UPDATE 1-China's Xinhua Media eyes stake in online bookstore

(Reuters) - SHANGHAI, July 16 - Shanghai Xinhua Media Co.
is in early talks to buy into Dangdang.com, a Chinese
online bookstore that media have said is planning a Nasdaq
listing, two sources close to the situation said on Monday.




Dangdang.com, partly held by a group of global investors,
including Doll Capital, Walden International and IDG Ventures,
has entered talks with Xinhua Media, which approached the online
bookstore about a month ago, the sources told Reuters.


Read more at Reuters.com Mergers News

UPDATE 1-Wolseley 11-mth pretax profit down, warns on US

(Reuters) - Wolseley said the lower profit was due to higher interest
costs and expected that 12-month group trading profit would be
affected by further one-off restructuring costs of around 9
million pounds.




"There are no signs of any upturn in the U.S. housing market
and the timing of any recovery remains uncertain," the world's
largest distributor of plumbing and heating products and
building materials said in a trading update.


Read more at Reuters.com Market News

Treasuries Rise Before Reports on Consumer Price Inflation, Housing Starts

(Bloomberg) -- U.S. Treasuries rose before
government reports this week that economists said will show
consumer prices slowed in June and home building declined.

Notes have risen in the past week as losses tied to subprime
mortgages fed speculation that a cooling in the U.S. housing
market will hurt the world's biggest economy. Federal Reserve
Chairman Ben S. Bernanke may speak about housing during
congressional testimony July 18 and 19.


Read more at Bloomberg Bonds News

Bancroft member moves to block sale of Dow Jones-source

(Reuters) - Bancroft is trying to buy more "supervoting" shares from
other Bancroft heirs who may be ready to sell their stakes but
share his distaste for handing the family legacy to Murdoch, the
Journal said.




News Corp., owner of Fox News, the New York Post and a
sprawling global media empire, has offered $5 billion, or $60 a
share, for Dow Jones, the publisher of the Wall Street Journal.


Read more at Reuters.com Mergers News

India's Bonds Gain on Speculation Surplus Cash to Boost Demand for Debt

(Bloomberg) -- India's 10-year bonds rose on
speculation an increase in spare cash in the banking system will
boost demand for debt.

Yields, which move inversely to prices, dropped to near the
lowest in more than four months after a drop in interbank
lending rates and an increase in banks' bids to lend to the
central bank suggested there's more surplus cash. Bonds may also
gain on optimism slowing inflation and loan growth will allow
the central bank to refrain from raising interest rates.


Read more at Bloomberg Bonds News

Gold steady near 5-week high, Tokyo market shut

(Reuters) - Gold held steady on Monday and was within sight of a five-week high hit last week but overall trading was sluggish in the absence of Japanese investors.

Other precious metals were mostly higher, with silver hovering near Friday's three-week highs. Tokyo's precious metals futures were closed for the Marine Day holiday.


Read more at Reuters Africa

Pakistan Airline Seeks $437 Million in Biggest Bond Sale to Refinance Debt

(Bloomberg) -- Pakistan International Airlines Corp.
plans to raise 26.5 billion rupees ($437 million) in its biggest
bond sale to cut borrowing costs and upgrade its maintenance and
training facilities.

``We have a very unhealthy balance sheet, which is in a
serious state of disrepair,'' Chairman Zaffar A. Khan said in a
July 12 interview at his office in Karachi. ``We have a lot of
debt on our books and restructuring it will give us a little
more breathing space,'' he added.


Read more at Bloomberg Emerging Markets News

Corrected: Oil hovers at 11-month high on supply worries

(Reuters) - U.S. crude for August delivery was 6 cents higher at $73.99 a barrel -- a fresh 11-month high and getting nearer the record high of $78.40 set in July 2006.




Analysts and traders said oil prices are likely to creep higher on bullish demand sentiment and as political tensions in major producers Iran and Nigeria continue to persist.


Read more at Reuters.com Hot Stocks News

Xinhua Media eyes stake in online bookstore-sources

(Reuters) - Xinhua Media, controlled by state-owned Jiefang Daily Press
Group, one of China's biggest newspaper publishers, hopes to team
up with Beijing-based Dangdang.com to tap the domestic online
book market, said the sources, who declined to be identified.




