U.S. importer seeks govt. help in tire recall

(Reuters) - The New Jersey importer, Foreign Tire Sales, has told U.S. safety officials the tires were sold under the names Westlake, Telluride Compass and YKS, according to lawyers representing families of people involved in a car accident blamed on the tires.




U.S. traffic safety officials could not immediately be reached for comment, nor could Foreign Tire Sales in Union, New Jersey.


Read more at Reuters.com Business News

PRESS DIGEST - New York Times - June 26

(Reuters) - * Legendary, the production company of the venture
capitalist Thomas Tull, will invest $1 billion in a portfolio
of films co-produced by Warner Brothers Pictures.




* Google Inc. is pressing for an extension to the
Justice Department's oversight of Microsoft Corp.'s
business practices, which for the most part is set to expire in
November, according to a court filing.


Read more at Reuters.com Bonds News

Bank of England Struggles to Retain Economists Lured by Bonuses in City

(Bloomberg) -- The Bank of England's governing board
said it's concerned about an exodus of economists last year,
lured by higher pay in London's financial services industry.

``There has been some concern that the implementation of
changes to the staff mix in the monetary analysis and financial
stability areas has been adversely affected by a higher rate of
resignation and vacancies in the past year,'' the U.K. central
bank's directors said in its annual report, published yesterday.


Read more at Bloomberg Bonds News

Nippon Steel Says No `Concrete' Decision on Wider Arcelor Mittal Alliance

(Bloomberg) -- Nippon Steel Corp., the world's
second-largest steelmaker, said no ``concrete'' decision had
been made about expanding cooperation with bigger rival Arcelor
Mittal.

The Japanese steelmaker in July 2004 formed a venture with
Arcelor and Baosteel Group Corp. to make sheet metal for autos
in Shanghai. Mittal Steel Co.'s $38.3 billion purchase of
Arcelor SA last year left the merged company to renegotiate
where it may use Nippon Steel's production technology.


Read more at Bloomberg Commodities News

Asian Stocks Fall for a Third Day on U.S. Spending Concern; Honda Drops

(Bloomberg) -- Asian stocks fell for a third day on
concern a slump in U.S. housing will curb spending in the
region's biggest export market.

Honda Motor Co., which made more than half its sales in
North America last year, and Hon Hai Precision Industry Co.,
whose customers include Apple Inc., led declines after sales of
previously owned homes fell to the lowest in almost four years.


Read more at Bloomberg Stocks News

Temasek's Thai Investment Was `Business,' Sondhi Says, Dropping Spy Claim

(Bloomberg) -- A Singapore investment in Thailand
that fueled public protests culminating in the overthrow of
Thaksin Shinawatra's government was ``just business,'' said
Sondhi Boonyarataklin, the architect of last year's coup.

Sondhi also backed away from claims made earlier this year
that Singapore could use the assets to spy on the military,
saying the accusation was part of ``a strategy speech to make
Thai people feel more protective about the country's assets.''


Read more at Bloomberg Emerging Markets News

Yen to Drop to 126 Against Dollar on Carry Trades, Says Standard Chartered

(Bloomberg) -- The yen will drop 2 percent against
the dollar through the end of September as investors use the
Japanese currency for funding carry trades, said Standard
Chartered Plc.

Traders have borrowed in yen from Japanese banks, where
interest rates are the lowest in the industrialized world, and
bought higher-yielding assets, pushing the currency to a 4 1/2
year low this month. Standard Chartered disagrees with Deutsche
Bank, UBS AG and Citigroup Inc., the world's three biggest
currency traders, who forecast a rising yen.


Read more at Bloomberg Currencies News

S.Korea pension fund denies interest in buying KEB

(Reuters) - "The National Pension Service has not contacted or held talks
with all involved parties related to Korea Exchange Bank for a
possible acquisition of the bank," its spokeswoman said.




Read more at Reuters.com Mergers News

Oil Trades Steady Near Nine-Month High on Reduced U.S. Refinery Production

(Bloomberg) -- Crude oil was little changed near a
nine-month high in New York on concern U.S. refiners may strain
to store sufficient fuel for peak summer demand.

Gasoline climbed to its highest in a month yesterday,
lifting oil from close to a one-week low. An Energy Department
report tomorrow probably will show U.S. refiners increased plant
operating rates to 88.2 percent last week, 5.6 percentage points
less than a year earlier, according to a survey of analysts.


