Thailand's Baht Drops on Central Bank Proposal, Indonesian Rupiah Declines

(Bloomberg) -- Thailand's baht fell, snapping a 13-
day rally that brought it near a decade high, after Governor
Tarisa Watanagase said yesterday the central bank will propose
new measures to limit currency fluctuations.

The baht, the best performer of 10 of the most-active Asian
currencies this month, today had its biggest drop in a week in
onshore trade. Prime Minister Surayud Chulanont yesterday said
``what we can do is try to stabilize the baht,'' spurring
speculation authorities will purchase the U.S. currency.


Read more at Bloomberg Currencies News

Shanghai copper falls 1 percent as strikes ease

(Reuters) - Shanghai copper fell almost 1 percent on Tuesday after an easing of strikes that had been supportive of prices recently, while slightly lower London stocks and lacklustre China demand also weighed.

The most active Shanghai September copper futures contract was down 590 yuan or 0.9 percent at 64,270 yuan a tonne by the end of the morning session.


Read more at Reuters Africa

India's Bonds Advance as Increased Cash Surplus May Spur Demand for Debt

(Bloomberg) -- India's 10-year bonds rose for a
second day, sending yields to the lowest in more than five
months, on speculation increased spare cash in the banking
system will boost demand for debt.

Yields fell to near the lowest since Feb. 12 as a drop in
interbank lending rates and rising bids by banks to lend to the
central bank suggested surplus cash has increased. Bonds also
gained on optimism slowing inflation and loan growth will allow
the central bank to stop raising interest rates.


Read more at Bloomberg Bonds News

European Government Bonds May Fall on Signs of Continuing Economic Growth

(Bloomberg) -- European bonds may drop for the first
day in three on speculation a report will show confidence in the
euro region increased this month, adding to the case for higher
interest rates from the European Central Bank.

Bunds may snap a two-day winning streak as traders bet a
report will show investor confidence in the $10.4 trillion
economy rebounded. Signs of quicker economic expansion in the
region may lift expectations that inflation, which erodes the
value of the fixed returns paid by bonds, will quicken.


Read more at Bloomberg Bonds News

Barclays, GlaxoSmithKline, HSBC, Whitbread: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from yesterday's market close.

The benchmark FTSE 100 Index fell 19, or 0.3 percent, to
close at 6697.70 in London. The FTSE All-Share Index declined 0.2
percent to 3459.66.


Read more at Bloomberg Stocks News

China says food safety media reports hurt exports

(Reuters) - "Recently some media have pounced on the quality issues of some of our exports and greatly hyped it up," Zhi told a meeting of newspaper and magazine publishers, editors at reporters, the watchdog said on its Web site .




"This has seriously harmed the reputation of Chinese products, been a huge impediment to Chinese exports and caused great losses," he said.


Read more at Reuters.com Business News

Daiwa's Suzuki Takes Brokerage's First Steps Into High-Growth Asia Markets

(Bloomberg) -- Daiwa Securities Group Inc., Japan's
second-largest securities firm, is expanding into other Asian
markets as rising competition and a shrinking population at home
threaten to crimp profitability for the nation's financial firms.

Daiwa Chief Executive Shigeharu Suzuki hosted a party at
Singapore's Ritz-Carlton hotel last month for about 600 fund
managers, government officials and corporate executives. On his
first trip to the island nation as the president he pledged to
invest 100 billion yen ($821 million) in Asia outside Japan.


Read more at Bloomberg Emerging Markets News

Japanese Stocks Decline, Led by Insurers After Earthquake; Sumitomo Climbs

(Bloomberg) -- Japanese stocks dropped, led by
insurance companies such as Millea Holdings Inc. and power
producers after a magnitude 6.8 earthquake struck northwest Japan
yesterday, damaging a nuclear reactor operated by Tokyo Electric
Power Co.

The event will probably result in a push for more spending
on quakeproofing, the Nikkei newspaper reported. Millea fell the
most in three weeks and Tokyo Electric declined to its lowest
since December.


Read more at Bloomberg Stocks News

T&D's Best Performing Fund Bets on Marubeni, Juki Forays in India, China

(Bloomberg) -- Akihide Kinugawa's fund is only
allowed to invest in Japanese companies. He has made it the
country's best performer by choosing those that derive most of
their revenue from emerging markets.

His $544 million T&D Active Value Open Fund, with almost
half its assets in companies operating in such countries as
China, India and Venezuela, had twice the return of the Topix
index in the past 12 months. It returned 33 percent, the best
among 98 mutual funds with more than $100 million in assets
investing only in Japan, according to data compiled by
Bloomberg.


