Rand firmer in volatile market

(Reuters) - South Africa's rand crept up against the dollar on Monday after gyrating in a wide range as investors returned tentatively towards emerging market assets, while a firmer euro and gold price added support.

After swinging in a wide 15 cent band, the rand stood at 7.0785 versus the dollar at 1525 GMT, about 0.64 percent firmer than its New York close of 7.1250 on Friday. It weakened to 7.19/dollar earlier in the session.


Read more at Reuters Africa

Nigerian Transcorp says IPO 36.2 pct subscribed

(Reuters) - Nigerian conglomerate Transcorp's initial public offer was 36.2 percent subscribed, the company said on Monday.

The conglomerate, set up in 2005 by a group of Nigerian business tycoons with the support of ex-President Olusegun Obasanjo, raised about 22 billion naira from the sale, which closed in February.


Read more at Reuters Africa

EMI says first-quarter revenue down 5.1 pct

(Reuters) - The music business decline came amid tough market
conditions at a time when EMI had a light release schedule
during its restructuring, the company said.




EMI's digital revenue rose 13.2 percent with cost savings
coming through on budget.


Read more at Reuters.com Mergers News

Oil extends drop near $74 on economy worries

(Reuters) - "The weaker macro numbers are raising the prospect of softening U.S. commodity demand in general, and energy demand in particular," MF Global analyst Edward Meir said in a report.




"Making matters worse is the parallel crisis we are seeing in the sub-prime markets, where the ripples have now broken outside the confines of this niche area."


Read more at Reuters.com Business News

US STOCKS-Futures rise, nervous market looks to Fed

(Reuters) - Trading could be volatile after news of the demise of
lender American Home Mortgage Investment Corp still
fresh in investors' minds.




On Sunday the co-president of Bear Stearns Cos.
resigned two days after a rating company warned mortgage credit
problems could hurt the investment bank's profits.


Read more at Reuters.com Bonds News

UnitedHealth raises outlook

(Reuters) - In a filing with the U.S. Securities and Exchange
Commission the company said second-quarter consolidated net
earnings were $1.228 billion, or 89 cents per share, up from
$1.197 billion, or 87 cents per share, reported in the
preliminary figures.





Read more at Reuters.com Market News

ICx Technologies files for $184 mln IPO

(Reuters) - The company plans to list its shares on the Nasdaq under
the ticker symbol "ICXT."





Read more at Reuters.com Government Filings News

Kenyan shilling little changed vs dollar, trade slow

(Reuters) - The Kenyan shilling waslittle changed against the dollar in quiet trade on Monday and dealers expect the local currency to appreciate slightly in the week aided by good flows.

At 0730 GMT commercial banks traded the shilling at 66.20/30 to the dollar, compared with Friday's close of 66.25/35.


Read more at Reuters Africa

U.S. stock futures rise, suggest respite before Fed

(Reuters) - The Fed releases its decision on Tuesday and is expected to leave interest rates unchanged at 5.25 percent. Interest rate futures <0#FF:> show traders are betting on the central bank delivering at least one rate cut by the end of this year.




By 0927 GMT September S&P futures were up 0.5 percent in Europe but still around their lowest in nearly five months.


Read more at Reuters.com Business News

Nedbank First-Half Net Rose 42 Percent as It Boosted Corporate Lending

(Bloomberg) -- Nedbank Group Ltd., South Africa's
fourth-biggest bank, said first-half profit rose 42 percent,
boosted by gains in corporate lending. The company expects 2007
earnings to increase by as much as 33 percent.

Net income in the six months to June 30 advanced to
2.78 billion rand ($389 million), or 7.05 rand a share, from
1.95 billion rand, or 5.77 rand, a year earlier, the Johannesburg-
based company said in a statement today. Annual profit-per share
will rise 22 percent to 33 percent, it said.


Read more at Bloomberg Emerging Markets News

CORRECTED - ICI opens books after improved $16.3 bln Akzo bid

(Reuters) - ICI, the maker of Dulux paints, said the proposal at 670
pence per share in cash is subject to a number of preconditions,
including completion of due diligence.




ICI shareholders would also receive a 4.95 pence per share
interim dividend and a second interim dividend of up to 5 pence
paid on a pro rata basis from July 1 to the date of completion.


Read more at Reuters.com Mergers News

Munich Re says subprime exposure 600 mln eur

(Reuters) - Of Munich Re's subprime investments, about 42 percent is
rated "AAA," 37 percent is rated "AA," 12 percent is rated "BBB"
and 1 percent is sub-investment grade, the company said.




Read more at Reuters.com Market News

European Stocks Decline, Led by UBS, BNP, Philips, BHP Billiton, Lafarge

(Bloomberg) -- European stocks fell, following
declines in Asia and the U.S., on mounting concern that losses in
the U.S. mortgage market will erode economic growth and raise
financing costs for companies.

UBS AG and BNP Paribas SA led a drop by financial shares.
Royal Philips Electronics NV and Lafarge SA decreased as the
dollar traded near a record low against the euro. BHP Billiton
Ltd. and Rio Tinto Group slipped after copper fell in Shanghai.


Read more at Bloomberg Stocks News

Nedbank lifts H1 headline EPS by 34 pct

(Reuters) - South African banking firm Nedbank Group increased first-half headline earnings per share by 34 percent as loans and advances increased, but it said on Monday bad loans were rising.

Nedbank, majority-owned by insurer Old Mutual, said headline EPS were 700 cents, while headline earnings for the six months to end-June increased to 2.775 billion rand.


Read more at Reuters Africa

U.S. worries pressure Asian stocks, dollar

(Reuters) - The negative trend is expected to spread to Europe where financial bookmakers are calling for major markets to open around 1 percent lower.




Heightened concerns for economic growth knocked oil prices, which briefly dipped below $74.50, and dragged Shanghai copper futures down 3 percent, but flight to safety helped gold stay near one-week highs and held the benchmark U.S. 10-year Treasury yield near 2-½ month lows.


Read more at Reuters.com Hot Stocks News

PRESS DIGEST - New York Times business - Aug 6

(Reuters) - * Robert Nardelli, recently ousted amid shareholder
discontent as chief executive of Home Depot Inc. , has
been picked to lead Chrysler by its new owners, Cerberus
Capital Management [CBS.UL].




* The complex design of mortgage securities is confounding
homeowners struggling to avoid defaulting on their loans.


Read more at Reuters.com Mergers News

India's Local Bond Rating to Be Kept at Non-Investment Grade, Moody's Says

(Bloomberg) -- India's local currency bonds will
keep a non-investment rating as the government isn't reducing
its budget deficit fast enough, Moody's Investors Service said.

The rating ``remains constrained'' at Ba2, two notches
below investment grade and the same level as Armenia and Jamaica,
as state debt equal to three-quarters of the economy ``leaves
public finances vulnerable,'' Moody's lead sovereign analyst for
India, Aninda Mitra, said in an e-mail to Bloomberg News.


Read more at Bloomberg Emerging Markets News

Asia-Pacific Corporate Bond Risk Increases on Subprime, Default Swaps Show

(Bloomberg) -- The risk of owning corporate bonds in
the Asia-Pacific region rose on concerns that losses tied to the
U.S. subprime mortgage market will widen.

The cost of default protection, measured by credit-default
swaps, increased in Australia and Japan, approaching the highest
in more than three years. Similar contracts tied to U.S. and
European corporate bonds rose on Aug. 3 after Bear Stearns Cos.,
the manager of two hedge funds that collapsed last month, had
its debt-rating outlook cut to negative by Standard & Poor's.


Read more at Bloomberg Bonds News

Continental, Munich Re, Allianz, IKB, DaimlerChrysler: German Preview

(Bloomberg) -- The following stocks may rise or fall
on German markets. Stock symbols are in parentheses after the
company names and prices are from the Xetra close unless
otherwise stated.

DAX futures expiring in September fell 1.3 percent to 7474.5
in Frankfurt. The DAX retreated 98.46, or 1.3 percent, to 7435.67
on the Xetra electronic-trading system.


Read more at Bloomberg Stocks News

Australia, New Zealand Dollars Decline as Carry Trades Cut on Stock Slide

(Bloomberg) -- The Australian and New Zealand
dollars fell a second day against the yen as global stocks slid
on concern U.S. mortgage losses will worsen, deterring investors
from buying higher-yielding assets funded by loans in Japan.

New Zealand's dollar has weakened 7.5 percent versus the
yen in the past month, the most among the 16 most-active
currencies, and Australia's retreated 4.8 percent, as traders
pared positions in so-called carry trades. Asian shares declined
today after The Standard & Poor's 500 Index fell the most in
five months in New York on Aug. 3.


Read more at Bloomberg Currencies News

Indian Rupee May Gain to 39 This Year as Intervention Will Fail, HSBC Says

(Bloomberg) -- India's rupee may strengthen to 39 by
the end of the year, the strongest since February 1998, because
the central bank will fail in its efforts to stem both currency
gains and inflation, HSBC Holdings Plc said.

