Blackstone's India Fund benefits from tax haven

(Reuters) - A U.S. crackdown on tax loopholes for private equity giants such as Blackstone could spur investors to plow their money into offshore vehicles that get soft tax treatment. U.S. lawmakers have proposed legislation that could double the tax burden for Blackstone and others.




A symbol of U.S. superwealth, Blackstone made its debut on the New York Stock Exchange on Friday after raising $4.13 billion in an initial public offering.


Read more at Reuters.com Hot Stocks News

Union says declares dispute against Northam Platinum

(Reuters) - South Africa's National Union of Mineworkers (NUM) has declared a dispute against small mining firm Northam Platinum, it said on Friday.

The NUM declared a dispute, the first legal step towards going on strike, after the company refused to submit a wage offer, it said in a statement.


Read more at Reuters Africa

Cosan, Diagnosticos, Marcopolo, Vale do Rio Doce: Brazilian Equity Movers

(Bloomberg) -- Brazil's main stock index fell for the
third time in four days, led by mining company Cia. Vale do Rio
Doce.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 308.56, or 0.6 percent, to 54,348.32 as of 9:45 a.m.
New York time.


Read more at Bloomberg Stocks News

India's 10-Year Bonds Advance in Week as Inflation Slows to One-Year Low

(Bloomberg) -- India's 10-year bonds advanced in
the week after a government report showed the inflation rate
declined more than economists expected, to a 13-month low.

Bonds snapped two weeks of losses as the Ministry of
Commerce and Industry said wholesale prices climbed 4.28 percent
in the week ended June 9 from a year earlier. The median
estimate in a Bloomberg News survey was for an increase of 4.45
percent. Slower inflation boosts the value of the returns from
debt, making the securities more attractive.


Read more at Bloomberg Bonds News

Milan's Borsa gives go ahead to accept LSE bid-source

(Reuters) - The source said there was another offer but it was not concrete enough to be presented to the board.



Sources close to the situation had said the LSE offer for the bourse is worth about 1.6 billion euros .


Read more at Reuters.com Mergers News

U.S. approves Barr generic version of Roche's Vesanoid

(Reuters) - Barr said it plans to launch 10 mg capsules of tretinoin immediately. Vesanoid had sales of $24 million in the year to April, the company said.



Roche Laboratories is a subsidiary of Swiss drug maker Roche Holdings AG


Read more at Reuters.com Government Filings News

Unions say no deal on S.Africa public servant strike

(Reuters) - South Africa's COSATU labour federation said on Friday negotiators had failed to reach a deal with the government to end a three-week public servants' strike.

"The majority of Public Service unions ... agreed that they cannot at this stage sign any agreement with the employer," the Congress of South African Trade Unions (COSATU) said in a statement following talks with government representatives.


Read more at Reuters Africa

Platinum, Palladium Rise as Falling U.S. Dollar Boosts Investment Appeal

(Bloomberg) -- Platinum and palladium rose in New
York along with other precious metals as a decline in the U.S.
dollar boosted their appeal as alternative investments.

The dollar fell to a two-week low against the euro after
European Central Bank President Jean-Claude Trichet suggested he
may extend interest-rate increases. Platinum, mostly traded in
dollars, has risen 14 percent this year as the dollar dropped
1.5 percent against a basket of six major world currencies,
including the euro.


Read more at Bloomberg Commodities News

UPDATE 1-Pianalto-Fed wants efficient,effective credit flow

(Reuters) - "It is important to keep in mind the overall outcome we are
trying to achieve, which is the efficient and effective flow of
credit and capital," Pianalto said in remarks prepared for
delivery at a Cleveland Fed conference on community
development.




While Pianalto focused on troubles in the subprime mortgage
market, she did not discuss the outlook for the U.S. economy or
monetary policy. A copy of her remarks was made available ahead
of delivery.


Read more at Reuters.com Bonds News

UPDATE 1-Bush to host Vietnam president in historic visit

(Reuters) - WASHINGTON, June 22 - President George W. Bush,
hosting Vietnam's president in a historic visit, will welcome
robust trade ties the United States has developed with a former
enemy but also will voice concerns on Hanoi's human rights
record.




