Gold in Asia Little Changed as Dollar's Decline Boosts Investment Appeal

(Bloomberg) -- Gold was little changed in Asia after
rising to the highest in more than a month yesterday as the U.S.
dollar's decline boosted demand for the metal as an alternative
investment. Silver was also little changed.

Gold generally moves in the opposite direction of the U.S.
currency. Gold has gained 4.7 percent this year, while the euro
had climbed 4.4 percent against the dollar. The dollar index, a
gauge of its value against six other currencies, fell to a 2 1/2-
year low of 80.545 yesterday.


Read more at Bloomberg Commodities News

Euro Is `Poised to Test' $1.3855 on Ascending Channel, RBC's Davis Says

(Bloomberg) -- The euro is ``poised to test''
$1.3855, said George Davis, chief technical analyst in Toronto at
RBC Capital Markets, citing charts that predict price movements.

The level represents the upper boundary of the euro's
ascending channel, connecting the highs of June 5, 2006, Dec. 4,
and April 27, according to data compiled by Bloomberg. A break of
the upper boundary would suggest faster gains.


Read more at Bloomberg Currencies News

Samsung Electronics Posts Lowest Profit in Four Years as Chip Prices Fall

(Bloomberg) -- Samsung Electronics Co., Asia's
largest maker of semiconductors, flat screens and mobile phones,
reported its smallest quarterly profit in four years after a glut
drove prices of computer memory chips to record lows.

Second-quarter net income fell 5 percent to 1.42 trillion
won ($1.6 billion), from 1.5 trillion won a year earlier, the
Suwon, South Korea-based company said in a regulatory filing
today. That's the lowest profit since the second quarter of 2003.
Sales rose 3.7 percent to 14.63 trillion won.


Read more at Bloomberg Emerging Markets News

Asian Stocks Advance to Record on Takeovers, U.S. Retail Sales; BHP Gains

(Bloomberg) -- Asian stocks rose, pushing a regional
benchmark to a record, as takeover speculation increased and
concern eased that consumer spending in the U.S. will slow.

BHP Billiton Ltd. climbed to a new high following Rio Tinto
Group's offer to buy Alcan Inc. Samsung Electronics Co. surged to
a 10-month high after a newspaper reported that billionaire
investor Carl Icahn may be planning a hostile bid for the company.


Read more at Bloomberg Stocks News

Fed's Yellen: Inflation decline to be bumpy ride

(Reuters) - Risks remain skewed toward higher prices, especially
because of the possibility of wage inflation, meaning an
"asymmetric policy tilt" is appropriate for now, Yellen said.




However, talking to reporters after a speech to a business
leaders group, Yellen said that, among a range of employment
indicators tracked by the Fed, only the jobless rate was really
"flashing" signs of tightness in the labor market.


Read more at Reuters.com Business News

Japan's Nikkei 225 Average, Topix Rise; Toyota, Nippon Steel Lead Climb

(Bloomberg) -- Japan's Nikkei 225 Stock Average rose
166.85, or 1 percent, to 18,150.99 as of 9:03 a.m. in Tokyo. The
broader Topix index added 17.87, or 1 percent , to 1780.93.

Toyota Motor Corp. and Nippon Steel Corp. led the advances.


Read more at Bloomberg Stocks News

Mexico's Calderon getting closer to tax reform

(Reuters) - Calderon's conservative party lacks a majority in Congress,
but his proposal to boost tax revenues might get the support it
needs from a key political party if he accepts relatively minor
changes, a senior lawmaker said on Thursday.




"The way things are moving along now, we see a good chance
of bearing fruit," said lawmaker Jorge Estefan,
a point man in fiscal reform negotiations for the opposition
Institutional Revolutionary Party, or PRI.


Read more at Reuters.com Bonds News

Alcoa vulnerable to takeover after Alcan-Rio

(Reuters) - Alcoa shares reacted by hitting a new high along with those of Alcan, which announced the $38 billion deal with the Anglo-Australian mining company on Thursday.




Another Anglo-Australian miner, BHP Billiton , is one possible buyer for Alcoa, analysts and sources familiar with the matter said, and other names in the frame include CVRD and Xstrata Plc .


Read more at Reuters.com Business News

Japanese Stocks May Rise as U.S. Retail Outlook Sends Dow, S&P to Records

(Bloomberg) -- Japanese shares may rise after U.S.
retailers' better than expected sales eased concern a housing
slump will curb consumer spending in the world's biggest economy.

