LG.Philips swings to strong profit as LCD prices recover

(Reuters) - The results were well above a 138.2 billion won profit
forecast by eight analysts polled by Reuters.




Hit by tumbling prices and oversupply last year, the liquid
crystal display industry has managed to recover quickly in
recent months as LCD producers moved to rein in output and focus
on margins.


Read more at Reuters.com Market News

Dollar sits tight before Bernanke, yen rises

(Reuters) - The dollar was narrowly mixed on Tuesday but remained under pressure on expectations that the Federal Reserve will leave interest rates steady for some time, while other central banks are seen raising rates further.

Activity was subdued as market participants awaited comments from Fed Chairman Ben Bernanke later in the day for fresh clues about the future path of U.S. monetary policy. Bernanke will speak on inflation.


Read more at Reuters Africa

Alliance Bank Malaysia, Backed by Temasek, May Return Funds to Investors

(Bloomberg) -- Alliance Bank Malaysia Bhd., with 6.57
billion ringgit ($1.9 billion) of cash on its balance sheet, may
return funds to investors after hiring BNP Paribas SA to assess
its capital needs.

The Kuala Lumpur-based bank, the closely held main division
of Malaysian Plantations Bhd., may also sell debt as part of the
review, Chief Executive Officer Bridget Lai said in an interview.
BNP's assessment should be completed next quarter, she said.
Temasek Holdings Pte, the Singapore state investment unit,
controls 15 percent of Malaysian Plantations.


Read more at Bloomberg Emerging Markets News

Danone Gets 40 Percent of European Baby-Food Market With Numico Purchase

(Bloomberg) -- Groupe Danone SA, six days after
agreeing to sell its cookie unit to Kraft Foods Inc., unveiled
its biggest acquisition: a 12.3 billion-euro ($16.8 billion)
offer for Dutch baby-food maker Royal Numico NV.

Chief Executive Officer Franck Riboud said Paris-based
Danone will pay 55 euros for each share of Numico, whose Cow &
Gate and Nutricia brands own 40 percent of the European market
for baby foods. The offer is 38 percent more than Numico's
closing price last week.


Read more at Bloomberg Currencies News

HeidelbergCement, Kloeckner, Deutsche Lufthansa: German Equity Preview

(Bloomberg) -- The following stocks may rise or
fall in German markets.

Germany's X-DAX Index was little changed at 8079.43. The
index provides an estimate of the DAX Index, based on trading in
DAX futures after the Xetra electronic market closes. The DAX
advanced 0.4 percent to 8077.39 on the Xetra electronic-trading
system.


Read more at Bloomberg Stocks News

Miners at Chile's Collahuasi strike, copper firms

(Reuters) - Workers at Collahuasi, which accounts for around 8 percent
of Chile's total copper production, walked out after their
union and management failed to agree a deal on pay and
conditions.




Management at the mine, which is majority-owned by industry
heavyweights Xstrata Plc and Anglo American ,
said they had a contingency plan in place and output was
unaffected.


Read more at Reuters.com Business News

Philippine May Export Growth Accelerated on Electronics, Mineral Shipments

(Bloomberg) -- Philippine export growth quickened
in May on increased shipments of computer parts and minerals.

Overseas sales gained 6.1 percent from a year earlier to
$4.12 billion, the National Statistics Office said in Manila
today. Economists expected an 8 percent advance. Exports rose a
revised 5.1 percent in April, the slowest pace this year.


Read more at Bloomberg Emerging Markets News

Copper Rises in Shanghai on Chile Strikes, Chinese Demand; Zinc Declines

(Bloomberg) -- Copper prices rose in Shanghai
following a strike for higher wages by workers at a mine in Chile,
the world's largest source of the metal, and amid speculation
that demand will pick up in China.

The protest is cutting output at Dona Ines de Collahuasi,
Chile's third-largest copper mine, by about 80 percent, union
President Hernan Farias said yesterday. Collahuasi, which is
controlled by Xstrata Plc and Anglo American Plc, produces 2.6
percent of the world's mined copper.


