BHP Billiton says Q4 copper output jumps 17 pct

(Reuters) - World No.1 miner BHP Billiton Ltd./Plc. said on Tuesday fourth-quarter copper production rose 17 percent from a year ago, due to a continued ramp-up of its Escondida and Spence projects in Chile.

Copper output rose to 342,100 tonnes in the three months to June 30 from 292,600 tonnes a year ago.


Read more at Reuters Africa

New Zealand and Australian Dollars Surge to Highest in About Two Decades

(Bloomberg) -- New Zealand's dollar rose above 81
U.S. cents for the first time since it started trading freely in
1985 and Australia's currency gained to an 18-year high on bets
the nations' central banks will raise interest rates.

Most economists predict the Reserve Bank of New Zealand
will raise its key rate a quarter-point this week and traders
have increased bets of higher Australian borrowing costs before
a report tomorrow that may show inflation accelerated. New
Zealand and Australia's dollars are the second- and third-best
performing major currencies this month as prospects of higher
rates draw overseas investors to the nations' deposits.


Read more at Bloomberg Currencies News

Private equity firms eye India brokerage - report

(Reuters) - Other investors are also in the fray, the paper said, and
it quoted Angel Chairman and Managing Director Dinesh Thakkar
as saying it had short-listed a dozen suitors and would shortly
invite bids from them.




Investment bank Rothschild has been given the mandate for
the sale, the newspaper said.


Read more at Reuters.com Mergers News

BP, Sainsbury, Sports Direct, Vodafone, Yell: 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 the last market close.

The benchmark FTSE 100 Index added 39.20, or 0.6 percent, to
close at 6624.40 in London. The FTSE All-Share Index increased
15.07, or 0.4 percent, to 3422.86.


Read more at Bloomberg Stocks News

Billionaire Birla to Raise Stake in India's Hindalco to Forestall Takeover

(Bloomberg) -- Billionaire Kumar Mangalam Birla
plans to take majority control of Hindalco Industries Ltd.,
India's biggest aluminum producer, to forestall a takeover.

``I would like our stake to be more than 50 percent and if
not, at least 40 percent'' in the next two years, Birla said
yesterday in an interview in Mumbai. His family owns 31.4
percent of the $5.6 billion company, according to its Web site.


Read more at Bloomberg Emerging Markets News

Samsung Heavy Posts Record Second-Quarter Profit on Oil, Gas Tanker Prices

(Bloomberg) -- Samsung Heavy Industries Co., the
world's second-largest shipyard, said profit in the second
quarter more than quadrupled to a record as the company built
more gas and oil tankers at higher prices.

Net income rose to 130.2 billion won ($142 million) from
32.1 billion won a year earlier, the Seoul-based company said in
a regulatory filing today. That compares with a mean estimate of
97.8 billion won by five analysts in a survey by Bloomberg.
Sales rose 31 percent to an all-time high of 2.08 trillion won.


Read more at Bloomberg Emerging Markets News

Japan's Topix Gains, Paced by KDDI on Profit Outlook; Metal Producers Fall

(Bloomberg) -- Japan's Topix index advanced, led by
KDDI Corp. on speculation more companies will report higher
earnings for the fiscal first quarter.

Limiting gains, commodity producers such as Sumitomo Metal
Mining Co. and Inpex Holdings Inc. declined after prices of gold,
copper and crude oil fell.


Read more at Bloomberg Stocks News

UPDATE 3-American Express quarterly earnings rise

(Reuters) - NEW YORK, July 23 - American Express Co ,
a credit card issuer and network, posted weaker-than-expected
second quarter results on Monday, as its funding costs rose and
it set aside more money for credit losses.




The company's shares declined in after-hours trading as
investors brushed off a 12 percent increase in net income and
focused instead on rising write-downs of bad loans.


Read more at Reuters.com Market News

UPDATE 1-Steel Dynamics' second-quarter profit slips

(Reuters) - In May, Steel Dynamics warned that second-quarter earnings
would be at the low end of its forecast range due to softness
in the flat-rolled steel market. The company in April forecast
earnings of 95 cents to $1 a share.




The company said earlier that second quarter earnings per
diluted share would be reduced by about 7 cents by the
redemption of some senior unsecured notes and termination of a
interest-rate swap.


