Poles Snap Up Stock Market `Promises,' Evoking Memories of Internet Bust

(Bloomberg) -- Piotr Skowron started his company six
weeks ago and already has one eye on the stock market.

``We have contracts in Poland and abroad, and we want to
sell shares,'' says Skowron, 45, whose biotechnology company
specializes in cloning genes. ``We want to get more capital and
be recognizable across the world.''


Read more at Bloomberg Stocks News

Fast Retailing 9mth profit down 11.5%, cuts f'cast

(Reuters) - Same-store sales at Fast Retailing's Uniqlo casual clothing
shops rose 3.7 percent in March-May, though the third quarter
ended on a sour note with a 2.1 percent slump in May when cooler
weather discouraged some shoppers from going out.




Sales fell another 1.3 percent in June.


Read more at Reuters.com Market News

European Government Debt May Drop on Interest-Rate Outlook, as Stocks Gain

(Bloomberg) -- European bonds may drop for the first
day this week on speculation their rally wasn't justified by the
outlook for higher interest rates and as stock markets rebounded.

Benchmark debt rose, sending 10-year yields to the lowest in
a week, after Standard & Poor's said it may cut credit ratings on
$12 billion of bonds backed by subprime mortgages, and Moody's
later lowered ratings on $5.2 billion of similar debt. U.S.
equities rebounded yesterday and Asian stocks markets rallied
today, eroding investor demand for the safest assets.


Read more at Bloomberg Bonds News

JGBs trim losses after BOJ vote, eyes on Fukui

(Reuters) - "The 8-1 vote left an impression that BOJ board members were
more cautious about a rate hike than previously thought, spurring
short covering in bonds," said Takeo Okuhara, a bond strategist
at Daiwa Institute of Research.




"It puts more focus on what Fukui will say at the news
conference. But today's vote doesn't change market expectations
for a rate hike next month, with current yields already factoring
in such a move," he said.
JGB 10-year futures were down 0.23 point at 131.77 ,
inching up from around 131.65 before the decision.


Read more at Reuters.com Bonds News

Japan's 10-Year Bonds Stay Lower After BOJ Leaves Interest Rates Unchanged

(Bloomberg) -- Japan's bonds held declines, after
yesterday gaining the most in more than 10 months, following a
central bank decision to keep interest rates unchanged today.

Governor Toshihiko Fukui and his policy board colleagues
held the key overnight lending rate at 0.5 percent at a two-day
meeting that ended today, the central bank said in Tokyo. Board
member Atsushi Mizuno opposed the decision.


Read more at Bloomberg Bonds News

Rubber Futures Gain as Yen Falls; Holiday Prompts Closure of Sell Trades

(Bloomberg) -- Rubber futures in Tokyo, the global
benchmark, rose as the yen retreated from a one-month high
against the dollar and as investors bought ahead of a three-day
weekend in Japan.

The yen traded at 122.21 per dollar at 12:01 p.m. in Tokyo,
after setting a one-month high of 120.99 yesterday. A higher yen
lowers the value of yen-denominated rubber futures, as the
commodity trades in U.S. dollars in the international market.


Read more at Bloomberg Commodities News

DP World Plans to Expand Port Facilities in China, India as Trade Booms

(Bloomberg) -- DP World, the world's third-biggest
container terminal operator, is seeking to buy or expand port
facilities in China and India as trade booms in the world's two
fastest growing major economies.

``India and China are two important markets for us,''
Chairman Sultan Ahmed Bin Sulayem said today in an interview in
Singapore. ``India, we are well covered both in the east and
west coasts. China we need to cover more.''


Read more at Bloomberg Emerging Markets News

Philippine Peso Rebounds as Overseas Funds May Buy Back Stocks, Bonds

(Bloomberg) -- The Philippine peso rebounded from
its biggest drop in two weeks on speculation investors will buy
back the nation's bonds after Finance Secretary Gary Teves
assured the government will meet the budget deficit target.

