South Korea's Won Strengthens on Consumer Confidence; Bonds Little Changed

(Bloomberg) -- The South Korean won had the
strongest close in more than a month after a central bank report
showed consumers were the most optimistic in 15 months in the
second quarter. Bonds were little changed.

Growth in Korea's gross domestic product is likely to
strengthen ``gradually'' over the rest of 2007 as domestic
demand picks up, the Organization for Economic Cooperation and
Development said June 20. The won rose after the finance
ministry said consumers are supporting the expansion in Asia's
third-largest economy.


Read more at Bloomberg Currencies News

Australian Shares Decline, Led by BHP, Macquarie on U.S. Economic Concerns

(Bloomberg) -- Australian stocks fell for a third
day. Stocks that depend on global growth, such as BHP Billiton
Ltd. and Macquarie Bank Ltd., dropped as the Australian dollar
traded near an 18-year high, and as concern intensified that U.S.
banks will be saddled with losses on mortgage bonds.

The S&P/ASX 200 Index slid 52.90, or 0.8 percent, to 6329.70
at the close in Sydney. About 15 stocks declined for every four
that gained.


Read more at Bloomberg Stocks News

Thailand Plans to Buy Electricity From China in Next Decade to Meet Demand

(Bloomberg) -- Thailand, Southeast Asia's second-
biggest economy, plans to buy electricity from China for the
first time starting in 2017 because the country isn't building
its own plants fast enough to meet an expected surge in demand.

The Thai government has signed an initial agreement to buy
about 3,000 megawatts of electricity from hydropower plants in
southern China starting in 2017, Energy Minister Piyasvasti
Amranand, 53, said in an interview. Thailand needs to add more
than 30,000 megawatts of generating capacity by 2021 to avoid
shortages, according to the ministry's forecasts.


Read more at Bloomberg Emerging Markets News

Gold steady, yen helps Tokyo platinum hit record

(Reuters) - Gold held steady on Monday after rising more than $2 an ounce the previous session, while a weaker yen lent support to yen-based futures prices in Tokyo, with the most active platinum contract hitting a record high.

Spot gold was at $652.90/653.50 an ounce as of 0210 GMT, slightly lower than $653.60/655.10 late in New York on Friday.


Read more at Reuters Africa

PRESS DIGEST - Wall Street Journal - June 25

(Reuters) - * The near-meltdown of two Bear Stearns hedge funds
underscored and aggravated a growing fear that hard-to-trade
investments may spur a broader market retreat.




* Dow Jones & Co. and News Corp. continued
negotiations over Murdoch's takeover bid after talks nearly
collapsed over an editorial-independence safeguard plan.


Read more at Reuters.com Government Filings 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

REUTERS SUMMIT-S'pore GIC eyeing Russia, Vietnam, Turkey

(Reuters) - "The trend of wealth creation is shifting from the West to
the East and if you are positioning your strategy over the long
term, your strategy over the last 10 years would be different
for the next 10 years," said Seek Ngee Huat, president of GIC
Real Estate, speaking at the Reuters Real Estate Summit in
Singapore.




He said GIC had begun to "explore" Russia, Turkey and
Vietnam and was also looking to make significant investments in
India, where it last week announced a joint venture with
Mumbai-based property firm Runwal to build a $62 million mall.
He did not say how much investment might flow to those
countries.


Read more at Reuters.com Bonds News

Reuters Summit-FACTBOX-China's property market cooling measures

(Reuters) - The government initially focused on curbing land supply in
mid-2003, but this only pushed up prices. So it then switched
the focus to cooling demand.




Following are some of the steps taken to date to cool the
economy and property sector.


Read more at Reuters.com Government Filings News

Palm Oil Drops in Asia After Exports Slow, Argentina Forecasts Large Crop

(Bloomberg) -- Palm oil futures on the Malaysia
Derivatives Exchange, which trades the benchmark contract, fell
for a second day on concern over falling exports and a forecast
rise in supply of soybeans, which can be used as a substitute.

Shipments from Malaysia, which with Indonesia produces
almost 90 percent of global output, fell 11 percent in the first
25 days of June from the previous month, Intertek Malaysia said.
Argentina, the third-biggest soybean producer, may have a record
harvest, the Buenos Aires Cereals Exchange said on June 22.


