UPDATE 1-Bernanke says optimistic on Basel II consensus

(Reuters) - "I think the Basel II approach, with perhaps with some
modifications but in essence what was agreed upon with the
international banking authorities, is the right approach for
providing that kind of capital base protection," Bernanke told
the Senate Banking Committee.




"I can assure you that the four agencies are currently
working very hard on a range of issues," he said, adding that
he would prefer that the federal agencies quickly reach a
consensus resulting in a single proposal.


Read more at Reuters.com Bonds News

Tunisia buys milling wheat, feed barley in tender

(Reuters) - Tunisia's state grains agency has purchased 150,000 tonnes of soft milling wheat and 100,000 tonnes of feed barley in a tender which closed on Thursday, traders said.

The tender had sought bids for 125,000 tonnes of milling wheat and 75,000 tonnes of feed barley.


Read more at Reuters Africa

Turkish Stocks Jump Before Elections, Led by Akbank: World's Biggest Mover

(Bloomberg) -- Turkish stocks posted the biggest
gain this year, lifting the country's main index to a record, on
bets this weekend's elections will result in a single-party
government that will maintain economic growth.

Akbank TAS and Turkiye Is Bankasi AS, Turkey's two biggest
publicly traded banks, paced the advance.


Read more at Bloomberg Stocks News

U.S. Stocks Rise on Earnings; IBM Leads Dow Average, S&P 500 to Records

(Bloomberg) -- U.S. stocks gained after
International Business Machines Corp. and Bank of America Corp.
reported earnings that topped analysts' estimates.

IBM, the world's biggest provider of computer services,
climbed the most since 2003 and led the Standard & Poor's 500
Index and Dow Jones Industrial Average to records after saying
software acquisitions boosted results. Bank of America, the
second-largest U.S. bank, rose on private-equity gains and
investment-banking revenue growth.


Read more at Bloomberg Stocks News

UPDATE 1-SunPower earnings drop, targets output growth

(Reuters) - However, it posted a net loss of $5.3 million, or 7 cents
per share, for the quarter from a profit of $1.2 million, or 8
cents per share, a year ago including writedowns of assets and
costs of stock-based compensation.




Revenue for the quarter rose to $174 million from $55
million a year ago.


Read more at Reuters.com Market News

UPDATE 1-Pool Q2 profit in line with market estimate

(Reuters) - The Covington, Louisiana-based company reported quarterly
net income of $57.8 million, compared with $62.1 million a year
ago. On a per-share basis, earnings were flat at $1.12 due to
lower number of shares outstanding this year.




Net sales rose 3 percent to $726.5 million from $705.7 a
year ago, partly helped by sales centers acquired since the
year-ago period, primarily the Wickham business it bought in
August, and newly opened sales outlets.


Read more at Reuters.com Market News

Reliance Steel second-quarter profit climbs

(Reuters) - In April, the company said growth in its key segments would
moderate this year, but it still expected record earnings and
sales. For the second quarter, Reliance said it expected
earnings of $1.45 to $1.55 per share.




As a result, analysts raised their estimates and, on
average, were expecting $1.57 in the second quarter, according
to Reuters Estimates.



Read more at Reuters.com Market News

Sherwin-Williams posts higher quarterly profit

(Reuters) - The biotechnology company, in a statement, said it had originally anticipated a decision by this time. It said it hopes a decision would come within the next 60 to 90 days.



In October, the regulators denied Cytomedix's claim that AutoloGel was substantially equivalent to a legally marketed device.


Read more at Reuters.com Market News

Harley calls consumer credit picture 'challenging'

(Reuters) - Earlier in the day, Harley said total dealer retail sales
fell 1.2 percent during the second quarter, pulled down by a
5.5 percent decline in sales in the United States, the
company's biggest and most important market.




During the call, executives said they were proceeding "with
caution" as a result of the disappointing U.S. retail sales
picture.



Read more at Reuters.com Market News

UPDATE 1-Reliance Steel profit up, but outlook below view

(Reuters) - Its shares fell 2.2 percent to $59.67 in early trading on
the New York Stock Exchange.




The company said second-quarter net earnings rose to $122.8
million, or $1.59 per share, from $100.5 million, or $1.32 per
share, in the same quarter of 2006, the Los Angeles-based
company said.


