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

KV Pharma says Vivus gets approval to market menopause spray

(Reuters) - KV Pharma intends to launch the product during the second
half of fiscal 2008.





Read more at Reuters.com Government Filings News

US STOCKS-Futures point lower as credit worries persist

(Reuters) - NEW YORK, July 30 - Wall Street looked set to add
to last week's sharp losses on Monday, reacting to worsening
sentiment about the global credit environment.




Tightening lending standards threaten to slow or halt the
heavy pace of corporate buy-outs that have fueled an rally in
equities.


Read more at Reuters.com Bonds News

UPDATE 1-Humana quarterly revenue rises 19 percent

(Reuters) - Second-quarter revenue rose to $6.43 billion from $5.41
billion.




Net income rose to $216.8 million, or $1.28 per share,
compared with $89.5 million, or 53 cents, a year earlier.


Read more at Reuters.com Market News

Futures turn negative, point to weaker open

(Reuters) - Dow Jones industrial average futures lost 26 points, and Nasdaq 100 futures were down 4.5 points.




Read more at Reuters.com Hot Stocks News

Botswana stock index slightly lower

(Reuters) - Domestic share prices on Botswana's stock exchange ended marginally lower last week, official data showed on Monday.

The Bank of Botswana said the Domestic Company Index (DCI) of the Botswana Stock Exchange fell 0.1 percent in the week to July 27, ending at 9,859.46 points.


Read more at Reuters Africa

U.K. FTSE 100 Rises for First Time in Five Days; HSBC, ICI, BHP Pace Gains

(Bloomberg) -- U.K. stocks including HSBC Holdings
Plc advanced. The world's fourth-largest bank reported profit
that topped analysts' estimates.

Imperial Chemical Industries Plc and BHP Billiton Ltd. also
rose. Vodafone Group Plc, the world's largest mobile-phone
company, fell.


Read more at Bloomberg Stocks News

European Mining Stocks Advance, Led by BHP Billiton; Postbank Slides

(Bloomberg) -- European mining stocks rose, led by
BHP Billiton Ltd. and Rio Tinto Group, as metal prices advanced.

Imperial Chemical Industries Plc jumped the most in more
than a month after it rejected a sweetened bid from Dutch rival
Akzo Nobel NV. Linde AG, the world's largest maker of industrial
gases, gained after reporting earnings that topped analysts'
estimates. Deutsche Postbank AG led banks lower after Germany's
biggest consumer bank by clients posted second-quarter profit
that missed analysts' estimates.


Read more at Bloomberg Stocks News

Germany's DAX Shares Erase Gains; Deutsche Postbank, Hypo Real Estate Drop

(Bloomberg) -- Germany's DAX Index pared earlier
gains, as shares of Deutsche Postbank AG, Hypo Real Estate
Holding AG and DaimlerChrysler AG retreated.

The benchmark DAX lost 9.26, or 0.1 percent, to 7442.42 at
11:07 a.m. in Frankfurt, after rising as much as 0.7 percent.
The HDAX Index of the country's 110 biggest companies was little
changed at 3843.98 percent.


Read more at Bloomberg Stocks News

Asian Stocks Rebound From 1-Month Low; JFE, Nippon Steel Rise, Canon Fall

(Bloomberg) -- Asian stocks rebounded from a one-
month low after higher profits at JFE Holdings Inc. and Nippon
Steel Corp. offset concern U.S. housing investment is dropping.

Canon Inc., the world's largest digital-camera maker, and
Macquarie Bank Ltd., Australia's biggest investment bank, led
declines on speculation the housing slump will slow U.S.
consumer spending and end a global boom in takeovers.


Read more at Bloomberg Stocks News

Glencore Parries Attacks on Secrecy in Commodities as Borrowing Increases

(Bloomberg) -- The two truckloads of metal that
rolled out of Glencore International AG's Mopani Copper Mines in
Zambia in February never made it to their destination at the
Indian Ocean port of Durban, South Africa. Hijackers got to the
trucks first, overcoming both the drivers and the satellite
tracking system designed to disable the vehicles remotely in the
event of an emergency.

