RPT-LG.Philips swings to strong profit as LCD prices recover

(Reuters) - LG.Philips , the world's second-biggest maker of
large-sized LCDs, earned a 228 billion won net
profit in the quarter ended June, against a 322 billion won net
loss a year earlier and a 169 billion won shortfall in
January-March.




The results were well above a 138.2 billion won profit
forecast by eight analysts polled by Reuters.


Read more at Reuters.com Market News

Gold off high before Bernanke, but supported by oil

(Reuters) - Gold eased from a one-month high on Tuesday as traders lightened their positions ahead of a key speech by the Federal Reserve chairman, but its falls were limited due to stronger oil and industrial metals prices.

By 0326 GMT, spot gold was trading at $659.70/660.50 an ounce, slightly down from $660.80/661.60 late in New York on Monday, when the metal rallied to its highest since June 7 at $662.80 an ounce because of a weak dollar and surging oil prices.


Read more at Reuters Africa

Hynix Is Behind Schedule in Raising Chip Production, Chief Executive Says

(Bloomberg) -- Hynix Semiconductor Inc., the world's
second-largest memory chipmaker, is behind schedule in increasing
production of chips that go into consumer electronics, reducing
its ability to supply to customers such as Apple Inc.

``It's true we have some inadequacies and we need to work to
plug in those holes,'' Chief Executive Officer Kim Jong Kap, who
was recruited from South Korea's commerce ministry this year,
said in an interview yesterday in Seoul. ``We're slightly behind
our competitors but it's not a big problem.'' He declined to
provide specifics.


Read more at Bloomberg Emerging Markets News

Codelco Halts Copper Production From Andina Division on Strikers' Protests

(Bloomberg) -- Codelco, the world's biggest copper
producer, halted work at its Andina division in central Chile
after protests by striking contract workers, helping the price
of the metal to extend a 26 percent rally this year.

The state-owned company stopped production in Andina after
a worker was hospitalized July 9 by protesters throwing rocks,
Santiago-based Codelco said on its Web site yesterday. The
division accounted for 236,000 tons of copper last year, 14
percent of Codelco's output from its fully-owned mines.


Read more at Bloomberg Currencies News

BHP Billiton, Safestore Holdings and Xstrata: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from yesterday's market close.

The benchmark FTSE 100 Index advanced 22.60, or 0.3 percent,
to close at 6712.70 in London. The FTSE All-Share Index added
9.49, or 0.3 percent, to 3463.62.


Read more at Bloomberg Stocks News

Buy Put Options on Japanese Bond Futures Before Rate Increase, Daiwa Says

(Bloomberg) -- Investors should buy options giving
them the right to sell Japanese bonds futures because the
central bank will probably raise interest rates in August, said
Daiwa Institute of Research Ltd.

Put options with a strike price of 130.50 are attractive
because bond futures for September delivery may drop to 130 by
the end of August, Takeo Okuhara, a debt strategist in Tokyo at
Daiwa Institute, said in an interview. He also recommends
selling call options giving the right to buy the contract at 132
by the end of July, as futures won't rise that high.


Read more at Bloomberg Bonds News

Saudi Arabia's Al-Arkan Sells $1 Billion Islamic Bonds; Biggest from Saudi

(Bloomberg) -- Dar Al-Arkan Real Estate Development
Co., a property developer, sold $1 billion of Islamic bonds,
according to Deutsche Bank AG, the biggest dollar-denominated
sale of the securities by a company from Saudi Arabia.

Deutsche, the arranger, said in the term sheet that the
notes maturing in July 2012 were sold to yield 2.25 percentage
points more than the three-month, dollar London interbank offered
rate, or Libor. Three-month Libor was 5.36 percent.


Read more at Bloomberg Bonds News

China's Yuan Has Biggest Gain in One Month, Rises to Highest Since 2005

(Bloomberg) -- China's yuan had its biggest advance
against the dollar in almost a month, rising to the highest
since the end of a link to the U.S. currency since July 2005.

The yuan rose 0.2 percent to 7.5864 as of 9:34 a.m. in
Shanghai, after climbing as high as 7.5860. The gain was the
largest since June 15.


