World Bank governance rankings show mixed results

(Reuters) - A World Bank report that measures factors like corruption control, government accountability and absence of violence, released on Tuesday, shows little overall improvement in governance worldwide despite increasing focus on the issue.

But cautioning against reading too much into global averages, the bank's latest Worldwide Governance Indicators (www.govindicators.org) also reveal that individually some governments, including those in Africa, could make a difference relatively quickly when they tackled governance reforms.


Read more at Reuters Africa

European Stocks May Decline, Led by HSBC, BHP Billiton, Anglo, Shell

(Bloomberg) -- European stocks may retreat for a
second day. HSBC Holdings Plc may lead banks lower after Moody's
Investors Service cut the credit ratings on $5.2 billion of bonds
backed by subprime mortgages.

BHP Billiton Ltd. and Anglo American Plc may slide as copper
fell. Royal Dutch Shell Plc may pace the decline after Goldman,
Sachs & Co. recommended investors sell the oil producer's shares.
Cumerio NV may be active after the company's board recommended an
offer from Germany's Norddeutsche Affinerie AG.


Read more at Bloomberg Stocks News

Japan's Bonds Rise Most in 10 Months as Rating Cuts Boost Government Debt

(Bloomberg) -- Japan's 10-year bonds rose the most
since September after credit-rating downgrades of U.S. subprime
mortgages sparked demand for the safety of government securities.

Bonds ended a five-day drop after Moody's Investors Service
cut credit ratings on $5.2 billion of debt, triggering the
biggest rally in Treasuries since February. Signs that a U.S.
housing slump will slow the world's largest economy may weaken
the Bank of Japan's case for raising the benchmark interest rate.


Read more at Bloomberg Bonds News

Australian Uranium Exploration Spending Jumped in 2006 on Demand, Prices

(Bloomberg) -- Australian uranium exploration
spending jumped more than 70 percent in the year ended March 31
to a 25-year high, driven by rising demand and a jump in prices
for the fuel for nuclear power generation.

Expenditure on uranium exploration rose to A$77 million ($66
million), with more than 200 companies looking for the
radioactive metal in 2006, up from 34 in 2005, Federal Industry
Minister Ian Macfarlane said today in an e-mailed statement,
citing figures from the Australian Bureau of Statistics.


Read more at Bloomberg Energy News

UPDATE 1-Dow Jones meets investors on alternate bid-source

(Reuters) - NEW YORK, July 10 - Dow Jones & Co. , in
talks for a takeover by News Corp. , met with
supermarket magnate Ron Burkle and Internet entrepreneur Brad
Greenspan on Tuesday in an effort to find an alternative offer,
a source familiar with the situation said.




Burkle and Greenspan met with members of an ad hoc
committee of Dow Jones' board members in New York in the late
afternoon on Tuesday to jointly discuss ideas for a rival bid.


Read more at Reuters.com Mergers News

Thai Baht to Gain From Decade High as Rate Cuts Spur Equities, UBS Says

(Bloomberg) -- The Thai baht will extend its gains
from the highest in almost a decade as interest rate cuts prompt
overseas investors to buy the nation's stocks, UBS AG said.

The currency, which closed yesterday at 33.47 per dollar in
Bangkok, will climb 1.4 percent to 33 within a month, said Nizam
Idris, a Singapore-based currency strategist at UBS, the world's
second-biggest currency trading firm. The baht has gained 3.4
percent over the past month, the best performance among 42
currencies in the Asia-Pacific region.


Read more at Bloomberg Currencies News

Saudi Arabia to Cut Crude Oil Exports to Asia for a 10th Month in August

(Bloomberg) -- Saudi Aramco, the world's largest
state oil company, will cut crude oil exports to Asian refiners
for a tenth month in August, refinery officials said.

The Dhahran, Saudi Arabia-based oil producer will reduce
supplies of its Arab Light and Arab Heavy crude oil to refiners
in Japan, China and South Korea by between 9 percent and 10
percent below the volumes set out in annual supply contracts,
said three refinery officials, who received notices from the
company and asked not to be identified because of
confidentiality agreements.


