S.African metal workers call off crippling strike

(Reuters) - South Africa's main metalworkers' union has agreed to call off a four-day strike that has crippled much of the country's metal and engineering sector, the union said on Thursday.

The National Union of Metalworkers of South Africa (NUMSA) said the Steel and Engineering Industries Federation of South Africa (SEIFSA) had agreed to raise salaries in the sector by 9 percent for the lowest paid and 8 percent for more skilled workers from July.


Read more at Reuters Africa

Euro hits record high vs yen in pre-holiday trade

(Reuters) - The yen hit a record low versus the euro on Friday and suffered broadly as the continuing view that Japanese rates will rise slowly prompted investors to sell the low-yielding yen for assets in currencies offering higher yields.

The dollar hovered near an all-time low against the euro and a 26-year trough versus sterling as traders remained cool on the currency due to worries about the U.S. subprime mortgage sector.


Read more at Reuters Africa

UPDATE 1-Samsung Elec shares up 6 pct on hostile bid report

(Reuters) - Shares received an additional boost after Samsung posted a
smaller-than-expected 5 percent drop in quarterly profit and said
it would issue 73 billion won in interim dividends.
[ID:nSEO93092] [ID:nSEL000039]




The Chosun Ilbo quoted an unnamed high-ranking Samsung
official as saying that the company received information that
U.S. billionaire investor Carl Icahn and other hedge funds were
readying hostile M&A bids for Samsung.


Read more at Reuters.com Mergers News

Dutch court poised to rule on ABN's LaSalle sale

(Reuters) - The court is considering whether to unfreeze the suspended sale of ABN's LaSalle Bank to Bank of America for $21 billion.




If the court tells ABN it can sell LaSalle, that would strengthen a bid by Britain's Barclays to buy ABN for nearly 63 billion euros , since its offer is contingent on the sale of LaSalle.


Read more at Reuters.com Mergers News

Neo-China, SK Telecom, Korea Exchange Bank, Mitsubishi: Asia Bond Alert

(Bloomberg) -- SK Telecom Co., South Korea's largest
mobile-phone operator, and Azgard Nine Ltd., a Pakistani maker of
textiles and fertilizer, are among borrowers seeking to sell at
least $7 billion of bonds in Asia, according to data compiled by
Bloomberg.

Governments and companies in Asia sold $43.3 billion of debt
denominated in dollars, euros and yen this year, up from $37.5
billion a year earlier, according to data compiled by Bloomberg.
Sales of Samurai debt, bonds sold by foreign entities in Japan,
increased to 1.3 trillion yen ($10.6 billion), from 741 billion
yen in the whole of 2006.


Read more at Bloomberg Bonds News

Daewoo Securities Buys 19.9 Percent Stake in Indonesian Brokerage eTrading

(Bloomberg) -- Daewoo Securities Co., South Korea's
largest securities firm by market value, said it bought a 19.9
percent stake in Indonesia's PT eTrading Securities, becoming
the second-biggest owner of Indonesia's largest online brokerage.

Daewoo paid 14.9 billion rupiah ($1.6 million) for the
stake, the first investment in an Indonesian securities firm by
a Korean brokerage, Seoul-based Daewoo said in a statement today.
Aiti Investment and other affiliates own a combined 69 percent
of eTrading.


Read more at Bloomberg Emerging Markets News

South Korean Won Rises to Seven-Month High as Stocks Rally; Bonds Fall

(Bloomberg) -- South Korea's won rose to the highest
in seven months against the dollar on speculation overseas
investors increased purchases of the nation's stocks. Bonds
declined.

The currency was poised for a fifth week of gains as stock
exchange data showed funds abroad bought $65 million more Korean
shares than they sold within the first 15 minutes of trading. The
Bank of Korea yesterday boosted benchmark interest rates and said
the increase ``won't be a hurdle'' to the economy, which will
likely grow by more than it previously expected.


Read more at Bloomberg Currencies News

Energizer Holdings to acquire Platex Products

(Reuters) - The offer represents a 26 percent premium over Playtex's
closing stock price on July 10, according to a joint statement
from both companies.




