Canada's Dollar May Decline on Elliott Wave Charts, Forecast's Ng Predicts

(Bloomberg) -- Canada's dollar may fall to C$1.0759,
according to charts based on Elliott waves, said Pak Lai Ng, a
technical analyst at Forecast Singapore Ltd.

The level represents the Canadian currency's June 21 low
versus the U.S. dollar, Ng said. The currency has risen 10.8
percent since touching this year's low of C$1.1876 on Feb. 8.


Read more at Bloomberg Currencies News

Oil eases from record high close, awaits U.S. data

(Reuters) - After seven consecutive weeks of gains, U.S. crude is testing last year's all-time intra-day high of $78.40 a barrel, fuelled by fears that OPEC's reluctance to lift production will lead to a sharp pre-winter decline in supplies.




European benchmark Brent slid 36 cents to $76.69 a barrel, having recently lagged U.S. gains spurred by a steady decline in stocks at the Cushing, Oklahoma, delivery point for the New York Mercantile Exchange contract.


Read more at Reuters.com Hot Stocks News

Rising costs push Chile's Colbun into the red

(Reuters) - Colbun, which uses hydro, natural gas and petroleum to
power its generators, said revenue in the first half of the
year was 255.876 billion pesos, 34 percent higher than a year
earlier.




But it made an operating loss of 8.230 billion pesos
compared with an operating profit of 73.444 billion pesos a
year earlier.


Read more at Reuters.com Market News

Google wary of behavioral targeting in online ads

(Reuters) - Susan Wojcicki, Google vice president of product management
for advertising, said on Tuesday Google was shying away from
the industry race to deliver tools for advertisers that stitch
together a user's various online actions into one profile.




The world's Web search leader has built its business around
ads tied to words typed into its search box, which are expected
to earn it upward of $16 billion in revenue this year.


Read more at Reuters.com Mergers News

UPDATE 1-Bear Stearns halts redemptions in third hedge fund

(Reuters) - Bear Stearns' $850 million Asset-Backed Securities
Fund experienced declines in July, prompting some investors to
seek redemption of their investments. The investment bank,
however, believes the assets in the fund -- tied to Alt-A and
prime mortgages -- are worth more than what current market
conditions will allow.




Through the end of June, the fund was up about 5 percent.
But mortgage investments have taken a beating this month and
most of the year amid a rising wave of delinquencies and
defaults on subprime mortgages, or loans made to people with
weak credit.


Read more at Reuters.com Bonds News

Northwestern seeks 6 pct power bill hike in Montana

(Reuters) - An average residential electricity customer using 750
kilowatts of power will see an increase of about $4.55 per
month, NorthWestern said. The average residential gas customer
will see an increase in monthly bills of $4.36.




Of NorthWestern's 640,000 natural gas and electricity
customers in Montana, South Dakota and Nebraska, about 322,000
are in Montana.


Read more at Reuters.com Bonds News

Australia, New Zealand Dollars Decline After Investors Cut Carry Trades

(Bloomberg) -- The Australian and New Zealand
dollars declined against the yen as concerns about subprime
mortgages caused U.S. stocks to fall, prompting investors to cut
holdings of higher-yielding assets bought with loans from Japan.

New Zealand's dollar is the worst performer out of the 16
most-traded currencies today, followed by Australia's, after the
Standard & Poor's 500 Index declined 1.3 percent yesterday and
post its biggest monthly decline in three years. The currencies,
favorites for so-called carry trades, reached the highest in more
than 16 years versus the yen last month on interest rates that
are among the highest of major economies.


Read more at Bloomberg Currencies News

UPDATE 1-Thomas Weisel Partners quarterly profit doubles

(Reuters) - Asset management revenue rose to $14.3 million in the
latest second quarter from $5.4 million a year ago, driven by
private equity gains of $9.9 million, the company said in a
statement.




The San Francisco, California-based company reported
second-quarter earnings of $6.6 million, or 25 cents a share,
compared with $3.3 million, or 14 cents a share, in the
year-ago period. Excluding items, it earned 29 cents a share.


Read more at Reuters.com Market News

BHP, Coates Hire, Macquarie, Woodside Petroleum: Australian Stock Preview

(Bloomberg) -- The following is a list of companies
whose shares may rise or fall in Australia. This preview includes
news announced after markets closed yesterday. Prices are from
yesterday's close unless otherwise stated. Stock symbols are in
parentheses after the company names.

The S&P/ASX 200 Index futures contract due in September lost
0.5 percent to 6090 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index fell 0.6 percent in New York.


Read more at Bloomberg Stocks News

Brazil miner CVRD Q2 profit up at 5.8 bln reais

(Reuters) - Analysts surveyed by Reuters had expected, on average, a
net profit of around 5.9 billion reais and EBITDA of 9.7
billion reais in the second quarter.





Read more at Reuters.com Market News

Abraxis acquires manufacturing facility from Watson

(Reuters) - Financial terms of the deal were not disclosed.





Read more at Reuters.com Mergers News

Senate Democrats wary on private equity tax hikes

(Reuters) - Senate Banking Committee Chairman Christopher Dodd said in a statement he is "concerned about the potential adverse effects that these proposals would have on capital formation, on job creation, and on institutional investors."




A Democratic presidential candidate who represents Connecticut where many hedge funds are based, Dodd said he is "not prepared to support any legislation before I have thoroughly analyzed the full impact it is likely to have."


Read more at Reuters.com Bonds News

Mexico stocks give up gains in volatile session

(Reuters) - The benchmark IPC stock index , which had risen more
than 1 percent in early trade, fell 241 points to 30,659.66
points. The peso currency weakened 0.05 percent to
10.9445 per dollar.




In debt trading, the price of the benchmark 10-year
government peso bond gained 0.062 points to bid
101.771, with a yield of 7.71 percent.


Read more at Reuters.com Bonds News

Genoptix files for $86.25 mln IPO

(Reuters) - The Carlsbad, California-based company is seeking a Nasdaq
listing under the symbol "GXDX" .




Read more at Reuters.com Bonds News

DreamWorks Animation profit up on new "Shrek" film

(Reuters) - LOS ANGELES, July 31 - DreamWorks Animation SKG Inc posted a sharply higher second-quarter profit on Tuesday, propelled by global box office grosses of $720 million for "Shrek the Third".



Net income was $61.8 million, or 60 cents per share, compared with $13.7 million, or 13 cents per share, for the year-earlier quarter.


Read more at Reuters.com Market News

Whole Foods 3rd-quarter profit tops expectations

(Reuters) - Profit dropped to $49.1 million, or 35 cents per share, in the fiscal third quarter ended July 1, from $53.9 million, or 37 cents per share, a year earlier.



Analysts, on average, expected Whole Foods to earn 33 cents per share, according to Reuters Estimates.


Read more at Reuters.com Government Filings News

Sowood hedge fund collapse sparks fear, little else

(Reuters) - The Boston-based hedge fund, which managed money for
Harvard University, lost roughly half of its $3 billion in
capital in less than a month, becoming the first high-profile
victim of the recent credit market woes.




People who passed on Sowood when Jeff Larson launched the
fund three years ago called the decline "unbelievable" and
"shocking" on Tuesday, and several blamed weak risk management
for the fund's death spiral.


Read more at Reuters.com Mergers News

Yen Posts Biggest Monthly Gain Versus Dollar in Almost Three Years on Risk

(Bloomberg) -- The yen posted the biggest monthly
advance in almost three years against the dollar on concern
losses from U.S. subprime mortgages will drive investors from
riskier assets.

Japan's yen gained versus all 16 major currencies tracked by
Bloomberg this month as investors pared higher-yielding assets
funded by loans in Japan, a practice known as the carry trade.
U.S. stocks erased early gains and a gauge of corporate bond risk
increased, adding to yen buying today.


Read more at Bloomberg Currencies News

Radian-Backed U.S. Municipal Bonds Face Possible Cut in Ratings by Fitch

(Bloomberg) -- Fitch Ratings put 934 municipal bond
issues insured by a Radian Asset Assurance Inc. under review for
a possible ratings cut following losses by its parent on an
investment in a subprime mortgage lender.

Radian Group Inc. and MGIC Investment Corp., which
announced plans in February to merge, yesterday said their
combined stakes of more than $1 billion in Credit-Based Asset
Servicing and Securitization may be worthless. Radian Asset
Assurance is rated AA, while Radian Group is ranked A.


Read more at Bloomberg Bonds News

SPX Corp to buy a Johnson Controls diagnostic unit

(Reuters) - BOSTON, July 31 - Diversified manufacturer SPX Corp. said on Tuesday it had reached a deal to buy the European automotive diagnostics division of Johnson Controls Inc. for 32 million euros .



Johnson's automotive diagnostics unit last year generated about $80 million in revenue. SPX said it expects the deal to close in the third quarter of 2007.


