Europe Government Bonds Advance as Flight to Safety of Debt Persists

(Bloomberg) -- European bonds rose, pushing 10-year
yields to near the lowest in two months, as investors sought the
safety of government debt on concern the U.S. housing slump will
damp growth in the world's biggest economy.

Investors have pared bets on interest-rate increases by the
European Central Bank and the risk of owning corporate debt has
increased, pushing benchmark yields lower. The yield on the 10-
year bund last week fell the most in 3 1/2 years.


Read more at Bloomberg Bonds News

Telenor Profit Rises 42 Percent on New Subscriptions in Pakistan, Malaysia

(Bloomberg) -- Telenor ASA, the Nordic region's
biggest telephone company by revenue, said second-quarter profit
gained 42 percent after it added subscribers in Pakistan and
Malaysia.

Net income rose to 3.25 billion kroner ($570 million), or
1.94 kroner a share, from 2.28 billion kroner, or 1.35 kroner, a
year earlier, the Fornebu, Norway-based company said today in a
statement. Revenue gained 5.2 percent to 23.2 billion kroner.
Earnings also benefited from a tax bill that more than halved.


Read more at Bloomberg Currencies News

Swaption Volatility May Fall as Subprime Fears Ease, RBC Greenwich Says

(Bloomberg) -- Volatility on options for interest-
rate swaps may decline as concern eases that losses in subprime
mortgage loans and other risky debt will spread, according to
RBS Greenwich Capital.

Investors holding mortgage securities often use so-called
swaptions to hedge the adverse moves in interest rates. A swap
in an agreement to exchange fixed for variable-rate payments
over a period of time. Falling rates can trigger increased
mortgage refinancing, cutting returns for bondholders.


Read more at Bloomberg Bonds News

Lanka IOC Seeks to Import Gasoil, Gasoline for August Delivery to Colombo

(Bloomberg) -- Lanka IOC Ltd., Indian Oil Corp.'s
Sri Lankan unit that runs 30 percent of the island nation's gas
stations, seeks gasoil, or diesel, and gasoline for delivery in
one shipment at the end of August, said a trader who received
the document.

Details of the company's requirements are as follows:


Read more at Bloomberg Energy News

New Zealand's Dollar May Extend Rally to 83 U.S. Cents, Lawmaker Key Says

(Bloomberg) -- The New Zealand dollar may extend
its rally by as much as 3 percent to 83 U.S. cents, said John
Key, the opposition leader who correctly forecast its surge to
80 cents.

``The fundamental drivers are still there, the weak U.S.
dollar and the appetite from places like Japan for yield,'' Key,
a former European head of global foreign exchange at Merrill
Lynch & Co., said in an interview from Wellington. ``But we're
at the point where the high exchange rate will bite in and the
losses experienced by exporters will affect the economy.''


Read more at Bloomberg Currencies News

Newmont's O'Brien, Taking Helm, May Make Takeovers, Aims to Revive Company

(Bloomberg) -- Newmont Mining Corp., the second-
largest gold-mining company, needs to rebuild its credibility
with investors and may consider takeovers, Chief Executive
Officer Richard T. O'Brien said.

``It's important for us to be attuned to the acquisition
market,'' O'Brien, 53, said in his first interview since he was
appointed July 1. ``There's no question Newmont has
underperformed gold, and underperformed a number of our peers.''


Read more at Bloomberg Emerging Markets News

Hong Long to Sell $200 Million of High-Yield Bonds, Standard & Poor's Says

(Bloomberg) -- Hong Long Holdings Ltd., a Chinese
developer of residential and commercial properties, plans to
sell as much as $200 million of high-yield bonds to
international investors for the first time, according to
Standard & Poor's.

The company's debt is rated B, five levels below investment
grade, by S&P. The dollar-denominated bonds will mature in five
to seven years, the credit assessor said in a statement today.