Xinhua Media, which dominates distribution channels for books
and magazines in Shanghai, China's financial hub, went public on
the domestic A-share market through a back-door listing earlier
this year.


Read more at Reuters.com Mergers News

China's Cotton Imports Rise 24 Percent in June, Customs Bureau Reports

(Bloomberg) -- China, the world's biggest cotton
consumer, increased purchases of the fiber 24 percent in June
from May as lower domestic supply boosted demand for imports.

Purchases from overseas were 250,000 metric tons last month,
the Beijing-based customs office said in a statement today,
citing preliminary data. This compares with 201,139 tons in May,
and 380,633 tons in June 2006, according to Bloomberg data.


Read more at Bloomberg Commodities News

Asian Currencies: Philippine Peso Rises on Rate Cut; Taiwan Dollar Drops

(Bloomberg) -- The Philippine peso rose for a third
day, climbing to a six-week high, on speculation investors will
buy more of the nation's stocks after the central bank cut its
key interest rate last week.

``What the central bank has effectively done is to cut the
funding costs of companies,'' said Jonathan Ravelas, assistant
vice president for economic research at Banco de Oro-EPCI in
Manila. ``It encourages more business activities, which may spur
earnings.''


Read more at Bloomberg Currencies News

Air Berlin, Commerzbank, Siemens, Duerr, Vattenfall: German Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in German markets. Stock symbols are in parentheses after company
names and prices are from the Xetra close unless otherwise
stated.

DAX futures expiring in September rose 50 points, or 0.6
percent, to 8155.50 on July 13 in Frankfurt. The DAX increased
0.5 percent to 8092.77 on the Xetra electronic-trading system.


Read more at Bloomberg Stocks News

Atlas Copco, ABN Amro, Royal Philips Electronics: 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 added 0.4 percent to 399.02. The Dow
Jones Stoxx 50 Index increased 0.4 percent to 3991.91. The Euro
Stoxx 50 Index, a benchmark for the 13 nations using the euro,
advanced 0.6 percent to 4542.57.


Read more at Bloomberg Stocks News

Armor, Stillwater Mining, Coach, Terex, Tyson Foods: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
tomorrow. This preview includes news that broke after exchanges
closed. Stock symbols are in parentheses after company names.

Armor Holdings Inc. (AH US): The military-truck maker won a
$518.5 million order from the U.S. Marine Corps to build blast-
resistant vehicles as the Pentagon speeds their delivery to
protect forces in Iraq. Armor Holdings will make 1,170 of the
trucks under the award, the U.S. Defense Department said in a
statement. The stock was unchanged at $87.38 in regular trading.


Read more at Bloomberg Stocks News

RBS group to offer 90 percent cash for ABN bid: reports

(Reuters) - While the cash portion is higher, the consortium is unlikely to boost the bid above the 71 billion it has offered for the company, the reports said.




Barclays has agreed an all-share offer for ABN worth about 64 billion euros . The RBS-led consortium trumped that with its bid but only on the condition that LaSalle remained part of the bank. ABN agreed to sell LaSalle to Bank of America for $21 billion, a deal the consortium moved to block. RBS sought LaSalle to bolster U.S. operations.


Read more at Reuters.com Mergers News

PetroChina's Production Climbs 3.7 Percent, Outpacing Exxon Mobil, Shell

(Bloomberg) -- PetroChina Co.'s first-half
production increased 3.7 percent as the nation's largest oil and
gas producer intensified efforts to meet rising energy demand.

Crude oil and gas output rose to the equivalent of 3.05
million barrels of oil a day, the Beijing-based company said
today. Oil production gained 0.1 percent from a year earlier,
while gas jumped 16.5 percent.


Read more at Bloomberg Emerging Markets News

Nokia Transforms Margin-Sapping India, China Markets Into Profit Machines

(Bloomberg) -- Nokia Oyj, the world's largest cell-
phone maker, disappointed shareholders twice in the past three
years by failing to keep up with consumer trends. This time, the
company may have it right.

Models such as the 550 euro ($759) N95 are paying off as
customers trade up from starter phones in India and China. The
shift is restoring profit margins that Chief Executive Officer
Olli-Pekka Kallasvuo sacrificed last year when he focused on
cheaper phones to win sales in those countries, where Nokia is
the dominant brand.


