Akzo Nobel CEO says wants drive consolidation-CNBC

(Reuters) - In June, Britain's Imperial Chemical Industries Plc
turned down a 7.2 billion pound takeover
approach from Akzo, saying it undervalued the company.




Akzo Nobel is widely expected to make another approach for
ICI, but Wijers declined to comment on any steps involving the
British company.


Read more at Reuters.com Mergers News

Argentine Peso, Brazilian Real and Mexican Peso: Latin American Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Latin American currencies
today. Exchange rates are from the previous session.

Argentine peso: The trade surplus probably narrowed to $800
million in June, from $1.25 billion during May, according to the
median forecast in a Bloomberg survey of five economists.


Read more at Bloomberg Currencies News

Norilsk Nickel Q1 '07 net profit doubles - paper

(Reuters) - EBITDA margin, an indicator of operational profitability,
rose to a record 73.3 percent.




Norilsk traditionally does not publish quarterly results.


Read more at Reuters.com Market News

TREASURIES-Edge higher in Asia on subprime concerns

(Reuters) - Expectations that housing data due later in the week will
likely show persistent weakness in the housing sector also made
investors comfortable about picking up Treasuries, traders said.




"Investors will focus how the subprime mortgage problems are
affecting sales figures and prices in the housing market," said a
trader at a Japanese brokerage.


Read more at Reuters.com Bonds News

Basis Capital Hires Blackstone to Advise on Funds After Subprime Losses

(Bloomberg) -- Basis Capital Fund Management Ltd.
appointed Blackstone Group LP to advise the company and negotiate
with banks after its hedge funds suffered losses on the rout in
the U.S. subprime mortgage market.

``Blackstone's role will include negotiating with investment
banks to prevent adverse pricing and selling of assets,'' Sydney-
based Basis Capital said in a statement today.


Read more at Bloomberg Bonds News

China's Mobile-Phone Users Rise to 501.7 Million People at End of June

(Bloomberg) -- China, the world's biggest mobile-
phone market by users, last month added 7.1 million subscribers
after the nation's two largest wireless-phone companies cut
prices.

China gained a total of 40.6 million users in the first
six months of the year, for a total of 501.7 million, Wang
Lijian, a Ministry of Information Industry spokesman, said by
phone today.


Read more at Bloomberg Emerging Markets News

New Zealand Dollar Gains to 81 U.S. Cents on Speculation Rates to Rise

(Bloomberg) -- New Zealand's dollar rose above 81
U.S. cents for the first time since being allowed to trade
freely in 1985, as investors are lured to the nation's higher-
yielding assets by the prospect of another rate increase.

The New Zealand dollar has gained 30 percent over the past
12 months, the best-performing major currency, as central bank
Governor Alan Bollard raised interest rates three times to a
record 8 percent. There is a 62 percent chance he will raise
rates at his monetary policy review July 26, according to a
Credit Suisse Group index based on interest rate swaps.


Read more at Bloomberg Currencies News

Gold inches up on dollar, Tokyo off 5-month high

(Reuters) - -- Most active June 2008 gold futures on the Tokyo Commodity Exchange fell 12 yen per gram to 2,674 yen, having risen to 2,693 yen on Monday -- its highest since February 27.




-- The most active December contract on the recently launched "mini" gold futures contract fell 12 yen per gram to 2,659 yen.


Read more at Reuters.com Hot Stocks News

Midwest investor calls for talks with AirTran

(Reuters) - Midwest, which had steadfastly opposed AirTran's hostile
takeover offer valued at $15 per share, recently left the door
open to negotiations after shareholders in June elected
AirTran's three nominees to Midwest's board.




Hurowitz called the current AirTran offer "extremely
compelling," adding that "it is irresponsible and wrong for the
company not to abide by its fiduciary responsibility to engage
with AirTran."


Read more at Reuters.com Mergers News

California to Borrow $4.5 Billion, Names Local Banks to Manage Debt Sales

(Bloomberg) -- California, the largest borrower in
the U.S. municipal market, plans to sell $4.5 billion of general
obligation bonds in three issues by year-end, almost tripling
the state's rate of sales from the previous year.

