Canada's Dollar May Decline on Elliott Wave Charts, Forecast's Ng Predicts

(Bloomberg) -- Canada's dollar may fall to C$1.0759,
according to charts based on Elliott waves, said Pak Lai Ng, a
technical analyst at Forecast Singapore Ltd.

The level represents the Canadian currency's June 21 low
versus the U.S. dollar, Ng said. The currency has risen 10.8
percent since touching this year's low of C$1.1876 on Feb. 8.


Read more at Bloomberg Currencies News

Oil eases from record high close, awaits U.S. data

(Reuters) - After seven consecutive weeks of gains, U.S. crude is testing last year's all-time intra-day high of $78.40 a barrel, fuelled by fears that OPEC's reluctance to lift production will lead to a sharp pre-winter decline in supplies.




European benchmark Brent slid 36 cents to $76.69 a barrel, having recently lagged U.S. gains spurred by a steady decline in stocks at the Cushing, Oklahoma, delivery point for the New York Mercantile Exchange contract.


Read more at Reuters.com Hot Stocks News

Rising costs push Chile's Colbun into the red

(Reuters) - Colbun, which uses hydro, natural gas and petroleum to
power its generators, said revenue in the first half of the
year was 255.876 billion pesos, 34 percent higher than a year
earlier.




But it made an operating loss of 8.230 billion pesos
compared with an operating profit of 73.444 billion pesos a
year earlier.


Read more at Reuters.com Market News

Google wary of behavioral targeting in online ads

(Reuters) - Susan Wojcicki, Google vice president of product management
for advertising, said on Tuesday Google was shying away from
the industry race to deliver tools for advertisers that stitch
together a user's various online actions into one profile.




The world's Web search leader has built its business around
ads tied to words typed into its search box, which are expected
to earn it upward of $16 billion in revenue this year.


Read more at Reuters.com Mergers News

UPDATE 1-Bear Stearns halts redemptions in third hedge fund

(Reuters) - Bear Stearns' $850 million Asset-Backed Securities
Fund experienced declines in July, prompting some investors to
seek redemption of their investments. The investment bank,
however, believes the assets in the fund -- tied to Alt-A and
prime mortgages -- are worth more than what current market
conditions will allow.




Through the end of June, the fund was up about 5 percent.
But mortgage investments have taken a beating this month and
most of the year amid a rising wave of delinquencies and
defaults on subprime mortgages, or loans made to people with
weak credit.


Read more at Reuters.com Bonds News

Northwestern seeks 6 pct power bill hike in Montana

(Reuters) - An average residential electricity customer using 750
kilowatts of power will see an increase of about $4.55 per
month, NorthWestern said. The average residential gas customer
will see an increase in monthly bills of $4.36.




Of NorthWestern's 640,000 natural gas and electricity
customers in Montana, South Dakota and Nebraska, about 322,000
are in Montana.


Read more at Reuters.com Bonds News

Australia, New Zealand Dollars Decline After Investors Cut Carry Trades

(Bloomberg) -- The Australian and New Zealand
dollars declined against the yen as concerns about subprime
mortgages caused U.S. stocks to fall, prompting investors to cut
holdings of higher-yielding assets bought with loans from Japan.

New Zealand's dollar is the worst performer out of the 16
most-traded currencies today, followed by Australia's, after the
Standard & Poor's 500 Index declined 1.3 percent yesterday and
post its biggest monthly decline in three years. The currencies,
favorites for so-called carry trades, reached the highest in more
than 16 years versus the yen last month on interest rates that
are among the highest of major economies.


Read more at Bloomberg Currencies News

UPDATE 1-Thomas Weisel Partners quarterly profit doubles

(Reuters) - Asset management revenue rose to $14.3 million in the
latest second quarter from $5.4 million a year ago, driven by
private equity gains of $9.9 million, the company said in a
statement.




The San Francisco, California-based company reported
second-quarter earnings of $6.6 million, or 25 cents a share,
compared with $3.3 million, or 14 cents a share, in the
year-ago period. Excluding items, it earned 29 cents a share.


Read more at Reuters.com Market News

BHP, Coates Hire, Macquarie, Woodside Petroleum: Australian Stock Preview

(Bloomberg) -- The following is a list of companies
whose shares may rise or fall in Australia. This preview includes
news announced after markets closed yesterday. Prices are from
yesterday's close unless otherwise stated. Stock symbols are in
parentheses after the company names.

