China's Pudong Bank says H1 net to rise 50 pct

(Reuters) - The forecast results were unaudited, it said.




On Thursday, Shanghai's vice mayor Feng Guoqin, who is in
charge of financial development, confirmed that the city
government would soon launch a financial holding group.


Read more at Reuters.com Market News

Japanese Stocks Rise on U.S. Technology Profits; Canon Gains, KDDI Drops

(Bloomberg) -- Japanese electronics stocks such as
Canon Inc. climbed after earnings from U.S. companies continued
to beat estimates, boosting confidence global growth will allow
domestic businesses to do the same.

Sixty-nine of 112 U.S. Standard & Poor's 500 Index members
that have released second-quarter results beat analysts'
estimates, according to Bloomberg data. Better-than-forecast
profit at International Business Machines Corp. helped send every
company included in a measure of computer shares higher yesterday.


Read more at Bloomberg Stocks News

Chief Executive acquires 89 percent of Laureate

(Reuters) - Instead, the merger would go through if more than 50
percent of shareholders signaled approval of the deal by
selling their shares at the offer price.




Originally, the investor group offered $60.50 a share for
the company, formerly known as Sylvan Learning Systems.


Read more at Reuters.com Mergers News

UPDATE 1-Mexico's Telmex quarterly net profit rises 16 pct

(Reuters) - Telmex , controlled by billionaire
tycoon Carlos Slim, said on Thursday its April-June net profit
was 8.044 billion pesos .




Revenue was up 1.9 percent to 45.693 billion pesos, just
slightly higher than expected, as Internet income rose 12.2
percent in the quarter and interconnection fees jumped 31
percent.


Read more at Reuters.com Market News

Japanese Technology Stocks May Rise on Higher U.S. Profits; KDDI May Fall

(Bloomberg) -- Japanese electronics stocks such as
Sony Corp. may climb after earnings from U.S. companies continued
to beat estimates, boosting confidence domestic businesses will do
the same.

Sixty-nine of 112 U.S. Standard & Poor's 500 Index members
that have released second-quarter results beat analysts'
estimates, according to Bloomberg data. Better-than-forecast
profit at International Business Machines Corp. helped send every
company included in a measure of computer shares higher yesterday.


Read more at Bloomberg Stocks News

USDA's Johanns-no tax increase to offset farm bill

(Reuters) - "We don't support tax increases. We don't think that's how
this should be put together," Johanns told reporters after
briefly participating in the committee's bill-drafting
session.




While Johanns was present, Colorado Republican Marilyn
Musgrave proposed "sense of Congress" language saying tax
increases should not be used to offset the farm bill. Chairman
Collin Peterson ruled the amendment was not germane and said,
"To me, it looks political."


Read more at Reuters.com Bonds News

UPDATE 1-Leggett cuts year outlook on weak sales

(Reuters) - ATLANTA, July 19 - Leggett & Platt Inc. reported a 29 percent drop in second-quarter profit on Thursday and cut its full-year profit forecast, citing weaker sales in several markets.



The maker of home, office and car products said it sees no catalyst that would markedly boost demand.


Read more at Reuters.com Market News

CDO ratings more subject to change than bonds-report

(Reuters) - The methods used to rate the deals are complicated and vary
between rating agencies. Unlike corporate bond ratings, which
are usually steady unless a company's fundamental condition
changes, CDO ratings are also vulnerable to changes in ratings
methods, which are in constant flux, CreditSights said in a
report.




"The ratings are not quite as equivalent as the market has
believed in the past," Brian Yelvington, senior macro
strategist at CreditSights and one of the authors of the
report, said in a telephone interview. "There's a reason you're
getting that excess spread in CDO tranches, and the problem is
that you don't know how the ratings are going to change."


Read more at Reuters.com Bonds News

Dow Average's Historical Milestones, Including Today's Close Above 14,000

(Bloomberg) -- The following table lists historical
milestones for the Dow Jones Industrial Average, which closed
above 14,000 today for the first time.

1884: Charles Dow and Edward Jones introduce a stock-market
average in the ``Customer's Afternoon Letter,'' a forerunner of
the Wall Street Journal. The gauge consists mainly of railroads.