Read more at Bloomberg Commodities News

Taiwan's Bonds Gain on Reduction in Debt Sales; Currency's Advance Stalls

(Bloomberg) -- Taiwan's 10-year bonds rose after
the Ministry of Finance said it will reduce debt sales next
quarter. The island's dollar was little changed.

The government plans to sell NT$80 billion ($2.4 billion)
to NT$90 billion of bonds in the three months to Sept. 30, the
finance ministry said June 23 in a statement on its Web site.
That's less than the NT$110 billion the government sold in the
July-to-September period last year.


Read more at Bloomberg Bonds News

European Government Bonds May Decline Before Consumer Confidence Report

(Bloomberg) -- European government bonds may drop
before a report that's expected to show German consumer
confidence rose, adding to expectations the European Central Bank
will keep raising interest rates.

Benchmark 10-year bund yields held near the highest in
almost five year last week after surveys showed euro-region
manufacturing grew at an unexpectedly rapid pace in June and
Belgian business confidence rose more than forecast. GfK AG's
confidence index for July probably climbed to 7.8 from 7.3 in
June, according to economists surveyed by Bloomberg News.


Read more at Bloomberg Bonds News

TREASURIES-Two-year yields dip before housing data

(Reuters) - Treasuries continued to draw support from such concerns, said
a trader for a U.S. brokerage, although he added that Asian
investors seemed to be staying on the sidelines this session.




"There haven't been any particularly big flows. Asian
investors are waiting for New York trading and data coming up
this week," the trader said.


Read more at Reuters.com Bonds 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

Taiwan's CPC Corp. Offers 30,000 Tons of Jet Fuel for Loading in August

(Bloomberg) -- CPC Corp., Taiwan's state oil
refiner, offered to sell 30,000 metric tons of jet fuel for
loading in August, said a company official who declined to be
identified.

Details of the tender are as follows:


Read more at Bloomberg Energy News

Japanese Stocks Drop, Led by Property Developers; Takeda, Nintendo Gain

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

Limiting losses, some exporters such as Advantest Corp. and
Fanuc Ltd. gained as investors judged the benefit of a weaker
yen outweighed the implications of mortgage defaults in the U.S.


Read more at Bloomberg Stocks 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

Vietnam to Weaken Currency 1 Percent a Year, Deputy Prime Minister Says

(Bloomberg) -- Vietnam will extend its policy of
weakening the dong by as much as 1 percent a year to boost the
country's exports, Deputy Prime Minister Nguyen Sinh Hung said.

The State Bank of Vietnam, the country's central bank, has
engineered about 1 percent depreciation against the dollar in
each of the last three years to promote overseas shipments and
economic growth. Central bank selling of the dong may counter
demand for the currency from overseas investors buying shares in
the nation's companies.


Read more at Bloomberg Emerging Markets News

Aerofot, Arcelor Mittal, HVB, ING, Unified Energy: European Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in European markets. Prices are from the last close.

The Dow Jones Stoxx 600 Index fell 0.3 percent to 392.43.
The Dow Jones Stoxx 50 Index dropped 1.1 percent to 3933.98. The
Euro Stoxx 50 Index, a benchmark for the 13 nations using the
euro, lost 0.3 percent to 3922.84.


Read more at Bloomberg Stocks News

Posco to Construct Third Steel-Processing Plant in Thailand, Official Says

(Bloomberg) -- Posco, Asia's third-biggest
steelmaker, plans to build a third processing plant in Thailand
and is looking for potential partners.

The company, based in Pohang, South Korea, will complete
the 120,000 metric ton plant by October next year, Ko Min Jin, a
Posco spokeswoman, said by phone from Seoul, confirming comments
made by In Chan Moon, Posco's head of Thai operations. The three
plants will process a combined 400,000 tons by 2011, Ko said.


Read more at Bloomberg Commodities News

Philippines Plans $100 Million Bond Sale to Families of Overseas Workers

(Bloomberg) -- The Philippine government plans to
sell at least $100 million of bonds to the families of overseas
workers as early as the third quarter, said a banker involved in
the deal.

State-owned Land Bank of the Philippines and Hongkong and
Shanghai Banking Corp. will underwrite the debt sale, Land
Bank's assistant vice president Alex Macapagal said.


Read more at Bloomberg Bonds News

Asian Shares Decline on Interest-Rate Concern; Mitsubishi Estate Drops

(Bloomberg) -- Shares of Asian property developers
and banks dropped amid speculation rising interest rates will
hurt earnings. Mitsubishi Estate Co. and Westpac Banking Corp.
led the decline.