Read more at Reuters.com Market News

UPDATE 1-McClatchy profit falls but beats forecasts

(Reuters) - NEW YORK, July 19 - McClatchy Co. said on
Thursday quarterly profit fell 9.3 percent because of weaker
newspaper advertising sales, but expense-cutting helped the
company beat Wall Street's expectations.




McClatchy, which publishes the Miami Herald and the
Sacramento Bee, said second-quarter net income fell to $40
million from $44.1 million a year earlier.


Read more at Reuters.com Market News

Tin Rises to 18-Year High on Production-Shortfall Concern; Zinc Advances

(Bloomberg) -- Tin led gains in London, rising to
the highest since at least 1989, on speculation that supply
disruptions in Indonesia and Bolivia and increasing demand will
create a shortage of the metal. Lead climbed to a record.

Smelters in Indonesia, the world's second-largest tin
producer, after China, have been restarting production following
a government crackdown on illegal mining earlier this year. The
Bolivian government seized a smelter owned by Swiss commodity
trader Glencore International AG in February.


Read more at Bloomberg Commodities News

Foot Locker mulls selling itself - paper

(Reuters) - But financial books and other materials that are usually
distributed as part of the process have not been sent to
prospective suitors, the paper said, citing one source.




Apollo Management is said to be mulling an offer of $29 per
share, the paper said, and Michael Ashley, the billionaire
behind British retailer Sports World International, has also
expressed an interest, the paper said.


Read more at Reuters.com Mergers News

UPDATE 1-Chile's Quinenco agrees to alliance with Citigroup

(Reuters) - Manufacturing conglomerate Quinenco , which
controls Banco de Chile, said in a statement to the Chilean
stock exchange that Citigroup would have a 32.96 percent stake
in Banco de Chile's parent company, which could rise to 50
percent.




Quinenco said it would retain control of the parent
company, LQ Financial Investments.


Read more at Reuters.com Mergers News

Turkish Stocks Jump, Led by Isbank, Akbank: World's Biggest Mover

(Bloomberg) -- Turkey's benchmark stock index gained
for the first time in four days, paced by Turkiye Is Bankasi AS
and Akbank TAS.

The ISE National 100 Index added 863.31, or 1.7 percent, to
51,975.30 at midday in Istanbul as 84 stocks gained, six fell and
10 were unchanged.


Read more at Bloomberg Stocks News

U.S. Stock-Index Futures Rise on Earnings; IBM, Bank of America Advance

(Bloomberg) -- U.S. stock-index futures gained
after Bank of America Corp. and International Business Machines
Corp. reported earnings that topped analysts' forecasts.

Bank of America, the second-largest U.S. bank, rose after
posting 5.2 percent profit growth. IBM, the world's biggest
provider of computer services, climbed after saying software
acquisitions boosted results.


Read more at Bloomberg Stocks News

OptionsXpress Q2 profit up

(Reuters) - Analysts on average expected the Chicago-based brokerage to
earn 35 cents per share, excluding items, and revenue of $57.5
million, according to Reuters Estimates.





Read more at Reuters.com Market News

Cypress Semi quarterly profit rises sharply

(Reuters) - The latest results were boosted by a gain from the sale of
7.5 million SunPower shares.




Excluding special items, profit was 16 cents a share. On
that basis, analysts' average forecast was 15 cents a share,
according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1-BB&T profit up 7 pct, record fees offset bad loans

(Reuters) - NEW YORK, July 19 - BB&T Corp , a large U.S. Southeast bank, said on Thursday second-quarter profit rose 7 percent, matching analysts' forecasts, as record fee-based revenue helped offset increased loan losses.



The Winston-Salem, North Carolina-based company said net income rose to $458 million, or 83 cents per share, from $429 million, or 79 cents, a year earlier.


Read more at Reuters.com Market News

TREASURIES-Rally fades ahead of Bernanke encore

(Reuters) - Anxiety over troubled mortgage investments has kept bonds
afloat in recent sessions, briefly pushing benchmark yields
back below 5 percent.




Federal Reserve Chairman Ben Bernanke reinforced the rally
on Wednesday by zeroing in on subprime or high-risk home loans
in his congressional testimony. Downbeat housing data and
relatively tame inflation figures have also supported bonds.


