European Stocks Fall; Deutsche Bank, France Telecom, Anglo American Drop

(Bloomberg) -- European stocks declined for a third
day, led by financial shares and insurers, after the Bank for
International Settlements said central banks will need to keep
raising interest rates to quell inflation.

Deutsche Bank AG, Germany's largest bank, and insurer Axa SA
paced the drop. France Telecom SA fell the most in two weeks as
the French government is selling shares worth about 2.7 billion
euros ($3.6 billion). Anglo American Plc and Antofagasta Plc led
mining companies lower after Cazenove downgraded the stocks.


Read more at Bloomberg Stocks News

Hard Rock sets global expansion plans

(Reuters) - Tribal leaders in traditional dress and Hard Rock managers
said they planned to push into emerging markets to trade on the
name and image.




"We know the strength of it, we know the future of it and
we know we can expand the cafes, the hotels and the gaming,"
Max Osceola Jr, one of the five Tribal Council members, said in
an interview at the original Hard Rock Cafe on London's
Piccadilly.


Read more at Reuters.com Business News

US housing seen drag on growth into 2008-Citigroup

(Reuters) - Alexander forecast that residential construction would fall
at an annual rate of 8 percent in the second quarter, 4 percent
in the third quarter and 6 percent in the fourth quarter,




"We continue to see residential construction being a drag
on growth all the way through the end of this year and indeed
into next year," Alexander said on a media conference call.


Read more at Reuters.com Bonds News

Almost half of Canadians oppose BCE-Telus merger

(Reuters) - Last week, Telus touted the creation of a "national
champion" by proposing a takeover of BCE, Canada's largest
telecom company. Telus became the fourth party interested in
mounting a bid for Montreal-based BCE. The other three are
buyout consortiums that each include a different U.S.
private-equity firm.




The survey found that 68 percent of respondents believe the
cost of wireless services would rise and 80 percent foresee
"massive layoffs" if a merger of Telus and BCE were to take
place.


Read more at Reuters.com Government Filings News

Swift & Co. names Batista CEO, replaces Rovit

(Reuters) - In May, it was announced that Brazilian meat company
JBS-Friboi would buy Swift for $225 million, and
assume about $1.16 billion of Swift's debt.




Read more at Reuters.com Mergers News

Caribbean Tanker Rates Extend Decline on Reduced Demand From Refineries

(Bloomberg) -- Rates to ship crude oil from the
Caribbean basin extended their decline as demand in the region
continued to be hurt by low refinery operating rates and high oil
stockpiles.

The current rate to contract an Aframax tanker, which can
transport about 600,000 barrels of oil, was an average rate of
Worldscale, or WS, 142.5 at 9:13 a.m. New York time, according to
New York-based broker Poten & Partners.


Read more at Bloomberg Energy News

LSE, Borsa Italiana Intend to Keep MTS Bond Platform as ICAP Considers Bid

(Bloomberg) -- The London Stock Exchange Group Plc
and Borsa Italiana SpA and intend to keep MTS SpA, the electronic
European government bond trading system, as part of their merger.

ICAP Plc, the world's biggest inter-dealer broker, hired
corporate finance company Lexicon Partners to advise it on a
possible bid for MTS. Milan-based Borsa Italiana, which today
agreed to be bought by the LSE for 1.63 billion euros ($2.2
billion), this month exercised an option to buy a controlling
stake in MTS after Euronext NV, the joint owner of the platform,
was acquired by the New York Stock Exchange.


Read more at Bloomberg Bonds News

John Hancock settles SEC probe, to pay $21.2 mln

(Reuters) - John Hancock did not admit or deny the SEC findings, but will pay $21.2 million, including disgorgement, prejudgement interest and civil monetary penalty, the agency said.




Read more at Reuters.com Business News

Bond prices rise on safe-haven flows, rate cut hopes

(Reuters) - Last week, problems at two Bear Stearns' hedge funds renewed worries about the spillover effect from the subprime mortgage sector's woes, prompting safe-haven bids, with nervous investors dumping stocks.




"The market went off very strong on Friday and this is just follow through short-covering from last week. There is very decent mortgage buying on the back of this short-covering, that is producing buyers of Treasuries," said Thomas di Galoma, head of U.S. Treasury trading at Jefferies & Co in New York.