State Treasurer Bill Lockyer chose Goldman Sachs Group Inc.
to manage a $2.5 billion sale as soon as September, Siebert
Brandford Shank & Co. to run a $1.75 billion deal as soon as
November and Morgan Stanley to market $250 million of bonds to
fund embryonic stem-cell research. San Francisco-based Stone &
Youngberg LLC and Los Angeles-based E.J. De La Rosa & Co. will
help manage the sale run by Siebert of Oakland.


Read more at Bloomberg Bonds News

Australian Dollar Trades Near 18-Year High on Speculation of Rate Increase

(Bloomberg) -- The Australian dollar traded near
the highest in 18 years as some traders raised bets the central
bank will increase interest rates next month to slow inflation.

The local dollar has been the third-best performer this
month among the 16 most-active currencies as an index calculated
by Credit Suisse Group suggested speculators are increasing the
odds of higher borrowing costs. A report yesterday showed
producer prices rose more than expected in the second quarter
and figures tomorrow may show inflation accelerated.


Read more at Bloomberg Currencies News

Oil Trades Little Changed on Signs of Rising U.S. Refinery Output, OPEC

(Bloomberg) -- Crude oil was little changed in New
York after falling the past two days on signs U.S. refiners are
increasing output and speculation the Organization of Petroleum
Exporting Countries may pump more oil to meet year-end demand.

A government report tomorrow will probably show U.S.
refineries raised operating rates to a 10-month high to meet
summer demand, according to a survey of analysts. Gasoline
dropped 2.8 percent yesterday. OPEC may pump more oil later this
year if needed, Reuters reported group President Mohamed al-Hamli
saying July 22.


Read more at Bloomberg Energy News

UPDATE 1-Inter-Tel Q2 earnings fall; sees Q3 sales below Street

(Reuters) - The company cited increasing competition and the
uncertainties associated with its pending merger with Mitel
Networks Corp., among other reasons, for the outlook.




In April, Ottawa-based Mitel had agreed to buy Inter-Tel in
a $723 million deal.


Read more at Reuters.com Market News

UPDATE 1-Dana to give Appaloosa access to information

(Reuters) - NEW YORK, July 23 - Autoparts maker Dana Corp.
on Monday made it easier for hedge fund Appaloosa
Management to put forward an investment proposal by agreeing to
give Appaloosa access to confidential information about the
company.




In a filing with the U.S. Securities and Exchange
Commission, Dana said it was willing to furnish Appaloosa with
"certain confidential information" in connection with
Appaloosa's consideration of a potential investment in Dana.
The information was included in a letter dated July 21
addressed to Appaloosa president David Tepper.


Read more at Reuters.com Bonds News

Fannie directors will need majority for election

(Reuters) - "As amended, the bylaws provide that ... each director must
be elected by a vote of the majority of the votes cast for that
director nominee," the filing states.




The change does not hold in elections where "the number of
nominees for director exceeds the number of directors to be
elected."


Read more at Reuters.com Bonds News

CN Rail sees no compelling case to split company

(Reuters) - "Quite frankly, our analysis, unless we're missing
something, would show that even at very rich valuations for the
real estate, there is just no compelling case."




Read more at Reuters.com Mergers News

E-House (China) sets IPO at 14.6 million ADSs

(Reuters) - Credit Suisse, Merrill Lynch & Co., CIBC World Markets, and
Lazard Capital Markets are underwriting the IPO.




E-House plans to list its ADSs on the New York Stock
Exchange under the symbol "EJ" .


Read more at Reuters.com Government Filings News

UPDATE 1-Altera profit rises slightly as costs fall

(Reuters) - The company, which makes chips used in telecommunications
gear, industrial equipment and consumer electronics, said
second-quarter net profit was $80.5 million, or 22 cents per
share, compared with $77.3 million, or 21 cents per share, a
year earlier.




Net income was boosted, in part, by a reduction in costs
from the year-ago quarter and a rise in interest and other
income.


Read more at Reuters.com Market News

US STOCKS-Wall Street indexes gain on M&A news, earnings

(Reuters) - NEW YORK, July 23 - U.S. stocks rose on Monday as
takeover news and strong profits from large caps, such as Merck
& Co. , reassured investors after a broad-based sell-off
at the end of last week.




