Copper sinks to five-week low on US growth fears

(Reuters) - Fresh signs of economic trouble in the United States beat copper down to five-week lows on Monday, but analysts expect strong demand from China to buoy the metal used widely in the construction and power industries.

London-listed miners were down on the back of broader market weakness. Britain's was down 0.2 percent while BHP Billiton, Rio Tinto and Xstrata were down between half a percent and 2.3 percent.


Read more at Reuters Africa

Delphi reaches tentative deals with four unions

(Reuters) - CHICAGO, Aug 6 - Auto parts maker Delphi Corp. said on Monday it has reached tentative agreement on new contracts with four more unions, key steps in its plan to reorganize and exit bankruptcy.



Delphi said it has signed a memorandum of understanding with the four unions covering work-force transition, pension and other issues. The company said it would not release details on the agreements until union members have voted on them.


Read more at Reuters.com Bonds News

Two-Year Treasury Note Yields Fall to 18-Month Lows as Global Stocks Drop

(Bloomberg) -- Treasuries were little changed, with
two-year note yields near the lowest in 18 months, as European
and Asian stocks dropped.

Two-year note yields declined 2 basis points, or 0.02
percentage point, to 4.4 percent at 8:30 p.m. in New York,
according to bond broker Cantor Fitzgerald LP. The price of 4
5/8 securities due in July 2009 rose 1/32, or 31 cents per
$1,000 face amount, to 100 14/32. Bond yields move in the
opposite direction of prices.


Read more at Bloomberg Bonds News

UPDATE 1-Dexia to address investor concern on subprime

(Reuters) - Analysts have said that Dexia might be exposed through its
U.S. subsidiary Financial Security Assurance Inc .




"Dexia has received over the last days questions on the
issues of U.S. subprime mortgages and CDOs , and on the crisis' impact for FSA itself and for
Dexia as a whole," it said in a statement.


Read more at Reuters.com Bonds News

Stock futures rise, suggest respite before Fed

(Reuters) - The Fed releases its decision on Tuesday and is expected to leave interest rates unchanged at 5.25 percent. Interest rate futures show traders are betting on the central bank delivering at least one rate cut by the end of this year.




By 0927 GMT September S&P futures were up 0.5 percent in Europe but still around their lowest in nearly five months.


Read more at Reuters.com Hot Stocks News

French Stocks Retreat; Axa and Credit Agricole Retreat as Natixis Jumps

(Bloomberg) -- French stocks declined for a
third day in four. Financial companies including Axa SA and
Credit Agricole SA led the retreat.

The benchmark CAC 40 Index dropped 29.47, or 0.5
percent, to 5568.42 as of 12:51 p.m. in Paris. The SBF 120
Index fell 0.5 percent to 4064.15.


Read more at Bloomberg Stocks News

Oil Falls a Second Day on Concern Subprime Debacle Will Reduce U.S. Growth

(Bloomberg) -- Crude oil fell for a second day in
New York on concern the subprime-debt debacle will reduce U.S.
economic growth.

A U.S. slowdown may cut demand for oil, which has fallen 6
percent since reaching a record $78.77 on Aug. 1. Global stock
and metals prices fell today on concern the rout in U.S. debt
markets may erode growth. OPEC oil production rose last month by
the most since September 2004, a Bloomberg News Survey showed.


Read more at Bloomberg Energy News

Orbotech to buy cardiac gamma camera maker; posts Q2 loss

(Reuters) - Excluding certain items, net income for the latest second
quarter was $6 million, or 18 cents per share.





Read more at Reuters.com Market News

Singapore's Stocks Decline by Most in Five Months: World's Biggest Mover

(Bloomberg) -- Singapore's stocks declined by the
most in more than five months on concern losses in the U.S.
mortgage market will slow expansion in the nation's largest
export destination.

Oversea-Chinese Banking Corp. posted its biggest fall in
almost six years, leading the decline among banks on concern they
may incur losses on their credit investments because of defaults in U.S.
subprime housing loans.
Creative Technology Ltd. fell to an 11 year-low after reports
showed U.S. employers added fewer jobs in July and growth in the
service industries slowed.


Read more at Bloomberg Stocks News

Fortis wins backing for ABN buy in Brussels

(Reuters) - Fortis is holding the shareholder meetings to secure backing
for its part of a 71 billion euro joint bid for ABN AMRO with
Royal Bank of Scotland and Spain's Santander .




Read more at Reuters.com Mergers News

Credit, growth fears batter stocks, hit dollar

(Reuters) - European shares opened more than 1 percent lower before recovering slightly. Emerging market shares dropped around 1.8 percent and Japanese equities slipped 0.4 percent.




Heightened concerns for economic growth as a result of credit problems also knocked oil prices, which briefly dipped below $74.50, and dragged Shanghai copper futures down 3 percent.


Read more at Reuters.com Business News

Dollar hits 15-year low vs basket of currencies

(Reuters) - The dollar fell to a 15-year low against a basket of currencies on Monday, as speculation mounted in financial markets that rising credit market risk and softening U.S. data will force a cut in U.S. interest rates.

The dollar index fell below the psychologically key 80.0 level, while the euro rose to within sight of its record high above $1.3850 struck two weeks ago.


Read more at Reuters Africa

AES, Suez sue Hungary over electric pricing-report

(Reuters) - AES is seeking 5 billion forints in damages
and Suez 7 billion forints, the paper said.




Officials at AES's plant, Tiszai Eromu and Suez's Dunamenti
Eromu were not immediately available to comment.


Read more at Reuters.com Government Filings News

ICI tentatively agrees to sweetened Akzo offer: report

(Reuters) - If all goes well, a formal takeover agreement would be announced by August 9, the deadline set by the UK Takeover Panel, the paper said.




ICI last week rejected an improved 7.8 billion pound , 650 pence-a-share cash takeover proposal by Akzo and refused to open its books for due diligence check, saying the offer undervalued the company. It had also previously rejected a 600 pence-a-share offer from Akzo in June.


Read more at Reuters.com Business News

Crude Oil Falls a Second Day on OPEC Output Boost, Concern Demand Abating

(Bloomberg) -- Crude oil fell in New York, heading
for its biggest two-day decline since July 24, after OPEC
increased output and on concern losses in the U.S. mortgage
market will slow economic growth.

Members of the Organization of Petroleum Exporting
Countries, excluding Angola, raised production last month by the
most since September 2004, a Bloomberg News survey showed.
Prices of commodities including copper in Shanghai and platinum
in Tokyo declined, and stocks in Asia fell, extending a global
slump, on speculation waning growth will slow demand.


Read more at Bloomberg Energy News

Natixis sees little impact from IKB problems

(Reuters) - By Sudip Kar-Gupta



PARIS, Aug 6 - French bank Natixis said on Monday that current problems in the U.S. subprime mortgage sector would have a limited impact on the group, whose shares have slumped on fears over its subprime exposure.


Read more at Reuters.com Bonds News

S.Africa fuel industry strike could end soon

(Reuters) - South Africa's fuel industry strike could come to an end as early as Monday if the unions accept a revised offer, labour representatives said on Sunday.

Employers and unions have been locked in talks since the strike began last week, with unions demanding a 10 percent wage increase.


Read more at Reuters Africa

Oil Falls, Heading for Biggest 2-Day Decline Since June, on OPEC, Economy

(Bloomberg) -- Crude oil fell in New York, heading
for its biggest two-day decline since June, after OPEC increased
output and on signs U.S. economic growth will slow, reducing fuel
demand.

Members of the Organization of Petroleum Exporting Countries,
excluding Angola, raised production last month by the most since
September 2004, a Bloomberg News survey showed. Asian stocks
dropped on renewed concern losses in the U.S. mortgage market
will trim growth in the world's biggest economy.


Read more at Bloomberg Energy News

Newcastle Coal Price Rises as Heavy Rainfall Disrupts Output in Indonesia

(Bloomberg) -- The price of power-station coal at
Australia's Newcastle port rose 5 percent last week on concern
Asian customers will need to buy in the spot market after heavy
rain led some Indonesian to warn they will miss deliveries.

Coal for immediate delivery at the world's largest export
harbor for the fuel, increased $3.27 to $70.08 a metric ton in
the week ended Aug. 3, according to the globalCOAL NEWC Index.
That's near the record level of $70.88 reached in June. Banpu Pcl
and Straits Asia Resources Ltd. both announced last week they
will miss contracted shipments after declaring force majeure
because of excessive rain.


Read more at Bloomberg Commodities News

Treasuries Little Changed on Signs of Slowing Expansion, Decline in Stocks

(Bloomberg) -- Treasuries were little changed as
Asian stocks slid and speculation increased that losses tied to
subprime mortgages will prompt the Federal Reserve to cut
interest rates this year.

Ten-year notes may extend their gains into a fifth week
after reports showed employers added fewer jobs than expected
last month and bond investors are becoming less bearish.
Treasuries are on track to return 5.3 percent this year, the
most since 2002, according to a Merrill Lynch & Co. index.


Read more at Bloomberg Bonds News

Bank of Ningbo First-Half Audited Profit Jumps 41 Percent on Rising Loans

(Bloomberg) -- Bank of Ningbo Co. Ltd., a Chinese
bank that raised 4.14 billion yuan ($547 million) in an initial
public offering last month, said audited first-half profit surged
41 percent on increased loans to domestic companies.