Vietnamese President Nguyen Minh Triet is making the first
U.S. trip by a head of state from his country since the Vietnam
War ended in 1975.


Read more at Reuters.com Bonds News

German Consumer Confidence, U.S. Home Sales, Fed Rates: Europe Week Ahead

(Bloomberg) -- Reports on German consumer
confidence, U.S. home sales and the Federal Reserve's decision on
interest rates may move stock markets in Europe next week.

``With a flurry of economic data to be released next week,
inflation will be the main topic,'' said Juergen Lukasser, who
helps manage $20 billion as head of equities at Constantia
Privatbank AG in Vienna. ``Investors will look very closely at
the housing data from the U.S.''


Read more at Bloomberg Stocks News

Abercrombie, Blackstone, Delphi, EBay, Jabil, Taser: 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.

Abercrombie & Fitch Co. (ANF US) fell $1.84, or 2.4 percent,
to $74.74. The casual clothing retailer for teens and college
students was cut to ``equal weight'' from ``overweight'' at
Lehman Brothers Holdings Inc. The company's same-store sales
could decline in the second and third quarters, and a later back
to school period could result in a ``disappointing'' July,
analysts wrote in a note.


Read more at Bloomberg Stocks News

Argentine firm fails to buy GE's hydro business

(Reuters) - Pescarmona, also known as PGC, operates water and
wind-based power generating projects, such as dams and wind
farms, and is involved in the insurance, auto-parts and ports
businesses. It employs 6,000 people in 27 countries.




Read more at Reuters.com Mergers News

BP's Russia unit surrenders gas field to Gazprom

(Reuters) - The sale is the culmination of years of pressure on BP's
Russian joint venture TNK-BP, which wanted to develop the huge
field to supply lucrative export markets in Asia.




Gas export monopoly Gazprom has consistently blocked these
plans, while regulators accused the Kovykta operating company,
Rusia Petroleum, of breaching its license terms.


Read more at Reuters.com Mergers News

UDPATE 1-Domtar to sell forest products unit for C$285 mln

(Reuters) - The deal, which is expected to close before the end of the
year, also includes about C$50 million of working capital, the
paper and pulp maker said in a statement.




The transaction includes sawmills and timber rights in
Ontario and Quebec.


Read more at Reuters.com Mergers News

Canada's Dollar Rises From Three-Week Low on Rate Increase Expectations

(Bloomberg) -- The Canadian dollar rebounded from a
three-week low on expectation the Federal Reserve will remain on
hold while the Bank of Canada may raise the borrowing costs
twice this year.

The Canadian dollar advanced a day after a slower-than-
forecast retails sales growth prompted the currency's biggest
loss in eight months. The yield gap between 2-year Canadian
government bonds and similar-maturity U.S. Treasury notes at
stood at 28 basis points, or 0.28 percentage point, near the
lowest since January 2005. Shorter maturities are most sensitive
interest rate change.


Read more at Bloomberg Currencies News

Alaska Airlines unit revs fall in May

(Reuters) - The carrier also forecast a decline in Alaska Airlines'
second-quarter cost per available seat mile, or unit costs, by
1 percent to 2 percent. It expects second-quarter capacity at
Alaska Airlines to rise by 5 percent.




Read more at Reuters.com Market News

Nigerian inflation climbs to 4.6 pct in May

(Reuters) - Nigerian year-on-year consumer price inflation climbed to 4.6 percent in May from 4.2 percent the previous month, the National Bureau of Statistics (NBS) said on Friday.

The composite consumer price index rose by 0.5 percent to 161.9 in May compared to 161.1 percent in April, the bureau said in its latest monthly report.


Read more at Reuters Africa

RPT-REFILE-FFCB launches $1.0 bln 2-year designated bonds

(Reuters) - The bonds will price later on Friday via the joint lead
managers on the sale, which are Nomura Securities International
and Merrill Lynch .




Read more at Reuters.com Bonds News

TREASURIES-Bonds mostly flat amid rate, fund worries

(Reuters) - NEW YORK, June 22 - U.S. government debt prices
were mostly flat on Friday, with most players moving to the
sidelines amid concerns about hedge funds and rising global
interest rates.