Merck, a Dow component, reported quarterly results that
beat analysts' expectations while Halliburton Co. , the
world's second-largest oil services company, also topped
forecasts and its shares rose to their highest since June
2006.


Read more at Reuters.com Bonds News

US CREDIT-Caterpillar credit stable despite roiled stock

(Reuters) - The world's top maker of earthmoving equipment, diesel
engines and gas turbines said on Friday quarterly earnings fell
more than expected due to lower truck engine sales, weakness in
North American construction markets and higher production
costs. For details, see [ID:nN20219174].




The earnings miss added to fears that rising defaults in
residential home loans would weigh on the economy, which
hammered credit and equity markets alike on Friday.
[ID:nN23341036].


Read more at Reuters.com Bonds News

Coffee Falls in New York as Concern of Crop-Damaging Frost in Brazil Eases

(Bloomberg) -- Coffee fell the most in more than a
week in New York as concerns faded that a frost could develop
this week in Brazil, the world's largest producer.

A cold air mass expected to move into Brazil won't produce
freezing temperatures, said Dale Mohler, a meteorologist with
AccuWeather Inc. in State College, Pennsylvania. Temperatures in
northern Parana and Sao Paulo will turn colder July 26 and fall
as low as 37 degrees Fahrenheit (3 degrees Celsius), the
forecaster said.


Read more at Bloomberg Commodities News

US STOCKS-Wall Street indexes jump on M&A news, profits

(Reuters) - NEW YORK, July 23 - U.S. stock indexes rose on
Monday as takeover news and strong profits from blue-chip
companies, including Merck & Co. , reassured investors
after Friday's sell-off.




Also boosting stocks was news of nearly $1 drop in crude
oil futures, pushing New York oil prices back below $75 a
barrel. The decline in oil underpinned gains by big
manufacturers such as 3M Co. , whose stock rose 1.1
percent to $91.18.


Read more at Reuters.com Bonds News

AMR, Barr, DSP Group, Hasbro, Netflix, Old Dominion: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 2:40 p.m. in New York.

AMR Corp. (AMR US) rose $1.74, or 6.5 percent, to $28.37. A
Goldman, Sachs & Co. analyst boosted his earnings estimates for
the parent company of American Airlines for this year and 2008
based on lower projections for fuel prices. Analyst Robert Barry
increased his 2007 profit estimate to $2.75 from $2.35, and his
2008 forecast to $4 from $2.65. He raised his share-price
forecast to $26 from $22.


Read more at Bloomberg Stocks News

Cubs draw bidders, deal could top $1 bln: source

(Reuters) - The three assets being sold -- the Cubs, the team's landmark Wrigley Field stadium and an interest in sports cable network SportsNet Chicago -- could be sold as one package or split up, the source said.




In addition to the 15 credible expressions of interest, another 25 or so being sorted through by the sellers, the source said.


Read more at Reuters.com Mergers News

Dollar Rebounds Against Euro, Pound as Charts Indicate Decline Is Too Fast

(Bloomberg) -- The dollar rebounded from a record
low versus the euro and a 26-year low versus the pound as charts
that some investors use to predict currency movements suggested
its decline was too rapid.

The currency also recovered versus the yen as U.S. and
European equities gained and risk appetite rose, prompting some
traders to use funds borrowed in Japan to buy higher-yielding
assets elsewhere. The dollar has dropped against 15 of the 16
most active currencies in the past month on concern subprime
mortgage defaults will hurt the U.S. economy.


Read more at Bloomberg Currencies News

S&P cuts Boston Scientific's debt rating one notch

(Reuters) - S&P cut Boston Scientific's rating to "BBB-minus," one step
above junk status, from "BBB." The outlook is negative, which
indicates the rating could be lowered to junk status over the
next two years.




The rating downgrade also reflects increased concern about
Boston Scientific's ability to reduce debt, S&P said in a
statement.


Read more at Reuters.com Bonds News

US STOCKS-Wall St shares gain on deal news, earnings

(Reuters) - NEW YORK, July 23 - U.S. stock indexes rose on
Monday as deal news and pharmaceutical sector profits renewed
optimism about the equities market after Friday's sell-off.




