BG Group, Kingfisher, Burberry May Move: U.K., Irish Equity 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 yesterday's market close.

The benchmark FTSE 100 Index fell 81.80, or 1.2 percent, to
close at 6630.90 in London. The FTSE All-Share Index declined
40.70, or 1.2 percent, to 3422.92.


Read more at Bloomberg Stocks News

Private equity ready to target big miners: report

(Reuters) - According to a report from the group's global mining and metals group, traditional barriers to investment in mining by private equity are dropping and even the biggest companies in the sector could be potential targets.




Private equity dealmakers have historically avoided the sector because of its boom-to-bust cycles, specialist requirements and lack of easy exit strategies.


Read more at Reuters.com Business News

Formosa Offers to Sell 240,000 Barrels of Gasoil for Loading in Mid-August

(Bloomberg) -- Formosa Petrochemicals Corp.,
Taiwan's second-biggest fuel supplier, is offering gasoil with
50-parts-per-million sulfur for August loading, said traders who
received the offer documents.

Details of the refiner's offer are as follows:


Read more at Bloomberg Energy News

US Congress eyes private equity, hedge fund titans

(Reuters) - In three separate hearings on Capitol Hill, lawmakers are
expected to ask whether these secretive and super-rich
financiers pay enough taxes and whether the Bush administration
does enough to protect the economy and investors from them.




A handful of bills have been filed in both the Senate and
the House of Representatives that would sharply raise tax rates
paid by both private equity and hedge fund leaders, many of
whom are billionaires but largely unknown to the public.


Read more at Reuters.com Mergers News

Shaw Communications Stock Split, Vasogen Earnings: Canadian Equity 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 fell 45.59, or
0.3 percent, to 14,131.93.


Read more at Bloomberg Stocks News

Yen Falls from Month High as Funds May Stay Abroad With BOJ Likely on Hold

(Bloomberg) -- The yen fell from a one-month high
against the dollar on speculation Japanese investors took
advantage of a 1.4 percent rally yesterday to sell the currency
to invest in higher-yielding securities.

Japan's yen declined over the past month versus 15 of the 16
most-active currencies as the lowest interest rate among major
economies encouraged so-called carry trades. Forecasts the Bank
of Japan will keep borrowing costs unchanged tomorrow may put
further pressure on the yen to weaken as the rate differential
discourages investors from putting money into domestic assets.


Read more at Bloomberg Currencies News

TREASURIES-Up in Asia after subprime woes drive rally

(Reuters) - The news sparked selling in non-government bonds, stocks and
the dollar, which prompted investors to flock to the safety of
government debt and pushed benchmark Treasury yields more than 10
basis points lower on Tuesday.
Additional gains in Asia were slight, however, as regional
investors sat tight to see if the subprime woes would deepen down
the line, which would likely trigger more gains in the Treasury
market.




"It's pretty subdued," said Adam Mackillop, head of U.S.
rates trading in Asia at Barclays Capital.


Read more at Reuters.com Bonds News

Mandelson Says China Trade Barriers Crimp EU Exports, Costing $27 Billion

(Bloomberg) -- Politically driven barriers are
shackling European Union exports to China and cost the bloc as
much as 20 billion euros ($27 billion) a year in lost commerce,
EU Trade Commissioner Peter Mandelson said.

``Europe's trade deficit with China is growing,'' he told
the European Parliament last night in Strasbourg, France,
according to an advance copy of his speech. ``Now I accept that
part of this deficit may be the natural result of market forces.
But we also know that our export potential is being hampered by
barriers in the Chinese market, that an important part of the
current trade balance is artificial.''


Read more at Bloomberg Emerging Markets News

Japan's Bonds Set for Biggest Gain in 10 Months on U.S. Subprime Concerns

(Bloomberg) -- Japan's 10-year bonds headed for the
biggest gain in almost 10 months after credit-rating downgrades
of U.S. subprime mortgages sparked demand for government debt.

