India Tata Tea competes with Coke for beverage buys

(Reuters) - "We increasingly bump into them and compete with
them," Peter Unsworth, chief operating officer at Tetley Group,
a unit of Tata Tea, said late on Tuesday.




He mentioned the example of Brazilian tea and beverage
maker Leao Junior, which Coca-Cola bought in March, that Tata
Tea was also considering.


Read more at Reuters.com Mergers News

Accor, Itesoft, Faurecia, Prismaflex, Viel & Cie: French Equity Preview

(Bloomberg) -- The following stocks may rise or
fall on the Paris stock exchange. Symbols are in parentheses
after company names. Prices are from the last close.

French stocks fell for the first time in four days, paced
by Total SA, Europe's largest oil refiner. BNP Paribas SA and
Suez SA also retreated.


Read more at Bloomberg Stocks News

Dollar's Trade-Weighted Index Falls to a Record Low on Economic Slowdown

(Bloomberg) -- The Federal Reserve's trade-weighted
dollar index this week fell to the lowest since its inception in
1971 on speculation slowing U.S. economic growth will stop the
Federal Reserve from raising interest rates.

``Breaking through those levels marks a new stage of the
week dollar trend,'' said Koji Fukaya, senior currency
strategist in Tokyo at Deutsche Securities. ``The dollar's
depreciation may further accelerate.''


Read more at Bloomberg Currencies News

Bank of Ningbo Profit Rises 41 Percent to $547 Million on Local Lending

(Bloomberg) -- Bank of Ningbo Co. Ltd., a Chinese
bank that raised 4.14 billion yuan ($547 million) in its initial
public offering this month, said its unaudited first-half profit
rose 41 percent on increased loans to local companies.

Net income rose to 382.8 million yuan, or 0.19 yuan a share,
in the six months ended June 30 from last year's 271.6 million
yuan, or 0.15 yuan a share, said the bank based in eastern
China's Zhejiang province. Sales rose 38 percent to 998.5 million
yuan, the bank said in a statement to the Shenzhen Stock Exchange.


Read more at Bloomberg Emerging Markets News

Gold Rises in Asian Trading as Dollar Slumps to Record Low Against Euro

(Bloomberg) -- Gold gained in Asia as the U.S.
dollar's slump to a record low against the euro boosted demand
for the precious metal as an alternative investment. Silver rose.

Gold generally moves in the opposite direction of the dollar,
which dropped against the euro after Bear Stearns Cos. reported
hedge fund losses, fueling speculation investors will spurn U.S.
assets as the economy slows. Gold has gained 4.6 percent this
year, the same advance as the euro against the dollar. Europe's
single currency traded at $1.3810 at 9:52 a.m. in Singapore after
reaching all-time high at $1.3822 earlier today.


Read more at Bloomberg Commodities News

Alfa Corp. says gets $17.60/shr privatization offer

(Reuters) - The group offered to buy outstanding company shares it does
not currently own. Its $17.60 per share cash offer represents a
15.8 percent premium over the closing price on Tuesday.




Alfa Corp. said its board appointed a special committee of
its four independent directors to review, evaluate and
negotiate the proposal. The company said it does not intend to
comment further on discussions with Alfa Mutual until the
committee has made a recommendation to the full board.


Read more at Reuters.com Mergers News

Santos Proposes to Build $6.1 Billion LNG Project in Northeast Australia

(Bloomberg) -- Santos Ltd., Australia's third-
biggest oil and gas producer, proposes to build a liquefied
natural gas plant in Queensland state supplied by coal seam gas
to take advantage of higher export prices for the fuel.

The proposed Gladstone project will have a capacity of 3-4
million metric tons a year of LNG and may cost as much as A$7
billion ($6.1 billion), Adelaide-based Santos said today in a
statement to the Australian Stock Exchange. A final decision may be
made by the end of 2009 to allow deliveries to start in early 2014.


Read more at Bloomberg Energy News

UPDATE 3-Yahoo posts lower profit, gives weak 2007 forecast

(Reuters) - SAN FRANCISCO, July 17 - Yahoo Inc.
reported a dip in quarterly profit on Tuesday as corporate
advertisers spent less on its online ads, and the company gave
a weaker-than-expected forecast for the rest of 2007.




Shares in the Internet media company fell 4.2 percent in
extended trade.


