Malawi budget row could hurt food security - minister

(Reuters) - If Malawi's $1.2 billion budget is not passed this month it could delay the roll-out of a fertiliser subsidy crucial to boosting food production, Finance Minister Goodall Gondwe said on Wednesday.

Malawi, hit by frequent food shortages, introduced the seed and fertiliser programme in 2005. It helped raise output of the staple maize to an estimated 3.2 million tonnes in 2006/07 -- the biggest crop in a decade.


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Dollar sluggish on Bernanke, subprime worries

(Reuters) - The dollar stayed near a record low against the euro and a 26-year trough versus sterling on Thursday as Federal Reserve Chairman Ben Bernanke said woes in the U.S. housing market could worsen.

In a testimony to Congress on Wednesday, Bernanke repeated that inflation is the Fed's top concern but said weakness in the housing sector would likely crimp growth in the coming quarters.


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UPDATE 1-SAP beats Q2 forecasts, licence sales grow strongly

(Reuters) - Operating profit at the world's biggest maker of business
software rose 10 percent to 577 million euros, also beating
expectations and despite a weak dollar versus the euro, thanks
partly to a slow start to spending on new software development.




SAP reported a currency-adjusted 19 percent rise in software
and software-related service revenues to 1.71 billion euros, in
line with expectations and making its full-year forecast of 12
to 14 percent growth at constant currencies look comfortable.


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LG Elec swings to Q2 profit on LCD venture, phones

(Reuters) - The result widely beat a 215 billion won profit forecast by eight analysts polled by Reuters.




LG, which competes with local rival Samsung Electronics Co. Ltd. in handsets, TVs and appliances, is likely to enjoy a stronger second half as a recovery at its liquid crystal display joint venture, LG.Philips LCD Co. Ltd. , is set to continue.


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Rubber Futures in Tokyo Gain as Rains Curb Supplies From Thai Plantations

(Bloomberg) -- Rubber futures in Tokyo rose to the
highest in a week as daily output in Thailand, the world's
largest exporter of the commodity, is about half of the usual
level at this time of year because of rains.

``The volume of raw-material supply is about 130 tons a day
on average in the past 20 days, compared with 250 tons a day on
average for previous years,'' said Jun Nishimuta, an analyst at
Kanetsu Asset Management Co. Output was not growing as fast as
it should after the end of the low-production season, he said.


Read more at Bloomberg Commodities News

Citrix, IBM, Juniper Networks, Washington Mutual: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
tomorrow. This preview includes news that broke after exchanges
closed. Stock symbols are in parentheses after company names.

Citrix Systems Inc. (CTXS US) rose $3.30, or 9.3 percent,
to $38.60 in trading after the official close of U.S. exchanges.
The maker of computer-networking software said it expects
revenue of $1.34 billion to $1.36 billion this year. That topped
the average estimate of $1.32 billion by analysts in a Bloomberg
survey.


Read more at Bloomberg Stocks News

Gold Little Changed in Asia After Gains on Weak Dollar; Silver Unchanged

(Bloomberg) -- Gold traded little changed in Asia
after rising to a six-week high on the dollar's decline against
the euro, which boosted the appeal of the precious metal as an
alternative investment. Silver was unchanged.

Gold generally moves in the opposite direction to the dollar,
which dropped to a record low against the euro yesterday, and
traded just above that level today. Gold has gained 5.6 percent
this year, while the euro has risen 4.5 percent against the
dollar. Europe's single currency traded at $1.3796 at 10:08 a.m.
in Singapore after yesterday's high of $1.3833.


Read more at Bloomberg Commodities News

UPDATE 1-Japan manufacturers' confidence falls - Reuters Tankan

(Reuters) - TOKYO, July 19 - Japanese manufacturers are less
optimistic about business conditions, a Reuters survey showed on
Thursday, as firms feel the pinch from rising raw material costs,
but expectations of a rate increase next month remain intact.




