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

Mexican stocks extend recovery, end up 2.20 percent

(Reuters) - The benchmark IPC stock index surged 665.51 points
to 30,900.68 points. The peso currency firmed just 0.09
percent to close at 10.95 to the dollar.




In debt trading, the price of the benchmark government
10-year peso bond rose 0.310 points to bid 101.71,
with a yield of 7.72 percent.


Read more at Reuters.com Bonds News

UPDATE 1-CommScope 2nd-qtr profit up, Andrew Corp profit lower

(Reuters) - The company said second-quarter net profit was $61.1
million, or 83 per share, compared to $46.7 million, or 65
cents a share, a year earlier. Revenue rose 26 percent to
$519.1.




Analysts, on average, were expecting earnings per share of
76 cents on revenue of $505.8 million, according to Reuters
Estimates.


Read more at Reuters.com Market News

China's Stocks Advance for Seventh Day, Led by Shares of Builders, Banks

(Bloomberg) -- China's stocks rose for a seventh
day. China Vanke Co. led developers and banks higher on
speculation U.S. Treasury Secretary Henry Paulson may convince
the Chinese government to allow the yuan's gains to accelerate.

``A stronger yuan will boost profits at banks and
developers'' as investors are drawn to local assets, said Zheng
Tuo, who manages the equivalent of $790 million at Bank of
Communications Schroder Fund Management Co. in Shanghai.


Read more at Bloomberg Stocks News

B&G Foods posts higher quarterly profit

(Reuters) - Earnings per share of Class A common stock rose to 17
cents, from 14 cents, a year ago.




The Parsippany, New Jersey-based company's net sales rose
12.3 percent to $118.2 million.


Read more at Reuters.com Market News

Pitney Bowes swings to quarterly profit

(Reuters) - The year ago figures included costs related to restructuring.




Revenue increased 11 percent to $1.5 billion


Read more at Reuters.com Market News

Sun Microsystems posts 4th-qtr profit as costs fall

(Reuters) - Sun, which returned to profit in the second and third quarters after five consecutive quarterly losses, has tried to stage a recovery by revamping its product line, selling servers powered by chips from Advanced Micro Devices Inc. and Intel Corp. , among other moves. The company last year announced about 5,000 job cuts to reduce costs.




Shares of Sun, which also sells workstations, software, storage and services, have fallen 9.2 percent this year, as of Friday's close.


Read more at Reuters.com Business News

Bridgestone, Clarion, Isuzu, Komatsu, Shinsei Bank: Japan Equity Preview

(Bloomberg) -- The following stocks may move in
Japanese markets. Prices are as of the close of trading.
Statements were released after the close. Stock symbols are in
parentheses.

Bridgestone Corp. (5108 JT): The world's largest tiremaker
raised its annual unconsolidated profit forecast for the second
time because of a weaker yen. Net income may total 77 billion yen
($648 million) for the 12 months ending Dec. 31, compared with a
previous estimate of 73 billion yen, Bridgestone said in a
release. It also raised its unconsolidated sales forecast for
this year by 1 percent to 1.03 trillion yen and its operating
profit forecast by 10 percent to 108 billion yen. The stock fell
25 yen, or 1 percent, to 2,490.


Read more at Bloomberg Stocks News

UPDATE 1-Union ratifies deal in Goodyear unit sale

(Reuters) - United Steelworkers members at four plants approved the
contract last week and the central union resolved remaining
issues with Carlyle over the weekend related to establishing a
secure trust for retiree health care.




Goodyear, the largest U.S. tire maker, agreed to sell the
unit to Carlyle for $1.48 billion earlier this year. Goodyear
has said it expects to complete the sale in the third quarter.
The sale was contingent on the new union contract.


Read more at Reuters.com Mergers News

GM seen posting profit, analysts remain cautious

(Reuters) - Still, analysts remained cautious about the weakness in the
U.S. housing market, which could weigh on GM's results through
the remainder of the year, and about sustainable profitability
in its North American operations.




Analysts, on average, expect GM to post on Tuesday a
second-quarter net profit of $1.10 a share, compared with a net
loss of $5.98 a share a year earlier. The per-share profit
estimates range from $1.00 to $1.28.


Read more at Reuters.com Bonds News

Canada pension board confirms stake in TSX rival

(Reuters) - The board, the investment arm of Canada's second-largest
pension plan, is the only "buy-side" investor involved in
Alpha, a new automated trading system being formed by
seven of the country's biggest investment dealers.




Donald Raymond, senior vice-president of public market
investments at the board, said the purchase is both a straight
investment on which it expects to get good returns but also a
strategic investment and a way to cut trading costs.


Read more at Reuters.com Mergers News

TREASURIES-Bonds ease as stocks climb

(Reuters) - NEW YORK, July 30 - U.S. Treasury debt prices fell
on Monday as investors took their cue from a rebounding stock
market and sold debt positions since there was no economic data
to sway trading.




Benchmark Treasury yields reached two-month lows last week
as bond prices rose on tumbling stocks and investor concerns over
reduced access to credit.


Read more at Reuters.com Bonds News

Latin American Stocks Rally; Mexico, Brazil Shares Have Best Gain in Month

(Bloomberg) -- Stocks in Latin America rallied as
analysts advised investors to buy companies with better-than-
expected profit growth after last week's global sell-off.

Brazil's Bovespa Index jumped 1,455.21, or 2.8 percent, to
54,377.44 as of 3 p.m. in New York. Mexico's Bolsa index rallied
747.88, or 2.5 percent, to 30,983.05. It was the biggest gain in
both markets since March 21.


Read more at Bloomberg Stocks News

Pimco's Gross, a Bear on Company Debt, Buys Shares of Pimco Corporate Fund

(Bloomberg) -- Bill Gross, manager of the world's
largest bond fund at Pacific Investment Management Co., invested
$1.5 million in a Pimco corporate debt fund after the shares fell
to the lowest since its inception five years ago.

Gross bought 4,900 shares in the Pimco Corporate Opportunity
Fund at $13.80, 50,000 shares at $13.85 and another 50,000 at
$13.90 on July 25, according to a filing with the Securities and
Exchange Commission.