Read more at Reuters.com Market News

Cubs draw bidders, deal may top $1 bln: source

(Reuters) - First-round bids are likely due after the September 3 U.S. Labor Day holiday, with a winner expected to be picked in October. A deal is expected to close by the end of the year. The winner must be approved by Major League Baseball.




The three assets being sold -- the Cubs, the team's landmark Wrigley Field stadium and an interest in sports cable network SportsNet Chicago -- could be sold as one package or split up, the source said.


Read more at Reuters.com Bonds News

US FDA says Wyeth drug approvable for hot flashes

(Reuters) - The drug, Pristiq, is the first non-hormonal treatment for
hot flashes.




Read more at Reuters.com Government Filings News

Moody's cuts CSFB Home Equity tranches

(Reuters) - The loan collateral backing each deal placed on review
consists primarily of first-lien, subprime fixed and adjustable
rate mortgage loans, it said.




Read more at Reuters.com Bonds News

TI says book-to-bill improved in second quarter

(Reuters) - "We're seeing broad-based increases in shipments and orders.
We're feeling pretty good about the second half ,"
March said in an interview with Reuters.




Read more at Reuters.com Market News

New Zealand Dollar May Gain a Fourth Day on Speculation Rates Will Rise

(Bloomberg) -- New Zealand's dollar may gain a
fourth day, cementing its place as the best-performing major
currency the past year, as investors are lured to the nation's
higher-yielding assets by the prospect of another rate increase.

The currency, known as the kiwi, surged to 80.65 cents
today, the highest since being allowed to trade freely in 1985.
New Zealand's dollar has gained 30 percent over the past 12
months as central bank Governor Alan Bollard raised interest
rates three times to a record 8 percent. There is a 66 percent
chance he will increase rates at his monetary policy review July
26, according to a Credit Suisse index of interest rate swaps.


Read more at Bloomberg Currencies News

UPDATE 1-Amylin quarterly loss narrows on Byetta sales

(Reuters) - The San Diego-based biotechnology company posted a net loss
of $45 million, or 34 cents per share, compared with a loss of
$46.4 million, or 38 cents per share, a year ago.




That matched analysts' average expectations, according to
Reuters Estimates.


Read more at Reuters.com Market News

Treasury: U.S. business tax system falling behind

(Reuters) - Only Japan has a higher rate, at 40 percent, but it is
among a number of high-tax countries that have signaled they
intend to cut corporate rates.




The U.S. rate, which includes state taxes, compares with a
31 percent OECD average and 31 percent for China, and 32
percent for India and Mexico, according to the paper.


Read more at Reuters.com Bonds News

Dana to give Appaloosa access to information

(Reuters) - Dana, which filed for bankruptcy in March 2006, has said it
expects to file a reorganization plan by the beginning of
September and to exit bankruptcy by the end of 2007.





Read more at Reuters.com Bonds News

American Express quarterly earnings rise

(Reuters) - Credit card issuers including JPMorgan Chase & Co. and Capital One Financial Corp. last week reported rising write-offs of bad credit card loans for the second quarter compared to the same quarter last year, but credit losses are still at or below historical norms.




Analysts' average estimate of income before one-time items was 86 cents a share, according to Reuters Estimates. It was not immediately clear if those results were comparable to American Express' net income figure.


Read more at Reuters.com Business News

Moody's may cut United Rentals' rating on takeover

(Reuters) - The rental company holds a "B1" corporate family rating
from Moody's, which is four steps below investment grade.




Fitch Ratings said on Monday it is keeping United Rentals'
"BB-minus" rating, which is three steps below investment grade,
on watch for a downgrade. [ID:nFit209015]


Read more at Reuters.com Mergers News

Cumberland Pharmaceuticals sets 6.25 mln share IPO

(Reuters) - It is planning a Nasdaq listing under the symbol "CPIX."







Read more at Reuters.com Government Filings News

China could benefit from foreign banks-FDIC chmn

(Reuters) - Sheila Bair, chairman of the U.S. Federal Deposit Insurance
Corp., is visiting government officials and bankers in Beijing
and Shanghai to promote a deposit insurance program for
financial institutions in China.




