Chicago Soybeans Fall From 3-Year High as Investors Bet Gains Overdone

(Bloomberg) -- Soybean futures in Chicago fell for
the first day in seven after reaching a three-year high as some
investors bet recent gains were overdone and a government
forecast showed a lower-than-expected drop in U.S. inventories.

Reserve supplies before next year's harvest will fall to
245 million bushels from 320 million forecast a month ago, the
U.S. Department of Agriculture said yesterday in a report. The
average expectation of 14 analysts in a Bloomberg survey was for
224 million. The surplus on Aug. 31 of this year is estimated at
600 million bushels.


Read more at Bloomberg Commodities News

South Korea's Kospi Index Jumps by Most in a Year; Samsung, Posco Surge

(Bloomberg) -- South Korean stocks surged by the
most in a year. Samsung Electronics Co. climbed after a newspaper
reported that billionaire investor Carl Icahn may be planning a
hostile bid and the company forecast ``significant improvement''
in earnings for the rest of the year.

Posco jumped by the most in more than four years, leading
metals producers higher, after Rio Tinto Group agreed to buy
Canada-based Alcan Inc. for $38.1 billion and Dongkuk Steel Mill
Co. raised prices.


Read more at Bloomberg Stocks News

Indonesia's First-Half Palm Oil Output May Be Below Forecast, Bangun Says

(Bloomberg) -- Indonesia, the world's largest
producer of palm oil, may have produced less of the tropical oil
in the first six months of the year than earlier forecast as
drought hurt the crop.

``It's likely below target because of the lack of rain last
year,'' Derom Bangun, president of the Indonesian Palm Oil
Association, said today in Jakarta.


Read more at Bloomberg Commodities News

China says trades fairly with the world

(Reuters) - China is under strong pressure from Washington and Brussels to cut its trade surplus, which rose 74 percent last year to a record $177.5 billion and has climbed more than 80 percent in the first six months of 2007 from the same period a year earlier.




"Yes, indeed the trade surplus is here in China, but the real profits and benefits are actually in Europe and the United States," Bo told reporters in Malaysia's administrative capital of Putrajaya after witnessing a loan signing for a Malaysian bridge project.


Read more at Reuters.com Business News

Platinum Rises to Record in Tokyo as South African Mineworkers May Strike

(Bloomberg) -- Platinum futures in Tokyo rose to a
record as mineworkers in South Africa, the source of almost 80
percent of the metal, moved closer to calling strikes over pay.

Wage talks foundered this week at Anglo Platinum Ltd. and
Impala Platinum Holdings Ltd., the two biggest producers of the
metal. Workers at Anglo Platinum, the world's largest producer,
declared a dispute, a legal step required before a strike can be
called, the National Union of Mineworkers said yesterday.


Read more at Bloomberg Commodities News

Asian Stocks Rise to Record on Takeovers, U.S. Retail Sales; Posco Jumps

(Bloomberg) -- Asian stocks rose, pushing a regional
benchmark to a record, spurred by Rio Tinto Group's $38 billion
bid for Alcan Inc. and higher sales at U.S. retailers.

BHP Billiton Ltd. climbed and Posco surged as much as 11
percent after Rio's offer. Samsung Electronics Co. jumped after
reporting better-than-expected earnings and a newspaper said
billionaire investor Carl Icahn may be planning a hostile bid.
South Korea's Kospi index, the region's best performer in the
past three months, advanced 2 percent to a new high.


Read more at Bloomberg Stocks News

Leighton Is in Talks With Persian Gulf-Based Al Habtoor About Partnership

(Bloomberg) -- Leighton Holdings Ltd., Australia's
biggest builder, is in talks with United Arab Emirates-based
construction company Al Habtoor Group about a partnership in one
of the world's fastest-growing real estate markets.

India and the Gulf region offer ``great opportunities,''
Sydney-based Leighton said today in a statement. Al Habtoor,
which built the Middle East's tallest hotel, the Burj Al Arab, is
one of a number of companies with which Leighton is discussing
potential partnerships and joint ventures.