Read more at Reuters.com Market News

Warner overtakes EMI in recorded market share -data

(Reuters) - Universal Music Group , which is owned by Vivendi
, had a share of 25.7 percent in 2006 for physical and
digital music markets, slightly up from its share of 25.6
percent in 2005, and ahead of Sony BMG on 21.2 percent.




Warner had a market share of 13.8 percent, up from 12.8 in
2005, while EMI, which issued two profit warnings within five
weeks earlier this year, dropped to a share of 12.8 percent from
13.6 percent in 2005.


Read more at Reuters.com Mergers News

Yen Gains as Concerns Over U.S. Subprime Mortgages Increase Risk Aversion

(Bloomberg) -- The yen gained against the dollar
and the euro on concerns losses on subprime mortgages will
deepen, spurring investors to exit so-called carry trades.

The yen was at 122.06 per dollar at 7:36 a.m. in Tokyo from
122.34 late in New York yesterday. Japan's currency traded at
168.27 per euro from 168.59.


Read more at Bloomberg Currencies News

Doral shareholders approve buyout

(Reuters) - San Juan-based Doral expects the transaction to close on
July 19. It has said it would likely seek bankruptcy protection
if it did not close by the following day.




Doral had been Puerto Rico's largest mortgage lender before
accounting problems forced it to restate 2000 to 2004 results.



Read more at Reuters.com Bonds News

UPDATE 1-Warner says won't bid for EMI

(Reuters) - Sources told Reuters earlier that Warner was unlikely to bid for EMI as such a deal would be too expensive.




EMI Group agreed to a 2.4 billion-pound takeover from private equity group Terra Firma in May, thwarting a seven-year flirtation between Warner and EMI.


Read more at Reuters.com Mergers News

Deutsche Bank Boosts S&P 500 Forecast on Profit Growth, Slowing Inflation

(Bloomberg) -- Deutsche Bank Securities boosted its
2007 forecast for the Standard & Poor's 500 Index by 4.5 percent
to 1610 on expectations of higher-than-forecast earnings and
slowing inflation.

The S&P 500 Index, which has gained 9.2 percent this year
and closed at a record on July 13, would need to rise another 3.9
percent by the end of the year to reach Deutsche Bank's new
forecast. The index fell 0.15 to 1549.37 today.


Read more at Bloomberg Stocks News

Bonds sag on Dow over 14,000 and inflation worries

(Reuters) - Investors also sold bonds as inflation worries were stirred by an unexpectedly large rise in the core U.S. Producer Price Index for June. Inflation erodes the value of bonds.




The decline in Treasury prices was offset by continuing worries about subprime mortgages and an industry report showing the housing market is still stuck in a slump.


Read more at Reuters.com Hot Stocks News

NEXT UP-Bond traders primed for mortgage theme from Bernanke

(Reuters) - Traders will listen for any suggestions from lawmakers
indicating they envision new waves of legislation to regulate
the credit industry, which many blame for loose practices that
led to the meltdown of the subprime mortgage sector.




Regulators, including the Federal Reserve Board, announced
on Tuesday their latest effort to come to grips with subprime
in a plan to conduct joint consumer-protection reviews of
non-depository sub-prime mortgage lenders. See
[ID:nN17237094].


Read more at Reuters.com Bonds News

Intel quarterly profit rises, but margins miss

(Reuters) - SAN FRANCISCO, July 17 - Intel Corp. , the largest maker of computer processors, posted a rise in second-quarter earnings on Tuesday, but its missed its gross margin goal and its shares fell nearly 5 percent. The company also said it expected revenue for its current quarter to be $9 billion to $9.6 billion, compared with analysts' forecasts of between $9.1 billion and $9.9 billion on Reuters Estimates.



For its second quarter, Intel posted net earnings of $1.3 billion, or 22 cents per share, compared with $885 million, or 15 cents per share, a year earlier.


Read more at Reuters.com Market News

Chrysler Forced to Pay Higher Interest Rates on Debt for Cerberus Buyout

(Bloomberg) -- Chrysler increased the interest rates
on $12 billion of loans it is seeking to fund a buyout by
Cerberus Capital Management LP after investors balked at the
money-losing carmaker's original terms, lenders said.

The company raised the yield it is willing to pay on a $10
billion term loan for its auto unit to 3.75 percentage points
over the London interbank offered rate from 3.25 percentage
points it was seeking on June 28. Chrysler is offering Libor plus
at least 7 percentage points on a $2 billion second-lien loan,
compared with the 6 percentage points initially proposed, said
three investors, who declined to be named because the terms
aren't public.


