GREECE - Factors to Watch on May 26

Reuters: [2008-05-26 08:49:00]

    ATHENS, May 26 (Reuters) - Here are news stories, press 
reports and events which may affect Greek financial markets on 
Monday: 
     
    GREECE'S OPAP Q1 NET SEEN UP 26.5 PCT 
    Europe's biggest betting company, OPAP <OPAr.AT>, is 
expected to report a 26.5 percent rise in first-quarter net 
profit on higher Kino lottery revenue and lower costs, analysts 
said on Tuesday. [ID:nL26204534] 
     
    GREECE TO PRESENT OTE BILL TO PARLIAMENT THIS WEEK  
    Greece will seek parliament's green light to sell a stake in 
telecom company OTE <OTEr.AT> to Deutsche Telekom in the next 
few days, submitting the deal for approval, the country's 
telecoms minister said on Friday. [ID:nL23254394] 
     
    NBG MULLS STRATEGIC ALLIANCE WITH ERSTE BANK OR OTP 
    National Bank's <NBGr.AT> advisors have reportedly proposed 
the bank's management to seek a strategic alliance with 
Austria's Erste Bank <ERST.VI> or Hungary's OTP <OTPB.BU>, in 
order to further strengthen its position in SE Europe, financial 
daily Imerisia reported. 
    www.imerisia.gr 
     
    MIG, ATEBANK TO REPORT Q1 RESULTS 
    Marfin Investment Group <MRFr.AT> and ATEbank <AGBr.AT> 
report their results for the first quarter after the market's 
close.  
     
    BANK OF CYPRUS TRADES EX 2007 DIVIDEND 
    Bank of Cyprus <BOCr.AT> shares trade ex 0.25 euro per share 
dividend for 2007.  
     
    EUROZONE NOT WEIGHING FX INTERVENTION-GREEK FINMIN 
    Euro zone finance ministers are not even thinking about 
intervention to stem the rise of their euro common currency, 
Greek Finance Minister George Alogoskoufis said on Friday, 
although markets could be calmer. [ID:nN23215680] 
     
    For other related news, double click on: 
---------------------------------------------------------- 
 EUR Money Guide     <EUR/1>        Greek Debt News [DBT-GR] 
 Greek Equities Guide <GR/EQUITY>   Greece's Debt   <GR/DEBT> 
 Greek Economic Indicators [ECI-GR]  Government Debt  <GR/GOVT1> 
 Greek Stock News    [STX-GR]    Greek Money News    [M-GR] 
 Greek Exchange Info <GR/EXCH1> 
--------------------------------------------------------- 
 ((Reporting by Lila Chotzoglou; +30210 3376469; fax +30210 
3311829/39; e-mail: athens.newsroom@news.reuters.com)) 
  Keywords: GREECE FACTORS 
    

Benelux stocks - Factors to watch on May 26

Reuters: [2008-05-26 07:35:00]

AMSTERDAM/BRUSSELS, May 26 (Reuters) - The following Benelux stocks may be affected by newspaper reports and other factors on Monday:

TNT <TNT.AS>

Dutch mail and logistics company reaches wage deal with union, averting a countrywide strike.

For more, double click on [TNT.AS]

FORTIS <FOR.BR> <FOR.AS>

Belgian-Dutch financial services group places 650 million euros ($1.02 billion) in a planned perpetual bond issue to bolster its capital base.

For more, double click on [FOR.BR] [FOR.AS]

SNS Bank NV <SNSTB.AS>

U.S. Federal Reserve approves an application by a unit of the Dutch bank to open an office in Virginia.

For more, double click on [SNSTB.AS]

ACKERMANS & VAN HAAREN <ACKB.BR>

Ackermans & Van Haaren first-quarter update, annual shareholders meeting

For more double click on [ACKB.BR]

COFINIMMO <COFB.BR>

Belgian property investment company acquires 19 nursing homes in France from Korian Group <KORI.PA> for 144.4 million euros in deal due to be completed by September.

For more double click on [COFB.BR]

DISTRIGAS <DISTy.BR>

French utility Suez <LYOE.PA>, looking to sell its Belgian natural gas trading arm Distrigas <DISTy.BR>, says it has enters into exclusive talks with Italian oil and gas firm Eni SpA <ENI.MI>.

For more double click on [DISTy.BR]

((Amsterdam and Brussels newsrooms; Tel. +31 20 504 5000; amsterdam.newsroom@news.reuters.com))

($1=.6360 Euro)

PRESS DIGEST - British Business Press - May 24

Reuters: [2008-05-24 05:54:00]

The Times

BUNCEFIELD OIL FIRE WAS RESULT OF NEGLIGENCE BY TOTAL.

The Buncefield oil fire was the result of negligence by Total<TOTF.PA>, a High Court judge ruled on Friday. Mr Justice David Steel made the ruling during a preliminary hearing of a case in which victims of Britain's biggest peacetime explosion are suing Total and others for up to one billion pounds in damages. The court heard that Total and Hertfordshire Oil Storage Ltd had previously conceded that negligence was responsible for the huge fire at the Hertfordshire depot.

