European Stocks May Climb, Led by BHP, Rio Tinto on Takeover Speculation

(Bloomberg) -- European stocks may rise for the
first time in three days, led by BHP Billiton Ltd. and Xstrata
Plc on takeover speculation in the mining industry after a report
that Rio Tinto Group will make a bid for Canada's Alcan Inc.

Rio Tinto shares were suspended from trading in Australia
after the Wall Street Journal reported the company is in the
final stages of an agreement to buy Canada's Alcan for $37
billion. Shares of Ericsson AB may be active after Sony Ericsson
Mobile Communications Ltd. reported the slowest profit growth in
almost two years.


Read more at Bloomberg Stocks News

Yen under pressure after BOJ vote, eye on Fukui

(Reuters) - The yen was under pressure on Thursday, staying close to an all-time low against the euro after the Bank of Japan held interest rates unchanged at 0.5 percent as expected but did so on a split vote.

The dollar was little changed after recovering from a brief sell-off, and it stayed near a record low against the euro and a 26-year trough versus sterling.


Read more at Reuters Africa

FACTBOX: Schedule of data, events on BOJ rate outlook

(Reuters) - Following is a schedule for key economic indicators and events that may affect the outlook of the BOJ's future policy moves.




JULY 26: BOJ board member Tadao Noda to visit Nara, western


Read more at Reuters.com Hot Stocks News

Philippine Peso, Indonesian Rupiah Strengthen on Investment Fund Inflows

(Bloomberg) -- The Philippine peso rose by the most
in more than a week as a rebound in Asian stocks suggests global
investors are buying riskier emerging-market assets.

The peso led gains among 10 of the most-active Asian
currencies, excluding the yen, after Federal Reserve Bank of
Philadelphia President Charles Plosser yesterday said a slump in
the U.S. housing market won't derail growth in the world's
biggest economy.


Read more at Bloomberg Currencies News

Sell New Zealand Dollar, Buy Australia's, on Outlook for Rates, TD Says

(Bloomberg) -- Investors should sell New Zealand's
dollar and buy Australia's, where interest rates are more likely
to rise, said Joshua Williamson, senior strategist at TD
Securities Ltd.

New Zealand's record 8 percent interest rate, 1.75
percentage points more than Australia's, has spurred a 10.7
percent gain in the currency over the past 12 months as investors
were attracted to the country's higher-yielding assets. The rise
in consumer demand that has seen New Zealand's economy expand 2.5
percent in the year to March 31 may be coming to an end, as this
year's three rate increases take their toll, said Williamson.


Read more at Bloomberg Currencies News

Copper Futures Fall in Asia for Third Day on China Concern; Zinc Advances

(Bloomberg) -- Copper prices fell for a third day
in Asia on concern that China, the world's largest consumer of
the metal, may be oversupplied after imports in June fell less
than traders had expected.

China's imports of copper and copper products were 212,471
metric tons in June, down from 220,561 in May, the Beijing-based
customs office said July 10, citing preliminary data. Still,
imports are up from 172,794 tons a year ago, and rose 52.3
percent to 1.51 million tons in the first half of this year,
compared with a year earlier.


Read more at Bloomberg Commodities News

Japan's Government Sells Record Amount of Five-Year Notes to Individuals

(Bloomberg) -- Japan sold a record amount of five-
year notes to individuals because of rising summer bonuses and
the highest-ever interest rate on the debt, a Finance Ministry
official said.

The government raised 1.6 trillion yen ($13.1 billion)
selling notes with a 1.5 percent coupon, said a finance ministry
official, who asked not to be identified. The size of the sale
and the coupon was the highest since the government started
issuing five-year notes targeting individuals in January 2006.


Read more at Bloomberg Bonds News

Sony Ericsson Q2 sales up, profit below consensus

(Reuters) - The cellphone venture of Sweden's Ericsson and Japan's Sony Corp. , known for higher-end music phones based on its Walkman brand, said it gained market share in the quarter by selling lower-priced phones that widened its potential customer base.