Read more at Bloomberg Bonds News

Southern California homes sales at 14-year low

(Reuters) - The region's home sales have been declining from
year-earlier levels since October 2005, raising concerns that
the downward trend could cause the broad California economy to
suffer.




The median price paid last month for a home in the region
was $502,000, down 0.6 percent from May but up 2.4 percent from
a year earlier, according to DataQuick, a La Jolla,
California-based real estate information service.


Read more at Reuters.com Economic News

UPDATE 1-Southern Copper 1st-half profit up significantly-CEO

(Reuters) - "The results, if you compare the first half of 2006 with
the first half of 2007, are going to be significantly higher,"
Southern Copper's CEO, Oscar Gonzalez, told reporters.




Southern Copper is controlled by Grupo Mexico
and has operations in southern Peru at the Toquepala and
Cuajone mines and Ilo smelter.


Read more at Reuters.com Market News

UPDATE 1-Medtox shares sink on quarterly earnings miss

(Reuters) - "The market's expectations for this stock were quite high.
Also it's had a very good run up, people may simply be taking
profits," Robins Group analyst Ruthanne Williams Roussel said
by phone.




The St. Paul, Minneapolis-based company's shares were down
$5.35 at $21.31 in afternoon trade on the Nasdaq. They had
risen more than 160 percent since February to touch a year-high
of $31.63 on July 5.


Read more at Reuters.com Market News

Gold, Silver Futures Fall in New York on Speculation Dollar to Halt Slide

(Bloomberg) -- Gold and silver fell in New York on
speculation the dollar will halt its slide against the euro,
reducing the appeal of the precious metals as alternative
investments.

Gold usually moves in the opposite direction of the dollar,
which was little changed against the euro ahead of Federal
Reserve Chairman Ben S. Bernanke's semi-annual report on the
economy tomorrow. Gold and the euro both have gained 4.4 percent
this year.


Read more at Bloomberg Commodities News

RPT-WRAPUP 2-Fees bolster Wells Fargo net; other US banks mixed

(Reuters) - NEW YORK, July 17 - U.S. banks led by Wells Fargo
& CO. and U.S. Bancorp posted mixed results on
Tuesday, as higher customer fees offset rising loan losses and
pressure from interest rates and mortgage lending.




Profit rose 9 percent at Wells Fargo but fell 4 percent at
U.S. Bancorp, the fifth- and sixth-largest banks. Earnings rose
31 percent at Regions Financial Corp. and 8 percent at
KeyCorp , two big regional banks.


Read more at Reuters.com Bonds News

Homebuilder sentiment at 16-year low: NAHB

(Reuters) - "The bottom line is that the single-family housing market is still in a correction process following the historic and unsustainable highs of the 2003-2005 period," NAHB Chief Economist David Seiders said in the statement.




Homebuilders are struggling to unload excess inventories left to them as speculators abandon contracts and buyers find it harder to obtain mortgages. Soaring delinquencies on the riskiest loans have forced lenders to boost requirements for many borrowers, locking out customers who might previously have qualified, analysts said.


Read more at Reuters.com Business News

UPDATE 1-Sherwin, PPG among suitors for SigmaKalon -sources

(Reuters) - Among the likely bidders are Sherwin-Williams Co. ,
the largest U.S. paint maker, and rival PPG Industries ,
the sources said.




Private equity firms Warburg Pincus [WP.UL], PAI, BC
Partners and LBO France are also planning to bid, they added.


Read more at Reuters.com Mergers News

Los Angeles port talks seen closer to settlement

(Reuters) - "We're as close as we have been. We're hopeful that on
Wednesday, we can get this done," said John Fageaux Jr.,
president of the 930-member Local 63 of the Marine Clerks
Association of the International Longshore Warehouse Union.




Stephen Berry, attorney for 17 Southern California shippers
and terminal operators, said, "We still have some big hurdles
to cross but we're a lot closer than we were."


Read more at Reuters.com Bonds News

Barclays says confident of winning ABN bid battle

(Reuters) - "We are confident the deal will succeed because it is based on growth," Frits Seegers, chief executive of Barclays' retail and commercial banking operations, said on the sidelines of a news conference in Amsterdam.




Seegers said he had spoken to Barclays shareholders and they were content with Barclays' projected growth based on its all-share offer for ABN, currently worth 65 billion euros .


Read more at Reuters.com Business News

Applied Materials, Macatawa, MEMC, Modine, Pogo, Usana: 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.

