Asian Currencies Decline as Global Investors Shun Emerging-Market Assets

(Bloomberg) -- Asian currencies slid on speculation
investors were selling emerging-market assets as losses related
to U.S. subprime mortgages worsen.

The Philippine peso, the third-best performer in the region
this year after the Thai baht and Indian rupee, led losses as
Bear Stearns & Cos. yesterday halted redemptions from a third
hedge fund. The South Korean won weakened as Finance Minister
Kwon Okyu told CNBC its appreciation has affected the economy and
the government is ready to take action if necessary.


Read more at Bloomberg Currencies News

South Korea's Exports Grow at Fastest Pace in Six Months on Cars, Phones

(Bloomberg) -- South Korea's exports grew at the
fastest pace in six months in July, evidence that global demand
is robust enough to counter the effects of a stronger won.

Exports rose 20 percent from a year ago after climbing 15.3
percent in June, the commerce ministry said today in Gwacheon.
That compared with the 21 percent median estimate of 11
economists surveyed by Bloomberg News.


Read more at Bloomberg Emerging Markets News

Ten-Year Treasury Yields Hold Near Lowest Since May on Demand for Safety

(Bloomberg) -- U.S. 10-year Treasury yields held
near the lowest since May as stock declines fed demand for the
relative safety of government debt.

Yields may fall for a second day on expectations a slump in
the housing market will curb demand for riskier assets. Treasury
rates mostly moved in the same direction as U.S. shares in the
last two weeks of July. The 10-year yield and the Standard &
Poor's 500 Index had a correlation of 0.85 in the last two weeks.
A figure of 1 would indicate they moved in lockstep.


Read more at Bloomberg Bonds News

New York state power grid CEO to step down

(Reuters) - In a statement, the NYISO said Lynch oversaw the successful
management of peak loads last summer without major service
interruptions, as well as adding renewable power sources and
"demand response" power conservation programs.




Lynch is NYISO's second president and CEO since it was
formed in 1999 to facilitate the restructuring of New York's
electric industry. NYISO operates the state's electricity grid
and administers the state's wholesale electricity markets.


Read more at Reuters.com Bonds News

News Corp board OKs deal to buy Dow Jones

(Reuters) - Members of the Bancroft family holding at least 38 percent of Dow Jones' voting shares are in favor of the deal, a source familiar with the matter said after the News Corp board meeting ended.




That level of support represents more than half of the 64 percent voting shares held by the family.


Read more at Reuters.com Business News

NEWSMAKER-Dow Jones sale to end Bancroft media reign

(Reuters) - The Bancrofts are among a group of centenarian newspaper
families that includes the Sulzberger clan, who run The New
York Times Co. , and the Chandlers, who cashed out of
Tribune Co. earlier this year.




In the sepia-toned years of the late 19th and early 20th
centuries, these families were stewards of what many historians
characterize as the golden age of news.


Read more at Reuters.com Mergers News

UPDATE 3-Whole Foods quarterly profit tops view, shares up

(Reuters) - CHICAGO, July 31 - Whole Foods Market Inc.
posted quarterly profit on Tuesday that dropped less
than Wall Street anticipated as same-store sales stabilized and
margins improved, sending its shares up as much as 11 percent.




Whole Foods is trying to buy smaller rival Wild Oats
Markets Inc. . But the Federal Trade Commission is
challenging the deal in federal court on grounds that it would
hobble competition in the natural and organic grocery market.


Read more at Reuters.com Market News

Japanese Shares May Drop, Led by Exporters, on U.S. Concerns, Stronger Yen

(Bloomberg) -- Japanese stocks may fall after American
Home Mortgage Investment Corp. said it lacks cash to fund new
loans, sending U.S. shares lower and reigniting concerns the
subprime rout will curb growth in the world's largest economy.

Exporters including Sony Corp. may pace declines after the
yen strengthened, cutting the value of their overseas sales in the
local currency. The U.S. Standard & Poor's 500 Index posted its
biggest monthly decline in three years.


Read more at Bloomberg Stocks News

Orange-Juice Futures Climb as Tropical Storm Chantal Forms in Atlantic

(Bloomberg) -- Orange-juice futures rose in New York
after Chantal, the third tropical storm of the Atlantic hurricane
season, formed between Bermuda and Massachusetts.

Chantal probably won't threaten land and will likely die out
in the next day or two while moving to the northeast, according
to the U.S. National Hurricane Center. Storm activity during the
Atlantic hurricane season, which runs from June 1 through
Nov. 30, usually increases in late July.


Read more at Bloomberg Commodities News

Cephalon posts loss on legal cost, generic rivals

(Reuters) - NEW YORK, July 31 - Cephalon Inc. reported a second-quarter loss on Tuesday as the biotechnology company was hit by legal costs and plunging sales of its cancer pain drug, Actiq, due to generic competition.



The Frazer, Pennsylvania-based company posted a net loss of $4.3 million, or 6 cents per share, compared with a net profit of $50.4 million, or 76 cents per share, a year ago.


Read more at Reuters.com Market News

Stratos moves to profit, ups outlook ahead of sale

(Reuters) - Stratos, which provides telecom services to customers in
remote parts of the world, said it earned $6.6 million, or 16
cents per share, in the three months ended June 30. That was up
from the loss of $4.1 million, or 10 cents per share, in the
second quarter of last year.




Stratos is being bought by CIP, an investment firm focused
on satellite services, for C$294 million .
Shareholders overwhelmingly approved the deal last month.


Read more at Reuters.com Mergers News

UPDATE 1-Enron plaintiffs ask Bush to back 3rd-party suits

(Reuters) - WASHINGTON, July 31 - Former Enron Corp
shareholders called on the White House on Tuesday to support
efforts to hold third parties accountable when their actions
help a company defraud investors.




In a last-ditch attempt to get the administration to back
their effort to have the U.S. Supreme Court allow shareholders
to sue third parties, the group of former Enron shareholders
have written to President George W. Bush.


Read more at Reuters.com Government Filings News

Yen Extends Gains Against Euro and the Dollar on Renewed Credit Risk

(Bloomberg) -- The yen gained, after posting its
biggest monthly advance in more than a year against the euro,
on concern that losses from U.S. subprime mortgages will push
investors to pare riskier investments funded by loans in Japan.

Traders pushed up the yen against all 16 major currencies
tracked by Bloomberg yesterday as they reduced so-called carry
trades after American Home Mortgage Investment Corp. said it may
have to sell off assets. U.S. stocks slumped and a gauge of
corporate bond risk increased, prompting investors to trim their
appetite for higher-yielding assets.


Read more at Bloomberg Currencies News

UPDATE 1-Florida orders Progress to refund $13.8 mln

(Reuters) - After a four-hour discussion, the commission voted to
accept a staff recommendation that the St. Petersburg utility
was imprudent in purchasing coal for two units at its Crystal
River generating station in Citrus County.




The staff recommendation calling for a $12 million refund,
plus interest, was far short of a request from the state's
consumer advocate and the attorney general who sought refunds
and interest totaling $155 million, according to filings from
the agency's Web site.


Read more at Reuters.com Bonds News

Millipore quarterly profit falls

(Reuters) - Net sales rose 40 percent to $383.2 million for the
quarter.





Read more at Reuters.com Market News

American Home says may liquidate assets

(Reuters) - The large U.S. mortgage provider and real estate investment trust said its lenders cut off access to credit, leaving it without cash on Monday to fund $300 million of loans it had agreed to make.




It also expected to be unable to fund $450 million to $500 million of loans on Tuesday.


Read more at Reuters.com Hot Stocks News

MetLife posts sharply higher 2Q net

(Reuters) - New York-based MetLife, which is also a home and car insurer, said operating earnings, which analysts use to measure performance because it excludes investments, were $1.31 billion or $1.72 a share.




Analysts, on average, had expected the insurer to earn $1.33 a share from operations, according to Reuters Estimates.


Read more at Reuters.com Business News

Moody's Says Some `Alt A' Mortgages Like Subprime, Changes Ratings Methods

(Bloomberg) -- Moody's Investors Service described
some so-called Alt A mortgages as no better than subprime home
loans, saying it will change how it rates related securities
after failing to predict how far delinquencies would rise.

The ratings firm said today its expectations for losses on
Alt A mortgages will rise between 10 percent and 100 percent,
depending on whether a loan pool has a lot of debt extended to
borrowers with low credit scores and little money for down
payments. It's also raising loss expectations when borrowers
don't fully document their incomes.


Read more at Bloomberg Bonds News

TREASURIES-Bonds climb as stock markets tumble

(Reuters) - Bonds have closely mirrored stocks recently, gaining when
stocks fall as investors turn to the relative safety of bonds.




"Bonds are not leading, they are being led -- it's not much
more complicated than that," said David Ader, head of
government bond strategy at RBS Greenwich Capital in Greenwich,
Connecticut.


Read more at Reuters.com Bonds News

Central Florida counties aboard for $615 mln rail project

(Reuters) - Volusia County, the last local signatory needed, on Tuesday
committed to helping pay the tab for the rail system, which
will be financed through 30-year fixed guideway bonds issued
through the state of Florida.