Read more at Reuters.com Mergers News

VeriSign CFO quits; options costs seen at $160 million

(Reuters) - The company said it had filed with the U.S. Securities and Exchange Commission its 2006 annual report and overdue reports for the second and third quarters of 2006 that include financial information restated as a result of a review into VeriSign's stock-option granting practices.




VeriSign's review led to adjustments to its consolidated financial statements for 2005, 2004, 2003 and 2002.


Read more at Reuters.com Business News

Japan's Bonds May Decline as Stock Rally Limits Demand for Debt Securities

(Bloomberg) -- Japan's government bonds may decline
after stocks advanced, suggesting investors are becoming less
averse to riskier securities.

Benchmark debt is likely to drop for a second day since
concerns over the credit quality of U.S. subprime mortgages
drove the biggest rally in Japan's 10-year bonds since August.
U.S. Treasuries slumped yesterday after the Dow Jones Industrial
Average and the S&P 500 closed at record highs. The Nikkei 225
Stock Average rose, halting a three-day drop.


Read more at Bloomberg Bonds News

RPT-UPDATE 1-Fremont General says Lamb quits as CFO

(Reuters) - Fremont, which in May did two key deals to offset its
subprime mortgage woes, said Ronald Nicolas, the chief
financial officer at the company's bank, had been named to
succeed Lamb.




Jim Lucas, a spokesman for Fremont, declined to comment on
what company Lamb had joined.


Read more at Reuters.com Bonds News

Exporters, Hankook Tire, Metals Makers, GS E&C: South Korea Equity Preview

(Bloomberg) -- The following shares may rise or fall
in South Korea. Prices refer to the previous close. This preview
includes news announced after markets shut yesterday. Stock
symbols are in brackets after the company names.

The Kospi index climbed 1.1 percent to a record 1909.75. The
Kosdaq added 1 percent to 828.22. Kospi 200 futures expiring in
September gained 1.4 percent to 244.10, while the underlying index
rose 1 percent to 242.86.


Read more at Bloomberg Stocks News

RPT-UPDATE 1-NEWSMAKER-Alcan's Evans to head new Rio Tinto Alcan

(Reuters) - If Rio's all-cash $38.1 billion bid for the Canadian
company succeeds, it will wrap its combined aluminum assets
into a new entity to be called Rio Tinto Alcan, with industry
veteran Evans at the helm.




The deal gives Evans -- who has only been in the top job at
Alcan since March 2006 -- a role in a what is being billed by
some as the world's biggest mining deal and the largest
takeover in Canadian history.


Read more at Reuters.com Mergers News

John Mackey panned Wild Oats on Web

(Reuters) - Company CEO John Mackey posted messages on a Yahoo! financial forum under the user name "rahodeb," according to a court document filed by the U.S. Federal Trade Commission and postings on Yahoo!




Mackey's messages painted a bright future for Whole Foods, the largest U.S. natural and organic grocer, and downplayed the threat posed by competitors.


Read more at Reuters.com Business News

Colorado Stock Index Rises to Record, Led by Chipotle, Woodward, ProLogis

(Bloomberg) -- An index of Colorado stocks rose to
an all-time high, led by Chipotle Mexican Grill Inc., Woodward
Governor Co. and ProLogis.

The Bloomberg Colorado Index, a price-weighted list of
companies based in the state, climbed 4.55, or 1 percent, to
448.19, a record close. During intraday trading, the measure hit
448.20. Rising stocks outnumbered those that fell 78 to 32, with
five unchanged.


Read more at Bloomberg Stocks News

H&R Block says judge dismisses much of IRA lawsuit

(Reuters) - Kansas City, Missouri-based H&R Block said State Supreme
Court Justice Karla Moskowitz excused the corporate parent and
five units from the lawsuit. It said she let stand the portion
of the complaint concerning another unit, H&R Block Financial
Advisors Inc., but dismissed allegations of common law fraud.




H&R Block said it believes the remaining claims lack merit,
and that it planned to appeal.