Sony Corp. and Honda Motor Co. may lead gains after the Dow
Jones Industrial Average had the biggest advance since 2003.


Read more at Bloomberg Stocks News

Lehman Brothers sells $5 bln of debt in 3 pts-source

(Reuters) - Lehman Brothers was the sole lead manager of the sale, the
source said.




Read more at Reuters.com Bonds News

Asian Stocks Rise in U.S. Trading; BHP Billiton, Metal Companies Advance

(Bloomberg) -- Asian stocks trading in the U.S. gained
after Rio Tinto Group said it plans to buy Alcan Inc., sparking
speculation more mergers will take place in the metals industry.
BHP Billiton, the world's largest mining company, rose.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, climbed 1.6 percent to
174.34, the highest since at least December 2001, when Bloomberg
began tracking the benchmark.


Read more at Bloomberg Stocks News

Walt Disney sells $1.1 billion in 2 parts - lead

(Reuters) - The sale included $750 million in three-year floating-rate notes with a coupon rate of 0.07 percentage point over the three-month London interbank offered rate and $350 million in 10-year notes priced to yield 0.90 percentage point over Treasuries.



BNP Paribas, Goldman Sachs and J.P. Morgan were the other joint lead managers of the sale.


Read more at Reuters.com Bonds News

Force Protection buys new vehicle-production facility

(Reuters) - Force Protection plans to use the facility for additional
capacity for current and future products including its new
Cheetah vehicle line, it said.





Read more at Reuters.com Mergers News

US STOCKS-Indexes rally on retail sales and Alcoa talk

(Reuters) - NEW YORK, July 12 - U.S. stocks surged on
Thursday, with the Dow hitting a record on its biggest point
gain since 2002, after healthy retail sales reassured
investors about consumer spending and a $38 billion mining
takeover fed expectations for more deals.




The Standard & Poor's 500 index also closed at a new
record and is now less than 6 points from its lifetime high.
The Nasdaq rose to its highest in about six-and-a-half years.


Read more at Reuters.com Bonds News

Fitch Says $7.1 Billion of Subprime Bonds May Be Downgraded, Defaults Rise

(Bloomberg) -- Fitch Ratings said it may downgrade
$7.1 billion of bonds because of rising delinquencies and
defaults on subprime mortgages.

The company put 170 subprime transactions ``under
analysis,'' indicating that they may be cut. Ratings of 19
collateralized debt obligations were placed on review for a
downgrade, Fitch, a unit of Paris-based Fimilac SA, said today in
an e-mailed statement.


Read more at Bloomberg Bonds News

UPDATE 1-Approach Resources files with SEC to go public

(Reuters) - JPMorgan and A.G. Edwards are underwriting the IPO, the
company said in a preliminary filing with the U.S. Securities
and Exchange Commission.




Approach Resources intends to list its stock on the Nasdaq
under the symbol "AREX" .


Read more at Reuters.com Government Filings News

US STOCKS-Indexes surge on retail sales and Alcoa talk

(Reuters) - NEW YORK, July 12 - U.S. stocks rallied on
Thursday, boosting the Dow to a record, as healthy sales from
key retailers reassured investors about the economy, while
takeover speculation drove Alcoa Inc.'s shares to a
lifetime high.




The Dow rose more than 200 points, a point advance that
the blue-chip average hasn't achieved in almost a year.


Read more at Reuters.com Bonds News

IndyMac sells Pasadena property, sees $60 mln gain

(Reuters) - IndyMac expects to recognize about $24 million of the gain
immediately, while the balance will be amortized over the term
of the lease. The company disclosed the sale and expected gain
in a U.S. Securities and Exchange Commission filing.




Shares of IndyMac rose 18 cents to $28.85 in afternoon
trading on the New York Stock Exchange.



Read more at Reuters.com Government Filings News

Chilean Currency Advances to 14-Month High on Expected Interest Rate Boost

(Bloomberg) -- Chile's peso advanced to the
strongest since May 2006 on expectations the central bank will
increase borrowing costs today.

Policy makers will increase the key overnight lending rate
by a quarter-percentage point to 5.25 percent at its policy
meeting, according to 18 of 19 economists Bloomberg News
surveyed. The currency has also been supported by the price of
copper, Chile's largest export, which has increased 9 percent in
the past 10 trading days.