Read more at Reuters.com Bonds News

UPDATE 2-Hedge fund GLG eyes U.S. listing with reverse deal

(Reuters) - LONDON, June 25 - GLG Partners, one of Europe's
largest hedge fund firms, has lined up a U.S. stock market
listing to help it expand and hire top managers, using a reverse
acquisition that values it at $3.4 billion.




Public flotations of alternative investment vehicles,
including hedge funds and private equity firms, have become one
of the hottest areas of the markets in New York and London, with
the likes of Fortress Investment Group and Blackstone
Group becoming available to individual investors.


Read more at Reuters.com Bonds News

US STOCKS-Indexes gain after housing data

(Reuters) - The Dow Jones industrial average was up 79.17
points, or 0.59 percent, at 13,439.43. The Standard & Poor's
500 Index was up 6.03 points, or 0.40 percent, at
1,508.59. The Nasdaq Composite Index was up 10.72
points, or 0.41 percent, at 2,599.68.




Read more at Reuters.com Bonds News

US STOCKS-Indexes climb on lower bond yields

(Reuters) - NEW YORK, June 25 - U.S. stocks rose on Monday as
data on existing-home sales were in line with analysts'
forecasts, allowing investors to focus on the recent pull-back
in bond yields and the Federal Reserve's policy-setting meeting
this week.




General Motors Corp. gave a boost to the Dow after
Goldman Sachs lifted its rating on shares of the largest U.S.
automaker.


Read more at Reuters.com Bonds News

Prices rise on safe-haven flows, rate cut hopes

(Reuters) - Last week, problems at two Bear Stearns' hedge funds renewed worries about the spillover effect from the subprime mortgage sector's woes, prompting safe-haven bids, with nervous investors dumping stocks.




"The market went off very strong on Friday and this is just follow through short-covering from last week. There is very decent mortgage buying on the back of this short-covering, that is producing buyers of Treasuries," said Thomas di Galoma, head of U.S. Treasury trading at Jefferies & Co in New York.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Genesee & Wyoming to liquidate Mexican operations

(Reuters) - June 25 - Railroad operator Genesee & Wyoming Inc. said it started liquidating its Mexican operations as the business was not financially viable without the reconstruction of hurricane-damaged Chiapas rail line.



The company's unit expects to wind down operations and discontinue rail service over the next four weeks, apart from ending a 30-year concession from the Mexican government.


Read more at Reuters.com Mergers News

America First, Bear Stearns, Freedom Acquisition: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes on U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 10:15 a.m. in New York.

Car rental companies: Hertz Global Holdings Inc. (HTZ US),
Avis Budget Group Inc. (CAR US) and Dollar Thrifty Automotive
Group Inc. (DTG US) were downgraded by Morgan Stanley as
travelers balk at higher car rental prices. The companies'
ratings were cut to ``underweight'' from ``equal-weight'' by
Morgan Stanley analyst Christina Woo. Hertz lost 26 cents, or 1
percent, to $25.28. Avis fell $1.38, or 4.7 percent, to $28.10.
Dollar Thrifty dropped $2.74, or 6.5 percent, to $39.72.


Read more at Bloomberg Stocks News

AmTrust Financial to buy workers-compensation manager

(Reuters) - The close of the deal is subject to regulatory approval, AmTrust Financial said in a statement.






Read more at Reuters.com Mergers News

UPDATE 1-U.S. existing home sales down slightly in May

(Reuters) - WASHINGTON, June 25 - The pace of existing home
sales in the United States was off slightly in May to a 5.99
million-unit annual rate, the National Association of Realtors
said in a report on Monday that showed continued weakness in
the housing sector.




Sales were off 0.3 percent in May and hit their lowest
level since June 2003 when the pace was 5.94 million units.


Read more at Reuters.com Economic News

Lead Rises to Record in London on Speculation Supply Growth to Be Limited

(Bloomberg) -- Lead rose to record for a fourth day
in London on speculation that supply growth of the metal used in
car batteries will be limited this year following a cut in
Chinese production. Copper dropped for a third consecutive day.

Lead smelters in China, the world's largest producer, are
cutting output this year due to rising prices of concentrate,
the raw material that's smelted into metal, Reuters reported
June 22. Demand for the metal beat supply by 111,000 metric tons
in the first four months, the Ware, England-based World Bureau
of Metal Statistics said last week.