Read more at Bloomberg Emerging Markets News

UPDATE 1-Energizer to acquire Playtex for $1.16 billion

(Reuters) - The deal would allow Energizer to diversify its product
range and grow its personal care product category. Playtex
makes sun-screen products like Banana Boat and Hawaiian Tropic,
and markets a range of feminine care and infant care products.




Energizer will pay $18.30 a share for shares of Playtex, a
premium of 17.9 percent to Playtex's closing price of $15.52 on
Thursday on the New York Stock Exchange.


Read more at Reuters.com Market News

JGBs fall on weak Treasuries, BOJ rate concerns

(Reuters) - Fukui also said "the conviction among board members is
growing rather than retreating that the economy has been moving
in line with our scenario."




"Comments from Fukui confirmed market views that the central
bank is on its way to raising interest rates," said a bond
strategist at a U.S. securities firm.


Read more at Reuters.com Bonds News

Nordstrom nears deal to sell Faconnable unit -WSJ

(Reuters) - Nordstrom operates four free-standing Faconnable stores in
the United States, including a flagship in New York City's
Rockefeller Center, and 36 Faconnable boutiques in Europe,
according to the report.




Read more at Reuters.com Mergers News

Oil Is Little Changed as U.S. Refiners Restart, Easing Gasoline Concerns

(Bloomberg) -- Crude oil was little changed in New
York as refiners restart some production units in the U.S.,
easing concerns about the availability of gasoline supplies
during the peak-demand summer period.

BP Plc was to begin startup yesterday of the largest crude
unit at its Whiting, Indiana, refinery, the biggest in the
Midwest, a person familiar with the plant's status said. The
235,000 barrel-a-day crude unit was shut July 9 for unplanned
maintenance. BP is due to restore a hydrocracking unit at its
Texas City, Texas, refinery to operation this weekend.


Read more at Bloomberg Energy News

Government Bonds May Drop as Stock Rally Limits Demand for Debt Securities

(Bloomberg) -- Japan's government bonds may decline
after U.S. stocks advanced, suggesting investors are becoming
less averse to risky securities.

Benchmark debt is likely to drop for a second day since
concerns over the credit quality of U.S. subprime mortgages
drove the biggest rally in Japan's 10-year bonds since August.
U.S. Treasuries slumped yesterday after the Dow Jones Industrial
Average and the S&P 500 closed at record highs.


Read more at Bloomberg Bonds News

UPDATE 1-VeriSign CFO quits; options costs seen at $160 mln

(Reuters) - Evan resigned July 10 and is being succeeded by Bert
Clement, a former senior vice president for finance and company
controller.




The company said it had filed with the U.S. Securities and
Exchange Commission its 2006 annual report and overdue reports
for the second and third quarters of 2006 that include
financial information restated as a result of a review into
VeriSign's stock-option granting practices.


Read more at Reuters.com Government Filings News

Sun Valley no longer refuge for media industry

(Reuters) - Conceived as a refuge for the Hollywood elite and their
families to discuss the future, hatch merger plans and go
white-water rafting, the conference this year features a more
diverse cast that includes New York City Mayor Michael
Bloomberg and former British Prime Minister Tony Blair.




"It used to be people, CEOs of companies that were more or
less the same size and have the same business," Sony Corp.
Chief Executive Howard Stringer told reporters. "Now
it's very widespread. Allen's conference has caught the wave
like everybody else."


Read more at Reuters.com Mergers News

Trade gap widens on oil, jobless claims fall

(Reuters) - A separate report showed the number of Americans applying for first-time jobless benefits fell more than expected last week, suggesting continued labor market strength.




Financial markets largely dismissed the data, but better-than-expected June sales results from U.S. retailers helped give a big lift to U.S. stocks. The Dow Jones industrial average closed at a record 13,861.81 on its biggest point gain in 4-3/4 years.