Read more at Bloomberg Stocks News

Japan's Government Bonds May Rise on Concerns Over U.S. Subprime Mortgages

(Bloomberg) -- Japan's 10-year bonds may rise on
speculation losses in securities backed by U.S. subprime
mortgages will fuel demand for government debt.

Benchmark bonds in Japan may halt a two-day drop after
Treasuries yesterday extended a weekly advance. Concerns that
U.S. economic growth will slow may prompt traders to pare bets
that the Bank of Japan will increase interest rates next month.


Read more at Bloomberg Bonds News

Citigroup pays $978,000 to settle NJ broker probe

(Reuters) - The brokers also improperly altered the "profiles" of
client accounts to reflect more aggressive risk tolerances, the
regulators said. Among the victims was a 67-year-old woman with
a $37,500 annual income, who lost $52,500 despite maintaining a
"moderate" risk tolerance, the regulators said.




Short selling is the sale of borrowed shares with the hope
that they can be repurchased at lower prices. It is risky
because it can expose investors to big losses if the shares
rise.


Read more at Reuters.com Government Filings News

Mortgage lender Alliance Bancorp files Chapter 7

(Reuters) - Once known as United Financial Mortgage Corp., Alliance joined at least a half dozen other U.S. mortgage lenders to seek bankruptcy protection since December. The sector has struggled with rising borrowing costs, stagnating home prices, and soaring delinquencies and defaults.




Alliance differed from most struggling lenders in that it specialized in "Alt-A" home loans, rather than "subprime" loans that have caused the greatest problems.


Read more at Reuters.com Bonds News

India, Indonesia, Malaysia, Thailand, China: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: China Agricultural Development Bank will sell 10
billion yuan ($1.3 billion) of five-year floating rate notes
today. The interest rate will be based on the one-year deposit
rate of 3.06 percent plus a spread that is to be auctioned. The
Ministry of Finance on June 13 sold 38.38 billion yuan of three-
year notes at a coupon of 3.53 percent. The auction result was
lower than investors' expectation, driving down yields on short-
term bills yesterday.


Read more at Bloomberg Bonds News

Usana Health Q2 earnings beat analysts' view

(Reuters) - Analysts on average expected the company to earn 63 cents a
share, before items, on revenue of $103.2 million for the
quarter, according to Reuters Estimates.
)




Read more at Reuters.com Market News

UPDATE 1-Universal Forest Products 2nd quarter earnings fall

(Reuters) - The company, which makes wood products used for
construction, said quarterly net income fell to $16.8 million,
or 86 cents a share, from $27.3 million, or $1.41 a share, a
year ago.




Analysts, on average, had forecast earnings of 95 cents a
share, according to Reuters Estimates.


Read more at Reuters.com Market News

S&P revises Freeport, Phelps outlook to positive

(Reuters) - "The outlook revision reflects our expectations that the
company should be able to reduce its borrowings, specifically
the $2.45 billion under its term loan A facility, in a
reasonable time frame to warrant an upgrade of the corporate
credit rating to investment grade," S&P said in a statement.




"Commodity end markets remain robust, which should help to
reduce unadjusted debt levels to about $7.0 billion to $7.2
billion from about $9.7 billion currently," S&P said.


Read more at Reuters.com Bonds News

Stanley Furniture posts loss, cuts outlook

(Reuters) - The second-quarter loss came to $2.4 million, or 23 cents a
share, compared with earnings of $3.9 million, or 32 cents a
share, a year earlier.







Read more at Reuters.com Market News

Analysts mull implications of Ford without Volvo

(Reuters) - "The lack of interest in Jaguar, Land Rover and the low level of cash that would be generated by their sale have prompted Ford to consider a sale ," Paul Newton, an auto analyst at Global Insight, said in a research note.




Newton was referring to reports on Sunday that Ford was considering selling Volvo.


Read more at Reuters.com Business News

Best Denki, Shimachu, Toyota and Yume No Machi: Japanese Equity Preview

(Bloomberg) -- The following stocks may move in
Japanese markets. The Japanese stock markets were closed
yesterday for a national holiday. Statements were released after
the close on July 13. Stock symbols are in parentheses.

Aigan Co. (9854 JT): The eyeglasses retailer cut its first-
half net income forecast 47 percent to 368 million yen and its
sales forecast 1.7 percent to 14.01 billion yen. The stock rose 4
yen, or 0.4 percent, to 940.


