China Yuan Extends Loss as Central Bank Raises Interest Rates a Third Time

(Bloomberg) -- The yuan had the biggest drop in six
weeks after the central bank raised interest rates to cool an
economy growing at the fastest pace in more than 12 years.

The People's Bank of China boosted lending and deposit rates
by 27 basis points each just minutes before yuan trading ended.
Gains in the currency and higher borrowing costs may help reduce
excess funds in the banking system that are spurring lending and
investment.


Read more at Bloomberg Currencies News

Nigerian inflation climbs to 6.4 pct in June

(Reuters) - Nigerian consumer price inflation accelerated to 6.4 percent year-on-year in June from 4.6 percent in May, the National Bureau of Statistics said on Friday -- a setback to government which has made low inflation a priority.

"The rise in the index was caused mainly by increase in the price of some food items, fuels, some building materials, transportation and services," the bureau said in a statement.


Read more at Reuters Africa

Gold Drops in London on Speculation Weekly Rally Overdone; Silver Climbs

(Bloomberg) -- Gold fell from a two-month high in
London on speculation that a three-week rally was overdone, given
expectations for increased sales from central-bank reserves.

Gold earlier today climbed to $677.97 an ounce, the highest
since May 10, bringing the gain this month to 4.4 percent.
European central banks can sell as much as another 190 metric
tons of bullion by Sept. 26 as part of an agreement to limit
their sales to 500 tons a year, figures this week from the World
Gold Council show.


Read more at Bloomberg Commodities News

Club Med Chocolate Wraps, Foie Gras Pull Shareholders to Remade Resorts

(Bloomberg) -- Club Mediterranee SA invented the
market for low-cost, all-inclusive vacations before losing
customers to cheaper Internet competitors.

Now, it's making itself over as a more expensive resort
chain, winning back clients who've grown up, started families and
can now afford to splurge on spa treatments and horse lessons.
The company is also luring investors who expect its stock, worth
about a third of its record 152.9 euros, to rise as much as 11
percent by September.


Read more at Bloomberg Stocks News

Stora Enso Bid to Eclipse Record Value Turns on Brazilian Eucalyptus Trees

(Bloomberg) -- Stora Enso Oyj's prospects for a
return to record stock prices of seven years ago are growing in
South American forests far from the Finnish papermaker's
traditional timberlands.

The world's second-biggest papermaker may have found an
answer to higher fiber prices that have been eating up profit.
Stora is planting and harvesting faster-maturing trees, such as
eucalyptus, in Brazil and Uruguay to guarantee a source of less-
expensive wood pulp.


Read more at Bloomberg Exclusive News

HIGHLIGHTS-Ericsson <ERICb.ST earnings, comments

(Reuters) -




COMMENTS FROM NEWS CONFERENCE
Svanberg says the second half of the year is usually
stronger in terms of cash flow.


Read more at Reuters.com Market News

Tribune Debt Has 49% Default Risk, Higher Than Ford, Default-Swaps Show

(Bloomberg) -- Tribune Co. has an almost 50-50
chance of missing interest payments on some of the $13 billion
in debt it will have after real estate investor Sam Zell buys
the company, trading in the company's credit-default swaps
shows.

Prices of the swaps, financial contracts used to speculate
on a company' ability to repay debt, have jumped $309,000 since
the first step in the sale was completed in May. It costs
$748,000 to protect $10 million of Tribune bonds for five years,
according to CMA Datavision, indicating a 49 percent risk of
default. That's up from 32 percent on May 24, based on a
JPMorgan Chase & Co. pricing model.


Read more at Bloomberg Bonds News