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