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