Read more at Bloomberg Energy News

Ezra, Food Junction, Keppel Land, Mapletree: Singapore's Equity Preview

(Bloomberg) -- The following shares may rise or fall
in Singapore. Stock symbols are in brackets and prices are from
the previous market close.

The Straits Times Index fell 0.2 percent to 3620.32. The
July futures contract declined 0.5 percent to 446.6.


Read more at Bloomberg Stocks News

Komatsu may boost dividend to 50 yen by FY09 -paper

(Reuters) - For 2009/10, Komatsu's net profit is expected at 240 billion
yen, up 46 percent from the year ended March, thanks to
construction booms in markets such as China, Europe and the
Middle East, the newspaper said.




Read more at Reuters.com Market News

New Zealand's Dollar Plunges Versus Yen as Investors Trim Riskier Bets

(Bloomberg) -- New Zealand's dollar fell to its lowest
in almost two weeks against Japan's currency as a decline in U.S.
stocks tied to concerns about subprime mortgages prompted traders
to unwind riskier bets.

So-called carry trades, where investors borrow cheaply in yen
to buy higher-yielding assets elsewhere, have boosted the New
Zealand dollar by 35 percent against the yen the past 12 months.
U.S. stocks fell for the first time in six days after Standard &
Poor's warned it may cut ratings on debt backed by subprime
mortgages because a U.S. housing slump is worse than it earlier
anticipated.


Read more at Bloomberg Currencies News

BHP Billiton, Qantas, Rio, Woodside Petroleum: 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 yesterday. Prices are from
yesterday'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 fell
1 percent to 6312 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index dropped 1.9 percent in New York.


Read more at Bloomberg Stocks News

UPDATE 1-Strong oil prices, margins to boost Chevron earnings

(Reuters) - Analysts, on average, expect the company to post earnings
of around $2.17 a share, up from $2.10 a share last year.




The company said the price it received for oil in the first
two months of the quarter rose both domestically and
internationally compared with the first quarter. Still,
Chevron's prices declined from year earlier levels.


Read more at Reuters.com Market News

Venezuela Bolivar Little Changed Before Central Bank Steps to Spur Savings

(Bloomberg) -- Venezuela's currency was little
changed in unregulated, parallel market trading before the
central bank announced measures to spur savings and slow
inflation.

After trading closed today, the central bank said it would
raise the minimum rates on savings and certificates of deposit
and the reserve requirement beginning July 16. Finance Minister
Rodrigo Cabezas said earlier today the central bank would
announce a new policy to lower the amount of money in
circulation and encourage saving.


Read more at Bloomberg Currencies News

Lawmaker may seek to curtail Fed consumer powers

(Reuters) - Rep. Barney Frank, a Massachusetts Democrat and chairman of the House Financial Services Committee, said the Fed did not use its authority to curtail loans offered to borrowers with damaged credit during the recent housing boom and needs to set tougher lending standards or face losing some of its authority.




"The Fed has the authority under the Federal Trade Act to spell out consumer protection rules generally and they have not done that," Frank said, after a speech to the National Alliance to End Homelessness.


Read more at Reuters.com Bonds News

DepoMed, Lehman, Live Nation, Level 3, NovaStar: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges today.
Stock symbols are in parentheses after company names. Share
prices are as of 4 p.m. New York time.

Shares of some U.S. securities firms and home-loan companies
declined after Standard and Poor's said it may cut ratings on $12
billion of bonds backed by subprime mortgages.


Read more at Bloomberg Stocks News

Corporate Bond Risk in U.S., Europe Soars on S&P Subprime Mortgage Warning

(Bloomberg) -- Corporate bond risk soared today to
the highest in 13 months after Standard & Poor's raised the
possibility of downgrading $12 billion of subprime mortgage
securities, stoking concerns that the flow of money in other
markets may be curbed, according to credit-default swap traders.

