S.African stocks slide as Harmony tumbles; Sasol up

(Reuters) - South African stocks slid to their lowest level in more than 4 months on Monday after gold producer Harmony Gold forecast a fourth-quarter loss and announced the shock exit of its CEO, hitting mining shares.

The Johannesburg Top-40 index of blue-chip stocks fell 2.5 percent to 24,292.15 points, its lowest level since March 28. The All-share index fell 2.46 percent to 26,904.48 points.


Read more at Reuters Africa

Rosetta says in partial settlement with Calpine

(Reuters) - This agreement does not resolve the claims Calpine has
asserted against Roestta, which remain pending, according to
Rosetta.





Read more at Reuters.com Bonds News

Mercury General quarterly profit rises

(Reuters) - Net premiums earned increased slightly to $754.1 million
from $753.4 million a year ago.




Analysts on average expected the company to earn $1.09 a
share, before items, according to Reuters Estimates.



Read more at Reuters.com Market News

UPDATE 1-Amedisys to buy IntegriCare home health, hospice assets

(Reuters) - Beyond home health, this deal will also provide a moderate
expansion to Amedisys' existing hospice business, the company's
Chief Executive William Borne said in a statement.




IntegriCare operates 19 home health locations in nine
states, including Alaska, Colorado, Idaho, Kansas, New
Hampshire, Oregon, Wyoming, and the Certificate of Need states
of Washington and West Virginia, Amedisys said.


Read more at Reuters.com Mergers News

Wal-Mart, India's Bharti sign cash-and-carry deal

(Reuters) - The first cash-and carry store is targeted to open by the end of 2008. The venture would employ about 5,000 people in 7 years.




Foreign multiple brand retailers in India, one of the world's fastest-growing consumer markets, are limited to cash-and-carry and franchise or license operations.


Read more at Reuters.com Business News

Lead Falls in London on Speculation Supply Shortage to Ease; Nickel Drops

(Bloomberg) -- Lead fell for the first time in five
days in London on speculation that mine production will expand
later this year, easing a supply shortage. Copper, nickel and
zinc also declined.

Apex Silver Mines Ltd.'s San Cristobal mine in Bolivia and
expansions to Australian mines operated by BHP Billiton Ltd.,
Teck Cominco Ltd. and Xstrata Plc will boost lead output by the
end of 2007, said David Thurtell, an analyst at BNP Paribas.


Read more at Bloomberg Commodities News

Gold hits one-week high on weaker dollar

(Reuters) - Gold climbed to its highest level in more than a week on Monday as a slump in the dollar supported the metal, but weakness in stock markets might cap price gains, analysts said.

Spot gold rose as high as $676.50 an ounce before easing to $673.85/674.45 by 1008 GMT, against $674.10/674.90 late in New York on Friday.


Read more at Reuters Africa

EU clears Barclays bid for ABN AMRO

(Reuters) - The clearance has no bearing on who may actually win a
bidding war pitting Barclays against a consortium also seeking
control of the Netherlands' largest bank.




The rival consortium is made up of Belgian-Dutch financial
services group Fortis , Royal Bank of Scotland
and Spain's Santander , which have offered 71
billion euros.


Read more at Reuters.com Government Filings News

S.Africa inflation risks on upside - IMF

(Reuters) - South Africa's inflation risks are on the upside and there may be a need for monetary policy tightening, the International Monetary Fund said on Monday.

In an annual report on the continent's biggest economy, the IMF predicted that the country's economy would grow by 4.8 percent in 2007, and 4.5 percent in 2008.


Read more at Reuters Africa

U.S. wants OPEC to pump more oil as inventories fall

(Reuters) - "I'm concerned that we probably are going to need more oil and I'm hopeful that the OPEC ministers at their meeting in about a month from now will agree to that," Bodman said in an interview on




CNBC.


Read more at Reuters.com Hot Stocks News

Sappi Has Third-Quarter Profit on Higher Paper Prices in Europe, Exports

(Bloomberg) -- Sappi Ltd., the world's largest maker
of glossy paper, posted a fiscal third-quarter profit after
raising prices in Europe and lifting exports.

Net income was $53 million, or 23 cents a share, in the
three months through June, compared with a $53 million loss a
year earlier, Johannesburg-based Sappi said in a stock exchange
statement today. Sales gained 6.8 percent to $1.3 billion.


Read more at Bloomberg Emerging Markets News

Samsung to boost chip production after disruption

(Reuters) - Samsung's sprawling Kiheung complex was hit by a power shortage on Friday afternoon that shut down six of its chip production lines, raising the prospect of price increases and boosting shares of rival memory chip makers.




Shares in Samsung, the world's top memory chip maker, fell 1.02 percent, while rival Hynix Semiconductor Inc. , the second biggest, rose 0.67 percent in a falling Seoul share market as the firm is seen benefiting from Samsung's troubles.


Read more at Reuters.com Hot Stocks News

Fortis opens shareholder meeting on ABN buy

(Reuters) - Fortis is seeking approval for its proposed involvement and
for a 13 billion euro rights issue to help finance the deal.
Analysts have said they expect Fortis to win backing for both.




Read more at Reuters.com Mergers News

European shares open 1 pct down, echoing Wall St

(Reuters) - European shares fell 1 percent at the opening on Monday, taking their cue from Friday's decline on Wall Street which was triggered by investment bank Bear Stearns saying credit markets were in their worst shape in two decades.

"Financial markets reflect a normalisation in risk tolerance -- the fall in equities being a function of rising cost of capital for the broad corporate sector and asset quality risks for the global financial sector," JPMorgan said in a note.


Read more at Reuters Africa

Rand softer, to remain under pressure

(Reuters) - South Africa's rand started the week on the backfoot versus the dollar and will probably remain under pressure as investors continue to fret over woes in the U.S. mortgage credit sector.

The rand was trading at 7.1525 versus the dollar at 0625 GMT, about 0.4 percent softer than its New York close of 7.1250 on Friday.


Read more at Reuters Africa

Oil extends decline, falls 1 pct on poor U.S. data

(Reuters) - U.S. crude, which slid as much as 91 cents, or 1.2 percent in early trade, reversed some losses and was down 59 cents at $74.89 a barrel by 1:58 a.m. EDT.




U.S. oil settled $1.38 lower at $75.48 a barrel on Friday, after hitting a record $78.77 on Wednesday.


Read more at Reuters.com Hot Stocks News

Fortis has other options to fund ABN deal -report

(Reuters) - If Fortis shareholders do not approve the issue of shares,
Fortis could place shares with a friendly investor or sell some
businesses, Dutch daily Het Financieele Dagblad reported, citing
sources familiar with the bank.




A Fortis spokeswoman said the company would focus on
getting shareholder approval, but declined further comment.


Read more at Reuters.com Mergers News

Natixis says sees little impact from IKB problems

(Reuters) - Natixis has a 2.5 percent stake in IKB and its shares fell
nearly 10 percent on Friday on fears over its exposure to the
U.S subprime mortgage sector.




Natixis said it had significantly reduced its exposure to
the U.S. subprime market since the start of 2007 and added that
its first half results due on August 30 would confirm the
company's "positive outlook".


Read more at Reuters.com Bonds News

Barclays launches $89 bln ABN takeover offer

(Reuters) - The offer period will run from August 7 until October 4,
Barclays said in an offer memorandum published in Dutch
newspapers on Monday.




At current share prices and foreign exchange rates, the
Barclays offer is worth about 34.54 euros per share of ABN.


Read more at Reuters.com Business News

Sanofi, Areva, Ilog, Eiffage, Thomson and Korian: 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.

The CAC 40 Index fell 84.18, or 1.5 percent, to 5597.89. The
SBF 120 Index fell 1.4 percent.


Read more at Bloomberg Stocks News

Union says reaches tentative contract with Delphi

(Reuters) - Delphi, which filed for bankruptcy in October 2005,
previously reached agreement with its biggest union, the United
Auto workers. Delphi has said it hopes to file a reorganization
plan in the third quarter and exit bankruptcy by the end of
2007.




Read more at Reuters.com Bonds News

Nippon Yusen Pays Nippon Oil Record Price for Fuel Oil Delivered in July

(Bloomberg) -- Nippon Yusen K.K., Japan's largest
shipping line, agreed to pay Nippon Oil Corp. a record price for
fuel oil delivered in July.

Nippon Yusen will pay $419.2 a metric ton for 180-centistoke
C-grade fuel oil loaded last month, the company said today in a
statement e-mailed in Tokyo. That's an increase of 8.1 percent,
or $31.5 a ton, from the amount paid in June. Prices for so-
called bunker fuel for ships are set retroactively.


Read more at Bloomberg Energy News

Shanghai Copper Futures Fall Near Limit on Concern U.S. Demand May Decline

(Bloomberg) -- Copper futures on the Shanghai
Futures Exchange fell by almost the maximum daily limit allowed
by the exchange on concern an economic slowdown in the U.S., the
second-largest consumer of the metal, will reduce demand. Zinc
futures also slumped.

