Australian Dollar Weakens From 18-Year High as Investors Pare Carry Trades

(Bloomberg) -- The Australian dollar fell from an
18-year high against the U.S. currency on speculation investors
will reduce holdings of higher-yielding assets as Asian stocks
followed U.S. equities lower.

Australia's currency also dropped for a third day versus the
yen as investors pared so-called carry trades, where they buy
higher-returning assets with money borrowed in countries with
lower interest rates. The local dollar has made the second-
biggest gain among major currencies in the past year because of
Australia's 6.25 percent benchmark rate, which compares with
Japan's 0.5 percent and 5.25 percent in the U.S.


Read more at Bloomberg Currencies News

Oil prices steady at $70, US stockpiles seen up

(Reuters) - Oil steadied near $70 a barrel on Wednesday, as U.S. crude inventories were forecast to balloon to a fresh nine-year high and gasoline stockpiles were seen rising as refiners boosted output.

London Brent crude, currently seen as the best benchmark for global oil prices, edged up 1 cent to $70.18 a barrel by 0334 GMT, after falling $1.19 on Tuesday. U.S. light, sweet crude gained 3 cents to $67.80 a barrel.


Read more at Reuters Africa

US Treasury chief seeks regulatory changes-WSJ

(Reuters) - The Treasury-led review will make recommendations by early
next year and is expected to be announced at a Journal
conference in New York later on Wednesday.




It would establish a framework for an eventual overhaul of
the regulatory system, most likely after Paulson leaves office,
according to the report.


Read more at Reuters.com Government Filings News

News Corp, DJ board in early editorial pact:: source

(Reuters) - The source said Dow Jones' controlling family, the Bancrofts, would be consulted on the agreement, which was reached late Monday evening. The Bancroft family must approve any deal with News Corp., which is controlled by Murdoch.




A separate source close to the situation said an agreement, which would cover The Wall Street Journal and the Dow Jones Newswires, was near, but some items remained unresolved. The source did not elaborate.


Read more at Reuters.com Business News

China to Sell $200 Billion Bond to Soak Up Currency Reserves, Xinhua Says

(Bloomberg) -- China's finance ministry will sell
1.55 trillion yuan ($200 billion) of a special treasury bond to
buy foreign-exchange reserves from the central bank and remove
excess cash from the economy, Xinhua News Agency reported.

The bonds will mature in more than 10 years, while their
coupon rates will be based on ``market conditions'' at the time
of issuance, Xinhua said today without elaborating.


Read more at Bloomberg Currencies News

U.S. to Experience Record Independence Day Holiday Travel, AAA Forecasts

(Bloomberg) -- A record 41.1 million vacationers in
the U.S. will travel for the July Fourth Independence Day
holiday, after gasoline prices dropped from an all-time high in
the past month, AAA said in an annual outlook.

AAA, the largest U.S. motoring club, said 34.7 million
people will take to the nation's highways by car or light truck
for the holiday, 0.7 percent more than last year. Because July 4
falls on a Wednesday this year, many people are taking off the
entire week, AAA said.


Read more at Bloomberg Energy News

Asian Shares Slide on Commodity Prices, U.S. Home Sales; BHP, Toyota Drop

(Bloomberg) -- Asian stocks fell to the lowest in
two weeks after commodity prices dropped and on concern a U.S.
housing slump will curb growth in region's biggest export market.

Toyota Motor Corp., Japan's largest automaker, declined the
most in almost three weeks. BHP Billiton Ltd., the world's
biggest mining company, slid for a third day.


Read more at Bloomberg Stocks News

Samsung Card Shares Jump on Debut After IPO More Than 100 Times Subscribed

(Bloomberg) -- Shares of Samsung Card Co., South
Korea's third-largest credit-card issuer, rose as much as 31
percent on their first day of trading on demand from investors
who were unable to buy stock during its initial public offering.

Samsung Card's stock gained as much as 14,900 won to 62,900
won from the share sale price of 48,000 won. It was trading at
62,500 won at 9:06 a.m. in Seoul. Individual investors applied
for 103 times the number of shares offered in Samsung Card's 576
billion won ($622 million) IPO.