Read more at Bloomberg Commodities News

Brazil's Real Falls on Heightened Risk Aversion, Chinese Rate Boost Worry

(Bloomberg) -- Brazil's currency fell after U.S.
hedge fund losses last week heightened sensitivity to riskier,
emerging market assets. Speculation that China may raise
interest rates also prompted investors to reduce positions in
local markets.

``The scenario is quite cloudy now, with the troubles with
hedge funds in the U.S. and now the prospect of higher rates in
China and other places,'' said Silvio Campos Neto, an economist
at Banco Schahin in Sao Paulo.


Read more at Bloomberg Currencies News

Canadian Stocks Decline on Metals, Crude Oil Prices; Talisman Shares Fall

(Bloomberg) -- Canadian stocks declined for a fourth
time in five days, led by such energy and raw-materials producers
as Talisman Energy Inc. and Teck Cominco Ltd., as prices for crude
oil, copper and gold declined.

Oil futures fell from a nine-month high in New York after a
strike in Nigeria ended. Copper dropped a third day in London on
concern that Asian demand may be slowing, while gold declined on
speculation a drop in European equity markets may cut demand for
bullion.


Read more at Bloomberg Stocks News

Existing home sales down slightly in May

(Reuters) - Sales were off 0.3 percent in May and hit their lowest level since June 2003 when the pace was 5.94 million units.




The inventory of homes for sale rose 5.0 percent to 4.43 million units at the end of May which represents 8.9 months' supply at the current sales pace. That is the highest months' supply since June 1992, although the 1992 figure only includes single-family homes while the current data also includes condos.


Read more at Reuters.com Business News

Europe approves once-daily Cialis for impotence

(Reuters) - The drug's maker, Eli Lilly and Co. , said on Monday that the green light from the European Commission meant Cialis was the first erectile dysfunction medicine cleared for continuous use.



Until now, drugs such as Cialis and Pfizer Inc.'s rival product, Viagra, have been taken as needed.


Read more at Reuters.com Government Filings News

UPDATE 2-India's ONGC Q4 net falls 13 pct, lags f'cast

(Reuters) - NEW DELHI, June 25 - India's state-run Oil and
Natural Gas Corp. Ltd. said its fourth-quarter
net profit fell 13 percent, lagging forecasts, due to higher
mandatory discounts to refiners and one-off staff costs.




ONGC, India's second most valuable listed company with a
market cap of $48 billion, also said it was in talks with oil
majors Chevron , Total and Royal Dutch Shell
to swap stakes in oil blocks and planned to spend $10.3
billion in acquiring and developing overseas assets by 2012.


Read more at Reuters.com Market News

Calpine cuts Calif. Delta natgas unit power output

(Reuters) - The 811 MW Delta station, which entered service in 2002, is located in
Pittsburg in Contra Costa County, about 40 miles east of San Francisco. It
is a combined-cycle plant with three combustion turbines, two 182 MW units
and one 183 MW unit, and one steam turbine of 263 MW.




One MW powers about 700 homes in California.


Read more at Reuters.com Bonds News

US STOCKS-Indexes flat as housing data eyed

(Reuters) - NEW YORK, June 25 - U.S. stocks were little
changed on Monday as a sharp drop in oil futures weighed on the
energy sector but helped the broader market.




Investors awaited the release of housing data that is
expected show a decline in home resales last month.


Read more at Reuters.com Bonds News

Yen Rebounds From a Record Low Against the Euro as Investors Reduce Risks

(Bloomberg) -- The yen rebounded from a record low
against the euro and rose for the first time in four days versus
the dollar after the Bank of International Settlements warned
about the risks of betting against Japan's currency.

Investors also exited the so-called carry trades, in which
they buy higher-yielding assets funded by loans in the yen, after
Chinese central bank Governor Zhou Xiaochuan said he didn't rule
out further interest-rate increases, pushing down stocks in Asia
and Europe. Concern over losses from Bear Stearns Cos. hedge
funds also led people to reduce risks, adding to yen buying.


Read more at Bloomberg Currencies 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

Israel's Polar Inv to buy into Extended Stay

(Reuters) - Polar seeks a 4.76 percent share in the $210 million risk
level, and would earn annual dividends of 12 percent, and REIT
revenues of about 26.5 percent.