The CDX North America Investment-Grade Index of credit-
default swaps on 125 companies increased $3,500 to $46,500 at
2:35 p.m. in New York, according to broker Phoenix Partners
Group, the highest since January 2006. In Europe, the iTraxx
Crossover Series 7 Index of 50 companies jumped as much as
24,500 euros to 271,000 euros, the biggest daily move in more
than two years, according to JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

US GAO still researching protested $15 bln 'copter

(Reuters) - Government Accountability Office spokesman Michael Golden
said it was premature to forecast an exact date, but the Air
Force said it expected a decision 60 days after the second
round of protests came in -- or around early August.




Sikorsky Aircraft, a unit of United Technologies Corp.
, and Lockheed Martin Corp. last month protested
the Air Force's revised terms of the competition, which Boeing
Co. initially won last November.


Read more at Reuters.com Government Filings News

Levi Strauss posts higher net income in quarter

(Reuters) - The company said it expects to report revenue of $328 million to $329 million for the quarter, ended March 31, below the $330 million to $338 million range it had previously forecast.



Analysts, on average, expected $333.7 million, according to Reuters Estimates.


Read more at Reuters.com Market News

Uncertainty as Arizona immigrants await crackdown

(Reuters) - She has 15 years experience scrubbing and vacuuming offices
and private homes in and around Phoenix and hopes that having
her own firm will get herself and her clients out of a bind.




"This way I will be able to work for myself and the
patrones won't get into trouble under the new law,"
she told Reuters. "It's a good solution for everyone."


Read more at Reuters.com Bonds News

Genentech, Pepsi Bottling Group and Yum! Brands: U.S. Equity Option Movers

(Bloomberg) -- The following is a list of companies
with unusual option trading in U.S. exchanges today. Stock
symbols are in parentheses after company names. Option trading
and stock prices are as of 1:15 p.m. in New York.

Each call option gives investors the right to buy 100 shares
of a company at a certain price, called the strike price, by a
given date. A put conveys the right to sell 100 shares.


Read more at Bloomberg Stocks News

Bond Risk Soars to One-Year High as S&P Threatens Subprime CDO Downgrades

(Bloomberg) -- Corporate bond risk soared to the
highest in a year after Standard & Poor's said it may cut
ratings on $12 billion of subprime securities, according to
traders of credit-default swaps.

The CDX North American Investment-Grade Index of credit-
default swaps on 125 companies increased $3,000 to $46,000,
according to Phoenix Partners Group in New York, the highest
risk premium since June 2006. In Europe the iTraxx Crossover
Series 7 Index of 50 companies jumped as much as 24,500 euros to
271,000 euros, the biggest daily move in more than two years,
according to JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

Corn Rallies as Unusually Hot, Dry Weather Threatens Crops in U.S. Midwest

(Bloomberg) -- Corn rose to a one-week high in
Chicago on speculation that hot, dry weather may damage crops in
the U.S., the biggest producer and exporter of the grain.

Parts of the western Midwest may receive less than 25
percent of normal rain the next three weeks and temperatures
will approach 100 degrees Fahrenheit (37.8 Celsius) starting
July 19, said Joel Widenor, a meteorologist for CropCast
Services Inc. in Rockville, Maryland. About 25 percent of
Midwest crops may be at risk, he said.


Read more at Bloomberg Commodities News

Venezuela Bolivar Little Moved as Investors Await Plan to Drain Liquidity

(Bloomberg) -- Venezuela's currency was little
changed in unregulated, parallel market trading as investors
awaited government plans to remove cash from the economy.

Finance Minister Rodrigo Cabezas said on July 8 that the
central bank will this week announce a new policy to lower the
amount of money in circulation and encourage saving. He didn't
specify what the new measures would be.


Read more at Bloomberg Currencies News

UPDATE 1-Global Partners to buy 2 terminals for $35 mln

(Reuters) - Global Partners is one of the U.S. Northeast's largest
wholesale distributors of distillates, gasoline and residual
oil to wholesalers.