American Express Co. (AXP US) rose $2.91, or 4.7 percent, to
$64.79. The No. 4 U.S. credit-card issuer was upgraded to ``buy''
from ``neutral'' at Goldman, Sachs & Co., which said its card-
network business was ``undervalued'' compared with its rivals.


Read more at Bloomberg Stocks News

Gold, Silver Futures Climb in New York on Speculation Dollar to Weaken

(Bloomberg) -- Gold and silver climbed in New York
on speculation a decline in the value of the dollar will boost
demand for the precious metals as alternative investments.

Gold generally moves in the opposite direction of the
dollar, which was little changed against the euro today after
falling to a record last week. Gold and the euro both have
gained close to 4.5 percent this year.


Read more at Bloomberg Commodities News

S.African stocks weaker, led by resource shares

(Reuters) - South African shares closed weaker for the second straight day on Tuesday, led south by a slump in platinum shares following on a poor trading statement from miner Lonmin and losses by heavyweight miners Anglo American and BHP Billiton.

"Anglo and BHP were down and platinum shares as well because of Lonmin's production update. The market seems to be reading Lonmin's negative update as the outlook for the entire sector as well," a Johannesburg-based trader said.


Read more at Reuters Africa

Can John McCain survive to fight another day?

(Reuters) - Can he come back from the dead, rise from the ashes, turn the tide, survive to fight another day? Or has the train already left the station?




Political gurus say it will be extremely hard for him to rebound from financial woes, but that one can never completely rule out McCain, the Vietnam war hero and Arizona senator who gave George W. Bush a run for his money in the 2000 election.


Read more at Reuters.com Bonds News

Iceland's Krona Rises to Near 20-Month High on Rate Premium, Jobs Outlook

(Bloomberg) -- Iceland's krona rose to near the
strongest since 2005 against the dollar on speculation labor
market data this week will add to the central bank's case for
keeping interest rates at a record high to curb inflation.

Falling unemployment has fueled wage increases of about 10
percent a year and contributed to the krona's 19 percent rally
against the dollar this year, more than any other currency. The
Sedlabanki, the central bank, said on July 5 that inflation had
fallen less than expected and it would keep benchmark rates at a
record. It previously predicted a cut in November.


Read more at Bloomberg Currencies News

Canada Stocks Rise on Oil Prices, Led by Suncor; Research In Motion Gains

(Bloomberg) -- Canadian stocks rose after oil prices
reached an 11-month high and the biggest mobile-phone operator in
Japan said it would begin selling Research In Motion Ltd.
BlackBerry devices next week.

Suncor Energy Inc., the world's second-largest oil-sands
producer, helped lift the S&P/TSX Composite Index. OPEC ministers
said the group should keep its restrictions on crude oil
production. Research In Motion shares gained after NTT DoCoMo Inc.
said it will start selling Blackberry devices that browse Japanese
Web sites and input Japanese text.


Read more at Bloomberg Stocks News

WRAPUP 2-U.S. overall producer prices fall in June, core up

(Reuters) - WASHINGTON, July 17 - A big drop in gasoline
prices pulled U.S. producer prices down in June but a closely
watched measure of core inflation rose at a pace likely to keep
concerns about inflation on policy-makers' minds.




Separately, the Federal Reserve said on Tuesday that output
by U.S. factories, mines and utilities increased by 0.5
percent, bouncing back from a 0.1 percent May decline partly on
a surge in production of new cars and trucks.


Read more at Reuters.com Bonds News

FACTBOX - Why oil prices are near a record high

(Reuters) - FUNDS




Investment flows from pension and hedge funds into commodities including oil have resumed in recent months after a hiatus earlier in the year due to concerns about how the global economy was moving.


Read more at Reuters.com Hot Stocks News

Dow tops 14,000 for first time

(Reuters) - The Dow Jones industrial average rose above 14,000 for the first time on Tuesday, boosted by optimism about corporate profits.

The blue-chip average rose to an intraday record of 14,002.60 within the first half-hour of trading.


Read more at Reuters Africa

Forest Labs quarterly profit rises 34 pct

(Reuters) - Forest shares fell as much as 2 percent in early trading but later recouped some of those losses.




"Despite the beat, Forest did not raise its fiscal 2008 forecast, which we would expect many on the Street to react negatively to," Natexis Bleichroeder analyst Corey Davis said in a research note.


Read more at Reuters.com Market News

Foreign Buying of U.S. Assets Unexpectedly Surges to Record $126.1 Billion

(Bloomberg) -- Foreign buying of U.S. financial
assets unexpectedly climbed to a record in May as international
investors snapped up American stocks and corporate bonds.

