Blackstone CEO's high profile sparks backlash

(Reuters) - The CEO and co-founder of Blackstone Group this week became a lightning rod for criticism over perceptions that he makes too much money and leads an overly lavish lifestyle.




Blackstone revealed his stake in the firm could be worth $7.73 billion after its initial public offering this month and that he will get a one-off payout of up to $677.2 million.


Read more at Reuters.com Mergers News

Asian Currencies: Taiwan's Dollar Falls to Three-Week Low; Peso Advances

(Bloomberg) -- Taiwan's dollar had the biggest
weekly loss since January on speculation investors will buy U.S.
dollars to put money in higher-yielding assets overseas.

The island's currency weakened to the lowest in almost
three weeks as lawmakers on June 14 approved a proposal to allow
insurers to invest up to 45 percent of assets abroad from the
current 35 percent. Taiwan's benchmark interest rate is the
second lowest in Asia after Japan, encouraging local investors
to send money abroad to seek better returns.


Read more at Bloomberg Currencies News

TravelCenters to sell 2 mln common shares

(Reuters) - UBS Investment Bank will underwrite the offering and will
have the option to buy another 300,000 shares in the event of
heavy demand.




Read more at Reuters.com Government Filings News

IPO VIEW-Blackstone may have to cut range for IPO

(Reuters) - Those investors expect this week's events to cut the price
guidance anywhere from 2 percent to 6 percent.




The questions come a day after two U.S. senators proposed
legislation that could boost the top tax rate for private
equity firms that go public by more than 100 percent, to 35
percent from 15 percent.


Read more at Reuters.com Bonds News

US HIGH YIELD-TXU's bonds weaken after LBO details

(Reuters) - In a proxy statement late on Thursday, TXU said the debt
commitments include up to $25.9 billion in senior secured term
loans, a senior secured revolving line, a senior secured
synthetic letter of credit, and a senior unsecured revolver.




The utility said it has also received commitments for up to
$11.25 billion of senior unsecured bridge facilities that may
be used if a high-yield financing is not completed in time for
the merger.


Read more at Reuters.com Bonds News

TREASURIES-Bonds cheer tame core inflation data

(Reuters) - NEW YORK, June 15 - U.S. Treasury debt prices rose
on Friday as benign data on inflation and weak consumer sentiment
calmed investor fears of potential interest rate increases from
the Federal Reserve.




U.S. government bonds, which have been hammered by concerns
about inflation and prospects of rising interest rates
globally, also got a reprieve from softer-than-expected figures
on industrial output and capacity utilization.


Read more at Reuters.com Bonds News

UPDATE 1-Blackstone says tax changes could hurt value

(Reuters) - The big private equity firm expressed its concern a day
after the leaders of the Senate Finance Committee proposed a
bill to tax private equity firms that go public like
corporations, potentially more than doubling their effective
tax rate to 35 percent from 15 percent.




Max Baucus, a Montana Democrat and committee chair, and
Iowa's Charles Grassley, the ranking Republican, said buyout
firms and hedge funds circumvent the intent behind U.S. tax law
by going public as partnerships, given that much of their
business comes from financial services and capital markets.


Read more at Reuters.com Government Filings News

Wachovia added to brokerage sweep lawsuit

(Reuters) -



By Jonathan Stempel


Read more at Reuters.com Mergers News

One-page mortgage form pitched as simplicity tool

(Reuters) - A former banker turned scholar says such a document is
vital for homebuyers who too often cross their fingers and hope
for the best as they sign novella-length contracts at closing.




"At a certain point, adding more and more detail means
there is less and less information communicated," Alex Pollock,
the father of the one-page disclosure idea told a panel Friday
discussing mortgage disclosure. "If you keep adding detail,
eventually the information you communicate becomes zero."


Read more at Reuters.com Government Filings News

Cotton Rises in New York on Speculation U.S. Exports to China May Climb

(Bloomberg) -- Cotton in New York rose, extending a
rally to a three-year high, after supplies dwindled in China,
spurring speculation shipments from the U.S. may rise.