Bonds ended a five-day drop after Moody's Investors Service
cut credit ratings on $5.2 billion of bonds backed by subprime
mortgages, reviving concerns that the U.S. housing market will
slow. Signs of a weaker U.S. economy may reduce the likelihood
that the Bank of Japan will raise interest rates next month,
according to Akihiko Yokoyama at JPMorgan Securities Asia Ltd.


Read more at Bloomberg Bonds News

UPDATE 1-White House calls meeting on al Qaeda threat - ABC

(Reuters) - Top intelligence and law enforcement officials have been
told to meet in the White House Situation Room to report on
steps to minimize or counter the threat and what steps are
being taken to tighten security at government buildings, ABC
said.




The meeting would be one of a number convened in light of
new intelligence and information learned from the recent failed
car bomb attempts in London, ABC reported, citing a senior U.S.
administration official.


Read more at Reuters.com Bonds News

Japanese Stocks Drop on U.S. Retailers' Profit Concerns, Yen's Strength

(Bloomberg) -- Japanese stocks declined after profit
warnings from U.S. retailers increased concern the housing slump
is spreading to other parts of the economy. Toyota Motor Corp.
was poised to drop as selling pressure on exporters was amplified
by the second-biggest jump in the yen this year.

Standard & Poor's 500 Index fell 1.4 percent, its worse
decline in a month. Companies such as Sears Holdings Corp. and
Home Depot Inc. said yesterday profits may drop as sales decline,
indicating that a weak housing market and rising defaults on
subprime loans may be affecting consumer spending.


Read more at Bloomberg Stocks News

Perry Capital offers to buy stake in NEC Elec -paper

(Reuters) - The U.S. investment firm told NEC late on Tuesday it was
willing to buy 30.87 million shares in NEC Electronics for about
154 billion yen , or 5,000 yen a share, according
to the newspaper.




That would be a 65 percent premium on NEC Electronics'
average share price over the past three months, the Nikkei said.


Read more at Reuters.com Market News

MBIA, Ambac shares fall; bond raters unconcerned

(Reuters) - MBIA's shares fell 1.8 percent, and Ambac's were down 4.5 percent after Standard & Poor's and Moody's Investors Service started cutting ratings on more than $17 billion of bonds linked to subprime mortgages, citing higher-than-expected delinquencies in the underlying home loans.




S&P also said it is overhauling the way it rates collateralized debt obligations, or bonds that are backed by portfolios of other debt. Bond insurers guarantee a number of these securities against default.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Moody's takes various actions on second lien RMBS

(Reuters) - Moody's cut the ratings of 52 securities totaling $393
million while keeping 27 of those securities under review for
further downgrade. It also placed an additional 23 securities,
approximately $148 million, on review for possible downgrade.




The rating agency said most of the securities affected by
the negative actions were originated in 2005's second half and
held prior ratings of "Baa" and lower. Loans backing those
securities were originated in an environment of increasingly
aggressive underwriting, the rating agency said.


Read more at Reuters.com Bonds News

U.S. attorney indicts 26 for mortgage fraud

(Reuters) - The new indictment added more than two dozen new counts to
an original indictment. Some defendants were charged with
obtaining millions of dollars in loans, partly to pay for 10
rent-regulated condominium apartments at 243 West 98th Street
on Manhattan's Upper West Side, Michael Garcia, the U.S.
attorney, said in a statement.




The probe, which included the Federal Bureau of
Investigation, Homeland Security and New York City Police
Commissioner Raymond Kelly, uncovered three new defendants,
including Galina Zhigun, who owns Brooklyn-based mortgage
brokerage AGA Capital NY, Inc. Many of the defendants worked
for Zhigun as mortgage brokers or loan processors.


