Sanofi pulls obesity drug application in U.S.

(Reuters) - The French drugmaker said it would work towards resubmitting the medicine, known by the brand names Acomplia and Zimulti, at a future date and would undertake necessary talks with the Food and Drug Administration on required modifications to its file.




Read more at Reuters.com Government Filings News

UPDATE 1-S.Africa ANC opens door for Mbeki to remain leader

(Reuters) - MIDRAND, South Africa, June 29 - South Africa's
ruling African National Congress said on Friday it favoured
keeping the current rules for electing the party's leader,
opening the door for President Thabo Mbeki to seek a third term.




"There is no need to change the current procedures," ANC
General Secretary Kgalema Motlanthe told reporters after about
1,500 activists met outside Johannesburg to discuss the party's
policies and the process to elect a leader in December.


Read more at Reuters.com Bonds News

Reviewers mostly say iPhone lives up to hype

(Reuters) - Here's what they found:




LIKES


Read more at Reuters.com Business News

S.African calls for transparency in IMF chief selection

(Reuters) - The European Union moved fast on Friday to maintain its grasp on the leadership of the International Monetary Fund following a surprise resignation announcement by the IMF's Spanish chief, Rodrigo Rato.

The top IMF post has been Europe's since the institution was created after World War Two, with the top job at the World Bank, its sister organisation, going to an American in a carve-up that reflected the economic pecking order of an era now fading.


Read more at Reuters Africa

Angloplat, unions move closer in wage talks

(Reuters) - Trade unions and the world's biggest platinum producer Angloplat have moved closer together in wage talks, union officials said on Friday.

Analysts have been expecting mining strikes to break out in South Africa, the world's largest producer of gold and platinum, but Solidarity said in a statement negotiations had been positive.


Read more at Reuters Africa

Philips sells Ommic stake to Financiere Victoire

(Reuters) - "The sale of Ommic represents another step Philips is taking to focus on its healthcare, lifestyle and technology activities," the company said in a statement.



Philips is the world's biggest lighting maker, a top three hospital equipment maker and Europe's biggest consumer electronics producer.


Read more at Reuters.com Mergers News

Thomson gets 4.8 bln pounds loan for Reuters

(Reuters) - The loan is structured as a 364-day bridge financing and has been arranged by Barclays Capital, Royal Bank of Scotland and Toronto Dominion Bank. J.P. Morgan, Bank of America and Citigroup also participated in the financing.



Pricing is 20 basis points over Libor, with a 5 basis points facility fee.


Read more at Reuters.com Mergers News

RLPC-Thomson gets 4.8 bln pounds loan for Reuters purchase

(Reuters) - The loan is structured as a 364-day bridge financing and has been arranged by Barclays Capital, Royal Bank of Scotland and Toronto Dominion Bank. J.P. Morgan, Bank of America and Citigroup also participated in the financing.



Pricing is 20 basis points over Libor, with a 5 basis points facility fee.


Read more at Reuters.com Bonds News

Apple IPhone, Must-Have for Technophiles, May Be Tougher Sell for Parents

(Bloomberg) -- Yahoo! Inc. Chief Executive Officer
Jerry Yang wants an iPhone. Salesforce.com CEO Marc Benioff
plans to trade in his Motorola Inc. Razr for one. Chuck Jones
not only doesn't want one, he also isn't about to spend $1,000
or more to get iPhones for his two daughters.

While technophiles clamor for Apple Inc.'s combination
mobile phone and music player, some regular consumers like Jones
are less enthusiastic. The iPhone is pricier than rivals, lacks
the keyboard used by text messagers and works only on an AT&T
Inc. network. Parents also may balk at the $200 penalty to
switch wireless carriers, no matter how much their kids beg.


Read more at Bloomberg Exclusive News

Goldman Sachs Recommends Buying Northern Rock Shares Following Drop

(Bloomberg) -- Investors should buy stock of
Northern Rock Plc, the U.K. mortgage lender that two days ago
said it expects to miss analysts' profit estimates, according to
Goldman Sachs Group Inc.

