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.


Read more at Bloomberg Bonds News

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.


Read more at Bloomberg Stocks News

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.


Read more at Bloomberg Stocks News

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.


Read more at Bloomberg Stocks News

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

Berkshire Hills sees earnings below estimates

(Reuters) - Shares of the company were down almost 2 percent at $27.43 in morning trade on the Nasdaq.







Read more at Reuters.com Business News

Libya sees enhanced oil round - Gaddafi son

(Reuters) - Libya plans an enhanced oil recovery round to develop its production capacity, Libyan leader Muammar Gaddafi's son Saif al-islam said on Monday.

"We are now ready to launch ...another round for enhanced recovery also -- that's a new one," he told Reuters in an interview during a visit to France.


Read more at Reuters Africa

FTSE 100 Index Stocks Advance, Led by HSBC, Imperial Chemicals, Vedanta

(Bloomberg) -- U.K. stocks rose for the first time
in five days, led by HSBC Holdings Plc after Europe's largest
bank reported profit that topped analysts' estimates.

Imperial Chemicals Industries Plc also gained, while BHP
Billiton Ltd. led shares of mining companies higher.


Read more at Bloomberg Stocks News

Platinum, Palladium Fall in New York on Speculation Auto Demand May Weaken

(Bloomberg) -- Platinum and palladium fell in New
York on speculation demand may weaken after Nissan Motor Co.
developed a technology that uses less of the precious metals in
emission-control devices.

The Tokyo-based company said July 27 that its new
autocatalyst requires only half the platinum, palladium and
rhodium of existing models. Makers of the devices buy 54 percent
of the platinum sold each year, according to Helen Henton, head
of commodity research at London-based Standard Chartered Plc.


Read more at Bloomberg Commodities News

UPDATE 3-KPN to buy Getronics for $1 bln, core profit flat

(Reuters) - AMSTERDAM, July 30 - Telecoms group KPN
has agreed to buy struggling information technology services
company Getronics for 766 million euros ,
making it the Dutch market leader in IT services.




KPN , which also beat analysts' expectations by
posting flat second-quarter core earnings on Monday, said the
cash takeover offer at 6.25 euros per Getronics share was part
of its strategy to move from providing communications links to
more value-added services in the business market.


Read more at Reuters.com Market News

Shares of mortgage lenders slide

(Reuters) - Other mortgage lenders falling included Countrywide Financial Corp. , down 3.4 percent to $28.85 and Novastar Financial Inc. , down 8.9 percent to $14.80.




Read more at Reuters.com Hot Stocks News

UPDATE 1-Wrigley posts higher 2nd-quarter profit

(Reuters) - The world's largest chewing gum maker said earnings rose to
$169.8 million, or 61 cents a share, from $140.6 million, or 51
cents a share, a year earlier.




Excluding costs for restructuring the company's supply
chain, earnings were 62 cents a share. Analysts on average had
forecast 59 cents, according to Reuters Estimates.


Read more at Reuters.com Market News

Bausch & Lomb allows rival bidder to show info

(Reuters) - NEW YORK, July 30 - Eye-care products group Bausch & Lomb Inc. said on Monday it has agreed to allow rival Advanced Medical Optics Inc. to provide certain information about its $4.23 billion takeover offer to some of Advanced Medical's large shareholders.



Advanced Medical wants to wrest Bausch & Lomb away from its existing agreement to be acquired by private equity firm Warburg Pincus for $3.67 billion.


Read more at Reuters.com Government Filings News

UPDATE 1-ArvinMeritor posts quarterly loss

(Reuters) - ArvinMeritor, which completed the sale of its emissions
unit during the quarter and has been in a restructuring, also
narrowed its outlook for earnings per share and raised slightly
its revenue forecast for its fiscal year.




The company posted a net loss of $70 million, 99 cents per
share, in its third quarter, ended June 30, compared with a net
profit of $20 million, or 29 cents per share, a year earlier.


Read more at Reuters.com Market News

BMC Software board authorizes buyback of up to $1 bln shares

(Reuters) - This is in addition to the $171.1 million buyback remaining under a previous authorization as of June 30, the company, whose software helps companies manage large computer networks, said in a statement.