Net income rose to 382.8 million yuan, or 0.19 yuan a share,
in the six months ended June 30 from 271.6 million yuan, or 0.15
yuan a share, a year earlier, the Ningbo, Zhejiang province-based
bank said in a statement to Shenzhen's stock exchange, confirming
an earlier statement citing unaudited figures. Interest income
rose 39 percent to 1.38 billion yuan, Bank of Ningbo said.


Read more at Bloomberg Emerging Markets News

Japan Shares Drop on U.S. Economy Concern, Strong Yen; Toyota Profit Gains

(Bloomberg) -- Japanese stocks declined, paced by
exporters, on fear losses in the U.S. mortgage market may slow
the world's biggest economy and after the yen strengthened to a
four-month high against the dollar.

Banks including Mizuho Financial Group Inc. and brokerages
such as Nomura Holdings Inc. fell on worry the subprime problem
will erode their profits.


Read more at Bloomberg Stocks News

Bank of Queensland Completes Its Biggest Sale of Debt Backed by Auto Loans

(Bloomberg) -- Bank of Queensland Ltd., a regional
Australian lender, raised A$1 billion ($855 million) in its
biggest sale of bonds backed by automobile and equipment loans.

The bonds were sold to domestic and offshore investors in
nine parts, sale manager Macquarie Bank Ltd. said in an e-mailed
statement. The largest portion was A$717.5 million of AAA-rated,
August 2013 securities yielding 23 basis points more than the
benchmark swap rate.


Read more at Bloomberg Bonds News

Bernanke May Alter Rhetoric, Not Interest Rates, After Market Turbulence

(Bloomberg) -- Federal Reserve Chairman Ben S.
Bernanke may respond to the latest squall in financial markets
the same way he did when turbulence hit four months ago: with a
change in words rather than policy.

Bernanke and his colleagues may suggest after their
meeting tomorrow that the risks to economic growth have
increased following the rout in stock and credit markets -- just
as they did after their March meeting.


Read more at Bloomberg Bonds News

New Zealand Dollar Falls a Second Day; Housing Woes Spur Carry Trade Exit

(Bloomberg) -- The New Zealand dollar declined for a
second day as concerns U.S. subprime mortgage losses will slow
global growth deterred traders from buying riskier investments.

So called carry trades, where investors borrow cheaply in
yen to buy higher-yielding assets elsewhere, have seen New
Zealand's dollar gain 25 percent against Japan's currency in the
past year. U.S. stocks dropped Aug. 3 after Samuel Molinaro,
chief financial officer at Bear Stearns Cos. called the current
crisis in fixed-income the worst ever.


Read more at Bloomberg Currencies News

2008 sports events could benefit Adidas: Barron's

(Reuters) - Adidas should also benefit from British soccer star David Beckham's move to the United States. If Beckham does well for his new team, the Los Angeles Galaxy, Adidas sales in the United States could climb, Barron's said.







Read more at Reuters.com Business News

Putin Favors Ruble Traders Over Oil Profits in Battle Against Inflation

(Bloomberg) -- Russian President Vladimir Putin's
plan to keep inflation from accelerating depends on favoring
foreign-exchange traders over the country's oil and gas
companies.

Putin will probably allow the central bank to double the
ruble's pace of appreciation this year because he has few options
outside the foreign exchange market to rein in consumer prices,
according to strategists at Bank of America Corp. and UBS AG.
Russia's 8.5 percent inflation rate is three times faster than
any other Group of Eight country.


Read more at Bloomberg Emerging Markets News

Qatar bank's $6.1 billion Ahli United bid stalls

(Reuters) - International Bank, an affiliate of National Bank of Kuwait , said shareholders were insisting that a third party and not the Qatari firm have access to the books of Bahrain's biggest lender, and that due diligence be limited to one month rather than three.




"IBQ confirmed that they have been in discussions with certain shareholders of AUB but these discussions have stalled," International Bank said in a statement.


Read more at Reuters.com Business News

Qatar bank's $6.1 Ahli United takeover bid stalls

(Reuters) - International Bank, an affiliate of National Bank of Kuwait , said shareholders were insisting that a third party and not the Qatari firm have access to the books of Bahrain's biggest lender, and that due diligence be limited to one month rather than three.




"IBQ confirmed that they have been in discussions with certain shareholders of AUB but these discussions have stalled," International Bank said in a statement.


Read more at Reuters.com Business News

JPMorgan India loses 4 senior executives to rival

(Reuters) - "We reiterate that India continues to be a priority focus for JPMorgan. We propose to make additional announcements shortly," he said.




An Indian newspaper said the four executives -- Sameer Lumba, its head of equity sales; Rohit Shah, its head of sales and trading; Rajiv Gala and Manish Dabir -- were joining the institutional equities arm of JM Financial


Read more at Reuters.com Business News

Barclays' ABN offer period set

(Reuters) - The RBS-led consortium's offer is worth 71 billion euros and 93 percent in cash, while Barclays 65-billion-euros offer is about 38 percent in cash.




ABN shareholders can tender shares under the Barclays offer from August 7 until October 4, Barclays said in a filing to U.S. regulator the Securities and Exchange Commission late on Friday.


Read more at Reuters.com Business News

South Sudan awards gold, uranium mining contracts

(Reuters) - South Sudan has awarded two companies exploration licenses for gold and uranium in areas thought to be rich in minerals, an official from the semi-autonomous region said.

British/South African New Kush Exploration and Mining Company and the UK-listed Brinkley Mining Plc paid $5,000 for one-year exploration licenses in the area bordering Kenya.


Read more at Reuters Africa

South African Rand Climbs Against Dollar Over Week as Carry Trade Resumes

(Bloomberg) -- South Africa's rand logged a weekly
gain against the dollar as global stocks rebounded, prompting
investors to resume buying emerging-market assets.

The rand also advanced as the cost of owning European
corporate bonds fell for the first week in seven. The South
African currency pared its weekly gain after Standard & Poor's
Corp. yesterday cut the credit outlook on Bear Stearns Cos.


Read more at Bloomberg Currencies News

European Bonds Snap Three Weeks of Gains After ECB Indicates Higher Rates

(Bloomberg) -- European government bonds snapped
three weeks of gains after the European Central Bank indicated
it will raise interest rates further this year.

ECB President Jean-Claude Trichet signaled rates may rise
from a six-year high of 4 percent as early as September, saying
``strong vigilance'' is needed to guard against price pressures.
Policy makers used the phrase a month before each of the ECB's
eight rate increases since late 2005. Trichet spoke on Aug. 2
after the bank kept borrowing costs unchanged, as forecast.


Read more at Bloomberg Bonds News

Asian Stocks Extend Weekly Decline on Concerns Over U.S. Subprime Loans

(Bloomberg) -- Asian stocks fell for a second week,
led by Macquarie Bank Ltd. and Taiwan Life Insurance Co., on
concern the U.S. subprime loans crisis is spreading to the
region's financial companies.

Macquarie Bank, Australia's largest securities firm, erased
its gains for the year after saying investors in some of its
funds may lose as much as 25 percent of their money. Taiwan Life
had its worst week in more than three years after reporting a
hedge fund loss.


Read more at Bloomberg Stocks News

Markets give short-sellers long-awaited gains

(Reuters) - And Friday's 7 percent slide in MBIA Inc and Ambac
Financial Group Inc , two of the world's biggest bond
issuers, stretches the gains for William Ackman, head of
Pershing Square Capital Management, who has been short both.




"Short-biased funds are going to prosper over the next few
months as the subprime problem takes its toll. We think the
problem is certainly going to continue," said Christopher Wolf,
managing partner at Cogo Wolf Asset Management LLC, which runs
a $100 million fund-of-hedge-funds.


Read more at Reuters.com Bonds News

Novastar suspends funding some loans

(Reuters) - The affected mortgages are wholesale loans that have not been locked in, according to the company's customer service center. The suspension of funding will last until Aug. 7. The company will then re-evaluate the temporary halt.






Read more at Reuters.com Bonds News

Orange Juice Rebounds on Forecast for `Active' Storm Season Near Florida

(Bloomberg) -- Orange juice rebounded to a seven-
week high after Colorado State University forecasters said the
tropical-storm period will be ``active,'' signaling a threat for
Florida citrus groves.

Conditions still favor an ``active season,'' scientists
Philip Klotzbach and William Gray said. Still, they cut the
number of major hurricanes expected in the Atlantic Ocean
through Nov. 30 to four from five projected in May. Florida is
the biggest orange producer behind Brazil.


Read more at Bloomberg Commodities News

Bear Stearns, Financials ETF, Emerging Markets: U.S. Equity Option Movers

(Bloomberg) -- The following is a list of companies
with unusual option trading in U.S. exchanges today. Stock
symbols are in parentheses after company names. Option trading
and stock prices are as of 4 p.m. in New York.

Each call option gives investors the right to buy 100 shares
of a company at a certain price, called the strike price, by a
given date. A put conveys the right to sell 100 shares.


Read more at Bloomberg Stocks News

BG Medicine files for $80 mln IPO

(Reuters) - The company said it is seeking to list its shares on
Euronext Amsterdam by NYSE Euronext under the symbol "BGMDX."