Limiting losses, some exporters such as Canon Inc. and Honda
Motor Co. advanced as investors judged the benefit of a weaker
yen outweighed the implications of mortgage defaults in the U.S.


Read more at Bloomberg Stocks News

Japanese Stocks Drop, Led by Property Developers; Takeda, Matsushita Gain

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

Limiting losses, some exporters such as Canon Inc. and
Honda Motor Co. advanced as investors judged the benefit of a
weaker yen outweighed the implications of mortgage defaults in
the U.S.


Read more at Bloomberg Stocks News

Xstrata Starts Study of Wandoan Thermal Coal Mine in Northern Australia

(Bloomberg) -- Xstrata Plc, a miner of coal and
metals, started investigations into the feasibility of
developing an open-cut thermal coal mine at Wandoan in
Australia's Queensland state.

The proposed mine may have initial production of more than
20 million metric tons a year and an expected life of 30 years,
Zug, Switzerland-based Xstrata said today in an e-mail statement.


Read more at Bloomberg Commodities News

Nintendo outstrips Sony in market value

(Reuters) - Demand for its DS handheld game players also far outstripped that for Sony's PlayStation Portable. Shares in Nintendo were up 1.9 percent at 46,300 yen in early trade, boosting its market value to 6.56 trillion yen , while Sony fell 0.9 percent to 6,490 yen, or 6.51 trillion yen in market capitalization.




Read more at Reuters.com Business News

Australian Shares Decline, Led by BHP, Westfield on U.S. Economic Concerns

(Bloomberg) -- Australian stocks fell for a third
day. Stocks that depend on global growth, such as BHP Billiton
Ltd. and Macquarie Bank Ltd., dropped on concern losses from the
faltering U.S. subprime market will be worse than expected.

The S&P/ASX 200 Index slid 51.0, or 0.8 percent, to 6331.60
as of 10:28 a.m. in Sydney. About 16 stocks declined for every
three that gained.


Read more at Bloomberg Stocks 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

South Korean Consumer Confidence Rose to 15-Month High in Second Quarter

(Bloomberg) -- South Korean consumers showed the
most optimism in 15 months in the second quarter, an indication
that households may spend more and help spur economic growth.

The Bank of Korea's consumer confidence index increased to
108 in the second quarter from 103 in the previous three months,
the central bank said in a statement in Seoul today. A reading
higher than 100 indicates optimists outnumber pessimists.


Read more at Bloomberg Bonds News

Oil slides 0.7 percent as Nigerian strike ends

(Reuters) - U.S. light, sweet crude for August delivery fell 58 cents or 0.84 percent to $68.60 a barrel, unwinding half of last week's gains that were also fuelled by concerns that U.S. refiners are struggling to meet fuel demand in the world's top consumer.




At the weekend, unions in Africa's top oil producer called off their strike after the government agreed to freeze fuel prices for a year.


Read more at Reuters.com Hot Stocks News

Goldman to sell S.Korea cable operator stake: paper

(Reuters) - The sale may include management rights from the family owners of the country's No. 2 cable TV operator, the daily said.




Three investment groups have handed in their bids, including South Korean investment fund MBK Partners, a private equity arm run by Australia's Macquarie Bank and South Korea's Shinhan Financial Group .


Read more at Reuters.com Mergers News

Lone Star in talks with several to sell KEB: paper

(Reuters) - Lone Star sold on Friday a 13.6 percent stake in KEB and two South Korean firms for a total of $2.3 billion.




The fund scrapped a $7.3 billion deal last year to sell KEB to Kookmin Bank amid a legal dispute with regulators over its $1.2 billion purchase of a majority of KEB in 2003.


Read more at Reuters.com Business News

Australian Dollar Near 18-Year High as Wider Bond Spread Lures Investors

(Bloomberg) -- The Australian dollar traded near an
18-year high as investors were attracted to the yield advantage
of the country's bonds over U.S. debt.

The yield spread between Australian two-year bonds and
equivalent Treasuries widened to 1.51 percentage points, the
most in two weeks. The currency is the second best performer
this month after New Zealand's dollar on Australia's 6.25
percent interest rate, which compares to 5.25 percent in the U.S.


