UPDATE 1-Carbon offsetting needs code of practice-UK report

(Reuters) - LONDON, July 23 - Carbon offsetting has a role to
play in fighting climate change but urgently needs a code of
practice, an environment committee of British parliamentarians
said on Monday.




Voluntary offsetting involves individuals and companies
paying others to cut greenhouse gas emissions on their behalf.
It is unregulated, and so distinct from a mandatory
international scheme under the Kyoto Protocol.


Read more at Reuters.com Government Filings News

Japan election could hit Nikkei, yen, boost JGBs

(Reuters) - "Politics and its uncertainty hasn't affected the real
economy," said Koji Ochiai, a senior market analyst at Mizuho
Securities.




Polls pointing to a blow for the ruling camp are stirring
worries that Prime Minister Shinzo Abe will be forced to resign
and Japan will return to the short-lived governments of the past.


Read more at Reuters.com Bonds News

Sabic Selling Islamic Bonds at Wider Yield Spreads Amid Market Volatility

(Bloomberg) -- Saudi Basic Industries Corp., the
world's biggest chemicals maker by market value, increased the
yield spread on an Islamic bond sale after boosting the size of the
deal to $2.1 billion amid ``market volatility.''

The bonds, known as sukuk al-Istithmar, will pay 38 basis
points more than the Saudi interbank offered rate, Rajiv Shukla,
director of investment banking at sale manager HSBC Holdings Plc
in Saudi Arabia, said in an interview today.


Read more at Bloomberg Bonds News

Rand firms more than 1 pct vs dollar

(Reuters) - South Africa's rand firmed by more than one percent versus the dollar on Monday, as the greenback hovered near a record low against the euro -- the currency of South Africa's largest trading partner.

At 0600 GMT, the rand stood at 6.8250 to the greenback, its strongest level since August 20 last year. It reached 6.80/dollar earlier.


Read more at Reuters Africa

New Zealand Dollar Advances Above 80 U.S. Cents on Rate Rise Speculation

(Bloomberg) -- The New Zealand dollar rose
above 80 U.S. cents to a 22-year high as the prospect of another
increase in interest rates this week lures investors to the
nation's higher-yielding assets.

The currency has gained 14 percent this year as the central
bank raised the benchmark rate three times in a bid to subdue
consumer demand, which it says is boosting inflation. There is a
67 percent chance bank Governor Alan Bollard will raise the
official cash rate by a quarter-percentage point for a fourth
time at his monetary policy review on July 26, according to a
Credit Suisse Group index based on interest-rate swaps trading.


Read more at Bloomberg Currencies News

U.S. Notes Rise as Investors' Risk Appetite Wanes, Asian Stocks Decline

(Bloomberg) -- U.S. Treasuries rose, with the yield
on 10-year notes falling to the lowest in almost two months, on
speculation investors sold stocks and sought the relative safety
of government debt.

The yield on the 4 1/2 percent 10-year note maturing in May
2017 fell 2 basis points, or 0.02 percentage point, to 4.93
percent as of 1:20 p.m. in Singapore, according to bond broker
Cantor Fitzgerald LP. The price rose 4/32, or $1.25 per $1,000
face amount, to 96 21/32. Bond yields move inversely to prices.


Read more at Bloomberg Bonds News

Australian Dollar Set for Record Winning Streak as Commodities Prices Rise

(Bloomberg) -- The Australian dollar headed for a
12th day of gains, the longest winning streak since it was
allowed to trade freely in 1983, as the prices of raw materials
the country exports rose.

The currency traded near an 18-year high as the Westpac
Commodity Futures Index, an export weighted average of exchange-
traded commodity futures prices, advanced 4.5 percent to an all-
time high. The local dollar has surged 17 percent over the past
12 months as demand from China pushed up prices of raw materials,
which add about 14 percent to Australia's economy.