Read more at Reuters.com Government Filings News

US STOCKS-Mortgage sector worry, data lead market lower

(Reuters) - NEW YORK, Aug 3 - U S. stocks declined on Friday
on weaker-than-expected economic data and evidence the
mortgage market's problems are taking a wider toll on financial
company shares, including Bear Stearns Cos. Inc.




Standard & Poor's said it changed its ratings outlook on
Wall Street investment bank Bear Stearns to negative from
stable, indicating there is a better chance of a downgrade over
the next two years. Two Bear Stearns-managed hedge funds
collapsed last month on bad bets on subprime mortgage
investments.


Read more at Reuters.com Bonds News

Nomura subprime bond "failed" 6 months after sale

(Reuters) - Bond collateral "performance generally should not be
expected to begin changing the baseline cashflow distributions
this soon," said Christopher Sullivan, chief investment officer
for pension funds at the United Nations in New York. Worse
performance in older ABX indexes makes this move less
surprising, however, he said.




The issue is one of 20 in the benchmark ABX-HE 07-2 index
that was launched last month. The ABX indexes have become
widely watched since they are the most transparent way of
gauging prices on the securities and can be used by investors
to hedge their holdings of debt backed by risky mortgages.


Read more at Reuters.com Bonds News

Agrium files shelf prospectus for $1 bln

(Reuters) - Calgary, Alberta-based Agrium said the filings would give
it the means to reduce debt and expand through acquisitions and
investments.







Read more at Reuters.com Bonds News

REFILE-TREASURIES-Bond gains grow as stocks tank on Bear remarks

(Reuters) - Major U.S. stock indexes slid as much as 1.6 percent,
sending jittery investors scrambling for the safety of
Treasury securities, traders and fund managers said.




"Everyone's jumping on the bandwagon that the Federal
Reserve would have to ease with this subprime situation," said
Richard Schlanger, portfolio manager at Pioneer Investments
USA in Boston.


Read more at Reuters.com Bonds News

Bond turmoil worse than Internet bubble: Bear CFO

(Reuters) - "So, yes, we would make that comparison" to market events
that also include the debt crisis of the late 1990s, he said.




Read more at Reuters.com Business News

Italy's Fiat latest foreign co to delist from NYSE

(Reuters) - MILAN, Aug 3 - Italian automaker Fiat said on Friday it planned to delist its stock from the New York Stock Exchange, the latest in a string of foreign companies to abandon the U.S. exchange this year.



Fiat has filed with the Securities and Exchange Commission to end its obligation to submit reports to the U.S. market regulator and would file for a delisting on Aug. 13, it said.


Read more at Reuters.com Government Filings News

Copper Futures Drops Most Eight Weeks on Signals U.S. Demand May Decline

(Bloomberg) -- Copper in New York dropped the most
in eight weeks on speculation that an economic slowdown in the
U.S., the world's second-largest consumer of the metal, will
reduce demand.

Growth in U.S. service industries slowed more than forecast
in July, and U.S. employers added fewer jobs last month than
projected, reports showed today. Copper, which sometimes moves
in tandem with economic expansion, dropped for the second
straight week on concern that losses in equity markets may
spread to commodities.


Read more at Bloomberg Commodities News

Brazil's Suzano says in sale talks with Petrobras

(Reuters) - Petrobras officials would not comment on
the possible acquisition. Local news agency Folha Online said
the value of the deal could be around 3 billion reais .







Read more at Reuters.com Mergers News

Gazprom Postpones Sale of Bonds, Fitch Withdraws Credit Ratings on Debt

(Bloomberg) -- OAO Gazprom, Russia's natural-gas
monopoly, postponed a planned sale of bonds prompting Fitch
Ratings to withdraw assigned grades for the debt.

More than 50 companies from U.S. carmaker Chrysler to
Kohlberg Kravis Roberts & Co.'s Alliance Boots Plc postponed or
reworked debt sales since mid-June as investors shun riskier
assets amid concern that U.S. subprime mortgage-related losses
will spill into other parts of the debt markets.


Read more at Bloomberg Bonds News

Carl Zeiss Meditec mulls counter bid for WaveLight

(Reuters) - Carl Zeiss Meditec said in a statement on Friday it had acquired a 5 percent stake in WaveLight, which makes refractive laser and diagnostic systems for refractive eye surgery, used to correct vision and increasingly used in lieu of glasses.



"At this point in time the acquisition of stock demonstrates that we have an interest in WaveLight in principle," Carl Zeiss Meditec investor relations director Jens Brajer said.


Read more at Reuters.com Mergers News

Dillard's rebuffs shareholder group; stock tumbles

(Reuters) - CHICAGO, Aug 3 - A firm representing investors who hold 3.7 percent of Dillard's Inc's outstanding stock said on Friday it was rebuffed in its attempt to meet with the company's CEO, sending shares of the department store owner down 5 percent.



Barington Capital Group L.P. said its request to meet with Chairman and Chief Executive William Dillard II was met with an offer of a meeting with the company's investor relations director instead.


Read more at Reuters.com Mergers News

Italy's UniCredit clinches Polish sale to GE Money

(Reuters) - MILAN, Aug 3 - Italian bank UniCredit said on Friday it had agreed to sell to GE Money about 66 percent of its so-called New BPH bank, which comprises 200 bank branches from UniCredit's Polish unit, for 625.5 million euros



in cash.


Read more at Reuters.com Mergers News

Virtusa says IPO priced at $14/shr

(Reuters) - The Westborough, Massachusetts-based company said its
common stock has been approved for listing on Nasdaq under the
symbol "VRTU."





Read more at Reuters.com Government Filings News

UPDATE 1-AFL-CIO seeks more disclosure for KKR, Och-Ziff

(Reuters) - In a letter to the U.S. Securities and Exchange Commission,
the AFL-CIO said KKR, a private equity firm, and Och-Ziff, a
hedge fund, clearly fall under the investment company act.




The firms have filed for IPOs after private equity firm
Blackstone Group LP successfully went public in late
June.


Read more at Reuters.com Government Filings News

Samsung Electronics chip output hit by power cut

(Reuters) - The company said it did not expect the overall losses from the outage to exceed 50 billion won .




Analysts, however, put the potential losses much higher.


Read more at Reuters.com Business News

P&G profit up but forecast pressures shares

(Reuters) - After spending the better part of the last two years integrating its acquisition of Gillette, the maker of Tide detergent and Pampers diapers is now girding itself to compete with smaller rivals such as Colgate-Palmolive Co. and Kimberly-Clark Corp. .




That strategy includes accelerating its share buybacks, boosting sales in emerging markets, focusing on newer products such as Crest Pro-Health and shedding some of its businesses.


Read more at Reuters.com Business News

IFC invests $32.5 mln in African cable project

(Reuters) - The World Bank's International Finance Corp. on Thursday said it was investing $32.5 million in a fiber-optic cable project that will provide Internet and international communication services for 21 African countries.

IFC, the private-sector arm of the World Bank that focuses on investing in emerging-market economies, said the cable project should improve telecommunications access for 250 million Africans and cut costs for individuals and businesses.


Read more at Reuters Africa

Miner Anglo to sell Tarmac; raises profit, buyback

(Reuters) - Anglo American put its Tarmac road-covering business up for sale on Friday as it met forecasts with a 22 percent rise in first-half earnings and pledged to return a further $4 billion to shareholders.

Chief Executive Cynthia Carroll said the sale of UK-based Tarmac, which analysts believe could fetch over $6 billion, was the mining group's last major piece of restructuring as it moves to focus on its metals and minerals businesses.


Read more at Reuters Africa

Angola sees sustained economic boom, inflation cut

(Reuters) - Angola's prime minister said on Friday that his government would cut inflation despite an economic boom, whose benefits he insisted ordinary people would feel in a country still recovering from a devastating civil war.

"We are working very hard now and very soon we will bring it to a sustainable rate of a single digit, we are talking of about eight percent before the end of this year," Fernando da Piedade Dias Dos Santos told Reuters in an interview.


Read more at Reuters Africa

UPDATE 1-Canada June building permits 2nd highest on record

(Reuters) - Analysts had expected permits to retreat by 9.8 percent in
June after double-digit growth the previous month had taken
them by surprise. Statscan revised upward the May increase to
23.2 percent from the 21.4 percent reported last month.




"The back-to-back performances point to very busy
construction sites in the coming months," Statscan said in its
report.


Read more at Reuters.com Economic News

UPDATE 1-Brazil economy to grow 5 pct in 2007 - finance min

(Reuters) - Speaking at an event in Sao Paulo, Mantega said large
investments in basic sanitation as well as roads and highways
were key to paving the way for sustained economic growth.




Government agencies had been predicting economic growth of
about 4.5 percent this year. Brazil, Latin America's largest
economy, expanded 3.7 percent in 2006.


Read more at Reuters.com Economic News

British Airways says July traffic down 2.9 pct

(Reuters) - Its load factor -- a measure of how well it filled its planes -- fell by 1.5 percentage points to 81.2 percent.



There was a 2.9 percent fall in non-premium traffic and premium traffic fell by 2.6 percent, Europe's third-largest airline said in a statement.