She is expected to sign a memorandum of understanding with
People's Bank of China governor Zhou Xiaochuan to formalize a
consultative relationship to help China set up a system.


Read more at Reuters.com Bonds News

Karmazin: new Sirius pricing dependent on XM deal

(Reuters) - In other remarks, Karmazin said he did not know if former
CBS Corp. radio host Don Imus was planning to return
to radio. "But I've had no discussions with Don Imus."





Read more at Reuters.com Government Filings News

UPDATE 2-Cumulus Media in $1.3 bln buyout, radio shares rise

(Reuters) - NEW YORK, July 23 - Radio broadcaster Cumulus
Media Inc. said on Monday it agreed to a $1.3 billion
buyout by investors led by its chief executive and Merrill
Lynch, reviving expectations of further deals in an industry
struggling with weaker advertising.




The agreement is the latest in a wave of media industry
buyouts, many of which have put leading U.S. newspaper
publishers and radio broadcasters into private hands as they
grapple with weak advertising and competing digital formats.


Read more at Reuters.com Mergers News

European Bonds Fall as Rebound in Stocks Eases Appetite for Safest Assets

(Bloomberg) -- European government bonds fell,
pushing 10-year yields up from near a two-month low, as a
recovery in stocks reduced demand for the safest assets.

Bunds reversed gains as the risk of holding corporate debt
dropped from earlier in the day, according to credit default
swaps traded on JPMorgan Chase & Co.'s iTraxx index. ECB Vice
President Lucas Papademos said today he expects economic growth
in the euro region to stay ``robust'' in coming quarters, stoking
speculation interest rates have further to rise.


Read more at Bloomberg Bonds News

U.S. Stocks Gain on M&A; GlobalSantaFe, Transocean, Merck Shares Advance

(Bloomberg) -- U.S. stocks gained after $35 billion
in acquisitions allayed concern that this year's record pace of
takeovers will slow and Merck & Co.'s earnings topped analysts'
estimates.

GlobalSantaFe Corp., the world's second-biggest offshore
oil and gas driller, climbed to a record after agreeing to be
bought by larger rival Transocean Inc. Merck jumped the most in
more than three months and accounted for almost a third of the
Dow Jones Industrial Average's advance.


Read more at Bloomberg Stocks News

TREASURIES-Bonds dip as stocks shine through subprime cloud

(Reuters) - NEW YORK, July 23 - U.S. Treasuries eased on
Monday, pulling benchmark yields back from recent six-week lows
as rising stocks brought respite from risk aversion in other
markets after last week's scare over the subprime market.




Financial market losses related to subprime, the mortgage
sector that targets borrowers with poor credit, led to a flight
to quality by investors into Treasuries last week, giving
10-year notes their best rally since March.


Read more at Reuters.com Bonds News

Hartford settles market timing case with states

(Reuters) - A Hartford spokesman could not immediately be reached for
comment.







Read more at Reuters.com Bonds News

Corn, Soybeans Fall as Wetter, Cooler Weather May Boost Crops in Midwest

(Bloomberg) -- Corn futures fell in Chicago,
extending their decline to an eight-month low, and soybeans
dropped on speculation rains and a lack of severe heat will
promote development of the two biggest U.S. crops.

About half of the Midwest may get as much as 1 inch
(2.5 centimeters) of rain in the next 48 hours, Meteorlogix LLC
in Woburn, Massachusetts, said. A second storm is forecast to
bring up to an inch to 75 percent of corn and soybean-growing
regions. The outlook is cooler and wetter than on July 20.


Read more at Bloomberg Commodities News

UPDATE 1-Canada has no plan to move on strong C$ -Flaherty

(Reuters) - "We are not going back to a time when governments
interfered with respect to the market and the value of our
currency in the market," Flaherty said in an interview on
Business News Network.




The Canadian dollar hit a 30-year high against the U.S.
dollar last week and then retreated on Friday. Early on Monday,
the currency rebounded to C$1.0433 to the U.S. dollar, or 95.83
U.S. cents, up from C$1.0485, or 95.37 U.S. cents, at Friday's
close.


Read more at Reuters.com Bonds News

NewAlliance restructures securities portfolio, to take charge

(Reuters) - Of that, $22.6 million, or 14 cents to 15 cents a share,
would be recorded in the second quarter and the remaining in
the third quarter, the company said.