Investors also became cautious ahead of next week's Federal
Reserve policy meeting. Wall Street widely expects the Fed to
leave the key federal funds rate unchanged at 5.25 percent, but
signs of reviving economic growth are expected to keep
inflation the predominant issue for policy-makers.


Read more at Reuters.com Bonds News

Yen Drops to Record Low Against Euro as Interest Rates Spur Carry Trade

(Bloomberg) -- The yen dropped to a record low
against the euro and fell to the lowest level in more than four
years versus the dollar as global investors borrowed the nation's
currency to buy higher-yielding assets elsewhere.

Japan's lowest interest rates among major economies also
spurred the country's investors to put on the so-called carry
trades, adding to yen selling. The euro rose to a two-week high
against the dollar after European Central Bank President Jean-
Claude Trichet suggested he may extend interest-rate increases.


Read more at Bloomberg Currencies News

Treasury Yield Curve Steepens the Most Since 2005 as Investors Seek Safety

(Bloomberg) -- The difference in Treasury 10-year
and two-year note yields widened to the most since October 2005
as investors sought a haven from hedge fund losses.

Two-year notes were poised for their first weekly gain
since April, while 10-year notes were down for a seventh week,
widening the yield advantage of the longer-term debt to 21 basis
points. Investors bought two-year notes as creditors moved to
liquidate assets from two Bear Stearns Cos. hedge funds.


Read more at Bloomberg Bonds News

Kenyan shilling eases slightly vs dollar, market quiet

(Reuters) - The Kenya shilling eased marginally against the dollar on Friday due to mild corporate dollar demand from the telecoms and energy sectors, dealers said.

At 1125 GMT, the shilling traded at 66.60/70 to the dollar, compared with Thursday's close of 66.55/65.


Read more at Reuters Africa

Gazprom Gains BP Siberian Gas Field as Putin Ends Foreign Energy Control

(Bloomberg) -- OAO Gazprom took control of BP Plc's
stake in a Siberian deposit with enough natural gas to supply
Asia for five years, as President Vladimir Putin ends foreign
ownership of Russia's biggest energy assets.

Gazprom will buy the 63 percent stake in the Kovykta field
held by BP's Russian unit TNK-BP and half of the East Siberian
Gas Co. for between $700 million and $900 million, BP said in a
statement distributed via the Regulatory News Service today.
TNK-BP has the right to buy 25 percent of Kovykta later.


Read more at Bloomberg Energy News

Gold Fields says Venezuela strike ends, output hit

(Reuters) - South Africa's Gold Fields Ltd said on Friday workers had ended a strike that had started on June 6 at its mine in Venezuela.

Gold Fields, the world's fourth biggest gold producer, said its employees had returned to work at the Choco 10 mine, but production for the quarter is expected to fall to 5,800 ounces from the previously advised 8,000 ounces.


Read more at Reuters Africa

Refined Sugar Heads for Biggest Weekly Gain in Six on Euronext in London

(Bloomberg) -- White sugar headed for its biggest
weekly gain in six as speculators bet that rising ethanol
production in Brazil and plans to boost Indian stockpiles would
lift prices.

Ethanol production in the Center-South region of Brazil,
the world's biggest sugar producer, rose 7.4 percent in the
first five months of the year, Reuters reported yesterday,
citing the region's sugar-mill association, Unica. India, the
world's second-biggest sugar producer, will more than double
stockpiles to arrest a slide in prices amid record output,
Finance Minister Palaniappan Chidambaram said yesterday.


Read more at Bloomberg Commodities News

FACTBOX: The Blackstone Group-key facts

(Reuters) - --Founded by Peter Peterson and Stephen Schwarzman in 1985.
Started with $400,000, after the two left brokerage Lehman
Brothers.




--Office: 345 Park Avenue, New York, New York


Read more at Reuters.com Business News

BP May Agree to Sell Kovykta Field Stake to Gazprom, Russian Ministry Says

(Bloomberg) -- BP Plc may lose control of a
Siberian gas field big enough to supply Asia for five years, a
government official said, as Russian President Vladimir Putin
ends foreign ownership of the nation's biggest energy assets.