Read more at Bloomberg Stocks News

Broadcom sees $915-940 mln in third-qtr revenue

(Reuters) - Broadcom earlier announced its second-quarter profit fell
to $34.3 million, or 6 cents per share, from $106.1 million, or
18 cents a share in the year-ago quarter. Revenue fell to
$897.9 million in the quarter from $941.1 million a year ago.




Read more at Reuters.com Market News

US STOCKS-Profits lifts stocks, Dow at record close over 14,000

(Reuters) - NEW YORK, July 19 - U.S. stocks rose on
Thursday, driving the Dow to its first close over the 14,000
mark, after forecast-topping results from the technology and
industrial sectors shifted the market's focus back to earnings
optimism, even as Fed Chief Ben Bernanke fanned concerns about
the subprime market.




Shares of International Business Machines Corp. ,
the world's largest technology services company, pushed the
Dow industrials into record territory. IBM, also known as Big
Blue, rose 4.3 percent after the company posted a jump in
quarterly profit and raised its 2007 earnings forecast. For
details, see [ID:nN18415715].


Read more at Reuters.com Bonds News

UPDATE 1-Oakley 2nd-qtr net income up as sales jump 29 pct

(Reuters) - LOS ANGELES, July 19 - Eyewear maker Oakley Inc. reported higher quarterly net profit on Thursday, matching Wall Street estimates, and boosted its sales outlook for the year. Oakley, which is being acquired by Italian luxury eyewear group Luxottica , said second-quarter net profit rose to $21.5 million, or 31 cents per share, from $17.9 million, or 26 cents per share, a year earlier.



Total sales jumped to $263.2 million from $203.6 million, driven by double-digit increases in sales of sunglasses, prescription eyewear and goggles.


Read more at Reuters.com Market News

Seagate profit advances on tax gain, revenue up

(Reuters) - Fiscal fourth-quarter net income rose to $541 million, or 96 cents per share, from $7 million, or 1 cent per share, a year earlier. Revenue rose to $2.74 billion from $2.53 billion.



Net income includes a tax benefit of $359 million for a favorable adjustment to the valuation allowance related to Seagate's deferred tax assets.


Read more at Reuters.com Market News

Goodman Global hires Goldman, mulls options: sources

(Reuters) - Private equity firm Apollo Management owns about 40 percent of the company, which went public in April 2006.




Shares of the company rose 12 percent to $24.85 on the news.


Read more at Reuters.com Mergers News

U.S. to Have Warmer-Than-Normal Weather Over Next Three Months, NOAA Says

(Bloomberg) -- Most of the U.S. will experience
above-normal temperatures during the next three months,
especially in the Southwest, forecasters said today.

La Nina conditions, which affect global weather patterns,
aren't likely to appear until later in the fall, if they're
evident at all, the National Oceanic and Atmospheric
Administration's Climate Prediction Center said today.


Read more at Bloomberg Energy News

UPDATE 1-Labor Ready shares soar after strong Q2 results

(Reuters) - BANGALORE, July 19 - Shares of Labor Ready Inc.
hit an all-time high on Thursday, a day after the
company reported a higher quarterly profit that also beat
market expectations.




Labor Ready, which provides workers to businesses in the
construction, warehouse and hospitality sectors, said its
recent move to increase sales staff helped reverse declines at
branches open for more than a year.


Read more at Reuters.com Market News

Work on Texas border wall to begin soon: Chertoff

(Reuters) - In heavily Hispanic southern Texas, where cultural and economic ties to Mexico run deep, local officials, business groups and environmentalists have spoken out against the wall as unnecessary and unwanted.




But Chertoff said national security was at stake, so the project will move ahead shortly.


Read more at Reuters.com Bonds News

CORRECTED - UPDATE 1-Citigroup, Lehman receive IRS requests

(Reuters) - Citigroup Inc. and Lehman Brothers Holdings Inc.
, in April received information document requests from
the IRS, which questioned the use of derivatives by offshore
investors. These clients may have sidestepped withholding taxes
on U.S. stock dividends, the people said.