Read more at Bloomberg Bonds News

US STOCKS-Earnings optimism helps fuel rebound

(Reuters) - NEW YORK, July 30 - U.S. stocks rose on Monday,
as optimism about earnings and M&A activity in the industrial
sector countered the worries about worsening credit conditions
that led to a global equity sell-off last week.




Expectations for quarterly earnings growth by Standard &
Poor's 500 companies were raised to 6.8 percent compared with
the year-ago period from 6.0 percent one week earlier,
according to Reuters Estimates.


Read more at Reuters.com Bonds News

Oil Is Steady, Close to One-Year High, on Expectations of Supply Shortfall

(Bloomberg) -- Crude oil was little changed, close
to a one-year high, amid speculation that consumption will
increase faster than production this year.

Crude-oil in New York rose 1.6 percent last week as a U.S.
government report showed the nation's economy expanded 3.4
percent last quarter, the fastest pace in more than a year.
Prices fell earlier today on concern that falling stock prices
would curb economic growth and energy demand.


Read more at Bloomberg Energy News

UPDATE 2-DynCorp posts Q1 profit, shares fall on contract fears

(Reuters) - The U.S. Government Accountability Office is reviewing a
$4.6 billion Army linguistics contract awarded to a DynCorp
joint venture, after the current holder of the contract, L-3
Communications Holdings challenged the award.




"Investors are missing the big picture, that in the end,
DynCorp has a very good chance of winning this award," Stanford
Group analyst Erik Olbeter said.


Read more at Reuters.com Market News

Northwest Airlines flight cancellation rate soars

(Reuters) - A Northwest spokesman said the carrier completed about 92 percent of its scheduled flights from Friday through Saturday compared with about 99 percent which is more typical for the airline.




"We expect today's operations to improve," Northwest spokesman Roman Blahoski said.


Read more at Reuters.com Bonds News

GMAC profit falls 63 pct as home loans weigh

(Reuters) - The company's Residential Capital LLC unit posted a net loss of $254 million, compared with a profit of $548 million a year earlier, hurt by what GMAC called "severe illiquidity" in the market for subprime mortgages.




The loss, however, was 72 percent smaller than the first quarter's $910 million. Excluding ResCap, profit at GMAC more than doubled.


Read more at Reuters.com Bonds News

CNA, Dow Jones, MC Shipping, RadioShack, Southwest Gas: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 1:10 p.m. in New York.

Some mortgage lenders fell after American Home Mortgage
Investment Corp. (AHM US) delayed its quarterly dividend and
raised doubts about whether it has enough cash to stay in
business. Shares of American Home were halted.


Read more at Bloomberg Stocks News

UPDATE 1-S&P raises Morgan Stanley debt rating to "AA-minus"

(Reuters) - S&P raised Morgan Stanley's senior unsecured debt rating to
"AA-minus," the fourth-highest investment grade rating, from
"A-plus."




The rating agency also changed Morgan Stanley's outlook to
stable from positive, which means no other rating changes are
expected in the next two years.


Read more at Reuters.com Bonds News

RLPC-UPDATE 1-Integra Telecom reduces 1st-lien loan, delays deal

(Reuters) - The first-lien loan is part of Integra Telecom's $1.25
billion acquisition financing. The company is implementing a
number of changes to the deal in order to make the overall
financing attractive to lenders.




The financing is led by Deutsche Bank, Morgan Stanley and
CIBC World Markets and backs the acquisition of Eschelon
Telecom .


Read more at Reuters.com Bonds News

UPDATE 2-ArvinMeritor raises revenue forecast, shares gain

(Reuters) - The company, whose results were pressured by lower North
American sales volume of heavy truck parts, also raised the
bottom end of its full-year earnings forecast.




It posted a net loss of $70 million, or 99 cents per share,
for the fiscal third quarter ended June 30, compared with a net
profit of $20 million, or 29 cents per share, a year earlier.


Read more at Reuters.com Market News

UPDATE 2-Questor in talks to sell Teksid assets -source

(Reuters) - "The talks are with various parties," the source told
Reuters, while declining comment on a report in the Financial
Times saying Italian automaker Fiat SpA had made an
offer to buy the assets.




Citing people close to the talks, the newspaper said Fiat
might learn as early as Monday if its offer had been accepted.


Read more at Reuters.com Mergers News

Jarden Corp. profit rises; shares fall on view

(Reuters) - NEW YORK, July 30 - Jarden Corp. said on Monday its second-quarter profit rose on higher sales, but gave a cautious outlook for the rest of the year citing weaker consumer spending, sending shares down nearly 7 percent.



While Jarden did not lower any of its specific outlook numbers, it was going to be "somewhat cautious" for the rest of the year and not"... overly aggressive on inventory positions and things like that," Chief Executive Martin Franklin said in a conference call.


Read more at Reuters.com Market News

Treasuries Drop as Yields Near Lowest in Two Months Fail to Attract Buyers

(Bloomberg) -- Treasuries declined as 10-year note
yields near the lowest level in more than two months failed to
attract buyers.

A gauge of momentum shows the yields are poised to rise
after dropping more than half a percentage point since peaking
at 5.327 percent on June 13. U.S. government debt rose last week
for a third straight week on bets rising defaults on home loans
to people with poor credit histories will slow the economy.


Read more at Bloomberg Bonds News

TREASURIES-Prices slip as stocks stabilize

(Reuters) - NEW YORK, July 30 - U.S. Treasury debt prices
slipped in morning trade, taking a breather after last week's
record-setting gains as stocks appeared to stabilize.




Benchmark Treasury yields reached two-month lows last week
as bond prices rose on tumbling stocks and investor concerns
over having less access to credit.


Read more at Reuters.com Bonds News

S&P raises Morgan Stanley debt rating to "AA-minus"

(Reuters) - The rating agency also changed Morgan Stanley's outlook to
stable from positive, which means no other rating changes are
expected in the next two years.




Read more at Reuters.com Bonds News

Caja Madrid buys Repsol tower for 815 mln euros

(Reuters) - It is one of four towers being built on the former training
grounds of Real Madrid football club which now dominate the
northern skyline of the Spanish capital.




Repsol plans to relocate to a new, campus-style headquarters
in the south of the city from several offices around Madrid.


