Barloworld sells US truck, vacuum technology units

(Reuters) - South African industrial conglomerate Barloworld has sold its U.S. freightliner truck centre to a consortium at a premium to its net asset value and has sold its vacuum technology business, it said on Monday.

Barloworld did not give financial details of either deal and said the two disposals were in line with its strategy of selling non-core assets and focusing on distribution.


Read more at Reuters Africa

US STOCKS-Futures up in jittery market, eyes on Fed

(Reuters) - NEW YORK, Aug 6 - U.S. stock futures edged higher
on Monday as fallout from the housing slump fanned speculation
the Federal Reserve may adopt a policy statement that reassures
investors worried about the economy's health.




In a positive note for the battered financial services
sector, UBS raised its rating on shares of brokerage Merrill
Lynch to a "buy" from "neutral," according to
theflyonthewall.com. Merrill shares rose 2.1 percent to $71.51
before the bell.


Read more at Reuters.com Bonds News

Nordic Shares Slide, Paced by Statoil, Norsk Hydro, Nordea Bank, Boliden

(Bloomberg) -- Nordic stocks fell for a second day,
led by Statoil ASA and Norsk Hydro ASA, Norway's largest oil
producers, as crude oil prices declined. DNO ASA, the Norwegian
oil explorer, slid the most in a week.

Nordea Bank AB sank to a five-month low after Goldman, Sachs
& Co. recommended selling shares in the region's largest lender
on concern earnings growth will slow.


Read more at Bloomberg Stocks News

Israeli Bonds Rise as Yields Near 10-Month High Lure Buyers, Stocks Gain

(Bloomberg) -- Israel's benchmark Shahar bonds rose
as the stock market rallied and yields near their highest in 10
months attracted buyers.

Investors returned to the Shahar after concern that U.S.
subprime losses are spreading to the wider economy yesterday
pushed 10-year yields up 14 basis points, their biggest advance
in five days. Israel's main stock index snapped three days of
losses and the spread between the Shahar and the equivalent
Treasury narrowed, after doubling in the past two weeks.


Read more at Bloomberg Bonds News

Dollar slides broadly as credit mkt jitters weigh

(Reuters) - The dollar index fell below the psychologically key 80.0 level, while the euro rose to within sight of its record high above $1.3850 struck two weeks ago.




The deepening malaise in global credit markets sent U.S. stocks tumbling on Friday, a move encouraged by a weaker-than-expected U.S. July employment report.


Read more at Reuters.com Hot Stocks News

Russia's Putin Favors Ruble Traders to Slow Inflation (Update1)

(Bloomberg) -- Russian President Vladimir Putin's plan
to keep inflation from accelerating depends on favoring foreign-
exchange traders over the country's oil and gas companies.

Putin will probably allow the central bank to double the
ruble's pace of appreciation this year because he has few options
outside the foreign exchange market to rein in consumer prices,
according to strategists at Bank of America Corp. and UBS AG.
Russia's 8.5 percent inflation rate is three times faster than
any other Group of Eight country.


Read more at Bloomberg Currencies News

European Gasoil, Jet Fuel Decline as Oil Refineries Raise Fuel Production

(Bloomberg) -- European gasoil for immediate
delivery fell as additional crude output by OPEC and greater
production from refineries in Europe and the U.S. boosted
supplies. Diesel and jet fuel also declined.

Exxon Mobil Corp.'s Fawley refinery on the south coast of
England completed its startup on Aug. 3 after a fire halted
production in July. Crude-oil production in July by members of
the Organization of Petroleum Exporting Countries rose 445,000
barrels a day, according to a Bloomberg News survey.


Read more at Bloomberg Energy News

Orbotech posts quarterly net loss as sales fall

(Reuters) - Orbotech was expected to earn 18 cents a share, according
to Reuters Estimates.




Revenue fell to $88.6 million from $104.9 million.


Read more at Reuters.com Market News

Sappi says Q3 earnings per share 23 U.S. cents

(Reuters) - JOHANNESBURG, Aug 6 - The world's top maker of fine paper, Sappi Ltd , on Monday said its third quarter earnings per share was 23 U.S. cents compared to a loss in the same period a year ago.



Sappi said group sales for the quarter increased by 7 percent to $1.3 billion, with operating profit at $87 million compared to a loss of $34 million a year ago.