The National Development & Reform Commission in China, the
world's biggest cotton consumer, said this week the country will
boost imports of the fiber in the second half as local supplies
dwindle. Cotton futures on the Zhengzhou Commodity Exchange in
China climbed for the fifth week in a row.


Read more at Bloomberg Commodities News

FTSE 100 Index Climbs, Paced by Sainsbury; Morrison, Tesco Shares Advance

(Bloomberg) -- U.K. stocks rose, sending the
benchmark FTSE 100 Index to its highest since September
2000. J Sainsbury Plc led retailers higher after a Qatar-
backed fund boosted its stake in the supermarket chain.

The FTSE 100 added 82.5, or 1.2 percent, to 6732.4.
The FTSE All-Share Index gained 1.1 percent to 3474.45.
Ireland's ISEQ Index rose 1.5 percent to 9651.46


Read more at Bloomberg Stocks News

Pound Records Weekly Gain on Speculation Bank Will Need to Raise Rates

(Bloomberg) -- The pound advanced today, posting its
first week of gains in three, on speculation the Bank of England
will need to keep raising interest rates to slow the economy.

BOE Governor Mervyn King this week said the bank ``may need
to take further action'' to contain inflation, a week after it
boosted the main lending rate to a six-year high. Monetary Policy
Committee member Paul Tucker said in a speech today a pickup in
money growth is an ``amber light'' for future inflation.


Read more at Bloomberg Currencies News

Intel Shares Rally as Goldman Sachs Upgrades on Advanced Micro Outsourcing

(Bloomberg) -- Shares of Intel Corp., the world's
largest chipmaker, rose to their highest in 18 months after
Goldman, Sachs & Co. upgraded the company to ``buy'' and said it
will benefit from rival Advanced Micro Devices Inc.'s likely
decision to farm out production.

``Our discussions in Asia last week gave us increased
confidence that Advanced Micro will move to a mostly/fully
outsourced manufacturing model in 2008,'' Goldman Sachs analyst
James Covello wrote in a note today. This could be ``a
significant positive catalyst for Intel over the next 18-24
months,'' he wrote.


Read more at Bloomberg Stocks News

Total Reports Shutdown of Two Units at Oil Refinery in Port Arthur, Texas

(Bloomberg) -- Total SA, Europe's third-largest oil
company, said a main blower and a compressor were idled at its
refinery in Port Arthur, Texas.

The Paris-based company reported the incident, which
necessitated emergency flaring, in a filing with Texas
environmental regulators. The flaring, or burning off of
chemicals into the air, is expected to end at 1:20 p.m. local
time today after 24 hours, according to the filing.


Read more at Bloomberg Energy News

Fitch changes L-3's outlook to "stable" from "negative"

(Reuters) - The Pentagon's No. 7 contractor, L-3 makes electronic gear
for military aircraft and airport security equipment and runs
technology systems for U.S. federal agencies.




The company generated $826 million in free cash flow last
year, up from $668 million in 2005, and will likely churn out
more than $875 million this year, Fitch said.


Read more at Reuters.com Bonds News

Epicept, Hansen Natural, Intel, Nymex, Winnebago: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 9:30 a.m. New York time.

Build-A-Bear Workshop Inc. (BBW US) fell $4.61, or 16
percent, to $25. The maker of customized stuffed animals cut its
second-quarter profit forecast in half because of slumping sales.
Profit for the quarter ending June 30 will be 7 cents to 10 cents
a share, down from a previous forecast of 15 cents to 19 cents,
the company said.


Read more at Bloomberg Stocks News

Canada's Dollar Gains Most in 2 Weeks on Interest-Rate Outlook, Investment

(Bloomberg) -- The Canadian dollar rose the most in
two weeks on expectations that higher interest rates and mergers
and acquisitions will support the currency.

``The Canadian dollar is well bid, and will probably
continue to do very well in the short term,'' said Firas Askari,
head of trading at BMO Capital Market in Toronto. According to
BMO estimates, companies would need about C$12 billion to C$13
billion by the middle of next month to fund acquisitions.