Read more at Reuters.com Bonds News

Yen Poised for Biggest Monthly Gain in Three Years Versus Dollar on Risks

(Bloomberg) -- The yen rose, heading for the biggest
monthly advance in almost three years against the dollar, on
concern losses from U.S. subprime mortgages will drive investors
from riskier assets.

The Japanese currency has gained against all 16 major
currencies tracked by Bloomberg this month as investors pared
higher-yielding investments funded by loans in Japan, a practice
known as the carry trade. U.S. stocks dropped, erasing early
gains, and a gauge of corporate bond risk increased, adding to
yen buying today.


Read more at Bloomberg Currencies News

U.S. Stocks Retreat on Subprime Concern; American Home Mortgage Plummets

(Bloomberg) -- U.S. stocks declined, erasing a
rally, on concern losses from subprime mortgages are worsening.

Banking shares fell after American Home Mortgage
Investment Corp. said it's unable to fund loans and may have to
liquidate assets. MGIC Investment Corp. and Radian Group Inc.
tumbled after the two home-loan insurers said their combined
stakes of more than $1 billion in a subprime mortgage company
may be worthless.


Read more at Bloomberg Stocks News

Altria shares up as focus turns to board meeting

(Reuters) - "I expect the stock to be strong going into this meeting," Charles Norton, portfolio manager of the Vice Fund , said.




Altria has said that it is still considering a possible spinoff of PMI and has declined to comment on timing or the amount of any subsequent stock repurchases that might occur.


Read more at Reuters.com Hot Stocks News

Canada's Dollar Strengthens as Crude Oil Prices Rise to Highest in a Year

(Bloomberg) -- Canada's dollar rose for the first
time in five days as oil prices soared to the highest in a year,
boosting the currency's appeal.

The currency also benefited as equity markets worldwide
rebounded as concern eased that tighter credit standards will
slow growth. The currency is on pace for a sixth straight
monthly increase, fueled by higher prices of the nation's main
commodity exports. Commodities account for about half of
Canada's exports.


Read more at Bloomberg Currencies News

US STOCKS-Wall Street rises on profits, data; GM helps

(Reuters) - NEW YORK, July 31 - U.S. stocks rose on Tuesday,
buoyed by strong earnings from companies such as General Motors
Corp. and Sun Microsystems , and some reassuring
reports on the economy.




GM set the stage for gains after the automaker swung to a
profit in the second quarter and handily topped Wall Street's
expectations [ID:nN31206991], while Sun Microsystems' shares
rose 7 percent after the high-end computer maker posted a
quarterly profit as it cut costs.


Read more at Reuters.com Bonds News

S.Africa Telkom gets ok from regulator on price cuts

(Reuters) - South Africa's communications regulator has approved fixed-line operator Telkom's plans to drop its prices by 1.2 percent overall, the firm said on Tuesday.

Telkom -- which has been under pressure from government to lower telecoms costs that are among the highest globally -- filed its price changes last month with the Independent Communications Authority of South Africa (ICASA).


Read more at Reuters Africa

UPDATE 1-MCG Capital posts higher Q2 profit; shares rise

(Reuters) - Shares of the Arlington, Virginia-based company were
trading up almost 6 percent at $14.27 in morning trade on the
Nasdaq. The shares have fallen 34 percent since the begining of
the year before Tuesday's gains.




The main positives for the quarter include
higher-than-expected dividend income, higher-than-expected net
interest margin and $8.6 million of net gains on portfolio
investments, BMO Capital Markets analyst David Chiaverini wrote
in a research note.


Read more at Reuters.com Market News

Nelnet agrees to $2 mln settlement with New York

(Reuters) - Nelnet previously agreed to pay $1 million to settle an
investigation by Nebraska's attorney general.




Read more at Reuters.com Government Filings News

First Data shareholders approve selling to KKR

(Reuters) - But the company's shares traded on Tuesday morning at 5.1 percent below the expected purchase price of $34.00.




Analysts have said the large gap between the planned sale price and where the shares were trading signal investor doubt about whether the deal would close at current terms.


Read more at Reuters.com Mergers News

OPEC's Refining Capacity Rises on New Investments in Saudi Arabia, Iran

(Bloomberg) -- OPEC's refining capacity increased by
more than 140,000 barrels a day last year because of new investment
in Saudi Arabia and Iran.

Refining capacity for the 12-nation group totaled 9.23 million
barrels last year compared with 9.09 million barrels the year
before, OPEC said today in its Annual Statistical Bulletin.


Read more at Bloomberg Energy News

Brazilian Stocks Climb on Commodity Demand, Profit Growth: Latin Equity

(Bloomberg) -- Brazil's main stock index rose, led
by materials companies, on speculation that global demand for
metals and oil will boost corporate profits.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange headed for a fifth month of gains, rising 507.15, or 0.9
percent, to 55,079.76 as of 11:08 a.m. New York time.


Read more at Bloomberg Stocks News

UPDATE 1-Apria Healthcare posts rise in profit

(Reuters) - Second-quarter net income was $20.8 million, or 47 cents
per share, compared with $18.5 million, or 43 cents per share,
in the second quarter of 2006.




Analysts on average had forecast earnings of 45 cents per
share, according to Reuters Estimates.


Read more at Reuters.com Market News

Nelnet misses Wall Street view for Q3 earnings

(Reuters) - The company posted base earnings of $21.7 million, or 44
cents a share, from continuing operations, compared with $18.8
million, or 34 cents per share, a year earlier.




On that basis, the consensus estimate was for earnings of
69 cents a share, according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1-LCA-Vision posts lower Q2 earnings, cuts 2007 view

(Reuters) - Shares of the provider of vision correction services, which
also cut its full-year 2007 earnings outlook, were down more
than 14 percent at $36.90 in morning trade on the Nasdaq.




Including the impact of deferred revenue, the company now
sees 2007 earnings of $1.90 to $2.00 a share, on revenue of
$308.0 million to $315.0 million. In May, it had forecast
earnings of $2.05 to $2.15 a share for the year.


Read more at Reuters.com Market News

SAP says Germany head resigns for personal reasons

(Reuters) - In the interim, Ferri Abolhassan, executive vice president
for SAP large enterprise business in Europe, the Middle East and
Africa, will run the German operations.




Read more at Reuters.com Market News

UPDATE 1-Apen Technology settles SEC charges

(Reuters) - Cambridge, Massachusetts-based Aspen, which develops
computer software for oil refineries and other process
industries, agreed to cease and desist from future violations
and settled the case without admitting or denying any
wrongdoing, the SEC said.




The SEC did not announce any monetary penalty against the
company, which is required to retain an independent consultant
to review its financial and accounting policies and
procedures.


Read more at Reuters.com Government Filings News

CanWest switches to bridge financing for Alliance

(Reuters) - CanWest's AA Acquisition Corp., which will acquire Alliance, has written commitments from its banking syndicate for bridge financing to complete the deal, the companies said in separate statements.




"The bridge financing replaces the originally contemplated high yield debt offering, which has for the time being been deferred due to recent turmoil in the North American debt markets," CanWest said.


Read more at Reuters.com Bonds News

US STOCKS-Wall St. rises on data, GM earnings

(Reuters) - NEW YORK, July 31 - U.S. stocks climbed on
Tuesday after General Motors Corp. added to optimism
about corporate earnings and a key inflation indicator showed a
smaller-than-expected rise.




GM shares jumped 6 percent to $34.56 after the blue-chip
automaker swung to a profit in the second quarter and handily
topped Wall Street's expectations. For details, see
[ID:nN30442082].


Read more at Reuters.com Bonds News

Core inflation softens in June

(Reuters) - The 0.1 percent rise in the core personal consumption price index "should be reassuring to the Fed," said Camilla Sutton, currency strategist at Scotia Capital in Toronto.




U.S. stock index futures rose on the weak inflation data and a stronger-than-expected earnings report from General Motors . U.S. government debt prices fell despite the inflation report, and the dollar was lower against the euro.


Read more at Reuters.com Business News

Midwest Air to start talks with AirTran, others

(Reuters) - Midwest, which said its board of directors has formed a committee to explore strategic and financial alternatives, said it will also hold discussions with other strategic and financial parties that have recently expressed interest in Midwest.



Midwest said there is no assurance that the process will result in a transaction with AirTran or any other party.


Read more at Reuters.com Mergers News

UPDATE 1-GM trounces estimates, shares surge

(Reuters) - GM, whose shares rose 6.7 percent in early electronic
trading, said it posted a net profit of $891 million, or $1.56
a share, compared with a net loss of $3.4 billion, or $5.98 a
share a year earlier.




Excluding such one-time items as charges related to
Delphi's bankruptcy, the company said it earned $2.48 a share.


Read more at Reuters.com Bonds News

Alcan profit slips on strong Canada dollar effect

(Reuters) - Fully diluted profit per share was $1.17 versus $1.20.




Excluding foreign currency effects and other exceptional items, profit was $603 million, or $1.62 a share, up from $556 million, or $1.48 a share.


Read more at Reuters.com Mergers News

CBS quarterly earnings, revenue drops

(Reuters) - Revenue fell 3 percent to $3.4 billion.




