Zambia's Konkola builds new mine, to boost output

(Reuters) - Zambia's Konkola Copper Mines (KCM) is sinking shafts at a new deep-level mine, which together with other projects will more than double finished copper output by 2010, the firm said on Monday.

The new underground mine together with a smelter upgrade and tailings project would lift annual output at Zambia's largest copper producer to 500,000 tonnes in 2010 from the projected 200,000 tonnes this year, KCM communications advisor Samuel Equamo said in an interview.


Read more at Reuters Africa

UPDATE 1-Electrolux Q2 profit in line, stands by outlook

(Reuters) - The Swedish firm reported second-quarter earnings before
interest and tax of 921 million crowns ,
excluding non-recurring items.




That was up from a year-ago 844 million and slightly higher
than a mean forecast of 917 million in Reuters poll of 10
analysts.


Read more at Reuters.com Market News

Asian Stocks Are Little Changed; Japan's Shares Drop, Taiwan Advances

(Bloomberg) -- Japanese stocks fell, led by
insurers and power producers, after yesterday's earthquake.
Taiwan paced gains elsewhere in Asia after UBS AG raised its
estimate for the nation's benchmark.

Millea Holdings Inc., Japan's largest insurer by market
value, declined after the magnitude 6.8 quake in northwest Japan
killed at least nine people and destroyed property. Tokyo
Electric Power Co. dropped as it was ordered to keep closed a
damaged nuclear power plant that leaked contaminated water.


Read more at Bloomberg Stocks News

Novartis says US regulators extend Tasigna review

(Reuters) - The company said the Food and Drug Administration will
review additional long-term data on Tasigna from patients with
chronic myeloid leukaemia.




Read more at Reuters.com Government Filings News

Asian Oil-Product Tanker Rates May Increase as Charterers Book for August

(Bloomberg) -- Freight rates for shipping jet fuel
and other oil products on medium- and large-range tankers in Asia
may rise this week as charterers increase bookings for August.

The cost of shipping a 55,000 metric-ton cargo to Japan
from the Middle East climbed for a 12th day, gaining 0.6 percent
to Worldscale 194.81 yesterday, according to the London-based
Baltic Exchange. That translates to $33.92 a ton, according to
data compiled by Bloomberg.


Read more at Bloomberg Energy News

CORRECTION: HSBC interested in KEB, contacted Lone Star: paper

(Reuters) - Dallas-based Lone Star is looking for a strategic buyer for its remaining 51 percent stake in KEB, South Korea's fifth-biggest lender, after it sold a 13.6 percent in the bank for $1.28 billion in June. The 51 percent stake is worth $4.95 billion at current market prices.




Continuing legal proceedings over Lone Star's 2003 purchase of KEB, however, have delayed a deal.


Read more at Reuters.com Business News

Yuan Strengthens as Gains May Curb China's Exports, Cool Economic Growth

(Bloomberg) -- The yuan rose on speculation China
will pursue faster yuan appreciation to curb exports and cool an
economy that probably grew at the quickest pace in three quarters.

A stronger yuan, which increases export prices, will
complement interest-rate increases in easing economic growth and
keeping excess funds in the financial system from fueling lending
and investment. The central bank today set the currency at the
highest since the end of a dollar link in July 2005.


Read more at Bloomberg Currencies News

HSBC interested in KEB, contacting Lone Star: paper

(Reuters) - Pending legal proceedings over Lone Star's 2003 purchase of KEB, however, have delayed a deal.




Citing people close to the situation, the Daily Telegraph reported that HSBC's expression of interest was "extremely preliminary and contingent upon a resolution of ongoing criminal investigations into KEB's sale in 2003 to Lone Star."


Read more at Reuters.com Mergers News

Dollar Trades Near Record Low Before Inflation, Treasury Holdings Reports

(Bloomberg) -- The dollar traded near a record low
against the euro before U.S. government reports that economists
forecast will show slowing inflation and waning foreign demand
for U.S. securities.

Yields on 10-year Treasury notes yesterday fell for a
second day, diminishing the appeal of holding dollar-denominated
assets. Traders have stepped up bets the Federal Reserve will
cut interest rates before Chairman Ben S. Bernanke delivers
testimony before the House Financial Services Committee tomorrow.


Read more at Bloomberg Currencies News

Pimco's Masanao Favors Japanese Mortgage-Backed, Inflation-Linked Bonds

(Bloomberg) -- Japanese bonds backed by commercial
property loans or protected for inflation are ``attractive'' as
prices may rise at a faster pace in the next three to five years,
according to Pimco Japan Ltd.