Read more at Bloomberg Currencies News

GLOBAL MARKETS-Tame core U.S. inflation boosts stocks, bonds

(Reuters) - Economists polled by Reuters had expected consumer prices to
have increased 0.6 percent in May after a 0.4 percent rise in
April and core prices to have risen by 0.2 percent.




U.S. stock index futures jumped, suggesting a bullish start
on Wall Street. European stocks added gains with the
FTSEurofirst 300 closing in on 1 percent.


Read more at Reuters.com Bonds News

UPDATE 1-US Q1 current account widens to $192.6 bln

(Reuters) - The Commerce Department previously pegged the
fourth-quarter current account deficit at $195.8 billion. The
midpoint estimate of analysts surveyed before Friday's report
was for the current account deficit to widen to $201.0
billion.




The department also significantly lowered its estimate of
the 2006 current account gap to $811.5 billion, from $856.7
billion previously reported. It also lowered its estimate of
the current account deficit for other years dating back to
2001, while raising estimates for the years 1997 through 2000.


Read more at Reuters.com Economic News

Canada's Dollar Gains Most in 2 Weeks on Interest-Rate Outlook, M&A Inflow

(Bloomberg) -- The Canadian dollar rose the most in
two weeks on expectations that higher interest rates and mergers
and acquisitions inflows will support the currency.

``The Canadian dollar is well bid, and will probably
continue to do very well in the short term,'' said Firas Askari,
head of trading at BMO Capital Market in Toronto. According to
BMO estimates, companies would need about C$12 billion to C$13
billion by the middle of next month to fund their acquisitions.


Read more at Bloomberg Currencies News

UPDATE 1-Financial conditions amplify policy-Fed's Bernanke

(Reuters) - In a discussion of academic research into channels through
which a central bank's policy decisions can impact an economy,
Bernanke said financial conditions -- such as the ability of
businesses or households to borrow easily at reasonable cost --
are central to economic health.




Bernanke did not discuss the outlook for the U.S. economy
or interest rates in his speech, which was prepared for
delivery to a conference hosted by the Atlanta Federal Reserve
Bank in Atlanta. The text was distributed in Washington.


Read more at Reuters.com Bonds News

Marsh & McLennan's Been Down So Long, Shares Looking Up to $40 Soon Enough

(Bloomberg) -- Marsh & McLennan Cos. gets no respect
among investors and that may be reason enough to start buying the
shares of the insurance industry's largest middleman.

Ever since it was hobbled by a bid-rigging scandal that lopped
almost half of its market value in October 2004, the New York-based
broker's stock hasn't traded above $33.19, down from a high of
$67.44 in 2000. A mere two out of 13 analysts recommend buying
Marsh & McLennan, the only one of the top three brokers not to
advance since the industry paid more than $1 billion to settle
price-fixing allegations.


Read more at Bloomberg Stocks News

Gold Drops in London as Demand May Slow on Stronger Dollar; Silver Falls

(Bloomberg) -- Gold fell in London on speculation
that demand for the precious metal will slow after the dollar
gained against the euro. Silver also declined.

Bullion dropped and the dollar rebounded yesterday before
the U.S. Labor Department reported a 0.9 percent gain in producer
prices in May, higher than the 0.6 percent increase forecast by
analysts surveyed by Bloomberg News. Traders and analysts are
awaiting the U.S. report on the consumer price index for May
that's due later today.


Read more at Bloomberg Commodities News

East Africa budgets tackle infrastructure, poverty

(Reuters) - Observers broadly welcomed east Africa's three budgets on Friday, saying they all tackled priority areas like infrastructure and poverty alleviation.

Kenya, Uganda and Tanzania's finance ministers unveiled their 2007/08 programmes on Thursday with all of them proposing to increase social expenditure.


Read more at Reuters Africa

U.K. Power Generators Cut Plant Availability Forecasts; Prices May Rise

(Bloomberg) -- U.K. power generators cut
expectations for available capacity through the rest of this
year after last week raising forecasts. The lower buffer between
spare production and demand may boost power prices.