Copper for October delivery fell as much as 2,790 yuan, or
4.1 percent, to 65,160 yuan ($8,611) a metric ton from the
previous close. The contract fell near the 4 percent limit
compared with the previous settlement price, and traded at 65,770
yuan a ton, down 3.2 percent, at 9:28 a.m. local time.


Read more at Bloomberg Commodities News

Asian Stocks Decline on U.S. Housing Concerns; Sony, BHP, Macquarie Slide

(Bloomberg) -- Asian stocks fell, led by Macquarie
Bank Ltd. and Samsung Electronics Co., on concern losses in the
U.S. mortgage market may slow the world's biggest economy.

Sony Corp. and Canon Inc. led Japanese exporters lower
after the yen rose to a four-month high against the dollar,
eroding the value of their dollar-denominated sales. BHP
Billiton Ltd. and Nippon Mining Holdings Inc. slid along with
prices of metals and oil.


Read more at Bloomberg Stocks News

Japan's Government Bonds May Gain on Speculation Investors Will Shun Risk

(Bloomberg) -- Japanese bonds may gain on
speculation investors will add to their purchases of government
securities after a U.S. labor report showed the economy cooling
as the housing market slows.

Five-year notes had their longest series of weekly advances
since May 2005 as losses linked to U.S. mortgages for people
with poor credit caused riskier assets such as corporate bonds
and stocks to extend declines. Emerging-market bonds fell in New
York on Aug. 3 after the U.S. Labor Department said job growth
slowed to 92,000 in July from 126,000 previously.


Read more at Bloomberg Bonds News

Indonesia Will Probably Keep Interest Rate Unchanged as Inflation Picks Up

(Bloomberg) -- Indonesia's central bank will
probably leave interest rates unchanged after 13 cuts from May
2006 because inflation is accelerating.

Bank Indonesia will keep the reference rate for bill sales
at 8.25 percent, according to 17 of 19 economists surveyed by
Bloomberg. The decision is due tomorrow. Two economists expect a
drop to 8 percent.


Read more at Bloomberg Currencies News

Bear Stearns says president Spector has resigned

(Reuters) - 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.




Bear also said that Jeffrey Mayer, co-head of the fixed
income division, has been named to the Bear Stearns executive
committee.


Read more at Reuters.com Bonds News

Mortgage stress to spur more stock volatility

(Reuters) - Widening fallout from the U.S. housing slump has rattled credit markets, putting investors on edge about the outlook for corporate takeovers and share buybacks -- two catalysts of the market's recent rally to record highs.




On Friday, Standard & Poor's cut its ratings outlook on the debt of investment bank Bear Stearns Cos., fanning concern that troubles in the subprime mortgage market are spreading, which could threaten the economy's health.


Read more at Reuters.com Business News

Congress recesses amid Democratic achievements

(Reuters) - Their top priority -- ending the Iraq war -- remains frustratingly unfulfilled. But the Democrats who took over in January were able to go home early on Sunday for a monthlong break having won more support in the U.S. Senate and House of Representatives for bringing combat troops home by early next year, marking a significant turnaround from last year.




Democrats also will be able to batter President George W. Bush and congressional Republicans for sticking with a war policy that droves of Americans increasingly oppose.


Read more at Reuters.com Bonds News

Libya economy committee backs free market reforms

(Reuters) - Libya said on Saturday it was looking at relaxing restrictions on foreign and domestic trade, part of investor-friendly reforms which long-time leader Muammar Gaddafi has said are inevitable in the modern world.

The government's economy committee proposed that restrictions on imports be freed up and eventually cancelled, a source on the committee said. Export barriers would also be removed, except for cement, steel and subsidised commodities.


Read more at Reuters Africa

Freddie CEO wary of more subprime loans: NYT

(Reuters) - With credit pools drying up "there are some loans that are in difficulty," the Times quoted Syron as saying in a telephone interview.




"There are other loans that probably should never have been made and providing more liquidity will make that situation worse in the long term," Syron told the Times.


Read more at Reuters.com Business News

Bear Stearns preparing to oust president: WSJ

(Reuters) - Bear Stearns' board is due to meet on Monday to consider the departure of Spector, who heads up its stock and bond trading operations, the paper said, citing a person familiar with the situation.




Spector, 49, had widely been seen as a candidate to become the firm's next chief executive, the Journal said.


Read more at Reuters.com Business News

China warns petrol retailers against hoarding

(Reuters) - China, the world's second-largest consumer of oil, cautioned petrol stations against hoarding and profiteering on Saturday, while urging major gasoline producers to do their best to increase supplies.

Apparently in response to short petrol supplies in some southern Chinese cities, the National Development and Reform Commission aimed its warning at companies engaged in wholesale and retail sales of oil products.


Read more at Reuters Africa

Dollar tumbles vs yen, Swiss on credit fears

(Reuters) - The dollar tumbled on Friday, hitting two-year lows versus the Swiss franc, as fears about losses in the credit sector intensified after Bear Stearns said fixed-income markets were the worst in more than two decades.

U.S. stocks extended declines after Bear Stearns' Chief Financial Officer Sam Molinaro said on Friday the credit market turmoil and risk aversion may be a worse predicament than the 1980s stock market fall and Internet bubble burst.


Read more at Reuters Africa

Subprime worries to spur more volatility

(Reuters) - Widening fallout from the U.S. housing slump has rattled credit markets, putting investors on edge about the outlook for corporate takeovers and share buybacks -- two catalysts of the market's recent rally to record highs.




On Friday, Standard & Poor's cut its ratings outlook on the debt of investment bank Bear Stearns Cos., fanning concern that troubles in the subprime mortgage market are spreading, which could threaten the economy's health.


Read more at Reuters.com Hot Stocks News

Berkshire profit rises 33 pct

(Reuters) - Net income for the Omaha, Nebraska-based insurance and investment company rose to $3.12 billion, or $2,018 per Class A share, from $2.35 billion, or $1,522, a year earlier.




Operating profit, excluding investment gains, rose 22 percent to $2.51 billion, or $1,625 per share, from $2.05 billion, or $1,331.


Read more at Reuters.com Hot Stocks News

GLOBAL MARKETS-Darker credit mood hurts stocks, dollar; bonds up

(Reuters) - NEW YORK, Aug 3 - Deteriorating credit market
sentiment and unexpectedly weak economic data hammered U.S.
stocks and the dollar, while safe-haven government bonds
surged on Friday.




Worries over a potential liquidity crunch escalated as a
top executive at Wall Street investment bank Bear Stearns
described the fixed-income market turmoil as the worst
in 22 years.


Read more at Reuters.com Bonds News

Chile stocks fall in variable trade; peso slips

(Reuters) - The all-market IGPA stock index slipped 0.46
percent to 14,783.35 points, while the trade-weighted blue chip
IPSA index fell 0.43 percent to 3,314.86 points.




Global markets were rattled by continuing concerns about
U.S. credit and weaker-than-expected jobs data, while the
Santiago bourse braced for higher local interest rates
following Thursday's higher-than-expected inflation data.


Read more at Reuters.com Bonds News

Middleby acquires cooking equipment and beverage systems makers

(Reuters) - The acquisition is expected to add to earnings in 2008, the
foodservice equipment company said in a statement.





Read more at Reuters.com Mergers News

Medivation files $100 mln mixed shelf offering

(Reuters) - Under a shelf registration filed with the U.S. Securities
and Exchange Commission, a company may sell securities in one or
more separate offerings with the size, price and terms to be
determined at the time of sale.




Read more at Reuters.com Government Filings News

US STOCKS-Indexes fall further after services data

(Reuters) - The Dow Jones industrial average was down 65.36
points, or 0.49 percent, at 13,397.97. The Standard & Poor's
500 Index was down 9.64 points, or 0.65 percent, at
1,462.56. The Nasdaq Composite Index was down 14.85
points, or 0.58 percent, at 2,561.13.




Read more at Reuters.com Bonds News

GLOBAL MARKETS-US stocks, dollar fall on data; bonds surge

(Reuters) - NEW YORK, Aug 3 - U.S. stocks and the dollar fell,
while safe-haven Treasuries surged on Friday as unexpectedly
weak data reinforced views of slower economic growth.




News that the U.S. economy had created fewer jobs than
anticipated and that the services sector expanded more slowly
in July jarred investors' nerves, already frayed by credit
liquidity worries.


Read more at Reuters.com Bonds News

UPDATE 1-Court: FBI violated lawmaker's rights in office raid

(Reuters) - WASHINGTON, Aug 3 - FBI agents violated the
rights of a Democratic congressman when they confiscated files
from his Capitol Hill office while investigating allegations he
solicited bribes, including $90,000 found in his freezer, a
federal appeals court ruled on Friday.




The unanimous three-judge panel ordered the FBI to give
Louisiana Rep. William Jefferson back all privileged
legislative files, including copies, taken from his office
during the unprecedented raid on May 20-21 of last year.


Read more at Reuters.com Bonds News

TREASURIES-Bond rally picks up steam on Bear Stearns call

(Reuters) - As investors bet the Federal Reserve would have to
intervene by cutting interest rates, two-year notes
surged 6/32 and were offering a yield of 4.49 percent, down a
full 10 basis points in just one session.