Read more at Reuters.com Market News

FACTBOX: Expected timetable in battle for ABN AMRO

(Reuters) - Britain's Barclays on Monday launched a rival offer for ABN. Its mostly share offer is currently worth about 64 billion euros.




Here is an expected timetable of events, based on information from the companies:


Read more at Reuters.com Mergers News

Germany's DAX Index Falls, Paced by Deutshe Bank, DaimlerChrysler Shares

(Bloomberg) -- German stocks dropped for a second
day, led by Deutsche Bank AG after Merrill Lynch & Co. cut its
price estimate on shares of the country's biggest bank.

Allianz SE and Hypo Real Estate Holding AG paced losses by
financial shares. DaimlerChrysler AG, the world's fifth-largest
carmaker, also declined.


Read more at Bloomberg Stocks News

French Stocks Decline; Axa and Credit Agricole Retreat as Natixis Jumps

(Bloomberg) -- French stocks declined for a
third day in four. Financial companies including Axa SA and
Credit Agricole SA led the retreat.

The benchmark CAC 40 Index dropped 49.23, or 0.9
percent, to 5548.66 as of 10:05 a.m. in Paris, leaving the
measure little changed so far this year. The SBF 120 Index
fell 0.8 percent to 4051.79.


Read more at Bloomberg Stocks News

European shares fall amid credit market worries

(Reuters) - European shares fell in early trade on Monday, taking their cue from Friday's decline on Wall Street triggered by investment bank Bear Stearns saying credit markets were in their worst shape in two decades.

"We are seeing a flight to safe havens, to very short and very liquid assets, mainly cash," said Heinz-Gerd Sonnenschein, equity strategist at Postbank in Germany.


Read more at Reuters Africa

Australia, New Zealand Dollars Decline as Carry Trades Cut on Stock Slide

(Bloomberg) -- The Australian and New Zealand
dollars fell a second day against the yen as global stocks slid
on concern U.S. mortgage losses will worsen, deterring investors
from buying higher-yielding assets funded by loans in Japan.

New Zealand's dollar has weakened 7.5 percent versus the
yen in the past month, the most among the 16 most-active
currencies, and Australia's retreated 5 percent, as traders
pared positions in so-called carry trades. Asian shares declined
today after The Standard & Poor's 500 Index fell the most in
five months in New York on Aug. 3.


Read more at Bloomberg Currencies News

Dry-Bulk Shipping Rates May Extend Gains Until 2009, Credit Suisse Says

(Bloomberg) -- Freight rates to transport coal, iron
ore and other dry goods in bulk may extend gains for at least
another two years, boosted by global demand and port congestion,
Credit Suisse said in a report.

``We think this upcycle will run harder and longer than
previous ones, helped by strong demand and supply constraints at
the shipyards, until 2009,'' Credit Suisse said in an Aug. 3
report. ``At the earliest, oversupply could happen in the second
half of 2009.''


Read more at Bloomberg Energy News

Newmont sees gold price approaching $750/ounce

(Reuters) - Newmont Mining said on Monday that strong demand from the jewelry sector was set to push gold prices up to around US$750 an ounce in the northern autumn.

"There is very strong demand right now so we are setting ourselves up for an attack on the US$750 per ounce level in early fall this year," said Newmont vice chairman Pierre Lassonde on the sidelines of the annual Diggers and Dealers conference.


Read more at Reuters Africa

Wal-Mart, India Bharti to hold news conference

(Reuters) - NDTV Profit television said Bharti Enterprises chief Sunil
Mittal said 8 joint stores had been finalised, with the first
store formats to be cash-and-carry.




Earlier this year, Bharti and Wal-Mart agreed to form a
joint venture for cash-and-carry stores and back-end operations
in India.


Read more at Reuters.com Mergers News

Buyout `Freeze' Shuts Wall Street Pipeline; $1.3 Billion of Fees Dries Up

(Bloomberg) -- While investment bankers feasted on an
unprecedented $8.4 billion of fees for arranging leveraged
buyouts in the first half, the rest of the year may prove to be a
famine.

``It's impossible to conclude that it's not going to be a
tougher time for Wall Street,'' said Steven Rattner, co-founder
of New York-based buyout firm Quadrangle Group and former vice
chairman of Lazard Freres & Co. ``There's going to be an impact
on revenues and profits.''


