Senate approves new auto fuel standards

(Reuters) - In a surprise voice vote, senators approved a compromise amendment that would require an improvement in the average efficiency of the new U.S. vehicle fleet from 25 miles per gallon now to 35 mpg by 2020, about a 4 percent annual increase.




"If we're really smart, we'll find a way to make this new approach to fuel efficiency work -- to make it work for domestic auto companies, their shareholders, their employees and our nation to reduce our dependence on foreign oil," said Sen. Thomas Carper, a Delaware Democrat and co-sponsor of the compromise plan.


Read more at Reuters.com Government Filings News

AstraZeneca, Lloyds TSB, Pearson, BAE Systems: 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 June 21 close.

The benchmark FTSE 100 Index fell 53.30, or 0.8 percent, to
6596.00 in London. The FTSE All-Share Index fell 31.40, or 0.9
percent, to 3403.69.


Read more at Bloomberg Stocks News

Jones Apparel near $825 mln Barneys sale: report

(Reuters) - Jones Apparel did not immediately return a call seeking comment. A spokeswoman for Istithmar in Dubai could not immediately be reached.




Read more at Reuters.com Business News

Private Banking Assets Are Set to Jump by a Record 30 Percent, PWC Says

(Bloomberg) -- Private banking assets are set to
grow on average by a record 30 percent annually over the next
three years, led by gains in Asia and eastern Europe, according
to a report by accounting firm PricewaterhouseCoopers LLP.

Wealth-management assets in Asia are forecast to grow on
average by about 34 percent annually, and by 30 percent to 50
percent a year in Russia, the New York-based company said today
in a statement. The figures are based on company managers'
forecasts for their own businesses.


Read more at Bloomberg Currencies News

Malaysian Palm Oil Drops on Forecast for Bigger Argentine Soybean Harvest

(Bloomberg) -- Palm oil futures on the Malaysia
Derivatives Exchange, which trades the benchmark contract, fell
after a forecast that the supply of soybeans, which can be used
a substitute, will increase.

Argentina, the world's third-largest soybean exporter,
yesterday raised its estimate for this year's harvest by 4.4
percent to a record 47.2 million metric tons due to favorable
weather, according to the Agriculture Secretariat.


Read more at Bloomberg Commodities News

Gold Little Changed in Asia Amid Speculation Dollar's Gain to Curb Demand

(Bloomberg) -- Gold was little changed in Asia amid
speculation that a further rise in the dollar may reduce demand
for the precious metal as an alternative investment. Silver was
also little changed.

Gold generally moves in the opposite direction to the U.S.
currency, which gained yesterday amid speculation that U.S.
economic growth may keep the Federal Reserve from cutting
interest rates. Gold has risen 2.4 percent this year, while the
dollar has dropped 1.4 percent versus the euro.


Read more at Bloomberg Commodities News

Amway Malaysia Says Country's Consumers Still Cautious From Higher Prices

(Bloomberg) -- Amway (Malaysia) Holdings Bhd., the
country's largest publicly traded direct sales company, said
consumers are feeling the effects of inflation and it may be
months before the economy benefits from a government pay rise.

Amway Malaysia, a unit of Ada, Michigan-based Amway Corp.,
expects ``single digit'' sales growth this year and is aiming
for profit that will at least equal last year's, Executive
Director Paul Yee said in an interview yesterday. The company is
the most profitable direct selling company in Malaysia and the
fastest growing by sales.


Read more at Bloomberg Emerging Markets News

Caltex Australia Shares Head for Biggest Drop in Five Years on Forecast

(Bloomberg) -- Caltex Australia Ltd. shares were
heading for their biggest drop in more than five years after the
nation's largest oil refiner forecast a smaller gain in first-
half profit than some analysts were expecting.

Operating profit may rise as much as 46 percent to A$255
million ($216 million) in the six months ending June 30, Sydney-
based Caltex said today in a statement. Market consensus was for
earnings of about A$240 million to A$260 million, said Aiden
Bradley, an energy analyst at ABN Amro Australia Ltd.


Read more at Bloomberg Energy News

Dentsply to buy Sultan Healthcare

(Reuters) - The transaction is also expected to be neutral to earnings
per share in 2007 and slightly accretive to earnings per share
in 2008, Dentsply said in a statement.




New Jersey-based Sultan Healthcare makes dental products
such as dental materials and preventive products.