The probe is focused on derivatives trades where securities
firms buy stocks from offshore hedge-fund clients. In return,
the banks pay them any principal return and dividends these
stocks generated.


Read more at Reuters.com Bonds News

Brazil Net Servicos posts 178.9 mln reais Q2 loss

(Reuters) - Net Servicos bought a 36.7 percent stake in Brazil's No. 2
cable company Vivax in December. It received regulatory
approval in May to buy out the remaining shares. The company
said the net loss was due in part to nonrecurring adjustments
it had to make after folding Vivax into its balance sheet.




The number of pay TV subscribers rose 17 percent to 2.3
million and broadband Internet clients jumped 75 percent to
1.12 million, Net Servicos said. The rise in paying clients
helped boost net sales to 698.3 million reais from 545.8
million reais a year earlier.


Read more at Reuters.com Market News

UPDATE 1-Imperial, Exxon Mobil win Beaufort Sea acreage

(Reuters) - Imperial, Canada's biggest oil producer and refiner, said
the acreage adds to an already large resource base in the
Beaufort, where there have been numerous oil and gas
discoveries over the years but no current production.




The two affiliated companies are 50-50 partners in the
venture, and are also proponents of the proposed C$16.2 billion
Mackenzie Valley Pipeline in Canada's Arctic.


Read more at Reuters.com Mergers News

UPDATE 1-New ABX subprime mortgage index climbs higher

(Reuters) - NEW YORK, July 19 - The newest benchmark ABX
series, tied to subprime loans made in this year's first half,
climbed 3.5 points to 52.5 in its debut session on Thursday,
traders said.




"The ABX 07-2 index is ripping higher," said one trader,
referring to the "BBB-" segment, which opened at 49 earlier.


Read more at Reuters.com Bonds News

TREASURIES-Prices flat as Bernanke sticks to script

(Reuters) - NEW YORK, July 19 - U.S. government debt prices
were mostly flat on Thursday, as Federal Reserve Chairman Ben
Bernanke reiterated inflation as Fed's top concern and the
housing drag on economic growth in the coming quarters.




The day's data echoed Bernanke's views in his semiannual
testimony before Congress, suggesting risks from both
inflation and slower growth.


Read more at Reuters.com Bonds News

UPDATE 1-Bombardier gets $590 million India train car order

(Reuters) - The train cars will provide public transport during the
Commonwealth Games slated for New Delhi in October 2010.
Canadian train and plane maker Bombardier said deliveries are
scheduled to start in the last quarter of 2008 and continue to
2010.




Bombardier said the car bodies, bogies and propulsion
system for the first units will be manufactured at its plants
in Germany and Sweden. Afterward, main production will take
place at Bombardier sites in India.


Read more at Reuters.com Mergers News

Europe steps up warnings on Sanofi obesity pill

(Reuters) - By Ben Hirschler



LONDON, July 19 - European regulators said on Thursday that Sanofi-Aventis SA's obesity pill Acomplia should carry stronger warnings to reflect the risk of psychiatric side effects.


Read more at Reuters.com Government Filings News

Tunisia buys milling wheat, feed barley in tender

(Reuters) - Tunisia's state grains agency has purchased 150,000 tonnes of soft milling wheat and 100,000 tonnes of feed barley in a tender which closed on Thursday, traders said.

The tender had sought bids for 125,000 tonnes of milling wheat and 75,000 tonnes of feed barley.


Read more at Reuters Africa

Canadian Dollar Option Volatility Falls as Pace of Rally Expected to Slow

(Bloomberg) -- Canadian dollar options volatility
is declining from a 10-month high as traders bet the rally that
has pushed the currency to a three-decade high will slow.

Falling volatility, the bane of option holders because it
lowers prices, may trigger some investors to switch wagers on
further appreciation into the actual currency.


Read more at Bloomberg Currencies News

Landstar profit rises, meets Wall Street view

(Reuters) - CHICAGO, July 19 - Truck brokering company Landstar System Inc. on Thursday reported higher quarterly net profit that met analysts' expectations, citing better margins despite an "inconsistent" freight environment.



But Landstar gave an earnings outlook for the current quarter that came in below Wall Street forecasts.