Read more at Reuters.com Bonds News

First Republic holders get more time on Merrill deal options

(Reuters) - In January, Merrill had agreed to buy First Republic, which
caters to the rich, and specializes in luxury home lending, for
$1.8 billion.





Read more at Reuters.com Bonds News

UPDATE 1-Dow Jones quarterly profit falls, revenue rises

(Reuters) - NEW YORK, July 19 - Dow Jones & Co. Inc. , which soon could be bought by News Corp. for $5 billion, said one-time charges lowered quarterly profit, while its digital business pushed up revenue despite lower ad sales at its flagship Wall Street Journal.



Second-quarter profit fell to $21 million, or 25 cents a share, from $28.8 million, or 34 cents a share, a year earlier.


Read more at Reuters.com Mergers News

UPDATE 1-Harley-Davidson net rises on international sales

(Reuters) - The company reported a second-quarter profit of $290.5
million, or $1.14 a share, compared with $243.4 million, or 91
cents cents a share, a year earlier.




Sales rose 17.7 percent to $1.62 billion.


Read more at Reuters.com Market News

Wyeth profit beats forecast, 2007 view raised

(Reuters) - NEW YORK, July 19 - Wyeth on Thursday reported higher-than-expected second-quarter earnings on strong sales growth of its prescription drugs, and it raised its profit forecast for the year.



The drug maker said it earned $1.2 billion, or 87 cents per share, up from $1.06 billion, or 78 cents per share, a year earlier.


Read more at Reuters.com Market News

CORRECTION - - UPDATE 1-Entergy expects rise in second-quarter earnings

(Reuters) - Excluding items, it expects to report operational earnings
of about $1.31 per share for the quarter, up from $1.22 per
share in the year-ago quarter, said the nation's second largest
nuclear operator.




Analyst on average have expected the company to post
earnings of $1.44 per share for the second quarter, according
to Reuters Estimates.


Read more at Reuters.com Market News

Gold May Advance in London as Dollar Trades Near Record Low; Silver Gains

(Bloomberg) -- Gold may rise in London on
speculation the dollar will decline further, spurring demand
for the metal as an alternative investment. Silver gained.

Gold has more than doubled since 2000 as the dollar
declined more than a quarter against a basket of six currencies
including the euro and yen. Gold has gained 5.7 percent this
year and the dollar has declined 4.5 percent against the euro.


Read more at Bloomberg Commodities News

Citrix, IBM, ICU, Juniper, Logitech, Skyworks, Vulcan: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
Closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 7:30 a.m. in New York.

Citrix Systems Inc. (CTXS US): The maker of computer-
networking software forecast revenue of $1.34 billion to $1.36
billion for this year. That topped the average estimate of $1.32
billion by analysts in a Bloomberg survey. The stock rose 19
cents, or 0.5 percent, to $35.50 yesterday.


Read more at Bloomberg Stocks News

BP to Ship First Crude-Oil Cargo From Angola's Plutonio Field in September

(Bloomberg) -- BP Plc, Europe's second-largest oil
company, will ship the first crude cargo from Angola's Plutonio
offshore oilfield in September, said two traders with knowledge
of the project.

The first cargo will be kept by field operator BP, said the
traders who asked not to be identified because of company
policy. Plutonio will start production in the second half of
this year, said BP spokesman Toby Odone, declining to give
further details.


Read more at Bloomberg Energy News

Tunisia tenders for milling wheat, feed barley

(Reuters) - Tunisia's state grains agency has issued a tender to purchase 125,000 tonnes of soft milling wheat and 75,000 tonnes of feed barley, European traders said on Thursday.

Origin was optional and the bidding deadline was also Thursday.


Read more at Reuters Africa

Dow Jones quarterly profit falls, revenue rises

(Reuters) - Excluding special items, Dow Jones earned 45 cents per share compared with 39 cents per share last year.




Items included a 13-cent charge for stock-based compensation expense as a result of the company's share price increase after the News Corp. offer came out, as well as a 7-cent restructuring charge.


Read more at Reuters.com Business News

European Stocks Advance; SAP, Roche, Vodafone, Actelion Lead the Gains

(Bloomberg) -- European stocks rose for the first
time in three days after profit from SAP AG and Roche Holding AG
beat analysts' estimates.