``It's a growing problem,'' says Shaun Sinden, general
manager of ESO Trucking in Johannesburg, which has been moving
minerals across Africa for 30 years. Glencore, the world's largest
commodities trader, faces risks ranging from robbery to strikes to
government confiscation. The closely held Baar, Switzerland-based
company operates on six continents and produces and trades
billions of dollars of oil, coal, metals and grain every day.


Read more at Bloomberg Exclusive News

Dollar eases as credit, risk aversion remain focus

(Reuters) - The dollar slipped modestly against a basket of major currencies on Monday, giving back some of last week's gains as investors geared up for a barrage of economic data this week and potentially more credit-driven market volatility.

As traders took stock of last week's rise in risk aversion on deepening concern about a possible credit crunch and a deteriorating U.S. housing market, high-yielding currencies like the Australian and New Zealand dollars lost ground on Monday.


Read more at Reuters Africa

U.K. Stocks Rise for First Time in Five Days; ICI, BHP Billiton Pace Gains

(Bloomberg) -- U.K. stocks rose for the first time
in five days. Imperial Chemical Industries Plc and BHP Billiton
Ltd. paced the advance.

The benchmark FTSE 100 Index added 12.9, or 0.2 percent, to
6228.1 at 8:30 a.m. in London. The FTSE All-Share Index gained
0.3 percent to 3218.95. Ireland's ISEQ Index rallied 0.3 percent
to 8378.62.


Read more at Bloomberg Stocks News

Rubber Rises in Tokyo as Oil Price Gain May Increase Cost of Synthetics

(Bloomberg) -- Natural rubber futures in Tokyo rose
as crude oil traded near a one-year high, prompting speculation
that demand for the commodity will increase as the cost of making
the synthetic alternative climbs.

Crude Oil for September delivery reached $77.24 a barrel in
New York on July 26, the highest intraday price for a front-month
contract since August 9 and just below the record $77.45 a barrel.
The contract rose 2.8 percent on July 27, and traded at $76.64 a
barrel at 12:43 p.m. Singapore time, up 16 percent this year.


Read more at Bloomberg Commodities News

UPDATE 1-India's i-flex Q1 net up, but firm rupee weighs

(Reuters) - BANGALORE, July 30 - India's i-flex solutions
ltd. said on Monday its April-June net profit rose
4.6 percent, as the banking software maker gained from rising
orders, but a strong rupee was a concern.
The company, majority owned by U.S. business software firm
Oracle Corp. , was winning large deals from banks
looking to cut costs, Chief Financial Officer Makarand Padalkar
said.




"The business momentum is very, very strong, both on our
strength and Oracle's. There are number of large engagements
which are in progress," Padalkar told Reuters in a telephone
interview from the company's Mumbai headquarters.


Read more at Reuters.com Market News

Japanese Shares Climb on Earnings Reports, Led by Steelmakers; Canon Drops

(Bloomberg) -- Japanese stocks climbed, led by
steelmakers after companies including JFE Holdings Inc. reported
increased profits and boosted earnings forecasts.

A measure of steel companies in the Topix surged 3.9
percent, the biggest gain among the 33 industry groups included
in the broad gauge.


Read more at Bloomberg Stocks News

Ingersoll to sell units for $4.9 bln to Doosan

(Reuters) - Doosan's shares jumped as much as 11 percent on the move, which the company said would nearly double its sales and make it the world's seventh largest construction equipment maker.




For Ingersoll, the deal will cut the diversified manufacturer's exposure to the highly cyclical division which has been hit by a downturn in U.S. home construction and help its shift toward climate control, industrial and security businesses.


Read more at Reuters.com Bonds News

Barclays says will continue with ABN offer

(Reuters) - A recommendation from ABN had been a pre-condition of
Barclays' offer, but the British bank said in a statement it had
waived the precondition and instead made it a condition to the
completion of an offer.




Read more at Reuters.com Mergers News

Malaysia's Naim Cendera Plans $144 Million Debt Sale to Help Fund Projects

(Bloomberg) -- Malaysia's government expects to
generate 177 billion ringgit ($51 billion) of investments
including manufacturing, agriculture and tourism projects in the
northern states till 2025 to spur economic growth.