The currency rose from more than a one-week low as yields on
five-year bonds at the highest in nine months may draw investors.
Central bank Governor Amando Tetangco, who presides at today's
interest-rate setting meeting, yesterday said he's
``comfortable'' with monetary conditions.


Read more at Bloomberg Currencies News

Drummond coal goes on trial over Colombia killings

(Reuters) - Herman Johnson was speaking at the start of a civil trial
of the Alabama-based company on charges that it committed a war
crime by providing support to a paramilitary group suspected of
the 2001 killings.




Privately-held Drummond Company Inc. denies any connection
with paramilitary groups in a case considered a landmark
because it could, if successful, open the door for other
parties to sue transnational companies on human rights abuses.


Read more at Reuters.com Business News

Japan's Five-Year Notes Drop Before Central Bank Decision on Interest Rate

(Bloomberg) -- Japan's five-year government notes
declined on speculation biggest gain since September yesterday
was too rapid before a central bank decision on interest rates.

The yield on the 1.5 percent note due in June 2012 rose 3
basis points to 1.505 percent as of 9:25 a.m. in Tokyo at Japan
Bond Trading Co., the nation's largest interdealer debt broker.
Yields yesterday slid 7 basis points, the steepest since Sept.
11, 2006.


Read more at Bloomberg Bonds News

Japanese Bonds May Decline Before Central Bank Decision on Interest Rates

(Bloomberg) -- Japanese bonds may decline on
speculation yesterday's biggest gain since August was too rapid
before a central bank decision on interest rates.

Investors may hold off buying debt on concern some Bank of
Japan policy makers will vote against keeping borrowing costs
unchanged today. Japan's bonds may also fall after a drop in U.S.
Treasuries yesterday suggested investor demand for the safest
debt has weakened on easing concerns over subprime mortgages.


Read more at Bloomberg Bonds News

NAACP hits subprime lenders with class action suit

(Reuters) - The lawsuit cited data from the National Community
Reinvestment Coalition showing that lenders on average made
high-cost subprime loans to higher-qualified blacks 54 percent
of the time, compared to 23 percent of the time for whites,
even when the white applicants were less qualified.




It also included research from the Center for Responsible
Living. "These statistical disparities are not mere
happenstance, but instead result from a systematic and
predatory targeting of American-Americans," the court document
said.


Read more at Reuters.com Bonds News

UPDATE 1-Blackbaud says Q2 rev may top prior view

(Reuters) - The company had expected operating income of $15.3 million
to $16.0 million, excluding stock-based compensation and
amortization of acquired intangibles. It had forecast total
revenue of $61 million to $63 million for the second quarter.




In sales, the company has witnessed better-than-expected
revenue in the first half of the year, Chief Executive Marc
Chardon said in a statement.


Read more at Reuters.com Market News

Bajaj Auto, Chennai Petroleum, Cosco, Daewoo: Asia Ex-Japan Stock Preview

(Bloomberg) -- The following stocks may rise or
fall in Asian markets, excluding Japan. This preview includes
news that broke after markets closed. Prices are from the local
market's last close. Stock symbols are in parentheses after
company names.

Bajaj Auto Ltd. (BJA IN): India's second-largest motorcycle
maker may say today profit in the quarter ended in June fell 5.6
percent. Net income probably declined to 2.51 billion rupees
from a year earlier, according to the median estimate of nine
analysts surveyed by Bloomberg News. Sales may have declined 8.2
percent to 20.22 billion rupees. Bajaj Auto added 0.55 rupee to
2128.7.


Read more at Bloomberg Stocks News

Ashford Hospitality prices offering of preferred stock

(Reuters) - The annual distribution for the preferred stock is $2.1125
per share, payable quarterly, the company said in a statement.





Read more at Reuters.com Bonds News

REFILE-China's Perfect World sets IPO at 11.8 million ADS

(Reuters) - The company plans to sell 9 million ADSs, and stockholders
plan to sell an additional 2.8 million ADSs, according to an
amended filing with the U.S. Securities and Exchange
Commission.