Read more at Bloomberg Emerging Markets News

UPDATE 4-US says importer must recall Chinese tires

(Reuters) - WASHINGTON/CHICAGO, June 26 - U.S. transportation
officials on Tuesday formally insisted a New Jersey importer
recall up to 450,000 Chinese-made light truck tires, dismissing
the company's claim it cannot financially withstand that step.




Nicole Nason, the National Highway Traffic Safety
Administration administrator, also said in an interview the
agency is trying to locate tires made by Hangzhou Zhongce
Rubber Co. for tests and will ask the manufacturer for
information.


Read more at Reuters.com Government Filings News

South Korean Stocks Slide for Fourth Day on Slump in U.S. Housing Market

(Bloomberg) -- South Korean stocks fell for their
first four-day decline since March. Samsung Electronics Co. slid
after U.S. new-home sales and consumer confidence trailed
estimates, fueling concern a housing slump will damp the world's
biggest economy.

The Kospi index lost 13.91, or 0.8 percent, to 1735.64 as of
9:28 a.m. in Seoul. The Kosdaq retreated 0.7 percent to 774.79.
Kospi 200 futures expiring in September slipped 0.7 percent to
222.25, while the underlying index dropped 0.8 percent to 220.76.


Read more at Bloomberg Stocks News

Japanese Government Bonds May Decline Before Industrial Production Report

(Bloomberg) -- Japan's 10-year bonds may fall,
ending a three-day rally, on speculation investors will refrain
from buying debt before the release of a production report.

The Trade Ministry report tomorrow is likely to show
industrial production in May gained for the first time in three
months, according to the median estimate of economists surveyed
by Bloomberg News. The Bank of Japan will release its quarterly
Tankan survey of business sentiment on July 2.


Read more at Bloomberg Bonds News

Japan's Consumer Prices Probably Fell in May, Signaling Inflation May Rise

(Bloomberg) -- The pace of Japan's consumer-price
declines probably stalled in May, a sign that inflation may soon
take hold as the economy expands.

Core consumer prices, which exclude fresh food, fell 0.1
percent from a year earlier, according to the median estimate of
45 economists surveyed by Bloomberg News. Core prices decreased
0.1 percent in April after a 0.3 percent drop in March. The
statistics bureau will release the report on June 29 at 8:30 a.m.


Read more at Bloomberg Bonds News

Bear Stearns Enlists Mortgage Chief Tom Marano to Help Funds, Person Says

(Bloomberg) -- Bear Stearns Cos. enlisted Tom
Marano, the head of its mortgage unit, to help unwind two money-
losing funds, according to a person with knowledge of the
decision.

Marano was assigned to Bear Stearns Asset Management
temporarily to help Richard Marin, chief executive officer of the
unit, and Ralph Cioffi, the manager of the two hedge funds, said
the person, who declined to be identified because the decision
hasn't been made public.


Read more at Bloomberg Bonds News

Apple IPhoniacs Line Up in New York Four Days Ahead of Device's Release

(Bloomberg) -- Apple Inc.'s iPhone already has
people lining up at two Apple stores in New York, four days
before the device is scheduled to be released.

David Clayman from Chicago got to Apple's Fifth Avenue
store 24 hours ago to take the third spot in line. He'll either
donate the device to charity or give it to his dad. Jessica
Rodriguez, who arrived this morning to take the next spot, plans
to give the iPhone to her sister as a birthday present. She'll
also buy one for herself if she can.


Read more at Bloomberg Exclusive News

Countrywide falls on rumors of subprime probe

(Reuters) - NEW YORK, June 26 - Countrywide Financial Corp. shares fell to a two-month low and the cost to insure its debt rose Tuesday on market talk that the largest U.S. mortgage lender may be the target of a government probe related to subprime loans.



Shares of the Calabasas, California-based company began to decline on increased volume around 2 p.m. EDT. A report on theflyonthewall.com attributed the decline to "unconfirmed chatter of a subprime loan investigation."


Read more at Reuters.com Bonds News

InVentiv Health to acquire Innovative Health, Chandler Chicco

(Reuters) - Both deals, likely to close in the third quarter, are
expected to immediately add to inVentiv's earnings, it said.





Read more at Reuters.com Mergers News

Brazil Monetary Council Sets 4.5 Percent Inflation Target for Central Bank

(Bloomberg) -- Brazil's National Monetary Council
extended the central bank's annual inflation target of 4.5
percent to 2009, saying the rate will give policy makers
``flexibility'' to deal with unexpected price increases.