Read more at Bloomberg Currencies News

U.S. posts $27.48 bln June budget surplus

(Reuters) - June is typically a budget surplus month, with a quarterly filing deadline for individual income-tax returns mid-month that brings a flood of money to Treasury coffers.




The budget surplus was in line with expectations of analysts polled by Reuters.


Read more at Reuters.com Bonds News

Discover, Macy's, Progressive, SLM Corp., Wal-Mart: 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 1:15 p.m. New York time.

Abercrombie & Fitch Co. (ANF US) rose $5.43, or 7.8 percent,
to $74.81. The clothing retailer for teens and college said June
comparable store sales rose 2 percent from a year earlier.
Analysts had estimated sales to fall 2.8 percent, according to a
report from Retail Metrics LLC.


Read more at Bloomberg Stocks News

CBOT shares to be delisted at close of trade

(Reuters) - The combined entity will be known as CME Group Inc., a
CME/Chicago Board of Trade Company.







Read more at Reuters.com Mergers News

Collins & Aikman to sell Hermosillo plant to Ross

(Reuters) - The Hermosillo plant produces interior components
exclusively for Ford Motor Co. vehicles, including the
Ford Fusion, Mercury Milan and Lincoln MKZ. Details of the sale
agreement were not disclosed, he said.




Read more at Reuters.com Bonds News

Copper Declines in New York, Erasing Gains, on Concern Rally Was Overdone

(Bloomberg) -- Copper futures fell in New York,
erasing earlier gains, on speculation a rally that took the metal
to a two-month high was overdone.

Copper gained 9.2 percent in the 10 sessions before today as
strikes raised concerns production would be cut at a time of
shrinking global stockpiles. Still, copper has fallen 6.3 percent
since reaching an 11-month high on May 4 on signs of easing
demand from China, the world's largest consumer of the metal.


Read more at Bloomberg Commodities News

Oil Falls on Report BP Is Starting Unit at Refinery in Whiting, Indiana

(Bloomberg) -- Crude oil fell on a report BP Plc
will begin startup today of a unit at its Whiting, Indiana,
refinery, the biggest in the Midwest.

The 235,000 barrel-a-day crude unit, which was shut July 9
for unplanned maintenance after a crack was discovered on a
piece of equipment, is expected to be at full rates by next
week, a person familiar with the plant's status said. The
refinery can normally process more than 400,000 barrels of oil a
day. Prices were higher until gasoline plunged on the Whiting
headlines.


Read more at Bloomberg Energy News

Progressive Corp. posts lower quarterly earnings

(Reuters) - NEW YORK, July 12 - Progressive Corp. , the third-largest auto insurer in the United States, on Thursday reported lower-than-expected quarterly earnings as net earned premiums declined.



The company, whose stock fell 3.5 percent, said net income declined by 29 percent to $283.7 million, or 39 cents a share, from $400.4 million, or 51 cents per share, a year earlier.


Read more at Reuters.com Market News

US STOCKS-Wall St reassured by retail sales; Alcoa up

(Reuters) - NEW YORK, July 12 - U.S. stocks rose on Thursday
and the Dow climbed to an intraday record after major retailers
issued reassuring monthly sales figures and outlooks, a sign
consumer spending will continue to support economic growth.




Shares of Alcoa hit a record high, rising after Alcoa was
outbid in its hostile takeover bid for rival Alcan Inc.



Read more at Reuters.com Bonds News

U.S. 30-year mortgage rates spike in latest week

(Reuters) - Frank Nothaft, Freddie Mac vice president and chief
economist, said the mortgage finance giant expected rates to
stay around their current levels through the end of the year.




"Freddie Mac expects weakness in the housing market to
persist in the second half of the year, with 2007 total home
sales and housing starts hitting 5-year lows," he also said.


Read more at Reuters.com Bonds News

UPDATE 3-Shaw replaces CFO, restates Q1 loss

(Reuters) - Shares of the Construction and engineering company were
trading at $50.38, up $0.98 or 1.98 percent, at midday on the
New York Stock Exchange.




In an unexpected move, Shaw said Brian Ferraioli, who was
vice president and controller for Foster Wheeler Ltd. ,
will join the company as CFO at the end of July. Current CFO
Robert Belk is out on medical leave and will take on a new role
upon his return, including responbilities for investor, banking
and governmental relationships.