Morgan Stanley, Credit Suisse, CIBC World Markets, and
Susquehanna Financial Group LLLP are underwriting the IPO, and
have the option to buy an additional 1.77 million ADSs to cover
over-allotments.


Read more at Reuters.com Government Filings News

UPDATE 1-Chaparral Steel profit up after agreeing to sale

(Reuters) - Net income for the fiscal fourth quarter was $80.2 million,
or $1.65 per share, compared with $56.1 million, or $1.16 per
share in the same quarter of 2006, said the Texas-based
producer of structural steel beams and bars.




Revenue surged to $488.73 million from $405.55 million,
Chaparral said.


Read more at Reuters.com Mergers News

TREASURIES-Bonds fall as subprime worries wane, stocks gain

(Reuters) - NEW YORK, July 11 - U.S. government bond prices
fell on Wednesday as investors took a breather from subprime
mortgage market worries and pushed stocks higher.




Wednesday's profit-taking erased much of the previous day's
advance, but not all of it. Analysts said with the market still
captive to new developments on the subprime front, investors
were reluctant to let go of the safety bid entirely.


Read more at Reuters.com Bonds News

California Pizza, Energizer, SLM, Vital, Yum!: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges today.
Stock symbols are in parentheses after company names. Share
prices are as of 4 p.m. New York time.

California Pizza Kitchen Inc. (CPKI US) dropped $1.53, or 7
percent, to $20.31. The pizza restaurant chain said in a
preliminary statement that second-quarter profit excluding some
items was 23 cents a share. That missed the 24-cent average
analyst estimate compiled by Bloomberg.


Read more at Bloomberg Stocks News

US certifies Virgin America Airlines for service

(Reuters) - Virgin America won regulatory approval of its business plan
in May after agreeing to restructure its financing and agreeing
to change its executive leadership to satisfy a U.S. law that
limits overseas influence in domestic airlines.




Read more at Reuters.com Bonds News

Cerberus chairman says has no plans for IPO-CNBC

(Reuters) - "No, I don't think that is in the cards for us," Snow said in an interview on CNBC. "We prefer to be as we are, a private investment firm."



Blackstone sold $4.1 billion in an IPO in June, while KKR filed earlier in July for a $1.25 billion IPO.


Read more at Reuters.com Mergers News

Corn Falls as U.S. Crop May Be Larger Than USDA's Record Estimate in June

(Bloomberg) -- Corn in Chicago fell on speculation
the U.S. harvest will be larger than the government forecast a
month ago after farmers planted more of the grain than they
signaled in March.

The U.S. Department of Agriculture tomorrow will forecast
a crop of 12.972 billion bushels, 4.1 percent more than the
record 12.46 billion projected last month, according to the
average estimate of 11 analysts. A crop of that size would be
23 percent bigger than last year's harvest.


Read more at Bloomberg Commodities News

Cerberus says 'confident' on Chrysler financing

(Reuters) - The comments came as DaimlerChrysler shares fell more than 2 percent on Wednesday on market talk of possible financing difficulties for the sale of Chrysler to Cerberus.







Read more at Reuters.com Mergers News

Nymex Gas Falls as U.S. Inventories Build Toward Record Later This Year

(Bloomberg) -- Natural gas futures in New York fell
as analysts forecast injections of the fuel into storage will
continue building toward a record later this year.

Supplies rose a median 96 billion cubic feet last, 22
analysts and economists said in a Bloomberg survey. The highest
estimate was 108 billion, the lowest, 85 billion.


Read more at Bloomberg Energy News

U.S. FDIC chief looking at banks' CDO exposure

(Reuters) - "We're going to see more downgrades," FDIC Chairman Sheila
Bair said on Wednesday, referring to a slew of CDO downgrades
announced on Tuesday by two major credit rating agencies.




CDOs are investment-grade securities that are created by
bundling together portions of loans, mortgage-backed bonds,
municipal debt, credit card receivables or other securities.


Read more at Reuters.com Government Filings News

Regulators say hedge fund woes won't spread

(Reuters) - However, in testimony to Congress the regulators renewed a call for big global banks to improve their hedge fund risk management practices.