Read more at Bloomberg Bonds News

ICICI Hires 10 Arrangers for Yen Loan in Biggest Borrowing by Indian Bank

(Bloomberg) -- ICICI Bank Ltd. hired Goldman Sachs
Group Inc. and Calyon among 10 firms to arrange the biggest
borrowing by an Indian bank.

ICICI, India's largest lender to consumers, is seeking a
yen-denominated loan equivalent to $1.5 billion, said Calyon, the
investment-banking unit of Credit Agricole SA, in an e-mailed
statement today. HSBC Holdings Plc and Natexis Banques Populaires
are also among the arrangers that will invite other banks to join
the financing, according to the statement.


Read more at Bloomberg Bonds News

Fortis, Impreglio, Munich Re, SES Global, Thomson: European Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in European markets. Prices are from the last close.

The Dow Jones Stoxx 600 fell 1.3 percent to 372.03. The Dow
Jones Stoxx 50 Index fell 1.4 percent to 3718.31. The Euro Stoxx
50 Index, a benchmark for the 13 nations using the euro, declined
1.4 percent to 4229.19.


Read more at Bloomberg Stocks News

Saudi Aramco Releases Crude Oil Prices for Asia for Export in September

(Bloomberg) -- Saudi Aramco, the world's
largest oil company, released the prices for its crude oil
for export to Asia in September, said Asian refinery
officials who received a notice from the company.

The following table gives the differentials in
relation to benchmark prices, the month-on-month change and
the degrees of gravity as defined by the American Petroleum
Institute.


Read more at Bloomberg Energy News

Bear Stearns president resigns

(Reuters) - Bear Stearns said that, effective immediately, Alan Schwartz has been named the company's sole president.




Spector's departure follows Bear Stearns' assertion on Friday that it is weathering the worst storm in financial markets in more than 20 years after a major rating company warned mortgage credit problems could hurt the investment bank's profits.


Read more at Reuters.com Business News

JGBs surge on Treasuries, futures hit 10-week high

(Reuters) - "JGBs are at the mercy of external factors," said Tetsuya
Miura, bond strategist at Shinko Securities.




The benchmark 10-year yield dropped 5 basis
points to 1.730 percent, hitting its lowest level since late May,
as a 1.5 percent tumble in the Nikkei stocks average also
helped to push JGBs higher.


Read more at Reuters.com Bonds News

Japan's Government Bonds Advance on Speculation Investors Will Shun Risk

(Bloomberg) -- Japan's 10-year bond gained, pushing
yields to the lowest in more than two months, on speculation
increasing risk aversion spurred demand for government debt.

Corporate bond risk rose in Japan, approaching the highest
in more than three years. The nation's five-year notes completed
on Aug. 3 their longest series of weekly advances since May 2005
as losses linked to U.S. subprime mortgages caused assets such
as emerging-market bonds and stocks to extend declines.


Read more at Bloomberg Bonds News

Taiwan's Consumer Prices Probably Increased for a Second Month on Energy

(Bloomberg) -- Taiwan's inflation probably rose for
a second month in July, stoking expectations that consumer
prices will jump in the second half of this year and add
pressure for interest-rate rises.

Prices climbed 0.3 percent from a year earlier, after
rising 0.1 percent in June, according to the median estimate of
15 economists in a Bloomberg News survey. The statistics bureau
will release the report at 4 p.m. today in Taipei.


Read more at Bloomberg Bonds News

Banks, BHP, Lipa, Oxiana, Woodside Petroleum: Australian Stock Preview

(Bloomberg) -- The following is a list of companies
whose shares may rise or fall in Australia. This preview includes
news announced after markets closed on Aug. 3. Prices are from the
Aug. 3 close unless otherwise stated. Stock symbols are in
parentheses after the company names.

The S&P/ASX 200 Index futures contract due in September fell
2.1 percent to 5,853 at 6.59 a.m. in Sydney. The Bank of
New York Australia ADR Index lost 3.5 percent in New York.


Read more at Bloomberg Stocks News

Bear Stearns co-president Spector resigns - WSJ

(Reuters) - Citing a person familiar with the matter, the Journal said
directors agreed that Alan D. Schwartz will for now be sole
president of Bear.




The article also said that Samuel Molinaro, the firm's
longtime chief financial officer, will assume the role of chief
operating officer and that Jeffrey Mayer, co-head of fixed
income, will take Spector's seat on the executive committee.