Inflation-linked debt is appealing because of rising global
commodity prices, said Tomoya Masanao, executive vice president
at the unit of Pacific Investment Management Co., manager of the
world's largest bond fund. Land prices rose for the first time
in 16 years in Japan, reducing the risk that mortgages for
offices, apartments and hotels will default.


Read more at Bloomberg Bonds News

Australia's Dollar Snaps Four-Day Advance, Retreats From an 18-Year High

(Bloomberg) -- The Australian dollar snapped a four-
day rally to an 18-year high on speculation traders betting the
central bank will raise interest rates again won't add to
holdings.

The currency has surged 4.2 percent in the past month as
interest-rate futures show speculators have fully priced in
expectations the Reserve Bank of Australia will boost borrowing
costs by year-end. It slid the most in almost three weeks today.
Figures released July 13 by the Washington-based Commodity
Futures Trading Commission showed traders had increased bets on
the currency advancing.


Read more at Bloomberg Currencies News

Earthquake in Japan Kills Eight, Injures 900, Causes Nuclear Reactor Leak

(Bloomberg) -- An earthquake of 6.8 magnitude struck
Japan today, damaging a nuclear reactor, toppling houses and
sparking a fire. At least eight people were killed and more than
900 were hurt, according to the Associated Press.

The undersea temblor, centered about 250 kilometers (155
miles) northwest of Tokyo, shook buildings in the capital for
several minutes at about 10:15 a.m. local time. A second, deeper
quake of 6.8 magnitude struck 13 hours later, causing little
damage. No tsunamis were reported.


Read more at Bloomberg Energy News

Vote near, peanut growers ask higher U.S. support

(Reuters) - Federal loan rates effectively set a minimum price for a
crop.




Under the bill awaiting action in the Agriculture
Committee, peanut growers would see the same subsidies as now
-- a so-called direct payment of $36 per ton a year, a
marketing loan rate of $355 a ton and a "target price" of $495
a ton. If crop income is below the target, the government makes
additional payments.


Read more at Reuters.com Bonds News

UPDATE 1-Italy's Edison, AEM boost stakes in Edipower

(Reuters) - Edison, Italy's number-two power producer, raised its stake
to 50 percent from 40 percent in operations worth about 265
million euros, it said in a statement.




It bought 5 percent, or 72.1 million shares, from
Interbanca Spa and Albojo, owned by the Royal Bank of
Scotland Group , under a call option, Edison said in a
statement.


Read more at Reuters.com Mergers News

Moody's raises Tyco rating two notches higher

(Reuters) - "The ratings upgrade follows Tyco's completion of the
spin-off," the rating company said in its statement on Monday.




Tyco International's bonds were little traded on Monday,
according to MarketAxess.


Read more at Reuters.com Bonds News

RLPC-Maxeda 1.075B euro loan pulled, Boots LBO in balance

(Reuters) - "We are assessing our options to see when we will take the
deal back to the market," an arranger said.




The covenant-lite deal for the Netherlands-based
do-it-yourself retailer had already added a debt-to-EBITDA
covenant at the beginning of July in the European loan market's
first tangible reaction to changing market conditions.


Read more at Reuters.com Bonds News

Zarlink plans offering to finance Legerity buy

(Reuters) - Zarlink said in June that it would buy Texas-based
Legerity, which makes telecom semiconductors, for $134.5
million in cash.







Read more at Reuters.com Mergers News

Mexico's Bolsa Falls on U.S. Housing Concern, Led by Cemex: Vale Declines

(Bloomberg) -- Mexican stocks fell for the first day
in four, led by cement maker Cemex SAB, on concern the U.S. housing
slump may have hurt second-quarter earnings for some exporters.

The benchmark Bolsa index declined 161.18, or 0.5 percent, to
32,225.33 as of 3:16 p.m. New York time. Brazil's Bovespa index of
most-traded shares on the Sao Paulo exchange fell 364.85, or 0.6
percent, to 57,279.31.


Read more at Bloomberg Stocks News

Earthquake in Japan Kills Eight, Injures 800; Second Quake Rattles Region

(Bloomberg) -- A pair of earthquakes struck Japan
today, damaging a nuclear reactor, toppling houses and sparking a
fire. At least eight people were killed and more than 800 were
hurt in the first temblor, according to news reports.

