S&P 500 hits record

(Reuters) - The Standard & Poor's 500's milestone came a day after a market rally in which the Dow industrials racked up their biggest one-day point-gain in more than four years. The S&P 500 also capped its best two weeks in 11 months.




The Dow crossed 13,900 for the first time and hit a lifetime high for a second straight day as GE roughly doubled its 2007 share buyback to $14 billion, in a week that saw several major companies announcing multibillion-dollar share repurchase plans.


Read more at Reuters.com Hot Stocks News

Broadcom probe looks at ex-CEO's behavior: report

(Reuters) - In court papers, Kato claimed that Nicholas had a deep dependence on cocaine and other drugs, regularly slept with prostitutes and women other than his wife, spiked the drinks of Broadcom customers with ecstasy, and ordered prostitutes for customers while at trade shows in Las Vegas.




Steven Silverstein, Nicholas' attorney, denied all those claims, saying Kato made them in a bid to extort money from Nicholas.


Read more at Reuters.com Business News

H&R Block pays CEO $1.57 mln, urges no to Breeden

(Reuters) - The pay package is based on salary, bonus, the value of
stock options and other awards granted during the year and
incentives and perks.




In the proxy filing, H&R Block also urged shareholders to
disregard any proxy card from Breeden. His firm Breeden Capital
Management LLC said it owns 1.86 percent of H&R Block shares.


Read more at Reuters.com Government Filings News

Home Depot gets credit commitment for tender offer

(Reuters) - The retailer added in the filing that the availability of
the commitment was subject to the execution of a definitive
credit agreement.




Earlier this week, Home Depot said it would buy back up to
$11 billion of stock through a tender offer of 250 million
shares at $39 to $44 per share. The offer expires on Aug. 16.


Read more at Reuters.com Bonds News

US credit derivatives backlog improvement praised

(Reuters) - "We look forward to additional progress and commend the joint regulatory action and industry response as a model for tackling similar problems in global markets," he said.




Credit derivatives are contracts, such as credit default swaps, reached between institutions to manage debt risk. The market for them at the end of 2006 was $34.5 trillion in notional value, up 33 percent from mid-year and double 2005's level.


Read more at Reuters.com Bonds News

Bank of America set for Chicago, Michigan touchdown

(Reuters) - The ruling by the Dutch Supreme Court said ABN AMRO Holding NV does not need shareholder approval to sell LaSalle to Bank of America, the second largest U.S. bank. That in turn may make it easier for Britain's Barclays Plc to buy the rest of ABN AMRO and fend off a rival bid led by Royal Bank of Scotland Plc .




LaSalle has about 411 branches, 1,500 automated teller machines and 1.4 million customers. Its addition would give Charlotte, North Carolina-based Bank of America more than 6,100 branches and push it to the 10 percent federal cap on deposits nationwide. The bank would surpass JPMorgan Chase & Co. as Chicago's largest, with about 16 percent of area deposits.


Read more at Reuters.com Business News

US STOCKS-S&P hits record as stocks extend gains

(Reuters) - NEW YORK, July 13 - The Standard & Poor's 500
index hit a lifetime high in late-session trading on
Friday as stocks rose on news that General Electric Co
increased a stock-buyback plan and a report showed consumer
sentiment rose in early July.




The S&P 500's previous record of 1,553.11 was set on March
24, 2000, in the waning days of the Internet bubble.


Read more at Reuters.com Bonds News

Treasuries Headed for Weekly Gain Over Subprime Mortgage Crisis, Economy

(Bloomberg) -- Treasuries were poised for a weekly
gain as the subprime mortgage crisis sent investors to the
safety of U.S. government debt and raised concern that housing
weakness will slow economic growth.

Benchmark 10-year note yields have fallen almost 7 basis
points so far this week. Treasuries strengthened today as a
Commerce Department report showed U.S. retail sales fell last
month by the most in almost two years.


Read more at Bloomberg Bonds News

Chile stocks make cautious gains, peso firms

(Reuters) - Chile's central bank raised its monetary policy rate 25
basis points to 5.25 percent as expected on Thursday, the first
increase since July of last year, amid a rebound in both
inflation and economic growth.




The bank said further hikes this year were likely if the
current scenario holds.


Read more at Reuters.com Bonds News

UPDATE 1-Buffett rumors lift Hovnanian, home-builder shares

(Reuters) - "There is talk that Warren Buffett is buying a stake in
Hovnanian," said Jon Najarian, co-founder of optionmonster.com.
"We think such a move by Buffett would clearly signal a bottom is
finally in or near this battered housing sector."




Hovnanian shares were up 8.4 percent, or $1.39, shortly after
noon, at $17.94 on the New York Stock Exchange after rising as
much as 14 percent earlier in the session. Hovnanian shares were
among the top percent gainers on the New York Stock Exchange.


Read more at Reuters.com Bonds News

Brazil Stocks Gain for Week, Led by Vale, on Takeovers in Metals Industry

(Bloomberg) -- Brazil's main stock index headed for a
third week of gains, led by mining company Cia. Vale do Rio Doce,
as rising metals prices and takeover speculation propelled raw
materials stocks.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange gained 2.1 percent this week to 57,554.72. Today the index
was little changed, slipping 58.33, or 0.1 percent, from a record
yesterday.