Read more at Reuters.com Mergers News

Cosan sees IPO of 100 mln Class A common shares

(Reuters) - The Sao-Paulo Brazil-based company said it applied for a
New York Stock Exchange listing under the symbol "CZZ."





Read more at Reuters.com Government Filings News

Gold Gains on Speculation Dollar's Drop May Revive Demand; Silver Advances

(Bloomberg) -- Gold rose for the first time in a
week in London as the dollar's decline against the euro may
revive investor demand for the precious metal. Silver gained.

Gold has climbed 3.9 percent this year as the dollar fell
3.5 percent against the euro. Investment in StreetTracks Gold
Trust, the biggest exchange-traded fund backed by bullion, fell
last week for the first time in four weeks as the dollar
rebounded, World Gold Council figures show.


Read more at Bloomberg Commodities News

Verizon quarterly profit rises

(Reuters) - Operating revenue rose 6.3 percent to $23.3 billion, it said.




Strong sales of wireless and Internet services have helped ease the impact of Verizon's declining traditional phone business.


Read more at Reuters.com Market News

Gold steadies above 2-week low, remains defensive

(Reuters) - Traders said weaker share prices had forced investors to lighten positions in risky assets, including commodities, until the situation in stock markets stabilized.




"The weakness in global stock markets on concerns of a credit crunch continues and this is probably a negative factor for gold," Dresdner Kleinwort said in a research note.


Read more at Reuters.com Hot Stocks News

Kenya shilling slightly firmer vs dollar, seen rangebound

(Reuters) - The Kenya shilling made slight gains against the dollar in quiet trade on Monday, and dealers expect it to remain rangebound in the coming week.

At 0841 GMT commercial banks quoted the shilling at 67.55/65 compared with Friday's close of 67.60/70.


Read more at Reuters Africa

Platinum Declines in London, Erasing an Earlier Gain; Palladium Advances

(Bloomberg) -- Platinum fell in London, erasing an
earlier gain. Palladium rose.

Platinum for immediate delivery dropped $1.50 to $1,277 an
ounce as of 11 a.m. in London. Prices had gained as much as
$5.50, or 0.4 percent. Palladium rose $1.50 to $363 an ounce,
after earlier declining as much as $3.25, or 0.9 percent.


Read more at Bloomberg Commodities News

Johncom rejigs management after M-Net sale

(Reuters) - South African media firm Johnnic Communications has rejigged management as it focuses on expanding its media and entertainment business after selling its stake in pay-TV channels M-Net and Supersport.

Johncom said in a statement on Monday the restructuring would help the company sharpen its focus as it expands its core media and entertainment business. The firm said last year it was selling its stake in M-Net and Supersport to Naspers.


Read more at Reuters Africa

China's CSI 300 Index Advances for Seventh Day: World's Biggest Mover

(Bloomberg) -- China's stocks rose for a seventh day.
China Vanke Co. led developers and banks higher on speculation
U.S. Treasury Secretary Henry Paulson may convince the Chinese
government to allow the yuan's gains to accelerate.

``A stronger yuan will boost profits at banks and
developers'' as investors are drawn to local assets, said Zheng
Tuo, who manages the equivalent of $790 million at Bank of
Communications Schroder Fund Management Co. in Shanghai.


Read more at Bloomberg Stocks News

ISDA sets out European loan CDS template

(Reuters) - The European template differs from the U.S. standard in that
it relates to a specific underlying loan rather than an
underlying borrower.




The parties to the default swap can agree that a contract
will be canceled if that loan is subsequently refinanced.
Alternatively, the contract will continue, referencing the new
loans used to refinance the original underlying obligation.


Read more at Reuters.com Bonds News

Sarkozy Complaints About Euro's Impact on Exports Not Supported by Data

(Bloomberg) -- French President Nicolas Sarkozy
complains the euro's increase to a record against the dollar is
hurting European exports. So far, the numbers don't back him up.

Shipments from the 13-nation euro area rose 9 percent in the
five months through May from a year earlier, the second-fastest
pace in six years. That's because the euro has increased less than
half as much against the currencies of the region's 24 biggest
trading partners as it has against the U.S. dollar.