It's a ``government initiative to drive economic growth and
raise income levels in the north of peninsular Malaysia,'' the
government said in a statement today. The state will spend one-
third of the investment, it said.


Read more at Bloomberg Emerging Markets News

Yen rises, risk aversion overshadows Japan election

(Reuters) - But the yen gave up some gains as overall losses in Asian equities turned out to be limited, and as Japanese investors and other market players seized on the rise as an opportunity to sell the low-yielding yen for higher-yielding currencies.




"A lot of people are wanting to sell on any rallies," said Luke Waddington, head of forex trading at Royal Bank of Scotland in Tokyo.


Read more at Reuters.com Hot Stocks News

America Movil, Cosan, Femsa and Randon May be Active: Latin Equity Preview

(Bloomberg) -- The following stocks may make
significant gains or losses in Brazil, Chile and Mexico today.
Symbols are in parentheses after the company name, and stock
prices are from the last session.

In Brazil, preferred shares are the most commonly traded
class of stock.


Read more at Bloomberg Stocks News

Doosan to buy Ingersoll units for $4.9 billion

(Reuters) - Ingersoll signed a definitive agreement to sell Bobcat, the
world's top compact construction equipment firm, and its
utility equipment and attachment businesses, which in 2006
together generated $2.6 billion in sales and $370 million in
operating profits.




"The sale of Bobcat, Utility Equipment and Attachments
represents the last major auction to transform our business
portfolio to reposition Ingersoll Rand as a diversified
industrial company," CEO Herbert Henkel said in a statement.


Read more at Reuters.com Business News

Japan Shares Fall on U.S. Subprime Concern, Ruling Party's Election Defeat

(Bloomberg) -- Japanese stocks dropped after U.S.
residential investment slumped, raising concern the world's
largest economy will slow and Japan's ruling party lost control
of the upper house of parliament in an election.

Sony Corp. slid by the most since June 8 and Nintendo Co.
extended its two-day loss to 8.7 percent, leading exporters
lower after the yen advanced to the highest against the dollar
in more than three months, reducing the value of their overseas
sales.


Read more at Bloomberg Stocks News

China's 2007 Steel Production May Rise by 14 Percent, Industry Guild Says

(Bloomberg) -- China, producer of one third of the
world's steel, may increase output of the metal by 14 percent
this year, the China Iron and Steel Association said.

Production may reach 480 million tons this year, the
association said in a statement in Beijing. That compares with
its previous forecast of 475 million tons.


Read more at Bloomberg Emerging Markets News

South Korea's Stocks Slide on U.S. Housing Concern; Kookmin Bank Drops

(Bloomberg) -- South Korean stocks fell for the
third day. Kookmin Bank led declines on concern a deepening U.S.
housing slump will slow the world's biggest economy and prompt
investors to shun equities for safer assets.

``The housing-market problems may have a bigger-than-
expected damping effect on the U.S. economy,'' said Kim Han Jin,
vice president of Fides Investment Management in Seoul, which
manages $1 billion in equities. ``That could continue if consumer
spending fails to offset those negatives,'' while ``people want
to cut their holdings of riskier assets in emerging markets,'' he
said.


Read more at Bloomberg Stocks News

Ten-Year Treasury Yields Near 10-Week Low as Asia Stocks Follow U.S. Lower

(Bloomberg) -- Treasuries were little changed, with
10-year note yields near a 10-week low, as Asian stock markets
slumped because investors are shunning riskier assets.

The securities look set to add to last week's biggest gain
since the period ended Sept. 22 on concern a U.S. housing market
slowdown and defaults on subprime mortgages will weigh on the
broader economy. Japan's equity markets led the region lower,
with the Nikkei 225 Stock Average declining more than 1 percent.


Read more at Bloomberg Bonds News

Stock Bulls Grow More Bullish as Global Equity Markets Lose $2.1 Trillion

(Bloomberg) -- The biggest losses in stock and
credit markets in five years are making the U.S. stock bulls
more bullish.