Read more at Reuters.com Mergers News

Corn Declines on Speculation U.S. Farmers Sowed Record Number of Plants

(Bloomberg) -- Corn fell for the first time in five
sessions in Chicago on speculation that a jump in the number of
viable plants this year will produce the largest-ever crop in the
U.S., the biggest global exporter.

U.S. farmers may harvest a record number of ears per acre,
Bill Nelson, a vice president for A.G. Edwards Inc. in St. Louis,
said in a report to clients today after touring fields across the
Midwest last week. Temperatures as much as 6 degrees Fahrenheit
below normal limited stress in fields that received 25 percent of
normal rain in the last 30 days, Nelson said in the report.


Read more at Bloomberg Commodities News

CNA, Ingersoll-Rand, RadioShack, ValueClick, Vivus: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 11:40 a.m. in New York.

Some mortgage lenders fell after American Home Mortgage
Investment Corp. (AHM US) delayed its quarterly dividend and
raised doubts about whether it has enough cash to stay in
business. Shares of American Home were halted.


Read more at Bloomberg Stocks News

Sales of Higher-Risk Mortgage Bonds Will Fall in Second Half, Lehman Says

(Bloomberg) -- Sales of new bonds backed by higher-
risk, higher-rate mortgages will slow further in the second half
of this year, according to Lehman Brothers Holdings Inc.

Issuance of bonds backed by subprime mortgages will drop 66
percent from the same period in 2006 to $75 billion, reflecting
a 57 percent drop from the first half of this year, analysts at
Lehman wrote in a report today. Alt A mortgage bond sales will
tumble 48 percent from last year's second half, the report said.


Read more at Bloomberg Bonds News

U.S., Britain optimistic of Doha deal, Bush says

(Reuters) - "Gordon Brown brought some interesting suggestions on the way forward. He's optimistic that we can conclude the Doha round, as am I," Bush said.




Read more at Reuters.com Bonds News

Endo investor - Evaluate all options before diversification

(Reuters) - Endo's lead product Lidoderm, a pain patch, accounted for
more than 60 percent of the company's net sales in 2006.




The investor group also raised concerns about the company's
capital structure and cash position. It stated that Endo's
decision to hold cash in its balance sheet while evaluating
options was affecting the company's value.


Read more at Reuters.com Government Filings News

U.S. gold futures bounce early, dollar falls vs euro

(Reuters) - At 10:26 a.m. EDT , most-active gold for December delivery on the COMEX division of the New York Mercantile Exchange was up $2.40 at $674.70 an ounce, dealing in a narrow range between $671.80 and $675.20.




A precious metal dealer in New York said that bullion would look for trading cues from the currency market, as a steadily weakening dollar had sent gold to rally $40 before the tumultuous sell-off began on Thursday.


Read more at Reuters.com Hot Stocks News

US STOCKS-Credit woes, good earnings leave indexes flat

(Reuters) - NEW YORK, July 30 - U.S. stocks were little
changed in volatile trading on Monday after Wall Street's worst
week in nearly five years as investors weighed the worsening
credit market with a positive earnings outlook.




Tightening lending standards threatened to slow or halt the
heavy pace of corporate buy-outs, including several major deals
by private equity firms, that have fueled a rally in equities.


Read more at Reuters.com Bonds News

Nymex Gas Rises on Forecast for Warmer-Than-Normal Weather in Much of U.S.

(Bloomberg) -- Natural gas in New York rose on
forecasts that above-normal temperatures in the U.S. Midwest and
Northeast may stretch out into mid August, boosting demand for
electricity to power air conditioners.

The northern two-thirds of the nation, including such cities
as Chicago and New York, will have temperatures as much as 7
degrees above normal this week, according to forecaster MDA
Federal Inc.'s Earthsat Energy Weather.


Read more at Bloomberg Energy News

Angloplat decision on Twickenham by Q1 2008

(Reuters) - Capital costs have climbed for Angloplat's long-delayed, multi-billion rand Twickenham project and a decision on whether to build it will be made by early 2008, a top official said on Monday.

"There's still some more work to do on the final feasibility study," said Duncan Wanblad, who will take over as joint acting chief executive at the start of September.


Read more at Reuters Africa

S.African stocks firmer, led by resources and banks

(Reuters) - Heavyweight miners Anglo American and BHP Billiton and bank shares led South Africa's bourse higher on Monday after sliding over 3 percent last Friday, spooked by a global market sell-off.

A Johannesburg-based trader said both Anglo and Billiton were recovering from being oversold last week, along with other resource stocks and banks.


Read more at Reuters Africa

U.A.E. Shares Decline, Led by Etisalat and Dubai Islamic Bank: Gulf Stocks

(Bloomberg) -- Shares in the United Arab Emirates
dropped, paced by Emirates Telecommunications Corp., known as
Etisalat, and Dubai Islamic Bank PJSC.

The Abu Dhabi Securities Market Index fell 2.8 percent to
3430.03, the biggest one-day drop since June 7, 2006. The Dubai
Financial Market General Index slipped 0.6 percent to 4226.77,
bringing the two-day decline to 2.4 percent.


Read more at Bloomberg Stocks News

UPDATE 1-IStar quarterly profit up; raises 2007 profit view

(Reuters) - The New York-based company said it now expects a full-year
profit of $2.90 to $3.10 a share, to include an expected gain
of 10 cents to 20 cents a share from its purchase of Fremont
General Corp.'s commercial real estate unit.




It previously saw 2007 earnings of $2.70 to $2.90 a share.


Read more at Reuters.com Market News

Mexico's Peso, Bonds Rise as Demand for Emerging Market Assets Rebounds

(Bloomberg) -- Mexico's peso and local-currency
bonds rose as higher prices for global stocks fueled investor
demand for riskier emerging-market securities.

The peso rose 0.4 percent to 10.9699 per dollar at 10:15
a.m. New York time. The peso's gain was the sixth-best
performance against the dollar among the 26 most-traded
emerging-market currencies.


Read more at Bloomberg Currencies News

Delta Air issues shares for disputed claims

(Reuters) - NEW YORK, July 30 - Delta Air Lines Inc. , which exited bankruptcy on April 30, on Monday said it began distributing about 21 million shares to previous debt holders, as it works through a pile of disputed claims.



The shares, which compensate creditors, were withheld from an initial distribution of about 247 million shares because the claims were disputed.