Read more at Bloomberg Exclusive News

FTSE up as M&A boosts; BoE eyed but jitters stick

(Reuters) - The FTSE 100 index of Britain's leading shares edged up 0.2 percent on Monday after a flurry of M&A activity boosted the upside but interest rate concerns and credit uncertainty continued to worry investors.

Fears that a rise in defaults on U.S. subprime mortgage loans could spiral into a broader financial crunch have surrounded global markets since mid-June.


Read more at Reuters Africa

French Stocks Advance; France Telecom Gains as Morgan Stanley Lifts Rating

(Bloomberg) -- French stocks rose, paced by
Michelin & Cie. and France Telecom SA.

The CAC 40 Index advanced 28.59, or 0.5 percent, to 5672.55
at 9:26 a.m. in Paris. The SBF 120 Index added 0.6 percent.


Read more at Bloomberg Stocks News

Platinum Futures Fall Daily Limit in Tokyo on Rising Yen, Demand Concern

(Bloomberg) -- Platinum futures in Tokyo declined
by the daily limit to a two-month low as a rising yen against
the dollar reduced the value of yen-denominated futures, and
amid concern that platinum usage in autocatalysts may decline.

The yen rose to the highest in more than three months
versus the dollar on July 27 as a fall in stocks caused traders
to repay Japanese currency loans used to fund high-yielding
investments.


Read more at Bloomberg Commodities News

UPDATE 1-Statoil Q2 tops forecast, keeps '07 output target

(Reuters) - Pretax profit fell to 28.3 billion crowns in
the second quarter to end-June, beating a 27.4 billion average
forecast in a Reuters poll of 19 analysts, whose estimates had
ranged from 22.4 billion to 31.7 billion crowns.




Revenues at the Nordic region's biggest industrial company
by turnover rose 1 percent to 108.9 billion, beating the average
forecast of 105.7 billion.


Read more at Reuters.com Market News

ICI says in talks with Akzo, hasn't opened books

(Reuters) - "Subsequently, ICI met with Akzo to advise that the proposal was rejected and to explore whether it could be increased. This meeting did not result in an improved proposal. Discussions are continuing, however, ICI has not granted Akzo access to due diligence information."




Read more at Reuters.com Business News

Kuwait Says Currency Peg Gives It `Flexibility' in Setting Exchange Rate

(Bloomberg) -- Kuwait's decision to peg the dinar to
a basket of currencies gives it flexibility in setting its
exchange rate, Kuwait News Agency reported, citing central bank
governor Sheikh Salem Abdul Aziz al-Sabah.

Markets needed time to adequately absorb the new currency
arrangement that was adopted on May 20, KUNA reported, citing the
governor. The central bank has sufficient expertise in managing a
currency basket to boost monetary stability and confidence in the
dinar, he said, the state news agency reported.


Read more at Bloomberg Currencies News

PRESS DIGEST - Wall Street Journal - July 30

(Reuters) - * Dow Jones & Co. Inc.'s controlling shareholders,
the Bancroft family, were still deliberating late Sunday
whether to sell to News Corp. , which has offered $5
billion for the publisher.




* John Malone's Liberty Global Inc. is weighing a
bid for Virgin Media Inc. , for which the Carlyle Group
[CYC.UL] has already offered $8 billion to $10 billion.


Read more at Reuters.com Mergers News

Sri Lanka's Inflation Probably Accelerated in July on Oil and Food Prices

(Bloomberg) -- Sri Lanka's inflation probably
quickened in July for the first time in four months as higher
oil and food prices offset slowing loan growth.

Consumer prices in the capital Colombo rose 15.5 percent
from a year ago, after gaining 13 percent in June, according to
the median forecast of 12 analysts in a Bloomberg survey. The
statistics department's index, the key inflation gauge watched
by the central bank, is due tomorrow at 3 p.m. in Colombo.


Read more at Bloomberg Emerging Markets News

Japan's Nikkei 225 Drops on Subprime Concerns; Topix Climbs on Earnings

(Bloomberg) -- Japan's Nikkei 225 Stock Average
dropped after U.S. residential investment slumped, raising
concern the world's largest economy will slow.

Canon Inc. slid 2.6 percent, leading exporters lower after
the yen advanced to the highest against the dollar in more than
three months, reducing the value of their overseas sales.


