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

Philippine Economy Suffering as Stronger Currency Curbs Exports, Neri Says

(Bloomberg) -- The Philippine economy is suffering
from a rising currency, with the strengthening peso damping
export growth, said Economic Planning Secretary Romulo Neri.

``Peso strength is affecting growth,'' Neri said in a July
25 interview in Manila. The central bank, where Neri is a
monetary board member, ``can do very little now when the peso
strengthens.''


Read more at Bloomberg Emerging Markets News

Gold rebounds after sell-off, Tokyo hits 1-mth low

(Reuters) - -- Most active June 2008 gold futures on the Tokyo Commodity Exchange fell 75 yen per gram to 2,521 yen, having fallen to an intraday low of 2,566 yen -- the lowest level since June 27.




-- The most active December contract on the recently launched "mini" gold futures contract <0#JAM:> fell 74 yen per gram to 2,557 yen.


Read more at Reuters.com Hot Stocks News

Wal-Mart's Seiyu to post H1 operating loss-Nikkei

(Reuters) - Seiyu's first-half same-store sales fell 1 percent
year-on-year, dragged down by weak sales of clothing and electric
appliances, as well as poor weather, the Nikkei said.




A spokesman for Seiyu, which is scheduled to announce its
results on August 14, said the report was speculation.


Read more at Reuters.com Market News

Hartford says gets subpoena from Connecticut AG

(Reuters) - Hartford said it exited the reinsurance market in 2003.




The property and life insurer said it was fully cooperating
with the attorney general's office.


Read more at Reuters.com Government Filings News

Virginia Financial Group to acquire FNB Corp

(Reuters) - Current Virginia Financial President and Chief Executive
O.R. Barham will serve as president and CEO for the resulting
holding company, the companies said.





Read more at Reuters.com Mergers News

Japanese Bonds Gain for Third Day as Stock Decline Spurs Flight to Safety

(Bloomberg) -- Japanese bonds rose, pushing 10-year
yields to the lowest in more than seven weeks, after a slump in
global stocks and corporate debt spurred demand for the relative
safety of government securities.

Benchmark bonds headed for a second weekly advance 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 fell for a fifth month.


Read more at Bloomberg Bonds News

Bear Stearns seizes troubled hedge fund's assets

(Reuters) - The investment bank said it does not expect any "material
change" in financial exposure as a result of its action. It
said it will continue to pursue an "orderly liquidation" of the
assets, and will be in position to establish appropriate hedges
to protect against future price declines.





Read more at Reuters.com Bonds News

RPT-US STOCKS-Wall St indexes sell off on housing, credit fears

(Reuters) - NEW YORK, July 26 - U.S. stocks plummeted on
Thursday, with the Dow industrials tumbling more than 300 points,
on signs of further weakness in the housing market and
deteriorating conditions for corporate buyouts.




The S&P shed about $300 billion in market value in the worst
single session since the Feb. 27 global market sell-off, with
surprisingly weak earnings reports also weighing on stocks. Even
with the sharp decline, the Dow and S&P 500 are within 5 percent
of their respective record highs.


Read more at Reuters.com Bonds News

ConocoPhillips Cuts Runs at Germany's Wilhelmshaven Refinery, Mulva Says

(Bloomberg) -- ConocoPhillips, the third-largest
U.S. oil company, has reduced runs at its 227,000 barrel-a-day
Wilhelmshaven refinery in Germany after high oil prices made
refining uneconomic, the company's Chief Executive Officer Jim
Mulva said.

``We've taken an economic decision to cut back runs at the
Wilhelmshaven refinery,'' said Mulva in a conference call with
analysts and reporters yesterday. ``The less sophisticated
refineries such as Wilhelmshaven obviously are subject to, for
economic reasons, some cutbacks in runs.''


Read more at Bloomberg Energy News

Embarq quarterly profit, revenue rise

(Reuters) - Operating revenue rose to $1.605 billion from $1.589
billion a year earlier.




Read more at Reuters.com Market News

UPDATE 1-Volcom second-quarter net income falls

(Reuters) - For the latest second-quarter, the company reported net
income of $6.2 million, or 25 cents per share, compared with
$6.5 million, or 27 cents per share, in the year-ago period.




The company's selling, general and administrative expenses
rose more than 40 percent in the quarter.