Read more at Reuters.com Market News

Ahold Q2 sales up, U.S. stores beat forecasts

(Reuters) - AMSTERDAM, Aug 3 - Dutch supermarket group Ahold NV said on Friday second-quarter sales rose 2 percent, thanks to favourable conditions in its main markets, but a revamp of U.S. stores would continue to hurt margins.



Net sales increased to 6.6 billion euros from 6.47 billion a year ago, matching an average forecast of 6.6 billion euros from 13 analysts polled by Reuters. Adjusted for currency effects, sales rose 5.6 percent.


Read more at Reuters.com Market News

UPDATE 1-Hercules Offshore Q2 earnings rise

(Reuters) - The recent decline in the outlook for U.S. natural-gas
prices could delay the expected recovery in jackup rig demand
in the U.S. Gulf of Mexico, the company said in a statement.




Houston-based Hercules reported a second-quarter net income
of $23.5 million, or 72 cents a share, compared with $22.9
million, or 71 cents a share, a year ago.


Read more at Reuters.com Market News

P&G not looking at big acquisitions: execs

(Reuters) - Chief Financial Officer Clayt Daley said P&G is more likely to sell businesses rather than buy businesses right now. He also said this year's earnings would be more volatile quarter to quarter as the company works on restructuring and other projects, such as bringing out concentrated versions of its laundry detergents.




Daley also said that raw material and energy costs should be up again this year.


Read more at Reuters.com Market News

Glaxo Avandia FDA Adversity Prompts Doubts of Revenue, Share Resurgence

(Bloomberg) -- GlaxoSmithKline Plc convinced a U.S.
regulatory panel this week to keep its best-selling diabetes
drug, Avandia, on the market. Now comes the hard part: persuading
doctors to use a medicine linked to heart attacks.

The U.S. Food and Drug Administration committee of advisers
said this week that the diabetes pill should carry new warnings
about cardiovascular risks. Glaxo shares had their biggest gain
in two years yesterday after the advisory panel decided not to
recommend the withdrawal of Avandia, which brought in $3.3
billion in 2006 for the London-based company, Europe's largest
drugmaker.


Read more at Bloomberg Exclusive News

FCC's Martin May Fall Short of Spurring Wireless Internet Competition

(Bloomberg) -- Federal Communications Commission
Chairman Kevin Martin may fall short of his goal of spurring a
historic shakeup of the mobile-phone market when the U.S. sells
airwaves worth as much as $15 billion next year.

The FCC adopted rules this week that will let consumers use
any kind of phone or wireless-enabled laptop on some airwaves,
not just the devices approved by their phone company. People may
be able to take an iPhone for example, which now runs only on
AT&T Inc.'s network, and use it on this new spectrum regardless
of who wins the bidding.


Read more at Bloomberg Exclusive News

Mexican Bonds, Peso Drop After U.S. Jobs Growth Slows, Missing Forecast

(Bloomberg) -- Mexican peso-denominated bonds fell
on renewed concerns that weakness in the U.S. housing sector
will spread to the broader economy and crimp demand for Mexico's
exports.

Yields on the government's 30-year bond, its longest peso-
denominated maturity, touched a one-week high after a U.S.
government report said employers added fewer jobs than
economists expected last month. The U.S. buys 80 percent of
Mexican exports.


Read more at Bloomberg Currencies News

Fidelity Says Its U.S., Asia High-Yield Funds Have No Subprime Mortgages

(Bloomberg) -- Fidelity International Ltd. said its
U.S. and Asian high-yield funds have no U.S. subprime mortgage
investments or collateralized debt obligations.

Fidelity International, a unit of Boston-based Fidelity
Investments, the world's largest mutual-fund company, sees buying
opportunities in U.S. and Asian high-yield markets, portfolio
managers Harley Lank and Andrew Wells said in a market update
late yesterday titled ``Sub-prime or a prime opportunity?''


Read more at Bloomberg Emerging Markets News

Little subprime fallout for Asia banks, investors jittery

(Reuters) - Ratings agency Moody's Investors Service said on Friday
that the impact of the subprime meltdown on Asia's lenders
would be limited, with the largest exposure among the biggest
banks through holdings of mortgage-backed securities and
collateralised debt obligations. [ID:nWNA7262]




Standard & Poor's said Japanese banks have about $8 billion
of subprime-related securities, according to the Japanese
Bankers Association, while a small number of financial services
firms in Taiwan have a much smaller combined level of exposure.
[ID:nSPWAcEJwa]


Read more at Reuters.com Bonds News

Float of U.S. shares shrank at record pace in July -TrimTabs

(Reuters) - "The lemmings who are panicking and selling are doing
exactly the opposite of what corporate America is doing," wrote
Charles Biderman, chief executive of TrimTabs. "Over the longer
term, the stock market's direction will be set by the
fundamentals of liquidity, not the panic that gripped the
market during the past two weeks."




Read more at Reuters.com Bonds News

GE says to buy UniCredit's Polish banking unit

(Reuters) - U.S. conglomerate GE said in a statement its GE Money unit would acquire about 66 percent of the shares of the Polish bank for $854.9 million.



The deal is expected to close by the end of the year.


Read more at Reuters.com Bonds News

IKB subprime shockwaves continue to rock Germany

(Reuters) - German commercial property financier Hypo Real Estate struggled to calm jittery investors by insisting it would be unaffected by the U.S. subprime fallout. Its shares still skidded more than 5 percent while Commerzbank -- which owns a property financier -- saw its stock fall 4 percent.




Investor confidence was further dented as it emerged that French insurer Axa had also temporarily closed two subprime funds after sudden losses.


Read more at Reuters.com Bonds News

European Stocks Drop, Paced by Hypo Real Estate, Depfa, Total, BP

(Bloomberg) -- European stocks fell, led by energy
companies and banks, after Citigroup Inc. lowered its
recommendation for the oil industry and Union Investment, a
German mutual fund manager, halted redemptions from a fund.

The Dow Jones Europe Stoxx Oil & Gas Index dropped to the
lowest in two months, led by Total SA and BP Plc. Hypo Real
Estate Holding AG, the mortgage bank spun off from HVB Group, and
Depfa Bank Plc also declined.


Read more at Bloomberg Stocks News

Paulson to make his currency case to China's Hu

(Reuters) - Paulson and other top Bush aides are trying to head off several trade-focused bills that are aimed at ratcheting up pressure on Beijing to allow the yuan to appreciate more quickly to ease trade imbalances.




"At a time when U.S. exports are growing globally, such legislation also exposes the United States to the risk of 'mirror legislation' abroad and could trigger a global cycle of protectionist legislation," Paulson, U.S. Trade Representative Susan Schwab and Commerce Secretary Carlos Gutierrez said in a joint letter to senior senators.


Read more at Reuters.com Business News

Yen holds gains, supported by risk aversion

(Reuters) - Traders said the yen took its cue from U.S. share prices, which slid on Tuesday after mortgage lender American Home Mortgage Investment Corp. said it could not fund home loans and might have to liquidate assets.




Risk aversion stemming from such falls in equities and worries about the U.S. housing and credit markets could prompt the dollar to eventually break below 118.00 yen, said a trader for a major Japanese trading house.


Read more at Reuters.com Hot Stocks News

Japan Facing Pressure From Asia-Pacific Ministers Over Yen Carry Trades

(Bloomberg) -- Japan's Finance Minister Koji Omi is
likely to face pressure over the value of the yen from economies as
diverse as South Korea and New Zealand at a meeting of 21 Asia-
Pacific policy makers in Australia starting today.

Money borrowed in Japan, where the benchmark interest rate is
0.5 percent, is being invested in economies offering higher returns.
New Zealand, where the key rate is 8.25 percent, has seen its
currency driven to a 22-year high by the so-called yen carry trade.
Thailand's baht has surged to its highest since the Asian financial
crisis a decade ago, as has the South Korean won.


Read more at Bloomberg Currencies News

Asian Stocks Decline, Led by Macquarie Bank, Sony on U.S. Subprime Rout

(Bloomberg) -- Asian stocks fell after a U.S. lender
said it lacks cash to fund new loans, reigniting concerns that a
decline in the country's subprime loan industry will curb growth
in the world's largest economy.

Macquarie Bank Ltd., Australia's largest securities firm,
plunged after it said investors in some of its high-yield funds
may lose as much as 25 percent of their money amid the fallout in
U.S. subprime mortgages. Sony Corp. led declines among exporters
on concern the U.S. housing rout will dent consumer spending.


Read more at Bloomberg Stocks News

Australian Stocks Fall, Led by Macquarie on U.S. Subprime Mortgage Concern

(Bloomberg) -- Australia's benchmark stock index, the
S&P/ASX 200 Index, fell 0.44 percent at 10:05 a.m.

The index of 201 companies traded on the Australian Stock
Exchange fell 27.10 to 6,117.10. Among the stocks in the index,
25 rose, 96 fell and 80 were unchanged.


Read more at Bloomberg Stocks News

Murdoch looks to legacy with Dow Jones bid

(Reuters) - Now the 76-year-old media mogul aims to redeem his legacy in the business he loves most with the anticipated $5 billion purchase of Dow Jones & Co. Inc., owner of The Wall Street Journal, Barron's financial weekly and Dow Jones Newswires.