The July edition of the Reuters Tankan poll showed confidence
had slipped from a five-month high seen in June, but confidence
among electric machinery makers and non-manufacturers rose, a
sign that corporate-sector strength still underpins Japanese
growth.


Read more at Reuters.com Economic News

Vulcan lowers outlook on housing slowdown

(Reuters) - In April, the Birmingham, Alabama-based company said it
expected second-quarter profits in the range of $1.55 to $1.70
per share.




Analysts on average had predicted second-quarter earnings
of $1.65 per share, according to Reuters Estimates.


Read more at Reuters.com Market News

Japan's Government Bonds May Gain on Concerns U.S. Economic Growth to Slow

(Bloomberg) -- Japanese bonds may rise for a third
day on speculation signs of slowing growth in the U.S. will
increase demand for debt's fixed payments.

Bonds in Japan may follow a rally in U.S. Treasuries
yesterday after Federal Reserve Chairman Ben S. Bernanke
predicted inflation will recede and said housing market weakness
may slow the economy. Bank of Japan policy makers said it's
necessary to closely monitor risks from the U.S. housing-market
slump, according to minutes released yesterday.


Read more at Bloomberg Bonds News

New Zealand Dollar Gains on Prospect of Interest-Rate Increase Next Week

(Bloomberg) -- New Zealand's dollar rose on
expectations central bank Governor Alan Bollard will raise
interest rates next week, buoying demand for the currency from
investors who can borrow at cheaper rates in Japan.

Ten of 15 economists surveyed by Bloomberg News expect
Bollard will raise the official cash rate to a record 8.25
percent on July 26. There is a 72 percent chance of an increase
next week, according to an index calculated by Credit Suisse.


Read more at Bloomberg Currencies News

Alliance Data quarterly profit flat, raises 2007 view

(Reuters) - July 18 - Business services company Alliance Data Systems Corp. , which posted a flat quarterly profit, raised its 2007 cash earnings and revenue outlook backed by strong performance in the first half of the year.



The provider of transaction, credit and marketing services, also forecast third-quarter cash per-share earnings in the low-to-mid 90 cent range. Analysts see earnings, before items, of 92 cents a share.


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Sovereign Bancorp posts second-quarter profit

(Reuters) - Net income for the Philadelphia-based thrift totaled $147.5 million, or 29 cents per share. That compared with a net loss of $59.1 million, or 15 cents, a year earlier, when Sovereign posted a large loss from investment securities.



Operating profit rose to $170.3 million, or 33 cents per share, from $163.2 million a year earlier.


Read more at Reuters.com Market News

DealTalk: Fewer big fish means fewer large chemical deals

(Reuters) - NEW YORK, July 17 - A recent run of large
chemical and plastics deals has cut into the list of possible
targets, leaving companies and financial firms to fish in
smaller ponds.




Chemical deals are up 76 percent globally so far this year
and U.S.-target deals are up 325 percent to about $37.5
billion, according to market research firm Dealogic.


Read more at Reuters.com Mergers News

FACTBOX-What became of Canadian Pacific spinoffs

(Reuters) - That is when then-chief executive David O'Brien capped off
his lucrative "starburst" breakup of the transport, energy and
hotel group.




The other four operating companies have since been bought
out or restructured, racking up big gains in the process.


Read more at Reuters.com Mergers News

Personal Finance: Mortgage mess? Mop it up

(Reuters) - WASHINGTON, July 18 - Troubles in mortgageland
may get worse before they get better, especially for the
so-called "subprime" borrowers whose spotty credit histories
put them into more costly loans.




"It's an amorphous blob of trouble," says Keith Gumbinger
of HSH Associates, a mortgage research firm. "And there's more
pain to come."