Total holdings of equities, notes and bonds climbed a net
$126.1 billion, from $80.3 billion the previous month, the
Treasury said today in Washington. The demand for stocks and
bonds more than offset a second straight month of sales by China
of its holdings of Treasuries.


Read more at Bloomberg Bonds News

Crude Oil Reaches 11-Month High; OPEC May Maintain Cuts, U.S. Supply Fall

(Bloomberg) -- Crude oil rose to an 11-month high in
New York on higher demand after OPEC ministers said the group
should maintain its restrictions on production.

The Organization of Petroleum Exporting Countries yesterday
raised a forecast for demand for its crude by 100,000 barrels to
31.1 million barrels a day in the fourth quarter. The U.S. Energy
Department will probably report tomorrow that crude-oil supplies
fell 700,000 barrels in the week to July 13, according to analysts
surveyed by Bloomberg News.


Read more at Bloomberg Commodities News

Overall producer prices fall in June, core up

(Reuters) - The producer price index -- a gauge of prices paid at the farm gate and factory door -- declined by 0.2 percent last month after shooting up by 0.9 percent in May, the first decline since January.




But after stripping out volatile food and energy costs, core prices in June climbed 0.3 percent after gaining 0.2 percent in May. Costs for energy goods overall declined by 1.1 percent in June, a sharp reversal from May's 4.1 percent jump.


Read more at Reuters.com Economic News

BEA Systems May be Takeover Prey for Oracle, Private Equity: Credit Suisse

(Bloomberg) -- BEA Systems Inc. ``is in play'' as a
potential acquisition target and may receive an offer of $15 to
$18 a share in the next three to six months from software maker
Oracle Corp. or a private equity firm, Credit Suisse Group said.

Analyst Jason Maynard upgraded the maker of software that
helps Internet-based programs exchange information to
``outperform'' from ``neutral'' and increased the price he
expects the shares to reach to $17 from $14.


Read more at Bloomberg Stocks News

U.K. Natural-Gas Intraday Price Increases as Traders Plan Increase Storage

(Bloomberg) -- U.K. natural gas for same-day
delivery increased on expectations supply will drop after traders
indicated they may pump the fuel into underground storage today.

Gas for intraday delivery gained 2.1 percent to 34.7 pence a
therm, reversing an earlier decline, according to the broker ICAP
Plc. The price is equivalent to $7.10 a million British thermal
units. A therm is 100,000 Btus.


Read more at Bloomberg Energy News

UPDATE 1-J&J beats forecasts, with strong overseas demand

(Reuters) - The diversified health-care company said it earned $3.08
billion, or $1.05 per share, compared with $2.82 billion, or 95
cents per share, in the year-ago period.




Analysts on average expected $1 per share, according to
Reuters Estimates.


Read more at Reuters.com Market News

Canada Dollar Little Changed Near 30-Year High as Inflation May Accelerate

(Bloomberg) -- Canada's dollar traded near a 30-
year high before a government report tomorrow that is forecast
to show consumer inflation accelerated in June.

The currency has gained 11.7 percent this year as the Bank
of Canada raised its benchmark interest rate after inflation
exceeded the bank's target of 2 percent.


Read more at Bloomberg Currencies News

Regions Fin'l profit up 31 pct, helped by AmSouth

(Reuters) - NEW YORK, July 17 - Regions Financial Corp. , a large southeastern U.S. bank, on Tuesday said second-quarter profit rose 31 percent, helped by commercial loan growth, higher service charges and the acquisition of AmSouth Bancorp Inc.



Net income for Birmingham, Alabama-based Regions rose to $453.3 million from $345.3 million a year earlier.


Read more at Reuters.com Market News

EU court says to rule on Microsoft on Sept 17

(Reuters) - The Luxembourg-based court, second-highest in the EU, confirmed a June 5 Reuters report that the ruling will come on September 17, the final working day before the retirement of court president Bo Vesterdorf, who is presiding over the case.




The EU's executive Commission found in 2004 that Microsoft had broken competition rules by abusing the dominance of its Windows product, muscling out competitors unable to make software that would work smoothly on the operating system.


Read more at Reuters.com Government Filings News

Basell to buy Lyondell for about $12.14 billion

(Reuters) - The deal value of $12.14 billion is based on Lyondell's shares outstanding as of March 31.