Read more at Bloomberg Currencies News

UPDATE 6-Lear accepts sweetened Icahn bid, Pzena not swayed

(Reuters) - CHICAGO, July 9 - Lear Corp. on Monday
accepted an increased $3 billion takeover offer from
billionaire Carl Icahn, but doubts remained as to whether the
auto parts maker's shareholders would support the new deal.




Icahn, Lear's biggest shareholder, raised his offer to
$37.25 per share from a previous $36 that proxy advisory firms
and several shareholders called too low. Just weeks ago, Icahn
stood firm against raising the offer.


Read more at Reuters.com Bonds News

Hedge funds pull Manhattan rents to $200/sq ft

(Reuters) - While hedge funds are not numerous compared with the
overall Manhattan tenancy, their influence on rental rates has
been breathtaking, several brokers said.




"They are the drivers of where market rents are going,"
Alex Chudnoff, Cushman & Wakefield executive director, said.


Read more at Reuters.com Mergers News

Sprint Shares Gain Following Buyout Report, Alcoa Falls: U.S. After-Hours

(Bloomberg) -- Sprint Nextel Corp. shares advanced in
extended U.S. trading following a report that South Korea's SK
Telecom Co. plans to buy the third-biggest U.S. mobile-phone
company. SK Telecom denied the report.

Shares of Reston, Virginia-based Sprint added 91 cents, or
4.2 percent, to $22.39 as of 7:20 p.m. in New York. They surged
as much as 16 percent in after-hours trading. Sprint's market
value was $63 billion as of the 4 p.m. market close. SK Telecom's
value is $17.8 billion.


Read more at Bloomberg Stocks News

Slim's Telecom Companies Face New Antitrust Inquiry in Mexico; Shares Fall

(Bloomberg) -- Carlos Slim, who vies with Bill Gates
as the world's richest man, may face increased scrutiny at home
as Mexican antitrust regulators step up efforts to curb the
dominance of the telephone companies that created his fortune.

Mexico's Federal Competition Commission wants to identify
markets where Telefonos de Mexico SAB and America Movil SAB have
a share large enough that would require special regulation to
encourage new entrants, commission president Eduardo Perez Motta
said. The probe will begin before the end of the year, he said.


Read more at Bloomberg Emerging Markets News

Banco de Chile shareholder says won't cede control

(Reuters) - Quinenco said it would maintain control of the bank through
LQIF, but that within three years Citigroup could acquire up to
50 percent of LQIF.




Quinenco said at the end of June that it had reopened talks
with Citigroup regarding a possible association, which resulted
in Banco de Chile stock rising 15 percent.


Read more at Reuters.com Bonds News

Mexico's Bolsa Falls on Telephone Antitrust Probe: Peruvian Miners Advance

(Bloomberg) -- Mexico's main stock index fell,
retreating from a record, after regulators vowed to step up efforts
to curb the dominance of phone companies in the country.

Mexico's Bolsa index dropped 323.59, or 1 percent, to
32088.25, led by America Movil SAB. America Movil, Latin America's
largest mobile phone company, fell 1.17 pesos, or 3.3 percent, the
most since April 30, to 34.40 pesos. Telefonos de Mexico SAB, the
country's largest fixed-line company, fell 5.3 percent, the most
since December, 2000.


Read more at Bloomberg Stocks News

TJX stock and options rise on renewed LBO rumors

(Reuters) - The company was not immediately available for comment.




"We have seen loads of activity on the call side in TJX and
that has been sparked by unconfirmed rumors of a leveraged
buyout," said Andrew Wilkinson, senior market analyst at
Interactive Brokers Group.


Read more at Reuters.com Mergers News

Dollar May Decline Against the Euro Before Speech on Inflation by Bernanke

(Bloomberg) -- The dollar may fall versus the euro
before a speech on inflation by Federal Reserve Chairman Ben S.
Bernanke, who might say rising prices are still a concern.

The euro has gained 1.3 percent versus the dollar since the
Fed left benchmark interest rates at 5.25 percent for an eighth
meeting on June 28 when it said a moderation in inflation hasn't
been ``convincingly demonstrated.'' European Central Bank
President Jean-Claude Trichet signaled on July 5 the bank is
ready to add to its eight interest-rate increases since 2005.