Merck & Co. , a Dow component, reported quarterly
results above analysts' expectations. Also on Monday,
Transocean Inc. , the world's largest offshore driller,
said it had agreed to buy drilling rig operator GlobalSantaFe
Corp. For details, see [ID:nN23380261]


Read more at Reuters.com Bonds News

XM, Sirius would offer low cost, a-la-carte options

(Reuters) - The new plans address concerns raised when the proposed deal was announced earlier this year about the potential for a combined XM and Sirius to raise prices and limit programming choices.




The planned "a la carte" programming would be available beginning within one year following the merger, which the companies hope to complete later this year.


Read more at Reuters.com Mergers News

Barr Pharmaceuticals Shares Rise Most Since August on Takeover Speculation

(Bloomberg) -- Barr Pharmaceuticals Inc.'s shares
rose the most since August on speculation the maker of birth-
control pills and generic medicines will attract takeover offers.

The stock added $2.69, or 5.2 percent, to $54.90 in New York
Stock Exchange composite trading as of 11:37 a.m. Trading in
options to buy the shares of the Woodcliff Lake, New Jersey-based
company increased to 15,572 contracts, about 23 times the 20-day
average.


Read more at Bloomberg Stocks News

HP says to still seek software acquisitions

(Reuters) - "It is likely that HP will continue to be acquisitive in its software portfolio," Thomas Hogan, senior vice president of HP software, told Reuters. "There are other parts of the portfoliio that are separate from the area of information technology operations and automation ... that we will continue to explore."'



HP said it would tender for all outstanding shares of Opsware, a supplier of software used to automate computer data centers, at $14.25 each, a 38.6 percent premium to Opsware's closing price of $10.28 on Nasdaq on Friday. HP values the deal at about $1.6 billion.


Read more at Reuters.com Mergers News

Fannie Mae to sell $4.5 bln bills on Wednesday

(Reuters) - Bids will be accepted from authorized dealers from 9:00
a.m. , until 9:45 a.m. .




Settlement is July 25-26.


Read more at Reuters.com Bonds News

Rand firmer as dollar woes persist

(Reuters) - South Africa's rand was firmer against the dollar on Monday mainly due to the greenback's struggles on overseas markets, which have boosted most emerging market currencies.

The rand was at 6.8190 to the dollar at 1440 GMT, a 1.07 percent gain over Friday's close of 6.8925 in New York. The domestic unit earlier firmed to 6.80 versus the dollar, touching a fresh 11-month high.


Read more at Reuters Africa

A.G. Edwards Boosts S&P 500, Dow Estimates; HSBC Raises Stock Allocation

(Bloomberg) -- A.G. Edwards & Sons Inc. increased
its year-end estimates for the Standard & Poor's 500 Index and
Dow Jones Industrial Average to 1650 and 14,500, respectively, on
July 20.

The firm previously had 2007 forecasts of 1560 and 14,000
for the measures. The S&P 500 and Dow average rose to record
closes of 1553.08 and 14,000.41 on July 19.


Read more at Bloomberg Stocks News

UPDATE 1-Cumulus Media agrees to $1.3 bln buyout

(Reuters) - The agreement is the latest in a wave of media industry
buyouts, many of which have put leading U.S. newspaper
publishers and radio broadcasters into private hands as they
grapple with weak advertising and competing digital formats.




Under the buyout, Cumulus shareholders would receive $11.75
in cash per share, amounting to a 40 percent premium over its
closing price on Friday, the company said. Cumulus shares
jumped 35 percent to $11.35 in early Nasdaq trading.


Read more at Reuters.com Bonds News

Marvell says compliant with Nasdaq listing rules

(Reuters) - Marvell filed revised financial reports earlier this month
to reflect some stock-based compensation costs after an
investigation into its stock options grants practices.





Read more at Reuters.com Government Filings News

UPDATE 2-Freddie Mac holdings grow; more room under cap

(Reuters) - The second-largest U.S. home funding company agreed to curb
its purchases of mortgage assets after an accounting scandal,
while it works toward returning to timely financial reporting.