The S&P/ASX 200 Index futures contract due in September lost
0.5 percent to 6090 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index fell 0.6 percent in New York.


Read more at Bloomberg Stocks News

Brazil miner CVRD Q2 profit up at 5.8 bln reais

(Reuters) - Analysts surveyed by Reuters had expected, on average, a
net profit of around 5.9 billion reais and EBITDA of 9.7
billion reais in the second quarter.





Read more at Reuters.com Market News

Abraxis acquires manufacturing facility from Watson

(Reuters) - Financial terms of the deal were not disclosed.





Read more at Reuters.com Mergers News

Senate Democrats wary on private equity tax hikes

(Reuters) - Senate Banking Committee Chairman Christopher Dodd said in a statement he is "concerned about the potential adverse effects that these proposals would have on capital formation, on job creation, and on institutional investors."




A Democratic presidential candidate who represents Connecticut where many hedge funds are based, Dodd said he is "not prepared to support any legislation before I have thoroughly analyzed the full impact it is likely to have."


Read more at Reuters.com Bonds News

Mexico stocks give up gains in volatile session

(Reuters) - The benchmark IPC stock index , which had risen more
than 1 percent in early trade, fell 241 points to 30,659.66
points. The peso currency weakened 0.05 percent to
10.9445 per dollar.




In debt trading, the price of the benchmark 10-year
government peso bond gained 0.062 points to bid
101.771, with a yield of 7.71 percent.


Read more at Reuters.com Bonds News

Genoptix files for $86.25 mln IPO

(Reuters) - The Carlsbad, California-based company is seeking a Nasdaq
listing under the symbol "GXDX" .




Read more at Reuters.com Bonds News

DreamWorks Animation profit up on new "Shrek" film

(Reuters) - LOS ANGELES, July 31 - DreamWorks Animation SKG Inc posted a sharply higher second-quarter profit on Tuesday, propelled by global box office grosses of $720 million for "Shrek the Third".



Net income was $61.8 million, or 60 cents per share, compared with $13.7 million, or 13 cents per share, for the year-earlier quarter.


Read more at Reuters.com Market News

Whole Foods 3rd-quarter profit tops expectations

(Reuters) - Profit dropped to $49.1 million, or 35 cents per share, in the fiscal third quarter ended July 1, from $53.9 million, or 37 cents per share, a year earlier.



Analysts, on average, expected Whole Foods to earn 33 cents per share, according to Reuters Estimates.


Read more at Reuters.com Government Filings News

Sowood hedge fund collapse sparks fear, little else

(Reuters) - The Boston-based hedge fund, which managed money for
Harvard University, lost roughly half of its $3 billion in
capital in less than a month, becoming the first high-profile
victim of the recent credit market woes.




People who passed on Sowood when Jeff Larson launched the
fund three years ago called the decline "unbelievable" and
"shocking" on Tuesday, and several blamed weak risk management
for the fund's death spiral.


Read more at Reuters.com Mergers News

Yen Posts Biggest Monthly Gain Versus Dollar in Almost Three Years on Risk

(Bloomberg) -- The yen posted the biggest monthly
advance in almost three years against the dollar on concern
losses from U.S. subprime mortgages will drive investors from
riskier assets.

Japan's yen gained versus all 16 major currencies tracked by
Bloomberg this month as investors pared higher-yielding assets
funded by loans in Japan, a practice known as the carry trade.
U.S. stocks erased early gains and a gauge of corporate bond risk
increased, adding to yen buying today.


Read more at Bloomberg Currencies News

Radian-Backed U.S. Municipal Bonds Face Possible Cut in Ratings by Fitch

(Bloomberg) -- Fitch Ratings put 934 municipal bond
issues insured by a Radian Asset Assurance Inc. under review for
a possible ratings cut following losses by its parent on an
investment in a subprime mortgage lender.

Radian Group Inc. and MGIC Investment Corp., which
announced plans in February to merge, yesterday said their
combined stakes of more than $1 billion in Credit-Based Asset
Servicing and Securitization may be worthless. Radian Asset
Assurance is rated AA, while Radian Group is ranked A.


Read more at Bloomberg Bonds News

SPX Corp to buy a Johnson Controls diagnostic unit

(Reuters) - BOSTON, July 31 - Diversified manufacturer SPX Corp. said on Tuesday it had reached a deal to buy the European automotive diagnostics division of Johnson Controls Inc. for 32 million euros .