Read more at Bloomberg Currencies News

Apple plans cheaper, Nano-based phone: JP Morgan

(Reuters) - Apple filed a patent application document dated July 5 that refers to a multifunctional handheld device with a circular touch pad control, similar to the Nano's scroll wheel.




Apple did not respond to requests for comment.


Read more at Reuters.com Business News

Gold ends up, lifted by oil surge, dollar drift

(Reuters) - Most-active gold for August delivery on the COMEX division of the New York Mercantile Exchange settled with $7.70 gains at $662.50 an ounce. It set a higher range from $657.80 and $666.0 an ounce, a level last seen on June 7.




At its session top, August gold reached higher than in three prior attempts to break resistance at $666.0 an ounce. But some traders noted that its retreat from that level in a thin market may leave in doubt its resilience at that level.


Read more at Reuters.com Hot Stocks News

Lexmark slashes view on weak hardware

(Reuters) - Lexmark blamed weak sales of inkjet replacement cartridges, including a shift to lower-priced "moderate use" cartridges, and lower per-unit revenue from hardware, driven by aggressive pricing, promotions and higher-than-expected product costs.




The warning is another disappointment from Lexmark, which has reduced the number of lower-priced, unprofitable printers it sells over the past year. Printer makers typically sell printers at a loss in hopes of reaping profits from ink sales.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Milberg Weiss partner to plead guilty -prosecutors

(Reuters) - David Bershad, formerly a name partner at the New
York-based firm, will plead guilty to a federal conspiracy
charge at a hearing before U.S. District Judge John Walter
later on Monday, prosecutors said in a statement.




Bershad's lawyer was not immediately available for comment,
nor was a spokeswoman for New York-based Milberg Weiss.


Read more at Reuters.com Government Filings News

UPDATE 1-Speculation swirls over CIBC's subprime exposure

(Reuters) - "The Canadian bank CIBC has acknowledged ownership of
around $330 million, though some observers say the figure could
be more than $2 billion," Barron's newspaper said without
identifying the "observers".




"That estimate would constitute a substantial chunk of the
bank's approximately $13 billion in shareholder equity."


Read more at Reuters.com Bonds News

TREASURIES - Bond prices rebound in data vacuum

(Reuters) - NEW YORK, July 9 - U.S. Treasury debt prices rose
on Monday as bargain hunting investors snapped up benchmark
bonds following their worst week of losses in more than a
year.




The gains were limited, however, by the series of robust
economic reports that culminated in Friday's strong jobs report
and caused last week's steep drop in bond prices.


Read more at Reuters.com Bonds News

US STOCKS-Indexes edge up, helped by Boeing

(Reuters) - NEW YORK, July 9 - U.S. stocks rose on Monday,
helped by a gain in Boeing Co. and positive brokers'
comments on Google Inc and Home Depot Inc .




The view that second-quarter earnings will beat
expectations has been gaining supporters, analysts said, but
worries about inflation and bond yields above 5 percent
remain.


Read more at Reuters.com Bonds News

Peru's Stock Index Rises to Record on Mine Labor Talks, Led by Cerro Verde

(Bloomberg) -- Peru's main stock index rose to a record
on indications that the mining industry may avert a planned strike
and continue exploiting rising metal prices.

The Lima General Index, which consists mostly of commodity
producers, advanced 124.93, or 0.5 percent, to 23061.00 at 12:10
p.m. New York time, beating its May 9 high. Copper miner Sociedad
Minera Cerro Verde SA led the advance.


Read more at Bloomberg Stocks News

Danone sees more revenue than cost benefit with Numico

(Reuters) - Numico Chief Executive Jan Bennink said he planned to resign after the deal closed.




"Once you have been CEO it is quite hard not to be CEO...Two captains on the same ship is probably not ideal so we came to an agreement that on the deal's closure I will probably step down," Bennink said in the conference call.


Read more at Reuters.com Business News

S.African stocks climb on miners and retailers

(Reuters) - South African shares closed in positive territory on Monday, led by heavyweight miners Anglo American and BHP Billiton as well as banking and retail stocks.

