Possible Nigeria finmin wants low tax, interest rates

(Reuters) - One of the main contenders to be the next finance minister of Nigeria said on Wednesday he favoured lower corporate tax, fiscal incentives for businesses and lower interest rates in Africa's top oil exporter.

Bode Agusto, who was director-general of the federal budget office until the last administration stepped down on May 29, said government should aim to stimulate private sector growth.


Read more at Reuters Africa

Gold creeps up near 1-month high as dollar dips

(Reuters) - Gold edged up near a one-month high on Thursday as the dollar's falls and sharp volatility in U.S. stock and bond markets this week induced safe-haven buying.

Funds flocked into precious metals as they were cheaper relative to other commodities such as crude oil and industrial metals, which have risen more sharply in the last several weeks.


Read more at Reuters Africa

Neo-China to Offer Higher Yield on Dollar Bond Sale to Attract Investors

(Bloomberg) -- Neo-China Group (Holdings) Ltd., a
Hong Kong-based builder, is offering a higher yield on a planned
dollar-denominated bond sale, after attaching warrants to the
securities to attract demand, according to an e-mail sent to
investors.

Neo-China is seeking to sell seven-year bonds today in New
York to yield 9.75 percent, higher than a target of about 9.5
percent set on July 10, the e-mail, sent by one of the sale's
arrangers, shows.


Read more at Bloomberg Bonds News

Drummond Murder Trial Tests Law Used to Sue Chiquita, Fresh Del Monte

(Bloomberg) -- As twilight fell on March 12, 2001, at
Drummond Ltd.'s coal mine near La Loma, Colombia, union leaders
Valmore Locarno and Victor Orcasita boarded a company bus with
their coworkers for the ride home. A few miles into the journey,
gunmen stopped the bus and took the two men away. They killed
Locarno on the spot, according to a complaint by family members.

Orcasita was bound and driven away, tortured, and found dead
with bullet wounds in his head. Months later, Locarno's successor
as union president, Gustavo Soler, also was slain, according to
the civil complaint filed in 2002 against Drummond Company Inc.
in federal court. The trial began today with jury selection in
Birmingham, Alabama, where Drummond is based.


Read more at Bloomberg Exclusive News

JP Morgan analysts disagree on future iPhones

(Reuters) - But a day later, Bill Shope, a U.S. analyst who covers Apple for JPMorgan, followed with a note to clients that contradicted virtually everything his colleague had said and questioned the sources Chang used for his take on Apple product plans.




Rather than bring out a low-end version of the iPhone any time soon, Shope said, Apple would likely make its next phone a more sophisticated device with high-speed cellular Internet connections, a feature missing from the current iPhone.


Read more at Reuters.com Business News

Chrysler on track for deal with Cerberus: Zetsche

(Reuters) - His comments echoed remarks earlier on Wednesday by Cerberus Chairman John Snow who said the company was "confident" it had the financing to close the acquisition.




"There are no 'ifs' in that statement" from Snow, said Zetsche.


Read more at Reuters.com Mergers News

Motorola warns Q2 loss, sees no mobile profit in '07

(Reuters) - The warning came at the end of a day when Motorola shares had risen as much as 3 percent on rumors that its chief executive, Ed Zander, could resign amid a campaign by an activist shareholder to oust him.




Earlier this year, Zander had withstood pressure from another activist shareholder, billionaire investor Carl Icahn, but Wednesday's profit warning could trigger more speculation that he may be forced out, some analysts said.


Read more at Reuters.com Business News

Genentech profit up 41 percent on Rituxan, Avastin

(Reuters) - The world's second-largest biotechnology company also slightly boosted its full-year profit forecast, but shares inched down as healthy but largely in-line sales of key products failed to excite investors waiting for Genentech's next big revenue driver.




"It seems like Genentech is in a bit of a holding pattern for the time being," said Cowen and Co analyst Eric Schmidt, who has said Avastin colon cancer trial results expected next year were one of the next key events for the company.


Read more at Reuters.com Hot Stocks News

Yen, South Korea's Won, Philippine Peso, Thai Baht: Asian Currency Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian currencies today.

Exchange rates are from the previous session.


Read more at Bloomberg Currencies News

UPDATE 1-Endo says patch fails 2 late-stage trials; shares fall

(Reuters) - The company said it was withdrawing its outlook related to
the expected filing date of the new drug application for its
topical ketoprofen patch. It had previously expected to file
the application in the first half of 2008.




The delay has no impact on the company's previously issued
2007 financial outlook, it said in a statement.


