BHP Billiton, MTN lift S.African stocks higher

(Reuters) - South Africa's blue chip Top-40 index ended in positive territory on Thursday, led by miner BHP Billiton and mobile phone group MTN, as commodity prices rose and the rand currency firmed.

The Top-40 index closed 0.38 percent firmer at 25,666 points, ending a five-day losing streak, while the broader All-share index closed 0.42 percent higher at 28,402 points.


Read more at Reuters Africa

British Airways to be patient on Iberia -CEO

(Reuters) - offer, its chief executive said on Thursday. British Airways is part of a consortium led by private equity firm Texas Pacific Group [TPG.UL] that has bid 3.60 euros a share for Iberia.



The offer is expected to be rejected by Iberia's board at a meeting on Thursday in the hopes of receiving a rival bid, according to a source familiar with the situation.


Read more at Reuters.com Mergers News

DealTalk: Carlsberg professors brew big beer bid

(Reuters) - The heads of the company told Reuters this week that a big deal was in the offing, and analysts say the Copenhagen-based brewer has its long-term partner Scottish & Newcastle Plc in its sights.




The British group has a higher market value, but the professors have the firepower to succeed.


Read more at Reuters.com Business News

DAX Index Rises; Postbank Shares Jump After Commerzbank Expresses Interest

(Bloomberg) -- Germany's benchmark DAX Index rose
for the first time in six days, led by Deutsche Postbank AG
after Commerzbank AG said the rival would be an ``excellent
addition.'' MAN AG and Henkel KGaA also paced gains.

The DAX added 90.32, or 1.2 percent, to 7891.55 at 2:26
p.m. in Frankfurt. DAX futures expiring in September increased
1.1 percent to 7967. The HDAX Index of the country's 110 biggest
companies climbed 1.32percent.


Read more at Bloomberg Stocks News

Nymex Gas Plunges After Report of Larger-Than-Expected U.S. Inventory Gain

(Bloomberg) -- Natural gas in New York plunged after
a weekly government stockpile report showed inventories rose more
than normal for this time of year, exceeding analyst
expectations.

Gas in storage rose 99 billion cubic feet for the week ended
June 22, the Energy Department said today. Inventories were
expected to rise by 83 billion cubic feet last week, according to
the median of 23 responses in a Bloomberg survey of analysts. The
average increase over the past five years for the week is 92
billion, according to the department.


Read more at Bloomberg Energy News

Rite Aid shares jump on unexpected profit

(Reuters) - The company also stood by its full-year expectations and its shares rose as much as nearly 6 percent in morning trading.




Rite Aid bought the U.S. Brooks and Eckerd drugstore chains from Canada's Jean Coutu Group Inc. on June 4, just after the quarter ended.


Read more at Reuters.com Hot Stocks News

Barloworld executive quits after appointment seen racist

(Reuters) - The white deputy chairman of South African industrial group Barloworld Ltd resigned on Thursday after a state-owned major investor labelled his appointment as "racist".

Earlier this year Barloworld came under fire by the government's Public Investment Corporation (PIC), which has a 17 percent stake in the group, for having no black executive directors.


Read more at Reuters Africa

RPT-Kansas City Fed manufacturing index -2 in June

(Reuters) - Following are details from the survey:




Expected
MANUFACTURING SURVEY June May 6 mos.
Production -2 20 20 25
Shipments -1 18 18 27
New Orders 7 18 18 22
Backlog Orders 13 0 0 12
Number of employees 9 14 14 18
Average workweek -6 12 12 9
Finished product prices 17 17 17 41
Raw product prices 39 43 43 57
Capital expenditures N/A N/A N/A 22
Inventory-materials 12 7 7 3
Inventory-finished goods 7 2 2 1


Read more at Reuters.com Economic News

IMF chief Rato says to step down in October

(Reuters) - International Monetary Fund Managing Director Rodrigo Rato said on Thursday he would step down from his post in October for "personal reasons," cutting short his term.

Rato, who took office June 7, 2004, said he would depart after the IMF's fall meetings in October.