Read more at Reuters.com Bonds News

CORRECTED: Qatar bank's $6.1 billion Ahli United bid stalls

(Reuters) - DUBAI - International Bank of Qatar said on
Sunday talks to buy a stake in Bahrain's Ahli United Bank
had stalled, spelling a possible end to what
would be the biggest cross border takeover of a Gulf Arab firm.




International Bank, an affiliate of National Bank of Kuwait
, said shareholders were insisting that a third party
and not the Qatari firm have access to the books of Bahrain's
biggest lender, and that due diligence be limited to one month
rather than three.


Read more at Reuters.com Business News

IKB owner plays down talk of higher subprime losses

(Reuters) - "Talk of bigger numbers is complete speculation," said a
spokesman for the bank, which owns 38 percent of IKB.




IKB, which lends to small- and mid-sized firms, has become
Europe's highest-profile casualty so far of the crisis in U.S.
subprime mortgage market.


Read more at Reuters.com Government Filings News

Exxon, Chevron, Conoco may bid in India auction: paper

(Reuters) - Sibal told Reuters on Friday that the auction, earlier scheduled for August, has been deferred to November due to a shortage of rigs and a dispute over gas pricing.




He said the blocks would be awarded by June 2008.


Read more at Reuters.com Business News

UPDATE 1-Court will wait to rule on CBOT exercise rights

(Reuters) - The Delaware Chancery Court also denied CME Group Inc.'s
request for a temporary restraining order it sought to
prevent the Chicago Board Options Exchange, or CBOE, from
implementing its "rule interpretation" on the status of Chicago
Board of Trade members, CME and the CBOE said.




CME Group Inc., the world's largest futures exchange, was
created with the merger of CBOT Holdings Inc. and Chicago
Mercantile Exchange Holdings Inc. in July. The CBOE is the
largest U.S. options market.


Read more at Reuters.com Mergers News

Bear Stearns preparing to oust president-WSJ

(Reuters) - Bear Stearns' board is due to meet on Monday to consider
the departure of Spector, who heads up its stock and bond
trading operations, the paper said, citing a person familiar
with the situation.




Spector, 49, had widely been seen as a candidate to become
the firm's next chief executive, the Journal said.


Read more at Reuters.com Bonds News

South African Rand Logs Weekly Gain Against Dollar as Carry Trade Resumes

(Bloomberg) -- South Africa's rand logged a weekly
gain against the dollar as global stocks rebounded, prompting
investors to resume buying emerging-market assets.

The rand also advanced as the cost of owning European
corporate bonds fell for the first week in seven. The South
African currency pared its weekly gain after Standard & Poor's
Corp. yesterday cut the credit outlook on Bear Stearns Cos.


Read more at Bloomberg Emerging Markets News

Foot and mouth disease found in cattle on UK farm

(Reuters) - Foot and mouth disease has been confirmed in cattle on a farm in southern England, the British government said on Friday.

The agriculture department, Defra, said in a statement that movements of pigs and ruminant animals such as cows and sheep had been banned nationwide and a 10-km (six-mile) surveillance zone had been placed around the premises, a farm near Guildford in Surrey, close to London.


Read more at Reuters Africa

UPDATE 1-At American Home, it's one last day at the office

(Reuters) - MELVILLE, New York, Aug 3 - In some respects it
was a normal summer Friday in this Long Island hamlet roughly
50 miles east of Wall Street. The weather was hot, a bit
steamy. The weekend approached, and employees of American Home
Mortgage Investment Corp. awaited their paychecks.




What was different was that the checks would be their
last.


Read more at Reuters.com Bonds News

Alaska sets session to revisit disputed oil tax

(Reuters) - The Petroleum Profits Tax, enacted last year at the urging
of former Gov. Frank Murkowski, has proved less lucrative for
the state than advertised and has been clouded by revelations
about political corruption, Palin said at a Juneau news
conference.




"It's critical that state government restore public trust
in our oil and gas value system as soon as possible," Palin
said.


Read more at Reuters.com Bonds News

Abengoa gets loans for 2 U.S. ethanol plants

(Reuters) - Abengoa operates four plants in the Midwest with a combined
capacity of approximately 198 million gallons per year. The
senior secured financing will support the construction of two
additional ethanol plants, each with a capacity of 88 million
gpy. The plants will be built in Colwich, Kansas, next to an
existing plant, and in West Franklin, Indiana.




Abengoa did not immediately return phone calls.