The world's biggest securities firm by market value added
Northern Rock to its ``conviction buy list,'' saying its shares
have fallen too far. Northern Rock shares dropped 12 percent to
829 pence yesterday before rising 3 percent today to 856 pence
as of 2:30 p.m. in London. Goldman Sach's 12-month target price
for the stock is 1,097 pence.


Read more at Bloomberg Stocks News

Gadget fans speak out from iPhone lines

(Reuters) - NEW YORK CITY




Jose Sanchez, 22, employee of athletic shoe store Foot Locker, who arrived on Tuesday to camp out in front of Apple store on New York's Fifth Avenue:


Read more at Reuters.com Business News

UPDATE 1-U.S. regulators set new subprime loan standards

(Reuters) - WASHINGTON, June 29 - U.S. bank regulators issued
new standards for subprime mortgage lending on Friday that
includes several new consumer protections.




Subprime borrowers should not be penalized for refinancing
out of a mortgage before the interest rate resets to a higher
level, according to a statement of principles issued by the
regulators. The guidelines also call for lenders to warn
borrowers when a reset is coming and grant them at least 60
days to refinance.


Read more at Reuters.com Bonds News

U.S. construction spending up 0.9 percent in May

(Reuters) - Spending on private homebuilding, however, fell 0.8 percent
to a seasonally adjusted $549 billion annual rate, the 15th
consecutive monthly decrease as U.S. housing market troubles
continue.




On the non-residential side, private construction spending
was up 2.7 percent in May. Public spending was up 2.2 percent,
the department said.


Read more at Reuters.com Economic News

Blackstone, Lion Seek to Increase Orangina Debt, Remove Lender Safeguards

(Bloomberg) -- Blackstone Group LP and Lion Capital
LLP are seeking 192 million euros ($259 million) of loans for
soft-drink maker Orangina that give up standard protection for
lenders, at a time when companies worldwide are abandoning
borrowing because of investor jitters.

Blackstone, manager of the world's biggest buyout fund, and
partner Lion Capital want to increase Paris-based Orangina's
debt to 1.7 billion euros, said two people involved in the
transaction. The LBO firms acquired Orangina in 2005 and plan to
pay themselves a 400 million-euro dividend, said the people, who
declined to be identified because the discussions are private.


Read more at Bloomberg Bonds News

Banco Pine, Cosan, Petroleo Brasileiro and Unibanco: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock gained for a third
day, led by state-controlled oil company Petroleo Brasileiro SA.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 342.14, or 0.6 percent, to 54,488.73 as of 9:36 a.m.
New York time.


Read more at Bloomberg Stocks News

Hidary raises offer price for Everlast Worldwide

(Reuters) - June 29 - New York-based investor group Hidary Group said it raised its offer price to acquire sporting goods equipment maker Everlast Worldwide Inc. to $31.25 per share in cash from $26.50.



Hidary also said it would be prepared to consider a further increase in its offer price, should Everlast's termination fee in connection with its Brand Holdings transaction be invalidated.


Read more at Reuters.com Mergers News

Dollar Falls to Lowest Level in More Than Three Weeks Versus Euro on Rates

(Bloomberg) -- The dollar fell to the lowest level
in more than three weeks against the euro after reports showed
the Federal Reserve's preferred measure of inflation slowed in
May and consumer spending rose less than economists' forecasts.

The data may raise speculation the Fed will keep interest
rates unchanged this year while other central banks extend
increases, dimming the allure of dollar-denominated assets. The
U.S. currency fell to the lowest level in 22 years against the
New Zealand dollar and the weakest since 1989 versus the
Australian dollar.