The Reserve Bank of India is selling rupees so fast that it
can't mop up the cash injected into the economy, causing
overnight interest rates to fall to near zero, Robert Prior-
Wandesforde, a Singapore-based economist, and Pieter Van Der
Schaft, a Hong Kong-based strategist, wrote in a research note.
That rate is too low for an economy growing at 9 percent a year,
they wrote.


Read more at Bloomberg Currencies News

Nissan to launch diesel SUV in Japan in 2008

(Reuters) - The introduction of the diesel X-Trail, due out in the autumn of 2008, could mark the first diesel passenger car launched in Japan by a local brand in years after the powertrain all but disappeared in the 1990s due to its poor image as dirty and loud.




Diesel cars' weakness has been higher exhaust levels of nitrogen oxide and pollutants, but they are slowly gaining traction around the world following their success in Europe since they can get 30 percent better mileage than gasoline engines and emit less carbon dioxide.


Read more at Reuters.com Business News

Japan's Shares Drop on U.S. Economy Concern, Stronger Yen; Sony Leads Fall

(Bloomberg) -- Japanese stocks declined, led by Sony
Corp. and Canon Inc., on concern losses in the U.S. mortgage
market may slow the world's biggest economy.

Exporters also fell after the yen strengthened to a four-
month high against the dollar, eroding the value of their dollar-
denominated sales.


Read more at Bloomberg Stocks News

Philippines, Singapore, Sri Lanka, South Korea: Asian Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: The nation should steadily work toward yuan
convertibility, China Money magazine reported Aug. 3, citing
Wang Yungui, deputy director general of the Balance of Payment
Department at the currency regulator. China should improve the
system of foreign-exchange settlements and increase the currency
market's demand and supply, Wang said according the magazine.
China Development Bank plans to sell 20 billion yuan ($2.64
billion) of fixed-rate seven-year bonds this week.


Read more at Bloomberg Bonds News

Philippine Inflation Probably Stayed Close to Seven-Year Low on Currency

(Bloomberg) -- Philippine inflation probably rose in
July. Still, the pace was close to the slowest in 7 1/2 years as
gains in the peso against the dollar lowered the price of
imports, including oil.

Consumer prices increased 2.4 percent from a year earlier,
according to the median estimate of 14 economists surveyed by
Bloomberg News. Inflation was 2.3 percent in June after rising
in the previous two months from 2.2 percent, the lowest level
since January 2000. The National Statistics Office report is due
tomorrow at 9 a.m. in Manila.


Read more at Bloomberg Currencies News

UPDATE 1-Bear Stearns says president Spector has resigned

(Reuters) - The resignation follows Bear Stearns' assertion on Friday
that it is weathering the worst storm in financial markets in
more than 20 years after a major rating company warned mortgage
credit problems could hurt the investment bank's profits.




In a statement, Bear Stearns said that, effective
immediately, Alan Schwartz has been named the company's sole
president, and Samuel Molinaro will become chief operating
officer in addition to chief financial officer.


Read more at Reuters.com Mergers News

UPDATE 1-IKB owner plays down talk of higher subprime losses

(Reuters) - Responding to an article claiming that the losses could
mount to 5 billion euros, government-owned lender KfW told
Reuters on Sunday that such estimates were guess-work.




"Talk of bigger numbers is complete speculation," said a
spokesman for the bank, which owns 38 percent of IKB.


Read more at Reuters.com Bonds News

Jones says Fast Retailing tops Dubai bid for Barneys

(Reuters) - Jones Apparel said in a statement released in New York that
it intended to accept the Fast Retailing offer unless Istithmar
matched it within two business days of Aug. 6.




Read more at Reuters.com Mergers News

Sudan, China to build $630 mln Mauritania railway

(Reuters) - Sudan's Danfodio Holding and China's Transtech Engineering have signed an agreement to build a 460 million euro railway linking Mauritania's capital Nouakchott with southern phosphate deposits at Bofal.

The deal for the 430 km (290 mile) line, which will run close to the Islamic Republic's southern frontier with Senegal, was signed late on Friday in Nouakchott with private Mauritanian investors and Transport Minister Ahmed Ould Mohameden.


Read more at Reuters Africa

Reliance to Spend $14 Billion on Oil Exploration Over Coming Three Years

(Bloomberg) -- Reliance Industries Ltd., India's
largest company by market value, will invest as much as $14
billion over the next three years in oil exploration and
production as the government offers new rigs to drill each year.

``India is still largely under-explored as far as oil is
concerned,'' Subhash C. Varma, head of development and production
at Reliance Industries, said in Mumbai. ``We plan to increase the
share of revenue of exploration and production business from
about 2 percent as of now.''


Read more at Bloomberg Energy News

Senate report faults SEC on hedge fund probe

(Reuters) - The report from the Senate Finance and Senate Judiciary committees, released late on Friday, ends a year-long inquiry into the dismissal of former SEC staffer Gary Aguirre.




Aguirre says he was forced out of the agency after a probe he was leading got too close to prominent Wall Street banker John Mack. His claims prompted three Senate hearings and drew heavy press coverage.


Read more at Reuters.com Business News

Akzo may raise ICI offer to $16.3 bln - paper

(Reuters) - Akzo, which said on Monday it had teamed up with German
consumer products group Henkel , could increase its
bid to between 665 and 670 pence per share for ICI or 8 billion
pounds, The Financial Times said. It did not cite any sources.




An Akzo spokesman reiterated that Akzo, the maker of Crown
paints, and ICI were still in talks, but declined further
comment.


Read more at Reuters.com Mergers News

Wall St sinks on credit worries after Bear talks

(Reuters) - U.S. stocks slid sharply on Friday after Bear Stearns said credit markets were in their worst shape in two decades, while jobs data aroused further concerns about weakness in the economy.

Bear Stearns Cos. stock fell 5.9 percent as mortgage jitters drove a broad market sell-off with the three major indexes falling more than 2 percent.


Read more at Reuters Africa

GLOBAL MARKETS-Darker credit mood hits stocks, dollar; bonds up

(Reuters) - NEW YORK, Aug 3 - Deteriorating credit market
sentiment and unexpectedly weak economic data hammered U.S.
stocks and the dollar, while safe-haven government bonds
surged on Friday.




Worries over a potential liquidity crunch escalated as a
top executive at Wall Street investment bank Bear Stearns
described the fixed-income market turmoil as the worst
in 22 years.


Read more at Reuters.com Bonds News

UPDATE 1-Landry's says SEC taking no action against company

(Reuters) - The casual dining restaurant chain said "the matter was now
terminated."




In addition, Landry's said U.S. Bank, the indenture trustee
under the company's $400 million of 7.5-percent senior notes,
rescinded the acceleration of the notes pending an Aug. 16
injunction hearing.


Read more at Reuters.com Government Filings News

Luxottica seeks $2 bln loan to finance Oakley buy

(Reuters) - The credit line will consist of a five-year loan of $1.5 billion and a short-term bridge loan of $500 million, the company said in a statement.



)


Read more at Reuters.com Bonds News

Mexican markets end down on credit nerves

(Reuters) - MEXICO CITY, Aug 3 - Mexican stocks closed down
sharply on Friday and the peso weakened after Standard and
Poor's cut its outlook on Bear Stearns' debt, spooking
investors already nervous about the U.S. subprime mortgage
market.




The benchmark IPC stock index fell 2.38 percent to
29,671.77 points, while the peso currency slipped 0.28
percent to 10.987 per dollar.


Read more at Reuters.com Bonds News

Midwest says four parties evaluating possible deal

(Reuters) - NEW YORK, Aug 3 - Midwest Air Group Inc said on Friday it entered into confidentiality agreements with four interested parties, allowing them to evaluate a possible transaction with the company. Midwest said on Tuesday it planned to begin talks with would-be acquirer AirTran Holdings Inc and other potential buyers. For months, Midwest, based in Milwaukee, steadfastly opposed a hostile offer by rival AirTran, saying it had more value if it remained independent.



Midwest said Tuesday that, while it had not changed its recommendation that shareholders reject the bid, it planned to start talks with AirTran, which has offered $15 a share, or about $367 million in cash and stock.


Read more at Reuters.com Mergers News

Ford recalls 3.6 mln vehicles over switch

(Reuters) - The Ford vehicles being recalled are F-Series and Ranger pickup trucks, Explorer, Bronco and Mountaineer SUVs, Econoline vans and some Crown Victoria, Town Car, Grand Marquis, Capri, Mark VII and Taurus Sho cars with model years ranging from 1992 to 2004, depending upon the particular vehicle.




Ford recalled nearly 6.2 million vehicles in 2005 and 2006 because of engine fires linked to a faulty speed control deactivation switch.


Read more at Reuters.com Government Filings News

UPDATE 1-Storm team expects 8 Atlantic hurricanes in '07

(Reuters) - MIAMI, Aug 3 - A noted hurricane research team at
Colorado State University trimmed its forecast for the 2007
Atlantic storm season on Friday and predicted 15 tropical
storms, with eight growing to hurricane strength.




Of those, four would grow into major hurricanes of Category
3 or higher with winds over 110 mph , the team founded
by forecast pioneer William Gray said in its revised forecast.