Read more at Reuters.com Bonds News

Bovespa Slides in Brazil, Led by Petrobras; Wal-Mart de Mexico Declines

(Bloomberg) -- Brazil's main stock index fell for the
first time in three days, led by Petroleo Brasileiro SA, after the
federal police arrested employees on allegations they manipulated
contracts at the state-controlled oil company.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange shed 561.03, or 1 percent, to 55,882.70, falling from a
July 6 record. Mexico's Bolsa index slid 345.23, or 1.1 percent, to
31,743.02.


Read more at Bloomberg Stocks News

US STOCKS-Housing weakness worries push indexes down

(Reuters) - NEW YORK, July 10 - U.S. stocks slid on Tuesday
as the subprime mortgage crisis escalated, undermining banking
shares while Home Depot Inc. and other housing-related
companies lowered their outlooks.




Standard & Poor's roiled financial markets when it said it
may cut ratings on $12 billion of subprime-related debt on
forecasts of more delinquent and defaulted U.S. home loans.


Read more at Reuters.com Bonds News

Canada Stocks Slip From Record, as Research in Motion Falls; Suncor Gains

(Bloomberg) -- Canadian stocks fell from a record, as
declining U.S. profits signaled that demand for Canadian exports
may slow and an increase in borrowing costs at home raised concern
that corporate expenses will climb.

Home Depot, the world's largest home improvement retailer,
said earnings will drop between 15 percent and 18 percent in the
fiscal year through Feb. 3. Canada's central bank lifted its
benchmark rate by one quarter point to 4.5 percent and signaled
further action may be needed.


Read more at Bloomberg Stocks News

Treasuries Advance Most Since February on Concern Over Subprime Mortgages

(Bloomberg) -- Treasuries advanced the most since
February after Standard & Poor's said it may cut credit ratings
on $12 billion of bonds backed by subprime mortgages, sending
investors to the safety of U.S. government debt.

Credit-default swaps, contracts used to speculate on a
company's ability to repay debt, rose to the highest premium in
more than a year in the U.S. and Europe. Stocks dropped on
concern the housing slump will hurt corporate earnings and slow
economic growth.


Read more at Bloomberg Bonds News

UPDATE 1-Freeport-McMoRan cuts debt from Phelps Dodge deal

(Reuters) - The company has shrunk its total term debt from $10
billion, helped by strong cash flows from high copper and gold
prices and equity financings.




Freeport-McMoRan bought peer Phelps Dodge for $26 billion
earlier this year.


Read more at Reuters.com Bonds News

U.S. Stocks Fall on Earnings Forecasts; D.R. Horton, Lehman Shares Decline

(Bloomberg) -- U.S. stocks retreated for the first
time in six days, led by housing and financial shares, after
D.R. Horton Inc. forecast a loss and Standard & Poor's said it
may cut ratings on bonds backed by subprime mortgages.

A gauge of U.S. homebuilders slid to the lowest in almost
four years after D.R. Horton Inc., the second largest, said it
sees no sign of a housing rebound. Lehman Brothers Holdings
Inc., the biggest underwriter of mortgage bonds, fell after S&P
said losses in those investments will increase.


Read more at Bloomberg Stocks News

UPDATE 1-US banks, brokers shares fall on subprime woes

(Reuters) - NEW YORK, July 10 - The shares of U.S. commercial
and investment banks fell on Tuesday after a bond rating agency
said it may downgrade billions of dollars of securities backed
by subprime bonds, triggering concerns that bond sales and
lending businesses could slow.




Declines were led by banks perceived to have high exposure
to mortgages and other fixed income businesses, including
Lehman Brothers Holdings Inc. , which fell as much as
3.3 percent, and Bear Stearns Cos. , which fell as much
as 2.6 percent.


Read more at Reuters.com Market News

Canada's CPP fund to invest in TSX rival - report

(Reuters) - The investment, if it happens, would be a big endorsement
for Alpha, which is backed by Canada's six big banks and
Canaccord Capital , and slated for start up in 2008.