Johnson's automotive diagnostics unit last year generated about $80 million in revenue. SPX said it expects the deal to close in the third quarter of 2007.


Read more at Reuters.com Bonds News

Yen Poised for Biggest Monthly Gain in Three Years Versus Dollar on Risks

(Bloomberg) -- The yen rose, heading for the biggest
monthly advance in almost three years against the dollar, on
concern losses from U.S. subprime mortgages will drive investors
from riskier assets.

The Japanese currency has gained against all 16 major
currencies tracked by Bloomberg this month as investors pared
higher-yielding investments funded by loans in Japan, a practice
known as the carry trade. U.S. stocks dropped, erasing early
gains, and a gauge of corporate bond risk increased, adding to
yen buying today.


Read more at Bloomberg Currencies News

U.S. Stocks Retreat on Subprime Concern; American Home Mortgage Plummets

(Bloomberg) -- U.S. stocks declined, erasing a
rally, on concern losses from subprime mortgages are worsening.

Banking shares fell after American Home Mortgage
Investment Corp. said it's unable to fund loans and may have to
liquidate assets. MGIC Investment Corp. and Radian Group Inc.
tumbled after the two home-loan insurers said their combined
stakes of more than $1 billion in a subprime mortgage company
may be worthless.


Read more at Bloomberg Stocks News

Altria shares up as focus turns to board meeting

(Reuters) - "I expect the stock to be strong going into this meeting," Charles Norton, portfolio manager of the Vice Fund , said.




Altria has said that it is still considering a possible spinoff of PMI and has declined to comment on timing or the amount of any subsequent stock repurchases that might occur.


Read more at Reuters.com Hot Stocks News

Canada's Dollar Strengthens as Crude Oil Prices Rise to Highest in a Year

(Bloomberg) -- Canada's dollar rose for the first
time in five days as oil prices soared to the highest in a year,
boosting the currency's appeal.

The currency also benefited as equity markets worldwide
rebounded as concern eased that tighter credit standards will
slow growth. The currency is on pace for a sixth straight
monthly increase, fueled by higher prices of the nation's main
commodity exports. Commodities account for about half of
Canada's exports.


Read more at Bloomberg Currencies News

US STOCKS-Wall Street rises on profits, data; GM helps

(Reuters) - NEW YORK, July 31 - U.S. stocks rose on Tuesday,
buoyed by strong earnings from companies such as General Motors
Corp. and Sun Microsystems , and some reassuring
reports on the economy.




GM set the stage for gains after the automaker swung to a
profit in the second quarter and handily topped Wall Street's
expectations [ID:nN31206991], while Sun Microsystems' shares
rose 7 percent after the high-end computer maker posted a
quarterly profit as it cut costs.


Read more at Reuters.com Bonds News

S.Africa Telkom gets ok from regulator on price cuts

(Reuters) - South Africa's communications regulator has approved fixed-line operator Telkom's plans to drop its prices by 1.2 percent overall, the firm said on Tuesday.

Telkom -- which has been under pressure from government to lower telecoms costs that are among the highest globally -- filed its price changes last month with the Independent Communications Authority of South Africa (ICASA).


Read more at Reuters Africa

UPDATE 1-MCG Capital posts higher Q2 profit; shares rise

(Reuters) - Shares of the Arlington, Virginia-based company were
trading up almost 6 percent at $14.27 in morning trade on the
Nasdaq. The shares have fallen 34 percent since the begining of
the year before Tuesday's gains.




The main positives for the quarter include
higher-than-expected dividend income, higher-than-expected net
interest margin and $8.6 million of net gains on portfolio
investments, BMO Capital Markets analyst David Chiaverini wrote
in a research note.


Read more at Reuters.com Market News

Nelnet agrees to $2 mln settlement with New York

(Reuters) - Nelnet previously agreed to pay $1 million to settle an
investigation by Nebraska's attorney general.




Read more at Reuters.com Government Filings News

First Data shareholders approve selling to KKR

(Reuters) - But the company's shares traded on Tuesday morning at 5.1 percent below the expected purchase price of $34.00.




Analysts have said the large gap between the planned sale price and where the shares were trading signal investor doubt about whether the deal would close at current terms.


Read more at Reuters.com Mergers News

OPEC's Refining Capacity Rises on New Investments in Saudi Arabia, Iran

(Bloomberg) -- OPEC's refining capacity increased by
more than 140,000 barrels a day last year because of new investment
in Saudi Arabia and Iran.

