China Bohai Bank Wins Approval to Open Beijing Branch, First Outside Base

(Bloomberg) -- China Bohai Bank, the first national
lender set up in the country in a decade, won regulatory approval
to open a branch in Beijing, the first step in expanding outside
its home base.

Bohai Bank, one-fifth owned by Standard Chartered Plc., has
started hiring for the Beijing outlet and will commence
operations in the nation's capital later this year, the Tianjin-
based company said in an e-mailed statement.


Read more at Bloomberg Emerging Markets News

China's 2007 LNG Imports May Rise Fourfold as Power Plants Increase Usage

(Bloomberg) -- China, the world's second-biggest
energy user, may increase liquefied natural gas imports from
Australia fourfold this year as power plants use gas to generate
electricity to cut pollution, an official said.

Guangdong Dapeng LNG Co., China's only LNG import terminal,
may import 2.6 million metric tons of the fuel this year,
compared with 687,533 tons in 2006, said an official from the
plant, asking not to be named because of company policy. China
National Offshore Oil Corp. and BP Plc own the terminal.


Read more at Bloomberg Energy News

Japan Shares Tumble; Mizuho, Banks Fall on Drop in Profits; Kyocera Slips

(Bloomberg) -- Japanese stocks fell after Mitsubishi
UFJ Financial Group Inc. and Mizuho Financial Group Inc. said
their quarterly profit dropped because of increasing credit-
related costs.

A measure tracking banks plunged 4.5 percent, the worst
performer in the 33 industry groups included in the Topix. Mizuho
had the biggest loss since May 10, 2004.


Read more at Bloomberg Stocks News

Dow Jones sale to end Bancroft media reign

(Reuters) - The Bancrofts are among a group of centenarian newspaper families that includes the Sulzberger clan, who run The New York Times Co., and the Chandlers, who cashed out of Tribune Co. earlier this year.




In the sepia-toned years of the late 19th and early 20th centuries, these families were stewards of what many historians characterize as the golden age of news.


Read more at Reuters.com Business News

UPDATE 1-LandAmerica posts lower 2nd-qtr earnings

(Reuters) - The real estate insurer said net earnings were $7.9 million
or 42 cents a share, down from $35.6 million or $2.06 a share
in the year-earlier quarter.




The company also raised its dividend by 8 cents, or 36
percent, to 30 cents a share, payable on Sept. 14 to
shareholders of record Aug. 31.


Read more at Reuters.com Market News

Bear Stearns halts redemptions in third hedge fund

(Reuters) - "We believe the fund portfolio is well positioned to wait
out market uncertainty and we believe by suspending redemption
we can ensure the best long term results for our investors,"
Bear Stearns spokesman Russell Sherman said.




Unlike the two funds that collapsed, the third Bear Stearns
hedge fund is not leveraged.



Read more at Reuters.com Bonds News

FACTBOX: Companies chosen for U.S. IT contract

(Reuters) - -- Accenture National Security Services LLC




-- Advanced Management Technology


Read more at Reuters.com Business News

UPDATE 1-Tupperware posts higher 2nd-qtr quarter profit

(Reuters) - The company said second-quarter net income increased to
$35.5 million, or 56 cents per diluted share, from $25.2
million, or 41 cents, a year earlier.




Tupperware, best known for its food storage containers sold
at in-home parties, said sales climbed to $492.9 million from
$436.6 million.


Read more at Reuters.com Market News

Bear Stearns Shares Decline, Stock-Index Futures Fall: U.S. After-Hours

(Bloomberg) -- Bear Stearns Cos. shares declined in
extended U.S. trading after the Wall Street Journal reported that
it faces losses from a third hedge fund that has $900 million in
mortgage investments.

Shares of the New York-based company retreated $4.21, or 3.5
percent, to $117.01 as of 6:37 p.m. in New York.


Read more at Bloomberg Stocks News

UPDATE 1-American Financial Q2 profit falls on charges

(Reuters) - However, the company's core earnings for the quarter rose
22 percent, helped by improved underwriting profit within the
specialty property and casualty operations and higher
investment income.




The Cincinnati-based company posted second-quarter earnings
of $67.0 million, or 54 cents a share, compared with earnings
of $122.9 million, or $1.02 a share in the year-ago quarter.


Read more at Reuters.com Market News

Brasil Telecom 2nd-quarter profit up 39 pct

(Reuters) - Brasil Telecom Participacoes is the holding company that
runs Brasil Telecom SA , the country's No. 3
fixed-line operator. Its controlling shareholders include
Citigroup Inc. and several Brazilian state-run pension
funds.





Read more at Reuters.com Mergers News

UPDATE 1-US officials say Iraq role to last years, cost more

(Reuters) - WASHINGTON, July 31 - President George W. Bush's
nominee to be top military adviser said on Tuesday the United
States will be in Iraq for "years not months" and a Pentagon
official said the war was costing even more than expected.




Navy Adm. Michael Mullen, picked as chairman of the Joint
Chiefs of Staff, warned U.S. lawmakers unhappy with the
conflict against seeking a rapid pullout from Iraq, saying it
could turn the country into a "caldron."


Read more at Reuters.com Bonds News

TREASURIES-Bonds jump higher as stock market tumbles

(Reuters) - NEW YORK, July 31 - U.S. government bond prices
climbed on Tuesday, taking direction from weaker stocks on
continued concerns that a housing market slump and
deteriorating credit conditions could crimp economic growth.




Bonds have been closely mirroring stocks recently, gaining
when stocks fall as investors turn to the relative safety of
bonds.


Read more at Reuters.com Bonds News

Buffalo Wild Wings quarterly profit rises

(Reuters) - Total revenue rose 22 percent to $76 million, the operator
of Buffalo Wild Wings Grill and Bar restaurants said in a
statement.




Analysts on average expected the company to earn 22 cents a
share, before items, on revenue of $77.92 million, according to
Reuters Estimates.



Read more at Reuters.com Market News

Aon explores options, including spinoff, for CICA

(Reuters) - Case said Aon is "prepared to respond accordingly."




Aon has hired Credit Suisse Securities LLC, Merrill
Lynch & Co and Aon Capital Markets as advisors on any potential
transaction.


Read more at Reuters.com Market News

TXU's Lenders Will Go Ahead With Biggest Ever Leveraged Buyout, People Say

(Bloomberg) -- Citigroup Inc., JPMorgan Chase & Co.
and four more banks won't back out of an agreement to finance
the $32 billion takeover of TXU Corp. if they fail to sell debt
issued in the deal to investors, two people with knowledge of
the situation said.

Kohlberg Kravis Roberts & Co. and TPG Inc. agreed in
February to take the Dallas-based power producer private. The
banks said they would sell as much as $26.1 billion in loans to
fund the leveraged buyout, the second largest after the planned
acquisition of Canadian phone company BCE Inc. by a group
including Providence Equity Partners Inc. and Madison Dearborn
Partners LLC.


Read more at Bloomberg Energy News

Brookfield to spin off 60 pct infrastructure stake

(Reuters) - TORONTO, July 31 - Brookfield Asset Management Inc. will spin off a 60 percent stake in its infrastructure operations to its shareholders in a deal worth about $600 million, it said on Tuesday. Brookfield will create a new publicly traded partnership called Brookfield Infrastructure Partners L.P. and keep a 40 percent stake, spinning off the rest to existing Brookfield class A shareholders in a special dividend.



The company said the new partnership plans to seek a listing on the New York Stock Exchange.


Read more at Reuters.com Mergers News

UPDATE 1-Mexico tax reforms won't end oil dependency -Ortiz

(Reuters) - President Felipe Calderon unveiled a long-awaited tax
proposal in June to try to plug fiscal gaps as economically
vital oil reserves falter.




"It's a step in the right direction. But it obviously
doesn't resolve the country's structural fiscal problems,"
said Guillermo Ortiz, the head of the central bank.


Read more at Reuters.com Bonds News

News Corp looks set to win Dow Jones

(Reuters) - A senior executive at Dow Jones said he had received an internal e-mail that said the Bancrofts, who control the company's voting shares, had agreed to the $5 billion deal.




"Up-to-date purchase news: it appears that the Bancroft family has accepted and we're going to be part of News Corp. That just in," John Prestbo, editor and executive director of Dow Jones Indexes, told reporters in Chicago.


Read more at Reuters.com Mergers News

Wells Fargo sued for racial bias in mortgage loans

(Reuters) - In their complaint, Nancy and Johnny Jeffries accused Wells
Fargo of marking up interest rates or adding fees for black
borrowers seeking mortgages after agreeing to lend based on
more well-defined criteria such as credit histories and home
values. The southwest Chicago homeowners said this violates the
federal Fair Housing Act and Equal Credit Opportunity Act.




The lawsuit seeks class-action status, and was filed on
Monday against San Francisco-based Wells Fargo in the U.S.
District Court for the Northern District of California.


Read more at Reuters.com Bonds News

Treasuries Strengthen as Investors Seek Refuge Amid Renewed Credit Concern

(Bloomberg) -- Treasuries rose as evidence of
losses among providers of riskier mortgages encouraged investors
to seek the safety of U.S. government debt.

