Oil steadies, US refinery restarts may lift stocks

(Reuters) - Oil prices were little changed on Tuesday, hovering within sight of record highs even after a sharp fall in U.S. fuel prices triggered by signs that recovering refinery operations will boost inventories.

London Brent crude for September delivery, the new front-month contract, was down 3 cents to $76.26 a barrel by 0336 GMT. The August contract ended 25 cents lower on Monday after briefly rising as high as $78.40, just shy of its record at $78.65.


Read more at Reuters Africa

Gold bounces after dip, Tokyo launches mini-gold

(Reuters) - Gold rebounded on Tuesday with the U.S. dollar at near record lows against the euro but investors may be careful about buying the metal too strongly ahead of a testimony by Federal Reserve Chairman Ben Bernanke later in the week.

Trading resumed in Tokyo futures after a holiday but all gold contracts fell in sympathy with declines in New York's COMEX market and a generally firm Japanese yen.


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Derivatives Banks Are Concerned by Hedge Fund Leverage, Fitch Survey Shows

(Bloomberg) -- Hedge funds are borrowing too much to
finance investments in credit derivatives, contracts based on
debt, which may magnify volatility in a market downturn,
according to a Fitch Ratings survey of 65 banks, insurers and
money managers.

Hedge funds' influence on credit derivatives and debt
markets has continued to grow at a ``dramatic pace,'' Fitch said
in today's report. The funds are responsible for 60 percent of
all trading in credit-default swaps and about 33 percent of
collateralized debt obligations, securities that package debt,
the ratings company said, citing data from Greenwich Associates.


Read more at Bloomberg Bonds News

Thailand's Baht Falls After Central Bank Says to Propose Currency Measures

(Bloomberg) -- Thailand's baht fell, snapping a 13-
day rally that brought it near a decade high, after governor
Tarisa Watanagase yesterday said the central bank will propose
new measures to limit currency fluctuations.

The baht, the best performer of the 10 most active Asian
currencies this month, today had its biggest intraday drop in a
week in onshore trade. Prime Minister Surayud Chulanont
yesterday said ``what we can do is try to stabilize the baht,''
spurring speculation authorities will purchase U.S. currency.


Read more at Bloomberg Currencies News

Accor, Electrolux, Freenet, Inditex, Novartis: European Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in European markets. Prices are from the last close.

The Dow Jones Stoxx 600 Index climbed 0.2 percent to 399.71.
The Dow Jones Stoxx 50 Index increased 0.2 percent to 3998.93.
The Euro Stoxx 50 Index, a benchmark for the 13 nations using the
euro, advanced 0.3 percent to 4557.57.


Read more at Bloomberg Stocks News

HSBC interested in KEB, contacted Lone Star: paper

(Reuters) - Continuing legal proceedings over Lone Star's 2003 purchase of KEB, however, have delayed a deal.




Citing people close to the situation, the Daily Telegraph reported that HSBC's expression of interest was "extremely preliminary and contingent upon a resolution of ongoing criminal investigations into KEB's sale in 2003 to Lone Star."


Read more at Reuters.com Business News

Economists Split on Whether Thailand Will Keep Key Interest Rate Unchanged

(Bloomberg) -- Economists are divided over whether
Thailand's central bank will keep its benchmark interest rate
unchanged for the first time this year following four
consecutive cuts.

The Bank of Thailand will maintain its one-day bond
repurchase rate at 3.5 percent, according to nine of 17
economists surveyed by Bloomberg News. Seven of the economists
expect a quarter of a percentage point cut, while one expects a
half-percentage point reduction. The decision is scheduled for
2:30 p.m. tomorrow in Bangkok.


Read more at Bloomberg Emerging Markets News

Asian Stocks Drop, Led by Tokyo Electric on Earthquake; Paladin Advances

(Bloomberg) -- Asian stocks fell for a second day,
led by Japanese electricity producers and insurers after a
magnitude 6.8 earthquake struck northwest Japan, damaging a
nuclear reactor operated by Tokyo Electric Power Co.

Shares of companies with factories in the area, such as
Riken Corp. and Sanyo Electric Co., slipped. Toyota Motor Corp.
and Honda Motor Co., which depend on suppliers including Riken,
also dropped. Millea Holdings Inc., Japan's largest insurer by
market value, declined.


Read more at Bloomberg Stocks News

Australia's S&P/ASX 200 Is Little Changed; Paladin Gains, Woodside Drops

(Bloomberg) -- Australia's S&P/ASX 200 Index was
little changed. Paladin Resources Ltd. rose after the Australian
Financial Review reported the uranium explorer may be the subject
of a takeover bid from Canadian rival Cameco Corp.