Read more at Reuters.com Market News

Wall Street set for firmer start

(Reuters) - In focus will be a series of economic data, including consumer confidence data fur July at 1400 GMT, June's personal consumption expenditures data at 1230 GMT and July's Chicago PMI at 1345 GMT as well as construction spending data for June at 1400 GMT.




Investors hope to get an indication of whether the weakness in the subprime mortgage sector has spread to consumers yet, Heinz-Gerd Sonnenschein from Germany's Postbank said.


Read more at Reuters.com Hot Stocks News

Merrill eyes new China partner for securities JV

(Reuters) - By George Chen



SHANGHAI, July 31 - Merrill Lynch is looking for new partner to set up its investment banking joint venture in China, after calling off a proposed partnership with Huaan Securities, sources close to the deal said on Tuesday.


Read more at Reuters.com Mergers News

Botswana June credit growth slows, still over target

(Reuters) - Botswana credit demand growth slowed to 17.5 percent year-on-year in June, but remained above the central bank's target range, official data showed on Tuesday.

The central bank said growth in commercial bank credit eased from 20.6 percent year-on-year in May, largely due to a sharp decline in credit growth to the business sector.


Read more at Reuters Africa

RPT-C-BASS says in talks to increase liquidity

(Reuters) - C-BASS, which invests in the credit risk of subprime
residential mortgages, said it was exploring all options to
mitigate the liquidity risk in a difficult market.




The comments come after MGIC said it could be forced to
write down the entire value of a $516 million investment it made
in C-BASS.


Read more at Reuters.com Bonds News

UPDATE 2-MUFG, Mizuho post Q1 falls, stick to forecasts

(Reuters) - Although Japan's large banks are beginning to see some
benefit from rising interest rates, slack corporate demand for
credit and fierce competition have kept a lid on how much they
can charge borrowers.




The Bank of Japan began raising rates from zero last year,
ending more than half a decade of essentially free money.
Investors having been betting those rises will allow banks to
charge more for loans, even as they hold down the return paid to
depositors.


Read more at Reuters.com Market News

MUFG Q1 profit falls 31 pct, sticks to forecast

(Reuters) - The bank kept its estimate that profit will slide 9.2 percent
this year to 800 billion yen, short of a forecast of 859.14
billion yen in a poll of 14 analysts by Reuters Estimates. The
analysts did not give quarterly earnings forecasts.




Japan's large banks are beginning to see some benefit from
rising interest rates, although slack corporate demand for credit
and fierce competition have kept a lid on how much they can
charge borrowers.


Read more at Reuters.com Market News

Nike to pay $7.6 mln to settle race-bias suit

(Reuters) - Nike has denied all allegations of wrongdoing and liability in the litigation, according to the filing.




In March last year, the court certified a class that included all current and former black employees of Niketown Chicago from December 17, 1999 to the present, along with four subclasses, according to the filing.


Read more at Reuters.com Business News

Rexam profits fall as expected, sees year in line

(Reuters) - LONDON, July 31 - Rexam Plc , the world's biggest drinks-can maker, posted an expected fall in first-half profits, due to higher aluminium costs and a weak dollar, and said it expected the full year to be in line with expectations.



Underlying pretax profit was 98 million pounds in the six months to June 30, down from 121 million last year and compared with an average forecast of 98.53 million in a Reuters Estimates poll of four analysts, the packaging company said on Tuesday.


Read more at Reuters.com Market News

IMF chief warns of globalisation risks

(Reuters) - The head of the International Monetary Fund warned on Tuesday that global investment and growth prospects were at risk from a dramatic rise in private equity buy-outs and threats posed by financial globalisation.

Rodrigo Rato said the trouble in the U.S. subprime housing market was an example of such risks and called for a fresh look at lenders' underwriting standards and more borrower education.


Read more at Reuters Africa

Consumer Spending Probably Slowed in June on Gas Prices, Economists Say

(Bloomberg) -- Consumer spending in the U.S. rose
in June at the slowest pace in nine months as near-record
gasoline prices and falling home values forced Americans to cut
back, economists said ahead of a government report today.

Spending increased 0.1 percent after rising 0.5 percent in
May, according to the median of 77 estimates in a Bloomberg News
survey before the Commerce Department release. The report's
inflation measures may show little change.


Read more at Bloomberg Bonds News

URPT-PDATE 1-Alcatel-Lucent Q2 net loss wider than forecast

(Reuters) - The Franco-American telecoms equipment provider on Tuesday
reported a net loss of 336 million euros for
the three months to June 30 against a profit of 302 million
euros the previous year and compared with expectations of a
147.1 million loss, based on a Reuters poll of 10 analysts.
The company, which also confirmed its full-year sales growth
expectations, added the outcome included a negative impact of
176 million euros which included a mix of exceptional gains and
charges.
The company said the net loss included an impairment charge
of 298 million euros related to a re-evaluation of its W-CDMA
mobile assets which analysts did not expect.




Alcatel of France and Lucent of the United States started
operating as a combined business on Dec. 1 last year.


Read more at Reuters.com Market News

Carrefour Wins Shoppers, Investors as Food Scares Grip Chinese Consumers

(Bloomberg) -- Wang Daying no longer buys her pork
straight off the carcass. These days, the doctor shops at an
underground, air-conditioned Carrefour SA store in north Beijing.

``Big supermarkets have quality safeguards, particularly
foreign companies,'' said Wang, 69. ``I've become more
cautious.''


Read more at Bloomberg Emerging Markets News

Takeda first-quarter profit rises 5.1 percent

(Reuters) - Takeda said April-June first-quarter net profit climbed to
131 billion yen on a 9.6 percent rise in revenue from a year
earlier.




The company left its projection of annual net earnings
unchanged at 380 billion yen, compared with a consensus of 392
billion yen from 19 analysts polled by Reuters Estimates.


Read more at Reuters.com Market News

Nike offers to extend contracts at Indonesia firms

(Reuters) - Nike had said earlier in July it would cease taking orders at the factories owned by Central Cipta Murdaya -- PT Hardaya Aneka Shoes Industry and Nagasakti Paramashoes Industry -- at the end of 2007.




The decision, which Nike said it made after the firms failed to meet its standards, sparked street protests by thousands of employees from both factories.


Read more at Reuters.com Business News

Trichet, Poised to Raise Interest Rates, Follows in Bundesbank Footsteps

(Bloomberg) -- The European Central Bank might be
run by a Frenchman; its heart and soul belong to Germany's
Bundesbank.

ECB President Jean-Claude Trichet faces political pressure
to stop raising interest rates, and some of his own policy
makers query the extent of the inflation threat in Europe.
Still, investors are betting he'll push borrowing costs higher,
upholding the legacy of Germany's central bank, which celebrates
its 50th anniversary tomorrow.


Read more at Bloomberg Bonds News

Cnooc Parent First-Half Pretax Profit Reaches $3.4 Billion as Output Rises

(Bloomberg) -- China National Offshore Oil Corp.,
parent of the nation's biggest offshore oil producer, posted a
pretax profit of 25.7 billion yuan ($3.4 billion) in the first
six months on increased output.

Sales reached 72 billion yuan, the Beijing-based oil
producer said in a statement on its Web site today, without
giving year-earlier figures.


Read more at Bloomberg Emerging Markets News

Euro May Extened Losses to 159.88 Yen on Technical Charts, MUFG Predicts

(Bloomberg) -- The euro may fall to a three-month
low of 159.88 yen in the next few days, provided it fails to hold
above 163.29, said Masashi Hashimoto, currency analyst at Bank of
Tokyo-Mitsubishi UFJ Ltd. in Tokyo.

Resistance at 163.29 is the common European currency's
average price over the past five days. Support at 159.88 is a 50
percent retracement of the euro's rise from a March 6 low of
150.76 to a record high of 168.99 on July 23, according to a
series of numbers known as the Fibonacci sequence. Moving average
convergence/divergence, a momentum indicator, also suggests
further declines.


Read more at Bloomberg Currencies News

UPDATE 4-Cameco profit jumps, but shares underperform

(Reuters) - TORONTO, July 30 - Cameco Corp.'s
second-quarter profit jumped 37 percent on higher uranium sales
and prices, but its shares continued to struggle as the results
did little to lift the recent cloud of bad news shadowing the
company.




The world's top uranium producer said on Monday it earned
C$205 million , or 55 Canadian cents a share,
in the quarter ended June 30, up sharply from C$150 million, or
40 Canadian cents a share, a year earlier.


Read more at Reuters.com Market News

Corporate Bond Risk Falls in Japan From Highest in More Than Two Years

(Bloomberg) -- Japanese corporate bond risk fell
from the highest in more than two years, credit-default swaps
show.

Contracts based on 1 billion yen ($8.4 million) of debt
included in the iTraxx Japan Series 7 Index of 50 investment-
grade Japanese companies declined to 3.7 million yen today in
Tokyo from 4.1 million yen yesterday, according to prices from
JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

Rent-A-Center profit up, outlook cut

(Reuters) - Total revenue was $724.2 million, a 24.1 percent increase from the previous year.




