Egypt sells 5-year local currency bond worth $1.1 bln

(Reuters) - Egypt sold $1.05 billion worth of a five-year bond payable in dollars but denominated in Egyptian pounds, lead managers said on Thursday.

The 6 billion Egyptian pound, 8.75-percent-coupon bond was priced at 99.504 and will pay investors a yield of 8.875 percent, in the lower range of the initial price guidance provided by the banks leading the deal, Citigroup and JP Morgan.


Read more at Reuters Africa

Baht Climbs for a 12th Day as Government Measures May Fail to Halt Advance

(Bloomberg) -- Thailand's baht rose for a 12th day
on speculation the relaxation of rules on investor outflows
won't be enough to slow the currency's advance from the highest
in almost a decade.

The currency headed for its best week since January as
investor purchases of the nation's stocks helped push up the
benchmark equity index to a 10-year high. The government will
ease limits on how much Thais can invest abroad and boost
domestic borrowing to alleviate pressure on the baht, Finance
Minister Chalongphob Sussangkarn said yesterday.


Read more at Bloomberg Currencies News

Deutsche Bank Says Buy Australian Dollar as Will `Straight Line' Higher

(Bloomberg) -- Deutsche Bank AG, the world's
largest currency trader, advised clients to buy the Australian
dollar on expectations it will advance from an 18-year high,
revoking a former recommendation to purchase it on any decline.

``It now appears there is a very real chance of reasonably
straight line move to the 1989 highs,'' John Horner, a currency
strategist at Deutsche Bank in Sydney, wrote in a note to
clients. ``The risks around the rally in the Australian dollar
are that we do not get a dip'' to purchase the currency.


Read more at Bloomberg Currencies News

HK shares jump 1.2 pct, pass 23,000 to new peak

(Reuters) - The benchmark Hang Seng Index shot past the 23,000 mark at the open, rising 274.07 points to 23,083.09 by midday and setting a new top at 23,239.92. The China Enterprises Index of mainland companies listed in Hong Kong rose 1.2 percent, or 152.75 points, to 13,189.86, with its new high now at 13,335.21.




Mainboard turnover was HK$47.6 billion , compared with Thursday morning's HK$51 billion.


Read more at Reuters.com Hot Stocks News

Asian Currencies Gain, Led by Rupiah, Peso as Stock Rally Draws Investors

(Bloomberg) -- Asian currencies rose, paced by
Indonesia's rupiah and the Philippine peso, as a regional stock
rally signaled increased demand for emerging-market assets.

Investors sold yen to buy higher-yielding currencies in so-
called carry trades, said Catherine Tan, head of emerging
markets at Forecast Singapore Ltd. A surge in U.S. stocks
yesterday eased concern a housing slump will stunt export-led
economic growth in Asia.


Read more at Bloomberg Currencies News

Sinopec's Rating Cut at Bear Stearns as Oil Costs Reduce Refining Profit

(Bloomberg) -- China Petroleum & Chemical Corp.,
Asia's largest refiner, had its stock rating cut by Bear Stearns
& Co. because higher international oil prices may hurt earnings
at the company's refining business.

Shares of Sinopec, as the Beijing-based company is known,
were downgraded to ``underperform'' from ``peer perform,'' Hong
Kong-based Bear Stearns analysts Adam Clarke, Martin Foot, Hino
Lam and Jerry Ho wrote in a research note yesterday. The target
price was increased to HK$7.51 from HK$6.79.


Read more at Bloomberg Energy News

Thai Baht Gains for 12th Day on Expectations Stock Inflows Will Continue

(Bloomberg) -- Thailand's baht extended gains to a
12th day, trading at the strongest in almost a decade, on
speculation investor inflows to the stock market will keep
pressure on the currency to appreciate.

The baht rose 0.2 percent to 33.24 per dollar in onshore
trading as of 9 a.m. in Bangkok, from 33.33 yesterday, taking the
advance this week to 2.3 percent, according to data compiled by
Bloomberg. In the offshore market, the baht climbed 0.1 percent
to 30.88.