A spokeswoman for CPP, Canada's second biggest pension
fund, declined to comment on the report.


Read more at Reuters.com Mergers News

Lazard to buy middle market M&A adviser

(Reuters) - Lazard will pay an undisclosed price for Minneapolis-based Goldsmith, which has 90 bankers across the United States and in Shanghai.




The acquisition is the latest in a series of moves by Lazard to expand its primary business, advising companies on mergers and other transactions, into more overseas markets. Lazard, like other Wall Street firms, see opportunities in targeting companies worth between $50 million and $500 million.


Read more at Reuters.com Mergers News

Copper slips as confidence crumbles, nickel tumbles

(Reuters) - Copper prices slipped on Tuesday alongside losses on equity markets as investor confidence crumbled in the face of profit warnings from U.S. companies.

Nickel also took a nosedive, tumbling nearly nine percent.


Read more at Reuters Africa

U.S. banks, brokers shares fall on subprime woes

(Reuters) - Declines were led by banks perceived to have high mortgage exposure, including Lehman Brothers Holdings Inc., which fell as much as 3.3 percent, and Bear Stearns Cos. Inc., which fell as much as 2.6 percent.




"The downgrades won't affect the brokers' balance sheets much, but the concern is, is this the sign of more things to come?" said Jeff Harte, an analyst at Sandler O'Neill in Chicago. This is likely an overreaction, added Harte, who has "buy" ratings on brokers including Lehman and Bear.


Read more at Reuters.com Hot Stocks News

Canadian banks lift prime rate 25 bps to 6.25 pct

(Reuters) - The move by Royal Bank of Canada and Canadian Imperial Bank of Commerce , follows the Bank of Canada, which raised its key interest rate by 25 basis points to 4.5 percent.






Read more at Reuters.com Bonds News

UPDATE 3-S&P may cut $12 bln worth of subprime-related debt

(Reuters) - NEW YORK, July 10 - Standard & Poor's may cut $12
billion of subprime-related debt on expectations for an 8
percent drop in U.S. home prices and more defaults on home
loans, the rating company said on Tuesday.




The classes of affected securities include 612 residential
mortgage debt backed by U.S. subprime loans. S&P also announced
changes to its rating methodology and is reviewing its ratings
of collateralized debt obligations, S&P said in a statement.


Read more at Reuters.com Bonds News

EU deepens investigation into Syniverse/BSG deal

(Reuters) - BSG Group provides clearing and financial settlement
services to the telecoms sector.




"The activities of Syniverse and of the BSG Group's wireless
business overlap only in the market for GSM roaming data
clearing services," the EU executive said in a statement on
Tuesday.


Read more at Reuters.com Mergers News

UPDATE 1-Canada June housing starts fall less than expected

(Reuters) - Housing starts dropped 4.2 percent to a seasonally adjusted
annualized rate of 225,500 units in June, down from an upwardly
revised 235,200 units in May. Analysts polled by Reuters had
expected 216,500 starts in June.




"Following a significant increase in May, the volatile
multiple segment lost most of the ground it gained in June,"
Bob Dugan, chief economist at CMHC, said in a statement.
"Although housing starts will remain high in 2007, they are
expected to resume a gradual decreasing trend.


Read more at Reuters.com Economic News

European stocks extend slide as US warnings spook

(Reuters) - European stocks extended their earlier losses on Tuesday, pulled lower by banks and miners, as a handful of heavyweight U.S. corporates including Sears and Home Depot issued earnings warnings.

The FTSEurofirst 300 index of top European shares was down 1.1 percent at 1,608.5 points, just off its intraday low, as U.S. stock index futures fell and credit spreads widened.


Read more at Reuters Africa

Danone credit rating eyed on Numico deal

(Reuters) - By Natalie Harrison



LONDON, July 10 - French food group Danone's acquistion of Dutch rival Numico has raised the risk its credit rating could be cut, with Moody's Investors Service the first agency to say a multi-notch downgrade may be on the cards.