Read more at Bloomberg Commodities News

Cemex has 89.76 pct of Rinker, takeover nears end

(Reuters) - Cemex, which becomes the world's biggest building material
company by revenue with the takeover, can oblige minority
Rinker shareholders to sell their remaining shares and delist
the company once it has 90 percent.




Monterrey-based Cemex, which has offered $14 billion for
all Rinker shares, won majority control of Rinker in June and
took over the board of directors.


Read more at Reuters.com Mergers News

Australian Coal Bottlenecks May Cost Xstrata, Rio Tinto, BHP $300 Million

(Bloomberg) -- Australian coal-mining companies may
lose more than A$350 million ($301 million) this year because
bottlenecks and storms are delaying ships outside Newcastle, the
world's largest coal-export port.

Xstrata Plc, the world's biggest thermal coal exporter,
estimates miners in New South Wales's Hunter Valley are paying
about A$1 million a day in penalties for idling ships, said
spokesman James Rickards. Demurrage may reach A$460 million in
2007, Australia's competition regulator estimated in March.


Read more at Bloomberg Energy News

Japanese Five-Year Govrenment Notes May Fall Before Central Bank Meeting

(Bloomberg) -- Japan's government notes may decline
for a fourth day on concern investors will avoid buying five-
year debt sold at an auction today before a central bank
decision on interest rates later this week.

Demand for bonds may weaken on speculation some Bank of
Japan policy makers will vote against keeping borrowing costs
unchanged on July 12, paving the way for a rate increase next
month. Five-year yields yesterday climbed to the highest in more
than three weeks after a report showed machinery orders rose.


Read more at Bloomberg Bonds News

UPDATE 3-CME buy of CBOT easily approved by shareholders

(Reuters) - CHICAGO, July 9 - Shareholders of Chicago
Mercantile Exchange Holdings Inc and CBOT Holdings Inc
voted on Monday to merge the two largest U.S. futures
exchanges under one roof.




After an almost 9-month gestation period, the votes
delivered one huge, almost $12 billion baby.


Read more at Reuters.com Market News

UPDATE 1-Hedge fund Moore Capital takes Beazer Home stake

(Reuters) - Beazer, the sixth-largest U.S. home builder, has seen its
stock price slashed by half, as it wrestles with a sagging U.S.
home market and investigations into its role in questionable
lending practices.




Beazer shares closed at $23.20, down 78 cents, or 3.3
percent, on the New York Stock Exchange on Monday. In January
the stock was trading in the mid-40s.


Read more at Reuters.com Bonds News

Mexican Bonds Gain After Annual Inflation Rose Less Than Expected in June

(Bloomberg) -- Mexican local-currency bonds gained
for the first time in four days after a government report showed
consumer prices rose last month less than forecast.

The yield on the 10 percent bond due in November 2036 fell
1 basis point, or 0.01 percentage point, to 7.74 percent. The
price, which moves inversely to the yield, rose 0.2 centavo to
126.22 centavos per peso, according to Santander.


Read more at Bloomberg Bonds News

Ex-North Fork CEO Kanas steps down at Capital One

(Reuters) - Lynn Pike, the chief operating officer for banking, will
replace Kanas as bank president. Separately, Wachovia Corp.'s
Michael Slocum will become executive vice president of
commercial banking, replacing commercial banking head John
Bohlsen. Kanas and Bohlsen will remain advisers through 2009.




Read more at Reuters.com Mergers News

Currency Funds Advanced for Second Month in May, Parker FX Index Shows

(Bloomberg) -- Currency funds gained for a second
month in May, the first back-on-back advance since January, as
traders bet correctly on a gain in the dollar.

The funds posted a 0.3 percent return, following 0.2
percent advance in April, according to the Parker FX Index. The
index, which tracks 62 companies in the U.S., Canada and U.K.,
has gained 1.49 percent during the first five months of this
year, according to Stamford, Connecticut-based Parker Global,
which compiles the index.


Read more at Bloomberg Currencies News

UPDATE 1-Darden's June same-store sales rise, shares up

(Reuters) - It was Red Lobster's first month of positive same-store
sales since February, and the company's shares rose more than 2
percent in extended trading after the announcement.