"The train is here. It's not coming. It's here," Volusia
County Councilman Jack Hayman said after a unanimous vote in
favor of the plan.


Read more at Reuters.com Bonds News

Avon quarterly profit falls on costs

(Reuters) - The world's largest direct seller of cosmetics said net income fell to $113 million, or 26 cents a share, from $151 million, or 33 cents a share, in the year-ago period.




Income included pretax costs of about $82 million on restructuring and revamping its products. Excluding the charges, the company earned 38 cents per share, according to Reuters Estimates, missing Wall Street's forecast of 42 cents.


Read more at Reuters.com Bonds News

Teck Cominco says still in hunt for acquisitions

(Reuters) - "There are a number of opportunities that we have been
looking at but unable to conclude a deal at this
point," Don Lindsay, Teck's president and CEO, told a
conference call.




"We don't want to telegraph any moves in advance ... but we
are committed to diversification."


Read more at Reuters.com Mergers News

Rogers CEO shoots down talk of Shaw takeover

(Reuters) - His remarks came after a Canaccord Adams analyst published a research note last week in which he speculated the two big Canadian cable-TV and telecoms companies could be in talks for a deal that would value Shaw at as much as C$14.4 billion .




Rogers called the speculation "plain irresponsible" and also criticized the media for reporting on "some completely theoretical diatribe".


Read more at Reuters.com Mergers News

UPDATE 1-Chile's Pinera quits as director of airline LAN

(Reuters) - In a brief statement to the Santiago stock exchange, LAN
said it was notified of Pinera's decision on Monday but gave no
further details.




In a telephone interview with Reuters, Pinera said he was
leaving the board at LAN to focus on politics.


Read more at Reuters.com Government Filings News

GLOBAL MARKETS-Stocks rally worldwide as credit markets calm

(Reuters) - Earnings from General Motors Corp. sharply exceeded
Wall Street's estimates, driving its stock up nearly 3 percent
and lifting the Dow industrials as it increased investor
optimism about U.S. corporate profits.




The broad market also was bolstered by an inflation
indicator that rose less than expected in June.


Read more at Reuters.com Bonds News

Canada's April daily FX turnover rose nearly 13 pct

(Reuters) - In the survey of foreign exchange turnover in Canada, the
CFEC said average total daily turnover in the 20-business-day
April 2007 period was $55.5 billion.




That's up 12.8 percent from a $49.2 billion average daily
turnover during the 21-day period in October 2006, and 5.5
percent higher than $52.6 billion in April 2006.


Read more at Reuters.com Bonds News

Dow Jones, Faro, Fresh Del Monte, IndyMac, Midwest Air: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 1:10 p.m. in New York.

Aftermarket Technology Corp. (ATAC US) rose the most since
January 2001, jumping $6.75, or 25 percent, to $33.24. The car-
parts maker increased its 2007 forecast, saying it expects to
earn $1.55 to $1.70 a share. The company earlier predicted profit
of as much as $1.55.


Read more at Bloomberg Stocks News

Oddo to Shut French CDO Funds `Caught Out' in U.S. Subprime-Mortgage Rout

(Bloomberg) -- Oddo & Cie, a French stockbroker and
money manager, plans to close three funds totaling 1 billion
euros ($1.37 billion), citing the ``unprecedented'' crisis in
the U.S. asset-backed securities market.

Oddo said it will wind down the funds within the ``shortest
possible time frame'' after struggling to value holdings of
collateralized debt obligations, notes backed by other bonds,
loans and their derivatives.


Read more at Bloomberg Bonds News

Wendy's shares up on hopes of near-term sale

(Reuters) - A Wendy's spokesman would not comment on the letter.




In a note to clients on Tuesday, UBS analyst David Palmer said Peltz's interest would renew investor hope of a near-term sale of Wendy's, which has been struggling to revitalize sales at its hamburger restaurants.


Read more at Reuters.com Hot Stocks News

RLPC-UPDATE 1-Myers Industries postpones $950 mln LBO financing

(Reuters) - Already this week, CW Media, Integra Telecom and Stoneridge
have been forced to postpone their financings due to weak debt
market conditions.




The financing, which was being arranged by Goldman Sachs,
consisted of a $685 million bank loan and $265 million in
senior subordinated notes.


Read more at Reuters.com Mergers News

Dollar Poised for Second Monthly Decline Against Euro and Pound on Risks

(Bloomberg) -- The dollar headed for a second
monthly decline against the euro and pound as strengthening
global equity markets eased concern that tightening credit
conditions will drive investors from riskier assets.

Investors sold the U.S. currency and the yen today to buy
higher-yielding assets in New Zealand and Australia. The risk of
owning corporate bonds fell by the most in at least three years,
according to traders of credit-default swaps.


Read more at Bloomberg Currencies News

UPDATE 1-FirstService reports higher profit, ups outlook

(Reuters) - The company also raised its outlook for fiscal 2008.




The real estate and property services company earned a net
profit of $18.1 million, or 61 cents a share, in the three
months ended June 30, up from C$12.8 million, or 43 cents a
share, in the same quarter last year.


Read more at Reuters.com Market News

UPDATE 1-Bemis 2nd-quarter profit climbs, lowers forecast

(Reuters) - Quarterly net income was $49.5 million, or 47 cents a
share, compared with $48.9 million, or 46 cents per share, in
the year-ago period, the Neenah, Wisconsin-based company said.




The company's quarterly results for the year-ago period
included restructuring and related charges totaling 5 cents a
share.


Read more at Reuters.com Market News

UPDATE 1-Arch Chemicals second-quarter net declines

(Reuters) - Net income was $22.8 million, or 93 cents a share, compared
with $29.5 million, or $1.22 a share, a year earlier, the
Norwalk, Connecticut-based company said.




Excluding one-time items, earnings from continuing
operations rose to $1.41 a share from $1.22 a year ago.


Read more at Reuters.com Market News

Agco profits beats forecasts, raises estimates

(Reuters) - CHICAGO, July 31 - Agricultural equipment maker Agco Corp. said on Tuesday that its quarterly earnings surged a stronger-than-expected 56 percent, helped by robust sales in South America, especially Brazil.



The company also raised its guidance for the full year, sending its shares higher in early trading.


Read more at Reuters.com Market News

US FCC delays vote on wireless auction rules

(Reuters) - FCC Chairman Kevin Martin, a Republican, has proposed
allowing requiring the winning bidders of some of the airwaves
-- to be sold by early next year -- to allow consumers to
connect using any device or software.




The airwaves to be sold in the 700-megahertz band can
travel long distances and penetrate thick walls. The auction
is seen as a last opportunity for a new player to enter the
wireless market.


Read more at Reuters.com Government Filings News

Carrefour Lures Shoppers, Investors as Food Scares Grip China

(Bloomberg) -- Wang Daying no longer buys her pork
straight off the carcass. These days, the doctor shops at an
underground, air-conditioned Carrefour SA store in north Beijing.

``Big supermarkets have quality safeguards, particularly
foreign companies,'' said Wang, 69. ``I've become more
cautious.''


Read more at Bloomberg Exclusive News

UPDATE 1-US July consumer confidence at 6-year high-Conf Bd

(Reuters) - The Conference Board said its index of consumer sentiment
rose to 112.6 in July, the highest reading since August 2001
and above an upwardly revised 105.3 in June.




"An improvement in business conditions and the job market
has lifted consumers' spirits in July," said Lynn Franco,
director of The Conference Board Consumer Research Center, in a
press release.


Read more at Reuters.com Bonds News

Midwest Air to start talks with AirTran

(Reuters) - The company said in a statement on Tuesday that while it had not changed its recommendation that shareholders reject the bid, it planned to start talks with AirTran.




Midwest said its board had formed a committee to explore strategic and financial alternatives, and that it would hold discussions with other parties that have recently expressed interest in the company.


Read more at Reuters.com Mergers News

Timken quarterly profit falls on weak auto demand

(Reuters) - Excluding special items, income from continuing operations
fell to 73 cents per share from 80 cents per share a year ago.




Analysts, on average, expected profit of 72 cents per
share, according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1-Heidrick & Struggles profit boosted by tax credits

(Reuters) - Net income for the quarter rose to $21 million, or $1.11
per share, from $10.4 million, or 55 cents per share, in the
same period a year ago.




Excluding the $8.5 million tax benefit, earnings would have
been 66 cents per share, the company said.


Read more at Reuters.com Market News

UPDATE 1-NEWSMAKER-"You're hired!" Murdoch tells Sugar

(Reuters) - LONDON, July 31 - Alan Sugar, the businessman
famous for telling aspiring entrepreneurs "You're fired!" on TV
reality show "The Apprentice," backed the sale of his Amstrad
electronics business to Rupert Murdoch's BSkyB on Tuesday.




And he gets to keep his job.


Read more at Reuters.com Mergers News

Coach quarterly profit rises

(Reuters) - Net income for the fourth quarter ended on June 30 increased to $160.6 million, or 42 cents per share, from $117.6 million, or 31 cents per share, a year earlier.



New York-based Coach had previously forecast quarterly earnings of 40 cents per share.