Read more at Reuters.com Business News

UPDATE 1-Natural gas trader sues hedge fund Amaranth

(Reuters) - Roberto Gracey, who traded natural gas futures contracts,
alleged that Amaranth amassed large positions, causing the
price of natural gas futures contracts on the New York
Mercantile Exchange and InterContinental Exchange to be
artificial, according to the complaint in the U.S. District
Court in Manhattan.




"When defendants' unlawful scheme of highly leveraged
trading collapsed in September 2006, the price of natural gas
and natural gas futures contracts traded on NYMEX experienced
an almost unprecedented drop," the complaint alleged.


Read more at Reuters.com Government Filings News

Vimicro International posts Q1 loss; shares fall

(Reuters) - July 12 - China-based Vimicro International Corp. posted a surprise first-quarter loss, and reported fourth-quarter earnings below analysts' estimates, sending its shares down more than 17 percent.



The company said first-quarter results were hurt by a longer-than-expected delay in the release of Microsoft Corp.'s Vista operating system, and the seasonality resulting from business slowdown related to the Chinese New Year holiday and pricing pressure within some of its product lines.


Read more at Reuters.com Market News

UPDATE 3-Republican lawmaker introduces subprime legislation

(Reuters) - WASHINGTON, July 12 - Mortgage brokers and other
loan sellers would be named in a national database under
legislation introduced Thursday by the top Republican on a U.S.
House of Representatives financial panel.




Spencer Bachus, the ranking member of the House Financial
Services Committee, said his Fair Mortgage Practices Act would
curb unscrupulous lending and increase consumer protections.


Read more at Reuters.com Bonds News

NEXT UP-Stock rally may hinge on US retail strength

(Reuters) - The government's retail data may help clarify whether the
consumer sector, which accounts for two-thirds of the U.S.
economy, will remain robust in the second half, or is poised
for a decline that can hurt the economy, analysts said.




Not all analysts and investors are convinced the
government's report will come in all that strong. If it falls
short of their modest expectations, Thursday's powerful advance
on Wall Street may come to an abrupt halt.


Read more at Reuters.com Bonds News

MERGERS/DEALS

(Reuters) - ** A bidding war between two U.S. banks for an Italian real
estate fund intensified when Merrill Lynch raised its
offer price. Merrill Lynch said it would offer 770 euros per
share rather than 760 euros for 95 percent of the Berenice
fund, a day after rival Goldman Sachs upped its bid by 5
percent to 762 euros. [nL12227646]




** Lifetime Brands Inc. , a supplier of home
consumer products, said it intends to acquire certain sterling
silver and silver ornament businesses from Lenox Group Inc.
to expand its portfolio. [nWNAS5807]


Read more at Reuters.com Bonds News

UPDATE 2-Republican lawmaker introduces subprime legislation

(Reuters) - WASHINGTON, July 12 - Mortgage brokers and other
loan sellers would be named in a national database under
legislation introduced Thursday by the top Republican on a U.S.
House of Representatives financial panel.




Spencer Bachus, the ranking member of the House Financial
Services Committee, said his Fair Mortgage Practices Act would
curb unscrupulous lending and increase consumer protections.


Read more at Reuters.com Government Filings News

UPDATE 2-Collins & Aikman bankruptcy plan confirmed

(Reuters) - CHICAGO, July 12 - The U.S. Bankruptcy Court in
Detroit has confirmed auto parts maker Collins & Aikman Corp.'s
plan to sell its remaining businesses and wind down
its operations, a company spokesman said on Thursday.




Collins & Aikman, which filed for bankruptcy in May 2005,
remains in talks with numerous parties for sale of its various
remaining plastics businesses and hopes to make the plan
effective by the end of August, spokesman David Youngman said.


Read more at Reuters.com Mergers News

Target soars after report of Ackman stake

(Reuters) - Ackman and a spokeswoman for Target could not be immediately reached for comment.