Read more at Bloomberg Emerging Markets News

GE plans to sell WMC subprime lending unit: memo

(Reuters) - The memo said GE would disclose the plan in a conference call on Friday when it is due to report second-quarter financial results and that Morgan Stanley had been selected to advise on the deal.




A spokesman for Fairfield, Connecticut-based GE declined to comment.


Read more at Reuters.com Bonds News

Japanese Bonds Decline as Stock Rally Limits Demand for Government Debt

(Bloomberg) -- Japan's 10-year government bonds
fell, paring gains on the week, after a rally in stocks signaled
investors are becoming less averse to riskier securities.

Benchmark debt dropped for a second day as concern eased
that defaults on subprime housing loans will slow economic
growth in the U.S., Japan's largest export market. Treasuries
slid for a third day after the S&P 500 closed at a record and
the stock rally spread to Asian markets.


Read more at Bloomberg Bonds News

H&R Block loses bid for dismissal of IRA lawsuit

(Reuters) - New York State Supreme Court Justice Karla Moskowitz let the state pursue allegations of fraudulent and deceptive business practices and breach of fiduciary duty against the largest U.S. tax preparer's H&R Block Financial Advisors Inc. unit.




In a decision dated July 9, however, the justice excused the corporate parent and five other units from the lawsuit, saying she lacked jurisdiction or that the state failed to make its case. She also threw out a claim alleging common law fraud.


Read more at Reuters.com Business News

Japanese Stocks May Rise as U.S. Retail Outlook Sparks Rally by Dow, S&P

(Bloomberg) -- Japanese shares may rise after U.S.
retailers' better than expected sales eased concern a housing
slump will curb consumer spending in the world's biggest economy.

Sony Corp. and Honda Motor Co. may lead gains after the Dow
Jones Industrial Average had the biggest advance since 2003.


Read more at Bloomberg Stocks News

Japan's Marubeni set to take over Jamaican utility

(Reuters) - The Marubeni unit will pay $800 million for the power
company shares, which Mirant bought from the Jamaican
government six years ago for $200 million, the ministry said.




It said the government would retain its 20 percent stake in
the company and that, under conditions of the sale, Marubeni
had to give a commitment to improving its operations.


Read more at Reuters.com Mergers News

VeriSign says CFO resigns, files restated results

(Reuters) - The company said it filed its restated results for 2006,
and second and third quarters of 2006, after a review of its
past stock option grants.





Read more at Reuters.com Government Filings News

UPDATE 1-Caisse group to buy Legacy Hotels for C$2.5 bln

(Reuters) - According to Legacy, the price of C$12.60 a unit represents
a 20 percent premium over its 30-day average price on the
Toronto Stock Exchange before it said on March 1 that it was
considering a sale of the business.




Legacy, the owner famed hotels such as the Fairmont Royal
York in Toronto and Quebec City's Chateau Frontenac, said its
trustees have unanimously approved the deal and recommended
that unitholders tender to the offer.


Read more at Reuters.com Mergers News

Fed's Yellen: Core inflation best gauge of price gains

(Reuters) - She said core inflation was "a better forward looking measure for total inflation."




The Fed has kept U.S. interest rates at 5.25 percent for just over a year, and has said price pressures have eased a bit, though upside risks remain its main concern.


Read more at Reuters.com Business News

CORRECTED: U.S. ex-auto retail sales slow in June: SpendingPulse

(Reuters) - The seasonally adjusted gain was below May's 0.3 percent increase, according to SpendingPulse, the retail data service of MasterCard Advisors, an arm of MasterCard Worldwide .




Retail gasoline prices trended lower in June after reaching a record high of $3.22 a gallon in late May. However, the government said on Monday that regular unleaded gasoline prices averaged $2.98, rising for the first time in six weeks.