The quakes, both 6.8 magnitude, originated in the Sea of
Japan and briefly caused fears of tsunamis. The first struck
about 250 kilometers northwest of Tokyo, causing buildings to
sway for several minutes at about 10:15 a.m. The second hit 457
kilometers (284 miles) northwest of the capital at 11:17 p.m.
local time, the U.S. Geological Survey reported on its Web site.


Read more at Bloomberg Energy News

King Pharma shares fall on Altace patent concerns

(Reuters) - The stock is "down on concerns that the federal circuit may invalidate the Altace patent, which would allow generics to come to the market approximately a year earlier than expected," Cowen and Co. analyst Ian Sanderson said.




King shares were off $1.84, or 8.7 percent, at $19.24 in afternoon trading on the New York Stock Exchange.


Read more at Reuters.com Hot Stocks News

Lear Corp. says shareholders reject Icahn bid

(Reuters) - Icahn could not be reached for immediate comment.







Read more at Reuters.com Mergers News

Peru's Bond Rating Raised by Moody's on Exports, Decline in Foreign Debt

(Bloomberg) -- Peru's foreign currency bond rating
was increased by Moody's Investors Service.

The rating was raised to Ba2 from Ba3, the company said in
a statement today.


Read more at Bloomberg Emerging Markets News

Vodafone says not planning Verizon bid

(Reuters) - Verizon shares gave up most of those gains after Vodafone's denial and were up only 2.23 percent at $42.69 at midday. Vodafone shares trimmed earlier losses to trade down 0.61 percent at 162.20 pence.




"Vodafone wishes to make it clear that it has no plans to make such an offer," the company said in a brief statement.


Read more at Reuters.com Business News

Reed near deal to sell Harcourt: source

(Reuters) - The sale would follow a string of deals in the education sector as the industry undergoes a major shift in ownership.




Harcourt publishes textbooks and related educational supplements for students from pre-kindergarten to high school. It also produces adult education, reference, religious and online learning materials.


Read more at Reuters.com Bonds News

Highveld says recommends revised Evraz offer

(Reuters) - Evraz already owns 54.1 percent of Highveld.




Read more at Reuters.com Mergers News

Earthquake in Japan Kills Seven, Injures 800; Second Quake Rattles Region

(Bloomberg) -- Two earthquakes struck Japan today,
damaging a nuclear reactor, toppling houses and causing a fire.
Seven people were killed and more than 800 were injured by the
first quake, NHK television reported on its Web site.

A second magnitude 6.8 earthquake struck in the Sea of Japan
457 kilometers (284 miles) northwest of Tokyo at 11:17 p.m. local
time, the U.S. Geological Survey reported on its Web site. The
earlier quake, around 250 kilometers northwest of Tokyo, had
triggered tsunami warnings and caused buildings to sway for
several minutes around 10:15 a.m.


Read more at Bloomberg Energy News

Rand stuck in ranges, seeks direction

(Reuters) - South Africa's rand clung largely to last week's closing levels against the dollar on Monday and should keep to present ranges in the absence of substantial economic developments to give it a push either way.

At 1520 GMT the rand was at 6.9625 versus the greenback, barely off Friday's New York close of 6.96 and within Monday's narrow 6.9530/98 trading range.


Read more at Reuters Africa

RBS dealmaker Goodwin revels in tough ABN chase

(Reuters) - An RBS-led consortium stumped up more cash to buy ABN and Goodwin continues to spearhead the 71 billion euro offer, even though RBS's two partners -- Santander and Fortis -- stand to gain more from a successful deal.




Goodwin has said in the past he has no time for spectators and with ABN in his sights, he has said he gave little thought to scrapping the deal even after a key Dutch court ruling went against him on Friday.


Read more at Reuters.com Mergers News

U.S. Stocks Rise on Manufacturing Expansion; Eaton, McDonald's Shares Gain

(Bloomberg) -- U.S. stock indexes rose to records
for a third day on a jump in New York state manufacturing and
earnings results from Eaton Corp. and McDonald's Corp. that
beat analysts' estimates.

Eaton, the world's second-largest maker of hydraulic
equipment, surged the most in the Standard & Poor's 500 Index
after increasing its full-year profit forecast. Verizon
Communications Inc., the second-biggest U.S. phone company,
climbed after the Financial Times said Vodafone Group Plc may
pursue a $160 billion takeover.


Read more at Bloomberg Stocks News

Blackstone unit to buy DJO for $1.3 billion

(Reuters) - The deal will bring together DJO and medical device maker ReAble Therapeutics Inc., formerly known as Encore Medical. The companies make complementary orthopedic and pain-management products, DJO said.