Its report came shortly after bigger rival Motorola Inc. forecast a quarterly loss, blaming weak phone sales.


Read more at Reuters.com Business News

Korean Won May Advance as Quickening Economic Growth Will Attract Inflows

(Bloomberg) -- South Korea's won may rise for a
third day on speculation accelerating economic growth will
lure investments into the nation.

Overseas fund managers bought more stocks than they sold
for the first day in three as Lim Jong Ryong, director
general of the finance ministry's economic policy bureau,
said today that the Korean economy is recovering faster than
expected. The won gained yesterday after the government
increased its 2007 growth forecast.


Read more at Bloomberg Currencies News

Japan's Stocks Gain, Led by Exporters; Komatsu Gains, Tokyo Electron Falls

(Bloomberg) -- Japanese exporter shares such as
Komatsu Ltd. advanced after the yen declined against the dollar
and euro and U.S. Federal Reserve officials said the world's
biggest economy will weather the housing slump.

Tokyo Electron Ltd. fell after saying its first-quarter
orders dropped 35 percent as makers of memory chips delayed
spending. Electric component makers including Murata
Manufacturing Co. declined after Motorola Inc. said it had a
quarterly loss and sales missed the forecast for the third time
this year.


Read more at Bloomberg Stocks News

UPDATE 2-Motorola warns Q2 loss, sees no mobile profit in '07

(Reuters) - NEW YORK, July 11 - Motorola Inc. on
Wednesday warned of a second-quarter loss and said it no longer
expected its mobile device business to be profitable this year,
blaming weak sales in Asia and Europe.




The warning came at the end of a day when Motorola shares
had risen as much as 3 percent on rumors that its chief
executive, Ed Zander, could resign soon amid a campaign by an
activist shareholder to oust him.


Read more at Reuters.com Market News

Australian Dollar Rises to Highest in 18 Years as Risk Appetite Improves

(Bloomberg) -- The Australian dollar rose to an 18-
year high against the U.S. currency and rebounded from two days
of losses versus the yen after a recovery in U.S. stocks
prompted investors to return to higher-yielding assets.

The currency has gained 12 percent this year as traders
have been lured by Australia's overnight cash rate target at a
six-year high of 6.25 percent. That compares with 5.25 percent
in the U.S. and 0.5 percent in Japan. Australia's dollar fell
the most in two weeks against the yen yesterday as a drop in U.S.
stocks prompted investors to exit so-called carry trades, in
which they had bought riskier assets with loans from Japan.


Read more at Bloomberg Currencies News

UPDATE 1-CV Tech shares slump as as trading resumes

(Reuters) - The shares of CV Technologies, best known for its COLD-fX
flu and cold treatment, rebounded to close down 25 Canadian
cents, or 16.7 percent, at C$1.25, after falling as low as 85
Canadian cents earlier in the day.




It was the first time the company's stock has traded since
April 19, when regulators slapped a cease trade order on it
following CV's announcement that it planned to voluntarily
restate its year-end results from Sept. 30, 2006, as well as
its results for the following first quarter.


Read more at Reuters.com Government Filings News

China, Malaysia, South Korea, Thailand, India: 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 sold 20 billion yuan ($2.63
billion) of 10-year floating rate bonds yesterday. The coupon
was one-year deposit rate of 3.06 percent plus 89 basis points.
Ten-year bonds sold in May carried a coupon of 60 basis points
more than 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

Chile stocks fall, peso rises eyeing cenbank meeting

(Reuters) - The all-market IGPA stock market index slipped 0.36
percent to 14,878.11 points, while the trade-weighted blue-chip
IPSA index fell 0.71 percent to 3,384.26 points.




The IGPA index has advanced over 20 percent so far this
year.


Read more at Reuters.com Bonds News

CORRECTED: Genentech's profit up on Avastin

(Reuters) - The world's second-largest biotechnology company had net income of $747 million, or 70 cents per share, compared with year-earlier net income of $531 million, or 49 cents per share.




