Barclays may have lost big in Bear fund: report

(Reuters) - Bear Stearns said on Tuesday that assets in the fund are at this point essentially worthless.




The Journal said Barclays was reviewing its options for recovering the $400 million, citing arbitration, a negotiated settlement or litigation as possible strategies.


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EU's Mandelson says WTO draft cuts too deep

(Reuters) - New draft texts on agriculture and industry are a step forward in world trade talks but the range of tariff and subsidy cuts they propose are too tough, European Union Trade Commissioner Peter Mandelson said.

In an interview with Spain's el Economista newspaper on Saturday, Mandelson said the lower end of the proposed range of cuts would not really help the World Trade Organisation reach a free trade agreement.


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ABN CEO says merger with Barclays is better: report

(Reuters) - "I am still convinced a merger with Barclays is the best. It is better in terms of the content but as for the amount, it is not good enough," Groenink said in an interview.




ABN's boards have recommended Barclays' all-share offer currently worth about 35 euros per ABN share.


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European Stocks Fall Amid Hedge-Fund Losses, Earnings Outlook; Total Drops

(Bloomberg) -- European stocks dropped this week
following three weeks of gains as investors speculated hedge-fund
losses at Bear Stearns Cos. may signal wider problems in credit
markets and the strong euro might erode earnings.

``There are fears more hedge funds might get into trouble,''
said Juergen Lukasser, who helps manage $20 billion as head of
equities at Constantia Privatbank AG in Vienna. ``After months of
smooth sailing the question of how much risk you're willing to
take has come back. In the long run this might lead to more risk
aversion, making it more difficult to finance takeovers.''


Read more at Bloomberg Stocks News

Nigeria's Intercontinental Bank eyes acquisitions

(Reuters) - Nigeria's largest bank by capital, Intercontinental Bank Plc, may consider buying a smaller institution as long as a deal helps achieve its growth objectives, its chief executive told Reuters.

"The bank is not averse to acquiring other smaller banks, but this will be done in deference to our own growth objectives," CEO Erastus Akingbola said.


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Canadian Stocks Fall, Led by Biovail, as Drug Rejected; Energy Stocks Slip

(Bloomberg) -- Canada's main stock index fell from a
record, led by Biovail Corp., after regulators rejected the
drugmaker's application for approval of an antidepressant and U.S.
companies reported profits below analysts' estimates.

Google Inc., the Internet search engine owner, posted profit
excluding some items of $3.56 a share, a penny short of analyst
estimates in a Bloomberg survey. Caterpillar Inc., the world's
largest maker of earthmoving machines, said earnings dropped
because of falling demand for truck engines.


Read more at Bloomberg Stocks News

First Data says buyout is on track

(Reuters) - The buyout is on track to close in the third quarter, Chairman and Chief Executive Ric Duques said on a conference call.




First Data agreed in April to sell itself to Kohlberg Kravis Roberts & Co. for $34 a share, but difficult conditions in the debt markets have made investors increasingly skeptical about whether the deal will close on time at that price.


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