Indian co-op IFFCO to buy control of Senegal's ICS

(Reuters) - Indian fertiliser cooperative IFFCO signed a deal with Senegal on Monday to lead a consortium to raise its stake in the West African country's phosphates producer ICS to a majority for $80 million.

ICS is Senegal's biggest industrial company by staff, assets and turnover, and at its peak supplied 30 percent of India's demand for phosphoric acid, which is used to make agricultural fertiliser, according to an African Development Bank brief.


Read more at Reuters Africa

European Stocks May Fall; Statoil, Total Might Pace Drop on ING Downgrade

(Bloomberg) -- European stocks may fall for the
first time in four days, led by oil companies after ING Groep NV
cut its recommendation on shares of Statoil ASA, Total SA and
Norsk Hydro ASA.

U.S. traded-securities of Statoil, Norway's biggest oil
company, and Total, Europe's largest refiner, slid. Novartis AG,
Switzerland's largest drugmaker, will probably be active after
saying sales growth will slow in the second half. Tate & Lyle
Plc, the maker of the sweetener Splenda, may gain after Goldman,
Sachs & Co. advised investors to buy the stock.


Read more at Bloomberg Stocks News

Macau's Second-Quarter Casino Revenue Rises by Half, Led by VIP Gamblers

(Bloomberg) -- Macau's casino revenue surged 50
percent in the second quarter, fuelled by increased betting by
VIP gamblers.

Casino revenue rose to 19.57 billion patacas ($2.43 billion)
in the three months ended June 30, from 13.03 billion patacas a
year earlier, according to figures posted on the Macau Gaming
Inspection & Coordination Bureau's Web site.


Read more at Bloomberg Emerging Markets News

Hong Kong's Stocks Rise, Approaching a Record; Cnooc, PetroChina Advance

(Bloomberg) -- Hong Kong stocks rose. Cnooc Ltd.
climbed as Deutsche Bank AG boosted share-price estimates for
oil producers and crude traded near an 11-month high.

``As oil prices continue to increase, it's natural to see
more upgrades of oil companies and gains among oil companies in
the Hong Kong stock market,'' said Anthony Muh, who oversees
about $1 billion at Alliance Trust Plc in Hong Kong.


Read more at Bloomberg Stocks News

China Water Sells HK$650 Million of Convertible Bonds for New Facilities

(Bloomberg) -- China Water Affairs Group Ltd., a
Hong Kong-listed water and sewage company, raised HK$650 million
($83 million) selling bonds convertible into its shares,
according to an e-mail sent to investors.

Investors can exchange the securities, which mature in five
years, for China Water's shares at HK$7 each, 28 percent higher
than yesterday's closing price, the e-mail shows. Singapore-based
DBS Group Holdings Ltd. managed the sale.


Read more at Bloomberg Bonds News

China Boosts Meat, Eggs Supplies, Curbs Corn Trade to Rein In Food Prices

(Bloomberg) -- China will boost the supply of meat
and eggs, ban hoarding and restrict exports of corn feed to ease
surging food prices, the top planning agency said.

Pork will remain in shortage ``for a fairly long time''
because the number of sows increased only in May, keeping prices
high, the National Development and Reform Commission said in a
statement yesterday on its Web site. China will boost supply of
mutton, beef and especially poultry and eggs, the planner said.


Read more at Bloomberg Commodities News

New Zealand's Cullen Says Rising Currency Is Causing `Pain' for Exporters

(Bloomberg) -- New Zealand Finance Minister Michael
Cullen said there is no immediate solution available to combat
the nation's surging currency, which is crimping exports.

``The government is acutely aware of the pain the high New
Zealand dollar is causing much of the export sector,'' Cullen
said in parliament in Wellington today. ``While there are no
short-term fixes, the government is committed to removing the
imbalances in the economy by increasing savings and continuing
to run a tight fiscal policy.''


Read more at Bloomberg Currencies News

Japan's Bonds Rise After Stocks Drop on Earthquake, U.S. Treasuries Rally

(Bloomberg) -- Japan's 10-year bonds gained as
declines in Japanese stocks and losses on U.S. mortgage-backed
securities fuelled demand for government debt.

Bonds halted a two-day drop as stocks fell on concern
damage from an earthquake in Japan yesterday will erode earnings
at insurers and power companies. U.S. Treasuries gained
yesterday on speculation a housing slump and losses on debt
backed by home loans will eventually prompt the Federal Reserve
to cut interest rates for the first time since 2003.


