PRESS DIGEST - New York Times front page - July 19

(Reuters) - ---




Moktada al-Sadr is reaching out to Iraqis on the street
while distancing himself from the increasingly unpopular
government.


Read more at Reuters.com Bonds News

NEWSMAKER-HK tycoon David Li may face charges in Dow Jones probe

(Reuters) - Born in London and educated at Cambridge, Li is the
consummate Hong Kong insider, serving as a member of the
Chinese territory's Legislative Council and holding
directorships of numerous corporations and organisations.




He also served as an adviser to China during the run-up to
Hong Kong's return to mainland rule in 1997.


Read more at Reuters.com Government Filings News

Standard Chartered eyes S.Africa's Nedbank -report

(Reuters) - The newspaper, citing unnamed sources, said Asia-focused Standard Chartered had been in discussions with Nedbank for some time.



Business Day quoted Standard Chartered South Africa Chief Executive Officer Christopher Low as saying the country was core to the group's strategy to expand its African business.


Read more at Reuters.com Mergers News

Copper Rises in Shanghai Trading Amid Chile Output Concern; Zinc Advances

(Bloomberg) -- Copper prices rose for a second day
in Shanghai amid concern lower output from Chile, the world's
largest producer of the metal, will further reduce global supply
as stockpiles fall.

Codelco, the world's biggest copper-mining company, said
protests by contract workers demanding higher pay reduced its
production in Chile. Stockpiles monitored by the London Metal
Exchange fell 775 metric tons to 98,625 tons yesterday.


Read more at Bloomberg Commodities News

Bernanke Prepares Ground for Longest Interest-Rate Freeze in Two Decades

(Bloomberg) -- Federal Reserve Chairman Ben S.
Bernanke is preparing the ground for the longest freeze in
interest rates in two decades.

Bernanke, delivering his semiannual economic testimony to
Congress yesterday, presented trimmed forecasts for growth this
year and next because of the prolonged housing recession. At the
same time, he said the ``predominant'' concern is that inflation
won't recede as forecast.


Read more at Bloomberg Bonds News

EADS, E.ON, Remy Cointreau, Renault, Roche, SAP: 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 1.2 percent to 393.14. The Dow
Jones Stoxx 50 Index declined 1.4 percent to 3925.29. The Euro
Stoxx 50 Index, a benchmark for the 13 nations using the euro,
decreased 1.5 percent to 4472.22.


Read more at Bloomberg Stocks News

Premier Erdogan's Election May Boost Turkey Shares, Cheaper Than Europe's

(Bloomberg) -- Turkish stocks, cheaper than equities
in the markets of the European Union, are attracting investors
who say this year's rally is just the beginning.

Prime Minister Recep Tayyip Erdogan, who has sold state
industries and reduced the budget deficit, will retain power in
this weekend's elections, according to six opinion polls. The
mostly Muslim nation of 72 million has had 21 straight quarters
of economic growth and inflation is near a five-year low.


Read more at Bloomberg Emerging Markets News

TREASURIES-Slip in Asia on profit-taking

(Reuters) - "Falls in Treasury yields were blocked at just below 5
percent, and I think this may have prompted some traders with
long positions to lock in profits," said a trader for a Japanese
trust bank.




Ten-year note futures fell 8/32 to 105-19/32 .


Read more at Reuters.com Bonds News

Japan's Stocks Rise, Led by Technology Shares; Mitsui OSK, Matsushita Gain

(Bloomberg) -- Japanese stocks advanced after
International Business Machines Corp. reported profits higher
than analysts' projections, raising speculation Japan's
technology companies will also post bigger-than-forecast earnings.

Matsushita Electric Industrial Co., the world's biggest
consumer electronics maker, led gains by the Topix. Shipping
companies including Mitsui O.S.K. Lines Ltd. advanced on
expectations that their earnings will climb.