Read more at Reuters.com Bonds News

UPDATE 3-Bear Stearns, brokers debt protection costs rise

(Reuters) - Recent developments, including problems at some of Bear
Stearns' managed hedge funds, have the potential to hurt the
company's performance for an "extended period," S&P said in a
statement. For details see [ID:nN03300207].




The cost to insure Bear's debt with credit default swaps
rose to around 160 basis points, or $160,000 per year for five
years to insure $10 million in debt, from about 115 basis
points at Thursday's close.


Read more at Reuters.com Bonds News

Latin Stocks Fall on U.S. Hiring Slowdown, Credit Concern; Petrobras Falls

(Bloomberg) -- Latin America stocks fell for the
second time this week, led by Brazilian commodity producers, as
slower-than-expected U.S. job growth raised concern that a
faltering economy will curb demand for the region's exports.

The Morgan Stanley Capital International index of Latin
American shares retreated 2.6 percent to 3697.45 as of 2:55 p.m.
in New York, dragged down by Petroleo Brasileiro SA, Brazil's
state-controlled oil company, and Cia. Vale do Rio Doce, the
world's second-biggest nickel producer. Today's retreat cut the
regional index's weekly gain to 0.6 percent.


Read more at Bloomberg Stocks News

Washington Post quarterly profit falls, shares rise

(Reuters) - NEW YORK, Aug 3 - Washington Post Co posted a 13 percent fall in quarterly profit on Friday, but its shares rose 5 percent as slower U.S. jobs growth was expected to boost demand for its Kaplan educational business.



Like other U.S. newspaper publishers, the Washington Post's second-quarter result was weighed by declines in print advertising sales and circulation as it faced competition from the Internet for readers and marketers.


Read more at Reuters.com Market News

Treasury Two-Year Note Yields Drop to 18-Month Low on Jobs, Growth Outlook

(Bloomberg) -- Treasuries rose, pushing yields on
two-year notes to the lowest since January 2006, after weaker-
than-forecast reports on jobs and services reinforced bets that
housing market weakness will lead to a broad economic slowdown.

Two-year notes, more sensitive than longer-maturity debt to
changes in monetary policy, climbed the most in a week as
traders boosted speculation the Federal Reserve will cut
interest rates. The gains accelerated after Bear Stearns Cos.,
the second-largest underwriter of mortgage bonds, had its
credit-rating outlook cut to negative by Standard & Poor's.


Read more at Bloomberg Bonds News

Citigroup Says Asia Bond Investors Are Showing Growing Aversion to Risk

(Bloomberg) -- Asia's largest institutional fixed-
income investors are displaying increased risk aversion,
especially toward high-yield and longer-maturity debt, according
to a Citigroup Inc. survey.

The investors are positive on the outlook for the euro and
British pound while becoming even more negative on the U.S.
dollar, according to the quarterly survey.


Read more at Bloomberg Bonds News

Treasuries Climb as Jobs, Services Data Add to Bets on Economic Slowdown

(Bloomberg) -- Treasuries rose after weaker-than-
forecast reports on jobs and services reinforced bets that
housing market weakness will lead to a broad economic slowdown.

Two-year notes, more sensitive than longer-maturity debt to
changes in monetary policy, rose the most in a week as traders
increased speculation that the Federal Reserve will cut interest
rates this year. The gains accelerated after Bear Stearns Cos.,
the second-largest underwriter of mortgage-backed bonds, had its
credit-rating outlook cut to negative by Standard & Poor's.


Read more at Bloomberg Bonds News

IBM to buy data management solutions provider

(Reuters) - Aug 3 - IBM Corp. , the world's largest technology services company, said it agreed to acquire privately held Princeton Softech Inc. to enhance its cross-company information on demand business initiative.



Financial details of the deal, which is expected to close later in 2007, were not disclosed.


Read more at Reuters.com Mergers News

DaimlerChrysler completes Chrysler sale to Cerberus

(Reuters) - FRANKFURT, Aug 3 - DaimlerChrysler has completed the sale of an 80 percent stake in its U.S. arm, Chrysler, to a subsidiary of buyout group Cerberus Capital Management, it said on Friday.



The deal's closing had been delayed when bankers were forced to postpone a $12 billion syndicated loan to finance the transaction as lenders tightened access to cash in a nervous debt market.


Read more at Reuters.com Mergers News

REFILE-NYSE-Euronext sells MBE Holding stake

(Reuters) - MBE holding, a joint venture between NYSE Euronext and Borsa
Italiana, owns 60.37 percent of MTS and MTSNext.




Borsa Italiana exercised an option to buy out Euronext's
stake in the Italian business, triggered by the merger between
the NYSE Group's New York Stock Exchange and
pan-European bourse operator Euronext.


Read more at Reuters.com Government Filings News

Accoona files for $80.5 mln IPO

(Reuters) - The filing did not reveal how many shares the company
planned to sell or their expected price.The company plans to
apply for listing on the Nasdaq under the symbol "ACNA."





Read more at Reuters.com Government Filings News

Bonds rise on subprime worries

(Reuters) - Signs of weakness in the economic data prompted investors to increase bets that the Federal Reserve may start cutting interest rates before the end of the year.




"Most people think that the economy is doing OK, but showing signs of slowing down. Bonds are rallying and stock futures are selling off," said Frank Hsu, director of global fixed income at Fimat USA in New York.


Read more at Reuters.com Hot Stocks News

Bear Stearns, lender shares fall on credit worries

(Reuters) - Meanwhile the cost to insure debt of Countrywide Financial Corp. , the largest U.S. mortgage company, surged as investors fretted over the rising rate of late payments.




"There's continued nervousness about how credit market problems will effect these companies," said Richard Sichel, who helps manage $1.5 billion as chief investment officer at Philadelphia Trust Co. "They're worried that there might be more bad news ahead."


Read more at Reuters.com Business News

AU plans African Investment Bank to fund development

(Reuters) - The African Union (AU) plans to establish an investment bank in the next three years as part of an effort to raise an annual $25 billion for development projects, an AU official said on Thursday.

Maxwell Mkwezalamba, the AU's Commissioner for Economic Affairs, said in an interview the resource-rich continent is increasingly growing frustrated over wealthy countries' failure to live up to pledges to double aid for Africa by 2010.


Read more at Reuters Africa

Furniture retailer Lewis says revenue up in four month period

(Reuters) - South African furniture retailer Lewis' said on Friday there was no overall deterioration in its credit book and revenue rose in the first four months of its financial year to end-July.

The retailer said revenue for the April to May period rose 11 percent, June revenue climbed 7 percent and July revenue gained 11 percent compared to the year-ago period.


Read more at Reuters Africa

Nickel hits 9-month low on demand, lead up 3 pct

(Reuters) - Nickel fell to a nine-month low on Friday as weak demand from the stainless steel sector prompted investors to cut their positions, while lead was up almost 3 percent after a strike in Namibia prompted speculative buying.

The market stabilised after a sell-off earlier in the week triggered by risk reduction but analysts said prices were driven by fund interest during a stagnant holiday season rather than supply and demand fundamentals.


Read more at Reuters Africa

Pamodzi starts Africa's largest private equity fund

(Reuters) - South African investment firm Pamodzi Investment Holdings has launched Africa's biggest private equity fund, the $1.3 billion Pamodzi Resources Fund, it said on Friday.

Pamodzi, a prominent black-owned investment group, said the fund is supported by a consortium of U.S. investors including affiliates of American Metals & Coal International, Inc. (AMCI) -- a leading international energy and resources sector investor.


Read more at Reuters Africa

Global PMI shows sharp July slowdown, led by U.S.

(Reuters) - The indicator, produced by JP Morgan with research and
supply management organisation, fell to 56.2 in July from 59.1
in June, where 50 marks the dividing line between growth and
contraction.




"Today's activity indicators suggest that global economic
activity is expanding at a 2.5-3.0 percent annualized pace at
mid-year," said David Hensley at JP Morgan. "Although the recent
turmoil in financial markets has undoubtedly renewed concerns
over growth, output still appears set to accelerate in the
second half."


Read more at Reuters.com Economic News

D.Post says Q2 operating profit rises 10 pct

(Reuters) - Earnings before interest and tax were 703 million euros . This beat the average forecast of 692 million euros from a Reuters poll of 14 analysts. Estimates had ranged from 662 million to 722 million.



Deutsche Post stuck to its forecast for 2007 EBIT excluding one-off items to reach at least 3.6 billion euros, compared with 3.51 billion last year.


Read more at Reuters.com Market News

UPDATE 1-Tomkins profit beats forecast, shares jump 11 pct

(Reuters) - LONDON, Aug 3 - British engineer Tomkins Plc
reported better-than-expected first-half profit on
Friday, boosting its shares 11 percent, but cautioned that a
weak U.S. housing market will continue to affect its results.




Tomkins, which makes parts used in car engines and air
conditioners, reported pretax profit of 148.9 million pounds
, up from 135.7 million a year earlier.