Read more at Reuters Africa

UPDATE 2-U.S. housing market slower but still strong-Hubbard

(Reuters) - "Housing has slowed down but the good news is it continues
to be relatively strong," he told reporters at the U.S. embassy
after meetings in Berlin with German Chancellor Angela Merkel
and European Union officials.




"It's been healthy that there's been a slowdown and it's
contributed to what appears to be a soft landing," he said.


Read more at Reuters.com Bonds News

Empire reports lower profit, hikes dividend

(Reuters) - The Stellarton, Nova Scotia-based company said it earned C$64.5 million , or 98 Canadian cents a share, for the three months ended May 5, compared to C$118.4 million, or C$1.80 a share, in the same quarter a year ago. It raised its annual dividend by 10 percent to 66 cents from 60 cents.






Read more at Reuters.com Market News

Gold, Silver Rise in New York as $70 Oil Sparks Demand for Inflation Hedge

(Bloomberg) -- Gold rose from a three-month low in
New York after oil topped $70 a barrel, boosting the appeal of
the precious metal as a hedge against inflation. Silver also
gained.

Gold sometimes moves in the same direction as oil, which
rose to a nine-month high today on speculation U.S. inventories
will drop. Before this year, gold has had six annual gains as
oil prices more than doubled.


Read more at Bloomberg Commodities News

Carlyle cuts IPO price due to market "headwinds"

(Reuters) - "We have priced the deal at $19 a share. Originally, it was $20-$22," CEO John Stomber told Reuters in an interview.




Stomber said the volume of the IPO had been cut to $300 million from $400 million. The issue would be postponed but the new date was unclear.


Read more at Reuters.com Business News

US STOCKS-Blue chips slip at open on inflation data

(Reuters) - The Nasdaq was higher. Chip maker Intel Corp.
received a brokerage upgrade.




The Dow Jones industrial average was down 19.03
points, or 0.14 percent, at 13,408.70. The Standard & Poor's
500 Index was down 0.99 points, or 0.07 percent, at
1,505.35. The Nasdaq Composite Index was up 0.09 points
at 2,605.44.


Read more at Reuters.com Bonds News

FACTBOX-Bond, share sales delayed by volatile markets

(Reuters) - The following is a list of recently postponed or cancelled
securities sales.







Read more at Reuters.com Bonds News

UPDATE 2-GM selling Allison for $5.6 bln; shares rise

(Reuters) - GM said the sale would include almost all of the Allison
Transmission unit's assets, including seven manufacturing
plants in Indianapolis and the unit's worldwide distribution
network.




GM had said in January that it was looking to sell Allison,
which makes transmissions for commercial trucks, buses and
military vehicles.


Read more at Reuters.com Bonds News

Canadian Stocks Gain for Second Day on Meridian Gold Takeover, Rising Oil

(Bloomberg) -- Canadian stocks rose for a second day,
led by commodity producers, after Meridian Gold Inc. received a
takeover proposal from rival bullion miners and prices of gold and
copper advanced.

Rising crude oil and natural-gas prices lifted such energy
producers as EnCana Corp., which had dragged the Standard &
Poor's/TSX Composite Index to three consecutive losses before
yesterday.


Read more at Bloomberg Stocks News

UPDATE 1-Fannie, Freddie had enough capital in Q1, says OFHEO

(Reuters) - WASHINGTON, June 28 - Mortgage finance companies
Fannie Mae and Freddie Mac FRE.N were "adequately
capitalized" during the first quarter of the year, the
companies' regulator said on Thursday.




The Office of Federal Housing Enterprise Oversight said the
both companies achieved the designation, the highest they can
receive concerning its reserves against possible losses, as of
March 31.


Read more at Reuters.com Government Filings News

Carlyle Group Reduces Size of $400 Million Mortgage Fund IPO by 25 Percent

(Bloomberg) -- Carlyle Group, the buyout firm run by
David Rubenstein, cut the size of the initial public offering for
a fund that invests in bonds backed by mortgages by 25 percent to
$300 million after a slump in the U.S. subprime market.

Carlyle trimmed the offering from $400 million and reduced
the price of the shares to $19 from a range of $20 to $22,
Carlyle Capital Chief Executive Officer John Stomber said in an
interview today. The firm said earlier in a statement it would
delay the pricing of the fund, which will mostly invest in AAA
rated residential mortgage-backed securities. The fund also
targets loans, junk bonds and collateralized debt obligations.