Read more at Reuters.com Market News

UPDATE 1-Technitrol 2nd-qtr profit rises, warns on 3rd-qtr

(Reuters) - Technitrol said it sees third-quarter operating profit to
be "generally comparable to second-quarter levels" at a roughly
20 percent tax rate.




Second-quarter net income rose to $20.9 million, or 51
cents per share, from $15.2 million, or 38 cents per share, a
year ago. Excluding items, the company reported a per share
profit of 49 cents, compared with the average analysts'
forecast of 42 cents, as compiled by Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1-Mexico's Carso posts 19 pct drop in net profit

(Reuters) - Carso, an industrial and retail holding that belongs to the
business empire of Latin American billionaire Carlos Slim, said
its April-June net profit was 1.782 billion pesos .




Sales fell 3.8 percent to 22.290 billion pesos and core
earnings before taxes, depreciation and amortization
dropped 13.2 percent to 3.462 billion pesos.


Read more at Reuters.com Market News

Genworth posts higher second-quarter earnings

(Reuters) - NEW YORK, July 26 - Genworth Financial Inc , a retirement and mortgage insurer, said on Thursday earnings rose in the second quarter, helped by its wealth management and retirement businesses.



Genworth said net earnings were $387 million, or 86 cents a share, up from $317 million, or 68 cents a share, in the year-earlier quarter.


Read more at Reuters.com Market News

UPDATE 1-Crocs 2nd-qtr earnings soar, sees 2007 above Street

(Reuters) - For the second quarter, the company reported net income of
$48.5 million, or 58 cents a share, compared with $15.7
million, or 19 cents a share, a year ago.




Revenue rose 162 percent to $224.3 million.


Read more at Reuters.com Market News

CORRECTED - Columbia Sportswear posts higher net income

(Reuters) - The outerwear maker said net profit in the second quarter
was $10.0 million, or 27 cents per share, compared with $4.8
million, or 13 cents per share, a year earlier.




Read more at Reuters.com Market News

James Hardie, Woodside, Westfield Group, Caltex: 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
slumped 2.4 percent to 6089 at 6:59 a.m. in Sydney. The Bank of
New York Australia ADR Index dropped 5 percent in New York.


Read more at Bloomberg Stocks News

Wal-Mart apparel faces back-to-school test

(Reuters) - The world's largest retailer has struggled with poor apparel sales after its efforts to compete with Target Corp. and sell hipper clothes, like skinny jeans and velvet blazers, backfired with its shoppers, who were looking for basic, classic and affordable clothing.




For the past year, Wal-Mart has been trying to fix its mistakes and has marked down unsold clothing, scaled back its trendy Metro 7 apparel line and said last week that Claire Watts, who oversaw its apparel merchandising, had resigned.


Read more at Reuters.com Business News

New home sales fall, durable goods orders weak

(Reuters) - Major U.S. stock indexes ended down more than two percent on signs of further deterioration in the U.S. housing market, a jump in oil prices and a worsening climate for financing corporate takeovers. That caused the New York Stock Exchange to impose curbs on computer program trading.




The Dow Jones Industrial Average closed down 311 points and the Standard & Poor's 500 Index closed down 35 points.


Read more at Reuters.com Business News

Greenspan-need to broaden US tax base, lower rates

(Reuters) - "I think we should go back to broaden the base and lower
the rates and then figure out a political way to keep it
there." Greenspan said.




Read more at Reuters.com Bonds News

US STOCKS-NYSE imposes trading curbs as stocks tumble

(Reuters) - The New York Stock Exchange Composite Index , which
is used to determine when to begin trading curbs, was down
205.45 points, or 2.07 percent, at 9,724.47.




The trading curbs require that all program selling of S&P
500 stocks must be on an up-tick.


Read more at Reuters.com Bonds News

Mexican stocks slump 3 pct on U.S. economy jitters

(Reuters) - The IPC index of leading shares slumped 3.15 percent
to 30,123 points and the peso dropped 0.78 percent to 10.945
per dollar.




A sharp fall in new-home sales in the United States and
data showing an unexpected slide in U.S. business investment
sent a sell-off on the Mexican stock market into its third
day.


