US stock indexes erase gains on credit concerns

(Reuters) - U.S. stocks erased early gains and the Nasdaq index turned negative on Monday, less than 20 minutes into the session following Friday's sharp losses on credit-related concerns.

The Dow Jones industrial average was up 15.20 points, or 0.12 percent, at 13,197.11. The Standard & Poor's 500 Index


Read more at Reuters Africa

Merrill Upgraded at UBS; Says Mortgage-Loss Risks Are Priced Into Stock

(Bloomberg) -- Merrill Lynch & Co. was raised to
``buy'' from ``neutral'' at UBS AG, which said the stock was
inexpensive after concern about losses in credit businesses drove
down the price of the world's biggest brokerage.

The shares rose $1.05 to $71.10 in trading before the open
of U.S. exchanges. Merrill ended last week down 25 percent this
year, compared with a 13 percent decline for the Standard and
Poor's 500 Financials Index.


Read more at Bloomberg Stocks News

SAIC in talks on cooperation with Shanghai Engine

(Reuters) - SHANGHAI, Aug 6 - The parent companies of China's biggest car maker, Shanghai Automotive Co. , and engine manufacturer Shanghai Diesel are in initial talks on a possible business alliance, an executive at one of the companies said on Monday.



SAIC Motor Corp., the parent of Shanghai Auto, and Shanghai Electric Group Co. , which controls 50.32 percent of Shanghai Diesel Engine Co. , are discussing ways to cooperate in the engine business, an SAIC official, who asked not to be identified, told Reuters.


Read more at Reuters.com Mergers News

UPDATE 1-Orbotech posts quarterly net loss as sales fall

(Reuters) - Orbotech, which makes automated inspection systems for
printed circuit boards and flat panel displays ,
posted a net loss of $3.4 million, or 10 cents per share,
compared with a year-earlier net profit of $15.3 million, or 46
cents per share.




Net loss in the second quarter included a $4.8 million
write-off of high-end PCB inventory from a previous generation,
and a $5 million write-off as the company decided against
investing further in Negevtech Ltd.


Read more at Reuters.com Market News

Citigroup Unit to Buy $1.7 Billion of Bonds Convertible Into Fujitsu Stock

(Bloomberg) -- Fujitsu Ltd., Japan's biggest
computer-services company, will sell 200 billion yen ($1.7
billion) of bonds convertible into its stock to a unit of
Citigroup Inc.

Citigroup Global Markets Ltd. will buy 100 billion yen of
convertible bonds maturing in May 2010 and another 100 billion
yen due the following year, Tokyo-based Fujitsu said in a
statement today.


Read more at Bloomberg Bonds News

Zoltek and certain shareholders to offer 4 mln shares

(Reuters) - The offering will consist of 3.6 million shares to be sold
by the company and 400,000 shares to be sold by certain selling
shareholders of the company.





Read more at Reuters.com Mergers News

Lead May Plummet as Xstrata, Doe Run Increase Production, Ending Squeeze

(Bloomberg) -- Lead, the best-performing commodity
in 2007, has peaked and may plummet for the rest of the year.

A supply squeeze that doubled prices will ease by the end
of the year, say JPMorgan Chase & Co. and UBS AG. A U.K.
refinery run by Xstrata Plc is increasing shipments, and
companies are recycling more of the metal. Doe Run Resources
Corp., the world's second-largest lead refiner, will begin full
output this month after an explosion at its Missouri smelter cut
production. Ivernia Inc. plans to resume exports from Australia.


Read more at Bloomberg Exclusive News

Mobile-8 Telecom of Indonesia Postpones $150 Million High-Yield Bond Sale

(Bloomberg) -- PT Mobile-8 Telecom, an Indonesian
mobile-phone operator that counts Qualcomm Inc. as an investor,
delayed its plan to sell $150 million of bonds because of
concerns about the financial markets.

Investors have been selling riskier assets including
investments in emerging markets on concerns losses in the U.S.
mortgage market will erode economic growth. The Morgan Stanley
Capital International Asia Pacific Index fell 1 percent to
151.34 as of 4 p.m. Jakarta time.


Read more at Bloomberg Bonds News

Credit Suisse Strategists Drop 7-Year-Old Negative Stance on U.S. Stocks

(Bloomberg) -- Credit Suisse Group's equity
strategists, who have been bearish on U.S. stocks since 2000,
recommended investors increase holdings of shares as a refuge
amid slowing global economic growth.

