Rand Advances for Third Week as Interest-Rate Outlook Spurs Carry Trades

(Bloomberg) -- South Africa's rand rose against the
dollar for a third week as expectations of higher interest rates
in Africa's biggest economy spurred investor appetite for so-
called carry trades.

The rand climbed to its highest in almost two weeks,
supported by investors seeking out South Africa's 9.5 percent
interest rate in trades funded by borrowing Japanese yen or Swiss
francs more cheaply. A report on July 12 showing quicker-than-
expected manufacturing growth added to speculation the Reserve
Bank will raise borrowing costs further.


Read more at Bloomberg Currencies News

Robust earnings to keep stocks charged

(Reuters) - Rising energy and food prices coupled with uneven retail sales are not likely to slow down investors as they test the market's limits. At the same time, the financial sector is expected to avoid major losses from the subprime sector.




After a week where the Dow Jones industrial average and Standard & Poor's 500 index reached record highs on mergers and acquisitions activity and multibillion-dollar blue-chip buyback plans, investors will eye profits, inflation data and the Federal Reserve for signs of further good news.


Read more at Reuters.com Hot Stocks News

States to roll out subprime guidance for brokers

(Reuters) - Officials at CSBS, a group representing state regulators, said so far about 27 states and the District of Colombia plan to adopt the guidance within 48 hours after it is issued on Tuesday. No state has indicated that it will not eventually adopt it, they said.




Last month federal banking regulatory agencies issued guidance to curtail risky practices blamed for a record level of home foreclosures, according to the state group.


Read more at Reuters.com Bonds News

TREASURIES-Small price gains as stocks grab spotlight

(Reuters) - By Ellen Freilich




NEW YORK, July 13 - U.S. government debt prices
scored slim gains on Friday, drawing some early support from
surprisingly weak June retail sales, but losing the competition
for investors' attention to a record-setting stock market.


Read more at Reuters.com Bonds News

Emerging mkts flooded by local-currency global bonds

(Reuters) - A large chunk of the new issuance is denominated in the
Brazilian real , which has gained more than 14 percent so
far this year. But sovereign bonds are also being offered in
other strengthening local currencies, such as the Colombian
peso , the Peruvian sol and even the stable
Egyptian pound .




Despite being denominated in local currencies, those bonds
are more accessible to international investors because most are
settled in international markets and payable in dollars.


Read more at Reuters.com Bonds News

China currency legislation likely: U.S. lawmaker

(Reuters) - Hunter, and Rep. Tim Ryan, an Ohio Democrat, are the chief sponsors of a popular bill in the House of Representatives that would allow companies to ask the Commerce Department to slap duties on China for currency manipulation.




They recently reintroduced the bill adding new provisions that would give companies an additional option in seeking duties on Chinese goods.


Read more at Reuters.com Bonds News

Dura's Bankruptcy Reorganization Would Wipe Out $560.7 Million in Bonds

(Bloomberg) -- Dura Automotive Systems Inc., a
bankrupt maker of car parts, outlined a plan of reorganization that
would pay nothing to investors holding subordinated bonds worth
$560.7 million.

Under the proposal, filed yesterday in U.S. bankruptcy court
in Wilmington, Delaware, senior debt holders would get a stake in
the company and other creditors will be given stock in exchange for
agreeing to dismiss their claims. Holders of 9 percent subordinated
notes maturing in 2009 get nothing, according to court documents.


Read more at Bloomberg Bonds News

Brazil Stocks Gain for Week, Led by Vale, on Takeovers; Bancolombia Falls

(Bloomberg) -- Brazil's main stock index headed for a
third week of gains, led by mining company Cia. Vale do Rio Doce,
as rising metals prices and takeover speculation propelled raw
materials stocks.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange gained 2.4 percent this week to 57,835.85, a record. Today
the index rose 222.80, or 0.4 percent. An index of Latin American
shares headed for its second weekly gain.


Read more at Bloomberg Stocks News

Wendy's stock up on report of possible Yum interest

(Reuters) - "While we don't comment on rumor or speculation, our plate is full with significant growth opportunities from our existing businesses around the globe," a Yum spokeswoman said.




Wendy's spokesman Denny Lynch said the company does not comment on market rumors or speculation.