Read more at Reuters.com Bonds News

Mexican stocks slump 3 pct on U.S. economy worries

(Reuters) - The IPC index of leading shares slumped 3.17 percent
to 30,117 points and the peso dropped 0.88 percent to 10.965
per dollar. At one stage the peso weakened more than 1
percent.




A sharp fall in new-home sales in the United States and
data showing an unexpected slide in U.S. business investment
sparked a sell-off on the Mexican stock market and pushed the
index down for third straight day.


Read more at Reuters.com Bonds News

NYSE imposes trading curbs as stocks tumble

(Reuters) - The New York Stock Exchange said on Tuesday it instituted downside trading curbs at 11:06 a.m. (1506 GMT) as U.S. stocks fell sharply on concerns about deterioration in the credit markets.

The New York Stock Exchange Composite Index, which is used to determine when to begin trading curbs, was down 205.45 points, or 2.07 percent, at 9,724.47.


Read more at Reuters Africa

UPDATE 2-Manor Care 2nd-qtr profit falls on buy-out costs

(Reuters) - Net income fell to $43.6 million, or 54 cents a share, from
$45.6 million, or 58 cents, a year ago.




Revenue rose 7 percent to $958 million.


Read more at Reuters.com Mergers News

Nuveen says gets no competing bid in 30-day period

(Reuters) - "No proposal to acquire Nuveen was received during the
'go-shop' period," John Amboian, chief executive of Nuveen,
told a conference call.





Read more at Reuters.com Mergers News

Sugar Futures Rise on Speculation Rain, Cold May Cut South America Output

(Bloomberg) -- Sugar rose the most in a week in New
York on speculation that heavy rain in Brazil, the world's
biggest producer, and a cold wave in Argentina may lower output,
easing concern of a global glut.

Rain in Sao Paulo, Brazil's main sugarcane-growing state,
has slowed the harvest and closed several mills, Michael
McDougall, a senior vice president for Fimat USA LLC in New York,
said in a report. Cold weather in Argentina may cut sugar output
by 200,000 metric tons to 2.4 million for the marketing year
starting Oct. 1, McDougall estimates.


Read more at Bloomberg Commodities News

Ford advances Jaguar, Land Rover sale talks

(Reuters) - "We are now exploring in greater detail the potential sale of the combined Jaguar Land Rover business with selected parties who have expressed interest."




Ford added, however, there is no guarantee it will agree to a sale.


Read more at Reuters.com Business News

Stocks drop on housing, oil, credit jitters

(Reuters) - News of a disappointing quarterly profit from Exxon Mobil Corp. weighed on the energy sector and wiped out more than $16 billion in the company's market value as the stock slid more than 3 percent.




Financial shares were also among the biggest losers, with JPMorgan Chase & Co off more than 2 percent and Citigroup Inc down 2.3 percent.


Read more at Reuters.com Business News

New home sales fell 6.6 percent in June

(Reuters) - New single-family home sales fell to an annual rate of 834,000 from a revised rate of 893,000 in May, the Commerce Department said.




Analysts polled by Reuters were expecting June sales to fall to an 895,000 unit pace from a previously reported rate of 915,000 units in May.


Read more at Reuters.com Economic News

Akamai, Constellation, Cummins, Keithley, Merrill: 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. in New York.

Shares of some brokerages and investment banks declined on
signs that the ability to finance takeovers is drying up and
concern about loan defaults increased. ``With the debt markets
quickly moving to ration credit, the probability of companies
being `taken out' is plummeting, in our judgment,'' Richard
Bernstein, chief investment strategist at Merrill Lynch & Co.,
wrote in a note.


Read more at Bloomberg Stocks News

Nymex Gas Rises as Traders Seek to Lock in Prices for the Hurricane Season

(Bloomberg) -- Natural gas futures in New York
advanced as traders bought contracts to lock in lower prices
before the arrival of the most intense two months of the
hurricane season.

Buyers pushed prices higher even as a U.S. Energy Department
report today will probably show inventories rose more than
average, contributing to what may be a record when the injection
season ends in October.


Read more at Bloomberg Energy News

Jobless claims fall 2,000 in latest week

(Reuters) - Economists polled by Reuters had forecast that initial claims would rise to 310,000 from the original reading of 301,000 in the week ended July 14.




The four-week moving average, a more reliable gauge because it irons out most of the weekly fluctuations, fell to 308,500 from 312,500 the prior week.