Read more at Bloomberg Stocks News

Press baron Black loses fight of his life

(Reuters) - On Friday he lost perhaps the most important battle of his life when a jury in Chicago found him guilty of multiple counts of criminal fraud, related to allegations that he stole millions from Hollinger International Inc., the former newspaper publishing empire he once controlled.




In the 15-week trial, the verbose Black was described as snotty and arrogant by his own lawyers, who argued that that did not make him guilty.


Read more at Reuters.com Business News

S. African Rand Posts Third Weekly Gain as Interest Rate Spurs Carry Trade

(Bloomberg) -- South Africa's rand posted its third
week of gains against the dollar as expectations of higher
interest rates spurred investor appetite for so-called carry
trades.

The rand traded near the highest in almost two weeks,
supported by investors seeking out South Africa's 9.5 percent
interest rate in trades funded by borrowing the Japanese yen or
Swiss franc more cheaply. A report yesterday showing quicker-
than-expected manufacturing growth added to speculation the
Reserve Bank will raise borrowing costs further.


Read more at Bloomberg Currencies News

HeidelbergCement Raises $22 Billion of Loans to Finance Hanson Acquisition

(Bloomberg) -- HeidelbergCement AG, Germany's
largest cement maker, finished raising $22 billion of loans to
finance its acquisition of Hanson Plc.

HeidelbergCement started marketing the loans on June 7,
before global credit markets slumped as U.S. subprime mortgage
defaults increased. The financing drew 46 banks, including
arrangers Royal Bank of Scotland Group Plc and Deutsche Bank AG.


Read more at Bloomberg Bonds News

FACTBOX-Bidders for Airbus factories

(Reuters) - They are Filton , Meaulte and Nordenham
.




These deals will include risk-sharing on composite
development in the 10 billion euro A350 plane
project.


Read more at Reuters.com Mergers News

Oil Rises, Topping $77 in London, as Line Closing Cuts Output in North Sea

(Bloomberg) -- Crude oil rose to an 11-month high
above $77 a barrel in London and gained in New York after a
pipeline shutdown and maintenance work reduced North Sea
production.

Chevron Corp. and ConocoPhillips said they lost output from
North Sea fields that produce oil and gas after BP Plc closed
the pipeline. BG Group Plc said its Armada oil field in the
North Sea has been shut for maintenance since June. The
International Energy Agency said in a report today that global
oil demand will rise 2.5 percent next year.


Read more at Bloomberg Energy News

Alcoa, Idenix, Lufkin Industries, Playtex and Shaw: 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 10:10 a.m. New York time.

Alcoa Inc. (AA US) rose $1.36, or 3 percent, to $46.65. The
world's second-biggest aluminum maker said yesterday it withdrew
its unsolicited takeover bid for aluminum producer Alcan Inc. (AL
US) after Rio Tinto Group (RIO AU) made a higher offer of $38.1
billion. Separately, Credit Suisse Group increased its share-
price estimate for Alcoa by 22 percent to $55, saying that
takeover speculation would support the stock. Alcan shares fell
$1.04 to $97.41.


Read more at Bloomberg Stocks News

TREASURIES-Bonds gain after soft retail sales

(Reuters) - NEW YORK, July 13 - U.S. government debt prices
were higher on Friday after a surprisingly weak report on U.S.
retail sales signaled that the slipping housing sector was
taking a toll on consumers.




But Treasuries pared some gains after data showing July
consumer sentiment was stronger than expected.


Read more at Reuters.com Bonds News

Murray & Roberts shares surge on profit outlook

(Reuters) - Shares in South African construction group Murray & Roberts (M&R) leapt to a year-high of 79 rands per share on Friday on the back of a bullish earnings statement and robust order book.

The stock traded more than 5 percent higher, but pared its gains to add 3.33 percent at 77.50 rand by 1258 GMT, the biggest climber on the Top-40 blue chip index, which added 0.52 percent.


Read more at Reuters Africa

J&J says splits big ad account among agencies

(Reuters) - Interpublic Group's Universal McCann, which previously worked on the health care company's media account in the United States and Canada, retained that part of the account, Johnson & Johnson said on Friday.




That should be a relief inside IPG, with some analysts having voiced concern that the world's third-largest advertising holding company could lose a large chunk of the account, which would have marked a severe setback to its long recovery from accounting problems.


Read more at Reuters.com Business News

July consumer sentiment jumps to 6-month high

(Reuters) - The survey's gauge of current economic conditions was 105.7 in early July, above the final June reading of 101.9.




The preliminary June figure on consumer expectations was 83.9, above the final June figure of 74.7.


Read more at Reuters.com Economic News

Alcoa, Baker Hughes, Chemed, GE, RadioShack, VeriSign: 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.