Read more at Reuters.com Market News

Procter & Gamble profit rises

(Reuters) - Profit was $2.27 billion, or 67 cents per share, in the fiscal fourth quarter ended in June, up from $1.9 billion, or 55 cents per share, a year earlier.




The maker of Gillette razors, Tide laundry detergent and Pampers diapers said in early June it expected to earn 64 cents to 66 cents per share. Analysts, on average, expected it to earn 66 cents a share, according to Reuters Estimates.


Read more at Reuters.com Market News

US Airways sees strong Q3 demand

(Reuters) - Net sales rose 13.2 percent to $69.5 million for April, the warehouse club operator said in a statement.






Read more at Reuters.com Market News

Weyerhaeuser profit drops, but beats expectations

(Reuters) - NEW YORK, Aug 3 - Timber company Weyerhaeuser Co. reported a sharp drop in second-quarter earnings on Friday as prices fell at its real estate business and U.S. home builders' demand for wood products weakened.



Although the results beat Wall Street expectations, analysts noted that this resulted from lower corporate expenses, rather than the earnings in the company's main businesses.


Read more at Reuters.com Market News

Taser Settled 10 of 52 Cases It Told Investors Were Dismissed by Courts

(Bloomberg) -- Taser International Inc., the world's
largest maker of stun guns, talks tough when the subject turns to
people who've sued the company for injuries or deaths allegedly
inflicted by electric shocks from its weapons.

``The word has gotten out: Taser doesn't settle,'' Taser
General Counsel Doug Klint said in an April interview. ``Anyone
who sues us is in for a fight.''


Read more at Bloomberg Exclusive News

South African Rand Poised for Weekly Gain; Investors Resume Carry Trades

(Bloomberg) -- South Africa's rand is headed for a
weekly gain against the dollar as a rebound in global stocks
prompted investors to resume buying emerging-market assets.

The rand also advanced against the Swiss franc and Japanese
yen as traders borrowed funds in those currencies to invest in
higher yielding stocks and bonds in South Africa, a strategy
known as the carry trade. The rand extended gains after central
bank Governor Tito Mboweni said he was concerned about inflation
in Africa's largest economy.


Read more at Bloomberg Currencies News

Crude Oil Falls on Concern U.S. Economic Growth, Energy Demand Will Slow

(Bloomberg) -- Crude oil fell after a government
employment report prompted concern that U.S. economic growth will
slow, reducing demand for gasoline and other fuels.

Job growth slowed to 92,000 in July from 126,000 the prior
month, the Labor Department said today in Washington. The jobless
rate rose to 4.6 percent. The U.S. consumes 24 percent of the
world's oil. Economic growth in the U.S. and China has helped
spur the rise in both energy demand and prices.


Read more at Bloomberg Energy News

PRESS DIGEST - Wall Street Journal - Aug 3

(Reuters) - * Mattel Inc.'s recall of lead-tainted toys
illustrates the potential risks firms face as they seek to
benefit from low-cost Chinese goods.




* Fiserv Inc. agreed to purchase CheckFree Corp.
for about $4.4 billion, in an effort to integrate its
account-processing and risk-management services with
CheckFree's electronic bill-payment services.


Read more at Reuters.com Bonds News

UPDATE 1-CCS Medical sees $14-$16/shr price range for IPO

(Reuters) - Lehman Brothers, Goldman Sachs & Co., Wachovia Securities
and Raymond James were underwriting the IPO, the medical supply
management company said in a filing with the U.S. Securities
and Exchange Commission.




The company, which has applied for a Nasdaq listing under
the symbol "CCSM," has given the underwriters an option to buy
up to an additional 1.5 million shares to cover allotments.


Read more at Reuters.com Bonds News

US STOCKS-Futures turn negative on employment report

(Reuters) - S&P 500 futures were down 3.6 points, below fair
value, a mathematical formula that evaluates pricing by taking
into account interest rates, dividends and time to expiration
on the contract.




Dow Jones industrial average futures fell 27 points,
and Nasdaq 100 futures lost 3.75 points.


Read more at Reuters.com Bonds News

Bank agency wants comments on "unfair" lending

(Reuters) - The OTS said it hopes to work with other federal regulatory banking agencies to maintain consistency in the interagency process to create a level playing field for financial institutions.




The proposal comes at a time when federal banking authorities, including the Federal Reserve, have been criticized for responding late to early clues to possible problems in the mortgage market for borrowers with poor credit history.


Read more at Reuters.com Bonds News

AXA, ING Groep, Deutsche Telekom Earnings, ECB Report: European Week Ahead

(Bloomberg) -- Earnings reports from Axa SA,
Europe's second-biggest insurer, ING Groep NV, the biggest Dutch
financial-services company, and Deutsche Telekom AG, Europe's
largest phone company, may move markets next week.

The European Central Bank's monthly report and industrial
production data from Germany, France, Italy and the U.K. may
also affect markets. Xstrata Plc, the world's fourth-largest
copper producer, and RWE AG, Germany's second-largest utility,
also report earnings next week.


Read more at Bloomberg Stocks News

Japan's Corporate Bond Risk Increases, According to Credit-Default Swaps

(Bloomberg) -- Japanese corporate bond risk rose,
credit-default swaps show.

Contracts based on 1 billion yen ($8.4 million) of debt
included in the iTraxx Japan Series 7 Index of 50 investment-
grade companies rose to 4.2 million yen in Tokyo from 3.6
million yen yesterday, according to JPMorgan Chase & Co. prices.
The cost of the contracts increases as perceptions of credit
quality worsen; a decline suggests improvement.


Read more at Bloomberg Bonds News

Wescast profit slips in second quarter

(Reuters) - The company said it had sales of C$101.3 million, down from
C$102.6 million in the same three-month period of 2006.




Brantford, Ontario-headquartered Wescast said that while
its sales in North America were down, those in Europe were
higher.


Read more at Reuters.com Market News

Australia's Macquarie funds face losses

(Reuters) - Local media estimated the losses at more than A$300 million
.




The Australian newspaper said the funds, which are invested
in senior secured loans, had combined assets of about A$220
million, but had borrowed borrowed six to seven times their
value, magnifying potential losses.


Read more at Reuters.com Bonds News

LandAmerica posts lower 2nd-qtr earnings

(Reuters) - The company also raised its dividend by 36 percent.





Read more at Reuters.com Market News

UPDATE 1-General Cable net up amid electric utility growth

(Reuters) - The company's shares fell 9.4 percent after General Cable gave
a profit forecast for the current quarter that fell short of
analysts' estimates.




Second-quarter net income climbed to $62.8 million, or $1.15
per share, from $41.4 million, or 80 cents per share, a year
earlier. Net sales rose to $1.17 billion from $987.1 million.


Read more at Reuters.com Market News

UPDATE 1-Argentina's Acindar first-half net sinks 38 percent

(Reuters) - In the first six months of 2006, the company's net totaled
377.9 million pesos, a figure boosted by profits related to
Acindar's sale of its tube business. This year, the company did
not record any one-off benefits.




In the first quarter, Acindar reported a net profit of
127.8 million pesos. If that figure were unchanged, the
company's second-quarter profit would have totaled 107.7
million pesos.


Read more at Reuters.com Market News

UPDATE 1-Brasil Telecom 2nd-quarter profit up 39 percent

(Reuters) - Earnings before interest, taxes, depreciation and
amortization , a measure of cash flow, rose to 972.7
million reais from 813.6 million reais.




Brasil Telecom Participacoes is the holding company that
runs Brasil Telecom SA , the country's No. 3
fixed-line operator. Its controlling shareholders include
Citigroup Inc and several Brazilian state-run pension
funds.


Read more at Reuters.com Mergers News

News Corp. looks set to win Dow Jones

(Reuters) - Bancrofts holding more than 32 percent of voting shares in Dow Jones -- which publishes The Wall Street Journal, Barron's financial newsletter and Dow Jones Newswires -- are in favor of the $5 billion deal, a source familiar with the matter said on Tuesday.




That level of support represents more than half of the 64 percent voting shares held by the family. Outside shareholders own 29 percent of voting shares and are expected to overwhelmingly support the deal.


Read more at Reuters.com Business News

H&R Block bank unit a key issue in proxy battle

(Reuters) - By shutting down its new banking business, which recently
launched a credit card and encourages tax filers to open
savings accounts, the company can avoid onerous capital rules
set by bank regulators, Breeden said.




"We will seek to put H&R Block in a position where it is
free to structure the mix of debt and equity on its balance
sheet without regard to capital rules relating to the banking
business," the letter said. "We believe this will allow more
cash to be returned to shareowners each year."


Read more at Reuters.com Bonds News

General Cable net up amid electric utility growth

(Reuters) - Analysts, on average, had forecast earnings per share
before certain items of $1.07 and revenue of $1.11 billion,
according to Reuters Estimates.





Read more at Reuters.com Market News

Cephalon posts loss on higher costs, generics

(Reuters) - Excluding items, Cephalon had adjusted income of $1.14 per
share, down from $1.51 for the year-ago quarter.