Same-store sales, at outlets open at least a year, rose 2.7 percent.


Read more at Reuters.com Market News

South Korea's Kospi Index Rises; Samsung, Posco, Doosan Infracore Gain

(Bloomberg) -- South Korea's benchmark stock index,
the Kospi Index, rose 0.46 percent at 9:05 a.m.

The index of 732 companies traded on the Korea Exchange rose
8.80 to 1,915.51. Among the stocks in the index, 415 rose, 134
fell and 183 were unchanged.


Read more at Bloomberg Stocks News

UPDATE 2-Peltz gives Wendy's Wednesday deadline

(Reuters) - LOS ANGELES, July 30 - Billionaire Nelson Peltz
said on Monday his Triarc Cos. Inc. could offer up to
$41 a share for Wendy's International Inc. , but would
consider other alternatives if the struggling hamburger chain
did not sign his confidentiality agreement by Wednesday.




In a letter to Wendy's Chairman James Pickett, Peltz said
Arby's parent Triarc would be willing to pay between $37 and
$41 a share for Wendy's -- a roughly 10 to 20 percent premium
to the company's closing share price of $33.69 on Monday.


Read more at Reuters.com Bonds News

Manitowoc second-quarter profit rises

(Reuters) - Net sales were $1.02 billion, compared with $746.2 million
a year ago.





Read more at Reuters.com Market News

UPDATE 1-Triarc could offer $37 to $41/share for Wendy's

(Reuters) - But Peltz said if Wendy's did not agree to a confidentiality
agreement that he proposed by the end of the day on Wednesday,
Triarc would consider other alternatives.




Wendy's shares closed at $33.69 on Monday, and Peltz' offer
represents a roughly 10 percent to 22 percent premium to that
price.


Read more at Reuters.com Mergers News

Canadian Stocks Rise, Rebounding From Rout; Barrick Gold Shares Advance

(Bloomberg) -- Canadian stocks rose after investors
speculated that the biggest weekly sell-off in almost six years
was overdone given that demand for commodities may keep boosting
prices and earnings and trigger more takeovers.

Barrick Gold Corp. and Petro-Canada paced gains in raw-
material and energy shares, which had among the biggest declines
last week, on higher prices for bullion and natural gas.


Read more at Bloomberg Stocks News

S&P raises 31 classes of Bear Stearns issued ABS

(Reuters) - "The upgrades affecting the 2002 to 2004 vintage deals
reflect low cumulative losses, low delinquencies, and credit
enhancement percentages that are more than sufficient to
support the higher ratings," S&P said in a statement.




S&P also affirmed its ratings on 553 classes of
mortgage-backed debt sold between 2000 and 2007. It also cut
its rating on one class of a deal sold in 2001.


Read more at Reuters.com Bonds News

UPDATE 1-U.S. credit markets rally after earlier weakness

(Reuters) - The main index of investment-grade credit default swaps is
about 8 basis points tighter on the day, at around 72.75 basis
points, after widening to around 100 basis points earlier. A
high-volatility index is now 20 basis points tighter on the day
at 172.5 basis points, after widening earlier to 210 basis
points.




It's "a complete roller-coaster," said Mirko Mikelic,
portfolio manager at Fifth Third Asset Management in Grand
Rapids, Michigan. "People are attributing to the
Morgan Stanley upgrade."


Read more at Reuters.com Bonds News

UPDATE 1-Community Health 2nd-qtr profit up pct

(Reuters) - Second-quarter profit increased to $53.8 million, or 57
cents per share, from $52.4 million, or 54 cents per share, a
year earlier.




The latest result matched the average analyst estimate of
57 cents per share, according to Reuters Estimates.


Read more at Reuters.com Mergers News

Dow Jones, Graham, Ingersoll and Rural Cellular: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges. Stock
symbols are in parentheses after company names. Share prices are
as of 4 p.m. in New York.

Some mortgage lenders fell after American Home Mortgage
Investment Corp. (AHM US) delayed its quarterly dividend and
raised doubts about whether it has enough cash to stay in
business. Shares of American Home were halted.


Read more at Bloomberg Stocks News

B&G Foods posts higher quarterly profit

(Reuters) - Earnings per share of Class A common stock rose to 17
cents, from 14 cents, a year ago.




The Parsippany, New Jersey-based company's net sales rose
12.3 percent to $118.2 million.


Read more at Reuters.com Market News

UPDATE 1-Union ratifies deal in Goodyear unit sale

(Reuters) - United Steelworkers members at four plants approved the
contract last week and the central union resolved remaining
issues with Carlyle over the weekend related to establishing a
secure trust for retiree health care.




Goodyear, the largest U.S. tire maker, agreed to sell the
unit to Carlyle for $1.48 billion earlier this year. Goodyear
has said it expects to complete the sale in the third quarter.
The sale was contingent on the new union contract.


Read more at Reuters.com Mergers News

UPDATE 1-US corporate bond market losing dominance - NY Fed

(Reuters) - Corporate bond issuance in the Eurobond market exceeded
those of the U.S. bond market in 2006.




U.S issuers followed the trend by relying more on the
Eurobond market for funding, a study titled "Evaluating the
Relative Strength of the U.S. Capital Markets" showed.


Read more at Reuters.com Bonds News

Dollar Declines Against the Euro as Safe-Haven Buying Subsides on Risks

(Bloomberg) -- The dollar fell the most in almost
three weeks against the euro as a rebound in U.S. stocks reduced
investors' need for safe-haven buying in the currency.

The U.S. currency gained the most last week since January as
subprime losses encouraged investors to avoid riskier assets and
seek haven in the dollar. The Standard & Poor's 500 Index rose
from its steepest weekly decline since September 2002. Treasuries
declined amid reduced need for the safety of government debt.


Read more at Bloomberg Currencies News

Alberto-Culver profit falls, still eyeing deals

(Reuters) - The company, which makes such products as Alberto VO5 shampoo, is still looking for acquisitions, particularly in skin care and possibly beauty care, Chief Executive V. James Marino told Reuters.




Alberto-Culver is a smaller company focused on consumer products after spinning off Sally Beauty Holdings Inc. , its retail arm and the larger of its two businesses, in November. The company announced a restructuring plan in December.


Read more at Reuters.com Market News

TREASURIES-Bonds slip to session lows as stocks rise

(Reuters) - The Dow Jones industrial average rose 0.4 percent.




Read more at Reuters.com Bonds News

US STOCKS-Indexes gain on profit hopes in seesaw trading

(Reuters) - The Dow Jones industrial average was up 57.72
points, or 0.44 percent, at 13,323.19. The Standard & Poor's
500 Index was up 7.79 points, or 0.53 percent, at
1,466.74. The Nasdaq Composite Index was up 12.69
points, or 0.50 percent, at 2,574.93.




Read more at Reuters.com Bonds News

U.S. Stocks Rebound on Earnings; Ingersoll-Rand, Home Depot Shares Advance

(Bloomberg) -- U.S. stocks rebounded from a $2.1
trillion global sell-off after better-than-forecast earnings
and takeovers eased concern that the housing slump will curb
profits.

Ingersoll-Rand Co. jumped the most in six weeks after
agreeing to sell its Bobcat machinery unit. Home Depot Inc.
jumped after Barron's said shares of the world's largest home-
improvement retailer could double in the next three years.


Read more at Bloomberg Stocks News

Loews profit up despite investment losses

(Reuters) - CNA suffered $91 million of investment losses, up from $64 million a year earlier, hurt by rising interest rates and a $20 million writedown related to subprime debt. This contributed to a 9 percent decline in quarterly profit. Most of the losses appeared in results of Loews, which owns 89 percent of CNA.




Loews shares fell as much as 8.7 percent, and CNA as much as 12.3 percent.


Read more at Reuters.com Hot Stocks News

Deripaska company says not bidding for Ford brands

(Reuters) - "There is no interest from my company or from our subsidiary
Gaz in any of these brands," said a spokesman for Russian
Machines, the engineering and automotive arm of Deripaska's
Basic Element group, on Monday.




The comment came as some potential bidders that had
expressed interest in the units earlier in July start several
weeks of due diligence.


Read more at Reuters.com Mergers News

Union ratifies deal needed for Goodyear unit sale

(Reuters) - The union said local members at four plants accepted the agreement last week and the main union resolved remaining issues with Carlyle over the weekend related to establishing a secure trust for retiree health care.



The contract runs five years and is similar to a deal the union reached with Goodyear before the tiremaker agreed to sell the unit to Carlyle for $1.48 billion. Goodyear has said it expects to complete the sale in the third quarter.


Read more at Reuters.com Mergers News

S.African stocks firmer, led by resources and banks

(Reuters) - Heavyweight miners Anglo American and BHP Billiton and bank shares led South Africa's bourse higher on Monday after sliding over 3 percent last Friday, spooked by a global market sell-off.