Refining capacity for the 12-nation group totaled 9.23 million
barrels last year compared with 9.09 million barrels the year
before, OPEC said today in its Annual Statistical Bulletin.


Read more at Bloomberg Energy News

Brazilian Stocks Climb on Commodity Demand, Profit Growth: Latin Equity

(Bloomberg) -- Brazil's main stock index rose, led
by materials companies, on speculation that global demand for
metals and oil will boost corporate profits.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange headed for a fifth month of gains, rising 507.15, or 0.9
percent, to 55,079.76 as of 11:08 a.m. New York time.


Read more at Bloomberg Stocks News

UPDATE 1-Apria Healthcare posts rise in profit

(Reuters) - Second-quarter net income was $20.8 million, or 47 cents
per share, compared with $18.5 million, or 43 cents per share,
in the second quarter of 2006.




Analysts on average had forecast earnings of 45 cents per
share, according to Reuters Estimates.


Read more at Reuters.com Market News

Nelnet misses Wall Street view for Q3 earnings

(Reuters) - The company posted base earnings of $21.7 million, or 44
cents a share, from continuing operations, compared with $18.8
million, or 34 cents per share, a year earlier.




On that basis, the consensus estimate was for earnings of
69 cents a share, according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1-LCA-Vision posts lower Q2 earnings, cuts 2007 view

(Reuters) - Shares of the provider of vision correction services, which
also cut its full-year 2007 earnings outlook, were down more
than 14 percent at $36.90 in morning trade on the Nasdaq.




Including the impact of deferred revenue, the company now
sees 2007 earnings of $1.90 to $2.00 a share, on revenue of
$308.0 million to $315.0 million. In May, it had forecast
earnings of $2.05 to $2.15 a share for the year.


Read more at Reuters.com Market News

SAP says Germany head resigns for personal reasons

(Reuters) - In the interim, Ferri Abolhassan, executive vice president
for SAP large enterprise business in Europe, the Middle East and
Africa, will run the German operations.




Read more at Reuters.com Market News

UPDATE 1-Apen Technology settles SEC charges

(Reuters) - Cambridge, Massachusetts-based Aspen, which develops
computer software for oil refineries and other process
industries, agreed to cease and desist from future violations
and settled the case without admitting or denying any
wrongdoing, the SEC said.




The SEC did not announce any monetary penalty against the
company, which is required to retain an independent consultant
to review its financial and accounting policies and
procedures.


Read more at Reuters.com Government Filings News

CanWest switches to bridge financing for Alliance

(Reuters) - CanWest's AA Acquisition Corp., which will acquire Alliance, has written commitments from its banking syndicate for bridge financing to complete the deal, the companies said in separate statements.




"The bridge financing replaces the originally contemplated high yield debt offering, which has for the time being been deferred due to recent turmoil in the North American debt markets," CanWest said.


Read more at Reuters.com Bonds News

US STOCKS-Wall St. rises on data, GM earnings

(Reuters) - NEW YORK, July 31 - U.S. stocks climbed on
Tuesday after General Motors Corp. added to optimism
about corporate earnings and a key inflation indicator showed a
smaller-than-expected rise.




GM shares jumped 6 percent to $34.56 after the blue-chip
automaker swung to a profit in the second quarter and handily
topped Wall Street's expectations. For details, see
[ID:nN30442082].


Read more at Reuters.com Bonds News

Core inflation softens in June

(Reuters) - The 0.1 percent rise in the core personal consumption price index "should be reassuring to the Fed," said Camilla Sutton, currency strategist at Scotia Capital in Toronto.




U.S. stock index futures rose on the weak inflation data and a stronger-than-expected earnings report from General Motors . U.S. government debt prices fell despite the inflation report, and the dollar was lower against the euro.


Read more at Reuters.com Business News

Midwest Air to start talks with AirTran, others

(Reuters) - Midwest, which said its board of directors has formed a committee to explore strategic and financial alternatives, said it will also hold discussions with other strategic and financial parties that have recently expressed interest in Midwest.



Midwest said there is no assurance that the process will result in a transaction with AirTran or any other party.


Read more at Reuters.com Mergers News

UPDATE 1-GM trounces estimates, shares surge

(Reuters) - GM, whose shares rose 6.7 percent in early electronic
trading, said it posted a net profit of $891 million, or $1.56
a share, compared with a net loss of $3.4 billion, or $5.98 a
share a year earlier.