The Dow Jones Industrial Average posted its steepest gain
since 2003 on July 12, two days after tumbling on Standard &
Poor's plan to cut credit ratings for bonds backed by subprime
mortgages. The benchmark for America's biggest companies climbed
to a record the next week, following a decline sparked by losses
in Bear Stearns Cos. hedge funds. Some of the world's largest
investors say the S&P 500's biggest slump since September 2002
last week now offers them even more opportunities to profit.


Read more at Bloomberg Stocks News

Australia's Dollar Declines as Investors Shun Higher-Yielding Securities

(Bloomberg) -- The Australian dollar fell to the
weakest in a month against the U.S. currency and a two-month low
versus the yen as a slide in stocks eroded investor confidence to
buy higher-yielding assets with loans from Japan.

The currency fell for a third day as a 4.2 percent loss in
the Dow Jones Industrial Average last week led a worldwide slump
in shares. The local dollar this month reached an 18-year high
against its U.S. counterpart and the strongest in 16 years versus
the yen as rising equities encouraged investors to put on so-
called carry trades, in which they take advantage of Australia's
higher interest rates with borrowed money from Japan.


Read more at Bloomberg Currencies News

Venezuela `Oil Socialism' Boosts Government Income by $5.8 Billion a Year

(Bloomberg) -- Venezuela's bid to nationalize its
energy industry has boosted government income by $5.8 billion a
year, fueling a new form of ``oil socialism,'' President Hugo
Chavez said.

The extra $5.8 billion, equal to 11 percent of Venezuela's
official 2007 budget, came through tax and royalty increases
phased in since 2004. The seizure on May 1 of four foreign oil
joint ventures in the country's eastern Orinoco Belt will provide
additional funds, he said.


Read more at Bloomberg Energy News

WEEKEAHEAD-Emerging debt to remain volatile after selloff

(Reuters) - Despite the massive sell-off that left bonds with losses of
more than 1 percent for the year-to-date, dedicated emerging
market investors have not yet capitulated, but are possibly
waiting for an opportunity to buy on dips, fund managers and
analysts said.




"Although real-money accounts are obviously also feeling
the pain, they still believe that at some point this will be an
opportunity to add ," JP Morgan's analysts wrote in a
research note.


Read more at Reuters.com Bonds News

RPT-Wall St Week Ahead: Data, earnings loom after painful week

(Reuters) - NEW YORK, July 29 - Getting back on the bull will
be no easy task this week, particularly after the meltdown
stock investors endured over the past two days.




The Standard & Poor's 500 and Dow Jones industrial average
ended trading on Friday at the week's lowest levels, marking
the worst one-week percentage drop for the S&P 500 in nearly
five years and the gloomiest on the Dow in five months.


Read more at Reuters.com Bonds News

New Zealand Dollar is Overvalued and Will Fall, Agricultural Minister Says

(Bloomberg) -- The New Zealand dollar, the best
performer of 16 major currencies against the dollar in the past
year, is over-valued and will eventually decline, Agriculture
Minister Jim Anderton said today.

``There is no question it is overvalued,'' Anderton said in
e-mailed notes for a speech in Christchurch. ``A lot of the hot
money coming in here thinking it won't decline, will eventually
get burned because the dollar will, sooner or later, return to
more normal levels.''


Read more at Bloomberg Currencies News

UPDATE 1-EMI buyer gets 85 pct of shares, extends deadline

(Reuters) - Terra Firma, which is offering 265 pence a share to buy the
British music company for 2.4 billion pounds ,
had a Sunday deadline to receive 90 percent of the shares as a
condition tied to its financing agreement for the deal with
adviser Citigroup .




EMI shares had slipped further from the offer price over the
last few days as investors worried the takeover might collapse
because of deterioration in credit markets. They closed up 1.1
percent on Friday at 252 pence.


Read more at Reuters.com Bonds News

Licht revises up 2006/07 global sugar output

(Reuters) - German analyst F.O. Licht on Monday revised up its forecast for 2006/07 (Oct/Sep) world sugar production to 167.3 million tonnes against 152.6 million tonnes in 2005/06 and said output may rise even further in 2007/08.

In its previous estimate of the world balance, Licht put (Oct/Sep) 2006/07 world production at 161.8 million tonnes.


Read more at Reuters Africa

ABN leans toward dropping support for Barclays: paper

(Reuters) - ABN AMRO declined comment.