Read more at Bloomberg Bonds News

Malaysia's Ringgit Rises to 7-Week High; Rates Forecast to Stay on Hold

(Bloomberg) -- Malaysia's ringgit rose to the
strongest in seven weeks before a central bank meeting where
policy makers are expected to keep the benchmark rate unchanged.

The local currency traded at 3.404 against the U.S. dollar
as of 9 a.m. in Kuala Lumpur from 3.4085 yesterday, according to
data compiled by Bloomberg. It earlier climbed to 3.4020, the
highest since June 5.


Read more at Bloomberg Currencies News

Nikkei up 0.2 pct as Sony, exporters rebound

(Reuters) - The broader TOPIX index added 0.36 percent to 1,763.57.




Read more at Reuters.com Hot Stocks News

Yen Retreats From Six-Week High as Stock Gains Restore Appetite for Risk

(Bloomberg) -- The yen retreated from a six-week
high against the dollar on speculation rising U.S. stocks will
give investors confidence to borrow money in Japan to buy higher-
yielding assets elsewhere.

The yen has declined against all of the 16 most-traded
currencies this year as investors increased so-called carry
trades, taking advantage of Japan's 0.5 percent benchmark
interest rate. Asian stocks may mirror gains in the U.S.
yesterday, when the Dow Jones Industrial Average rose the most in
a week.


Read more at Bloomberg Currencies News

UPDATE 1-US FDA tells Wyeth drug approvable for hot flashes

(Reuters) - "Wyeth received an approvable letter for Pristiq," said an
FDA spokeswoman in a brief statement.




An approvable letter means the FDA will clear a drug for
sale once certain conditions are met. The FDA typically does
not disclose the conditions.


Read more at Reuters.com Bonds News

Bancroft expects Dow Jones decision by Friday

(Reuters) - Bancroft said the meeting would continue for another hour, but that he was leaving early to return to Texas where he lives and works.







Read more at Reuters.com Mergers News

CBOE bans access to 600 CBOT members -report

(Reuters) - At last count, about 252 CBOT active members were using
their exercise rights to trade at CBOE.




The "exercise rights" allow full members of CBOT to trade
options on the CBOE without owning a CBOE membership. The
rights were created when CBOT spun off the options exchange in
1973.


Read more at Reuters.com Mergers News

UPDATE 1-Equifax posts higher second-quarter earnings

(Reuters) - Equifax, which recently finished its purchase of payroll
services provider Talx Corp, said net income was $70.1 million
or 51 cents a share compared with $69.6 million or 53 cents a
share on fewer shares a year ago.




Equifax said revenue increased to $454.5 million, up 17
percent from the year earlier. International revenue rose 15
percent, while revenue at a North American unit climbed 24
percent.



Read more at Reuters.com Market News

TI quarterly profit falls, rev outlook disappoints

(Reuters) - Revenue fell to $3.42 billion from $3.7 billion as weak demand for calculators outweighed improving sales of advanced phones that use TI's wireless chips.




The results were in line with Wall Street's lowered expectations after TI had adjusted the mid-point of its revenue outlook in June.


Read more at Reuters.com Business News

Bancrofts meet to discuss Murdoch bid for Dow Jones

(Reuters) - Winning over the family, which controls 64 percent of Dow Jones's voting shares, is the last hurdle Murdoch must clear to buy Dow Jones, which has been under Bancroft control for more than a century.




Their decision is far from certain as an undetermined number of Bancrofts oppose the deal because they fear Murdoch would interfere with Dow Jones's news operations to further his business interests.


Read more at Reuters.com Mergers News

UPDATE 2-Mexico's Maxcom files for U.S. IPO

(Reuters) - The underwriter is Morgan Stanley, according to a
preliminary prospectus filed with the U.S. Securities and
Exchange Commission.




The company did not identify the U.S. exchange or the
proposed symbol for its IPO.


Read more at Reuters.com Government Filings News

Pactiv second-quarter profit rises

(Reuters) - Earnings from continuing operations were 52 cents a share
in the latest quarter. On that basis, Analysts' on average had
forecast 48 cents a share, according to Reuters Estimates.




