Redstone nephew suit dismissed

(Reuters) - "The original complaint arrived more than two decades too late," Judge van Gestel wrote.




The ruling comes amid a public conflict between the 84-year-old media mogul and his daughter Shari Redstone, once seen as the heir apparent to the family's estimated $8 billion fortune, in a dispute that has thrown into question succession plans for the global media conglomerate.


Read more at Reuters.com Business News

Wikia details plans for search rival to Google

(Reuters) - Wales told a conference of software developers in Portland,
Oregon, that his commercial start-up, Wikia, has acquired Grub,
a pioneering Web crawler that will enable Wikia's forthcoming
search service to scour the Web to index relevant sites.




"If we can get good quality search results, I think it will
really change the balance of power from the search companies
back to the publishers," said Wales, chairman of San Mateo,
California-based Wikia. "I could be wrong about this, but it
seems like a likely outcome."


Read more at Reuters.com Mergers News

Eyeonics files for $86.25 MLN IPO

(Reuters) - The Aliso Viejo, California-based company is seeking a
Nasdaq listing under the symbol "EYON."




Read more at Reuters.com Government Filings News

Intcomex files with U.S. SEC for $125 mln IPO

(Reuters) - The Miami-based company is seeking a Nasdaq listing under
the symbol "ICMX."




Read more at Reuters.com Government Filings News

U.S. Stocks Plunge Again; S&P 500 Posts Worst Week Since 2002 on Debt Woes

(Bloomberg) -- U.S. stocks plunged for a second day
after concern the global boom in takeovers is ending sent the
Standard & Poor's 500 Index to its worst weekly drop in five
years.

Marsh & McLennan Cos., Wyndham Worldwide Corp. and Dillard's
Inc. pushed the Standard & Poor's 500 lower as investors
abandoned shares that had risen on takeover speculation. Baker
Hughes Inc., the world's third-biggest oilfield contractor,
helped send energy shares to the steepest drop in the S&P 500
after reporting a decrease in earnings.


Read more at Bloomberg Stocks News

UPDATE 2-Sara Lee recalls bread, may have metal pieces

(Reuters) - The company recalled the bread after it discovered damage
to a whole-wheat flour sifter during a routine inspection that
indicated some metal might have made its way into the bread,
Sara Lee spokesman Mark Goldman said.




The bakery is still operating using bagged whole-wheat
flour that does not require sifting, Goldman said,


Read more at Reuters.com Bonds News

GE finds improper revenue booking at rail unit

(Reuters) - "Revenues had been inappropriately accelerated so that they
were recognized in the fourth quarter of each of the of the
years 2000 through 2003 rather than in the first quarter of the
following year," the company said in an SEC filing.




Spokesman Russell Wilkerson said that "a few" employees had
been involved in the problem, but declined to provide a precise
figure. GE employs more than 300,000 people.


Read more at Reuters.com Market News

Gaz de France First-Half Sales Fall 11 Percent on Drop in Heating Demand

(Bloomberg) -- Gaz de France SA's second-quarter sales
fell 7.3 percent as warm weather carried over from the winter and
reduced demand for heating. The company maintained its outlook for
this year.

Second-quarter sales at the company, the operator of Europe's
biggest natural-gas network, fell to 4.73 billion euros ($6.49
billion) from 5.1 billion euros a year earlier. The figure was
calculated by Bloomberg News by deducting first-quarter sales from
first-half sales, which the Paris-based company reported today.


Read more at Bloomberg Energy News

Wall Street snaps up credit risk experts

(Reuters) - The U.S. credit market is in turmoil amid escalating
defaults on risky subprime mortgages and a growing distaste for
the high-yield debt that has fueled a global merger and
acquisition boom.




That's good news for people who specialize in assessing
credit risk and can restructure troubled portfolios of
securities tied to subprime mortgages, or loans to people with
weak credit. But it is not so good for people who sell
structured credit products, such as CDOs backed by pools of
subprime mortgages or bank loans.


Read more at Reuters.com Mergers News

Crocs, Compuware, Kyphon, NBTY, Netgear, Synchronoss: U.S. Equity Movers

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

Building Materials Holding Corp. (BLG US) rose $2.65, or 22
percent, to $14.65. The provider of building services and
materials said that, excluding some items, it earned 47 cents a
share in the second quarter. Five analysts in a Bloomberg survey
on average estimated 6 cents, on average.