A Blackstone affiliate is the controlling shareholder of ReAble. The affiliate will provide the equity financing for the deal.


Read more at Reuters.com Business News

UPDATE 1-Ipsco shareholders approve $7.7 bln sale to SSAB

(Reuters) - The deal, which required backing from two-thirds of Ipsco
shareholders, received 99.46 percent approval and clears the
way for SSAB to buy Ipsco's outstanding shares for C$160 each.




The global steel industry has seen a wave of consolidation
as producers bulk up to gain more sway over customers and
suppliers in a booming steel market.


Read more at Reuters.com Mergers News

US stock indexes little changed; Verizon up on M&A talk

(Reuters) - U.S. stocks were little changed on Monday as investors paused after Friday's record highs to weigh the latest speculation on the mergers and acquisition front.

Shares of Verizon Communications were the top gainer on the Dow after a Financial Times Web site said on Monday Vodafone Group was considering a $160 billion takeover bid for the U.S. wireless operator. Vodafone denied the report, but Verizon shares still rose 2.5 percent to $42.81.


Read more at Reuters Africa

EU Says Cyprus Must Speed Up Euro Preparation, Malta Progress `Remarkable'

(Bloomberg) -- The European Union said Cyprus must
accelerate its preparations to switch to the euro in order to
ensure a smooth changeover at the start of next year.

EU finance ministers this month cleared Cyprus and fellow
Mediterranean nation Malta to join the euro area on Jan. 1,
2008. That will bring the number of euro nations to 15, more
than half of the 27 EU members.


Read more at Bloomberg Currencies News

Brent Crude Oil Rises Above $78 a Barrel, Nearing Record on Supply Concern

(Bloomberg) -- Brent crude oil rose above $78 a
barrel, nearing a record high, as a damaged pipeline in the North
Sea curtailed supplies and as speculators made their largest bet
yet on higher energy prices.

Brent gained after a BP Plc pipeline in the North Sea shut
down, limiting output from fields run by Chevron Corp. and
ConocoPhillips. Hedge-fund managers and other speculators increased
their bets on rising oil prices to a record last week, according to
U.S. Commodity Futures Trading Commission data.


Read more at Bloomberg Energy News

U.S. Stock Futures Rise After New York Manufacturing Data Beats Forecasts

(Bloomberg) -- U.S. stock-index futures rose after
a gauge of manufacturing in New York state climbed to the
highest in a year.

McDonald's Corp. advanced after the world's largest
restaurant company reported profit from continuing operations
that topped analysts' estimates. Eaton Corp., the second-
biggest maker of hydraulic equipment, gained after boosting its
full-year earnings forecast. Verizon Communications Inc., the
second-largest U.S. phone company, jumped on a report it may be
the target of a $160 billion takeover bid.


Read more at Bloomberg Stocks News

US STOCKS-Futures point lower on oil; Verzion up on bid talk

(Reuters) - NEW YORK, July 16 - U.S. stock index futures
indicated a weaker market open Monday as higher oil prices
stood in the way of the Dow and S&P stock gauges extending the
record highs set on Friday




The second-quarter earnings season picks up steam this
week. Fast food chain McDonald's Corp. gave a per-share
earnings outlook that beat Wall Street's forecast. For
details, see [ID:nWNAS602].


Read more at Reuters.com Bonds News

McDonald's sees profit above Street, June sales jump

(Reuters) - Analysts, on average, had been expecting earnings of 67 cents a share, excluding one-time items, according to Reuters Estimates.




In April, McDonald's said it would sell about 1,600 restaurants in Latin America and the Caribbean to a franchisee. Including the impact of this sale, the company will post a net loss of 60 cents a share in the second quarter.


Read more at Reuters.com Business News

Applebee's, Armor, Coach, Mission West, Verizon: 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 on July 13. Stock symbols are in parentheses after company
names. Share prices are as of 7:30 a.m. New York time.

Applebee's International Inc. (APPB US) rose 61 cents, or
2.5 percent, to $24.99. Ihop Corp., the biggest U.S. pancake-
house chain, agreed to buy the restaurant chain for about $1.9
billion in cash. Ihop will pay $25.50 a share, 4.6 percent more
than Applebee's closing price on July 13, the companies said in a
statement distributed by Business Wire.