The bank is expected to deliver a statement on the bids on Monday morning alongside its quarterly results, based on discussions at meetings of its supervisory and management boards on Friday.


Read more at Reuters.com Business News

GS plans $20 bln fund to invest in debt -WSJ

(Reuters) - A Goldman Sachs spokesman was not immediately available for
comment.





Read more at Reuters.com Bonds News

UPDATE 1-Mexico's ICA 2nd-qtr net profit down 16 pct

(Reuters) - ICA said on Friday its April-June net
profit was 114 million pesos versus 135 million
pesos a year earlier.




Revenue was 5.478 billion pesos, down 6 percent from the
year-ago period.


Read more at Reuters.com Market News

Mexico's Femsa posts 19 pct rise in 2nd-qtr net

(Reuters) - Its quarterly revenue rose 7.4 percent to 36.006 billion
pesos.




Read more at Reuters.com Market News

Emerging debt-Market still cautious after Black Thursday

(Reuters) - Prices were volatile as investors mulled how much lower the
bond market can go after it erased all of its 2007 gains on
Thursday, ending the session with losses of more than 1 percent
for the year.




A recovery started to gain speed early afternoon, with the
benchmark Brazilian global 2040 bond rising as
much as 1.5 points in price, but subprime-related fears
returned to the market by the end of the day.


Read more at Reuters.com Bonds News

FTSE sags as credit jitters persist; property shows gains

(Reuters) - The FTSE 100 index of Britain's leading shares reversed earlier gains in choppy trade on Friday although real estate stocks lent support despite concerns over U.S. credit risks and rising interest rates.

At 1114 GMT, the UK's main index was 16.1 points, or 0.3 percent, lower at 6,235.1, but had pulled away from near four-month lows, with investors still wary that U.S. subprime lending concerns could spread into other areas of the economy.


Read more at Reuters Africa

TransCanada second-quarter profit drops

(Reuters) - The company, the country's biggest pipeline firm and an
owner of power stations in Canada and the United States, said
net income was C$257 million , up from C$244
million. Earnings per share slipped to 48 Canadian cents a
share from 50 Canadian cents.







Read more at Reuters.com Market News

J.P. Morgan's Skattum to join TPG-sources

(Reuters) - Morgan on Thursday named Larry Slaughter and Hernan
Cristerna as co-heads of M&A for Europe, the Middle East and
Africa.




Morgan and TPG both declined to comment on Skattum's
destination.


Read more at Reuters.com Mergers News

TREASURIES-Bonds up but volatile stocks hold key

(Reuters) - A government report showed the U.S. economy grew at a
stronger-than-expected annual rate of 3.4 percent in the second
quarter, rebounding from a dismal start to the year.




The data's inflation gauge plunged, indicating that the
Federal Reserve now has more leeway if it needs to cut
benchmark interest rates in the second half of this year.


Read more at Reuters.com Bonds News

Treasuries Gain as Housing Slump Prompts Investors to Flee Riskier Assets

(Bloomberg) -- Treasuries rose, adding to the
biggest weekly gain in more than two years, as concern the slump
in U.S. housing is prompting investors to flee riskier assets.

Benchmark 10-year notes increased for a fourth day as the
risk of owning corporate bonds soared to a record.


Read more at Bloomberg Bonds News

UPDATE 1-Clear Channel Outdoor quarterly profit rises

(Reuters) - The San Antonio, Texas, company posted second-quarter net
profit of $68.6 million, or 19 cents per share, up from $48.0
million, or 14 cents per share, a year earlier.




Revenue rose 12 percent to $836.7 million, including $29
million in foreign exchange gains. Revenue growth excluding
those gains would have been 8 percent.


Read more at Reuters.com Market News

Dollar Rises to Two-Week High Versus Euro as Investors Move Away From Risk

(Bloomberg) -- The dollar rose to a two-week high
against the euro as U.S. investors shunned riskier assets and
repatriated money.

The U.S. currency advanced against 14 of the 16 most
actively traded currencies. Stock futures declined amid concern
subprime mortgage losses may spread.


