REFILE-Is that a fake in your pocket? Quite possibly...

(Reuters) - LONDON, July 23 - Around one in eight British
shoppers has bought a counterfeit watch, handbag or other
product in the last year as it becomes more socially acceptable,
a study by lawyers Davenport Lyons and Ledbury Research found.




"The most dramatic change in attitudes towards fakes is that
they have reached their tipping point. They have become socially
acceptable," the study said.


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BP profits down less than expected as output falls

(Reuters) - London-based BP said in a statement that the drop in its second-quarter replacement cost net profit would have been larger had it not been for non-operating gains totaling $741 million, largely from the sale of oil fields and a UK refinery.




Stripping this gain out, the replacement cost profit, which excludes out changes in the value of inventories, fell 12.5 percent to $5.346 billion.


Read more at Reuters.com Business News

Eritrea signs two economic deals with China

(Reuters) - Eritrea has signed two economic agreements with China on expanding the Red Sea state's universities and unspecified technical cooperation, Asmara said on Tuesday.

Chinese trade with Eritrea leapt 369 percent in 2006 based mainly on machinery imports and telecommunications, and in January during a visit, then Chinese Foreign Minister Li Zhaoxing partially cancelled Eritrea's foreign debt.


Read more at Reuters Africa

European Technology Stocks Decline; ARM Holdings, Infineon Lead Slide

(Bloomberg) -- European technology stocks fell, led
by ARM Holdings Plc and Infineon Technologies AG, after U.S.
chipmaker Texas Instruments Inc. reported a drop in profit and
revenue that missed analysts' estimates.

MAN AG paced advancing shares after Merrill Lynch & Co.
recommended buying shares in the German truckmaker. Akzo Nobel NV
jumped after reporting earnings. Wincor-Nixdorf AG and Telenor
ASA sank after posting earnings that missed estimates.


Read more at Bloomberg Stocks News

French Stocks Drop; STMicroelectronics, Renault and BNP Paribas Retreat

(Bloomberg) -- French stocks slid, paced by
STMicroelectronics NV after Texas Instruments Inc., the world's
largest maker of chips that run mobile phones, reported lower
profit and revenue that missed analysts' estimates.

Renault SA and BNP Paribas SA also led declining shares.


Read more at Bloomberg Stocks News

UPDATE 1-Hydro affirms targets after expected Q2 EBIT drop

(Reuters) - OSLO, July 24 - Norway's Norsk Hydro said
quarterly operating profits fell 9 percent, in line with
analysts' forecasts as a strong crown outweighed firm oil and
metal prices, and reaffirmed its 2007 output targets.




The industrial group, which is selling its oil and gas
business to former rival Statoil for $36 billion, has
benefited from high aluminium prices as it seeks to remodel
itself into a focused metal group. For a second consecutive
quarter its aluminium business proved more profitable than
expected.


Read more at Reuters.com Mergers News

Rand eases back, profit-taking may kick in

(Reuters) - South Africa's rand softened against the dollar on Tuesday as dealers predicted some profit-taking would kick in as seen in other emerging markets.

The rand was trading at 6.8306 versus the dollar at 0643 GMT, not far off its New York close of 6.8250 on Monday.


Read more at Reuters Africa