Read more at Reuters.com Bonds News

Bond rally picks up steam on Bear Stearns call

(Reuters) - As investors bet the Federal Reserve would have to intervene by cutting interest rates, two-year notes surged 6/32 and were offering a yield of 4.49 percent, down a full 10 basis points in just one session.




Read more at Reuters.com Bonds News

Bank ratings not threatened by subprime: Moody's

(Reuters) - Diversification is allowing the banks to post solid results despite write-downs resulting from a severe decline in prices and evaporation of liquidity in the subprime sector, Moody's said.




The rating agency said it is still reviewing the impacts of weakness in the market for leveraged loans, those issued by noninvestment-grade companies. A number of banks were recently left with leveraged loans on their books after failing to syndicate new issues as investor demand vanished.


Read more at Reuters.com Bonds News

German HSBC Investments freezes ABS fund

(Reuters) - HSBC Investments Deutschland, a unit of HSBC ,
manages institutional assets and mutual funds.




"To protect investors we have suspended expenditures and
withdrawals," HSBC Trinkhaus' company lawyer Norbert Stabenow
told the paper.


Read more at Reuters.com Bonds News

US STOCKS-S&P, Nasdaq extend losses, fall 2 pct

(Reuters) - The Dow Jones industrial average was down 171.60
points, or 1.27 percent, at 13,291.73. The Standard & Poor's
500 Index was down 28.13 points, or 1.91 percent, at
1,444.07. The Nasdaq Composite Index was down 49.53
points, or 1.92 percent, at 2,526.45.




Read more at Reuters.com Bonds News

Canadian Stocks Decline on Telus Results, U.S. Jobs Report; BCE Retreats

(Bloomberg) -- Canadian stocks fell today and were
headed for a second week of declines after a report showed fewer
U.S. jobs were added last month, reinforcing concern that
consumer spending in Canada's biggest trading partner is slowing.

Royal Bank of Canada paced losses among financial companies.
Telus Corp. led telephone companies lower, after it reported
earnings and revenue below analysts' estimates and said it
doesn't plan to bid for larger rival BCE Inc.


Read more at Bloomberg Stocks News

UPDATE 1-Chile's Madeco first-half net profit falls 36.5 pct

(Reuters) - The company, which has subsidiaries in Argentina, Brazil, Peru
and Colombia, said profit was 12.975 billion pesos
in the January-to-June period compared with 20.445 billion pesos
in the year-earlier period.




Santiago-based Madeco said sales in the first half rose 12
percent to 317.765 billion pesos, from 283.642 billion a
year-earlier.


Read more at Reuters.com Market News

Dollar Approaches Record Low Versus Euro After Decline in Payroll Growth

(Bloomberg) -- The dollar fell the most in almost a
month against the euro, trading within a cent of its record low,
after U.S. reports showed slowdowns in payroll growth and service
industries.

The U.S. currency also declined versus the yen and pound as
speculation rose that the Federal Reserve will cut interest rates
by year-end, trading in futures contracts show. The yen gained
after investors sold higher-yielding assets funded by loans in
Japan amid concern over losses from U.S. subprime mortgages.


Read more at Bloomberg Currencies News

UPDATE 1-Endesa board says Acciona/Enel bid is 'adequate'

(Reuters) - The board also called an extraordinary shareholders'
meeting for Sept. 25, at which the board recommended
stockholders opt to remove restrictions on voting rights.




In a statement, Endesa said it had agreed an attendance
premium of 0.15 euros per share to encourage the greatest
number of shareholders possible.


Read more at Reuters.com Mergers News

Corporate Bond Risk Rises After Bear Stearns Rating Outlook Cut by S&amp;P

(Bloomberg) -- The risk of owning corporate bonds
rose in the U.S. and Europe after Bear Stearns Cos., the manager
of two hedge funds that collapsed last month, had its debt-
rating outlook cut to negative by Standard & Poor's.

The failure of the Bear Stearns funds, which invested in
subprime mortgage-related bonds, triggered a flight from the
riskiest debt that spurred some lenders to balk at financing
leveraged buyouts. Deutsche Bank AG, JPMorgan and six more banks
today canceled the sale of 1 billion pounds ($2 billion) of
loans for Kohlberg Kravis Roberts & Co.'s LBO of U.K. drugstore
chain Alliance Boots Plc after failing to find investors, two
people with direct knowledge of the deal said.


Read more at Bloomberg Bonds News

UniCredit Q2 net beats forecasts, seals Polish sale

(Reuters) - By Lisa Jucca



MILAN, Aug 3 - Italian bank UniCredit increased its second-quarter net profit by 6.8 percent to 1.827 billion euros, beating all analysts' forecasts, as it slashed costs while pushing volumes up across its business divisions.


Read more at Reuters.com Mergers News

Costs, charges drag Telus profit down 29 pct

(Reuters) - OTTAWA, Aug 3 - Telus Corp. , Canada's second-biggest phone company, said on Friday that second-quarter profit sank 29 percent as it accounted for costs for a new billing system, the introduction of wireless number portability, and the failed launch of AMP'd Mobile service.



Net earnings declined to C$253.1 million , or 75 Canadian cents a diluted share. That is down from a profit of C$356.6 million, or C$1.02 a share, in the same period last year.


Read more at Reuters.com Mergers News

Petrobras to buy Suzano petrochemical firm--source

(Reuters) - Petrobras shares were down 2.6 percent, underperforming the
broader market, which fell 1.6 percent.




Local news agency Folha Online said the value of the deal
could be around 3 billion reais .




Read more at Reuters.com Mergers News

US labor group concerned about KKR, Och-Ziff IPOs

(Reuters) - The firms have filed for IPOs.




The SEC is responsible for ensuring that the act "is not
evaded or undermined," wrote AFL-CIO.



Read more at Reuters.com Government Filings News

Sandisk, Micron rise after Samsung chip outage

(Reuters) - Conversely, some consumer electronics makers may be forced to pay more for NAND flash, a slim form of flash memory with no moving parts that is poised to eventually take over a market once dominated by clunkier hard drives.




For example, Apple Inc. uses NAND flash in some of its iPod digital media player devices. Shares of Apple fell 1.34 percent to $134.66 in early trading on Friday on Nasdaq.


Read more at Reuters.com Hot Stocks News

Bear drops after S&P lowers outlook

(Reuters) - The change pushed Bear Stearns' shares down 6 percent to $108.69 and drove the cost of protecting its debt with credit derivatives nearly 50 basis points higher.




A spokesman for Bear Stearns was not immediately available for comment.


Read more at Reuters.com Business News

Miner Anglo to sell Tarmac; lifts profit, buyback

(Reuters) - Miner Anglo American unveiled plans to sell Tarmac, its UK-based road building unit, as it met forecasts with a 22 percent rise in first-half earnings and announced a further $4 billion share buyback.

The sale, which analysts believe could raise around $6 billion, is the latest move by Anglo aimed at focusing on its core mining business following bouts of underperformance against its peers and speculation it might attract a break-up bid.


Read more at Reuters Africa

Dollar steady ahead of payrolls; credit still key

(Reuters) - The dollar steadied against major currencies on Friday, hugging tight ranges as investors shifted focus to upcoming U.S. employment data from the credit and stock market volatility that has dominated trading in recent weeks.

The monthly non-farm payrolls report could give a clearer picture of the health of the U.S. economy and help set the tone in currency markets for the next week.


Read more at Reuters Africa

US jobs data hit stocks, dollar, boost bonds

(Reuters) - Stocks and the dollar fell while safe-haven government bonds rallied on Friday after weaker-than-expected U.S. jobs data fanned concerns about a U.S. economy already struggling with credit liquidity fears.

U.S. stock futures pointed to a weaker open on Wall Street while European stocks moved deeper in negative territory after data showed U.S. employers boosted payrolls in July at the slowest pace since February, adding 92,000 jobs.


Read more at Reuters Africa

Rand softer vs dollar as risk aversion weighs

(Reuters) - South Africa's rand was weaker against the dollar in late Friday trade -- giving up its earlier gains -- as the greenback's own softness against the yen brought risky-asset jitters back to the fore.

At around 1510 GMT, the rand was trading at 7.1135 against the dollar, down 0.33 percent from New York's Thursday close of 7.09, having earlier strengthened to 7.0360 as some market players liquidated long dollar positions.


Read more at Reuters Africa

UPDATE 2-Pace of Canada purchasing activity slows in July

(Reuters) - The index, the joint project of the Purchasing Management
Association of Canada and the Richard Ivey School of Business,
was 54.6 in July, down from 67.4 in June.




A reading of 50.0 indicates that activity remained flat
from the preceding month, while a higher reading indicates an
increase and a lower reading reflects a decrease.


Read more at Reuters.com Economic News

Crude Oil Falls on Concern U.S. Economy to Slow, Reducing Fuel Consumption

(Bloomberg) -- Crude oil fell more than $1 a barrel
after a government employment report prompted concern that U.S.
economic growth will slow, reducing demand for gasoline and other
fuels.

Job growth slowed to 92,000 in July from 126,000 the prior
month, the Labor Department said today in Washington. The jobless
rate rose to 4.6 percent. Economic growth in the U.S. and China
has helped spur the rise in energy demand and fuel prices.
Gasoline, diesel and heating-oil inventories rose last week, a
government report showed on Aug. 1.