Read more at Bloomberg Currencies News

MetLife Searches Beyond Leveraged Buyout Funds as Returns May Have Peaked

(Bloomberg) -- If MetLife Inc. is any guide, it's
time to search beyond leveraged buyouts for investment returns.

The biggest U.S. life insurer plans to devote more to hedge
funds, startup companies, and even timber to spruce up $330
billion in holdings dominated by bonds yielding about 6 percent.
What New York-based MetLife won't do is boost the share of
assets dedicated to leveraged buyouts after gains from LBO funds
were almost double the company's expectations in the first
quarter.


Read more at Bloomberg Exclusive News

Regulators set new subprime loan standards

(Reuters) - Lenders should only offer loans to borrowers with little proof of assets and income if there is other evidence that they can repay, the statement says.




Read more at Reuters.com Business News

American Home Mortgage, CryoCor, PMI Group, Talbots: 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 10:10 a.m. New York time.

American Home Mortgage Investment Corp. (AHM US) fell $2.85,
or 14 percent, to $18.06. The lender specializing in adjustable-
rate mortgages withdrew its fiscal 2007 earnings guidance and
said it will likely have a second-quarter loss.


Read more at Bloomberg Stocks News

US end-June consumer sentiment at 10-mo low-U.Mich

(Reuters) - The Reuters/University of Michigan consumer index was 88.3
at the end of May. It read 82.0 in August 2006.




Read more at Reuters.com Bonds News

U.S. regulators set new subprime loan standards

(Reuters) - Lenders should only offer loans to borrowers with little
proof of assets and income if there is other evidence that they
can repay, the statement says.




Read more at Reuters.com Bonds News

UPDATE 2-S.Africa's ANC nears decision on leadership spat

(Reuters) - MIDRAND, June 29 - South Africa's ruling African
National Congress said on Friday it was still struggling to
decide how to elect its next leader amid disagreement over
whether to allow President Thabo Mbeki to run for a third term.




About 1,500 delegates from the ANC, which has ruled the
country since 1994, were meeting at a policy conference to
debate proposals that could block or clear the way for Mbeki to
hold on to the reins of the party at a congress in December.


Read more at Reuters.com Bonds News

Southern Co seeks Georgia Power rate increase

(Reuters) - Georgia regulators are expected to issue a final order on
the rate hike request in December, the company said.




Southern said the majority of the rate hike would go to
cover the cost of environmental compliance and continued
investment in new generation, transmission and distribution
facilities.


Read more at Reuters.com Market News

Nasdaq to buy board technology firm, no terms

(Reuters) - Directors Desk is the newest company to join Nasdaq's clutch of companies offering non-trading services, as the exchange fights to keep clients and increase revenue.




Competition among exchanges has turned fierce, and Nasdaq competes for trading volume with alternative trading venues like BATS Trading and for company listings with the New York Stock Exchange, owned by NYSE Euronext .


Read more at Reuters.com Mergers News

DAX Index Rises for Second Day; Linde Group, Volkswagen, BASF Pace Gains

(Bloomberg) -- German stocks including Allianz SE
and Bayerische Motoren Werke AG declined. Linde Group and BASF
AG led rising stocks.

The DAX added 1.94, or less than 0.1 percent, to 7923.30 at
11:36 a.m. in Frankfurt, adding its gains for the year to 20
percent. DAX futures expiring in September increased 0.2 percent
to 8000. The HDAX Index of the country's 110 biggest companies
added 0.1 percent.


Read more at Bloomberg Stocks News

Canadian Stocks Gain After Research In Motion Profit Rises; BCE Advances

(Bloomberg) -- Canadian stocks rose the most in two
weeks after Research In Motion Ltd. announced a stock split and
first-quarter profit that exceeded analyst estimates.

Research In Motion, the maker of BlackBerry e-mail phones had
the biggest jump in nine months and reached a new high. BCE Inc.,
Canada's biggest phone company, gained after the Ontario Teachers'
Pension Plan said it made bids for all BCE shares it doesn't
already own.


