technical factors and
reduced selling by mortgage players after Tuesday's rout.




Benchmark yields, however, stayed near five-year highs as
investors no longer expect the Federal Reserve to cut interest
rates this year. Bonds brushed aside strong retail sales and
inflation reports.


Read more at Reuters.com Bonds News

Blackboard files for $165 million notes shelf

(Reuters) - Under a shelf registration, 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 Government Filings News

US STOCKS-Indexes surge as bond yields slip

(Reuters) - The Dow Jones industrial average had its biggest
percentage daily gain since last July.




The Dow Jones industrial average rose 187.34
points, or 1.41 percent, to end unofficially at 13,482.35. The
Standard & Poor's 500 Index shot up 22.67 points, or
1.52 percent, to finish unofficially at 1,515.67. The Nasdaq
Composite Index jumped 32.54 points, or 1.28 percent,
to close unofficially at 2,582.31.


Read more at Reuters.com Bonds News

Teck Cominco sees major oil sands presence

(Reuters) - "We think we can develop an oil sands business that
conceptually could give net to Teck Cominco as much as 140,000
barrels day in a 10 year period," he said.




He noted that such production represents about 40 percent
of the estimated 2008 output of energy giant Suncor Energy Inc.
, a C$42 billion company with a market
capitalization more than twice as big as Teck's.


Read more at Reuters.com Mergers News

UPDATE 1-U.S. money funds fell in latest week

(Reuters) - Taxable assets declined $7.2 billion while tax-free assets
fell $1.4 billion, said the report published by iMoneyNet Inc.




"Total money-market mutual fund assets retreated from last
week's all-time high of $2.491 trillion during the week ended
June 12," according to Money Fund Report, a service of
iMoneyNet of Westborough, Massachusetts.


Read more at Reuters.com Bonds News

UPDATE 2-MOVES-Sovereign, Janney, Credit Suisse, A&L, others

(Reuters) - SOVEREIGN BANCORP INC.




Sovereign Bancorp Inc. promoted John Campanioni to metro
division commercial banking market president, overseeing New
Jersey, New York City and Long Island, New York. He joined the
company in 2004 as senior vice president-credit
director/business banking-New Jersey.


Read more at Reuters.com Bonds News

US CREDIT-Computer Sciences' debt wider ahead of earnings

(Reuters) - Intermittent speculation that the fifth-largest U.S.-based
computer services company may be a leveraged buyout target and
the possibility that the company could makes aggressive
acquisitions, however, may continue to weigh on its debt.




Computer Sciences has delayed reporting its annual results
to correct irregularities in the way it accounted for previous
stock option grants.


Read more at Reuters.com Bonds News

UPDATE 1-Apache says midstream more suited to MLP

(Reuters) - Many energy companies have separated off assets such as
pipelines and processing units into MLPs, where their steady
earnings are more highly valued by the market.




Houston-based will also continue to look for acquisitions
to bolster its energy production, and is not likely to buy back
its own shares, Farris told analysts.


Read more at Reuters.com Mergers News

US House passes post-shooting rampage gun bill

(Reuters) - On a voice vote, the House sent the measure -- which would
be the first major gun control bill enacted since 1994 and
bolster background checks for gun buyers -- to the
Democratic-led Senate for needed concurrence.




The bill was drafted in consultation with the 4
million-member National Rifle Association, the nation's biggest
gun-rights group, after a deranged gunman killed himself and 32
others in April at Virginia Tech university.


Read more at Reuters.com Bonds News

C$ rise supported partly by M&As - BoC's Dodge

(Reuters) - Dodge also said that more depreciation of the U.S. dollar
is likely globally.




Read more at Reuters.com Bonds News

UPDATE 1 - El Paso sets price talk on $1.275 bln note sale

(Reuters) - The sale includes a seven-year senior note issue expected
to yield about 1.65 percentage points over U.S. Treasuries and
a 10-year senior note issue expected to yield about 1.85
percentage points over Treasuries.