Read more at Reuters.com Bonds News

UPDATE 1-FED FOCUS-October FOMC eyed for first rate cut

(Reuters) - CHICAGO, Aug 3 - A string of weak data and signs
of financial market stress have analysts guessing the U.S.
Federal Reserve will cut interest rates in October as price
pressures ease and economic growth slows.




Following a report on Friday that showed U.S. non-farm
payrolls expanded by a slim 92,000 workers last month, the
implied chances of an October rate cut rose to 100 percent from
60 percent on Thursday.


Read more at Reuters.com Bonds News

Asian Stocks Fall in U.S. Trading on Economy Concern, Led by Telecom N.Z.

(Bloomberg) -- Asian stocks fell in U.S. trading,
posting their longest streak of weekly losses since September,
amid concern a housing slump may slow U.S. consumer spending.
Telecom Corp. of New Zealand slid after forecasting a drop in
earnings.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, lost 2.3 percent to
158.70, completing the week down 3.7 percent. That's the
measure's third weekly decline.


Read more at Bloomberg Stocks News

Edwards calls for tougher scrutiny of imported toys

(Reuters) - The former North Carolina senator said the government should take steps to crack down on "unsafe trade," citing the recall on Wednesday of 1.5 million Chinese-made Fisher-Price toys.




"The recall of Fisher-Price toys highlights the need for smarter, safer trade and consumer protection policies in this country," Edwards said in a statement.


Read more at Reuters.com Government Filings News

TREASURIES-Bond prices gain after soft jobs, services data

(Reuters) - NEW YORK, Aug 3 - U.S. government debt prices
rose on Friday as soft data on the U.S. job market and services
sector spurred more bond investors' bets the Federal Reserve
may start cutting interest rates before year end.




U.S. stocks sagged partly on weak signals in the data,
helping to contributed to safe-haven bids for Treasuries, with
worries about riskier credit and the impact of subprime debt on
the financial sector resurfacing. Credit rating agency Standard
& Poor's cut Bear Stearns 's debt outlook, sending its
shares down.


Read more at Reuters.com Bonds News

Canada dlr has become more resilient to risk-RBC

(Reuters) - When uncertainty over the U.S. economy -- where the bulk of
Canada's exports go -- or the global economic outlook
increased, the Canadian dollar would tend to drop as a flight
to quality would offer a boost to the U.S. dollar.




But David Watt, a senior currency strategist at RBC Capital
Markets, said the currency remains a pro-cyclical, commodity
sensitive currency, yet the U.S. greenback's tendency to rally
during periods of heightened risk has diminished.


Read more at Reuters.com Bonds News

US STOCKS-Credit worries, economic data drag on Wall St

(Reuters) - NEW YORK, Aug 3 - U.S. stocks fell on Friday as
fears about mortgage losses intensified after a ratings agency
cut its outlook on Bear Stearns Cos.' debt, while data
suggested weakness in the economy.




Standard & Poor's said it cut its ratings outlook on
investment bank Bear Stearns to "negative" from "stable,",
indicating a greater chance of a downgrade over the next two
years. For details, see [ID:nN03300207].


Read more at Reuters.com Bonds News

FED FOCUS-October FOMC being eyed for first rate cut

(Reuters) - Following a report on Friday that showed U.S. non-farm
payrolls expanded by a slim 92,000 workers last month, the
implied chances of an October rate cut, shown in interest rate
futures, hit almost 75 percent, the highest in three months.




Futures prices also show about a 50-percent chance the Fed
will cut rates twice by year-end.


Read more at Reuters.com Bonds News

TV journalist in affair with L.A. mayor keeps job

(Reuters) - In the latest twist of the scandal engulfing one of the most promising Latinos in U.S. politics, Mirthala Salinas, 35, was suspended without pay for two months at KVEA-TV Channel 52, the Telemundo network said late on Thursday.




Salinas and two executives were reprimanded after a three-week Telemundo inquiry found there had been a "flagrant violation" of ethical guidelines at KVEA, a leading Spanish-language news channel in a city where 46 percent of residents are Latino.


Read more at Reuters.com Bonds News

U.S. Stocks Retreat on Subprime Concern, Lower-Than-Forecast Jobs Growth

(Bloomberg) -- U.S. stocks wiped out their gains for
the week after Bear Stearns Cos. had its credit-rating outlook
cut and concern grew the pace of takeovers may be reduced by bond
market losses.