Read more at Bloomberg Commodities News

BA CEO expects fines provision to suffice

(Reuters) - BA set aside the provision in May and this week U.S. and UK authorities unveiled fines worth almost 270 million pounds.




Authorities in Europe, Canada, Australia, South Africa and New Zealand are also probing BA's fuel surcharges.


Read more at Reuters.com Market News

Tim Hortons posts lower second-quarter profit

(Reuters) - Spun off in March of 2006 from U.S. fast food chain Wendy's International , Tim Hortons said it earned C$67.2 million , or 36 Canadian cents a share. That is down from a profit of C$76.3 million, or 39 Canadian cents, in the year-before period.






Read more at Reuters.com Market News

Novo Nordisk ups outlook as earnings rise

(Reuters) - By Gelu Sulugiuc



COPENHAGEN, Aug 3 - Denmark's Novo Nordisk A/S posted a 14 percent increase in first-half operating profit on Friday on improving sales and margins, and increased its full-year outlook for operating profit growth.


Read more at Reuters.com Market News

UPDATE 1-Haverty posts weak sales; stock falls

(Reuters) - The news came a day after the furniture retailer reported a
second-quarter loss amid the industrywide sales slump, and its
shares fell nearly 9 percent in morning trading and touched a
new year low.




July sales fell 7.6 percent to $67.8 million.


Read more at Reuters.com Market News

Lone Star Retreats on Knife Threat in Aborted Sale of South Korean Bank

(Bloomberg) -- It was two months into a strike at
Korea Exchange Bank's credit card unit, and some 200 employees
had been camped out for almost a week in tents and sleeping bags
in the basement parking lot of the company's Seoul headquarters.

At exactly 3:20 a.m. on Feb. 27, 2004, the strikers' mobile
phones tweeted simultaneously, indicating the arrival of a text
message, recalls Jang Wha Sik, a union leader. Half asleep, the
workers rubbed their eyes and grabbed their phones. Then many
burst into tears. ``The company regrets to inform you that you
are dismissed,'' the message from the card unit of Korea
Exchange Bank, owned by Dallas-based Lone Star Funds, read. The
firing was effective the following day.


Read more at Bloomberg Exclusive News

Dollar May Rise to 120.90 Yen on a Break of 119.49 on Fibonacci, MUFG Says

(Bloomberg) -- The dollar may rise to 120.90 yen
should it pass 119.49 yen in coming weeks, Masashi Hashimoto, a
currency analyst at Bank of Tokyo-Mitsubishi UFJ Ltd., said.

Traders may accelerate buying of the U.S. currency as it
rises above so-called resistance at 119.49, which represents the
previous high set on July 31, near the conversion line on the
so-called ichimoku chart, Hashimoto said. The next resistance at
120.90 is a 50 percent reversal of the dollar's climb to a high
of 124.13 reached on June 22 from a low of 117.60 on Aug. 1,
based on the Fibonacci series of numbers.


Read more at Bloomberg Currencies News

Nymex Gas Rises on Forecast for Extended Hot Spell Across Much of the U.S.

(Bloomberg) -- Natural gas in New York rose on
forecasts that above-normal temperatures in the Midwest and
Northeast may stretch out into late next week, sparking demand
for electricity to power air conditioners.

Hot weather will surge next week across the nation from the
Rockies to the Eastern Seaboard, according to forecaster
AccuWeather.com. Temperatures will rise starting today in cities
like Denver from forecast highs of 90 degrees Fahrenheit to 92
through the weekend and ``the Northeast will not be graced by a
dramatic drop in temperatures,'' the forecaster said.


Read more at Bloomberg Energy News

Some hedge funds post big gains in July -WSJ

(Reuters) - The funds gained more than 60 percent in July, the paper
said, citing one investor.




Balestra Capital Partners, a $210 million New York fund,
gained about 28 percent in July and is up about 80 percent for
the year, after fees, the paper reported.


Read more at Reuters.com Bonds News

Stocks set for steady start ahead of jobs data

(Reuters) - By 6:05 a.m. EDT S&P and Dow futures were flat, while Nasdaq futures eased 0.1 percent. European stocks were steady but dipped from early highs.




Citigroup chief executive Charles Prince said the recent market pullback "feels sharp," but he was bullish on the bank's growth, the New York Times said on its Web site.


Read more at Reuters.com Bonds News

AXA props up funds after subprime losses

(Reuters) - AXA said it would invest its own money in the funds in order
to prop up their liquidity but would allow investors to sell
their holdings if they wished to do so. AXA added it had closed
the funds to new investors.




An AXA IM spokeswoman said on Friday that these temporary
measures remained in place for the time being.


Read more at Reuters.com Bonds News

US STOCKS-Futures fall on news of slow jobs growth

(Reuters) - NEW YORK, Aug 3 - U S. stock index futures fell
on Friday after a government report showing
weaker-than-expected job growth last month added to nervousness
on Wall Street about losses in the mortgage industry.




American Home Mortgage Investment Corp. was the
latest casualty of the housing market downturn. The company
said it plans to close most operations on Friday and lay off
nearly 7,000 employees. For details, see [ID:nN02455089].


Read more at Reuters.com Bonds News

Asian Stocks Gain on Earnings; Konica, Chi Mei, Samsung Electronics Climb

(Bloomberg) -- Asian stocks advanced, paring a
weekly decline, after Konica Minolta Holdings Inc. and Chi Mei
Optoelectronics Corp. reported better-than-estimated profits.

Nintendo Co. led exporters higher after earnings reports in
the U.S. eased concern subprime loan losses will curb growth.
Sumitomo Realty & Development Co. paced gains among Japanese
property shares after saying profit increased by more than half.


Read more at Bloomberg Stocks News

Tunisia's Central Bank Offers Higher Yield in 30 Billion Yen Samurai Sale

(Bloomberg) -- Banque Centrale de Tunisie, the
central bank of the Republic of Tunisia, sold 30 billion yen
($253 million) of bonds denominated in yen, offering a wider
spread to investors than originally planned.

The bank priced the 20-year bonds to yield 75 basis points
more than the yen swap rate, according to an e-mail sent to
investors today. It had planned to offer a spread of between 52
basis points and 57 basis points, according to an e-mail sent to
investors on July 27. A basis point is 0.01 percentage point.


Read more at Bloomberg Bonds News

Datacraft Asia's Third-Quarter Profit Rises by 38 Percent on Order Gains

(Bloomberg) -- Datacraft Asia Ltd., which builds
computer networks in the region, posted a 38 percent gain in
third-quarter profit after winning orders in countries
including India and New Zealand.

Net income increased to $7.33 million, or 1.62 cents a
share, for the three months ended June 30, from $5.33 million,
or 1.15 cents, a year earlier, Datacraft said in a statement
today. Sales rose 30 percent to $147.3 million.


Read more at Bloomberg Emerging Markets News

UPDATE 1-Official China July PMI falls to 53.3 vs 54.5 June

(Reuters) - The association compiles the index on behalf of the National
Bureau of Statistics.




A reading over 50 indicates an expansion of activity while
one below 50 suggests contraction.


Read more at Reuters.com Economic News

UPDATE 2-Iraq role to last years, cost more -US officials

(Reuters) - WASHINGTON, July 31 - President George W. Bush's
nominee to be top military adviser said on Tuesday the United
States would be in Iraq for "years not months" and a Pentagon
official said the war was costing even more than expected.




Navy Adm. Michael Mullen, picked as chairman of the Joint
Chiefs of Staff, warned U.S. lawmakers unhappy with the
conflict against seeking a rapid pullout from Iraq, saying it
could turn the country into a "caldron."


Read more at Reuters.com Bonds News

Japan Stocks Tumble; Mizuho, Banks Fall on Drop in Profits; Kyocera Slips

(Bloomberg) -- Japanese stocks fell after Mitsubishi
UFJ Financial Group Inc. and Mizuho Financial Group Inc. said
their quarterly profit dropped because of increasing credit-
related costs.

A measure tracking banks plunged 3.1 percent, the worst
performer in the 33 industry groups included in the Topix.


Read more at Bloomberg Stocks News

Deutsche Bank's China fund arm wins QDII nod-paper

(Reuters) - Chinese mutual funds, such as JPMorgan's China asset
management venture, and securities houses are planning to follow
suit, after China issued rules recently to let select fund firms
and brokerages launch such funds.




Only one Chinese fund management company, Huaan, has launched
a QDII product since Beijing adopted the scheme last year, aimed
at encouraging capital outflows and broadening investment
alternatives for local investors.


Read more at Reuters.com Government Filings News

Thailand King Strengthens Grip on Stock Market as Nation's No. 1 Investor

(Bloomberg) -- Mondays are different in Thailand. It's
the day of the week on which the world's longest-reigning monarch,
Bhumibol Adulyadej, was born.

And in this Southeast Asian nation, the sidewalks, trains,
ferries and food stalls selling fiery curries take on a canary-
colored glow as Thais -- from chief executive officers to street
sweepers -- pay respect to their king by dressing in the royal
color of yellow.