According to Bloomberg, the person said Ackman would disclose the holdings in a U.S. Securities and Exchange Commission filing next week. The person declined to be identified because the plans have not been filed, Bloomberg said.


Read more at Reuters.com Hot Stocks News

U.S. Senate panel to consider FDA cigarettes bill

(Reuters) - The bill, opposed by smaller cigarette makers, would let
the FDA restrict tobacco advertising; prevent the sale of
cigarettes to minors; require stronger warning labels; bar
misrepresentation of tobacco's dangers; and order removal of
harmful ingredients from cigarettes.




It would also set standards for "reduced-risk" tobacco
products, which could not be marketed as safer than regular
cigarettes without FDA verification. A similar bill has been
introduced in the House of Representatives.


Read more at Reuters.com Government Filings News

Republican lawmaker introduces subprime legislation

(Reuters) - The bill would set licensing standards for mortgage loan
originators and log those lenders in a national registry, the
lawmaker said in a statement.




Read more at Reuters.com Government Filings News

US STOCKS-Indexes jump on robust retail sales and Alcoa

(Reuters) - NEW YORK, July 12 - U.S. stocks surged on
Thursday, lifting the Dow to a record, as
stronger-than-expected retail sales and takeover speculation
fueled optimism about the economy.




Shares of Alcoa Inc. rose 6.3 percent to $45.10
after climbing to an all-time high of $46.15. Rio Tinto
Ltd/Plc , the Anglo-Australian mining company,
agreed to buy Alcan Inc. , the Canadian aluminum
producer, for $38.1 billion, topping Alcoa's bid.
[ID:nL12644704] Analysts said Alcoa could now be a takeover
target.


Read more at Reuters.com Bonds News

Warning after UK finds contaminated toothpaste

(Reuters) - The discovery follows a series of similar fake toothpaste scares around the world.



As in previous cases, the British discovery involved toxic levels of the chemical diethylene glycol, the Medicines and Healthcare products Regulatory Agency said.


Read more at Reuters.com Government Filings News

Hexion in deal to buy Huntsman for $28 a share

(Reuters) - Hexion said the Huntsman board has unanimously approved the
deal.





Read more at Reuters.com Mergers News

Stocks extend gains, Dow up

(Reuters) - Shares of Alcoa hit a record high, rising after Alcoa was outbid in its attempt to acquire rival Alcan Inc.







Read more at Reuters.com Business News

TOUSA says Q2 net sales orders fall 15 pct

(Reuters) - The company had 3,827 homes in backlog as of June 30.





Read more at Reuters.com Market News

American Banknote, Dufry, Rossi, Vale do Rio Doce: Brazilian Equity Movers

(Bloomberg) -- Brazil's main stock index rose for a
second day, by miner Cia. Vale do Rio Doce, the world's biggest
iron ore and nickel producer.

The Bovespa index of the most-traded stocks on the Sao Paulo
exchange rose 449.87, or 0.8 percent, to 56,806 at 9:36 a.m. in New
York.


Read more at Bloomberg Stocks News

Wall Street opens higher on retailers

(Reuters) - U.S. stocks rose at the open on Thursday after a flurry of retailers such as Wal-Mart Stores Inc. Target Corp and J.C. Penney Co. Inc. released reassuring monthly sales figures and outlooks.

The Dow Jones industrial average was up 60.96 points, or 0.45 percent, at 13,638.83. The Standard & Poor's 500 Index


Read more at Reuters Africa

UPDATE 1-US trade gap widens to $60 bln in May as expected

(Reuters) - The May trade gap totaled $60 billion, matching the
mid-point estimate of Wall Street analysts surveyed before the
report. It widened 2.3 percent from a revised deficit of $58.7
billion for April, the U.S. Commerce Department said.




Overall goods and services exports rose 2.2 percent to a
$132.0 billion, led by a $1.9 billion increase in shipments of
civilian aircraft and other capital goods and record exports of
consumer goods and industrial supplies and materials.