Read more at Reuters.com Bonds News

Market regulator investigates Numico share trading

(Reuters) - "The unusual trade pattern yesterday is the reason for starting an investigation into possible insider trading," an AFM spokeswoman said.




Numico shares rose 11.4 percent to 44.50 euros on Monday before trading was halted. Danone's all-cash offer is worth 55 euros per Numico share and a final deal is expected within weeks.


Read more at Reuters.com Hot Stocks News

Bausch & Lomb files proxy for Warburg Pincus offer

(Reuters) - NEW YORK, July 10 - Eye-care company Bausch & Lomb Inc. said on Tuesday it filed with U.S. regulators to move ahead with its sale to affiliates of Warburg Pincus [WP.UL] despite a higher rival offer being on the table.



Bausch & Lomb said it will hold a special meeting of shareholders to consider Warburg Pincus's offer of $65 per share in cash. The date for the meeting will be specified in a definitive proxy statement mailed to shareholders.


Read more at Reuters.com Mergers News

Alcan, Canadian Apartment Properties, Fort Chicago: Canada Equity Preview

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

The Standard & Poor's/TSX Composite Index rose 58.82, or 0.4
percent, to a record 14,177.52.


Read more at Bloomberg Stocks News

Dollar Weakens Against Euro, Yen Before Fed's Bernanke Speaks on Inflation

(Bloomberg) -- The dollar weakened against the euro
and yen before a speech on inflation by Federal Reserve Chairman
Ben S. Bernanke, who may reiterate concern about rising prices.

The U.S. currency traded less than a cent away from a
record low against the euro reached in April as the extra yield
investors earn on Treasuries over German bunds is near the
lowest in 2 1/2 years. Futures traders are betting the Fed will
keep interest rates at 5.25 percent this year, while the
European Central Bank is expected to lift rates at least once.


Read more at Bloomberg Currencies News

UPDATE 1-Bausch & Lomb files proxy for Warburg Pincus offer

(Reuters) - Bausch & Lomb said it will hold a special meeting of
shareholders to consider Warburg Pincus's offer of $65 per
share in cash. The date for the meeting will be specified in a
definitive proxy statement mailed to shareholders.




Bausch & Lomb received a takeover offer from rival Advanced
Medical Optics Inc. on July 5 for $75 per share,
topping the Warburg Pincus offer.


Read more at Reuters.com Government Filings News

S.Africa maize steady as US weather weighs

(Reuters) - South Africa's benchmark maize contracts ended steady on Tuesday after forecasts of wet weather in the United States dampened prices locally and abroad.

July white maize closed almost unchanged at 1,630 rand a tonne, as did December white at 1,715 rand.


Read more at Reuters Africa

European Stocks Fall; Wolseley, Homebuilders Drop on Home Depot Forecast

(Bloomberg) -- European stocks dropped for the first
time in three days after Home Depot Inc., the world's largest
home-improvement retailer, cut its profit forecast, reinforcing
concern the U.S. housing market is dragging on the economy.

Wolseley Plc, a distributor of plumbing equipment that
generates more than half of its sales in the U.S., and
homebuilder Taylor Wimpey Plc led the decline. Siemens AG,
Europe's biggest engineering company, and Volkswagen AG, the
region's largest carmaker, also fell.


Read more at Bloomberg Stocks News

Bausch & Lomb files preliminary proxy for Warburg Pincus offer

(Reuters) - Last week, Bausch & Lomb received a takeover offer from rival Advanced Medical Optics Inc. for $75 per share, topping its agreed $65-per-share deal with Warburg Pincus.






Read more at Reuters.com Mergers News

Oil Declines From 10-Month High as U.S. Refinery Units Shut, Demand Falls

(Bloomberg) -- Crude oil fell on signs demand will
ease after U.S. refineries shut some units.

