Oil extends decline, falls 1 pct on poor U.S. data

(Reuters) - U.S. crude, which slid as much as 91 cents, or 1.2 percent in early trade, reversed some losses and was down 59 cents at $74.89 a barrel by 1:58 a.m. EDT.




U.S. oil settled $1.38 lower at $75.48 a barrel on Friday, after hitting a record $78.77 on Wednesday.


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Fortis has other options to fund ABN deal -report

(Reuters) - If Fortis shareholders do not approve the issue of shares,
Fortis could place shares with a friendly investor or sell some
businesses, Dutch daily Het Financieele Dagblad reported, citing
sources familiar with the bank.




A Fortis spokeswoman said the company would focus on
getting shareholder approval, but declined further comment.


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Natixis says sees little impact from IKB problems

(Reuters) - Natixis has a 2.5 percent stake in IKB and its shares fell
nearly 10 percent on Friday on fears over its exposure to the
U.S subprime mortgage sector.




Natixis said it had significantly reduced its exposure to
the U.S. subprime market since the start of 2007 and added that
its first half results due on August 30 would confirm the
company's "positive outlook".


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Barclays launches $89 bln ABN takeover offer

(Reuters) - The offer period will run from August 7 until October 4,
Barclays said in an offer memorandum published in Dutch
newspapers on Monday.




At current share prices and foreign exchange rates, the
Barclays offer is worth about 34.54 euros per share of ABN.


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Sanofi, Areva, Ilog, Eiffage, Thomson and Korian: French Equity Preview

(Bloomberg) -- The following stocks may rise or fall
on the Paris stock exchange. Symbols are in parentheses after
company names. Prices are from the last close.

The CAC 40 Index fell 84.18, or 1.5 percent, to 5597.89. The
SBF 120 Index fell 1.4 percent.


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Union says reaches tentative contract with Delphi

(Reuters) - Delphi, which filed for bankruptcy in October 2005,
previously reached agreement with its biggest union, the United
Auto workers. Delphi has said it hopes to file a reorganization
plan in the third quarter and exit bankruptcy by the end of
2007.




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Nippon Yusen Pays Nippon Oil Record Price for Fuel Oil Delivered in July

(Bloomberg) -- Nippon Yusen K.K., Japan's largest
shipping line, agreed to pay Nippon Oil Corp. a record price for
fuel oil delivered in July.

Nippon Yusen will pay $419.2 a metric ton for 180-centistoke
C-grade fuel oil loaded last month, the company said today in a
statement e-mailed in Tokyo. That's an increase of 8.1 percent,
or $31.5 a ton, from the amount paid in June. Prices for so-
called bunker fuel for ships are set retroactively.


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Shanghai Copper Futures Fall Near Limit on Concern U.S. Demand May Decline

(Bloomberg) -- Copper futures on the Shanghai
Futures Exchange fell by almost the maximum daily limit allowed
by the exchange on concern an economic slowdown in the U.S., the
second-largest consumer of the metal, will reduce demand. Zinc
futures also slumped.

Copper for October delivery fell as much as 2,790 yuan, or
4.1 percent, to 65,160 yuan ($8,611) a metric ton from the
previous close. The contract fell near the 4 percent limit
compared with the previous settlement price, and traded at 65,770
yuan a ton, down 3.2 percent, at 9:28 a.m. local time.


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Asian Stocks Decline on U.S. Housing Concerns; Sony, BHP, Macquarie Slide

(Bloomberg) -- Asian stocks fell, led by Macquarie
Bank Ltd. and Samsung Electronics Co., on concern losses in the
U.S. mortgage market may slow the world's biggest economy.

Sony Corp. and Canon Inc. led Japanese exporters lower
after the yen rose to a four-month high against the dollar,
eroding the value of their dollar-denominated sales. BHP
Billiton Ltd. and Nippon Mining Holdings Inc. slid along with
prices of metals and oil.


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Japan's Government Bonds May Gain on Speculation Investors Will Shun Risk

(Bloomberg) -- Japanese bonds may gain on
speculation investors will add to their purchases of government
securities after a U.S. labor report showed the economy cooling
as the housing market slows.

Five-year notes had their longest series of weekly advances
since May 2005 as losses linked to U.S. mortgages for people
with poor credit caused riskier assets such as corporate bonds
and stocks to extend declines. Emerging-market bonds fell in New
York on Aug. 3 after the U.S. Labor Department said job growth
slowed to 92,000 in July from 126,000 previously.


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Indonesia Will Probably Keep Interest Rate Unchanged as Inflation Picks Up

(Bloomberg) -- Indonesia's central bank will
probably leave interest rates unchanged after 13 cuts from May
2006 because inflation is accelerating.

Bank Indonesia will keep the reference rate for bill sales
at 8.25 percent, according to 17 of 19 economists surveyed by
Bloomberg. The decision is due tomorrow. Two economists expect a
drop to 8 percent.


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Bear Stearns says president Spector has resigned

(Reuters) - In a statement, Bear Stearns said that, effective
immediately, Alan Schwartz has been named the company's sole
president, and Samuel Molinaro will become chief operating
officer in addition to chief financial officer.




Bear also said that Jeffrey Mayer, co-head of the fixed
income division, has been named to the Bear Stearns executive
committee.


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Mortgage stress to spur more stock volatility

(Reuters) - Widening fallout from the U.S. housing slump has rattled credit markets, putting investors on edge about the outlook for corporate takeovers and share buybacks -- two catalysts of the market's recent rally to record highs.




On Friday, Standard & Poor's cut its ratings outlook on the debt of investment bank Bear Stearns Cos., fanning concern that troubles in the subprime mortgage market are spreading, which could threaten the economy's health.


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Congress recesses amid Democratic achievements

(Reuters) - Their top priority -- ending the Iraq war -- remains frustratingly unfulfilled. But the Democrats who took over in January were able to go home early on Sunday for a monthlong break having won more support in the U.S. Senate and House of Representatives for bringing combat troops home by early next year, marking a significant turnaround from last year.




Democrats also will be able to batter President George W. Bush and congressional Republicans for sticking with a war policy that droves of Americans increasingly oppose.


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Libya economy committee backs free market reforms

(Reuters) - Libya said on Saturday it was looking at relaxing restrictions on foreign and domestic trade, part of investor-friendly reforms which long-time leader Muammar Gaddafi has said are inevitable in the modern world.

The government's economy committee proposed that restrictions on imports be freed up and eventually cancelled, a source on the committee said. Export barriers would also be removed, except for cement, steel and subsidised commodities.


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