Read more at Bloomberg Bonds News

Adtran profit falls slightly as sales rise

(Reuters) - The year-earlier quarter included a higher number of
outstanding shares.




Quarterly sales rose to $123.7 million from $122.3 million
a year earlier, helped by increased demand for its NetVanta and
IP business gateway products.


Read more at Reuters.com Market News

Japanese Power, Insurance Stocks Drop on Earthquake; Tepco Leads Declines

(Bloomberg) -- Japanese electric power producers and
insurance companies dropped after a magnitude 6.8 earthquake
struck northwest Japan, damaging a nuclear reactor operated by
Tokyo Electric Power Co.

The event will probably result in a push for more spending
on quakeproofing, the Nikkei newspaper reported.


Read more at Bloomberg Energy News

UPDATE 1-NY Speaker keeps Manhattan traffic fee plan alive

(Reuters) - Mayor Michael Bloomberg had said that to qualify for the
aid lawmakers needed to enact a bill by July 16 to satisfy the
federal government that his plan to curb traffic congestion in
Manhattan by imposing driving fees would go ahead.




But the Democratic speaker, Sheldon Silver, has cast doubt
on that deadline and he could have killed the anti-traffic
plan.


Read more at Reuters.com Bonds News

BHP, Consolidated, Leighton, Oxiana, Paladin: 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
gained 2 points to 6386 at 8:08 a.m. in Sydney. The Bank of New
York Australia ADR Index lost 0.7 percent in New York.


Read more at Bloomberg Stocks News

Argentina stocks fall on profit-taking, bonds flat

(Reuters) - The MerVal notched record highs repeatedly last week amid a
wave of stock purchases in oil and energy-related companies,
which resulted in a record close of 2,289.13 on Thursday.




"In a market that was reaching record highs, an adjustment
of positions was expected," said Nestor De Cesare, an analyst
with Allaria Ledesma and Company brokerage.


Read more at Reuters.com Bonds News

UPDATE 1-IBM seen making more acquisitions after DataMirror

(Reuters) - SAN FRANCISCO, July 16 - IBM , which said
on Monday it would buy Canada's DataMirror Corp. , is
likely to announce billions of dollars of additional
acquisitions this year as it seeks to keep pace with 2006, when
it bought 13 companies for $5 billion.




So far this year, the world's largest technology-services
company has announced two acquisitions totaling about $915
million, including DataMirror. It also announced or completed
five purchases whose prices were not disclosed.


Read more at Reuters.com Mergers News

UPDATE 1-NovaStar gets $150 million infusion

(Reuters) - Kansas City, Missouri-based NovaStar said MassMutual
Capital Partners LP and Jefferies Capital Partners IV LLC have
bought $48.8 million of convertible preferred stock and have
committed to invest up to $101.2 million in a subsequent rights
offering.




NovaStar will also distribute $157 million in preferred
securities as a dividend. The company also plans a one-for-four
reverse stock split.


Read more at Reuters.com Bonds News

UPDATE 5-IHOP to buy Applebee's chain for $1.9 bln

(Reuters) - NEW YORK, July 16 - IHOP Corp. said on
Monday it plans to buy bar-and-grill chain Applebee's
International Inc. for $25.50 per share to expand beyond
its iconic pancake houses, sending IHOP's shares up as much as 12
percent to an all-time high.




The all-cash deal, which represents a 4.6 percent premium
to Applebee's closing price on Friday, is worth about $1.9
billion, based on the company's 75,072,000 shares outstanding
as of April 1.


Read more at Reuters.com Bonds News

Canada Stocks Drop, Led by Cameco, on Uranium Price Concerns; Encana Slips

(Bloomberg) -- Canadian stocks fell, led by Cameco
Corp., as investors speculated that shares of uranium producers are
overpriced. Natural gas futures in New York dropped the most in
almost a month, pushing energy companies lower.

Cameco, the world's largest uranium mining company, dropped
after investors sold short a record number of the company's shares
in June. EnCana Corp., Canada's largest natural-gas producer, fell
for first time in four days.


Read more at Bloomberg Stocks News

Phoenix shares up, Keefe Bruyette raises target

(Reuters) - Lipponen also told Reuters the company would be worth $19 to $21 a share if it was acquired, up $2 from his previous range. He said, however, that he did not expect it to be sold in the next 12 months.




In late afternoon trading on the New York Stock Exchange Phoenix was up 5.7 percent to $15.39 a share. It had been as high as $15.63 earlier in Monday's session.