BP Plc is shutting the largest of three crude units at its
refinery in Whiting, Indiana, a person familiar with the plant
said. Units were shut at refineries in Texas and Kansas last week.
Oil stockpiles are 12.5 percent higher than their five-year
average, according to U.S. Energy Department data.


Read more at Bloomberg Commodities News

U.S. Stock-Index Futures Fall on Earnings; Home Depot Declines in Europe

(Bloomberg) -- U.S. stock-index futures dropped
after Home Depot Inc. lowered its profit forecast because of the
sale of a unit and the slump in the real-estate market.

Shares of Home Depot, the world's largest home-improvement
retailer, fell in Europe. General Motors Corp., the world's
biggest carmaker, and Ford Motor Co. climbed after JPMorgan Chase
& Co. upgraded its recommendation on the shares.


Read more at Bloomberg Stocks News

States Push Ahead With Subprime-Mortgage Laws as Congress Lags Behind

(Bloomberg) -- State lawmakers, faced with a record
number of constituents who may lose their homes, are pressing to
pass their own laws to halt mortgage-lending abuses, saying they
can't afford to rely on the U.S. Congress to act.

Legislators in some 30 states have introduced about 85
bills to protect mortgage borrowers from deceptive-lending
practices, foreclosure or fraud, according to a Bloomberg
analysis of data from the National Conference of State
Legislatures.


Read more at Bloomberg Bonds News

GLOBAL MARKETS-M&A drives European shares to 6-1/2 year peak

(Reuters) - Major currencies steadied ahead of a key speech by U.S.
Federal Reserve chief Ben Bernanke on inflation, which could
give an indication on the threat of price pressures posed by the
tight labour market and rebounding economy.




The pan-European FTSEurofirst 300 index has now
risen 10 percent since the start of the year as ample liquidity
and robust growth boost corporate earnings and drive merger and
acquisition activity.


Read more at Reuters.com Economic News

ABN Amro Gets NYSE Inquiry About Trading Before Barclays Merger Statement

(Bloomberg) -- ABN Amro Holding NV, the subject of
the biggest financial-services takeover, said it received an
inquiry from the New York Stock Exchange about share transactions
before its merger announcement with Barclays Plc.

``The inquiry is being conducted as part of NYSE policy to
investigate market activity around corporate announcements,''
Neil Moorhouse, a spokesman for Amsterdam-based ABN Amro, said in
an interview today. ``We are fully cooperating with the NYSE.''


Read more at Bloomberg Stocks News

UPDATE 1-Dutch Supreme Court to rule on ABN's LaSalle

(Reuters) - A commercial court in Amsterdam froze ABN's agreed deal to
sell LaSalle to Bank of America for $21 billion in May,
a ruling that is now being appealed before the Supreme Court by
ABN.




The court ruled that ABN would have to seek shareholder
approval for the LaSalle sale, which could sway the acrimonious
takeover battle for ABN between Barclays against a
consortium led by Royal Bank of Scotland .


Read more at Reuters.com Mergers News

NIBC, KfW, Ukraine's Interpipe Plan Debt Sales: European Bond Alert

(Bloomberg) -- The following is a list of bond
sales denominated in euros or pounds and expected in the coming
days and weeks.

Investment-Grade Sales


Read more at Bloomberg Bonds News

UPDATE 1-BHP seeks partner for Alcoa bid - paper

(Reuters) - The UK newspaper, citing unnamed sources close to the
company, said BHP's favoured partner was the Blackstone Group
, which had employed Paul O'Neill, former United States
Treasury Secretary and chief executive of Alcoa from 1987 to
1999, as one of its special advisers.




Sources familiar with the matter told Reuters last month
that BHP had appointed investment bank Merrill Lynch to
work on a possible bid for Canada's Alcan Inc , which is
the subject of a $28.7 billion hostile bid from Alcoa.


Read more at Reuters.com Mergers News