A Johannesburg-based trader said both Anglo and Billiton were recovering from being oversold last week, along with other resource stocks and banks.


Read more at Reuters Africa

European Carbon Emissions Permits Climb After Rise in German Power Prices

(Bloomberg) -- European Union carbon dioxide
permits rose to the highest in almost three weeks, following
rising energy prices including German electricity.

Permits for December 2008 gained for a fifth day, climbing
as much as 50 cents, or 2.5 percent, to 20.80 euros ($28.43) a
metric ton on the European Climate Exchange in Amsterdam. They
traded at 20.65 euros at 3:23 p.m. local time.


Read more at Bloomberg Energy News

Treasuries Fall as Yields Near Lowest in Two Months Fail to Attract Buyers

(Bloomberg) -- Treasuries declined as 10-year note
yields near the lowest level in more than two months failed to
attract buyers.

A gauge of momentum shows 10-year yields are poised to rise
after dropping more than half a percentage point since peaking
at 5.327 percent on June 13. U.S. government debt rose last week
for a third straight week on bets rising defaults on home loans
to people with poor credit histories will hurt the economy.


Read more at Bloomberg Bonds News

S.Africa biofuel subsidy unlikely, says minister

(Reuters) - South Africa is unlikely to introduce subsidies to support a biofuels programme that has been billed as a lifeline for the struggling farming sector, a cabinet minister said on Monday.

The Southern African Biofuels Association says it needs between 2 billion rand and five billion rand a year from the government to get a capital intensive industry off the ground.


Read more at Reuters Africa

New York Mortgage confirms trust preferred dividend payment

(Reuters) - The real estate investment trust said it has no outstanding warehouse lines, and it exited the mortgage lending business in March.



On July 3, the company had said it will not pay a dividend in the second quarter.


Read more at Reuters.com Bonds News

Foot Locker sees loss in 2nd quarter

(Reuters) - The company also confirmed that it retained Lehman Brothers to advise on strategic alternatives, including inquiries received from private-equity firms.



The largest retailer of athletic shoes and apparel now expects to post a loss of 17 cents to 20 cents a share, compared with its earlier outlook for a profit of 15 cents to 20 cents a share.


Read more at Reuters.com Mergers News

UPDATE 1-Lone Star extends tender offer for Accredited Home

(Reuters) - The date has been extended till Aug. 14 because Accredited
Home had not obtained regulatory approvals required to close
the tender offer by the previous deadline of July 27, Lone Star
said.




About 33 percent of the total outstanding shares of
Accredited Home's common stock had been tendered as of Friday.


Read more at Reuters.com Government Filings News

CORRECTED - UPDATE 1-CV Therapeutics hires banker to explore options

(Reuters) - CV Therapeutics, whose key product is chronic angina drug
Ranexa, did not elaborate further on the range of options it
will consider. Angina typically refers to chest pain caused by
reduced flow of blood to the heart muscle.




In May, Palo Alto, California-based CV Therapeutics
announced a plan to cut jobs and reduce the number of sales
territories to lower operating expenses, and said it was
looking for a partner.


Read more at Reuters.com Mergers News

Loews profit climbs 15 pct

(Reuters) - Profit attributable to Loews shareholders rose to $511.7 million, or 95 cents per share, from $474.9 million, or 85 cents a share.




Excluding investment losses, profit attributable to shareholders was $599.2 million, or about $1.11 per share, based on reported shares outstanding.


Read more at Reuters.com Market News

UPDATE 1-US credit default swaps open 20 bps wider- Barclays

(Reuters) - The main index of investment-grade credit default swaps was
20 basis points wider at 98 basis points, while the
high-volatility index was also 20 basis points wider at 210.




Subprime mortgage concerns last week caused the credit
default swap index to widen by 26 basis points, or about 50
percent, the biggest weekly percentage move in the history of
the index, research firm Credit Derivatives Research said on
Friday.


Read more at Reuters.com Bonds News

UPDATE 1-Sierra Pacific quarterly earnings slip

(Reuters) - Net income was $25.8 million, or 12 cents a share, compared
with $27.8 million, or 14 cents, a year ago.




Analysts had on average expected the company to post
earnings of 16 cents per share, according to Reuters Estimates,
although it was not immediately clear whether the two figures
were comparable.


Read more at Reuters.com Market News

Germany's DAX Index Falls, Led by Allianz, Deutsche Bank; IKB Plummets

(Bloomberg) -- Germany's benchmark DAX Index
declined for a fifth day, led by financial shares after IKB
Deutsche Industriebank AG, which invested in U.S. subprime
mortgages, cut its profit forecast.

Linde AG paced rising shares after reporting earnings that
beat analysts' estimates. Volkswagen AG gained after analysts
raised their price estimates on the stock.


Read more at Bloomberg Stocks News

ADM quarterly profit rises, ethanol volume down

(Reuters) - The largest U.S. food processor and ethanol producer, ADM said earnings rose to $954.8 million, or $1.47 per share, in the fiscal fourth quarter ended June 30, from $410.3 million, or 62 cents per share, a year earlier.




The quarter included after-tax gains on asset sales of $616 million. Part of the gain was $440 million for the exchange of stakes in certain Chinese joint ventures for shares in Wilmar International Ltd. , the largest agriculture processing business in Asia.


Read more at Reuters.com Business News

REFILE-UPDATE 1-Jarden Corp. second-quarter profit rises

(Reuters) - The Rye, New York-based company, which sells brands such as
Mr. Coffee, Sunbeam, Crock-Pot and Coleman, said net income
rose to $16.7 million or 23 cents a share, from $13.3 million,
or 20 cents a share, a year earlier.




Net sales rose 9 percent to $1.05 billion.


Read more at Reuters.com Market News

Monster profit falls, announces restructuring

(Reuters) - The company said net income was $28.6 million, or 21 cents per share, compared with $39.6 million, or 30 cents per share, a year earlier.






Read more at Reuters.com Market News

French Stocks Including Societe Generale and Dexia Drop as Michelin Gains

(Bloomberg) -- French stocks including lenders such
as Societe Generale SA and Dexia SA fell while Michelin & Cie.
rose.

The CAC 40 Index added 8.36, or 0.15 percent, to 5652.32 at
1:04 p.m. in Paris. The SBF 120 Index rose 0.1 percent. The CAC
sank 5.3 percent last week for its biggest weekly loss since the
five days ending March 28, 2003.


Read more at Bloomberg Stocks News

Dollar Falls Against Euro, Yen After Gauge of Corporate Bond Risk Surges

(Bloomberg) -- The dollar fell against the euro and
yen as a gauge of corporate bond risk rose, fueling speculation
losses on securities backed by subprime mortgages will worsen.

The U.S. currency declined to $1.3669 against the euro as
of 11:43 a.m. in London, from $1.3636 late on July 27. It traded
at 118.13 yen, from 118.63.


Read more at Bloomberg Currencies News

Morgan Stanley, Banks Agree on Loan Derivative Trading Rules, ISDA Says

(Bloomberg) -- Banks including Morgan Stanley,
JPMorgan Chase & Co. and Goldman Sachs Group Inc. published
rules for credit-default swaps on loans in Europe, ending an
impasse that reduced trading for the past nine months.

The contracts, used to speculate on the ability of
companies to repay their loans, will follow U.S. guidelines and
transfer to new debt when a company refinances, the
International Swaps & Derivatives Association said today in an
e-mailed statement. The buyer and seller can still agree to
follow current rules in Europe instead, and allow the loan
credit-default swaps to be canceled when the reference company
refinances, ISDA said.


Read more at Bloomberg Bonds News

Copper Rises in London on Stockpile Drop, `Tight' Supply; Zinc, Tin Gain

(Bloomberg) -- Copper rose for the first time in
six days in London on falling stockpiles and speculation that a
lack of new mine supply and a shortage of ore will curb
production of the metal this year. Zinc and tin also advanced.

Stockpiles of copper monitored by the London Metal Exchange
fell 1 percent to 101,800 metric tons, the exchange said today
in a daily report. Demand for the metal used in pipes beat
production by 265,000 tons in the first four months of the year,
the International Copper Study Group said earlier this month.


Read more at Bloomberg Commodities News

UPDATE 2-NEC Electronics Q1 loss shrinks, keeps outlook

(Reuters) - TOKYO, July 30 - Troubled chip maker NEC
Electronics Corp. reported a smaller quarterly loss on
Monday on cost cuts and sales of microchips for game consoles,
cars and large displays, but kept its full-year outlook.




NEC Electronics, 70 percent owned by NEC Corp. , is
closing outdated production lines and cutting salaries, while
its third-biggest shareholder, U.S. investment fund Perry
Capital, is putting pressure on parent NEC to cede majority
control of the loss-making unit.


Read more at Reuters.com Market News

Fitch withdraws SovRisc rating as deal postponed

(Reuters) - Fitch said ABN AMRO, the originator of the transaction,
expected the next issue from the programme to be launched in the
fourth quarter and that the size of the underlying portfolio
would be "significantly larger".