Bear Stearns Cos. fell for the 14th time in 15 days after
Standard & Poor's said declining prices for mortgage-backed
securities may reduce earnings. Countrywide Financial Corp. and
CIT Group Inc. led financial shares to a year low after American
Home Mortgage Investment Corp. told staff it will shut down.
Network Appliance Inc. declined to the lowest since 2005 after
the data-storage computer maker's profit missed its forecast.


Read more at Bloomberg Stocks News

Jones Soda shares plunge after downbeat earnings

(Reuters) - But a delay in that launch hurt gross margin in the latest quarter, causing Jones to earn nil per share, below analysts' average view for a profit of 4 cents per share.




"We believe the weak second-quarter result will give bears added ammunition that concentrate case sales may never materialize to the company's expectations," wrote Stifel Nicolaus analyst Mark Swartzberg.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Bayou hedge fund investor lawsuit dismissed

(Reuters) - The suit alleging breach of fiduciary duty was filed in
2006 against advisor Hennessee Group by South Cherry Street
LLC, which invested $1.15 million into Bayou in 2003-2004 on
Hennessee's recommendation.




Bayou, which once managed over $400 million, collapsed in
2005 after the discovery of multiple frauds by its managers led
by Sam Israel III and Daniel Marino, both of whom later pleaded
guilty to various charges and await sentencing.


Read more at Reuters.com Mergers News

Japan's Bonds Advance on Speculation Mortgage Losses to Slow U.S. Growth

(Bloomberg) -- Japan's five-year notes rose for a
fourth week on speculation losses tied to mortgages will slow
growth in the U.S., making it harder for the Bank of Japan to
raise interest rates this month.

Five-year notes completed the longest weekly advance since
May 2005 on concern riskier assets such as corporate bonds and
stocks will extend losses. Bear Stearns Cos., the manager of two
hedge funds that collapsed last month, said this week it blocked
investors from pulling money out of a third.


Read more at Bloomberg Bonds News

India HDFC to pick insurance partner in 2 wks-paper

(Reuters) - The shortlisted firms include U.S.-based Travelers and Australia's IAG Group and another U.S. company that was not named, the paper said without directly attributing the information to a source. HDFC had ruled out Germany's Ergo as a partner in its wholly owned HDFC Chubb General Insurance Co., although the two firms were still in talks, the newspaper said with no direct attribution to a source.



HDFC bought its partner Chubb Corp's 26 percent stake in the general insurance venture earlier this year after an uneasy relationship stalled growth.


Read more at Reuters.com Mergers News

EU mergers and takeovers (Aug 3)

(Reuters) - APPROVALS AND WITHDRAWALS:




-- Saudi Arabian chemical company SABIC to buy GE
Plastics, a General Electric Co unit


Read more at Reuters.com Mergers News

UPDATE 1-RBS says "bemused" by ABN CEO's remarks on Fortis

(Reuters) - ABN's chief executive Rijkman Groenink was quoted as saying
"Fortis is paying too much for ABN AMRO" and its "shareholders
would be well advised to vote against the takeover" in the Dutch
newspaper Het Financieele Dagblad.




A spokeswoman for Fortis said the comments were "very
inappropriate" and "far from neutral".


Read more at Reuters.com Mergers News

EU clears SABIC's buy of GE Plastics

(Reuters) - GE Plastics, headquartered in Pittsfield, Massachusetts,
employs 10,300 people in 60 countries and makes resins used in
products ranging from health care equipment to packaging for
consumer goods.




It has major factories in Indiana, New York, West Virginia
and Alabama. In 2006, the division's profit fell 22 percent to
$674 million on slightly higher revenue of $6.65 billion.


Read more at Reuters.com Government Filings News

UPDATE 3-EU executive sees no pan-EU fallout from IKB

(Reuters) - BRUSSELS, Aug 3 - The European Commission is
monitoring closely the multi-billion euro rescue of Germany's
IKB bank but sees no pan-European implications from
the problem, the European Union's executive said on Friday.




Officials working for Internal Market Commissioner Charlie
McCreevy, the bloc's top financial regulator, and for Economic
and Monetary Affairs Commissioner Joaquin Almunia, are studying
the situation at IKB, a Commission spokesman said.


Read more at Reuters.com Government Filings News

Oil tumbles below $76 on U.S. economic data

(Reuters) - U.S. stocks fell on Friday after a report showing weaker-than-expected job growth last month was followed by a report of slowing service-sector growth, rattling investors already nervous about losses in the mortgage industry.