Investors should have 46.8 percent of their global equity
holdings in U.S. shares, matching a ``benchmark'' stance, a team
led by Andrew Garthwaite wrote in a report to clients today.
That's an increase from an allocation of 36.8 percent. The
strategists stopped short of an ``overweight'' recommendation.


Read more at Bloomberg Stocks News

UPDATE 1-ICI opens books to Akzo after raised $16.3 bln bid

(Reuters) - LONDON, Aug 6 - Britain's Imperial Chemical
Industries has opened its books to Akzo Nobel
after receiving an improved 8 billion-pound
takeover proposal from its Dutch suitor, it said on Monday.




ICI, the maker of Dulux paints, said the new proposal was
670 pence a share in cash, up from the 650 pence a share it
rejected last week.


Read more at Reuters.com Mergers News

Bank of Communications May Join Hang Seng Index, Nomura, Tung Tai Project

(Bloomberg) -- Bank of Communications Ltd., part
owned by HSBC Holdings Plc, may join Hong Kong's Hang Seng Index
after a quarterly review of the stock benchmark, Nomura Holdings
Inc. and Tung Tai Securities Ltd. said.

China Overseas Land & Investment Ltd., a Hong Kong-based
developer controlled by the nation's construction ministry, also
may be added, Sandy Lee, an analyst at Nomura, forecast in a
research report dated July 30. HSI Services Ltd., which compiles
Hong Kong's stock indexes, will announce the changes Aug. 10,
according to its Web site.


Read more at Bloomberg Stocks News

FTSE 100 Drops, Wiping Out Advance for Year, Led by Northern Rock, Invesco

(Bloomberg) -- U.K. stocks fell for a second day,
wiping out the benchmark FTSE 100 Index's gains for 2007.
Financial companies including Northern Rock Plc, a mortgage
lender, and Invesco Plc, a money manager, led the retreat.

The FTSE 100 Index declined 24.40, or 0.4 percent, to
6199.90 at 8:40 a.m. in London, for a loss this year of 0.3
percent. The FTSE All-Share Index slipped 14.18, or 0.4 percent,
to 3209.66. Ireland's ISEQ Index dropped 157.91, or 1.8 percent,
to 8437.32.


Read more at Bloomberg Stocks News

Pound Falls Against Euro as Traders Reduce Bets on Interest-Rate Increases

(Bloomberg) -- The pound declined against the euro as
investors cut expectations the Bank of England will raise
interest rates this year for a sixth time.

Traders are betting on one more rate increase on signs
borrowing costs at a six-year high are beginning to slow the
economy. The European Central Bank, by contrast, will raise rates
at least twice more, futures trading shows. Economists predict
U.K. industrial production almost stalled in June, adding to
signs the economy may be losing momentum.


Read more at Bloomberg Currencies News

Spain's Abengoa says buys Brazil's Dedini Agro

(Reuters) - Abengoa will assume an additional 281 million euros of debt,
it said, adding it was now the world's only bio-ethanol producer
present in the three biggest markets: Brazil, Europe and the
United States.




As of a year ago, Dedini Agro was Brazil's 16th largest
ethanol producer with around 0.4 percent of national output.


Read more at Reuters.com Mergers News

Infineon plans to cut Qimonda stake by 2009 AGM

(Reuters) - "The plan also envisages taking all necessary measures at
the Annual Shareholder Meeting 2008 required to enable
distrubution of Qimonda shares as a dividend in kind to Infineon
shareholders," the statement said.




Such a dividend would be possible after the 2009
shareholders' meeting.


Read more at Reuters.com Mergers News

European Bonds Gain for Second Day; 10-Year Yield Declines to 4.30 Percent

(Bloomberg) -- European government bonds advanced for
a second day in London, pushing yields down to their lowest in a
week.

The yield on the German 10-year bund, Europe's benchmark,
fell 2 basis points to 4.30 percent by 7:05 a.m. in London, its
lowest since Aug. 1.


Read more at Bloomberg Bonds News

Oil extends decline, falls 1 pct on poor US data

(Reuters) - Oil fell more than 1 percent to about $74 a barrel on Monday, extending the previous session's decline which saw prices dragged down by poor U.S. economic data.