Read more at Bloomberg Currencies News

Asian Stocks Trading in U.S. Post Worst Weekly Drop in 2 Months; BHP Falls

(Bloomberg) -- Asian stocks trading in the U.S. had
their worst weekly decline in almost two months amid concern
China may boost interest rates to cool economic growth and the
damage from a collapse in U.S. subprime market may be worse than
expected.

Toyota Motor Corp. and BHP Billiton led the retreat.


Read more at Bloomberg Stocks News

Softbank, Aeon Credit Service, Kubota, Tsuruha: Japanese Equity Preview

(Bloomberg) -- The following stocks may move in
Japanese markets on June 25. Prices are as of the close of
trading. Statements were released after the close. Stock symbols
are in parentheses.

Aeon Credit Service Co. (8570 JT): The credit card company
said first-quarter net income rose 10 percent to 4.22 billion
yen, with an 11 percent rise in revenue. The stock rose 12 yen,
or 0.6 percent, to 1,968.


Read more at Bloomberg Stocks News

U.S. Gasoline Pump Price Declines 11 Cents to $3 a Gallon, Lundberg Says

(Bloomberg) -- U.S. gasoline at the pump fell 11
cents during the past two weeks to an average $3 a gallon,
Trilby Lundberg said, citing her survey of 7,000 filling
stations nationwide.

Prices dropped as inventories of the motor fuel for the
week ended June 15 rose for a seventh consecutive week, the U.S.
Energy Department reported on June 20. Supplies were 4.2 percent
below the five-year average. Higher gasoline output by refiners
helped pare the deficit to the average from 7.5 percent in mid-
May.


Read more at Bloomberg Energy News

New Zealand Dollar May Strengthen as Japan Investors Attracted to Yields

(Bloomberg) -- New Zealand's dollar may rise today
as investors in Japan continue to be attracted to the nation's
higher-yielding assets.

The currency, known as the kiwi, gained 35 percent against
the yen, and 26 versus the U.S. dollar the past year as
investors use cheaply borrowed yen to buy New Zealand bonds and
bills. The country's record 8 percent interest rate is 7.5
percentage points higher than Japan's.


Read more at Bloomberg Currencies News

KarstadtQuelle hires banks to sell property-paper

(Reuters) - Last week, the tourism, department store and mail-order
group had said it could merge its department store division
with a rival as a prelude to a separate stock market listing
for the unit within 18 months.




In March 2006, KarstadtQuelle sold its property portfolio
for 4.5 billion euros, more than three times its book value, to
a joint venture owned 49 percent by itself and 51 percent by
Whitehall, a Goldman Sachs property fund.



Read more at Reuters.com Mergers News

As Real Soars, Brazilians Make Love to Gucci, Porsche, Praada and Tiffany

(Bloomberg) -- Never have Gucci, Porsche, Jaguar,
Prada and Tiffany been so in love with Brazil, home of the
world's best-performing currency over the past three years.

The waiting list for Prada SpA's new spring-summer line of
leather bags has swelled to 120 people at Dona Santa, a luxury
goods store in the Brazilian coastal city of Recife. The most
expensive bag in the collection costs $3,600, equal to about
half the annual income of the average Brazilian household.


Read more at Bloomberg Currencies News

UPDATE 1-Norddeutsche says to bid 30 eur/shr for Cumerio

(Reuters) - Norddeutsche will make a cash tender offer of 30 euros per
Cumerio share, which would be a premium of 28.5 percent to the
closing share price on June 21, valuing Cumerio at 777 million
euros , Norddeutsche said in a statement.




"This is the ideal combination for both companies. It
provides a unique opportunity to lead the consolidation of our
industry and create an international leader and a growth
platform in the sector beyond Europe," Norddeutsche Chief
Executive Werner Marnette said in a statement.


Read more at Reuters.com Mergers News

WEEKEAHEAD-Emerging debt investors wary of subprime, Fed

(Reuters) - Fears that the subprime mortgage crisis could spill over
into other markets already led some investors to flee risky
assets on Friday, in an initial flight to safe-haven U.S.
Treasury notes.




Emerging debt spreads over Treasuries, an important measure
of risk aversion, widened 6 basis points to 159 basis points
during the week, according to the JP Morgan's EMBI+ index
. Only on Friday, spreads widened 4 basis points.