Read more at Reuters.com Market News

Subprime Bonds Created This Year Are No Better Than Last, New ABX Suggests

(Bloomberg) -- Subprime mortgage securities created
in the first half of 2007 are about as likely to default as those
made last year, according to a new series of benchmark credit
derivatives.

``ABX'' credit-default swaps linked to 20 subprime securities
rated BBB- and created during the first half of 2007 traded for
the first time today at a mid-price of about 51.5, translating to
an annual cost for default protection of more than $1.9 million
per $10 million of bonds, according to Goldman Sachs Group Inc.


Read more at Bloomberg Bonds News

TREASURIES-Bonds recoup losses after Bernanke on housing

(Reuters) - The benchmark 10-year note's price traded unchanged in
price for a yield of 5.04 percent , versus 5.06
percent before Bernanke started answering questions and versus
5.04 percent late on Wednesday. Bond yields and prices move
inversely.




Read more at Reuters.com Bonds News

Bernanke says mulling mortgage affordability tests

(Reuters) - When it comes to matching borrowers with suitable loans he
said "another way of thinking about it is equating suitability
with affordability and essentially saying that there is some
presumption that the lender will appropriately take into
account the ability to pay in making the loan."




Read more at Reuters.com Bonds News

Harley calls consumer credit picture 'challenging'

(Reuters) - Earlier in the day, Harley said total dealer retail sales
fell 1.2 percent during the second quarter, pulled down by a
5.5 percent decline in sales in the United States, the
company's biggest and most important market.




During the call, executives said they were proceeding "with
caution" as a result of the disappointing U.S. retail sales
picture.



Read more at Reuters.com Bonds News

Bernanke says subprime losses could reach $100 bln

(Reuters) - "The credit rating agencies have begun to make sure they
account for those losses and they have downgraded some of these
products," he said.




Read more at Reuters.com Bonds News

Bank of America sees $1.4 bln gain from Marsico

(Reuters) - Thomas Marsico founded his firm in 1997 after many years at
the Janus mutual funds group, where he managed the Janus Twenty
fund. His firm is best known for investing in
large-capitalization "growth" stocks.




Bank of America, the second-largest U.S. bank, is based in
Charlotte, North Carolina. It announced the Marsico transaction
on June 14, without disclosing terms.



Read more at Reuters.com Mergers News

U.S.-Icelandic consortium buys NewsEdge from Thomson

(Reuters) - Terms were not disclosed.



Acquire will merge NewsEdge's operations with its own, creating what the companies said were "significant" synergies.


Read more at Reuters.com Mergers News

FACTBOX-Why oil prices are near a record high

(Reuters) - FUNDS




Investment flows from pension and hedge funds into commodities including oil have resumed in recent months after a hiatus earlier in the year due to concerns about how the global economy was moving.


Read more at Reuters.com Hot Stocks News

VF Corp. posts higher operating profit

(Reuters) - NEW YORK, July 19 - Apparel maker VF Corp. on Thursday posted better-than-expected quarterly profit from continuing operations, on higher sales across all its segments and the sale of a trademark of one of its brands in Europe.



Income from continuing operations rose 18 percent, to $105.8 million, or 93 cents per share, compared with $89.6 million, or 80 cents, a year earlier.


Read more at Reuters.com Market News

Steelmaker Nucor second-quarter profit slips

(Reuters) - In June, Nucor warned that earnings would be well below
Wall Street expectations because of softness in the auto and
building sectors.




The company said at the time that it expected to earn $1.05
to $1.15 per share. Following the earnings warning, analysts'
average profit forecast fell to $1.15 a share from $1.39,
according to Reuters Estimates.



Read more at Reuters.com Market News

Gold, Silver Gain in New York as Dollar Trades Near Record Low Versus Euro

(Bloomberg) -- Gold and silver rose in New York as
a decline in the value of the dollar boosted the appeal of
precious metals as alternative investments.

Gold generally moves in the opposite direction of the
dollar. The U.S. currency fell to a record low against the euro
yesterday on speculation interest rates will rise faster in
Europe after Federal Reserve Chairman Ben S. Bernanke scaled
back forecasts for U.S. economic growth.