SAP and Roche joined Novartis AG among members of the Dow
Jones Stoxx 50 Index to report better-than-expected earnings so
far in this earnings season. Vodafone Group Plc gained after the
mobile-phone company said it added more subscribers than analysts
anticipated. Actelion Ltd. rallied the most in two years after
the biotechnology company said net income almost doubled.


Read more at Bloomberg Stocks News

Euro gains reflect econ growth, US market fears-EU

(Reuters) - Pressed for further comment, rather than stating facts, he
said:




"It is indeed a fact, and it is something that is noted, but
the commissioner responsible for this area doesn't wish to
convey more than this for the moment, also because the whole
issue of the euro and exchange rates is something for the ECB
as we all know," he said.


Read more at Reuters.com Bonds News

British Energy Says Hunterston Nuclear Reactor Halt to Last for Two Weeks

(Bloomberg) -- British Energy Group Plc, the U.K.'s
biggest electricity producer, said a reactor halt at its
Hunterston plant will last about two weeks.

The company's Hunterston B-8 reactor stopped on July 13,
according to a Web site run by National Grid Plc., the operator
of the U.K.'s power grid.


Read more at Bloomberg Energy News

Fifth Third Bancorp 2nd-quarter net income falls

(Reuters) - The Cincinnati-based bank said net income was $376 million, or 69 cents a share, compared with $382 million, or 69 cents a share, in the year-earlier quarter.



Analysts, on average, expected the bank to earn 67 cents a share, according to Reuters Estimates.


Read more at Reuters.com Market News

Hershey 2nd-quarter profit falls on rising costs

(Reuters) - The chocolate maker posted profit of $3.6 million, or 1 cent a share, in the second quarter, compared with $97.9 million, or 41 cents a share, a year earlier.



Excluding one-time charges, earnings were 35 cents a share, matching the average analyst estimate posted by Reuters Estimates.


Read more at Reuters.com Market News

Bank of America second-quarter profit rises

(Reuters) - Net income for the Charlotte, North Carolina-based company rose to $5.76 billion, or $1.28 per share, from $5.48 billion, or $1.19 a share, a year earlier.






Read more at Reuters.com Market News

UPDATE 1-Fifth Third Bancorp 2nd-quarter net income falls

(Reuters) - The Cincinnati-based bank said net income was $376
million, or 69 cents a share, compared with $382 million, or 69
cents a share, in the year-earlier quarter.




Analysts, on average, expected the bank to earn 67 cents a
share, according to Reuters Estimates.


Read more at Reuters.com Market News

Robusta Coffee Advances in London on Increased Buying From Roasters

(Bloomberg) -- Robusta coffee climbed in London on
increased demand from roasters for the bitter-tasting beans used
to make espresso and instant coffee.

Vietnam, the world's biggest grower of robusta, has
exported almost all of its last harvest, while stockpiles in
European warehouses have fallen 12 percent this year, pushing
prices to a nine-year high of $1,945 a ton on June 22.


Read more at Bloomberg Commodities News

Continental earnings rise on international demand

(Reuters) - Excluding a one-time charge related to the settlement of a pilot pension plan, Continental posted earnings of $2.10 cents per share, beating Wall Street expectations of $1.84, according to Reuters Estimates.




Operating revenue rose 5.8 percent to $3.71 billion as yield -- a measure of average ticket prices -- rose 1.5 percent and capacity increased 4.7 percent.


Read more at Reuters.com Market News

UPDATE 1-Scholastic 4th-qtr profit up, sees strong 1st-qtr

(Reuters) - Net income for the fourth quarter rose to $40.4 million, or
93 cents a share, compared with $38.4 million, or 91 cents a
share, in the quarter a year ago.




Revenue rose to $611.7 million from $601 million last
year.


Read more at Reuters.com Market News

SABMiller S.African bond three times oversubscribed

(Reuters) - Brewer SABMiller's 1.6 billion rand local bond was launched on Thursday and was three times oversubscribed, Rand Merchant Bank (RMB) said.

SABMiller issued a 5-year bond to repay part of existing loans used to fund its South African business.


Read more at Reuters Africa

Alitalia liquidation if carrier not sold: econ min

(Reuters) - "Other than a sale, there is only liquidation," Padoa-Schioppa told Corriere della Sera newspaper. He added that the centre-left government was looking at alternatives to sell its stake.