Read more at Reuters.com Bonds News

Gold Futures May Decline on Speculation Dollar Will Climb, Survey Says

(Bloomberg) -- Gold may fall for the second straight
week on speculation that rising U.S. interest rates will boost the
value of the dollar, reducing the appeal of the precious metal as
an alternative investment.

Ten of the 25 traders, investors and analysts surveyed by
Bloomberg from Sydney to Chicago on June 21 and June 22 advised
selling gold, which fell 0.3 percent last week to $657 an ounce on
the Comex division of the New York Mercantile Exchange. Nine said
to buy, and six were neutral.


Read more at Bloomberg Commodities News

DaimlerChrysler CEO sees good years ahead: paper

(Reuters) - DaimlerChrysler announced in May it would sell an 80.1-percent stake in Chrysler Group to private equity firm Cerberus Capital Management , unwinding the 1998 merger of Daimler-Benz and Chrysler that never worked out as planned.




Zetsche pointed out that the risk of being taken over by a financial investor was much lower after the sale.


Read more at Reuters.com Business News

Customer service a casualty of U.S. airline recovery

(Reuters) - If carriers want to ensure long-term survival, they say
they have no choice but to restrain capacity, fill as many
seats as possible and cut costs wherever they can.




And for travelers who don't like it, there is always the
bus.


Read more at Reuters.com Government Filings News

RPT-IPO-VIEW-Blackstone IPO sets stage for robust 2007

(Reuters) - NEW YORK, June 24 - The past week's U.S. market
for initial public offerings lacked quantity, but Thursday's
$4.13 billion offering by Blackstone Group more than made up
for it, and put the U.S. IPO market on a high note for the
first half of 2007, and likely the rest of the year.




Blackstone, the week's only major IPO, raised $1.6 billion
more than the $2.5 billion generated by initial public
offerings during the entire month of June 2006, according to
Dealogic.


Read more at Reuters.com Bonds News

Russia to Help Balkans Become New Energy Hub, Putin Tells Energy Summit

(Bloomberg) -- Russia will take an increasingly
central role in turning southeast Europe into a new energy hub,
President Vladimir Putin said.

Russian companies are ready to increase supplies of energy
to the region and invest in new power plants, Putin said,
speaking at a Balkans energy summit in Zagreb, Croatia, today.


Read more at Bloomberg Energy News

Nice Systems may buy Actimize for $280 mln -paper

(Reuters) - Nice and Actimize spokesmen declined to comment.




Actimize was established in 1999 and is owned by several
Israeli venture capital funds, which have so far invested some
$24 million in the company.


Read more at Reuters.com Mergers News

Hyundai Motor says union scales back strike plan

(Reuters) - "The union decided not to stop work from Monday to Wednesday," a Hyundai spokesman said by telephone without elaborations.




Hyundai's union was not available for comments.


Read more at Reuters.com Business News

China says regrets new IMF currency guidelines

(Reuters) - China's representative to the International Monetary Fund "regrets" changes to the fund's currency surveillance guidelines that were adopted this month despite objections from Beijing and other members, according to an interview published on Sunday.

"Such an important revision should be adopted with the maximum consensus. But since this revision was adopted without addressing the concerns of some developing countries, China had to withhold its support," Ge Huayong, Chinese representative to the IMF executive board, said in an interview published on the central bank's Web site (www.pbc.goc.cn).


Read more at Reuters Africa

Trade rules waiver needed for small firms - Sarkozy

(Reuters) - French President Nicolas Sarkozy said on Saturday that European small businesses should have the same exemption as their U.S. counterparts from global trade rules on the awarding of public contracts.

France has long pushed the European Union's executive commission to secure an exemption for small businesses from World Trade Organisation rules that government contracts should be open to all bidders. It argues that the United States and other countries have waivers to help their local companies.


Read more at Reuters Africa

Putin Visits Balkans to Bolster Russia's Energy Role in Southeast Europe

(Bloomberg) -- Russian President Vladimir Putin
meets with leaders of the 10 Balkan countries in Croatia today to
bolster Russia's presence in southeast Europe as the region
becomes a hub for energy transport.

Putin will use the summit to help Russian energy companies,
such as OAO Gazprom, set up new partnerships, buy assets and win
contracts in the region, the Russian presidency said in a
statement. Gazprom, Russia's gas-export monopoly, and Eni SpA,
announced yesterday a plan to build a new gas pipeline linking
Russia to the European Union across the Black Sea and through the
Balkans.


Read more at Bloomberg Energy News