Persian Gulf Oil Tanker Rates Snap Nine-Day Slump on Limited Ship Supplies

(Bloomberg) -- The cost of transporting Middle East
crude to Asia on supertankers snapped a nine-day slide as the
number of spare vessels dwindled.

The number of vessels available for hire next month has
shrunk about 8 percent since June 29 because of a series of
bookings that day, according to a report e-mailed today by Paris-
based shipbrokers Barry Rogliano Salles. There are 99 tankers
free today, compared with 108 on June 29.


Read more at Bloomberg Energy News

Turkish Economic Growth Accelerated More Than Forecast in First Quarter

(Bloomberg) -- Turkey's economic growth accelerated in
the first three months as record exports to the European Union and
increased government spending drove the 21st consecutive quarter
of expansion.

Gross domestic product in the EU candidate expanded an annual
6.8 percent, compared with 5.2 percent in the previous three
months, the state statistics office in Ankara said today. The
economy had been expected to grow by 5.8 percent, according to the
median estimate of 10 economists surveyed by Bloomberg.


Read more at Bloomberg Emerging Markets News

Yen Advances Against Euro, Dollar as Investors Reduce Carry Trades

(Bloomberg) -- The yen rebounded from a record low
against the euro as investors pared asset purchases funded by
loans in the Japanese currency.

Japan's yen advanced against 13 of the 16 most-actively
traded currencies tracked by Bloomberg as investors unwound the
so-called carry trade. The yen also gained against the dollar as
the Bank of Japan's Tankan report showed confidence among
manufacturers held near a two-year high, adding to expectations
the central bank will raise interest rates this year.


Read more at Bloomberg Currencies News

Emirates Bank, National Bank Agree to Create Persian Gulf's Largest Lender

(Bloomberg) -- Emirates Bank International PJSC, the
United Arab Emirates' second-biggest lender by market value, and
National Bank of Dubai have agreed to merge, creating the Persian
Gulf's largest bank.

The two banks suspended their shares from trading on the Dubai
Financial Market today and will not resume until details of the
deal are disclosed within 15 days, the chairmen of the two
companies said in a joint filing to the Dubai bourse.


Read more at Bloomberg Emerging Markets News

Brazil, Peru and Argentina: Latin American Local-Currency Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Latin American local bonds
today. Bond yields are from the previous session.

Argentina: The government's tax revenue probably fell to
18.0 billion pesos ($5.8 billion) in June from 18.9 billion
pesos in May, according to the median forecast in a Bloomberg
survey of three economists.


Read more at Bloomberg Bonds News

Rand steady, looks to international markets

(Reuters) - South Africa's rand was steady versus the dollar on Monday, and traders said the currency would look to international developments in the absence of local market-moving news.

The rand was trading at 7.04 to the dollar at 0645 GMT, unchanged from its New York close on Friday.


Read more at Reuters Africa

Dow Chemical paid 540 mln eur for Bayer unit

(Reuters) - "Following regulatory clearance from various authorities
around the world, payment and share transfers have occurred, and
Dow has taken full ownership of the Wolff Walsrode group of
companies on June 30, 2007," it added.




Bayer announced the divestment in December but gave no sales
price at the time.


Read more at Reuters.com Mergers News