Japan's Shares Drop on U.S. Economy Concern, Stronger Yen; Sony Leads Fall

(Bloomberg) -- Japanese stocks declined, led by Sony
Corp. and Canon Inc., on concern losses in the U.S. mortgage
market may slow the world's biggest economy.

Exporters also fell after the yen strengthened to a four-
month high against the dollar, eroding the value of their dollar-
denominated sales.


Read more at Bloomberg Stocks News

Philippines, Singapore, Sri Lanka, South Korea: Asian 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: The nation should steadily work toward yuan
convertibility, China Money magazine reported Aug. 3, citing
Wang Yungui, deputy director general of the Balance of Payment
Department at the currency regulator. China should improve the
system of foreign-exchange settlements and increase the currency
market's demand and supply, Wang said according the magazine.
China Development Bank plans to sell 20 billion yuan ($2.64
billion) of fixed-rate seven-year bonds this week.


Read more at Bloomberg Bonds News

Philippine Inflation Probably Stayed Close to Seven-Year Low on Currency

(Bloomberg) -- Philippine inflation probably rose in
July. Still, the pace was close to the slowest in 7 1/2 years as
gains in the peso against the dollar lowered the price of
imports, including oil.

Consumer prices increased 2.4 percent from a year earlier,
according to the median estimate of 14 economists surveyed by
Bloomberg News. Inflation was 2.3 percent in June after rising
in the previous two months from 2.2 percent, the lowest level
since January 2000. The National Statistics Office report is due
tomorrow at 9 a.m. in Manila.


Read more at Bloomberg Currencies News

UPDATE 1-Bear Stearns says president Spector has resigned

(Reuters) - The resignation follows Bear Stearns' assertion on Friday
that it is weathering the worst storm in financial markets in
more than 20 years after a major rating company warned mortgage
credit problems could hurt the investment bank's profits.




In a statement, Bear Stearns said that, effective
immediately, Alan Schwartz has been named the company's sole
president, and Samuel Molinaro will become chief operating
officer in addition to chief financial officer.


Read more at Reuters.com Mergers News

UPDATE 1-IKB owner plays down talk of higher subprime losses

(Reuters) - Responding to an article claiming that the losses could
mount to 5 billion euros, government-owned lender KfW told
Reuters on Sunday that such estimates were guess-work.




"Talk of bigger numbers is complete speculation," said a
spokesman for the bank, which owns 38 percent of IKB.


Read more at Reuters.com Bonds News

Jones says Fast Retailing tops Dubai bid for Barneys

(Reuters) - Jones Apparel said in a statement released in New York that
it intended to accept the Fast Retailing offer unless Istithmar
matched it within two business days of Aug. 6.




Read more at Reuters.com Mergers News

Sudan, China to build $630 mln Mauritania railway

(Reuters) - Sudan's Danfodio Holding and China's Transtech Engineering have signed an agreement to build a 460 million euro railway linking Mauritania's capital Nouakchott with southern phosphate deposits at Bofal.

The deal for the 430 km (290 mile) line, which will run close to the Islamic Republic's southern frontier with Senegal, was signed late on Friday in Nouakchott with private Mauritanian investors and Transport Minister Ahmed Ould Mohameden.


Read more at Reuters Africa