Read more at Reuters.com Market News

Canadian Energy Stocks Advance on Western Oil Takeover; Suncor Shares Rise

(Bloomberg) -- Canadian energy stocks rose after a
C$5.8 billion ($5.46 billion) deal to buy Western Oil Sands Inc.
underscored the appeal of oil reserves in the nation.

Suncor Energy Inc., Petro-Canada and other energy companies
also gained after crude oil closed at a record high. Nortel
Networks Corp. led the decline by technology shares after
Alcatel-Lucent posted a bigger loss than analysts estimated.


Read more at Bloomberg Stocks News

European Leveraged Financing Rises 12 Percent in First Half, EHYA Says

(Bloomberg) -- Leveraged financing by European
companies, which rose more than 12 percent in the first half,
may slow in the second part of the year, the European High Yield
Association said.

Issuance of high-yield bonds, leveraged loans and mezzanine
financing rose to an estimated 151 billion euros ($206 billion)
in the first six months, the industry group said today in a
report on its Web site.


Read more at Bloomberg Bonds News

FED FOCUS-Markets, Fed back at loggerheads on rates

(Reuters) - The Fed has held benchmark U.S. overnight lending rates at
5.25 percent since June 2006, when it closed out a 17-meeting
string of quarter-percentage-point rate hikes.




More than a year later, the subsequent interest rate
"pause" is at eight meetings and counting.


Read more at Reuters.com Bonds News

US STOCKS-U.S. stocks fall as credit worries return

(Reuters) - NEW YORK, July 31 - U.S. stock indexes fell on
Tuesday, giving up earlier earnings-driven gains as worries
about the deteriorating credit market resurfaced.




American Home Mortgage Investment Corp. was the
latest casualty of the housing slump. The mortgage lender said
it can't fund home loans and may have to liquidate.


Read more at Reuters.com Bonds News

Fresh Del Monte posts Q2 profit, shares rise

(Reuters) - By Vikram Subhedar



BANGALORE, July 31 - Fruit and vegetable producer Fresh Del Monte Produce Inc. posted a quarterly profit, which more than doubled Wall Street expectations, helped by cost cuts and better results at its banana and other fresh produce businesses.


Read more at Reuters.com Market News

U.S. Swaptions Interest Rate Volatility Falls as Perceived Bond Risk Eases

(Bloomberg) -- Volatility on options on interest-
rate swaps fell from a 17-month high for a second day as the
perceived risk of owning corporate bonds declined.

The risk of holding corporate debt dropped by the most in
at least three years after home lender GMAC LLC said subprime
mortgage losses narrowed and Citadel Investment Group LLC said
yesterday that it bought the assets of a failed hedge fund.


Read more at Bloomberg Currencies News

Dow Jones' Bancrofts with 32 pct stock ok deal-WSJ

(Reuters) - That represents about half of the family's 64 percent ownership of the company's voting shares, likely more than enough to seal the News Corp deal, the Journal reported, citing unnamed sources.



Dow Jones owns the Wall Street Journal.


Read more at Reuters.com Mergers News

UPDATE 1-Catalyst Paper profit hit by higher Canada dollar

(Reuters) - The Canadian papermaker said it earned C$200,000, or nil
per share, in the second quarter, compared with a profit of
C$42.4 million, or 20 Canadian cents a share, in the
year-before quarter.




Analysts were expecting, on average, a loss of 15 Canadian
cents a share, according to Reuters Estimates.


Read more at Reuters.com Market News

TREASURIES-Bonds trim losses as stocks gain

(Reuters) - Treasuries were little moved by mixed economic data that
painted a picture of benign inflation pressures and slower
economic growth, but surprisingly upbeat consumer sentiment.
For details, see [ID:nN30403317], [ID:nN30443227]




Treasuries rose sharply last week, pushing yields to
two-month lows on Friday after the stock market suffered its
greatest loss nearly five years.


Read more at Reuters.com Bonds News

UPDATE 1-Fed will act on market slide if warranted--Poole

(Reuters) - "The Fed doesn't know, and market participants do not know
either, the full implications of last week's stock market
declines and increases in risk spreads," St Louis Federal
Reserve President William Poole said.




Poole said the Fed should not add to the uncertainty by
making its own policy less predictable. But if it was convinced
about the scale of the risks, it would not stand idle.


Read more at Reuters.com Bonds News

Bre-X gold scam figure not guilty on all counts

(Reuters) - Shares of the company, which had soared to value the firm at C$6 billion, collapsed to nothing, costing thousands of investors their savings, and leaving ruined shareholders to sell their stock certificates off as bitter souvenirs to a public fascinated by the story.




Felderhof's lawyers had argued that Felderhof was not aware the results were false.


Read more at Reuters.com Business News

UPDATE 1-Industrial Alliance profit dips without tax boost

(Reuters) - The Canadian life and health insurer earned C$62.1 million
, or 77 Canadian cents a share, in the three
months ended June 30. That compares with C$63.7 million, or 78
Canadian cents a share, in the year-before quarter.




Analysts had expected earnings before exceptional items of
74 Canadian cents, according to Reuters Estimates.


Read more at Reuters.com Market News

Avon profit falls on costs

(Reuters) - Net income included pretax costs of about $82 million on initiatives including restructuring its operations and revamping its product offerings.




Excluding the charges, the company earned 38 cents per share, according to Reuters Estimates, missing analysts' expectations of 42 cents.


Read more at Reuters.com Hot Stocks News

RLPC-Myers Industries postpones $950 mln LBO financing

(Reuters) - The financing, which was being arranged by Goldman Sachs,
consisted of a $685 million bank loan and $265 million in
senior subordinated notes.




Read more at Reuters.com Mergers News

Chile's Peso Gains on Higher Industrial Production, Copper Price Rebound

(Bloomberg) -- Chile's peso rose after industrial
production rose more than expected and copper, the country's
biggest export, gained because of threatened supply disruptions
caused by striking workers in Mexico.

Industrial production rose 6.7 percent in June from a year
earlier, higher than the 5 percent median forecast from nine
analysts in a Bloomberg survey.


Read more at Bloomberg Currencies News

Agco quarterly earnings rise

(Reuters) - Net income in the second quarter rose to $63.8 million, or 67 cents a share, from $40.9 million, or 45 cents share, a year earlier. Net sales grew about 18 percent to $1.71 billion from $1.45 billion in the year-ago period.



Analysts on average expected the Duluth, Georgia-based company to report a profit of 53 cents a share, before items, on revenue of $1.6 billion, according to Reuters Estimates.


Read more at Reuters.com Market News

Valero earnings gain on strong margins

(Reuters) - Wall Street analysts had forecast earnings per share of
$3.74 before special items, according to Reuters Estimates.




Revenues were $24.2 billion compared to $25.6 billion a
year ago.


Read more at Reuters.com Market News

Pilgrim's Pride Q3 profit shatters estimates

(Reuters) - CHICAGO, July 31 - Top U.S. chicken producer Pilgrim's Pride Corp. on Tuesday reported a much larger-than-expected quarterly profit due to higher chicken prices and strong demand, sending its shares higher.



The company also raised its estimate of cost savings from its purchase in December of smaller rival Gold Kist Inc. to about $150 million by January 2008 from its previous forecast of $100 million.


Read more at Reuters.com Market News

UPDATE 1-Waste Management profit beats forecasts, shares up

(Reuters) - Excluding one-time items, the Houston-based company posted
a second-quarter profit of 56 cents per share, up from 45 cents
a year earlier. Analysts on average had expected 52 cents per
share, according to Reuters Estimates.




"The dynamics within this performance were familiar, with a
lower base of revenues more than compensated by much better
margin trends," Deutsche Bank analyst Nigel Coe wrote in a note
to clients.


Read more at Reuters.com Market News

Apen Technology settles SEC charges

(Reuters) - As part of the settlement, the SEC did not announce any
monetary penalty against the company, which is required to
retain an independent consultant to review its financial and
accounting policies and procedures.





Read more at Reuters.com Government Filings News

OPEC gets cash windfall in 2006 on oil boom

(Reuters) - OPEC's oil and gas export revenue surged 22 percent to a record $649 billion in 2006 as crude prices hit an all-time high and the exporter group pumped close to full tilt, an OPEC report showed on Tuesday.

In the world's biggest oil exporter Saudi Arabia income from petroleum exports, including crude oil, condensates and natural gas liquids, hit $194 billion last year, a rise of 20 percent, OPEC said in its Annual Statistical Bulletin.


Read more at Reuters Africa

NAPM-Milwaukee says purchasing index down in July

(Reuters) - New orders were down 15 points to 60 while production
slumped 18 points to 54. Supplier lead times rose 12 points to
50 and order backlogs dropped 18 points, also to 50.




Capital equipment spending held steady at 67.


Read more at Reuters.com Bonds News

UPDATE 1-UST to acquire Stag's Leap wine in joint venture

(Reuters) - Ste. Michelle will own 85 percent of the joint venture with
privately held Marchesi Antinori, a UST spokesman said. UST
already distributes Antinori wine in the United States.