Read more at Bloomberg Currencies News

Suzano Papel, Cemex, Televisa, Tim and Votorantim: Latin Equity Preview

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

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


Read more at Bloomberg Stocks News

Rubber Falls as Yen Advances Against Dollar, China's Imports Fall in June

(Bloomberg) -- Rubber futures in Tokyo fell for a
first day in four as the yen strengthened to a one-month high
against the dollar and China reported imports of the commodity
declined last month.

A gain in Japan's currency damps the value of yen-
denominated contracts for commodities such as rubber, which
trades globally in dollars. China's natural rubber imports
dropped 1 percent in June to 118,417 metric tons from a year ago,
the Beijing-based Customs General Administration said today.


Read more at Bloomberg Commodities News

US business outlook better than before, mixed-survey

(Reuters) - "We saw a mix of responses," said Ken Simonson, chief
economist at Associated General Contractors of America and an
analyst for the survey. "The tone was definitely more positive
than in the first quarter ... But it was not overwhelmingly
upbeat, particularly in the goods-producing sector."




The survey of 109 NABE members was conducted between June
18 and July 10 and looks forward to business prospects for the
balance of this year.


Read more at Reuters.com Economic News

Barclays, Diageo, Friends Provident, Shell: U.K., Irish Equity 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 market close on July 20.

The benchmark FTSE 100 Index declined 55, or 0.8 percent, to
close at 6585.20 in London. The FTSE All-Share Index fell 25.96,
or 0.8 percent, to 3407.79.


Read more at Bloomberg Stocks News

Report says Barclays seeks billions for ABN

(Reuters) - The Wall Street Journal, citing people familiar with the matter, said Barclays was close to an agreement to sell what it described as a large stake to Temasek and another investor to help back its bid for ABN.




The newspaper said on its www.wsj.com website that while the size of Temasek's potential stake in Barclays was not clear, a Barclays stake of 5 percent to 10 percent would be worth about $4.8 billion to $9.6 billion, based on Barclays's market value.


Read more at Reuters.com Business News

Dollar hits low, stocks retreat on subprime fears

(Reuters) - The weaker dollar hit Asian exporters such as Canon Inc., with overall market sentiment also soured by losses on Wall Street and caution after China raised interest rates on Friday in another attempt to prevent the buoyant economy from overheating.




Oil prices fell from near-record highs after oil producer group OPEC expressed concern about the impact of high oil prices on the global economy, which traders saw as a sign it might decide to pump more oil. Gold held on to Friday's gains, benefiting from the weak dollar and heightened market uncertainty.


Read more at Reuters.com Hot Stocks News

Dollar falls to record low vs euro

(Reuters) - The yen seesawed, sliding broadly in early Asian trading and hitting record lows against the euro in a move that traders attributed to speculative buying of sterling against the yen.




But the Japanese currency later rebounded to hit a six-week peak against the dollar of 120.80 yen on electronic trading platform EBS, the yen's highest level since early June.


Read more at Reuters.com Hot Stocks News

Dubai Aerospace Agrees to Acquire a Controlling Stake in Auckland Airport

(Bloomberg) -- Dubai Aerospace Enterprise, an
airport and aviation company owned by the Persian Gulf sheikdom,
agreed to buy a controlling stake in Auckland International
Airport Ltd., New Zealand's busiest gateway.

Auckland Airport shareholders will receive as much as
NZ$3.80 a share, 15 percent more than the stock traded at before
the offer, the company said in a statement today. The offer
values Auckland Airport at NZ$5.6 billion ($4.5 billion)
including stock, cash and debt, and is recommended by the board.


Read more at Bloomberg Emerging Markets News

Multiplex formally recommends Brookfield bid

(Reuters) - Shares in Multiplex last traded at A$4.97.




Read more at Reuters.com Mergers News

China's Yuan Advances on Speculation Currency Policy to Help Cool Growth

(Bloomberg) -- The yuan rose by the most in almost
two weeks on speculation China will pursue a stronger currency to
cool economic growth, after the central bank last week raised
interest rates for the third time since March. Bonds may drop.