Read more at Reuters.com Bonds News

Yen May Extend Declines Versus Euro as Advance in Stocks Feeds Risk-Taking

(Bloomberg) -- The yen may set a record low against
the euro for a third day this week as a surge in global stocks
signaled that investors are taking on risky bets, including so-
called carry trades.

Japan's currency may extend its losses as investors resume
selling the yen to fund carry-trade purchases of assets in
countries with higher yields. Asian shares traded in the U.S.
rose yesterday, suggesting the region will extend the global
rally. Two of the three major U.S. benchmarks set record highs.


Read more at Bloomberg Currencies News

RLPC-Fitch: bridge loans could tighten credit conditions

(Reuters) - "If additional large deals fail to clear the markets,
underwriters could be forced to bridge these deals until market
conditions improve, thus reducing the availability of credit
for new transactions," said the report, which was obtained by
Reuters Loan Pricing Corp.




It adds this could result in increased refinancing risk to
companies whose existing debt is maturing and could ultimately
lead to an increase in the default rate.


Read more at Reuters.com Bonds News

PepsiCo, others settle benzene suit: plaintiffs

(Reuters) - According to the U.S. Food and Drug Administration, elevated temperatures and light can stimulate benzene formation in some beverages that contain vitamin C, also known as ascorbic acid, and sodium or potassium benzoate.




PepsiCo voluntarily reformulated its Diet Wild Cherry Pepsi last September. Other drinks involved are Diet Rockstar, Polar Diet Orange Dry, Shasta Caffeine Free Regular Orange and Sunny Delight Citrus Punch, Baja Orange and Baja Berry.


Read more at Reuters.com Business News

Hurco Cos. files shelf for $200 mln in debt, stock

(Reuters) - Under a shelf registration, a company may sell securities
in one or more separate offerings with the size, price and
terms to be determined at the time of sale.




Read more at Reuters.com Government Filings News

Margin debt soars to record $353 billion on NYSE

(Reuters) - The NYSE data showed margin debt surged 11 percent to $353
billion in May, easily topping the last record of $318 billion
hit in April.




Contributing to the surge are regulatory changes that allow
investors to take on more debt from their brokers, said NYSE
Regulation spokesman Brendan Intindola.


Read more at Reuters.com Bonds News

U.S. Stocks Rally, Sending S&P 500 and Dow Average to Records; Alcoa Gains

(Bloomberg) -- U.S. stocks rallied, sending the
Standard & Poor's 500 Index and Dow Jones Industrial Average to
records, after retailers reported better-than-expected sales and
investors speculated Alcoa Inc. may be bought.

Wal-Mart Stores Inc., the world's largest retailer, posted
its biggest gain in a month after same-store sales tripled
analysts' predictions. Aluminum producer Alcoa led the Dow's
advance as Rio Tinto Group's plan to buy Alcan Inc. spurred
expectations of more takeovers in the metals industry.


Read more at Bloomberg Stocks News

Marriott earnings rise but shares fall on outlook

(Reuters) - For the second straight quarter, Marriott lowered its forecast for revenue per available room, or revpar -- a key measure of hotel performance -- from its hotels in North America. The lowered forecast reinforced concerns about a slowdown in its home market.




"Marriott's second top-line revision for 2007 offers one more support to our view that trends in the US are decelerating at a faster-than-expected clip," Goldman Sachs analyst Steven Kent said in note.


Read more at Reuters.com Hot Stocks News

Chicago Merc's Move to CBOT Might Replace Pork Bellies With Beer Bellies

(Bloomberg) -- The last time the Chicago Mercantile
Exchange moved, its former trading floor was taken over by a gym
full of sweaty executives. Now beer bellies may supplant pork
bellies once again.

With its agreement this week to buy the Chicago Board of
Trade for $11.3 billion, the Merc -- the biggest U.S. futures
market -- plans to move face-to-face trading six blocks away to
the CBOT's art deco building.


Read more at Bloomberg Exclusive News

UPDATE 1-US ex-auto retail sales slow in June-SpendingPulse

(Reuters) - The seasonally adjusted gain was below May's 0.3 percent
increase, according to SpendingPulse, the retail data service
of MasterCard Advisors, an arm of MasterCard Worldwide .