Read more at Reuters.com Mergers News

TEXT-Sims to merge Southern Calfornia operations

(Reuters) - SA Recycling, which will be owned 50% by Simsmetal West LLC
and 50% Adams Steel, will operate within a territory
encompassing Southern California, Arizona, Southern Nevada and
Northern Mexico. The venture will combine Sims' deep water
facility at the Port of Los Angeles with Adams Steel's two
inland shredding operations and extensive network of inland
feeder yards. The new business will be run by George Adams,
current President of Adams Steel, who will report to a board
comprising of eight Directors, four nominated by Sims and four
by Adams Steel. A nominee of Sims will be Chairman of the new
company and Sims will also nominate its Chief Financial
Officer. The combined business will handle in excess of 2
million tonnes of ferrous scrap and nearly 100,000 tonnes of
non ferrous scrap and
have revenues in excess of US$600 million.




Commenting on the merger, which is subject to the
notification and waiting period requirements of the U.S.
Hart-Scott-Rodino Antitrust Improvements Act, Group Chief
Executive, Jeremy Sutcliffe said, "Sims has had a close
association with Adams Steel based around its long term
exclusive supply agreement with the former Hugo Neu operations.
This agreement was due to expire in early 2008 and the
combination of the two businesses is a logical extension of our
existing relationship".


Read more at Reuters.com Mergers News

UPDATE 4-Blackstone raises $4.1 bln; largest US IPO in 5 yrs

(Reuters) - NEW YORK, June 21 - Blackstone Group LP
priced its initial public offering at the top end of the range
on Thursday, even as lawmakers pushed for its delay, raising
$4.13 billion in the largest U.S. IPO in five years.




The pricing, closely watched by regulators and financial
markets across the globe, proved that demand for the offering
was heavy, despite pressure from Congress.


Read more at Reuters.com Government Filings News

Japanese Exporter Stocks May Rise on U.S. Economic Outlook; Sony May Gain

(Bloomberg) -- Japanese exporter stocks may advance
after U.S. economic data raised speculation growth Japan's
biggest overseas market is set to accelerate. Sony Corp. may
pace gains.

``Japanese stocks have been supported by the better outlook
for overseas economies,'' said Yoshinori Nagano, who helps
oversee about $70 billion at Daiwa Asset Management Co. in Tokyo.
``Shares will have another gain today as investor sentiment has
become bullish.''


Read more at Bloomberg Stocks News

UPDATE 1-US Senate drops tax package, boosts auto fuel rules

(Reuters) - WASHINGTON, June 21 - The U.S. Senate on Thursday
dropped $32 billion in clean-energy incentives from ongoing
energy legislation after Republicans objected to about $29
billion in extra taxes on big U.S. oil companies.




The Senate also approved compromise legislation that would
raise vehicle fuel-efficiency standards, for the first time in
30 years, to 35 miles per gallon by 2020. The House of
Representatives has yet to act on fuel-economy standards.


Read more at Reuters.com Bonds News

UPDATE 1-Mexico unemployment rate down to 3.23 pct in May - govt

(Reuters) - A Reuters survey of analysts had forecast an unemployment
rate of 3.68 percent for the month.




Mexico's economy grew 4.8 percent last year but is only
expected to grow 3.6 percent this year as the U.S. economy
slows down, affecting Mexican imports into its No.1 market.


Read more at Reuters.com Bonds News

Asian Stocks Rise in U.S. Trading on U.S. Economic Growth Data; BHP Gains

(Bloomberg) -- Asian stocks trading in the U.S.
climbed to their highest in more than five years after economic
reports allayed concern growth in the world's largest economy is
slowing. BHP Billiton led the gain.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, advanced 1.4 percent to
170.15, the highest since at least November 2001.


Read more at Bloomberg Stocks News

Group urges fine-tuning of US Fed credit card plan

(Reuters) - The Fed's Consumer Advisory Council said it wants to
require credit card companies to give customers more time when
changing the terms of the account. The group prefers a 45-day
notice period, instead of the Fed's proposed 15 days, a move
that could reduce revenues for the industry.




Kurt Eggert, a professor at Chapman University School of
law in Orange, California, said the extension allows a consumer
to shop around for a new card company, resulting in competition
with perhaps better fees and rates, and other benefits.


Read more at Reuters.com Government Filings News

UPDATE 2-US lawmakers urge SEC to delay Blackstone IPO

(Reuters) - WASHINGTON, June 21 - The chairman of the House
Committee on Oversight and Government Reform urged the U.S.
Securities and Exchange Commission on Thursday to delay
Blackstone Group LP's [BG.UL] initial public offering until
Congress has had a chance to hold hearings on the matter.




In a letter to SEC Chairman Christopher Cox, California
Democrat Henry Waxman said Blackstone's IPO may present
potential investors and the public with new and undisclosed
risks, while stripping them of necessary protections.