The acquisition, while small, adds to UST's commitment to
its wine business, which represented about 16 percent of UST's
sales through the first half of 2007. Only four years ago, the
company was deciding whether to keep its wine business.


Read more at Reuters.com Bonds News

Gold Futures Head for Monthly Gain as U.S. Dollar Weakens; Silver Rises

(Bloomberg) -- Gold rose in New York, heading for
the first monthly gain since April, as the dollar's decline
against the euro boosted the appeal of the precious metal as an
alternative investment. Silver also gained.

Gold generally moves in the opposite direction of the U.S.
currency. The metal is up 4.2 percent this month as the dollar
has fallen 1.2 percent against the euro.


Read more at Bloomberg Commodities News

France's Michelin buys Cooper retread subsidiary

(Reuters) - The terms of the transaction include a cash purchase price
of $69 million. The deal is subject to final due diligence, and
Federal Trade Commission and U.S. Department of Justice
approval.




Read more at Reuters.com Mergers News

It'll be a cold day before debt markets reopen:James Saft

(Reuters) - The riskier parts of the debt markets, especially leveraged loans, have all but shut up shop. Hedge funds generally can't get credit from their bank lenders and structured finance isn't buying either.




And it's not just that investors could have a long wait before the debt-powered private equity pipeline starts flowing again, it's also possible that a liquidity crisis prompts defaults and wider economic fallout.


Read more at Reuters.com Bonds News

News Corp., Dow Jones deal expected Tues: report

(Reuters) - Dow Jones also is currently discussing a plan to have News Corp. cover legal fees incurred by the Bancroft family amounting to at least $30 million, the paper reported on Monday.




"The definitive agreement has not been signed, but people familiar with the situation tell me it will be this evening," a CNBC newscaster reported on Tuesday.


Read more at Reuters.com Bonds News

RPT-US home prices fell in May - S&P/Case-Shiller

(Reuters) - The composite month-over-month Standard &
Poor's/Case-Shiller Home Price Index of 10 metropolitan areas
declined 0.3 percent to 218.37, bringing the year-over-year
change to 3.4 percent, S&P said in a press release.




The composite month-over-month Standard &
Poor's/Case-Shiller Home Price Index of 20 metro areas also
showed a 0.2 percent drop, to a 200.04 reading, or a 2.8
percent year-over-year loss.


Read more at Reuters.com Economic News

Apria Healthcare posts rise in profit

(Reuters) - Analysts on average had forecast earnings of 45 cents per
share, according to Reuters Estimates.




Management repeated a prior forecast for 2007 revenue
growth of 4 percent to 5 percent, and net income of $1.78 to
$1.82 per share



Read more at Reuters.com Market News

Futures rise before inflation, other data

(Reuters) - Shares of fast-food chain Wendy's International Inc. will likely be in the spotlight after billionaire Nelson Peltz said his Triarc Cos. Inc. could offer up to $41 a share for the company.




The core personal consumption expenditure index, the Federal Reserve's favorite inflation indicator, is forecast to have risen 0.2 percent in June, according to economists polled by Reuters.


Read more at Reuters.com Business News

Cameron second-quarter profit soars

(Reuters) - The company, which helps energy companies drill for oil and
gas, said the latest results include a tax-related gain of 6
cents a share.





Read more at Reuters.com Market News

Avon 2nd-qtr profit down on restructuring, ad costs

(Reuters) - NEW YORK, July 31 - Avon Products Inc. on Tuesday reported lower second-quarter profit, hurt by restructuring and advertising costs.



Avon, the world's largest direct seller of cosmetics, said net income fell 25 percent to $113 million, or 26 cents a share, from $151 million, or 33 cents a share, in the year-ago period.


Read more at Reuters.com Market News

UPDATE 1-Perot Systems <PER.N Q2 earnings fall, revenue up

(Reuters) - PEROT SYSTEMS CORP.
Latest Yr ago qtr
EPS 0.18 0.21
Net income 23 26
Revenue 635 572
Reuters Estimates: EPS $0.19, revenue $628.9 million




--The computer services company said it expects
third-quarter earnings of 20 cents to 23 cents a share on
revenue of $650 million to $665 million.


Read more at Reuters.com Market News

Yen Slides as Global Stocks Rebound, Bond Risk Drops, Carry Trades Resume

(Bloomberg) -- The yen fell against the dollar and
euro as a rebound in global stocks and a decline in corporate
bond risk prompted traders to resume purchases of higher yielding
assets with funds borrowed in Japan.

``The credit market's on a firmer footing,'' said Steven
Barrow, chief currency strategist at Bear Stearns International
Ltd. in London. ``The yen has weakened. Currencies are in the lap
of the credit-market gods.''


Read more at Bloomberg Currencies News

Partner Communications Q2 profit up on 3G growth

(Reuters) - JERUSALEM, July 31 - Partner Communications , Israel's second-largest mobile phone operator, on Tuesday reported a 30.9 percent rise in second-quarter profit, helped by higher revenues from third generation services.



Net profit rose to 228.1 million shekels , or 1.45 shekels per diluted share, from 174.2 million shekels, or 1.13 shekels per share, a year earlier.


Read more at Reuters.com Market News

UPDATE 1-Coach fourth-quarter profit rises

(Reuters) - Net income for the fourth quarter that ended on June 30
increased to $160.6 million, or 42 cents per share, from $117.6
million, or 31 cents per share, a year earlier.




Analysts on average were expecting 41 cents per share,
according to Reuters Estimates.


Read more at Reuters.com Market News

Kenya says GDP growth accelerates to 6.3% in Q1

(Reuters) - Kenya's economy grew 6.3 percent in the first quarter of 2007, up from 4.1 percent in the same period a year ago, the country's statistics office said on Tuesday.

"Real gross domestic product is ... estimated to have increased by 6.3 percent in the first quarter of 2007, compared to 4.1 percent in the first quarter of 2006," the Kenya National Bureau of Statistics said in a quarterly report.


Read more at Reuters Africa

Shinhan Bank Receives $300 Million Loan as South Korea Economy Expands

(Bloomberg) -- Shinhan Bank, a unit of South Korea's
second-largest financial services company, got a $300 million
loan from 14 banks, according to a document obtained by Bloomberg
News.

The banking unit of Shinhan Financial Group Ltd. got the
loan from banks including ABN Amro Holding NV, Barclays Plc, BNP
Paribas SA and Calyon, according to the document.


Read more at Bloomberg Bonds News

Suzuki Q1 up as sales advance, Mazda lifted by yen

(Reuters) - Both automakers left their full-year profit forecasts
unchanged citing volatile exchange rates and unpredictable raw
materials prices.




Suzuki has been struggling to keep up with demand as high
fuel prices steer more consumers towards small, fuel-sipping cars
such as its Swift hatchback, particularly in Europe and South
Asia.


Read more at Reuters.com Market News

Sowood Funds Lose More Than 50 Percent as Corporate Credit Bets Plunge

(Bloomberg) -- Sowood Capital Management LP lost 50
percent in July, or about $1.5 billion, the biggest hedge-fund
manager to collapse in the meltdown of the corporate bond and
loan markets.

Sowood sold most of its assets to Citadel Investment Group
LLC and will unwind its two funds, Jeff Larson, founder of the
Boston-based firm, told investors in a letter yesterday. Sowood
sought a buyer when it couldn't meet lenders' demands for more
collateral. Terms of the sale to the Chicago-based hedge-fund
manager weren't disclosed.


Read more at Bloomberg Bonds News

Global Equities Rout Is Opportunity to Buy South Korean Stocks, UBS Says

(Bloomberg) -- Investors should buy South Korean
shares after last week's $2.1 trillion global rout as the earnings
outlook at the nation's companies remains robust and as local
investors pour more funds into the stock market, UBS AG said.

The Kospi index rose to a record last week, closing above
2,000 for the first time. The benchmark, which has jumped 34
percent so far this year and is the region's fourth-best
performer, may reach 2,300 in the next 12 months, UBS estimated.


Read more at Bloomberg Stocks News

Alti, Alcatel-Lucent, Danone, Iliad, NRJ, Rhodia: 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.

The CAC 40 Index today added 2.4, or less than 0.1 percent,
to 5646.36. The broader SBF 120 Index also rose less than 0.1
percent.


Read more at Bloomberg Stocks News

U.K. Consumers Scrimp on Beer, Shoes as Higher Rates Spark Mortgage Crunch

(Bloomberg) -- Ben Craster says he'll be drinking
less beer this summer, and Christine Baines is cutting back on
clothes and cosmetics. They're among the millions of Britons
preparing for a mortgage crunch.

Craster, a London designer, and Baines, a company director
from Knutsford, England, will have to arrange new home loans as
fixed-rate discounts expire on mortgages they took out two years
ago. The Bank of England has raised borrowing costs five times
during the past year, increasing the average monthly mortgage
payment by about 100 pounds ($200), according to the Council of
Mortgage Lenders.


Read more at Bloomberg Bonds News

Calyon Hires Two Bankers to Expand Its Leveraged Finance Business in Japan

(Bloomberg) -- Calyon, the investment banking unit
of Credit Agricole SA, added two bankers to its leveraged finance
team in Japan to seek more assignments from buyout firms.