Read more at Reuters.com Bonds News

Merrill to track energy efficient stocks

(Reuters) - The launch of such indicies for investors reflects the worry that many companies will be hurt by climate change, such as more extreme weather, or by policies intended to prevent this, such as tough caps on greenhouse gas emissions.



Indicies are meant to identify companies that will be hurt least by or even profit from climate change and such regulations.


Read more at Reuters.com Bonds News

European Stocks Climb, Paced by Imperial Chemicals, Linde, BHP Billiton

(Bloomberg) -- European stocks rose for the first
time in five days, led by chemical makers and mining companies,
after Imperial Chemical Industries Plc rejected a sweetened bid
from Dutch rival Akzo Nobel NV and copper rose in London.

ICI jumped the most in more than a month. Linde AG, the
world's largest maker of industrial gases, also gained after
reporting earnings that topped analysts' estimates. BHP Billiton
Ltd. and Rio Tinto Group led mining shares higher.


Read more at Bloomberg Stocks News

UPDATE 1-Cameco profit jumps on strong uranium prices

(Reuters) - The company earned C$205 million , or 55
Canadian cents per share, in the quarter ended June 30, up from
C$150 million, or 40 Canadian cents a share, a year earlier.




That's well above the average estimate of analysts polled
by Reuters of 42 Canadian cents a share.


Read more at Reuters.com Market News

ABN withdraws backing for Barclays bid, profit dips

(Reuters) - The Netherlands' biggest bank, the target of a 66 billion-euro offer from Barclays and a 71 billion-euro bid from RBS, Belgium's Fortis and Spain's Santander , also reported a 7.1 percent decline in its second-quarter net profit on Monday.




ABN originally backed Barclays when announcing their merger deal in April but withdrew its recommendation even after Barclays sweetened its offer last week to include more cash.


Read more at Reuters.com Mergers News

REFILE-Japan PM defeat casts cloud over fiscal,tax reform

(Reuters) - TOKYO, July 30 - The crushing defeat that Japanese
Prime Minister Shinzo Abe's ruling camp suffered in Sunday's
election could stall debate on fiscal and tax reforms needed to
address the country's huge public debt, economists said.




The Democratic Party of Japan, the main opposition party
that won the most seats in the upper house of parliament,
opposes raising the 5 percent consumption tax. The party is also
seen as more open to new spending, such as programmes to provide
child care and help struggling farmers.


Read more at Reuters.com Bonds News

FTSE up as M&A boosts; BoE eyed but jitters stick

(Reuters) - The FTSE 100 index of Britain's leading shares edged up 0.2 percent on Monday after a flurry of M&A activity boosted the upside but interest rate concerns and credit uncertainty continued to worry investors.

Fears that a rise in defaults on U.S. subprime mortgage loans could spiral into a broader financial crunch have surrounded global markets since mid-June.


Read more at Reuters Africa

Yen Declines From Three-Month High Against Euro as Japanese Stocks Rebound

(Bloomberg) -- The yen fell from a three-month high
against the euro as a recovery in Japanese stock prices eased
concern traders will reduce investments in riskier assets funded
by loans in the currency.

``The rebound in Asian stocks is helping to restore some
risk appetite,'' said Lee Wai Tuck, currency strategist at
Forecast Singapore Ltd. ``This is causing some yen selling.''


Read more at Bloomberg Currencies News

Rubber Rises in Tokyo as Oil Price Gain May Increase Cost of Synthetics

(Bloomberg) -- Natural rubber futures in Tokyo rose
as crude oil traded near a one-year high, prompting speculation
that demand for the commodity will increase as the cost of making
the synthetic alternative climbs.

Crude Oil for September delivery reached $77.24 a barrel in
New York on July 26, the highest intraday price for a front-month
contract since August 9 and just below the record $77.45 a barrel.
The contract rose 2.8 percent on July 27, and traded at $76.64 a
barrel at 12:43 p.m. Singapore time, up 16 percent this year.


Read more at Bloomberg Commodities News

UPDATE 1-Resolution says market undervalues Friends merger

(Reuters) - Rival insurer Pearl Group has built up an interest of almost
16 percent in Resolution and has called for talks with its
management, saying the 8.6 billion pound
all-share, nil-premium merger deal with Friends does not
maximise value for shareholders.




"The board...believes the current share price fundamentally
undervalues the prospects for Resolution shareholders as part of
Friends Financial," Resolution said in a statement.


Read more at Reuters.com Mergers News

Angloplat H1 headline EPS up 47 pct, cuts FY output

(Reuters) - South Africa's Anglo Platinum posted a 47 percent jump in interim headline earnings per share on Monday, at the top end of its own forecast, and cut its output estimate for the year.

Angloplat, the world's biggest platinum producer, said headline EPS for the six months to end June increased to 29.43 rand from 22.02 rand in the same period last year, mainly due to strong metals prices.


Read more at Reuters Africa

South Korea Stocks Rebound from Two-Day Rout; Samsung Electronics Advances

(Bloomberg) -- South Korean stocks rose, snapping a
two-day plunge that had wiped out $68 billion in market value.
Samsung Electronics Co. gained after the country's industrial
production increased almost twice as much as expected.

Higher output of chips, autos and mobile phones, which
account for about a third of the nation's exports, accounted for
the gain in production, according to a government report. Concern
that a deepening U.S. housing-market slump would hurt the world's
biggest economy had triggered a $2.1 trillion rout in global
equities last week.


Read more at Bloomberg Stocks News

European Mining Stocks Advance, Led by BHP Billiton, Rio; IKB Tumbles

(Bloomberg) -- European mining stocks rose, led by
BHP Billiton Ltd. and Rio Tinto Group, as copper increased.

IKB Deutsche Industriebank AG tumbled 18 percent after the
German lender that invested in U.S. subprime mortgages said
profit will be ``significantly'' lower than forecast.


Read more at Bloomberg Stocks News

ICI says in talks with Akzo, hasn't opened books

(Reuters) - "Subsequently, ICI met with Akzo to advise that the proposal was rejected and to explore whether it could be increased. This meeting did not result in an improved proposal. Discussions are continuing, however, ICI has not granted Akzo access to due diligence information."