The council, composed of Finance Minister Guido Mantega,
Budget Minister Paulo Bernardo and central bank president
Henrique Meirelles, maintained a band of 2 percentage points
above or below the target, Mantega said. Today's favorable
economic outlook allows the bank to aim for an inflation rate
below the mid-point of the target, he said.


Read more at Bloomberg Emerging Markets News

US STOCKS-Indexes slip again as subprime worries weigh

(Reuters) - But a drop in oil prices eased worries about inflation and
takeovers in health care and chemicals increased optimism
about share valuations, limiting the market's decline.




During the session, stocks remained skittish and swung
back and forth from positive to negative.


Read more at Reuters.com Bonds News

UPDATE 1-US SEC's Cox says agency probing 12 CDO matters

(Reuters) - WASHINGTON, June 26 - The U.S. Securities and
Exchange Commission has opened 12 enforcement investigations
into matters surrounding collateralized debt obligations ,
the agency's leader told a Congressional panel on Tuesday.




SEC Chairman Christopher Cox, in responding to questions
about whether the CDO market needs more transparency, said that
the agency's enforcement division has launched a dozen probes
into "issues such as this."


Read more at Reuters.com Government Filings News

SEC's Cox says agency probing 12 CDO matters

(Reuters) - A collateralized debt obligation or CDO is a security
backed by a pool of loans or other fixed income securities.




Cox did not identify the names of any companies involved in
the investigations or elaborate on the nature of the probes.


Read more at Reuters.com Bonds News

UPDATE 2-US judge tells Google to work through Justice Dept

(Reuters) - WASHINGTON, June 26 - The federal judge
overseeing Microsoft Corp.'s antitrust settlement said
on Tuesday she would leave it up to government lawyers to
determine how best to handle Google Inc.'s concerns
about Microsoft's Vista operating system.




U.S. District Judge Colleen Kollar-Kotelly said she would
rely on advice from the Justice Department and state attorneys
general on Google's complaint that Vista's computer search
function puts other potential rivals at a disadvantage.


Read more at Reuters.com Government Filings News

Indian 10-Year Bonds Drop; Investors Deterred by Yields at Two-Week Low

(Bloomberg) -- India's 10-year bonds dropped as
yields at the lowest in more than two weeks deterred investors.

Bonds also declined after the rate at which banks lend to
each other rose to the highest this month, spurring concern
surplus cash at banks will dwindle, leaving investors with less
money to buy debt. Near-zero interest rates in the money market
partly helped bonds yesterday extend last week's advance.


Read more at Bloomberg Bonds News

Soybean Futures Rise as Hot, Dry Weather May Damage Crops in U.S. Midwest

(Bloomberg) -- Soybeans rose for a second straight
day, rebounding from last week's 5.7 percent decline, on
speculation that hot, dry weather will damage U.S. crops west
of the Mississippi River.

Little rain and periods of above-normal temperatures are
expected the next three weeks from eastern Nebraska to
Minnesota, said Fred Gesser, senior global meteorologist for
Planalytics Inc. in Wayne, Pennsylvania. That's likely to
increase stress on crops that have received less than half the
normal rainfall this month, he said.


Read more at Bloomberg Commodities News

TREASURIES-Bonds dip as stocks rise, but subprime bolsters

(Reuters) - Dealers said the subprime-related collapse of two Bear
Stearns hedge funds was keeping a floor under the market,
however, and could lead to another wave of buying.




"There will still be some defensive money put into the
market, given the uncertainties in the mortgage arena," said
John Spinello, Treasury bond strategist with Jefferies & Co.


Read more at Reuters.com Bonds News

U.S. deportations fail to dissuade immigrants

(Reuters) - Now, after being deported last week from Kentucky, she is preparing to tackle the tough crossing all over again.




"I can't go back to Ecuador. My family and my life are in the United States and I'll do whatever I need to get back," said Herrera, 23, who was waiting for her father in the United States to wire the money to pay a smuggler.


Read more at Reuters.com Bonds News

Conoco, Exxon Will Quit Venezuela Oil Projects as Talks Fail, Person Says

(Bloomberg) -- ConocoPhillips and Exxon Mobil Corp.
will quit Venezuela, where they invested billions of dollars in
oil and natural gas projects, after talks about ownership failed,
said a person on the government's side of the negotiations.