Read more at Bloomberg Energy News

New Zealand Current Account Gap Probably Narrowed a Third Time on Exports

(Bloomberg) -- New Zealand's current account deficit
probably narrowed in the year through March as exports, buoyed by
record butter and milk powder prices, outpaced imports.

The deficit was NZ$14.12 billion ($11 billion) in the 12 months
ended March 31 compared with NZ$14.45 billion in December, according
to the median estimate in a Bloomberg News survey of 13 economists.
Statistics New Zealand will release the current account report on
June 28 at 10:45 a.m. in Wellington.


Read more at Bloomberg Bonds News

US FDA says unmoved by aspartame/cancer report

(Reuters) - Italian researchers published a new study last week that
showed aspartame -- widely used in soft drinks -- might cause
leukemia, lymphoma and breast cancer in rats.




"This is the second study by the same lab showing that
aspartame causes cancer in rats," Center for Science in the
Public Interest executive director Michael Jacobson said in a
telephone interview.


Read more at Reuters.com Government Filings News

WRAPUP 1-Ontario Teachers' pension fund says plans BCE bid

(Reuters) - VANCOUVER/TORONTO, June 25 - The Ontario
Teachers' Pension Plan said on Monday it plans to submit a bid
for BCE Inc. , the strongest word yet on bidding
intentions to come out of the groups combing through the books
of Canada's biggest telecommunications firm.




"We do plan to make a bid. We are committed to building a
real, successful, national telecommunications company in
Canada," said Debra Hanna, a spokeswoman for Teachers', which
is BCE's biggest shareholder with a 6.3 percent stake.


Read more at Reuters.com Mergers News

Two bank trade groups agree to merge in 2007

(Reuters) - The merger allows some banks to reduce paying duplicate membership fees to belong to each organization, which operates lobbying and outreach programs.




"No bank will pay more in dues tomorrow than it is paying today," Yingling said, "and we would expect that banks will generally pay less in dues under the new structure being developed."


Read more at Reuters.com Government Filings News

Catalyst says BCE offer worth up to C$52 a share

(Reuters) - TORONTO, June 25 - Boutique investment bank Catalyst Asset Management Inc. said on Monday its exchange offer to recapitalize Canadian telecom giant BCE Inc. could be worth as much as C$52 a share.



Catalyst, which did not have any ownership in BCE as of Friday, has proposed an offer to exchange each BCE share for a new stapled security made up of debt and equity. It said it presented its offer to a special committee of BCE's board on Monday morning. Catalyst's executive managing director, Brent Fullard, has said he believes the deal is better than selling the telecom company, parent of Bell Canada, to private equity firms or merging it with rival Telus Corp. .


Read more at Reuters.com Mergers News

Mexico stocks end down hurt by A. Movil, Walmex

(Reuters) - The benchmark IPC stock index slipped 1.09 percent
to 31,296.01 points. The peso firmed slightly,
gaining 0.05 percent in local trading to 10.83 per dollar.




Concerns over weakness in the retail sector weighed on
Wal-Mart de Mexico , whose shares dropped
2.37 percent to 41.27 pesos.


Read more at Reuters.com Bonds News

Roche offers to buy Ventana for $3 billion

(Reuters) - The offer represents a 45 percent premium to Ventana's closing stock price of $51.74 on Monday on Nasdaq. Roche said it made several attempts to talk to Ventana about a deal, and it remains open to negotiations.



An acquisition of Ventana, which specializes in histopathology, or tissue-based diagnostics, will allow Roche to diversify its products and broaden its diagnostic offerings, Roche said. Ventana's technology can help researchers and doctors better determine which drugs are most appropriate for individual patients -- an emerging concept known as personalized medicine.


Read more at Reuters.com Mergers News

Cotton Extends Decline on Rain in Texas, More Showers in Southeastern U.S.

(Bloomberg) -- Cotton in New York fell for a second
session as dry weather in Texas, the biggest U.S. producer, and
rain in the southeastern U.S. improve crop development.

West Texas will have dry weather late this week and next
week, said CropCast Services Inc. in Rockville, Maryland. Some of
the region had received as much as twice the normal amount of
rain this year, the National Weather Service said. Moisture is
improving in Arkansas, Missouri, Mississippi and Tennessee after
dry weather threatened the crop, said CropCast's Don Keeney.