Read more at Bloomberg Stocks News

ABN Amro Holding NV, Bulgari, Geox, Linde, Tod's: European Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in European markets. Prices are from the last close.

The Dow Jones Stoxx 600 fell 0.5 percent to 372.69. The Dow
Jones Stoxx 50 Index declined 0.4 percent to 3720.33. The Euro
Stoxx 50 Index, a benchmark for the 13 nations using the euro,
dropped 0.2 percent to 4244.58.


Read more at Bloomberg Stocks News

Dow Jones family owners face deadline on bid-source

(Reuters) - Rupert Murdoch's News Corp., owner of Fox News, the New
York Post and a sprawling global media empire, made its $60 a
share bid for Dow Jones, the publisher of the Wall Street
Journal, on May 1.




The board of Dow Jones endorsed the offer two weeks ago,
sending the deal to the Bancroft family for approval.


Read more at Reuters.com Mergers News

TREASURIES-Steady in Asia, credit crunch fears supporting

(Reuters) - The credit crunch fears have fuelled safe-haven flows to
shorter-dated Treasuries and stirred speculation the Fed could
cut rates, pulling the two-year yield down to some 75 basis
points below the current federal funds rate of 5.25 percent.




With no major economic data due in the session, traders said
they would be keeping a close eye on how U.S. stocks move later
in the session, with Asian equity markets initially falling
about 1 percent following the tumble on Wall Street last Friday.


Read more at Reuters.com Bonds News

PetroChina's Shares Fall After Buffett's Berkshire Pares Stake in Company

(Bloomberg) -- Shares of PetroChina Co. fell after
Warren Buffett's Berkshire Hathaway Inc. reduced its stake in the
nation's biggest oil producer.

The stock dropped 4.4 percent to HK$11.24 at 10:29 a.m. in
Hong Kong, headed for its biggest two-day decline since August
2005. Berkshire sold 16.9 million shares for $27 million,
PetroChina said in a July 27 filing to the city's stock exchange.


Read more at Bloomberg Emerging Markets News

Apache Plans to Triple Australian Oil, Gas Spending to $1 Billion by 2008

(Bloomberg) -- Apache Corp. plans to triple spending
in Australia next year from 2006 as it steps up drilling and
construction in a region that may rival Egypt and the U.S. Gulf
as the company's main oil and gas producers.

Capital investment in drilling and exploration will probably
reach $1 billion next year, up from about $300 million in 2006,
said Tim Wall, managing director of Houston-based Apache's
Australian unit.


Read more at Bloomberg Energy News

Iran Doesn't Back OPEC Output Increase in September, Ministry Agency Says

(Bloomberg) -- Iran, the second-largest producer in
OPEC, doesn't support an increase in oil production at the
group's next meeting because high prices are being caused by
geopolitical issues and U.S. gasoline shortages, Shana reported.

Iran won't favor a production increase if the oil market
situation remains the same, the Tehran-based oil ministry press
agency said, citing Oil Minister Kazem Vaziri-Hamaneh.


Read more at Bloomberg Energy News

Crude Oil Falls From One-Year High as Sliding Equities Weigh on Confidence

(Bloomberg) -- Crude oil fell from a one-year high
in New York as sliding world equity markets weighed on investor
confidence.

A two-day slump on world equity markets pushed the Standard
& Poor's 500 index to its lowest in 3 1/2 months and knocked
$2.1 trillion off the value of global shares last week. Oil
climbed to within 1 cent of a record close on July 27 after a
report showed the U.S. economy, the world's biggest consumer,
expanded by 3.4 percent in the second quarter.


Read more at Bloomberg Commodities News

India, Indonesia, Malaysia, Singapore, Sri Lanka: Asia 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: China Development Bank, a state-owned lender, will
sell 20 billion yuan ($2.64 billion) of 10-year bonds on Aug. 1.
China will maintain a tight monetary policy to prevent the
economy from ``overheating,'' Xinhua News Agency reported July
27. The government will apply ``moderate and tight monetary
policies to cool the growth pace in the economy and improve
quality and efficiency of the growth,'' Xinhua said, citing a
statement by the Chinese Communist Party's Political Bureau.