Retail gasoline prices trended lower in June after reaching
a record high of $3.22 a gallon in late May. However, the
government said on Monday that regular unleaded gasoline prices
averaged $2.98, rising for the first time in six weeks.


Read more at Reuters.com Bonds News

Market watchers won't rule out takeover of Macy's

(Reuters) - In recent weeks, speculation has surfaced that the operator of the Macy's and Bloomingdale's store chains might be a takeover target for private equity firms.




Investors have placed bullish bets in the options markets by buying Macy's calls. For the past three Fridays, Macy's call volume was heavier than usual as investors hoped to profit from a share rally.


Read more at Reuters.com Bonds News

Soybeans Extend Rally to Three-Year High as Dry Weather Threatens Crops

(Bloomberg) --Soybeans rose for a sixth consecutive
session in Chicago, extending a rally to a three-year high, on
forecasts for expanding drought conditions that may threaten
U.S. crops.

The hottest, driest weather since at least 1995 will start
July 18 in the Midwest and extend into August, drying soils and
increasing stress on plants west of the Mississippi River, said
Fred Gesser, senior global meteorologist for Planalytics Inc. in
Wayne, Pennsylvania. Temperatures may rise to 102 degrees
Fahrenheit (39 Celsius) beginning July 22, Gesser said.


Read more at Bloomberg Commodities News

TPG keeps eye on Alitalia as Iberia opens door

(Reuters) - TPG told the Italian government it remains interested in buying Alitalia, but wants the freedom to talk to unions before making a binding offer as suitor Air One has been doing, among other changes to the sale process, people familiar with the situation said.




Meanwhile, the Iberia board agreed to show detailed financial information to TPG with certain conditions after the private equity firm last week set an end-July deadline to receive a response to its 3.60 euros a share offer, which values the carrier at 3.4 billion euros .


Read more at Reuters.com Mergers News

Treasuries Decline Second Day as Stocks Advance, Concern Over Risk Eases

(Bloomberg) -- Treasuries fell for a second
straight day as stocks advanced, suggesting investors are
becoming less averse to risky assets.

Expectations for higher corporate profits and takeover
speculation eased concern a housing market slump will curb
economic growth. Treasuries advanced the most since February on
July 10 as Standard & Poor's and Moody's Investors Service
warned about the credit quality of subprime mortgages.


Read more at Bloomberg Bonds News

UPDATE 1-Fred's June sales up, co. says rise below estimate

(Reuters) - Sales at stores open at least a year rose 1.5 percent during
the five weeks ended July 7, while sales taking into account
all its outlets increased 4 percent to $166.2 million.




The shift to generics has a neutral-to-positive effect on
the profit because of their increased margins, Chief Executive
Michael Hayes said in a statement.


Read more at Reuters.com Market News

AmerisourceBergen, Kindred JV to issue 30 mln shares

(Reuters) - The record date for spinning off their respective
institutional pharmacy businesses has been set for July 20, the
companies said in a statement.





Read more at Reuters.com Mergers News

U.S. 2008 Corn Surplus Estimate Raised 51 Percent as Farmers Boost Acreage

(Bloomberg) -- The U.S. corn surplus before the 2008
harvest will be 51 percent bigger than estimated in June, the
government said, because farmers planted more acres than they
indicated earlier this year.

About 1.502 billion bushels of unsold corn will be on hand
before next year's harvest, up from 997 million forecast a month
ago, the U.S. Department of Agriculture said today in a report.
That's 32 percent bigger than 1.137 billion estimated for Aug. 31
this year and above an average of 1.45 billion expected by 14
analysts surveyed by Bloomberg.


Read more at Bloomberg Commodities News

European Government Bonds Snap Advance After Report Shows Economy Growing

(Bloomberg) -- European government bonds snapped a
three-day advance after reports showed the region's economy
expanded faster than previously estimated and is poised to keep
growing through the year.

Bonds also slid as the European Central Bank said interest
rates are still low enough to support growth, suggesting it sees
room to raise them further. ECB President Jean-Claude Trichet
yesterday said there are ``upside risks'' on inflation.