The U.S. service sector grew much more slowly in July, according to a report by the Institute for Supply Management.


Read more at Reuters.com Hot Stocks News

Corrected: At American Home, it's one last day at the office

(Reuters) - What was different was that the checks would be their last.




One day earlier the mortgage lender said it would fire nearly 7,000 employees, an exclamation mark to one of the biggest and fastest corporate collapses in the U.S. housing downturn. Friday would be the last day.


Read more at Reuters.com Business News

Rand firm vs dollar, eyes Mboweni comments

(Reuters) - South Africa's rand was trading stronger early on Friday and could test its firmest levels of the week as markets eye U.S. payrolls data and comments by central bank Governor Tito Mboweni to parliament.

The domestic currency was changing hands at 7.05 to the dollar at 0630 GMT, versus its previous New York close of 7.09.


Read more at Reuters Africa

Barclays Kenya's pretax profit rises 17 pct

(Reuters) - Barclays Bank Kenya reported a 17 percent rise in pretax profits on Friday to 3.547 billion shillings for the first half of 2007 as new branches led to growth in its assets.

"This is a very good result ... mainly driven by a strong asset growth and a significantly improved credit risk profile," Charles Ongwae, the bank's director of finance and planning told an investor briefing.


Read more at Reuters Africa

US stock indexes flat after jobs data; ISM to come

(Reuters) - U S. stocks were little changed on Friday after a report showing weaker-than-expected job growth last month rattled investors already nervous about losses in the mortgage industry.

Investors were bracing for data on the vast U.S. services sector at 10 a.m. (1400 GMT).


Read more at Reuters Africa

Brazil's FIPE inflation slows to 0.27 pct in July

(Reuters) - Clothing prices fell 0.62 percent and transport costs
extended their drop to 0.38 percent after 0.16 percent the
previous month. Food prices rose the most, by 1.06 percent, but
much less than in June, when the rise was of 1.9 percent, due
to a seasonal decline in output of certain crops.




The Fipe index is closely watched by economists for trends
in Brazil's benchmark IPCA inflation index, which is used by
the central bank to set interest rates.


Read more at Reuters.com Economic News

Canada 2007-08 budgets all in the black - report

(Reuters) - "Official projections put the 2007-08 federal and aggregate
provincial budget balances at $3 billion each,"
said Lovely.




"However, robust nominal income growth hints that planning
targets could again be too modest, particularly at the
provincial level, where fiscal results are traditionally more
tightly correlated with underlying economic conditions than at
the federal level."


Read more at Reuters.com Economic News

Tomkins profit up, sees tough H2 on US housing market

(Reuters) - "The weakness of the U.S. residential housing market has
been more significant than many had predicted ... The demand
from North American automotive original equipment manufacturers
also remains uncertain," it said in a statement.




"For the balance of the year the reported performance of the
group will reflect the lower level of activity in these two
principal markets and the continuing translation impact of the
U.S.dollar."


Read more at Reuters.com Market News

UPDATE 1-Spain airline Vueling warns on 2007 core earnings

(Reuters) - Competitive pressures on fares and rising fuel prices led to
a loss before interest, tax, depreciation and aircraft rentals
of 7.76 million euros, compared with earnings of 7.38
million a year ago, it said.




The carrier said it expected sales to rise by 57 to 64
percent this year, with EBITDAR between 23 million and 42
million euros.


Read more at Reuters.com Market News

Tax rate takes bite out of Tim Hortons profit

(Reuters) - OTTAWA, Aug 3 - Coffee and doughnut chain Tim Hortons said on Friday that second-quarter profit fell 12 percent, despite higher revenue, because of a higher tax rate.



Spun off in March of 2006 from U.S. fast food chain Wendy's International , Tim Hortons said it earned C$67.2 million , or 36 Canadian cents a share. That is down from a profit of C$76.3 million, or 39 Canadian cents, in the year-before period.


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Procter & Gamble profit rises, buybacks planned

(Reuters) - The company also said that its fiscal 2008 profit could come in below Wall Street's expectations.



Profit was $2.27 billion, or 67 cents per share, in the fiscal fourth quarter ended in June, up from $1.9 billion, or 55 cents per share, a year earlier.