Read more at Bloomberg Stocks News

UK Alzheimer's drug case ends, judgement reserved

(Reuters) - The judge had been asked to quash the decision of the
National Institute for Health and Clinical Excellence to
restrict access to Alzheimer's drugs on the state National
Health Service.




Manufacturers argued that the way in which NICE reached its
decision to deny drugs costing around $5 a day to NHS patients
newly diagnosed with mild Alzheimer's disease was flawed and
unlawful.


Read more at Reuters.com Government Filings News

BT Chief Verwaayen Says `Absolutely Confident' Sales Will Beat Forecasts

(Bloomberg) -- BT Group Plc Chief Executive Officer
Ben Verwaayen said most analysts are too pessimistic about sales
growth at the U.K.'s largest phone company.

``We are absolutely confident that we will do better than
most people think,'' Verwaayen, 55, said in an interview at BT's
London headquarters. He declined to give a financial forecast.
Sales will rise 2.5 percent in fiscal 2008, based on the average
of 25 analyst forecasts compiled by Bloomberg.


Read more at Bloomberg Exclusive News

Apollo, Ariba, Corn Products, CryoCor, Priceline: 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.

American Home Mortgage Investment Corp. (AHM US) fell $2.51,
or 12 percent, to $18.40. The lender specializing in adjustable-
rate mortgages withdrew its fiscal 2007 earnings guidance and
said it will likely have a second-quarter loss.


Read more at Bloomberg Stocks News

French group Valeo to continue talks with fund

(Reuters) - PARIS, June 29 - French car-parts maker Valeo said on Friday it would continue talks with an investment fund, which a source familiar with the matter said concerned possible buyout discussions involving PAI Partners.



"Talks will continue over the weekend with one fund," said a spokeswoman for Valeo, which has a market value of about 3 billion euros .


Read more at Reuters.com Mergers News

Nasdaq to acquire privately held Directors Desk

(Reuters) - The deal is expected to close early in the third quarter,
Nasdaq said in a statement.





Read more at Reuters.com Mergers News

UPDATE 1-US year-over-year core PCE index up 1.9 pct in May

(Reuters) - That was the lowest reading for the year-over-year core PCE
price index, a closely watched inflation gauge, since a
matching reading in March 2004, the Commerce Department said.




This latest reading should provide some comfort to Federal
Reserve policy-makers who on Thursday opted to hold interest
rates steady but still cautioned that inflation was a key
concern.


Read more at Reuters.com Economic News

Aveng says CEO to retire in 2008

(Reuters) - South African construction and engineering firm Aveng on Friday said chief executive officer, Carl Grim, would retire in 2008.

Aveng said a process to select a replacement for Grim -- who has been CEO since the company's formation in 1998 -- from either inside or outside the group had been initiated.


Read more at Reuters Africa

TREASURIES-Bond prices rise on tame inflation data

(Reuters) - The positive inflation data added to month-end and
quarter-end buying, as well as a modest flight-to-quality bid
from weaker equities and news that British police had defused a
bomb left in an abandoned car in London's theater district.




""Bonds are doing a little better. We have a benign core
PCE deflator and another month of confirmation that consumer
spending is slowing down significantly in the second quarter
from its average pace of the first," said Josh Stiles, bond
strategist with IDEAglobal in New York.


Read more at Reuters.com Bonds News

Albania Gets First Credit Rating From Moody's, Equal to Ukraine, Jamaica

(Bloomberg) -- Albania, the former communist nation
where a quarter of the population lives in poverty, received its
first credit rating, with Moody's Investors Service ranking the
country on a par with Ukraine, Indonesia and Jamaica.

The B1 rating is four steps below the investment-grade level
of Baa3 assigned to Balkan neighbors Croatia and Bulgaria. It
reflects Albania's journey from an ``isolated, administered''
system toward a market economy, New York-based Moody's analyst
Jonathan Schiffer wrote in a report published today.