Shinichi Kato, 45, joined the French bank this month to
oversee leveraged lending in the world's second-biggest economy
from GE Commercial Finance, said Yuji Kasai, Calyon's head of
human resources in Tokyo. The bank also hired Akira Maruyama, 38,
from a buyout advisory unit of Mizuho Financial Group Inc.


Read more at Bloomberg Bonds News

South Korean July Export Growth Seen Accelerating; Prices Probably Climbed

(Bloomberg) -- South Korea's exports probably rose
at the fastest pace in almost three years in July, stoking
economic growth. Consumer prices likely increased from June.

Overseas shipments surged 21 percent from a year earlier,
according to the median estimate in a Bloomberg News survey of
11 economists. That would be the biggest gain since November
2004. Consumer prices advanced an unadjusted 0.3 percent from
the previous month, the survey showed. Trade will be released at
10 a.m. in Seoul on Aug. 1 and the prices report at 1:30 p.m.


Read more at Bloomberg Emerging Markets News

Sex offenders lurk on Facebook, Conn. official says

(Reuters) - Connecticut Attorney General Richard Blumenthal said in an
interview his office had learned of "at least three" convicted
sex offenders on Facebook's site and that may be the "tip of
the iceberg."




"These individuals are using their real names after
convictions for felony sexual offenses," Blumenthal told
Reuters. "There may be thousands or hundreds of thousands using
aliases or false identities who have never been convicted."


Read more at Reuters.com Government Filings News

Japan's Topix Index Advances, Led by Olympus on Earnings; Nomura Declines

(Bloomberg) -- Japan's Topix index advanced after
profit growth at companies including Olympus Corp. and Shinsei
Bank Ltd. attracted investors.

Gains were limited after earnings at companies including
Kyocera Corp. failed to meet investor expectations.


Read more at Bloomberg Stocks News

Teck Cominco second quarter profit falls

(Reuters) - Teck is in the midst of attempting to acquire copper miner
Aur Resources .




Read more at Reuters.com Mergers News

CapitaLand, Dayen Environmental, Suntec REIT: Singapore's Equity Preview

(Bloomberg) -- The following shares may rise or
fall in Singapore. Stock symbols are in parentheses and prices
are from the previous market close.

The Straits Times Index added 1 percent to 3,526.29. The
August futures contract gained 1.2 percent to 429.5.


Read more at Bloomberg Stocks News

UPDATE 1-Polish TPSA sales fall, year outlook lowered

(Reuters) - TPSA planned to lower capital expenditures and increase
sales from non-regulated businesses as part of a long awaited
three-year strategy.




"Work will continue to ... match the size of investment
expenditures, related to revenues, to typical European levels
for the telecommunications sector," TPSA said.


Read more at Reuters.com Market News

Anadarko Second-Quarter Profit Falls 20 Percent to $652 Million on Costs

(Bloomberg) -- Anadarko Petroleum Corp., a U.S. oil
and natural-gas producer, said second-quarter net income fell 20
percent on higher costs and in the absence of a gain a year
earlier.

Profit dropped to $652 million, or $1.39 a share after
payment of preferred stock dividends, from $815 million, or
$1.76, the company, based in The Woodlands, Texas, said in a
statement on Business Wire. Last year's results included a gain
of 32 cents a share from tax changes. Revenue almost doubled to
$3.31 billion from $1.81 billion.


Read more at Bloomberg Energy News

Crude Oil Trades Little Changed on Signs of Ample U.S. Gasoline Production

(Bloomberg) -- Crude oil was little changed in New
York after stalling near a one-year high yesterday on signs U.S.
fuel production will be sufficient to meet summer demand.

An Energy Department report tomorrow will probably show
gasoline stockpiles rose as refiners increased operating rates
for a sixth week, according to a Bloomberg News survey. Above-
average oil inventories probably fell for a fourth week. Oil, up
20 percent the past two months, reached $77.33 yesterday, the
highest intraday price since Aug. 9.


Read more at Bloomberg Energy News

UPDATE 1-Cytyc quarterly profit rises

(Reuters) - July 30 - Diagnostic-test maker Cytyc Corp. reported a small rise in its second-quarter profit due to higher expenses.



Cytyc's revenue, however, jumped nearly 26 percent, as the company sold more surgical and diagnostic products in both its domestic and international markets. The Marlborough, Massachusetts-based company, which agreed to be acquired by Hologic Inc. for $6.2 billion, reported net income of $33.5 million, or 27 cents a share, compared with $31.7 million, or 27 cents a share, a year ago.


Read more at Reuters.com Market News

UPDATE 1-CB Richard Ellis second-quarter earnings soar

(Reuters) - CB Richard Ellis posted a second-quarter net profit of $141.1
million, or 59 cents per share, compared with $64.3 million, or 27
cents per share, in the year-ago quarter.




Excluding items, the Los Angeles-based company posted a profit
of $157.3 million, or 66 cents per share, ahead of the average of
analysts forecast of 41 cents per share, according to Reuters
Estimates.


Read more at Reuters.com Market News

Venezuelan Bolivar Falls to Lowest in Five Months on Bond-Sale Speculation

(Bloomberg) -- Venezuela's currency fell to the
lowest in almost five months in unregulated trading on
speculation a government dollar-denominated bond sale to local
banks won't be large enough to meet demand for foreign currency.

Venezuela and Argentina plan to sell a dollar bond together
by the end of August, said Ricardo Sanguino, president of the
Venezuelan congressional finance commission, after markets closed
July 27, without revealing how much they would sell. Venezuela's
Finance Minister Rodrigo Cabezas said in May the countries
planned to sell up to $1 billion of dollar and bolivar bonds to
Venezuelan investors by the end of the year.


Read more at Bloomberg Currencies News

GM offers zero-percent financing on pickups

(Reuters) - "We want to be competitive in the marketplace and there has been increasingly heavy spending by our competitors," said John McDonald, GM spokesman.




Sales of full-size pickups, which rely on buyers in industries like construction, have been hurt by weak housing starts and higher gas prices. U.S. sales of full-size pickups have slipped 2.4 percent so far this year.


Read more at Reuters.com Business News

US STOCKS-Profit optimism, financials fuel Wall St's rebound

(Reuters) - NEW YORK, July 30 - U.S. stocks rebounded on
Monday after a global equity sell-off last week, as optimism
about earnings resurfaced and concern about credit conditions
eased.




Financial shares, which have borne the brunt of fallout
from tightening credit markets, bounced back in part after
ratings agency Standard & Poor's upgraded Morgan Stanley's
debt.


Read more at Reuters.com Bonds News

US STOCKS-Indexes end higher in rebound from sell-off

(Reuters) - Based on the latest available data, the Dow Jones
industrial average rose 92.84 points, or 0.70 percent,
to end unofficially at 13,358.31. The Standard & Poor's 500
Index was up 14.96 points, or 1.03 percent, to finish
unofficially at 1,473.91. The Nasdaq Composite Index
was up 21.04 points, or 0.82 percent, to close unofficially at
2,583.28.




Read more at Reuters.com Bonds News

Dollar Declines Most in Three Weeks Versus Euro as Haven Buying Subsides

(Bloomberg) -- The dollar fell the most in almost
three weeks against the euro as a rebound in U.S. stocks reduced
investors' need for haven buying in the currency.

The U.S. currency gained the most last week since January as
subprime losses encouraged investors to avoid riskier assets. The
Standard & Poor's 500 Index rose from its steepest weekly decline
since September 2002. Treasuries fell amid reduced need for the
safety of government debt.


Read more at Bloomberg Currencies News

Treasuries Drop Most in Two Weeks, Signaling Investors Accepting More Risk

(Bloomberg) -- Treasuries declined the most in two
weeks as U.S. stocks rebounded, suggesting investors were
becoming more comfortable with risk after last week's $2.1
trillion global equity sell-off.

A gauge of momentum suggested that a rally that sent yields
to the lowest since May 17 was poised to stall. U.S. government
debt last week posted its biggest weekly advance in 10 months on
speculation the subprime mortgage crisis will slow the economy,
and an index of Treasury market volatility rose to the highest
since March 2005.


Read more at Bloomberg Bonds News

Corporate Bond Risk Falls as Citadel, GMAC News Eases Subprime Concerns

(Bloomberg) -- The risk of owning corporate bonds
fell from the highest in at least three years as Citadel
Investment Group LLC took over the credit holdings of a money
losing hedge fund and GMAC LLC reported a second-quarter profit.

Credit-default swaps based on $10 million in the CDX North
American Investment-Grade Index fell $1,500 to $79,500 after
surging earlier today to $103,000, according to Deutsche Bank AG
prices. A decrease suggests improvement in the perception of
credit quality; an increase signals the opposite.


Read more at Bloomberg Bonds News

US STOCKS-Earnings optimism helps fuel rebound

(Reuters) - NEW YORK, July 30 - U.S. stocks rose on Monday,
as optimism about earnings and M&A activity in the industrial
sector countered the worries about worsening credit conditions
that led to a global equity sell-off last week.