Read more at Bloomberg Emerging Markets News

Corn, Soybean Futures Fall in Chicago on U.S. Forecast for Normal Rainfall

(Bloomberg) -- Corn and soybean futures fell in
Chicago on a forecast for normal rainfall in the U.S. Midwest
grain growing areas over the next six to 10 days.

Corn prices fell as much as 5.1 percent and traded down 4.3
percent at $3.53 a bushel at 10:45 a.m. Singapore time. Soybean
prices declined as much as 4.4 percent and traded down 3.2
percent at $9.1950 a bushel. The U.S. National Weather Service
predicted normal rainfall for the Midwest in its six to 10 day
forecast issued on Sunday.


Read more at Bloomberg Commodities News

China Refined-Copper Imports Drop Less Than Expected in June, Traders Say

(Bloomberg) -- China's copper imports, the biggest
in the world, fell 6.1 percent in June, declining less than
expected amid speculation the nation's stockpiling agency might
have bought the metal.

Refined copper and alloy imports were 121,991 metric tons
last month, the Beijing-based office said in a statement today,
citing preliminary data. This compares with 129,949 tons in May
and 69,715 tons in June 2006, according to Bloomberg data.


Read more at Bloomberg Commodities News

Australia's S&P/ASX 200 Rises to Record, Led by Woodside: Rio Tinto Slips

(Bloomberg) -- Australia's S&P/ASX 200 Index rose,
set for a record high. Woodside Petroleum Ltd. and Roc Oil Co. led
gains after crude oil climbed to an 11-month high on speculation
maintenance closures in the North Sea may limit global supplies.

Rio Tinto Group fell for a second day after announcing it had
agreed to buy Alcan Inc. for $38.1 billion, increasing its debt.


Read more at Bloomberg Stocks News

Asian Stocks Rise to a Record; Hyundai Motor, Woodside Petroleum Advance

(Bloomberg) -- Asian stocks rose for a third day,
driving a regional benchmark to a record. Hyundai Motor Co. led
South Korean automakers higher after Meritz Securities Co.
lifted its price estimate for the stock, citing earnings.

Woodside Petroleum Ltd., Australia's second-largest oil and
gas producer, climbed as crude futures contracts traded near an
11-month high. Samsung Electronics Co. slid after prices of
computer memory chips fell by the most in two weeks.


Read more at Bloomberg Stocks News

China Sets Yuan Reference Rate at 7.5681 Versus Dollar, Highest Since 2005

(Bloomberg) -- The People's Bank of China fixed the
reference rate for yuan trading at 7.5681 against the dollar,
the highest since the end of a link to the U.S. currency in July
2005.

The rate compared with the close of 7.5695 on July 13. The
reference rate was set at 10.4296 against the euro and 0.062003
to the yen. The rate was set at 0.96766 versus the Hong Kong
dollar and 15.3935 against the British pound.


Read more at Bloomberg Currencies News

PetroChina pumps 3.7 pct more oil, gas in H1

(Reuters) - The Beijing-backed firm, which vies with Sinopec Corp.
and CNOOC Ltd. to
supply the world's largest energy market after the United States,
has said it aimed to produce 5.3 percent more oil and gas to
1.116 billion BOE in 2007.




Global crude oil prices rebounded to a 10-month high above
$70 a barrel at the end of June from a 19-month low around
$50 a barrel in January.


Read more at Reuters.com Market News

France, Germany seek to resolve splits over EADS

(Reuters) - Rivalry between French and German camps inside Europe's
biggest aerospace and defense group is widely blamed for delays
to the world's largest airliner, the Airbus A380 superjumbo,
and has strained the two nations' political and economic
relations.




Despite the pressing problems facing the group, Germany
appeared to be resisting French attempts to push through a
speedy management shake-up.


Read more at Reuters.com Business News

Australian Oil Stocks, Woodside Advance on Higher Crude; Rio Tinto Slides

(Bloomberg) -- Australia's benchmark stock index,
the S&P/ASX 200 Index, rose 0.11 percent at 10:05 a.m.