ConocoPhillips will cede its interests in the Petrozuata
heavy-oil joint venture to state-run Petroleos de Venezuela SA,
and Exxon Mobil will give up its concession in the Ceiba oil
block in western Venezuela, Petroleos de Venezuela said in a
statement today. The release didn't disclose the status of the
companies' other interests in the country, which the person said
would be given up.


Read more at Bloomberg Emerging Markets News

Iran sanctions bill passes first US Congress test

(Reuters) - It also would eliminate some tax breaks for companies
investing in Iran, decrease U.S. contributions to the World
Bank if the bank invests in Iran and bar a nuclear cooperation
agreement with Russia if Moscow continues to assist Tehran's
nuclear program.




"My legislation will increase exponentially the economic
pressure on Iran and empower our diplomatic efforts by
strengthening the Iran Sanctions Act," said Rep. Tom Lantos,
the committee chairman.


Read more at Reuters.com Bonds News

Corn Rebounds as Korea Snaps Up U.S. Supplies That Had Fallen to June Low

(Bloomberg) -- Corn rose in Chicago for the first
time in four sessions as South Korea snapped up supplies from
the U.S. that had become the cheapest in a month.

The Korea Feed Association bought 385,000 metric tons of
U.S. corn for arrival in October and November, purchasing team
manager Kim Chi Young said in Seoul. South Korea, the fourth-
largest buyer of corn, had cut back on U.S. purchases by about
25 percent for delivery before Sept. 1 as prices jumped to a 10-
year high in February. Prices are down 16 percent since then.


Read more at Bloomberg Commodities News

Visa hires president pre-IPO, Visa USA CEO resigns

(Reuters) - Morris will start at Visa Inc. on September 1 and oversee its income-generating businesses. He plans to move to San Francisco from New York and report to Joseph Saunders, Visa Inc.'s chief executive.




Morris, 48, has spent his 27-year career at Citigroup and its predecessors. Since November 2002, he has been chief financial officer of Citi Markets & Banking, which includes investment and corporate banking operations. He also sits on Citigroup's operating and management committees.


Read more at Reuters.com Business News

UPDATE 2-Benchmark ABX at lows as subprime woes mount

(Reuters) - NEW YORK, June 26 - Benchmark ABX indexes fell to
fresh lows on Tuesday, driving the cost of insuring subprime
mortgage securities against default sharply higher, investors
and analysts said.




The ABX 07-1 "BBB-" series, which is tied to subprime loans
made in last year's second half, sank to 55.70 on Tuesday from
56.18 at Monday's close. The index has fallen 42 percent since
it was launched in January.


Read more at Reuters.com Bonds News

Treasury Two-Year Note Yields Advance From This Month's Low Before Auction

(Bloomberg) -- Treasury two-year note yields rose
from their lowest this month before today's auction of $18
billion of the securities.

Yields advanced even as reports showed purchases of new
homes dropped in May and a measure of consumer confidence fell
this month to the lowest level since August. Two-year yields had
fallen 10 basis points over the past two trading days on concern
a weak housing market will lead to losses for investors in
mortgage-backed securities.


Read more at Bloomberg Bonds News

Brazil's Lula remains popular despite corruption

(Reuters) - Despite the involvement of Lula's close allies and friends,
including the head of the Senate, in a series of graft scandals
in recent weeks, the president continues to get support because
of a strong economy and government social programs.




The survey polled 2000 people between June 18 and 22 and
has a margin of error of plus or minus 3 percentage points.


Read more at Reuters.com Bonds News

Yen Rises as Omi Emphasizes the Risks of Betting Against Japan's Currency

(Bloomberg) -- The yen gained the most in more than
two months versus the dollar after Japan's Finance Minister Koji
Omi said investors are taking risks in one-way bets against the
currency.

Japan's yen rose versus all 16 of the most-active currencies
tracked by Bloomberg after Omi told reporters in Tokyo that
``disorderly moves of foreign exchange rates are undesirable.''
The remarks were aimed at discouraging investors who borrow yen
to buy higher-yielding assets in carry trades. The currency was
higher versus the dollar after U.S. reports showed consumer
confidence and new-home sales declined.