Read more at Reuters.com Government Filings News

Brazil's CVRD says doesn't rule out bid for Alcan

(Reuters) - CVRD issued the statement shortly after Anglo-Australian
miner Rio Tinto Plc/Ltd. agreed to buy Alcan
for $38.1 billion to create the world's biggest aluminum
producer. A source familiar with the deal told Reuters that
CVRD had also bid for Alcan, which has been fighting off
hostile advances by U.S. rival Alcoa Inc. .





Read more at Reuters.com Mergers News

Brazil's Real Rises After Weekly Inflation Slower Than Analysts Forecast

(Bloomberg) -- Brazil's real strengthened after a
report showing slower-than-forecast inflation boosted
speculation investors will buy more of the nation's assets.

The real rose 0.8 percent to 1.8762 per dollar at 9:46 a.m.
New York time, raising gains so far this year to 13.8 percent.
The real is the best performer among the 16 most actively traded
currencies tracked by Bloomberg.


Read more at Bloomberg Currencies News

UPDATE 1-Cato June total sales rise; increases Q2 profit view

(Reuters) - The company raised its second quarter earnings outlook and
said second quarter sales, to date, were at the high end of its
estimates, and that markdowns had been less than anticipated.




Cato now sees earnings for the second quarter of 35 cents
to 37 cents a share, compared with its earlier outlook of 27
cents to 31 cents a share.


Read more at Reuters.com Market News

U.S. Stocks Advance; Dow Average Climbs Above Record Close as Alcoa Gains

(Bloomberg) -- U.S. stocks gained for a second day
after Wal-Mart Stores Inc. reported sales that topped its
forecast and investors speculated Alcoa Inc. may be taken over.

Wal-Mart, the world's largest retailer, and Alcoa, the
second-biggest aluminum producer, led the Dow Jones Industrial
Average to a record. J.C. Penney Co., the third-largest
department-store chain, advanced after June sales exceeded
analysts' estimates.


Read more at Bloomberg Stocks News

ImClone says Erbitux fails in lung cancer trial

(Reuters) - Results of a bigger late-stage trial of the drug, which is currently approved to treat colon cancer and head and neck cancer, are not yet available.




The bigger trial, which is testing the drug with a different chemotherapy regime, would form the basis of a marketing application with regulators.


Read more at Reuters.com Hot Stocks News

Abbott seen seeking new buyer for diagnostics unit

(Reuters) - "Although Abbott indicated they will manage the diagnostics business for the long-term, we believe there were other bidders leading up to the time of the original agreement with GE and these bidders may re-emerge," Wachovia analyst Larry Biegelsen wrote in a research note.




JP Morgan analyst Mike Weinstein said he wouldn't expect a bid by private equity or a strategic buyer in the short term, although he wouldn't rule one out later.


Read more at Reuters.com Government Filings News

Saks June same-store sales fall 5.6 pct

(Reuters) - Analysts, on average, had expected the company's June same-store sales to fall 4.8 percent, according to a poll conducted by Reuters.







Read more at Reuters.com Business News

UPDATE 1-M/I Homes posts lower Q2 orders, withdraws yearly view

(Reuters) - Homes delivered fell 24 percent to 755 and new contracts
fell 10 percent to 688 for the quarter, the single-family
homebuilder said in a statement, which was also hurt by excess
inventory of new and used homes and weaker demand.




The company estimates that it will record pretax asset
impairment and write-offs of $60 million to $70 million in the
quarter.


Read more at Reuters.com Bonds News

Liberty Media sees benefit to buying all of DirecTV

(Reuters) - DirecTV "is a good business and having access to those cashflows, being able to have it operate synergistically with our content businesses can be attractive under the right conditions," Maffei told Reuters on the sidelines of the 25th annual media and tech moguls conference in Sun Valley, Idaho.




The Liberty chief executive said the company had not made a decision on what it plans to do yet and suggested that it could "liquidate its position" in DirecTV as well.


Read more at Reuters.com Mergers News

Family Dollar June same-store sales rise 1.5 pct

(Reuters) - Total sales for the five weeks ended July 7 rose 4.6
percent to $645.8 million.





Read more at Reuters.com Market News

UPDATE 2-Nordstrom June same-store sales rise 2 percent

(Reuters) - Wall Street, on average, had been expecting a same-store
sales increase of 1.4 percent, according to a Reuters survey.