Read more at Bloomberg Bonds News

Apollo, Ariba, Corn Products, CryoCor, Priceline: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 8:30 a.m. New York time.

American Home Mortgage Investment Corp. (AHM US) fell $1.81,
or 8.7 percent, to $19.10 in trading before U.S. exchanges
opened. The lender specializing in adjustable-rate mortgages
withdrew its fiscal 2007 earnings guidance and said it will
likely have a second-quarter loss.


Read more at Bloomberg Stocks News

Oil Gains as U.S. Refineries Increase Output, Midwest Stockpiles Decrease

(Bloomberg) -- Crude oil rose after supplies in the
U.S. Midwest fell to their lowest since March as refineries started
making more gasoline to meet summer demand.

Crude stockpiles in Cushing, Oklahoma, where the West Texas
Intermediate benchmark crude is priced, fell by 1.5 million barrels
last week, the Department of Energy said. Refineries increased runs
to 89.4 percent of capacity for the same week.


Read more at Bloomberg Commodities News

Yen Falls, Heading for Biggest Quarterly Loss Since 2001 Versus the Dollar

(Bloomberg) -- The yen headed for its biggest
quarterly loss against the dollar since 2001 as a drop in
consumer prices reinforced speculation the Bank of Japan will
keep interest rates on hold.

Japan's currency has declined 4.3 percent this quarter
versus the dollar as investors borrowed yen to buy higher-
yielding assets in carry trades. A report showed today Japanese
consumer prices fell 0.1 percent last month. The central bank has
kept its key rate at 0.5 percent, the lowest amongst major
economies, since February.


Read more at Bloomberg Currencies News

Year-over-year core PCE index up 1.9 pct in May

(Reuters) - This latest reading should provide some comfort to Federal Reserve policy-makers who on Thursday opted to hold interest rates steady but still cautioned that inflation was a key concern.




"It's a dip into their comfort zone and if it's sustainable going forward, I think it suggests that the Fed is not in a position to raise rates any time this year," said John Silvia, chief economist at Wachovia Securities in Charlotte, North Carolina.


Read more at Reuters.com Economic News

U.S. Stock-Index Futures Gain After Inflation Measure Matches Forecasts

(Bloomberg) -- U.S. stock-index futures advanced
after a government report showed a measure of inflation matched
forecasts last month, giving the Federal Reserve leeway to cut
rates should the economy slow.

Research In Motion Ltd. rallied after the maker of the
BlackBerry e-mail phone reported first-quarter earnings that
topped analysts' estimates. Apple Inc. climbed on the day its
iPhone goes on sale in the U.S.


Read more at Bloomberg Stocks News

RPT-TREASURIES-Bonds add gains after U.S. core inflation data

(Reuters) - Benchmark 10-year notes were up 7/32 in price
for a 5.08 percent, versus 5.09 percent shortly before the core
PCE data and 5.11 percent late Thursday. Bond prices and yields
move inversely.




Read more at Reuters.com Bonds News

Pound Heads for Sixth Quarterly Gain on View Rates Have Further to Rise

(Bloomberg) -- The pound headed for a quarterly
gain, its sixth in a row, after a rise in consumer and mortgage
lending supported the view that the Bank of England will keep
raising interest rates to curb inflation.

Data showed consumer credit growth almost doubled in May and
mortgage approvals unexpectedly rose to a three-month high,
suggesting the BOE must do more to cool price growth. Policy
makers next decide on interest rates on July 5, and economists
surveyed by Bloomberg News expect them to lift the main benchmark
a quarter-point to 5.75 percent.


Read more at Bloomberg Currencies News

Apple's IPhone, Must-Have for Technopiles, May Be Tougher Sell for Parents

(Bloomberg) -- Yahoo! Inc. Chief Executive Officer
Jerry Yang wants an iPhone. Salesforce.com CEO Marc Benioff
plans to trade in his Motorola Inc. Razr for one. Chuck Jones
not only doesn't want one, he also isn't about to spend $1,000
or more to get iPhones for his two daughters.