Read more at Bloomberg Stocks News

UPDATE 1-IHOP says to buy Applebee's for $2.1 billion

(Reuters) - NEW YORK, July 16 - Pancake restaurant IHOP Corp. plans to buy Applebee's International Inc. for $25.50 per share, the companies said on Monday.



The companies said the deal was worth $2.1 billion. Based on the number of outstanding shares in Applebee's latest quarterly filing, the deal would be worth $1.9 billion.


Read more at Reuters.com Bonds News

U.K. Natural Gas Rises, Exceeding U.S. Prices, as Shutdowns Crimp Supplies

(Bloomberg) -- U.K. natural gas for delivery in
October rose above the corresponding price in the U.S.,
suggesting more cargoes of the fuel may be delivered to Britain
at the start of the country's heating season.

U.K. gas for October delivery gained 4.9 percent to trade at
34.4 pence a therm at 10:40 a.m. in London, according to prices
on Bloomberg from the energy broker Spectron Group Plc. That's
equivalent to $7.02 a million British thermal units. A therm is
100,000 Btus.


Read more at Bloomberg Energy News

Vodafone mulls Verizon bid: report

(Reuters) - Verizon shares rose 1.9 percent to $42.55 in premarket trading.




Read more at Reuters.com Hot Stocks News

KPMG sees M&A peak near, annual deal volume down

(Reuters) - It also found a discrepancy between deal values and volumes.




"The last time the market witnessed this kind of
'disconnect' -- where the average deal size rose, but the number
of deals fell -- occurred at the height of the dot-com boom in
2000," KPMG said.


Read more at Reuters.com Bonds News

China's Gome in talks to buy cellphone retailers

(Reuters) - SHANGHAI, July 16 - Gome Electrical Appliances Holdings Ltd. , China's biggest electronics retailer, is in talks to buy domestic cellphone retail chains to expand market share, a company spokesman said on Monday.



"Gome is seeking to consolidate China's fragmented cellphone retailing business, using its financial strength," He Yangqing said.


Read more at Reuters.com Mergers News

Planting to revive Liberia cocoa farms after war

(Reuters) - As Liberia recovers from a ruinous civil war, tropical agriculture experts plan to revive cocoa farming there by educating growers and helping them plant thousands of high-yielding, disease-resistant hybrid trees.

Liberia is a tiny producer, its crop of under 5,000 tonnes of cocoa beans a year dwarfed by the 1.35 million tonnes regularly harvested in neighbouring top producer Ivory Coast.


Read more at Reuters Africa

European Stocks Advance, Led by ABN Amro, Barclays, BT Group, Glaxo

(Bloomberg) -- European stocks rose for a third day,
led by ABN Amro Holding NV after Royal Bank of Scotland Group Plc
sweetened its 71.1 billion-euro ($98.1 billion) offer for the
Dutch lender, seeking to trump Barclays Plc.

ABN Amro jumped the most in three months. Barclays also
climbed. BT Group Plc, the U.K.'s largest phone company, and
drugmaker GlaxoSmithKline Plc rose after brokerages lifted their
recommendations on the shares.


Read more at Bloomberg Stocks News

Germany's DAX Benchmark Index Rises; Deutsche Bank, Volkswagen Lead Gain

(Bloomberg) -- German stocks advanced for a third
day, paced by Deutsche Bank AG and Allianz SE. Volkswagen AG
climbed after the carmaker said it expects to boost sales in
China.

The DAX added 28.35, or 0.4 percent, to 8121.12 at 10:07
a.m. in Frankfurt. DAX futures expiring in September increased
0.3 percent to 8181. The HDAX Index of the country's 110 biggest
companies gained 0.4 percent.


Read more at Bloomberg Stocks News

Asia shares ease, oil eyes record high

(Reuters) - London's FTSE 100 Index and Germany's DAX rose about 0.2 percent in early trade while France's CAC 40 edged up nearly 0.1 percent.




Data on Friday showing improved U.S. consumer sentiment sparked optimism that shipments to Asia's top export market would stay strong, helping to limit regional stock losses and lending support to the dollar.


Read more at Reuters.com Business News

European Stocks Advance, Led by ABN Amro, Barclays, RBS, BT Group

(Bloomberg) -- European stocks rose for a third day,
led by ABN Amro Holding NV after Royal Bank of Scotland Group Plc
sweetened its 71.1 billion-euro ($98.1 billion) offer for the
Dutch lender, seeking to trump Barclays Plc.

Barclays also climbed. BT Group Plc advanced after Merrill
Lynch & Co. upgraded the stock.


Read more at Bloomberg Stocks News