Read more at Bloomberg Bonds News

Oil Trades Little Changed After Surging to 11-Month High on U.S. Economy

(Bloomberg) -- Crude oil was little changed near an
11-month high in New York after rising last week on signs growth
in the U.S. economy may underpin world demand.

Oil jumped after a July 27 report showed the U.S. economy,
which uses about 24 percent of the world's oil, expanded by 3.4
percent in the second quarter, the fastest pace in more than a
year. A 3.2 percent increase was forecast by economists surveyed
by Bloomberg News. World demand will rise 1.8 percent this year,
the International Energy Agency said in a July 13 forecast.


Read more at Bloomberg Energy News

Paulson's Yuan Appreciation Anticipated by Pictet, Western Asset's Trades

(Bloomberg) -- Investors from Switzerland to
California are banking on U.S. Treasury Secretary Henry Paulson
convincing China to let its yuan appreciate more than 5 percent
in coming months.

Western Asset Management Co. in Pasadena and Pictet Asset
Management in Geneva are buying contracts tied to the future
value of the yuan, driving the price so high that the currency
must strengthen at least 5.5 percent in the next 12 months
before they see any profit. The so-called non-deliverable
forwards are rising at the fastest pace in two years.


Read more at Bloomberg Currencies News

TIPS, A Bad Tip on Inflation in 2006, Lose Value as Oil Closes In on $100

(Bloomberg) -- Treasury investors say inflation is
abating, even if the oil bulls are right and crude heads to $100
a barrel.

Pacific Investment Management Co. and Fidelity Investments
sold Treasury inflation-protected securities maturing next year,
confident that consumer prices will remain in check. Money
managers lost as much as $275 million on so-called TIPS in the
second half of 2006 because oil fell from record highs and
gasoline prices dropped.


Read more at Bloomberg Bonds News

Egypt median o/n interbank rises to 8.7625 pct

(Reuters) - The median overnight interbank rate on Egypt's pound rose to 8.7625 percent on Sunday from 8.754 percent on Thursday, with the market liquid in the absence of auctions of certificates of deposits, dealers said.

"Many banks were offering money as they have a lot of liquidity available. I believe this will not change soon," one dealer said.


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Algeria says seen no suitable Gaz de France deal

(Reuters) - Algerian said its energy giant Sonatrach has not received any suitable proposal for an alliance with Gaz de France, floated as an alternative to the French utility's merger with rival Suez.

Sonatrach wanted a strategic partnership that could give it access to international reserves, energy and mines minister Chakib Khelil said in an interview to be published on August 1 in Paris-based industry magazine Petrole et Gaz Arabes.


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Sudan exporting 425,000 bpd of crude - official

(Reuters) - Sudan is exporting around 425,000 barrels per day (bpd) of crude and 30,000 tonnes a month of petroleum products, a senior oil ministry official said on Saturday.

The official also said deepened U.S. sanctions earlier this year had not hurt Sudanese exports, except in administrative banking procedures.


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Brazil issues warning to US over WTO cotton ruling

(Reuters) - Brazil on Friday pushed the United States to bring cotton subsidies in line with world trade rules, threatening retaliation if the world's largest cotton exporter does not comply with a new WTO ruling.

"We expect the United States to comply fully and immediately ... Brazil reserves its right to retaliate," Roberto Azevedo, a top Brazilian negotiator, said in Brasilia.


Read more at Reuters Africa

PRESS DIGEST - Washington Post Business - July 28

(Reuters) - WASHINGTON - Wall Street heard good news about the economy
but didn't pay it much heed: The Dow Jones industrial average
shed an additional 200 points to finish its worst week in more
than four years, potentially creating a snowball effect that
could continue next week.




---


Read more at Reuters.com Bonds News

Soybeans Fall for Second Week as Demand Slows for Record U.S. Inventories

(Bloomberg) -- Soybeans fell in Chicago, capping
the biggest two-week drop in three years, on speculation U.S.
oilseed processors are shunning record reserves in anticipation
of cheaper supplies when a new crop is harvested in September.

Midwest supplies on cash markets are selling for $1 a
bushel less than futures traded in Chicago, and the price gap
has almost doubled in the past year, U.S. Department of
Agriculture data show. Cash bids at loading facilities in New
Orleans yesterday were 21.25 cents below futures, compared with
a 28.4-cent premium a year ago.