Read more at Reuters.com Hot Stocks News

INSTANT VIEW 1-U.S. jury finds Conrad Black guilty

(Reuters) - The following are reactions to the verdict:




ORIN SNYDER, FORMER FEDERAL PROSECUTOR WHO WORKED WITH U.S.


Read more at Reuters.com Business News

Canada Dollar Falls as Drop in U.S. Retail Sales Spurs Concern on Exports

(Bloomberg) -- The Canadian dollar fell from near a
30-year high as investors speculated a U.S. slowdown will hurt
the nation's economy.

The currency declined after a report showed U.S. retail
sales fell in June by the most in almost two years, raising
concern near-record gasoline prices and falling home values are
taking a bigger toll on consumers than economists forecast.
Canada ships more than 80 percent of its exports to the U.S.


Read more at Bloomberg Currencies News

UPDATE 1-Tribune hopes for FCC OK in fourth quarter

(Reuters) - Tribune said in a filing that the most significant condition
to closing the $8.2 billion deal, aside from getting shareholder
approval, will be receiving approval from the FCC regarding the
transfer of Tribune TV licenses and its request for waivers in
cross-ownership markets.




Tribune agreed in April to be bought in a $34-a-share
leveraged buyout deal led by Chicago real estate magnate Sam
Zell.


Read more at Reuters.com Government Filings News

US STOCKS-Blue chips up on GE, S&P 500 near record

(Reuters) - NEW YORK, July 13 - U.S. blue-chip stocks rose on
Friday, sending the Dow to a record, as General Electric Co
increased a stock buyback plan, while a strong consumer
sentiment report offset worries about the economy.




The broad S&P 500 came to within a point of its all-time
high, a day after a market rally in which the Dow notched its
biggest one-day points-gain in more than four years.


Read more at Reuters.com Bonds News

Sex Scandal Fails to Hurt San Francisco Mayor as Liberal Voters Stay Loyal

(Bloomberg) -- San Francisco Mayor Gavin Newsom is
running for re-election virtually unopposed, more popular than
ever, after admitting to having an affair with a top aide's wife
and entering an alcohol-treatment program.

Newsom, whose approval ratings are running close to 80
percent, said he expects a credible candidate to emerge
eventually. So far, challengers include a street-performing
clown, a homeless man, an advocate for nudism, and a candidate
who pledges to wear a camera so voters can monitor his
performance in office.


Read more at Bloomberg Exclusive News

U.K. Pound Posts Fifth Weekly Advance Versus Dollar on Interest Rate Views

(Bloomberg) -- The pound posted its longest winning
streak versus the dollar in more than a year on speculation the
Bank of England will keep raising interest rates while the
Federal Reserve stays on hold.

The U.K. currency gained for a fifth week as futures traders
bet the central bank will raise rates a quarter-point and start
pricing in a further move to 6.25 percent by year-end. The pound
touched a 26-year high after Moody's Investors Service cut
ratings on bonds backed by U.S. subprime mortgages and Standard &
Poor's threatened to do the same.


Read more at Bloomberg Currencies News

Venezuela June unemployment falls to 8.3 percent

(Reuters) - President Hugo Chavez's massive social spending in the OPEC
nation has given the economy a boost and helped gradually lower
unemployment, though 12-month inflation in June was the highest
on the continent at 19.4 percent.




Read more at Reuters.com Economic News

Canada's Dollar Declines on U.S. Retail Sales Report, Export Slowdown Fear

(Bloomberg) -- The Canadian dollar fell from near a
30-year high as investors speculated a U.S. slowdown will hurt
the nation's economy.

The currency declined after a U.S. report said retail sales
fell in June by the most in almost two years, raising concern
near-record gasoline prices and falling home values are taking a
bigger toll on consumers than economists forecast. Canada ships
more than 80 percent of its exports to the U.S.


Read more at Bloomberg Currencies News

S&P to review RMBS backed by Alt-A collateral

(Reuters) - S&P cut $6.4 billion worth of residential mortgage-backed
securities on Thursday.




Read more at Reuters.com Bonds News

Gauge of U.S. economy higher in latest week-ECRI

(Reuters) - WLI growth rate slipped to 6.2 percent from 6.3 percent in
the prior week.




"Though WLI growth has eased slightly in the last three
weeks, it steadfastly points to fairly healthy economic growth
in the months ahead," said Lakshman Achuthan, managing director
at ECRI.


