U.K. Shares Including SkyePharma Fall; Daily Mail, Imperial Chemical Rise

(Bloomberg) -- U.K. stocks including SkyePharma Plc
declined after the drug-formulation company said its U.S.
application for an asthma medicine may be delayed.

Daily Mail and General Trust Plc rose. Morgan Stanley
advised investors to buy shares in the publisher of the U.K.'s
Daily Mail newspaper following a slump in the past three months.


Read more at Bloomberg Stocks News

Nordic Stocks Decline, Paced by Statoil, Norsk Hydro, Nordea Bank, Boliden

(Bloomberg) -- Nordic stocks fell for a second day,
led by Statoil ASA and Norsk Hydro ASA, Norway's largest oil
producers, as crude oil prices dropped in New York.

Nordea Bank AB, the region's largest lender, also slipped
after Goldman, Sachs & Co. downgraded the stock.


Read more at Bloomberg Stocks News

Kenyan shilling little changed vs dollar, trade slow

(Reuters) - The Kenyan shilling waslittle changed against the dollar in quiet trade on Monday and dealers expect the local currency to appreciate slightly in the week aided by good flows.

At 0730 GMT commercial banks traded the shilling at 66.20/30 to the dollar, compared with Friday's close of 66.25/35.


Read more at Reuters Africa

UPDATE 1-ICI opens books to Akzo after raised $16.3 bln bid

(Reuters) - LONDON, Aug 6 - Britain's Imperial Chemical
Industries has opened its books to Akzo Nobel
after receiving an improved 8 billion-pound
takeover proposal from its Dutch suitor, it said on Monday.




ICI, the maker of Dulux paints, said the new proposal was
670 pence a share in cash, up from the 650 pence a share it
rejected last week.


Read more at Reuters.com Mergers News

Nedbank First-Half Net Rose 42 Percent as It Boosted Corporate Lending

(Bloomberg) -- Nedbank Group Ltd., South Africa's
fourth-biggest bank, said first-half profit rose 42 percent,
boosted by gains in corporate lending. The company expects 2007
earnings to increase by as much as 33 percent.

Net income in the six months to June 30 advanced to
2.78 billion rand ($389 million), or 7.05 rand a share, from
1.95 billion rand, or 5.77 rand, a year earlier, the Johannesburg-
based company said in a statement today. Annual profit-per share
will rise 22 percent to 33 percent, it said.


Read more at Bloomberg Emerging Markets News

CORRECTED: ICI opens books after improved $16.3 bln Akzo bid

(Reuters) - ICI, the maker of Dulux paints, said the new proposal was 670 pence a share in cash, up from the 650 pence a share it rejected last week.




"The board of ICI has agreed that Akzo can undertake certain limited due diligence, which ICI expects to be completed within a few days," it said in a statement.


Read more at Reuters.com Business News

UPDATE 1-Fortis seeks shareholder approval for ABN buy

(Reuters) - BRUSSELS, Aug 6 - Belgian-Dutch financial services
group Fortis sought shareholder approval on Monday for
its part of a three-bank bid to buy ABN AMRO , a crucial
vote for the biggest ever bank takeover.




Fortis , Royal Bank of Scotland and Spain's
Santander have offered 71 billion euros
for the Netherlands' largest bank in a bidding war that has
featured legal and stakeholder battles.


Read more at Reuters.com Mergers News

Spread on Japan Bonds May Indicate Stocks Will Drop Further, JPMorgan Says

(Bloomberg) -- A widening spread between the interest
Japanese corporate and government bonds pay may indicate that the
stock market may have more room to fall, according to JPMorgan
Chase & Co.

Corporate borrowing costs are measured against the so-called
risk-free yields of government debt. The larger the difference is
between yields, or spread, the higher the perceived risk is of
the borrower defaulting.


Read more at Bloomberg Stocks News

ICI opens books after improved $16.3 bln Akzo bid

(Reuters) - ICI, the maker of Dulux paints, said the proposal at 670
pence per share in cash is subject to a number of preconditions,
including completion of due diligence.




ICI shareholders would also receive a 4.95 pence per share
interim dividend and a second interim dividend of up to 5 pence
paid on a pro rata basis from July 1 to the date of completion.


Read more at Reuters.com Mergers News

S.Africa's largest oil refinery shuts down due to strike

(Reuters) - SAPREF, South Africa's largest oil refinery, said on Monday it had shut down due to a strike that has crippled the industry and led to petrol shortages at filling stations.

"In response to CEPPAWU's call for a national strike, a safe shutdown has been completed at the SAPREF refinery," Prudence Mbatha said in a statement.


Read more at Reuters Africa

JGB futures hit 10-wk high as investors seek safety

(Reuters) - September futures surged 0.55 point to 133.97, the
highest since late May, after Treasuries rose late last week on
persistent worries about problems in the U.S. subprime market.




Such concerns battered U.S. stocks then and Standard &
Poor's 500 index and the Nasdaq Composite Index
on Friday posted their worst one-day percentage drops since a
global sell-off in equities in late February.


Read more at Reuters.com Bonds News

Sappi says Q3 earnings per share at U.S 23 cts

(Reuters) - The world's top maker of fine paper, Sappi Ltd, on Monday said its third quarter earnings per share was 23 U.S. cents compared to a loss in the same period a year ago.

Sappi said group sales for the quarter increased by 7 percent to $1.3 billion, with operating profit at $87 million compared to a loss of $34 million a year ago.


Read more at Reuters Africa

France's CAC 40 Index Erases 2007 Gains; Renault and PPR Lead the Decline

(Bloomberg) -- French stocks declined, with the
benchmark CAC 40 Index erasing this year's gains. Renault
SA, the country's second-largest carmaker, PPR SA, the
owner of Gucci Group, paced the retreat.

The CAC 40 dropped 62.49, or 1.1 percent, to 5535.40
as of 9:12 a.m. in Paris, taking its performance this year
to a loss of 0.1 percent.


Read more at Bloomberg Stocks News

Australia, New Zealand Dollars Decline as Carry Trades Cut on Stock Slide

(Bloomberg) -- The Australian and New Zealand
dollars fell a second day against the yen as global stocks slid
on concern U.S. mortgage losses will worsen, deterring investors
from buying higher-yielding assets funded by loans in Japan.

New Zealand's dollar has weakened 7.5 percent versus the
yen in the past month, the most among the 16 most-active
currencies, and Australia's retreated 5 percent, as traders
pared positions in so-called carry trades. Asian shares declined
today after The Standard & Poor's 500 Index fell the most in
five months in New York on Aug. 3.


Read more at Bloomberg Currencies News

ICI tentatively agrees to sweetened Akzo offer: report

(Reuters) - If all goes well, a formal takeover agreement would be announced by August 9, the deadline set by the UK Takeover Panel, the paper said.




ICI last week rejected an improved 7.8 billion pound , 650 pence-a-share cash takeover proposal by Akzo and refused to open its books for due diligence check, saying the offer undervalued the company. It had also previously rejected a 600 pence-a-share offer from Akzo in June.


Read more at Reuters.com Business News

Rand softer, to remain under pressure

(Reuters) - South Africa's rand started the week on the backfoot versus the dollar and will probably remain under pressure as investors continue to fret over woes in the U.S. mortgage credit sector.

The rand was trading at 7.1525 versus the dollar at 0625 GMT, about 0.4 percent softer than its New York close of 7.1250 on Friday.


Read more at Reuters Africa

Crude Oil Falls a Second Day on OPEC Output Boost, Concern Demand Abating

(Bloomberg) -- Crude oil fell in New York, heading
for its biggest two-day decline since July 24, after OPEC
increased output and on concern losses in the U.S. mortgage
market will slow economic growth.

Members of the Organization of Petroleum Exporting
Countries, excluding Angola, raised production last month by the
most since September 2004, a Bloomberg News survey showed.
Prices of commodities including copper in Shanghai and platinum
in Tokyo declined, and stocks in Asia fell, extending a global
slump, on speculation waning growth will slow demand.


Read more at Bloomberg Energy News

UPDATE 1-India's Pantaloon to add stores, sees group rev $2bln

(Reuters) - MUMBAI, Aug 6 - Pantaloon Retail India Ltd., the
country's top listed retailer, is launching small and large
stores and the group is exploring deals with foreign partners
to take on growing competition, its chief executive said on
Monday.




The group is looking at joint venture opportunities with
foreign firms in the business-to-business segment, similar to
the one it has with U.S. office supplies retailer Staples Inc.
, Kishore Biyani told Reuters.


Read more at Reuters.com Mergers News

Oil extends decline, falls 1 pct on poor U.S. data

(Reuters) - U.S. crude, which slid as much as 91 cents, or 1.2 percent in early trade, reversed some losses and was down 59 cents at $74.89 a barrel by 1:58 a.m. EDT.




U.S. oil settled $1.38 lower at $75.48 a barrel on Friday, after hitting a record $78.77 on Wednesday.


Read more at Reuters.com Hot Stocks News

European Stocks May Decline; UBS, ING, Philips, BHP Billiton Might Drop

(Bloomberg) -- European stocks may fall, following
declines in Asia and the U.S., as concern mounts that losses in
the U.S. mortgage market will erode economic growth and raise
financing costs for companies.