Sales at Italian-themed Olive Garden restaurants open at
least 16 months rose 3 percent to 4 percent for the five weeks
ended July 1. Customer counts rose about 1 percent and the
average check was up between 2 percent and 3 percent, Darden
said.


Read more at Reuters.com Market News

UPDATE 1-WellPoint to buy radiology benefits company

(Reuters) - NEW YORK, July 9 - Health insurer WellPoint Inc.
said on Monday it plans to buy radiology benefits
company American Imaging Management for about $300 million to
better manage its coverage of MRIs, X-rays and other scans.




The No. 1 U.S. health insurer by membership said the deal
would help it control spending on radiology, which has grown
nationally to $100 billion in 2005 from $75 billion in 2000.


Read more at Reuters.com Mergers News

ConocoPhillips to Buy Back as Much as $15 Billion in Shares Through 2008

(Bloomberg) -- ConocoPhillips, the third-largest U.S.
oil company, plans to buy back as much as $15 billion in shares,
returning cash to shareholders as the company pays off debt and
cuts spending.

The company will spend $2 billion to $3 billion repurchasing
stock in the third quarter, and a similar amount in the fourth,
Houston-based ConocoPhillips said today in statement. The amount
includes $2 billion remaining under a $4 billion program
announced in February. The buyback plan is approved through the
end of 2008.


Read more at Bloomberg Energy News

The butler did it, SEC says in insider trading case

(Reuters) - The SEC said Lefford, who managed Sillerman's residence in the upscale Long Island beach community of South Hampton, agreed to pay $66,180 to settle the charges.




According to the SEC's complaint, Lefford intercepted faxes about Sillerman's intent to acquire a controlling interest in a publicly traded company, Sports Entertainment Enterprises Inc., and use it as a vehicle for acquiring the commercial rights to Elvis Presley's name and likeness.


Read more at Reuters.com Business News

Paulson plans conference on U.S. business taxes

(Reuters) - Under present law, much of the gains made by senior
managers of private equity firms are taxed below the income tax
rate.




Paulson in late June also announced the launch of a broad
study of the U.S. regulatory framework for securities, banking
and insurance aimed at maintaining U.S. markets' competitive
edge.


Read more at Reuters.com Bonds News

Speculation mounts over CIBC's subprime exposure

(Reuters) - "That estimate would constitute a substantial chunk of the bank's approximately $13 billion in shareholder equity."




A spokesman for CIBC, Canada's fifth biggest bank, was not immediately available for comment.


Read more at Reuters.com Bonds News

Brinker, Imation, KBR, Paccar, Quest, Rush, Tyco: U.S. Equity Movers

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

Alnylam Pharmaceuticals Inc. (ALNY US) rose $7.95, or 52
percent, to $23.15. Roche Holding AG (ROG VX), the world's
biggest maker of cancer medicines, may pay as much as $1 billion
for rights to Alnylam technology that may allow the companies to
find new tumor, liver and breathing treatments.


Read more at Bloomberg Stocks News

REFILE-UPDATE 1-Richelieu profit edges higher, stock slips

(Reuters) - The specialty hardware distributor, which also makes
furniture, kitchen cabinets and doors, said it earned C$8.65
million , or 37 Canadian cents a share, in the
period ended May 31. That is up slightly from earnings of
C$8.63 million, or 37 Canadian cents a share, in the year-prior
quarter.




Analysts had expected earnings per share of 41 Canadian
cents before exceptions, according to Reuters Estimates.
Richelieu stock slipped 32 Canadian cents, or 1.3 percent, to
C$24.63 by early afternoon on the Toronto Stock Exchange.


Read more at Reuters.com Market News

J&J OKs $10 bln stock buyback plan

(Reuters) - J&J, which is based in New Brunswick, New Jersey, has almost 2.9 billion shares outstanding. It will finance the stock repurchases through a combination of available cash and debt.




Company spokesman Jeffrey Leebaw declined to comment on the stock buyback plan, saying J&J officials will discuss it with investors during a second-quarter earnings conference call on July 17.