Read more at Bloomberg Currencies News

Oil Falls More Than $1 a Barrel on Forecasts for U.S. Inventory Increase

(Bloomberg) -- Crude oil fell more than $1 a barrel
on forecasts that an Energy Department report will show U.S. oil
and fuel inventories rose.

Crude-oil stockpiles increased 1.05 million barrels in the
week ended June 22, according to the median of responses by 14
analysts surveyed by Bloomberg News. Inventories of gasoline and
distillate fuel, a category that includes heating oil and diesel,
also rose, the survey showed.


Read more at Bloomberg Commodities News

HSBC North America hires GE exec as CFO

(Reuters) - He succeeds Chris Spooner, who had filled the CFO position
on an interim basis following the year-end retirement of Simon
Penney. Spooner is head of group financial planning and tax at
HSBC Holdings.




Mackay will report to Brendan McDonagh, chief operating
officer for HSBC North America and chief executive officer of
HSBC Finance Corp.


Read more at Reuters.com Bonds News

Lead Falls Most in a Month in London on Speculation Rally Was Overdone

(Bloomberg) -- Lead fell the most in more than a
month in London on speculation gains that drove the metal to a
record were exaggerated given signs that a supply squeeze is
easing. Copper, aluminum, nickel and zinc also fell.

Inventories of lead tracked by the London Metal Exchange
increased for a third straight day, climbing 0.8 percent to
46,400 tons, the LME said in a daily report. Stockpiles have
advanced 13 percent this year.


Read more at Bloomberg Commodities News

Pound Rises to Two-Month High on View King to Signal Higher Interest Rates

(Bloomberg) -- The U.K. pound broke through the $2
barrier for the second time in as many days on speculation Bank
of England Governor Mervyn King will this week tell lawmakers
interest rates need to rise further to cap inflation.

The U.K. currency rose to its highest since May 1 against
the dollar as futures traders betting the pound had further to
appreciate pushed so-called net long positions to a four-month
high. King is due to testify before Parliament on June 28.


Read more at Bloomberg Currencies News

South Africa Corn-Crop Estimate Unchanged at 7.05 Million Metric Tons

(Bloomberg) -- South Africa, the biggest corn
producer in Africa, kept its forecast of this year's crop
unchanged at 7.05 million tons from an estimate a month ago.

That's 9.2 percent lower than the original forecast of 7.76
million tons made in February and 6.5 percent more than last
year's crop of 6.62 million tons, data released today by the
government's Crop Estimates Committee showed.


Read more at Bloomberg Commodities News

US April existing home prices fell-S&P/Case Shiller

(Reuters) - S&P said its composite month-over-month index of 10
metropolitan areas declined 0.3 percent in April to 218.93, for
a 2.7 percent year-over-year drop.




Read more at Reuters.com Economic News

Psagot Ofek brokerage aims to double assets, value

(Reuters) - "We're talking about a doubling of clients, assets and the
company's value," Chairman Arik Steinberg told a news conference
on Tuesday. "This is based on organic growth."




He would not say by when the company planned to achieve its
targets but added that if it did decide to make any
acquisitions, it would change the targets accordingly.


Read more at Reuters.com Mergers News

BCE, Nortel Networks, Telus, Zarlink Semiconductor: Canada Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets
today. This preview includes news that broke after markets closed
yesterday. Stock symbols are in parentheses after company names and
prices are from the last close.

The Standard & Poor's/TSX Composite Index fell 144.17, or 1
percent, to 13,841.86 in Toronto.


Read more at Bloomberg Stocks News

Cracker Barrel parent says June sales rose 1.1 percent

(Reuters) - In the company's gift shops, same-store sales rose 2.9 percent in the four weeks that ended June 22, the company said.



) Keywords: CBRL SALES/


Read more at Reuters.com Market News

Slovakia's Central Bank Keeps Benchmark Rate Unchanged for Second Month

(Bloomberg) -- The Slovak central bank kept its
benchmark interest rate unchanged for a second month as it
assesses how a weaker koruna and previous reductions will affect
inflation.

The Bratislava-based bank today left the two-week repurchase
rate at 4.25 percent, spokeswoman Jana Kovacova said in a
conference call with journalists. She didn't elaborate on the
decision, which was predicted by all 21 economists surveyed by
Bloomberg. The central bank will hold a press conference at 1 p.m.
in Bratislava, Slovakia.