Read more at Bloomberg Bonds News

U.S. jobless claims fell 12,000 in latest week

(Reuters) - A Labor Department official said that temporary layoffs in
the auto sector as plants typically shutdown for retooling have
started to show up in the unadjusted claims data, but that the
department's seasonal factors have adjusted for this.




The four-week moving average, a more reliable measure of
employment conditions because it irons out weekly fluctuations,
fell to 317,750 from 319,250. The number of workers remaining
on jobless benefits inched down by just 4,000 to 2.554 million
for the week ended June 30, the most recent week these figures
were available.


Read more at Reuters.com Bonds News

Kenya's Equity Bank to buy stake in mortgage firm

(Reuters) - Kenya's Equity Bank and insurance firm British American Investments Company (BAIC), plan jointly to buy a 24.9 percent stake in Housing Finance, the companies said on Thursday.

"Equity advises its shareholders that the bank and BAIC ... have concomitantly signed a conditional sale and purchase agreement with CDC Group for the transfer of 24.9 percent shareholding in mortgage firm, Housing Finance," the companies said.


Read more at Reuters Africa

J.C. Penney June same-store sales fall 1.5 percent

(Reuters) - The Plano, Texas-based company said total department store
sales rose 1.4 percent in the five weeks ended July 7, while
Internet sales were up 10 percent.





Read more at Reuters.com Market News

Gap June same-store sales fall 5 percent

(Reuters) - San Francisco-based Gap, which also runs the Banana
Republic chain, said net sales for the five weeks ended July 7
were $1.45 billion, down 4 percent from a year ago.





Read more at Reuters.com Market News

Abercrombie & Fitch June sales beat expectations

(Reuters) - The New Albany, Ohio-based company, which owns the Abercrombie & Fitch, Hollister and RUEHL chains, said net sales for the five weeks ended on July 7 rose 21 percent to $293.2 million from a year earlier.




Overall, tops sold well, offsetting a decline in sales of bottoms, the retailer said.


Read more at Reuters.com Market News

UPDATE 1-Shaw revises Q1 loss view, to delay results

(Reuters) - Shaw expects to obtain appropriate waivers under its bank credit agreement with respect to covenants related to the delinquent U.S. Securities and Exchange Commission filings.



The company expects to record a loss of about $23.8 million, or 30 cents per diluted share, when it restates results for its first fiscal quarter, ended February 28, 2007. It previously reported a loss of $20.3 million, or 26 cents a share.


Read more at Reuters.com Market News

Wet Seal June same-store sales rise 0.7 pct

(Reuters) - Net sales during the month increased to $54.5 million from $48.0 million in the same month last year.






Read more at Reuters.com Market News

S&P affirms S.Africa currency ratings, outlook stable

(Reuters) - Rating agency Standard & Poor's said on Thursday it affirmed its foreign currency and local currency sovereign credit rating for South Africa and said its outlook was stable, citing prudent macroeconomic policies.

The agency said in a statement it affirmed the 'BBB+' long-term and 'A-2' short-term foreign currency, and 'A+' long-term and 'A-1' short-term local currency, sovereign credit ratings on Africa's economic powerhouse, as well as the 'zaAAA' long-term and 'zaA-1' short-term national scale ratings.


Read more at Reuters Africa

UPDATE 1-Rio falls after Alcan bid, but lifts mining sector

(Reuters) - But shares in Rio, the world's second-biggest miner, slipped
as much as 4 percent, and were down 1.8 percent at 1000 GMT.




"Rio Tinto shares are trading lower this morning due to
reduced expectations for a large special dividend, reduced share
buyback programme and reduced expectations for a potential
takeover of Rio Tinto itself," Numis said in a note.


Read more at Reuters.com Mergers News

Oil Climbs Above $73 a Barrel in New York as U.S. Crude Supplies Decline

(Bloomberg) -- Crude oil rose to more than $73 a
barrel in New York after the U.S. government reported supplies of
oil dropped because of a decline in imports.