Read more at Reuters.com Hot Stocks News

Reddy Ice shareholder opposes GSO Capital deal

(Reuters) - July 16 - Shamrock Capital Advisors Inc., owner of 5.4 percent of Reddy Ice Holdings Inc. , opposed Reddy's $1.1 billion takeover by hedge fund GSO Capital Partners LP, calling the purchase price "grossly inadequate."



On July 2, the maker of packaged ice had said it agreed to be acquired by certain funds managed by GSO for $31.25 a share, which is 9.6 percent more than the stock's closing price of $28.52 on June 29.


Read more at Reuters.com Mergers News

Lear Corp. shareholders reject Icahn bid

(Reuters) - The company said the offer from Icahn's American Real Estate Partners LP was not supported by a majority of shareholders who voted at its annual meeting in Wilmington, Delaware.




Lear's board of directors had recommended that shareholders approve the sweetened $3 billion, or $37.25 per share, offer. But it met opposition from influential advisory firm Institutional Shareholder Services as well as Lear's second-biggest shareholder, Pzena Investment Management LLC, and the California State Teachers' Retirement System, which argued that it undervalued the company.


Read more at Reuters.com Bonds News

Hog Prices Fall Most in 2 Weeks as China Bans U.S. Meats; Cattle Steady

(Bloomberg) -- Hog futures in Chicago fell the most
in two weeks as a Chinese ban on imports of U.S. chicken and
pork cooled prospects for rising demand that sent prices surging
last week. Cattle futures were little changed.

China, the sixth-largest buyer of U.S. pork, suspended
imports from Tyson Foods Inc. and six other companies amid an
intensifying dispute between the countries over food safety. Hog
futures jumped 6.1 percent last week on speculation China would
boost pork imports after the spread of so-called Blue Ear
disease drove up domestic prices 12 percent last month.


Read more at Bloomberg Commodities News

UPDATE 1-Sobeys to buy Thrifty Foods in C$260 mln deal

(Reuters) - TORONTO, July 16 - Canadian grocer Sobeys Inc. said on Monday it will acquire Thrifty Foods in a deal with an enterprise value of C$260 million that expands its foothold in British Columbia.



Sobeys, a unit of Empire Co. Ltd. , said Thrifty will operate as a separate division. The deal is expected to close in the next quarter, following regulatory approval.


Read more at Reuters.com Mergers News

Mattel posts higher net, upbeat on rest of '07

(Reuters) - Overseas sales were higher during the quarter, offsetting a decline in the United States.




Net income rose to $43.1 million, or 11 cents a share, 1 cent higher than analysts' average forecast, according to Reuters Estimates.


Read more at Reuters.com Business News

TREASURIES-Bonds gain as subprime weakness deepens

(Reuters) - NEW YORK, July 16 - U.S. government bond prices
rose on Monday as subprime mortgage assets weakened,
underscoring persistent worries about the housing sector and
burnishing Treasuries' safe-haven allure.




The benchmark ABX subprime mortgage index, used by
investors to hedge subprime mortgage risks, tumbled to a new
intraday low. Falling prices of securities tied to lending to
homeowners with poor credit have recently diminished investors'
demand for riskier assets and sent flows into less volatile
U.S. government bonds.


Read more at Reuters.com Bonds News

Canada pension funds lobby to end 'bizarre' rule

(Reuters) - Funds including the Ontario Municipal Employees' Retirement
System and the Ontario Teachers' Pension Plan are
lobbying to have the "30 percent rule" deleted from the statute
books, a regulation they say dates from a time when retirement
funds were not the active, financial titans they are today.




Under the rule, contained in Canada's Pension Benefits
Standards Act of 1985, funds governed by the act cannot elect
more than 30 percent of the directors of any public or private
company they invest in.


Read more at Reuters.com Mergers News

Dominion Bond Rating cuts 94 RMBS, may cut others

(Reuters) - DBRS said the downgrades and reviews were due to an
increase in the pipeline of delinquencies on subprime mortgage loans of 90 days
or more. For details on rating actions, see [ID:nDBR7G71qa].




Read more at Reuters.com Bonds News

S.African stocks dip as Lonmin slides on outlook

(Reuters) - South African stocks retreated a touch on Monday as Lonmin Plc slid after it cut its full-year sales forecast, hitting rival Impala Platinum.

The Johannesburg Top-40 index of blue-chip stocks fell 0.34 percent to 27,109.82 points while the All-share index, which punctured the psychologically key 30,000 mark last week, dipped 0.31 percent to 29,868.22 points.