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 0558 GMT.


Read more at Reuters Africa

Amazon leads investment in music site AmieStreet

(Reuters) - Started last October by three Brown University graduates, AmieStreet allows musicians to post songs with a variable pricing model, which is different from the one-price model used by Apple Inc.'s popular iTunes Music Store.




A new song on AmieStreet.com is initially priced at zero cents. The song is automatically given a starting price after users begin to download the song. The price rises gradually with popularity, to a maximum of 98 cents.


Read more at Reuters.com Business News

Chicago Soybeans, Corn Fall on Rain, Equity Concern; Wheat Price Declines

(Bloomberg) -- Soybean futures in Chicago fell after
favorable rain over the weekend benefited crops in the U.S.
Midwest and on speculation a drop in global equity markets will
dent buying interest in commodities. Corn and wheat also declined.

There was rain over the weekend in parts of the Midwest,
including Iowa and Illinois, which may help growth of the soybean
crop, said Kenji Kobayashi, an analyst at Kanetsu Asset
Management Co. Asian stocks fell on concern losses in the U.S.
mortgage market may slow the world's biggest economy.


Read more at Bloomberg Commodities News

UPDATE 1-Delphi, second biggest union reach tentative deal

(Reuters) - Union members will vote by mail on the tentative contract,
with the results expected by mid August, the International
Union of Electrical Workers-Communications Workers of America
said in a statement.




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.


Read more at Reuters.com Bonds News

Japan's Shares Drop on U.S. Concern, Strong Yen; Toyota Advances on Profit

(Bloomberg) -- Japanese stocks declined, paced by
exporters, on concern losses in the U.S. mortgage market may slow
the world's biggest economy and after the yen strengthened to a
four-month high against the dollar.

Sony Corp., the word's biggest video-game maker, fell the
most in almost five months and Canon Inc. dropped 3.2 percent.


Read more at Bloomberg Stocks News

Treasuries Advance on Signs of Slowing Economic Growth, Decline in Stocks

(Bloomberg) -- Treasuries rose on speculation
slowing economic growth and losses related to subprime mortgages
will prompt the Federal Reserve to cut interest rates this year.

Ten-year notes extended their gains into a fifth week after
reports showed employers added fewer jobs than expected last
month and bond investors are becoming less bearish. Treasuries
are on track to return 5.3 percent this year, the most since
2002, according to a Merrill Lynch & Co. index.


Read more at Bloomberg Bonds News

ONGC Videsh Offers 700,000 Barrels of Sokol Crude for Loading in October

(Bloomberg) -- ONGC Videsh Ltd., the overseas unit
of India's state-run explorer, offered 700,000 barrels of Sokol
crude oil from the Sakhalin-1 project for loading in October,
the company said in an offer document e-mailed to Bloomberg News.

Details of the offer are as follows:


Read more at Bloomberg Energy News

Australian Stocks Extend Declines; Macquarie Bank, BHP Billiton Lead Slide

(Bloomberg) -- Australia's benchmark stock index, the
S&P/ASX 200 Index, fell 0.84 percent at 10:05 a.m.

The index of 201 companies traded on the Australian Stock
Exchange fell 50.60 to 5,970.40. Among the stocks in the index,
34 rose, 159 fell and 8 were unchanged.


Read more at Bloomberg Stocks News

Japanese Stocks May Drop, Led by Exporters on U.S. Economy Concern, Yen

(Bloomberg) -- Japanese stocks may decline, led by
exporters such as Sony Corp., on concern losses in the U.S.
mortgage market may slow the world's biggest economy.

Exporters may also decline after the yen strengthened to a
four-month high against the dollar, eroding the value of their
dollar-denominated sales.


Read more at Bloomberg Stocks News

Crude Oil Falls a Second Day on Concern Over Weaker U.S. Equities, Growth

(Bloomberg) -- Crude oil fell a second day in New
York after declining equity markets and weak U.S. economic data
weighed on investor confidence.

Oil dropped 2 percent last week as U.S. stock prices fell
for a third week and a report showed the nation's unemployment
rate reached a six-month high in July. Oil slipped from the
record $78.77 a barrel reached on Aug. 1 after a U.S. government
report that day showed fuel stockpiles rose as refineries ran at
the highest rates since August, 2005.