Read more at Reuters.com Business News

Day of big gains harkens back to bull's birth

(Reuters) - Investors, recently prone to bouts of risk aversion on
concerns about a flagging U.S. housing scene and deepening
troubles in credit markets, swallowed their fears and bought
stocks as quickly as they could.




By the time the closing bell rang, the Dow Jones
industrial average had surged 284 points -- its biggest
daily point gain since a 378-point rise on Oct. 15, 2002 --
day No. 4 of the current bull market. It notched another
record high close at 13,861.73, and all 30 stocks in the Dow
rose on the day.


Read more at Reuters.com Bonds News

Amex, Discover, MasterCard rise on spending, dollar

(Reuters) - By Jonathan Stempel



NEW YORK, July 12 - Major U.S. credit card companies' shares rose on Thursday as the tumbling dollar fueled hopes for higher international revenue, and as retailers reported higher-than-expected sales to American consumers.


Read more at Reuters.com Bonds News

US underwriters' exposure rises as bond deals pulled

(Reuters) - The so-called "hung" financing commitments, plus a bulging
pipeline of even more debt sales, is pressuring prices of some
junk bonds and loans and could decrease the amount of new
buyout financings that investment banks can do, experts said.




"There's a lot of bank debt that needs to be moved through
the market in this quarter," said Brett Barragate, a New
York-based Jones Day attorney who represents banks involved in
LBOs. "It seems to not have slowed down the pipeline for future
deals, but perhaps it will slow down the pipeline for what we
call the mega deals," he said.


Read more at Reuters.com Bonds News

US STOCKS-Dow, S&P end at record highs on retail sales, Alcoa

(Reuters) - Blue-chip aluminum company Alcoa Inc. was mentioned
as a possible takeover target, driving its stock to a lifetime
high at $46.15.




The Dow Jones industrial average was up 283.86
points, or 2.09 percent, to end unofficially at a record
13,861.73. The Standard & Poor's 500 Index was up 28.94
points, or 1.91 percent, to close unofficially at a record
1,547.70. The Nasdaq Composite Index was up 49.94
points, or 1.88 percent, to finish unofficially at 2,701.73.


Read more at Reuters.com Bonds News

Approach Resources files with SEC to go public

(Reuters) - Approach Resources intends to list its stock on the Nasdaq
under the symbol "AREX" .




Read more at Reuters.com Government Filings News

GLOBAL MARKETS-Dow at record as retail sales resist housing woes

(Reuters) - NEW YORK, July 12 - The Dow surged to a record
on Thursday as Wal-Mart reported better sales,
suggesting consumer spending is holding up despite rising oil
costs and falling home prices.




The gains in equities hurt bonds as investors were lured
by higher returns, unwinding recent strides in that market and
pushing the benchmark 10-year U.S. Treasury note's
yield up to 5.13 percent. The note's price fell 10/32.


Read more at Reuters.com Bonds News

Motorola Chief's Job Is in Jeopardy After Missing Forecasts Three Times

(Bloomberg) -- Motorola Inc. Chief Executive
Officer Ed Zander's job may be in danger after sales
disappointed investors for the third time this year.

The world's second-biggest maker of mobile phones said
yesterday it had a loss last quarter. Second-quarter sales fell
as much as 21 percent to between $8.6 billion and $8.7 billion,
below the $9.4 billion Zander predicted April 18.


Read more at Bloomberg Exclusive News

Stocks surge as retail sales offset oil rise

(Reuters) - The gains in equities, however, took a toll on bonds as investors returned to riskier securities, curbing the safe-haven bid that had lifted Treasuries earlier in the week and pushing benchmark yields to 5.12 percent.




The good news from retailers on monthly sales figures and merger activity in the mining sector drove up the Dow up more than 1 percent to a record high of 13,744.59 points and pushed the Nasdaq to a more than six-year high.