Read more at Bloomberg Commodities News

UPDATE 1-Canfor posts loss, names Shepard new CEO

(Reuters) - The company cited low lumber prices and the stronger
Canadian dollar as driving it to a net loss of C$38.8 million
, or 27 Canadian cents a share, in the quarter.




That compared with a net profit of C$39.2 million, or 28
Canadian cents a share, in the same period last year. Those
results were boosted by one-time items.


Read more at Reuters.com Market News

US STOCKS-Indexes drop more than 1 pct on credit concerns

(Reuters) - NEW YORK, July 27 - U.S. stocks plunged for a
second day on Friday, in the worst week for the S&P 500 in
nearly five years, as tightening credit conditions led to
concerns that takeovers would slow.




Losses accelerated in the final minutes of trading, taking
the Dow industrials down more than 200 points, a day after an
equities sell-off that wiped out more than $300 billion in the
value off the S&P 500.


Read more at Reuters.com Bonds News

Mexico's OMA net profit inches higher

(Reuters) - Revenue increased 13 percent to 460 million pesos.




Read more at Reuters.com Market News

Angola building hotels as oil boom fuels demand

(Reuters) - Booming Angola is building dozens of hotels and guesthouses to meet rising demand that has pushed the price of a room in the capital Luanda to $250 per night, the country's tourism minister said on Friday.

The southwestern African state also needs thousands of new hotel rooms to accommodate visitors to an international diamond summit in 2009 and the African Cup of Nations soccer tournament, which it will host in 2010. About 2,000 people have already registered for the summit.


Read more at Reuters Africa

UPDATE 1-Belo quarterly profit, revenue fall

(Reuters) - Second-quarter net income fell to $36.4 million, or 35
cents a share, from $42.7 million, or 41 cents a share, in the
quarter a year ago, when it also logged a $7.5 million pre-tax
gain from a "change-in-control" provision in one of Belo's
vendor contracts.




Revenue fell 3.2 percent to $391 million, short of Wall
Street estimates of $396.7 million, according to Reuters
Estimates.


Read more at Reuters.com Market News

Chevron Profit Rises on Wider Refining Margins, Gain on Dynegy Stake Sale

(Bloomberg) -- Chevron Corp., the second-largest
U.S. oil producer, posted its highest quarterly earnings ever
after gasoline prices rose to a record and the company sold its
stake in Dynegy Inc. at a profit.

Second-quarter net income climbed to $5.38 billion, or
$2.52 a share, from $4.35 billion, or $1.97, a year earlier, the
San Ramon, California-based company said today in a statement.
The profit increase, at 24 percent, was the biggest among the
world's five largest investor-owned oil companies.


Read more at Bloomberg Energy News

US STOCKS-Futures cut losses, point to flat open

(Reuters) - After steep losses earlier, the S&P 500 and Nasdaq index
futures briefly turned positive after the data on gross
domestic product in a volatile session.




S&P 500 futures were off 1.30 points, below fair
value, a mathematical formula that evaluates pricing by taking
into account interest rates, dividends and time to expiration
on the contract.


Read more at Reuters.com Bonds News

European Bond Yields Hold Near Lowest in Two Months as Stocks Decline

(Bloomberg) -- European bond yields held near the
lowest in two months as stock markets across the region fell and
corporate-debt risk surged to a record

Bunds reversed earlier losses on speculation investors
switched to the safety of government securities. Benchmark 10-
year yields rose earlier after data showing consumer-price
inflation accelerated in Germany in July, adding to the case for
the European Central Bank to keep raising interest rates.


Read more at Bloomberg Bonds News

UPDATE 1-Scana 2nd-quarter earnings dip slightly

(Reuters) - Net earnings were $55 million, or 47 cents per share,
compared with $58 million, or 50 cents per share, a year
earlier.




Excluding the year-earlier gain of 4 cents per share from
the lawsuit settlement, earnings were up 1 cent per share.


Read more at Reuters.com Market News

Canadian Dollar Declines as Traders Speculate Subprime Losses Will Spread

(Bloomberg) -- The Canadian dollar fell for a third
straight day as stocks were poised to extend their losses and
investors unwound risky bets in commodity-linked currencies.