Read more at Reuters.com Market News

Chile stocks rise on earnings expectations, peso gains

(Reuters) - The all-market IGPA stock index rose 0.58 percent
to 14,995.93 points, while the trade-weighted blue-chip IPSA
index advanced 0.76 percent to 3,392.02 points.




This week, the first companies are scheduled to report
second-quarter earnings and investors are hoping they will
justify market gains.


Read more at Reuters.com Bonds News

US STOCKS-Wall St ends higher on M&A news, profits

(Reuters) - The Dow Jones industrial average was up 92.75
points, or 0.67 percent, at 13,943.83. The Standard & Poor's
500 Index was up 7.28 points, or 0.47 percent, at
1,541.38. The Nasdaq Composite Index was up 2.98
points, or 0.11 percent, at 2,690.58.




Read more at Reuters.com Bonds News

Amylin quarterly loss narrows on Byetta sales

(Reuters) - Analysts on average expected a loss of 34 cents per share,
according to Reuters Estimates.





Read more at Reuters.com Market News

Gold miner Newmont resolves dispute with Uzbekistan

(Reuters) - It gave no details, but earlier this month, in a filing with the U.S. Securities and Exchange Commission, the world's second-largest gold company said it would receive $80 million as part of the settlement. Newmont will transfer its stake in the venture to Uzbekistan.




The company had already written off the value of its stake last September.


Read more at Reuters.com Business News

Bausch & Lomb board to weigh bids Tuesday-sources

(Reuters) - By Jessica Hall



PHILADELPHIA, July 23 - The board of Bausch & Lomb, the eye-care company to be acquired by Warburg Pincus for $3.67 billion, will meet on Tuesday to decide whether to continue talks with unsolicited suitor Advanced Medical Optics Inc, sources familiar with the situation said on Monday.


Read more at Reuters.com Mergers News

UPDATE 2-Brazil June current account surplus up, FDI surges

(Reuters) - The surplus in the current account balance of payments --
the widest measure of a country's trade in goods and services
-- rose to $696 million from $117 million in May and compared
with $632 million in June last year.




Overseas interest payments fell to $560 million in June
from $1.2 billion in the same month a year ago as local
interest rates fell and perceptions of Brazil's risk improved.
That helped offset a narrowing in the country's trade surplus,
central bank data showed.


Read more at Reuters.com Bonds News

Foreigners say Brazil needs outside aviation help

(Reuters) - The call for intervention, which would have to be approved
by the government, came just days after nearly 200 people were
killed in Brazil's worst ever plane crash and a radar outage
over the Amazon forced scores of flights to change course.




"Brazilian authorities are too busy trying to save face.
They're putting the traveling public at risk," Marc
Baumgartner, president of the International Federation of Air
Traffic Controllers' Associations, told Reuters.


Read more at Reuters.com Bonds News

Subprime takes toll on high-grade corporate bonds

(Reuters) - That was the biggest move since February 27, when Chinese stocks sold off sharply, hurting risk appetite worldwide and causing high-grade corporate spreads to widen by 3 basis points.




Average yields on investment-grade corporate bonds ended on Friday at their widest level since May 2005, when the downgrades of Ford Motor Co. and General Motors Corp. to junk status jarred the debt markets and curbed investor appetite for risk.


Read more at Reuters.com Bonds News

UPDATE 1-Turkey's ratings depend on political stability-S&P

(Reuters) - The agency ruled out, however, any immediate action on the
country's credit ratings -- currently "BB-" with stable outlook
for its foreign-currency debt.




"The outcome bodes well for a continuation of the prudent
economic policy-making that has underpinned Turkey's improving
credit-worthiness over the past five years," S&P said in a
statement, signed by analyst Farouk Soussa.