Read more at Reuters.com Market News

Suez First-Half Sales Rise 5.8 Percent on Higher Power Production, Prices

(Bloomberg) -- Suez SA, the French energy and water
group, reported an 8.5 percent increase in second-quarter sales
as higher electricity prices and output offset lower demand for
natural gas caused by above-average temperatures.

Sales climbed to 11.5 billion euros ($15.8 billion) from
10.6 billion euros a year earlier, Bloomberg calculated from
half-year figures published today by the Paris-based company.
Sales rose 5.8 percent to 23.7 billion euros in the first half.


Read more at Bloomberg Energy News

Wall Street set for firmer start, key data eyed

(Reuters) - In focus will be a series of economic data, including
consumer confidence data fur July at 1400 GMT, June's personal
consumption expenditures data at 1230 GMT and July's
Chicago PMI at 1345 GMT as well as construction spending data
for June at 1400 GMT.




Investors hope to get an indication of whether the weakness
in the subprime mortgage sector has spread to consumers yet,
Heinz-Gerd Sonnenschein from Germany's Postbank said.


Read more at Reuters.com Bonds News

France's CAC Rises; Vallourec, BNP and Rhodia Advance as Alcatel Slumps

(Bloomberg) -- French stocks climbed, paced by
Vallourec SA, Alstom SA and BNP Paribas SA.

Rhodia SA gained after reporting a second-quarter profit.
Alcatel-Lucent slid after reporting a wider-than-expected
quarterly loss.


Read more at Bloomberg Stocks News

Floods slash H1 Zambia copper output by 15 pct

(Reuters) - Zambia's finished copper output for the six months to June has declined by 15 percent to 229,102 tonnes compared with the first half of 2006, the central bank said on Tuesday.

The Bank of Zambia (BoZ) said most copper mines had not reached their normal production levels by June after experiencing floods earlier in the year and that an export ban for copper ore by Democratic Republic of Congo (DRC) authorities in March had also affected production.


Read more at Reuters Africa

Merger costs hit Alcatel-Lucent, shares drop

(Reuters) - Alcatel-Lucent, operating as a combined business since December 1 after the takeover of U.S.-based Lucent by Alcatel of France, has been struggling since then to keep customers spooked by uncertainty over the merged group's technology and product choices.




The group already warned in April that sales could fall short of earlier targets.


Read more at Reuters.com Hot Stocks News

Trichet, Poised to Raise Rates, Upholds Bundesbank's Anti-Inflation Legacy

(Bloomberg) -- The European Central Bank might be run
by a Frenchman; its heart and soul belong to Germany's Bundesbank.

ECB President Jean-Claude Trichet faces political pressure to
stop raising interest rates, and some of his own policy makers
query the extent of the inflation threat in Europe. Still,
investors are betting he'll push borrowing costs higher, upholding
the legacy of Germany's central bank, which celebrates its 50th
anniversary tomorrow.


Read more at Bloomberg Exclusive News

UPDATE 1-CVC Asia Pacific agrees to buy Taiwan curtain maker

(Reuters) - TAIPEI, July 31 - Private equity fund CVC Capital
Partners Asia Pacific has agreed to buy Taiwan curtain maker Nien
Made for T$18 billion at a 13.6
percent premium, the Taiwan firm said on Tuesday.




CVC Capital Partners Asia Pacific, whose investors include
CVC Capital Partners [CVC.UL] and Citigroup , will pay
T$41.28 a share for up to 100 percent ownership of the company,
Nien Made said in a statement to the Taiwan stock exchange.


Read more at Reuters.com Mergers News

Oil dips, investors brace for further crude draw

(Reuters) - Oil prices edged down on Tuesday, but U.S. crude stayed within sight of its record high as traders feared further declines in hefty crude stocks in the United States.

U.S. crude eased 22 cents to $76.61 a barrel by 0719 GMT, extending Monday's 19-cent drop after a day of volatile trade that saw prices swing between $76.05 and $77.33.


Read more at Reuters Africa

US, Britain optimistic for global trade

(Reuters) - The United States and Britain are optimistic that World Trade Organization members can reach a long-sought agreement soon in the Doha round of world trade talks, the two countries' leaders said on Monday.

"The president and I are one in seeking an early conclusion to a trade agreement," British Prime Minister Gordon Brown said at a joint news conference with Bush at the Camp David presidential retreat in Maryland.


Read more at Reuters Africa

European Stocks May Advance; Aviva, UBS, Glaxo, BHP Billiton May Gain

(Bloomberg) -- European stocks may advance for the
first time in six days on speculation shares have become cheap
relative to prospects for earnings growth.

Aviva Plc, HSBC Holdings Plc and UBS AG might lead financial
stocks higher after their U.S.-traded securities gained.
GlaxoSmithKline Plc, the region's second-largest drugmaker, may
rise after a panel of medical specialists said its Avandia drug
should remain on the U.S. market. BHP Billiton Ltd. and Rio Tinto
Group gained in Australia on higher copper prices.


Read more at Bloomberg Stocks News

UPDATE 1-Ryanair Q1 profit jumps stronger than expected 20%

(Reuters) - Europe's biggest low-cost carrier said profit after tax in
the three months to the end of June rose to 138.9 million euros
from 115.7 million in the same period of 2006
after passenger volumes on its growing network rose 18 percent.




That was broadly in line with the most optimistic forecast
in a Reuters poll of eight analysts, and well above the average
prediction of 123.9 million euros.


Read more at Reuters.com Market News

Japan's Stocks Slide; Kyocera Drops on Earnings, Steelmakers Fall on Probe

(Bloomberg) -- Japanese stocks fell after earnings
at companies including Kyocera Corp. lagged behind investor
expectations.

Stock losses spread in the afternoon after Japan's Fair
Trade Commission said it is investigating Nippon Steel Corp., JFE
Holdings Inc. and Sumitomo Metal Industries Ltd. on suspicion of
price fixing, sending their shares tumbling.


Read more at Bloomberg Stocks News

UPDATE 1-Melexis cuts 2007 revenue target after tight Q2

(Reuters) - Revenue rose just one percent year-on-year to 50.7 million
euros , against the average forecast from a
Reuters poll of six analysts of 53.2 million euros.




Melexis said it now aimed for revenue growth of between 3
and 4 percent this year, while keeping its net profit margin
target of 16-18 percent.


Read more at Reuters.com Market News

Antofagasta, SABMiller, Ryanair, Taylor Wimpey: U.K., Irish Stock Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from the last market close.

The benchmark FTSE 100 Index dropped 9.10, or 0.15 percent,
to 6206.10. The FTSE All-Share Index declined 0.46, or 0.01
percent, to 3211.15.


Read more at Bloomberg Stocks News

Consumers in U.S. Probably Slowed Spending in June, Ceding Mainstay Role

(Bloomberg) -- Consumer spending in the U.S. rose
in June at the slowest pace in nine months as near-record
gasoline
prices and falling home values forced Americans to cut back,
economists said ahead of a government report today.

Spending increased 0.1 percent after rising 0.5 percent in
May, according to the median of 77 estimates in a Bloomberg News
survey before the Commerce Department release. The report's
inflation measures may show little change.


Read more at Bloomberg Currencies News

Japan's Bonds Are Little Changed on Speculation Rates to Rise Next Month

(Bloomberg) -- Japanese bonds were little changed
on speculation the ruling coalition's election defeat will give
the central bank more room to raise interest rates.

The Liberal Democratic Party won fewer seats on July 29
than needed to retain control of parliament's upper house, which
has the power to block legislation. Secretary general Hidenao
Nakagawa, who has said the central bank bears the burden for the
impact of higher borrowing costs, said yesterday he will resign
to accept responsibility for the election loss.


Read more at Bloomberg Bonds News

Malaysian Ringgit Gains as Stocks Rise; Government Bonds Little Changed

(Bloomberg) -- Malaysia's ringgit rose, ending a
four-day slump, as stocks rebounded and concern about risk
reduction eased. Government bonds were little changed.

The currency climbed after touching the lowest in almost a
month yesterday as U.S. stocks recovered from the worst two-day
slide since 2003, helping local stocks advance. A government
report this week may show export growth accelerated last month,
underpinning economic expansion in the second half of the year.


Read more at Bloomberg Bonds News

Japan's Topix Index Advances, Led by Olympus on Earnings; Kyocera Drops

(Bloomberg) -- Japan's Topix index advanced after
profit growth at companies including Olympus Corp. and Shinsei
Bank Ltd. attracted buyers.

Gains were limited after earnings at companies including
Kyocera Corp. lagged behind investor expectations.


Read more at Bloomberg Stocks News

China Needs More Flexible Foreign Exchange Policy, IMF Chief De Rato Says

(Bloomberg) -- China needs to have ``more
flexibility'' in its exchange rate policy, International
Monetary Fund Managing Director Rodrigo de Rato said in Manila.

Separately, De Rato said ``substantial flows'' of funds
worldwide raise the ``danger of abrupt reversal'' and may
produce ``sudden shocks.'' De Rato was speaking to businessmen
in Manila.