"The market has been riding on the back of the strong performance of Anglo and BHP that have seen some upgrades and there has also been a rebound in commodity prices," said Mauwane Kotane, a trader at BoE Stockbrokers.


Read more at Reuters Africa

Benin threatens to silence cell phone firms

(Reuters) - The West African country's Telecommunications Regulation
Authority issued a statement on Friday suspending the operating
contracts of South Africa-listed MTN and Atlantique
Telecom's "Moov" service with effect from Monday, saying both
companies had changed their names without its permission.




Both networks would be able to continue providing call
services until Thursday, when they would cease operating unless
they had signed new conventions, the regulator said.


Read more at Reuters.com Government Filings News

Iron-Ore Prices Will Advance Through 2009 on Chinese Demand, UBS Says

(Bloomberg) -- Iron-ore will rise through 2009 for a
record seven consecutive years of price gains as global
production of the key steelmaking raw material fails to meet
Chinese demand, UBS AG said in a report.

Iron ore will climb 25 percent in 2008 and 10 percent in
2009, UBS analysts led by Daniel Brebner wrote in a report
yesterday. That's higher than UBS's previous forecasts for a 10
percent gain in 2008 and no increase in 2009. Macquarie Bank
Ltd. expects 2008 prices to rise 17.5 percent, Citigroup Inc.
forecasts 20 percent and Credit Suisse Group 25 percent.


Read more at Bloomberg Commodities News

ICE urges Congress against more gov't oversight

(Reuters) - The views of ICE Chairman Jeffrey Sprecher conflicted with
those of Sen. Carl Levin, chairman of the Senate Permanent
Subcommittee on Investigations. Levin seeks to give the
Commodity Futures Trading Commission the same regulatory
authority over ICE as it has over the competing New York
Mercantile Exchange .




Sprecher said the CFTC can obtain information about ICE
trading even without new regulations.


Read more at Reuters.com Mergers News

Italease Could Lose Investment-Grade Rating, Credit-Default Swaps Show

(Bloomberg) -- Banca Italease SpA, the Italian
leasing company that had to pay more than $830 million after
derivatives transactions went bad, may lose its investment-grade
debt rating, according to traders of credit-default swaps.

Contracts on 10 million euros ($13 million) of Italease's
debt surged 12,000 euros to a record 95,000 euros today,
according to CMA Datavision. The cost to protect the Milan-based
lender's debt is higher than the 58,000 euros premium for
automaker Fiat SpA debt and the 82,000 euros for British Airways
Plc in London, both ranked high-risk, high-yield.


Read more at Bloomberg Bonds News

Meadowbrook cuts '07 EPS view

(Reuters) - The company now expects earnings of 73 cents to 79 cents a share for the year after considering the proposed offering and its recent acquisition of U.S. Specialty Underwriters Inc., it said in a statement.




Meadowbrook had earlier expected to earn 80 cents to 85 cents a share for 2007.


Read more at Reuters.com Hot Stocks News

Treasuries Advance First Time in Four Days on Subprime Mortgages Concern

(Bloomberg) -- Treasuries advanced for the first
time in four days on speculation higher rates and subprime
mortgage losses may slow U.S. economic growth.

Benchmark yields increased last week the most in more than
a year on reports for June showing the economy added more jobs
than economists forecast and services industries unexpectedly
grew at the fastest pace in 14 months. A reluctance to lend as
credit risk rises may slow economic growth, buoying U.S.
government debt.


Read more at Bloomberg Bonds News

LaBranche to sell Amex specialist operation

(Reuters) - The company also said it expects to incur a substantial non-cash charge for a writedown of its intangible assets related to its specialist business.




LaBranche has been hurt by the Big Board's move to electronic trading.


Read more at Reuters.com Hot Stocks News

UPDATE 1-LaBranche to launch strategic review; shares up

(Reuters) - NEW YORK, July 9 - LaBranche & Co. Inc. , which runs one of the largest equity specialist trading operations on the floor of the New York Stock Exchange said on Monday it would begin a strategic review of the company, sending its shares up 4 percent in morning trading.



The company also said it would sell its equity specialist operation on the American Stock Exchange and report a second-quarter net loss due to charges related to its NYSE Euronext investment.