Read more at Reuters.com Business News

Asian Metal, Mining Stocks Advance in U.S. Trading on M&A Speculation

(Bloomberg) -- Asian metal and mining stocks trading
in the U.S. gained on speculation takeovers in the industry will
spread and boost share prices. BHP Billiton and Posco advanced.

The Bank of New York Co.'s Asia ADR Index, tracking American
depositary receipts of Asian companies traded in the U.S., rose
0.2 percent to 171.53.


Read more at Bloomberg Stocks News

UPDATE 1-Refco examiner faults lawyers, auditors in collapse

(Reuters) - NEW YORK, July 11 - The court-appointed examiner
reviewing Refco Inc.'s 2005 bankruptcy said on Wednesday that
two law firms and two accounting firms could be sued for what
he called their roles in the collapse of the futures and
commodities broker.




Joshua Hochberg, the examiner, found grounds to support
lawsuits accusing Grant Thornton LLP, Ernst & Young LLP and the
law firm Mayer, Brown, Rowe & Maw LLP of professional
negligence. He also found grounds for lawsuits against Mayer
Brown and Ernst for helping Refco commit fraud, though it was a
"close question" as to Ernst.


Read more at Reuters.com Bonds News

U.S. House votes to slash student lender subsidies

(Reuters) - The Bush administration has proposed similar lender subsidy
cuts, but on Tuesday threatened to veto the House bill, saying
it would not direct enough funding to student grants and would
set up too many costly new programs.




Read more at Reuters.com Mergers News

Brazil's Bovespa Gains, Led by Vale, on Nickel Price; America Movil Rises

(Bloomberg) -- Brazil's main stock index gained for
the third time in four days, led by mining company Cia. Vale do Rio
Doce, on speculation that accelerating growth in China will push up
prices for the country's raw materials.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 390.68, or 0.7 percent, to 56,273.38 at 2:51 p.m. New
York time. Vale accounted for a quarter of the gain.


Read more at Bloomberg Stocks News

Lawmaker sees bill requiring hedge fund records

(Reuters) - Rep. Barney Frank, a Massachusetts Democrat, said his planned bill would help protect investors in the lightly regulated hedge fund industry by giving federal agencies the ability to examine funds' records of trades, e-mail exchanges and other documents.




"They'll have to retain data of records of trades for the purpose of insider trading enforcement," Frank told reporters after holding a hearing on hedge fund risks. "Anybody in the business is going to have to retain their data."


Read more at Reuters.com Bonds News

Caraco gets FDA nod to market generic Tenormin

(Reuters) - Total revenue from continuing operations for the quarter fell 12 percent to $139 million compared with $158 million in the same period last year, the home electronics retailer said in a statement.






Read more at Reuters.com Government Filings News

Fremont in deal to stop foreclosures in Massachusetts

(Reuters) - "No foreclosures can occur until the Attorney General's
Office has been provided with documentation for each delinquent
loan and a 90-day period to review each transaction," Coakley
said in a statement.




A spokesman for Fremont did not immediately return a call
seeking comment.


Read more at Reuters.com Bonds News

Ventana declines comment on other possible suitors

(Reuters) - Ventana earlier said its board unanimously rejected the $75
per share hostile bid, which Roche first announced late last
month. Ventana said the bid -- which represented a 45 percent
premium at the time -- undervalues the company and its
prospects in the fast-growing cancer-testing market.




Asked whether Ventana preferred to remain a standalone
company, Gleeson said: "This is about value. It's not about
whether we want to stand alone or not, and we believe that the
value that is being offered today is nowhere near the value
that we believe this company can deliver."


Read more at Reuters.com Mergers News

UPDATE 1-Brazil Gerdau says still on hunt for acquisitions

(Reuters) - "We are going to remain open to new acquisitions and
continue with our strategy of being one of the consolidators
," Andre Gerdau Johannpeter said on a
conference call with reporters. "We remain on the hunt."




Gerdau Johannpeter made the remarks one day after its North
American unit Gerdau Ameristeel Corp agreed to
buy Texas-based Chaparral Steel Co for $4.22 billion,
its latest in a series of acquisitions in recent years.