Dmitry Medvedev, chairman of OAO Gazprom and a first deputy
prime minister, will chair a meeting in the Kremlin later today
between the Russian gas-export monopoly and BP, a Kremlin
spokeswoman said by phone, declining to be identified. Both
companies declined to comment.


Read more at Bloomberg Energy News

NYSE Euronext rivals LSE for Italy bourse: report

(Reuters) - Italy's Borsa Italiana will discuss the LSE's offer again at a board meeting on Friday. It spent hours discussing the LSE's complex offer on Thursday.




"At the moment, the only offer under discussion is the one from the LSE," a Borsa spokeswoman said on Friday. Borsa said after Thursday's meeting ended there were no other offers.


Read more at Reuters.com Business News

UPDATE 1-Catalyst Asset proposes exchange offer for BCE

(Reuters) - Each stapled security would consist of one underlying Bidco
common share and one Bidco subordinated debt security. The
combined dividends and interest per stapled security would be
set at an initial annual rate of C$2.55, Catalyst said. This
compares with BCE's current dividend of C$1.46 a share, it
said.




BCE, parent of phone company Bell Canada, is already the
target of three buyout consortiums and is also in talks to be
acquired by smaller rival Telus Corp.


Read more at Reuters.com Bonds News

Saudi Aramco May Cut LPG Prices on Falling Chemical Demand, Traders Say

(Bloomberg) -- Saudi Aramco, the world's biggest
producer of liquefied petroleum gas, may cut prices in July
because of falling demand from Asian chemical makers including
CPC Corp. and Mitsui Chemicals Inc., according to a Bloomberg
News survey.

Saudi Aramco may lower prices of propane by 3.4 percent to
$572 a metric ton from $592 by the end of June, according to the
median of five estimates by traders who declined to be
identified because of company policies. The refiner may trim
butane by 2.8 percent to $595 from $612 a ton, according to the
survey. The company will announce prices by end-June.


Read more at Bloomberg Energy News

Catalyst Asset proposes exchange offer for BCE

(Reuters) - Each stapled security would consist of one underlying Bidco
common share and one Bidco subordinated debt security. The
combined dividends and interest per stapled security would be
set at an initial annual rate of C$2.55, Catalyst said. This
compares with BCE's current dividend of C$1.46 a share, it
said.







Read more at Reuters.com Mergers News

European Stocks Decline on Ifo Report; BHP Billiton, Julius Baer Slide

(Bloomberg) -- European stocks dropped for a second
day after German business confidence fell more than economists
forecast in June, adding to signs that growth in Europe's largest
economy may slow.

BHP Billiton Ltd. led mining shares lower on concern China
will raise interest rates to cool the economy. Julius Baer
Holding AG declined the most in a year after UBS AG sold part of
its stake in the Swiss Bank, thwarting takeover speculation.
Deutsche Bank AG and Barclays Plc led a decline by banks on
concern that losses in the U.S. mortgage market may grow.


Read more at Bloomberg Stocks News

Treasuries Little Changed After Business Confidence Weakens in Germany

(Bloomberg) -- U.S. 10-year Treasuries were little
changed, following a six-week losing streak, after Germany's Ifo
institute reported an unexpectedly steep decline in business
confidence, easing speculation global inflation will accelerate.

Treasuries have slumped since early May, pushing benchmark
yields to a five-year high on prospects of faster economic
growth around the world. Investors sought the safety of shorter
maturities this week, prompting the gap between yields on two-
year notes and 10-year debt to widen.


Read more at Bloomberg Bonds News

Copper May Fall in London on China Concern; Nickel Heads for Weekly Drop

(Bloomberg) -- Copper may fall in London on
speculation demand growth in China, the metal's largest user,
will slow after the nation bought more than it needed earlier
this year. Nickel headed for a third straight weekly drop.

Purchases of refined copper and alloy dropped to 121,383
metric tons last month, from 192,069 tons in April, according to
revised figures issued by the Beijing-based customs office
today. The drop, 5 percentage points more than preliminary data
reported on June 15, was the biggest since October.