Woodside Petroleum Ltd. and Santos Ltd. led energy shares
lower on concerns recent gains have outstripped earnings.


Read more at Bloomberg Stocks News

Australia's S&P/ASX Index Is Little Changed; Paladin Gains, Alumina Drops

(Bloomberg) -- Australia's benchmark stock index,
the S&P/ASX 200 Index, fell 0.01 percent at 10:05 a.m.

The index of 201 companies traded on the Australian Stock
Exchange fell 0.70 to 6,380.10. Among the stocks in the index, 41
rose, 64 fell and 96 were unchanged.


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Japan's Electric Power Stocks May Drop on Earthquake; Oil Stocks May Gain

(Bloomberg) -- Japanese electric power producers and
insurance companies may drop after a magnitude 6.8 earthquake
struck northwest Japan, damaging a nuclear reactor operated by
Tokyo Electric Power Co. The event will probably result in a push
for more spending on quakeproofing, the Nikkei newspaper reported.

Companies with factories in the region that were forced to
halt production may also slip. Sanyo Electric Co. evacuated its
facilities, while auto parts maker Riken Corp.'s main factories
were damaged, the Nikkei reported.


Read more at Bloomberg Stocks News

UPDATE 1-NightHawk Radiology buys 2 units of St. Paul Radiology

(Reuters) - In addition, diagnostic imaging and interventional
radiology provider St. Paul will also receive a warrant to
purchase 300,000 NightHawk shares as part of the deal, the
company said in a statement.




As part of the deal, the Coeur d'Alene, Idaho-based company
also acquired the off-hours emergency teleradiology division
from St. Paul.


Read more at Reuters.com Mergers News

IHOP to buy Applebee's chain for $1.9 bln

(Reuters) - By Martinne Geller



NEW YORK, July 16 - IHOP Corp. said on Monday it plans to buy bar-and-grill chain Applebee's International Inc. for $25.50 per share to expand beyond its iconic pancake houses, sending IHOP's shares up as much as 12 percent to an all-time high.


Read more at Reuters.com Mergers News

US OCC launches Web site for bank complaints

(Reuters) - National banks include those run by such well-known
companies as Citigroup , Wells Fargo , and JPMorgan
Chase & Co . The site includes a list of national banks
and operating subsidiaries that are regulated by the OCC.




To lodge a complaint, a bank customer can fax a description
of the problem to the agency, call a toll-free number, or send
an e-mail message.


Read more at Reuters.com Bonds News

NightHawk Radiology buys two units of St. Paul Radiology

(Reuters) - NightHawk expects the new business services division to add
to its adjusted earnings by 1 cent to 2 cents a share for the
remainder of 2007. In 2008, the deal is expected to add 6 cents
to 7 cents a share.





Read more at Reuters.com Mergers News

New clue for HIV drug side effects -study

(Reuters) - Parallels between the side effects of protease inhibitors
-- a critical component of HIV drug cocktails -- and genetic
conditions that cause early aging may help explain the often
debilitating fat deposits and other results, they said.




Protease inhibitors can cause metabolic problems such as an
unhealthy buildup of cholesterol in the blood, high blood
pressure, and increased risk of diabetes.


Read more at Reuters.com Bonds News

Art's-Way, Blue Nile, Countrywide, Dynacq, Ihop: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges today.
Stock symbols are in parentheses after company names. Share
prices are as of 4 p.m. New York time.

Affymax Inc. (AFFY US) rose $1.15, or 4.3 percent, to $28.04
and traded as high as $31.48. The developer of an experimental
anemia drug described its plan to begin late-stage clinical
trials comparing its product to a rival from Amgen Inc. (AMGN US)
this year. Amgen lost 92 cents, or 1.6 percent, to $56.01.


Read more at Bloomberg Stocks News

NYMEX crude ends up despite RBOB's 4 percent drop

(Reuters) - On the New York Mercantile Exchange, August crude rose 22 cents, or 0.3 percent, to settle at $74.15 per barrel, trading from $73.63 to $74.50.




That session peak was the highest intraday price since August 11, when prices reached $74.81. NYMEX crude hit a record $78.40 a barrel last July 14.


Read more at Reuters.com Hot Stocks News

Houghton Mifflin to buy Harcourt

(Reuters) - Reed Elsevier , like its publishing conglomerate peers, is getting out of education to focus on areas such as legal and science, which are growing faster and are more profitable because they have adapted to an electronic model more quickly than have school materials.




Boston-based Houghton said it is paying $3.7 billion cash and $300 million of common stock of its privately owned Houghton Mifflin Riverdeep Group Plc parent company.