Read more at Bloomberg Stocks News

Latin Stocks Head for Biggest Weekly Loss in 5 Months; Cemex Shares Fall

(Bloomberg) -- Latin American stocks headed for
their biggest weekly slide in five months after investors sold
riskier assets on concern that higher borrowing costs will curb
earnings and economic growth.

The Morgan Stanley Capital International index of Latin
American shares fell 1 percent to 3712.43 as of 1:28 p.m. New
York time. That brought its loss since July 20 to 7.6 percent.
Monterrey, Mexico-based cement-maker Cemex SAB led the retreat.


Read more at Bloomberg Emerging Markets News

Mexico stocks slide on worries about U.S. economy

(Reuters) - The benchmark IPC stock index dropped 0.24 percent
to 29,925 points.




The peso gave up 0.04 percent to 10.999 per
dollar, unchanged after the Mexican central bank kept interest
rates steady as expected at a monthly monetary policy review.


Read more at Reuters.com Bonds News

German Stocks Decline, Led by Deutsche Bank, Allianz; Volkswagen Rises

(Bloomberg) -- Germany's benchmark DAX Index
dropped for a fourth day, paced by Deutsche Bank AG,
Commerzbank AG and Allianz SE, on mounting concern financing
difficulties may cloud the outlook for mergers and takeovers.

Volkswagen AG advanced after the carmaker's first-half
profit beat analysts' expectations. Siemens AG also climbed.


Read more at Bloomberg Stocks News

US STOCKS-Indexes fall as credit concerns remain

(Reuters) - The Dow Jones industrial average was down 51.37
points, or 0.38 percent, at 13,422.20. The Standard & Poor's
500 Index was down 6.63 points, or 0.45 percent, at
1,476.03. The Nasdaq Composite Index was down 11.50
points, or 0.44 percent, at 2,587.84.




Read more at Reuters.com Bonds News

Deutsche Bank, JPMorgan Delay KKR Boots Loan Sale to Next Week, People Say

(Bloomberg) -- Deutsche Bank AG, JPMorgan Chase &
Co. and six more banks delayed selling 1.75 billion pounds ($3.6
billion) of Alliance Boots Plc loans until next week, bankers
involved in the deal said.

The underwriters extended today's deadline for investors to
buy the loans as the benchmark index for leveraged loans fell to
the lowest in at least nine months, said the bankers who
declined to be identified because the information is private.
Kohlberg Kravis Roberts & Co.'s bankers canceled plans earlier
this week to raise 5 billion pounds of lower-yielding senior
loans for Boots after investors snubbed the deal.


Read more at Bloomberg Bonds News

Nymex Gas Rises on Threat of Disruption to Supply During Hurricane Season

(Bloomberg) -- Natural gas in New York advanced as
buyers took advantage of lower prices before the possible arrival
of tropical storms that would cause the power-plant fuel to rise.

Since hitting a 2007 high of $8.191 on June 4, the near-
month contract has fallen 27 percent on slack demand for
electricity from gas-fired plants as mild weather limited air-
conditioning use.


Read more at Bloomberg Energy News

Constellation may bring back some retired capacity

(Reuters) - Constellation has not committed to build any new power
plants, he said.




Current energy prices alone are not sufficient to justify
developing new plants, especially considering rising
construction costs, said Thomas Brooks, head of Constellation's
merchant unit.


Read more at Reuters.com Market News

Gold Heads for Weekly Decline in New York on Dollar Rebound; Silver Drops

(Bloomberg) -- Gold fell in New York, heading for
the biggest weekly decline in seven weeks, on speculation a
strengthening dollar will reduce the precious metal's appeal as
an alternative investment. Silver also dropped.

The dollar rallied to a two-week high against the euro
today after a U.S. Commerce Department report showed the economy
grew last quarter at the fastest pace in more than a year. Gold,
sold in the U.S. currency, rose to a three-month high of $695.40
an ounce on July 25, a day after the dollar touched a record low
of $1.3852 against the euro.


Read more at Bloomberg Commodities News

Bush says economy strong, resilient

(Reuters) - Bush called the U.S. economy "large, flexible and resilient" and said it has benefited from increased exports, particularly by farmers.




The Commerce Department reported that U.S. economic growth rebounded during the second quarter to its strongest pace since the beginning of last year.