Read more at Bloomberg Stocks News

Citigroup nears settlement of gender bias lawsuit

(Reuters) - In the original March 2005 complaint, the plaintiffs
accused the largest U.S. bank's Smith Barney unit of preventing
female brokers from competing fairly with men for new accounts,
promotions and pay, and depriving women of equal training and
sales support.




The plaintiffs said Smith Barney used past performance,
which it called "the results of historical discrimination," as
a means to award business and pay. It said men got advantages
that accumulated over time and that these "keep male brokers at
the top of the compensation scale and female brokers at the
bottom."


Read more at Reuters.com Bonds News

Oak Hill Financial lowers reported Q2 profit

(Reuters) - Excluding the gain on bank-owned life insurance, reported
operating net income remained unchanged, the company said in a
statement.





Read more at Reuters.com Market News

Tupperware posts higher quarterly profit

(Reuters) - The company said its second-quarter net income rose to $35.5 million, or 56 cents per diluted share, from $25.2 million, or 41 cents a year earlier.



) Keywords: TUPPERWARE RESULTS/


Read more at Reuters.com Market News

UPDATE 1-Brazil miner CVRD Q2 profit hits new record

(Reuters) - Companhia Vale do Rio Doce , which
bought Canada's nickel producer Inco last year, also said that
earnings before interest, taxes, depreciation and amortization
-- a key measure of cash flow -- jumped to 10.2
billion reais from 5.2 billion reais over the same period.




Analysts surveyed by Reuters had expected, on average, a
net profit of around 5.9 billion reais and EBITDA of 9.7
billion reais in the second quarter, with the improvements
stemming from a peak in nickel prices in May, higher iron ore
prices and sale of some assets.


Read more at Reuters.com Market News

Whole Foods 3rd-qtr profit off, but tops estimate

(Reuters) - Profit dropped to $49.1 million, or 35 cents per share, in the fiscal third quarter ended July 1, from $53.9 million, or 37 cents per share, a year earlier.



Analysts, on average, expected Whole Foods to earn 33 cents per share, according to Reuters Estimates.


Read more at Reuters.com Mergers News

Oil Rises to Record Close of $78.21 on Speculation Demand to Exceed Supply

(Bloomberg) -- Crude oil rose to a record close of
$78.21 a barrel in New York on speculation demand will outpace
supply as refiners increase fuel production.

Bets on rising prices by hedge funds and other speculators
rose to a record earlier this month, according to U.S. Commodity
Futures Trading Commission data. Global demand will climb 1.7
percent in 2008, showing no sign of slowing because of high
prices, a Deutsche Bank AG report showed. A government report
tomorrow may show U.S. oil supplies fell for a fourth week.


Read more at Bloomberg Commodities News

Chile stocks hold on to modest gains, peso firms

(Reuters) - The all-market IGPA stock index edged up 0.09
percent to 14,840.29 points, while the trade-weighted blue-chip
IPSA index rose 0.13 percent to 3,340.43 points.




"The stock market is positive and calm. This afternoon we
broke away from regional markets," said Lorena Pizarro, head of
research with the Alfa brokerage.


Read more at Reuters.com Bonds News

RealNetworks profit falls

(Reuters) - In the year-ago quarter, the company benefited from the proceeds of a $57.9 million settlement of litigation against Microsoft and commercial agreements with the world's largest software maker.




Revenue rose 52 percent to $136.2 million, helped by a strong performance from its games and digital music subscription business.


Read more at Reuters.com Market News

UPDATE 1-Buffalo Wild Wings quarterly profit up, but stock falls

(Reuters) - BANGALORE, July 31 - Restaurant chain Buffalo
Wild Wings Inc. on Tuesday reported higher quarterly
profit and said same-store sales rose 8.1 percent at
company-owned restaurants.




Shares of the Minneapolis-based company fell more than 17
percent in late electronic trade to $35.70, after closing at
$43.22 on the Nasdaq.


Read more at Reuters.com Market News

Astra, Huaneng Power, Korea Gas, Tata Motors: Asia Ex-Japan Equity 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.

Hong Kong retailers: The city's retail sales climbed 14.3
percent in June from a year earlier, the government said. The
increase was the biggest in four months, outpacing May's 10.2
percent gain and the 10 percent increase estimated by economists
surveyed by Bloomberg News, as stock-market gains, rising wages
and a low jobless rate encouraged spending.


Read more at Bloomberg Stocks News

UPDATE 2-Nelnet agrees to a $2 mln settlement with New York

(Reuters) - NEW YORK, July 31 - New York Attorney General Andrew Cuomo said on Tuesday that Nelnet Inc , the leading consolidator of student loans, had agreed to pay $2 million as part of a settlement that ends a broad investigation into its business practices.



Cuomo, as part of his sweeping probe into the $85 billion a year student loan business, had accused Nelnet of making payments to college alumni groups in exchange for getting loan referrals. As part of the settlement, Nelnet agreed to stop making these payments and to adopt other reforms.


Read more at Reuters.com Market News

US STOCKS-Nasdaq falls 1 percent; Apple leads decliners

(Reuters) - The Dow Jones industrial average was down 100.07
points, or 0.75 percent, at 13,258.24. The Standard & Poor's
500 Index was down 13.54 points, or 0.92 percent, at
1,460.37. The Nasdaq Composite Index was down 28.51
points, or 1.10 percent, at 2,554.77.




Read more at Reuters.com Bonds News

US STOCKS-Indexes fall on fears of more credit problems

(Reuters) - The Dow Jones industrial average was down 30.98
points, or 0.23 percent, at 13,327.33. The Standard & Poor's
500 Index was down 6.10 points, or 0.41 percent, at
1,467.81. The Nasdaq Composite Index was down 17.07
points, or 0.66 percent, at 2,566.21.




Read more at Reuters.com Bonds News

UPDATE 1-Inmet Mining profit rises on higher metal prices

(Reuters) - The mid-tier copper, zinc and gold miner earned C$138
million , or C$2.86 a share, in the quarter ended
June 30. That was up from C$132 million, or C$2.74 a share, in
the year-before period.




Analysts polled by Reuters had expected, on average, profit
of C$2.81 a share.


Read more at Reuters.com Market News

Worldwide gasoline glut seen by 2010: WoodMac

(Reuters) - Wood Mackenzie forecasts an additional 8.1 million barrels per day of crude refining capacity by 2010. The firm also sees about 1.8 million barrels per day more fuel from non-refinery sources, such as biofuels and natural gas liquids.




With estimates of demand increasing around 9 million barrels per day in the same period, Wood Mackenzie foresees a surplus of about 1 million barrels daily in 2010, Jamieson's report said. As a result, prices will drop, she predicted.


Read more at Reuters.com Hot Stocks News

UniCredit, GE to seal Poland deal-sources

(Reuters) - MILAN/BOSTON, July 31 - UniCredit and GE Money are to announce as early as this week a deal for the purchase by the U.S. group of 200 of the Italian bank's outlets in Poland, sources familiar with the matter said.



UniCredit is selling 200 bank branches belonging to its Polish unit BPH , which it wholly acquired when it bought Germany's HVB in 2005, along with the BPH brand. Analysts say the package could be worth as much as $2 billion.


Read more at Reuters.com Mergers News

UPDATE 2-Coach fourth-quarter profit, outlook up; shares fall

(Reuters) - NEW YORK, July 31 - Coach Inc. said on
Tuesday that quarterly profit rose nearly 37 percent and raised
its 2008 outlook due in part to strong sales in Japan and the
introduction of its Ergo line of handbags.




But Coach shares were down 3.5 percent in afternoon trade as
some investors focused on a decline in quarterly gross margin and
others took profits a day after expectations had boosted shares 5
percent, according to one analyst.


Read more at Reuters.com Market News

IAC sees profits flat in third quarter

(Reuters) - "Given the challenges of the first half, it's a virtual certainty that we won't tally the year at the double-digit rate we had aspired to," IAC Chief Financial Officer Thomas McInerney said on a conference call with analysts. McInerney said HSN's gross margins are expected to decline in the third quarter from a year ago, due to inventory levels, but the drop should be smaller than in the second quarter.



He said that a decline in second-quarter U.S. sales for IAC's Ticketmaster box office service isn't expected to continue in the third quarter.


Read more at Reuters.com Bonds News

Fed will act on market slide if warranted: Poole

(Reuters) - Poole said the Fed should not add to the uncertainty by making its own policy less predictable. But if it was convinced about the scale of the risks, it would not stand idle.




"The market understands, I believe, that the Fed will act in due time if and when evidence accumulates that action would be appropriate," he said.


Read more at Reuters.com Bonds News

CBS quarterly earnings drop; tv, radio revenue off

(Reuters) - CBS, which runs the most-watched U.S. television network, reported second-quarter net earnings of $404 million, or 55 cents a share, compared with $781.7 million, or $1.02, a year earlier.




Year-ago earnings included income from discontinued operations of $291.9 million, reflecting a gain on the sale of its Paramount Parks. It also had a tax benefit.


Read more at Reuters.com Business News

UPDATE 1-Vallourec Q2 earnings ahead of expectations

(Reuters) - Gross operating income rose 3.6 percent to 466.6 million
euros on sales up 11.4 percent at 1.558
billion. Net profit rose 7.5 percent to 257.7 million.