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Abe's Vision for `Beautiful Japan' Turns Ugly After Parliamentary Losses

(Bloomberg) -- Shinzo Abe's vision for a ``Beautiful
Japan'' has turned into a potentially ugly scenario for his
political future.

After losing control of the upper house of parliament in
elections July 29, Abe, 52, must ditch his plan to turn Japan
into a nation that's more assertive in international affairs,
proud of its traditions and loved by other countries, analysts
said. Now he must focus on the economy to ward off a move for an
early general election from the opposition Democratic Party of
Japan.


Read more at Bloomberg Exclusive News

Doomsday Simulations Help U.S. Gird for Hurricanes, Pandemics, Terrorism

(Bloomberg) -- The computer screen shows a toxic
cloud rolling slowly over buildings, a visualization that
permits scientists to record every lethal swirl and eddy and to
calculate the toll for a city's residents.

It's a far cry from ``The Sims,'' an addictive computer
game that lets users create a virtual universe. As displayed on
computers nicknamed ``Coyote'' and ``Thunderbird,'' disaster
simulations conducted under a $25 million program run by Sandia
and Los Alamos national laboratories are helping the U.S.
government predict the impact of chemical or biological attacks,
killer hurricanes, or accidents such as the collapse of the
bridge on the main highway into Minneapolis.


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U.K. Pound Heads for Weekly Advance Versus Dollar as Carry Trade Resumes

(Bloomberg) -- The pound headed for a weekly gain
against the dollar as credit markets rebounded, prompting
investors to resume so-called carry trades.

The pound is also poised for its biggest advance against
the yen in six weeks as stocks recovered and traders bought
high-yielding currencies with loans from Japan. Investors added
to bets the Bank of England will raise interest rates at least
once more from 5.75 percent by year-end.


Read more at Bloomberg Currencies News

Chalongphob Says More Room for Cutting Thailand's Benchmark Interest Rate

(Bloomberg) -- Thailand's central bank may be able
to cut borrowing costs further as inflation fell to a three-year
low, Finance Minister Chalongphob Sussangkarn said.

``Maybe, there there's more room for declines as inflation
is low,'' Chalongphob said in an interview today in Coolum,
Australia, where he is attending a meeting of finance ministers
from the 21-member Asia-Pacific Economic Cooperation forum. ``My
view is that rates are close to bottom.''


Read more at Bloomberg Emerging Markets News

Citigroup CEO says not rattled by market woes: report

(Reuters) - He told the Times, "I think our performance is going to
last much longer than the market turbulence does."




Prince said that investors who used to snap up leveraged
loans with easy terms are now on the sidelines as the "market
shakes itself out and probably will for a period of time." But
he told the paper that the businesses that are borrowing the
money are doing fine.


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Taiwan Shin Kong says exposed to U.S. subprime mkt

(Reuters) - The firm's life insurance arm, Shin Kong Life, has T$1.17
trillion in total assets.




"All ABS CDOs held by Shin Kong Life are A-rated or above,
with 26 percent in AAA, 34 percent in AA and 40 percent in A.
There has been no downgrade and payments have been normal,"
chief financial officer Winston Yung said in the statement,
without providing an estimate for potential losses.


Read more at Reuters.com Bonds News

US RATE FUTURES-View of Fed cut inches up on jobs

(Reuters) - The Labor Department said 92,000 nonfarm payroll jobs were
created in July, below the median forecast of 130,000. June
payrolls were revised to 126,000 from 132,000 earlier.




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REFILE-TREASURIES-Bond prices rise after soft US jobs report

(Reuters) - NEW YORK, Aug 3 - U.S. government debt prices
rose on Friday as bond investors added to bets that the Federal
Reserve may start cutting interest rates before year end after
a soft July jobs report.




U.S. stocks futures turned down, pointing to a lower start
on Wall Street, which helped to stoke a moderate safe-haven bid
for Treasuries.


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U.K. Stocks Decline, Led by Standard Life, BG Group; British Airways Rises

(Bloomberg) -- U.K. stocks fell as earnings from
Anglo American Plc and British Airways Plc failed to dissipate
concern that losses are widening in the U.S. subprime credit
market.

Standard Life Plc and Old Mutual Plc led financial shares
lower as Allianz SE said it has 1.7 billion euros ($2.3 billion)
in investments tied to subprime mortgages. BG Group Plc paced a
drop in energy-related companies.


Read more at Bloomberg Stocks News