The export credit agencies involved in the deal are Eximbank
of the United States, the ECGD of the UK, Euler Hermes of
Germany and Coface of France.


Read more at Reuters.com Bonds News

Raw, Refined Sugar Futures May Fall for Second Straight Week, Survey Shows

(Bloomberg) -- Raw and refined sugar futures may
fall for a second consecutive week, a survey showed.

Seven of 10 traders, analysts and brokers surveyed July 27
forecast a decline in raw sugar traded in New York. Two predicted
the price will rise and one said futures will be unchanged. Raw
sugar dropped 0.31 cent, or 3 percent, to 9.99 cents a pound last
week and has dropped 33 percent in the past year.


Read more at Bloomberg Commodities News

Europe Government Bonds Slide on Speculation ECB to Indicate Higher Rates

(Bloomberg) -- European bonds fell on speculation
the European Central Bank will this week reiterate its preference
for higher interest rates as economic growth in the region
maintains momentum.

Ten-year German bunds, Europe's benchmark, declined for the
first day in five on speculation policy makers will leave rates
at a six-year high of 4 percent at their Aug. 3 meeting and
signal increases are likely by year-end. Debt also slid on views
the longest weekly rally since March last week drove yields too
low for the outlook for borrowing costs.


Read more at Bloomberg Bonds News

Komatsu lifts outlook, outdoes rival Caterpillar

(Reuters) - It now expected net profit to come in at 198 billion yen for the year to the end of March, 8 percent higher than its earlier estimate and 20 percent more than its previous year's result.




The upbeat projection comes after Komatsu booked a 65 percent jump in April-June net income to 56.5 billion yen on a 26 percent climb in sales.


Read more at Reuters.com Business News

Oil falls on profit taking after closing near record

(Reuters) - Oil fell on Monday, as investors took profit after U.S. crude prices leapt more than $2 to their second-highest close on record, fuelled by upbeat signals on the U.S. economy and nagging supply worries.

U.S. crude for September delivery fell 31 cents to $76.71 a barrel in Globex electronic trading by 0733 GMT, trimming Friday's $2.07, or 2.76 percent, surge that took oil to just a cent shy of its record-high settlement price of $77.03, marked on July 14, 2006.


Read more at Reuters Africa

European Mining Stocks Advance, Led by BHP Billiton, Rio; IKB Tumbles

(Bloomberg) -- European mining stocks rose, led by
BHP Billiton Ltd. and Rio Tinto Group, as copper increased.

IKB Deutsche Industriebank AG tumbled 18 percent after the
German lender that invested in U.S. subprime mortgages said
profit will be ``significantly'' lower than forecast.


Read more at Bloomberg Stocks News

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

UPDATE 1-Insurer Beazley makes record H1 pretax profit

(Reuters) - Its profits were boosted by 25.2 million pounds released
from reserves that were no longer needed to pay claims, more
than double the amount it released from reserves during the
first half of 2006.




The company set an interim dividend of 2 pence per share, up
25 percent from the 1.6p level in the first half of 2006.


Read more at Reuters.com Market News

Tongaat-Hulett says H1 headline loss R155 mln

(Reuters) - South African sugar group Tongaat Hullet posted a first-half headline loss of 145.1 cents per share, the firm said on Monday.

The group, which said on July 27 it expected the headline loss, said profit from operations was 308 million rand compared to 307 million rand in the year-ago period.


Read more at Reuters Africa

South Korea Stocks Rise, Erasing Earlier Losses; Hynix Semiconductor Gains

(Bloomberg) -- South Korean stocks rose, snapping a
two-day fall that had wiped out $68 billion in market value.
Technology companies rose, led by Hynix Semiconductor Inc., after
Shinyoung Securities Co. lifted its price estimate on higher chip
prices.

Stocks also rose after a government report showed South
Korea's industrial production increased almost twice as much as
expected, reinforcing speculation economic growth will speed up.
Posco advanced.


Read more at Bloomberg Stocks News

MegaFon stake dispute may be near end - Vedomosti

(Reuters) - Vedomosti said representatives of Alfa and IPOC were nearing
an agreement under which both sides would withdraw their
claims against one another, an unidentified source close to
MegaFon told the paper.




Sources close to IPOC and Alfa confirmed the intention to
sign an agreement, but the paper said some details remained to
be worked out.


Read more at Reuters.com Mergers News

Newcastle Port Coal Price Rises on Speculation Japan Will Need More Fuel

(Bloomberg) -- The price of power-station coal at
Australia's Newcastle port rose for the first time in four weeks
on speculation Tokyo Electric Power Co. may need to buy the fuel
after shutting its nuclear reactor.

Coal for immediate delivery at the world's largest coal
export harbor, increased 51 cents to $66.81 a metric ton in the
week ended July 27 from the previous week, according to the
globalCOAL NEWC Index. Tokyo Electric said it will run its
thermal and hydro power plants above their design capacity and
buy power from other utilities after shutting the world's biggest
nuclear reactor after a July 16 earthquake.


Read more at Bloomberg Energy News

India's i-flex April-June net up 4.6 pct

(Reuters) - Standalone net profit in the quarter ended June was 582
million rupees.





Read more at Reuters.com Market News

Most U.S. mid-sized companies not hiring -survey

(Reuters) - The news adds to evidence the U.S. economy may not grow as
robustly next year as it did last quarter, when gross domestic
product grew at an annualized rate of 3.4 percent.




Not all companies are gloomy about employment -- 47
percent expect to hire, according to the survey from CIT and
the Economist Intelligence Unit. But 44 percent of mid-sized
companies see their workforce size staying the same, and 9
percent forecast a decline.


Read more at Reuters.com Economic News

Asian Currencies Weaken as Overseas Investors Shun Region's Riskier Assets

(Bloomberg) -- Asian currencies fell on speculation
global investors cut holdings in riskier assets as stock markets
across the region dropped.

The Indonesian rupiah declined to the weakest in almost five
months and the Malaysian ringgit and South Korean won slipped to
their lowest in July. Bank Indonesia said last week it isn't
worried by the currency's decline, while South Korea's central
bank said the won is set to drop as the current-account surplus
narrows.


Read more at Bloomberg Currencies News

Taiwan 10-Year Bonds Fall on Concern Higher Oil Prices Will Spur Inflation

(Bloomberg) -- Taiwan's government bonds declined
on speculation an increase in crude oil prices will spur
inflation. The currency was little changed.

Ten-year notes ended a three-day gain after oil rose to the
highest in nearly a year in New York last week as a government
report showed the U.S. economy, the world's biggest consumer,
grew faster than expected last quarter. Inflation erodes the
purchasing power of the fixed-income payments from debt.


Read more at Bloomberg Bonds News

Australian and New Zealand's Dollars Fall as Investors Cut Carry Trades

(Bloomberg) -- The Australian and New Zealand
dollars both fell to the weakest in a month against the U.S.
currency as a slide in stocks prompted investors to cut holdings
in higher-yielding securities.

The currencies were the worst performing today of the 16
most-traded as the Morgan Stanley Capital International Asia
Pacific Index fell 0.7 percent. A slump in corporate debt caused
investors to pare carry trades, in which they borrow cheaply in
yen and seek higher returns.


Read more at Bloomberg Currencies News

Yen Trades Near Three-Month High Versus Euro as Investors Cut Carry Trades

(Bloomberg) -- The yen traded near a three-month
high against the euro as a slump in global stocks caused traders
to repay Japanese currency loans used to fund higher-yielding
investments.

The Australian and New Zealand dollars, favorites of so-
called carry trades, dropped as corporate debt markets slumped
worldwide, increasing the cost of takeovers. The ruling
coalition of Japanese Prime Minister Shinzo Abe lost its upper
house majority yesterday, prompting Japanese stocks to decline.


Read more at Bloomberg Currencies News

Japan's Government Bonds May Rise on Concern Stocks to Decline on Election

(Bloomberg) -- Japan's bonds may advance for a
fourth day after the ruling coalition of Prime Minister Shinzo
Abe lost its upper house majority at elections, fueling
speculation that stocks will drop and spur demand for debt.

Benchmark bond yields, which move opposite to prices, are
also likely to extend their slide past an eight-week low after
the election results increased speculation the Bank of Japan
will hold off raising interest rates next month.


Read more at Bloomberg Bonds News

UK lawmakers urge tax, debt scrutiny in LBO review

(Reuters) - The House of Commons Treasury committee further recommended
in a report issued on Monday that tax authorities revisit rules
that enable private equity executives to pay a capital gains tax
rate of 10 percent or lower, but it stopped short of suggesting
any specific changes.




It also said buyout firms ought to be competing more
aggressively on the fees they charge investors, although rather
than putting forward a legislative remedy, it challenged
investors to negotiate harder.


Read more at Reuters.com Government Filings News

Union ratifies trash collection contract in Calif.

(Reuters) - The contract includes "strong wage and pension increases
and protection from future cost increases in health care," the
group said.