Read more at Reuters.com Bonds News

Emerging Market Currencies Volatility Premium Drops From Seven-Month High

(Bloomberg) -- The premium demanded on currency
options from developing economies fell from a seven-month high as
signs of faster economic growth lifted demand for risky assets.

The spread between volatility on currency options from
developing and major economies had declined by more than half in
the last two weeks, according to data compiled by JPMorgan Chase
& Co. The spread touched the widest since November on June 21, as
the collapse of two Bear Stearns Cos. hedge funds invested in
subprime mortgages caused an exit out of risky assets.


Read more at Bloomberg Currencies News

Google to buy Web security company for $625 mln

(Reuters) - Google said the deal would enable it provide organizations with more Web-based services similar to its Google Apps package, which includes its e-mail service Gmail, Calendar, and Talk, its messaging service.




Google has been expanding its range of services from Web search and advertising to include popular software applications for businesses, such as word processing, putting it in direct competition with Microsoft's Office package of applications.


Read more at Reuters.com Business News

Coventry Health to buy Florida plan for $685 mln

(Reuters) - Vista has annual revenue of about $1.2 billion and about 295,000 members, with around 85 percent of the membership in the south Florida market with the rest in north central Florida and the state's panhandle.



Coventry said the deal to acquire Florida Health Plan Administrators LLC, the owner of Vista Healthplans, is expected to close within 180 days.


Read more at Reuters.com Mergers News

European Bond Yields Hold Near Five-Year High After Manufacturing Report

(Bloomberg) -- European 10-year bond yields held
near the highest in five years after a report showed German
factory production rose the most in six months during May.

Government debt may record a fifth day of losses, the
longest losing streak in three weeks, after European Central
Bank policy makers led by President Jean-Claude Trichet last
week signaled interest rates will rise further. Bonds weakened
earlier on speculation oil prices near a 10-month high will
boost import costs for the 13 economies that share the euro.


Read more at Bloomberg Bonds News

Alnylam Pharmaceuticals, Lexmark, Roche, SonoSite: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges.
This preview includes news that broke after exchanges closed on
July 6. Stock symbols are in parentheses after company names.
Share prices are as of 7:30 a.m. New York time.

Alnylam Pharmaceuticals Inc. (ALNY US) rose $7.65, or 50
percent, to $22.85 in trading before U.S. exchanges opened. Roche
Holding AG (RHHBY US), the world's biggest maker of cancer
medicines, said it may pay as much as $1 billion for rights to
Alnylam Pharmaceuticals technology that may allow the companies
to find new tumor, liver and breathing treatments. Alnylam will
get a cash payment of $288.5 million and will sell Roche about 2
million shares for $42.5 million. The stock represents just less
than a 5 percent stake in Alnylam, Roche said.


Read more at Bloomberg Stocks News

Emerging Market Currencies Volatility Premium Drop From Seven-Month High

(Bloomberg) -- The premium demanded on currency
options from developing economies fell from a seven-month high
as signs of faster economic growth lifted demand for risky
assets.

The spread between volatility on currency options from
developing and major economies had declined by more than half in
the last two weeks, according to data compiled by JPMorgan Chase
& Co. The spread touched the widest since November on June 21,
as the collapse of two Bear Stearns Cos. hedge funds invested in
subprime mortgages caused an exit out of risky assets.


Read more at Bloomberg Currencies News

Vietnam Money-Dollar rates rise as banks seek funds

(Reuters) - On June 26, Sacombank raised interest rates on
dollar deposits by 0.05 to 0.2 percentage points. Its rates on
13-month deposits now stand at 5.05 percent.




Eximbank offered 5.05 percent of its 12-month dollar
deposits, up from 4.85 percent previously, while ABBank offers
the highest rate of 5.42 percent for its 11-month deposits.


Read more at Reuters.com Bonds News

Copper eyes $8,000/t on strike, lead hits high

(Reuters) - Lead hit a fresh all-time high and copper was up more than 1 percent on Monday as workers in Chile prepared to go on strike and as stocks fell.