Crude-oil stockpiles dropped 1.5 million barrels to 352.6
million barrels last week, according to the U.S. Energy Department.
Imports fell 7 percent to an average 10 million barrels a day, the
lowest since the week ended April 13.


Read more at Bloomberg Commodities News

US June home foreclosures drop from 30-month peak

(Reuters) - RealtyTrac's foreclosure filing rate represents default
notices, auction sale notices and bank repossessions.




"Foreclosure activity subsided somewhat in June after
hitting a 30-month high in May," Saccacio said.


Read more at Reuters.com Economic News

European Stocks Advance, Led by BHP Billiton, Xstrata, Alstom, Nokia

(Bloomberg) -- European stocks rose for the first
time in three days, led by BHP Billiton Ltd. and Xstrata Plc,
after Rio Tinto Group's $38.1 billion purchase of Canada's Alcan
Inc. fanned takeover speculation in the industry.

Alstom SA jumped the most since April after the world's third-
biggest maker of power plants said sales rose 27 percent, driven by
increased investment in electricity grids. Nokia Oyj climbed after
Motorola Inc. of the U.S. posted a quarterly loss because it's
losing customers to the Finnish mobile-phone company.


Read more at Bloomberg Stocks News

Asian Shares Rise, Led by BHP Billiton, Posco, on Takeovers, Metals Prices

(Bloomberg) -- Asian stocks climbed, driving
benchmarks in South Korea and Hong Kong to records, on takeover
speculation in the metals industry and higher commodity prices.

Rio Tinto Group climbed to a new high after a newspaper
report said it would bid for Alcan Inc. The world's No. 3 mining
company announced an offer after the close of trading in Australia.
South Korea's Posco led the region's steel producers higher after
Chaparral Steel Co. agreed to be bought for $4.22 billion.


Read more at Bloomberg Stocks News

NIBC, Prologis, CRH, Kommunekredit Plan Debt Sales: European Bond Alert

(Bloomberg) -- CRH PLC, the world's second-biggest
building materials supplier, and NIBC Holding NV are among
borrowers seeking to raise the equivalent of at least 1.5 billion
euros ($2 billion) in bond sales in euros and pounds, according
to data compiled by Bloomberg.

Companies have sold $1,030 billion of bonds so far this
year, up from $827 billion in the same period last year.


Read more at Bloomberg Bonds News

Rio Tinto Bond Risk Reaches Two-Year High on Its $38 Billion Bid for Alcan

(Bloomberg) -- The risk of lending to Rio Tinto
Group jumped to the highest in two years after the world's third-
largest mining company agreed to buy aluminum producer Alcan Inc.
for $38.1 billion, credit-default swaps show.

Contracts on $10 million of London-based Rio Tinto debt
increased $5,000 to $23,500, according to Deutsche Bank AG.


Read more at Bloomberg Bonds News

Rio Tinto says aluminum sector outlook strong

(Reuters) - Rio said earlier it has agreed to pay $38.1 billion, or $101 per common share, for Canadian aluminum company Alcan Ltd. .




Read more at Reuters.com Business News

Rio Tinto Bond Risk Jumps on Bid for Alcan, Credit-Default Swaps Show

(Bloomberg) -- The risk of owning the bonds of Rio
Tinto Group, the world's third-largest mining company, rose
after the company agreed to buy aluminum producer Alcan Inc. for
$38.1 billion, according to traders of credit-default swaps.

Contracts on $10 million of London-based Rio Tinto debt
rose $5,000 to $23,500, according to Deutsche Bank AG.


Read more at Bloomberg Bonds News

European Government Bonds Decline on Interest-Rate Outlook, Stocks Rally

(Bloomberg) -- European bonds dropped for the first
day this week on speculation their rally wasn't justified by the
outlook for higher interest rates and as stock markets rebounded.

Benchmark 10-year bund yields rose from the lowest in a week
after U.S. equities rose and Asian stocks markets rallied today
as concern waned that U.S. subprime-mortgage delinquencies would
spread to the wider economy. European Central Bank President
Jean-Claude Trichet yesterday said the region's inflation outlook
``remains subject to upside risks.''


Read more at Bloomberg Bonds News