Read more at Reuters.com Mergers News

UPDATE 1-AMO blasts shareholder's opposition to Bausch deal

(Reuters) - CHICAGO, July 11 - Eye care products maker
Advanced Medical Optics Inc on Wednesday fired back at
its third largest shareholder, ValueAct Capital, which opposes
the company's takeover bid for Bausch & Lomb Inc .




Advanced Medical Optics Chief Executive James Mazzo,
responding to a critical letter from ValueAct, said he was
"surprised and disappointed" by ValueAct's opposition to the
$4.23 billion hostile bid for Bausch & Lomb.


Read more at Reuters.com Bonds News

U.S. regulators say hedge fund woes won't spread

(Reuters) - However, in testimony to Congress the regulators renewed a call for big global banks to improve their hedge fund risk management practices.




Favorable market conditions have helped the Bear Stearns-managed hedge funds to close out positions with a "limited impact on the broader markets," Erik Sirri, the Securities and Exchange Commission's market regulation director, told U.S. lawmakers.


Read more at Reuters.com Business News

S.African unions declare dispute against Angloplat

(Reuters) - South African trade unions declared a dispute against the world's biggest platinum producer, Angloplat, on Wednesday after it refused to increase its wage offer, union officials said.

The country's biggest mining union, the National Union of Mineworkers (NUM), and union Solidarity both declared disputes, the first legal step towards a strike, when negotiations on Wednesday hit a deadlock.


Read more at Reuters Africa

Brazil Gerdau says still on hunt for acquisitions

(Reuters) - Gerdau Johannpeter made the remarks one day after its North
American unit Gerdau Ameristeel Corp. agreed to
buy Texas-based Chaparral Steel Co. for $4.22 billion,
its latest in a series of acquisitions in recent years.





Read more at Reuters.com Mergers News

Yen Declines Against Euro as Advance in U.S. Stocks Prompts Carry Trades

(Bloomberg) -- The yen fell versus the euro, dollar
and a dozen other major currencies as strength in U.S. stocks
signaled investors are halting a flight from risky assets.

The yen gave up gains posted earlier today and yesterday
when investors fled risky trades following Moody's Investors
Service's move to cut ratings on $5.2 billion of bonds backed by
U.S. subprime mortgages. The rating reduction led some traders
to exit so-called carry-trade bets financed by borrowing yen.


Read more at Bloomberg Currencies News

Nordic Hydropower Reserves Rise Faster Than Normal on Rainfall, Snow Melt

(Bloomberg) -- Norwegian and Swedish hydropower
reserves gained at a faster pace than normal last week as more
rain and water from melting snow increased production capacity at
reservoirs.

Norwegian reservoirs feeding hydroelectric plants rose for
an 11th week, increasing by 7 percentage points to 80.4 percent
full, according to data on the Web site of power exchange Nord
Pool ASA. Reserves typically gain 4.8 points in the period.


Read more at Bloomberg Energy News

Chile's Peso Rises to Two-Month High on Bet Central Bank to Increase Rates

(Bloomberg) -- Chile's peso rose to an almost two-
month high on expectations the central bank will increase
interest rates tomorrow.

Policy makers will lift the key overnight lending rate by a
quarter-percentage point to 5.25 percent, matching the highest
since 2002, according to 18 of 19 economists Bloomberg News
surveyed. Copper, Chile's largest export, also rose in New York,
boosting the metal's gain to 26 percent this year.


Read more at Bloomberg Currencies News

Bank of Mexico Won't Sell Dollars in Next 3 Months After Outflow, UBS Says

(Bloomberg) -- Banco de Mexico won't sell dollars
from August through October because of an outflow of
international reserves, UBS AG said in a report.

Banco de Mexico won't sell dollars in the next three months
for the first time since the bank began auctioning dollars on a
daily basis in 2003 in a bid to reduce the cost of holding
reserves, said Guillermo Aboumrad, a senior economist at UBS's
unit in Mexico City.


Read more at Bloomberg Currencies News

US STOCKS-Blue chips up on lower oil; housing in focus

(Reuters) - NEW YORK, July 11 - U.S. blue-chip stocks rose on
Wednesday on a drop in oil prices, but the broad market was
little changed due to lingering concerns about the troubled
subprime mortgage industry.