The joint book managers on the sale are Deutsche Bank,
Citigroup Global Markets, Morgan Stanley and RBS Greenwich.


Read more at Reuters.com Bonds News

Base metals boosted by a rebound in global equities

(Reuters) - London-listed miners like Xstrata , Anglo American , Rio Tinto rose up to 5 percent, led by a bullish outlook from Chilean copper miner Antofagasta



Benchmark futures in copper for delivery in three months on the London Metal Exchange ended the official session at $7,290 a tonne, up 1.6 percent or $115 from Tuesday.


Read more at Reuters.com Hot Stocks News

Brazil's Bovespa Gains on U.S. Sales, Imports, Paced by Petrobras, Gerdau

(Bloomberg) -- Brazil's main stock index rose for the
third time in four days, boosted by a report that retail sales in
the U.S., Brazil's biggest trade partner, rose the most in a year
in May.

The Bovespa index of the most-traded stocks on the Sao Paulo
exchange rose 656.87, or 1.3 percent, to 52,454.01, bouncing back
from a 1.9 percent loss yesterday. Petroleo Brasileiro SA, the
state-controlled oil company, led the gain.


Read more at Bloomberg Stocks News

RLPC-Alltel to raise $15.5 bln loan, $7.7 bln in bonds

(Reuters) - First Data Corp , which is being purchased by a
Kohlberg Kravis Roberts-led consortium for $26 billion, is in
the process of raising a $16 billion bank loan and plans to
sell $8 billion in junk bonds, according to Reuters Loan
Pricing Corp.




The proposed Alltel bank loan consists of a $1.5 billion
revolver and a $14 billion term loan. Alltel's bank loan also
has a provision for a $750 million incremental term loan
capacity.


Read more at Reuters.com Bonds News

Boeing sees 28,600 new planes over next 20 yrs

(Reuters) - World airlines would be operating a total of 36,400 passenger and cargo planes by 2026, twice today's figure of 18,200.




The forecast signals Boeing's confidence in a continued boom in plane sales as airlines continue their recovery from a severe downturn caused by the attacks of September 11, 2001.


Read more at Reuters.com Business News

US, states to cooperate on mortgage brokers

(Reuters) - The congressional hearing comes almost two months after the
U.S. Supreme Court issued a decision that blocked state efforts
to enforce strict consumer protection laws applying to mortgage
units of national banks.




Read more at Reuters.com Government Filings News

Gold Rises in New York as Dollar's Rally Against Euro Stalls; Silver Gains

(Bloomberg) -- Gold rose in New York as the
dollar's rally against the euro stalled, boosting the appeal of
the precious metal as an alternative investment. Silver gained.

Gold generally moves in the opposite direction of the U.S.
dollar, which was little changed against the euro after climbing
1.7 percent since June 5. Gold has lost about 3.2 percent since
then.


Read more at Bloomberg Commodities News

US STOCKS-Wall St opens higher on data, slip in yields

(Reuters) - The Dow Jones industrial average was up 55.82
points, or 0.42 percent, at 13,350.83. The Standard & Poor's
500 Index was up 6.23 points, or 0.42 percent, at
1,499.23. The Nasdaq Composite Index was up 9.32
points, or 0.37 percent, at 2,559.09.




Read more at Reuters.com Bonds News

UPDATE 1-Fed mulling ban on some mortgage lending--Kroszner

(Reuters) - "We will also seriously consider whether there are mortgage
lending practices that should be prohibited," Kroszner said in
prepared remarks at a U.S. House of Representatives Financial
Services Committee discussion on consumer protection.




Kroszner said the Fed was specifically eyeing
'stated-income' loan applications and prepayment penalties, as
well as considering whether lenders should require monthly
payments of annual fees like taxes.


Read more at Reuters.com Bonds News

U.S. Stocks Gain as Treasury Bonds Erase Losses; Merrill, Sears Advance

(Bloomberg) -- U.S. stocks gained after retail
sales jumped more than forecast and bond yields fell.