Read more at Bloomberg Energy News

Northwest Airlines' pilot union approves deal

(Reuters) - The agreement makes contractual changes on several work
rules pertaining to international flying and settles an
outstanding grievance. In exchange, Northwest will reinstate
premium pay of 50 percent for all pilots flying more than 80
hours a month.




The airline said the pact was "economically neutral" with
the premium-pay costs offset by the work rule changes and the
grievance settlement.


Read more at Reuters.com Business News

PREVIEW-Fed to weigh hit of credit crunch, market slide

(Reuters) - *Fed expected to hold benchmark overnight borrowing costs
steady at 5.25 percent




By Mark Felsenthal


Read more at Reuters.com Bonds News

China says food safety needs global cooperation

(Reuters) - A range of Chinese exports, from fish and toys to pet food and toothpaste, have been found to be mislabeled, unsafe or dangerously contaminated, creating an international backlash.




But the government has hit back, saying the problems of a few small, rogue companies should not besmirch the whole made-in-China label, insisting it does take effective action to guarantee safety.


Read more at Reuters.com Business News

U.S. House shifts $16 bln toward renewable energy

(Reuters) - The 786-page bill, passed in a rare Saturday vote, was a top priority for House Speaker Nancy Pelosi, and is an amalgam of bills assembled by about a dozen of the chamber's committees in recent months.




Republicans called it a "no-energy bill" because it lacks new drilling incentives, and they derided the new emphasis on renewables as "green pork." The White House threatened to veto the bill on concerns that it could boost energy prices.


Read more at Reuters.com Business News

Barclays' ABN offer period runs until Oct 4: filing

(Reuters) - The RBS-led consortium's offer is worth 71 billion euros
and 93 percent in cash, while Barclays
65-billion-euros offer is about 38 percent in cash.




ABN shareholders can tender shares under the Barclays offer
from August 7 until October 4, Barclays said in a filing to
U.S. regulator the Securities and Exchange Commission late on
Friday.


Read more at Reuters.com Mergers News

Dollar Falls Versus Yen, Euro on Outlook for Lower U.S. Rates by Year-End

(Bloomberg) -- The dollar fell versus the yen, pound
and euro on speculation a worsening outlook for U.S. growth may
prompt the Federal Reserve to cut borrowing costs by year-end.

The U.S. currency declined to near a record low against the
euro yesterday as reports showed slowdowns in payroll growth and
service industries. The European Central Bank on Aug. 2 signaled
it may raise its interest rate in September. The Fed is forecast
to hold the U.S. lending rate at 5.25 percent on Aug. 7.


Read more at Bloomberg Currencies News

Oil tumbles below $76 on US economic data

(Reuters) - Oil tumbled below $76 a barrel on Friday, dragged down as poor U.S. economic data helped send stock markets down again.

U.S. oil CLc1> settled down $1.38 at $75.48 a barrel, after hitting a record $78.77 on Wednesday. London Brent LCOc1> gave up $1.01 to settle at $74.75.


Read more at Reuters Africa

Soybean, Corn Futures Rise After Forecasts for Dry Weather, Lower Yields

(Bloomberg) -- Soybean and corn futures rose in
Chicago on forecasts for hot, dry weather in Iowa and Illinois,
the U.S.'s two biggest growing states, and a prediction corn
yields will fall.

Forecasters in Europe and the U.S. expect a subtropical
weather system to move into the eastern Midwest next week,
Woburn, Massachusetts-based Meteorlogix LLC said. A European
model predicts the system will bring hotter, drier weather. The
American model shows rains only in the northern Great Plains.


Read more at Bloomberg Commodities News

Wall St Week Ahead: Subprime worries to spur more 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.


Read more at Reuters.com Economic News

Tenaris 2nd-quarter net profit rises 8 pct yr/yr

(Reuters) - Luxembourg-based Tenaris is
controlled by Argentine conglomerate Techint, and its shares
are listed in Buenos Aires, Milan and New York.




Read more at Reuters.com Market News

RPT-TREASURIES-Bonds rally on stock rout, subprime fears

(Reuters) - By Richard Leong




NEW YORK, Aug 3 - The U.S. Treasury debt market
rallied on Friday with benchmark 10-year yields falling to
their lowest levels since May, as subprime fears drove
investors from stocks into bonds and other low-risk assets.