Expectations for quarterly earnings growth by Standard &
Poor's 500 companies were raised to 6.8 percent compared with
the year-ago period from 6.0 percent one week earlier,
according to Reuters Estimates.


Read more at Reuters.com Bonds News

UPDATE 1-American Home Mortgage tumbles on liquidity issues

(Reuters) - NEW YORK, July 30 - American Home Mortgage
Investment Corp shares fell sharply on Monday after the
company delayed its quarterly dividend, announced "major"
write-downs, and said lenders were demanding it put up more
cash.




Shares of American Home were down 39 percent, falling in
premarket trading to $6.39 from Friday's close of $10.47.
Trading was halted for news pending prior to the market open.
The shares on Friday hit their lowest level since April 2003.


Read more at Reuters.com Bonds News

CNA, Dow Jones, MC Shipping, RadioShack, Southwest Gas: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 1:10 p.m. in New York.

Some mortgage lenders fell after American Home Mortgage
Investment Corp. (AHM US) delayed its quarterly dividend and
raised doubts about whether it has enough cash to stay in
business. Shares of American Home were halted.


Read more at Bloomberg Stocks News

As UAW negotiates, Toyota workers eye unionization

(Reuters) - At least some do. Union drives at Toyota's Georgetown, Kentucky, plant have ebbed and flowed since it opened in 1988, with supporters battling to convince doubters that joining the United Auto Workers union will improve their lives.




The specter of crumbling fortunes at General Motors Corp., Ford Motor Co. and Chrysler haunt the union debate at the U.S. arm of Toyota Motor Corp., which is poised to overtake GM as the world's No. 1 automaker this year.


Read more at Reuters.com Business News

TREASURIES-Prices slip as stocks stabilize

(Reuters) - NEW YORK, July 30 - U.S. Treasury debt prices
slipped in morning trade, taking a breather after last week's
record-setting gains as stocks appeared to stabilize.




Benchmark Treasury yields reached two-month lows last week
as bond prices rose on tumbling stocks and investor concerns
over having less access to credit.


Read more at Reuters.com Bonds News

US corporate bond market losing dominance - NY Fed

(Reuters) - U.S issuers followed the trend by relying more on the
Eurobond market for funding, a study titled "Evaluating the
Relative Strength of the U.S. Capital Markets" showed.




"The U.S. bond market has fallen behind the Eurobond market
in terms of the total volume of debt issued, and it is no
longer the first choice for some U.S. debt issuers," the study
said. It was authored by Stavros Peristiani, an assistant vice
president of the banking studies function of the New York Fed.


Read more at Reuters.com Bonds News

Corn Declines on Speculation U.S. Farmers Sowed Record Number of Plants

(Bloomberg) -- Corn fell for the first time in five
sessions in Chicago on speculation that a jump in the number of
viable plants this year will produce the largest-ever crop in the
U.S., the biggest global exporter.

U.S. farmers may harvest a record number of ears per acre,
Bill Nelson, a vice president for A.G. Edwards Inc. in St. Louis,
said in a report to clients today after touring fields across the
Midwest last week. Temperatures as much as 6 degrees Fahrenheit
below normal limited stress in fields that received 25 percent of
normal rain in the last 30 days, Nelson said in the report.


Read more at Bloomberg Commodities News

US STOCKS-Credit woes, good earnings leave indexes flat

(Reuters) - NEW YORK, July 30 - U.S. stocks were little
changed in volatile trading on Monday after Wall Street's worst
week in nearly five years as investors weighed the worsening
credit market with a positive earnings outlook.




Tightening lending standards threatened to slow or halt the
heavy pace of corporate buy-outs, including several major deals
by private equity firms, that have fueled a rally in equities.


Read more at Reuters.com Bonds News

European Chemical Stocks Gain, Led by Imperial Chemicals; UBS, 3i Slide

(Bloomberg) -- European chemical stocks rose after
Imperial Chemical Industries Plc rejected a sweetened bid from
Akzo Nobel NV and Linde AG, the largest maker of industrial
gases, reported earnings that topped analysts' estimates.

UBS AG and 3i Group Plc led declines by financial companies
after IKB Deutsche Industriebank AG of Germany said profit will
be ``significantly'' lower than forecast, hit by the U.S.
subprime mortgage rout.


Read more at Bloomberg Stocks News

Mexican stocks rally, telecom shares lead

(Reuters) - The benchmark IPC stock index of leading shares
surged 1.54 percent to 30,701 points and the peso currency
eased marginally to 10.968 per dollar.




In debt trading, the price of the benchmark government
10-year peso bond rose 0.185 points to bid 101.586,
with a yield of 7.74 percent.


Read more at Reuters.com Bonds News

Swiss Franc Gains on Speculation Investors Are Unwinding Carry Trades

(Bloomberg) -- The Swiss franc advanced on
speculation widening losses on bonds backed by subprime mortgages
prompted investors to unwind so-called carry trades funded by
borrowing in the currency.

The franc gained against 15 of the 16 most-actively traded
currencies after Germany's IKB Deutsche Industriebank AG reported
losses on U.S. subprime mortgages and the risk of holding
corporate debt surged to a record. The Swiss currency rose to the
highest in more than three months against the euro.


Read more at Bloomberg Currencies News

S.African stock market boosted by miners, banks

(Reuters) - South Africa's blue chip top-40 index rose over 1.7 percent on Monday, boosted by resource and banking stocks in late afternoon trade.

At 1452 GMT, the blue-chip index was 1.6 percent stronger, with heavyweight miners Anglo American up 2.07 percent to 402.40 rand and BHP Billiton 3.75 percent higher at 203.60 rand.


Read more at Reuters Africa

European Chemical Stocks Advance, Led by ICI, Linde; UBS, 3i Decline

(Bloomberg) -- European chemical stocks rose after
Imperial Chemical Industries Plc rejected a sweetened bid from
Akzo Nobel NV and Linde AG, the largest maker of industrial
gases, reported earnings that topped analysts' estimates.

UBS AG and 3i Group Plc led declines by financial companies
after IKB Deutsche Industriebank AG of Germany said profit will
be ``significantly'' lower than forecast, hit by the U.S.
subprime mortgage rout.


Read more at Bloomberg Stocks News

Copper Futures Decline in New York as Chilean Production Concerns Ease

(Bloomberg) -- Copper fell in New York after
Chile's state-owned Codelco, the world's biggest producer of the
metal, said it would resume production today at its second-
largest mine, easing supply concerns.

Unions at El Teniente in central Chile will resume work,
Codelco said yesterday. Mining had been halted since July 26
because of protests by striking contract workers. Before today,
copper had gained 24 percent this year, partly because strikes
in Latin America reduced output.


Read more at Bloomberg Commodities News

Pearson says FT in TV distribution talks with CNBC

(Reuters) - "Our FT people are talking to CNBC people. We are interested in other channels of distribution," Scardino told reporters in a briefing following Pearson's first-half results.



"We spend a lot of care and money and journalistic integrity in gathering news and our readers have different tastes at different times."


Read more at Reuters.com Mergers News

Ingersoll-Rand jumps on Bobcat sale price

(Reuters) - The Bobcat division and its utility equipment and attachment units generated $2.6 billion in sales last year, accounting for about 23 percent of Ingersoll-Rand's total 2006 revenue.




The sale price was about 20 percent higher than expected, Wall Street analysts said.


Read more at Reuters.com Hot Stocks News

Pounds Gains Against Dollar on Speculation Bank to Raise Interest Rates

(Bloomberg) -- The pound rose versus the dollar and
pared losses against the euro on speculation the Bank of England
will increase borrowing costs later this year to cool inflation.

The U.K. currency traded at $2.0272 from $2.0242, after
earlier rising to as high as $2.0291. Against the euro, the pound
was at 67.51 pence, from 67.37 pence.


Read more at Bloomberg Currencies News

EXCO to form master limited partnership unit

(Reuters) - The subsidiary will own a substantial portion of EXCO's
mature producing oil and natural-gas properties located in the
Appalachian, East Texas/North Louisiana, Mid-Continent and
Permian Basin areas, it said.





Read more at Reuters.com Government Filings News

TREASURIES-Prices rise on stocks, credit fears

(Reuters) - Benchmark yields reached two-month lows last week on
tumbling stocks and worsening sentiment about the credit
environment.




"It's just the continuation of flight to quality," said
Georges Yared, chief investment officer of Yared Investment
Research in Wayzata, Minnnesota.


Read more at Reuters.com Bonds News

UPDATE 1-Verizon Wireless to buy Rural Cellular

(Reuters) - Verizon Wireless, a venture of Verizon Communications
and Vodafone Group Plc , said Rural Cellular
shareholders would receive $45 per share in cash, a 16 percent
premium to the average closing price for the last 10 trading
days and 41 percent above Friday's close of $31.88.




The deal is worth $2.67 billion including the assumption of
net debt, according to Verizon Wireless. It said it expects
more than $1 billion in savings from reduced roaming fees and
operating expenses as a result of the deal.


Read more at Reuters.com Mergers News