The retailer said its June sales were hurt by a timing
shift tied to an extra week in the 2006 fiscal year.


Read more at Reuters.com Market News

Palm Oil Advances as Soybean Oil, Main Substitute, Surges to 23-Year High

(Bloomberg) -- Palm oil futures in Malaysia, the
benchmark for the commodity, reversed earlier losses and rose to
a five-week high after the price of soybean oil, the main
substitute, soared to a 23-year high.

Palm oil for September delivery, the most actively traded
contract on the Malaysia Derivatives Exchange, rose 31 ringgit,
or 1.2 percent to 2,615 ringgit ($756) a metric ton.


Read more at Bloomberg Commodities News

Shaw revises Q1 loss view, to delay results

(Reuters) - Shaw expects to obtain appropriate waivers under its bank credit agreement with respect to covenants related to the delinquent U.S. Securities and Exchange Commission filings.



The company expects to record a loss of about $23.8 million, or 30 cents per diluted share, when it restates results for its first fiscal quarter, ended February 28, 2007. It previously reported a loss of $20.3 million, or 26 cents a share.


Read more at Reuters.com Bonds News

Macy's June same-store sales fall 2.7 percent

(Reuters) - Macy's, formerly known as Federated Department Stores, had
forecast that June same-store sales could fall as much as 2
percent as it boosted promotions in an effort to lift sales at
former May stores.




Read more at Reuters.com Market News

Pacific Sunwear June same-store sales rise 4.5 pct

(Reuters) - The company said total sales rose 9.1 percent to $132.9
million for five weeks ended July 7.





Read more at Reuters.com Market News

China's SAIC says H1 vehicle sales up 23 pct

(Reuters) - Commercial vehicle sales topped 300,000 units during the
period, up 29 percent from a year earlier, with sales at
SAIC-GM-Wuling, a tie-up between SAIC, GM and Liuzhou Wuling
Automobile, up 23.3 percent at more than 282,000 units.




SAIC completed a $2.4 billion restructuring in late 2006,
transferring its key auto assests into Shanghai Automotive Co.
Ltd. .


Read more at Reuters.com Market News

Didata sells Britehouse stake to black investors

(Reuters) - South African technology firm Dimension Data has agreed to sell 60 percent of its Britehouse Group IT consulting and services business to black investors to help it expand in Africa.

Didata, which is listed in London and Johannesburg, said on Thursday it had won approval to sell the stake to a consortium comprising black empowerment groups Convergence Partners Investments and Safika Holdings, and investment firm VenFin.


Read more at Reuters Africa

Thailand to Raise Domestic Borrowing to Reduce Baht Appreciation Pressure

(Bloomberg) -- Thailand's government plans to sell
more bonds domestically instead of borrowing from abroad to help
curb gains that have taken the currency to near 10-year highs,
Finance Minister Chalongphob Sussangkarn said.

``The baht is rising too fast,'' Chalongphop told reporters
in Bangkok today. ``Thailand's government will shift its overseas
borrowings to domestic borrowing.''


Read more at Bloomberg Currencies News

Dollar Reaches Record Low Versus Euro on Concern Mortgage Losses to Spread

(Bloomberg) -- The dollar fell to a record low
against the euro and dropped versus the yen on speculation losses
on debt backed by U.S. subprime mortgages will spread.

Signs a housing slump will deepen led traders to increase
bets on a Federal Reserve interest-rate cut, adding to the
dollar's decline. Deutsche Bank AG, which cut its price target on
the stock of Nomura Holdings Inc., an investor in U.S. mortgages,
said there's concern earnings may be eroded by losses from
subprime loans.


Read more at Bloomberg Currencies News

French CAC 40 Stocks Including Total, EDF Fall; Alstom, Schneider Advance

(Bloomberg) -- French stocks including Total SA,
Europe's third-largest oil company, fell. Electricite de France
SA led utilities lower.

Alstom SA gained after the world's third-biggest maker of
power plants said fiscal first-quarter sales rose 27 percent.
Shares of Schneider Electric SA and Vinci SA also rose.


Read more at Bloomberg Stocks News

HK shrs set record, but profit-taking hits banks

(Reuters) - The benchmark Hang Seng Index ended at 22,809.02, earlier having touched a fresh peak at 22,975.81.




Read more at Reuters.com Hot Stocks News