Japanese Stocks Fall, Led by Property Developers; Takeda, Victor Advance

(Bloomberg) -- Japanese stocks declined, led by
property developers including Mitsubishi Estate Co., as
investors shifted funds out of shares that may be hurt by the
trend of increasing interest rates.

Some exporters such as Advantest Corp. and Fanuc Ltd.
gained as investors judged the benefit of a weaker yen
outweighed the risk defaults in the U.S. will curb consumer
spending in Japan's largest overseas market.


Read more at Bloomberg Stocks News

Philippine Peso Weakens on Plan to Increase Dollar Limits; Bonds Decline

(Bloomberg) -- The Philippine peso fell on the
central bank's plan to raise limits on overseas investment to
temper the currency's gains. Five-year bonds dropped.

Bangko Sentral ng Pilipinas may increase the limit on funds
invested abroad as early as the third quarter, Deputy Governor
Nestor Espenilla said in an interview on June 21. ``That will
help ease some pressure on the peso,'' said Ricky Cebrero,
treasurer at East West Banking Corp. in Manila.


Read more at Bloomberg Currencies News

BHP Billiton, Hulamin and Pick'n Pay Shares: South Africa Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in South Africa. Symbols are in parentheses and prices are from
the last close.

The FTSE/JSE Africa All Share Index slid 215.38, or 0.7
percent, to 29,094.32, as nearly three stocks decreased for each
one that rose. The gauge is down 0.7 percent this week after
reaching a record on June 20.


Read more at Bloomberg Stocks News

Australian and New Zealand Dollars Climb to Highest in Around Two Decades

(Bloomberg) -- The Australian and New Zealand
dollars rose to the highest in around two decades as investors
were attracted to the yield advantage of the countries' bonds
over U.S. debt.

The two currencies are the world's biggest gainers this
month as New Zealand's 8 percent interest rate and Australia's
6.25 percent benchmark, draw overseas investors. Those rates
compare to 5.25 percent in the U.S. and Japan's 0.5 percent. The
yield advantage of Australian two-year bonds over equivalent U.S.
Treasuries is the widest in six weeks and New Zealand's premium
is the most in two weeks.


Read more at Bloomberg Currencies News

Fosun Plans a $1.4 Billion IPO, Draws Li Ka-shing, People Familiar Say

(Bloomberg) -- Fosun International Ltd. is raising
as much as HK$10.85 billion ($1.39 billion) in an initial public
offering whose investors include Hong Kong billionaire Li Ka-
shing, said people with direct knowledge of the matter.

The Shanghai-based company, whose businesses range from
steel to financial services, is offering 1.25 billion shares in
Hong Kong at HK$6.48 to HK$8.68 each, the three people said,
declining to be identified as the information isn't public.


Read more at Bloomberg Emerging Markets News

UPDATE 1-Goldman to sell S.Korea cable operator stake-paper

(Reuters) - The Maeil Business Newspaper cited unnamed investment banking
and industry sources as saying that Citigroup , which is
handling the deal, closed the auction on Thursday. Goldman
declined to comment on the report.




With the planned stake sale, the U.S. investment bank is
likely to earn more than $800 million in capital gains, the
newspaper estimated.


Read more at Reuters.com Mergers News

Dollar Trades Near Three-Week Low as Weak Housing Data May Weigh on Growth

(Bloomberg) -- The dollar traded near the lowest in
almost three weeks against the euro before a report today that
may show existing home sales last month were the worst in almost
four years.

The currency may extend last week's biggest drop in 10 on
speculation a slump in the U.S. housing market will restrict
economic growth, increasing the likelihood the Federal Reserve
will need to cut interest rates. The yield premium on U.S. two-
year Treasuries over similar-maturity German debt narrowed to the
least in 2 1/2 years.


Read more at Bloomberg Currencies News

Australia's S&P/ASX 200 Index Declines, Led by BHP on U.S. Economy Concern

(Bloomberg) -- Australia's benchmark stock index,
the S&P/ASX 200 Index, fell 0.55 percent at 10:05 a.m.

The index of 202 companies traded on the Australian Stock
Exchange fell 35.30 to 6,347.30. Among the stocks in the index,
43 rose, 147 fell and 12 were unchanged.


Read more at Bloomberg Stocks News

China, India, Indonesia, Malaysia, South Korea: Asian Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence Asian local-currency bonds today. Yields
are from the previous session.

China: China Development Bank, the nation's second-biggest
issuer of debt, failed to sell 8.1 billion yuan ($1.06 billion)
of asset-backed securities, the government's depository said in
a report. The bank's sale didn't meet the minimum fund-raising
amount in its contract, and China Development Bank will have to
rearrange the asset pool and try to issue the bonds again, China
Government Securities Depository Trust & Clearing Co. said June
22 on its China Bond Web site.


Read more at Bloomberg Bonds News

ICICI Bank, Singapore Airlines, United Bank: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or
fall today in Asian markets, excluding Japan. This preview
includes news that broke after markets closed on June 22. Prices
are from the local market's last close. Stock symbols are in
parentheses after company names.

ICICI Bank Ltd. (ICICIBC IN): India's biggest lender by
market value, raised $4.3 billion selling shares locally and
overseas, a record for an Indian company, as the nation
experiences its fastest economic growth in six decades. ICICI
sold the Indian shares at 940 rupees each, raising 87.5 billion
rupees ($2.15 billion), according to an e-mailed statement.
Demand was 11.5 times greater than what was sold. ICICI Bank
shares rose 4.05 rupees, or 0.4 percent, to 953.75 rupees.


Read more at Bloomberg Stocks News

U.S. Treasury Bill Rally Says Bush Is Doing `A Heck of a Job' With Economy

(Bloomberg) -- Among the markets that say President
George W. Bush is doing ``a heck of a job,'' the one he can take
the most satisfaction from is U.S. Treasury bills.

That's because the unexpected surge in tax receipts may
pare the budget deficit by 39 percent to $150 billion this
fiscal year, causing a relative scarcity of four-week, three-
month and six-month bills. The result is the biggest bull market
for Treasury bills since the terrorist attacks on Sept. 11 drove
investors to the safety of the securities.


Read more at Bloomberg Bonds News

No sure bets as Conrad Black fraud trial nears end

(Reuters) - Judge Amy St. Eve promised jurors at the close of the trial's 14th week on Thursday that they will begin their deliberations sometime in the early part of week 15, cementing her stance in a firm talk with the lawyers in the case.




The prosecution and lawyers for each of the four have taken the better part of a day apiece to present their arguments, trying to cover all the possibilities, it seems.


Read more at Reuters.com Bonds News

U.S. unions move toward health-care reform deal

(Reuters) - "There is a growing recognition among unions that they can't count on health insurance forever," said Joe Minarik, director of research at the Committee for Economic Development, a Washington-based business lobby.




"Like many corporations, the unions know a meaningful solution requires working together," Minarik said.


Read more at Reuters.com Government Filings News

Gaydamak to buy 45 percent of Israel's Willi Food

(Reuters) - Willi's Tel Aviv traded shares were up 30.4 percent at
33.43 shekels in the morning in Tel Aviv.




Under the agreement, Willi-Food controlling shareholder Zvi
Williger, who owns 38.54 percent of the company, would sell
30.54 percent, while his brother Joseph Williger would sell his
entire 14.42 percent stake.


Read more at Reuters.com Mergers News