Read more at Reuters.com Government Filings News

UPDATE 2-U.S. House cuts student lender subsidies

(Reuters) - WASHINGTON, July 11 - The U.S. House of
Representatives voted 273-149 on Wednesday to slash federal
subsidies paid to college student-loan companies, such as
Sallie Mae and Citigroup Inc , by $19 billion and
boost grants to students, ignoring a White House veto threat.




The House bill and a similar measure in the Senate, which a
key lawmaker said could pass as early as this month, have been
attacked by the $85 billion student-loan industry, but
championed by industry critics, including some student groups.


Read more at Reuters.com Government Filings News

US STOCKS-Indexes gain on earnings optimism; Yum up late

(Reuters) - NEW YORK, July 11 - U.S. stocks rose on
Wednesday as a scarcity of profit warnings fueled optimism
over the corporate reporting season, enabling the market to
regain its footing after a sharp drop the previous session.




Shares of fast-food company Yum Brands , which
jumped 4.9 percent during the regular session, extended gains
after the close when it reported higher quarterly earnings and
raised its profit forecast for the year. For details, see
[ID:nN11308331]


Read more at Reuters.com Bonds News

Genentech profit up on Avastin, Rituxan

(Reuters) - Genentech had a profit of 78 cents per share for the quarter excluding stock-based compensation expenses and other items and posted total operating revenue of $3.0 billion, up from $2.2 billion a year ago. Both beat Wall Street forecasts.




Analysts, on average, had expected the South San Francisco-based company to post second-quarter earnings before items of 71 cents per share on revenue of $2.85 billion, according to Reuters Estimates.


Read more at Reuters.com Business News

UPDATE 1-US House sends foreign investment overhaul to Bush

(Reuters) - The business-backed measure would tighten the oversight of deals by the inter-agency Committee on Foreign Investments in the United States' . It has already been approved by the Senate.




The House's 370-45 vote represents Congress' final response to last year's controversy over CFIUS approval of the purchase of some key U.S. port operations by state-owned Dubai Ports World.


Read more at Reuters.com Government Filings News

RPT-Resources Connection quarterly profit rises

(Reuters) - For the fourth quarter, the company posted net income of
$16.1 million, or 32 cents per share, up from $15.7 million, or
31 cents per share, last year. Excluding stock-based
compensation expense, it earned 40 cents per share.




Revenue for the quarter rose 21 percent to $200.5 million.


Read more at Reuters.com Market News

Oil Falls After Report of Larger-Than-Expected Rise in Gasoline Supplies

(Bloomberg) -- Crude oil fell after an Energy
Department report showed that U.S. gasoline inventories rose for
a second week.

Gasoline stockpiles climbed 1.14 million barrels to 205.6
million in the week ended July 6, the report showed. Eighteen
analysts in a Bloomberg News survey expected an increase of
825,000 barrels, based on the median of estimates. Stockpiles of
distillate fuel, a category that includes heating oil and
diesel, rose 760,000 barrels.


Read more at Bloomberg Energy News

Sugar Gains For Third Day as Rising Energy Prices May Increase Ethanol Use

(Bloomberg) -- Sugar rose a third straight day in
New York on speculation that surging energy prices will increase
demand for ethanol made from sugar cane, curtailing the growth of
a global surplus of the sweetener.

The center-south region of Brazil, the biggest producer of
sugar cane, had produced 5.4 million tons of sweetener as of June
15, down from 6 million tons in the same period last year, while
ethanol output jumped 10 percent to 4.2 billion liters, the
London-based International Sugar Organization said in an e-mailed
report yesterday. Crude oil and gasoline futures in New York have
risen for four weeks in a row.


Read more at Bloomberg Commodities News

UPDATE 1-U.S. money market fund assets set record

(Reuters) - "Assets of U.S. money-market funds kept rising ever-higher
during the week ended July 10," said the report published by
iMoneyNet Inc.




Taxable assets jumped $10.4 billion to a record $2.1
trillion, while tax-free assets rose $10.2 billion to a record
$414 billion.


Read more at Reuters.com Bonds News

AOL settles with states on cancellation complaints

(Reuters) - NEW YORK, July 11 - Time Warner Inc.'s AOL reached a settlement with 48 states and the District of Columbia under which it will change its policy on account cancellations, officials announced on Wednesday. The settlement stems from consumer complaints that AOL made it difficult to close down accounts -- for example, providing telephone service representatives with incentives for retaining customers who called to cancel the service.



Under the agreement, AOL will change its policy and make refunds to some customers. The settlement also covers other complaints about AOL billing practices.