Read more at Bloomberg Currencies News

Food safety crucial to China's reputation: premier

(Reuters) - It was crucial to win over the international market with good-quality exports, Wen added.




Chinese exports of everything from fish to toys, pet food to toothpaste, have been found in recent months to be mislabeled, unsafe or dangerously contaminated, creating an international backlash.


Read more at Reuters.com Business News

Sepracor second-quarter net falls, sales miss view

(Reuters) - The Marlborough, Massachusetts-based drug company said net profit was $6.1 million, or 5 cents per diluted share, compared with $11.0 million, or 10 cents per diluted share, a year ago.



Revenue rose to $278.1 million from $264.4 million. Analysts, on average, expected revenue of $327.2 million.


Read more at Reuters.com Market News

Siemens declines comment on Atos bid report

(Reuters) - The report on the website of French magazine Capital said
Siemens may offer 56 euros per share for Atos.




Shares in Atos, which has frequently been the subject of bid
speculation, were up 1.3 percent at 45.14 euros in early
afternoon trade.


Read more at Reuters.com Mergers News

Yen for Titanium Roofs on Japan Temples Fuels Preservationist Backlash

(Bloomberg) -- Monks at the Sensoji Buddhist temple
in Tokyo, the city's oldest site of worship, are ditching
tradition to the consternation of preservationists.

The priests used eight tons of titanium to replace the
traditional clay-tile roof on their compound's two-story gate in
May. Now they are considering using the lightweight metal, a
favorite of aircraft and golf-club makers, to top the main
pavilion, says Minoru Shimada, a Sensoji spokesman.


Read more at Bloomberg Exclusive News

Entropic Communications files for $100 million IPO

(Reuters) - Entropic plans to list its stock on the Nasdaq under the
symbol "ENTR" , the filing said.





Read more at Reuters.com Government Filings News

Wolfgang Bernhard to become Chrysler chairman-WSJ

(Reuters) - Cerberus and Chrysler were not immediately available for
comment.




Daimler Chrysler AG and Cerberus said
this week they were confident that the landmark $7.4 billion
buyout would close as planned this quarter, despite the
postponement of a $12 billion syndicated loan to finance the
transaction.



Read more at Reuters.com Mergers News

S.Africa petrol prices to fall by 15 cents - government

(Reuters) - South Africa's petrol prices will fall by 15 cents a litre across all grades from August 1, the government said on Friday.

A statement from the minerals and energy department said the most-used 95 grade would drop to 7.01 rand a litre in the central Gauteng province, which includes the financial hub Johannesburg.


Read more at Reuters Africa

Platinum Rises in London on Speculation Yen Gain Will Spur Demand in Japan

(Bloomberg) -- Platinum rose in London on
speculation gains in the yen against the dollar will spur
investor demand in Japan. Palladium declined.

The Japanese yen headed for the biggest weekly advance
against the dollar in almost five months. Platinum traded in
dollars has climbed 16 percent this year, partly on speculation
wage talks will end in a strike in South Africa, the world's
biggest supplier of the metal used in jewelry and car parts.


Read more at Bloomberg Commodities News

U.S. Stock-Index Futures Gain; Amgen, Ford Motor Shares Advance in Europe

(Bloomberg) -- U.S. stock-index futures rose,
rebounding from a rout that wiped out $1.3 trillion in global
market value yesterday and sent the Standard & Poor's 500 Index
to its biggest drop in five months.

Amgen Inc., the world's largest biotechnology company,
climbed in Europe after the company reported earnings that beat
analysts' estimates. Ford Motor Co. shares also gained.


Read more at Bloomberg Stocks News

Malaysia Palm Oil Gains on Outlook for Increased Demand Before Festivals

(Bloomberg) -- Palm oil futures in Malaysia, the
benchmark for the commodity, rose for a second day on the outlook
for increased demand before the Chinese mid-autumn harvest
festival and the Muslim holy month of Ramadan.

The harvest festival, when baked foods are traditionally
eaten, is celebrated by Chinese people around Asia. Muslims, who
fast for a month between dawn and sunset from mid-September,
often consume fried foods during non-fasting hours. Palm oil is
mostly used as cooking oil, in margarine and shortening, and in
food products, especially baked goods and snacks.