Read more at Bloomberg Stocks News

UPDATE 3-Explosion rocks Manhattan, revives 9/11 memories

(Reuters) - NEW YORK, July 18 - A steam pipe exploded in
midtown Manhattan on Wednesday, creating a roar and a huge
plume of smoke and sending pedestrians fleeing from the area in
scenes reminiscent of the Sept. 11 attacks.




Officials in New York and Washington promptly ruled out a
terrorist attack. Police at the scene said 15 to 20 people had
been taken to hospitals.


Read more at Reuters.com Bonds News

BHP Billiton, Mirvac, Trinity, 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
gained 0.2 percent to 6341 at 8:20 a.m. in Sydney. The Bank of New
York Australia ADR Index dropped 0.3 percent in New York.


Read more at Bloomberg Stocks News

GZI Transport, LG Chem, Ranbaxy, Wipro: 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.

ACC Ltd. (ACC IN): India's biggest cement maker by capacity
will probably report a net income of 3.9 billion rupees in the
three months ended June 30, according to a median profit estimate
in a Bloomberg News survey. Sales may have risen to 24 percent to
18.2 billion rupees. ACC rose 22.5 rupees, or 2 percent, to
1133.1.


Read more at Bloomberg Stocks News

Oil May Exceed Analysts' Estimates for a Ninth Year, Deutsche Bank Says

(Bloomberg) -- Crude oil may exceed analysts'
estimates for a ninth year as forecasters fail to recognize the
lasting effect of changes to supply and demand fundamentals,
according to Deutsche Bank AG.

``The analyst community has been slow to adjust to the new
world order,'' Michael Lewis, Deutsche Bank's London-based head
of commodities research, said in a telephone interview
yesterday. ``We're now in the ninth consecutive year where the
market is underestimating the strength in the oil price.''


Read more at Bloomberg Energy News

Crude Oil Rises as U.S. Gasoline Inventories Fall Unexpectedly Last Week

(Bloomberg) -- Crude oil rose, approaching an 11-
month high in New York, after an Energy Department report showed
that U.S. gasoline inventories unexpectedly fell last week.

Supplies dropped 2.24 million barrels, the report showed.
Analysts in a Bloomberg News survey expected an 850,000 barrel
gain. Gasoline imports plunged 36 percent to an average 915,000
barrels a day, the lowest since the week ended March 16, the
report showed. The oil market often follows gasoline during the
summer months, when motor-fuel demand rises to an annual peak.


Read more at Bloomberg Commodities News

Copper Rebounds as Worker Protests in Chile Curbs Production at Some Mines

(Bloomberg) -- Copper rebounded in New York on
speculation that metal output will fall further in Chile, the
world's largest producer, amid worker protests at some mines.

Chile's state-owned Codelco said output has been reduced at
three of its mines. A four-week strike by contract workers
triggered most of the shotfall. The metal has gained 4.2 percent
in the past month on concern that labor unrest would disrupt
supplies.


Read more at Bloomberg Commodities News

EU experts back Glaxo's cervical cancer vaccine

(Reuters) - Europe's largest drugmaker said an expert committee at the European Medicines Agency had given a positive opinion on Cervarix based on data from clinical trials involving the vaccination of girls and women aged between 10 and 25.



Recommendations for marketing approval by the agency's Committee for Medicinal Products for Human Use are normally endorsed by the European Commission within a couple of months.


Read more at Reuters.com Government Filings News

Coffee Rises in New York on Concern Scarce Rain in Brazil May Damage Crop

(Bloomberg) -- Coffee rose for the third straight
session in New York as a lack of rainfall in Brazil, the world's
largest producer, increased concerns the next crop may be damaged
during its flowering phase.

The country's major coffee-growing areas will be mostly dry
for the next two to three weeks, said Dale Mohler, meteorologist
with AccuWeather Inc. in State College, Pennsylvania. Minas
Gerais, the biggest growing state, has received only 20 percent
of its average rainfall this winter, Mohler said. The next crop
begins to flower when Brazil's spring starts in September.