Ten-year note yields fell to near the lowest in two months
as American Home Mortgage Investment Corp., a lender whose stock
stopped trading after it disclosed a cash shortage, said it may
have to liquidate assets. Standard & Poor's may downgrade an
additional $1 billion of collateralized debt obligations.


Read more at Bloomberg Bonds News

US STOCKS-Earnings lift blue chips, credit woes linger

(Reuters) - NEW YORK, July 31 - U.S. blue-chip stocks rose on
Tuesday, lifted by positive earnings from companies, including
General Motors Corp. , and by reassuring reports on the
economy.




But two major stock indexes were off their highs for the
session and the Nasdaq was little changed as concerns about
deteriorating credit conditions -- which led to last week's
market rout -- returned.


Read more at Reuters.com Bonds News

American Home can't fund loans, may liquidate assets

(Reuters) - American Home shares closed Friday at $10.47. They have not traded since trading was halted on Monday morning.




Spokeswoman Mary Feder did not immediately return an e-mail seeking comment. Her telephone mailbox was not accepting messages.


Read more at Reuters.com Bonds News

Mexico stocks jump and peso firms aided by US data

(Reuters) - The benchmark IPC stock index moved up to 31,132
points, an increase of 0.75 percent. The peso currency
also firmed by 0.19 percent to 10.93 per dollar.




In debt trading, the price of the benchmark 10-year
government peso bond gained 0.248 point to bid
101.958, with a yield of 7.68 percent.


Read more at Reuters.com Bonds News

UPDATE 3-Brazil primary budget surplus rises to June record

(Reuters) - BRASILIA, July 31 - Brazil's consolidated primary
budget surplus grew to a record for the month of
June, climbing to 11.65 billion reais from a
surplus of 10.44 billion reais a year earlier, the central bank
said on Tuesday.




The result was higher than the 9.9 billion reais median
estimate of 18 economists in a Reuters poll. The estimates
ranged from 6.0 billion reais to 12.1 billion reais. In May,
the consolidated primary surplus was 9.3 billion reais.


Read more at Reuters.com Bonds News

S.African trade union calls off De Beers strike

(Reuters) - South Africa's National Union of Mineworkers (NUM) called off a planned strike at the world's biggest diamond producer De Beers on Tuesday after the company increased its wage offer.

Workers had been due to down tools on the evening shift, but the two sides agreed a deal in last-minute talks, NUM negotiator Peter Bailey said.


Read more at Reuters Africa

UPDATE 1-Saputo reports higher profit, increases dividend

(Reuters) - Saputo, one of North America's biggest cheese makers,
earned C$68.4 million , or 66 Canadian cents a
share, for the three months ended June 30. That was up from a
profit of C$53.3 million, or 51 Canadian cents a share, in the
same period a year earlier.




The company said its results included a one-time tax
reduction of about C$4 million to adjust future tax balances
due to lower Canadian federal tax rates.


Read more at Reuters.com Market News

Chile's Pinera quits as director of airline LAN

(Reuters) - Pinera, one of Chile's richest men, was fined about
$700,000 by the stock exchange regulator on July 6 after buying
3 million LAN shares in July last year while he had information
about the company's unpublished second-quarter results.




The regulator accepted the transaction was not driven by
his knowledge of that information.


Read more at Reuters.com Government Filings News

Marathon to buy Western Oil Sands

(Reuters) - Marathon said it will pay about $3.6 billion in cash plus 34.3 million shares or securities exchangeable for shares. It will also assume about $650 million of debt.




Houston-based Marathon -- which also posted a higher-than-expected second quarter profit -- has been looking for a partner in the Canadian oil sands for two years.


Read more at Reuters.com Mergers News

European Carbon Emission Permits Rise for Sixth Day; Power Prices Advance

(Bloomberg) -- European Union carbon dioxide permits
rose for a sixth day, the longest consecutive gain in more than two
months. German and French next-day power prices advanced.

Permits for December 2008 advanced as much as 60 cents, or 2.9
percent, to 21.45 euros ($29.39) a metric ton on the European
Climate Exchange in Amsterdam. They traded at 21.05 euros a ton at
5:49 p.m. local time.


Read more at Bloomberg Energy News

Aftermarket, Avon, Dow Jones, Masco, Waste Management: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 11:40 a.m. in New York.

Aftermarket Technology Corp. (ATAC US) rose the most since
September 2001, jumping $3.60, or 14 percent, to $30.09. The car-
parts maker increased its 2007 forecast, saying it expects to
earn $1.55 to $1.70 a share. The company earlier predicted profit
of as much as $1.55.


Read more at Bloomberg Stocks News

UPDATE 1-ImClone 2nd-qtr earnings fall; sees new CEO soon

(Reuters) - Net income fell to $31.9 million, or 36 cents a share, from
$37.2 million, or 42 cents a share, a year earlier.




Revenue rose to $150.4 million from $149.9 million a year
ago


Read more at Reuters.com Market News

UPDATE 1-St. Lawrence Cement reports lower earnings

(Reuters) - St. Lawrence said Holcim completed the acquisition of
minority shareholders in the company.




The company reported sales of $366 million, compared with
$364 million in the same period last year.


Read more at Reuters.com Market News

George Weston quarterly profit drops 30 pct

(Reuters) - The results were lower than analysts' average expectation of a profit of C$1.02 a share, according to Reuters Estimates.



Sales for the quarter were C$7.74 billion, up from C$7.51 billion in the corresponding quarter of last year.


Read more at Reuters.com Market News

Hilton profit rises ahead of Blackstone deal

(Reuters) - NEW YORK, July 31 - Hilton Hotels Corp , which is being acquired by private equity firm Blackstone Group , posted a better-than-expected 15 percent rise in quarterly profit on Tuesday, helped by higher room rates.



The strong earnings, fueled by robust demand from business and leisure travelers, highlights the continuing boom in the lodging industry, which has made hotel companies sought-after assets.


Read more at Reuters.com Market News

Wall St. rises on data, GM earnings

(Reuters) - U.S. stocks climbed on Tuesday after General Motors Corp. added to optimism about corporate earnings and a key inflation indicator showed a smaller-than-expected rise.

GM shares jumped 6 percent to $34.56 after the blue-chip automaker swung to a profit in the second quarter and handily topped Wall Street's expectations. For details, see ID:nN30442082.


Read more at Reuters Africa

UPDATE 2-Shoppers help Canada's economy rebound in May

(Reuters) - OTTAWA, July 31 - Canada's economy grew slightly
less than expected in May but at a still-strong 0.3 percent
pace from the previous month, setting the stage for a second
interest rate hike by the Bank of Canada in September.




Statistics Canada said on Tuesday that a surge in retail
and wholesale trade mainly drove the growth, putting the
economy on track for second-quarter annualized growth of about
3 percent.


Read more at Reuters.com Bonds News

UPDATE 1-US Midwest business grew more slowly in July

(Reuters) - CHICAGO, July 31 - Business activity in the U.S.
Midwest expanded less than expected in July and at its slowest
pace since April, constrained by a drop in new orders even as
hiring expanded, a report showed on Tuesday.




The National Association of Purchasing Management-Chicago
business barometer fell to 53.4 from 60.2 in June.


Read more at Reuters.com Bonds News

Nymex Profit Rises 9.4 Percent on Increase in Electronic-Trading Volumes

(Bloomberg) -- Nymex Holdings Inc., owner of the
world's largest energy market, said second-quarter net income
rose 9.4 percent as growth in electronic trading increased
revenue.

Net income climbed to $41.7 million, or 44 cents per share,
based on 94.8 million shares outstanding, from $38.1 million, or
44 cents per share, based on 81.6 million shares, in the year-
earlier period, New York-based Nymex said in a statement.
Operating revenue jumped 34 percent to $163.6 million from $122.5
million.


Read more at Bloomberg Commodities News

Hilton Hotels earnings rise on higher rates

(Reuters) - Excluding one-time items, including a gain from the sale of
the Scandic hotel chain, the company said it posted
second-quarter earnings of 38 cents per share.




On July 3, Hilton agreed to be acquired by Blackstone for
$47.50 a share in cash, or about $20 billion, in what would be
the largest private equity buyout of a hotel company.



Read more at Reuters.com Mergers News

Marathon to buy Western Oil Sands for $5.56 bln

(Reuters) - The company also said its second-quarter profit fell on a decline in oil and gas output and the absence of a year-ago gain from the sale of Russian operations.




Houston-based Marathon has long been looking for a partner in the Canadian oil sands. Still, it is expensive and requires special equipment to turn the tar-like sludge that comes from the region -- called bitumen -- into usable fuel.


Read more at Reuters.com Bonds News

US RATE FUTURES-Falter despite mild June inflation

(Reuters) - CHICAGO, July 31 - U.S. short-term interest rate
futures weakened on Tuesday in a profit-taking setback from
recent gains, but bounced from the day's lows after news of
mild inflation in June.




No change to overnight lending rates rates is expected to
be made at the Federal Open Market Committee policy meeting on
Aug. 7 and implied prospects for a rate cut at the Sept.
18 FOMC meeting are at 25 percent, down from 40 percent.