The average forecast of seven analysts in a Reuters poll was
for sales of 1.498 billion euros, an EBITDA operating profit of
445 million and net profit of 245 million.


Read more at Reuters.com Market News

UPDATE 1-U.S. House passes Iran divestment bill

(Reuters) - WASHINGTON, July 31 - Calling for change in
Iranian nuclear policy, the U.S. House of Representatives
passed a bill on Tuesday to give legal protections to
investment managers who pull money out of the Iranian energy
sector.




Under the legislation approved by a 408-6 vote, the
Treasury Department would be required to list twice yearly on
the Internet the names of companies that have more than $20
million invested in the Iranian energy sector.


Read more at Reuters.com Government Filings News

IAC's Diller says not sure of interest in HSN swap

(Reuters) - "Whether or not it will ever be in our
interest to do so or their interest, I can't really tell you,"
Diller said on a conference call with analysts.




Separately, Diller said he expected a return to share
repurchases for IAC and online travel site Expedia once tighter
credit market conditions abate. Diller curtailed a larger
buyback for Expedia last week, blaming a lack of attractive
financing available in credit markets.


Read more at Reuters.com Mergers News

London Boosts Foreign-Exchange Trading to Double New York's Level in April

(Bloomberg) -- London raised average daily currency
trading in April to more than double the level of New York,
extending its lead as the world's largest center for foreign
exchange, according to central bank surveys.

``London tends to dominate in this market,'' said Steven
Barrow, chief currency strategist at Bear Stearns International
Ltd. in London. ``I don't see why that should change.''


Read more at Bloomberg Currencies News

Marathon 2nd-qtr earnings fall

(Reuters) - Net income slipped to $1.55 billion, or $2.25 a share, from
$1.75 billion, or $2.08 a share, last year.




Excluding one-time items, the company said it earned $2.25
a share. On that basis, the average forecast of Wall Street
analysts was $2.13 a share, according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1- Regal-Beloit second-quarter earnings rise

(Reuters) - Net income for the quarter rose to $36.3 million, or $1.06
a share, from $33.3 million, or 99 cents a share, in the same
period a year earlier, the manufacturer of motion control and
power generation products said.




Quarterly net sales increased 5.6 percent to $459.8
million.


Read more at Reuters.com Market News

UPDATE 1-Valero posts record quarter profit; margins strong

(Reuters) - NEW YORK, July 31 - Leading refiner Valero Energy
Corp. posted record quarterly earnings on Tuesday,
topping Wall Street forecasts, on soaring refining margins
fueled by high gasoline prices.




Those margins, which rose by 45 percent for Valero on the
Gulf Coast, have benefited all refiners in the past several
months as steady growth in demand, coupled with
higher-than-normal refinery maintenance, led to higher gasoline
prices and unprecedented profitability for the industry.


Read more at Reuters.com Market News

UPDATE 1-Overstock.com shares soar on narrower Q2 loss

(Reuters) - Overstock, which sells excess product inventory, said its
second-quarter net loss was $13.8 million, or 58 cents per
share, compared with a loss of $15.8 million, or 78 cents per
share in the year-earlier period.




Analysts had expected a loss of 64 cents per share,
according to Reuters Estimates.


Read more at Reuters.com Market News

Treasury 10-Year Note Yield Holds Near Two-Month Low on Concern Over Risk

(Bloomberg) -- Treasury 10-year note yields held
near the lowest in two months on speculation losses among banks
and hedge funds from securities backed by subprime mortgages
will hurt the economy.

Falling home prices in May and an unexpected decline last
month in construction spending stoked concern housing weakness
will slow U.S. economic growth, while a Thomson Financial report
said lenders may back out of a loan to help fund the $37.2
billion leveraged buyout of TXU Corp.


Read more at Bloomberg Bonds News

Egypt's indexes recover, OCI leads blue chips

(Reuters) - Egyptian shares rebounded on Tuesday after two consecutive sessions of declines, led by Orascom Construction Industries (OCI) as foreigners returned to buying, brokers said.

Mostafa Badra of National Securities said recovery in global markets drove foreigners back to buying mostly affecting OCI," he added.


Read more at Reuters Africa

July consumer confidence at 6-year high

(Reuters) - "An improvement in business conditions and the job market has lifted consumers' spirits in July," said Lynn Franco, director of The Conference Board Consumer Research Center, in a press release.




The reading was well above expectations. The median forecast of economists polled by Reuters was for 105.0, up from an originally reported 103.9 in June.


Read more at Reuters.com Bonds News

UPDATE 1-RESEARCH ALERT-Bear Stearns cuts MGIC to peer perform

(Reuters) - Analyst David Hochstim, in a note to investors, estimated
the write-off of Credit-Based Asset Servicing and
Securitization LLC , MGIC's joint venture with Radian
Group Inc. , to generate a third-quarter loss of $3.30
per share for MGIC.




He said the write-down could limit MGIC's ability to
repurchase shares following the completion of its planned
merger with Radian, expected in a few months.


Read more at Reuters.com Bonds News

Lead Advances in London as Stockpiles Decline; Tin Gains to 18-Year High

(Bloomberg) -- Lead advanced the most in more than
a month in London as the amount of available metal dropped,
fueling speculation supply will fall short of demand. Tin
climbed to the highest since 1989 and nickel had its biggest
rise in six weeks.

Inventories of lead tracked by the London Metal Exchange,
or LME, declined 3.7 percent to 37,575 tons, the exchange said
today in a daily report. That's the biggest daily drop since
Nov. 30. Prices for the metal, used mostly in car batteries,
jumped 86 percent this year and outpaced other industrial metals
as supplies from Australia were disrupted and demand improved.


Read more at Bloomberg Commodities News

IAC/InterActiveCorp quarterly net rises 78 percent

(Reuters) - NEW YORK, July 31 - IAC/InterActiveCorp , the Internet conglomerate owned by Barry Diller, said on Tuesday its quarterly profit rose 78 percent, helped by the sale of its European shopping channel and growth at its membership business.



At the same time the company said its key HSN shopping unit posted a slight 1 percent decline in revenue and reported what it said was unexpected softness in U.S. ticket volumes for its Ticketmaster box-office service. Second-quarter net profit rose to $95.97 million, or 32 cents per share, from $53.8 million, or 17 cents per share, a year ago.


Read more at Reuters.com Mergers News

TREASURIES-Bonds still down after PCE inflation data

(Reuters) - The benchmark 10-year note's price traded down 8/32 for a
yield of 4.84 percent , versus 4.84 percent before
the data and compared with 4.81 percent late on Monday. Bond
yields and prices move inversely.




Read more at Reuters.com Bonds News

CORRECTED - UPDATE 1-Hidden subprime losses may mirror Japan bank crisis

(Reuters) - NEW YORK, July 27 - Investors and banks holding
on to U.S. subprime mortgage bonds in hopes of a recovery in
value may make losses worse, mirroring the Japanese banking
crisis in the 1990s, according to a new report.




The Japanese banking crisis, triggered in the early 1990s
by a slumping property market and brokerage collapses, led to a
decade-long credit crunch. The government subsequently had to
step in to stabilize the banking system by injecting public
money into top banks.


Read more at Reuters.com Bonds News

US home prices fell in May - S&P/Case-Shiller

(Reuters) - The composite month-over-month Standard &
Poor's/Case-Shiller Home Price Index of 20 metro areas also
showed a 0.2 percent drop, to a 200.04 reading, or a 2.8
percent year-over-year loss.




Read more at Reuters.com Economic News

UPDATE 1-Safeco second-quarter profit falls 7 percent

(Reuters) - Net income for the Seattle-based company fell to $186.4
million from $199.7 million a year earlier. Profit per share
rose to $1.75 from $1.68 as the number of shares outstanding
decreased.




Excluding investment losses, operating profit fell 14
percent to $175 million, or $1.65 per share. Revenue was little
changed at $1.54 billion, while operating revenue fell to $1.52
billion from $1.54 billion.


Read more at Reuters.com Market News

GM trounces estimates

(Reuters) - GM, whose shares rose 6.7 percent in early electronic trading, said it posted a net profit of $891 million, or $1.56 a share, compared with a net loss of $3.4 billion, or $5.98 a share a year earlier.




Excluding such one-time items as charges related to Delphi's bankruptcy, the company said it earned $2.48 a share.


Read more at Reuters.com Business News

St. Joe Q2 earnings rise

(Reuters) - The company posted a quarterly loss from continuing
operations of $5.3 million, or 7 cents a share, which was
offset by an after-tax gain from discontinued operations of
$30.6 million, or 41 cents a share.




Revenue fell to $112.7 million from $141.1 million a year
ago.


Read more at Reuters.com Market News

UPDATE 1-Sun Life profit rises 15 pct, ups dividend

(Reuters) - The Canadian insurer said net income was C$590 million
, or C$1.02 a share, in the quarter ended June
30, up from C$512 million, or 88 Canadian cents a share, a year
earlier.




Analysts had expected an average of 96 Canadian cents a
share, according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1-ADP earnings from continuing operations rise

(Reuters) - The Roseland, New Jersey-based company said fourth-quarter
earnings from continuing operations were $193.8 million, or 35
cents a share, compared with $140.9 million, or 25 cents, a
year earlier.