Read more at Bloomberg Stocks News

UBS to pay $23.3 mln in New York settlement

(Reuters) - By Joseph A. Giannone



NEW YORK, July 16 - UBS agreed to pay $23.3 million to resolve accusations the Swiss bank and brokerage steered thousands of inappropriate customers into fee-based accounts, the New York Attorney General's office said on Monday.


Read more at Reuters.com Government Filings News

UPDATE 1-Coffeyville refinery shut to Sept, debt rating cut

(Reuters) - NEW YORK, July 16 - Independent U.S. refiner
Coffeyville Resources' debt ratings were cut on Monday as an
industry source said the company's flooded Kansas refinery was
unlikely to restart until early September.




Moody's Investors Service pushed Coffeyville's corporate
family rating deeper into speculative territory, cutting it
from B2 to B3 amid uncertainty over the losses Coffeyville
faces from the shutdown of the refinery and an associated oil
spill.


Read more at Reuters.com Bonds News

US STOCKS-Wall St gains on earnings optimism

(Reuters) - NEW YORK, July 16 - U.S. stocks rose on Monday,
with the Dow closing in on the 14,000 milestone, lifted by
earnings optimism and speculation Verizon Communications
could be a takeover target.




Shares of Verizon rose after a Financial Times blog said
Vodafone Group was considering a $160 billion takeover
bid for the U.S. wireless operator. Vodafone denied the report,
but Verizon shares rose 2.2 percent to $42.66.


Read more at Reuters.com Bonds News

U.S. Treasuries Rise on Speculation Subprime Mortgage Losses Are Deepening

(Bloomberg) -- U.S. Treasuries rose on speculation
mounting losses in securities backed by subprime mortgage loans
will fuel demand for government debt.

Indexes based on the value of securities backed by the
mortgages fell, with some making new lows. The benchmark 10-year
note's yield last week touched a one-month low amid speculation
the will eventually prompt the Fed to cut interest rates for the
first time since 2003.


Read more at Bloomberg Bonds News

McDonald's sees profit above Street as sales jump

(Reuters) - CHICAGO, July 16 - McDonald's Corp. said on Monday it expects to report quarterly earnings above Wall Street estimates on its strongest quarterly sales in three years.



The world's largest restaurant chain operator said it expected to earnings of 71 cents per share before costs related to the sale of businesses in Latin America.


Read more at Reuters.com Market News

Amrep, Blue Nile, DJO, Immersion, Spartech, Verizon: 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 11:40 a.m. New York time.

Amrep Corp. (AXR US) rose $7.56, or 17 percent, to $51.66.
The housing developer said it will pay a special dividend of $1 a
share and buy back as many as 500,000 shares.


Read more at Bloomberg Stocks News

Mexican stocks gain on optimism about profits

(Reuters) - Companies listed on the Mexican stock market have until
July 27 to report quarterly profits. Last week, Citigroup said
it expects Mexican companies as a group will report a 28
percent increase in earnings.




"The expectation is that reports will be good," said a
stock trader in Mexico City.


Read more at Reuters.com Bonds News

Coffee Rebounds on Renewed Concern for Risk of Frost Damage to Brazil Crop

(Bloomberg) -- Coffee rose for the first time in
three sessions in New York as the winter season stoked concerns
that a frost may hurt crops in Brazil, the world's largest
producer.

``Everybody's got frost in their mind, even though I don't
think that we'll ever see a frost there again,'' said John Rose,
New York branch manager at Zaner Group LLC. ``Coffee crops have
been moved inland where there is less of a threat for frost. But
old habits die hard, and everybody remembers when it did
happen.''


Read more at Bloomberg Commodities News

UPDATE 1-Mexico's Aeromexico jumps on privatization rumors

(Reuters) - "There have been strong rumors about an acquisition," said
a stock trader in Mexico City. The rumor also appeared in a
research report by Santander.




Shares of the company, which runs Mexico's biggest airline,
Aeromexico, were up 5 percent at 2.50 pesos. The shares surged
more than 8 percent Friday on similar rumors.


Read more at Reuters.com Mergers News

Canada's Dollar Advances to 30-Year High on Outlook for Gains in Crude Oil

(Bloomberg) -- The Canadian dollar surged to the
strongest in 30 years as the price of crude oil traded near an
11-month high, boosting the outlook for the nation's export
revenue.

The currency extended its gains after its climb above
C$1.0440 triggered pre-set buy orders, traders said. Commodities
account for about half of Canada's exports.