Sears Holdings Corp., the largest U.S. department-store
chain, and J.C. Penney Co., the third biggest, climbed higher.
Citigroup Inc. and JPMorgan Chase & Co. rose and financial
shares contributed the most to the advance in the Standard &
Poor's 500 Index.


Read more at Bloomberg Stocks News

BioFuel sees IPO of 5.25 mln shares at $10.50/shr

(Reuters) - In a regulatory filing, BioFuel said it will also sell 4.25
million shares in a private placement directly to affiliates of
Greenlight Capital Inc., Third Point LLC and its chairman,
Thomas Edelman.




The 5.25 million shares being offered represents a decrease
from the 9.5 million shares it indicated in its preliminary
prospectus, the company said.


Read more at Reuters.com Government Filings News

UPDATE 1-U.S. May import prices up 0.9 pct

(Reuters) - Wall Street economists were expecting to see a 0.3 percent
gain in import prices following an upwardly revised 1.4 percent
increase in April.




U.S. government bond prices fell Wednesday after
higher-than-expected retail sales and import prices exacerbated
bond investors concerns that the Federal Reserve might have to
raise interest rates next year.


Read more at Reuters.com Economic News

UPDATE 1-Israel's Tower Semi raises $40 mln in bonds

(Reuters) - The bonds, which are linked to the consumer price index,
have an average duration of 5.6 years and include long-term
non-convertible bonds redeemable in six equal annual instalments
between 2011 and 2016, and long-term convertible bonds
redeemable in 2013, both with an annual interest rate of 8
percent.




The offering also included 5,800 warrants, each exercisable
for four years, for one Tower ordinary share at a price of
$2.04. Tower's Nasdaq-listed shares closed at $1.56 on Tuesday.


Read more at Reuters.com Bonds News

UPDATE 1-NY Fed's Dudley says markets well behaved

(Reuters) - "Generally, this year has been marked by low volatility and
ample liquidity in most segments of the fixed-income, equities
and foreign exchange markets," said William Dudley, executive
vice president at the New York Fed, who oversees financial
markets.




He noted there was some market turbulence earlier this year
and that bond market selling had intensified on Tuesday.


Read more at Reuters.com Government Filings News

German Utilities Say Cooling-Water Restrictions Will Cut Power Capacity

(Bloomberg) -- German utilities said aggregated
power plant availability will be reduced tomorrow because of
cooling water restrictions.

Capacity at plants in Europe's largest energy market will
be cut by 690 megawatts, operators said today in a joint
statement on the Web site of the European Energy Exchange. The
message didn't say which plants would be affected.


Read more at Bloomberg Energy News

Japan plan would boost financial sector, markets

(Reuters) - Even after major reforms in the 1990s, Japanese banks and
brokers are still hampered by regulations that impede the
sharing of customer information and cross-marketing of products,
limiting their ability to offer comprehensive services.




Japan is also trying to invigorate its markets. Despite
being the world's second-largest economy, it accounts for just 9
percent of global equity trading volume, and is not punching its
weight in derivatives, commodities, and exchange-traded funds.


Read more at Reuters.com Government Filings News

GLOBAL MARKETS-Soaring bond yields boost dollar, dent stocks

(Reuters) - LONDON, June 13 - Expectations of higher global
interest rates pushed U.S. government bond yields to five-year
highs on Wednesday, lifting the dollar to a 4-1/2 year peak
against the yen but weighing on stocks.




Yields on benchmark 10-year Treasury notes
spiked to 5.33 percent in European trade, their highest since
2002 and above the fed funds rate target of 5.25 percent.


Read more at Reuters.com Bonds News

Treasuries Steady After Slump; Kokusai's Horii Sees U.S. Economic Slowdown

(Bloomberg) -- Treasuries steadied after yields on
10-year notes reached the highest in more than five years and
investors said they see no signs of accelerating inflation in
the U.S.