Read more at Bloomberg Commodities News

UPDATE 1-Baker Hughes says Q2 profit slips, cites Canada

(Reuters) - Profit in the second quarter was $349.6 million, or $1.09
per diluted share, compared with $359.8 million, or $1.07 per
diluted share in the same period a year earlier.




Analysts on average had forecast a profit of $1.11 a share.
Since the quarter's results included about 3 cents per share in
tax-related items, the company beat Wall Street forecasts by 1
cent, according to Reuters Estimates.


Read more at Reuters.com Market News

Cadbury delays drinks sale amid market turmoil

(Reuters) - Cadbury, the world's biggest confectionery group, said in a statement that the sale process for its North American beverage business is ongoing, and that interest remains strong.




"However, the leveraged debt markets have experienced extreme volatility in recent days. As a result, a decision has been taken to extend the sale timetable to allow bidders to complete their proposals against a more stable debt financing market," the group said in a statement.


Read more at Reuters.com Bonds News

Reuters says no Thomson-related disposals planned

(Reuters) - Glocer said initial discussions with regulators had been
very constructive, adding that "nobody is talking about
divestitures at the moment and we are not planning any.




Glocer said he expects the deal to complete in the fourth
quarter of 2007 or the first quarter of next year.


Read more at Reuters.com Mergers News

Angola aims to make port a hub for southern Africa

(Reuters) - Angola is modernising its port in Luanda in a bid to relieve congestion for oil tankers and other ships and hopes to develop it into a regional hub for other African nations, its transport minister said on Thursday.

"The government's ambition is to transform the port of Luanda into a regional harbour that can respond not only to the economic needs of our country but to help neighbouring countries too," Minister Andre Luis Brandao told Reuters.


Read more at Reuters Africa

Spanish Realtor Colonial Doubles Loan Interest Margin on $9 Billion Debt

(Bloomberg) -- Inmobiliaria Colonial SA, Spain's
second-biggest realtor, almost doubled the interest premium
offered to lenders to compensate for the risk that Spain's 12-
year property boom may be over.

Colonial will pay as much as 3.5 percentage points over
benchmark rates on 6.5 billion euros ($9 billion) of loans, Chief
Executive Officer Mariano Miguel said. Underwriters led by
Goldman Sachs Group Inc. and Royal Bank of Scotland Group Plc
increased the interest premium after failing to attract enough
investors at an initial margin of 1.25 percentage points.


Read more at Bloomberg Bonds News

UPDATE 1-Infineon misses Q3 EBIT forecasts, sees improvement

(Reuters) - Infineon's communications, automotive and industrial chip
divisions performed broadly in line with expectations but the
overall figure for earnings before interest and tax was
hurt by corporate charges totalling 32 million euros.




Sales at Infineon's core business, excluding memory-chip
unit Qimonda , rose 3 percent in the quarter to end-June
over the previous quarter to 1.011 billion euros, in line with
forecasts. Infineon said they would rise further this quarter.


Read more at Reuters.com Market News

RPT-Solvay Q2 REBIT falls 4 pct, below forecasts

(Reuters) - Sales rose by 2 percent to 2.44 billion euros, compared with
the average forecast of 2.42 billion euros.




Read more at Reuters.com Market News

Gold Rises in Asia as Decline on Concern About U.S. Economy Seen Overdone

(Bloomberg) -- Gold rose in Asia as some investors
bet the biggest decline in about 11 weeks yesterday, prompted by
losses in U.S. stocks, was overdone. Silver also gained.

Gold yesterday dropped the most since May 10 as a slump in
U.S. equities raised the prospect of sales of the precious metal
to cover stock market losses. The Dow Jones Industrial Average
and Standard & Poor's 500 Index had the biggest decline since
February. Brokers can make so-called margin calls on clients if
they need additional funds to guarantee contract obligations.


Read more at Bloomberg Commodities News

Market Rout May Force Fed to Shift Focus From Inflation to Economic Growth

(Bloomberg) -- The week's turmoil in financial
markets casts doubt on the Federal Reserve's forecast of a
gradual U.S. economic recovery in the second half, raising the
odds it will need to shift its focus to spurring growth from
fighting inflation.