Read more at Reuters.com Bonds News

HP to acquire software maker Opsware

(Reuters) - The deal comes on the heals of other software acquisitions by HP, including its purchase of Mercury Interactive last year for $4.5 billion and its purchase of Peregrine Systems for $425 million in 2005.




The $1.6 billion price tag on the Opsware deal is net of existing cash and debt, the companies said. Opsware said it has about $65 million of cash on hand and only $100,000 in debt.


Read more at Reuters.com Bonds News

US STOCKS-Indexes rise on deals, drug company profits

(Reuters) - NEW YORK, July 23 - U.S. stocks advanced on
Monday as deal news, including a takeover in the oil services
industry worth nearly $18 billion, and strong pharmaceutical
sector profits reassured investors after Friday's sell-off.




Schering-Plough Corp. and Merck & Co. , a
Dow component, both reported quarterly results above analysts'
expectations.


Read more at Reuters.com Bonds News

Weatherford profit rises, says U.S. probes sales

(Reuters) - The company also said the U.S. government was probing
allegations of improper sales of products and services in
sanctioned countries.




The Houston-based company's profit from continuing
operations rose to $235 million, or 68 cents a share, from $190
million, or 53 cents a share, in the same period a year
earlier.


Read more at Reuters.com Market News

Mexican stocks up, driven by Grupo Mexico gains

(Reuters) - Citigroup raised its long-term copper price assumption to
$1.45 per pound, saying the copper market was enjoying a repeat
of its performance in the 'super cycles' of 50 and 100 years
ago.




Grupo Mexico jumped 1.99 percent to 80.97
after the announcement.


Read more at Reuters.com Bonds News

World Bank's IFC looks off the beaten track

(Reuters) - The World Bank's private sector lending arm is boosting its equity investments in homegrown second-rank companies where it sees opportunity and growth but wary investors may still see risk.

The bank's International Finance Corp (IFC) has long loaned funds businesses in the developing world to reduce poverty and promote economic development. It has also teamed up with major companies in high-risk markets as a lender and guarantor.


Read more at Reuters Africa

Copper Futures Decline in New York as Gains in Past Month Seen as Overdone

(Bloomberg) -- Copper in New York fell for the first
time in four sessions on speculation that a rally that took the
metal to a 10-week-high was overdone.

Before today, copper had gained 7.7 percent in the past
month on concern that strikes at Latin American mining companies
would cut production at a time of strong demand. Inventories of
the metal monitored by the London Metal Exchange rose the most in
a month today.


Read more at Bloomberg Commodities News

Offshore Driller Transocean Will Purchase GlobalSantaFe for $17 Billion

(Bloomberg) -- Transocean Inc. agreed to buy
GlobalSantaFe Corp. for about $17 billion, combining the world's
two largest offshore oil and gas drillers.

The new company will be triple the size of its largest peer
by sales, Noble Corp., with 146 rigs and an order backlog of $33
billion. Transocean and GlobalSantaFe, both based in Houston,
called the transaction a merger in a statement, with
shareholders on neither side getting a premium for their stock.


Read more at Bloomberg Energy News

Manchester United Postpones Refinancing, Shelves Bonds Backed by Tickets

(Bloomberg) -- Manchester United Plc, the world's
fourth-largest soccer club by revenue, postponed plans to
refinance 660 million pounds ($1.4 billion) of debt as U.S.
subprime mortgage losses roil credit markets.

The English Premier League champions, owned by U.S.
billionaire Malcolm Glazer, called off preliminary talks with
JPMorgan Chase & Co. to refinance debt, according to a person
familiar with the transaction, who declined to be named because
the discussions are private. It also shelved discussions with
Royal Bank of Scotland Group Plc and Deutsche Bank AG to sell
bonds backed by ticket sales, the person said.


Read more at Bloomberg Bonds News

US STOCKS-Wall Street opens higher on earnings, M&A

(Reuters) - The Dow Jones industrial average was up 70.15
points, or 0.51 percent, at 13,921.23. The Standard & Poor's
500 Index was up 7.89 points, or 0.51 percent, at
1,541.99. The Nasdaq Composite Index was up 11.85
points, or 0.44 percent, at 2,699.45.