Gains in McDonald's Corp and bargain-hunting after
Tuesday's sharp decline also underpinned the blue-chip
average.


Read more at Reuters.com Bonds News

Emerging-Market Bond Spreads Widen to Most Since March Amid Risk Advesion

(Bloomberg) -- Emerging-market bonds were little
changed after Moody's Investors Service lowered the credit
ratings on $5.2 billion of bonds backed by subprime mortgages.

Developing nation debt fell yesterday as Moody's downgrades
and Standard & Poor's warning that it may cut ratings on $12
billion of subprime securities triggered aversion to risky
assets. Investors are concerned housing woes may hamper U.S.
economic growth, curbing demand for exports of emerging-market
countries.


Read more at Bloomberg Bonds News

Fannie Mae sells $4 bln 2-year benchmark notes

(Reuters) - The other lead managers on the sale were Barclays and
Goldman Sachs.




Read more at Reuters.com Bonds News

Brazil's Real Declines as Subprime Rout Increases Investor Risk Aversion

(Bloomberg) -- Brazil's real weakened as losses on
U.S. bonds backed by subprime loans curbed demand for high-yield
securities from developing countries.

The real lost 0.5 percent to 1.9015 per dollar at 9:21 a.m.
New York time, cutting its gains this year to 12.3 percent.


Read more at Bloomberg Currencies News

Dendreon, ENSCO, Noble, GlobalSantaFe, Innovo: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 9 a.m. New York time.

Oil-service companies: Merrill Lynch & Co. downgraded some
oil-service companies on concern that oil prices will fall and
producer demand will wane. Noble Corp. (NE US), GlobalSantaFe
Corp. (GSF US) and Diamond Offshore Drilling Inc. (DO US) were
cut to ``neutral'' from ``buy.'' Shares of Noble, the fourth-
largest U.S. oil and gas driller by market value, fell $1.73, or
1.7 percent, to $99.46 in trading before U.S. exchanges opened.
Shares of GlobalSantaFe Corp., the world's second-largest
offshore oil and gas driller, fell $1.03, or 1.4 percent, to
$72.80. Shares of Diamond, the world's third-largest oil and
natural-gas driller by market value, fell $1.54, or 1.5 percent,
to $103.79. ENSCO International Inc. (ESV US) was reduced to
``sell'' from ``buy.'' Shares of the U.S. oil and natural-gas
driller fell $1.29, or 2 percent, to $62.


Read more at Bloomberg Stocks News

Bush to forecast deficit of $205 billion

(Reuters) - But the new estimate is still slightly higher than private forecasts, which pegged the deficit at around $150 billion.




U.S. officials confirmed the number on condition of anonymity so as not to upstage Bush, who is scheduled to unveil the numbers at 1 p.m. EDT on Wednesday.


Read more at Reuters.com Bonds News

OPEC sees no reason to raise output: President

(Reuters) - "The member countries of the organization are ready to pump additional amounts of crude oil into the market if the need arises."




Read more at Reuters.com Business News

Spain's San Jose buys Dominican builder Deconalva

(Reuters) - "With this acquisition, the group continues its
international expansion policy and starts a new strategic
diversification process in Central America and the Caribbean,"
the group said in a statement.




Read more at Reuters.com Mergers News

Chaparral Steel, Dendreon, NYSE Euronext, Tektronix: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 7:30 a.m. New York time.

Barnes Group Inc. (B US): The maker of components for
automobiles and aircraft said certain of its 3.75 percent
convertible notes were eligible for conversion. Shares fell 43
cents to $32.56 in regular trading yesterday.


Read more at Bloomberg Stocks News

Dolan Media sees IPO at $13.50-$15.50/share

(Reuters) - Dolan Media said it will use the proceeds from the offering
to redeem preferred stock, repay debt and for general corporate
purposes, including for acquisitions and working capital.




The underwriters have the right to purchase about 1.6
million more shares from the selling stockholders.