The terminals, with a total storage capacity of 430,000
barrels, are in Glenwood Landing and Inwood, New York.


Read more at Reuters.com Mergers News

Jackson Hewitt to pay fine over tax refund loans

(Reuters) - Tax refund loans, also known as refund anticipation loans,
let taxpayers who expect refunds get cash early. They are
generally made between February and the mid-April tax filing
deadline. Pre-season loans are typically made from November to
January, often for people who need money during the holidays.




"Tax loans are only for tax time," said Mark Pearce, North
Carolina's deputy commissioner of banks. "We were concerned
that these pre-file loans might lead to a new type of debt
trap."


Read more at Reuters.com Government Filings News

`Harry Potter' Film Sales May Top $900 Million, Reviving Time Warner Unit

(Bloomberg) -- ``Harry Potter and the Order of the
Phoenix'' may take in about $900 million in global ticket sales,
ranking it second among this year's releases and giving Time
Warner Inc. its biggest hit since the last Potter film in 2005.

``Order of the Phoenix'' opens tomorrow in the U.S., less
than two weeks before the seventh and final book in the series
from author J.K. Rowling arrives in stores.


Read more at Bloomberg Exclusive News

Canada Raw-Materials Stocks Fall on Metals Prices Decline; Financials Gain

(Bloomberg) -- Canadian raw-materials producers'
stocks fell, led by nickel miner FNX Mining Co., as prices of
industrial metals dropped.

Financial stocks rose, led by Bank of Nova Scotia. The
Standard & Poor's/TSX Composite Index was little changed, slipping
6.27 from a record to 14,171.25 at 10:36 a.m. in Toronto.


Read more at Bloomberg Stocks News

TREASURIES-Bonds rally driven by worries on subprime, stocks

(Reuters) - The drive to Treasuries was fed by mounting concern over
subprime mortgage debt and the deteriorating housing market
that could also hurt U.S stocks, analysts and trader said.




Earnings warnings from retailers and home builders and also
credit rating agency Standard & Poor's statement that it may
cut ratings of some subprime loans and is reviewing its ratings
of collateralized debt obligations were all factors hurting
equities and nongovernment bonds.


Read more at Reuters.com Bonds News

Mexico's Local Bonds, Currency Fall on Waning Appetite for Riskier Assets

(Bloomberg) -- Mexican peso-denominated bonds and
the currency fell after Standard & Poor's said it may cut credit
ratings on bonds backed by subprime mortgages, damping investor
appetite for riskier assets.

The yield on Mexico's 10 percent bond due December 2024,
the country's most-traded security, rose to its highest in two
weeks after S&P said losses on residential mortgage-backed
securities will increase beyond previous expectations. The move
fueled concerns U.S. housing weakness will slow growth in the
world's largest economy.


Read more at Bloomberg Currencies News

First Data says ex-MCI leader to become its CEO

(Reuters) - Capellas will succeed Henry "Ric" Duques, who came back to the company in 2005 to oversee a reorganization.




Capellas was chief executive of MCI Inc. from 2002 until its acquisition by Verizon Communications Inc. in 2006. He was chief executive of Compaq Computer from 1999 to 2002.


Read more at Reuters.com Mergers News

Oil Falls on Speculation Refinery Shutdowns Will Reduce Demand in the U.S.

(Bloomberg) -- Crude oil fell for a second day in
New York on speculation U.S. consumption will decline because of
unexpected refinery shutdowns.

BP Plc yesterday was closing the largest of three crude
units at its refinery in Whiting, Indiana, a person familiar
with the plant said. Refineries in Texas and Kansas shut units
last week. U.S. stockpiles in the week ended June 29 were the
highest since 1998, an Energy Department report last week
showed. The department's next report is due tomorrow.