``We don't have any concern about inflation risk,'' said
Masataka Horii, a manager for the $46 billion Kokusai Global
Sovereign Open fund in Tokyo, the world's second-biggest bond
fund. ``The U.S. economy will slow in the future so we should
stay in this market. The housing sector has already slowed down
and rising yields will hurt it again.''


Read more at Bloomberg Bonds News

Kenya plans higher project outlays in 2007/08

(Reuters) - Kenya plans to increase spending on development projects in the 2007/08 fiscal year to cut poverty and spur growth, the government said in a budget strategy paper seen by Reuters on Wednesday.

Economic growth has ticked up in the east African nation over the past four years but poverty remains high and analysts say President Mwai Kibaki is under pressure to deliver on development plans ahead of elections this year.


Read more at Reuters Africa

UPDATE 1-ING holding in ABN AMRO dips to 3.7 pct

(Reuters) - ING, along with UBS , are among the largest
shareholders in ABN, which is facing competing takeover
proposals from Barclays and a consortium led by Royal
Bank of Scotland .




Much of ING's holdings in ABN are shares that it holds on
behalf of clients, although ING legally owns the shares and can
vote with them.


Read more at Reuters.com Mergers News

Delays at Australia's Newcastle Port May Curb Drop in Coal Shipping Costs

(Bloomberg) -- A decline in the cost of shipping
coal, iron ore and other dry-bulk goods may be curtailed because
of congestion at Newcastle, Australia, the world's biggest coal-
export facility.

The Baltic Dry Index, a measure of commodity-shipping costs
on different routes and ship sizes, dropped 2.2 percent to 5538
yesterday, based on data from the London-based Baltic Exchange.
The measure has fallen the last five days, losing 8 percent.


Read more at Bloomberg Energy News

Enel Sells 4.97 Billion Euros of Fixed-, Floating-Rate Debt to Buy Endesa

(Bloomberg) -- Enel SpA, Italy's largest utility,
sold 4.97 billion euros ($6.61 billion) of bonds in euros and
pounds to help fund its bid for rival Endesa SA, according to a
banker managing the sale.

Rome-based Enel is selling the debt in five portions,
according to the banker, who declined to be identified. The yield
premium, or spread, that Enel is offering in basis points is
shown in the table below. A basis point is 0.01 percentage point.


Read more at Bloomberg Bonds News

European Stocks Fall for on Bond Yields; Deutsche Bank, Barclays Decline

(Bloomberg) -- European stocks dropped for a second
day on concern rising bond yields will undermine profit growth
and erode demand for equities.

Deutsche Bank AG and Credit Suisse Group led declines by
banks, among the most sensitive to higher interest rates.
Barclays Plc fell after the Financial Times reported the U.K.
bank has prepared a contingency plan for its all-share bid for
ABN Amro Holding NV.


Read more at Bloomberg Stocks News

Russian Shares Are Upgraded at Bear Stearns on Economy, Earnings Outlook

(Bloomberg) -- Bear Stearns & Co. raised its
recommendation for Russian stocks to ``market weight'' from
``underweight'' on the outlook for the economy and earnings, and
because the country's equities look cheap.

``In 2007, global investor sentiment turned decisively
against Russia,'' analysts at the biggest broker for U.S. hedge
funds wrote in a note to clients. ``Russia's economy continues on
a robust expansion path. Investor disillusionment opened the door
to cheaper valuations,'' they said in the note dated June 12 and
released today.


Read more at Bloomberg Stocks News

Labour seeks show of force in S.Africa strike

(Reuters) - South Africa's civil service strike broadened on Wednesday as other union workers walked out, piling more pressure on the government in a dispute stoking political tensions in Africa's largest economy.

Union leaders have vowed to shut the country down in sympathy with civil servants, whose two-week old strike has already caused chaos in hospitals, schools and public offices around the country.


Read more at Reuters Africa