Read more at Bloomberg Currencies News

Australian Stocks Gain, Led by BHP, Newcrest, Qantas; Flight Centre Falls

(Bloomberg) -- Australian stocks rose, led by BHP
Billiton Ltd. and Newcrest Mining Ltd. after copper and gold
prices advanced.

Qantas Airways Ltd. gained after a newspaper report it will
be split into four separate businesses. Flight Centre Ltd. plunged
after it scrapped plans for a joint venture with a buyout firm.


Read more at Bloomberg Stocks News

Cowlitz Bancorp gets $15/share buyout offer

(Reuters) - Fitzpatrick said the company's board had not been
considering a sale, but that it would give careful
consideration to the proposal, as well as the company's
strategic plans and future prospects.




Cowlitz Bancorp shares closed up $1.06, up 8.56 percent, at
$13.44 on the Nasdaq.


Read more at Reuters.com Mergers News

Japan's Government Bonds May Fall as Riskier Assets Such as Stocks Recover

(Bloomberg) -- Japanese bonds may fall for a second
day as a recovery in global stock prices signaled investors are
shifting to riskier assets after last week's global rout in
corporate and emerging-market debt.

Ten-year yields may continue to climb from the lowest in
eight weeks after reports showed households increased spending
for a sixth month in June and the jobless rate fell, suggesting
Japan will extend its longest postwar expansion. The perceived
risk of owning corporate bonds in the U.S. fell yesterday from
the highest in at least three years.


Read more at Bloomberg Bonds News

Global Railway Industries, Pet Valu Canada: Canadian Equity Market Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets.
This preview includes news that broke after markets closed.
Symbols are in parentheses after company names and prices are
from the last close.

The Standard & Poor's/TSX Composite Index rose 116.19, or
0.9 percent, to 13,864.72.


Read more at Bloomberg Stocks News

Vulcan Materials posts lower quarterly profit

(Reuters) - Analysts were expecting $1.46 a share, according to Reuters
Estimates.




On July 18, Vulcan Materials, based in Birmingham, Alabama,
cut its second-quarter outlook to about $1.46 a share, from its
prior forecast of $1.55 to $1.70 a share, citing the slowdown
in residential construction.


Read more at Reuters.com Market News

WRAPUP 1-LatAm markets breathe easier, helped by Wall St

(Reuters) - Equity markets posted the largest gains, with Brazilian
stocks rallying more than 3 percent after losses of almost 8
percent last week. Mexican and Argentine stocks followed suit,
with gains of more than 1.5 percent each.




"For me, this is only an adjustment. It is not a sign that
the upward trend is back, we can't affirm that yet," said Nami
Neneas, head of equities at Banif brokerage in Sao Paulo.


Read more at Reuters.com Bonds News

UPDATE 1-DXP Enterprises Q2 earns below Street view, shares fall

(Reuters) - "DXP's second quarter results did not meet our expectations
and we were surprised by the softness we experienced in June,"
Chief Executive David Little said.




The Houston-based company reported earnings of $3.4
million, or 56 cents a share, compared with $3 million, or 51
cents a share, in the year-ago period.


Read more at Reuters.com Market News

UPDATE 1-Oxford Industries quarterly net profit falls

(Reuters) - The company said first quarter sales and earnings per share
would be at or slightly below expectations due to deferral of
shipments to the second quarter.




However, the company said it was still comfortable with its
full year sales and earnings forecast.


Read more at Reuters.com Market News

UPDATE 1-Sun Micro posts 4th-qtr profit vs loss

(Reuters) - The stock rose 12 percent to $5.47 in extended trading
following the earnings report after closing down 0.6 percent at
$4.89 on Nasdaq.




Earnings of 9 cents per share beat the analysts' average
estimate of 5 cents per share. Net income was $329 million in
the fourth quarter ended June 30, compared with a year-earlier
net loss of $301 million, or 9 cents per share.


Read more at Reuters.com Market News

UPDATE 1-Andrew Corp posts quarterly loss

(Reuters) - Andrew said its second-quarter net loss was $96 million, or
61 cents per share, compared to a net profit of $7 million, or
4 cents per share, a year ago. Revenue fell 1 percent to $546
million.




The company recorded 72 cents of unusual items, including
69 cents per share of goodwill impairment for its unprofitable
Base Station Subsystems unit, which makes stations for
directing cell phone traffic.


Read more at Reuters.com Mergers News

Texas Roadhouse quarterly net income rises

(Reuters) - Analysts on average expected the company to earn 13 cents a
share, before items, on revenue of $182.9 million, according to
Reuters Estimates.





Read more at Reuters.com Market News

U.S. Treasury raises quarterly borrowing estimate

(Reuters) - "The increase in borrowing is primarily the result of higher outlays, lower net issuance of state and local government series securities and adjustments in quarterly cash balances," Treasury said in an announcement of its anticipated borrowing needs.




During the April-June second quarter, Treasury said it paid down $139 billion, finishing on June 30 with a cash balance of $25 billion. That was $6 billion less than Treasury estimated in April that it would pay down -- a difference it said was "primarily the result of slightly lower receipts."


Read more at Reuters.com Business News

Coffee Rises in New York on Forecasts for Cold in Brazil's Growing Areas

(Bloomberg) -- Coffee rose in New York on
speculation that colder-than-normal weather in Brazil, the
world's largest producer, may develop into a crop-damaging
frost.

Temperatures may fall to 42 degrees Fahrenheit (6 degrees
Celsius) through Aug. 1 in Brazil's major coffee-growing
regions, according to Meteorlogix LLC in Woburn, Massachusetts.
Cold air moved into the coffee belt today, and a separate high-
pressure ridge may bring lower-than-normal temperatures into
southern Brazil on Aug. 5, the private forecaster said.


Read more at Bloomberg Commodities News

Latin American Stocks Rally; Mexico, Brazil Shares Have Best Gain in Month

(Bloomberg) -- Stocks in Latin America rallied as
analysts advised investors to buy companies with better-than-
expected profit growth after last week's global sell-off.

Brazil's Bovespa Index jumped 1,455.21, or 2.8 percent, to
54,377.44 as of 3 p.m. in New York. Mexico's Bolsa index rallied
747.88, or 2.5 percent, to 30,983.05. It was the biggest gain in
both markets since March 21.


Read more at Bloomberg Stocks News

Oil Is Steady, Close to One-Year High, on Expectations of Supply Shortfall

(Bloomberg) -- Crude oil fell from the highest in
almost a year, pulled lower by gasoline, on speculation U.S. fuel
stockpiles increased last week.

A government report on Aug. 1 will probably show that U.S.
inventories of gasoline and distillate fuel, a category that
includes diesel and heating oil, rose for a second week,
according to a Bloomberg News survey. The crude-oil market often
follows gasoline during the summer driving season, when motor-
fuel demand peaks.


Read more at Bloomberg Energy News

UPDATE 4-Simon Property FFO up on higher rents, occupancy

(Reuters) - NEW YORK, July 30 - Simon Property Group Inc
, the largest U.S. owner of shopping malls and outlet
centers, said on Monday quarterly funds from operations rose
4.1 percent helped by higher rents and occupancy, and the
company raised its forecast for the year.




Simon reported second-quarter FFO of $373 million, or $1.31
per share, compared with $358 million, or $1.26, a year
earlier. FFO is a measure of real estate investment trust
performance that factors out depreciation.


Read more at Reuters.com Bonds News

Venezuela Bolivar Declines to One-Month Low on Speculation Over Bond Sales

(Bloomberg) -- Venezuela's currency fell to a one-
month low in unregulated trading on speculation a government
dollar-denominated bond sale to local banks won't be large
enough to meet demand for foreign currency.

Venezuela and Argentina plan to sell a dollar bond together
by the end of August, said Ricardo Sanguino, president of the
Venezuelan congressional finance commission, after markets
closed July 27, without revealing how much they would sell.
Venezuela's Finance Minister Rodrigo Cabezas said in May the
countries planned to sell up to $1 billion of dollar and bolivar
bonds to Venezuelan investors by the end of the year.


Read more at Bloomberg Currencies News

Treasuries Drop as Yields Near Lowest in Two Months Fail to Attract Buyers

(Bloomberg) -- Treasuries declined as 10-year note
yields near the lowest level in more than two months failed to
attract buyers.

A gauge of momentum shows the yields are poised to rise
after dropping more than half a percentage point since peaking
at 5.327 percent on June 13. U.S. government debt rose last week
for a third straight week on bets rising defaults on home loans
to people with poor credit histories will slow the economy.


Read more at Bloomberg Bonds News

U.S., Britain optimistic for WTO trade deal

(Reuters) - "We agreed that contact between leaders will be stepped up so that we are ready to quickly finalize an agreement in the near future," Brown said.




Negotiators have been seeking to overcome a long-standing impasse over farm and manufacturing trade to reach a new world trade deal, which aims to lower trade barriers and bring developing countries into the world economy.


Read more at Reuters.com Bonds News

U.S., Britain optimistic of Doha deal, Bush says

(Reuters) - "Gordon Brown brought some interesting suggestions on the way forward. He's optimistic that we can conclude the Doha round, as am I," Bush said.