Read more at Bloomberg Energy News

U.S. Stocks Fall on Earnings Outlooks; D.R. Horton, Sears Shares Decline

(Bloomberg) -- U.S. stocks fell for the first time
in six days on concern the housing slump will hurt earnings
after D.R. Horton Inc. said it will report a loss and Sears
Holdings Corp. forecast its profit will fall.

D.R. Horton, the second-largest U.S. homebuilder, slid
after saying it sees no sign of a housing rebound. Sears, the
biggest U.S. department-store company, plunged the most since
2005 after it said earnings will trail analysts' estimates.


Read more at Bloomberg Stocks News

Euro Advances to Record Against Dollar Before Bernanke Speaks on Inflation

(Bloomberg) -- The euro rose to a record against the
dollar before a speech by Federal Reserve Chairman Ben S.
Bernanke, who may reiterate concern on inflation.

The euro gained against the U.S. currency as the extra yield
investors earn on Treasuries over German bunds is near the lowest
in 2 1/2 years. Futures traders are betting the Fed will keep
interest rates at 5.25 percent this year, while the European
Central Bank is expected to lift rates at least once this year.


Read more at Bloomberg Currencies News

Pantry slashes '07 profit view

(Reuters) - The company now expects 2007 earnings of $1.65 to $1.80 a share, down from its prior view of $2.30 to $2.40 a share.



Pantry also said it sees third-quarter earnings of 45 cents to 50 cents a share, including items.


Read more at Reuters.com Market News

Akamai, Ford, Gemstar-TV, GM, Micron, Sears, Unilever: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 8:10 a.m. New York time.

Akamai Technologies Inc. (AKAM US) gained $1.97, or 4.1
percent, to $49.50 before the open of U.S. exchanges. The
Cambridge, Massachusetts-based company, whose software speeds the
delivery of Internet data, will replace Biomet Inc. in the
Standard & Poor's 500 Index, S&P said.


Read more at Bloomberg Stocks News

UPDATE 1-Helen of Troy first-quarter earnings rise

(Reuters) - The personal-care and household products maker reported net
income of $10.1 million, or 32 cents a share, compared with
$6.7 million, or 21 cents a share, in the year-ago quarter. Net
sales rose 7.5 percent to $140.2 million.




Analysts on average expected earnings of 30 cents a share,
excluding exceptional items, on revenue of $142.1 million,
according to Reuters Estimates.


Read more at Reuters.com Market News

US STOCKS-Futures drop as Home Depot, Sears warn

(Reuters) - NEW YORK, July 10 - U.S. stock futures fell on
Tuesday as profit warnings from Home Depot Inc. and
other companies fueled concern about the earnings outlook.




Investors also were cautious before a speech on inflation
by Federal Reserve Chairman Ben Bernanke later on Tuesday.


Read more at Reuters.com Bonds News

UPDATE 1-Greenbrier quarterly profit up

(Reuters) - The company said conventional railcars typically have
higher per unit sales prices than intermodal platforms, which
involves the transportation of freight in a container using
multiple modes of transportation.




Greenbrier also raised its 2007 delivery estimate citing
higher production rates resulting from orders received during
the third quarter.


Read more at Reuters.com Market News

Pepsi Bottling posts higher net, raises outlook

(Reuters) - The largest bottler of PepsiCo Inc. beverages said
net income had increased to $162 million, or 70 cents per
share, in the second quarter ended on June 16 from $148
million, or 61 cents per share, a year earlier.




Analysts on average were expecting 63 cents per share from
the company, which operates in North America, Russia, Spain,
Turkey and Greece.


Read more at Reuters.com Market News

Gold off high before Bernanke, oil supports

(Reuters) - Most commodity markets rallied the previous day, with leading indexes revisiting 2006 highs after crude oil hit an 11-month peak and copper a 2-month high.




By 0944 GMT spot gold was at $661.45/662.05 an ounce, slightly up from $660.80/661.60 late in New York on Monday.