Dow Jones looked set to agree on Tuesday to the buyout later on Tuesday, regarded as one of the most audacious yet for the consummate dealmaker.


Read more at Reuters.com Mergers News

UPDATE 1-Equity Residential FFO down, but beats analyst view

(Reuters) - The investment trust founded by real estate mogul Sam Zell
said second-quarter FFO fell to 60 cents a share from 61 cents
per share a year earlier, but still beat analysts' average call
for FFO of 56 cents per share, according to Reuters Estimates.




FFO removes the profit-reducing effect of depreciation -- a
noncash accounting item -- on earnings, and it is a performance
measure commonly used by real estate investment trusts.


Read more at Reuters.com Market News

UPDATE 1-Millipore quarterly profit falls

(Reuters) - Excluding items, the company's earnings topped Wall Street
estimate.




The Billerica, Massachusetts-based company reported
second-quarter net income of $28.4 million, or 52 cents a
share, compared with $29.1 million, or 54 cents a share, a year
ago. Net sales rose 40 percent to $383.2 million.


Read more at Reuters.com Market News

Paulson Calls Legislation Aimed at Boosting the Yuan the `Wrong Approach'

(Bloomberg) -- U.S. Treasury Secretary Henry Paulson
said legislation to force China to raise the value of its
currency is the ``wrong approach'' and risks provoking a
protectionist reaction from other countries.

Paulson and other administration officials said measures
proposed by the Senate Finance and Banking Committees could
jeopardize U.S. exports by starting a trade war, won't help
persuade China to open its economy and risk undermining ``market
confidence'' in the U.S.


Read more at Bloomberg Currencies News

CORRECTED - UPDATE 1-First Solar posts 2nd-quarter profit vs loss

(Reuters) - Net income was $44.4 million, or 58 cents a share, compared
with a loss of $2.5 million, or 3 cents a share, a year
earlier.




The second quarter included a tax benefit of $39.2 million,
or 51 cents a share.


Read more at Reuters.com Market News

U.S. July auto sales seen down, housing woes key

(Reuters) - Dealer groups and analysts say early indications show July
sales failed to break free of a second-quarter slump,
ratcheting up the pressure for production cuts and stepped-up
incentive spending by the embattled U.S. auto industry.




"Housing worries and relatively high gas prices are
weighing on consumers," Bear Stearns analyst Peter Nesvold said
in a note for clients.


Read more at Reuters.com Mergers News

UPDATE 1-US panel backs Biogen, Elan MS drug for Crohn's

(Reuters) - The U.S. Food and Drug Administration usually follows
advisory panel recommendations. A final decision is expected by
mid-October.




Tysabri sales were suspended in 2005 because of a rare but
potentially fatal brain infection known as progressive
multifocal leukoencephalopathy, or PML. Two of three patients
who developed PML died.


Read more at Reuters.com Government Filings News

U.S. to be in Iraq years, says Bush military nominee

(Reuters) - Navy Adm. Michael Mullen, picked as chairman of the Joint Chiefs of Staff, warned U.S. lawmakers unhappy with the conflict against seeking a rapid pullout from Iraq, saying it could turn the country into a "caldron."




While prudence dictated planning for an eventual pullout, Mullen said that under one scenario it could take three to four years just to halve the 160,000 U.S. troops now in Iraq. Many Democrats want to pull out combat troops by April.


Read more at Reuters.com Bonds News

Penford files $100 mln mixed shelf offering

(Reuters) - Under a shelf registration, a company may sell securities
in one or more separate offerings with the size, price and
terms to be determined at the time of sale.




Read more at Reuters.com Bonds News

UPDATE 1-RealNetworks profit falls

(Reuters) - Second-quarter net income was $1.3 million, or 1 cent per
diluted share, compared with $38.9 million, or 22 cents per
diluted share, in the year-ago period.




In the year-ago quarter, the company benefited from the
proceeds of a $57.9 million settlement of litigation against
Microsoft and commercial agreements with the world's largest
software maker.


Read more at Reuters.com Market News

Corn Futures Rise After Warm, Dry Weather Damages Crops in U.S. Midwest

(Bloomberg) -- Corn rose for the sixth straight
session in Chicago after U.S. crops deteriorated for a fourth
week because of unusually dry weather.

An estimated 58 percent of the corn crop was in good or
excellent condition as of July 29, down from 73 percent a month
earlier, the U.S. Department of Agriculture said yesterday. About
25 percent of the crop was starting to fill kernels with starches
and sugars, better than the five-year average of 20 percent.


Read more at Bloomberg Commodities News

AmerisourceBergen and Kindred form PharMerica

(Reuters) - PharMerica will trade on the New York Stock Exchange under the symbol "PMC." AmerisourceBergen and Kindred stockholders each will hold about 50 percent of the PharMerica shares, the companies said.



) Keywords: PHARMERICA/


Read more at Reuters.com Mergers News

Whole Foods posts lower 3rd-quarter profit

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




Whole Foods is trying to buy smaller rival Wild Oats
Markets Inc. . But the Federal Trade Commission is
challenging the deal in federal court on grounds that it would
hobble competition in the market for natural and organic
groceries.



Read more at Reuters.com Government Filings News

US STOCKS-Indexes end down for day;S&P worst month since '04

(Reuters) - All three indexes also ended the month of July lower, with
the S&P 500 booking its worst monthly percentage decline since
July 2004. For the month, the Dow was down 1.5 percent, the
S&P was down 3.2 percent and the Nasdaq was down 2.2 percent.




The Dow Jones industrial average was down 146.32
points, or 1.10 percent, to end unofficially at 13,211.99. The
Standard & Poor's 500 Index was down 18.64 points, or
1.26 percent, to finish unofficially at 1,455.27. The Nasdaq
Composite Index was down 37.01 points, or 1.43
percent, to close unofficially at 2,546.27.


Read more at Reuters.com Bonds News

TREASURIES-Bond prices rise as stock market turns lower

(Reuters) - Bonds have been closely mirroring stocks recently, gaining
when stocks fall as investors turn to the relative safety of
bonds.




"Bonds are not leading, they are being led," said David
Ader, head of government bond strategy at RBS Greenwich Capital
in Greenwich, Connecticut. "Stocks were up and now they are
close to the lows of the day, while bonds were lower and now
they are higher on the day. It's not much more complicated than
that."


Read more at Reuters.com Bonds News

Sugar Rises Most in Six Weeks Before Russia Decides on Raising Tariffs

(Bloomberg) -- Sugar futures rose the most in six
weeks in New York as processors bought contracts in anticipation
that Russia will raise import tariffs.

Russia may decide early in August to boost the duty from
$140 a metric ton, said Bernard Isler, an analyst with Trendex
Commodity Corp. in Plantation, Florida. President Vladimir Putin
wants a decision by tomorrow, said James Kirkup, a sugar broker
at Fortis in London, citing a Reuters report.


Read more at Bloomberg Commodities News

Barclays deal would boost ABN board pay -SEC data

(Reuters) - The Netherlands' biggest bank is the target of a 65 billion euro offer from Barclays and a rival 71 billion euro bid from Royal Bank of Scotland , Belgium's Fortis and Spain's Santander .



ABN's management and supervisory board withdrew its recommendation to merge with Barclays on Monday, but ABN Chief Executive Rijkman Groenink said ABN still supported Barclays' offer.


Read more at Reuters.com Mergers News

UPDATE 1-Rogers CEO shoots down talk of Shaw takeover

(Reuters) - "We do not have any active file on Shaw," Ted Rogers said
in response to an analyst's question during the company's
earnings conference call. "We have not had any discussions with
Shaw on putting the companies together."




His remarks came after a Canaccord Adams analyst published
a research note last week in which he speculated the two big
Canadian cable-TV and telecoms companies could be in talks for
a deal that would value Shaw at as much as C$14.4 billion
.


Read more at Reuters.com Mergers News

Shorter-Term Treasuries Fall as Demand for Safety of Government Debt Wanes

(Bloomberg) -- Treasuries maturing in five years or
less dropped as investors returned to riskier bonds and stocks
after abandoning them the past two weeks.

Two-year notes weakened as traders pared bets the Federal
Reserve will cut interest rates this year to blunt the impact of
higher borrowing costs for homeowners and companies. Yields rose
from near a four-month low even as one of the first reports for
July, the National Association of Purchasing Management-
Chicago's business barometer, fell more than forecast.


Read more at Bloomberg Bonds News

TREASURIES-Bond dip on firmer stocks, credit markets

(Reuters) - NEW YORK, July 31 - U.S. Treasuries eased on
Tuesday as stocks rose for a second day and credit markets
rallied on waning fears over tighter access to funding.




Government bonds were little moved by mixed economic data
that painted a picture of benign inflationary pressures and
slower economic growth, but surprisingly upbeat consumer
sentiment. For details, see [ID:nN30403317], [ID:nN30443227]


Read more at Reuters.com Bonds News

UPDATE 1-American Home can't fund loans, may liquidate assets

(Reuters) - The Melville, New York-based real estate investment trust
is one of the largest U.S. lenders to struggle with a U.S.
housing slump that has caused home prices to stall, borrowing
costs to rise and defaults to soar.