Read more at Reuters.com Bonds News

UPDATE 2-AirTran quarterly profit rises on increased traffic

(Reuters) - CHICAGO, July 26 - AirTran Holdings Inc. ,
parent of low-cost carrier AirTran Airways, on Thursday said
quarterly profit rose almost 30 percent as the carrier saw
higher traffic and flew fuller planes.




The Orlando, Florida-based airline, said second-quarter net
profit amounted to $41.5 million, or 41 cents per share,
compared with a profit of $32 million, or 32 cents per share, a
year earlier.


Read more at Reuters.com Bonds News

Old Dominion Freight quarterly profit rises

(Reuters) - The quarter included the resolution of a customer pricing
issue that resulted in a gain 3 cents a share after taxes.




On average, analysts had expected earnings per share of 55
cents, according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 2-Dow Chemical second-quarter profit rises

(Reuters) - Dow, the No. 1 U.S. chemical maker by sales, said
second-quarter profit rose to $1.04 billion, or $1.07 a share,
from $1.02 billion, or $1.05 a share, a year earlier.




Sales rose 6 percent to $13.27 billion, the the Midland,
Michigan-based company said.


Read more at Reuters.com Market News

Rising costs, prices weigh on Finnish papermakers

(Reuters) - by Sakari Suoninen



HELSINKI, July 26 - The large Finnish paper makers all reported results close to expectations on Thursday, but rising costs and soft outlooks on paper prices pushed their share prices down.


Read more at Reuters.com Market News

UPDATE 1-Celgene 2nd-qtr earnings jump on cancer drug sales

(Reuters) - BOSTON, July 26 - Celgene Corp. , the top maker of drugs to treat multiple myeloma, said on Thursday its second-quarter earnings rose on soaring sales of its newest product, Revlimid.



Net profit rose to $54.9 million, or 13 cents a share, from $9.6 million, or 3 cents a share, a year earlier.


Read more at Reuters.com Market News

European Government Bonds Advance as Stocks Decline on Earnings Concern

(Bloomberg) -- European government bonds rose,
pushing 10-year yields to the lowest in two months, after a
decline in stocks and concern over U.S. subprime losses spurred
demand for the safest assets.

Government debt also advanced for a third day as the risk of
owning European corporate bonds rose, according to traders of
credit default swaps. Business confidence in Germany fell for a
second month, prompting investors to scale back expectations of
further interest-rate increases by the European Central Bank.


Read more at Bloomberg Bonds News

Beazer Homes swings to 3rd-qtr loss

(Reuters) - For the third quarter ended June 30, Beazer posted a net loss of $123.0 million, or $3.20 per share, compared with a year-earlier profit of $102.6 million, or $2.37 per share.



The company said the latest quarter's results included charges of $188.5 million.


Read more at Reuters.com Bonds News

Nordic Power Prices Rise as Carbon-Emission Permits Climb to Two-Week High

(Bloomberg) -- Nordic next-year electricity gained
for a third day as carbon-emissions costs climbed to their highest
in two weeks. Fourth-quarter power also rose.

Electricity for 2008 on the Nord Pool ASA exchange gained 1
percent to 45.40 euros ($62.30) a megawatt-hour at 11:45 a.m. Oslo
time. A close at that price would be the highest since July 2.


Read more at Bloomberg Energy News

H&R Block says Breeden role at KPMG poses conflict

(Reuters) - Breeden, a former SEC chairman, was appointed in 2005 to
monitor KPMG's compliance with a $456 million settlement of a
probe, accusing it of setting up fraudulent tax shelters for
wealthy clients.




Now an activist investor, Breeden is seeking representation
on H&R Block's board at the company's Sept. 6 annual meeting.


Read more at Reuters.com Government Filings News

Strayer Education 2nd quarter profit up

(Reuters) - Analysts had forecast earnings of $1.14 per share,
according to Reuters Estimates.




Read more at Reuters.com Market News

UPDATE 2-Repsol YPF Q2 adj net profit dips, knocks shares

(Reuters) - MADRID, July 26 - Spanish oil company Repsol YPF
said its adjusted net profit fell 6.8 percent, knocking
over two percent off the company's market value even though the
figures were narrowly ahead of market forecasts.