UBS AG and ING Groep NV may lead financial stocks lower.
U.S.-traded shares of Royal Philips Electronics NV and Nokia Oyj
dropped as the dollar traded near a record low against the euro.
BHP Billiton Ltd. and Rio Tinto Group declined in Australian
trading after copper fell in Shanghai.


Read more at Bloomberg Stocks News

Arrow Energy Signs Agreements to Develop Coal Seam Gas Ventures in China

(Bloomberg) -- Arrow Energy NL, an Australian
producer of gas from coal seams, signed two venture agreements
with companies in China's Liaoning province as it seeks to start
production of the fuel in the Asian nation.

The accords with Shenyang Gas Co. and Liaohe Petroleum
Development Co., a unit of China National Petroleum Corp., follow
similar agreements signed over the past weeks, Brisbane-based
Arrow said today in a statement to the Australian Stock Exchange.
Arrow now has seven projects in three geographic regions in the
Asian nation, it said.


Read more at Bloomberg Energy News

PRESS DIGEST - Wall Street Journal - Aug 6

(Reuters) - * Bear Stearns Cos. co-president quit, becoming
Wall Street's highest-profile casualty in the subprime-lending
fiasco.




* ICI reached a tentative deal to be taken over by
Akzo Nobel and Henkel for $16 billion.
The chemical and paint maker had rejected Akzo's earlier
offers.


Read more at Reuters.com Mergers News

Dollar, kiwi fall vs yen on credit worries

(Reuters) - The dollar tumbled to a four-month low against the yen while the New Zealand dollar fell sharply versus the Japanese currency on Monday as worries about a credit crunch prompted an unwinding of risky carry trades.

The dollar fell to 117.19 yen on electronic trading platform EBS, its lowest level since late March, due partly to stop-loss position unwinding by Japanese retail investors.


Read more at Reuters Africa

Pound May Fall as Traders Trim Bets Bank of England Will Raise Rates Again

(Bloomberg) -- The U.K. pound may fall as investors
lower expectations the Bank of England will raise interest rates
again this year.

Interest-rate futures trading shows investors have scaled
back their forecasts for how high the U.K. central bank will lift
rates on concern borrowing costs at a six-year high of 5.75
percent will begin to slow economic expansion. A report today may
show industrial production growth slowed in June.


Read more at Bloomberg Bonds News

Oil Falls, Heading for Biggest 2-Day Decline Since June, on OPEC, Economy

(Bloomberg) -- Crude oil fell in New York, heading
for its biggest two-day decline since June, after OPEC increased
output and on signs U.S. economic growth will slow, reducing fuel
demand.

Members of the Organization of Petroleum Exporting Countries,
excluding Angola, raised production last month by the most since
September 2004, a Bloomberg News survey showed. Asian stocks
dropped on renewed concern losses in the U.S. mortgage market
will trim growth in the world's biggest economy.


Read more at Bloomberg Energy News

Barclays launches $89 bln ABN takeover offer

(Reuters) - The offer period will run from August 7 until October 4,
Barclays said in an offer memorandum published in Dutch
newspapers on Monday.




At current share prices and foreign exchange rates, the
Barclays offer is worth about 34.54 euros per share of ABN.


Read more at Reuters.com Business News

Suzano Petroquimica, Telmex, Tenaris, Bancolombia: Latin Equity Preview

(Bloomberg) -- The following stocks may make
significant gains or losses in Argentina, Brazil, Colombia
and Mexico today. Symbols are in parentheses after the company
name, and stock prices are from the last session.

In Brazil, preferred shares are the most commonly traded
class of stock.


Read more at Bloomberg Stocks News

TREASURIES-Extend gains in Asia, market eyes Fed

(Reuters) - "Yields of Treasuries have fallen sharply, but investors
don't seem to be cautious about prices going too high amid
safe-haven rallies," said Ryuji Shimazu, a market analyst at
Shinko Securities.




"Market players seem to be building positions for possible
Fed rate cuts in the future."


Read more at Reuters.com Bonds News

Fortis, Impreglio, Munich Re, SES Global, Thomson: European Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in European markets. Prices are from the last close.

The Dow Jones Stoxx 600 fell 1.3 percent to 372.03. The Dow
Jones Stoxx 50 Index fell 1.4 percent to 3718.31. The Euro Stoxx
50 Index, a benchmark for the 13 nations using the euro, declined
1.4 percent to 4229.19.


Read more at Bloomberg Stocks News

Asian stocks hit by U.S. economic worries

(Reuters) - Oil prices slid briefly below $74.50 a barrel amid heightened concerns for economic growth, but flight to safety helped gold stay near one-week highs and kept the benchmark U.S. 10-year Treasury yield pinned near 2-½ month lows.




Data last Friday showing U.S. employers added jobs at the slowest rate in five months and weaker growth in the U.S. service sector all added to concerns about the world's biggest economy, Asia's top export destination.


Read more at Reuters.com Business News

Bank of Ningbo First-Half Audited Profit Jumps 41 Percent on Rising Loans

(Bloomberg) -- Bank of Ningbo Co. Ltd., a Chinese
bank that raised 4.14 billion yuan ($547 million) in an initial
public offering last month, said audited first-half profit surged
41 percent on increased loans to domestic companies.

Net income rose to 382.8 million yuan, or 0.19 yuan a share,
in the six months ended June 30 from 271.6 million yuan, or 0.15
yuan a share, a year earlier, the Ningbo, Zhejiang province-based
bank said in a statement to Shenzhen's stock exchange, confirming
an earlier statement citing unaudited figures. Interest income
rose 39 percent to 1.38 billion yuan, Bank of Ningbo said.


Read more at Bloomberg Emerging Markets News

Japan's Shares Drop on U.S. Concern, Strong Yen; Toyota Advances on Profit

(Bloomberg) -- Japanese stocks declined, paced by
exporters, on concern losses in the U.S. mortgage market may slow
the world's biggest economy and after the yen strengthened to a
four-month high against the dollar.

Sony Corp., the word's biggest video-game maker, fell the
most in almost five months and Canon Inc. dropped 3.2 percent.


Read more at Bloomberg Stocks News

UPDATE 3-Bear president resigns; casualty of credit crisis

(Reuters) - NEW YORK, Aug 5 - Bear Stearns Cos
co-President and co-Chief Operating Officer Warren Spector
resigned on Sunday, a casualty of the credit risk crisis at the
investment bank.




Bear Stearns said effective immediately, Alan Schwartz was
the company's sole president.


Read more at Reuters.com Bonds News

Bear Stearns president resigns

(Reuters) - Bear Stearns said that, effective immediately, Alan Schwartz has been named the company's sole president.




Spector's departure follows Bear Stearns' assertion on Friday that it is weathering the worst storm in financial markets in more than 20 years after a major rating company warned mortgage credit problems could hurt the investment bank's profits.


Read more at Reuters.com Business News

Intel, Cisco, J&J Lure Value Funds as Price Ratios Converge Most in Decade

(Bloomberg) -- Intel Corp., Cisco Systems Inc. and
Johnson & Johnson, perennial favorites of money managers seeking
U.S. stocks with the fastest profit growth, are becoming staples
for so-called value investors.

Shares of growth companies in the Standard & Poor's 500
Index trade at an average 16.3 times estimated earnings, while
value stocks, those priced at a discount to the market or their
historical average, trade at 14 times profits. The gap between
them, now 2.3 points, has narrowed from 25.5 at the beginning of
the decade, data compiled by Bloomberg show.


Read more at Bloomberg Stocks News

Shanghai Copper Futures Fall Near Limit on Concern U.S. Demand May Decline

(Bloomberg) -- Copper futures on the Shanghai
Futures Exchange fell by almost the maximum daily limit allowed
by the exchange on concern an economic slowdown in the U.S., the
second-largest consumer of the metal, will reduce demand. Zinc
futures also slumped.

Copper for October delivery fell as much as 2,790 yuan, or
4.1 percent, to 65,160 yuan ($8,611) a metric ton from the
previous close. The contract fell near the 4 percent limit
compared with the previous settlement price, and traded at 65,770
yuan a ton, down 3.2 percent, at 9:28 a.m. local time.


Read more at Bloomberg Commodities News

Bank of Queensland Completes Its Biggest Sale of Debt Backed by Auto Loans

(Bloomberg) -- Bank of Queensland Ltd., a regional
Australian lender, raised A$1 billion ($855 million) in its
biggest sale of bonds backed by automobile and equipment loans.

The bonds were sold to domestic and offshore investors in
nine parts, sale manager Macquarie Bank Ltd. said in an e-mailed
statement. The largest portion was A$717.5 million of AAA-rated,
August 2013 securities yielding 23 basis points more than the
benchmark swap rate.


Read more at Bloomberg Bonds News

South Korea's Shares Fall, Led by Posco, Kookmin, Samsung; Hynix Advances

(Bloomberg) -- South Korean stocks fell, led by
Posco, and Kookmin Bank, on concern losses in the U.S. mortgage
market may slow the world's biggest economy.

Samsung Electronics Co. also declined after a power outage
at some production lines of the world's second-largest chipmaker.


Read more at Bloomberg Stocks News

Bernanke May Alter Rhetoric, Not Interest Rates, After Market Turbulence

(Bloomberg) -- Federal Reserve Chairman Ben S.
Bernanke may respond to the latest squall in financial markets
the same way he did when turbulence hit four months ago: with a
change in words rather than policy.