Read more at Reuters.com Hot Stocks News

J&J board authorizes $10 bln stock buyback plan

(Reuters) - J&J, which is based in New Brunswick, New Jersey, has
almost 2.9 billion shares outstanding. It will finance the
stock repurchases through a combination of available cash and
debt.




Read more at Reuters.com Bonds News

Global asset management M&A jumped in 1st half '07

(Reuters) - The value of asset management merger and acquisition
transactions more than doubled January-June to $32.3 billion,
from $13.7 billion in the year-ago period, the firm said.




Recent M&A deals in the industry include the $5.75 billion
bid for Nuveen Investments by an investor group led by
private equity firm Madison Dearborn Partners LLC, and
BlackRock Inc.'s . purchase of Quellos Group's fund of
funds business for up to $1.7 billion to expand its hedge
funds.


Read more at Reuters.com Mergers News

Benin threatens to silence MTN and other mobile operators

(Reuters) - Benin suspended two of its four mobile phone operators on Monday and threatened to silence their networks from Thursday if they did not sign new contracts that include a $50 million, 500 percent rise in the operator fee.

The West African country's Telecommunications Regulation Authority issued a statement on Friday suspending the operating contracts of South Africa-listed MTN and Atlantique Telecom's "Moov" service with effect from Monday, saying both companies had changed their names without its permission.


Read more at Reuters Africa

India, Singapore, Sri Lanka, Malaysia, Thailand: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: China Development Bank will auction 20 billion yuan
($2.6 billion) of 10-year floating rate bonds tomorrow at an
interest rate based on a spread over the one-year deposit rate.
The Ministry of Finance will sell 35 billion yuan of three-year
fixed-rate notes on July 13.


Read more at Bloomberg Bonds News

U.S. Stocks Decline, Led by Lexmark; Tyco International Shares Retreat

(Bloomberg) -- Most U.S. stocks fell after Lexmark
International Inc. said second-quarter profit missed the
company's forecast and Citigroup Investment Research downgraded
Tyco International Inc.

Lexmark, the second-biggest U.S. printer maker, posted the
steepest drop in the Standard & Poor's 500 Index after it said
a slump in its consumer business will continue this quarter.
Tyco, the world's largest maker of security and fire systems,
slid after Citigroup lowered its rating on the shares to
``sell'' from ``hold.''


Read more at Bloomberg Stocks News

First Solar in $1.28 bln of new contracts, shrs soar

(Reuters) - First Solar also said its board approved a plan to build a new manufacturing plant in Malaysia with an annual capacity of 120 megawatts of the modules. It expects to invest about $150 million in the plant, which should come on line in the first half of 2009.




The company's shares surged to all-time high levels, rising $15 to $111.29 in early Nasdaq trading. Earlier in the day, the shares reached as high as $112.80.


Read more at Reuters.com Hot Stocks News

Emerging-Market Bonds Gain as Declining U.S. Treasury Yields Spur Demand

(Bloomberg) -- Emerging-market bonds rose as a
decline in U.S. Treasury yields generated demand for the riskier
securities sold by developing nations.

Appetite for high-risk assets is rebounding after
declining last week, when the yield on the 10-year note surged
the most since March 31, 2006. Speculation that losses related
to subprime mortgages might spread also curtailed demand for
emerging-market bonds. The yield on the benchmark 10-year note
fell almost 3 basis points to 5.16 percent today, according to
bond broker Cantor Fitzgerald LP.


Read more at Bloomberg Bonds News

Oil Falls From 10-Month High as U.S. Refineries Increase Gasoline Output

(Bloomberg) -- Crude oil fell from a 10-month high
on signs oil demand will increase as U.S. refineries raise
gasoline output.

Refiners probably increased operating rates for a third
week, according to a Bloomberg News survey before a government
report this week. Oil prices rose last week on concern unrest in
Nigeria and unexpected U.S. refinery shutdowns would curb fuel
supplies. U.K. authorities said a three-year-old British girl
abducted July 5 in Nigeria was freed yesterday.