Read more at Reuters.com Bonds News

Barclays, ABN advisers' fees seen at 311 mln stg

(Reuters) - LONDON, Aug 3 - British bank Barclays and ABN AMRO will spend about 311 million pounds in fees to advisers and other parties if the British bank's takeover of ABN goes ahead, a regulatory filing showed.



In a filing to U.S. regulator the Securities and Exchange Commission late on Friday, Barclays also said its shareholders will be asked to vote on the deal on September 14.


Read more at Reuters.com Mergers News

U.S. issues new botulism warning for green beans

(Reuters) - The FDA said the beans may not have been processed adequately to eliminate the potential for botulinum toxin, which can cause a life-threatening illness.




"The canned green beans may cause botulism if consumed. FDA is providing this warning to make consumers aware of the possible risk of serious illness from eating these products," an FDA statement said.


Read more at Reuters.com Government Filings News

Eight Atlantic hurricanes expected in '07: Storm team

(Reuters) - Of those, four would grow into major hurricanes of Category 3 or higher with winds over 110 mph , the team founded by forecast pioneer William Gray said in its revised forecast.




The updated forecast was lower than the team's May 31 forecast for the six-month storm season that runs through November 30, which had predicted 17 tropical storms, nine hurricanes and five major hurricanes.


Read more at Reuters.com Bonds News

Bush signs bill to strengthen anti-terror effort

(Reuters) - "There is still other work to be done," Bush said as he signed the legislation.




He cited the need to reform the "dysfunctional" way Congress oversees intelligence and counter-terrorism activities and the urgent need to expand the government's powers to eavesdrop on telephone calls and e-mail from abroad.


Read more at Reuters.com Bonds News

GLOBAL MARKETS-Credit fears bruise dollar, stocks; bonds rise

(Reuters) - NEW YORK, Aug 3 - Renewed concerns over credit
liquidity and unexpectedly weak economic data hurt U.S. stocks
and the dollar, while safe-haven government bonds climbed on
Friday.




Tighter credit access worries resurfaced after Standard &
Poor's changed Wall Street investment bank Bear Stearns'
ratings outlook, to "negative" from "stable."


Read more at Reuters.com Bonds News

UPDATE 1-Agrium files shelf prospectus for $1 bln

(Reuters) - Calgary, Alberta-based Agrium said the filings would give
it the means to reduce debt and expand through acquisitions and
investments.




Agrium, which has become the top U.S. retailer of crop
supplies as measured by direct sales to farmers, has said it
wants to expand that business and double its $2 billion in
retail revenue in the next three to five years.


Read more at Reuters.com Bonds News

REFILE-UPDATE 1-Blaming begins in Minneapolis bridge collapse

(Reuters) - By Todd Melby




MINNEAPOLIS, Aug 3 - Politicians trying to
account for one of the worst bridge collapses in U.S. history
cast blame ranging from engineering faults to the Iraq war on
Friday, while divers tried to reach the bodies of more victims
in the Mississippi River's treacherous waters.


Read more at Reuters.com Bonds News

Orient Overseas, Samsung Electronics, Wipro: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in Asian markets, excluding Japan, on Aug. 6. This preview
includes news that broke after markets closed. Prices are from
the local market's last close. Stock symbols are in parentheses
after company names.

Auto companies: General Motors Corp. (GM US) is seeking
investment opportunities in Malaysia and Indonesia, the Wall
Street Journal reported, citing Stephen Carlisle, GM's president
for Thailand and Southeast Asia. Malaysia, Indonesia and Thailand
are among the 11 markets designated by GM for priority
development, the Journal added.


Read more at Bloomberg Stocks News

Silver Wheaton profit dips on production slip

(Reuters) - Silver Wheaton, which buys the silver produced by several
miners, also reduced its 2007 forecast for silver sales of
about 13 million ounces, down from an April estimate of 15
million ounces.




It maintained its estimate of 2009 silver sales of 23
million ounces, and 2012 sales of 28 million ounces.


Read more at Reuters.com Market News

U.K. Pound Posts Weekly Gain Against Yen, Dollar as Carry Trade Resumes

(Bloomberg) -- The pound posted its biggest weekly
gain since June against the yen as credit markets rebounded,
prompting investors to restart so-called carry trades.

The pound also had a weekly gain against the dollar as
traders bought high-yielding currencies with loans from Japan and
on expectations the Bank of England will raise interest rates at
least once more from 5.75 percent by year-end.