Read more at Reuters.com Bonds News

Russneft owners confirm sale talks with Deripaska

(Reuters) - "The owners of Russneft have transferred control in the
company to a number of investment structures, which were holding
talks with a number of contenders," president of bank BIN,
Mikhail Shishkhanov, said through a spokesman.




"We would be happy if Basel becomes the new owner," said
Shishkhanov, who is a business partner of Mikhail Gutseriyev,
the founder of Russneft and BIN.


Read more at Reuters.com Mergers News

UPDATE 9-Japan PM says to stay despite huge election defeat

(Reuters) - TOKYO, July 29 - Japanese Prime Minister Shinzo
Abe's conservative ruling camp suffered a devastating defeat in
upper house elections on Sunday, but the 52-year-old conservative
said he intended to stay in his post despite the drubbing.




"I am determined to carry out my promises although the
situation is severe," Abe said, after acknowledging that he was
responsible for the huge loss.


Read more at Reuters.com Bonds News

HeidelbergCement CEO sees Maxit sale soon -paper

(Reuters) - The world's fourth largest cement maker aims to use proceeds
from the disposal to help finance its 8 billion pound
acquisition of British aggregates specialist Hanson that
marks the biggest takeover in the sector and will create the
global number two in construction materials.




"The next one and a half years we will certainly be busy
with the integration of Hanson. These measures should be
concluded by the middle of next year -- that goes most of all
for North America and England," he said.


Read more at Reuters.com Mergers News

Dollar Rebounds From Record Low Versus Euro as Investors Shun Risky Assets

(Bloomberg) -- The dollar advanced the most against
the euro since January as subprime losses encouraged investors
to avoid riskier assets and repatriate money.

The U.S. currency increased more than 2 cents from a record
low against the euro and rose from the weakest in 26 years versus
the pound as investors sought refuge from a global rout of stocks
and corporate bonds. The dollar's rally may sputter next week on
a government report forecast by economists to show slowing job
growth this month.


Read more at Bloomberg Currencies News

Nigerian interbank rates dip on more cash inflows

(Reuters) - Nigerian interbank interest rates dipped at the short-end of the money market to 6.0 percent on average this week from 7.0 percent previously due to the inflow of more public sector funds, dealers said on Friday.

The secured Open Buy Back (OBB), call money and overnight placement all closed at 6.0 percent after the balance of monthly budgetary allocations to government agencies were disbursed.


Read more at Reuters Africa

Merrill Lynch considering Pagine Gialle buy-report

(Reuters) - Lehman Brothers is advising Seat's main shareholders - a group of funds including Cvc, Bc Partners, Investitori Associati and Permira, which hold a combined 49.6 percent of the shares - the paper said.




Merrill Lynch and Seat Pagine Gialle were not immediately available for comment.


Read more at Reuters.com Mergers News

Redstone nephew suit dismissed

(Reuters) - "The original complaint arrived more than two decades too late," Judge van Gestel wrote.




The ruling comes amid a public conflict between the 84-year-old media mogul and his daughter Shari Redstone, once seen as the heir apparent to the family's estimated $8 billion fortune, in a dispute that has thrown into question succession plans for the global media conglomerate.


Read more at Reuters.com Business News

Wikia details plans for search rival to Google

(Reuters) - Wales told a conference of software developers in Portland,
Oregon, that his commercial start-up, Wikia, has acquired Grub,
a pioneering Web crawler that will enable Wikia's forthcoming
search service to scour the Web to index relevant sites.




"If we can get good quality search results, I think it will
really change the balance of power from the search companies
back to the publishers," said Wales, chairman of San Mateo,
California-based Wikia. "I could be wrong about this, but it
seems like a likely outcome."


Read more at Reuters.com Mergers News

Eyeonics files for $86.25 MLN IPO

(Reuters) - The Aliso Viejo, California-based company is seeking a
Nasdaq listing under the symbol "EYON."




Read more at Reuters.com Government Filings News

Intcomex files with U.S. SEC for $125 mln IPO

(Reuters) - The Miami-based company is seeking a Nasdaq listing under
the symbol "ICMX."




Read more at Reuters.com Government Filings News

U.S. Stocks Plunge Again; S&P 500 Posts Worst Week Since 2002 on Debt Woes

(Bloomberg) -- U.S. stocks plunged for a second day
after concern the global boom in takeovers is ending sent the
Standard & Poor's 500 Index to its worst weekly drop in five
years.

Marsh & McLennan Cos., Wyndham Worldwide Corp. and Dillard's
Inc. pushed the Standard & Poor's 500 lower as investors
abandoned shares that had risen on takeover speculation. Baker
Hughes Inc., the world's third-biggest oilfield contractor,
helped send energy shares to the steepest drop in the S&P 500
after reporting a decrease in earnings.


Read more at Bloomberg Stocks News

UPDATE 2-Sara Lee recalls bread, may have metal pieces

(Reuters) - The company recalled the bread after it discovered damage
to a whole-wheat flour sifter during a routine inspection that
indicated some metal might have made its way into the bread,
Sara Lee spokesman Mark Goldman said.




The bakery is still operating using bagged whole-wheat
flour that does not require sifting, Goldman said,


Read more at Reuters.com Bonds News

GE finds improper revenue booking at rail unit

(Reuters) - "Revenues had been inappropriately accelerated so that they
were recognized in the fourth quarter of each of the of the
years 2000 through 2003 rather than in the first quarter of the
following year," the company said in an SEC filing.




Spokesman Russell Wilkerson said that "a few" employees had
been involved in the problem, but declined to provide a precise
figure. GE employs more than 300,000 people.


Read more at Reuters.com Market News

Gaz de France First-Half Sales Fall 11 Percent on Drop in Heating Demand

(Bloomberg) -- Gaz de France SA's second-quarter sales
fell 7.3 percent as warm weather carried over from the winter and
reduced demand for heating. The company maintained its outlook for
this year.

Second-quarter sales at the company, the operator of Europe's
biggest natural-gas network, fell to 4.73 billion euros ($6.49
billion) from 5.1 billion euros a year earlier. The figure was
calculated by Bloomberg News by deducting first-quarter sales from
first-half sales, which the Paris-based company reported today.


Read more at Bloomberg Energy News

Wall Street snaps up credit risk experts

(Reuters) - The U.S. credit market is in turmoil amid escalating
defaults on risky subprime mortgages and a growing distaste for
the high-yield debt that has fueled a global merger and
acquisition boom.




That's good news for people who specialize in assessing
credit risk and can restructure troubled portfolios of
securities tied to subprime mortgages, or loans to people with
weak credit. But it is not so good for people who sell
structured credit products, such as CDOs backed by pools of
subprime mortgages or bank loans.


Read more at Reuters.com Mergers News

Crocs, Compuware, Kyphon, NBTY, Netgear, Synchronoss: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 1:10 p.m. in New York.

Building Materials Holding Corp. (BLG US) rose $2.65, or 22
percent, to $14.65. The provider of building services and
materials said that, excluding some items, it earned 47 cents a
share in the second quarter. Five analysts in a Bloomberg survey
on average estimated 6 cents, on average.


Read more at Bloomberg Stocks News

Latin Stocks Head for Biggest Weekly Loss in 5 Months; Cemex Shares Fall

(Bloomberg) -- Latin American stocks headed for
their biggest weekly slide in five months after investors sold
riskier assets on concern that higher borrowing costs will curb
earnings and economic growth.

The Morgan Stanley Capital International index of Latin
American shares fell 1 percent to 3712.43 as of 1:28 p.m. New
York time. That brought its loss since July 20 to 7.6 percent.
Monterrey, Mexico-based cement-maker Cemex SAB led the retreat.


Read more at Bloomberg Emerging Markets News

Mexico stocks slide on worries about U.S. economy

(Reuters) - The benchmark IPC stock index dropped 0.24 percent
to 29,925 points.




The peso gave up 0.04 percent to 10.999 per
dollar, unchanged after the Mexican central bank kept interest
rates steady as expected at a monthly monetary policy review.


Read more at Reuters.com Bonds News

German Stocks Decline, Led by Deutsche Bank, Allianz; Volkswagen Rises

(Bloomberg) -- Germany's benchmark DAX Index
dropped for a fourth day, paced by Deutsche Bank AG,
Commerzbank AG and Allianz SE, on mounting concern financing
difficulties may cloud the outlook for mergers and takeovers.

Volkswagen AG advanced after the carmaker's first-half
profit beat analysts' expectations. Siemens AG also climbed.


Read more at Bloomberg Stocks News

US STOCKS-Indexes fall as credit concerns remain

(Reuters) - The Dow Jones industrial average was down 51.37
points, or 0.38 percent, at 13,422.20. The Standard & Poor's
500 Index was down 6.63 points, or 0.45 percent, at
1,476.03. The Nasdaq Composite Index was down 11.50
points, or 0.44 percent, at 2,587.84.