Bernanke and his colleagues may suggest after their
meeting tomorrow that the risks to economic growth have
increased following the rout in stock and credit markets -- just
as they did after their March meeting.


Read more at Bloomberg Bonds News

Australian Stocks Extend Declines; Macquarie Bank, BHP Billiton Lead Slide

(Bloomberg) -- Australia's benchmark stock index, the
S&P/ASX 200 Index, fell 0.84 percent at 10:05 a.m.

The index of 201 companies traded on the Australian Stock
Exchange fell 50.60 to 5,970.40. Among the stocks in the index,
34 rose, 159 fell and 8 were unchanged.


Read more at Bloomberg Stocks News

Japan's Government Bonds May Gain on Speculation Investors Will Shun Risk

(Bloomberg) -- Japanese bonds may gain on
speculation investors will add to their purchases of government
securities after a U.S. labor report showed the economy cooling
as the housing market slows.

Five-year notes had their longest series of weekly advances
since May 2005 as losses linked to U.S. mortgages for people
with poor credit caused riskier assets such as corporate bonds
and stocks to extend declines. Emerging-market bonds fell in New
York on Aug. 3 after the U.S. Labor Department said job growth
slowed to 92,000 in July from 126,000 previously.


Read more at Bloomberg Bonds News

FEATURE-Takeovers spell end of soccer's Premiership Plc

(Reuters) - But if fans, politicians and newspapers take moral umbrage
at the foreign-led takeovers, few are mourning the end of the
publicly listed club.




Going public became something of a craze for Premier League
clubs in the mid-1990s. At its peak, fans and investors could
buy shares in 10 of the 20 current Premier League clubs.


Read more at Reuters.com Mergers News

Japanese Stocks May Drop, Led by Exporters on U.S. Economy Concern, Yen

(Bloomberg) -- Japanese stocks may decline, led by
exporters such as Sony Corp., on concern losses in the U.S.
mortgage market may slow the world's biggest economy.

Exporters may also decline after the yen strengthened to a
four-month high against the dollar, eroding the value of their
dollar-denominated sales.


Read more at Bloomberg Stocks News

Banks, BHP, Lipa, Oxiana, Woodside Petroleum: Australian Stock 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 on Aug. 3. Prices are from the
Aug. 3 close unless otherwise stated. Stock symbols are in
parentheses after the company names.

The S&P/ASX 200 Index futures contract due in September fell
2.1 percent to 5,853 at 6.59 a.m. in Sydney. The Bank of
New York Australia ADR Index lost 3.5 percent in New York.


Read more at Bloomberg Stocks News

Crude Oil Falls a Second Day on Concern Over Weaker U.S. Equities, Growth

(Bloomberg) -- Crude oil fell a second day in New
York after declining equity markets and weak U.S. economic data
weighed on investor confidence.

Oil dropped 2 percent last week as U.S. stock prices fell
for a third week and a report showed the nation's unemployment
rate reached a six-month high in July. Oil slipped from the
record $78.77 a barrel reached on Aug. 1 after a U.S. government
report that day showed fuel stockpiles rose as refineries ran at
the highest rates since August, 2005.


Read more at Bloomberg Energy News

Bear Stearns says president Spector has resigned

(Reuters) - In a statement, Bear Stearns said that, effective
immediately, Alan Schwartz has been named the company's sole
president, and Samuel Molinaro will become chief operating
officer in addition to chief financial officer.




Bear also said that Jeffrey Mayer, co-head of the fixed
income division, has been named to the Bear Stearns executive
committee.


Read more at Reuters.com Mergers News

Gold May Extend Rally on More Demand for Dollar Alternative, Survey Shows

(Bloomberg) -- Gold may rise for a second straight
week on speculation that a weaker dollar will boost demand for
the precious metal as an alternative investment.

Seventeen of 27 traders, investors and analysts surveyed by
Bloomberg from Sydney to Chicago on Aug. 2 and Aug. 3 advised
buying gold, which rose 1.8 percent last week to $684.40 an ounce
on the Comex division of the New York Mercantile Exchange. One
respondent said to sell, and nine were neutral.


Read more at Bloomberg Commodities News

Netflix shares poised to rally - Barron's

(Reuters) - "At some point, Blockbuster will cry uncle and raise
prices, and Netflix shares will almost certainly rally," said
Barron's in its technology column.




Netflix might also be an acquisition target, notably by
Amazon.com , said Barron's.



Read more at Reuters.com Mergers News

Fed to weigh hit of credit crunch

(Reuters) - The Fed is widely expected to hold overnight interest rates steady at 5.25 percent, where they have been for more than a year. The policy-setting Federal Open Market Committee is expected to release a statement outlining its views on the economy at around 2:15 p.m. on Tuesday.




Markets will watch keenly for any sign the U.S. central bank, which has persistently identified the risk of inflation as its main concern, is beginning to worry a bit more about the potential for an undesirable weakening in the economy.


Read more at Reuters.com Business News

PREVIEW-Fed to weigh hit of credit crunch, market slide

(Reuters) - *Fed expected to hold benchmark overnight borrowing costs
steady at 5.25 percent




By Mark Felsenthal


Read more at Reuters.com Bonds News

Congress recesses amid Democratic achievements

(Reuters) - Their top priority -- ending the Iraq war -- remains frustratingly unfulfilled. But the Democrats who took over in January were able to go home early on Sunday for a monthlong break having won more support in the U.S. Senate and House of Representatives for bringing combat troops home by early next year, marking a significant turnaround from last year.




Democrats also will be able to batter President George W. Bush and congressional Republicans for sticking with a war policy that droves of Americans increasingly oppose.


Read more at Reuters.com Bonds News

Edison to invest "well above" 4.5 bln euros by 2013

(Reuters) - "We forecast that investments over 2008-2013 will be well above the 4.5 billion euros of our previous business plan."




Quadrino said the investments would help Edison reduce its dependence from gas imports.


Read more at Reuters.com Business News

UPDATE 1-Dubai matches Fast Retailing's $900 mln Barneys bid

(Reuters) - DUBAI, Aug 5 - Dubai-based private equity firm
Istithmar raised its offer to acquire Barneys New York Inc.
from Jones Apparel Group Inc. to $900 million on
Sunday, matching a bid by Japan's Fast Retailing Co. Ltd.
.




Istithmar, owned by the government of Dubai, had agreed to
buy the luxury retailer for $825 million before Fast Retailing
entered the fray with a $900 million offer.


Read more at Reuters.com Mergers News

Exxon, Chevron, Conoco may bid in India auction: paper

(Reuters) - Sibal told Reuters on Friday that the auction, earlier scheduled for August, has been deferred to November due to a shortage of rigs and a dispute over gas pricing.




He said the blocks would be awarded by June 2008.


Read more at Reuters.com Business News

U.S. House shifts $16 bln toward renewable energy

(Reuters) - The 786-page bill, passed in a rare Saturday vote, was a top priority for House Speaker Nancy Pelosi, and is an amalgam of bills assembled by about a dozen of the chamber's committees in recent months.




Republicans called it a "no-energy bill" because it lacks new drilling incentives, and they derided the new emphasis on renewables as "green pork." The White House threatened to veto the bill on concerns that it could boost energy prices.


Read more at Reuters.com Business News

Court will wait to rule on CBOT rights

(Reuters) - CME Group Inc., the world's largest futures exchange, was created with the merger of CBOT Holdings Inc. and Chicago Mercantile Exchange Holdings Inc. in July. The CBOE is the largest U.S. options market.




The exercise rights allow full members of the Chicago Board of Trade to trade options on CBOE without owning CBOE membership.


Read more at Reuters.com Business News

Court will wait to rule on CBOT exercise rights

(Reuters) - CME Group Inc., the world's largest futures exchange, was
created with the merger of CBOT Holdings Inc. and Chicago
Mercantile Exchange Holdings Inc. in July. The CBOE is the
largest U.S. options market.




The exercise rights allow full members of the Chicago Board
of Trade to trade options on CBOE without owning CBOE
membership.


Read more at Reuters.com Government Filings News

Senate report faults SEC on hedge fund probe

(Reuters) - The report from the Senate Finance and Senate Judiciary committees, released late on Friday, ends a year-long inquiry into the dismissal of former SEC staffer Gary Aguirre.




Aguirre says he was forced out of the agency after a probe he was leading got too close to prominent Wall Street banker John Mack. His claims prompted three Senate hearings and drew heavy press coverage.


Read more at Reuters.com Business News

South Sudan awards gold, uranium mining contracts

(Reuters) - South Sudan has awarded two companies exploration licenses for gold and uranium in areas thought to be rich in minerals, an official from the semi-autonomous region said.

British/South African New Kush Exploration and Mining Company and the UK-listed Brinkley Mining Plc paid $5,000 for one-year exploration licenses in the area bordering Kenya.


Read more at Reuters Africa

RPT-US RATE FUTURES-View of Fed cut inches up on jobs

(Reuters) - Futures remain priced for the Fed to keep rates steady in
August . Implied chances for a September rate cut rose to
34 percent from 30 percent on Thursday, and prospects for an
October cut firmed to 62 percent from 58 percent.