Freddie Mac estimated that its retained portfolio, as
measured to conform with GAAP accounting, was about $703.3
billion last month. That was below the $724.5 billion limit set
by the regulator, the Office of Federal Housing Enterprise
Oversight.


Read more at Reuters.com Bonds News

Corporate Bond Risk Soars on Concern Hedge Funds May be `Forced' to Unwind

(Bloomberg) -- The risk of owning corporate bonds
rose to the highest in at least two years in the U.S. and Europe
on concern hedge funds may have to sell assets to cover losses,
according to traders of credit-default swaps.

Contracts on 10 million euros ($13.8 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies increased 20,000 euros to 364,000 euros at 2 p.m. in
London, according to JPMorgan Chase & Co. The index, which rises
as perceptions of credit quality deteriorate, has more than
doubled since the start of June. The CDX North American
Crossover index rose $15,000 to $299,400.


Read more at Bloomberg Bonds News

Swiss Franc Declines Versus Euro, Dollar as Investors Resume Carry Trades

(Bloomberg) -- The Swiss franc fell against the euro
and the dollar as investors increased so-called carry trades
funded in the currency as European equities stabilize.

The franc is trading near a record low against the euro as
investors use the Swiss currency to buy higher-yielding assets
elsewhere. The franc fell against all of the 16 most actively
traded currencies today. At 2.5 percent, Switzerland's key rate
is still among the lowest in the world after Japan's 0.5 percent
benchmark.


Read more at Bloomberg Currencies News

UPDATE 1-Depomed gets Watson Pharma to co-promote treatment

(Reuters) - Depomed would book revenue from the sale of the
formulation, ProQuin XR, under the co-exclusive agreement for
the United States, while Watson would receive a portion of the
profits, the companies said in a statement.




Watson and Depomed plan to re-launch ProQuin XR in the
United States by the end of this year.


Read more at Reuters.com Mergers News

Futures edge up; eyes on earnings, deals

(Reuters) - News pointing to deal-making could help cushion the market as investors await another flurry of second-quarter earnings reports.




United Rentals Inc , the world's largest equipment rental company, said it had agreed to be bought by private equity firm Cerberus Capital Management for $4 billion.


Read more at Reuters.com Hot Stocks News

Weatherford 2nd-qtr operating profit rises

(Reuters) - Revenue rose to $1.82 billion from $1.54 billion.





Read more at Reuters.com Market News

Germany's DAX Drops for Second Day, Paced by Hypo Real Estate on Depfa Bid

(Bloomberg) -- Germany's benchmark DAX Index fell
for a second day, led by Hypo Real Estate Holding AG after the
commercial-property lender said it agreed to buy Depfa Bank Plc.

The DAX dropped 13.53, or 0.2 percent, to 7861.32 at 12:01
p.m. in Frankfurt. DAX futures expiring in September decreased
0.3 percent to 7913.50. The HDAX Index of the country's 110
biggest companies lost 0.1 percent.


Read more at Bloomberg Stocks News

Halliburton Second-Quarter Profit More Than Doubles on Gain From KBR Sale

(Bloomberg) -- Halliburton Co., the world's second-
largest oilfield contractor, said second-quarter net income more
than doubled on a gain from selling its government services,
engineering and construction subsidiary, KBR Inc.

Profit climbed to $1.5 billion, or $1.62 a share, from $591
million, or 55 cents, a year earlier, the Houston-based company
said in a statement on Business Wire. Revenue rose to $3.7
billion.


Read more at Bloomberg Energy News

China's CSI 300 Index Posts Largest Two-Day Gain: World's Biggest Mover

(Bloomberg) -- China's stocks rose, completing the
CSI 300 Index's biggest two-day gain, on speculation government
curbs on lending and investment will prevent production gluts
from driving down earnings. Shenzhen Development Bank climbed.

China's central bank raised interest rates on July 21 for
the third time since March to cool the fastest pace of economic
growth in 12 years and restrain inflation.