A stronger yuan would curb export sales that have flooded
the financial system with cash, driving the fastest pace of
economic expansion in 12 years in the second quarter. The
currency gained 0.4 percent in June as the trade surplus widened
87 percent from a year ago to an all-time high of $26.9 billion.


Read more at Bloomberg Currencies News

Barclays seeks China, Singapore state funds in ABN buy -BBC

(Reuters) - Barclays said last week that it may add cash to sweeten its
agreed 65 billion euro offer for ABN as it
battles against a higher bid from a rival consortium led by
Royal Bank of Scotland and that also includes
Belgian-Dutch group Fortis and Spain's Santander
.




The BBC that said the two Asian governments would pay
around 740 pence for each Barclays share, 3.7 percent above
Friday's closing price of 713.5 pence.


Read more at Reuters.com Mergers News

Japan's Nikkei 225 Average, Topix Falls; Exporters Drop on U.S. Earnings

(Bloomberg) -- Japanese shares dropped, paced by
companies that rely on the U.S. market, after Caterpillar Inc.
said its profit dropped on lower North American sales. Exporters
such as Honda Motor Co. and Komatsu Ltd. declined.

Investors also refrained from betting heavily on stocks
before the upper house election, which will be held on July 29.
The Nikkei newspaper reported yesterday Japan's ruling coalition
may lose its majority in the election, citing its own poll.


Read more at Bloomberg Stocks News

China's Exported Inflation May Signal Interest-Rate Pressures Around Globe

(Bloomberg) -- The rising cost of goods the U.S.
imports from China may be an early warning signal that central
bankers from the U.K. to India are about to pay a price for a
cause they've championed: globalization.

China, a source of cheap manufactured products for the past
two decades, may be starting to export inflation as the world
economy grows at the fastest pace in a generation.


Read more at Bloomberg Bonds News

JGB futures hit six-week high tracking Treasuries

(Reuters) - September 10-year futures rose as much as 0.29 point to
132.37 , the highest since early June.




Traders said expectations remained for the Bank of Japan to
raise interest rates to a 12-year high of 0.75 percent from the
current 0.5 percent as early as next month, limiting gains in
JGBs.


Read more at Reuters.com Bonds News

Chevron Starts California Refinery Crude Unit, Flares Sulfur, State Says

(Bloomberg) -- Chevron Corp., the second-largest
U.S. oil company, reported that it flared sulfur oxide during
plant startup at its refinery in El Segundo, California.

The flare occurred at about 12:57 p.m. yesterday, San
Ramon, California-based Chevron said in a filing on a state of
California Web site. A refinery spokesman wasn't immediately
available to comment on the incident.


Read more at Bloomberg Energy News

Exporters, Hanjin Heavy, Hyundai Motor: South Korea's Equity Preview

(Bloomberg) -- The following shares may rise or fall
in South Korea. Prices refer to the July 20 close. This preview
includes news announced after markets shut. Stock symbols are in
brackets after the company names.

The Kospi index climbed 2.4 percent to a record 1,983.14. The
Kosdaq added 0.7 percent to 825.33. Kospi 200 futures expiring in
September advanced 2 percent to 252.55, while the underlying index
gained 2.3 percent to 251.45.


Read more at Bloomberg Stocks News

Report says carbon offset market needs code

(Reuters) - Voluntary offsetting is distinct from buying carbon offsets
under mandatory schemes, such as the Kyoto Protocol, and
involves individuals and companies paying companies to cut
emissions on their behalf.




"Without transparency consumers will have little confidence
in purchasing or otherwise dealing in offsets, confidence that
the market needs in order to grow," the report by the House of
Commons Environment Audit Committee said.


Read more at Reuters.com Government Filings News

Yen Drops on Bets Japan's Ruling Coalition to Lose Upper House Elections

(Bloomberg) -- The yen dropped to a record low
against the euro after the Nikkei newspaper reported yesterday
Japan's coalition may lose its majority in upper house elections
on July 29, citing a poll it conducted.