Read more at Reuters Africa

IBM to buy Canada's DataMirror for $161 million

(Reuters) - The news sent DataMirror's shares soaring 18.7 percent, or C$4.20, to C$26.70 on the Toronto Stock Exchange in morning trade. The price marked a year high for DataMirror.




DataMirror's technology helps companies capture and analyze data in real-time, identifying changes to databases and immediately alerting other computer programs of those changes. This gives those programs more current data.


Read more at Reuters.com Mergers News

Barr challenges patents on Sepracor asthma drug

(Reuters) - NEW YORK, July 16 - Barr Pharmaceuticals Inc. said on Monday it is challenging patents on Sepracor Inc.'s asthma drug Xopenex in its effort to sell a generic version of the product. Sepracor has filed suit in the U.S. District Court of Delaware to prevent Barr from selling its generic, Barr said.



Xopenex, one of Sepracor's biggest-selling products, had U.S. sales of about $610 million for the 12 months ended in May, Barr said.


Read more at Reuters.com Government Filings News

U.S. data understates construction job loss-report

(Reuters) - "An alternative estimate, based on previously unpublished
data used to develop the ADP National Employment Report,
suggests that employment in the construction industry has
already declined 156,000 from a recent peak, and is now 139,000
below the government's official estimates," Macroeconomic
Advisers wrote in a report.




The study, based on payroll data from ADP, the private
employment services company that compiles its own monthly
employment report, suggests that the construction sector will
shed as many as 247,000 jobs between June 2007 and the last
quarter of 2008, or a little more than 14,000 per month.


Read more at Reuters.com Economic News

Egypt's shares inch up, OCI down after N.Korea deal

(Reuters) - Egypt's main stock indexes rose a sliver on Monday, with profit-taking on several blue-chip stocks cancelling out gains in the housing sector led by Egyptian Resorts, traders said.

Shares in Egyptian resorts rose 6 percent to close at 9.65 Egyptian pounds a share on what was likely market speculation by retail buyers, said Angus Blair of Belltone Financial.


Read more at Reuters Africa

Hedge fund Pershing Square has big stake in Target

(Reuters) - Ackman's New York based fund firm Pershing Square Capital Management, which gained prominence for forcing change at a number of high-profile American companies, began buying shares in the Minneapolis-based retailer in April.




Pershing Square was able to build the position quickly after another large investor sold, someone familiar with the matter said. As required by law, Ackman disclosed the stake in a filing with U.S. financial regulators on Monday.


Read more at Reuters.com Business News

UPDATE 1-Hansen asks court to vacate decision on Nat'l Beverage

(Reuters) - The Corona, California-based energy drink maker said prior
to the court's decision, both the companies had entered into a
binding settlement agreement that Hansen believes renders the
court's decision moot.




On June 29, the 9th Circuit Court of Appeals reversed a
preliminary injunction that had prevented National Beverage
from selling its "Freek" energy drink, which rival Hansen had
alleged was confusingly similar to its "Monster" drink.


Read more at Reuters.com Government Filings News

UPDATE 1-Grainger posts higher quarterly profit

(Reuters) - Net income in the second quarter rose 12 percent to $105
million, or $1.21 a share, from $94 million, or $1.02 a share,
a year earlier.




Analysts had expected earnings of $1.19 a share, according
to Reuters Estimates.


Read more at Reuters.com Market News

Almunia says recent forex volatility unjustified

(Reuters) - "Exchange rates should reflect economic fundamentals and I
don't see any reason for excessive volatility in exchange
rates," Almunia said.




Read more at Reuters.com Bonds News

U.S. Stock-Index Futures Decline as Oil Rises; SanDisk, Dow Jones Retreat

(Bloomberg) -- U.S. stock-index futures fell after
oil rose above $74 a barrel, spurring concern that higher fuel
prices may hamper consumer spending and corporate profits.

SanDisk Corp., the world's largest maker of flash-memory
cards, declined after UBS AG downgraded the shares. Dow Jones &
Co. retreated after the Wall Street Journal reported that a
member of the publisher's controlling family is trying to block
its' sale to Rupert Murdoch's News Corp.


Read more at Bloomberg Stocks News

Affymax to start late-stage studies of anemia drug

(Reuters) - If all goes as planned, it said, it expects to seek U.S.
approval for Hematide in 2010 for addressing chronic renal
failure.