The index of 201 companies traded on the Australian Stock
Exchange rose 7.30 to 6,396.70. Among the stocks in the index,
115 rose, 51 fell and 35 were unchanged.


Read more at Bloomberg Stocks News

Dollar Trades Near Record Low Versus Euro Before Fed Manufacturing Report

(Bloomberg) -- The dollar traded near a record low
against the euro before U.S. central bank report today that will
probably show a manufacturing slowdown, adding to speculation the
Federal Reserve will lower interest rates.

The U.S. currency also may decline for a third day against
the yen after Iran last week asked Japanese refiners to use their
own currency to pay for crude oil purchases. Iran's request is
``effective immediately,'' according to a letter dated July 10
and obtained by Bloomberg News. Iran's central bank in March said
it was cutting its U.S. dollar reserves.


Read more at Bloomberg Currencies News

Thai Baht, Singapore Dollar, Indonesian Rupiah: Asian Currencies Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian currencies today.

Exchange rates are from the previous session.


Read more at Bloomberg Currencies News

LA cardinal apologies, offers record abuse deal

(Reuters) - LOS ANGELES, July 15 - The leader of the largest
U.S. Roman Catholic archdiocese apologized on Sunday for what
he called a "terrible sin and crime" as the church confirmed it
would pay a record $660 million to people who were sexually
abused by priests.




Facing trial on Monday over abuse allegations dating as far
back as the 1940s, the Archdiocese led by Cardinal Roger Mahony
agreed to pay 508 victims the largest-ever group settlement.


Read more at Reuters.com Bonds News

Kia Motors, Rio Tinto, Shanghai Industrial: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or
fall today in Asian markets, excluding Japan. This preview
includes news that broke after markets closed. Prices are from
the local market's last close. Stock symbols are in parentheses
after company names.

Fosun International Ltd. (656 HK): The Chinese company,
which has businesses ranging from pharmaceuticals to steel,
raised HK$11.5 billion ($1.5 billion) in an initial public
offering by selling 1.25 billion shares at HK$9.23 apiece. The
stock will start trading July 16.


Read more at Bloomberg Stocks News

Asia Energy Day Ahead: Crude Oil May Fall; GE Profit Increases 12 Percent

(Bloomberg) -- Crude oil may fall next week on
speculation U.S. gasoline inventories will increase as
refineries finish maintenance. General Electric Co., the world's
second-biggest company by market value, said second-quarter
profit rose 12 percent on sales of power-plant turbines, jet
engines and commercial loans outside the U.S.

MOST READ MARKETS STORIES


Read more at Bloomberg Energy News

Rediff.com shares are overpriced - Barron's

(Reuters) - By some estimates Rediff's market capitalization is more
than 13 times the entire Indian online advertising market, from
which the majority of its revenues are earned, Barron's said.




Barron's also said Rediff's grip on its market seems to be
slipping as Web giants Google Inc. and Yahoo Inc.
get a foothold in India.


Read more at Reuters.com Mergers News

New Zealand Dollar May Advance; Inflation Report Could Sway Central Bank

(Bloomberg) -- New Zealand's dollar may rise on a
report today that could show inflation isn't abating quickly,
increasing the chance the central bank will raise interest rates
and boosting demand for the currency.

Non-tradable inflation, a core measure of prices of goods
that aren't influenced by currency fluctuations and fuel costs,
probably rose 4 percent in the year ended June 30, according to
the median estimate of nine economists surveyed by Bloomberg
News. Reserve Bank Governor Alan Bollard may respond by raising
interest rates for the fourth time this year at his next review
on July 26.


Read more at Bloomberg Currencies News

It's no secret: Facebook's allure is its privacy

(Reuters) - Chris Kelly, Facebook's chief privacy officer, said users
want greater control over who sees their personal information,
rather than expecting total privacy, or anonymity, the concept
underlying much of the legal thinking on privacy for more than
a century.




"Privacy is beginning to transform from the classic 'right
to be left alone' to this notion that 'I want control over my
information,'" Kelly said in an interview on the sidelines of
a Fortune Magazine technology conference held here last week.


Read more at Reuters.com Government Filings News

Pound Rally Fools Biggest Traders as Rising Bond Yields Lure Kokusai, Axa

(Bloomberg) -- Investors who listened to the world's
three biggest currency traders and bet against the pound this
year couldn't have been more wrong.