The Labor Department said 92,000 nonfarm payroll jobs were
created in July, below the median forecast of 130,000. June
payrolls were revised to 126,000 from 132,000 earlier.


Read more at Reuters.com Bonds News

REFILE-TREASURIES-Bond prices rise after soft US jobs report

(Reuters) - NEW YORK, Aug 3 - U.S. government debt prices
rose on Friday as bond investors added to bets that the Federal
Reserve may start cutting interest rates before year end after
a soft July jobs report.




U.S. stocks futures turned down, pointing to a lower start
on Wall Street, which helped to stoke a moderate safe-haven bid
for Treasuries.


Read more at Reuters.com Bonds News

TREASURIES-Bond prices extend gains on weak services data

(Reuters) - The benchmark 10-year note was 11/32 higher in
price for a yield of 4.73 percent from 4.75 percent before the
data and 4.77 percent late on Thursday, while the two-year note
_was 5/32 in price for a yield of 4.51 percent from
4.53 percent.




Read more at Reuters.com Bonds News

Death toll rises from Minneapolis bridge collapse

(Reuters) - Rescuers spent an entire day extracting the fifth fatality
from under mounds of debris, Minneapolis Fire Chief Jim Clack
said. He said another victim had died in a hospital, but the
local coroner did not confirm either death.




"It took 20 people all day to get the person out. There was
tons of debris," Clack said.


Read more at Reuters.com Bonds News

Dillard's rebuffs shareholder group; stock tumbles

(Reuters) - CHICAGO, Aug 3 - A firm representing investors who hold 3.7 percent of Dillard's Inc's outstanding stock said on Friday it was rebuffed in its attempt to meet with the company's CEO, sending shares of the department store owner down 5 percent.



Barington Capital Group L.P. said its request to meet with Chairman and Chief Executive William Dillard II was met with an offer of a meeting with the company's investor relations director instead.


Read more at Reuters.com Bonds News

Weyerhaeuser profit drops, but beats expectations

(Reuters) - NEW YORK, Aug 3 - Timber company Weyerhaeuser Co. reported a sharp drop in second-quarter earnings on Friday as prices fell at its real estate business and U.S. home builders' demand for wood products weakened.



Although the results beat Wall Street expectations, analysts noted that this resulted from lower corporate expenses, rather than the earnings in the company's main businesses.


Read more at Reuters.com Bonds News

Costs, charges drag Telus profit down 29 pct

(Reuters) - OTTAWA, Aug 3 - Telus Corp. , Canada's second-biggest phone company, said on Friday that second-quarter profit sank 29 percent as it accounted for costs for a new billing system, the introduction of wireless number portability, and the failed launch of AMP'd Mobile service.



Net earnings declined to C$253.1 million , or 75 Canadian cents a diluted share. That is down from a profit of C$356.6 million, or C$1.02 a share, in the same period last year.


Read more at Reuters.com Bonds News

GLOBAL MARKETS-US stocks, dollar fall on data; bonds surge

(Reuters) - NEW YORK, Aug 3 - U.S. stocks and the dollar fell,
while safe-haven Treasuries surged on Friday as unexpectedly
weak data reinforced views of slower economic growth.




News that the U.S. economy had created fewer jobs than
anticipated and that the services sector expanded more slowly
in July jarred investors' nerves, already frayed by credit
liquidity worries.


Read more at Reuters.com Bonds News

FBI violated lawmaker's rights in Capitol Hill raid

(Reuters) - The court found that FBI agents violated the U.S. Constitution's mandate that Congress operate as a co-equal branch of government without being intimidated by the law enforcement powers of the executive branch.




The court barred the agents who conducted the search from disclosing contents of any privileged or politically sensitive information from the files. It also limited their further involvement in the case.


Read more at Reuters.com Bonds News

At American Home, it's one last day at the office

(Reuters) - By Lynn Adler



MELVILLE, New York, Aug 3 - In some respects it was a normal summer Friday in this Long Island hamlet roughly 50 miles east of Wall Street. The weather was hot, a bit steamy. The weekend approached, and employees of American Home Mortgage Investment Corp. awaited their paychecks.


Read more at Reuters.com Bonds News

TREASURIES-Bonds rise on weak data, subprime worries

(Reuters) - NEW YORK, Aug 3 - U.S. Treasury debt prices rose
on Friday with benchmark yields hovering near their lowest
levels since mid-May, as surprisingly soft jobs and services
data and subprime fears spurred safety bids for Treasuries.




Signs of weakness in the economic data prompted investors
to increase bets that the Federal Reserve may start cutting
interest rates before the end of the year.


Read more at Reuters.com Bonds News

Bear drops after S&P lowers outlook

(Reuters) - The change pushed Bear Stearns' shares down 6 percent to $108.69 and drove the cost of protecting its debt with credit derivatives nearly 50 basis points higher.




A spokesman for Bear Stearns was not immediately available for comment.


Read more at Reuters.com Hot Stocks News

Bear Stearns, lender shares fall on credit worries

(Reuters) - Meanwhile the cost to insure debt of Countrywide Financial Corp. , the largest U.S. mortgage company, surged as investors fretted over the rising rate of late payments.




"There's continued nervousness about how credit market problems will effect these companies," said Richard Sichel, who helps manage $1.5 billion as chief investment officer at Philadelphia Trust Co. "They're worried that there might be more bad news ahead."


Read more at Reuters.com Hot Stocks News

Oil near record highs; OPEC says no output rise

(Reuters) - Oil hovered near $77 a barrel on Friday, keeping in sight of this week's fresh record high after OPEC officials poured cold water on U.S. hopes for an output rise, reiterating that the world was not short of crude supplies.

U.S. oil dipped four cents at $76.82 a barrel by 0514 GMT after rising 33 cents on Thursday. Prices touched an all-time high of $78.77 on Wednesday, but sharply retreated on signs of improved U.S. refinery operations.


Read more at Reuters Africa

AU plans African Investment Bank to fund development

(Reuters) - The African Union (AU) plans to establish an investment bank in the next three years as part of an effort to raise an annual $25 billion for development projects, an AU official said on Thursday.

Maxwell Mkwezalamba, the AU's Commissioner for Economic Affairs, said in an interview the resource-rich continent is increasingly growing frustrated over wealthy countries' failure to live up to pledges to double aid for Africa by 2010.


Read more at Reuters Africa

Wall St jumps late on profits, credit concerns nag

(Reuters) - U.S. stocks rose on Thursday in another late-day rally as enthusiasm about strong earnings tempered nervousness about more weakness in credit conditions with news another mortgage lender may fold.

Pharmacy chain CVS Caremark Corp. and MTV networks owner Viacom Inc. were among companies that posted results that topped Wall Street's expectations, sending their shares higher. CVS shares climbed 3.5 percent.


Read more at Reuters Africa

Miners, banks push S.Africa Top-40 index 1 pct up

(Reuters) - South Africa's blue chip Top-40 index gained over one percent in early trade on Friday, boosted by mining and bank stocks as global stock markets recovered.

The Top-40 index rose as much as 1.28 percent to 25,518 points. By 0748 GMT, the index was 0.97 percent firmer at 25,493 points.


Read more at Reuters Africa

Barclays Kenya's pretax profit rises 17 pct

(Reuters) - Barclays Bank Kenya reported a 17 percent rise in pretax profits on Friday to 3.547 billion shillings for the first half of 2007 as new branches led to growth in its assets.

"This is a very good result ... mainly driven by a strong asset growth and a significantly improved credit risk profile," Charles Ongwae, the bank's director of finance and planning told an investor briefing.


Read more at Reuters Africa

New AngloGold Ashanti CEO to tackle mine deaths

(Reuters) - The incoming chief executive at the world's third biggest gold producer, AngloGold Ashanti Ltd, wants to cut the firm's mine fatalities as a top priority, he said on Friday.

Increasing deaths at South Africa's treacherous underground mines have thrust safety into the spotlight recently. The government briefly closed one of AngloGold's mines last week after two more miners were killed in a rock fall.


Read more at Reuters Africa

Nickel hits 9-month low on demand, lead up 3 pct

(Reuters) - Nickel fell to a nine-month low on Friday as weak demand from the stainless steel sector prompted investors to cut their positions, while lead was up almost 3 percent after a strike in Namibia prompted speculative buying.

The market stabilised after a sell-off earlier in the week triggered by risk reduction but analysts said prices were driven by fund interest during a stagnant holiday season rather than supply and demand fundamentals.


Read more at Reuters Africa

S.Africa fuel strike into 5th day, motorists queue

(Reuters) - A strike by South African fuel workers entered a fifth day on Friday, prompting motorists in the economic capital to queue at filling stations as stocks dwindled.

"It has been a mad rush since 3 a.m. (0100 GMT) this morning," said Ashwin Chiba, manager of a filling station in the centre of Johannesburg, one of the few still with fuel.


Read more at Reuters Africa

S.African stocks slide on global jitters; Lewis up

(Reuters) - South African stocks hit an almost four-month low on Friday as weaker global markets rattled financial stocks but retailer Lewis bucked the trend after it said sales rose and its credit book was in good shape.

The Johannesburg Top-40 index of blue-chip stocks dropped 1.11 percent to 24,915.31 points, its lowest closing level since April 11. The All-share index fell 1 percent to 27,582.01 points.