American Home shares closed Friday at $10.47. They have not
traded since trading was halted on Monday morning.


Read more at Reuters.com Bonds News

Qatar Was OPEC's Wealthiest Per-Capita Exporter Last Year; Nigeria Poorest

(Bloomberg) -- Qatar earned $28,576 per citizen last
year from oil and gas exports, while Nigeria, Africa's most
populous nation, made $391, annual OPEC data shows.

The range reflects large differences in populations among
members of the Organization of Petroleum Exporting Countries.
Nigeria's petroleum-export revenue of $52.5 billion was twice that
of the tiny Persian Gulf emirate.


Read more at Bloomberg Energy News

Lehman Brothers Offers New Muni Derivatives for Institutional Investors

(Bloomberg) -- Lehman Brothers Holdings Inc.
tomorrow will introduce derivatives that track the value of
benchmark five- and 10-year municipal bonds, in an effort to
provide a way for investors to protect against price swings.

The Lehman Municipal Index Swap, comprised of general
obligation bonds rated AA- or better, will also allow investors
to bet on the performance of municipal bonds relative to taxable
yields without buying tax-exempt debt. Currently, municipal
investors use the Securities Industry and Financial Markets
Association Municipal Swap Index or Thomson Financial's
Municipal Market Data index.


Read more at Bloomberg Bonds News

Bancroft family accepts News deal - DJ executive

(Reuters) - Prestbo told Reuters the information came from an internal company memo.






Read more at Reuters.com Mergers News

Wheat Falls as Harvest Pace Increases in U.S. Great Plains, Adds to Supply

(Bloomberg) -- Wheat fell for a second-straight day
in Chicago as the U.S. winter-crop harvest in the southern Great
Plains neared completion and farmers to the north sped up
spring-crop cutting, increasing supplies.

About 88 percent of the winter crop was harvested as of
July 29, up from 81 percent a week earlier, the U.S. Department
of Agriculture said in a report yesterday. Ten percent of the
spring crop was collected compared with 2 percent the previous
week, the USDA said. Growers probably will sell wheat to make
room for corn, which will be collected starting in late August.


Read more at Bloomberg Commodities News

European Stocks Rise, Led by Aviva; Lloyds, Ryanair, GlaxoSmithKline Rally

(Bloomberg) -- European stocks rebounded from a
five-day plunge on waning concern that the U.S. subprime-credit
crisis will damp economic growth.

Aviva Plc, HSBC Holdings Plc and UBS AG paced gains by
financial stocks. Lloyds TSB Group Plc rallied on earnings that
topped analysts' estimates. Ryanair Holdings Plc and MAN AG led
airline and auto stocks higher after raising profit forecasts.
GlaxoSmithKline Plc jumped the most in two years after a panel of
doctors said its Avandia drug should remain on the U.S. market.


Read more at Bloomberg Stocks News

Health Management net tumbles, forecast is weak

(Reuters) - CHICAGO, July 31 - Hospital chain Health Management Associates posted an 85 percent plunge in quarterly profit Tuesday, citing difficulties in collecting on hospital bills, and forecast 2007 profit significantly below Wall Street estimates.



HMA, whose shares fell 9 percent in pre-market trade, said second-quarter earnings fell to $11.9 million, or 5 cents a share, from $77.3 million, or 32 cents a share, a year earlier.


Read more at Reuters.com Market News

Rogers reports loss, ups dividend, forecasts

(Reuters) - But the company said 2007 revenue and operating profit would be at the top end of its previous ranges. It raised its annual dividend to 50 Canadian cents a share, from 16 Canadian cents a share, and reported strong subscriber growth.



Rogers said it lost C$56 million , or 9 Canadian cents a share, in the three months ended June 30. That comes on a profit of C$279 million, or 44 Canadian cents, in the same period a year earlier.


Read more at Reuters.com Market News

Scotiabank sees Mexico unit adding C$100 mln

(Reuters) - Scotiabank said in a brief statement the Mexican unit's earnings were driven by continued asset and deposit growth, improving margins and continuing stable credit quality.






Read more at Reuters.com Market News

GM trounces 2nd-qtr estimates, shares surge

(Reuters) - By Jui Chakravorty



DETROIT, July 31 - General Motors Corp on Tuesday said it posted a quarterly profit that trounced Wall Street estimates as it benefited from cost-cutting and growing sales overseas, sending shares up as much as 6 percent.


Read more at Reuters.com Market News

Enron plaintiffs ask Bush to back 3rd-party suits

(Reuters) - In a last-ditch attempt to get the administration to back their effort to have the U.S. Supreme Court allow shareholders to sue third parties, the group of former Enron shareholders have written to President George W. Bush.




"As victims of the Enron fraud, the worst in American history, we respectfully ask for your support at a critical moment in our pursuit of justice," says the letter signed by more than a dozen former shareholders.


Read more at Reuters.com Government Filings News

U.S. construction spending fell 0.3 pct in June

(Reuters) - Private nonresidential construction rose 0.3 percent to a
$347 billion annual rate, a record high.




But private residential construction slipped 0.7 percent to
a $544 billion annual rate, the lowest level since March 2004.


Read more at Reuters.com Economic News

US STOCKS-Indexes add to gains on consumer confidence

(Reuters) - The Dow Jones industrial average was up 126.89
points, or 0.95 percent, at 13,485.20. The Standard & Poor's
500 Index was up 12.93 points, or 0.88 percent, at
1,486.84. The Nasdaq Composite Index was up 21.79
points, or 0.84 percent, at 2,605.07.




Read more at Reuters.com Bonds News

Jones Apparel gets new offer from Fast Retailing

(Reuters) - Jones said it was in talks with Fast regarding its proposal. Jones would be required to pay a break-up fee of $22.7 million if it terminated its existing agreement to sell Barneys to Dubai-owned private equity firm Istithmar for $825 million.




Jones, which owns clothing, shoes and accessories brands such as Nine West, Gloria Vanderbilt and Jones New York, put itself up for sale last year but failed to find a buyer. It agreed to sell Barneys in June after several months of negotiations.


Read more at Reuters.com Mergers News

UPDATE 2-AEP second-quarter earnings rise

(Reuters) - Second-quarter profit rose to $180 million, or 45 cents per
share, from $175 million, or 44 cents per share, a year
earlier.




Excluding special items, which included a $77 million hit
from the impact of Virginia's return to regulated markets, AEP
said earnings increased to 64 cents per share from 44 cents per
share.


Read more at Reuters.com Market News

US STOCKS-Futures rise before inflation, other data

(Reuters) - Shares of fast-food chain Wendy's International Inc.
will likely be in the spotlight after billionaire
Nelson Peltz said his Triarc Cos. Inc. could offer up
to $41 a share for the company. For details, see
[ID:nN30445780].




The core personal consumption expenditure index, the
Federal Reserve's favorite inflation indicator, is forecast to
have risen 0.2 percent in June, according to economists polled
by Reuters.


Read more at Reuters.com Bonds News

"You're hired!" Murdoch tells Sugar

(Reuters) - And he gets to keep his job.




The 125 million pounds deal with Murdoch's pay-TV group ends Amstrad's roller-coaster ride as an independent company, which has seen it both soar to a billion-pound market leader and plunge towards the status of a penny stock.


Read more at Reuters.com Mergers News

GM flipped to second-quarter profit

(Reuters) - Excluding one-time items, the company said it earned $2.48
a share.





Read more at Reuters.com Market News

German Stocks Advance, Led by MAN on Earnings; DaimlerChrysler, BMW Rise

(Bloomberg) -- Germany's benchmark DAX Index rose,
heading for the biggest one-day gain in more than two weeks. MAN
AG shares paced the advance after Europe's third-largest
truckmaker reported its 16th consecutive profit increase.

Shares of DaimlerChrysler AG and Bayerische Motoren Werke
AG, the world's biggest luxury carmakers, also climbed.


Read more at Bloomberg Stocks News

CDM Resource Partners files for $169.1 mln IPO

(Reuters) - The company said it plans to list its units on the New York
Stock Exchange.





Read more at Reuters.com Bonds News

Corporate Bond Risk Declines by Record In Europe, Halting Three-Day Rout

(Bloomberg) -- The risk of owning European
corporate bonds dropped by a record today, halting a three-day
credit market rout.

Credit-default swaps on 10 million euros ($13.8 million) of
debt included in the iTraxx Crossover Series 7 Index of 50
European companies tumbled as much as 60,000 euros to 402,000
euros, according to JPMorgan Chase & Co.


Read more at Bloomberg Bonds News

GLOBAL MARKETS-Stocks rally sharply as credit market calms

(Reuters) - LONDON, July 31 - Stocks around the world bounced
back sharply on Tuesday as volatile credit markets stabilised
and after Wall St took heart from still-brisk corporate earnings
growth and the smooth wind-up of another troubled hedge fund.




Europe's benchmark index rebounded after five
straight days of losses and gained more than one percent in the
first few minutes of trading. Bourses in London ,
Frankfurt and Paris added 1 percent or more.


Read more at Reuters.com Bonds News

UPDATE 1-Clinphone warns on full-year profits, shares dive

(Reuters) - Shares in the Nottingham-based firm, which helps researchers
conduct clinical trials, dropped 36.4 percent to 79.5 pence,
valuing the company at 52.8 million pounds .