Favorable market conditions have helped the Bear Stearns-managed hedge funds to close out positions with a "limited impact on the broader markets," Erik Sirri, the Securities and Exchange Commission's market regulation director, told U.S. lawmakers.


Read more at Reuters.com Government Filings News

U.S. Stocks Rise on M&A, Buybacks; Yum! Brands, Steelmaker Shares Advance

(Bloomberg) -- U.S. stocks climbed after takeover
speculation swept through the raw-materials industry and
expectations grew that the record pace of share buybacks will
accelerate.

Steelmakers' shares posted their biggest gain in a month
after Chaparral Steel Co. agreed to be purchased for $4.22
billion. Yum! Brands Inc., the owner of Pizza Hut and Taco Bell
chains, advanced on a UBS AG report predicting the company will
repurchase stock.


Read more at Bloomberg Stocks News

Bear Stearns Will Be Able to Unwind Funds in `Orderly Fashion,' SEC Says

(Bloomberg) -- The U.S. Securities and Exchange
Commission's top market-regulation official said Bear Stearns
Cos. will likely resolve problems in an ``orderly fashion'' at
two hedge funds that almost collapsed last month.

``Although the situation remains in flux, it appears'' that
the Bear Stearns funds will ``be able to unwind in an orderly
fashion, with limited impact on the broader market,'' the
Washington-based agency's director of market regulation, Erik
Sirri, said in prepared testimony to the House Financial Services
Committee today.


Read more at Bloomberg Bonds News

Coffee Rises jn New York on Concern Cooler Brazilian Weather May Hurt Crop

(Bloomberg) -- Coffee rose for the second straight
day in New York as forecasts for cooler weather in Brazil
spurred speculation that frost may hurt crops.

Temperatures are expected to turn lower in the next two
days, according to Meteorlogix LLC in Woburn, Massachusetts.
They still will remain above 50 degrees Fahrenheit (10 degrees
Celsius) and there is no threat of frost, the forecaster said.
Brazil is the world's biggest coffee producer. Futures climbed
1.6 percent yesterday.


Read more at Bloomberg Commodities News

UDPATE 1-Fed's Plosser-housing not derailing growth outlook

(Reuters) - LONDON, July 11 - A downturn in the U.S. housing
sector has not changed forecasts for economic growth to return
to trend by the end of the year, Philadelphia Federal Reserve
Bank President Charles Plosser said on Wednesday.




"The recent reversal of the boom in housing activity and
house prices has contributed to a slowdown in economic growth,"
he told an economic forum in London.


Read more at Reuters.com Bonds News

TEXT-SEC evaluation of Blackstone, Fortress IPOs

(Reuters) - Following are excerpts from Donohue's written testimony to
the Senate Finance Committee:




Congress enacted the Investment Company Act to provide a
separate and different regulatory structure for investment
companies, as compared to industrial, or operating, companies.
Among the Congress's stated goals was to minimize the risk that
an investment company might be managed in the interests of its
managers or certain shareholders rather than for the benefit of
all shareholders.


Read more at Reuters.com Government Filings News

Icahn sweetened Lear buyout faces stiff opposition

(Reuters) - Influential advisory firm Institutional Shareholder Services on Tuesday joined Pzena Investment Management LLC and the California State Teachers' Retirement System in opposing Icahn's new $37.25-per-share buyout offer for Lear.




All three had opposed an earlier $36-per-share offer from Icahn's American Real Estate Partners LP . Lear's board accepted both bids and recommends shareholder support.


Read more at Reuters.com Hot Stocks News

US banks' results may outshine modest expectations

(Reuters) - NEW YORK, July 11 - Many large U.S. banks may surpass investors' diminished expectations when they report second-quarter results next week, setting the stage for a possible rebound in the underperforming sector.



Investors worry about the housing slowdown and its impact on: mortgage providers such as Wells Fargo & Co. and Washington Mutual Inc. ; lenders to homebuilders; and packagers of securities backed by subprime home loans.