Read more at Reuters Africa

Richards Bay Coal Exports Fell 3 Percent in July After Train Derailment

(Bloomberg) -- South Africa's Richards Bay Coal
Terminal, the world's biggest coal-export terminal, shipped 3
percent less coal in July than a year earlier after a derailment,
an official familiar with the matter said.

The terminal shipped 5.57 million metric tons of coal, the
official said, compared with 5.74 million tons a year earlier. On
July 16, the terminal said a derailment on a line transporting coal
to the port on South Africa's northeast coast delayed the delivery of
150,000 tons. In June, the port shipped 5.45 million tons.


Read more at Bloomberg Energy News

Democrats Split U.S. Power Industry in Drive to Promote Renewable Energy

(Bloomberg) -- House Speaker Nancy Pelosi has split
the nation's largest utilities such as American Electric Power
Co. from their government-owned counterparts in a drive for votes
to mandate more renewable energy.

The Democratic proposal to force publicly traded power
companies to get 15 percent of their supplies from wind, solar
and other renewable sources by 2020 is likely to have only a
narrow margin if it succeeds. The House may vote on the plan as
soon as today. A similar measure that failed in the Senate in
June included municipal utilities, rural cooperatives and
government power agencies that are excluded from the new bill.


Read more at Bloomberg Energy News

GLOBAL MARKETS-US jobs data hit stocks, dollar, boost bonds

(Reuters) - LONDON, Aug 3 - Stocks and the dollar fell while
safe-haven government bonds rallied on Friday after
weaker-than-expected U.S. jobs data fanned concerns about a U.S.
economy already struggling with credit liquidity fears.




U.S. stock futures pointed to a weaker open on Wall Street
while European stocks moved deeper in negative territory
after data showed U.S. employers boosted payrolls in July at the
slowest pace since February, adding 92,000 jobs.


Read more at Reuters.com Economic News

Gauge of U.S. economy lower in latest week - ECRI

(Reuters) - WLI's annualized growth rate fell to 6.1 percent from 6.4
percent in the prior week.




"Despite the fears roiling the markets, WLI growth remains
at the low end of a tight band it has inhabited for 12 weeks,
underscoring the cyclical resilience of the U.S. expansion,"
said Lakshman Achuthan, managing director at ECRI.


Read more at Reuters.com Economic News

Global PMI shows sharp July slowdown, led by U.S.

(Reuters) - The indicator, produced by JP Morgan with research and
supply management organisation, fell to 56.2 in July from 59.1
in June, where 50 marks the dividing line between growth and
contraction.




"Today's activity indicators suggest that global economic
activity is expanding at a 2.5-3.0 percent annualized pace at
mid-year," said David Hensley at JP Morgan. "Although the recent
turmoil in financial markets has undoubtedly renewed concerns
over growth, output still appears set to accelerate in the
second half."


Read more at Reuters.com Economic News

MBK Offers to Buy C&M for $3.2 Billion in Korea's Biggest LBO, Bankers Say

(Bloomberg) -- MBK Partners Ltd., the South Korean
private equity group founded by former Carlyle Group executives,
offered 3 trillion won ($3.2 billion) for cable-TV operator C&M,
said two bankers who were asked to provide financing.

The Seoul-based buyout company wants to borrow as much as 2
trillion won to pay for closely held C&M, South Korea's second-
biggest cable-TV operator, said the bankers, who declined to be
identified because the bid hasn't been disclosed. The purchase
would include New York-based Goldman Sachs Group Inc.'s 30.5
percent stake, they said.


Read more at Bloomberg Bonds News

Gazprom Postpones Sale of Bonds, Fitch Withdraws Credit Ratings on Debt

(Bloomberg) -- OAO Gazprom, Russia's natural-gas
monopoly, postponed a planned sale of bonds prompting Fitch
Ratings to withdraw assigned grades for the debt.

More than 50 companies from U.S. carmaker Chrysler to
Kohlberg Kravis Roberts & Co.'s Alliance Boots Plc postponed or
reworked debt sales since mid-June as investors shun riskier
assets amid concern that U.S. subprime mortgage-related losses
will spill into other parts of the debt markets.


Read more at Bloomberg Bonds News

GE's $2 Billion Bond Sale May End Game of `Chicken,' Rout in New Issues

(Bloomberg) -- General Electric Co. sold $2 billion
of bonds, a sign that top-rated borrowers can still find demand
in a market that shut out at least 36 companies.

General Electric Capital Corp., the finance arm of the
world's second-biggest company by market value, sold 30-year
bonds yesterday for the first time in about five years. Stamford,
Connecticut-based GECC was able to find buyers when companies
from investment-grade Tyco Electronics Ltd. to high-yield, high-
risk Myers Industries Inc. were forced to cancel sales.


Read more at Bloomberg Bonds News

Citigroup CEO says not rattled by market woes: report

(Reuters) - He told the Times, "I think our performance is going to
last much longer than the market turbulence does."




Prince said that investors who used to snap up leveraged
loans with easy terms are now on the sidelines as the "market
shakes itself out and probably will for a period of time." But
he told the paper that the businesses that are borrowing the
money are doing fine.


Read more at Reuters.com Mergers News

MOL still wants INA stake, won't go hostile

(Reuters) - "After we will sit down with the Croatian government again," MOL's Chief Executive and Chairman Zsolt Hernadi told web portal Index www.index.hu on Friday.




"It is for certain that we will not make an unsolicited public bid on the Croatian stock exchange, although we could do it," Hernadi added.


Read more at Reuters.com Mergers News

Fortis seen clearing shareholder hurdle over ABN

(Reuters) - If it does not garner enough support it could spell the end not only to Fortis's ambitions of expanding in the Benelux but also the joint 71 billion euro bid of its consortium partners Royal Bank of Scotland and Spain's Santander .




Fortis will ask shareholders, who have seen their stock drop by almost 18 percent since it confirmed its approach for ABN in April, to back the planned takeover in general and its financing through Europe's second largest rights issue.


Read more at Reuters.com Mergers News

Ford aims to sell Land Rover, Jaguar by Sept.30-NYT

(Reuters) - NEW YORK, Aug 3 - Ford Motor Co is hoping to have a tentative deal to sell its Land Rover and Jaguar operations by Sept. 30, and a pact to dispose of Volvo by year end, The New York Times reported on its Web site on Friday.



The auto maker's advisers have begun putting together information that bidders want for Land Rover and Jaguar, the paper said, citing unnamed sources.


Read more at Reuters.com Mergers News

Telus profit falls on charges, abandons BCE quest

(Reuters) - OTTAWA, Aug 3 - Telus Corp. , Canada's second-biggest phone company, said on Friday that second-quarter profit sank 29 percent as it accounted for costs for a new billing system, the introduction of wireless number portability, and the failed launch of AMP'd Mobile service.



Net earnings declined to C$253.1 million , or 75 Canadian cents a diluted share. That is down from a profit of C$356.6 million, or C$1.02 a share, in the same period last year.


Read more at Reuters.com Mergers News

UPDATE1-IBM to buy data management solutions provider

(Reuters) - Financial details of the deal, which is expected to close
later in 2007, were not disclosed.




Princeton Softech, which provides data archiving, test data
management, data classification and discovery software, has
about 240 employees and more than 2,200 companies rely on its
solutions, IBM said in a statement.



Read more at Reuters.com Mergers News

Glaxo Avandia FDA Adversity Prompts Doubts of Revenue, Share Resurgence

(Bloomberg) -- GlaxoSmithKline Plc convinced a U.S.
regulatory panel this week to keep its best-selling diabetes
drug, Avandia, on the market. Now comes the hard part: persuading
doctors to use a medicine linked to heart attacks.

The U.S. Food and Drug Administration committee of advisers
said this week that the diabetes pill should carry new warnings
about cardiovascular risks. Glaxo shares had their biggest gain
in two years yesterday after the advisory panel decided not to
recommend the withdrawal of Avandia, which brought in $3.3
billion in 2006 for the London-based company, Europe's largest
drugmaker.


Read more at Bloomberg Exclusive News

Fidelity Inflation Bond Fund Trails Vanguard After Subprime Mortgage Rout

(Bloomberg) -- Fidelity Investments' Inflation-
Protected Bond Fund is lagging behind its biggest competitor,
Vanguard Group, after losses in subprime mortgages, this year's
worst-performing debt market.

The $1.3 billion mutual fund, run by William Irving in
Merrimack, New Hampshire, rose 3.3 percent this year, trailing
the 4 percent gain of the Vanguard Inflation-Protected
Securities Fund, which holds no mortgage bonds. The Fidelity
fund advanced at an annual rate of 5.6 percent during the past
five years, compared with the 6 percent return of the $10.2
billion Vanguard fund, data compiled by Bloomberg show.


Read more at Bloomberg Exclusive News

Asian Fish, Tainted With Drugs, Slip Past U.S. Inspectors, States Discover

(Bloomberg) -- Joseph Basile, an Alabama state
scientist, drops a frozen catfish filet into an industrial food
processor and pulverizes it into a fluffy white powder.

The grinding in a laboratory in Montgomery is part of a test
of imported seafood for drugs that U.S. regulators say can cause
cancer or increase resistance to antibiotics. Alabama officials
have reported finding banned medicines missed by the U.S. Food
and Drug Administration in seafood from China, Vietnam and other
Asian countries.