Read more at Reuters.com Bonds News

WRAPUP 1-U.S. economic growth rebounds in second quarter

(Reuters) - Gross domestic product that measures total output within
U.S. borders gained at a 3.4 percent annual rate -- the fastest
since 4.8 percent in the first quarter of 2006 -- after barely
growing at a downwardly revised 0.6 percent pace in the first
quarter. Previously the government had reported that
first-quarter growth was at a 0.7 percent rate.




Second-quarter growth exceeded Wall Street economists'
forecasts for a 3.2 percent rate of increase and showed the
business sector picking up some of the slack left by consumers
who cut back on their spending.


Read more at Reuters.com Economic News

Hungary's Forint Posts Weekly Drop Versus Euro as Investors Avoid Risk

(Bloomberg) -- The Hungarian forint posted its
biggest weekly drop against the euro in 10 months as tumbling
global stocks and concern about U.S. subprime mortgage losses
prompted investors to shun emerging markets.

The forint was the worst performer against the euro over the
past five days, sliding more than 2 percent, as the NTX Index of
stocks in central Europe's 30 largest companies declined the most
in a week since March. Investors reversed trades where they'd
bought the forint to take advantage of Hungary's 7.75 percent
interest rate, also sending the currency tumbling.


Read more at Bloomberg Currencies News

UPDATE 1-TransAlta net profit drops, operating earns jump

(Reuters) - The company said net income in the quarter was C$57.2
million, or 28 Canadian cents a share, for the quarter, down
from C$86.4 million, or 43 Canadian cents a share in the second
quarter 2006.




TransAlta, which runs coal, gas and wind power generating
plants in Canada, the United States and Mexico, said operating
earnings, which exclude most one-time gains and charges, rose
19.5 percent to C$90.5 million, from C$75.7 million in the
second quarter of 2006.


Read more at Reuters.com Market News

Bernanke's Forecast of Stronger Growth Is Under Threat by Market Turmoil

(Bloomberg) -- The week's turmoil in financial
markets casts doubt on the Federal Reserve's forecast of a
gradual U.S. economic recovery in the second half, raising the
odds it will need to shift its focus to spurring growth from
fighting inflation.

The turbulence, as stocks suffered their worst drop in five
months while corporate borrowing costs soared, threatens a triple
whammy for the economy. It robs investors of spending power,
makes business investment more expensive and may prolong the
housing recession.


Read more at Bloomberg Exclusive News

UPDATE 1-MicroStrategy <MSTR.O Q2 earnings fall

(Reuters) - Shares of the company were down nearly 7 percent at $79.90
in early electronic trade after closing at $85.58 Thursday on
the Nasdaq.




The business software maker said it was considering
strategic alternatives for its Alarm.com and Angel.com
businesses. Revenue from these units were $8.3 million, or
about 10 percent of its total revenue in the latest quarter.


Read more at Reuters.com Market News

Chevron earnings rise with refining

(Reuters) - Excluding the $680 million gain on sale of Dynegy stock and a $160 million loss on debt redemption, the company would have posted earnings of about $2.37 a share. On that basis, the average forecast of Wall Street analysts was $2.30 a share, according to Reuters Estimates.




Total revenue in the quarter rose to $56.09 billion from $53.54 billion last year.


Read more at Reuters.com Business News

Thurs share buybacks most in day since 9/11-TrimTabs

(Reuters) - In the past week, stock buybacks and announced cash
takeovers of companies totaled $41.2 billion, the firm said.




"As investors decide to sell first and ask questions later,
the smart money is still buying shares hand over fist," the
firm said.


Read more at Reuters.com Bonds News

UPDATE 2-Medtronic to acquire Kyphon

(Reuters) - Medtronic will pay $71 cash for each share of medical
device maker Kyphon, a 32 percent premium over Kyphon's closing
price on Thursday.




The companies said the purchase price was $3.9 billion.
Based on Kyphon's average 47.8 million shares outstanding in
the second quarter, the price would be $3.4 billion.


Read more at Reuters.com Bonds News

Fortune Brands net down on housing downturn, costs

(Reuters) - Fortune, which makes Titleist golf equipment, Jim Beam bourbon and Sauza tequila, posted second-quarter net income of $232 million, or $1.48 per share, down from $248 million, or $1.63 per share, a year before, when results were boosted by a tax-related gain.