Read more at Reuters.com Government Filings News

Telus CEO says merged Telus-BCE could keep wireless

(Reuters) - "We believe there are clear remedies to ensure vibrant and sustainable competition without divesting the mobile networks of either company," Darren Entwistle told reporters. "We believe this proposal offers unique benefits that no other bidder can match."




Earlier on Thursday, Telus confirmed it was in talks regarding a possible bid for BCE, a merger that would create a telecom behemoth with 10.9 million wireless subscribers and more than 3 million Internet subscribers.


Read more at Reuters.com Mergers News

U.S. Stocks Rise on Chipmaker Upgrades as Concern on Mortage Bonds Eases

(Bloomberg) -- U.S. stocks rose and the Standard &
Poor's 500 Index rebounded from its worst slide in two weeks,
helped by easing concern over losses in mortgage bonds and
analysts' upgrades of computer chipmakers.

Advanced Micro Devices Inc., the second-largest maker of
personal-computer processors, jumped the most in the Standard &
Poor's 500 Index after Stifel, Nicolaus & Co. advised clients to
buy the shares. Nvidia Corp. climbed to a record after Lehman
Brothers raised shares of the No. 2 maker of graphics chips to
``overweight.''


Read more at Bloomberg Stocks News

Bank of Canada sees single-securities-body benefit

(Reuters) - He said it was up to the finance minister to draft those
regulations, seen as needed to attract foreign investors, but
suggested the changes should reflect the larger number of small
and medium-sized firms in Canada compared with the United
States.




Read more at Reuters.com Bonds News

Tyson share gain fueled by takeover rumors

(Reuters) - By Doris Frankel and Bob Burgdorfer



CHICAGO, June 21 - Shares of top U.S. meat producer Tyson Foods Inc. on Thursday jumped more than 5 percent to their highest level since 1998 amid rumors in the options markets that the company could be a takeover target.


Read more at Reuters.com Government Filings News

Wireless sale not a must in BCE-Telus merger - CEO

(Reuters) - Telus said early on Thursday it was in exploratory talks on
acquiring its bigger rival, BCE.




Read more at Reuters.com Government Filings News

Auto industry seen remaining private-equity target

(Reuters) - The study released on Wednesday says private-equity firms
are able to buy automotive companies at lower multiples of
earnings, compared with companies in other industries.




"It just stands to reason that the auto industry's
below-average multiples, coupled with its significant cash
flows, will make it a magnet for private equity for as long as
money for deals remains as free-flowing as it is today," John
Hoffecker, a managing director of AlixPartners, said in a
statement.


Read more at Reuters.com Mergers News

AT&T hires 2,000 extra workers for iPhone launch

(Reuters) - The biggest U.S. wireless service provider by customer numbers will be the country's only carrier to offer the device when it goes on sale June 29. AT&T and Apple said they plan to start selling the device starting at 6 p.m. local time in cities across the country.




AT&T spokesman Mark Siegel said the company hired the extra summer staff for its 1,800 stores in anticipation of "significant demand" for the device. AT&T's wireless division employs a total of about 58,000 people.


Read more at Reuters.com Business News

Mid-Atlantic factories robust, jobless claims up

(Reuters) - The Philadelphia Federal Reserve Bank said its business activity index was at 18.0 in June, up from 4.2 in May. Economists polled by Reuters had forecast a reading of 7.0.




Any reading above zero indicates growth in the region's manufacturing. The index has been above zero for sixth straight months.


Read more at Reuters.com Business News

Telus-BCE merger talks concern Telus union

(Reuters) - The union, which had a bitter work stoppage at Telus in
2005, is worried about what a combination of two phone
companies would do to the quality and affordability of
communications service, Doubt said.




"We're concerned about affordability because our members
live off of providing that service," Doubt said.


Read more at Reuters.com Government Filings News

TREASURIES-Short maturities steady on safety bid

(Reuters) - NEW YORK, June 21 - Longer-dated U.S. Treasury
debt prices fell on Thursday after a stronger-than-expected
regional business activity reading, but shorter-maturity debt
held up better as investors sought safe-haven assets amid
growing troubles in the U.S. subprime mortgage market.




"The short end of the market is doing well,
maybe on a bit of a flight to quality because of concern about
Bear Stearns and their mortgage hedge funds," said Gary
Pollack, managing director of fixed income, Deutsche Bank
Private Wealth Management in New York.


Read more at Reuters.com Bonds News

Druckenmiller, Loeb Lead Hedge-Fund Winners as Takeovers, Markets Increase

(Bloomberg) -- Stanley Druckenmiller and Daniel Loeb
beat their hedge-fund peers last month as corporate takeovers led
the industry to some of its biggest market gains since 2003.