The yen was at 168.12 per euro at 7:17 a.m. in Tokyo and
earlier reached 168.99, the lowest ever. It was at 167.61 per
euro late in New York July 20. Japan's currency traded at 121.49
per dollar from 121.27 last week.


Read more at Bloomberg Currencies News

Resona, Toyota, Idemitsu, Cabin, Japan Steel Works; Japan's Equity Preview

(Bloomberg) -- The following stocks may move in
Japanese markets on July 23. Prices are as of the close of
trading. Statements were released after the close. Stock symbols
are in parentheses.

Toyota Motor Corp. (7203 JT): Japan's biggest automaker told
Bloomberg News it will decide July 23 a schedule for restarting
production at domestic auto plants shut down for lack of parts
after a July 16 earthquake. Toyota may restart production as
early as July 24 using piston rings in inventory if Riken Corp.,
a supplier damaged in the earthquake, can repair its factories on
schedule, the Yomiuri newspaper reported July 22. Toyota's shares
rose 20 yen, or 0.3 percent, to 7,560.


Read more at Bloomberg Stocks News

Ev3 Inc. to buy FoxHollow for $780 million

(Reuters) - On Friday, FoxHollow shares surged 9.3 percent to close at
$24.72 on Nasdaq. The transaction is expected to be completed
in the fourth quarter of 2007.




Under the terms of the deal, FoxHollow shareholders will
get 1.45 shares of Ev3 stock plus $2.75 in cash for each share
of FoxHollow they own. Ev3 shareholders would end up owning
about 59 percent of the combined company.


Read more at Reuters.com Bonds News

Vranos hedge fund seeks $750 mln for subprime - NY Times

(Reuters) - Subprime mortgages are home loans to people with weak
credit. A rising wave of defaults and foreclosures on these
loans recently buckled two hedge funds run by Bear Stearns Cos.
Inc. and has hurt the U.S. housing market as lenders stiffen
requirements.




Read more at Reuters.com Bonds News

U.S. activist fund builds stake in UBS: paper

(Reuters) - Speculation of a possible break-up at UBS has escalated in recent months following a proposed three-way carve-up of ABN AMRO by a group led by Royal Bank of Scotland .




The Sunday Times report said Chicago-based Harris Associates had built a stake representing about 1 percent of UBS over the past three months.


Read more at Reuters.com Mergers News

RPT-IPO VIEW-Validus set to raise more than $450 mln in IPO

(Reuters) - NEW YORK, July 22 - Reinsurance company Validus
Holdings Ltd. will test investor enthusiasm with an initial
public offering it hopes will raise as much as $468 million
when it becomes the fourth in its sector this year to tap U.S.
public markets.




The Bermuda-based company, one of several reinsurers to
stage IPOs in recent months, has filed to sell 18 million
shares with an anticipated per-share price range of $24 to
$26.


Read more at Reuters.com Mergers News

Egyptian indexes decline as Orascom Telecom dips

(Reuters) - Egyptian stock indexes dipped on Sunday following declines in global markets and amid continued caution over an offer by big cap Orascom Telecom to buy Raya, brokers said.

Orascom Telecom lost 0.8 percent to end at 77.50 Egyptian pounds, while shares in fellow market heavyweight Orascom Construction Industries dipped 0.6 percent to 398.90 pounds.


Read more at Reuters Africa

Japan state pension to cut corp bond buying -Nikkei

(Reuters) - The Nikkei said the GPIF, which manages about 82 trillion
yen of bonds and stocks, is likely to keep
corporate bond holdings at about 3 trillion to 4 trillion yen.




The GPIF intends to replace maturing corporate debt, which
means purchases would total about 400 billion yen a year -- less
than half the current amount, the report said this weekend.


Read more at Reuters.com Bonds News

SanDisk may increase stake in Israel's Tower-paper

(Reuters) - Tower and SanDisk officials were not immediately available
for comment.




In November SanDisk, which is Tower's largest customer,
acquired Israel's Msystems in an all-share transaction
valued at $1.5 billion.


Read more at Reuters.com Mergers News