Adjusted net income reached 799 million euros in the second quarter compared to a Reuters poll
expectation of 789 million.


Read more at Reuters.com Market News

Israeli Shekel Declines on Concern Government Departing From Fiscal Policy

(Bloomberg) -- The Israeli shekel fell to an eight-
month low against the dollar after the government agreed to a 5
percent pay rise demand for state sector workers, stoking
speculation it's straying from fiscal policy.

The shekel posted its biggest decline in a month after the
finance ministry said it had struck ``a balance'' with the
Histadrut labor federation, which represents more than a quarter
of Israel's workers. The ministry has estimated that each 1
percent increase in wages costs the government 800 million
shekels ($187 million) a year.


Read more at Bloomberg Currencies News

UPDATE 1-Nintendo jumps in market value on earnings fever

(Reuters) - Nintendo's stock climbed 8.8 percent or by its daily limit
of 5,000 yen to end at a record 618,000 yen, adding to a 3.5
percent gain made on Wednesday after its earnings announcement.




The Kyoto-based company lifted its annual outlook above
market expectations after quarterly operating profit more than
tripled, as its strategy to expand the gaming population to
women and the elderly paid off handsomely.


Read more at Reuters.com Market News

S.Africa June PPI slows to 10.4 pct yr/yr

(Reuters) - South Africa's producer price inflation braked to 10.4 percent year-on-year in June, bang in line with forecasts, after an 11.3 percent increase in May, official data showed on Thursday.

On a monthly basis, PPI increased by 2.1 percent after a 1.1 percent rise in May.


Read more at Reuters Africa

GLOBAL MARKETS-Credit market woes haunt investors, stocks fall

(Reuters) - European and Japanese shares were lower. Euro zone
government bond yields were flat. Oil prices extended gains
above $76 a barrel.




The crisis in the U.S. subprime -- or risky -- mortgage
market has been stalking investors for the past few weeks,
rattling stocks, widening credit spreads, undermining the dollar
and driving money into safe havens.


Read more at Reuters.com Bonds News

Asian Aframax Oil-Tanker Rate Gains May Be Limited by Rising Ship Supply

(Bloomberg) -- The rate for shipping oil on tankers
that can carry 80,000 metric tons on Asian routes posted the
smallest increase in six days and any gain may be limited by the
increased availability of ships for hire.

The rate for the Kuwait-to-Singapore route climbed 0.14
percent to Worldscale 132.50 yesterday, according to data from
the London-based Baltic Exchange. That puts the cost of shipping
a barrel of oil at $1.78, Bloomberg data showed.


Read more at Bloomberg Energy News

Biotech sector sets standards, seeks to ease fears

(Reuters) - U.S. biotech crop companies on Wednesday unveiled a plan for new industry standards at a time when the sector faces unfavorable court rulings and concerns that lax government oversight is allowing contamination of conventional crops.

Leaders of the Biotechnology Industry Organization (BIO) and executives with Monsanto Co. and DuPont Co., said they hoped the plan, which includes third-party auditing, would help agricultural players around the world feel confident that biotech crop development is subject to stringent safety standards.


Read more at Reuters Africa

Sony Q1 profit more than trebles on digicam, yen

(Reuters) - Sony, which competes with Canon Inc. in digital cameras and Microsoft Corp. and Nintendo Co. Ltd. in video games, earned an operating profit of 99.32 billion yen in April-June, up from 27.05 billion yen a year earlier.



This is a turnaround from an operating loss of 113.4 billion yen in the previous three months, when Sony booked losses at its once high-flying game unit.


Read more at Reuters.com Business News

WWF launches bid to save southern Africa fisheries

(Reuters) - Fisheries in southern Africa face further decline unless a new approach to fishing is adopted, the World Wildlife Fund said on Wednesday at the launch of a report aimed at protecting the region's marine life.

The WWF said industry should move away from its traditional reliance on "single species" conservation in which targeted populations, such as hake, were maintained without consideration for other species, such as sharks and seabirds.


Read more at Reuters Africa

Reed Elsevier says on track for 10% EPS growth

(Reuters) - Reed said adjusted earnings per share from total operations,
which includes the Harcourt education business it is selling,
rose 1 percent to 14.3 pence at constant exchange rates.




Read more at Reuters.com Market News