Read more at Bloomberg Currencies News

CheckFree posts lower Q4 net income

(Reuters) - Excluding certain items, underlying net income for the
quarter was $48.1 million, or 53 cents a share, compared with
$36.6 million, or 39 cents a share, a year ago. Total revenue
rose to $276.7 million from $224.9 million.





Read more at Reuters.com Mergers News

European Bonds Snap Three Weeks of Gains After ECB Signals Higher Rates

(Bloomberg) -- European government bonds snapped
three weeks of gains after the European Central Bank indicated
it will raise interest rates further this year.

ECB President Jean-Claude Trichet signaled rates may rise
from a six-year high of 4 percent as early as September, saying
``strong vigilance'' is needed to guard against price pressures.
Policy makers used the phrase a month before each of the ECB's
eight rate increases since late 2005. Trichet was speaking after
the bank kept borrowing costs unchanged yesterday, as forecast.


Read more at Bloomberg Bonds News

SABMiller $89 mln deal adds to Polish beer brands

(Reuters) - SABMiller, whose beers include Miller, Peroni and Castle, said the acquisition would help it keep pace with growing demand for its Polish subsidiary's beer adding that the deal was subject to approval from Polish competition authorities.



Browar Belgia brews Wojak, Gingers and Frater beers and has annual production capacity of more than 1 million hectolitres at its brewery in south east Poland.


Read more at Reuters.com Mergers News

Telemig, Amazonia shares up in Brazil on Vivo deal

(Reuters) - SAO PAULO, Aug 3 - Shares of Brazilian mobile phone companies Telemig Celular and Amazonia Celular rallied on Friday, a day after the companies agreed to be sold to the country's leading wireless operator, Vivo Participacoes.



Telemig's non-voting shares jumped 3.18 percent to 5.51 reais, while Amazonia's shares climbed 3.45 percent to 0.60 reais, outperforming a 0.79 drop by the benchmark Bovespa index in Sao Paulo.


Read more at Reuters.com Mergers News

Plusses seen in end of Boston Scientific unit sale

(Reuters) - By Debra Sherman



CHICAGO, Aug 3 - Boston Scientific Corp.'s decision not to divest part of its Endosurgery business signaled the medical devices company has confidence it can pare down its sizable debt through other means and would be better off hanging on to its most stable product line, analysts said.


Read more at Reuters.com Mergers News

Double-Take Software cuts offer size to 2.8 mln shares

(Reuters) - In a July 20 filing, the company had said it was planning
to sell 1 million shares and the selling shareholders about 2.8
million shares.





Read more at Reuters.com Government Filings News

UPDATE 3-US regulator seeks comments on 'unfair' lending

(Reuters) - WASHINGTON, Aug 3 - The U.S. Office of Thrift
Supervision on Friday asked for comment on how to address
"unfair and deceptive acts or practices" associated with
lending products.




The proposal comes at a time when U.S. banking authorities,
including the Federal Reserve, have been criticized for
responding too late to problems in home loans made to borrowers
with poor credit histories, so-called subprime loans.


Read more at Reuters.com Government Filings News

Bear hedge fund sank as Merrill protected clients

(Reuters) - Recently filed court documents in U.S. Bankruptcy Court in Manhattan reveal more details about the events that led to the collapse of two hedge funds run by Bear Stearns.




For example, the Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Fund started performing poorly in early 2007, court papers show.


Read more at Reuters.com Business News

Oil near record highs; OPEC says no output rise

(Reuters) - Oil hovered near $77 a barrel on Friday, keeping in sight of this week's fresh record high after OPEC officials poured cold water on U.S. hopes for an output rise, reiterating that the world was not short of crude supplies.

U.S. oil dipped four cents at $76.82 a barrel by 0514 GMT after rising 33 cents on Thursday. Prices touched an all-time high of $78.77 on Wednesday, but sharply retreated on signs of improved U.S. refinery operations.


Read more at Reuters Africa

Gold edges higher on stabilising stock markets

(Reuters) - Gold edged higher on Friday as signs of stabilising equity markets encouraged investors to buy the metal, while a rise in the amount of bullion held by a key gold exchange traded fund to a record high lent support.

Spot gold was trading at $665.90/666.30 an ounce as of 0630 GMT, compared with $664.30/664.90 late in New York on Thursday.