Read more at Bloomberg Exclusive News

Toyota Electric Car May Have Half the Range of GM's, People Familiar Say

(Bloomberg) -- Toyota Motor Corp.'s plug-in electric
car may have less than half the range of a competing vehicle
planned by General Motors Corp., people with knowledge of both
companies' development programs said.

GM wants its Chevrolet Volt to travel at least 40 miles
after being charged once at a normal household outlet, while the
Toyota model may go no more than 20 miles on a single charge,
said the people, who asked not to be identified because details
of the plans are still secret.


Read more at Bloomberg Exclusive News

EU clears SABIC's buy of GE Plastics

(Reuters) - GE Plastics, headquartered in Pittsfield, Massachusetts,
employs 10,300 people in 60 countries and makes resins used in
products ranging from health care equipment to packaging for
consumer goods.




It has major factories in Indiana, New York, West Virginia
and Alabama. In 2006, the division's profit fell 22 percent to
$674 million on slightly higher revenue of $6.65 billion.


Read more at Reuters.com Government Filings News

Virtusa says IPO priced at $14/shr

(Reuters) - The Westborough, Massachusetts-based company said its
common stock has been approved for listing on Nasdaq under the
symbol "VRTU."





Read more at Reuters.com Government Filings News

Asian Currencies Complete Weekly Decline, Follow Drop in Regional Stocks

(Bloomberg) -- Asian currencies completed a weekly
decline, led by a 0.9 percent drop in the Indonesian rupiah, as
overseas investors reduced holdings in the region's stocks.

Global funds were net sellers of shares in South Korea,
Taiwan and Thailand this week as benchmark stock indexes dropped.
Indonesia's central bank said Aug. 1 it's not worried by the
rupiah's decline and the International Monetary Fund said the
next day the volatility in financial markets poses a risk to
economic growth.


Read more at Bloomberg Currencies News

Polish Zloty Set for Weekly Gain as Investors' Appetite for Risk Revives

(Bloomberg) -- The Polish zloty was poised for a
weekly gain, advancing to an eight-day high against the euro as
investors regained their appetite for emerging-market assets.

Investors resumed buying stocks and higher-yielding
currencies such as the zloty, the Turkish lira and the South
African rand as concern abated that losses on U.S. subprime
mortgages would slow global economic growth.


Read more at Bloomberg Currencies News

Canada's Dollar Falls on Credit Fears Impact on Commodity Currencies

(Bloomberg) -- Canada's dollar fell for the first
time in four days as investors sold currencies tied to commodity
exports on concerns U.S. subprime credit losses will spread,
slowing the global economy.

The Canadian and New Zealand dollars were the worst
performers against the U.S. dollar and Japanese yen among the 16
most actively traded currencies today.


Read more at Bloomberg Currencies News

BA CEO expects fines provision to suffice

(Reuters) - BA set aside the provision in May and this week U.S. and UK authorities unveiled fines worth almost 270 million pounds.




Authorities in Europe, Canada, Australia, South Africa and New Zealand are also probing BA's fuel surcharges.


Read more at Reuters.com Business News

Ford aims to sell Land Rover, Jaguar by September 30: report

(Reuters) - A Ford spokesman called the report "speculation" and would not comment further.




Read more at Reuters.com Business News

Procter & Gamble profit rises

(Reuters) - Profit was $2.27 billion, or 67 cents per share, in the fiscal fourth quarter ended in June, up from $1.9 billion, or 55 cents per share, a year earlier.




The maker of Gillette razors, Tide laundry detergent and Pampers diapers said in early June it expected to earn 64 cents to 66 cents per share. Analysts, on average, expected it to earn 66 cents a share, according to Reuters Estimates.


Read more at Reuters.com Business News

Weyerhaeuser earnings tumble

(Reuters) - Excluding items, the company earned 48 cents a share in the latest quarter.




The company's shares have fallen 16.1 percent over the last three months, tracking a 12 percent drop in the Standard & Poor's Paper and Forest Products Index.


Read more at Reuters.com Business News

China's First-Half Gold Output Rises 15 Percent, Fastest Pace in a Decade

(Bloomberg) -- China, which may surpass the U.S. to
become the second-largest gold producer this year, mined 15
percent more of the precious metal in the first half as higher
prices prompted companies to boost output.

Production rose at the fastest pace in 10 years to 122.5
metric tons in the first six months, the China Gold Association
said on its Web site yesterday. Gold output in June was 23.6
tons, it said.


Read more at Bloomberg Commodities News

Apple shares fall on production rumors

(Reuters) - An Apple spokeswoman could not immediately be reached for comment.




"There is unconfirmed chatter that iPod production is reduced. That is why the option volatility in Apple is elevated suggesting this uncertainty," said Paul Foster, options strategist at Web information site theflyonthewall.com.


Read more at Reuters.com Hot Stocks News

SPX Corp to buy a Johnson Controls diagnostic unit

(Reuters) - BOSTON, July 31 - Diversified manufacturer SPX Corp. said on Tuesday it had reached a deal to buy the European automotive diagnostics division of Johnson Controls Inc. for 32 million euros .



Johnson's automotive diagnostics unit last year generated about $80 million in revenue. SPX said it expects the deal to close in the third quarter of 2007.


Read more at Reuters.com Bonds News

UPDATE 1-Catalyst Paper profit hit by higher Canada dollar

(Reuters) - The Canadian papermaker said it earned C$200,000, or nil
per share, in the second quarter, compared with a profit of
C$42.4 million, or 20 Canadian cents a share, in the
year-before quarter.




Analysts were expecting, on average, a loss of 15 Canadian
cents a share, according to Reuters Estimates.


Read more at Reuters.com Market News

US STOCKS-Indexes fall on fears of more credit problems

(Reuters) - The Dow Jones industrial average was down 30.98
points, or 0.23 percent, at 13,327.33. The Standard & Poor's
500 Index was down 6.10 points, or 0.41 percent, at
1,467.81. The Nasdaq Composite Index was down 17.07
points, or 0.66 percent, at 2,566.21.




Read more at Reuters.com Bonds News

TREASURIES-Bond prices rise as stock market turns lower

(Reuters) - Bonds have been closely mirroring stocks recently, gaining
when stocks fall as investors turn to the relative safety of
bonds.




"Bonds are not leading, they are being led," said David
Ader, head of government bond strategy at RBS Greenwich Capital
in Greenwich, Connecticut. "Stocks were up and now they are
close to the lows of the day, while bonds were lower and now
they are higher on the day. It's not much more complicated than
that."


Read more at Reuters.com Bonds News

Oil Rises Above $78, Nearing Record as U.S. Refiners May Boost Operations

(Bloomberg) -- Crude oil rose above $78 a barrel in
New York, nearing a record, on speculation demand will outpace
supply as refiners increase fuel production.

Bets on rising prices by hedge funds and other speculators
rose to a record earlier this month, according to U.S. Commodity
Futures Trading Commission data. Global demand will climb 1.7
percent in 2008, showing no sign of slowing because of high
prices, a Deutsche Bank AG report showed. A government report
tomorrow may show U.S. oil supplies fell for a fourth week.


Read more at Bloomberg Energy News

News Corp, Dow Jones deal expected Tuesday-source

(Reuters) - By Robert MacMillan and Kenneth Li



NEW YORK, July 31 - Rupert Murdoch's News Corp. is expected to reach a definitive agreement to buy Dow Jones & Co. Inc. on Tuesday evening, capping his three-month pursuit of the publisher of the Wall Street Journal, a source familiar with the matter said.


Read more at Reuters.com Mergers News

Canada's Dollar Strengthens as Crude Oil Prices Rise to Highest in a Year

(Bloomberg) -- Canada's dollar rose for the first
time in five days as oil prices soared to the highest in a year,
boosting the currency's appeal.

The currency also benefited as equity markets worldwide
rebounded as concern eased that tighter credit standards will
slow growth. The currency is on pace for a sixth straight
monthly increase, fueled by higher prices of the nation's main
commodity exports. Commodities account for about half of
Canada's exports.


Read more at Bloomberg Currencies News

U.S. Stocks Retreat on Subprime Concern; American Home Mortgage Plummets

(Bloomberg) -- U.S. stocks declined, erasing a
rally, on concern losses from subprime mortgages are worsening.

Banking shares fell after American Home Mortgage
Investment Corp. said it's unable to fund loans and may have to
liquidate assets. MGIC Investment Corp. and Radian Group Inc.
tumbled after the two home-loan insurers said their combined
stakes of more than $1 billion in a subprime mortgage company
may be worthless.


Read more at Bloomberg Stocks News

US STOCKS-Indexes pare gains after news from home lender

(Reuters) - The Dow Jones industrial average was up 33.73
points, or 0.25 percent, at 13,392.04. The Standard & Poor's
500 Index was up 3.38 points, or 0.23 percent, at
1,477.29. The Nasdaq Composite Index was down 2.86
points, or 0.11 percent, at 2,580.42.




Read more at Reuters.com Bonds News

UPDATE 2-American Home can't fund loans, may liquidate assets

(Reuters) - The Melville, New York-based real estate investment trust
is one of the largest U.S. lenders to struggle with a U.S.
housing slump that has caused home prices to stall, borrowing
costs to rise and defaults to soar.