Read more at Reuters.com Bonds News

UPDATE 4-RadioShack posts profit but sales weaken

(Reuters) - "The sales performance continues to be weak," said Tiffany
Co, a director in the retail group with Fitch Ratings. She said
declining sales would eventually cut into earnings.




Sales fell 15 percent to $934.8 million, short of analysts'
estimates of $983.6 million. Sales at stores open at least a
year, a key measure of retail performance, dropped 8.9 percent.
RadioShack cited weaker wireless sales and the closure of 481
stores in 2006.


Read more at Reuters.com Market News

Liberty considers Virgin Media bid - source

(Reuters) - By Kenneth Li and Gavin Haycock



NEW YORK/LONDON, July 30 - U.S. media mogul John Malone is considering entering a $23 billion auction for Virgin Media , joining several potential suitors for the British cable operator, sources familiar with the matter said on Monday.


Read more at Reuters.com Mergers News

U.S. Stocks Drop on Lending Concern; Energy Shares, Exxon Mobil Retreat

(Bloomberg) -- Most U.S. stocks declined, dragging
European shares lower, after a German bank's losses from
subprime mortgages spurred concern rising defaults will reduce
lending and end the boom in leveraged buyouts.

Financial shares fell to a 10-month low after Germany's
IKB Deutsche Industriebank AG said it scrapped an earnings
forecast because of ``massive uncertainty'' in the markets.
Exxon Mobil Corp., the world's largest energy producer,
retreated on a drop in oil prices.


Read more at Bloomberg Stocks News

Fannie Mae to sell $5.0 billion bills on Wednesday

(Reuters) - Bids will be accepted from authorized dealers from 9:00
a.m. EDT , until 9:45 a.m. EDT .




Settlement is Aug. 1-2.


Read more at Reuters.com Bonds News

Mexico's Peso, Bonds Rise as Demand for Emerging Market Assets Rebounds

(Bloomberg) -- Mexico's peso and local-currency
bonds rose as higher prices for global stocks fueled investor
demand for riskier emerging-market securities.

The peso rose 0.4 percent to 10.9699 per dollar at 10:15
a.m. New York time. The peso's gain was the sixth-best
performance against the dollar among the 26 most-traded
emerging-market currencies.


Read more at Bloomberg Currencies News

Delta Air issues shares for disputed claims

(Reuters) - NEW YORK, July 30 - Delta Air Lines Inc. , which exited bankruptcy on April 30, on Monday said it began distributing about 21 million shares to previous debt holders, as it works through a pile of disputed claims.



The shares, which compensate creditors, were withheld from an initial distribution of about 247 million shares because the claims were disputed.


Read more at Reuters.com Bonds News

CNA, Nordstrom, RadioShack, Rural Cellular, ValueClick: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 10:10 a.m. in New York.

Home Depot Inc. (HD US) rose the most since June 20, gaining
61 cents, or 1.7 percent, to $37.36. Shares of the world's
largest home-improvement retailer could double in the next three
years, Barron's said, citing no one.


Read more at Bloomberg Stocks News

Gold Rises in New York as Euro Rebounds Against the Dollar; Silver Climbs

(Bloomberg) -- Gold rose in New York as the
dollar's decline against the euro boosted the appeal of the
precious metal as an alternative investment. Silver also gained.

Gold generally moves in tandem with the euro, which
rebounded against the dollar after dropping 1.4 percent last
week. Before today, gold had gained 5.4 percent this year, while
the euro climbed 3.3 percent against the dollar.


Read more at Bloomberg Commodities News

CSG Systems to buy interactive messaging services firm

(Reuters) - CSG Systems, which expects the deal to close by mid-August,
said it may incur certain acquisition-related charges in 2007.
The deal will add about $7 million to $8 million in revenue for
the remainder of 2007, it added.





Read more at Reuters.com Mergers News

Loews 2nd-qtr profit rises

(Reuters) - Net income at the New York-based conglomerate, which is run by the billionaire Tisch family, rose to $653.4 million from $568.7 million a year earlier.



Profit attributable to Loews shareholders rose to $511.7 million, or 95 cents per share, from $474.9 million, or 85 cents a share.


Read more at Reuters.com Market News

UPDATE 1-Canada factory prices tumble on C$, metals

(Reuters) - The second consecutive monthly decline was more than twice
the 0.6 percent fall forecast by analysts in a Reuters poll. In
the year to June, producer prices rose 2.2 percent compared
with 3.1 percent in May.




Raw materials prices climbed 0.6 percent in the month,
thanks mainly to rising crude oil prices, while the average
forecast called for a 0.1 percent drop. The year-on-year rise
jumped to 4.9 percent in June from 1.9 percent in May.


Read more at Reuters.com Economic News

FDA reviewer says pull Avandia

(Reuters) - Senior FDA officials say they do not know if Avandia, known generically as rosiglitazone, increases heart-attack risk and are asking the advisory panel if the drug should come off the market or stay with stronger warnings or limits. Panel recommendations are expected on Monday afternoon.




Graham, a scientist in the FDA office that monitors the safety of medicines after approval, has been outspoken about drug risks and publicly criticized top FDA officials for failing to respond to warning signs with various medicines.


Read more at Reuters.com Business News

H1 foreclosures jump: RealtyTrac

(Reuters) - "Despite a slight drop in June, foreclosure activity shows no sign of slowing down," James Saccacio, RealtyTrac Chief Executive Officer, said in a statement.




"If the current pace were to continue, foreclosure filings would surpass two million by the end of the year, which would represent a year-over-year increase of more than 65 percent," Saccacio said.


Read more at Reuters.com Bonds News

Corporate Bond Risk Surges After Subprime Losses Spread to Germany's IKB

(Bloomberg) -- The risk of owning corporate bonds
surged by a record as losses on U.S. subprime mortgages at
Germany's IKB Deutsche Industriebank AG triggered concerns of
global market contagion.

Contracts on 10 million euros ($13.8 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies increased as much as 60,000 euros to 504,000 euros,
according to JPMorgan Chase & Co. The CDX North American
Investment-Grade Index rose $16,000 to $97,000, Deutsche Bank AG
prices show.


Read more at Bloomberg Bonds News

Monster profit falls, to restructure

(Reuters) - Earnings from continuing operations, including a 10-cent charge for severance for former executives and its stock options investigations, were 22 cents per share.




Without the charge, earnings were 2 cents below the 34-cent Wall Street consensus forecast, according to Reuters Estimates.


Read more at Reuters.com Market News

CV hires Lehman Vice Chairman to review options

(Reuters) - In May, CV announced a plan to cut jobs and reduce the
number of sales territories to lower operating expenses.




"CV Therapeutics is in a unique position with a deep R&D
pipeline, global rights to a growing, first-in-class product in
Ranexa, and the potential 2008 approval of a second unique
compound in regadenoson. I am looking forward to helping the
company build value for these assets," Frank said in the brief
statement Monday.



Read more at Reuters.com Mergers News

Taiwanese Banks With Weak Ratings May Face Higher Funding Costs, S&P Says

(Bloomberg) -- Taiwanese banks with weak credit
ratings will probably face rising funding costs because of
``rising risk awareness in the debenture market,'' said Taiwan
Ratings Corp., a subsidiary of Standard & Poor's.

Taiwan's banks, which have largely been absent from the debt
market since 2006, are expected to issue more debentures to boost
capital and lock in lower long-term funding costs anticipating
more interest-rate increases, Taiwan Ratings said in a statement
on its Web site. It is 51 percent owned by Standard & Poor's.


Read more at Bloomberg Bonds News

Rand, bonds weaken on EM sentiment

(Reuters) - South Africa's rand slipped more than one percent against the dollar on Monday, extending losses over the past week in line with other emerging markets, to touch a new one-month low.

The local currency was trading at 7.1950 against the greenback at 1035 GMT, 1.2 percent weaker than its New York close on Friday of 7.1125. It earlier hit 7.1999 to the dollar --its weakest level since June 27, according to Reuters data.


Read more at Reuters Africa

Humana quarterly revenue jumps

(Reuters) - Revenue rose to $6.22 billion from $5.26 billion.



Net income rose to 216.8 million, or $1.28 per share, compared with $89.5 million, or 53 cents a share, a year earlier.


Read more at Reuters.com Market News

HSBC says pleased with U.S. recovery, losses in line

(Reuters) - HSBC's impairments were $3.89 billion in the first half after it wrote off $10.6 billion in 2006, largely due to cover bad loans made to U.S. home owners.




The rest of the year is likely to remain tough, Flint said, however, due to an expected rise in the number of homeowners on 2-year fixed rate mortgages adjusting to higher rates.


Read more at Reuters.com Market News

TIMELINE: Key events in the battle for ABN AMRO

(Reuters) - March 20, 2007 - Barclays and ABN outline the plan for a potential merger.




April 13 - Royal Bank of Scotland , Spain's Santander and Belgian-Dutch group Fortis say they have approached ABN, inviting it to talks and asking for access to its books.


Read more at Reuters.com Market News

KPN to buy Getronics for $1 bln, core profit flat

(Reuters) - By Niclas Mika



AMSTERDAM, July 30 - Telecoms group KPN agreed to buy struggling information technology services company Getronics for 766 million euros , making it the Dutch market leader in IT services.