The Canadian currency fell 0.54 percent to 94.40 U.S. cents
at 8:20 a.m. in Toronto. The currency dropped 1.13 percent
yesterday, its biggest decline in 13 months. One U.S. dollar
buys C$1.0593. Canada's dollar dropped 0.34 percent to 112.25
yen.


Read more at Bloomberg Currencies News

McDonald's sued in China for not using Chinese

(Reuters) - "McDonald's offers food service in China, but it does not use Chinese, which violates the consumers' right to know," the Beijing Youth Daily quoted Shan as saying.




Shan has asked McDonald's to apologize in newspapers and give him symbolic compensation of 1 yuan , the newspaper said. The case began on Thursday.


Read more at Reuters.com Business News

Ingersoll-Rand 2nd-quarter net profit triples

(Reuters) - Excluding the gain on the sale of a business, Ingersoll
earned 95 cents per share, matching Wall Street expectations.




Revenue rose 9 percent to $2.23 billion.


Read more at Reuters.com Mergers News

RPT-ITT Corp. profit up on defense, water gear sales

(Reuters) - The manufacturing company, which makes night-vision
systems, military radios, sewage treatment equipment and a
range of other products, reported net profit of $213.7 million,
or $1.16 per share, compared with $140.9 million, or 75 cents
per share, a year earlier.




Excluding a tax gain and other special items, profit from
continuing operations was 92 cents per share.


Read more at Reuters.com Market News

K12 Inc. files with US SEC for $172.5 million IPO

(Reuters) - The filing did not include how many shares the company
planned to offer or the expected price range.




K12 intends to list its shares on the New York Stock
Exchange under the symbol "LRN."



Read more at Reuters.com Government Filings News

Cevian's Gardell-Volvo still long-term investment

(Reuters) - Cevian said earlier on Friday that partner fund Parvus was
leaving the joint venture set up by the two firms to hold a
stake in Volvo, leaving it with shares equal to 4.2 percent of
votes in the truck maker.




"There is nothing dramatic about this. They want to
have disposal of their shares directly so they are being
transferred to Parvus," Gardell said.


Read more at Reuters.com Mergers News

Risk aversion sends high yielders tumbling

(Reuters) - High yielding currencies fell sharply in volatile markets on Friday as an overnight sell-off in credit and stock markets led investors to pare risky carry trades.

The rise in risk aversion originally sent the low-yielding yen to a three-month high against the dollar and a six-week high versus the euro. But the Japanese currency's gains proved short-lived, in part due to soft retail sales data from Japan and also because of a recovery in European stock markets.


Read more at Reuters Africa

Real estate helps FTSE rally, but worries linger

(Reuters) - Britain's top share index rose on Friday in volatile trade as gains in real estate stocks and banks helped lift the FTSE 100 from four-month lows hit earlier on worries of a potential U.S. credit crunch.

The FTSE 100 index is on course for its biggest weekly fall since January 2003 but by mid-morning investors decided the sell-off had gone far enough for the time being.


Read more at Reuters Africa

European Stocks Advance, Led by Volkswagen on Profit; Nokia, Siemens Gain

(Bloomberg) -- European stocks rose for the first
time in four days after Volkswagen AG, the region's largest
carmaker, reported earnings that exceeded analysts' estimates and
investors speculated this week's sell-off was overdone.

Volkswagen paced gains by automakers. Nokia Oyj, the world's
biggest mobile-phone maker, rallied after a five-day decline, and
Siemens AG, Europe's largest engingeering company, rebounded from
a two-month low.


Read more at Bloomberg Stocks News

UPDATE 1-EU says Intel made 3 kinds of antitrust violations

(Reuters) - BRUSSELS, July 27 - The European Union's top
antitrust regulator has charged that Intel tried to use
its huge market share to push smaller rival Advanced Micro
Devices out of the central processing unit business.




The two companies make all the CPU chips at the heart of the
world's 1 billion personal computers and servers, but Intel has
about 80 percent of the business.


Read more at Reuters.com Government Filings News

Baker Hughes Q2 profit slips

(Reuters) - Analysts on average had forecast a profit of $1.11 a share,
according to Reuters Estimates. It was not immediately clear
whether estimates took into account the tax-related items.




On July 13, the Houston-based company warned a "significant
deterioration" of activity and profitability in Canada would
hurt its second-quarter profit.