Acergy SA American depositary receipts (ACGY US), each
representing one share, rose 52 cents, or 1.9 percent, to $27.57
in trading before U.S. exchanges opened. Deutsche Bank AG
increased its share-price forecast for the U.K.-based provider of
oil services to 170 kroner from 150, citing better-than-expected
second-quarter net income and the company's increased profit
forecast for 2007.


Read more at Bloomberg Stocks News

WRAPUP 1-Retail slump in June hints at tired U.S. consumer

(Reuters) - Sales for June dropped 0.9 percent where economists had
looked for a 0.1 percent gain, far outweighing small upward
revisions to the figures for May, according to Commerce
Department data.




There were also signs that inflation is creeping higher
even as consumer demand weakens, with a Labor Department report
showing import prices rising for a fifth straight month as
petroleum costs soared.


Read more at Reuters.com Economic News

Mozambique eyes bio-fuels to cut energy costs

(Reuters) - Mozambique is considering investing in a massive bio-fuels programme to cut oil imports and supply its growing manufacturing and tourism sectors with low-cost energy, one of its ministers said on Friday.

"This is an ambitious and viable programme," Science and Technology Minister Venancio Massingue told Reuters in an interview. "It's our plan to start massive production and reduce fuel imports, boost agricultural production and tourism."


Read more at Reuters Africa

TREASURIES-Bonds edge up ahead of retail sales data

(Reuters) - But an unexpectedly soft report could augur economic
weakness, hurt stocks and restore Treasuries' allure.




"I would envision that with a fairly strong number you
could see some sell off in the 10-year note and maybe in the
2-year to 5-year area," said James J. Burns, president of
wealth management firm J.J. Burns & Co. in Melville, New York.


Read more at Reuters.com Bonds News

Florida East Coast says enters into MoU to settle class action

(Reuters) - The settlement of the consolidated class action will not
affect the amount of the special dividend or the merger
consideration to be paid in the merger, the company said in a
filing with U.S. Securities and Exchange Commission.





Read more at Reuters.com Government Filings News

UPDATE 1-KPN, competitors agree on next-generation rollout

(Reuters) - The rival providers have had to rethink their business
models following KPN's plan to extend its high-speed fibre-optic
network all the way to street boxes, scrapping most of its 1,400
local exchanges where its competitors have equipment installed.




The rival operators currently only rent the final bit of
copper wire leading into homes from KPN.


Read more at Reuters.com Government Filings News

Asian Stocks Rise the Most in Two Months on Takeovers; Posco, BHP Climb

(Bloomberg) -- Asian stocks rose the most in two
months, spurred by Rio Tinto Group's $38 billion bid for Alcan
Inc. and higher sales at U.S. retailers.

Posco surged by the most in four years and BHP Billiton Ltd.
climbed following Rio's offer. Samsung Electronics Co. jumped
after reporting better-than-expected earnings and a newspaper
said billionaire investor Carl Icahn may be planning a hostile
bid. South Korea's Kospi index, the region's best performer in
the past three months, advanced 2.8 percent to a new high.


Read more at Bloomberg Stocks News

U.S. Treasuries Little Changed After Gains in Stocks in U.S., Asia, Europe

(Bloomberg) -- Treasuries were little changed as a
global rally in stocks suggested waning concerns that a slump in
the U.S. subprime mortgage market will spread to the rest of the
economy.

Demand for the safety of government debt declined as Asian
and European benchmark stock indexes followed gains in the U.S.
yesterday. An index of emerging-market bonds compiled by
JPMorgan Chase & Co. yielded 1.64 percentage points more than
Treasuries, narrowing from 1.74 points July 10, showing
investors are seeking higher returns on riskier debt.


Read more at Bloomberg Bonds News

Blackstone partners may avoid tax on IPO gain: NYT

(Reuters) - Congress is currently weighing whether to raise taxes on the profits made by private equity and hedge fund firms, which would more than double the tax rate from 15 to 35 percent.




The Times said Blackstone's tax move hinged on its use of goodwill, an accounting term for the value of the intangible assets built up by a company over time.


Read more at Reuters.com Government Filings News

U.K. Natural Gas Rises on Scarce North Sea Supplies; Power Prices Increase

(Bloomberg) -- U.K. natural gas for delivery next
week rose on scarce supplies of the fuel. Electricity costs
gained as the price of the fuel increased, with weekend prices
at the highest since January.

Gas for delivery a week ahead increased 4.9 percent to
30.15 pence a therm, according to prices on Bloomberg from the
broker ICAP Plc. That's equivalent to $5.95 a million British
thermal units. A therm is 100,000 Btus.


Read more at Bloomberg Energy News

Gold Rises as U.S. Dollar's Decline Revives Investor Demand; Silver Gains

(Bloomberg) -- Gold rose, heading for a second
consecutive weekly advance, on signs declines in the dollar have
helped to revive demand for the precious metal as an alternative
investment. Silver advanced.

Investment in the StreetTracks Gold Trust, the biggest
exchange-traded fund backed by bullion, has climbed 4.4 percent
this month, heading for the first monthly gain since April,
figures from the World Gold Council show. Gold has climbed 4.3
percent from a four-month low on June 27 as the dollar has
fallen to a record low against the euro.


Read more at Bloomberg Commodities News