Read more at Reuters.com Hot Stocks News

U.S. stocks set to fall, Home Depot cuts 2007 outlook

(Reuters) - Home Depot cut its 2007 earnings per share forecast by 15 percent, citing weakness in the U.S. housing market.




Home Depot shares fell by 1.4 percent in Frankfurt to 29.19 euros, ranking them one the biggest percentage decliners among major U.S. and Canadian stocks traded in Europe.


Read more at Reuters.com Bonds News

Brent's Premium to WTI Climbs to Month-High on U.S, Oil Refinery Shutdown

(Bloomberg) -- The Brent crude oil premium to West
Texas Intermediate rose to the highest in a month after a report
that BP Plc was shutting down the largest of three crude units at
its Whiting, Indiana, refinery, the biggest in the U.S. Midwest.

The Brent premium is also supported by planned field
maintenance and reports of output disruption in the North Sea.
The U.S.'s Apache Corp. will idle two of its North Sea oil
platforms for routine maintenance starting Aug. 10, while
ConocoPhillips has stopped oil exports from its J-Block field
because of the closure of the CATS gas pipeline in the area.


Read more at Bloomberg Energy News

Mexico's Cemex says has more than 90 pct of Rinker

(Reuters) - Cemex had in May lowered the number of acceptances it
required to 50 percent from an original 90 percent in order to
push through the bid.




Read more at Reuters.com Mergers News

LG.Philips stake sale by Philips in mkt unlikely

(Reuters) - Dutch company Philips has said it plans to sell at least part
of its 32.9 percent stake in LG.Philips once a lock-up expires in
July.




For related stories click [ID:nSEO295846] and [ID:nSEO22342]


Read more at Reuters.com Market News

China shares end down 0.78 pct, but banks surge

(Reuters) - Despite the closing fall, analysts said the index might still rise to 4,000 points this week, though they believed it would have a hard time holding at that level.




"Today's market retreat after surpassing the 3,900 level already shows that 4,000 may be a psychological level for investors," said Zhang Yanbing, analyst at Kinghing Securities.


Read more at Reuters.com Hot Stocks News

Copper ups through $8,000, lead at new high

(Reuters) - Copper broke through $8,000 a tonne for the first time since May as mine workers in Chile, the world's largest producer, went on strike and lead hit a new all-time high on supply fears.

Copper for three-month delivery on the London Metal Exchange ended up at $7,990 a tonne from $7,840 on Friday. Earlier it touched $8,015, the highest since May 10 and a gain of more than 10 percent since late May.


Read more at Reuters Africa

Pakistan's Eight-Year Stock Rally May End on Musharraf Bid to Win Election

(Bloomberg) -- Pakistani stocks, Asia's best
performers since President Pervez Musharraf seized power in a coup
eight years ago, may be set for a selloff as his bid for a new
five-year term meets widespread public opposition.

The rally has made shares 40 percent more expensive than
their eight-year average, according to Invisor Securities Ltd. in
Karachi. At the same time, average annual economic growth of 7.5
percent over the past four years is pushing up inflation and
interest rates.


Read more at Bloomberg Exclusive News

UPDATE 1-LG.Philips swings to Q2 profit on LCD prices

(Reuters) - Hit by tumbling prices and oversupply last year, the liquid
crystal display industry has managed to quickly recover in recent
months as LCD makers moved to curb output and focus on margins.




LG.Philips , the world's second-biggest maker of
large-sized LCDs, earned a 228 billion won net
profit in the quarter ended June, well above a 138.2 billion won
forecast by eight analysts polled by Reuters, helped in part by a
tax-related gain.


Read more at Reuters.com Market News

JGBs edge lower on caution ahead of BOJ meeting

(Reuters) - JGB futures got a slight boost in early trade on gains in
U.S. Treasuries on Monday.




But the rise in JGBs never gained much momentum, and futures
later dipped into negative territory after absorbing the Ministry
of Finance's sale of 2.0 trillion yen in
five-year JGBs with a 1.5 percent coupon.


Read more at Reuters.com Bonds News