Read more at Reuters.com Market News

JGBs soar as market volatility stirs BOJ doubts

(Reuters) - The sell-off in U.S. markets drove the Nikkei share average
down 2.4 percent, sending investors fleeing to safer
government bonds from risky assets and driving most yields down 7
to 8 basis points to two-month lows.




Bond investors are wary that turbulence in global markets may
make the BOJ more cautious about raising rates, with the chance
of a rate rise in August falling to just 50 percent from above 90
percent earlier in the month.


Read more at Reuters.com Bonds News

Emap considers sale, break-up after approaches

(Reuters) - LONDON, July 27 - British magazines, radio and exhibitions group Emap Plc is considering a sale or break-up after receiving a number of unsolicited approaches for parts of the business, it said on Friday.



The media group, which owns magazines FHM and Grazia and radio stations Magic and Kiss, declined to name its suitors and did not say which businesses they wanted to buy.


Read more at Reuters.com Mergers News

Union cancels wage talks with Angloplat, row continues

(Reuters) - South Africa's biggest mining union cancelled wage talks due on Thursday with Anglo Platinum Ltd because the miner was apparently not prepared to substantially change its offer, a union official said.

The National Union of Mineworkers (NUM) declared a dispute, the first legal step towards a strike, on July 11, but never officially filed it after Angloplat said it may raise its offer.


Read more at Reuters Africa

Japan's 10-Year Bonds Have Biggest Weekly Gain Since August as Stocks Drop

(Bloomberg) -- Japan's 10-year bonds had the
biggest weekly gain since August after a slump in global stocks
and corporate debt spurred demand for the relative safety of
government securities.

Benchmark bond yields fell to the lowest in eight weeks on
speculation a U.S. housing slump will slow growth in the biggest
market for Japanese exporters, making it harder for the Bank of
Japan to justify raising interest rates. A government report
today showed consumer prices declined for a fifth month.


Read more at Bloomberg Bonds News

UPDATE 3-Chinese chip maker SMIC posts Q2 loss, sees tepid Q3

(Reuters) - SHANGHAI/SAN FRANCISCO, July 27 - China's biggest
chip maker, Semiconductor Manufacturing International Corp.
, swung to a second-quarter loss on weak computer chip
prices and gave a lacklustre sales forecast for the current
quarter, pushing its shares lower.




Shanghai-based SMIC, citing pricing pressure in the DRAM
memory chip market, said on Friday it expected third-quarter
revenue to increase by 2 to 5 percent from the second quarter's
$374.8 million, which was up 3.7 percent from a year ago.


Read more at Reuters.com Market News

Solvay Q2 REBIT falls 4 pct, below forecasts

(Reuters) - Sales rose by 2 percent to 2.44 billion euros, compared with
the average forecast of 2.42 billion euros.




Read more at Reuters.com Market News

Better Weather May Allow Flood Waters in U.K. to Abate, Forecasters Say

(Bloomberg) -- Better weather may allow the worst
floods to hit the U.K. for 60 years to abate over the coming
days, weather forecasters said.

The U.K. had a mostly dry night, and forecasters said most
of the country would see a dry start to the day, the British
Broadcasting Corp. reported.


Read more at Bloomberg Bonds News

Investors Abandon Bank of Ireland, Allied Irish Shares on Housing Slump

(Bloomberg) -- Investors are abandoning Irish stocks
as rising interest rates hurt western Europe's fastest-growing
economy of the past decade.

The country's ISEQ Overall Index, a third of which is made
up of Ireland's three biggest mortgage lenders, has slumped 9.9
percent in 2007. It's the worst performer among equity benchmarks
for the 13 nations sharing the euro, and the only one besides
Italy's and Belgium's that has fallen this year.


Read more at Bloomberg Bonds News

JGB futures hit 2-mth high on global credit worry

(Reuters) - A 2.3 percent plunge in Tokyo shares also prompted investors
to shift funds into safer government bonds from risky assets,
driving JGB yields lower. The benchmark 10-year yield hit a
two-month low.




The yields of short- and medium-term bonds, which are
sensitive to the central bank's policy outlook, sank to
two-month lows.


Read more at Reuters.com Bonds News