Read more at Reuters.com Economic News

Costco June same-store sales up

(Reuters) - Costco, the largest U.S. warehouse club, said net sales in the five weeks ended July 8 rose 10 percent to $6.35 billion.




Costco said its same-store sales rose 5 percent in June domestically and 10 percent internationally.


Read more at Reuters.com Business News

Point Therapeutics cuts 76 pct of work force

(Reuters) - The biopharmaceutical company cut its work force to 8 employees from 33 and plans to further reduce its current work force in the near future.



Point Therapeutics plans to replace its employees with a more variable cost-effective consulting team to help the company as it seeks a buyer or partner for its technology and related intellectual property and other assets, in bankruptcy or otherwise.


Read more at Reuters.com Bonds News

GE still chasing diagnostic opportunities

(Reuters) - "There's no change regarding GE Healthcare's strategy," Graeme Holland, a spokesman for GE Healthcare, which is based outside London, said on Thursday.




"We remain committed to our vision of 'early health' and will continue to evaluate in-vitro diagnostics opportunities that fit our early health strategy, pursuing growth through organic and inorganic means."


Read more at Reuters.com Mergers News

UPDATE 1-Bon-Ton combined June same-store sales fall 8 pct

(Reuters) - Two analysts on average, expected the company's same-store
sales to decline 4 percent, according to estimates gathered by
Reuters.




Same-store sales at Carson's fell 1.7 percent and Bon-Ton
comparable-store sales fell 18.1 percent, the department store
operator said in a statement.


Read more at Reuters.com Market News

UPDATE 1-Macy's cuts quarterly outlook on weak sales

(Reuters) - The company, which has said that sales at former May stores
have been disappointing, forecast earnings of 20 cents to 30
cents per share, excluding merger integration costs, for the
second quarter that began on May 6. Its previous profit
forecast was 35 cents to 45 cents a share.




For the five weeks ended July 7, sales at stores open at
least one full fiscal year fell 2.7 percent, worse than
analysts' expectation of a 1.9 percent drop as well as Macy's
own forecast for a fall of up to 2 percent.


Read more at Reuters.com Market News

Alcan, Cameco, Domtar, Gerdau Ameristeel, Nexen: Canadian 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 34.16, or 0.2
percent, to 14,166.09 yesterday in Toronto.


Read more at Bloomberg Stocks News

Antisoma, Novartis drug fails in ovarian cancer

(Reuters) - Antisoma said on Thursday that new Phase II data showed ASA404 did not increase the median time to tumor progression when added to chemotherapy.




More women died in the ASA404 arm of the study than in the control group but the majority in both were still alive after one year, so no median survival values were determined.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Fleetwood falls to quarterly loss

(Reuters) - It posted a fiscal fourth-quarter loss of $39.2 million, or
61 cents a share, compared with a profit of $1.7 million, or 3
cents a share, a year earlier.




The latest results included one-time severance payment and
tax-related costs totaling 33 cents a share.


Read more at Reuters.com Market News

Bebe Stores June same-store sales fall 5.4 pct

(Reuters) - Analysts, on average, had expected the company's same-store sales to fall 1.9 percent, according to a poll conducted by Reuters.



The company said retail sales rose 7.6 percent to $60.9 million for the five-week ended July 7.


Read more at Reuters.com Market News

Turkish Benchmark Index Rises, Paced by Garanti: World's Biggest Mover

(Bloomberg) -- Turkish stocks gained for the first
time in three days, lifting the benchmark index to a record, on
optimism that July 22 parliamentary elections may produce a
stable government. Turkiye Garanti Bankasi AS led the advance.

The ISE National 100 Index rallied 1307.02, or 2.6 percent,
to 51,362.56 at midday in Istanbul, posting the biggest
fluctuation among equity markets included in global benchmarks.
Eighty-four stocks rose, four dropped and 12 were unchanged.