Read more at Bloomberg Bonds News

UPDATE 1-US May newspaper help-wanted ads fall to 1958 low

(Reuters) - The Conference Board said its gauge measuring help-wanted
ad volume in the United States slipped to 27 in May from 29 in
April. It was 33 a year earlier. The median view in a Reuters
poll of 17 economists was for an unchanged reading of 29.




"The labor market is slow and might even slow a little
further this summer," said Ken Goldstein, labor economist at
the Conference Board, in a statement.


Read more at Reuters.com Economic News

GM selling Allison Transmission for $5.6 billion

(Reuters) - GM had said in January that it was looking to sell Allison, which makes transmissions for commercial trucks, buses and military vehicles.




Read more at Reuters.com Mergers News

UPDATE 1-Spain's Acciona confirms to buy into U.S. wind farms

(Reuters) - Acciona did not give a value for the purchase from U.S. group
EcoEnergy, but earlier on Thursday Expansion newspaper said
analysts expected the acquisition to cost several million
dollars.




In a statement, Acciona said it expected to install about
150 MW of the total planned capacity in 2008 and would supply
its own wind turbines from a new factory in Iowa. The projects
are based in Illinois, Iowa and Wisconsin.


Read more at Reuters.com Mergers News

Atmel, Cisco, Intel, LSI, Meridian Gold, Red Hat: 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.

Atmel Corp. (ATML US) gained 14 cents, or 2.5 percent, to
$5.85. The maker of chips for mobile phones and DVD players said
first-quarter net income was 6 cents a share, more than the 3-
cent average estimate of five analysts surveyed by Bloomberg.


Read more at Bloomberg Stocks News

Brazil Real Gains Most in 2-Weeks on Central Bank's Higher Growth Forecast

(Bloomberg) -- Brazil's currency advanced the most
in two weeks after the central bank raised its economic growth
forecast for the year.

The economy will grow 4.7 percent this year, up from the
previous estimate of 4.1 percent, according to the central
bank's quarterly report on inflation released on its Web site
today.


Read more at Bloomberg Currencies News

UPDATE 1-KB Home posts quarterly net loss, shares drop

(Reuters) - NEW YORK, June 28 - KB Home , the No. 5 U.S. home builder, posted a quarterly net loss on Thursday as home revenue dropped sharply due to the weak housing market.



KB Home, whose shares fell 2.3 percent in premarket trade, said the results reflected an oversupply of new and existing homes, aggressive competition and weak demand. It said it was unable to provide a full-year earnings forecast.


Read more at Reuters.com Market News

Dollar up vs yen, down vs euro ahead of Fed

(Reuters) - The dollar was down against the euro but up against the yen on Thursday as investors awaited the outcome of a two-day Federal Reserve policy meeting later in the session.

The central bank is seen holding rates at 5.25 percent but its statement will be scrutinised for clues on future policy.


Read more at Reuters Africa

Monsanto quarterly profit jumps 71 pct

(Reuters) - Monsanto said it posted net income of $570 million, or
$1.03 a share, for its third quarter, up from $334 million, or
60 cents a share, a year earlier.




Excluding a 1 cent-a-share loss for discontinued business,
Monsanto earned $1.02 a share.


Read more at Reuters.com Business News

UPDATE 1-U.S. 2007 first-quarter GDP growth 0.7 pct

(Reuters) - WASHINGTON, June 28 - The U.S. economy grew at a
0.7 percent annual pace in the first three months of this year,
the weakest in more than four years as businesses sold off
inventories but consumer spending remained strong, a Commerce
Department report on Thursday showed.




It was the weakest quarterly expansion in gross domestic
product, or GDP, since the fourth quarter of 2002 but slightly
better than the government's earlier 0.6 percent estimate for
growth during the quarter. Still, it was a tad weaker than the
0.8 percent growth economists were expecting.