Read more at Reuters.com Bonds News

Germany's DAX Shares Climb, Led by Linde on Earnings; Volkswagen Advances

(Bloomberg) -- Germany's benchmark DAX Index rose
for the first time in five days, paced by Linde AG after
reporting earnings that beat analysts' estimates. Volkswagen AG
gained after analysts raised their price estimates on the stock.

IKB Deutsche Industriebank AG tumbled after the lender that
invested in U.S. subprime mortgages cut its profit forecast.


Read more at Bloomberg Stocks News

Ubisoft's Guillemot Brothers Thump Electronic Arts With Wii Games Strategy

(Bloomberg) -- Yves Guillemot, Ubisoft Entertainment
SA's chief executive officer, picked up a prototype of Nintendo
Co.'s Wii video-game console in 2005 and saw something his
biggest shareholder and rival didn't: a chance for a larger piece
of the $32 billion a year market.

As Electronic Arts Inc., the world's top maker of video
games, funneled funds into titles for new consoles by Sony Corp.
and Microsoft Corp., Guillemot flew a team of game developers
from France to Kyoto, Japan, to learn more about the Wii.


Read more at Bloomberg Exclusive News

REFILE-Japan PM defeat casts cloud over fiscal,tax reform

(Reuters) - TOKYO, July 30 - The crushing defeat that Japanese
Prime Minister Shinzo Abe's ruling camp suffered in Sunday's
election could stall debate on fiscal and tax reforms needed to
address the country's huge public debt, economists said.




The Democratic Party of Japan, the main opposition party
that won the most seats in the upper house of parliament,
opposes raising the 5 percent consumption tax. The party is also
seen as more open to new spending, such as programmes to provide
child care and help struggling farmers.


Read more at Reuters.com Bonds News

Rand steady; eyes equities, euro

(Reuters) - South Africa's rand firmed against the dollar on Monday and looked set to take direction from equities and the euro, traders said.

At 0638 GMT, the rand stood at 7.09 versus the dollar, about 0.3 percent firmer than its New York close of 7.1125 on Friday. Traders said the local unit would probably trade in the 7.02 - 7.13 range in the session.


Read more at Reuters Africa

South Korea Stocks Rebound from Two-Day Rout; Samsung Electronics Advances

(Bloomberg) -- South Korean stocks rose, snapping a
two-day plunge that had wiped out $68 billion in market value.
Samsung Electronics Co. gained after the country's industrial
production increased almost twice as much as expected.

Higher output of chips, autos and mobile phones, which
account for about a third of the nation's exports, accounted for
the gain in production, according to a government report. Concern
that a deepening U.S. housing-market slump would hurt the world's
biggest economy had triggered a $2.1 trillion rout in global
equities last week.


Read more at Bloomberg Stocks News

KPN to buy back Getronics debt, prefs for 415 mln euros

(Reuters) - KPN is planning to make a cash offer for struggling IT
services company Getronics of 6.25 euros per share.




Read more at Reuters.com Mergers News

Atos, Cap Gemini, France Telecom, NicOx and Steria: French Equity Preview

(Bloomberg) -- The following stocks may rise or
fall on the Paris stock exchange. Symbols are in parentheses
after company names. Prices are from the last close.

August futures on the benchmark CAC 40 Index slipped 10 to
5641 at 8:13 a.m. in Paris.


Read more at Bloomberg Stocks News

UPDATE 1-UK's Ultra H1 underlying profit rises 7 pct

(Reuters) - Operating profit, defined as earnings before interest, taxes
and amortisation on acquisitions, rose to 27.0 million pounds
, the company said in a statement to the London
Stock Exchange.
Citing its broad range of activities in both the defence and
civil sectors as well as its growing order book, Chief Executive
Douglas Caster said in the statement: "These give an excellent
basis for further progress in the medium term despite the
continuing currency headwind."




Ultra's order book advanced 3.8 percent to 574.8 million
pounds.


Read more at Reuters.com Market News

Australian Mining Stocks Rise, Led by BHP Billiton; Macquarie Declines

(Bloomberg) -- Australian shares rebounded from early
losses, led by BHP Billiton Ltd. after copper and oil prices rose.

Macquarie Bank Ltd., the nation's largest investment bank,
fell on speculation higher credit costs will slow global takeovers
and dent advisory fees.


Read more at Bloomberg Stocks News

Asian Stocks Rebound From 1-Month Low; JFE Gains, Hon Hai Precision Falls

(Bloomberg) -- Asian stocks rebounded from a one-
month low after higher profits at JFE Holdings Inc. and Nippon
Steel Corp. helped offset concerns of a slump in U.S. housing.

Sony Corp., the maker of Cyber-shot cameras and PlayStation 3
consoles, and James Hardie Industries NV, the biggest supplier of
home siding in the U.S., led declines after a report showed a
decline in U.S. housing investment.


Read more at Bloomberg Stocks News

Verizon May Say Today Earnings Rose as Fiber-Optic Network Pared Loss

(Bloomberg) -- Verizon Communications Inc.'s $22.9
billion gamble on a new fiber-optic network may have started to
pay off in the second quarter as new customers and reduced
expenses pared the project's losses.

Net income of the second-largest U.S. phone company
probably rose to $1.69 billion, or 58 cents a share, from $1.61
billion, or 55 cents, a year ago, according to the average of 13
analysts' estimates in a Bloomberg survey. Sales may have
increased 5.1 percent to $23 billion.


Read more at Bloomberg Stocks News

Saudi Aramco Offers to Sell 90,000 Tons of Fuel Oil for Loading in August

(Bloomberg) -- Saudi Aramco, the world's biggest
state oil company, offered to sell 90,000 metric tons of fuel
oil for loading in August, according to an offer document sent
to potential buyers

---------------------------------------------------------------
Product:      A-953, 380-centistoke, 3.7 percent sulfur
Quantity:     90,000 tons
Loading:      Aug. 18-20
Port:         Ras Tanura
Bids close:   July 31
Bid Validity: Aug. 1
---------------------------------------------------------------

The oil's centistoke rating is a measure of its viscosity
or flow rate. Fuel oil is used as ship fuel and burned at power
plants to generate electricity.


Read more at Bloomberg Energy News

China Doesn't Provide Any Subsidies to Steelmakers, Association's Luo Says

(Bloomberg) -- China doesn't subsidize steelmakers,
the China Iron and Steel Association said in response to a
Financial Times report that Chinese mills had received more than
$52 billion in subsidies over the past decade.

``China absolutely doesn't have any steel subsidies,'' Luo
Bingsheng, vice chairman of the association, told reporters today
in Beijing.


Read more at Bloomberg Commodities News

Codelco Says It Will Resume Copper Production at Its Second-Largest Mine

(Bloomberg) -- Codelco, the world's biggest copper
producer, said it will resume production in Chile at its second-
largest mine tomorrow after unions agreed to return to work.

Unions at Codelco's El Teniente mine in central Chile will
resume work tomorrow, the company said in a statement sent by e-
mail today. The mine has been shuttered since the afternoon of
July 26, after Codelco's unions said protests by striking
employees of contracting companies created a safety risk.


Read more at Bloomberg Commodities News

Yangtze Power's Profit Jumps 72 Percent on Output and Sale of Bank Stake

(Bloomberg) -- China Yangtze Power Co., operator of
the world's biggest hydropower project, said first-half profit
jumped 72 percent after the company sold shares in a bank and as
electricity output rose.

Net income surged to 2.25 billion yuan ($298 million), or
0.268 yuan a share, from 1.31 billion yuan, or 0.16 yuan, a year
earlier, Yangtze Power said in a statement to Shanghai's stock
exchange today. Sales rose 12 percent to 3.4 billion yuan.


Read more at Bloomberg Emerging Markets News

Liberty considers Virgin Media bid - FT

(Reuters) - Virgin Media had asked suitors to submit expressions of
interest by the first week of August to kick off an auction of
the company, people familiar with the situation told Reuters
earlier this week.




About 10 suitors have expressed an interest, sources told
Reuters, since private equity firm Carlyle Group [CYC.UL] made
an initial offer earlier this month.


Read more at Reuters.com Mergers News

UPDATE 1-Japan output rises, BOJ rate rise seen on track

(Reuters) - But a crushing defeat for Prime Minister Shinzo Abe's
coalition in Sunday's upper house election could complicate the
outlook for monetary policy and scale back market expectations
for a central bank rate hike next month, analysts said.




The increase in June output beat a median market forecast for
a 1.1 percent rise.


Read more at Reuters.com Economic News

Japan Stocks Fall on U.S. Subprime Concern, Ruling Party's Election Defeat

(Bloomberg) -- Japanese stocks dropped after a
report on economic growth in the U.S. showed residential
investment slumping as the subprime problem worsens, pointing to
a weaker outlook for Japan's largest overseas market.

Toyota Motor Corp. and Canon Inc. led exporters lower after
the yen advanced to the highest against the dollar in more than
three months, reducing the value of their overseas sales.