Druckenmiller's $7.3 billion Windmill Master Fund, part of
Pittsburgh-based Duquesne Capital Management LLC, climbed 6.8
percent in May, according to a note to clients. Loeb's Third
Point LLC rose 6 percent, helped by bets on MasterCard Inc. and
DaimlerChrysler AG, according to an investor update.


Read more at Bloomberg Exclusive News

Venezuelan Bolivar Weakens to Three-Month Low on Trading Penalties Concern

(Bloomberg) -- Venezuela's bolivar weakened to its
lowest level in three months in unregulated trading amid growing
speculation that the government is close to increasing penalties
on currency speculators.

Traders said volume in the so-called parallel market, in
which companies and individuals obtain dollars outside
sanctioned, government channels, remained sluggish for a fourth
day as lawmakers considered tougher fines and jail terms for
violations. Demand increased slightly today as the government
delayed sanctioned dollar sales to importers, manufacturers and
individuals.


Read more at Bloomberg Currencies News

UPDATE 1-U.S. Treasury: TRIA must stay short-term, limited

(Reuters) - David Nason, Treasury assistant secretary for financial
institutions, said private insurers had shown they can shoulder
more terrorism risk since Congress first passed the Terrorism
Risk Insurance Act in the wake of the September 11, 2001
attacks.




TRIA provided much-needed coverage at a time when private
firms had all but cut off terrorism risk insurance, threatening
to bring all large-scale development projects to a halt. But it
was scaled back when it was extended for two years at the end
of 2005.


Read more at Reuters.com Bonds News

US FERC OKs '00-01 Calif. settlments worth $84 mln

(Reuters) - A unit of Houston-based El Paso Corp. will pay $56
million to resolve claims against it by two big California
utilities.




Berkshire Hathaway Inc. subsidiary PacifiCorp,
which operates utilities in six Western states including
California, will pay $27.9 million to resolve similar claims.


Read more at Reuters.com Bonds News

EU mergers and takeovers (June 21)

(Reuters) - -- Oaktree Capital Management and Duquesne Capital
Management, both U.S. investment managers, jointly purchase
control of TI Automotive Ltd, a British maker of fuel systems
for auto makers




-- Porsche acquires Volkswagen of
Germany


Read more at Reuters.com Mergers News

Luxottica 07' sales target 5.7 bln euros after Oakley deal

(Reuters) - The Italian luxury eyewear maker said a 2007 pro-forma core profit of 1.2 billion euros was being targeted, while it aims for a net debt to EBITDA ratio of 2.3 times.



)


Read more at Reuters.com Mergers News

Canadian Stocks Rise, Led by BCE, on Takeover Talk; Financial Stocks Fall

(Bloomberg) -- Canadian stocks rose the first time in
three days as phone share rose on takeover speculation. Financial
stocks declined.

The Standard & Poor's/TSX Composite Index added 37.18, or 0.3
percent, to 14,015.34 as of 10:30 a.m. in Toronto.


Read more at Bloomberg Stocks News

FHLB sells $3 billion 7-year global bonds

(Reuters) - The joint lead managers on the sale were Barclays, Goldman
Sachs and JP Morgan.




Read more at Reuters.com Bonds News

Braskem, Cosan, Petroleo Brasileiro and Votorantim: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index fell for a
third day, led by sugar and ethanol producer Cosan SA Industria &
Comercio.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 97.60, or 0.2 percent, to 53,931.64 as of 10:00 a.m.
New York time.


Read more at Bloomberg Stocks News

Quest Software to acquire ScriptLogic for $90 mln in cash

(Reuters) - ScriptLogic, which had revenue of around $20 million last
year, provides solutions for Microsoft Windows-based networks
and has more than 19,000 customers, including many leading
small and medium-sized businesses, the company said.





Read more at Reuters.com Mergers News

Prices mixed amid global rate worries

(Reuters) - Rate jitters triggered a fresh wave of selling by mortgage investors to pare their rate risk exposure, although that was tempered by falling stock markets in Europe and worries about deteriorating credit conditions, analysts and traders said.




"The market is looking at survival," said Thomas di Galoma, head of Treasury trading at Jefferies & Co. in New York.


Read more at Reuters.com Bonds News

U.S. Stock-Index Futures Fall on Rising Yields, Oil; Home Depot Declines

(Bloomberg) -- U.S. stock-index futures fell after
bond yields climbed for a second day and the price of crude oil
approached $70 a barrel.

Home Depot Inc., the world's largest home-improvement
chain, and Nokia Oyj, the biggest maker of mobile phones,
dropped after analysts cut their recommendations on the shares.