Read more at Reuters.com Bonds News

Fed: banks must improve hedge fund risk management

(Reuters) - "The recent growth of hedge funds presents some formidable challenges to the achievement of public-policy objectives, including significant risk-management challenges to market participants," Warsh said. "If market participants prove unwilling or unable to meet these challenges, losses in the hedge fund sector could pose significant risks to financial stability."




Read more at Reuters.com Government Filings News

Canada S&P/TSX Index Declines, as Bank of Montreal, TransAlta Shares Fall

(Bloomberg) -- Canadian stocks fell for a second day,
led by financial and utility shares including Bank of Montreal and
TransAlta Corp., after the Bank of Canada raised borrowing costs
for the first time in more than year yesterday.

Canadian Natural Resources Ltd. paced declines among energy
companies as crude oil prices dropped.


Read more at Bloomberg Stocks News

Yen Drops From One-Month High Versus Dollar as U.S. Stocks Little Changed

(Bloomberg) -- The yen fell from a one-month high
against the dollar and dropped against the euro as U.S. stocks
were little changed, suggesting investors may slow a flight from
risky assets.

The yen fell against 15 of the 16 most active currencies.
It rallied earlier today as investors fled risky trades
following Moody's Investors Service's move yesterday to cut
ratings on $5.2 billion of bonds backed by U.S. subprime
mortgages. The ratings reduction led some traders to exit so-
called carry-trade bets financed by borrowing yen.


Read more at Bloomberg Currencies News

UPDATE 1-CAMEC to make make $1.9 bln bid for Katanga

(Reuters) - The new offer is 17 new ordinary CAMEC shares for each
Katanga share compared with a bid of 15 for one made on Monday.




CAMEC, which operates in the Democratic Republic of Congo
and already owns 22 percent of fellow DRC-focused Katanga,
said the deal would create synergies from the combining of
production, expertise, logistics, operations and mining fleets.


Read more at Reuters.com Mergers News

CAMEC to make $1.9 bln bid for Katanga

(Reuters) - Central African Mining & Exploration Company (CAMEC) on Wednesday raised its all-share bid for Canada's Katanga Mining Ltd., valuing the target at 943 million pounds.

The new offer is 17 new ordinary CAMEC shares for each Katanga share compared with a bid of 15 for one made on Monday.


Read more at Reuters Africa

Preem Cuts Runs to 75 Percent at Gothenburg Refinery on High Crude Costs

(Bloomberg) -- Preem Petroleum AB, a Swedish oil
refiner, cut runs at its 115,000 barrels-a-day refinery in
Gothenburg to 75 percent capacity because of the high cost of
North Sea crude.

``Margins are clearly negative,'' Nils-Erik Berg, a Preem
crude oil trader, said by phone today from Sweden. ``We are
cutting runs in our simple refinery in Gothenburg.''


Read more at Bloomberg Energy News

S.African union declares dispute against Angloplat

(Reuters) - South Africa's Solidarity trade union declared a dispute against the world's biggest platinum producer Angloplat after it refused to increase its wage offer, a union official said on Wednesday.

A dispute, the first legal step towards a strike, was declared when negotiations on Wednesday hit a deadlock, Solidarity spokesman Reint Dykema told Reuters.


Read more at Reuters Africa

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 Government Filings News

Liz Claiborne to cut jobs, eyes option for 16 brands

(Reuters) - Liz Claiborne, suffering from a downturn in department-store sales, made the announcement ahead of an analyst meeting on Wednesday. It also plans to aggressively expand the specialty retail store base of its Juicy Couture, Kate Spade, Lucky Brand Jeans and Mexx brands.




The company expects a net reduction in 2007 of 600 to 800 positions, or 7 percent to 9 percent of its non-retail based global work force, which includes significant staff reductions at the more senior levels of the organization.


Read more at Reuters.com Mergers News

Microsoft holds firm on Xbox 360 pricing

(Reuters) - Instead, Microsoft voiced confidence that a slate of upcoming titles targeting both hardcore and casual gamers would be strong enough to give it the lion's share of consumer dollars in the coming months.