Read more at Reuters.com Business News

Gold Futures Fall in New York as Euro's Rally May Stall; Silver Declines

(Bloomberg) -- Gold fell in New York on speculation
the euro's rally against the dollar will stall, reducing the
appeal of the precious metal as an alternative investment.
Silver also dropped.

Gold generally moves in tandem with the euro, which was
little changed today after reaching a record against the dollar
on July 13. Gold and the euro each have gained 4.4 percent this
year.


Read more at Bloomberg Commodities News

UPDATE 1-UBS to pay $23.3 mln in New York settlement

(Reuters) - NEW YORK, July 16 - UBS agreed
to pay $23.3 million to resolve accusations the Swiss bank and
brokerage steered thousands of inappropriate customers into
fee-based accounts, the New York Attorney General's office said
on Monday.




UBS, one of the largest brokerages in the United States,
plans to reimburse $21.3 million to about 3,000 customers and
pay a $2 million penalty to the state. The bank allegedly
encouraged customers to switch to fee-based accounts that ended
up being more expensive for less active investors than
traditional accounts.


Read more at Reuters.com Bonds News

Rosneft postpones bond in volatile market-lead

(Reuters) - Rosneft's board approved earlier this month a bond offering
of up to $5 billion as part of a $15 billion medium-term note
programme. Standard & Poor's has given the offering a 'BB+'
senior unsecured debt rating and has said the firm might raise
$2 billion to $3 billion based on the management guidance.




Lead managers are ABN Amro, Barclays, BNP Paribas, Calyon,
Citigroup, Goldman Sachs, JP Morgan and Morgan Stanley.


Read more at Reuters.com Bonds News

IBM to buy Canada's DataMirror

(Reuters) - The news sent DataMirror's shares soaring 18.7 percent, or C$4.20, to C$26.70 on the Toronto Stock Exchange in morning trade. The price marked a year high for DataMirror.




DataMirror's technology helps companies capture and analyze data in real-time, identifying changes to databases and immediately alerting other computer programs of those changes. This gives those programs more current data.


Read more at Reuters.com Hot Stocks News

UPDATE 1-VeriSign brings SEC filings up to date

(Reuters) - The company reported net income of $61.8 million, or 25
cents a share, compared with restated year-ago net income of
$16.5 million, or 7 cents a share.




Its shares fell $1.08, or 3.2 percent, to $32.83 in midday
Nasdaq trading.


Read more at Reuters.com Market News

Brazil Real Holds Near Seven-Year High on Surge in Retail Sales in May

(Bloomberg) -- Brazil's real held near a seven-year
high after a government report showed retail sales rose more than
forecast in May, a sign that growth is quickening in Latin
America's biggest economy.

The real traded at 1.8622 per dollar, down 0.01 percent, at
9:48 a.m. New York time after the government said retail sales
rose 10.5 percent in May from a year ago, higher than the median
8.4 percent rise forecast in a Bloomberg survey. Economists
raised their 2007 growth forecast to 4.39 percent from 4.33
percent a week ago, according to the median of about 100
estimates in a central bank survey published today.


Read more at Bloomberg Currencies News

Dollar edges lower before inflation data

(Reuters) - The dollar slipped to multiyear lows against higher-yielding currencies on Monday as investors braced for reports this week expected to provide little impetus for the Federal Reserve to tighten monetary policy.

The New Zealand dollar rose to its highest level since it was freely floated 22 years ago after strong inflation data boosted expectations of an interest rate hike next week. The Australian dollar hit an 18-year peak, while traders pushed sterling above $2.04 for the first time in over a quarter of a century.


Read more at Reuters Africa

Cocoa Falls as End to Ivory Coast Customs Strike Boosts Export Prospects

(Bloomberg) -- Cocoa fell in New York after customs
officials in Ivory Coast ended a two-day strike, easing concerns
that supplies from the world's largest producer will be
disrupted.

Customs officials began a 48-hour strike on July 12 to
protest delayed payment of bonuses and demand changes to
management. Two weeks earlier, the plane of Ivorian Prime
Minister Guillaume Soro was attacked, spurring speculation that
the country's peace process might be derailed.


Read more at Bloomberg Commodities News

Reed near deal to sell Harcourt for $4 bln -source

(Reuters) - Reed's shares in London were up 1.6 percent to 674.5 pence.




Spokespeople for Reed Elsevier and Houghton could not
immediately be reached.


Read more at Reuters.com Mergers News

Gold steady near 5-week highs, dollar watched

(Reuters) - But dealers were cautious ahead of Federal Reserve Chairman Ben Bernanke's testimony to the U.S. Congress on Wednesday and Thursday that might influence the dollar.