Read more at Reuters.com Bonds News

U.K. Natural Gas for August Climbs to Record as Day-Ahead Price Advances

(Bloomberg) -- U.K. natural gas for next-month
delivery climbed to a record as day-ahead contracts rose,
prompting traders to buy forward contracts to protect against
possible price jumps.

Gas for August advanced for a third day, rising as much as
1.3 pence, or 4.3 percent, to 31.50 pence a therm, according to
prices on Bloomberg from the broker Spectron Group Plc. It traded
at 31.15 pence at 12:31 p.m. London time. That's equivalent to
$6.40 a million British thermal units. A therm is 100,000 Btus.


Read more at Bloomberg Energy News

Offshore Driller Transocean Agrees to Buy GlobalSantaFe for $17 Billion

(Bloomberg) -- Transocean Inc., the world's largest
offshore oil and gas driller, agreed to buy rival GlobalSantaFe
Corp. for about $17 billion, creating a company with a $33
billion order backlog and worldwide market reach.

Shareholders of both Houston-based companies will receive a
combined $15 billion in cash, Transocean and GlobalSantaFe said
today in a statement. Each will get a ratio of cash and shares
in the combined company approximately equal to stock prices of
the two drillers at the end of last week.


Read more at Bloomberg Energy News

U.K. Pound Rises to Highest Since May 1981 on Rate Differential With U.S.

(Bloomberg) -- The pound rose to its strongest
against the dollar since May 1981 on speculation the appeal of
U.K. assets will increase as the Bank of England keeps raising
interest rates while the Federal Reserve stays on hold.

The U.K. currency extended its six-week rally as the highest
benchmark yields of any Group of Seven nation lured investors
from abroad. U.K. rates will have to rise further, probably next
month, to stabilize inflation which held above the bank's target
for a 14th month in June, Ernst & Young LLP said.


Read more at Bloomberg Currencies News

Transocean, GlobalSantaFe Will Merge, Creating Largest Offshore Driller

(Bloomberg) -- Transocean Inc. and GlobalSantaFe
Corp., the two largest offshore oil and gas drillers, agreed to
merge, creating a company with a $33 billion order backlog and
worldwide market reach.

Shareholders of both Houston-based companies will receive a
combined $15 billion in cash, Transocean and GlobalSantaFe said
today in a statement. Each will get a ratio of cash and shares
in the combined company approximately equal to stock prices of
the two drillers at the end of last week.


Read more at Bloomberg Energy News

U.S. Stock-Index Futures Gain; Schering-Plough, Tellabs Advance in Europe

(Bloomberg) -- U.S. stock-index futures gained after
drugmaker Schering-Plough Corp. and Halliburton Co., the world's
second-largest oilfield contractor, reported earnings that beat
analysts' estimates.

Shares of Schering-Plough and Halliburton rose in Europe.
Tellabs Inc. surged after Thestreet.com said Nokia Siemens
Networks may bid for the maker of equipment for phone and
Internet systems. GlobalSantaFe Corp. and Transocean Inc., the
world's two biggest offshore oil and gas drillers, jumped after
they agreed to merge.


Read more at Bloomberg Stocks News

UPDATE 1-Transocean to buy GlobalSantaFe

(Reuters) - The oil services sector has been rife with rumors of
link-ups in recent months, fueled by speculation that companies
would seek mergers to gain market share and take advantage of
the huge spending increases in the energy sector.




"This is the type of transaction shareholders have been
clamoring for," said Mark Urness, an analyst with Calyon
Securities.


Read more at Reuters.com Mergers News

UPDATE 3-Resolution, Friends Provident in merger talks

(Reuters) - LONDON, July 23 - British life insurers Resolution and Friends Provident confirmed on Monday that they are in advanced merger discussions that could lead to the creation of a group worth over 8 billion pounds .