Read more at Reuters.com Economic News

Alfa, Axtel, ICA, Medial Saude, Sonda Totvs: Latin America Equity Preview

(Bloomberg) -- The following stocks may make
significant gains or losses in Brazil, Chile and Mexico today.
Symbols are in parentheses after the company name, and stock prices
are from the last session.

In Brazil, preferred shares are the most commonly traded class
of stock.


Read more at Bloomberg Stocks News

UPDATE 1-Argentine banker says could buy YPF stake in 2008

(Reuters) - Enrique Eskenazi told leading Argentine newspaper La Nacion
that the deal would not be done as quickly as some Argentine
government officials had said.




"If it's done, it will be next year. This is a long
process," Eskenazi said.


Read more at Reuters.com Bonds News

KB Home posts quarterly net loss, shares drop

(Reuters) - NEW YORK, June 28 - KB Home , the No. 5 U.S. home builder, posted a quarterly net loss on Thursday as home revenue dropped sharply due to the weak housing market.



KB Home, whose shares fell 2.3 percent in premarket trade, said the results reflected an oversupply of new and existing homes, aggressive competition and weak demand. It said it was unable to provide a full-year earnings forecast.


Read more at Reuters.com Bonds News

US RATE FUTURES-Fretting over GDP inflation component

(Reuters) - CHICAGO, June 28 - U.S. short-term interest rate
futures extended losses slightly on Thursday as dealers focused
on upwardly revised inflation readings in the final
first-quarter GDP report.




"The higher inflation is what folks are focusing on. It's a
little disconcerting," said Mark Vitner, economist at Wachovia
Securities in Charlotte, North Carolina.


Read more at Reuters.com Bonds News

Treasuries Fall Before Federal Reserve Decision as Inflation Gauge Rises

(Bloomberg) -- Treasuries fell after a government
report showed inflation in the first quarter was faster than
previously estimated.

The report highlighted the risk of accelerating inflation
as the Federal Reserve met on interest rates in Washington. With
the central bank expected by all 113 economists surveyed by
Bloomberg News to leave its key rate unchanged at 5.25 percent
for an eighth straight time, investors will examine the
statement announcing the decision for clues about future moves.


Read more at Bloomberg Bonds News

Canada's Dollar Reaches Highest in Almost Two Weeks on Increase in Oil

(Bloomberg) -- The Canadian dollar rose to the
highest in almost two weeks on speculation an advance in crude
oil will lift the country's economic growth.

Investors also pushed up the Canadian dollar against the
yen as a rebound in Asia and European stocks encouraged
investors to seek higher-yielding assets funded by loans in
Japan, a practice known as the carry trade. Commodities
including oil make up about half of Canada's exports.


Read more at Bloomberg Currencies News

Cell C says ends buyout talks

(Reuters) - Shareholders in South Africa's Cell C have decided not to proceed with the sale of the company, the mobile phone group said on Thursday.

"The shareholders have taken the decision not to proceed with the sale of Cell C and to stop discussions with unsolicited parties about the sale of Cell C," Chief Executive Officer Jeffrey Hedberg said.


Read more at Reuters Africa

US STOCKS-Futures flat before Fed, data

(Reuters) - NEW YORK, June 28 - U.S. stock index futures were
little changed on Thursday before a packed agenda that includes
a Federal Reserve decision on interest rates and data that
could shed light on economic growth.




Semiconductors could give the market a lift after chip
makers Intel Corp. and Advanced Micro Devices Inc.
got brokerage upgrades. For details, see [ID:nWNA0822]
[ID:nWNA0851].


Read more at Reuters.com Bonds News

US RATE FUTURES-Hold at lower levels on GDP, claims

(Reuters) - The Commerce Department said first-quarter U.S. GDP growth
was 0.7 percent, annualized, up from 0.6 percent reported
earlier but below Wall Street's consensus forecast of 0.8
percent. Jobless claims fell modestly.




Read more at Reuters.com Bonds News

Inverness Medical gets FDA nod for malaria test device

(Reuters) - The drug maker said Januvia is the first and only medication in the class of drugs called dipeptidyl peptidase-4 inhibitors, which enhance the body's ability to lower blood sugar when it is elevated, to be adopted by the European Commission.