Read more at Reuters.com Bonds News

UK's Ultra H1 underlying profit rises 7 pct

(Reuters) - Ultra's revenues grew by 7 percent to 192.9 million pounds,
and the company proposed a dividend of 6.7 pence, up 14 percent
from a year earlier.




Read more at Reuters.com Market News

TNT operating profit down, to buy back shares

(Reuters) - AMSTERDAM, July 30 - Dutch mail company TNT NV said on Monday second-quarter operating profit fell 2.1 percent due to one-off items and said it would buy back 500 million euros of its own shares.



The former Dutch mail monopoly reported earnings before interest and tax of 330 million euros, down from 337 million in the previous year and below an average forecast of 351 million in a Reuters poll of 13 analysts.


Read more at Reuters.com Market News

Japanese Shares Climb on Earnings Reports, Led by Steelmakers; Canon Drops

(Bloomberg) -- Japanese stocks climbed, led by
steelmakers after companies including JFE Holdings Inc. reported
increased profits and boosted earnings forecasts.

A measure of steel companies in the Topix surged 3.9
percent, the biggest gain among the 33 industry groups included
in the broad gauge.


Read more at Bloomberg Stocks News

Pound May Decline for Fourth Day Before Bank of England Mortgage Report

(Bloomberg) -- The pound may decline against the
dollar before a report that will probably add to evidence the
housing market is slowing after five interest-rate increases in a
year.

The currency may fall for a fourth day from near a 26-year
high versus the dollar before the Bank of England's mortgage
lending report, which is forecast to show approvals of loans for
home purchases dropped. The pound last week had its biggest
weekly decline against the yen since March as concern U.S.
subprime mortgage defaults will hamper global growth prompted
investors to sell higher-yielding assets.


Read more at Bloomberg Currencies News

Ingersoll to sell units for $4.9 bln to Doosan

(Reuters) - Doosan's shares jumped as much as 11 percent on the move, which the company said would nearly double its sales and make it the world's seventh largest construction equipment maker.




For Ingersoll, the deal will cut the diversified manufacturer's exposure to the highly cyclical division which has been hit by a downturn in U.S. home construction and help its shift toward climate control, industrial and security businesses.


Read more at Reuters.com Bonds News

European Bank Stocks May Decline, Led by ING, Credit Suisse, IKB Deutsche

(Bloomberg) -- European bank stocks may drop after
IKB Deutsche Industriebank AG, a German lender that invested in
U.S. subprime mortgages, said profit will be ``significantly''
lower than forecast.

``The subprime crisis has reached Germany,'' said Klaus
Stabel, head of research at ICF Kursmakler AG in Frankfurt.
``It's bad for sentiment. We haven't seen the bottom yet.''


Read more at Bloomberg Stocks News

China CNPC strikes oil of commercial value in Chad

(Reuters) - China National Petroleum Corp. (CNPC) has struck oil of commercial value for the first time in Chad, after buying a 50 percent share of an oil exploration partnership in the landlocked African nation last year.

CNPC, China's top oil and gas producer, did not provide any estimates of oil in place or an even more useful gauge such as recoverable reserves in a news release posted on its Web site (www.cnpc.com.cn) on Monday.


Read more at Reuters Africa

UPDATE 1-Akzo Nobel says ICI rejects new takeover bid

(Reuters) - Akzo Nobel said it had teamed up with Germany's Henkel
for the offer and that ICI had considered that the
offer did not reflect its full value.




In June, Akzo Nobel had make an indicative offer of 600
pence a share, which ICI also rejected as too low. The UK
Takeover Panel had set an Aug. 9 deadline for Akzo to make a
firm bid or walk away.


Read more at Reuters.com Mergers News

Groebli of ABN Says Asia Equity Selloff a `Summer Storm' Not `Tempest'

(Bloomberg) -- Roger Groebli, head of equity research in private
banking Asia at ABN Amro Bank, talks with Bloomberg's Bernard Lo from
Singapore about the outlook for Asian stocks following last week's selloff,
the impact of a slowdown in the U.S. on Asian economies and his investment
strategy. (Source: Bloomberg)

00:00 Selloff: "a summer storm, but not a tempest"
01:59 Funding private equity, Asia sovereign funds
04:02 Outlook for collateralized debt obligations
06:41 Impact of U.S. problems on Asian economies
08:40 View of Japan, banking, oil, property stocks

Running time 10:53


Read more at Bloomberg Stocks News

Argentina Construction, Brazil Inflation: Latin America 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: Construction activity rose 4.3 percent in June
from a year earlier, the National Statistics Institute reported
on July 27. Construction activity rose a seasonally adjusted 1.4
percent in June from May, the Institute said in Buenos Aires.


Read more at Bloomberg Bonds News

Japan's Nikkei 225 Drops on Subprime Concerns; Topix Climbs on Earnings

(Bloomberg) -- Japan's Nikkei 225 Stock Average
dropped after U.S. residential investment slumped, raising
concern the world's largest economy will slow.

Canon Inc. slid 2.6 percent, leading exporters lower after
the yen advanced to the highest against the dollar in more than
three months, reducing the value of their overseas sales.


Read more at Bloomberg Stocks News

ABN withdraws backing for Barclays bid

(Reuters) - ABN said it was currently not in the position to recommend the offers from Barclays or the RBS-led consortium, which also includes Belgian-Dutch Fortis and Spain's Santander.




ABN had a net profit of 1.13 billion euros in the second quarter, compared with 1.216 billion euros a year earlier and the 1 billion euros average forecast in a Reuters survey of five analysts.


Read more at Reuters.com Market News

Most U.S. mid-sized companies not hiring: survey

(Reuters) - The news adds to evidence the U.S. economy may not grow as
robustly next year as it did last quarter, when gross domestic
product grew at an annualized rate of 3.4 percent.




Not all companies are gloomy about employment -- 47 percent
expect to hire, according to the survey from CIT and the
Economist Intelligence Unit. But 44 percent of mid-sized
companies see their workforce size staying the same, and 9
percent forecast a decline.


Read more at Reuters.com Bonds News

Barclays, HSBC, Beazley, Pearson, EMI Group Plc: U.K., Irish Stock 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 dropped 36.00, or 0.6 percent,
to 6215.20. The FTSE All-Share Index declined 18.24, or 0.6
percent, to 3210.69.