CONSTRUCTION & PROPERTY

Oak Holdings said it expects to secure a development loan to take its 350 million pound YES! project to completion. The property development and consultancy group said its directors are exploring funding opportunities for YES! which involves a leisure-based resort, activity and convention destination in South Yorkshire.

RETAILING

John Lewis Partnership have announced that sales in the week to May 17 at its 26 UK department stores dropped 1.8 per cent year-on-year to 46.5 million pounds. However, sales at its chain of 187 Waitrose supermarkets increased 7.8 per cent to reach 78.2 million pounds. The staff-owned retailer's sales rose four per cent to 124.7 million pounds.

The Daily Telegraph

MARSTON'S STEERS CLEAR OF PROPERTY PATH DESPITE FALLS

Marston's<MARS.L> has reported a 19 per cent fall in pre-tax profits due to share buybacks, tough trading conditions and higher costs. However, the company batted away suggestions that it would follow rivals planning to sell off their property estates. The pub operator and brewer, which bought back 150 million pounds of shares in the six months to March 29, said pre-tax profits dropped to 31 million pounds. David Thomson, Marston's chairman, said: "We do not plan currently to change the existing structure of the group as we do not believe that the potential benefits outweigh the implementation costs or increased risk, but we will continue to keep the situation under review."

MOSS BROS FAMILY SELLS MORE STAKE

The founding family behind the Moss Bros chain has sold more of its stake in the menswear retailer, despite recently dismissing a possible bid from Baugur as significantly undervaluing the company. Baugur made a 42 pence-a-share indicative approach for Moss Bros in February, but family members said that the offer undervalued the chain. However, because members of the family have been selling shares at 45 pence, 46 pence and 50 pence over the past few weeks, Baugur's offer price looks to be close to an acceptable level.

TALK OF PREDATORY LLOYDS TSB BOOSTS BANKS

Speculation has been mounting whether Lloyds TSB<LLOY.L> could launch a bid for Alliance & Leicester<ALLL.L> or Bradford & Bingley<BB.L>. The rumours were fuelled by Exane BNP Paribas, which lifted its rating on the high street bank to neutral from underperform. Analyst Ian Gordon mused: "It seems reasonable to contemplate the possible attractions to Lloyds of a bid for Alliance & Leicester or Bradford & Bingley." He also pointed out that B&B is trading at a large discount to book value, while "funding and capital synergies now appear increasingly relevant."

The Independent

CAA CALLS FOR BREAK-UP OF BAA'S LONDON MONOPOLY

The Civil Aviation Authority has added its name to the growing list of regulators calling for the break-up of BAA's monopoly over London's airports. On Friday, the regulator claimed BAA's ownership of Gatwick, Heathrow and Stansted prevented competition in the region, which was damaging to customers. Last month, the Competition Commission accused BAA of "a lack of responsiveness to the differing needs of its airline customers, and hence passengers," signalling too that it would recommend the break-up of its London assets.

BATTLE FOR EXPRO ERUPTS WITH BIDS FROM HALLIBURTON AND CANDOVER

A bidding battle over British oil services company Expro International<EXR.L> has erupted after Halliburton tabled a 15.25 pound per share takeover proposal which was trumped within hours by Umbrellastream, which placed a 15.50 pound cash bid. Halliburton has been poring over Expro's figures since shortly after Umbrellastream, a Candover<CDI.L> led private equity consortium, first made an agreed bid at 14.35 pounds a share in April.

SUEZ DROPS OUT OF BRITISH ENERGY BIDDING

Suez<LYOE.PA> has withdrawn from its attempt to take over Britain's ageing fleet of nuclear power stations. On Friday, the French utility company said that the possible bid had become a casualty of its protracted attempt to close a planned merger with Gaz de France<GAZ.PA>, the French state-owned gas supplier. The utility had been one of up to ten possible bidders hounding British energy<BGY.L>, and said: "The completion of the merger with Gaz de France remains Suez's key priority. Accordingly, Suez confirms that in its development of the nuclear energy sector in the UK, those relating to a potential offer for British Energy have now ceased."

The Guardian

ANGER AS CROZIER GETS TWO MILLION POUND REWARD.

Adam Crozier, Royal Mail's chief executive, will receive an almost two million pound payout this summer under the company's long term incentive plan. The general secretary of the Communication Workers Union, Billy Hayes, said: "Royal Mail has just claimed that it is financial crisis, that employees are overpaid and is trying to reduce the pension benefits of its staff. At the same time as this, executive pay is completely out of control."

L&G JOINS ROCK SHAREHOLDERS IN LEGAL FIGHT FOR COMPENSATION

Legal & General<LGEN.L> is joining legal proceedings brought by angry Northern Rock<NRK.L> shareholders who are seeking compensation for the bank becoming nationalised. The insurer has decided against launching its own legal action after indicating in March it was considering its own proceedings. It will instead throw its weight behind the Shareholders Action Group and hedge funds SRM and RAB capital. The Government has yet to appoint an accountant to establish whether to compensate Northern Rock's shareholders, even though the bank was taken into state ownership in February.