Read more at Bloomberg Stocks News

Exporters, Hana Financial, Hynix, Hyundai: South Korea Equity Preview

(Bloomberg) -- The following shares may rise or
fall in South Korea. Prices refer to the July 27 close. This
preview includes news announced after markets shut. Stock
symbols are in brackets after the company names.

The Kospi index plunged 4.1 percent to 1,883.22, the
steepest fall since June 3, 2004. The Kosdaq slid 3.1 percent to
792.06. Kospi 200 futures expiring in September retreated 4.5
percent to 237.85, while the underlying index lost 4.2 percent
to 238.34.


Read more at Bloomberg Stocks News

Gold May Rebound on Investment Demand for Dollar Alternative, Analysts Say

(Bloomberg) -- Gold may rebound on speculation that
the dollar will resume a slide against the euro, boosting the
appeal of the precious metal as an alternative investment.

Fourteen of 27 traders, investors and analysts surveyed by
Bloomberg from Sydney to Chicago on July 26 and July 27 advised
buying gold, which fell 1.8 percent last week to $672.30 an ounce
on the Comex division of the New York Mercantile Exchange. Nine
said to sell, and four were neutral.


Read more at Bloomberg Commodities News

In China, Paulson eyes debate shift to environment

(Reuters) - Aiming to keep his strategic economic dialogue with China
on track amid controversies over Chinese product and food
safety and currency legislation gaining momentum in the U.S.
Congress, Paulson will visit Qinghai lake in western China on
Monday before meeting President Hu Jintao and Vice Premier Wu
Yi on Tuesday and Wednesday.




The lake and surrounding glacial watershed are threatened
by global warming and encroaching desert, with Paulson saying
the area was a strong symbol of the need for U.S.-China
cooperation on environmental issues.


Read more at Reuters.com Bonds News

ABN set to drop Barclays recommendation: sources

(Reuters) - ABN's managing and supervisory boards met on Friday and over the weekend, and an update on the takeover is expected alongside the bank's quarterly earnings, due to be published on Monday.




The Dutch bank's management originally supported Barclays, but the revised bid from the British bank no longer included the ABN boards' recommendation.


Read more at Reuters.com Business News

Egypt's Alcotexa sells 2,965 T of cotton in two weeks

(Reuters) - The Alexandria Cotton Exporters' Association (Alcotexa) said on Sunday it had committed to sell 2,965.32 tonnes of cotton in the two weeks ended July 28.

An Alcotexa official broke down the sales included 0.66 tonnes of Giza 45, 661 tonnes of Giza 70, 0.66 tonnes of Giza 87, 604 tonnes of Giza 88, 1,355 tonnes of Giza 86, 275 tonnes of Giza 80 and 69 tonnes of export type.


Read more at Reuters Africa

U.S. Stocks Drop, Giving S&P 500 Worst Weekly Loss Since 2002; Alcoa Falls

(Bloomberg) -- U.S. stocks tumbled, giving the
Standard & Poor's 500 Index its steepest weekly drop in 4 1/2
years, after turmoil among borrowers prompted investors to flee
riskier assets.

The S&P 500 lost the most since September 2002, while the
Dow Jones Industrial Average's weekly slump was the biggest since
March 2003. Chrysler and Alliance Boots Plc failed to find buyers
for $20 billion of buyout loans, fueling concern the engine that
drove stocks to all-time highs -- a record pace of takeovers --
will sputter.


Read more at Bloomberg Stocks News

India's Grasim Q1 net up 64 pct, beats forecast

(Reuters) - Indian cement companies are running plants at full capacity
to feed the fast expanding economy and producers have pledged to
add another 100 million tonnes of capacity by 2009/10 to the
existing 177 million tonnes a year.




Grasim said this could mean a surplus in cement supply by
mid-2008/09, but expected a strong growth in demand would
mitigate the pressure from additional supply.


Read more at Reuters.com Market News

India's Tata may begin Jaguar due diligence

(Reuters) - A spokesman for Tata declined comment.




Tata and its local rival Mahindra & Mahindra Ltd. , along with U.S. buyout firms TPG and Ripplewood, were among those that have expressed interest in the marques, a person familiar with the matter said on Thursday.


Read more at Reuters.com Business News

UPDATE 3-Key Bancroft trust voting structure may change -WSJ

(Reuters) - Overseers of the trust include Christopher Bancroft, a
prominent family member who has opposed the deal, and a
restructuring could reduce his influence over the stock held in
it, the paper said. The fund, the biggest Bancroft trust, has
13.3 percent voting power in Dow Jones, it said.




Two of the four main beneficiaries of the trust are in
favor of a sale, the paper said, citing unnamed sources. If
Bancroft turned down the offer against their wishes, he might
expose himself to litigation. Splitting up the trust would
allow him to vote his shares against the deal, while his
relatives' shares could go in its favor, it said.


Read more at Reuters.com Mergers News

Asian Stocks Fall in U.S., Giving Shares Biggest Weekly Loss Since March

(Bloomberg) -- Asian stocks trading in the U.S.
fell, completing their biggest weekly drop in more than four
months. Chartered Semiconductor Manufacturing Ltd. slipped after
posting its first loss in seven quarters.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, lost 0.8 percent to
164.78. For the week, the measure declined 3.8 percent, the most
since the period ended March 2.


Read more at Bloomberg Stocks News

Mannatech sees lower Q2 earnings

(Reuters) - The company had reported earnings of 31 cents a share on
revenue of $104.8 million in the year-ago quarter.





Read more at Reuters.com Market News

Horsehead sets IPO at 5.55 mln shares, $18-$20

(Reuters) - The company plans to sell about 4.17 million shares and
selling stockholders will offer another 1.38 million shares,
the Monaca, Pennsylvania-based company said.




It is seeking a Nasdaq listing under the symbol "ZINC"
.


Read more at Reuters.com Bonds News

Centerra Gold second-quarter profit falls 36 pct

(Reuters) - Centerra earned $18.6 million, or 9 cents a share, compared
with a profit of $29 million, or 13 cents a share, in the
year-before period.




Read more at Reuters.com Market News

Fuel Systems finds error in past option grant dates

(Reuters) - Fuel Systems added that since the review has not been
concluded, the amount of charges, the resulting tax and
accounting impact, and the specific periods that require
restatement cannot be determined with certainty.





Read more at Reuters.com Market News

UPDATE 2-Mexico silver miner Penoles Q2 profit up 16.2 pct

(Reuters) - Penoles , the world's top maker of refined
silver, said second-quarter sales totaled 11.247 billion pesos,
up 6.3 percent from the same period last year on higher volumes
and strong metals prices.




Costs rose in the quarter because of more expensive labor
and maintenance and repairs, Penoles said.


Read more at Reuters.com Market News

Analysts undecided on GAP CEO with no apparel ties

(Reuters) - Concerns that incoming chief executive Glenn Murphy lacks apparel experience were high in the minds of apparel analysts on Friday. Still, shares of Gap rose nearly 5 percent in afternoon trade, helped by Citigroup raising the company's stock rating to "buy" from "hold."




On Thursday, Gap said it had appointed Murphy, a 45-year-old Canadian who most recently served as CEO of Toronto-based Shoppers Drug Mart to lead the operator of the Gap, Old Navy and Banana Republic clothing chains.


Read more at Reuters.com Business News

Treasuries Head for Biggest Weekly Gain Since March Amid Risk Aversion

(Bloomberg) -- Treasuries are headed for the
biggest weekly advance in four months as the slump in U.S.
housing drives investors from riskier assets for a third week.

Investors seeking the safety of government debt this week
pushed yields on two-year notes, most sensitive to changing
monetary policy, 71 basis points lower than the Federal
Reserve's target rate. The risk of owning corporate bonds soared
to a record on concern that banks and hedge funds face widening
losses on subprime mortgages and leveraged buyouts.


Read more at Bloomberg Bonds News

Corn Futures Rise as Warmer, Drier Weather May Harm U.S. Midwest Crops

(Bloomberg) -- Corn rose for a fourth straight
session in Chicago as warmer, drier weather next week in the
U.S. Midwest threatens crops.

Rain that moved into Illinois today missed some of the
driest areas of Minnesota, Iowa, Michigan, North Dakota and South
Dakota, said Mike Tannura, a meteorologist for T-Storm Weather in
Champaign, Illinois. Warmer, drier weather is expected next week
as corn plants begin making starch and sugar for kernels, Tannura
said.


Read more at Bloomberg Commodities News

Sepracor results miss; stock plunges

(Reuters) - Net profit fell to $6.1 million, or 5 cents a share, from $11 million, or 10 cents a share, a year ago. Analysts had on average expected earnings of 36 cents a share, according to Reuters Estimates.




Revenue rose a less-than-expected 5 percent to $278.1 million, with sales of insomnia drug Lunesta growing just 3 percent to $143.0 million as it struggled to fight off competition from a generic version of rival Ambien.


Read more at Reuters.com Business News

Bolivian splits exposed by move to shift capital

(Reuters) - The idea to shift the seat of government from bustling La
Paz high in the Andes mountains to slower, colonial Sucre
emerged during discussions at an assembly rewriting Bolivia's
constitution.