Read more at Reuters.com Bonds News

Deutsche Bank, JPMorgan Delay KKR Boots Loan Sale to Next Week, People Say

(Bloomberg) -- Deutsche Bank AG, JPMorgan Chase &
Co. and six more banks delayed selling 1.75 billion pounds ($3.6
billion) of Alliance Boots Plc loans until next week, bankers
involved in the deal said.

The underwriters extended today's deadline for investors to
buy the loans as the benchmark index for leveraged loans fell to
the lowest in at least nine months, said the bankers who
declined to be identified because the information is private.
Kohlberg Kravis Roberts & Co.'s bankers canceled plans earlier
this week to raise 5 billion pounds of lower-yielding senior
loans for Boots after investors snubbed the deal.


Read more at Bloomberg Bonds News

Nymex Gas Rises on Threat of Disruption to Supply During Hurricane Season

(Bloomberg) -- Natural gas in New York advanced as
buyers took advantage of lower prices before the possible arrival
of tropical storms that would cause the power-plant fuel to rise.

Since hitting a 2007 high of $8.191 on June 4, the near-
month contract has fallen 27 percent on slack demand for
electricity from gas-fired plants as mild weather limited air-
conditioning use.


Read more at Bloomberg Energy News

Constellation may bring back some retired capacity

(Reuters) - Constellation has not committed to build any new power
plants, he said.




Current energy prices alone are not sufficient to justify
developing new plants, especially considering rising
construction costs, said Thomas Brooks, head of Constellation's
merchant unit.


Read more at Reuters.com Market News

Gold Heads for Weekly Decline in New York on Dollar Rebound; Silver Drops

(Bloomberg) -- Gold fell in New York, heading for
the biggest weekly decline in seven weeks, on speculation a
strengthening dollar will reduce the precious metal's appeal as
an alternative investment. Silver also dropped.

The dollar rallied to a two-week high against the euro
today after a U.S. Commerce Department report showed the economy
grew last quarter at the fastest pace in more than a year. Gold,
sold in the U.S. currency, rose to a three-month high of $695.40
an ounce on July 25, a day after the dollar touched a record low
of $1.3852 against the euro.


Read more at Bloomberg Commodities News

Bush says economy strong, resilient

(Reuters) - Bush called the U.S. economy "large, flexible and resilient" and said it has benefited from increased exports, particularly by farmers.




The Commerce Department reported that U.S. economic growth rebounded during the second quarter to its strongest pace since the beginning of last year.


Read more at Reuters.com Bonds News

WRAPUP 1-U.S. economic growth rebounds in second quarter

(Reuters) - Gross domestic product that measures total output within
U.S. borders gained at a 3.4 percent annual rate -- the fastest
since 4.8 percent in the first quarter of 2006 -- after barely
growing at a downwardly revised 0.6 percent pace in the first
quarter. Previously the government had reported that
first-quarter growth was at a 0.7 percent rate.




Second-quarter growth exceeded Wall Street economists'
forecasts for a 3.2 percent rate of increase and showed the
business sector picking up some of the slack left by consumers
who cut back on their spending.


Read more at Reuters.com Economic News

Hungary's Forint Posts Weekly Drop Versus Euro as Investors Avoid Risk

(Bloomberg) -- The Hungarian forint posted its
biggest weekly drop against the euro in 10 months as tumbling
global stocks and concern about U.S. subprime mortgage losses
prompted investors to shun emerging markets.

The forint was the worst performer against the euro over the
past five days, sliding more than 2 percent, as the NTX Index of
stocks in central Europe's 30 largest companies declined the most
in a week since March. Investors reversed trades where they'd
bought the forint to take advantage of Hungary's 7.75 percent
interest rate, also sending the currency tumbling.


Read more at Bloomberg Currencies News

UPDATE 1-TransAlta net profit drops, operating earns jump

(Reuters) - The company said net income in the quarter was C$57.2
million, or 28 Canadian cents a share, for the quarter, down
from C$86.4 million, or 43 Canadian cents a share in the second
quarter 2006.




TransAlta, which runs coal, gas and wind power generating
plants in Canada, the United States and Mexico, said operating
earnings, which exclude most one-time gains and charges, rose
19.5 percent to C$90.5 million, from C$75.7 million in the
second quarter of 2006.


Read more at Reuters.com Market News

Bernanke's Forecast of Stronger Growth Is Under Threat by Market Turmoil

(Bloomberg) -- The week's turmoil in financial
markets casts doubt on the Federal Reserve's forecast of a
gradual U.S. economic recovery in the second half, raising the
odds it will need to shift its focus to spurring growth from
fighting inflation.

The turbulence, as stocks suffered their worst drop in five
months while corporate borrowing costs soared, threatens a triple
whammy for the economy. It robs investors of spending power,
makes business investment more expensive and may prolong the
housing recession.


Read more at Bloomberg Exclusive News

UPDATE 1-MicroStrategy <MSTR.O Q2 earnings fall

(Reuters) - Shares of the company were down nearly 7 percent at $79.90
in early electronic trade after closing at $85.58 Thursday on
the Nasdaq.




The business software maker said it was considering
strategic alternatives for its Alarm.com and Angel.com
businesses. Revenue from these units were $8.3 million, or
about 10 percent of its total revenue in the latest quarter.


Read more at Reuters.com Market News

Chevron earnings rise with refining

(Reuters) - Excluding the $680 million gain on sale of Dynegy stock and a $160 million loss on debt redemption, the company would have posted earnings of about $2.37 a share. On that basis, the average forecast of Wall Street analysts was $2.30 a share, according to Reuters Estimates.




Total revenue in the quarter rose to $56.09 billion from $53.54 billion last year.


Read more at Reuters.com Business News

Thurs share buybacks most in day since 9/11-TrimTabs

(Reuters) - In the past week, stock buybacks and announced cash
takeovers of companies totaled $41.2 billion, the firm said.




"As investors decide to sell first and ask questions later,
the smart money is still buying shares hand over fist," the
firm said.


Read more at Reuters.com Bonds News

UPDATE 2-Medtronic to acquire Kyphon

(Reuters) - Medtronic will pay $71 cash for each share of medical
device maker Kyphon, a 32 percent premium over Kyphon's closing
price on Thursday.




The companies said the purchase price was $3.9 billion.
Based on Kyphon's average 47.8 million shares outstanding in
the second quarter, the price would be $3.4 billion.


Read more at Reuters.com Bonds News

Fortune Brands net down on housing downturn, costs

(Reuters) - Fortune, which makes Titleist golf equipment, Jim Beam bourbon and Sauza tequila, posted second-quarter net income of $232 million, or $1.48 per share, down from $248 million, or $1.63 per share, a year before, when results were boosted by a tax-related gain.



Excluding a restructuring-related charge, the company earned $1.53 per share.


Read more at Reuters.com Market News

Chevron Second-Quarter Profit Rises as Crude-Oil Refining Margins Increase

(Bloomberg) -- Chevron Corp., the second-largest
U.S. oil company, said earnings rose 24 percent on a gain from
an asset sale and wider profit margins on gasoline and other
refined fuels.

Second-quarter net income climbed to $5.38 billion, or
$2.52 a share, from $4.35 billion, or $1.97, a year earlier, the
San Ramon, California-based company said today in a statement on
PR Newswire.


Read more at Bloomberg Energy News

Inter-Tel founder withdraws recap proposal

(Reuters) - Mihaylo said he had "deep skepticism" regarding Inter-Tel's
revised financial forecasts, adding that he believes there is
tremendous value in the company.





Read more at Reuters.com Mergers News

UPDATE 1-Clear Channel posts higher profit

(Reuters) - The radio station operator, which is preparing for a
shareholder vote on a proposed $19.6 billion buyout, said
earnings rose to $236 million, or 48 cents per share, from
$197.5 million, or 39 cents per share, a year ago.




Net income from before discontinued operations was $209
million, or 42 cents per share, compared with $173 million, or
34 cents per share, in the year-ago period.


Read more at Reuters.com Bonds News

U.S. Stock Futures Decline; JPMorgan, Constellation Energy Shares Drop

(Bloomberg) -- U.S. stocks were poised to extend
their biggest drop in five months on growing concern that
takeovers will slow after Cadbury Schweppes Plc delayed the
sale of its U.S. beverage unit.

JPMorgan Chase & Co., the third-largest U.S. bank, fell
for the eighth straight day. Constellation Energy Group Inc.,
the largest U.S. power marketer, declined after earnings missed
analysts' estimates.


Read more at Bloomberg Stocks News

Treasuries Extend Weekly Advance After U.S. Stock-Index Futures Decline

(Bloomberg) -- Treasuries extended gains for the
week after U.S. stock-index futures declined.

The yield on the 10-year note fell 1 basis point, or 0.01
percentage point, to 4.78 percent at 7:23 a.m. in New York,
according to data compiled by Bloomberg. The price of the 4 1/2
percent bond due May 2017 rose 3/32, or 94 cents per $1,000 face
amount, to 97 27/32. Yields move inversely to bond prices.


Read more at Bloomberg Bonds News