Read more at Bloomberg Energy News

Intel buys stake in EMC's VMware, gets board seat

(Reuters) - No. 1 chipmaker Intel will pay $23 a share for 9.5 million Class A common shares in VMware, giving it 2.5 percent of all outstanding common stock




VMware also said in a regulatory filing shedding new information on plans for its upcoming IPO that it expects to sell up to 37.95 million shares to the public for an estimated price of between $23 and $25 per share.


Read more at Reuters.com Bonds News

99 Cents Only quarterly total sales rise

(Reuters) - Same-store sales for the quarter increased 5.2 percent.







Read more at Reuters.com Hot Stocks News

Around 30 companies submit bids for Kuwait refinery

(Reuters) - French firm Technip, U.S. firms KBR, Bechtel and Foster Wheeler and Italy's Snamprogetti had submitted pre-qualification bids which were due by July 3, Kuwaiti daily al-Jarida said.




In May Kuwait doubled the planned budget to $12 billion for the plant, which would be the largest single refinery in the Middle East. Rapidly rising costs in the energy industry have delayed the project and threatened its viability.


Read more at Reuters.com Business News

UPDATE 1-Highland Capital raises $300 million consumer fund

(Reuters) - The Highland Consumer Fund I will be led by Tom Stemberg,
co-founder of office supplies retailer Staples Inc. ,
and Ted Philip, who helped found Internet company Lycos Inc.




Highland Capital, based in Lexington, Massachusetts,
already has investments in the Pharmaca Integrative Pharmacy
chain; Canadian yoga apparel company Lululemon Corp.; Rec Room
Furniture and Games, which sells home pool and poker tables;
and Blue Tulip, which sells gifts and paper goods.


Read more at Reuters.com Mergers News

Copper Advances to a Two-Month High in London on Chile Strike; Lead Gains

(Bloomberg) -- Copper rose to the highest in almost
two months as workers at Dona Ines de Collahuasi, Chile's third-
largest mine producing the metal, plan to go on strike. Lead
climbed to a record.

The walkout at Collahuasi will start at 8 a.m. local time
today, union president Hernan Farias said yesterday. The mine
accounts for 2.6 percent of global production. The planned
stoppage follows more than a month of pay talks with mine owners
Xstrata Plc and Anglo American Plc.


Read more at Bloomberg Commodities News

UPDATE 1-Children's Place June sales fall 4 pct

(Reuters) - The apparel retailer said it expects a net loss of 94 to 98
cents per share, including $2 million in costs, for the second
quarter ending Aug. 4. Analysts on average had been expecting a
loss of 59 cents per share, excluding items, according to
Reuters Estimates.




Children's Place said lower-than-expected sales trends at
its Children's Place and Disney Store chains have forced it to
take more markdowns than planned, hurting gross margins.


Read more at Reuters.com Market News

LKQ acquires recycled parts business

(Reuters) - Pintendre Autos, which has annual revenue of about $29
million, primarily serves the professional repair market for
automobiles and also for heavy trucks and several types of
light duty vehicles.





Read more at Reuters.com Mergers News

Moody's questions private equity buyout approach

(Reuters) - Private equity firms and their use of debt to achieve high
returns have come under the microscope in recent months as LBO
deal sizes have grown ever larger and politicians, unions and
investors have raised concerns.




"The current environment does not suggest that private
equity firms are investing over a longer term horizon than do
public companies, despite not being driven by the pressure to
publicly report quarterly earnings," Moody's said.


Read more at Reuters.com Bonds News

Payrolls bounce eludes dollar as rate view weighs

(Reuters) - The dollar slipped on Monday as last week's surprisingly strong U.S. jobs data failed to sway investors from the notion the Federal Reserve will stand pat on interest rates while other central banks tighten policy further.

Although short-term interest rate spreads did move in the dollar's favour after Friday's non-farm payrolls data, the trend in recent weeks has been one of narrowing spread advantage for the dollar over major European currencies.