Read more at Bloomberg Commodities News

SEC Chairman Cox Sees `Urgent Need' for New Municipal Bond Regulations

(Bloomberg) -- U.S. Securities and Exchange
Commission Chairman Christopher Cox called for Congress to set
new disclosure rules for municipal borrowers, saying there is an
``urgent need'' to improve the information investors receive.

Cox, in a speech in Los Angeles today, also called for
lawmakers to bolster the Governmental Accounting Standards
Board, the group that sets accounting standards for states and
municipalities. Texas this year passed a law allowing local
governments there to ignore the board's rule forcing them to
disclose the cost of benefits promised to retired workers.


Read more at Bloomberg Bonds News

Zambia seeks debt relief from Russia, Iraq - finmin

(Reuters) - Zambia is seeking $600 million in debt relief from Russia, Iraq and other creditor countries that were not part of global debt relief plans agreed with the world's poorest nations in 2006, Finance Minister Ng'andu Magande said on Wednesday.

Magande said Zambia had written to Russia, Iraq, Bulgaria, Brazil and others asking them to cancel a total of $600 million in debt.


Read more at Reuters Africa

Rand holds steady vs dollar in liquid market

(Reuters) - South Africa's rand remained around levels at which it has traded for the past two weeks on Wednesday, with an uptick in global risk aversion and central bank intervention seen blocking any significant gains.

At 1455 GMT the domestic unit was at 6.9640 versus the dollar, barely changed from Tuesday's New York close of 6.96, though it briefly visited 7.0001 earlier in the session.


Read more at Reuters Africa

Bear Stearns, CSX, NovaStar, St. Jude, Tam, Yahoo: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 10:15 a.m. New York time.

Brazilian airline American depositary receipts fell after a
passenger plane owned by Tam SA crashed on landing at Sao Paulo's
domestic airport, killing as many as 200 people in the country's
worst air disaster. Tam's ADRs (TAM US), each worth one share,
fell $2.37, or 6.6 percent, to $33.46. Gol Linhas Aereas
Inteligentes SA's ADRs (GOL US), each worth one share, fell
$1.26, or 4.1 percent, to $29.15.


Read more at Bloomberg Stocks News

Crude Oil Rises on Speculation U.S. Inventories Dropped for a Second Week

(Bloomberg) -- Crude oil rose, approaching an 11-
month high in New York, on speculation that a government report
today will show that U.S. stockpiles fell for a second week as
refineries bolstered operating rates.

Inventories dropped 500,000 barrels last week, according to
the median of 18 responses in a Bloomberg News survey.
Refineries operated at 90.4 percent of capacity, up 0.2
percentage point from the week before, the survey showed.
Supplies of gasoline probably increased for a third week.


Read more at Bloomberg Energy News

Treasuries Little Changed as Bernanke Says Economic Growth Will Pick Up

(Bloomberg) -- Treasuries were little changed as
Federal Reserve Chairman Ben S. Bernanke predicted U.S. economic
growth will pick up slightly next year and inflation will
gradually recede.

The yield on the benchmark 10-year note rose almost 1 basis
point, or 0.01 percentage point, to 5.05 percent at 10:05 a.m.
in New York, according to bond broker Cantor Fitzgerald LP. The
price of the 4 1/2 percent note due in May 2017 fell 2/32, or 63
cents per $1,000 face amount, to 95 3/4. Bond yields and prices
move in the opposite direction.


Read more at Bloomberg Bonds News

Egyptian bourse edges down, but Raya and CIB shine

(Reuters) - Main Egyptian stock indexes dropped on Wednesday driven by market mainstay Orascom Telecom (OT), which shed 1.5 percent after offering to acquire technology and communications firm Raya.

But traders said the drop in the OT share price to 77.60 pounds was probably not related with the offer to buy Raya and may be attributed to profit-taking that has hit blue-chip stocks after a bullish run last week saw the market hit record closing highs.