Read more at Bloomberg Stocks News

Zinc Rises to Three-Week High on Revived Demand; Lead Advances to Record

(Bloomberg) -- Zinc rose to a three-week high on
signs of revived demand for the metal used to galvanize steel.
Lead pared gains that drove it to a record and aluminum was
little changed.

Stockpiles of zinc tracked by the London Metal Exchange
dropped 475 metric tons, or 0.7 percent, to 69,350 tons, the
exchange said today in a daily report, the lowest in 16 years.
World demand growth will exceed supply this year by 20,000 tons,
said Kona Hague, an analyst at the Economist Intelligence Unit.


Read more at Bloomberg Commodities News

Kenya shilling weakens, seen supported at 67/dollar

(Reuters) - The Kenya shilling fell against the dollar on Thursday following good demand for dollars by companies across the board, but dealers expected it to remain below the 67 level.

At 0915 GMT, commercial banks traded the local unit at 66.85/95 from Wednesday's 66.80/90 close.


Read more at Reuters Africa

UPDATE 2-Fast Retailing cuts forecast again, mum on Barneys

(Reuters) - TOKYO, July 12 - Japanese clothing retailer Fast
Retailing Co. said its quarterly net profit fell 3
percent and it cut its full-year forecast for a third time due to
losses at subsidiaries and a recent slump in same-store sales.




Fast Retailing last week unveiled a $900 million bid for
Jones Apparel Group's upscale clothing chain Barneys New
York, underscoring its determination to become a global player
and seek growth outside its mature home market.


Read more at Reuters.com Mergers News

S.African gold output rises 1.3 pct yr/yr in May

(Reuters) - South African gold output rose 1.3 percent in volume terms while overall minerals production increased 0.8 percent in May compared with the same month the previous year, official data showed on Thursday.

Production of non-gold minerals rose by 0.8 percent in May, Statistics South Africa added.


Read more at Reuters Africa

Bush, Lawmakers Resist Calls to Raise Taxes on Hedge Funds, Buyout Firms

(Bloomberg) -- The Bush administration and several
top lawmakers signaled that they may not support a push in
Congress to increase taxes on buyout firms and hedge funds.

Eric Solomon, assistant Treasury secretary for tax policy,
told the Senate Finance Committee yesterday that proposed
legislation to increase the tax rate paid by some partners in
hedge funds and private-equity firms would undermine the
competitiveness of American businesses. The danger to U.S.
competitiveness was a theme echoed by senators on the committee,
including Democrat Charles Schumer of New York.


Read more at Bloomberg Bonds News

Drax Group Halts Two More Units at Europe's Largest Coal-Fired Power Plant

(Bloomberg) -- Drax Group Plc, the U.K. owner of
Europe's biggest coal-fired power plant, halted another two of
its six units at the facility, bringing the total offline to
three.

Unit 2 stopped production at about 10 p.m. yesterday,
according to data on a Web site run by National Grid Plc. Unit 5
was halted at about 7 a.m. today, the Web site showed. Each unit
has a capacity of 645 megawatts.


Read more at Bloomberg Energy News

UPDATE 1-Costco June same-store sales rise 6 pct

(Reuters) - Analysts, on average, were expecting it to report a gain of
5.8 percent, according to a Reuters survey.




Costco, the largest U.S. warehouse club, said net sales in
the five weeks ended July 8 rose 10 percent to $6.35 billion.


Read more at Reuters.com Market News

UPDATE 1-Fast Retailing 9mth profit falls, cuts forecast

(Reuters) - Fast Retailing last week unveiled a $900 million bid for
Jones Apparel Group's Barneys New York, underscoring its
determination to become a global player and seek growth outside
its mature home market.




The company, which operates the Uniqlo chain of casual
clothing stores, said on Thursday its group net profit came to
31.62 billion yen in the September-May period,
compared with 35.7 billion yen in the same period a year ago.


Read more at Reuters.com Market News