Read more at Reuters.com Bonds News

Gold gains in nervous market, may rise further

(Reuters) - Gold drifted higher on Tuesday as stock markets recovered and the dollar weakened, but investors remained nervous due to recent falls in bullion price.

Spot gold was quoted at $666.60/667.40 an ounce by 0959 GMT, compared with $664.60/665.40 late in New York on Monday and Friday's two-week low of $656.90.


Read more at Reuters Africa

Group 1 Automotive's quarterly profit dips

(Reuters) - The Houston-based company, the fourth-largest auto retailer in the United States, said earnings declined to $24.2 million, or $1.01 per share, from $24.9 million, or $1 per share, a year earlier.



Excluding one-time items, the company earned $1.03 per share. Analysts, on average, had expected 98 cents, according to Reuters Estimates.


Read more at Reuters.com Market News

Uribe Can't Escape Death Squad Scrutiny as Beach Tourism Fortifies Economy

(Bloomberg) -- The three-car train pulls past miles
of lush banana plantations into the Colombian town of Aracataca
after a 55-mile (89-kilometer) trip inland from the Caribbean
coastal city of Santa Marta. Remote Aracataca is the birthplace
of Nobel Prize-winning author Gabriel Garcia Marquez and was
fictionalized as Macondo in his novel ``One Hundred Years of
Solitude.''

The train, which will start making regular runs in 2008, is
Colombia's latest effort to attract tourists to a country
plagued by more than four decades of drug-funded violence and
kidnappings. Garcia Marquez himself, 80, is aboard for this test
run in June. His boyhood home is being refurbished like that of
the novel's Buendia family and will be opened to the public.


Read more at Bloomberg Exclusive News

PMI Group quarterly earnings fall

(Reuters) - Analysts on average expected earnings of $1.15 a share,
excluding any exceptional items, according to Reuters
Estimates.




Read more at Reuters.com Market News

Czech Koruna Posts Biggest Monthly Advance Versus Euro Since November 2005

(Bloomberg) -- The Czech koruna posted its biggest
monthly gain since November 2005 as risk-averse investors unwound
carry trades funded in the currency.

The currency snapped a three-month losing streak in July as
investors withdrew from these trades, which took advantage of the
Czech Republic's 3 percent interest rate to buy higher-yielding
assets elsewhere. The koruna was the second best-performer
against the euro this month, just beating the Japanese yen, which
has the lowest rates among industrialized countries.


Read more at Bloomberg Currencies News

UPDATE 1-Glaxo shares climb as U.S. panel backs Avandia

(Reuters) - LONDON, July 31 - Shares in GlaxoSmithKline Plc
, Europe's biggest drugmaker, gained more than 3 percent
on Tuesday after a U.S. advisory panel recommended its diabetes
pill Avandia should stay on the market.




Even though data suggested Avandia may increase the risk of
a heart attack for some patients, panel members voted 22-1 to
keep the medicine on sale -- but most advisers backed stronger
warnings on the widely used drug.


Read more at Reuters.com Government Filings News

Japan state pension had $30 bln profits in FY06/07

(Reuters) - About 75 percent of the profit came from investments in
foreign stocks and bonds, which accounted for just a quarter of
the total marketable financial assets, the fund said.




As of March 31, the end of fiscal 2006/07, the pension fund
held about 84.9 trillion yen of marketable financial assets.


Read more at Reuters.com Bonds News

RWE Stops Neurath C Lignite-Fired Plant, Reduces Nuclear Power Generation

(Bloomberg) -- RWE AG, Germany's second-largest
utility, reported a shutdown at a lignite-fired power plant and
said it cut capacity at its Gundremmingen C nuclear plant.

RWE's 291-megawatt Neurath C lignite-fired plant stopped
yesterday at 9:48 p.m. Central European Time, the Essen,
Germany-based company said today on its Web site. Neurath C is
expected to remain halted for less than one day, the company
said.


Read more at Bloomberg Energy News

European shares off to strong start; GSK climbs

(Reuters) - European shares got off to a strong start on Tuesday, gaining 1 percent in early trade to break a five-day losing streak as credit market worries eased and company news returned to centrestage.

At 0714 GMT, the FTSEurofirst 300 index of top European shares was up 1 percent at 1,532.78 points. Shares on Germany's DAX rose 1.3 percent, while benchmarks in Britain and France rose around 1 percent.


Read more at Reuters Africa

AngloGold Earns $152 Million in Second Quarter on Gold Prices, Contracts

(Bloomberg) -- AngloGold Ashanti Ltd., Africa's
largest gold producer, earned a profit in the second quarter,
compared with a loss in previous period, after bullion rose and
a stronger rand cut losses on forward sales contracts.

Net income was 1.08 billion rand ($152.3 million), or 3.85
rand a share, in the three months through June 30, after a loss
of 150 million rand, or 53 cents, in the first quarter, the
Johannesburg-based company said today in a statement to the
city's stock exchange. Net income was $111 million in U.S.-
currency terms, a measure that excludes the conversion of the
forward contracts into rand.


Read more at Bloomberg Emerging Markets News

Rand steady vs dollar, global sentiment eyed

(Reuters) - South Africa's rand steadied versus the dollar on Tuesday and dealers said the currency would take its direction from global investor sentiment towards emerging markets.

The rand stood at 7.0975 at 0645 GMT, not far off its New York close of 7.1010 on Monday. Dealers said the unit would likely trade between 7.05 - 7.15/dollar during Tuesday's session.


Read more at Reuters Africa

AngloGold Q2 adjusted EPS down 17 pct, CEO to retire

(Reuters) - South Africa's AngloGold Ashanti Ltd posted a 17 percent fall in second quarter adjusted headline earnings per share on Tuesday, below market expectations, and said Chief Executive Bobby Godsell would retire.

AngloGold, the world's third biggest gold producer, said adjusted headline EPS, excluding non-realised financial effects from derivatives, dropped to 29 U.S. cents from 35 cents the previous quarter.


Read more at Reuters Africa

UPDATE 1-Hitachi posts smaller Q1 loss, keeps outlook

(Reuters) - Hitachi, which competes with Toshiba Corp.'s
Westinghouse in nuclear reactors and with Seagate Technology
in hard drives, plans to cut costs and seek new demand
for ecologically friendly power plants as sales remain slow in
its core electronics businesses.




Net loss at Japan's biggest maker of industrial electronics
totalled 13.62 billion yen in April-June,
compared with a loss of 22.04 billion year the previous year.


Read more at Reuters.com Market News

Sun Microsystems and CB Richard Advance in After-Hours Trading in the U.S

(Bloomberg) -- Sun Microsystems Inc. gained in
extended U.S. trading after the world's fourth-largest maker of
server computers reported more profit than analysts estimated.

Shares of Santa Clara, California-based Sun jumped 50 cents,
or 10 percent, to $5.39 as of 6:40 p.m. in New York. Fourth-
quarter earnings were 9 cents a share, compared with the average
analyst estimate of 5 cents in a Bloomberg survey.


Read more at Bloomberg Stocks News

UPDATE 1-Mitsubishi Q1 profit dips 7.3 pct on coal

(Reuters) - Other top trading companies besides Mitsubishi are expected
to ring up record profits this business year as oil and metal
prices are seen staying above their conservative assumed prices,
while profits are expanding in non-energy businesses such as
power generation, infrastructure projects and auto sales.




Mitsubishi, a big supplier of coking coal used in steel
production, copper and liquid natural gas on the world
market, said its group net profit came to 115.3 billion yen
in the April-June first quarter.


Read more at Reuters.com Market News

Whole Foods to court to defend Wild Oats takeover

(Reuters) - Lawyers for the two companies will square off against the
Federal Trade Commission, which is asking U.S. District Judge
Paul Friedman to block the deal on the grounds it would hurt
competition in the organic grocery market.




Antitrust experts say much may depend on the words of Whole
Foods' own chief executive, who told his board in e-mails that
the deal was designed to avert price wars with Wild Oats and
head off competition with mainstream supermarkets.


Read more at Reuters.com Government Filings News

Tangshan Plans to Sell $396 Million of Bonds to Make Steel Sheets for Cars

(Bloomberg) -- Tangshan Iron & Steel Co., the
publicly traded unit of China's second-biggest steelmaker, said
it plans to sell bonds to fund the production of cold-rolled
steel sheets used in vehicles. Tangshan shares rose to a record.

The company plans to sell up to 3 billion yuan ($396.3
million) of five-year bonds that can be converted into shares,
paying interest of between 0.5 percent to 2 percent to local
investors, Tangshan Iron said today in a statement to the
Shenzhen Stock Exchange, without saying when the sale will occur.


Read more at Bloomberg Emerging Markets News

Asia stocks rise on U.S., easing credit fears

(Reuters) - U.S. shares recovered on Monday after ratings agency Standard & Poor's upgraded Morgan Stanley's debt, and a hedge fund steeped in subprime mortgage market losses was bailed out.