Clinphone said service levels dropped during June and July
because of outages from third-party telecoms suppliers as well
as internal data processing problems.


Read more at Reuters.com Market News

German Stocks Advance; Deutsche Bank, MAN AG, DaimlerChrysler Lead Gains

(Bloomberg) -- German stocks advanced, led by
Deutsche Bank AG, MAN AG and DaimlerChrysler AG.

The benchmark DAX Index added 92.86, or 1.3 percent, to
7549.17 as of 9:10 a.m. in Frankfurt. The HDAX Index of the
country's 110 biggest companies climbed 1.3 percent.


Read more at Bloomberg Stocks News

Sumitomo Chem to buy Cambridge Display for $285 mln

(Reuters) - The acquisition is expected to close during the third or the
fourth quarter.





Read more at Reuters.com Mergers News

Australian Proposed Carbon Price Cap Threatens Plan, Deutsche Bank Says

(Bloomberg) -- Australia's proposal to set a price
cap in its carbon trading system threatens the effectiveness of
the plan to reduce emissions blamed for global warming, said
Deutsche Bank AG's global head of carbon trading research.

Prices for carbon emissions allowances probably need to be
about A$55 ($47.31) a metric ton to ensure switching to cleaner
technologies, rather than a potential A$15 should a price cap be
set, Paris-based Lewis said today in an interview in Sydney.
Fifteen Australian dollars a ton is ``way too low'' to lead to
the development of technologies such as clean-coal power, he said.


Read more at Bloomberg Commodities News

EU will not cover Chinese loans to Africa

(Reuters) - The European Union warned China on Monday of the dangers of lending money to Africa and said it was not willing to write off any unrepaid debt to Beijing from Europe's former colonial backyard.

Europe remains by far Africa's bigger trading partner and aid donor, but recent years have seen a surge in soft loans from energy-hungry China to finance projects in Africa ranging from roads to telecoms networks.


Read more at Reuters Africa

Rubber Futures Gain in Tokyo After JSR Announces Rise in Synthetic Prices

(Bloomberg) -- Natural rubber futures in Tokyo rose
to the highest in five weeks amid speculation demand for the
commodity may grow after JSR Corp., Japan's largest maker of
synthetic rubber, announced a rise in its product prices.

JSR will raise prices of synthetic rubber products, the raw
material for vehicle tires, by between 5 percent and 10 percent
from Aug. 21, to cope with rising petroleum costs, according to
a company news release yesterday. It will be the company's
second increase this year.


Read more at Bloomberg Commodities News

Hitachi post smaller Q1 loss, keeps profit f'cast

(Reuters) - The company kept its outlook for an annual net profit of 40
billion yen, which compares with a 42.2 billion yen consensus
estimate by 14 analysts polled by Reuters.




Hitachi has drawn strength from its non-core units, including
Hitachi Construction Machinery Co. Ltd. , Hitachi Metals
Ltd. , Hitachi Transport System Ltd. and Hitachi
Cable , which have benefited on public works projects
overseas.


Read more at Reuters.com Market News

Advance in Euro, Pound Will Be `Next Big Move,' Says Morgan Stanley's Jen

(Bloomberg) -- The ``next big move'' in currency
markets is an advance in the euro, British pound and Australian
dollar as investors regain risk appetite and central banks raise
interest rates, says Morgan Stanley's Stephen Jen.

The three currencies have all slipped the past week as
investors cut risk and bought the relative safety of dollar-
denominated government bonds on concern a U.S. housing slump
will slow world growth. Recent turbulence in financial markets
will be contained amid a strong global economy, the
International Monetary Fund said today.


Read more at Bloomberg Currencies News

CORRECTED: Dollar steadies on rise in U.S. stocks

(Reuters) - TOKYO - The dollar steadied on Tuesday as a rise in U.S. stocks overnight eased fears about deteriorating credit markets, and traders awaited U.S. data due later in the session for clues on the market's direction.




Concerns that problems in the U.S. subprime mortgage sector could spread to wider credit markets have prompted investors to cut risk exposure and unwind carry trades, in which they had borrowed low-yielding currencies such as the yen to buy higher-yielding assets.


Read more at Reuters.com Hot Stocks News

Agfa, Alcatel-Lucent, Bulgari, Danone, Iliad, MAN: European Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in European markets. Prices are from the last close.

The Dow Jones Stoxx 600 fell 0.2 percent to 372.03. The Dow
Jones Stoxx 50 Index declined 0.3 percent to 3710.74. The Euro
Stoxx 50 Index, a benchmark for the 13 nations using the euro,
dropped 0.1 percent to 4239.18.


Read more at Bloomberg Stocks News

Bear, Lehman, Merrill, Goldman Traded as Junk, Credit-Default Swaps Show

(Bloomberg) -- On Wall Street, Bear Stearns Cos.,
Lehman Brothers Holdings Inc., Merrill Lynch & Co. and Goldman
Sachs Group Inc., are as good as junk.

Bonds of U.S. investment banks lost about $1.5 billion of
their face value this month as the risk of owning the securities
increased the most since at least October 2004, according to
Merrill indexes. Prices of credit-default swaps based on the
debt imply that their credit ratings are below investment grade,
data compiled by Moody's Investors Service show.


Read more at Bloomberg Currencies News

Yuan Set for Monthly Gain as Paulson Says Exchange-Rate is Issue for China

(Bloomberg) -- The yuan was poised for a winning
month as Treasury Secretary Henry Paulson told state-owned
Xinhua News Agency that the exchange-rate issue is China's
decision.

Easing pressure on China to accelerate the yuan's
appreciation may give the Asian nation room to allow it to
strengthen without appearing to bow to global demands. The U.S.
Senate Finance Committee on July 26 approved legislation that
would slap higher duties on Chinese imports to compensate for
what lawmakers say is an undervalued currency.


Read more at Bloomberg Currencies News

Australian Government Bonds Fall as Building Approvals, Lending Increase

(Bloomberg) -- Australian government bonds fell for
a second day as reports showed home-building approvals and
lending to consumers and businesses increased more than
economists expected last month.

Two-year notes extended declines as traders raised bets the
Reserve Bank of Australia will increase its key interest rate
from 6.25 percent when policy makers meet next week. Bonds also
fell as investor appetite for risk rose after U.S. stocks
rebounded yesterday from the worst two-day slide since 2003.


Read more at Bloomberg Bonds News

Mitsui Runs Osaka Ethylene Plant at Almost Maximum Rate After Maintenance

(Bloomberg) -- Mitsui Chemicals Inc., Japan's
third-largest ethylene producer, is running its ethylene plant
in Osaka at almost maximum capacity after completing maintenance,
an official said.

The plant, capable of making 455,000 metric tons of
ethylene a year, resumed operations on July 26 as scheduled
after 33 days of maintenance, said the official, who declined to
be identified because of company policy.


Read more at Bloomberg Energy News

Dollar Heads for Monthly Drop Against Euro Before Consumer Spending Report

(Bloomberg) -- The dollar headed for a second
monthly decline against the euro before a U.S. government report
today that economists predict will show slowing consumer
spending growth.

The U.S. currency was weaker against 15 of the 16 most-
actively traded currencies on prospects that a U.S. economic
slowdown and a slump in corporate debt may prompt the Federal
Reserve to lower interest rates. The yield spread between
benchmark two-year U.S. and German bonds narrowed last week to
the least since November 2004.


Read more at Bloomberg Currencies News

Japan's Nikkei Drops, Paced by Nomura on Subprime Concern; Olympus Gains

(Bloomberg) -- Japan's Nikkei 225 Stock Average
slipped after Germany's IKB Deutsche Industriebank AG said losses
on subprime loan investments will ``significantly'' lower profits.

Brokerages such as Nomura Holdings Inc., with similar
investments, led declines on concern they will also be affected.


Read more at Bloomberg Stocks News

UPDATE 2-MGIC says investment in subprime venture at risk

(Reuters) - "Beginning in February, the market for subprime mortgages has experienced significant turmoil, with market dislocations accelerating to unprecedented levels ... in ... mid-July," MGIC said in its statement. Credit agencies have downgraded hundreds of bonds backing subprime loans to junk.




MGIC said it had invested $466 million of equity in C-BASS as of June 30, with an additional $50 million drawn in July under a $50 million unsecured credit facility that the company had provided C-BASS.


Read more at Reuters.com Mergers News

Australian, New Zealand Dollars Rebound as Stock Rally Spurs Carry Trades

(Bloomberg) -- The Australian and New Zealand
dollars rebounded from an eight-week low versus the yen as a
recovery in U.S. stocks gave investors confidence to increase
holdings of higher-yielding assets bought with loans from Japan.

The currencies are favorites of the so-called carry trade
as New Zealand and Australian interest rates are among the
highest of major economies. The New Zealand and Australian
dollars are respectively the biggest gainers today against the
yen among the 16 most-traded currencies as U.S. stocks recovered
from the worst two-day loss since 2003.


Read more at Bloomberg Currencies News

Australia's June Trade Deficit Probably Widened on Rising Imports, Storm

(Bloomberg) -- Australia's trade deficit probably
widened in June as a storm disrupted coal exports and imports
increased to a record.