Read more at Reuters.com Government Filings News

GLOBAL MARKETS-World stocks hit life high, oil eyes record

(Reuters) - While most global markets proved resilient to last week's
housing and credit-related woes, the dollar remained on back
foot, hitting its lowest in more than 20 years against sterling
and the New Zealand dollar.




European shares raced towards last week's 6-1/2 year peak,
defying export-damaging strength of the euro and an inflationary
rise in energy prices. Banking stocks rallied after a group led
by Royal Bank of Scotland revised its offer for Dutch
bank ABN Amro .


Read more at Reuters.com Economic News

KPMG sees M&A peak near

(Reuters) - It also found a discrepancy between deal values and volumes.




"The last time the market witnessed this kind of 'disconnect' -- where the average deal size rose, but the number of deals fell -- occurred at the height of the dot-com boom in 2000," KPMG said.


Read more at Reuters.com Mergers News

Lead hits record, nickel slips, copper steady

(Reuters) - Industrial metal lead extended its recent hot streak on Monday, hitting another high, while steel additive nickel was hit by reports of lower use, fund managers and analysts said.

Lead prices on the London Metal Exchange (LME) have almost doubled this year, while nickel has moved the other way.


Read more at Reuters Africa

Genpact sees IPO of 35.3 mln shares at $16-$18 each

(Reuters) - The Bermuda-based company said it applied for a New York
Stock Exchange listing under the symbol "G."





Read more at Reuters.com Bonds News

REIT Mission West in talks to be sold for $1.8 bln

(Reuters) - The acquisition is subject to conditions that include a due
diligence review by the buyer as well as regulatory and
shareholder approval, Mission West said in a statement.




The Cupertino, California-based company did not disclose
the identity of its bidder, a real estate private equity fund.


Read more at Reuters.com Mergers News

Niger hopes for oil riches under northern desert

(Reuters) - Niger plans to award oil exploration permits by the end of next month for a vast block under the Sahara desert it hopes will turn it into Africa's newest crude producer.

The landlocked former French colony is one of the poorest states on earth but is sandwiched between oil producers Nigeria to the south and Libya and Algeria to the north. This has raised expectations among its population for a future oil bonanza.


Read more at Reuters Africa

Qatar's Al-Shaheen Oil-Loading Terminal Closed by Weather, Inchcape Says

(Bloomberg) -- Qatar's al-Shaheen offshore crude
oil loading terminal closed this morning because of weather
conditions in the Persian Gulf, Inchcape Shipping Services said.

The terminal operated by Maersk Oil, a unit of Denmark's
A.P. Moeller-Maersk A/S, will remain ``closed until further
notice,'' Inchcape said in an e-mailed advisory today.


Read more at Bloomberg Energy News

KKR Cancels $1.4 Billion of Loans to Refinace Maxeda Buyout, Person Says

(Bloomberg) -- Kohlberg Kravis Roberts & Co.
cancelled 1 billion euros ($1.4 billion) of loans it was seeking
to refinance its 2004 leveraged buyout of Dutch home-improvement
retailer Maxeda BV, said a person involved in the transaction
who declined to be identified.

Maxeda spokesman Arnold Drijver in Amsterdam wasn't
immediately able to comment. Citigroup Inc. and ABN Amro Holding
NV had been hired to arrange the transaction.


Read more at Bloomberg Bonds News

Bernanke, Central Bankers Get Heartburn From Rising Food-Commodity Prices

(Bloomberg) -- Rising prices for food, from yogurt
in the U.S. to steak in South Africa, are causing heartburn at
the world's most powerful central banks.

The fastest increase in food-commodity prices in at least a
decade has already led monetary authorities in England,
Mexico, Chile and South Africa to lift borrowing costs. It is
also sowing doubts about the U.S. Federal Reserve's focus on
core inflation, which excludes food and energy, and about
China's gradual approach to tightening credit.


Read more at Bloomberg Exclusive News

Posco Reports Highest Profit in Two Years After Prices of Steel Climb

(Bloomberg) -- Posco, a steelmaker that doubled in
value in the past year, reported second-quarter profit climbed
55 percent to the highest in two years, as it raised prices to
take advantage of surging demand.

Net income at the third-biggest steelmaker in Asia rose to
1.11 trillion won ($1.2 billion) in the quarter ended June, from
716 billion won a year ago, the Pohang, South Korea-company said
today in a statement. Sales rose 25 percent to 5.82 trillion won.


Read more at Bloomberg Emerging Markets News