Read more at Bloomberg Stocks News

Credit Suisse Fees Are Likely to Fall Most as LBO Market Slows, S&P Says

(Bloomberg) -- Investment banking fees are likely to
fall or stop growing as buyout firms purchase fewer companies,
and Credit Suisse Group would probably be the most affected
Standard & Poor's said in a report published today.

Group revenue at Switzerland's second-largest bank could
fall by 3.8 percent were leveraged buyout fees to fall by half,
S&P said. Earnings at Credit Suisse and UBS AG could plunge up to
19 percent as buyouts slow, Deutsche Bank AG analyst Matt Spick
said on July 26.


Read more at Bloomberg Currencies News

India's i-flex April-June net up 4.6 pct

(Reuters) - Standalone net profit in the quarter ended June was 582
million rupees.





Read more at Reuters.com Market News

CPC's Kaohsiung Crude Oil Unit in Taiwan Is Unaffected by Yesterday's Fire

(Bloomberg) -- CPC Corp., Taiwan's state-owned oil
refiner, said a crude distillation unit at its Kaohsiung
refinery in the southern part of the island was unaffected by a
fire yesterday. No one was hurt in the incident.

The fire, which broke out during an attempt to restart the
unit, was extinguished within 10 minutes, Jessica Tang, a
Taipei-based spokeswoman, said by telephone today. The plant,
which can process 100,000 barrels of crude oil a day into fuels
including gasoline and diesel, has closed since June 6 for
scheduled maintenance.


Read more at Bloomberg Energy News

China Doesn't Provide Any Subsidies to Steelmakers, Association's Luo Says

(Bloomberg) -- China doesn't subsidize steelmakers,
the China Iron and Steel Association said in response to a
Financial Times report that Chinese mills had received more than
$52 billion in subsidies over the past decade.

``China absolutely doesn't have any steel subsidies,'' Luo
Bingsheng, vice chairman of the association, told reporters today
in Beijing.


Read more at Bloomberg Commodities News

TREASURIES-Steady in Asia, credit crunch fears supporting

(Reuters) - The credit crunch fears have fuelled safe-haven flows to
shorter-dated Treasuries and stirred speculation the Fed could
cut rates, pulling the two-year yield down to some 75 basis
points below the current federal funds rate of 5.25 percent.




With no major economic data due in the session, traders said
they would be keeping a close eye on how U.S. stocks move later
in the session, with Asian equity markets initially falling
about 1 percent following the tumble on Wall Street last Friday.


Read more at Reuters.com Bonds News

Asian Currencies Weaken as Overseas Investors Shun Region's Riskier Assets

(Bloomberg) -- Asian currencies fell on speculation
global investors cut holdings in riskier assets as stock markets
across the region dropped.

The Indonesian rupiah declined to the weakest in almost five
months and the Malaysian ringgit and South Korean won slipped to
their lowest in July. Bank Indonesia said last week it isn't
worried by the currency's decline, while South Korea's central
bank said the won is set to drop as the current-account surplus
narrows.


Read more at Bloomberg Currencies News

Codelco Says It Will Resume Copper Production at Its Second-Largest Mine

(Bloomberg) -- Codelco, the world's biggest copper
producer, said it will resume production in Chile at its second-
largest mine tomorrow after unions agreed to return to work.

Unions at Codelco's El Teniente mine in central Chile will
resume work tomorrow, the company said in a statement sent by e-
mail today. The mine has been shuttered since the afternoon of
July 26, after Codelco's unions said protests by striking
employees of contracting companies created a safety risk.


Read more at Bloomberg Commodities News

Taiwan 10-Year Bonds Fall on Concern Higher Oil Prices Will Spur Inflation

(Bloomberg) -- Taiwan's government bonds declined
on speculation an increase in crude oil prices will spur
inflation. The currency was little changed.

Ten-year notes ended a three-day gain after oil rose to the
highest in nearly a year in New York last week as a government
report showed the U.S. economy, the world's biggest consumer,
grew faster than expected last quarter. Inflation erodes the
purchasing power of the fixed-income payments from debt.


Read more at Bloomberg Bonds News

Kirin Says Talks Continue on Investment in San Miguel Australia Drink Unit

(Bloomberg) -- Kirin Holdings Co., Japan's biggest
beermaker, said it remains in talks to invest in San Miguel
Corp.'s Australia dairy and juice unit.

Kirin will buy as much as 49 percent of San Miguel's
National Foods Ltd. for A$1.2 billion ($1 billion), the
Australian Financial Review reported today, without saying
where it obtained the information.


Read more at Bloomberg Emerging Markets News

UPDATE 1-Doosan to buy Ingersoll units for $4.9 bln

(Reuters) - The biggest ever overseas acquisition by a South Korean
company will make Doosan one of the world's top seven
construction equipment makers, the South Korean firm said.




Ingersoll signed a definitive agreement to sell Bobcat, the
world's top compact construction equipment firm, and its utility
equipment and attachment businesses, which in 2006 together
generated $2.6 billion in sales and $370 million in operating
profits.


Read more at Reuters.com Mergers News

Liberty considers Virgin Media bid - FT

(Reuters) - Virgin Media had asked suitors to submit expressions of
interest by the first week of August to kick off an auction of
the company, people familiar with the situation told Reuters
earlier this week.




About 10 suitors have expressed an interest, sources told
Reuters, since private equity firm Carlyle Group [CYC.UL] made
an initial offer earlier this month.


Read more at Reuters.com Mergers News

Indian Rupee May Fall For Second Week on Concern Funds Will Sell Stocks

(Bloomberg) -- India's rupee may fall for a second
week on concern overseas funds will sell emerging-market assets
as a global rout in corporate debt and equities drives investors
to safer securities such as U.S. Treasuries.

The country's benchmark Bombay Stock Exchange Sensitive
Index, or Sensex, slumped the most in four months on July 27,
causing the rupee to fall from near a nine-year high. The
currency may extend its biggest weekly decline in almost two
months, a survey of traders showed.


Read more at Bloomberg Currencies News

UPDATE 1-Japan output rises, BOJ rate rise seen on track

(Reuters) - But a crushing defeat for Prime Minister Shinzo Abe's
coalition in Sunday's upper house election could complicate the
outlook for monetary policy and scale back market expectations
for a central bank rate hike next month, analysts said.