But investors remained cautious that ongoing U.S. subprime mortgage market woes could still spread to wider credit markets after U.S. shares had just suffered their worst week in nearly five years.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Greenspan group presses case to buy Dow Jones stake

(Reuters) - A source familiar with the matter said the five possible
investors are Intel Corp's , Intel Capital, Apex
Partners, Jana Partners, a unit of Softbank Corp and
Trafelet.




Former Dow Jones board member Dieter von Holtzbrinck, who
resigned from the board in protest of Murdoch's bid, could also
be interested in investing in Greenspan's offer, the source
said.


Read more at Reuters.com Mergers News

Treasuries Set for Biggest Monthly Gain Since February on Flight to Safety

(Bloomberg) -- Treasuries headed for their biggest
monthly gain since February as a worldwide slump in stocks and
corporate bonds sent investors flocking to the relative safety of
government debt.

The Treasury rally picked up in the middle of July when
losses in mortgage-linked bonds at hedge funds run by Bear
Stearns Cos. led fund managers to dump holdings of riskier assets.
A government report today may show consumer spending increased at
the slowest pace in nine months in June.


Read more at Bloomberg Bonds News

South Korea's Kospi Index Is Little Changed; Doosan Gains, Kookmin Drops

(Bloomberg) -- South Korea's Kospi index swung
between gains and losses. Doosan Infracore Co. rose after
Hyundai Securities Co. said the $4.9 billion acquisition of an
Ingersoll-Rand Co. unit will help the company expand into
developed markets.

Kookmin Bank declined after second-quarter profit missed
analysts' estimates and profitability fell.


Read more at Bloomberg Stocks News

Japan's Topix Climbs, Nikkei Average Is Little Changed; Komatsu Advances

(Bloomberg) -- Japan's Topix index advanced, led by
companies such as Komatsu Ltd. that reported rising profits in
the first quarter.

Komatsu advanced after the world's second-largest maker of
construction machinery said net income increased 65 percent from
a year earlier and boosted its full-year profit forecast. Olympus
Corp. was poised to rise after it said profit doubled and boosted
its full-year estimate.


Read more at Bloomberg Stocks News

FBI searches home of Alaska Sen. Stevens

(Reuters) - The Alaskan politician, the longest-serving Republican in
the U.S Senate in history, issued a statement saying: "My
attorneys were advised this morning that federal agents wished
to search my home in Girdwood in connection with an ongoing
investigation.




"I continue to believe this investigation should proceed to
its conclusion without any appearance that I have attempted to
influence the outcome," the statement said.


Read more at Reuters.com Bonds News

Polish TPSA 2nd-qtr sales fall, lowers year outlook

(Reuters) - "Work will continue to ... match the size of investment
expenditures related to revenues to typical European levels for
the telecommunications sector," TPSA said in its three-year
strategy.




The former Polish monopolist reported a second-quarter net
profit of 495 million zlotys versus 571 million a year ago and
558.5 million zlotys average forecast in a Reuters poll of 12
analysts. Revenue was seen at 4.53 billion zlotys.


Read more at Reuters.com Market News

Yen Falls Against Euro as Rally in U.S. Stocks Spurs Carry Trade Demand

(Bloomberg) -- The yen fell for a second day
against the euro as a rebound in U.S. stocks restored investors'
confidence to buy higher-yielding assets funded by loans in
Japan.

Japan's currency dropped the most against the New Zealand
and Australian dollars, favorites of the so-called carry trade,
as U.S. stocks recovered from the worst two-day slide since 2003.
The yen has gained against all 16 of the most-traded currencies
this month on concern over subprime losses and credit risks.


Read more at Bloomberg Currencies News

Pitney Bowes posts profit, US equipment sales rise

(Reuters) - NEW YORK, July 30 - Pitney Bowes Inc. , the top U.S. supplier of postage meters and mailing machines, reported on Monday a quarterly profit and 11 percent revenue growth on demand sparked by a change in U.S. mail regulations.



The company, whose mailing meters are a fixture in corporate offices, said second-quarter net income was $152.2 million, or 68 cents a share, compared with a net loss of $356.1 million, or $1.59 per share, a year earlier.


Read more at Reuters.com Market News

Argentina stocks, bonds bounce back after slide

(Reuters) - Government bonds on the local market rose 2.0 percent on
average, with prices varying depending on the markets in which
they were traded.




"With global markets calmer and bond prices
very attractive, investors are going back to bidding on the
market again," said one trader, who added that the gains were
indicative only of a recovery, not a trend shift.


Read more at Reuters.com Bonds News

Paragon Shipping sets IPO at 10.3 mln shrs, $16-$18

(Reuters) - UBS Investment Bank, Morgan Stanley, Cantor Fitzgerald &
Co. and Dahlman Rose & Company will underwrite the IPO,




The company is seeking a Nasdaq listing under the symbol
"PRGN" .


Read more at Reuters.com Bonds News

UPDATE 2-Cedar Fair denies story about takeover talks

(Reuters) - Cedar Fair, which owns 12 amusement parks including Knott's
Berry Farm near Los Angeles and Cedar Point in Ohio, said it
was not in talks with "an organization referred to as 'Destiny
Capital.'" It also denied ever being contacted by the News
Corp. tabloid.




"We have never at any point in time been contacted by the
New York Post for a comment for this article," Cedar Fair
spokeswoman Stacy Frole said.


Read more at Reuters.com Mergers News

UPDATE 1-Insurer Principal Financial posts higher earnings

(Reuters) - Net earnings increased to $303.8 million, or $1.12 a share,
from $210.5 million, or 76 cents a share, in the year-earlier
quarter.




Operating earnings, which analysts use to measure
performance because it excludes investments, were $282.9
million, or $1.05 a share.


Read more at Reuters.com Market News

Director buys $1 million of Marriott stock

(Reuters) - Small, who was once president and chief operating officer of Fannie Mae , has served as a Marriott director since 1995, according to the company' Web site.




Small's buy represented a switch in a pattern of insider selling at the company, according to filing tracking Web site InsiderScore.com.


Read more at Reuters.com Hot Stocks News

UPDATE 3-U.S. foreclosures jump, trending higher-RealtyTrac

(Reuters) - Foreclosure filings in the first half spiked from the same
period last year to 925,986 as many overstretched borrowers
have been caught between rising interest rates and falling home
prices. The Federal Reserve has cited the faltering housing
market as the biggest risk to economic growth.




The foreclosure filings were also up more than 30 percent
from the previous six-month period, at a rate of one filing for
every 134 U.S. households, said RealtyTrac, an online
marketplace for foreclosure properties.


Read more at Reuters.com Economic News

UPDATE 1-US Treasury raises quarterly borrowing estimate

(Reuters) - "The increase in borrowing is primarily the result of
higher outlays, lower net issuance of state and local
government series securities and adjustments in quarterly cash
balances," Treasury said in an announcement of its anticipated
borrowing needs.




During the April-June second quarter, Treasury said it paid
down $139 billion, finishing on June 30 with a cash balance of
$25 billion. That was $6 billion less than Treasury estimated
in April that it would pay down -- a difference it said was
"primarily the result of slightly lower receipts."


Read more at Reuters.com Bonds News

Cotton Futures Rise on Speculation U.S. Farmers May Further Cut Acreage

(Bloomberg) -- Cotton rose to a one-week high in New
York on speculation farmers will switch acres to other crops
because of concern a World Trade Organization ruling may threaten
U.S. subsidies for growers of the fiber.

The WTO ruled last week the U.S. failed to overhaul its
subsidies to growers sufficiently to comply with trade rules, the
U.S. Trade Representative's office and Brazil said. U.S. farmers
cut cotton acreage by 28 percent this year from 2006, with many
switching to corn after it rallied to a 10-year high in February.


Read more at Bloomberg Commodities News

UPDATE 2-ValueClick Q2 profit misses Street, cuts '07 view

(Reuters) - Shares of the company fell more than 22 percent to $20.22
in afternoon trade on the Nasdaq.




In May, ValueClick said the U.S. Federal Trade Commission
was looking into a few of its Web sites that promise
consumers a free gift of substantial value, and the manner in
which it drives traffic to such Web sites.


Read more at Reuters.com Market News

GMAC profit falls 63 pct as home loans weigh

(Reuters) - The company's Residential Capital LLC unit posted a net loss of $254 million, compared with a profit of $548 million a year earlier, hurt by what GMAC called "severe illiquidity" in the market for subprime mortgages.




The loss, however, was 72 percent smaller than the first quarter's $910 million. Excluding ResCap, profit at GMAC more than doubled.


Read more at Reuters.com Hot Stocks News

Cambrex sees Q2 charge of $4.4 mln to discontinued ops

(Reuters) - Rutherford agreed to pay Cambrex about $813,000 for
reimbursement of certain tax refunds received from United
Kingdom taxing authorities, Cambrex added.





Read more at Reuters.com Government Filings News

UPDATE 3-Verizon quarterly net rises but margins disappoint

(Reuters) - NEW YORK, July 30 - Verizon Communications Inc. said on Monday its second-quarter profit rose, helped by growth in wireless and high-speed Internet subscribers.



The No. 2 U.S. phone company said net profit rose 4.5 percent to $1.68 billion, or 58 cents per share, from $1.61 billion, or 55 cents per share, a year earlier.