Read more at Bloomberg Stocks News

British Nuclear Group Halts Wylfa Plant Unit 2 in Wales, Restarts Unit 3

(Bloomberg) -- British Nuclear Group, the site-
management unit of British Nuclear Fuels Plc, stopped production
at unit 2 of its Wylfa nuclear plant and started unit 3.

Unit 3, which has a capacity of about 220 megawatts,
started production at 5:45 p.m. July 21, according to data on a
Web site run by National Grid Plc. The unit, in Anglesey, North
Wales, was halted on July 13 for planned maintenance. Unit 2 at
the plant, which also has a capacity of 220 megawatts, stopped
production at about 7 p.m. July 21, the Web site showed.


Read more at Bloomberg Energy News

U.S. Stock-Index Futures Are Little Changed; Merck Advances in Europe

(Bloomberg) -- U.S. stock-index futures were little
changed before companies including Merck & Co., the third-largest
U.S. drugmaker, and American Express Co. report earnings.

Shares of Merck rose in Germany, while American Express
didn't trade in Europe. Tellabs Inc. surged after Thestreet.com
said Nokia Siemens Networks may bid for the maker of equipment
for phone and Internet systems. Pharmaceuticals company Schering-
Plough Corp. declined.


Read more at Bloomberg Stocks News

Russia's Urals Oil Steady as European Refining Margins Recover From Lows

(Bloomberg) -- Urals crude, Russia's export blend, was
little changed against benchmark prices in northwestern Europe
after recent losses stemmed a decline in refining profitability.

The price of Urals cargoes loading within 10 to 25 days
remained at a discount to dated Brent of minus $2.65 a barrel on
July 20, according to data compiled by Bloomberg, unchanged from
July 19.


Read more at Bloomberg Energy News

European Insurance Stocks Gain; Friends Provident, Resolution Surge

(Bloomberg) -- European insurance stocks rose, led
by Friends Provident Plc and Resolution Plc after the U.K.
companies said they are in talks for a merger that would create
the U.K.'s fifth-biggest insurer.

Friends Provident jumped the most in more than two months,
while Resolution surged the most since March. Nestle SA dropped
after the Wall Street Journal reported the foodmaker is slimming
down its U.K. candy product range because nearly 40 percent of
its chocolate products made a loss or barely made a profit.


Read more at Bloomberg Stocks News

Options Traders Are Most Bearish on Dollar-Yen in More Than Four Months

(Bloomberg) -- Currency options show traders are the
most bearish in more than four months on the dollar against the
yen, on concern subprime mortgage losses in the U.S. will deepen.

Traders are paying the most since March for put options that
provide the right to sell dollars for yen. The cost of dollar
puts against the euro over dollar calls, known as the risk-
reversal rate, also rose to a 2 1/2-month high. Volatility
implied by one-month dollar-yen options rose to a three-month
high as investors bought protection against a weaker dollar,
which today fell against all of the 16 most-active currencies.


Read more at Bloomberg Currencies News

European shares open mixed with M&A in focus

(Reuters) - European shares got off to a mixed start on Monday as merger activity lent some support while investors still worried that problems in the U.S. housing market could spread to the broader economy.

M&A activity came to the fore again after Britain's Barclays


Read more at Reuters Africa

TomTom to buy online map supplier Tele Atlas

(Reuters) - AMSTERDAM, July 23 - Dutch navigation systems company TomTom plans to buy its main supplier of digital maps, Tele Atlas N.V. , for 2 billion euros in cash, the companies said on Monday.



TomTom, which also announced quarterly results a week early that showed net profit leaped 81 percent from a year earlier, said it intends to make a cash offer of 21.25 euros per share bid for Netherlands-based Tele Atlas. TomTom will fund the acquisition with debt and cash, TomTom Chief Financial Officer Marina Wyatt told reporters on a conference call.


Read more at Reuters.com Mergers News

Japan election could hit Nikkei, yen, boost JGBs

(Reuters) - "Politics and its uncertainty hasn't affected the real
economy," said Koji Ochiai, a senior market analyst at Mizuho
Securities.




Polls pointing to a blow for the ruling camp are stirring
worries that Prime Minister Shinzo Abe will be forced to resign
and Japan will return to the short-lived governments of the past.


Read more at Reuters.com Bonds News