The increase in June output beat a median market forecast for
a 1.1 percent rise.


Read more at Reuters.com Economic News

Credit Suisse Fees to Fall the Most as LBOs Slow, Standard & Poor's Says

(Bloomberg) -- Investment banking fees are likely to
fall or stop growing as buyout firms purchase fewer companies,
and Credit Suisse Group would probably be the most affected
Standard & Poor's said in a report published today.

Group revenue at Switzerland's second-largest bank could
fall by 3.8 percent were leveraged buyout fees to fall by half,
S&P said. Earnings at Credit Suisse and UBS AG could plunge up to
19 percent as buyouts slow, Deutsche Bank AG analyst Matt Spick
said on July 26.


Read more at Bloomberg Bonds News

South Korea's Stocks Fall on U.S. Housing Concern; Hyundai Heavy Declines

(Bloomberg) -- South Korean stocks fell for the
third day. Kookmin Bank led declines on concern a deepening U.S.
housing slump will damp the world's biggest economy and prompt
investors to shun riskier assets.

The Kospi index dropped 17.86, or 1 percent, to 1,865.36 as
of 9:25 a.m. in Seoul. Stocks plunged on July 27 by the most in
more than three years, wiping out $46 billion in market value.


Read more at Bloomberg Stocks News

New Zealand June Home-Building Approvals Surge 15.8 Percent on Apartments

(Bloomberg) -- New Zealand's home-building
approvals posted the biggest gain in more than 18 months in June,
buoyed by consents for apartments, as record-high interest rates
failed to curb demand for new property.

Approvals to build new houses and apartments increased 15.8
percent from May, according to seasonally adjusted figures
released by Statistics New Zealand in Wellington today. The
increase was the most since December 2005. The number of
approvals was the highest since March 2005.


Read more at Bloomberg Bonds News

Bank ratings intact despite LBO funding jam -S&P

(Reuters) - Turmoil in the global credit markets has left banks unable
to syndicate funding for a string of high-profile leveraged
buyouts, including those of British health and beauty chain
Alliance Boots [AB.UL] and U.S. carmaker Chrysler.




The funding, often with aggressive terms, was committed to
when the credit-market sky was clear and investors seemed to
have an unquenchable thirst for debt.


Read more at Reuters.com Bonds News

India, Indonesia, Malaysia, Singapore, Sri Lanka: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: China Development Bank, a state-owned lender, will
sell 20 billion yuan ($2.64 billion) of 10-year bonds on Aug. 1.
China will maintain a tight monetary policy to prevent the
economy from ``overheating,'' Xinhua News Agency reported July
27. The government will apply ``moderate and tight monetary
policies to cool the growth pace in the economy and improve
quality and efficiency of the growth,'' Xinhua said, citing a
statement by the Chinese Communist Party's Political Bureau.


Read more at Bloomberg Bonds News

Yen Advances to Three-Month High Versus Euro on Reduced Appetite for Risk

(Bloomberg) -- The yen climbed to a three-month
high against the euro on speculation a defeat for Japan's Prime
Minister Shinzo Abe's led ruling coalition will push down stocks
and spur investors to exit so-called carry trades.

The yen reached 160.67 against the euro, the highest since
April 24, before trading at 161.02 at 7:46 a.m. in Tokyo from
161.67 late in New York yesterday. It also rose to 118.26 per
dollar from 118.63, after climbing to 118.03.


Read more at Bloomberg Currencies News

Valero's Port Arthur Refinery Releases Odorous Vapor From Faulty Oil Tank

(Bloomberg) -- Valero Energy Corp., the largest
U.S. refiner, said a faulty storage tank at its Port Arthur,
Texas, refinery, yesterday released smelly vapors.

``Due to a mechanical problem with a roof of a storage tank
at the Valero Port Arthur Refinery on Saturday, there was a
release of vapors that caused a noxious odor,'' spokesman Bill
Day said. ``Refinery officials notified the proper authorities
and immediately began efforts to halt the release.''


Read more at Bloomberg Energy News

Gold May Rebound on Investment Demand for Dollar Alternative, Analysts Say

(Bloomberg) -- Gold may rebound on speculation that
the dollar will resume a slide against the euro, boosting the
appeal of the precious metal as an alternative investment.

Fourteen of 27 traders, investors and analysts surveyed by
Bloomberg from Sydney to Chicago on July 26 and July 27 advised
buying gold, which fell 1.8 percent last week to $672.30 an ounce
on the Comex division of the New York Mercantile Exchange. Nine
said to sell, and four were neutral.


Read more at Bloomberg Commodities News

UPDATE 1-Japan PM suffers election drubbing, says to stay

(Reuters) - TOKYO, July 30 - Japanese Prime Minister Shinzo
Abe's conservative ruling camp suffered a crushing defeat in
upper house elections on Sunday, but the 52-year-old hawkish
leader insisted he would stay in his job despite the bashing.




"I am determined to carry out my promises although the
situation is severe," Abe said, after acknowledging that he was
responsible for the huge loss.


Read more at Reuters.com Bonds News

Japanese PM suffers election drubbing but stays on

(Reuters) - TOKYO, July 30 - Japanese Prime Minister Shinzo
Abe's conservative ruling camp suffered a crushing defeat in
upper house elections on Sunday, but the 52-year-old hawkish
leader insisted he would stay in his job despite the bashing.




"I am determined to carry out my promises although the
situation is severe," Abe said, after acknowledging that he was
responsible for the huge loss.


Read more at Reuters.com Bonds News

American Home Mortgage says faces margin calls

(Reuters) - These moves will allow the company to keep cash on hand
until it better understands the impact of market conditions on
its balance sheet and liquidity, American Home Mortgage said.







Read more at Reuters.com Bonds News

Cheapest Stocks in 16 Years Entice Investors After $2.1 Trillion Decline

(Bloomberg) -- Investors are preparing to snap up
shares of telephone, health-care and computer companies after
last week's $2.1 trillion global stock market rout left U.S.
equities the cheapest in 16 years.

``The window for buying is starting to open,'' said D.A.
Davidson & Co. chief market strategist Frederic Dickson, who
oversees $23 billion. His Great Falls, Montana-based firm plans
to buy drug and technology stocks as long as bond market losses
don't worsen.