"There has been a good drawdown in inventories and obviously if Collahuasi goes on strike the market is looking for copper breaking down beneath the 100,000 level," analyst Nick Moore at ABN AMRO said, pointing to LME stocks falling to 102,075 tonnes.


Read more at Reuters Africa

Pound Gains as Growing Factory Prices Stoke Expectations Rates Will Rise

(Bloomberg) -- The U.K. pound gained for the first
day in three versus the dollar after a government report showed
factory-gate prices rose for a seventh month in June, adding to
the case for further interest-rate increases.

The pound posted its biggest advance for a week, trading
near its strongest since June 1981, after the report stoked
speculation the Bank of England isn't finished lifting borrowing
costs. The central bank last week raised its benchmark lending
rate for a fifth time in a year to 5.75 percent.


Read more at Bloomberg Currencies News

Chevy drives speedy GM Europe H1 sales growth

(Reuters) - "Our different strategies for Western and Eastern Europe are allowing us to maintain sales growth while also continuing to improve our revenue performance and the overall quality of our sales," said Jonathan Browning, GM Europe's vice president for sales and marketing.




Last month, it boosted unit sales by 10.3 percent to 214,918 vehicles as car buyers in central and eastern Europe flocked to the low-price Chevy brand.


Read more at Reuters.com Market News

IOC, Oil India eye Devon's West Africa assets - sources

(Reuters) - State-run firms Indian Oil Corp. (IOC) and Oil India Ltd. (OIL) are jointly considering making a non-binding bid for the West African assets of U.S.-based Devon Energy Corp., industry sources said.

A source closely involved in planning a possible bid told Reuters the two companies were "evaluating the data and would submit a bid if the data meets expectations."


Read more at Reuters Africa

European Bond Yields Trade Near Five-Year High Before Manufacturing Report

(Bloomberg) -- European 10-year bond yields traded
near the highest in five years before a report that's forecast
to show German industrial production rebounded in May.

Government debt may extend losses that pushed the benchmark
yields up the most last week in a month on prospects faster
economic growth will prompt the European Central Bank to keep
raising interest rates. ECB President Jean-Claude Trichet on
July 5 signaled borrowing costs will rise further.


Read more at Bloomberg Bonds News

Central European Indexes Gain, Paced by Telekom Austria, PKN Orlen Shares

(Bloomberg) -- Central European shares rose for a
second day, paced Telekom Austria AG after the largest Austrian
phone company raised its profit forecast.

PKN Orlen SA also gained after the Polish edition of
Newsweek magazine reported Poland's largest oil company wants to
take over its local competitor.


Read more at Bloomberg Stocks News

KfW, Air Liquide, CRH, Prologis Plan to Sell Debt: European Bond Alert

(Bloomberg) -- The following is a list of bond sales
denominated in euros or pounds and expected in the coming days
and weeks.

Investment-Grade Sales


Read more at Bloomberg Bonds News

German Stocks Rise; Shares of Henkel, ThyssenKrupp, Bayer Pace Advance

(Bloomberg) -- German stocks advanced, led by Henkel
KGaA, ThyssenKrupp AG and Bayer AG.

The benchmark DAX Index rose 40.91, or 0.5 percent, to
8089.23 as of 9:06 a.m. in Frankfurt. The HDAX Index of the
country's 110 biggest companies climbed 0.5 percent.


Read more at Bloomberg Stocks News

Russia's Mordashov eyes Power Machines buy -media

(Reuters) - Germany's Siemens holds 25 percent plus one share
in Power Machines and had sought to buy control in the firm, but
Russian authorities blocked the deal citing national security
reasons.




Russia's former power monopoly UES also holds 25
percent in Power Machines, which has market value of $1.2
billion.


Read more at Reuters.com Mergers News

Malaysian Industrial Production Rose in May at Fastest Pace in Five Months

(Bloomberg) -- Malaysia's industrial production rose
in May at the fastest pace in five months, as mining output
accelerated amid increasing demand for the nation's commodities.

Overall production at factories, utilities and mines grew
3.1 percent from a year earlier, compared with a revised 0.7
percent gain in April, the Putrajaya-based Statistics Department
said today. Economists were expecting a 1.3 percent increase.


Read more at Bloomberg Emerging Markets News