Read more at Bloomberg Commodities News

UPDATE 2-Zoellick confirmed as new World Bank president

(Reuters) - WASHINGTON, June 25 - The World Bank on Monday
unanimously approved Robert Zoellick as its president after a
controversial two-year term by Paul Wolfowitz, who agreed to
resign over a promotion scandal involving his companion.




Zoellick, former deputy U.S. secretary of state and trade
representative, was the only nominee for the job and will
overlap for a week with Wolfowitz before he officially takes
the reins of the poverty-fighting institution on July 1.


Read more at Reuters.com Bonds News

NYSE has record volume on June 22

(Reuters) - A total of 277 stocks were added to and an equal number
were deleted from the Russell 3000 on Friday in the
annual rebalancing of the broad market gauge.




The rebalancing process usually adds to stock market
volatility, since many investors use the Russell 3000 as a
benchmark for their portfolios.


Read more at Reuters.com Mergers News

UPDATE 1-Moody's changes Colombia rating outlook to positive

(Reuters) - The ratings agency said lower security concerns have
spurred a "confidence shock" in the country.




"Investment is much higher compared to just a few years
ago, reflecting a structural change that is expected to
underpin stronger long-term economic growth and to sustain
improvements in debt dynamics," Moody's analyst Alessandra
Alecci said in a statement.


Read more at Reuters.com Bonds News

Tiffany shares rise on takeover speculation

(Reuters) - Renewed chatter is that "LVMH is interested in acquiring Tiffany," said Paul Foster, options strategist at theflyonthewall.com, a Web site that tracks daily equity option and stock movement.




French luxury goods group LVMH Moet Hennessy Louis Vuitton , already in the watch and jewelry business with brands such as Fendi, TAG Heuer and Chaumet, has been mentioned as a possible buyer for Tiffany in earlier media reports.


Read more at Reuters.com Business News

Computers read news, and trade on it quickly

(Reuters) - Algorithms -- problem-solving programs based on
mathematical formulas -- are making it easier for investors to
filter the massive amount of text produced by news wires,
newspapers, industry journals, clinical studies, and legal
filings for kernels of information, and trade on them in the
blink of an eye.




Though the expanding array of news on nontraditional media
like blogs and chat pages is a challenge for the robot readers,
the speed and efficiency offered by news mining algorithms are
helping hedge funds with just a handful of staff generate as
many trades as a giant investment bank and becoming a potential
boon to the media industry.


Read more at Reuters.com Bonds News

UPDATE 2-U.S. existing home sales down slightly in May

(Reuters) - WASHINGTON, June 25 - Sales of existing U.S.
homes slipped in May to the lowest level in four years and the
number of unsold homes on the market rose sharply, suggesting a
housing recovery was still a long ways off.




Existing home sales fell 0.3 percent last month to a 5.99
million-unit annual rate, the slowest since June 2003, from an
upwardly revised 6.01 million in April, the National
Association of Realtors said on Monday.


Read more at Reuters.com Bonds News

US STOCKS-Indexes rise as bond yields fall; GM up

(Reuters) - NEW YORK, June 25 - U.S. stocks advanced on
Monday as data on existing-home sales landed near analysts'
estimates and bond yields fell, easing worries about higher
borrowing costs and helping stocks recover from last week's
losses.




General Motors Corp. gave a boost to the Dow
industrials after Goldman Sachs lifted its rating on shares of
the largest U.S. automaker. Goldman, cited expectations GM may
win concessions from unionized workers. For details, see
[ID:nN25282960].


Read more at Reuters.com Bonds News

Martha Stewart shares jump on ad executive hire

(Reuters) - The shares rose 88 cents, or 5.06 percent, to $18.27 in morning trading.




Millard was the chief sales officer at Yahoo, and some analysts have said the move could have a negative impact on Yahoo's advertising business.


Read more at Reuters.com Hot Stocks News

Mexican stocks fall, weak copper hits Grupo Mexico

(Reuters) - Copper dropped to one-week lows on worries of a global
economic slowdown, pushing copper miner Grupo Mexico
down 0.87 percent to 66.12 pesos.




Leading retailer Wal-Mart de Mexico also
factored in the decline, dropping 1.1 percent to 41.80 pesos
after lower-than-expected Mexican retail sales data was
released late Friday.