Read more at Reuters.com Mergers News

U.S. Stocks Gain on M&A; GlobalSantaFe, United Rentals Shares Advance

(Bloomberg) -- U.S. stocks gained after $35
billion in mergers and acquisitions allayed concern that this
year's record pace of takeovers would slow.

GlobalSantaFe Corp., the world's second-biggest offshore
oil and gas driller, advanced to a record after agreeing to be
acquired by larger rival Transocean Inc. for about $17 billion.
United Rentals Inc., the biggest U.S. construction-gear rental
company, and Arrow International Inc., a medical-device maker,
also climbed after announcing plans to be purchased.


Read more at Bloomberg Stocks News

Telecom Italia's TIM Brasil posts 2nd-qtr profit

(Reuters) - Net revenue grew 34.5 percent to 3.06 billion reais.




The unit of Telecom Italia has 27.5 million
clients in Brazil, where it is one of the three main wireless
phone service providers.


Read more at Reuters.com Market News

Wall Street opens higher on earnings, M&A

(Reuters) - U.S. stocks rose at the open on Monday, boosted by takeover news and stronger-than-expected earnings in the pharmaceutical sector.

The Dow Jones industrial average was up 70.15 points, or 0.51 percent, at 13,921.23. The Standard & Poor's 500 Index


Read more at Reuters Africa

U.S. Stock-Index Futures Gain on M&A; GlobalSantaFe, Tellabs Shares Rise

(Bloomberg) -- U.S. stock-index futures gained
after the world's two largest offshore oil and gas drillers
said they would merge and United Rentals Inc., the biggest U.S.
construction-gear rental company, agreed to be bought.

Transocean Inc. and GlobalSantaFe Corp. gained after
announcing merger plans that will pay the companies'
shareholders a combined $15 billion in cash. United Rentals
jumped on a $6.6 billion takeover bid by Cerberus Capital
Management LP. Tellabs Inc., the maker of phone and Internet
equipment, climbed on a report that Nokia Siemens Networks may
bid $7 billion for the company.


Read more at Bloomberg Stocks News

Investor morale dips in July on housing, energy: UBS

(Reuters) - Investors' views on the U.S. economy in the next 12 months
fell even more steeply. The index's Economic Dimension
plummeted to 16 in July from 22 the prior month.




But strong stock market gains in the first half of the
month actually pushed the Index's Personal Dimension, which
measures optimism about investors' personal investment
portfolios, up four points in July to 71, UBS said.


Read more at Reuters.com Economic News

Lee Enterprises quarterly profit and revenue fall

(Reuters) - Revenue declined 3.2 percent to $281.4 million.





Read more at Reuters.com Market News

Transocean to buy GlobalSantaFe

(Reuters) - "This is the type of transaction shareholders have been clamoring for," said Mark Urness, an analyst with Calyon Securities.




Under the terms of the deal, Transocean shareholders would receive $33.03 in cash and 0.6996 share of the combined company for each share of Transocean they own. GlobalSantaFe shareholders would receive $22.46 in cash and 0.4757 share of the combined company for each share of GlobalSantaFe they own.


Read more at Reuters.com Bonds News

U.K. Stocks Increase, Led by Insurers; Barclays Rises on Revised ABN Offer

(Bloomberg) -- U.K. stocks climbed after Resolution
Plc said it's in ``advanced'' merger talks with Friends
Provident Plc and as UBS AG recommended buying shares of
Prudential Plc and Legal & General Group Plc.

Barclays Plc gained after the bank increased its offer for
ABN Amro Holding NV. British Land Co. and Land Securities Group
Plc paced a retreat in property stocks amid speculation U.K.
interest rates may rise to 6 percent next month.


Read more at Bloomberg Stocks News

Transocean, GlobalSantaFe to merge

(Reuters) - Shareholders of both companies will receive a total of $15 billion in cash.







Read more at Reuters.com Mergers News

FTSE edges up as M&A boosts banks and insurers

(Reuters) - The FTSE 100 of Britain's leading shares was up by mid-session on Monday, buoyed by merger and acquisition talk across several sectors, including banks and insurers.