Net income declined to $194.7 million, or 35 cents a share,
from $703.7 million, or $1.23, last year.


Read more at Reuters.com Market News

US oil near year high above $77

(Reuters) - U.S. oil climbed above $77 on Wednesday, inching towards its all-time high, on forecasts for another weekly decline in crude stocks in top consumer the United States and a recovery in world share markets.

U.S. crude was up 48 cents at $77.31 a barrel by 1127 GMT after hitting $77.43, the highest since August 8, 2006. London Brent crude was up 58 cents at $76.32.


Read more at Reuters Africa

Indian Rupee Gains Most in Month; Central Bank Raises Reserve Requirement

(Bloomberg) -- India's rupee gained the most in a
month as the central bank announced measures to reduce funds in
the banking system to curb inflation.

The Reserve Bank of India raised the amount of cash lenders
must set aside to cover deposits by half a percentage point to 7
percent, reducing the supply of rupees and adding to pressure
for appreciation. It also scrapped the 30 billion rupees ($742
million) daily limit on the amount of money it drains through
bond sales at reverse-repurchase auctions.


Read more at Bloomberg Currencies News

Buy Global Stocks, U.S. Mortgage-Backed Credit, HSBC Strategists Say

(Bloomberg) -- Investors should buy stocks worldwide
following last week's market sell-off, and add to holdings of
U.S. mortgage-backed bonds, according to strategists at HSBC
Holdings Plc.

A team in charge of asset allocation strategy raised their
recommended holding of global stocks to 67.6 percent of total
assets, according to report sent to clients today. That's up from
a previous 60.1 percent, or a ``benchmark'' position.


Read more at Bloomberg Stocks News

Treasury Notes Decline as Corporate Bond Risk Falls in Europe, Stocks Gain

(Bloomberg) -- Treasuries fell for a second day as a
measure of corporate bond risk declined in Europe, sparking
speculation investor demand for the relative safety of U.S. debt
is waning.

The yield on the 10-year note rose 2 basis points to 4.82
percent as of 8:06 a.m. in London, according to bond broker
Cantor Fitzgerald LP. The price of the 4 1/2 percent security due
in May 2017 declined 5/32, or $1.56 per $1,000 face amount, to 97
16/32.


Read more at Bloomberg Bonds News

UPDATE 1-Tele Atlas Q2 core profit more than doubles

(Reuters) - Adjusted earnings before interest, tax, depreciation and
amortisation increased to 12.2 million euros from 5.1
million euros in the first quarter, Tele Atlas said in a
statement on Tuesday.




Revenue rose to 72.8 million euros from 64 million euros in
the first quarter.


Read more at Reuters.com Mergers News

Gold regains footing, Tokyo futures jump as yen dips

(Reuters) - Gold edged higher on Tuesday after sentiment for the metal improved following a recovery in U.S. shares the previous day, while Japanese gold futures jumped nearly 1 percent due to the yen's dip against the dollar.

Cash platinum rose sharply on technical buying due to the strength in Tokyo platinum futures, which also rose because the yen dropped.


Read more at Reuters Africa

Bonds in Australia Fall as Housing, Lending Growth Support Rate Rise Case

(Bloomberg) -- Australian government bonds fell for
a second day as reports showed home-building approvals and
lending to consumers and businesses increased more than
economists expected last month.

Two-year notes extended declines as traders raised bets the
Reserve Bank of Australia will increase its key interest rate
from 6.25 percent when policy makers meet next week. Bonds also
fell as investor appetite for risk rose after U.S. stocks
rebounded yesterday from the worst two-day slide since 2003.


Read more at Bloomberg Bonds News

Japan's Bonds Advance as Equity Decline Increases Demand for Fixed Income

(Bloomberg) -- Japanese bonds gained as falling
stock prices and concerns economic growth may slow spurred
demand for the fixed payments of government securities.

Benchmark debt headed higher after government reports
showed wages fell for a seventh month and household spending
rose less than expected. Ten-year yields reached the lowest in
eight weeks yesterday on speculation rising U.S. mortgage
defaults and a slump in corporate debt market would slow growth
in the biggest market for Japanese exporters.


Read more at Bloomberg Bonds News

Japan's Nikkei Declines, Led by Kyocera on Earnings Report; Olympus Gains

(Bloomberg) -- Japan's Nikkei 225 Stock Average fell
after earnings at companies including Kyocera Corp. lagged behind
investor expectations.

Limiting losses, Olympus Corp. and Shinsei Bank Ltd. gained
after they posted profit growth.


Read more at Bloomberg Stocks News

European Business, Consumer Confidence May Have Declined for Second Month

(Bloomberg) -- European business and consumer
confidence probably fell for a second month in July as the euro's
appreciation and higher oil prices threatened to curb economic
growth, a survey of economists shows.

The European Commission's index of sentiment among
executives and consumers in the euro region declined to 111.2
from 111.7 in June, according to the median of 29 forecasts in a
Bloomberg News survey. Inflation stayed at 1.9 percent in July, a
separate survey shows.


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TREASURIES-Steady in Asia ahead of core PCE

(Reuters) - Later this session, investors will focus on the release of
the Federal Reserve's favoured inflation measure -- the "core"
personal consumption expenditures price index -- to gain
hints on the chances of a Fed rate cut later this year.




Concerns about fallout from the market turmoil has helped
reignite talk of a Federal Reserve rate cut from the current 5.25
percent, with the futures market now factoring in a 70 percent
chance of a quarter-point rate cut by year-end.


Read more at Reuters.com Bonds News

Asia-Pacific Ministers May Say Their Economies Can Weather Market Turmoil

(Bloomberg) -- Asia-Pacific finance ministers, meeting
in Australia this week, may say the world economy is strong enough
to weather recent financial-market turmoil that drove the cost of
borrowing higher for companies.

Japan's Koji Omi, China's Jin Renqing and South Korea's Kwon
Okyu are among ministers of the 21-member Asia Pacific Economic
Cooperation group who will meet in Coolum, Australia, on Aug. 2 and
3. U.S. Treasury Secretary Henry Paulson will be represented by
Deputy Secretary Robert Kimmitt.


Read more at Bloomberg Emerging Markets News

IMF chief warns of globalization risks

(Reuters) - Rodrigo Rato said the trouble in the U.S. subprime housing market was an example of such risks and called for a fresh look at lenders' underwriting standards and more borrower education.




"There is ground for concern in the recent dramatic growth in large private equity buy-outs," the IMF chief told a business audience in the Philippine capital.


Read more at Reuters.com Business News

Singapore's Straits Times Index Advances, Led by CapitaLand, Developers

(Bloomberg) -- Singapore's stocks rose after the
government said it probably won't intervene in the property
market and CapitaLand Ltd., the country's largest developer,
posted a five-fold surge in second-quarter profit.

Keppel Land Ltd. advanced after it sold a stake in a
downtown office tower to its property trust. SC Global
Developments Ltd. climbed after the builder of luxury homes won a
site in a gated community in Singapore's Sentosa resort island.


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Japan's Nikkei 225 Drops, Led by Kyocera on Earnings Report; Olympus Gains

(Bloomberg) -- Japan's Nikkei 225 Stock Average
slipped led by companies including Kyocera Corp. whose earnings
failed to live up to investor expectations.

Losses were limited after profit growth at companies
including Olympus Corp. and Shinsei Bank Ltd. surprised market
participants.


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Saskatchewan, Canada's Top Wheat Grower, Pares Harvest Forecast on Drought

(Bloomberg) -- Saskatchewan, Canada's top wheat-
growing province, is paring back expectations for a bumper
harvest because of hot weather and parched soil conditions, the
government said.

Daytime temperatures of more than 35 degrees Celsius (86
degrees Fahrenheit) are stunting crop development, especially in
the southwest, Terry Bedard, an agronomist at the Policy Branch
of Saskatchewan Agriculture and Food, said today in an
interview.


Read more at Bloomberg Commodities News

UPDATE 1-Manitowoc reports higher Q2 profit, ups full-year view

(Reuters) - The Manitowoc, Wisconsin-based company said it now sees
2007 earnings of $4.70 to $4.90 a share, excluding items, on a
pre-split basis.




In April, Manitowoc had raised its 2007 earnings view to
$4.40 to $4.50 a share.


Read more at Reuters.com Market News

China, India, Indonesia, Sri Lanka, Thailand: Asian Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: U.S. Treasury Secretary Henry Paulson, rejecting
claims in the U.S. Congress that he's too soft on China, said
negotiations rather than sanctions have led to a faster
appreciation of the yuan. ``We are getting results through this
process that wouldn't have been achieved without it,'' Paulson
told reporters as he traveled to China, where he arrived late on
July 29. The yuan's ``rate of appreciation has gone up
materially over the past year,'' he said. China Development Bank,
one of the nation's three public policy lenders, plans to sell
20 billion yuan ($2.64 billion) of 10-year bonds tomorrow.


Read more at Bloomberg Bonds News

Japanese Stocks With Rising Profits May Advance, Led by Komatsu, Olympus

(Bloomberg) -- Japanese stocks that reported rising
profits in the first quarter may advance.