Excluding a restructuring-related charge, the company earned $1.53 per share.


Read more at Reuters.com Market News

Chevron Second-Quarter Profit Rises as Crude-Oil Refining Margins Increase

(Bloomberg) -- Chevron Corp., the second-largest
U.S. oil company, said earnings rose 24 percent on a gain from
an asset sale and wider profit margins on gasoline and other
refined fuels.

Second-quarter net income climbed to $5.38 billion, or
$2.52 a share, from $4.35 billion, or $1.97, a year earlier, the
San Ramon, California-based company said today in a statement on
PR Newswire.


Read more at Bloomberg Energy News

Inter-Tel founder withdraws recap proposal

(Reuters) - Mihaylo said he had "deep skepticism" regarding Inter-Tel's
revised financial forecasts, adding that he believes there is
tremendous value in the company.





Read more at Reuters.com Mergers News

UPDATE 1-Clear Channel posts higher profit

(Reuters) - The radio station operator, which is preparing for a
shareholder vote on a proposed $19.6 billion buyout, said
earnings rose to $236 million, or 48 cents per share, from
$197.5 million, or 39 cents per share, a year ago.




Net income from before discontinued operations was $209
million, or 42 cents per share, compared with $173 million, or
34 cents per share, in the year-ago period.


Read more at Reuters.com Bonds News

U.S. Stock Futures Decline; JPMorgan, Constellation Energy Shares Drop

(Bloomberg) -- U.S. stocks were poised to extend
their biggest drop in five months on growing concern that
takeovers will slow after Cadbury Schweppes Plc delayed the
sale of its U.S. beverage unit.

JPMorgan Chase & Co., the third-largest U.S. bank, fell
for the eighth straight day. Constellation Energy Group Inc.,
the largest U.S. power marketer, declined after earnings missed
analysts' estimates.


Read more at Bloomberg Stocks News

Treasuries Extend Weekly Advance After U.S. Stock-Index Futures Decline

(Bloomberg) -- Treasuries extended gains for the
week after U.S. stock-index futures declined.

The yield on the 10-year note fell 1 basis point, or 0.01
percentage point, to 4.78 percent at 7:23 a.m. in New York,
according to data compiled by Bloomberg. The price of the 4 1/2
percent bond due May 2017 rose 3/32, or 94 cents per $1,000 face
amount, to 97 27/32. Yields move inversely to bond prices.


Read more at Bloomberg Bonds News

EU says Intel tried to squeeze out Advanced Micro

(Reuters) - The two companies make all the chips at the processing heart of the world's one billion personal computers and servers, but Intel has about 80 percent of the business.




The European Commission, in its latest antitrust case to involve a technology giant, alleged Intel broke EU law "with the aim of excluding its main rival, AMD, from the x86 computer processing units market." X86 is the designation for the chips.


Read more at Reuters.com Business News

Cocoa Heads for Biggest Weekly Drop in a Year in London on Ivorian Crop

(Bloomberg) -- Cocoa headed for the biggest weekly
drop in a year in London on speculation that the main crop in
Ivory Coast, the top producer, may be shipped earlier than usual
because of favorable weather.

Ivory Coast's main harvest typically starts in October and
ends in March, while the country's mid-crop runs from April to
June. This year's main crop may be available as early as
September, London-based commodities broker Sucden (U.K.) Ltd.
said this week. Ivory Coast produces 40 percent of global output.


Read more at Bloomberg Commodities News

S.Africa 3-month T-bill discount rate down at 8.86 pct

(Reuters) - The average discount rate for South African three-month Treasury Bills decreased to 8.86 percent on Friday, the Reserve Bank said.

The average yield was also down at 9.06 percent from 9.21 percent and applications for the 2.3 billion rand of bills on offer totalled 4.893 billion rand.


Read more at Reuters Africa

UPDATE 1-Cevian says Parvus leaving Volvo stake-holder JV

(Reuters) - Cevian said the decision by Parvus to exit the Violet
Partners L.P. joint venture reduced Violet's stake in Volvo to
4.2 percent of votes and 1.6 percent of capital.




It previously held 5.4 percent of votes and 2.1 percent of
capital, making it one of Volvo's biggest shareholders.