Read more at Bloomberg Emerging Markets News

Spreadtrum ups share offering by selling shareholders in IPO

(Reuters) - The offering is expected to be priced between $11 and $13
per ADS.





Read more at Reuters.com Government Filings News

Britain stands by decision to drop BAE probe

(Reuters) - He also declined to comment on whether the British government would cooperate with the U.S. Department of Justice investigation, which was announced earlier on Tuesday.




Read more at Reuters.com Business News

US subprime problems largely contained - Freddie Mac

(Reuters) - Fears have grown that this malaise could spread to other
areas of financial markets and the broader economy.




But Bitsberger said subprime defaults are largely clustered
in a handful of geographic regions. With most debt held by large
institutional, investors are able to absorb some losses and the
impact would likely be limited.


Read more at Reuters.com Bonds News

Australian Corporate Bond Risk Rises on Concern Over Bear Stearns Funds

(Bloomberg) -- The perceived risk of owning
Australian dollar corporate bonds rose as losses at two hedge
funds run by Bear Stearns Cos. raised concerns that the
creditworthiness of other U.S. securities firms which sell debt
in Australia may be hurt.

Credit-default swaps based on $10 million of debt in the
iTraxx Australia Series 7 Index of 25 companies rose $330 to a
six-week high of $27,000 at 2 p.m. in Sydney, according to ABN
Amro Holding NV. An increase in the five-year contracts, used to
speculate on the ability of bond sellers to repay debt, typically
suggests deteriorating credit quality.


Read more at Bloomberg Bonds News

SEC sees mutual recognition of rules step by step

(Reuters) - The SEC is reviewing how to allow banks, brokers and
exchanges from other countries to operate on the U.S. market
more easily, without going through a full, cumbersome U.S.
authorisation process.




The switch to so-called "mutual recognition" would mark a
huge shift in how the SEC regulates markets.


Read more at Reuters.com Government Filings News

Rubber Declines in Tokyo on Concern Price Gains on Thai Fire Were Overdone

(Bloomberg) -- Rubber futures in Tokyo, the global
benchmark, fell on speculation a fire at a Thai rubber warehouse
pushed prices too high yesterday, given the lack of likely
restrictions on supply.

Between 1,000 and 2,000 metric tons of rubber were
destroyed in a June 24 blaze at a B. Right Rubber Ltd. warehouse
in Songkha province, a company official said yesterday. The
amount destroyed was too small to support rubber for a second
day, Mutsuki Okubo, a trader at Kanetsu Asset Management Co. in
Tokyo, said today.


Read more at Bloomberg Commodities News

Billionaire Arison, Israeli Heiress of `Inner Peace,' Roils Biggest Bank

(Bloomberg) -- ``You all here know Shari Arison,
right?'' talk show host Lior Shlein, the Israeli answer to David
Letterman, asks during his monologue on May 8. A picture of
Arison, the 49-year-old billionaire Carnival Corp. heiress and
Israel's richest woman, flashes on the TV screen.

``She believes in good vibes,'' Shlein says, a reference to
Arison's New Age group Essence of Life. ``She believes in the
slogan `Peace begins within me.' And she believes in high
interest fees and low credit limits.''


Read more at Bloomberg Exclusive News

SCM Microsystems warns on first-half sales

(Reuters) - SCM shares closed Monday at $3.57 on the Nasdaq.




Read more at Reuters.com Business News

China shares slide over 3 percent on policy fears

(Reuters) - China's main stock index plunged more than 3 percent for a third straight day on Tuesday because of concern about government policies to cool the economy and the market.

The Shanghai Composite Index sank 3.12 percent to a low of 3,818.853 points in the first half hour of trade. It tumbled 6.83 percent on Friday and Monday.


Read more at Reuters Africa

Mittal, Nippon Steel to sign partnership deal - paper

(Reuters) - Arcelor Mittal and Nippon Steel Corp. will ink a new partnership agreement next month on technology transfer and capacity expansion at their joint ventures, the Nikkei business daily reported on Tuesday.

Mittal Chairman Lakshmi Mittal and Nippon Steel President Akio Mimura will meet in New York next month to sign the deal, the Nikkei said.


Read more at Reuters Africa