US Feb existing home sales near 3-year high but prices continue falling LONDON (AFX) - Exis... AFX TOP STORIES Global 0805 GMT.

LONDON (AFX) - Existing home sales in the US picked up in February, recording their largest gain in nearly three years even as house prices continued to fall, the National Association of Realtors said.

Sales were up 3.9 pct to reach 6.69 mln units in February. The rise was the biggest since March 2004. Markets had been predicting a fall to 6.30 mln units.

ALEXANDRIA, Va. (AP) - A federal judge on Friday issued a permanent injunction against Internet phone carrier Vonage for use of rival Verizon Communications Inc.'s patents.

Judge Claude Hilton said that an injunction, which followed a jury's decision earlier this month that Vonage had infringed on three Verizon patents, is required because simply providing monetary damages "does not prevent continued erosion of the client base of the plaintiff."

MILAN (AFX) - Enel SpA said it and Acciona SA are in advanced talks to make a joint offer for Endesa SA if the bid by E.ON AG for the Spanish energy group fails.

The company said that talks with Acciona are progressing "positively" but no agreement has been reached. Enel added that the operation would only unfold if E.On AG does not obtain 50 pct of Endesa's capital in public bid currently underway.

PARIS (AFX) - Axa said it has agreed a partnership with Banca Monte dei Paschi di Siena SpA (BMPS) covering bancassurance and pensions activities in Italy, and will pay 1.15 bln eur to acquire 50 pct of certain BMPS assets as well as management rights over the insurance and pension assets.

TOKYO (XFN-ASIA) - General Electric Co, through its wholly-owned subsidiary STV Partners, will launch a friendly takeover bid for Sanyo Electric Credit by acquiring a majority stake for 90.14 bln yen, Sanyo Electric Credit said in a statement.

SYDNEY (XFN-ASIA) - The Macquarie Bank Ltd-led Airline Partners of Australia (APA) consortium bidding for Qantas Airways Ltd said it is considering a range of alternatives after fund manager Balanced Equity Management rejected APA's 5.45 aud a share offer.

APA did not add to the statement but the proposed ownership structure, should APA succeed in gaining control of the Australian flag carrier, has some flexibility to allow parties other than the consortium members to have an investment in the airline.

LONDON (AFX) - Citigroup Inc chairman and CEO Charles Prince is under pressure from a faction within his company to make a rival bid to UK?s Barclays PLC for ABN Amro Holding NV, the Wall Street Journal said, citing sources familiar with the matter.

The newspaper said any deal would give Citigroup a stronger presence in continental Europe, noting the two banks have complementary businesses in the US and Latin America.

LONDON (AFX) - Biotechnology company Genentech Inc reiterated it expects 25-30 pct growth in non-GAAP full-year earnings per share, but warned it sees first-quarter US product sales "essentially flat" compared with the final quarter of last year.

The company said in a statement after hosting its annual analysts meeting it is still aiming to meet its Horizon 2010 financial goals, to achieve a compound annual non-GAAP EPS growth rate of 25 pct and to achieve cumulative free cash flow of 12 bln usd by 2010.

MOSCOW (AFX) - TNK-BP will bid for a 9.44 pct stake in Russian state oil company Rosneft, which is up for sale as part of the auction next Tuesday of assets in bankrupt Yukos, a company spokesman said.

PORTLAND, Maine (AP) - TD Banknorth Inc. said Friday it will cut 400 jobs and close or consolidate 24 branches as part of a plan to reduce operating expenses by at least 5 percent.

The Portland, Maine, company said the job cuts would occur over the next several months. The 400 jobs represent about 5 percent of the company's staff of 8,700 at the end of December.

FRANKFURT (AFX) - The euro zone seasonally adjusted current account surplus rose to 2.7 bln eur in January from a revised 2.0 bln eur in December, the European Central Bank said.

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