Read more at Reuters.com Hot Stocks News

U.K. Pound Declines Versus Euro, Dollar on Signs Property Boom is Cooling

(Bloomberg) -- The pound dropped against the euro
after an industry survey showed house prices in the U.K. rose at
the slowest pace since January 2006 last month, a sign higher
interest rates may be starting to cool the property-market boom.

The pound fell against 14 of the 16 most-traded currencies,
as investors reduced bets the Bank of England will raise rates to
6.25 percent this year. The U.K. currency also retreated from a
26-year high against the dollar as a technical indicator used by
traders to judge whether it's risen or fallen too far suggested
buying for this week had run its course.


Read more at Bloomberg Currencies News

UPDATE 1-Moody's raises loss expectations on subprime loans

(Reuters) - Nicolas Weill, team managing director and chief credit
officer at Moody's, said the agency is increasing its loss
expectations for newly originated loans by 10 percent, and for
other loans to as high as 25 percent.




Moody's on Tuesday cut ratings of 399 mortgage-backed
securities and may cut ratings of another 32, affecting a total
of $5.2 billion in debt. For details, see [ID:nN10336254]


Read more at Reuters.com Bonds News

European Bonds Fall as Report Shows Faster Growth, Global Stocks Advance

(Bloomberg) -- European bonds snapped a three-day
advance after reports showed the region's economy expanded faster
than previously estimated and a recovery in stocks sapped demand
for the safety offered by government debt.

Bonds fell the most in a week as the European Central Bank
said interest rates are still low enough to support growth. ECB
President Jean-Claude Trichet yesterday said there are ``upside
risks'' on inflation. Bonds, which rose earlier in the week after
ratings companies downgraded debt backed by subprime mortgages in
the U.S., fell as U.S. stocks led a global recovery.


Read more at Bloomberg Bonds News

Copper Climbs in New York Amid Chilean Mine Protests, Slumping Inventories

(Bloomberg) -- Copper rose in New York as labor
unrest in Chile, the world's biggest producer of the metal, and
falling global inventories stoked supply concerns.

Chile's state-owned Codelco, the world's largest copper
company, said the Andina mine in the central part of the country
was shut for a fourth day after protests by contract workers.
Inventories monitored by the London Metal Exchange have fallen
46 percent in 2007 to the lowest in almost a year. Futures have
climbed in 10 of the past 11 sessions.


Read more at Bloomberg Commodities News

UPDATE 3-Jones Apparel says CEO resigns, names replacement

(Reuters) - NEW YORK, July 12 - Jones Apparel Group Inc.
said on Thursday that Chief Executive Peter Boneparth
had resigned, and that Wesley Card, the company's chief
financial officer and chief operating officer, would replace
him immediately.




Jones, whose shares rose more than 1 percent, also
announced the hiring of a new CFO.


Read more at Reuters.com Mergers News

Ross same-store sales rise 4 pct in June

(Reuters) - Total sales rose 11 percent during the five weeks ended
July 7, to $545 million, the company said.





Read more at Reuters.com Market News

U.K. FTSE 100 Index Rises, Paced by BHP, Man Shares; Cadbury, Shell Drop

(Bloomberg) -- U.K. stocks advanced, led by BHP
Billiton Ltd. as Rio Tinto Group agreed to buy Alcan Inc.,
buoying shares of mining companies.

Man Group Plc gained after saying assets under management
rose.


Read more at Bloomberg Stocks News

UPDATE 1-Cirrus to buy integrated circuit maker for $42 mln

(Reuters) - Austin, Texas-based Cirrus said it expects the deal to add
to earnings in the third quarter of 2008.




Separately, in a regulatory filing, Cirrus said $6.3
million of the purchase price will be placed in escrow to cover
indemnifications, if any.


Read more at Reuters.com Mergers News

Gold, Silver Gain in New York as Dollar Slides to Record Low Against Euro

(Bloomberg) -- Gold and silver rose in New York
after the dollar fell to a record low against the euro, boosting
the appeal of the precious metals as alternative investments

Gold generally moves in the opposite direction of the U.S.
dollar. Before today, gold had gained 3.8 percent this year
while the euro had climbed 4.2 percent against the dollar.