Extended Stay owns 683 properties and about 76,000 units in
44 states and Canada and operates five brands that include
Homestead Studio Suites, StudioPLUS Deluxe Studios, Extended
Stay Deluxe and Extended Stay America and Crossland.


Read more at Reuters.com Mergers News

Spanish hotel chains eye Africa amid migrant crisis

(Reuters) - Spain's major hotel chains are checking out investment opportunities in sub-Saharan Africa as their government seeks to involve private business in its plan to curb illegal migration from the world's poorest continent.

"There is a clear concern on the part of the Spanish authorities to encourage a development of this type and we'd obviously be interested if the right framework existed," said Miguel Barcelo, director-general of expansion in Europe for the Barcelo Group, which has hotels in Morocco and Tunisia.


Read more at Reuters Africa

S&P 500 Futures Decline Ahead of Housing Report; Nvidia, Bear Stearns Drop

(Bloomberg) -- Standard & Poor's 500 Index futures
declined before a report that may show the housing slump has
worsened.

Nvidia Corp., the maker of graphics chips, slipped after a
Goldman, Sachs & Co. downgrade. Bear Stearns Cos., the U.S.
securities firm trying to prevent two of its hedge funds from
collapsing, retreated after CIBC World Markets Inc. cut its
estimate on the shares.


Read more at Bloomberg Stocks News

Genesee & Wyoming to liquidate Mexican operations

(Reuters) - Genesee said its unit, which has 407 employees, expects to
wind down its operations and to discontinue rail service over
the next four weeks.





Read more at Reuters.com Mergers 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

Walgreen looks at acquisitions, health care

(Reuters) - Hans made the comments in a statement released following the company's third-quarter earnings report.




Walgreen bought in-store health clinic operator Take Care Health Systems in May, giving it a broader reach in the fast-growing industry.


Read more at Reuters.com Mergers News

US STOCKS-Futures rise on growth optimism

(Reuters) - NEW YORK, June 25 - U.S. stock index futures rose
on Monday, pointing to a rebound for the market from last
week's sharp declines as optimism about economic growth
replaces interest-rate worries.




Dobson Communications Corp. kicked off a fresh
round of merger-and-acquisition chatter as the rural wireless
provider mulls strategic options, including a possible sale,
the Wall Street Journal Online reported.


Read more at Reuters.com Bonds News

Bioenvision, Genzyme disagree on Clofarabine pact rights

(Reuters) - Genzyme, which has agreed to acquire Bioenvision,
co-develops Clofarabine and markets it in the Unites States and
Canada. Bioenvision markets the product in Europe.





Read more at Reuters.com Bonds News

BCE, Centerra Gold, Denison Mines and Telus: Canada Equity Market 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
on June 22. Stock symbols are in parentheses after company names
and prices are from the close on June 22.

The Standard & Poor's/TSX Composite Index fell 109.70, or 0.8
percent to 13,986.03 in Toronto on June 22.


Read more at Bloomberg Stocks News

Rival bidder for Doral Financial drops out

(Reuters) - That compared with an offer of 63 cents per share for a 90 percent stake that Doral had accepted on May 16 from a group led by Bear Stearns Merchant Banking. Doral would also receive $610 million under that agreement. It said FBOP, its second-largest shareholder, plans to vote for that agreement.




Shares of Doral closed Friday at $1.60 on the New York Stock Exchange.


Read more at Reuters.com Mergers News

UPDATE 1-Walgreen 3rd-quarter profit rises

(Reuters) - The company also said it still plans to open 500 new stores
during the current fiscal year and more than 500 stores in
fiscal 2008.




Walgreen is on track to surpass its goal of having 7,000
stores in 2010, Chief Executive Jeffrey Rein said in a
statement.


Read more at Reuters.com Market News

Pakistan buys 1 mln T S.African coal

(Reuters) - Pakistani cement manufacturers bought around one million tonnes of South African coal for delivery in handymax 50,000 tonne cargoes between July 2007 and June 2008 from a trader, market sources said.

The deal was done within the past few days, they said.


Read more at Reuters Africa

Oil slides $1 as Nigeria supply worries ease

(Reuters) - Oil prices fell by more than $1 to near $70 on Monday after Royal Dutch Shell said it was preparing to resume exports from a Nigerian oilfield abandoned over a year ago because of militant attacks.