Read more at Reuters Africa

New AngloGold Ashanti CEO to tackle mine deaths

(Reuters) - The incoming chief executive at the world's third biggest gold producer, AngloGold Ashanti Ltd, wants to cut the firm's mine fatalities as a top priority, he said on Friday.

Increasing deaths at South Africa's treacherous underground mines have thrust safety into the spotlight recently. The government briefly closed one of AngloGold's mines last week after two more miners were killed in a rock fall.


Read more at Reuters Africa

Gold hits 1-week high as dollar drops on jobs data

(Reuters) - Gold jumped more than one percent to a one-week high on Friday as a fall in the dollar after lower-than-expected U.S. data on jobs growth prompted investors to buy bullion.

Gold rose as high as $671.25 an ounce and was quoted at $669.60/670.40 by 1423 GMT, against $664.30/664.90 in New York late on Thursday.


Read more at Reuters Africa

UPDATE 1-US services growth eased considerably in July

(Reuters) - The Institute for Supply Management's services index
tumbled to 55.8 last month from 60.7 in June, well below
economists' median forecast for a drop to 59.0.




A number above 50 indicates the sector is still growing,
but the sharp pullback shows activity is much more subdued,
even as separate data point to a sluggish labor market.


Read more at Reuters.com Economic News

Coffee Rises as Brazil's Harvest May Be at Low End of Government Estimates

(Bloomberg) -- Coffee rose in New York to the
highest in more than seven weeks on speculation that this year's
crop in Brazil, the world's largest producer, will be at the low
end of government estimates.

Brazil's Census Bureau has forecast the harvest that runs
through October will be 37.5 million bags, while the
government's National Commodity Supply Corp., known as Conab,
estimated production would be 32.1 million bags. Exporters are
lowering their forecasts in line with Conab's estimates, said
Jack Scoville, vice president of Price Futures Group in Chicago.


Read more at Bloomberg Commodities News

RBS profits rise beats f/casts, lifts dividend 25 pct

(Reuters) - RBS said its underlying operating profit in the six months to the end of June was 5.1 billion pounds , up from 4.6 billion a year before and an average forecast of 5.04 billion pounds from a Reuters Estimates poll of four analysts.



The bank said income grew 8 percent to 14.7 billion pounds and costs as a percentage of revenue improved to 41.4 percent from 41.9 percent.


Read more at Reuters.com Market News

Toyota Q1 jumps on sales rise, yen; keeps forecast

(Reuters) - By Chang-Ran Kim, Asia auto correspondent



TOKYO, Aug 3 - Japan's Toyota Motor Corp. said its quarterly operating profit rose by a third as brisk European and North American sales combined with a softer yen to make up for chronic weakness in domestic demand.


Read more at Reuters.com Market News

Jean Coutu posts loss on US charges, ups dividend

(Reuters) - OTTAWA, Aug 3 - Canadian drug store chain Jean Coutu Group said on Friday it swung to a fourth-quarter loss as it accounted for charges from the sale of its U.S. network to Rite Aid Corp. , but it raised its quarterly dividend.



The company said it lost $6.9 million, or 3 cents a share, in the quarter, down from a profit of $30.3 million, or 12 cents a share, in the same period last year.


Read more at Reuters.com Market News

P&G sees strategic buyers looking at sale assets

(Reuters) - CFO Daley also said that P&G may look at raising prices
given the higher than expected energy and raw material costs it
now expects for fiscal 2008.








Read more at Reuters.com Market News

Hedge Funds Pluck Money From Air in $19 Billion Weather Derivatives Gamble

(Bloomberg) -- Credit Suisse Group trader Patrick
Ayash rarely reads earnings estimates and just skims news about
inflation. One thing he never misses: the daily weather report.

Ayash, 31, is part of an army of mathematicians, hedge-fund
whizzes and programmers pouring into the $19 billion market for
weather futures, financial instruments tied to everything from
storms over Kansas, an early frost in the Netherlands, or a
frigid spring in New York.


Read more at Bloomberg Exclusive News

Warren Buffett's $46 Billion Cash Pile Can Buy WellPoint, Nucor, Kohl's

(Bloomberg) -- Berkshire Hathaway Inc. Chairman Warren
Buffett is ready to spend $40 billion to $60 billion on an
acquisition, and his opportunities are expanding as stocks fall and
leveraged buyouts dry up.