The turbulence, as stocks suffered their worst drop in five
months while corporate borrowing costs soared, threatens a
triple whammy for the economy. It robs investors of spending
power, makes business investment more expensive and may prolong
the housing recession.


Read more at Bloomberg Currencies News

Indonesian Rubber Production to Be Flat on Rains, Industry Official Says

(Bloomberg) -- Indonesia, the world's second-
largest natural rubber grower, won't increase production this
year because of wet weather, missing a government forecast for
an expansion of 5 percent, an official said.

``Because of the changing weather, 5 percent increase is
now impossible,'' Suharto Honggokusumo, executive director of
the Rubber Association of Indonesia, said by phone. ``April to
September are dry months when we can tap the trees. Due to rain,
the tapping frequency has been reduced. Output will be flat.''


Read more at Bloomberg Commodities News

Tokyo Electric to Pay Nippon Oil Record Price for July-September Fuel Oil

(Bloomberg) -- Tokyo Electric Power Co., Oji Paper
Co. and other Japanese fuel oil users will pay Nippon Oil Corp.
record prices in the July to September period.

Prices of low-sulfur fuel oil sold to Tokyo Electric and
high-sulfur fuel oil supplied to Oji Paper will rise 14 percent
in the fiscal second quarter, according to a notice sent by
Nippon Oil to customers late yesterday. The prices are
preliminary and may be revised to adjust for changes in
production costs.


Read more at Bloomberg Energy News

Yen surges as market turbulence stokes risk aversion

(Reuters) - The Nikkei share average slid 2.5 percent, tracking a big slide on Wall Street on Thursday as a sharp widening in credit spreads stoked fears that problems in the subprime mortgage market are spreading and could hurt the economy.




"The situation is no longer like that you are OK as long as you are selling the yen," said Shuichi Kanehira, senior vice president of Mizuho Corporate Bank.


Read more at Reuters.com Hot Stocks News

SMIC sees Q3 revenue up 2 to 5 pct from Q2

(Reuters) - Loss per share for the quarter came to less than 1 cent
compared with a profit of less than 1 cent a year before. The
2006 quarter benefited from an $18.9 million tax credit, which
dropped to $1.6 million in the second quarter of this year.




Revenue grew 3.7 percent to $374.8 million.


Read more at Reuters.com Market News

FDA probing death in gene therapy trial

(Reuters) - The gene therapy trial by Targeted Genetics Corp. was placed on hold before the death, after the patient suffered a serious, unidentified health problem.




The hold means that no one else can receive the treatment, called tgAAC94, and no new patients can be enrolled in the study, the Food and Drug Administration said.


Read more at Reuters.com Government Filings News

Ceridian urges shareholders to accept buyout

(Reuters) - Ceridian said it would consider any superior economic proposal that Pershing Square may wish to make, but that the hedge fund had failed to date to present any such offer.




Pershing Square said on Tuesday it planned to replace all seven Ceridian board members at the annual meeting scheduled for September 12. It was an unusual step as activist hedge fund investors typically try to win one or two board seats to gain influence.


Read more at Reuters.com Mergers News

Italian Shopkeepers Blame UniCredit, Italease for Losses on Derivatives

(Bloomberg) -- Piera Levo and her husband, who run a
15-employee plumbing supply company in northeastern Italy, bought
``insurance'' against interest rate increases from UniCredit SpA
in 2000.

Six years later, they paid 85,000 euros ($117,000) to
extricate themselves from a derivative known as an interest-rate
swap that is normally sold to large companies and fund managers.
Derivatives are contracts whose value is based on that of another
security, index or commodity, or linked to events such as changes
in interest rates.


Read more at Bloomberg Bonds News

U.S. Treasury: cannot support Senate currency bill

(Reuters) - "We particularly respect the efforts and intent of the Senate Finance Committee, however, do not believe the approaches taken in the bill reported today would strengthen the hand of the United States in achieving essential economic reform," the Treasury said. "It distances the U.S. from a multilateral approach and raises serious concerns regarding U.S. compliance with international rules governing anti-dumping investigations."




Read more at Reuters.com Bonds News