Read more at Reuters.com Mergers News

Jarden Corp. profit rises; shares fall on view

(Reuters) - NEW YORK, July 30 - Jarden Corp. said on Monday its second-quarter profit rose on higher sales, but gave a cautious outlook for the rest of the year citing weaker consumer spending, sending shares down nearly 7 percent.



While Jarden did not lower any of its specific outlook numbers, it was going to be "somewhat cautious" for the rest of the year and not"... overly aggressive on inventory positions and things like that," Chief Executive Martin Franklin said in a conference call.


Read more at Reuters.com Market News

Endo investor - Evaluate all options before diversification

(Reuters) - Endo's lead product Lidoderm, a pain patch, accounted for
more than 60 percent of the company's net sales in 2006.




The investor group also raised concerns about the company's
capital structure and cash position. It stated that Endo's
decision to hold cash in its balance sheet while evaluating
options was affecting the company's value.


Read more at Reuters.com Government Filings News

Caja Madrid buys Repsol tower for 815 mln euros

(Reuters) - It is one of four towers being built on the former training
grounds of Real Madrid football club which now dominate the
northern skyline of the Spanish capital.




Repsol plans to relocate to a new, campus-style headquarters
in the south of the city from several offices around Madrid.


Read more at Reuters.com Mergers News

Importers help push rand weaker

(Reuters) - South Africa's rand weakened to a new one-month low against the dollar on Monday, pushed down mostly by heightened importer demand during the morning session, traders said.

At 1520 GMT the domestic unit was trading at 7.1475 versus the dollar, down 0.5 percent from Friday's New York close of 7.1125, but well off the session's softest level of 7.1999 -- its weakest mark since June 27, according to Reuters data.


Read more at Reuters Africa

Nymex Gas Rises on Forecast for Warmer-Than-Normal Weather in Much of U.S.

(Bloomberg) -- Natural gas in New York rose on
forecasts that above-normal temperatures in the U.S. Midwest and
Northeast may stretch out into mid August, boosting demand for
electricity to power air conditioners.

The northern two-thirds of the nation, including such cities
as Chicago and New York, will have temperatures as much as 7
degrees above normal this week, according to forecaster MDA
Federal Inc.'s Earthsat Energy Weather.


Read more at Bloomberg Energy News

Humana quarterly revenue rises 19 percent

(Reuters) - Second-quarter revenue increased to $6.43 billion from $5.41 billion.




Net income rose to $216.8 million, or $1.28 per share, compared with $89.5 million, or 53 cents a share, a year earlier.


Read more at Reuters.com Business News

Yen climbs as risk aversion stays elevated

(Reuters) - The yen rallied against most currencies in volatile trade on Monday as concerns about the U.S. mortgage market sparked investors to unwind risky bets such as carry trades funded by the Japanese currency.

Fears that turmoil in the U.S. subprime sector have spilled over into the wider credit markets prompted traders to close carry trades, in which low-yielding currencies were used to buy high-yielding assets. The U.S. and New Zealand dollars slipped as a result.


Read more at Reuters Africa

Merrill to track energy efficient stocks

(Reuters) - The launch of such indicies for investors reflects the worry that many companies will be hurt by climate change, such as more extreme weather, or by policies intended to prevent this, such as tough caps on greenhouse gas emissions.



Indicies are meant to identify companies that will be hurt least by or even profit from climate change and such regulations.


Read more at Reuters.com Bonds News

Topps Co. top shareholder seeks AGM by Sept. 25

(Reuters) - In March, Topps agreed to be acquired by private equity
firm Madison Dearborn Partners LLC and Tornante Company LLC,
run by former Walt Disney Co. chief Michael Eisner, for
$9.75 per share in cash. Since then, Topps board has rejected a
hostile bid worth $10.75 a share from Upper Deck Co.





Read more at Reuters.com Mergers News

Emerging-Market Bonds Fall on Subprime Lending Concerns, Risk Aversion

(Bloomberg) -- Emerging-market bonds fell, led by
Ecuadorean debt, as investors pared holdings of riskier assets
amid growing concern about losses from subprime mortgages.

The extra yield that investors demand to hold developing
nation debt surged to an almost one-year high last week amid a
global rout in high-risk securities.


Read more at Bloomberg Emerging Markets News

UPDATE1-Industrial Distribution forms panel for strategic review

(Reuters) - Second-quarter revenue is expected to be $132.6 million.




The company said internal process challenges related to its
recent IT system conversion continued to hurt its customer
service and sales.


Read more at Reuters.com Mergers News

UPDATE 1-Carolina Group 2nd-quarter profit rises 21 pct

(Reuters) - Carolina Group , which tracks the operations of
Lorillard Inc., posted a profit of $227.1 million, up from
$187.2 million a year earlier.




After deducting profit attributable to parent Loews,
earnings were $1.30 per share, up from $1.09 a year earlier.
Analysts were expecting $1.29 per share, according to Reuters
Estimates.


Read more at Reuters.com Market News

TREASURIES-Gains erased as stock futures turn positive

(Reuters) - NEW YORK, July 30 - U.S. Treasury debt prices
erased their early gains when stock index futures shifted gears
and began pointing to a higher open on Wall Street on Monday.




Bond prices have been moving in the opposite direction to
stocks on almost a minute-by-minute basis -- when stocks
weaken, fearful investors turn to the relative safety of bonds
and when stocks show signs of life, bonds retreat.


Read more at Reuters.com Bonds News

Wrigley 2nd-quarter profit rises

(Reuters) - Excluding costs for restructuring the company's supply
chain, earnings were 62 cents a share. Analysts on average had
forecast 59 cents a share, according to Reuters Estimates.





Read more at Reuters.com Market News

FTSE 100 Stocks Decrease, Led by 3i, Man Group, Vodafone; HSBC Shares Gain

(Bloomberg) -- U.K. stocks declined, led by 3i Group
Plc, Europe's biggest publicly traded buyout and venture-capital
firm, and Man Group Plc, the world's largest listed hedge fund
manager.

Vodafone Group Plc, the world's biggest mobile-phone
company, slid to a two-month low. HSBC Holdings Plc advanced
after the fourth-largest bank reported profit that topped
analysts' estimates.


Read more at Bloomberg Stocks News

Wall St. set to fall on credit jitters

(Reuters) - In the latest sign of problems in the home lending market, American Home Mortgage Investment Corp. said its banks were demanding that it put up more cash after the mortgage lender was forced to write down the value of its mortgage and security portfolios. The shares fell 25 percent before the opening bell.




U.S. equities suffered their worst week in nearly five years last week on concern that tightening lending standards could hurt corporate buy-outs and stock buybacks that have fueled a spring rally in equities.


Read more at Reuters.com Business News

UPDATE 1-Rising liquidity helps boost Audi H1 net profit

(Reuters) - FRANKFURT, July 30 - First-half net profit at
Volkswagen's premium unit, Audi , rose 67
percent to 679 million euros , the maker of the
TT sports coupe and Q7 luxury SUV said on Monday.




The gain in bottom-line earnings, exceeding the already
reported 40 percent increase in operating profit, was helped
mainly by interest income from the investment of rising net
liquidity, coupled with higher income from the valuation of
commodity futures, it said.


Read more at Reuters.com Market News

Indonesia's Telkom Q2 net up 50 pct on mobile unit

(Reuters) - By Harry Suhartono



JAKARTA, July 30 - Indonesia's largest telecommunications company, PT Telekomunikasi Indonesia Tbk , posted a better-than-expected 50 percent rise in its second quarter net profit, led by strong growth in its mobile phone business.


Read more at Reuters.com Market News

U.S. Stock-Index Futures Rise; Shares of Alcoa, General Motors Advance

(Bloomberg) -- U.S. stock-index futures advanced
as investors speculated the biggest weekly sell-off in more
than four years was excessive.

Alcoa Inc., the world's second-largest aluminum company,
and General Motors Corp. rose in Europe after their shares lost
more than 10 percent in the previous five days. Verizon
Communications Inc., the second-largest U.S. phone company, may
be active before an earnings report.


Read more at Bloomberg Stocks News

US STOCKS-Futures turn negative, point to weaker open

(Reuters) - Dow Jones industrial average futures lost 26 points,
and Nasdaq 100 futures were down 4.5 points.




Read more at Reuters.com Bonds News

German Benchmark Stocks Including Linde, Henkel Advance; IKB Plummets

(Bloomberg) -- German stocks including Linde AG
climbed after reporting earnings that beat analysts' estimates.
Volkswagen AG gained after analysts raised their price estimates
on the stock.

IKB Deutsche Industriebank AG tumbled after the lender that
invested in U.S. subprime mortgages cut its profit forecast,
pushing banking stocks lower.


Read more at Bloomberg Stocks News

Corporate Bond Risk Surges as Germany's IKB Reports Subprime-Loan Losses

(Bloomberg) -- The risk of owning European
corporate bonds soared to the highest in at least three years
after Germany's IKB Deutsche Industriebank AG reported losses on
U.S. subprime mortgages, credit-default swap prices show.