Read more at Reuters Africa

Copper Futures Drop in New York on Signs That U.S. Demand May Remain Weak

(Bloomberg) -- Copper fell for a third session in
New York, the longest string of declines in more than a month, on
signs demand may weaken in the U.S., the world's second-largest
consumer of the metal.

Permits for new U.S. home construction fell 7.5 percent in
June to an annual rate of 1.406 million, from 1.52 million in
May, the Commerce Department said today. Builders are the biggest
users of copper in the U.S. The metal has fallen 12 percent since
reaching a high in May 2006 as a U.S. housing slump slashed
demand.


Read more at Bloomberg Commodities News

FTSE 100 Index Slides as Man Group, Tate & Lyle Decline; Sainsbury Climbs

(Bloomberg) -- U.K. stocks fell, led by Man Group
Plc, the world's largest publicly traded hedge fund manager, and
Tate & Lyle Plc, the maker of the sweetener Splenda.

Experian Group Ltd., a provider of credit information, and
Invensys Plc, an energy-management company, led losses among
companies dependent on U.S. sales as the pound rose to a 26-year
high against the dollar.


Read more at Bloomberg Stocks News

UPDATE 1-Johnson Controls profit up, in line with forecasts

(Reuters) - Net income rose to $396 million, or $1.98 per share, for
the fiscal third quarter that ended June 30, from $338 million,
or $1.71, a year earlier.




Earnings per share from continuing operations were also
$1.98, which analysts on average had expected the
Milwaukee-based company to post on that basis, according to
Reuters Estimates.


Read more at Reuters.com Market News

Venture Production Shares Fall After First-Half Oil, Gas Production Drops

(Bloomberg) -- Shares of Venture Production Plc fell
after the U.K. oil and natural-gas company said first-half output
fell more than 3 percent from a year earlier.

Production averaged 42,160 barrels of oil equivalent a day in
the first half. Poor weather disrupted tanker loadings and exports
from some North Sea fields, compounded by damage to a loading base,
the Aberdeen, Scotland-based company said in a statement
distributed by Regulatory News Service today.


Read more at Bloomberg Energy News

S.Africa maize deliveries at 4.257 mln T, boost price

(Reuters) - South African farmers have so far delivered 4.275 million tonnes of maize, data showed on Wednesday as the market rose on supply nerves generated by a gap between these figures and the official crop forecast.

White maize deliveries from South African farms rose to 2.682 million tonnes in the week to July 13 from 2.487 million, the South African Grain Information Service (SAGIS) said on its website shortly after the market closed.


Read more at Reuters Africa

Yen Advances as Bear Stearns Hedge-Fund Losses Restrain Carry Trades

(Bloomberg) -- The yen rose as losses on Bear
Stearns Cos. hedge funds prompted investors to reduce purchases
of financial assets funded by borrowing in Japan.

The Japanese yen advanced against 15 of the 16 most-actively
traded currencies as investors scaled back so-called carry
trades. The dollar touched a record low against the euro earlier
after Bear Stearns told investors in two of its hedge funds they
will get little if any money back after losses related to U.S.
subprime mortgages.


Read more at Bloomberg Currencies News

Gold hits six-week high as dollar slumps

(Reuters) - Gold hit a six-week high on Wednesday as the dollar tumbled to a record low against the euro, but dealers traded cautiously ahead of a testimony by U.S. Federal Reserve Chairman Ben Bernanke.

Analysts were not yet convinced the upward price move was sustainable as recent spikes prompted investors to take profits.


Read more at Reuters Africa

Hungarian Forint Falls as Wage Data Spurs Interest-Rate Cut Expectations

(Bloomberg) -- Hungary's forint fell against the
euro after a report showing wages grew less than expected buoyed
expectations the central bank will lower the European Union's
highest interest rates.

The forint slid to its lowest in a week after Hungary's
Statistics office said gross wages grew 7.4 percent in May on the
year, compared with the 8 percent forecast in a Bloomberg News
survey. Slower earnings growth may prompt the central bank to cut
its base rate for a second time in two months.


Read more at Bloomberg Currencies News