"This is a company that is losing money, in which the state cannot inject any more capital," he said. "Making Alitalia attractive to an investor seems more difficult than we thought."


Read more at Reuters.com Mergers News

French Stocks Rise, Led by Cap Gemini, Danone, Renault, Eramet, Vallourec

(Bloomberg) -- French stocks advanced, led by Cap
Gemini SA and Groupe Danone SA. Eramet SA surged after a report
in Les Echos that Areva SA may buy a 37 percent stake.

The CAC 40 Index gained 32.61, or 0.5 percent, to 6028.58
at 12:14 p.m. in Paris. The SBF 120 Index added 0.6 percent.


Read more at Bloomberg Stocks News

U.S. stocks seen up, earnings flood awaited

(Reuters) - "The second quarter results are coming more and more into
focus and will give the trading impulses in following days,"
said Giuseppe-Guido Amato, equity strategist at German brokerage
Lang & Schwarz.




Technology stocks will be in the spotlight again, with
earnings due from Microsoft Corp. , the world's biggest
software company, Motorola Inc and Google Inc .


Read more at Reuters.com Bonds News

UPDATE 1-Midas says exec chairman not detained in China

(Reuters) - The company's statement came after a Wednesday report in
China's influential Caijing magazine that Midas executive
chairman Chen Wei Ping, who has been ranked as one of China's
wealthiest by Forbes magazine, was being detained by
authorities in China's Jilin province.




Caijing said he was involved in bribery investigations.


Read more at Reuters.com Government Filings News

Election of Erdogan May Boost Turkish Shares, Cheaper than All of Europe's

(Bloomberg) -- Turkish stocks, cheaper than equities
in the markets of the European Union, are attracting investors
who say this year's rally is just the beginning.

Prime Minister Recep Tayyip Erdogan, who has sold state
industries and reduced the budget deficit, will retain power in
this weekend's elections, according to six opinion polls. The
mostly Muslim nation of 72 million has had 21 straight quarters
of economic growth and inflation is near a five-year low.


Read more at Bloomberg Exclusive News

Dollar Trades Near Record Low Against Euro Before U.S. Economic Reports

(Bloomberg) -- The dollar traded near a record low
against the euro before U.S. reports that are forecast to show
manufacturing is slowing and the economic outlook is worsening.

The dollar weakened against nine of the 10 most-actively
traded currencies before Federal Reserve Chairman Ben S.
Bernanke's second day of testimony on the economy to Congress.
The U.S. currency declined yesterday after the Fed trimmed
growth forecasts for this year and next, and Bernanke predicted
home sales would be ``sluggish for a time.''


Read more at Bloomberg Currencies News

Dow Jones director Li may face charges in US probe

(Reuters) - Li, who is chairman and chief executive officer of Bank of
East Asia , denied on Thursday any wrongdoing.




"I have broken no laws and deny the apparent allegations
being made by the staff of the Commission. If the Commission
does commence proceedings against me, I will defend myself
vigorously," Li, 68, said in a statement issued by the bank.


Read more at Reuters.com Government Filings News

Congo Immigration Detains Central African Mining Shareholder Rautenbach

(Bloomberg) -- The Democratic Republic of Congo
detained Billy Rautenbach, a shareholder of London-based cobalt
producer Central African Mining & Exploration Co., which is
bidding 943 million pounds ($1.94 billion) for Katanga Mining
Ltd, said Jean-Pierre Ondekane, the central African country's
director general of immigration.

Rautenbach is being held by immigration services in
Lubumbashi, the capital of the southern Katanga Province, where
he was stopped before he could travel on to a Central African
mine, Ondekane said in an interview in the capital, Kinshasa.
Rautenbach was given verbal notice that he was barred from Congo,
because of a request from South Africa for his arrest on fraud
charges, Ondekane said. A copy of the persona non grata decree
signed by Ondekane was sent to Bloomberg.


Read more at Bloomberg Emerging Markets News

Uganda halts uranium exploration deals - report

(Reuters) - Uganda's President Yoweri Museveni has halted new uranium exploration deals with private companies while his government sets up an atomic energy unit, a state-owned newspaper reported on Thursday.

Foreign firms including Canada's Uranium Hunter are exploring in the east African country, with most interest so far focused near the southeastern shores of Lake Albert.


Read more at Reuters Africa