Contracts on 10 million euros ($13.8 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies increased 34,000 euros to 478,000 euros at 10:35 a.m.
in London, according to JPMorgan Chase & Co. Credit-default
swaps are used to speculate on the ability of companies to repay
debt and an increase indicates worsening perceptions of credit
quality.


Read more at Bloomberg Bonds News

Pound Resumes Rally Against Dollar on View Interest Rates to Rise Further

(Bloomberg) -- The pound resumed its rally against
the dollar today on expectations the Bank of England will raise
interest rates further this year to curb inflation.

The U.K. currency rose after the Centre for Economic and
Business Research yesterday said Britain's flood crisis could
force inflation to quicken to a decade-high, rather than decline
as forecast by the BOE. Policy makers will raise borrowing costs
to 6 percent by year-end after holding them at 5.75 percent at
their Aug. 2 meeting, Bloomberg News surveys predict.


Read more at Bloomberg Currencies News

Platinum Climbs on Speculation Recent Drop Was Overdone; Palladium Falls

(Bloomberg) -- Platinum rose in London on
speculation that last week's plunge was overdone, given the
demand from European carmakers for catalysts to reduce pollution.
Palladium fell.

Platinum declined 3.9 percent last week, the biggest drop in
nine months, after Japan's Nissan Motor Co. announced a gasoline-
powered catalyst that uses half the platinum, palladium and
rhodium in existing technology. Platinum catalyst demand in
Europe was three times bigger than Japan's last year, according
to London-based catalyst manufacturer Johnson Matthey Plc.


Read more at Bloomberg Commodities News

Taiwan's Government Bonds Decline on Inflation Concerns; Currency Advances

(Bloomberg) -- Taiwan's government bonds declined
on speculation an increase in crude oil prices will spur
inflation. The currency advanced.

Ten-year notes ended a three-day gain after oil rose to the
highest in almost a year in New York last week as a government
report showed the U.S. economy, the world's biggest consumer,
grew faster than expected last quarter. Inflation erodes the
purchasing power of the fixed-income payments from debt.


Read more at Bloomberg Bonds News

CEDC to buy Polish alcohol distributor, raises outlook

(Reuters) - It now expects to post 2007 profit per share of $1.57 to
$1.73, a cent higher than its previous forecast range.




It increased its forecast for 2008 net sales to $1.26
billion to $1.36 billion, from $1.2 billion to $1.3 billion, and
its profit per share forecast for that year by 3 cents to $2.03
to $2.13.



Read more at Reuters.com Mergers News

Yen Declines From Three-Month High Against Euro as Japanese Stocks Rebound

(Bloomberg) -- The yen fell from a three-month high
against the euro as a recovery in Japanese stock prices eased
concern traders will reduce investments in riskier assets funded
by loans in the currency.

``The rebound in Asian stocks is helping to restore some
risk appetite,'' said Lee Wai Tuck, currency strategist at
Forecast Singapore Ltd. ``This is causing some yen selling.''


Read more at Bloomberg Currencies News

European stocks tick up in early trade; miners help

(Reuters) - European stocks rose in early trade on Monday as gains in miners and chemicals group ICI offset fears over the impact of a credit crunch on liquidity and mergers and acquisitions.

BHP Billiton gained 2.1 percent and Rio Tinto rose 1.5 percent, helped by gains in Australian trading.


Read more at Reuters Africa

China Tells Some Local Governments to Hold Prices for the Rest of the Year

(Bloomberg) -- China's top planning agency told
local governments in some regions to refrain from raising prices
for the rest of the year, seeking to curb inflation that rose to
a 33-month high in June.

The directive is for places where consumer-price gains
breached local targets by a ``relatively large margin,'' the
National Development and Reform Commission said in a statement
on its Web site today. Price increases connected with energy-
efficiency policies are exempt, the agency said.


Read more at Bloomberg Emerging Markets News

Yen Erases Rally Against Euro, Dollar After Japanese Stocks Stage Rebound

(Bloomberg) -- The yen erased gains as a rebound in
Japanese stock prices stopped investors from reducing holdings
funded by loans in the Japanese currency.

The Japanese yen had risen to a three-month high against the
euro as a slump in global stocks caused traders to pare so-called
carry trades. It also retreated from a two-month high against
both the Australian and New Zealand dollars.


Read more at Bloomberg Currencies News

TNT operating profit down, to buy back shares

(Reuters) - AMSTERDAM, July 30 - Dutch mail company TNT NV said on Monday second-quarter operating profit fell 2.1 percent due to one-off items and said it would buy back 500 million euros of its own shares.



The former Dutch mail monopoly reported earnings before interest and tax of 330 million euros, down from 337 million in the previous year and below an average forecast of 351 million in a Reuters poll of 13 analysts.


Read more at Reuters.com Market News

Gold on defensive, TOCOM platinum falls by limit

(Reuters) - Gold stayed on the defensive on Monday, with investment funds nervous about taking new positions due to recent losses in global equities markets, while Japanese platinum futures fell by 2 percent, hitting their daily limit.

Falling share prices have forced investors to lighten positions in risky assets, including commodities, until the situation in the stocks market stabilises, traders said.


Read more at Reuters Africa

Japan's Topix Climbs on Earnings Reports, Led by Steelmakers; Canon Drops

(Bloomberg) -- Japan's Topix index climbed, led by
steelmakers after companies including JFE Holdings Inc. reported
increased profits and boosted earnings forecasts.

A measure of steel companies included in the Topix surged
3.8 percent, after earlier dropping as much as 0.9 percent.


Read more at Bloomberg Stocks News

UPDATE 1-ABN withdraws backing for Barclays bid

(Reuters) - The Netherlands' biggest bank, which faces competing offers
of 65.6 billion euros from Barclays and 71
billion euros from the consortium of RBS, Fortis of
Belgium and Spain's Santander , also reported a 7.1
percent decline in quarterly net profit.




ABN originally backed Barclays when announcing a deal to
merge with it in April.


Read more at Reuters.com Mergers News

Australian and New Zealands Dollars Slump as Investors Reduce Carry Trades

(Bloomberg) -- The Australian and New Zealand
dollars slumped to a one-month low as declines in stocks
prompted investors to cut holdings in higher-yielding currencies.

The Australian dollar has fallen 4.1 percent against the
U.S. currency since reaching an 18-year high on July 25. New
Zealand's dollar plunged 6.1 percent since reaching the highest
since 1985 on July 24. They have been favorites for carry trades,
in which traders borrow cheaply in yen and seek higher returns
globally.


Read more at Bloomberg Currencies News

Porsche, SAP, Continental, Munich Re, GPC Biotech: German Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in German markets. Stock symbols are in parentheses after the
company names and prices are from the Xetra close on July 27
unless otherwise stated.

DAX futures expiring in September dropped 72, or 1 percent,
to 7488 in Frankfurt. The DAX declined 0.8 percent to 7451.68 on
the Xetra electronic-trading system.


Read more at Bloomberg Stocks News

Indian Oil Seeks to Buy Crude Oil for Loading in Late September or October

(Bloomberg) -- Indian Oil Corp., the country's
biggest refiner, is seeking to buy crude oil for loading in late
September or October, said traders who received offer documents.

Details of the refiner's planned purchase are as follows:


Read more at Bloomberg Energy News

Malaysia's Naim Plans 500 Million Ringgit Islamic Debt Sale for Projects

(Bloomberg) -- Naim Cendera Holdings Bhd., a
Malaysian construction company, plans to sell debt for the first
time this year to fund property purchases and construction
projects in the country's largest state.

The company, based in Kuching, Sarawak, the biggest
Malaysian state by land area, plans to sell 500 million ringgit
($144 million) of Islamic debt in September, Deputy Managing
Director Sharifuddin Wahab said. CIMB group will manage the sale.


Read more at Bloomberg Bonds News

Nikkei hits 4-month low on election

(Reuters) - The defeat of Japanese Prime Minister Shinzo Abe's ruling camp in upper house elections left political uncertainties, while drops in U.S. stocks on credit concerns put a lid on the overall market.




The Nikkei gave up 172.64 points to 17,111.17, after earlier falling to 17,042.66, the lowest level since April 2. The broader TOPIX index declined 0.72 percent to 1,687.39.


Read more at Reuters.com Hot Stocks News

Data Don't Support Sarkozy Gripes About Euro Impact on Region's Exports

(Bloomberg) -- French President Nicolas Sarkozy
complains the euro's increase to a record against the dollar is
hurting European exports. So far, the numbers don't back him up.

Shipments from the 13-nation euro area rose 9 percent in
the five months through May from a year earlier, the second-
fastest pace in six years. That's because the euro has increased
less than half as much against the currencies of the region's 24
biggest trading partners as it has against the U.S. dollar.


Read more at Bloomberg Currencies News

Asian Stocks Drop to One-Month Low on U.S. Housing Concern, Japan Election

(Bloomberg) -- Asian stocks fell, extending a $2.1
trillion global rout, on speculation the world's largest economy
will slow after a report showed a slump in U.S. housing investment.

Toyota Motor Co. and James Hardie Industries NV led declines
among companies that rely on U.S. sales. Canon Inc. and Nintendo
Co. paced a drop by Japanese exporters after the yen strengthened
against the dollar, eroding the value of their overseas sales.