The issue -- reflecting regional disparities, rivalries and
historical roles -- has sparked demonstrations, including one
in La Paz of at least 1 million people.


Read more at Reuters.com Bonds News

Rand Has Biggest Weekly Decline in Five Months on Emerging-Market Slump

(Bloomberg) -- South Africa's rand had its biggest
weekly slide against the dollar in almost five months as global
stocks slumped and investors sold emerging-market assets.

The rand also dropped against the yen and the Swiss franc
as investors sold South African stocks and bonds to unwind so-
called carry trades. Government debt declined for a third week
as traders raised cash to pay back loans in yen and francs used
to fund purchases of emerging-market securities.


Read more at Bloomberg Currencies News

Cuba's current account back in the red in 2006

(Reuters) - The data, posted on the Web site of the National Statistics
Office, showed the current account deficit in 2006 reversed a
$140.2 million surplus in 2005, a year when the trade deficit
was a smaller $5.234.6 billion.




The data did not provide a reason for the current account
going into deficit.


Read more at Reuters.com Bonds News

UPDATE 1-Fed's Lacker-early education key for econ growth

(Reuters) - "My position is that if government is going to invest in
education at all, it should invest in enhancing early childhood
development," Lacker told a conference on early childhood
development in Richmond, Virginia. "For me, this is an economic
growth issue."




Lacker did not comment on the current economic outlook or
monetary policy in his remarks nor in a question and answer
session later at the conference.


Read more at Reuters.com Bonds News

Gemstar-TV Guide profit rises 42 percent

(Reuters) - Second-quarter net income was $20.8 million or 5 cents per share, compared with $14.6 million or 3 cents per share a year before. Revenue rose 17 percent to $155.6 million.




Analysts, on average, had expected earnings of 4 cents per share and revenue of $149.4 million, according to Reuters Estimates.


Read more at Reuters.com Business News

Brazilian Real Gains For First Time in Four Days Amid U.S. Growth Optimism

(Bloomberg) -- Brazil's real rose for the first
time in four days as stronger-than-forecast U.S. growth eased
concern that worsening credit markets will prompt investors to
avoid emerging market securities.

``The data came as a relief, especially because it showed
construction activity is strong,'' said Joao Prado, a fixed-
income options trader at Agora Corretora, a brokerage in Rio de
Janeiro.


Read more at Bloomberg Currencies News

Platinum ETFs fail to stir market, seen supportive

(Reuters) - Platinum exchange-traded funds (ETFs) have failed to boost the thinly-balanced market or attract huge investment in the first three months, but will continue to underpin prices in the long run, analysts say.

The trading rule of 'buy the rumour, sell the fact' has been true for the metal, with prices setting historic highs in November on mere talk of an ETF launch but hovering in a broad range below the peak after their listings in April and May.


Read more at Reuters Africa

Bush says U.S., world economy strong

(Reuters) - He called the U.S. economy "large, flexible and
resilient."




Read more at Reuters.com Bonds News

European Bonds Head for Longest Run of Weekly Gains in Five Months on Risk

(Bloomberg) -- European bonds headed for a third
week of gains, the longest run in almost five months, as traders
switched to the safety of government debt after stocks plunged
around the world.

The rally in bonds pushed 10-year yields to near the lowest
since May as the risk of owning company debt surged to a record.
A gauge of corporate borrowing costs reached the highest since
October 2001 after hedge funds and banks reported losses on
investments backed by U.S. subprime mortgages.


Read more at Bloomberg Bonds News

GM's Allison, Aisin Seiki to end joint venture

(Reuters) - GM in June agreed to sell the Allison Transmission unit for
$5.6 billion to private equity firms Carlyle Group [CYL.UL] and
Onex Corp. .




Read more at Reuters.com Mergers News

Sepracor cuts 2007 view on competition, payments

(Reuters) - In April, the company said it expected 2007 earnings per
share of $2.11, excluding one-time items.




The company said it now expects 2007 revenue of $1.23
billion to $1.3 billion. Previously the company forecast
revenue of $1.43 billion to $1.49 billion.


Read more at Reuters.com Market News

Medco profit rises 26 percent, led by generics

(Reuters) - Net income rose to $214.9 million, or 76 cents per share, from $170.9 million, or 56 cents per share, a year earlier.




Excluding special items, earnings were 86 cents per share. Analysts on average expected 77 cents, according to Reuters Estimates.


Read more at Reuters.com Hot Stocks News

Angola cuts GDP growth forecast for 2007

(Reuters) - Angola has cut its economic growth forecast for 2007 to 19.8 percent from 31.2 percent, reflecting a drop in oil revenue and appreciation of its currency, the Kwanza, the state-run Jornal de Angola said on Friday.

The reduction in expected GDP growth was announced after Angola's cabinet approved a revised 2007 budget for the southwestern African nation, sub-Saharan Africa's second largest petroleum producer after Nigeria and the newest member of OPEC.


Read more at Reuters Africa

Mexican Peso Little Changed Before Central Bank's Benchmark Rate Decision

(Bloomberg) -- The Mexican peso was little changed
before the Bank of Mexico's benchmark lending rate decision
today.

Mexico's central bank will likely hold the overnight
lending rate at 7.25 percent as reports on retail sales and
industrial production signal slower economic growth, according
to 16 of 21 economists surveyed by Bloomberg. The decision is
expected at 10 a.m. New York time.


Read more at Bloomberg Currencies News

EU approves AIG's buy of Bulgarian phone company

(Reuters) - "Accordingly, no competition concerns would arise as a
consequence of the proposed transaction," the European Union's
top antitrust regulator said in a statement.




AIG has previously owned telecom operators in Romania and
Slovakia.


Read more at Reuters.com Mergers News

US RATE FUTURES-Slip, but still see year-end Fed rate cut

(Reuters) - A surge in futures on Thursday accelerated the implied
timing of a Federal Reserve rate cut to late 2007 from
mid-2008, and dealers said futures are subject to some
profit-taking pressure.




The Federal Open Market Committee next meets on Aug. 7. The
implied prospects for a cut in benchmark interest rates at that
meeting are about 15 percent.


Read more at Reuters.com Bonds News

Alcoa, Macy's Shares Retreat as Investors Abandon Takeover Speculation

(Bloomberg) -- For the first time in the 4 1/2-
year bull market, stocks are losing the support of investors
betting on mergers and acquisitions.

Alcoa Inc., Macy's Inc. and more than a dozen other
companies have lost as much as 10 percent in the past week.
They're unlikely to bounce back because funds for leveraged
buyouts are drying up, Richard Bernstein, Merrill Lynch & Co.'s
chief investment strategist, wrote in a report yesterday.


Read more at Bloomberg Stocks News

Gemstar-TV Guide quarterly profit rises

(Reuters) - Revenue rose 17 percent to $155.6 million.




Analysts, on average, had expected net earnings of 4 cents
per share and revenue of $149.4 million, according to Reuters
Estimates.



Read more at Reuters.com Market News

Market May Force Federal Reserve to Shift Focus From Prices to Growth

(Bloomberg) -- The week's turmoil in financial
markets casts doubt on the Federal Reserve's forecast of a
gradual U.S. economic recovery in the second half, raising the
odds it will need to shift its focus to spurring growth from
fighting inflation.

The turbulence, as stocks suffered their worst drop in five
months while corporate borrowing costs soared, threatens a
triple whammy for the economy. It robs investors of spending
power, makes business investment more expensive and may prolong
the housing recession.


Read more at Bloomberg Bonds News

US STOCKS-Futures drop as investors brace for data

(Reuters) - NEW YORK, July 27 - U.S. stock index futures fell
on Friday, pointing to a second day of losses following
Thursday's rout, as investors braced for data on the economy
and consumer sentiment as well as earnings news.




Government data on gross domestic product in the second
quarter will be sifted for signs of how economic growth is
holding up in the face of mounting concern that the subprime
mortgage market's troubles are spilling over into the broader
economy.


Read more at Reuters.com Bonds News

Kimco posts 38 pct rise in quarterly FFO

(Reuters) - FFO removes the profit-reducing effect that depreciation --
a noncash accounting item -- has on earnings.




In May, New Hyde Park, New York-based Kimco maintained a
2007 FFO forecast of $2.49 to $2.59 a share.


Read more at Reuters.com Market News

Australia's S&P/ASX 200 Slumps on U.S. Hosung Concerns; BHP, Banks Slide

(Bloomberg) -- Australian stocks dropped for a third
day on concern a worsening U.S. housing slump will slow economic
growth in the world's biggest economy and prompt investors to shun
equities. James Hardie Industries NV and BHP Billiton Ltd. fell.

The S&P/ASX 200 declined 161.3, or 2.6 percent, to 6,097.2 at
10:15 a.m. in Sydney. Only three of the index's 201 members
advanced. It dropped 1.6 percent in the past two days and is set
to decline 5.2 percent this week.


Read more at Bloomberg Stocks News

PerkinElmer 2nd-quarter profit rises

(Reuters) - Excluding items, the company had adjusted earnings of 30
cents per share. Analysts on average expected 28 cents per
share, according to Reuters Estimates.





Read more at Reuters.com Market News