Read more at Reuters.com Bonds News

Tam Shares Drop After Jet Crashes in Brazil, Killing as Many as 200 People

(Bloomberg) -- Shares of TAM SA, Brazil's biggest
carrier, tumbled the most in two years on concern yesterday's crash
in Sao Paulo will shatter confidence in the nation's already
strained airport infrastructure and slow travel.

The stock sank as much as 8.9 percent, leading the Brazilian
benchmark index's steepest decline in a month, after a TAM airliner
skidded off a runway and burst into flames, killing as many as 200.
Gol Linhas Aereas Inteligentes SA, operator of a plane that crashed
in Brazil 10 months ago, killing 154 people, posted its biggest
drop since April.


Read more at Bloomberg Emerging Markets News

Weak home prices should spur savings: Bernanke

(Reuters) - Bernanke also told the House of Representatives Financial Services Committee that it was important to improve the efficiency of the U.S. health care system.




Read more at Reuters.com Bonds News

Coffeyville Refinery May Resume Operations in Mid-September After Shutdown

(Bloomberg) -- Coffeyville Resources LLC, a Kansas
refinery owned by a Goldman Sachs Group Inc. unit and the buyout
firm Kelso & Co., expects to resume gasoline and diesel
production by mid-September after a July 1 flood shut the plant.

Major damage was confined to pumps, motors and electrical
controls, the Sugar Land, Texas-based company said today in a
statement. Production of nitrogen fertilizer has resumed at the
complex, with shipments planned today.


Read more at Bloomberg Energy News

Emerging-Market Bonds Drop on Revived Concern About U.S. Subprime Market

(Bloomberg) -- Emerging-market bonds fell after Bear
Stearns Cos. told investors in its failed hedge funds they will
get little if any money back, reviving concern that losses on
U.S. subprime mortgage-backed securities may widen.

Speculation losses will mount prompted investors to shun
high-risk assets such as the debt of developing nations. Bad bets
on so-called collateralized debt obligations that were hurt by
rising subprime mortgage defaults forced Bear Stearns Cos. last
month to bail out one of its hedge funds.


Read more at Bloomberg Emerging Markets News

Dollar Drops Versus Yen, Euro After Fed Lowers Economic Growth Estimates

(Bloomberg) -- The dollar fell against the yen and
euro as the Federal Reserve lowered its forecasts for U.S.
economic growth for this year and next as home building is
weaker than anticipated.

The revisions came as Fed Chairman Ben S. Bernanke, in
semiannual testimony to the House Financial Services Committee,
predicted U.S. economic growth will pick up slightly next year
and inflation will gradually recede. He also said he expects a
slump in construction to continue to ``weigh'' on growth.


Read more at Bloomberg Currencies News

Canadian dollar falls on CPI, bonds mixed

(Reuters) - At 9:45 a.m. , the Canadian dollar was at
C$1.0440 to the U.S. dollar, or 95.79 U.S. cents, down from
C$1.0434 to the U.S. dollar, or 95.84 U.S. cents, at Tuesday's
session close.




Overnight, the currency rose to C$1.0400, or 96.15 U.S.
cents overnight, its highest level since March 1977.


Read more at Reuters.com Bonds News

Brazil Stocks Fall, Led by Tam and Gol, After Nation's Worst Air Disaster

(Bloomberg) -- Brazil's main stock index fell, led by
the country's biggest airlines, after a crash at the Sao Paulo's
city airport that killed as many as 200 people.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 511.60, or 0.9 percent, to 57,148.05 as of 9:33 a.m.
New York time.


Read more at Bloomberg Stocks News

US STOCKS-Indexes lower on subprime woes, tech results

(Reuters) - The Dow Jones industrial average was down 35.85
points, or 0.26 percent, at 13,935.70. The Standard & Poor's
500 Index was down 3.06 points, or 0.20 percent, at
1,546.31. The Nasdaq Composite Index was down 16.80
points, or 0.62 percent, at 2,695.49.