Gold rose as high as $668.50 an ounce before dipping to $667.00/667.60 by 1352 GMT, against $666.60/667.40 in New York late on Friday.


Read more at Reuters.com Hot Stocks News

Corn, Soybeans May Fall in Chicago on Wet-Weather Forecast; Wheat May Drop

(Bloomberg) -- Corn may decline and soybeans may
fall from a three-year high on speculation rains will revive U.S.
crops harmed by a prolonged dry spell. Wheat in Chicago also may
decline.

Some fields from Minnesota to Ohio may get as much as
3 inches (7.6 centimeters) of rain in the next five days, while
the driest parts of Nebraska, South Dakota and Iowa may receive
up to 1 inch beginning on July 18, said John Dee, president of
Global Weather Monitoring in Mohawk, Michigan.


Read more at Bloomberg Commodities News

Germany Asks IAEA to Assess Its Oversight of Nuclear Plants After Outages

(Bloomberg) -- The German government has asked the
International Atomic Energy Agency to assess its nuclear safety
oversight after fire broke out at a reactor owned by Vattenfall
Europe AG on the same day as an outage at a second reactor.

The Vienna-based IAEA will assess federal and state
supervision of the country's 17 nuclear plants, starting in 2008
and finishing in 2010, the Environment Ministry said in an e-
mailed statement today. Germany seeks a probe at ``the highest
level'' and wants the IAEA to propose remedies for any gaps it
uncovers, the ministry said.


Read more at Bloomberg Energy News

U.S. Stocks Decline as Oil Rises; SanDisk, Dow Jones & Co. Shares Retreat

(Bloomberg) -- U.S. stocks fell after oil rose
above $74 a barrel, spurring concern higher fuel prices may
hamper consumer spending and corporate profits.

SanDisk Corp., the world's largest maker of flash-memory
cards, declined after UBS AG downgraded the shares. Dow Jones &
Co. retreated after the Wall Street Journal reported that a
member of the publisher's controlling family is trying to block
its' sale to Rupert Murdoch's News Corp.


Read more at Bloomberg Stocks News

Gold Futures May Fall in New York as Euro's Rally Stalls; Silver Declines

(Bloomberg) -- Gold, little changed in New York,
may fall on speculation the euro's rally against the dollar will
stall, reducing the appeal of the precious metal as an
alternative investment. Silver fell.

Gold generally moves in tandem with the euro, which was
little changed after reaching a record against the dollar on
July 13. Before today, gold had gained 4.6 percent this year
while the euro had gained 4.4 percent against the dollar.


Read more at Bloomberg Commodities News

Sanofi obesity drug faces tough EU safety review

(Reuters) - LONDON, July 16 - Sanofi-Aventis SA's obesity pill Acomplia faces a tough review from European drug safety experts this week, with data suggesting officials see issues over the drug's link with suicidal thoughts.



The European Medicines Agency safety assessment comes a month after a U.S. advisory panel recommended the drug should not be approved in the world's biggest market because it may increase depression and suicidal thinking.


Read more at Reuters.com Government Filings News

KKR Cancels $1.4 Billion Sale of Loans to Refinace Maxeda Leveraged Buyout

(Bloomberg) -- Kohlberg Kravis Roberts & Co.
canceled plans to sell 1 billion euros ($1.4 billion) of loans
for Dutch home-improvement retailer Maxeda BV because of market
volatility.

The deal is the third to be postponed or restructured by
KKR in as many weeks as losses from the U.S. subprime mortgage
rout reduce investor demand for risky debt. The New York-based
buyout firm is trying to raise 9 billion pounds ($18 billion)
this week to finance its takeover of Nottingham, England-based
drugstore chain Alliance Boots Plc.


Read more at Bloomberg Bonds News

Egypt to get $1.6 bln plus from Cairo bank sale - PM

(Reuters) - Egyptian Prime Minister Ahmed Nazif said on Monday he expected the privatisation of Banque du Caire to raise more than $1.6 billion in a public auction that would be open to foreign bidders with no restrictions.

Nazif's government aims to put up for auction 80 percent of the state-owned bank in six to nine months, and float another 15 percent on the stock exchange up to a year later.


Read more at Reuters Africa

CORRECTION - - REFILE-No EADS cap hike needed now-German govt official

(Reuters) - BERLIN, July 16 - No capital increase is needed at
aerospace and defence group EADS in the short term,
German government aerospace coordinator Peter Hintze said on
Monday.