Read more at Bloomberg Stocks News

South Korea's Kospi Index Falls, Led by Kookmin, Shinhan, Hyundai Heavy

(Bloomberg) -- South Korea's benchmark stock index,
the Kospi Index, fell 0.41 percent at 9:05 a.m.

The index of 732 companies traded on the Korea Exchange
fell 7.74 to 1,875.48. Among the stocks in the index, 177 rose,
451 fell and 104 were unchanged.


Read more at Bloomberg Stocks News

James Hardie, Santos, Woodside, Westfield: Australian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may rise or fall in Australia. This preview
includes news announced after markets closed on July 27. Prices
are from July 27's close unless otherwise stated. Stock symbols
are in brackets after the company names.

The S&P/ASX 200 Index futures contract due in September
slumped 1.2 percent to 5990 at 6:59 a.m. in Sydney. The Bank of
New York Australia ADR Index dropped 5 percent in New York.


Read more at Bloomberg Stocks News

UPDATE 1-Japan PM suffers election drubbing, says to stay

(Reuters) - TOKYO, July 30 - Japanese Prime Minister Shinzo
Abe's conservative ruling camp suffered a crushing defeat in
upper house elections on Sunday, but the 52-year-old hawkish
leader insisted he would stay in his job despite the bashing.




"I am determined to carry out my promises although the
situation is severe," Abe said, after acknowledging that he was
responsible for the huge loss.


Read more at Reuters.com Bonds News

OPEC not expected to discuss output change: Iran

(Reuters) - "There is a long time until then but if the market situation remains as now Iran will not have the view to increase production," Vaziri-Hamaneh said.




He also said the amount of oil reserves and production was high and that the Organization of the Petroleum Exporting Countries would therefore not hold an emergency meeting before the Vienna meeting.


Read more at Reuters.com Business News

RPT-Japan PM says to stay on despite election defeat

(Reuters) - "The nation-building has just started. I would like to
deliver on my duty to proceed with reform as prime minister," he
told a news conference.




Read more at Reuters.com Bonds News

Suez Canal expansion running behind schedule

(Reuters) - A project to deepen the Suez Canal is running behind schedule because an unexpected increase in traffic has hampered dredging work, the chairman of the Suez Canal Authority said on Saturday.

The authority had hoped to complete the work by the end of 2006, making the canal 66 feet (20.1 metres) deep instead of 62 feet and opening the waterway to more giant vessels.


Read more at Reuters Africa

UDATE 1-India SBI Q1 net profit up 78 pct, beats forecasts

(Reuters) - The government-run bank said net profit in April-June, its
fiscal first quarter, rose to 14.26 billion rupees from 7.99 billion rupees a year earlier.




A Reuters poll of 10 brokerages had forecast that net profit
would rise 31.6 percent to 10.5 billion rupees.


Read more at Reuters.com Market News

France's Sarkozy aims to defuse Niger/Areva row

(Reuters) - French President Nicolas Sarkozy said on Friday he wanted a quick end to a spat between uranium mining company Areva and Niger, which barred a top executive over accusations the firm helped fund a rebellion.

Niger's interior minister declared Areva's country chief Dominique Pin persona non grata on Tuesday while he was out of the West African state.


Read more at Reuters Africa

Merrill Lynch mulling Pagine Gialle buy: report

(Reuters) - Lehman Brothers is advising Seat's main shareholders - a group of funds including Cvc, Bc Partners, Investitori Associati and Permira, which hold a combined 49.6 percent of the shares - the paper said.




Merrill Lynch and Seat Pagine Gialle were not immediately available for comment.


Read more at Reuters.com Business News

Stocks drop more than 1 percent on credit concerns

(Reuters) - Losses accelerated in the final minutes of trading, taking the Dow industrials down more than 200 points, a day after an equities sell-off that wiped out more than $300 billion in the value off the S&P 500.




"We've had this massive change in investor expectations in terms of new deal flow," said Fred Dickson, market strategist, director of retail research, D.A. Davidson & Co. Lake Oswego, Oregon. "The lifeguards have shouted, and investors are now starting to heed their warnings and head back to shore."


Read more at Reuters.com Business News

Brazil Magnesita owners negotiating possible sale

(Reuters) - "The decision has been taken to sell. Negotiations are
underway with French refractories producer LWB, Austrian
refractories producer RHI and Brazilian investment
group Tarpon Investimentos," a Magnesita sales official said.




The official, who did not want to be named, said the
Pentagna Guimaraes family controlling Magnesita had decided to
sell so the company could grow with fresh resources from a
larger group.


Read more at Reuters.com Mergers News

Latin Stocks Have Biggest Weekly Loss in Five Months; Cemex Shares Fall

(Bloomberg) -- Latin American stocks had their
biggest weekly decline in five months after investors sold
riskier assets on concern that higher borrowing costs will curb
earnings and economic growth.

The Morgan Stanley Capital International index of Latin
American shares fell 2.1 percent to 3674.60 today, bringing its
loss since July 20 to 8.6 percent.


Read more at Bloomberg Stocks News

Canadian Stocks Post Worst Decline Since 2001 on M&A Concern; BCE Drops

(Bloomberg) -- Canadian stocks fell, pushing a
benchmark index to its worst weekly decline since the September
2001 terror attacks, on concern the U.S. housing crisis will
spread to global capital markets and end the takeover boom.

BCE Inc., target of the largest buyout, retreated after Citi
Investment Research cut its recommendation, citing growing risks
to its financing. Shares of Research In Motion Ltd. dropped after
more than trebling in a year, as investors anticipating further
market losses locked in gains.


Read more at Bloomberg Stocks News

Argentine bonds mixed after leading region's losses

(Reuters) - BUENOS AIRES, July 27 - Argentine bonds ended
mixed on Friday after three straight days of large losses,
spurred by worries about inflation readings and government
spending amid a broader emerging markets sell-off.




Argentine bonds finished unevenly, with prices ranging from
losses as steep as 2.4 percent and gains as great as 2.2
percent .


Read more at Reuters.com Bonds News

UPDATE 1-GE finds improper revenue booking at rail unit

(Reuters) - In a filing with the U.S. Securities and Exchange
Commission, GE said it discovered the improprieties after the
SEC requested information into transactions at the rail unit
between 2000 and 2003.




"Revenues had been inappropriately accelerated so that they
were recognized in the fourth quarter of each of the years 2000
through 2003 rather than in the first quarter of the following
year," the company said in an SEC filing.


Read more at Reuters.com Market News

UPDATE 2-Washington Group shareholder to vote against URS deal

(Reuters) - BANGALORE, July 27 - Washington Group
International Inc.'s 10 percent shareholder David
Einhorn said in a regulatory filing that he will vote against
the engineering and construction company's proposed merger with
URS Corp. .




"Washington Group should remain a standalone company,"
Einhorn, president of Greenlight Capital Inc., said in a letter
to Washington Group board.


Read more at Reuters.com Mergers News

Oil Surges More Than $2 as U.S. Economic Growth Signals Demand Will Climb

(Bloomberg) -- Crude oil rose more than $2 a barrel
in New York after a government report showed that the U.S.
economy grew more than expected in the second quarter, indicating
fuel demand will rise in the world's biggest energy consumer.

The economy grew 3.4 percent last quarter, the fastest pace
in more than a year. Economists surveyed by Bloomberg News before
the report predicted a 3.2 percent gain. The U.S. consumes 24
percent of global oil production.


Read more at Bloomberg Energy News

Volatility on Major, Emerging Market Currency Options Rise Amid Aversion

(Bloomberg) -- Volatility on major and emerging-
market currencies options rose as investors shunned riskier
assets amid concern subprime mortgage defaults may rise.

Demand for options granting the right to sell high-yielding
currencies soared as traders bought protection against further
yen appreciation while investors exited so-called carry trades.
The strategy involves borrowing where interest rates are low,
such as in Japan with an 0.5 percent rate, and investing in
countries such as Australia where the benchmark is 6.25 percent.


Read more at Bloomberg Currencies News

UPDATE 2-Brazil's Vivo bids for two smaller rivals

(Reuters) - Brazilian business daily Gazeta Mercantil reported on
Friday that Vivo had agreed to buy Telemig and Amazonia for
about 3.5 billion reais . Telemig denied it had
been sold.




An acquisition of Telemig would give Vivo a much-coveted
foothold in Minas Gerais, the only state where it does not have
coverage.


Read more at Reuters.com Bonds News

Swiss Franc Records Largest Weekly Gain Against Euro Since March on Risk

(Bloomberg) -- The Swiss franc had its biggest
weekly gain against the euro in more than four months as a slump
in global stocks prompted traders to pay back loans in
Switzerland used to buy higher-yielding assets elsewhere.

The franc advanced against the Australian and New Zealand
dollars as investors unwound so-called carry trades that take
advantage of borrowing costs in Switzerland, which are the
second lowest among major economies. New Zealand's key interest
rate is 5.75 percentage points higher than the Swiss benchmark.