American Home shares closed Friday at $10.47. They have not
traded since trading was halted on Monday morning.


Read more at Reuters.com Bonds News

Chile's Pinera quits as director of airline LAN

(Reuters) - Pinera, one of Chile's richest men, was fined about
$700,000 by the stock exchange regulator on July 6 after buying
3 million LAN shares in July last year while he had information
about the company's unpublished second-quarter results.




The regulator accepted the transaction was not driven by
his knowledge of that information.


Read more at Reuters.com Government Filings News

UPDATE 1-U.S. House passes Iran divestment bill

(Reuters) - WASHINGTON, July 31 - Calling for change in
Iranian nuclear policy, the U.S. House of Representatives
passed a bill on Tuesday to give legal protections to
investment managers who pull money out of the Iranian energy
sector.




Under the legislation approved by a 408-6 vote, the
Treasury Department would be required to list twice yearly on
the Internet the names of companies that have more than $20
million invested in the Iranian energy sector.


Read more at Reuters.com Government Filings News

Wendy's shares up on hopes of near-term sale

(Reuters) - A Wendy's spokesman would not comment on the letter.




In a note to clients on Tuesday, UBS analyst David Palmer said Peltz's interest would renew investor hope of a near-term sale of Wendy's, which has been struggling to revitalize sales at its hamburger restaurants.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Anadarko shares up as 2nd-qtr profit tops Street

(Reuters) - HOUSTON, July 31 - Shares of independent oil and
gas producer Anadarko Petroleum Corp. climbed on
Tuesday, a day after the company reported better-than-expected
quarterly earnings and raised its annual production forecast.




Houston-based Anadarko's shares initially rose more than 5
percent, but fell back a bit and were trading up 4.4 percent,
or $2.20 at $52.30 on the New York Stock Exchange at midday.


Read more at Reuters.com Market News

Fed will act on market slide if warranted: Poole

(Reuters) - Poole said the Fed should not add to the uncertainty by making its own policy less predictable. But if it was convinced about the scale of the risks, it would not stand idle.




"The market understands, I believe, that the Fed will act in due time if and when evidence accumulates that action would be appropriate," he said.


Read more at Reuters.com Business News

European Carbon Emission Permits Rise for Sixth Day; Power Prices Advance

(Bloomberg) -- European Union carbon dioxide permits
rose for a sixth day, the longest consecutive gain in more than two
months. German and French next-day power prices advanced.

Permits for December 2008 advanced as much as 60 cents, or 2.9
percent, to 21.45 euros ($29.39) a metric ton on the European
Climate Exchange in Amsterdam. They traded at 21.05 euros a ton at
5:49 p.m. local time.


Read more at Bloomberg Energy News

Bancroft family accepts News deal - DJ executive

(Reuters) - Prestbo told Reuters the information came from an internal company memo.






Read more at Reuters.com Mergers News

BAE Systems says completes Armor takeover

(Reuters) - "The acquisition expands the company's business in the United States and strengthens BAE Systems' position as one of the world's leading land systems businesses," BAE said in a statement to the London Stock Exchange.



BAE announced the transaction valued at $4.53 billion on May 7. Armor makes wheeled military vehicles and vehicle and individual armour systems.


Read more at Reuters.com Mergers News

FTSE 100 Rallies Most in 14 Months, Paced by GlaxoSmithKline, Lloyds TSB

(Bloomberg) -- U.K. stocks rose for the first time
in six days as profit reports from Lloyds TSB Group Plc and
SABMiller Plc reassured investors that earnings growth will be
sustained. The FTSE 100 Index rallied the most in 14 months.

GlaxoSmithKline Plc advanced after a panel of U.S. doctors
voted to keep the company's diabetes pill Avandia on the market.
Alliance & Leicester Plc rallied on takeover speculation.


Read more at Bloomberg Stocks News

Treasury Two-Year Yields Rise From Near 4-Month Low on Less Safety Demand

(Bloomberg) -- Treasury two-year note yields rose
from near a four-month low as a rebound in corporate bonds and
stocks sapped demand for the safety of government debt.

A boost in demand for higher-risk assets combined with two-
year yields near the lowest since March provided investors with
few reasons to buy Treasuries. The risk of owning European
corporate bonds fell by a record amount today as home lender
GMAC LLC said subprime mortgage losses had narrowed.


Read more at Bloomberg Bonds News

Zambia sees 2007 inflation down to 5.0 pct - c.bank

(Reuters) - Zambia should reduce annual inflation to five percent in 2007 from 8.2 percent the previous year, aided by higher global metal prices and a domestic food surplus, the central bank said on Tuesday.

Bank of Zambia (BoZ) governor Caleb Fundanga also said the country's economic indicators were positive ahead of the International Monetary Fund's (IMF) review of performance in the third quarter of the year.


Read more at Reuters Africa

Rand holds onto overnight gains, in range

(Reuters) - South Africa's rand held onto overnight gains on Tuesday, taking a breather after sharp losses racked up over the past week and shrugging off a wider trade deficit.

The domestic currency was trading at 7.0990 to the dollar at 1530 GMT, virtually unchanged from its close in New York on Monday, when it rebounded from a one-month low of 7.1999.


Read more at Reuters Africa

TREASURIES-Bonds trim losses as stocks gain

(Reuters) - Treasuries were little moved by mixed economic data that
painted a picture of benign inflation pressures and slower
economic growth, but surprisingly upbeat consumer sentiment.
For details, see [ID:nN30403317], [ID:nN30443227]




Treasuries rose sharply last week, pushing yields to
two-month lows on Friday after the stock market suffered its
greatest loss nearly five years.


Read more at Reuters.com Bonds News

Nelnet agrees to $2 mln settlement with New York

(Reuters) - Nelnet previously agreed to pay $1 million to settle an
investigation by Nebraska's attorney general.




Read more at Reuters.com Bonds News

GLOBAL MARKETS-Stocks rally worldwide as credit markets calm

(Reuters) - Earnings from General Motors Corp. sharply exceeded
Wall Street's estimates, driving its stock up nearly 3 percent
and lifting the Dow industrials as it increased investor
optimism about U.S. corporate profits.




The broad market also was bolstered by an inflation
indicator that rose less than expected in June.


Read more at Reuters.com Bonds News

US STOCKS-Wall Street rises on profits, data; GM helps

(Reuters) - NEW YORK, July 31 - U.S. stocks rose on Tuesday,
buoyed by strong earnings from companies such as General Motors
Corp. and Sun Microsystems , and some reassuring
reports on the economy.




GM set the stage for gains after the automaker swung to a
profit in the second quarter and handily topped Wall Street's
expectations [ID:nN31206991], while Sun Microsystems' shares
rose 7 percent after the high-end computer maker posted a
quarterly profit as it cut costs.


Read more at Reuters.com Bonds News

Northwest Airlines reports quarterly profit

(Reuters) - The company launched new shares after it emerged from
Chapter 11.





Read more at Reuters.com Market News

Rogers slips to loss after big non-cash charge

(Reuters) - Excluding one-off items, the company reported a profit of
C$277 million, or 43 Canadian cents a share.







Read more at Reuters.com Market News

UPDATE 2-Rogers ups dividend and forecasts, despite loss

(Reuters) - Because of what it sees in the second half of the year,
Rogers raised the top end of its 2007 estimates for revenue,
operating profit and free cashflow. It hiked its annual
dividend to 50 Canadian cents a share from 16 Canadian cents
previously.




The company said it lost C$56 million , or 9
Canadian cents a share, in the three months ended June 30. That
comes on a profit of C$279 million, or 44 Canadian cents, in
the same period a year earlier.


Read more at Reuters.com Market News

RPT-Overstock.com posts narrower quarterly loss

(Reuters) - The online retailer, which sells excess inventory, said its
second quarter net loss was $13.8 million, or 58 cents per
share, compared with a loss of $15.8 million, or 78 cents per
share in the year-earlier period.




Analysts had expected a loss of 64 cents per share,
according to Reuters Estimates.



Read more at Reuters.com Market News

UPDATE 1-LCA-Vision posts lower Q2 earnings, cuts 2007 view

(Reuters) - Shares of the provider of vision correction services, which
also cut its full-year 2007 earnings outlook, were down more
than 14 percent at $36.90 in morning trade on the Nasdaq.




Including the impact of deferred revenue, the company now
sees 2007 earnings of $1.90 to $2.00 a share, on revenue of
$308.0 million to $315.0 million. In May, it had forecast
earnings of $2.05 to $2.15 a share for the year.


Read more at Reuters.com Market News

UPDATE 1-Overstock.com shares soar on narrower Q2 loss

(Reuters) - Overstock, which sells excess product inventory, said its
second-quarter net loss was $13.8 million, or 58 cents per
share, compared with a loss of $15.8 million, or 78 cents per
share in the year-earlier period.




Analysts had expected a loss of 64 cents per share,
according to Reuters Estimates.


Read more at Reuters.com Market News

GM trounces 2nd-qtr estimates, shares surge

(Reuters) - By Jui Chakravorty



DETROIT, July 31 - General Motors Corp on Tuesday said it posted a quarterly profit that trounced Wall Street estimates as it benefited from cost-cutting and growing sales overseas, sending shares up as much as 6 percent.