Read more at Reuters Africa

Copper Rises to Highest in 2 Months in London on Chile Strike; Lead Gains

(Bloomberg) -- Copper rose to the highest in almost
two months as workers at Dona Ines de Collahuasi, Chile's third-
largest mine that produces the metal, plan to go on strike. Lead
climbed to a record.

The walkout at Collahuasi will start at 8 a.m. local time
today, union president Hernan Farias said yesterday. The mine
accounts for 2.6 percent of global production. The planned
stoppage follows more than a month of pay talks with mine owners
Xstrata Plc and Anglo American Plc.


Read more at Bloomberg Commodities News

Taiwan Dollar Rises on Central Bank Purchase; Stock Inflows Benefit Asia

(Bloomberg) -- Taiwan's dollar reversed an early loss
to notch up its biggest gain since June 22 on speculation the
central bank bought the currency to stem an outflow of capital.

Investors have been borrowing the currency at the island's
second-lowest interest rate in Asia after Japan to invest in
higher-yielding assets abroad. The currency has weakened along
with the yen over the past 12 months as the currencies are
favorites for the carry trade.


Read more at Bloomberg Currencies News

Kenya shilling firms marginally vs dollar

(Reuters) - The Kenya shilling firmed slightly against the dollar in quiet trade on Monday and dealers expected a stronger local unit in the days ahead.

At 0840 GMT, commercial banks quoted the local unit at 66.75/85 to the greenback, five cents stronger than Friday's close.


Read more at Reuters Africa

EMI, Virgin Media, Italease: European Credit-Default Swap Market Movers

(Bloomberg) -- The risk of owning European corporate
bonds fell, according to traders of credit-default swaps.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index fell 2,000 euros
to 242,500 euros at 9:30 a.m. in London, according to JPMorgan
Chase & Co.


Read more at Bloomberg Bonds News

CVC Capital Partners to Buy Chemical Distributor Univar for $2.07 Billion

(Bloomberg) -- CVC Capital Partners Ltd., Europe's
second-biggest buyout firm, agreed to pay 1.52 billion euros
($2.07 billion) for Univar NV, the largest distributor of
chemicals in the U.S.

CVC, based in London, will buy Univar for 53.50 euros a
share, the Dutch chemical company said in a statement today.
That's 37 percent more than the closing share price last week.


Read more at Bloomberg Stocks News

Corporate Bond Risk Declines in Europe, Credit-Default Swaps Market Shows

(Bloomberg) -- The risk of owning European corporate
bonds fell, according to traders of credit-default swaps.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies decreased 3,500 euros to 241,000 euros at 7:42 a.m. in
London, according to JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

Asian Stocks Resume July Rally on Economic Growth; Samsung, Komatsu Climb

(Bloomberg) -- Asian stocks rose, driving the Nikkei
225 Stock Average to a seven-year high, on signs economic growth
in Japan and South Korea is accelerating.

Komatsu Ltd. gained after a government report showed
machinery orders in Japan rose more than forecast in May. Samsung
Electronics Co. led the Kospi index, the world's third-best
performer this month, to a fourth straight high after the
commerce ministry raised its forecast for South Korean exports.


Read more at Bloomberg Stocks News

Morgan Stanley to buy $1 bln Seoul office building

(Reuters) - Morgan Stanley's real estate investment fund, AHI Holding B.V., beat other bidders including Australia's Macquarie Bank Ltd. and South Korea's Kookmin Bank in the race for the Daewoo building, located in the heart of downtown Seoul.






Read more at Reuters.com Mergers News

Indian Sugar Exports May Double in 2008 Amid Global Surplus, Minister Says

(Bloomberg) -- Sugar exports from India, the world's
second-largest producer, may double in 2008 because of a
domestic surplus, adding further pressure to prices that have
plunged 44 percent in the past year.

The country may export as much as 3 million tons next year,
Akhilesh Prasad Singh, India's minister of state for agriculture,
consumer affairs, food and public distribution said today.
Exports may be 1.5 million tons this year, he told reporters at
the 9th World Beet and Cane Growers Conference in Brisbane.


Read more at Bloomberg Emerging Markets News