At 1052 GMT, the UK's main share index was 5.5 points, or 0.08 percent higher at 6,590.7.


Read more at Reuters Africa

Schering-Plough profit lifted by cholesterol drugs

(Reuters) - Analysts on average expected 35 cents a share, according to
Reuters Estimates.




Read more at Reuters.com Market News

GE acquires 15 pct in India's Titagarh Wagons

(Reuters) - Kolkata-based Titagrh Wagons is a private company that
supplies wagons to the Indian Railways.




Read more at Reuters.com Mergers News

European Stocks Advance; Depfa, Friends Provident, Barclays Climb

(Bloomberg) -- European stocks rose after Hypo Real
Estate Holding AG agreed to buy Depfa Bank Plc for 5.7 billion
euros ($7.9 billion) and merger talks between two U.K. insurers
revived speculation that takeovers in the region will continue.

Depfa soared 13 percent. Friends Provident Plc jumped the most
in more than two months and Resolution Plc headed for its biggest
gain since March after the companies said they are in talks for a
merger that would create the U.K.'s fifth-biggest insurer. Barclays
Plc climbed after it increased its bid for ABN Amro Holding NV.


Read more at Bloomberg Stocks News

Botswana stock index flat in week to July 20

(Reuters) - Domestic share prices on Botswana's stock exchange ended flat last week, official data showed on Monday.

The Bank of Botswana said the Domestic Company Index (DCI) of the Botswana Stock Exchange rose 0.5 percent in the week to July 20, ending at 9,869.71 points.


Read more at Reuters Africa

UPDATE 1-Barclays gets nod to buy stake in China trust firm

(Reuters) - SHANGHAI/BEIJING, July 23 - Barclays has
won regulatory approval to buy into a Chinese trust company,
securing a foothold in the country's fast-growing asset
management sector, two sources familiar with the situation said
on Monday.




London-based Barclays Bank Plc will be allowed to buy a
nearly 20 percent stake in New China Trust & Investment Co., one
of the country's oldest trust firms, after negotiations for more
than one year between the two companies, the sources said.


Read more at Reuters.com Government Filings News

Oil falls, OPEC concerned about world economy

(Reuters) - Oil prices fell on Monday on expectations of higher U.S. refinery production and after remarks by OPEC that it is ready to pump more oil if needed.

London Brent crude, currently seen as more representative of the world market, slid 60 cents to $77.04 a barrel by 0807 GMT, after easing 3 cents on Friday. U.S. crude for September traded 42 cents lower at $75.37.


Read more at Reuters Africa

Barclays says ABN needs time to choose which bid

(Reuters) - "I hope and expect we will have that recommendation but for
the time being there will be no recommendation until they see
how the stock price performs."




Varley also told reporters on a conference call that he was
"entirely comfortable" with China Development Bank becoming
Barclays' biggest shareholder, potentially with a stake of about
8 percent.


Read more at Reuters.com Mergers News

U.K. Stocks Advance, Paced by Shares of Resolution, Barclays, Prudential

(Bloomberg) -- U.K. stocks rose, led by Resolution
Plc and Barclays Plc. Prudential Plc and Legal & General Group
Plc also climbed.

The benchmark FTSE 100 Index rallied 29, or 0.4 percent, to
6614.2 in London at 8:07 a.m. The FTSE All-Share Index added
11.93, or 0.4 percent, to 3419.72. Ireland's ISEQ Index rose 9.09
to 9036.4.


Read more at Bloomberg Stocks News

Turkish Stocks, Bonds, Lira Rise After Erdogan's Justice Party Re-elected

(Bloomberg) -- Turkish stocks, bonds and the lira
gained after voters re-elected Prime Minister Recep Tayyip
Erdogan, giving him a mandate to extend policies that won European
Union membership talks and helped bring 21 quarters of growth.

The ISE National 100 Index rose 3.8 percent to 54,966.6 as of
9:56 a.m. The lira rose 1.58 percent, trading at 1.253 to the
dollar. Yields on lira-denominated bonds fell 27 basis points to
17.19 percent, their lowest in 13 months, according to ABN Amro
benchmark prices. A basis point is 0.01 percentage point.


Read more at Bloomberg Stocks News