Read more at Reuters.com Government Filings News

KB Home to exit Indianapolis market

(Reuters) - "It's a very small division," she said. "We're
consolidated. We only had small communities in and around
Indianapolis versus, say, the Atlanta metro has 22."




The company currently has 139 homes under construction in
the Indianapolis area, Shaw said.


Read more at Reuters.com Bonds News

Cerberus says committed to Chrysler

(Reuters) - Cerberus had agreed to buy the majority of automaker
DaimlerChrysler's struggling Chrysler Group for $7.4
billion in May.




The comments came as DaimlerChrysler shares fell more than 2
percent on Wednesday on market talk of possible financing
difficulties for the sale of Chrysler to Cerberus.


Read more at Reuters.com Mergers News

UPDATE 2-Icahn sweetened Lear buyout faces stiff opposition

(Reuters) - CHICAGO, July 11 - Billionaire Carl Icahn's
sweetened $3 billion buyout offer for auto parts maker Lear
Corp. has gained little traction among top advisory
firms or shareholders ahead of a scheduled vote next week.




Influential advisory firm Institutional Shareholder
Services on Tuesday joined Pzena Investment Management LLC and
the California State Teachers' Retirement System in opposing
Icahn's new $37.25 per share offer for Lear.


Read more at Reuters.com Mergers News

Cocoa Rebounds on Report Indicating Rising Demand From European Processor

(Bloomberg) -- Cocoa in New York rebounded from two
sessions of losses after a report indicated rising demand from
European processors such as Cadbury Schweppes Plc and Nestle SA.

Companies used 3.4 percent more beans in the second quarter
than a year earlier, the European Cocoa Association in Brussels
said today in a report. Cocoa grindings, a measure of how much of
the commodity is made into chocolate, rose to 323,353 metric tons
from 312,817 metric tons, according to the group.


Read more at Bloomberg Commodities News

Australians Snub New York Offices, Find Value in West Virginia Warehouses

(Bloomberg) -- Australian investors widened their
lead as the biggest international buyers of U.S. real estate,
spurning skyscrapers in New York and San Francisco for warehouses
in Mineral Wells, West Virginia, and malls in Sylvania, Ohio.

This year, Australians purchased $7.7 billion of U.S. real
estate, or $2.2 billion more than they acquired during all of
2006, according to New York-based Real Capital Analytics Inc., a
provider of data on the U.S. property market. Germans spent $2
billion in the same period and Middle East buyers $3.9 billion.


Read more at Bloomberg Exclusive News

US STOCKS-Wall St gains, sidesteps subprime worries

(Reuters) - NEW YORK, July 11 - U.S. stocks rose on Wednesday
after a sharp decline in the prior session as investors hedged
their bets about the impact of a worsening crisis in the
subprime mortgage industry.




Shares of big manufacturers were among gainers, with
Caterpillar Inc. and Honeywell International
rising about 1 percent.


Read more at Reuters.com Bonds News

UPDATE 1-Saudi Basic to borrow up to $9 bln, mostly in U.S.

(Reuters) - The debt would help SABIC raise its profile in the United
States, the biggest petrochemical market, after its $11.6
billion purchase of Massachusetts-based GE Plastics.




The acquisition in May was the largest ever announced by a
Gulf Arab investor and SABIC, the world's biggest chemical
company by market value, said at the time it would borrow around
75 percent of the cost.


Read more at Reuters.com Mergers News

Zambia rations power to keep its mines going

(Reuters) - Zambia's power utility said on Wednesday it had begun rationing electricity to cope with a shortage prompted by rising demand from the mining sector, the economic lifeblood of the southern African nation.

State utility Zesco Ltd. said it had started rationing electricity to domestic and other commercial users to ensure adequate power supply to the mining sector, which includes copper and cobalt operations.


Read more at Reuters Africa

IEA Official Says Efficiency Is `Tempering' Electricity Demand in Europe

(Bloomberg) -- Power consumption in Europe is slowing
more than expected because of efficiency policies, an International
Energy Agency official said.

``The preliminary results for Europe show that efficiency
policies are tempering electricity demand more than we were
projecting last year,'' William Ramsay, the deputy executive
director at the IEA, said today at a seminar in Lisbon.


Read more at Bloomberg Energy News

Blue chips up on lower oil; housing in focus

(Reuters) - Gains in McDonald's Corp and bargain-hunting after Tuesday's sharp decline also underpinned the blue-chip average.




"Some people feel there was an overreaction to S&P's announcement about subprime-related debt," said Michael Metz, chief investment strategist at Oppenheimer & Co. in New York.


