PARTYGAMING CONFIRMS INDICATIVE PRICE RANGE FOR IPO AT 111-127P/SHARE

BT LAUNCHES COMBINED FIXED, MOBILE PHONE

ULTRASIS IN LICENSING DEAL WITH TORONTO'S FSEAP

TRAVELOCITY SAYS NORWEGIAN REGULATORY CONDITIONS SATISFIED IN LASTMINUTE BID

WOLVERHAMPTON & DUDLEY TO MOP UP REST OF JENNINGS SHARES AFTER TAKING 90 PCT

IP2IPO TAKES 35.9 PCT STAKE IN OXFORD UNIVERSITY PHYSICS DEPT SPIN-OUT COMPANY

AFX


MARKETS

FTSE 100 5,046.8, down 3.6

FTSE 250 7,289.8, down 17.9

DJIA 10,547.60, up 25.00

Nasdaq Comp 2,069.04, up 0.08

S&P 500 1,203.90, up 3.10

Tokyo: Nikkei closed at 11,415.88, up 79.96

Hang Seng midday 13,895.08, down 9.73

Gold 426.85 usd (428.95 usd)

Oil - Brent Jul 53.73 usd (54.78 usd)



BREAKING NEWS

* An Icelandic investment group understood to be building a stake in MARKS & SPENCER; it is expected to announce in the coming days that it has spent some 170 mln stg buying more than 3 pct of the company - Guardian

* Blair digs in over EU rebate; prime minister talks of 'sharp disagreement' with France; comments fail to damp optimism in Brussels about deal on budget - FT

* PARTYGAMING cuts price range for its planned IPO amid investor concern that the online poker operator is too expensive; its prospectus will value the group at between 8 bln usd (4.4 bln stg) and 9.2 bln - FT

* EMPIRE ONLINE will today become the first internet poker operator to float in London when shares in the group begin trading on AIM - FT

* BOC understood to have recommenced merger discussions with its European rival, Linde of Germany - Guardian

* Outlook for music industry improving after four years of declining sales, according to OECD - FT

* Opec will today consider a plan for a two-step increase in its official production ceiling in an effort to bring oil prices below 50 usd a barrel - FT

* REGAL PETROLEUM expected to appoint Richard Hardman, a veteran of the US oil industry, as head of exploration - FT

* Phoenix Four managed to stave off bankruptcy at MG Rover for at least four months by plundering the accounts of its successful engine-making division Powertrain - Mail

* BMW could be landed with a bill for tens of millions of pounds for the recycling of cars produced by Rover - Times

* MARYLEBONE WARWICK BALFOUR considering demerging its serviced office arm and lifestyle hotel division next year - Times



PRESS COMMENT

FT

THE LEX COLUMN comments on FIRST CHOICE HOLIDAYS, Oil prices, Lehman Brothers, Ahold - FIRST CHOICE HOLIDAYS (fully valued for the time being)

Mail

EMPIRE ONLINE (expect a useful premium when dealings start this morning)

Telegraph

MARKS & SPENCER (talk of Icelanders on the horizon) - QUESTOR: FIRST CHOICE HOLIDAYS (worth holding), HELPHIRE (at these levels, Questor is not a believer), AEA TECHNOLOGY (avoid)

Independent

THE INVESTMENT COLUMN: TOREX RETAIL (a buy still), GRIFFIN MINING (a speculative buy), NEWMEDIA SPARK (offer good potential for the long term) - P&O (Temasek bid hopes fade) - OVOCA (word it is putting the finishing touches to a 1 mln stg fund raising)

Express

MARKS & SPENCER (rumours that Baugur is about to appear on its list of leading shareholders) - SHARE WHISPER: CROMA GROUP (speculation it is closing in on one of its takeover targets) - WHO'S DEALING: WIDNEY (two directors sell stock to satisfy investor demand)

Times

RUMOUR OF THE DAY: FAROE PETROLEUM (talk it is poised to take operating control of Licence 002 in the Faroes) - SMALLER STOCK TO WATCH: ENDACE (the network security specialist will become the first New Zealand company to list on AIM today) - DIRECTORS' DEALINGS: GRAINGER TRUST (two directors sell stock) - TEMPUS: POLAR CAPITAL TECHNOLOGY (hold), FIRST CHOICE HOLIDAYS (worth holding), PROSTRAKAN (avoid)

Manchester United will be removed from the FTSE250 with effect from June 17th, and replaced by Xansa, following the unconditional mandatory cash offer by US tycoon Malcolm Glazer's Red Football Ltd, FTSE said in a statement to the London Stock Exchange.

BAE Systems under pressure on speculation CSFB was placing 10 million shares at 278p per share

Afternoon all, not enough hours in a day to "juggle".......