While technophiles clamor for Apple Inc.'s combination
mobile phone and music player, some regular consumers like Jones
are less enthusiastic. The iPhone is pricier than rivals, lacks
the keyboard used by text messagers and works only on an AT&T
Inc. network. Parents also may balk at the $200 penalty to
switch wireless carriers, no matter how much their kids beg.


Read more at Bloomberg Exclusive News

S.Africa May trade deficit narrows to 2.7 bln rand

(Reuters) - South Africa recorded a trade deficit of 2.67 billion rand in May, compared to April's 5.67 billion rand shortfall, the South African Revenue Service said on Friday.

Analysts polled by Reuters last week had forecast a deficit of 4.8 billion rand, but the data is notoriously volatile and difficult to predict.


Read more at Reuters Africa

US STOCKS-Futures fall as inflation data awaited

(Reuters) - NEW YORK, June 29 - U.S. stock index futures
declined on Friday before data on a key measure of inflation, a
day after the Federal Reserve reaffirmed that rising price
pressure was its top economic concern.




Shares of Research In Motion Ltd. rose before the
opening bell after the maker of the Blackberry reported results
that beat analysts' estimates and received brokerage upgrades.
For details, see [ID:nN29283948]. Research in Motion surged
20.2 percent to $199.


Read more at Reuters.com Bonds News

Commerce Bancorp CEO retires as probe ends

(Reuters) - Commerce said it is creating an office of the chairman for Commerce Bank, comprising Dennis DiFlorio as chairman, Robert Falese as president and chief executive, and Douglas Pauls as chief financial officer. DiFlorio was most recently the bank's president, overseeing retail banking, while Falese was president of commercial and investment banking.




The company did not in a press statement say who will replace Hill as chief executive of Commerce Bancorp. A spokesman was not immediately available for comment.


Read more at Reuters.com Business News

BBVA to Hire 240 Derivatives Bankers in Madrid, London, Mexico, Hong Kong

(Bloomberg) -- Banco Bilbao Vizcaya Argentaria SA,
Spain's second-largest bank, is hiring 240 bankers worldwide
this year to boost its derivatives business.

BBVA recruited 151 of the bankers since January, including
Lorenzo Isla, 34, Barclays Capital's former head of structured
credit research in London, who will run credit derivatives in
Madrid. The Bilbao, Spain-based lender will add about 100 of the
new derivatives staff in Madrid and 115 in offices including
London, Frankfurt and Mexico City, said Ricardo Laiseca, head of
global markets. A team of 25 will start an equity derivatives
business in Hong Kong.


Read more at Bloomberg Emerging Markets News

CCS Income Trust to go private in C$3.5 bln bid

(Reuters) - CCS units last traded at C$37.89 on the Toronto Stock
Exchange, representing a 21-percent premium.




The investor group, headed by Werklund, includes, CAI
Capital Partners, Goldman Sachs Capital Partners, Kelso & Co.,
Vestar Capital Partners, British Columbia Investment Management
Corporation and O.S.S. Capital Management L.P.


Read more at Reuters.com Mergers News

Michigan County Leads Week's Municipal Borrowers With Sales at Record Pace

(Bloomberg) -- U.S. state and local governments
sold $11 billion of bonds this week, led by New York State's
Dormitory Authority and Michigan's Oakland County, helping to
put sales of tax-exempt bonds on pace to top 2005's record.

It was the third straight week that sales of new municipal
bonds exceeded the average of $7.7 billion so far this year,
according to data compiled by Bloomberg. A rise in bond yields
since last month is drawing buyers, even as governments seeking
to refinance debt or raise money for projects in case borrowing
costs rise further flood the market with offerings.


Read more at Bloomberg Bonds News