Read more at Reuters.com Business News

Yen Declines Against Euro as Stabiliity in U.S. Stocks Prompts Carry Trade

(Bloomberg) -- The yen fell versus the euro and a
dozen other major currencies as signs of stability in U.S.
stocks suggested investors may slow a flight from risky assets.

The yen gave up gains posted earlier today and yesterday
when investors fled risky trades following Moody's Investors
Service's move to cut ratings on $5.2 billion of bonds backed by
U.S. subprime mortgages. The rating reduction led some traders
to exit so-called carry-trade bets financed by borrowing yen.


Read more at Bloomberg Currencies News

US home sales, prices to slip more this year-NAR

(Reuters) - Existing-home sales should hit a pace of 6.11 million units
this year, down from the 6.18 million units it predicted last
month.




The national median sales price for existing homes should
ease by 1.4 percent to $218,800 this year. Last month the trade
group said prices should slip 1.3 percent.


Read more at Reuters.com Economic News

Yahoo Chief Yang May Fail in Ad Squeeze by Google Search, Facebook Network

(Bloomberg) -- Yahoo! Inc. lost the battle with
Google Inc. in searching the Internet and now may have
jeopardized its lead in display advertisements.

Even a new chief executive officer and head of sales may not
be able to prevent rival social-networking sites MySpace and
Facebook Inc. from eroding Yahoo's revenue from the banner ads
that make up about 40 percent of the company's sales.


Read more at Bloomberg Exclusive News

UPDATE 1-Bush to forecast U.S. deficit of $205 billion

(Reuters) - The deficit was $248 billion last year. The fresh estimate
in President George W. Bush's "midsession review" revises the
2007 forecast downward from the February estimate that put it
at $244 billion.




But the new estimate is still slightly higher than private
forecasts, which pegged the deficit at around $150 billion.


Read more at Reuters.com Bonds News

Alcan gives $100 mln contract for S.Africa smelter

(Reuters) - Aluminum producer Alcan Inc. said it signed an over $100 million contract with a joint venture to build the first phase of its proposed aluminum smelter in South Africa.

The contract with the joint venture, consisting of SNC-Lavalin, Murray & Roberts and Hatch, is for the front-end engineering design and management of the 360,000-tonnes per year smelter in Coega.


Read more at Reuters Africa

U.S. Stock-Index Futures Fall; Lehman Brothers, Bear Stearns Shares Drop

(Bloomberg) -- U.S. stock-index futures declined
on growing concern that the lingering housing slump and rising
mortgage defaults will reduce second-quarter earnings.

Lehman Brothers Holdings Inc. and Bear Stearns Cos., the
biggest underwriters of mortgage-backed securities, retreated
after ratings agencies said subprime losses may widen. Ryland
Group Inc., the largest U.S. homebuilder for first-time buyers,
fell after saying it will post a loss.


Read more at Bloomberg Stocks News

Accor declines comment on KKR bid rumor

(Reuters) - Accor shares were up 2.9 percent at 99.63 euros in early afternoon trade, the top gainer on France's benchmark CAC-40 index .




Read more at Reuters.com Hot Stocks News

China's foreign reserves hit $1.33 trillion

(Reuters) - The central bank said on Wednesday that reserves had grown by $266.3 billion to $1.3326 trillion between January and June, in excess of the $247.3 billion reserves accumulation for the whole of 2006.




Analysts said the jump, which will have intensified upward pressure on the yuan , was largely in line with expectations given a widening in the country's trade surplus in the first six months.


Read more at Reuters.com Business News

UPDATE 1-Alcan begins merger talks with Rio Tinto - report

(Reuters) - The Globe and Mail, citing sources, said global mining
company Rio Tinto hired investment banker CIBC World Markets
recently to help it prepare a bid for Alcan.




Britain's Times newspaper also reported that Rio was poised
to launch a $34 billion takeover of Alcan, saying that Wall
Street investment bankers believe the rival offer "is ready to
go hot" with a formal approach within two weeks.


Read more at Reuters.com Mergers News

Qatar, Hydro award GE, Doosan power plant contract

(Reuters) - The power plant is to supply electricity to the $4.5 billion Qatalum project, a joint venture between state-run Qatar Petroleum and Norway's Hydro.




Qatar, which has the world's third largest gas reserves, has ploughed billions of dollars into steel, petrochemicals and fertilizer plants as it looks to diversify its economy from oil and gas.


Read more at Reuters.com Business News

U.S. Stock-Index Futures Fall; Shares of Home Depot, Walt Disney Retreat

(Bloomberg) -- U.S. stock-index futures declined,
erasing an earlier advance, on growing concern that the housing
slump will reduce second-quarter earnings.