The trade gap widened to A$1.2 billion ($1 billion) from
A$807 million in May, according to the median estimate of 24
economists surveyed by Bloomberg News. The Bureau of Statistics
will release the report tomorrow at 11:30 a.m. in Sydney.


Read more at Bloomberg Currencies News

Constellation Is First to File Partial Application for New U.S. Reactor

(Bloomberg) -- Constellation Energy Group Inc. has
filed the first partial application to build a new nuclear
reactor in the U.S. in almost 30 years.

Baltimore-based Constellation filed an environmental report
with the U.S. Nuclear Regulatory Commission that seeks permission
to build a third reactor at its Calvert Cliffs site in Lusby,
Maryland, according to documents on the commission's Web site.


Read more at Bloomberg Energy News

UPDATE 3-Principal Financial posts higher net, exceeds view

(Reuters) - Net earnings for the provider of life and health insurance
and retirement investments increased to $303.8 million, or
$1.12 a share, from $210.5 million, or 76 cents a share, in the
year-earlier quarter.




Operating profit, which analysts use to measure performance
because it excludes investments, was $282.9 million, or $1.05 a
share, compared to $225.2 million, or 82 cents a share, a year
ago.


Read more at Reuters.com Bonds News

Peltz says could offer $37 to $41/shr for Wendy's

(Reuters) - Wendy's has said it is evaluating strategic alternatives,
including a potential sale of the company.




Read more at Reuters.com Mergers News

RPT-CB Richard Ellis second-quarter earnings soar

(Reuters) - Excluding items, the company posted a profit of $157.3
million, or 66 cents per share, ahead of the average of
analysts forecast of 41 cents per share, according to Reuters
Estimates.




Read more at Reuters.com Market News

UPDATE 1-CommScope 2nd-qtr profit up, Andrew Corp profit lower

(Reuters) - The company said second-quarter net profit was $61.1
million, or 83 per share, compared to $46.7 million, or 65
cents a share, a year earlier. Revenue rose 26 percent to
$519.1.




Analysts, on average, were expecting earnings per share of
76 cents on revenue of $505.8 million, according to Reuters
Estimates.


Read more at Reuters.com Market News

Dollar Drops Versus Euro as Stock Rally Eases Concern Over Credit Risks

(Bloomberg) -- The dollar fell the most in almost
three weeks against the euro as a rebound in U.S. stocks eased
concern over credit risks.

The U.S. currency gained the most last week since January as
subprime losses encouraged investors to avoid riskier assets. The
Standard & Poor's 500 Index rose from its steepest weekly decline
since September 2002. Treasuries fell amid reduced need for the
safety of government debt.


Read more at Bloomberg Currencies News

CommScope quarterly profit up on bandwidth demand

(Reuters) - Analysts, on average, were looking for earnings per share
of 76 cents on revenue of $505.8 million, according to Reuters
Estimates. In late June, CommScope raised its second-quarter
revenue forecast to $500 million to $510 million, from $490
million to $510 million.




CommScope said last month it plans to buy rival
communications equipment maker Andrew Corp. for about
$2.6 billion in a bid to cut manufacturing costs and strengthen
its position with service provider clients.


Read more at Reuters.com Market News

Jarden profit rises, but shares fall on view

(Reuters) - NEW YORK, July 30 - Jarden Corp. said on Monday its second-quarter profit rose on higher sales, but gave a cautious outlook for the rest of the year citing weaker consumer spending, sending shares down nearly 7 percent.



While Jarden did not lower any of its specific outlook numbers, it was going to be "somewhat cautious" for the rest of the year and not"... overly aggressive on inventory positions and things like that," Chief Executive Martin Franklin said in a conference call.


Read more at Reuters.com Mergers News

Oil Slips From Near One-Year High on Speculation U.S. Fuel Stockpiles Rose

(Bloomberg) -- Crude oil fell from the highest in
almost a year, pulled lower by gasoline, on speculation U.S. fuel
stockpiles increased last week.

A government report on Aug. 1 will probably show that U.S.
inventories of gasoline and distillate fuel, a category that
includes diesel and heating oil, rose for a second week,
according to a Bloomberg News survey. The crude-oil market often
follows gasoline during the summer driving season, when motor-
fuel demand peaks.


Read more at Bloomberg Commodities News

CNA, Dow Jones, Ingersoll, RadioShack, Rural Cellular: 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 2:40 p.m. in New York.

Some mortgage lenders fell after American Home Mortgage
Investment Corp. (AHM US) delayed its quarterly dividend and
raised doubts about whether it has enough cash to stay in
business. Shares of American Home were halted.


Read more at Bloomberg Stocks News

GM, Ford, Toyota Back New U.S. Mileage Goals to Stave Off Stricter Rules

(Bloomberg) -- Automakers are embracing legislation
in the U.S. House that would raise fuel-economy standards,
abandoning years of resistance because of concerns they might
otherwise be forced to accept even tougher measures.

An industry group representing General Motors Corp., Ford
Motor Co., Toyota Motor Corp. and six other auto companies is
backing a bill that would require a more than one-quarter
increase in average vehicle mileage by 2022. Competing measures
in the House and Senate mandate stricter requirements that would
compel earlier compliance and probably cost the industry more.


Read more at Bloomberg Energy News

Chile stocks rebound ahead of earnings, peso firms

(Reuters) - "It's mainly a light recovery from last week's slump when
U.S. bourses dropped sharply on mortgage credit worries and
dragged world markets along with them," said Rodrigo Sarria,
deputy manager with the Intervalores brokerage.




Local investors this week will continue to monitor
quarterly earnings reports.


Read more at Reuters.com Bonds News

Currency Option Volatility Edges Higher as Credit Risk Measures Increase

(Bloomberg) -- Option volatility on most major
exchange rates edged higher as investors demand safer assets and
indicators of corporate bond risk surged.

The perceived risk of owning European corporate bonds
soared to the highest in at least three years after Germany's
IKB Deutsche Industriebank AG reported losses on U.S. subprime
mortgages, credit-default swap prices show.


Read more at Bloomberg Currencies News

Mexico Bolsa Rises Most in Month on Analyst Upgrades: Latin America Stocks

(Bloomberg) -- Mexico's Bolsa index rose the most in
four weeks after analysts advised investors to buy companies with
better-than-expected profit growth.

Mexico's Bolsa index rallied 556.58, or 1.8 percent, to
30,791.75 as of 12:50 p.m. New York time, led by mobile phone
company America Movil SAB. It gained the most since July 3.


Read more at Bloomberg Stocks News

Hedge fund Citadel takes over Sowood's credit fund

(Reuters) - Sowood, which managed roughly $3 billion for prominent
clients such as Harvard University, lost 8 percent in July and
5 percent in June, leaving the Boston-based hedge fund with
losses of 10 percent, a person familiar with the fund's
operations told Reuters on Friday.




Read more at Reuters.com Bonds News

UPDATE 1-Luby's shareholder urges company to hire adviser

(Reuters) - In a letter to the company, investment adviser Ramius
Capital Group LLC said its RCG Starboard Advisors LLC unit owns
about 6.5 percent of Luby's shares making it the largest
shareholder.




Luby's, which has seen three straight quarters of falling
earnings, was not immediately available for comment.


Read more at Reuters.com Mergers News

CNA earnings hit by subprime, shares fall

(Reuters) - Net realized investment losses increased to $91 million from $64 million.




The losses included $20 million attributable to securities "with exposure to subprime mortgage collateral," CNA officials said in a conference call with analysts.


Read more at Reuters.com Market News

Oliver Press picks up 12 pct in Emageon, seeks strategic options

(Reuters) - Emageon could not be immediately reached for comment.




Shares of Birmingham, Alabama-based Emageon were trading up
2.5 percent at $9.05 in late morning trade on the Nasdaq.



Read more at Reuters.com Mergers News

Crude Oil Slips on Speculation U.S. Fuel Inventories Climbed Last Week

(Bloomberg) -- Crude oil fell from the highest in
almost a year, pulled lower by gasoline, on speculation U.S. fuel
stockpiles increased last week.

A government report on Aug. 1 will probably show that U.S.
inventories of gasoline and distillate fuel, a category that
includes diesel and heating oil, rose for a second week,
according to a Bloomberg News survey. The crude-oil market often
follows gasoline during the summer driving season, when motor-
fuel demand peaks.


Read more at Bloomberg Commodities News

CORRECTED-(OFFICIAL)-Fitch release on Doral Financial

(Reuters) - July 20 - Fitch Ratings has affirmed and removed all of
Doral Financial Corporation's ratings from Rating
Watch Negative and DRL's Rating Outlook is Positive. Fitch
currently rates DRL's long-term Issuer Default Rating
'CCC'. The Support Rating Floor for DRL and its principal
subsidiary remains unchanged at No Floor . Please see a
complete list of affected ratings at the end of this release.




DRL's Positive Rating Outlook is driven by the closing of
the equity sale and the payment of a significant impending debt
maturity. On July 19, DRL announced that it had received all
regulatory approvals and closed the equity sale of a 90% stake
to Bear Stearns Merchant Banking for $610 million. In addition,
DRL announced today that they have paid the impending $625
million debt maturity.


Read more at Reuters.com Bonds News