Read more at Reuters.com Bonds News

S.Africa union sticks by official maize forecast

(Reuters) - Grain South Africa is sticking by the government's official maize crop forecast, despite speculation that the harvest may be far smaller, a manager at the farmers' union said on Wednesday.

"We from Grain SA, we stick with the Crop Estimates Committee," Nico Hawkins, manager of industry services at Grain SA, told Reuters.


Read more at Reuters Africa

Platinum Rises on Speculation Supply May Be Disrupted; Palladium Declines

(Bloomberg) -- Platinum rose to a one-month high in
London on speculation supplies may be disrupted from South
Africa, the biggest producer of the metal. Palladium dropped.

Johannesburg-based Impala Platinum Holdings Ltd.'s pay talks
with a labor union failed after workers refused to accept a two-
year wage pact, Eddie Majadibodu, a negotiator for the National
Union of Mineworkers, said today.


Read more at Bloomberg Commodities News

Transmeta files $50 mln shelf offering

(Reuters) - Under a shelf registration filed with the U.S. Securities
and Exchange Commission, a company may sell securities in one
or more separate offerings with the size, price and terms to be
determined at the time of sale.





Read more at Reuters.com Bonds News

India's Megasoft to buy Boston Communications for $65 mln

(Reuters) - The deal is expected to be completed in the third quarter.





Read more at Reuters.com Mergers News

Tullow Oil cuts North Sea plans as Africa finds grow

(Reuters) - London-based oil explorer Tullow Oil Plc said it was cutting back drilling plans in the UK North Sea so it can boost exploration activities in Ghana and Uganda, where earlier finds are proving bigger than expected.

The shift will see Tullow miss its 2007 production guidance by 7-8 percent but Chief Financial Officer Tom Hickey said that with a recent oil discovery in Ghana turning into the company's biggest ever, capital was better spent accelerating drilling there.


Read more at Reuters Africa

China shares end higher, led by banks, real estate

(Reuters) - Bank of Nanjing and Bank of Ningbo announced price ranges on Wednesday for their initial public equity offers, set to raise a combined total of up to 11.07 billion yuan .




The Shanghai Composite Index ended at 3,865.723 points, reversing a fall of as much as 1 percent during the afternoon and a 0.78 percent drop on Tuesday.


Read more at Reuters.com Hot Stocks News

Corporate Bond Risk Soars Most in Three Years on Subprime Debt Downgrades

(Bloomberg) -- Corporate bond risk soared in Europe
by the most in at least three years as debt rating downgrades on
U.S. subprime securities triggered a worldwide selloff,
according to traders of credit-default swaps.

Credit-default swaps on 10 million euros ($13 million) of
debt sold by 50 companies from Italian automaker Fiat SpA to
betting group Ladbrokes Plc in London jumped 25,000 euros to
291,000 euros, according to prices on the iTraxx Crossover
Series 7 Index from JPMorgan Chase & Co. The increase is the
biggest on any day since the index started in 2004.


Read more at Bloomberg Bonds News

Unibail-Rodamco says has 95.74 pct of Rodamco

(Reuters) - During the period, which ended on Tuesday at 1300 GMT, an
additional 16.1 percent of Rodamco shares were tendered, adding
to Unibail-Rodamco's holdings.




French Unibail Holding S.A. declared its offer for Dutch
Rodamco Europe unconditional in June, creating Europe's biggest
listed property company as measured by market capitalisation.


Read more at Reuters.com Mergers News

Chicago Soybeans Rise to Three-Year High on U.S. Output Concern; Wheat Up

(Bloomberg) -- Soybean futures in Chicago rose to a
three-year high on speculation that the U.S. crop may be less
this year than the government forecast in June. Wheat futures
also climbed.

Farmers planted more corn after the grain reached a 10-year
high in February, driven by demand for ethanol and animal feed.
Soybean acreage fell by 15 percent from last year's record, the
U.S. Department of Agriculture said on June 29. The department is
scheduled to release its next supply and demand report tomorrow.


Read more at Bloomberg Commodities News