Read more at Bloomberg Commodities News

U.S. Stock-Index Futures Drop; Bear Stearns, Citigroup Decline in Europe

(Bloomberg) -- U.S. stock-index futures fell on
concern hedge-fund losses at Bear Stearns Cos. may worsen the
fallout from the subprime lending market.

Shares of Bear Stearns, the second-biggest U.S. underwriter
of mortgage bonds, dropped in Europe. The company plans to take
on $3.2 billion of loans to stave off a crisis involving one of
its money-losing hedge funds, people with knowledge of the
proposal said.


Read more at Bloomberg Stocks News

German Lawmakers Approve First Auctions of Carbon Dioxide Emission Permits

(Bloomberg) -- German lawmakers approved auctions
of carbon-dioxide emission permits, shrugging off complaints
from industry and utilities that the measure will send power
costs soaring.

Chancellor Angela Merkel's coalition helped vote through a
law today allowing the sale of almost 10 percent of carbon-
dioxide permits. RWE AG, Germany's second-biggest utility, has
said it may need to spend an extra 410 million euros ($554
million) a year to buy certificates.


Read more at Bloomberg Energy News

Gazprom Chairman Calls BP Meeting in Kremlin to Discuss Kovykta Gas Field

(Bloomberg) -- OAO Gazprom Chairman Dmitry Medvedev
will hold a meeting in the Kremlin today with executives from BP
Plc, whose license to a Siberian field with more natural gas
than Canada is being threatened by the government.

Medvedev, who is also a first deputy prime minister, will
chair a meeting regarding BP, a Kremlin spokeswoman said by
phone, declining to elaborate.


Read more at Bloomberg Energy News

U.S. Stock-Index Futures Drop; Bear Stearns, Merrill Shares Fall in Europe

(Bloomberg) -- U.S. stock-index futures fell on
concern hedge-fund losses at Bear Stearns Cos. may worsen the
fallout from the subprime lending market.

Shares of Bear Stearns, the second-biggest U.S. underwriter
of mortgage bonds, dropped in Europe. The company plans to take
on $3.2 billion of loans to stave off a crisis involving one of
its money-losing hedge funds, people with knowledge of the
proposal said.


Read more at Bloomberg Stocks News

BHP lifts force majeure on Newcastle coal exports

(Reuters) - BHP Billiton Ltd. on Friday lifted its force majeure on coal exports from Australia's Newcastle port, while rail shipments to the port should return to normal by Monday.

The move should ease supply fears among Asian electricity producers, after storm-related disruptions at the port had seen a cargo of Newcastle-origin thermal coal trade at a record high of $67 a tonne on Friday.


Read more at Reuters Africa

Deutsche Bank Hires ABN Amro's Debt Syndication Head in Asia, People Say

(Bloomberg) -- Deutsche Bank AG hired Herman van den
Wall Bake from ABN Amro Holding NV as the German bank increases
its market share in Asia, according to two people with knowledge
of the matter.

The former head of Asian debt syndication at ABN Amro will
join the region's leading bond underwriter as a director, the
people said, asking not to be named before a company announcement.
Singapore-based van den Wall Bake, 37, will report to Mark Leahy,
Deutsche Bank's head of Asian debt syndication.


Read more at Bloomberg Bonds News

Crude Oil Falls Amid Speculation Nigerian Strike Won't Disrupt Its Exports

(Bloomberg) -- Crude oil fell as some analysts and
traders speculated a strike in Nigeria would fail to affect exports
from Africa's largest producer.

Oil workers left Nigeria's export terminals yesterday as part
of a general strike protesting an increase in domestic fuel prices
and taxes. Oil traders and analysts doubt the strike has further
disrupted supplies from Nigeria. About a third of the nation's
output was already halted by political and criminal violence.


Read more at Bloomberg Commodities News

Electricite de France Shares Rise for Third Day on Outlook for Power Rates

(Bloomberg) -- Shares in Electricite de France SA,
Europe's biggest power generator, rose for a third day on
speculation the state-controlled utility may benefit from higher
power rates and demand for nuclear plants.