Read more at Bloomberg Stocks News

H&R Block net income rises 9 percent

(Reuters) - Revenue rose 8 percent to $2.4 billion.




The results missed the estimates of analysts, who on average expected a profit of $1.88 a share on revenue of $2.47 billion, according to Reuters Estimates.


Read more at Reuters.com Bonds News

UPDATE 1-H&R Block Q4 net income from cont ops rises 9 percent

(Reuters) - Earnings from continuing operations rose to $591.2 million,
or $1.81 a share, from $541.7 million, or $1.63, a year
earlier, for the Kansas City, Missouri-based company's fiscal
fourth quarter ending April 30.




Revenue rose 8 percent to $2.4 billion.


Read more at Reuters.com Bonds News

Oil Rises, Approaches $70, as Nigerian Strike Spreads to Export Terminals

(Bloomberg) -- Crude oil rose after Nigerian oil
workers left the country's export terminals, amid a nationwide
general strike in Africa's largest crude producer.

Nigerian unions increased pressure on the government in the
second day of the strike, protesting increases in taxes and fuel
prices. The Petroleum & Natural Gas Senior Staff Association of
Nigeria, or Pengassan, will hold more talks with the government
today, said Lumumba Okugbawa, a spokesman for the group.


Read more at Bloomberg Energy News

UPDATE 1-Unibail secures merger with Rodamco Europe

(Reuters) - "The combination between Unibail and Rodamco is therefore
unconditional and shall be effective on the date of settlement,
being 25 June 2007," French Unibail Holding S.A. and
Dutch Rodamco Europe N.V. said in a statement.




The deadline for tendering shares was Wednesday.


Read more at Reuters.com Mergers News

Copper Drops in London After Stockpiles Jump; Lead Retreats From Record

(Bloomberg) -- Copper declined in London after
stockpiles of the metal jumped the most in almost eight months,
indicating slowing demand. Nickel also dropped while lead pared
gains that drove it to a record.

Copper inventories tracked by the London Metal Exchange
climbed 5,400 metric tons, or 4.7 percent, to 119,600 tons, the
exchange said today in a daily report. That's the largest one-
day gain since Oct. 25. Metal purchases in China, the world's
largest user, will remain sluggish for the next few months as
consumers rely on existing stockpiles, Sudakshina Unnikrishnan,
an analyst at Barclays Capital said.


Read more at Bloomberg Commodities News

Crude Oil Rebounds to Trade Above $69 a Barrel as Nigerian Strike Spreads

(Bloomberg) -- Brent oil, a benchmark for two-
thirds of global supplies, rose on concern that strikes by
unions in Nigeria may disrupt exports.

Workers will be withdrawn from Nigeria's oil terminals
starting today, extending a nationwide strike to a second day, a
spokesman for the Petroleum & Natural Gas Senior Staff
Association of Nigeria said yesterday. Africa's biggest oil
producer has lost more than 700,000 barrels a day, or a quarter
of output, since last year because of militant attacks.


Read more at Bloomberg Energy News

Gold for Immediate Delivery Falls, Erasing Earlier Gain; Silver Also Drops

(Bloomberg) -- Gold fell in London, erasing an
earlier gain. Silver also dropped.

Gold for immediate delivery dropped 30 cents to $654.25 an
ounce at 9:50 a.m. local time, after earlier rising as much as
$1.70. Silver declined 3 cents to $13.16 an ounce.


Read more at Bloomberg Commodities News

S.Africa court to rule on police joining strike

(Reuters) - The labour court issued an interim interdict last Friday
prohibiting members of the Police and Prisons Civil Rights Union
from taking part in the industrial action.




It also ordered POPCRU not to promote police involvement in
the strike, which has highlighted divisions between the ruling
African National Congress and its powerful trade union allies.


Read more at Reuters.com Bonds News

Arcelor, Kaupthing, Groupama, Absa Bank to Sell Debt: European Bond Alert

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

Investment-Grade Sales


Read more at Bloomberg Bonds News

Brazil Stock Market Gets `Indigestion' on Spate of Homebuilder Offerings

(Bloomberg) -- Shares of Gafisa SA, Brazil's second-
biggest homebuilder, gained 34 percent last year after an initial
public offering in February. This year, the stock stalled.

Gafisa has fallen 1.5 percent in 2007, as 11 more developers
started trading shares in Sao Paulo, diluting investor demand for
real estate stocks. ``There are a lot of companies that have to
prove themselves,'' Gafisa Chief Executive Wilson Amaral said in
an interview in New York, where he was trying to convince
investors that his company is still a buy.


Read more at Bloomberg Exclusive News