Read more at Reuters.com Market News

ADP shares attractive for buybacks now-CEO

(Reuters) - NEW YORK, July 31 - Automatic Data Processing Inc. sees shares at their current price as attractive for buybacks, the company's chief executive told Reuters on Tuesday.



ADP prefers to buy shares over time instead of in big blocks, said CEO Gary Butler. "But at the current levels, I think you would continue to see ADP very active in terms of share repurchase," Butler said. ADP bought back 22 million shares in its fiscal fourth quarter, about half the shares it bought for the fiscal year.


Read more at Reuters.com Market News

UPDATE 2-Vornado second-quarter FFO rises

(Reuters) - Funds from operations, or FFO, a measure of REIT
performance that removes the effects of depreciation, increased
22 percent to $281.7 million, or $1.72 per diluted share, from
$230.4 million, or $1.49, a year earlier.




Analysts on average had expected FFO of $1.64 per share,
according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 2-Headwaters Q3 earnings soar, raises FY07 profit view

(Reuters) - The South Jordan, Utah-based company also raised its
full-year earnings outlook above analysts' estimates.




Shares of Headwaters, which makes building materials
products and alternative energy, were up nearly 13 percent in
late morning trade, making them one of the highest percentage
gainers on the New York Stock Exchange.


Read more at Reuters.com Market News

UPDATE 1-Saputo reports higher profit, increases dividend

(Reuters) - Saputo, one of North America's biggest cheese makers,
earned C$68.4 million , or 66 Canadian cents a
share, for the three months ended June 30. That was up from a
profit of C$53.3 million, or 51 Canadian cents a share, in the
same period a year earlier.




The company said its results included a one-time tax
reduction of about C$4 million to adjust future tax balances
due to lower Canadian federal tax rates.


Read more at Reuters.com Market News

London Boosts Foreign-Exchange Trading to Double New York's Level in April

(Bloomberg) -- London raised average daily currency
trading in April to more than double the level of New York,
extending its lead as the world's largest center for foreign
exchange, according to central bank surveys.

``London tends to dominate in this market,'' said Steven
Barrow, chief currency strategist at Bear Stearns International
Ltd. in London. ``I don't see why that should change.''


Read more at Bloomberg Currencies News

Oil Rises to One-Year High on Expectation of Stronger Demand From Refiners

(Bloomberg) -- Crude oil rose to a one-year high in
New York on speculation demand will outpace supply as refiners
increase fuel production in preparation for the winter months.

An Energy Department report tomorrow may show that U.S.
crude-oil supplies fell for a fourth week, according to a
Bloomberg News survey of analysts. Demand tends to rise as
refineries begin to make fuels for use in the fall and winter.
Bets on rising prices by hedge funds and other speculators rose
to a record earlier this month, according to government data.


Read more at Bloomberg Energy News

Amgen shares fall on anemia drug restrictions

(Reuters) - The ruling is less draconian in certain respects than CMS's draft proposal issued in May, but in other respects could be just as damaging to Aranesp sales, according to some analysts.




"The overall implications of the final decision are potentially worse than we anticipated with restrictions placed no only on initiation but on maintenance use of EPO for cancer as well," said Geoffrey Porges, an analyst at Sanford Bernstein.


Read more at Reuters.com Hot Stocks News

Copper Futures Rise Most in a Week in New York on Strike by Mexico Workers

(Bloomberg) -- Copper futures in New York jumped
the most in more than a week after Southern Copper Corp. workers
went on strike at three mines in Mexico.

Employees began a work stoppage at Cananea, Mexico's
largest copper mine, and the Taxco and San Martin zinc mines, a
union spokeswoman said yesterday. Copper has gained 10 percent
since May 30 as labor unrest hampered production in Latin
American countries.


Read more at Bloomberg Commodities News

RPT-US Midwest business grows more slowly in July

(Reuters) - The National Association of Purchasing Management-Chicago
business barometer fell to 53.4 from 60.2 in June. Economists
had forecast the index at 58.0. A reading above 50 indicates
expansion.




The employment component of the index jumped to 61.6 from
52.7 last month. Prices paid rose to 73.1 from 68.1 and new
orders dropped to 53.4 from 65.7.


Read more at Reuters.com Bonds News

UPDATE 1-Cost to insure GM bonds falls on profit news

(Reuters) - The cost to insure GM's bonds with credit default swaps
fell about 75 basis points to 615 basis points, which means it
costs $615,000 annually to protect $10 million of debt for five
years.




GM's 8.375 percent bonds maturing in 2033 rose almost 4
cents on the dollar to 85.19 cents, according to MarketAxess.


Read more at Reuters.com Bonds News

US STOCKS-Wall St. rises on data, GM earnings

(Reuters) - NEW YORK, July 31 - U.S. stocks climbed on
Tuesday after General Motors Corp. added to optimism
about corporate earnings and a key inflation indicator showed a
smaller-than-expected rise.




GM shares jumped 6 percent to $34.56 after the blue-chip
automaker swung to a profit in the second quarter and handily
topped Wall Street's expectations. For details, see
[ID:nN30442082].


Read more at Reuters.com Bonds News

UPDATE 1-RESEARCH ALERT-Bear Stearns cuts MGIC to peer perform

(Reuters) - Analyst David Hochstim, in a note to investors, estimated
the write-off of Credit-Based Asset Servicing and
Securitization LLC , MGIC's joint venture with Radian
Group Inc. , to generate a third-quarter loss of $3.30
per share for MGIC.




He said the write-down could limit MGIC's ability to
repurchase shares following the completion of its planned
merger with Radian, expected in a few months.


Read more at Reuters.com Bonds News

US STOCKS-Wall St trims gains, Nasdaq dips

(Reuters) - A rise in oil prices to a 12-month high also added to
nervousness.




The Dow Jones industrial average was up 47.63
points, or 0.36 percent, at 13,405.94. The Standard & Poor's
500 Index was up 3.33 points, or 0.23 percent, at
1,477.24. The Nasdaq Composite Index was up 0.06
points, or 0.00 percent, at 2,583.34.


Read more at Reuters.com Bonds News

S.Africa credit points to rate hike, trade gap up

(Reuters) - Demand for credit by South Africa's private sector grew at a faster pace in June, hardening the case for higher interest rates to curb spending, while a wider trade deficit pointed to continued pressure on the current account.

The Reserve Bank has raised its repo rate by 250 basis points to 9.5 percent since mid-2006 to tame inflation and robust consumer demand, but spending, driven by credit, remains high.


Read more at Reuters Africa

US SEC has hedge fund unit to fight insider trades

(Reuters) - The SEC recently adopted a rule that allows it to go after
hedge fund advisers who make false or misleading statements.




The $1.5 trillion hedge fund industry is being heavily
scrutinized after the high-profile collapse of Amaranth
Advisors LLC and well-publicized problems at two
Bear Stearns Cos hedge funds.


Read more at Reuters.com Government Filings News

Hilton Hotels earnings rise on higher rates

(Reuters) - Excluding one-time items, including a gain from the sale of
the Scandic hotel chain, the company said it posted
second-quarter earnings of 38 cents per share.




On July 3, Hilton agreed to be acquired by Blackstone for
$47.50 a share in cash, or about $20 billion, in what would be
the largest private equity buyout of a hotel company.



Read more at Reuters.com Mergers News

Icahn raises Temple-Inland stake to 8.3 percent

(Reuters) - Temple-Inland's recent proxy statement showed that Icahn
held a 6.7 percent stake with more than 7.2 million shares as
of March 27.




Read more at Reuters.com Government Filings News

Fertilizer maker Mosaic posts quarterly profit

(Reuters) - With prices of major crops hovering at historically high
levels, demand for fertilizers to help boost yields has grown
and last week, Mosaic's rival Potash Corp.
posted a 63-percent jump in profits.




In March, the U.S. Department of Agriculture said that U.S.
farmers this year were going to plant 90.5 million acres of
corn, the largest domestic corn acreage in 63 years.



Read more at Reuters.com Market News

UPDATE 1-Oxford Industries quarterly net profit falls

(Reuters) - The company said first quarter sales and earnings per share
would be at or slightly below expectations due to deferral of
shipments to the second quarter.




However, the company said it was still comfortable with its
full year sales and earnings forecast.


Read more at Reuters.com Market News

Venezuelan Bolivar Falls to Lowest in Five Months on Bond-Sale Speculation

(Bloomberg) -- Venezuela's currency fell to the
lowest in almost five months in unregulated trading on
speculation a government dollar-denominated bond sale to local
banks won't be large enough to meet demand for foreign currency.

Venezuela and Argentina plan to sell a dollar bond together
by the end of August, said Ricardo Sanguino, president of the
Venezuelan congressional finance commission, after markets closed
July 27, without revealing how much they would sell. Venezuela's
Finance Minister Rodrigo Cabezas said in May the countries
planned to sell up to $1 billion of dollar and bolivar bonds to
Venezuelan investors by the end of the year.


Read more at Bloomberg Currencies News

UPDATE 1-Community Health 2nd-qtr profit up pct

(Reuters) - Second-quarter profit increased to $53.8 million, or 57
cents per share, from $52.4 million, or 54 cents per share, a
year earlier.




The latest result matched the average analyst estimate of
57 cents per share, according to Reuters Estimates.


Read more at Reuters.com Market News