Read more at Bloomberg Currencies News

Most U.S. Stocks Decline, Led by Energy Producers; Verizon Shares Advance

(Bloomberg) -- Most U.S. stocks fell, led by
energy producers, after the price of natural gas dropped to a
six-month low.

Exxon Mobil Corp., ConocoPhillips and Chevron Corp. pushed
a gauge of energy producers in the Standard & Poor's 500 Index
down from an all-time high. The Dow Jones Industrial Average
climbed to a record for a third straight day after a report
said Verizon Communications Inc. may get a takeover bid.


Read more at Bloomberg Stocks News

Oil Is Steady After Nearing a Record in London on Reduced North Sea Output

(Bloomberg) -- Crude oil was little changed after
approaching a record in London, as a damaged pipeline in the
North Sea curtailed production.

Chevron Corp. and ConocoPhillips cut North Sea output last
week because BP Plc shut an undersea pipeline. Hedge-fund
managers and other speculators increased their net-long position
in New York oil futures, bets on rising prices, to the highest
in at least 13 years, according to U.S. Commodity Futures
Trading Commission data.


Read more at Bloomberg Energy News

Applebee's, Coach, Eaton, Motorola, Schwab, Verizon: 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 9:45 a.m. New York time.

Applebee's International Inc. (APPB US) rose 41 cents, or
1.7 percent, to $24.79. Ihop Corp., the biggest U.S. pancake-
house chain, agreed to buy the restaurant chain for about $1.9
billion in cash. Ihop will pay $25.50 a share, 4.6 percent more
than Applebee's closing price on July 13, the companies said
today in a statement distributed by Business Wire. Ihop shares
jumped $5.54, or 9.9 percent, to $61.79.


Read more at Bloomberg Stocks News

CORRECTS-Ipsco shareholders approve $7.7 bln sale to SSAB

(Reuters) - The deal, which required backing from two-thirds of Ipsco
shareholders, received 99.46 percent approval and clears the
way for SSAB to buy Ipsco's outstanding shares for C$160 each.




The global steel industry has seen a wave of consolidation
as producers bulk up to gain more sway over customers and
suppliers in a booming steel market.


Read more at Reuters.com Mergers News

TREASURIES-Bonds shrug off factory surge, hold tight

(Reuters) - NEW YORK, July 16 - U.S. Treasuries were stuck in
neutral on Monday as fears surrounding the mortgage sector
supported government debt despite an unexpected surge in New
York state manufacturing.




A testament to the subprime premium that has effectively
been built into the Treasury market, bonds held their ground
even after the New York Fed's surprisingly robust survey.


Read more at Reuters.com Bonds News

UPDATE 2-IHOP to buy Applebee's for $2.1 billion

(Reuters) - NEW YORK, July 16 - Pancake restaurant IHOP Corp. plans to buy Applebee's International Inc. for $25.50 per share, the companies said on Monday.



The companies said the deal was worth $2.1 billion. Based on the number of outstanding shares in Applebee's latest quarterly filing, the deal would be worth $1.9 billion.


Read more at Reuters.com Mergers News

Vodafone CDS recover as Verizon bid denied

(Reuters) - Vodafone's CDS traded 1.5 basis points wider on the day at 31.5 basis points by 1220 GMT, a trader said, having previously hit a high of 35 basis points.



Earlier on Monday, the Financial Times reported on its Alphaville Web site that Vodafone had been considering a $160 billion bid for Verizon.


Read more at Reuters.com Bonds News

IBM to buy DataMirror for $161 mln

(Reuters) - IBM, which is in the midst of an aggressive effort to build
its software revenue through acquisitions, said it will buy all
outstanding DataMirror common shares at C$27.00 cash each, or a
total of C$170 million .




DataMirror is based in Markham, Ontario, and provides
technology that helps companies capture and analyze data in
real-time. IBM said it expects the deal to close in the third
quarter.



Read more at Reuters.com Mergers News

Eaton earnings top forecasts

(Reuters) - On an operating basis, second-quarter earnings rose to $1.70 a share from $1.68 a year earlier. Analysts, on average, had forecast $1.47, according to Reuters Estimates.



In April, Eaton, whose products range from electrical power distribution and control equipment to engine parts and hydraulic and fluid power systems, forecast operating earnings of $1.40 to $1.50 a share.


Read more at Reuters.com Market News

U.K. Benchmark Index Falls, Paced by Lonmin, BHP Billiton; Barclays Gains

(Bloomberg) -- U.K. stocks fell for the first time
in three days, led by Lonmin Plc after the mining company said it
will delay the sale of as much as 90,000 ounces of platinum. BHP
Billiton Plc and Xstrata Plc slid as copper retreated.