Germany and France wanted to discuss the group's
shareholding structure further, Hintze said, adding that EADS'
financial situation was good to very good.


Read more at Reuters.com Mergers News

McDonald's sees EPS above Street expectations

(Reuters) - The world's largest restaurant company also said June sales at outlets open at least 13 months rose 8.4 percent, helped by strong breakfast sales in America.




Three Wall Street analysts' June same-store sales estimates ranged from a rise of 4 percent to an increase of 7 percent, according to research notes.


Read more at Reuters.com Market News

U.S. Stock-Index Futures Are Little Changed; Schwab Falls, Motorola Gains

(Bloomberg) -- U.S. stock-index futures were
little changed before companies including Charles Schwab Corp.,
the biggest discount brokerage, report earnings today.

Schwab fell in Germany, while toymaker Mattel shares
didn't trade in Europe after the company posted earnings that
met analysts' estimates. Motorola Inc. gained after Deutsche
Bank AG recommended buying shares of the world's No. 2 maker of
mobile phones. Ford Motor Co. also climbed. Newspapers
including the Sunday Times reported that the second-biggest
U.S. automaker may sell its profitable Volvo Car Corp.
business.


Read more at Bloomberg Stocks News

FTSE down as Lonmin weighs on miners; banks support

(Reuters) - Britain's leading shares reversed earlier gains on Monday as Lonmin dragged mining stocks into the red after cutting its full-year sales forecast but M&A activity boosted banks.

Lonmin, the world's third-biggest platinum producer, dipped 7 percent after it cut its full-year sales forecast, blaming difficulties in processing lower grade ores and bottlenecks at refineries. Citigroup also cut its price target to "hold" from "buy".


Read more at Reuters Africa

Olin's acquisition of Pioneer clears antitrust hurdle

(Reuters) - Olin had agreed to buy chlor-alkali products maker Pioneer
in May for $414.4 million, or $35 a share, in cash.





Read more at Reuters.com Mergers News

Argentina, Brazil, Colombia, Mexico: Latin America Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Latin American local bonds
today. Bond yields are from the previous session.

Argentina: The country's economic expansion won't be hurt
by natural gas shortages, Planning Minister Julio de Vido said
in Santa Cruz, Bolivia, on July 13. The current shortages are a
result of the country's high rates of economic growth, De Vido
said.


Read more at Bloomberg Bonds News

Lonmin Shares Plunge After Company Defers Platinum Sales After Breakdown

(Bloomberg) -- Shares of Lonmin Plc fell the most
since at least 1999 after the platinum producer cut its sales
forecast following a breakdown at one of its plants that
prompted it to delay deliveries of the metal.

Sales of as much as 90,000 ounces of platinum, or about a
10th of its production, will be delayed until the next financial
year starting Oct. 1, the company said today in a statement.
Lonmin said in May it would process stockpiled ore to make up
the shortfall following the December furnace leak.


Read more at Bloomberg Emerging Markets News

Dollar steady near lows, kiwi jumps as RBNZ hike eyed

(Reuters) - In contrast, U.S. rates are seen steady for the rest of the year with a small possibility of a cut -- a factor which has kept the greenback on the back foot in recent weeks.




Investors are awaiting U.S. inflation data and Congressional testimony by Federal Reserve Chairman Ben Bernanke later this week for a further steer on the U.S. monetary policy outlook.


Read more at Reuters.com Hot Stocks News

Lonmin to Defer Sale of as Much as 90,000 Ounces of Platinum to Next Year

(Bloomberg) -- Lonmin Plc, the world's third-
biggest platinum producer, said it will delay the sale of as
much as 90,000 ounces of platinum until its next financial year
because of a breakdown at one of its plants. The shares fell.

Full-year sales will be between 820,000 ounces and 840,000
ounces and costs will rise, the company said today in a
statement distributed by the Regulatory News Service. The
company will delay the sale rather than have rivals refine its
ore to maximize profit.


Read more at Bloomberg Emerging Markets News

European stocks inch higher, banks in focus

(Reuters) - European shares rose in early trade on Monday, climbing for a third consecutive session, with banks among biggest gainers after a group led by Royal Bank of Scotland revised its offer for Dutch bank ABN AMRO.

ABN gained 3.4 percent, while Barclays, which has also made an offer for the Dutch financial group, rose 2.1 percent.


Read more at Reuters Africa

Rand steady, to hold positive tone

(Reuters) - South Africa's rand steadied versus the dollar on Monday, with traders expecting it to hold a positive tone while remaining prey to international developments.

The rand stood at 6.9680 versus the dollar at 0642 GMT, just off its New York close of 6.96 on Friday.


Read more at Reuters Africa