Shares of health insurers, steelmakers and department stores
are as much as 19 percent cheaper than in May, when Buffett said he
would ``figure out a way'' to come up with $60 billion for the
right deal. WellPoint Inc., Nucor Corp., Kohl's Corp. and dozens
more companies are now closer to meeting his investment criteria.


Read more at Bloomberg Exclusive News

Dollar Falls Versus Yen, Euro as Payroll, Service Data Point to Slowdown

(Bloomberg) -- The dollar dropped the most in more
than a week against the yen and fell versus the euro after U.S.
data showed slowdowns in payroll growth and service industries.

Investors pushed down the dollar as the reports raised
speculation a slump in the housing market may spread to the
broader economy. Traders lifted bets the Federal Reserve will cut
interest rates by year-end, dimming the allure of dollar-
denominated assets. The yen gained as investors trimmed riskier
assets funded by loans in Japan as U.S. stocks dropped.


Read more at Bloomberg Currencies News

APEC Finance Ministers Say Flexible Currencies to Reduce Global Imbalances

(Bloomberg) -- Currency ``flexibility'' will reduce
imbalances in the global economy, according to a draft communique
from an Asia-Pacific finance ministers meeting.

``Orderly'' control of ``global imbalances remains a
priority,'' the ministers said in the draft statement from the 21-
member Asia Pacific Economic Cooperation forum meeting in Coolum,
Australia. The statement didn't mention specific currencies.


Read more at Bloomberg Emerging Markets News

UPDATE 1-Little subprime fallout for Asia banks, investors wary

(Reuters) - HONG KONG, Aug 3 - Asian banks, domestically
focused and risk averse after the Asia crisis, should see few
losses from the U.S. subprime meltdown, rating agencies said,
but investors worry lenders could get caught in the maelstrom.




Moody's Investors Service said on Friday that the impact of
the subprime crisis on Asia's lenders would be limited, with
the largest exposure among the biggest banks through holdings
of mortgage-backed securities and collateralised debt
obligations. [ID:nWNA7262]


Read more at Reuters.com Bonds News

TREASURIES-Bond prices flat ahead of US jobs report

(Reuters) - U.S. stock index futures pointed to a flat opening on Wall
Street on Friday. Gyrations in stocks may swiftly become the main
catalyst for Treasuries in the aftermath of the jobs data.




Stocks have recently shown a strong inverse correlation to
Treasury prices, although credit concerns still helped Treasury
prices rally on Thursday in spite of U.S. equities late day surge.
The benchmark 10-year U.S. Treasury note's yield is not far above
the 2 1/2 month lows of 4.69 percent it fell to on Wednesday. Bond
yields and prices move inversely.


Read more at Reuters.com Bonds News

RPT-US RATE FUTURES-View of Fed cut inches up on jobs

(Reuters) - Futures remain priced for the Fed to keep rates steady in
August . Implied chances for a September rate cut rose to
34 percent from 30 percent on Thursday, and prospects for an
October cut firmed to 62 percent from 58 percent.




The Labor Department said 92,000 nonfarm payroll jobs were
created in July, below the median forecast of 130,000. June
payrolls were revised to 126,000 from 132,000 earlier.


Read more at Reuters.com Bonds News

China's CSI 300 Index Rises for Fourth Straight Week; Merchants Bank Gains

(Bloomberg) -- China's stocks rose to a record, with
the key index posting a fourth weekly gain in a row. China
Merchants Bank Co. led gains among lenders and property
developers on speculation profits growth will be sustained.

``Average first-half corporate earnings will increase by
about 80 percent,'' said Fan Dizhao, who helps manage about $1.8
billion at Guotai Asset Management Co. in Shanghai. ``Lenders and
developers are among those industries that are expected to report
fastest earnings growth.''


Read more at Bloomberg Stocks News

Grupo Mexico, Iochpe Maxion, Siderar, Tam, Vivo: Latin Equity Preview

(Bloomberg) -- The following stocks may make
significant gains or losses in Argentina, Brazil, Colombia and
Mexico today. Symbols are in parentheses after the company name,
and stock prices are from the last session.

In Brazil, preferred shares are the most commonly traded
class of stock.


Read more at Bloomberg Stocks News