Read more at Bloomberg Currencies News

IPO VIEW-Weak market seen likely to hurt new offerings

(Reuters) - The Dow Jones industrials average dropped again on Friday,
adding to the losses suffered on Thursday as investors dumped
stocks on deepening signs of weakness in the housing market and
deterioration in the credit market. Thursday marked the worst
single session since the Feb. 27 global market sell-off.




The market slump sets a tough environment for new
offerings, analysts said.


Read more at Reuters.com Bonds News

European Stocks Decline, Led by Royal Bank of Scotland, Man Group, Valeo

(Bloomberg) -- European stocks had their biggest
weekly decline in almost five months on mounting concern
financing difficulties in the credit markets will stifle mergers
and acquisitions.

Royal Bank of Scotland Group Plc and Man Group Plc led a
drop in financial shares today. Valeo SA, Europe's third-largest
maker of car parts, and computer-services company Cap Gemini SA
slipped after earnings missed analysts' estimates.


Read more at Bloomberg Stocks News

UPDATE 1-Qwest ex-CEO Nacchio ordered to forfeit $52 mln

(Reuters) - A sentencing hearing begins on Friday morning for Nacchio,
58, who is one of the most senior executives targeted in a
series of U.S. government cases charging illegal financial
dealings.




Nacchio was convicted in April on 19 counts of insider
trading for grossing some $52 million in sales of Qwest stock
in 2001 with information unknown to investors about the
company's true financial picture. He was acquitted on 23 other
charges. His attorneys said they will appeal the conviction.


Read more at Reuters.com Bonds News

Corporate Bond Risk Soars by Most Ever on Concern About Mortgages, Buyouts

(Bloomberg) -- The risk of owning corporate bonds
soared to the highest on record in the U.S. and Europe on concern
that banks and hedge funds face widening losses from subprime
mortgages and leveraged buyouts.

The cost to protect debt of companies from Goldman Sachs
Group Inc. to Deutsche Bank AG and Australia's Westpac Banking
Corp. jumped as investors shunned all but the safest of debt,
according to credit-default swap traders.


Read more at Bloomberg Bonds News

US FDA staff questions Biogen MS drug for Crohn's

(Reuters) - WASHINGTON, July 27 - The effectiveness of Biogen Idec and Elan Corp.'s drug Tysabri in Crohn's disease is not clearly different from other approved therapies, U.S. drug reviewers said in documents released on Friday ahead of an advisory panel meeting.



The companies are seeking approval to market the multiple sclerosis drug for Crohn's, a bowel disorder.


Read more at Reuters.com Government Filings News

Kimco posts rise in quarterly FFO

(Reuters) - About 8 cents per share was attributed to income associated with joint ventures within and outside of the United States, analysts said.




Analysts were expecting FFO of 60 cents a share, according to Reuters Estimates.


Read more at Reuters.com Market News

Fannie Mae portfolio grows in June, down in 2007

(Reuters) - Fannie Mae said that its non-agency securities totaled $122.8
billion at the end of the second quarter, of which $47.2 billion
were backed by subprime loans. Nearly all of the subprime-backed
bonds, $46.9 billion, were rated 'AAA' or the equivalent by at
least two ratings agencies and none of them have been downgraded,
Fannie Mae said.




Read more at Reuters.com Bonds News

UPDATE 1-Fannie Mae portfolio grows, subprime stable

(Reuters) - The largest U.S. home funding company's growth in June and
May comes as mortgage assets have cheapened considerably.




Mortgage securities have sharply underperformed Treasuries
as risk-averse investors fear greater housing, credit and
lending fallout from a crisis in the subprime mortgage sector.


Read more at Reuters.com Bonds News

July consumer sentiment up, risks linger: U.Mich

(Reuters) - But it bounced back from June's final reading of 85.3, a 10-month low, and posted the index's best showing since February, when it stood at 91.3.




July's month-on-month gain was tied to consumers' favorable outlook about the economy, particularly regarding future employment and income prospects, the Reuters/University of Michigan Survey of Consumers said in a statement.


Read more at Reuters.com Economic News

European Stocks Recover From Earlier Losses; Volkswagen and Nokia Advance

(Bloomberg) -- European stocks rose, erasing earlier
losses. Volkswagen AG, the region's largest carmaker, and Nokia
Oyj, the world's biggest maker of mobile handsets, led the
advance.

The Dow Jones Stoxx 600 Index added 0.2 percent to 375.28 as
of 3:18 p.m. in London, after earlier dropping as much as 1.1
percent.


Read more at Bloomberg Stocks News

Horizon Lines profit up, misses Wall Street view

(Reuters) - Net income rose to $9.6 million, or 28 cents a share, in
the second quarter from $6.4 million, or 19 cents a share, a
year earlier. Excluding one-time items, earnings were 29 cents
a share.




Analysts on average had expected the Charlotte, North
Carolina-based company to earn 32 cents a share, according to
Reuters Estimates.


Read more at Reuters.com Market News

Novartis to make Zelnorm available on limited basis

(Reuters) - ZURICH, July 27 - Swiss drugmaker Novartis said on Friday it would make its bowel drug Zelnorm available to U.S. patients on a restricted basis after pulling the product from the market at the request of regulators.



Novartis said it has established a restricted access programme for Zelnorm in cooperation with U.S. regulators.


Read more at Reuters.com Government Filings News

Dow Corning second-quarter profit falls

(Reuters) - Net sales rose to $1.23 billion from $1.06 billion.





Read more at Reuters.com Market News

PIMCO'S Gross says stocks are appropriately valued

(Reuters) - Speaking on CNBC Television, Bill Gross, chief investment officer for Pacific Investment Management Co., also said he does not believe an economic recession is looming.




Corporate earnings are holding up fine in a reasonably performing U.S. economy, Gross said, dismissing a notion that the turmoil in markets was signaling a sharp deceleration in the economy.


Read more at Reuters.com Business News

US STOCKS-Futures cut losses after GDP data

(Reuters) - S&P 500 futures were off 9.50 points, below fair
value, a mathematical formula that evaluates pricing by taking
into account interest rates, dividends and time to expiration
on the contract.




Dow Jones industrial average futures were down 69
points, and Nasdaq 100 futures were down 6.50 points.


Read more at Reuters.com Bonds News

UPDATE 1-Bush meets economic advisers to discuss GDP

(Reuters) - A spokesman said Bush's meeting with his "economic team,"
due to begin at 9:10 a.m. EDT , had been previously
scheduled to coincide with release of Friday's Gross Domestic
Product report.




The Commerce Department reported that U.S. economic growth
rebounded during the second quarter to its strongest pace since
the beginning of last year.


Read more at Reuters.com Bonds News

Lubrizol second-quarter earnings rise

(Reuters) - Excluding one-time items, earnings from continuing
operations were $1.17 per share, compared with 94 cents a year
earlier.





Read more at Reuters.com Market News

Platinum, Palladium Decline as New Catalyst From Nissan Reduces Metal Use

(Bloomberg) -- Platinum and palladium fell in London
after Nissan Motor Co. announced new technology that may slash
demand for the metals used in catalytic-converters.

Nissan developed a gasoline-powered catalyst that uses half
the platinum, palladium and rhodium in existing technology, the
company said in a statement today. Platinum usage in catalytic
converters rose 11 percent last year to a record, London-based
catalyst producer Johnson Matthey Plc said in May.


Read more at Bloomberg Commodities News

KeyCorp to buy NY bank USB Holding for $575 mln

(Reuters) - U.S.B., based in Orangeburg, New York, operates 31 branches
in southern New York state and Connecticut.





Read more at Reuters.com Mergers News

TREASURIES-Bonds up on weak stocks, await growth data

(Reuters) - Investors may have difficulty maintaining their usual focus
on GDP with stock futures pointing to another fall at the Wall
Street open and traders citing continued worries over tighter
financing conditions in credit markets.




"It's not about GDP right now and we all know the second
quarter is a lot stronger than the first quarter and the third
quarter will be considerably weaker," said David Ader head of
government bond strategy at RBS Greenwich Capital in Greenwich,
Connecticut.


Read more at Reuters.com Bonds News

Kumba gives upbeat outlook after strong H1

(Reuters) - Africa's biggest iron ore producer, Kumba Iron Ore, posted a 38 percent rise in first-half earnings driven by higher prices, sales volumes and output.

Kumba, majority owned by Anglo American, reported on Friday rosy prospects for the second half and next year, citing continued strong Chinese demand and a higher spot price, with few new mines opening up globally to meet demand.


Read more at Reuters Africa

Asian firms eye overlooked parts of Angola economy

(Reuters) - Chinese and other Asian firms are diversifying in Angola, seeking out investments in overlooked sectors of the oil-dependent southwestern African nation's economy, a senior Angolan official said on Friday.

China, which is expanding its trade links with Africa in a bid to find natural resources for its energy-hungry economy, has already invested several billion dollars in the Angola economy through an oil-backed credit loan.


Read more at Reuters Africa

Medtronic to acquire Kyphon for $3.9 billion

(Reuters) - The offer represents a 32 percent premium over Kyphon's closing price on Thursday, the company said.




The deal value excludes $320 million in payments related to various transactions.


Read more at Reuters.com Mergers News