WOOLWORTHS CONSIDERS SALE OF DVD STAKE

Woolworths has revealed it is considering selling its stake in 2entertain, the DVD distribution business, following months of speculation. The high street retailer said in a statement: "The company can confirm that it is considering its options with regard to this stake which may or may not lead to a transaction." It is understood it will work with UBS<UBSN.VX> to weight up whether a sale of the growing business makes sense.

Prepared for Reuters by Durrants

Argentine stocks, bonds, peso slide on farm conflict

Reuters: [2008-05-23 23:16:00]

(Updates with closing prices, adds quote)

BUENOS AIRES, May 23 (Reuters) - Argentine stocks fell on Friday after six sessions of gains, and bonds also slid after a meeting between the government and farm leaders failed to end a two-month dispute over grains export taxes, raising concerns of a prolonged political conflict.

Demand was also high for dollars as investors sought safety in foreign currency, but the central bank sold greenbacks on the foreign exchange market to prevent the peso from losing ground.

The benchmark MerVal index <.MERV> shed 0.57 percent to 2,235.33 points shares as banking stocks sagged, hurt by a fall in government bond prices also affected by developments in the farm talks.

Shares of Grupo Financiero Galicia <GFG.BA>, which controls Argentina's biggest bank, slumped 4.1 percent to 1.87 pesos per share.

Local bank shares are usually hit in Argentina when bond prices fall, because they are obligated to hold government debt.

"With the end of the farmer conflict looking unpredictable, investors are moving out of their positions as uncertainty returns to the markets," said Leopoldo Olivari, a trader at Bacqui brokerage.

On the broad market volume was weak at $16.5 million. Of active issues 26 advanced, 65 declined and 18 were unchanged.

Government bonds traded locally gave up 1.5 percent on average. Both the dollar-denominated Disc bond and the Bonar 2013 fell 1.5 percent.

Farmers and the government were not able to solve their differences over a soy exports tax, which deepened worries of political uncertainty among investors. A drawn-out conflict with the agricultural sector has seen President Cristina Fernandez's popularity ratings slide.

Farmers have staged two strikes since March over a tax hike on soy exports. They are calling for a change in the tax, and the meeting between farm leaders and the government was the first after farmers called off their second strike earlier this week to renew negotiations.

Argentina is one of the world's top suppliers of soybeans, corn, wheat and beef.

On the foreign exchange market, the peso currency weakened by 0.08 percent to 3.2225/3.2250 per U.S. dollar <ARSB=> in informal trade between foreign exchange houses, as measured by Reuters. In formal interbank trade the peso nudged up 0.08 percent to 3.1325/3.1350 per dollar <ARS=RASL>.

(Reporting by Walter Bianchi, Writing by Fiona Ortiz; editing by Leslie Adler)

((kevin.gray@thomsonreuters.com; +54 11 4510-2505; Reuters Messaging: kevin.gray.reuters.com@reuters.net)) Keywords: MARKETS ARGENTINA/

Argentine financial markets slide on farm conflict

Reuters: [2008-05-23 18:22:00]

BUENOS AIRES, May 23 (Reuters) - Argentine stocks and bonds fell on Friday along with the peso after a meeting between the government and farm leaders failed to end a two-month dispute over grains export taxes.

The failure of the meeting late on Thursday deepened worries of political uncertainty among investors about a prolonged conflict that has seen President Cristina Fernandez's popularity ratings slide.

The benchmark MerVal index <.MERV> shed 1.7 percent to 2,210.26 points at 1:15 p.m. local time (16:15 GMT) as banking shares sagged, hurt by a fall in government bond prices also affected by developments in the farm talks..

Bonds traded locally fell on average 1.2 percent in midday trade.

On the MerVal, shares in Grupo Financiero Galicia <GFG.BA>, which controls Argentina's biggest bank, dipped 4.1 percent to 1.87 pesos.

Local banks have seen their shares hit in recent weeks as the standoff has weighed on markets because they are obligated to hold government debt.

"With the end of the farmer conflict looking unpredictable, investors are moving out of their positions as uncertainty returns to the markets," said Leopoldo Olivari, a trader at Bacqui brokerage.

Farmers have staged two strikes since March over a tax hike on soy exports. They are calling for a change in the tax, and the meeting between farm leaders and the government was the first after farmers called off their second strike earlier this week to renew negotiations.

Argentina is one of the world's top suppliers of soybeans, corn, wheat and beef.

On the foreign exchange market, the peso currency weakened by 0.54 percent to 3.24/3.2424 per U.S. dollar <ARSB=> in informal trade between foreign exchange houses, as measured by Reuters. In formal interbank trade the peso was virtually flat at 3.135/3.1375 per dollar <ARS=RASL>.

(Reporting by Walter Bianchi, Writing by Kevin Gray; editing by Leslie Adler) ((kevin.gray@thomsonreuters.com; +54 11 4510-2505; Reuters Messaging: kevin.gray.reuters.com@reuters.net)) Keywords: MARKETS ARGENTINA/