Read more at Bloomberg Commodities News

Houston Toll-Road, Missouri College Bonds Lead Issues of Tax-Exempt Debt

(Bloomberg) -- Texas's Harris County and the
University of Missouri are borrowing almost $750 million in
today's largest new issues of U.S. tax-exempt bonds.

Harris County, home of Houston, plans to sell as much as
$375 million of bonds, including some paying a floating rate of
interest, to refinance toll-road debt. The Columbia, Missouri-
based university will offer another $364 million of bonds,
mostly to fund campus construction.


Read more at Bloomberg Bonds News

U.S. Fed's Kroszner says progress made on Basel II

(Reuters) - He did not talk about U.S. monetary policy or the economy
in his prepared remarks.




Read more at Reuters.com Bonds News

Egypt's Banque du Caire sale seen in 6-9 months

(Reuters) - A public auction for 80 percent of state-owned Banque du Caire will take place in six to nine months, and another 15 percent will be floated on the stock exchange no more than a year later, a senior bank official said on Thursday.

Egypt announced on Monday it would privatise Banque du Caire, the country's third-largest state bank, and was looking for a strategic investor with adequate banking experience, manpower and technological capability to complete a restructure.


Read more at Reuters Africa

AnnTaylor June same-store sales fall 8.4 percent

(Reuters) - Total sales for the five weeks ended July 7 fell 1.4
percent to $232.4 million.




Read more at Reuters.com Market News

Abercrombie & Fitch June net sales up 21 PCT

(Reuters) - The New Albany, Ohio-based company, which owns the
Abercrombie & Fitch, Hollister and RUEHL chains, said net sales
for the five weeks ended July 7 rose to $293.2 million, up 21
percent from the prior year.




Read more at Reuters.com Market News

Target sees July same-store sales up 5-7 percent

(Reuters) - Earlier on Thursday, Target said same-store sales rose 3.3
percent in June, within its own forecasted range.





Read more at Reuters.com Market News

Wal-Mart June same-store sales up 2.4 pct

(Reuters) - Analysts, on average, were expecting a gain of 0.9 percent, excluding fuel, according to a Reuters survey, while the company forecast sales to be between flat and up 2 percent.



Including fuel, its June U.S. same-store sales rose 2.5 percent.


Read more at Reuters.com Market News

UPDATE 1-Mothers Work sales fall, cuts Q3 EPS view

(Reuters) - The Philadelphia-based company's net sales for June fell to
$46.9 million from $49.6 million in the year-ago period.




Third-quarter net sales fell 6.5 percent to $153.2 million
due to continued weaker than expected sales trends and was
lower than the previous forecast of $160 million to $166.0
million in April.


Read more at Reuters.com Market News

Stock futures flat before sales, Motorola down

(Reuters) - A forecast of a quarterly loss from mobile phone maker Motorola Inc also generated caution, along with signs the pace of deal-making may be slowing.




General Electric Co and Abbott Laboratories Inc terminated a proposed $8 billion deal for GE to buy two Abbott businesses because they couldn't agree on final terms.


Read more at Reuters.com Hot Stocks News

Europe stocks bounce fades, dollar keeps sinking

(Reuters) - European stock markets slipped again on Thursday as this week's U.S. housing-related jolt to credit markets and a soaring euro outweighed a fresh burst of takeover activity in the mining sector.

A brief rally in European stocks shortly after the open faded quickly despite earnings-related gains across Asia earlier and a bounce on Wall Street late on Wednesday.


Read more at Reuters Africa

BioHeart files for $45 mln IPO

(Reuters) - The filing did not reveal how many shares the company
planned to sell or their expected price.