Basell has been on the look out for acquisitions in the chemical sector and recently lost out to Saudi-based SABIC in the auction process for General Electric Co.'s GE Plastics.


Read more at Reuters.com Bonds News

Nike says committed to grow in Indonesia

(Reuters) - Several thousand angry Indonesian workers staged a noisy protest outside Nike's office in Jakarta on Monday, urging the firm to rethink its plans to end the contracts or pay severance money.




Indonesia produced around a fifth of Nike's shoes in 2006.


Read more at Reuters.com Business News

Dollar Near Record Low Against Euro Before Reports on Inflation, Housing

(Bloomberg) -- The dollar traded near a record low
against the euro before government reports today that are
forecast to show inflation and home building slowed.

The U.S. currency fell to a 26 year-low against the pound
and the weakest since March 1985 versus the New Zealand dollar
on speculation the Federal Reserve will keep interest rates on
hold this year. The euro pared earlier gains against the dollar
after a report showed German investor confidence declined for a
second month in July.


Read more at Bloomberg Currencies News

U.S. Stock-Index Futures Fall; Merrill, Wells Fargo, Intel Drop in Europe

(Bloomberg) -- U.S. stock-index futures retreated
before quarterly reports from Merrill Lynch & Co., Wells Fargo &
Co. and U.S. Bancorp that may shed light on losses from mortgages
to borrowers with poor or limited credit.

Shares of Merrill Lynch and Wells Fargo declined in Europe,
as did those of Intel Corp., the world's largest computer-chip
maker, one of three Dow Jones Industrial Average companies due to
report earnings today. The other two, Johnson & Johnson, the
biggest U.S. health-products company, and Coca-Cola Co., the
world's largest soft drink maker, gained.


Read more at Bloomberg Stocks News

U.K. Pound Rises to 26-Year High Against Dollar After June Inflation Data

(Bloomberg) -- The pound rose to a 26-year high
against the dollar after a report showed U.K. inflation exceeded
the Bank of England's 2 percent limit for a 14th month in June.

The U.K. currency posted its biggest gain in a week on
speculation the BOE will keep raising interest rates while the
Federal Reserve stays on hold, increasing the attraction of
pound-denominated assets. Investors raised bets on how high BOE
policy makers will lift borrowing costs following the release of
the inflation report, futures trading shows.


Read more at Bloomberg Currencies News

Barclays Should Abandon ABN Amro Bid, Sanford C. Bernstein Analyst Says

(Bloomberg) -- Barclays Plc should walk away from its
proposed acquisition of ABN Amro Holding NV because it won't be
able to beat a rival bid led by Royal Bank of Scotland Group Plc,
analysts at Sanford C. Bernstein Ltd. said.

``Barclays is going to have to walk away at some point, and
we think they can achieve that in the least damaging way by making
the move now,'' analysts including Antony Broadbent said in an e-
mail to investors today. ``We do not think that Barclays has
widespread shareholder support to enrich its offer.''


Read more at Bloomberg Stocks News

European Stocks Fall for First Time in Four Days; Statoil, BHP Decline

(Bloomberg) -- European stocks dropped for the first
time in four days after analysts downgraded oil companies and a
decline in copper prices pushed mining shares lower.

Repsol YPF and Statoil ASA paced a retreat in energy stocks
after ING Groep NV recommended selling the shares. Anglo American
Plc and Antofagasta Plc followed copper prices lower and BHP
Billiton Ltd. slid after Deutsche Bank AG downgraded shares of the
world's biggest mining company.


Read more at Bloomberg Stocks News

UPDATE 1-Telecom Italia denies media unit bid reports

(Reuters) - The reports are "completely groundless", a Telecom Italia
spokesman said.




Telecom Italia Media shares gained 6.73 percent on Monday,
boosted by a report that German media group Bertelsmann, Goldman
Sachs and an unidentified German bank were readying a bid
for it.


Read more at Reuters.com Mergers News

Valero Texas City Refinery Emits Chemicals Into Air, Texas Regulator Says

(Bloomberg) -- Valero Energy Corp., the largest U.S.
refiner, burned chemicals in the air on July 15, including hydrogen
sulfide, sulfur dioxide and butane, at its Texas City, Texas,
refinery, according to a report on a state-administered
environmental Web site.

A pressure relief value opened for two minutes, emitting the
chemicals, the Web site said. The plant is capable of processing
245,000 barrels of oil a day and is about 40 miles (64 kilometers)
southeast of Houston.


Read more at Bloomberg Energy News