Read more at Reuters.com Bonds News

France Sells France Telecom Shares at Low End of Price Range to Cut Debt

(Bloomberg) -- The French government sold a 5
percent stake in France Telecom SA for about 2.65 billion
euros ($3.57 billion), the bottom of the price range sought
by the state. The stock fell as much as 3.5 percent.

All the proceeds will be used to repay debt,
Finance Minister Christine Lagarde said late yesterday in
announcing the sale. The state will hold about 27 percent
of the former monopoly after the sale.


Read more at Bloomberg Stocks News

UPDATE 1-J.C. Flowers to control Italy's Euromobiliare

(Reuters) - Credem has agreed to sell Euromobiliare to a
management buyout called E2Holding for 120.9 million euros
, it said in a statement.




J.C. Flowers will then take a controlling stake in the
management buyout, Credem said. Italy's Mid Industry Capital
will take a minority stake.


Read more at Reuters.com Mergers News

Mozambique to spend $382 million on electricity upgrade

(Reuters) - Mozambique plans to spend $382 million during the next three years to upgrade its electricity system, seen as key to developing the African nation's small but growing industrial base, its finance minister said on Monday.

In an interview with Reuters, Finance Minister Manuel Chang said almost one million more people, or about five percent of Mozambique's population, would be supplied with power by 2009 under the electrification programme.


Read more at Reuters Africa

RPT-Automakers eye U.S. House after Senate fuel fight

(Reuters) - WASHINGTON, June 24 - The fight over higher
automobile fuel efficiency standards shifts to the U.S. House
of Representatives this week with big car companies regrouping
after a stinging defeat in Senate energy legislation.




"Major changes are still needed to make this bill
achievable," Ford Motor Co. government affairs Vice
President Bruce Andrews said.


Read more at Reuters.com Government Filings News

US STOCKS-Futures point to flat open; housing data eyed

(Reuters) - NEW YORK, June 25 - U.S. stock index futures
indicated a flat open on Monday after last week's sharp
declines and before housing data that is expected show a
decline in home resales last month.




Dobson Communications Corp.'s stock rose more than
5 percent before the open after the Wall Street Journal online
edition said the rural wireless provider was mulling strategic
options, including a possible sale.


Read more at Reuters.com Bonds News

U.S. investors snap up 30-year Dubai Ports bond

(Reuters) - Both bonds will be listed in London and on the Dubai
International Financial Exchange, a new bourse set up by Dubai's
government to encourage foreign companies to list in the world's
biggest oil exporting region.




Only a quarter of the cash raised by the Islamic bond came
from the Middle East, according to statement, an indication of
the growing global interest in investments that comply with the
religious beliefs of the world's 1.2 billion Muslims.


Read more at Reuters.com Bonds News

Copper Falls Most in 2 Weeks as Inventory Gain May Signal Slowing Demand

(Bloomberg) -- Copper in New York fell by the most
in two weeks as a jump in global inventories signaled demand may
be slowing for the metal used in electrical wire and plumbing.

Stockpiles in warehouses monitored by the London Metal
Exchange gained 1,200 metric tons, or 1 percent, to 119,025
metric tons, the exchange said today. Before today, copper had
gained 18 percent this year as LME inventories fell 36 percent.


Read more at Bloomberg Commodities News

UPDATE 1-TravelCenters of America plans to offer 4 mln shares

(Reuters) - The hospitality and fuel services provider said UBS
Investment Bank and Morgan Stanley are the joint book running
managers for this offering.




The company said it plans to offer a 30-day option to
underwriters to purchase up to an additional 600,000 shares to
cover over allotments.


Read more at Reuters.com Government Filings News

BASF sees sales growing faster than market

(Reuters) - BASF also plans to buy back 3 billion euros' worth of its
own shares in 2007 and 2008.




The company expects the catalyst business to grow at an
average of 7 percent annually in the medium term.


Read more at Reuters.com Mergers News

UPDATE 1-Reuters Summit-MacarthurCook eyes another Asia REIT

(Reuters) - SINGAPORE, June 25 - Australian real estate
manager MacarthurCook Ltd. said on Monday that it is
likely to list another real estate investment trust in
Asia with potential assets of offices, residential properties
or healthcare facilities.




The company also said that its Singapore REIT will likely
make its first overseas investment in the next year.