Read more at Reuters.com Government Filings News

Home foreclosures drop in June but spike likely

(Reuters) - Foreclosure filings fell 7 percent in June to 164,644 after
jumping 19 percent in May, but they remain 87 percent above
last June's pace, with one filing for every 704 households,
RealtyTrac said in a monthly report.




"The outlook isn't terribly optimistic for the rest of this
year," Rick Sharga, RealtyTrac's vice president of marketing,
said in an interview.


Read more at Reuters.com Economic News

Chicago Soybeans Rise to Three-Year High Ahead of U.S. Government Report

(Bloomberg) -- Soybean futures in Chicago rose for a
sixth day to a three-year high on speculation that a government
report today will forecast a drop in U.S. inventories next year.
Corn futures fell, while wheat futures climbed.

The U.S. Department of Agriculture is expected to cut its
projection of the surplus before the 2008 harvest to 224 million
bushels from a forecast of 320 million bushels in June, according
to the average estimate of 14 analysts surveyed by Bloomberg.


Read more at Bloomberg Commodities News

China shares end up, profit hopes lift blue chips

(Reuters) - City commercial lenders Bank of Nanjing and Bank of Ningbo are also making initial public equity offers set to raise a combined total of up to 11.07 billion yuan .




The Shanghai Composite Index rose to 3,915.991 points on Thursday, down from an intraday high of 3,925.604 but extending Wednesday's 0.33 percent rise.


Read more at Reuters.com Hot Stocks News

Leon Black's Ceva Plans $1.4 Billion Bond Sale for EGL Buyout, Banker Says

(Bloomberg) -- Ceva Group Plc, the logistics company
owned by Leon Black's Apollo Management LP, plans to raise $1.4
billion by selling bonds in dollars and euros to help finance its
purchase of freight transport company EGL Inc., said a banker
working on the transaction.

The senior notes will mature in eight years and can be
redeemed after four years, said the banker, who declined to be
identified because the deal isn't completed. The sale will take
place after presentations beginning next week in Europe and
ending in the U.S. on July 27, the banker said.


Read more at Bloomberg Bonds News

Slovakia's Inflation Rate Rose to 2.5 Percent in June on Household Costs

(Bloomberg) -- Slovakia's annual inflation rate rose
to 2.5 percent in June from 2.3 percent in the previous month, the
statistics office said.

Consumer prices rose 0.3 percent from May after being
unchanged in the previous month, the Slovak Statistical Office
said at its Web site today. The figures compare with the median
forecast of 13 economists surveyed by Bloomberg for a monthly
increase of 0.2 percent and an annual rate of 2.4 percent.


Read more at Bloomberg Emerging Markets News

Rio Tinto launches $38 billion bid for Alcan

(Reuters) - Rio will pay $101 per common share -- a premium of 13 percent to Alcan's closing price in New York on Wednesday -- in cash, topping a $28.8 billion offer from Alcoa Inc. Rio's bid had been unanimously recommended by Alcan's board.




Alcan's Chief Executive Dick Evans would lead the new company, Rio said.


Read more at Reuters.com Business News

Sunoco's New Jersey Refinery Struck by Lightning, Tank Burns, AP Reports

(Bloomberg) -- Sunoco Inc.'s Eagle Point Refinery
in New Jersey was struck by lightning yesterday, setting a fuel
storage tank on fire, AP reported.

The fire, which started at about 4:30 p.m. local time, was
contained to one storage tank for xylene, AP cited Gerald Davis,
a Sunoco spokesman, as saying. The fire caused no danger to
local residents and was extinguished around 8 p.m., AP said in
the report published yesterday.


Read more at Bloomberg Energy News

Rand steady, watches carry play abroad

(Reuters) - South Africa's rand opened steady against the dollar on Thursday and should tread within current ranges while closely watching the greenback's movements against the yen in the carry trade, traders said.

At 0635 GMT the rand was trading at 7.0180 versus the dollar, barely moved from Wednesday's close of 7.0265 in New York.


Read more at Reuters Africa