Read more at Reuters.com Mergers News

European Government Bonds Reverse Gains After Germany's Inflation Reports

(Bloomberg) -- European government bonds reversed
earlier gains after reports showed inflation quickened in
Germany, stoking speculation the European Central Bank will raise
interest rates further.

Bunds fell for the first day in four after data showed
consumer-price inflation accelerated across Europe's largest
economy in July, fueled by rising holiday costs and energy
prices. Government debt had gained earlier as a slump in global
stocks and U.S. subprime losses prompted investors to buy the
safest assets.


Read more at Bloomberg Bonds News

Toshiba operating profit up, eyes steady prices

(Reuters) - Analysts expect earnings at Toshiba, which also competes with General Electric in nuclear reactors, to beat the company's current full-year outlook of an operating profit of 260 billion yen , short of a consensus estimate of 277.1 billion yen by 14 analysts polled by Reuters Estimates.




The average price of Toshiba's NAND-type flash memory remained level in April-June from the previous quarter. Toshiba may need to revise up its expectation for a 50 percent annual fall in prices of NAND for the business year, said Executive Vice President Fumio Muraoka.


Read more at Reuters.com Business News

ING's LatAm pension buys to be accretive from 2009

(Reuters) - Asked about the impact in 2008, McInerney said it would be
"neutral".




ING is paying $1.3 billion for the Latin American pension
businesses, which will make it the second-largest pension fund
manager in Latin America, ING said earlier in a statement.


Read more at Reuters.com Mergers News

Rising Mortgage Payments to Aggravate Subprime Woes, Barclays Capital Says

(Bloomberg) -- U.S. homeowners with adjustable-rate
loans will add about $26 billion in mortgage payments through
the end of next year, exacerbating problems in the subprime-
lending industry, according to Barclays Capital.

Homeowners with about $820 billion of adjustable-rate home
loans will start paying more from next month to the end of 2008,
with the riskiest borrowers accounting for 54 percent of the
debt, New York-based analysts led by Ajay Rajadhyaksha wrote in
a research report yesterday.


Read more at Bloomberg Bonds News

Natixis may buy Lazard Capital Markets -report

(Reuters) - The report, which cited its own sources, said talks were taking place in New York and were at an early stage. It added that the negotiations could be concluded by the end of 2007.



The deal would represent a sale of the Lazard Capital Markets business to the French bank's Natixis Bleichroeder arm.


Read more at Reuters.com Mergers News

Yen trims gains after jumping on risk aversion

(Reuters) - The yen hit a three-month high against the dollar and a six-week high versus the euro on Friday as a sell-off in credit and stock markets forced investors to cut back on risky carry trades.

But the yen quickly gave up gains, with the high-yielding Australian and New Zealand dollars rising sharply as Japanese investors took the yen's rally as an opportunity to buy foreign currencies and assets.


Read more at Reuters Africa

S.Africa's rand, bonds weaker, volatility seen

(Reuters) - South Africa's rand weakened against the dollar on Friday while government bonds remained on the back foot, after investors continued their flight from high-risk emerging markets overnight.

Market players said the currency will probably continue gyrating this session and bonds will take direction from international markets.


Read more at Reuters Africa

Pound Poised for Weekly Decline Against Dollar as Investors Shun Risk

(Bloomberg) -- The pound is poised to snap a six-
week rally against the dollar as global stocks slump and
investors pare so-called carry trades on concern U.S. subprime
mortgage defaults will slow global growth.

The U.K. currency may slide for a third day from a 26-year
high against the dollar as investors reduce purchases of assets
made with borrowings in Japan and Switzerland, which have the
lowest rates among major economies. The pound yesterday fell as
much as 1.8 percent against the yen, the most in five months.


Read more at Bloomberg Currencies News

UPDATE 2-Baer in $1.7 bln share buyback as profit jumps

(Reuters) - ZURICH, July 27 - Swiss wealth manager Julius Baer said it would buy back 2 billion Swiss francs of its shares after first-half net profit rose by 28 percent, in line with market expectations.



Net new money inflows into Baer's private banking unit, a key gauge of future income, were a healthy 5.3 billion francs, in a sign its recent push into fast-growing Asia was bearing fruit. The number was in line with expectations. "We have further improved the overall profitability of the group in spite of our accelerated growth initiatives," Chief Executive Officer Hans de Gier said in a statement.


Read more at Reuters.com Market News