Read more at Bloomberg Stocks News

Germany warn Siemens on Libya atomic deal - paper

(Reuters) - Germany's Environment Ministry and opposition Greens party have warned Siemens not to take part in a planned French nuclear deal with Libya, Handelsblatt reported.

French President Nicolas Sarkozy signed a memorandum of understanding for a nuclear energy deal with Libya during a visit there last week.


Read more at Reuters Africa

RPT-Japan PM says to stay on despite election defeat

(Reuters) - "The nation-building has just started. I would like to
deliver on my duty to proceed with reform as prime minister," he
told a news conference.




Read more at Reuters.com Bonds News

New Zealand Dollar is Overvalued and Will Fall, Agricultural Minister Says

(Bloomberg) -- The New Zealand dollar, the best
performer of 16 major currencies against the dollar in the past
year, is over-valued and will eventually decline, Agriculture
Minister Jim Anderton said today.

``There is no question it is overvalued,'' Anderton said in
e-mailed notes for a speech in Christchurch. ``A lot of the hot
money coming in here thinking it won't decline, will eventually
get burned because the dollar will, sooner or later, return to
more normal levels.''


Read more at Bloomberg Currencies News

UPDATE 2-Japan PM Abe's coalition braces for election blow

(Reuters) - TOKYO, July 29 - Japan's conservative ruling camp
braced for an expected election defeat on Sunday that could put
pressure on hawkish Prime Minister Shinzo Abe to resign and
usher in a period of policy paralysis and political confusion.




Polling stations across Japan opened at 7 a.m.
on a cloudy morning.


Read more at Reuters.com Bonds News

India's Reliance Q1 net up 28% on refining margins

(Reuters) - "While our existing businesses continue to deliver a robust
operating performance, our new initiatives provide us a platform
to deliver superior shareholder returns in the future," Chairman
Mukesh Ambani said in a statement.




Reliance's 660,000 barrel per day refinery in western India
and sales of gas produced from its deep-sea fields off the east
coast are expected to drive the company's future earnings
growth.


Read more at Reuters.com Market News

UPDATE 1-EMI buyer gets 85 pct of shares, extends deadline

(Reuters) - Terra Firma, which is offering 265 pence a share to buy the
British music company for 2.4 billion pounds ,
had a Sunday deadline to receive 90 percent of the shares as a
condition tied to its financing agreement for the deal with
adviser Citigroup .




EMI shares had slipped further from the offer price over the
last few days as investors worried the takeover might collapse
because of deterioration in credit markets. They closed up 1.1
percent on Friday at 252 pence.


Read more at Reuters.com Mergers News

Coca-Cola Bottling posts higher quarterly profit

(Reuters) - Net sales for the quarter rose to $390.4 million from $386.6 million.







Read more at Reuters.com Market News

'Big Dig' supplier to pay $50 million fine - U.S.

(Reuters) - Aggregate Industries, which supplied 5,700 truckloads of
concrete that was too old to be used or had been watered down,
also pleaded guilty to making fraudulent claims, U.S. Attorney
Michael Sullivan said.




It was unclear what problems might be related to the faulty
concrete, which represents a fraction of the 130,000 truckloads
that the company provided for the Big Dig, he said.


Read more at Reuters.com Bonds News

Platinum Falls Most in Eight Months on Stronger Dollar; Palladium Declines

(Bloomberg) -- Platinum fell the most in eight
months in New York as the dollar strengthened, reducing the
metal's appeal as an alternative investment. Palladium also
dropped.

Platinum is traded mostly in dollars, which rose to a two-
week high against the euro, making the metal more expensive for
holders of the European currency. U.S. stocks extended
yesterday's drop, the biggest in five months, as investors
shunned riskier investments in favor of bonds.


Read more at Bloomberg Commodities News

UPDATE 1-Mexico silver mine Penoles Q2 profit up 16.2 pct

(Reuters) - Penoles , the world's top maker of refined
silver, said second-quarter sales totaled 11.247 billion pesos,
up 6.3 percent from the same period last year on higher volumes
and strong metals prices.




Costs rose in the quarter on more expensive labor,
maintenance and repairs, Penoles said.


Read more at Reuters.com Market News

US STOCKS-Indexes fall as credit concerns weigh

(Reuters) - NEW YORK, July 27 - U.S. stocks declined on
Friday as worries about the prospect of a worsening climate for
takeover financing persisted.




The declines come a day after an equities sell-off that
wiped out more than $300 billion in the value of the S&P 500
and put the market on track for its worst weekly drop since the
week of the Feb. 27 global sell-off.


Read more at Reuters.com Bonds News

Gold Falls, Caps First Weekly Drop in Month, as Dollar Gains; Silver Drops

(Bloomberg) -- Gold fell in New York, capping the
first weekly decline in a month, on speculation a strengthening
dollar will reduce the precious metal's appeal as an alternative
investment. Silver also dropped.

The dollar rallied to a two-week high against the euro
today after a U.S. Commerce Department report showed the economy
grew last quarter at the fastest pace in more than a year. Gold,
sold in the U.S. currency, has fallen 1.8 percent in the three
days since the dollar reached a record low against the euro.


Read more at Bloomberg Commodities News

Treasuries Head for Biggest Weekly Gain Since March Amid Risk Aversion

(Bloomberg) -- Treasuries are headed for the
biggest weekly advance in four months as the slump in U.S.
housing drives investors from riskier assets for a third week.

Investors seeking the safety of government debt this week
pushed yields on two-year notes, most sensitive to changing
monetary policy, 71 basis points lower than the Federal
Reserve's target rate. The risk of owning corporate bonds soared
to a record on concern that banks and hedge funds face widening
losses on subprime mortgages and leveraged buyouts.


Read more at Bloomberg Bonds News

Volatility on Major, Emerging Market Currency Options Rise Amid Aversion

(Bloomberg) -- Volatility on major and emerging-
market currencies options rose as investors shunned riskier
assets amid concern subprime mortgage defaults may rise.

Demand for options granting the right to sell high-yielding
currencies soared as traders bought protection against further
yen appreciation while investors exited so-called carry trades.
The strategy involves borrowing where interest rates are low,
such as in Japan with an 0.5 percent rate, and investing in
countries such as Australia where the benchmark is 6.25 percent.


Read more at Bloomberg Currencies News