Read more at Bloomberg Commodities News

UPDATE 1-Harley-Davidson net rises on international sales

(Reuters) - The company reported a second-quarter profit of $290.5
million, or $1.14 a share, compared with $243.4 million, or 91
cents cents a share, a year earlier.




Sales rose 17.7 percent to $1.62 billion.


Read more at Reuters.com Market News

Landstar quarterly profit rises

(Reuters) - Analysts on average had expect earnings per share of 53
cents, according to Reuters Estimates.




Read more at Reuters.com Market News

UPDATE 2-UnitedHealth posts higher quarterly profit

(Reuters) - NEW YORK, July 19 - Insurer UnitedHealth Group Inc. said on Thursday that second-quarter profit rose 22 percent, beating analyst estimates, as premium revenue increased and operating margins improved, but an important medical-cost gauge worsened from the first quarter.



Net income increased to $1.2 billion, or 87 cents per share, from $981 million, or 70 cents per share, a year earlier.


Read more at Reuters.com Market News

Russia's National Clearing Center Signs Deal for Ruble Currency Trade

(Bloomberg) -- Russia's National Clearing Center,
owned by the Moscow Interbank Currency Exchange, agreed to start
clearing the exchange's currency trades, valued at more than $1
trillion a year.

The clearing center also plans to handle over-the-counter
currency trade between banks, broadening the range of currency
deals that generate fees for the exchange, which is known as the
Micex.


Read more at Bloomberg Currencies News

BP to Ship First Crude-Oil Cargo From Angola's Plutonio Field in September

(Bloomberg) -- BP Plc, Europe's second-largest oil
company, will ship the first crude cargo from Angola's Plutonio
offshore oilfield in September, said two traders with knowledge
of the project.

The first cargo will be kept by field operator BP, said the
traders who asked not to be identified because of company
policy. Plutonio will start production in the second half of
this year, said BP spokesman Toby Odone, declining to give
further details.


Read more at Bloomberg Energy News

Citrix, IBM, ICU, Juniper, Logitech, Skyworks, Vulcan: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
Closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 7:30 a.m. in New York.

Citrix Systems Inc. (CTXS US): The maker of computer-
networking software forecast revenue of $1.34 billion to $1.36
billion for this year. That topped the average estimate of $1.32
billion by analysts in a Bloomberg survey. The stock rose 19
cents, or 0.5 percent, to $35.50 yesterday.


Read more at Bloomberg Stocks News

Wyeth profit beats forecast; 2007 view raised

(Reuters) - The drug maker said it earned $1.2 billion, or 87 cents per share, up from $1.06 billion, or 78 cents per share, a year earlier.



Excluding special items, Wyeth earned 90 cents per share. Analysts on average expected 87 cents, according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1-Fifth Third Bancorp 2nd-quarter net income falls

(Reuters) - The Cincinnati-based bank said net income was $376
million, or 69 cents a share, compared with $382 million, or 69
cents a share, in the year-earlier quarter.




Analysts, on average, expected the bank to earn 67 cents a
share, according to Reuters Estimates.


Read more at Reuters.com Market News

Scholastic quarterly profit rises

(Reuters) - In a statement detailing Karmazin's planned testimony before a U.S. Senate committee today, Karmazin said: "The merger will allow us to lower prices. Consumers who want fewer channels than currently offered will be able to select one or more packages of channels for less than $12.95 per month."



Sirius plans to buy XM in an all-stock deal which was worth about $4.6 billion when it was announced in February, but the merger has been criticized by some U.S. lawmakers and consumer groups as anti-competitive.


Read more at Reuters.com Market News

China GDP growth jumps to 11.9 percent

(Reuters) - The figures put China on course to chalk up its straight fifth year of double-digit growth and to overtake Germany as the world's third-biggest economy -- perhaps as soon as this year.




"It's stunning. We should expect them to raise interest rates or reserve requirements at any moment," said Tim Condon, head of Asia research at Dutch bank ING in Singapore.


Read more at Reuters.com Business News

UPDATE 3-China GDP growth jumps to 11.9 pct, tightening seen

(Reuters) - BEIJING, July 19 - China's annual economic growth
surged to an 11-½ year high of 11.9 percent in the second
quarter, cementing expectations for tighter policy to keep the
world's fastest-growing major economy from overheating.