Excluding such one-time items as charges related to
Delphi's bankruptcy, the company said it earned $2.48 a share.


Read more at Reuters.com Bonds News

Alcan profit slips on strong Canada dollar effect

(Reuters) - Fully diluted profit per share was $1.17 versus $1.20.




Excluding foreign currency effects and other exceptional items, profit was $603 million, or $1.62 a share, up from $556 million, or $1.48 a share.


Read more at Reuters.com Mergers News

CBS quarterly earnings, revenue drops

(Reuters) - Revenue fell 3 percent to $3.4 billion.




Read more at Reuters.com Market News

Wall Street set for firmer start

(Reuters) - In focus will be a series of economic data, including consumer confidence data fur July at 1400 GMT, June's personal consumption expenditures data at 1230 GMT and July's Chicago PMI at 1345 GMT as well as construction spending data for June at 1400 GMT.




Investors hope to get an indication of whether the weakness in the subprime mortgage sector has spread to consumers yet, Heinz-Gerd Sonnenschein from Germany's Postbank said.


Read more at Reuters.com Hot Stocks News

Merrill eyes new China partner for securities JV

(Reuters) - By George Chen



SHANGHAI, July 31 - Merrill Lynch is looking for new partner to set up its investment banking joint venture in China, after calling off a proposed partnership with Huaan Securities, sources close to the deal said on Tuesday.


Read more at Reuters.com Mergers News

Botswana June credit growth slows, still over target

(Reuters) - Botswana credit demand growth slowed to 17.5 percent year-on-year in June, but remained above the central bank's target range, official data showed on Tuesday.

The central bank said growth in commercial bank credit eased from 20.6 percent year-on-year in May, largely due to a sharp decline in credit growth to the business sector.


Read more at Reuters Africa

RPT-C-BASS says in talks to increase liquidity

(Reuters) - C-BASS, which invests in the credit risk of subprime
residential mortgages, said it was exploring all options to
mitigate the liquidity risk in a difficult market.




The comments come after MGIC said it could be forced to
write down the entire value of a $516 million investment it made
in C-BASS.


Read more at Reuters.com Bonds News

UPDATE 2-MUFG, Mizuho post Q1 falls, stick to forecasts

(Reuters) - Although Japan's large banks are beginning to see some
benefit from rising interest rates, slack corporate demand for
credit and fierce competition have kept a lid on how much they
can charge borrowers.




The Bank of Japan began raising rates from zero last year,
ending more than half a decade of essentially free money.
Investors having been betting those rises will allow banks to
charge more for loans, even as they hold down the return paid to
depositors.


Read more at Reuters.com Market News

MUFG Q1 profit falls 31 pct, sticks to forecast

(Reuters) - The bank kept its estimate that profit will slide 9.2 percent
this year to 800 billion yen, short of a forecast of 859.14
billion yen in a poll of 14 analysts by Reuters Estimates. The
analysts did not give quarterly earnings forecasts.




Japan's large banks are beginning to see some benefit from
rising interest rates, although slack corporate demand for credit
and fierce competition have kept a lid on how much they can
charge borrowers.


Read more at Reuters.com Market News

Nike to pay $7.6 mln to settle race-bias suit

(Reuters) - Nike has denied all allegations of wrongdoing and liability in the litigation, according to the filing.




In March last year, the court certified a class that included all current and former black employees of Niketown Chicago from December 17, 1999 to the present, along with four subclasses, according to the filing.


Read more at Reuters.com Business News

Rexam profits fall as expected, sees year in line

(Reuters) - LONDON, July 31 - Rexam Plc , the world's biggest drinks-can maker, posted an expected fall in first-half profits, due to higher aluminium costs and a weak dollar, and said it expected the full year to be in line with expectations.



Underlying pretax profit was 98 million pounds in the six months to June 30, down from 121 million last year and compared with an average forecast of 98.53 million in a Reuters Estimates poll of four analysts, the packaging company said on Tuesday.


Read more at Reuters.com Market News

IMF chief warns of globalisation risks

(Reuters) - The head of the International Monetary Fund warned on Tuesday that global investment and growth prospects were at risk from a dramatic rise in private equity buy-outs and threats posed by financial globalisation.

Rodrigo Rato said the trouble in the U.S. subprime housing market was an example of such risks and called for a fresh look at lenders' underwriting standards and more borrower education.


Read more at Reuters Africa