Read more at Reuters.com Bonds News

GLG sells stake, sets up U.S. listing

(Reuters) - The combined company, named GLG Partners Inc., expects to trade on the New York Stock Exchange under the symbol "GLG" once the deal is consummated in the fourth quarter.




Freedom shareholders will own about 28 percent of the combined company, while current GLG stockholders will own about 72 percent, GLG said.


Read more at Reuters.com Business News

Treasury 10-Year Notes Rise; Report May Show Home Sales Fell Last Month

(Bloomberg) -- U.S. 10-year notes rose for a second
day before an industry report that's expected to show home
resales fell to the lowest since June 2003 last month.

Treasuries last week had their first weekly advance since
early May on speculation a U.S. housing slump will lead to slower
economic growth and inflation. Futures contracts show traders see
a 28 percent chance the Federal Reserve will lower its target a
quarter percentage point by the end of the year, compared with
zero percent a week ago.


Read more at Bloomberg Bonds News

Iran to Run Out of Cash to Import Gasoline in August, May Have to Ration

(Bloomberg) -- Iran, which imports more than 40
percent of the gasoline it uses, will run out of funds to import
the commodity in early August, forcing the country to either
increase its budget for imports or start rationing.

More than $1.5 billion of the $2.5 billion budgeted for
gasoline imports this year has already been spent, Hojatollah
Ghanimifard, National Iranian Oil Co.'s executive director for
international affairs, said today to Shana, the Iranian oil-
ministry's press agency. The rest will be spent over the next 1 1/2
months, he predicted.


Read more at Bloomberg Energy News

Gold Falls in London as European Equity Markets Slump; Silver Also Drops

(Bloomberg) -- Gold fell in London on speculation a
decline in European equity markets may reduce demand for the
precious metal. Silver also dropped.

The Dow Jones Stoxx 600 Index has retreated 2.8 percent since
reaching a 6 1/2-year high on June 1, on speculation increased
borrowing costs and higher oil prices will hurt corporate earnings.
Gold has dropped 3 percent since June 1 as some investors sold the
precious metal to cover losses in the equity markets.


Read more at Bloomberg Commodities News

LSE confident of shareholder support for Milan deal

(Reuters) - Some analysts have speculated that the LSE's biggest
shareholder, U.S. stock exchange Nasdaq which has a
stake of just under 30 percent, might oppose the deal.




Nasdaq built up its holding during a failed takeover attempt
of the LSE and some analysts believe it is keeping the stake
ahead of a fresh takeover bid next year.


Read more at Reuters.com Mergers News

European Emission Permits Fall as German Electricty Prices for 2008 Drop

(Bloomberg) -- European Union carbon dioxide
emission permits fell as German power prices for next year
declined, making generation less attractive.

Permits for December 2008 fell 19 cents, or 0.9 percent, to
21.70 euros a metric ton, according to the European Climate
Exchange in Amsterdam at 9:39 a.m. local time.


Read more at Bloomberg Energy News

UPDATE 1-LSE shares fall after deal to buy Borsa Italiana

(Reuters) - LONDON, June 25 - London Stock Exchange
shares fell on Monday, following its weekend announcement that
it had agreed to buy Borsa Italiana for $2.2 billion to boost
its position as Europe's biggest stock market.




The all-share deal will dilute the stakes of existing LSE
shareholders and will also make a takeover of the
combined group more difficult, traders said, explaining the
slide in LSE shares.


Read more at Reuters.com Mergers News

Cazenove cuts Anglo American

(Reuters) - Cazenove said it downgraded mining companies Anglo American Plc. to "in-line" and Antofagasta Plc. to "underperform", but raised BHP Billiton Plc. to "outperform".

The brokerage said the Anglo American downgrade is based on the fact that the stock is now trading on a 25 percent premium to its peers BHP Billiton and Rio Tinto Plc. on 2008 estimated earnings.


Read more at Reuters Africa

China shares down over 4 pct on policy, Sinopec

(Reuters) - China's main stock index plunged more than 4 percent on Monday, hit by worries about government policies to cool the economy and the market, and by big losses in oil refining giant Sinopec.

Fifteen minutes before trade closed for the day, the Shanghai Composite Index was down 4.06 percent at 3,925.501 points. On Friday, it tumbled 3.29 percent.


Read more at Reuters Africa