Read more at Reuters.com Government Filings News

Bond prices steady; await final GDP, FOMC

(Reuters) - Investors were also awaiting the final readings of first quarter gross domestic product and underlying price data before taking any positions in the market, analysts said.




"The highlight of the day is the FOMC statement," said Matthew Moore, economic strategist at Banc of America Securities in New York.


Read more at Reuters.com Hot Stocks News

Russia's Mechel 2006 net profit rises 58 pct

(Reuters) - Earnings before interest, taxation, depreciation and
amortisation were $1.068 billion, up from $726 million.




Read more at Reuters.com Market News

Unhappy Dillard's shareholder seeks talks

(Reuters) - New York-based Barington said it has "substantial
experience helping improve shareholder value" as an investor in
other retail, apparel and footwear companies, including Maxwell
Shoe, Nautica, Payless ShoeSource, Pep Boys, Steven Madden,
Stride Ride, Syms and Warnaco.




Dillard's shares closed Wednesday at $33.93.



Read more at Reuters.com Mergers News

Kenya unveils Novozymes deal, warns bio-pirates

(Reuters) - Kenya unveiled a biotechnology research agreement with the world's top industrial enzymes maker Novozymes on Thursday and vowed to tackle bio-pirates it accuses of plundering its rich natural resources.

Enzymes developed from rare microbes in the east African nation's Rift Valley soda lakes are a key ingredient of products ranging from detergent to animal feed and are also used for bleaching faded denim jeans.


Read more at Reuters Africa

PHH posts 1st-qtr profit

(Reuters) - Revenue rose 8.6 percent to $596 million.




In a regulatory filing, the company said revenue at its
mortgage servicing and fleet management services segments rose
$42 million and $22 million respectively, partially offset by a
$17 million decrease at its mortgage production segment.


Read more at Reuters.com Market News

Argentine banker says could buy YPF stake in '08

(Reuters) - "If it's done, it will be next year. This is a long
process," Eskenazi said.





Read more at Reuters.com Mergers News

General Mills 4th-quarter profit rises

(Reuters) - Analysts, on average, forecast 63 cents a share, according to Reuters Estimates.




Sales rose 7 percent to $3.06 billion. Analysts, on average, forecast $2.99 billion, according to Reuters estimates.


Read more at Reuters.com Business News

DealTalk: New-look infrastructure assets spice up auctions

(Reuters) - Infrastructure funds have built a following for buying low-risk, stable cash flow businesses, but some of the assets recently billed as infrastructure are more volatile, and risk leaving investors with headaches down the line.




Traditional infrastructure assets include privatized, regulated monopolies such as utilities and toll roads, necessities less susceptible to economic cycles and not as vulnerable to technological advances.


Read more at Reuters.com Business News

Mentor to buy French medical device company

(Reuters) - The deal is not expected to materially add or hurt adjusted
earnings per share for fiscal 2008, the company added.








Read more at Reuters.com Mergers News

Rite Aid posts higher quarterly profit

(Reuters) - Analysts, on average, expected the Camp Hill,
Pennsylvania-based retailer to post a loss of 1 cent per share,
according to Reuters Estimates.




Rite Aid bought the U.S. Brooks and Eckerd drugstore chains
from Canada's Jean Coutu Group Inc. on June 4,
just after the quarter ended.


Read more at Reuters.com Market News

Treasuries Are Little Changed as Fed Policy Makers Meet on Interest Rates

(Bloomberg) -- U.S. Treasuries were little changed
ahead of the Federal Reserve's interest-rate decision.

All 113 economists surveyed by Bloomberg News predict the
Fed will keep its key rate at 5.25 percent for an eighth time,
leaving Treasury yields below the central bank's benchmark.


Read more at Bloomberg Bonds News

UPDATE 1-Constellation Brands profit falls; affirms outlook

(Reuters) - The owner of Robert Mondavi, Vendage and Ravenswood wines
posted net income of $29.8 million, or 13 cents per share, for
the fiscal first quarter that ended May 31, compared with $85.5
million, or 36 cents per share, a year ago.




Excluding the impact of realigning its business and the
inventory actions, Constellation said it earned 21 cents per
share.


Read more at Reuters.com Market News