Barclays Plc paced advancing shares after Royal Bank of
Scotland Plc sweetened its 71.1 billion euro ($98.1 billion)
offer for ABN Amro Holding NV. GlaxoSmithKline Plc and BT Group
Plc advanced after brokerages raised their recommendation for the
companies' shares.


Read more at Bloomberg Stocks News

Kenyan shilling steady vs dollar, market quiet

(Reuters) - The Kenyan shilling held steady against the dollar on Monday in quiet trade, with dealers expecting range-bound trade in coming days.

At 1005 GMT, commercial banks traded the local currency at 66.75/85, the same level as at Friday's close.


Read more at Reuters Africa

U.S. Treasuries Little Changed Before Inflation, Housing Reports, Bernanke

(Bloomberg) -- U.S. Treasuries were little changed
before government reports this week that will probably show
inflation slowed and home building declined.

Notes have risen in the past week on speculation weakness
in the subprime mortgage market will exacerbate falling home
values and damp economic growth. Federal Reserve Chairman Ben S.
Bernanke may be questioned about housing on July 18 and 19 in
semi-annual testimony to the House Financial Services Committee.


Read more at Bloomberg Bonds News

European Bonds Advance Before This Week's Interest, Redemption Payments

(Bloomberg) -- European bonds gained for a second
day on speculation interest and redemption payments to investors
this week will be reinvested in government debt.

Bunds advanced for the fifth day in six before Austria,
Italy, the Netherlands, Portugal and Greece this week pay out
about 23 billion euros ($31.7 billion) in interest, according to
ING Bank NV. That compares with around 7 billion euros of new
bonds being auctioned. Government bonds gained last week as
investors exited riskier assets.


Read more at Bloomberg Bonds News

Singapore's Straits Times Slides From Record; Cosco Declines, Keppel Rises

(Bloomberg) -- Singapore's stocks fell, dragging the
Straits Times Index from a record high, on speculation recent
gains were excessive. Cosco Corp. Singapore Ltd., the benchmark's
best performer this month, led the drop.

Keppel Corp. and Neptune Orient Lines Ltd. climbed after
analysts raised their share-price forecasts.


Read more at Bloomberg Stocks News

French Shares Including Air France, Cap Gemini Climb; Gaz de France Drops

(Bloomberg) -- French stocks including Air France-
KLM Group SA, Europe's largest airline, and Cap Gemini SA, the
region's biggest computer-services company, advanced. Gaz de
France SA paced declining shares.

The CAC 40 Index was little changed at 6117.24 at 10:52
a.m. in Paris, as 25 shares rose and 15 declined. The SBF 120
Index slipped 0.1 percent to 4457.89.


Read more at Bloomberg Stocks News

Mol Board Rejects `Unsolicited and Unwelcome' Takeover Approach From OMV

(Bloomberg) -- Mol Nyrt., Hungary's biggest oil
refiner, rejected an approach from OMV AG, calling it ``unsolicited
and unwelcome.''

An OMV spokesman denied the Austrian company made a formal
offer to acquire Mol. ``There's never been a formal offer from our
side,'' Thomas Huemer said in a telephone interview.


Read more at Bloomberg Emerging Markets News

Barclays will only go ahead with ABN if terms right

(Reuters) -




For the latest story on ABN, click on [nL16540845]


Read more at Reuters.com Mergers News

Corporate Bond Risk Declines in Europe, Credit-Default Swaps Prices Show

(Bloomberg) -- The risk of owning European
corporate bonds fell, according to traders of credit-default
swaps.

Contracts based on 10 million euros ($13.8 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies dropped 6,000 euros to 268,000 euros at 8:17 a.m. in
London, according to JPMorgan Chase & Co. The index rose as high
as 310,000 euros last week.


Read more at Bloomberg Bonds News

Australia Lifts Canola Crop Estimate on Good Conditions in Country's East

(Bloomberg) -- Australia, the world's third-largest
canola exporter, may produce 8.4 percent more of the oilseed
than forecast because of good growing conditions in the east of
the country.

The nation may reap 1.67 million metric tons of canola in
the 2007-08 harvest, the Sydney-based Australian Oilseeds
Federation said today in an e-mailed report. That compares with
its June forecast of 1.54 million tons and last year's crop of
512,000 tons.


Read more at Bloomberg Commodities News