The figures put China on course to chalk up its straight
fifth year of double-digit growth and to overtake Germany as
the world's third-biggest economy -- perhaps as soon as this
year.


Read more at Reuters.com Bonds News

McClatchy, New York Times Profit Hit as Home-Sale Ads Migrate to Internet

(Bloomberg) -- Richard A. Smith knows something
anyone considering buying a newspaper company needs to know.
He's taking his advertising dollars somewhere else.

Smith, president of Realogy Corp., the largest residential
real estate broker in the U.S., said the portion of his Coldwell
Banker and Century 21 branding budget devoted to newspapers will
shrink by as much as two-thirds next year from 2006 as spending
moves online. Newspapers will receive 70 percent of Realogy's
home-sale advertising by 2010, down from 84 percent this year.


Read more at Bloomberg Exclusive News

Nigeria tycoon pulls out of refineries deal - reports

(Reuters) - A consortium led by Nigerian tycoon Aliko Dangote, a major financier of the ruling party, has pulled out of a deal to take over two refineries, including the country's biggest, newspapers reported on Thursday.

Bluestar had bought controlling stakes in the Port Harcourt and Kaduna refineries in the last days of the administration of President Olusegun Obasanjo, prompting accusations of cronyism because Dangote was a beneficiary of other privatisations.


Read more at Reuters Africa

Telenet Seeks 1 Billion-Euro Loan to Pay Shareholder Dividends, Refinance

(Bloomberg) -- Telenet Group Holding NV, Belgium's
biggest provider of broadband cable services, is seeking a 1
billion-euro ($1.4 billion) loan as part of its plan to replace
bonds and pay dividends, bankers arranging the deal said.

Telenet, based in Mechelen, Belgium, wants to refinance all
its bonds and return as much as 813.4 million euros to
shareholders, the company said earlier this month. Telenet hired
BNP Paribas SA, JPMorgan Chase & Co. and ABN Amro Holding NV to
arrange the financing, said the bankers, who declined to be
identified because the terms haven't been set.


Read more at Bloomberg Bonds News

Erdogan Floods Rural Turkey With Aid to Counter Secular, Army Opposition

(Bloomberg) -- In the Turkish town of Afsar, a new
pipeline brings water from a nearby mountain. Farmer Suleyman Er
says it has transformed his life.

The seven-kilometer (4.3-mile) pipe, finished two months
ago, symbolizes the way Prime Minister Recep Tayyip Erdogan is
putting development at the center of his strategy to keep power
in July 22 elections.


Read more at Bloomberg Exclusive News

RBS consortium to make bid for ABN by July 23 - AFM

(Reuters) - Barclays said on Thursday it had been given an extension by
the Dutch markets regulator until Aug. 6 to launch its formal
offer from a previous July 23 deadline.




Barclays, whose offer for ABN is currently worth about 65
billion euros , contends with Royal Bank of
Scotland, Fortis and Santander, whose offer for ABN is worth
about 71 billion.


Read more at Reuters.com Mergers News

French Stocks Rise, Led by Cap Gemini, Danone, EADS; Eramet Shares Soar

(Bloomberg) -- French stocks advanced, led by Cap
Gemini SA, Groupe Danone SA and European Aeronautic Defence &
Space Co. Eramet SA surged after a report in Les Echos that
Areva SA may buy a 37 percent stake.

The CAC 40 Index gained 39.84, or 0.7 percent, to 6035.81
at 9:05 a.m. in Paris. The SBF 120 Index added 0.7 percent.


Read more at Bloomberg Stocks News

BNP Paribas buys Brazil's Banco BGN

(Reuters) - BNP Paribas declined to say in a statement how much it had paid for Banco BGN. It said the transaction would involve an exchange of shares and was subject to regulatory approval.



"This acquisition positions Cetelem as a major player in the consigned credit sector, which continues to grow in this country and is expected to increase at a steady pace," Cetelem Chief Executive Francois Villeroy de Galhau said in a statement.


Read more at Reuters.com Mergers News