Komatsu Ltd. may lead gains after the world's second-largest
maker of construction machinery said net income increased 65
percent from a year earlier and boosted its full-year profit
forecast. Olympus Corp. may rise after it said profit doubled and
boosted its full-year estimate.


Read more at Bloomberg Stocks News

Amcor, BHP, News Corp., Qantas, Rio, Woodside: Australian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may rise or fall in Australia. This preview includes
news announced after markets closed yesterday. Prices are from
yesterday's close unless otherwise stated. Stock symbols are in
brackets after the company names.

The S&P/ASX 200 Index futures contract due in September added
0.9 percent to 6,128 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index rose 3.4 percent in New York.


Read more at Bloomberg Stocks News

Bell Aliant reports lower distributable cash

(Reuters) - It said factors behind the decline included the sale of
Aliant Directory Services assets, higher pension costs and
lower adjusted profit.




Operating revenue increased 1.3 percent in the quarter to
C$825.4 million from C$814.9 million a year earlier, Bell
Aliant said.


Read more at Reuters.com Market News

Top music companies show interest in Univision unit

(Reuters) - The Spanish-language broadcaster is trying to trim debt
since its $12.3 billion buyout by private investors in March,
one source said.




Meetings between management and some suitors are also set
to begin this week, according to a second source. The unit
could fetch as much as $400 million, according to the Financial
Times.


Read more at Reuters.com Mergers News

U.S. Stocks Rebound on Upgrades; KB Home, Nordstrom, Bank Shares Advance

(Bloomberg) -- U.S. stocks rebounded from the worst
two-day skid since 2003 after Wall Street's biggest securities
firms, led by Citigroup Inc., Goldman Sachs Group Inc. and Bank
of America Corp., said the sell-off made banks, homebuilders and
retailers relative bargains.

Nordstrom Inc., the Seattle-based luxury retailer, climbed
the most in almost two years. Wells Fargo & Co., JPMorgan Chase
& Co. and American Express Co. carried financial shares to their
biggest advance since July 12. KB Home gained for the first time
in seven days after Citigroup said ``hysteria'' has driven the
36 percent drop in shares of construction firms this year.


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Profit optimism, financials fuel Wall St.'s rebound

(Reuters) - Financial shares, which have borne the brunt of fallout from tightening credit markets, bounced back in part after ratings agency Standard & Poor's upgraded Morgan Stanley's debt.




Sentiment about the sector also improved after the bailout of a hedge fund steeped in subprime mortgage market losses and a home lending unit of GMAC reported narrowing losses. General Motors Corp. shares rose 4.9 percent, boosting the Dow.


Read more at Reuters.com Business News

Pitney Bowes swings to quarterly profit

(Reuters) - The year ago figures included costs related to restructuring.




Revenue increased 11 percent to $1.5 billion


Read more at Reuters.com Market News

BP Says CATS North Sea Pipeline to Restart in September After Repair Work

(Bloomberg) -- BP Plc said divers completed an
inspection of the damaged CATS natural gas pipeline in the North
Sea and a permanent repair will be required before the pipeline can
resume operating in September.

``A metal sleeve will be installed to strengthen and protect
the affected area of pipeline,'' BP said in an e-mailed statement
today. ``Design and fabrication of the sleeve is already under way
and it is expected that the system will restart during September.''


Read more at Bloomberg Energy News

GM seen posting profit, analysts remain cautious

(Reuters) - Still, analysts remained cautious about the weakness in the
U.S. housing market, which could weigh on GM's results through
the remainder of the year, and about sustainable profitability
in its North American operations.




Analysts, on average, expect GM to post on Tuesday a
second-quarter net profit of $1.10 a share, compared with a net
loss of $5.98 a share a year earlier. The per-share profit
estimates range from $1.00 to $1.28.


Read more at Reuters.com Bonds News

GMAC CFO says ResCap's liquidity sufficient

(Reuters) - Earlier Monday, finance company GMAC posted a 63 percent
decline in quarterly profit, hurt by a $254 million loss at
ResCap. Last year, General Motors Corp. sold a majority
stake in GMAC.





Read more at Reuters.com Market News

UPDATE 1-Hedge fund Citadel takes over Sowood's credit fund

(Reuters) - Chicago-based Citadel, which manages $14 billion, came to the rescue after Boston-based Sowood, which managed $3 billion, got into trouble with bond trades this summer. Rumors that Sowood might be forced to shut down roiled financial markets late last week.




On Friday a person familiar with Sowood's operations told Reuters that the fund, which manages money for Harvard University and other prominent clients, lost 8 percent in July and 5 percent in June, bringing losses to 10 percent for the year.


Read more at Reuters.com Bonds News

US STOCKS-Profit optimism lifts Wall St gloom

(Reuters) - NEW YORK, July 30 - U.S. stocks rose in choppy
trade on Monday after Wall Street's worst week in nearly five
years as optimism about the earnings outlook offset concerns
about the deteriorating credit market.




Expectations for quarterly earnings growth by Standard &
Poor's 500 companies were raised to 6.8 percent compared with
the year-ago period from 6.0 percent expected one week earlier,
according to Reuters Estimates.


Read more at Reuters.com Bonds News

GMAC posts smaller profit as ResCap weighs

(Reuters) - Its Residential Capital LLC unit posted a net loss of $254
million, compared with a profit of $548 million a year earlier.
Year-earlier results included a $259 million one-time gain.




GM last November sold a 51 percent stake in GMAC for $14
billion to a group led by private equity firm Cerberus Capital
Management. The automaker kept the remaining 49 percent.


Read more at Reuters.com Market News

Soybeans Rise in Chicago on Risk Fungal Disease May Threaten Midwest Crops

(Bloomberg) -- Soybean prices in Chicago rose on
speculation a deadly fungus threatens to spread into the
Midwest, damaging the second-biggest U.S. crop.

Asian soybean rust was confirmed last week in two counties
in southern Oklahoma, the most northern infestation of the
disease, which can destroy as much as 80 percent of infected
fields. Iowa State University said in a report last week there
is a 40 percent chance in the next 30 days that the fungus will
reach Iowa, the biggest grower.


Read more at Bloomberg Commodities News

Canada homeowners less sensitive to rates-study

(Reuters) - "Recent financial innovation is playing a prominent role in
redefining the consumer and housing cycle in Canada and thereby
making the Bank of Canada's job more difficult," Derek Holt,
assistant chief economist at RBC, wrote in the report.




Ottawa began deregulating the mortgage insurance market
last year -- a latecomer to the process compared to other
countries. In June 2006, the national housing agency began
offering mortgage insurance for interest-only loans and for
amortizations of up to 35 years. Bank of Canada Governor David
Dodge initially opposed the changes, saying they could drive up
prices further in the already overheated housing market.


Read more at Reuters.com Bonds News

Chile retail sales accelerate to 6.5 pct in June

(Reuters) - "The result, which implies an acceleration in the growth
rate and in retail sales, is associated with strength in
consumer spending and sustained growth."




CNC said despite the pickup, growth in the first half of
the year was below that of last year's 3.5 percent


Read more at Reuters.com Economic News

Most U.S. Stocks Drop on Lending Conern; Energy Shares, Exxon Mobil Fall

(Bloomberg) -- Most U.S. stocks declined, dragging
European shares lower, after a German bank's losses from
subprime mortgages spurred concern rising defaults will reduce
lending and end the boom in leveraged buyouts.

Financial shares fell to a 10-month low after Germany's
IKB Deutsche Industriebank AG said it scrapped an earnings
forecast because of ``massive uncertainty'' in the markets.
Exxon Mobil Corp., the world's largest energy producer,
retreated on a drop in oil prices from an almost one-year high.


Read more at Bloomberg Stocks News

CORRECTED: RadioShack posts profit but sales weaken

(Reuters) - "The sales performance continues to be weak," said Tiffany Co, a director in the retail group with Fitch Ratings. She said declining sales would eventually cut into profitability.




Sales fell 15 percent to $934.8 million, short of analysts' estimates of $983.6 million. Sales at stores open at least a year, a key measure of retail performance, dropped 8.9 percent. RadioShack cited weaker wireless sales and the closure of 481 stores in 2006.


Read more at Reuters.com Business News

Turkish Stocks Fall for Fifth Day, Led by Koc, Akbank Shares; Migros Gains

(Bloomberg) -- Turkey's benchmark stock index
dropped for a fifth day, its longest losing streak in seven
months. Koc Holding AS and Akbank TAS paced the decline.

The ISE National 100 Index lost 102.69, or 0.2 percent, to
51,459.22 in Istanbul as 50 shares fell, 30 rose and 20 were
unchanged. That is the longest run of declines since the six
trading days ended Jan. 10.


Read more at Bloomberg Stocks News

UPDATE 1-Turkey's Akbank H1 net profit soars 35 pct

(Reuters) - Akbank, part-owned by Citigroup , turned a net profit
of 1.2 billion lira , it said in a statement.




Total loans grew 17.4 percent from the end of last year to
35.6 billion lira, with consumer loan growth of 19 percent.


Read more at Reuters.com Market News