Shares of EDF, whose 58 nuclear plants generate almost half
of Europe's nuclear power, rose as much as 2.83 euros, or 3.7
percent, and were trading up 2.3 percent to 78.40 euros at 10:45
a.m. in Paris. The stock has gained 10 percent in three days,
making EDF France's biggest company by value ahead of Total SA.


Read more at Bloomberg Stocks News

GLOBAL MARKETS-Yen falls, Ifo hurts European equities

(Reuters) - European stocks dropped into negative territory after
Germany's Ifo economic research institute said its business
climate index dropped to 107.0 from 108.6 a month earlier.
Economists polled by Reuter had forecast 108.4.




The report undermined a mild rally in stocks that followed
losses on Thursday driven by fears of higher interest rates and
worries about the impact of troubles at two hedge funds managed
by Bear Stearns.


Read more at Reuters.com Bonds News

Yen slides to 4-1/2-year low against dollar

(Reuters) - The yen fell to a 4-1/2-year low against the dollar on Friday as Japanese investors dumped their low-yielding currency for foreign assets and market players kept using the unit to fund carry trades.

The Australian dollar struck a 16-year peak against the yen and sterling hit a 15-year high as traders cited steady foreign currency buying by new Japanese investment trusts drawing in funds from households receiving summer bonuses.


Read more at Reuters Africa

Old Mutual upbeat on South Africa for medium term

(Reuters) - Insurer Old Mutual said on Friday that inflationary pressures could curb short-term economic momentum in South Africa, but that prospects for the country over the medium to long term remained excellent.

"In its chosen market segments, Old Mutual South Africa will compete through further expanding its distribution reach, introducing new era products and providing specialised asset management options for investors," the firm said in an investor presentation on its South African business.


Read more at Reuters Africa

Shanghai copper down 1 pct, LME stocks seen rising

(Reuters) - Shanghai copper fell nearly 1 percent on Friday on weakness in London futures in the previous session after stocks jumped nearly 5 percent following large-scale deliveries into warehouses in South Korea.

London Metal Exchange inventories rose 5,400 tonnes to 119,600 tonnes on Thursday after deliveries of 6,550 tonnes into warehouses in South Korea, and traders said more metal was expected.


Read more at Reuters Africa

European Stocks Decline on Ifo Report; Julius Baer, Maersk Lead Drop

(Bloomberg) -- European stocks dropped for a second
day after German business confidence fell more than economists
forecast in June, adding to signs that growth in Europe's largest
economy is slowing.

Julius Baer Holding AG fell after UBS AG sold part of its
stake in the Swiss Bank. A.P. Moeller-Maersk declined after the
company named a new chief executive officer. Pearson Plc rose after
the U.K. publisher abandoned a possible bid for Dow Jones & Co.


Read more at Bloomberg Stocks News

Nigeria Strike Continues After Government, Unions Fail to Reach Agreement

(Bloomberg) -- A nationwide general strike in Nigeria,
Africa's biggest oil producer, continued for a third day after
labor unions and the federal government failed to reach an
agreement over an increase in domestic fuel prices.

Peter Akpatason, the president of the National Union of
Petroleum & Natural Gas Workers, or Nupeng, said the next meeting
was scheduled for 9 a.m. today. Yesterday, oil unions withdrew
workers for export terminals in a bid to halt exports and intensify
pressure on the new administration of President Umuru Yar'Adua.


Read more at Bloomberg Emerging Markets News

Japan's 20-Year Bonds Gain for Week; Yields Near One-Year High Lure Buyers

(Bloomberg) -- Japan's 20-year bonds rose,
completing their first weekly gain in five, on speculation
yields near the highest in a year will lure investors after
local stocks declined.

Bonds snapped the longest weekly losing streak since
October after a government report showed manufacturers turned
pessimistic, fueling expectations a central bank survey of
business sentiment next month will be weaker than some
economists expect. Signs of slower growth may attract buyers to
10-year bond yields near the highest since February relative to
two-year securities.


Read more at Bloomberg Bonds News