"We have no desire, no need, to react to anything the competition has done," Shane Kim, head of Microsoft Games Studios, said in an interview.


Read more at Reuters.com Business News

Czech Koruna Rises Versus Euro as Risk-Averse Investors Unwind Carry Trade

(Bloomberg) -- The Czech koruna advanced to the
highest in a month against the euro as risk-averse investors
unwound so-called carry trades funded in the currency.

The koruna also rose to a two-month high versus the dollar
as investors bought back currencies that they'd previously
borrowed at low interest rates and used to fund higher-yielding
purchases. At 2.75 percent, Czech borrowing costs are the lowest
in the European Union, making the koruna ideal for these trades.


Read more at Bloomberg Currencies News

Wolverine World posts higher quarterly profit

(Reuters) - Revenue rose 5 percent to $250.3 million.





Read more at Reuters.com Market News

Carbon Emission Permits Little Changed After Trading Near Two-Month Low

(Bloomberg) -- European Union carbon dioxide
permits rebounded after trading near a two-month low.

Permits for delivery in December 2008 were unchanged at 21
euros ($28.86) a metric ton at 11:42 a.m. in Amsterdam,
according to prices from the European Climate Exchange. The
price earlier fell as low as 20.60 euros.


Read more at Bloomberg Energy News

Treasuries Erase Earlier Gains; 10-Year Yield Rebounds Above 5 Percent

(Bloomberg) -- Treasuries erased earlier gains that
were fueled by concerns about the subprime housing market.

The yield on the U.S. benchmark 10-year note rebounded to
5.03 percent, little changed on the day, as of 10:29 a.m. in
London, according to bond broker Cantor Fitzgerald LP. Gains in
bonds earlier pushed the yield to as low as 4.98 percent.


Read more at Bloomberg Bonds News

Nigerian president pledges NNPC scrutiny - FT

(Reuters) - Nigeria's new president, Umaru Yar'Adua, pledged in an interview published on Wednesday to subject the state-controlled Nigerian National Petroleum Corporation (NNPC) to greater public scrutiny.

In an interview with the Financial Times, Yar'Adua said he would put more emphasis on accountability and the rule of law in an oil-producing country of 140 million people, often criticised for a lack of transparency and high-level corruption.


Read more at Reuters Africa

German Day-Ahead Power Falls a Second Day as Cooler Weather Damps Demand

(Bloomberg) -- German electricity prices for day-
ahead delivery slipped for a second straight day as below-average
temperatures may curb demand for air conditioning.

Baseload prices for delivery tomorrow fell 4.5 percent to 32
euros ($44) a megawatt-hour, according to broker GFI Group Inc. on
Bloomberg at about 9:45 a.m. in Berlin. Baseload refers to
electricity delivered around the clock.


Read more at Bloomberg Energy News

France's CAC Index Drops for Second Day, Led by Michelin, Air Liquide

(Bloomberg) -- French stocks fell for a second day
on concern that subprime mortgage losses in the U.S. will hurt
economic growth.

Michelin & Cie., Air Liquide SA and Renault SA slid.


Read more at Bloomberg Stocks News

Potters, Scrap Dealers Brace for Battle as Reliance Weighs Mumbai Makeover

(Bloomberg) -- Hiralal Rathore, like his father and
grandfather before him, lives and works as a potter in India's
biggest slum in the heart of Mumbai. He wants to stay there.

``This is the fourth generation you see around me,'' said
Rathore, 44, as his two children stacked pots to be fired in a
nearby brick kiln. ``If they try and take away my livelihood, I
am going to fight them with every means possible.''


Read more at Bloomberg Exclusive News

France's CAC Index Drops for Second Day, Led by Michelin; Carrefour Gains

(Bloomberg) -- French stocks fell for a second day,
paced by Michelin & Cie., Air Liquide SA and Renault SA.

The CAC 40 Index tumbled 51.84, or 0.9 percent, to 5967.38
at 9:07 a.m. in Paris. The SBF 120 Index retreated 0.8 percent.


Read more at Bloomberg Stocks News