Home Depot Inc. and Walt Disney Co. led declines in Dow
Jones Industrial Average members. Baker Hughes Inc., the
world's third-largest oilfield-services provider, dropped after
Merrill Lynch & Co. downgraded the shares to ``neutral.''


Read more at Bloomberg Stocks News

Senegal asked to help stop French cotton group sale

(Reuters) - Unions at French state-controlled cotton producer Dagris have appealed to Senegalese President Abdoulaye Wade to help halt its sale to a private consortium, saying the move could hurt millions of African farmers.

France said in February it would sell its majority stake in Dagris, one of the world's top cotton producers, to a consortium including Sofiproteol, the financial arm of French oilseed growers' group FOP, and investment firm IDI.


Read more at Reuters Africa

Lead Rises to Record $3,000 a Ton on LME Amid China Demand; Copper Falls

(Bloomberg) -- Lead rose to a record $3,000 a
metric ton in London as stockpiles shrank and demand increased
from China, the largest consumer of the metal. Copper dropped
for a second consecutive day.

Demand for the metal used in car batteries will exceed
production by 74,000 tons this year, according to Macquarie Bank
Ltd., forcing consumers to tap inventories. Stockpiles tracked
by the London Metal Exchange fell 125 tons to 42,925 tons, the
LME said today in a daily report. They have declined 61 percent
in the past 12 months.


Read more at Bloomberg Commodities News

U.S. stock index futures indicate firm market open

(Reuters) - In takeover talk, Canada's Globe and Mail newspaper reported that Alcan has begun negotiating toward a merger agreement with Rio Tinto to fend off a hostile bid from U.S. rival Alcoa .




Dow Jones & Co. , in talks for a takeover by News Corp. , met 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.


Read more at Reuters.com Bonds News

Norway's Krone Drops on View Recent Gain Fails to Reflect Outlook for Rate

(Bloomberg) -- Norway's krone traded near its lowest
in a week on speculation a slowing of inflation will reduce the
chances of the central bank quickening the pace of interest-rate
increases.

The central bank last month said its benchmark rate would
rise to 5.75 percent by mid-2008 to pre-empt inflation in the
economy, which pushed the krone 1.6 percent higher, its best
monthly performance since November 2006. The krone yesterday slid
by the most since March, after the statistics agency of Norway
said inflation unexpectedly slowed to 1.3 percent in June.


Read more at Bloomberg Currencies News

London Stock Exchange Q1 revenues hit record

(Reuters) - By Daisy Ku



LONDON, July 11 - The London Stock Exchange , which is buying Borsa Italiana, reported record first-quarter revenue of 100.1 million pounds on Wednesday due to strong share trading and company flotations.


Read more at Reuters.com Market News

GLOBAL MARKETS-Subprime woes hit stocks, credit and dollar

(Reuters) - Credit spreads extended their sharp move wider, while
investors seeking safe-havens rushed to buy government bonds.
Rising oil prices, which hit 11-month peaks on Monday, also
raised concern about inflationary pressure, weighing on shares.




The latest jitters started on Tuesday after two leading
ratings agencies started slashing ratings for more than $17
billion of U.S. mortgage-related debt -- representing around
three percent of the total subprime market.


Read more at Reuters.com Bonds News

Alcan begins merger talks with Rio Tinto - report

(Reuters) - Alcan Inc. has begun negotiating toward a merger agreement with Rio Tinto PLC to fend off a hostile bid from U.S. rival Alcoa Inc., Canada's the Globe and Mail newspaper reported on its Web site.

Britain's Times newspaper also reported that Rio was poised to launch a $34 billion takeover of Alcan, saying that Wall Street bankers believe the rival offer "is ready to go hot" with a formal approach within two weeks.


Read more at Reuters Africa

Portugal Telecom CEO not open to Vivo sale-paper

(Reuters) - But Granadeiro said PT was not willing to sell and was
instead focused on the operational turnaround of Vivo.




"PT is not open to selling Vivo, as we have repeatedly
said," Granadeiro told the local daily.


Read more at Reuters.com Mergers News

Copper Falls in Asia on Concern That China May Take Time to Absorb Imports

(Bloomberg) -- Copper prices fell in Asia after
imports into China, the world's largest consumer of the metal,
stayed high in June, suggesting absorption of the supply may take
longer than expected.

China's imports of copper and copper products rose 52.3
percent to 1.51 million metric tons in the first half of this
year, compared with a year earlier, the Beijing-based customs
office said yesterday, citing preliminary data. June's imports
were 212,471 tons, up from 172,794 tons a year ago.


Read more at Bloomberg Commodities News