The cushion of available generation over expected
consumption, excluding imports, was cut by as much as 2,087
megawatts, or 18 percent, and by an average 1,167 megawatts for
every week from June 25 apart from the seven days starting Aug.
13. It may narrow to as little as 4,365 megawatts in the week
from Dec. 10, according to data compiled weekly on a Web site
run by the power-network manager, National Grid Plc.


Read more at Bloomberg Energy News

Wall St to lack clear direction as CPI, Fed eyed

(Reuters) - No S&P 500 companies were scheduled to report on Friday and
the overnight corporate news flow was thin.




Dow Jones futures were down 0.03 percent at 0930 GMT
and the indicative Dow Jones index , which tracks the Dow
shares as they are traded in Frankfurt, was 0.1 percent lower.


Read more at Reuters.com Bonds News

Boeing CEO confident on first 787 timetable: paper

(Reuters) - Boeing has outsourced much 787 production and has been working since May to assemble the final pieces of the first aircraft in Everett, Washington.




McNerney said he saw no reason for Boeing to review this production model until output had reached "cruising speed" around 2009. " we can ask whether we need to change or not our organization," he said.


Read more at Reuters.com Business News

JGB futures extend gains after Fukui comments

(Reuters) - Fukui's comments were taken as a sign that the central bank
is in no hurry to raise interest rates, relieving some who were
worried about an interest rate hike as early as next month and
helping lead euroyen futures to post the biggest one-day gain in
five months.




The short and mid-term sectors, that are more sensitive to
to changes in the monetary policy outlook, outperformed the rest
of the market, with the five-year yield dropping sharply.


Read more at Reuters.com Bonds News

Audi sets long-term target for U.S., China: report

(Reuters) - By 2015, the brand plans to sell 1.5 million vehicles, up from last year's 905,188 units.




The Audi sales chief said he expected Audi could sell some 50,000 units of its brand new A5 mid-size coupe, which hit German showrooms on Friday in the model's first full year.


Read more at Reuters.com Business News

Japan 'risks backlash' on foreign investment -U.S.

(Reuters) - "Japan should make efforts to increase its inward flow of
foreign direct investment, particularly in mergers and
acquisitions," U.S. Ambassador Thomas Schieffer told an audience
of diplomats and business executives in Tokyo.




He said it was difficult to understand the anxiety of many
Japanese about an increased economic presence for America in
Japan.


Read more at Reuters.com Mergers News

Dollar firm before Fukui and US CPI, yen slips

(Reuters) - The dollar held near a 4-1/2-year high on Friday, boosted by a climb in U.S. Treasury yields to a five-year high this week, while investors renewed their appetite for risk and sold the low-yielding yen in carry trades.

Traders awaited U.S. consumer price data later in the day to see if Treasury yields rise further, as well as comments by Bank of Japan Governor Toshihiko Fukui after a policy meeting at which the central bank held rates at 0.5 percent as widely expected.


Read more at Reuters Africa

Bharat Petroleum Plans to Increase Naphtha Exports to Asia by 25 Percent

(Bloomberg) -- Bharat Petroleum Corp., India's
third-biggest state-run refiner, plans to increase naphtha
exports to countries to its east by 25 percent this year to gain
from rising demand in Asia.

``We plan to export 1 million metric tons of the fuel to
China, Korea and Japan, this year, from about 0.8 million tons
last year,'' Sumita Bose Roy, General Manager of International
Trade, said in an interview at the Commodity Investment World
Asia conference in Shanghai yesterday.


Read more at Bloomberg Energy News

UPDATE 1-SNS in talks to take over FBS Bankiers

(Reuters) - AMSTERDAM, June 15 - Dutch bank SNS Reaal said on Friday it is in talks to take over brokerage FBS Bankiers, seeking to reinforce its local market position and just a week after it agreed to buy AXA's Dutch insurance unit.



The bank, which provides retail banking and financial services to small and mid-sized companies in the Netherlands, hopes to reach a deal with Dutch financial services company WAA Groep, owner of FBS Bankiers, by the summer.


Read more at Reuters.com Mergers News