If agreed, the merger would involve an all-share combination, with Resolution shareholders owning 50.9 percent of the combined group and Friends Provident shareholders owning 49.1 percent, the two sides said. "Friends Provident and Resolution believe that a merger would create significant value for both sets of shareholders by combining Friends Provident's new business growth opportunities with Resolution's strong cash flow generation," the two sides said in a statement.


Read more at Reuters.com Mergers News

MOVES-Reuters names three global specialist editors

(Reuters) - Dawson, who has been chief correspondent covering the
European Central Bank in Frankfurt since 2002, will take up the
new post on Sept. 3.




Sean Maguire becomes editor of political and general news,
replacing Paul Holmes who has left Reuters.


Read more at Reuters.com Bonds News

RPM International posts quarterly profit

(Reuters) - Analysts on average had forecast earnings of 60 cents a
share, according to Reuters Estimates.





Read more at Reuters.com Market News

LME stocks cap price after copper hits 10-week high

(Reuters) - Copper was steady on Monday as rising stocks capped prices after they hit a 10-week high on bullish U.S. economic growth expectations and possible strike actions in top producer Chile, analysts said.

London Metal Exchange copper for delivery in three months was at $8,090/8,110 a tonne at 0932 GMT, down $20 against the close on Friday.


Read more at Reuters Africa

Japanese Bonds Post Longest Winning Streak Since November on Risk Aversion

(Bloomberg) -- Japan's 10-year bonds rose for a
fifth day, completing the longest winning streak since November,
on speculation a decline in emerging-market debt and equities
will prompt investors to seek the safety of government securities.

The rally pushed the 10-year yield to the lowest in six
weeks as a drop in U.S. stocks extended to Asia. The yield
premium required to compensate buyers for the extra risk of
holding emerging-market debt compared with similar-maturity U.S.
Treasuries climbed to the highest since March, according to
JPMorgan Chase & Co.'s EMBI Plus index.


Read more at Bloomberg Bonds News

UPDATE 1-VeraSun Energy to buy 3 ethanol plants for $725 mln

(Reuters) - The deal is being funded through $200 million of equity,
$250 million of cash and $275 million in project financing.




VeraSun, the second-largest ethanol producer in the United
States, said the acquisition will increase its production
capacity to about one billion gallons by the end of 2008.


Read more at Reuters.com Bonds News

Atlas Copco says to buy U.S. Mafi-Trench Corp.

(Reuters) - The privately-held U.S. manufacturer of equipment for the oil and gas industry had sales of about 360 million crowns last year and has more than 120 employees, Atlas Copco said in a statement.



The deal was expected to be closed during the third quarter, it added.


Read more at Reuters.com Mergers News

Resolution, Friends Provident confirm merger talks

(Reuters) - "Friends Provident and Resolution believe that a merger would create significant value for both sets of shareholders by combining Friends Provident's new business growth opportunities with Resolution's strong cash flow generation," the two sides said in a statement.




Sources familiar with the matter had said on Saturday that the two sides were in merger talks.


Read more at Reuters.com Business News

UPDATE 1-Barclays raises offer for ABN AMRO to $93 bln

(Reuters) - Barclays said on Monday its new bid was 42.7 billion euros
in shares and 24.8 billion euros in cash, up from its previous
all-stock offer of around 65 billion euros.




The raised offer will be helped by a 3.6 billion euros
investment in Barclays from China Development Bank and
Singapore's Temasek [TEM.UL], which may invest a further 9.8
billion euros if the takeover of ABN goes ahead.


Read more at Reuters.com Mergers News

Rand hits 11-month high, could test 6.78/dollar

(Reuters) - South Africa's rand hit an 11 month high against the dollar on Monday and is likely hold its gains in the session as the greenback remains under pressure.

The rand was trading at 6.83 to the dollar at 0645 GMT, about 0.9 percent firmer than its New York close of 6.8925 on Friday.


Read more at Reuters Africa