The news came two days after Nigerian unions ended a general strike that had threatened to halt shipments from Africa's biggest oil producer.


Read more at Reuters Africa

Dow Average Futures Advance as Bond Yields, Oil Drop; GM, Blackstone Gain

(Bloomberg) -- Dow Jones Industrial Average futures
rose after bond yields fell and oil prices dropped.

General Motors Corp. climbed after Goldman, Sachs & Co.
advised clients to buy shares of the biggest U.S. automaker
because the United Auto Workers union may offer larger-than-
expected concessions. Blackstone Group LP, the private-equity
firm valued at $38 billion after its initial public offering June
22, also gained.


Read more at Bloomberg Stocks 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

UPDATE 1-Reuters Summit-CapitaLand to grow financial svcs arm

(Reuters) - The group's assets under management would hit S$17-18
billion by the end of the year -- up from about S$14 billion
now, Chief Executive Liew Mun Leong said on Monday.




"Our financial services make up less than 10 percent now
but I would like our fund fees to be about 15-20 percent of our
EBIT ," Liew told the Reuters
Real Estate Summit in Singapore.


Read more at Reuters.com Bonds News

S.Africa rate increases not impacted growth - Manuel

(Reuters) - Higher interest rates in South Africa have had little impact on economic growth and should not result in a big loss of output, Finance Minister Trevor Manuel said on Monday.

South Africa's central bank raised its repo rate by 50 basis points to 9.5 percent earlier this month, resuming an upward cycle after lifting it 200 basis points between June and December last year to tame rising inflationary pressures, and high consumer spending.


Read more at Reuters Africa

UPDATE 1-Hedge fund GLG eyes U.S. listing with reverse deal

(Reuters) - LONDON, June 25 - GLG Partners, one of Europe's
largest hedge fund firms, has lined up a U.S. stock market
listing to help it expand and hire top managers, using a reverse
acquisition with a shell company that values it at $3.4 billion.




The owners of London-based GLG, which has more than $20
billion of assets under management, will receive $1 billion cash
and 230 million shares of Freedom Holdings common stock,
worth about $2.4 billion.


Read more at Reuters.com Mergers News

REUTERS SUMMIT-CapitaLand to launch new India, China funds-CEO

(Reuters) - Liew said he hoped the group would eventually generate
15-20 percent of its pre-tax profit from its fund management
business, up from the less than 10 percent contribution it
makes now.




"We're still a real estate company essentially, but this
would help us in our overall domain knowledge," he said.


Read more at Reuters.com Bonds News

Indonesia's Gudang Garam launches low-tar cigarette

(Reuters) - Analysts have blamed Gudang Garam's strategy for its
declining performance, because the majority of its customers are
more sensitive to prices. Rival Sampoerna, which targets urban
smokers, enjoys a steadier revenue stream.




Widijanto, Gudang Garam's marketing director, admitted that
company had not sufficiently catered to the low-tar sector as he
unveiled the "Surya Slims" brand. Surya means sun in Indonesian.


Read more at Reuters.com Government Filings News

Reuters Summit-MacarthurCook eyes another Asia REIT

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




"I would expect that within about three years, we will be
managing another REIT in Asia," Craig Dunstan, managing
director and chief investment officer for MacarthurCook, said
at the Reuters Real Estate Summit in Singapore.


Read more at Reuters.com Bonds News

LSE confident of shareholder support for Italy deal

(Reuters) - LSE shares fell as much as 8 percent in early trade, amid concerns its biggest shareholder, U.S. rival Nasdaq , might oppose the all-share deal, or might abandon its interest in a bid for the LSE and sell its 30 percent stake.




Some analysts also said the LSE was paying a high price to strengthen its position as Europe's biggest stock market.


Read more at Reuters.com Business News

Namibia again postpones US software fugitive case

(Reuters) - U.S. authorities have charged Alexander, the former chief
executive and founder of Comverse Technology Inc. ,
with conspiracy, securities fraud and other wrongdoing in
connection with an alleged scheme to backdate millions of
executive stock options at the New York-based software maker.




Alexander's lawyers had argued they needed more time to
study extradition law as well as seek legal advice from South
Africa, which has far more experience with extradition hearings
than its smaller neighbour.


Read more at Reuters.com Government Filings News

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