Instead of falling, the U.K. currency has risen 3.8 percent
to a 26-year high of $2.0367. Strategists at Frankfurt-based
Deutsche Bank AG, UBS AG in Zurich and Citigroup Inc. of New York
predicted in December it would trade at $1.96 or lower this year.


Read more at Bloomberg Currencies News

Gold May Gain for Third Week on Demand for Dollar Alternative, Survey Says

(Bloomberg) -- Gold may gain for the third straight
week on speculation that a decline in the value of the dollar to
a record against the euro will boost demand for the precious
metal as an alternative investment.

Thirty of 37 traders, investors and analysts surveyed by
Bloomberg from Sydney to Chicago on July 12 and July 13 advised
buying gold, which rose 1.9 percent last week to $667.30 an
ounce on the Comex division of the New York Mercantile Exchange.
Two said to sell, and five were neutral.


Read more at Bloomberg Commodities News

Arpida superbug drug benefits confirmed in trial

(Reuters) - The Phase III trials were designed to compare the efficacy
and safety of iclaprim in the treatment of skin infections with
that of market leader linezolid, marketed by Pfizer as Zyvox.




"The pre-specified primary efficacy endpoint of statistical
non-inferiority in the clinical cure rate at the Test-Of-Cure
visit was achieved," Arpida said.


Read more at Reuters.com Government Filings News

PREVIEW-Bernanke to stress price worries before Congress

(Reuters) - July 19, 9:30 a.m. EDT before Senate
panel




* Bernanke to underscore Fed's concerns on inflation risks,
despite recent easing in core price gauges; Fed likely to
forecast moderate growth gaining into next year


Read more at Reuters.com Bonds News

Ford considers selling Volvo Cars business: source

(Reuters) - The review of Volvo was still at a very early stage and may not result in a sale, the source told Reuters, adding that Ford had so far not hired financial advisers for the operation.




"Ford is not in discussions with any company to sell Volvo, however we are continuing to assess options for all our operations," a London-based spokesman for Ford said, while declining to comment further.


Read more at Reuters.com Mergers News

RPT-Wall St Week Ahead: Stocks to ride robust earnings wave

(Reuters) - NEW YORK, July 15 - Stock market bulls are
betting strong second-quarter profits will send equities even
higher with the earnings reporting season in full swing this
week.




Rising energy and food prices coupled with uneven retail
sales are not likely to slow down investors as they test the
market's limits. At the same time, the financial sector is
expected to avoid major losses from the subprime sector.


Read more at Reuters.com Economic News

HBOS eyes property group Quintain: paper

(Reuters) - No one at Quintain was available for comment, but the company had said on Friday that HBOS had acquired a 12.4 percent stake in the firm.




The paper said that no formal decision has been made to proceed with a takeover bid, but it quoted City sources that HBOS was working on preliminary plans under which Quintain would be taken private.


Read more at Reuters.com Business News

Egypt median o/n interbank steady at 8.752 pct

(Reuters) - The median overnight interbank rate on Egypt's pound was steady on Sunday at 8.752 percent, the same as on Thursday, as banks squared their positions toward the end of a two-week reserve ratio period, dealers said.

"This is a periodic trend, especially as the market is still very liquid," one dealer said.


Read more at Reuters Africa

T.Italia close to Brasil Telecom stake sale-report

(Reuters) - Egyptian telecom operator Orascom Telecom pulled
out of talks to buy the Telecom Italia stake in Brasil Telecom
last month.




Brasil Telecom's controlling shareholders are a group of
Brazilian state-run pension funds and Citigroup , which
have said in the past they plan eventually to sell their stakes.


Read more at Reuters.com Mergers News

Egypt's Alcotexa sells 2,546 T of cotton in week

(Reuters) - The Alexandria Cotton Exporters' Association (Alcotexa) said on Sunday it had committed to sell 2,546 tonnes of cotton in the week ended July 14.

An Alcotexa official gave a breakdown of the sales as 196 tonne of Giza 70, 50 tonnes of Giza 88, 1,800 tonnes of Giza 86, 450 tonnes of Giza 80 and 50 tonnes of export type.


Read more at Reuters Africa