Read more at Reuters.com Bonds News

Canada Stocks May Rise on Canadian Pacific Buyout Talk, Slower Inflation

(Bloomberg) -- Canadian stocks may rise for a second
day after a report said Canadian Pacific Railway Ltd. may receive a
takeover bid and inflation unexpectedly fell.

Canadian Pacific, the nation's second-largest railroad, may be
bought by a group led by Brookfield Asset Management Inc., the
Globe and Mail said, citing unidentified people familiar with the
matter. The first decline in inflation in eight months could boost
shares of financial companies as pressure subsides for the Bank of
Canada to raise interest rates.


Read more at Bloomberg Stocks News

Harmony Gold postpones $350 mln bond issue

(Reuters) - South Africa's Harmony Gold has delayed a $350 million, seven-year bond issue, it said on Wednesday.

"We have postponed it due to market conditions," spokeswoman Amelia Soares said.


Read more at Reuters Africa

St Jude profit off on legal charges

(Reuters) - Analysts on average expected 43 cents per share, according to Reuters Estimates.




Read more at Reuters.com Hot Stocks News

US subprime concerns hit FTSE; Imperial Tobacco up

(Reuters) - Britain's top share index fell for the third straight day, down 0.8 percent by midday on Wednesday, on concerns over the troubled U.S. subprime mortgage market and its impact on the broader economy.

At 1030 GMT, the FTSE 100 was down 53.4 points at 6,605.7, along with other European markets, but mergers and acquisitions offered some respite, boosting shares in Imperial Tobacco and Sainsbury.


Read more at Reuters Africa

Singapore Petroleum Shares Rise to Record After Refining Margins Increase

(Bloomberg) -- Shares of Singapore Petroleum Co.,
the only oil refiner traded on the city state's stock exchange,
rose to a record on speculation a surge in refining profit may
boost second-quarter earnings.

The shares gained as much as 25 cents, or 4.1 percent, to
an all-time high of S$6.40 ($4.21), and traded at S$6.30 at
12:23 p.m. Singapore time.


Read more at Bloomberg Energy News

Nordic Stocks Decline, Paced by Statoil, Nokia, Atlas Copco; SKF Gains

(Bloomberg) -- Nordic stocks fell for a second day,
led by Statoil ASA and Norsk Hydro ASA, the region's largest oil
companies. Atlas Copco AB dropped after HSBC Holdings Plc cut its
recommendation for the world's biggest maker of air compressors.

Fortum Oyj advanced after Finland's largest utility reported
second-quarter profit that beat analysts' estimates.


Read more at Bloomberg Stocks News

Philippine Bonds Gain as Government Sells Assets; Peso Ends Four-Day Rally

(Bloomberg) -- Philippine bonds rose after the
government sold part of its stake in Philippine National Bank,
raising speculation funds from privatization of state assets
will be enough to offset declining revenue.

``The government may not need to borrow more,'' which may
cause yields to fall, said Yvette Marquez, who helps manage the
equivalent of $5.3 billion of assets at BPI Asset Management in
Manila. ``The sale will help the government offset their
problems with their collection targets.''


Read more at Bloomberg Bonds News

German Stocks Fall for Second Day; MAN, TUI, DaimlerChrysler Pace Decline

(Bloomberg) -- German stocks dropped for a second
day, led by MAN AG, TUI AG and DaimlerChrysler AG.

The benchmark DAX Index lost 114.76, or 1.4 percent, to
7923.45 as of 9:06 a.m. in Frankfurt. The HDAX Index of the
country's 110 biggest companies decreased 1.3 percent.


Read more at Bloomberg Stocks News

Incwala Resources buys Akanani stake for $115 mln

(Reuters) - South African black-owned Incwala Resources has bought a 26 percent stake in junior platinum miner Akanani for 800 million rand, it said on Wednesday.

The transaction, which the unlisted firm said will be financed against its balance sheet, will make Incwala joint owner and operator with Lonmin Plc of Akanani.


Read more at Reuters Africa