Read more at Reuters.com Economic News

U.S.'s Jackson Urges China to Buy Ginnie Mae Mortgage-Backed Securities

(Bloomberg) -- The U.S. is urging China's central
bank to buy more mortgage-backed securities after a surge in
defaults by risky borrowers in the world's largest economy eroded
demand for such instruments.

U.S. Department of Housing and Urban Development Secretary
Alphonso Jackson is in Beijing to persuade the Chinese central
bank to buy more securities from Ginnie Mae, a mortgage
association under the Housing Department. Its securities are
guaranteed by the U.S. Government National Mortgage Association.


Read more at Bloomberg Bonds News

Alcoa, Baker Hughes, Macrovision, RadioShack, VeriSign: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 9:30 a.m. New York time.

Alcoa Inc. (AA US) rose $1.21, or 2.7 percent, to $46.50.
The world's second-biggest aluminum maker said yesterday it
withdrew its unsolicited takeover bid for aluminum producer Alcan
Inc. (AL US) after Rio Tinto Group (RIO AU) made a higher offer
of $38.1 billion. Separately, Credit Suisse Group increased its
share-price estimate for Alcoa by 22 percent to $55, saying that
takeover speculation would support the stock. Alcan shares fell
87 cents to $97.58.


Read more at Bloomberg Stocks News

Roche, SAP, Ericsson Earnings, Germany's ZEW Index: European Week Ahead

(Bloomberg) -- Earnings from Roche Holding AG, the
world's biggest maker of cancer medicine, SAP AG, the largest
global maker of business-management software, and Ericsson AB,
the No. 1 maker of wireless phone networks, may move stock
markets next week.

Data on German investor confidence from the ZEW Center for
European Economic Research in Mannheim may also affect markets.


Read more at Bloomberg Stocks News

Yen Gains After Iran Asks Japanese Refiners to Use Yen to Purchase Crude

(Bloomberg) -- The yen rose after Iran asked
Japanese oil refiners to pay for Iranian crude oil in the
currency instead of dollars.

National Iranian Oil Co. asked the refiners to switch to
yen payments to counter the risk that dollar transfers may be
frozen by increased sanctions, according to a letter from the
oil producer obtained by Bloomberg News. Iran is Japan's third
biggest supplier of oil.


Read more at Bloomberg Currencies News

Treasuries Rise as Retail Sales Data Suggest Slower U.S. Economic Growth

(Bloomberg) -- Treasuries rose the first time in
three days as a government report showed retail sales declined
last month more than economists forecast.

Ten-year note yields fell as the data encouraged traders to
speculate that a slump in the housing market will slow U.S.
economic growth. The yields dropped the most in more than four
months on July 10 as Standard & Poor's and Moody's Investors
Service warned about the credit quality of subprime mortgages.


Read more at Bloomberg Bonds News

Disney and PepsiAmericas Lead U.S. Borrowers as Corporate Bond Sales Slow

(Bloomberg) -- Walt Disney Co., the second-largest
media company, and PepsiAmericas Inc., led U.S. investment-grade
companies that sold $15.1 billion in bonds as sales dropped 33
percent from the same week a year earlier.

Disney, based in Burbank, California, sold $1.1 billion of
bonds and Minneapolis-based PepsiAmericas, the second-largest
bottler for PepsiCo Inc., raised $300 million. No borrower rated
below investment-grade sold bonds as investors shunned the
riskiest of debt.


Read more at Bloomberg Bonds News

CORRECTED-Futures flat after record rises, GE gains

(Reuters) - NEW YORK - Stock index futures were little changed on Friday as investors assessed whether equities could extend the prior session's record-setting surge.




General Electric Co posted quarterly operating profit that matched Wall Street's forecasts and said it was exiting the subprime mortgage lending market.


Read more at Reuters.com Hot Stocks News

Alcoa, General Electric, Macrovision, Posco, Shaw: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 7:30 a.m. New York time.

Amgen Inc. (AMGN US): The world's largest biotechnology
company's board authorized to buy back as much as $5 billion
worth of its own shares. Shares gained 82 cents to $55.95
yesterday.


Read more at Bloomberg Stocks News

FACTBOX-Key facts about Barclays and ABN AMRO

(Reuters) - The deal could still be trumped by a consortium led by Royal
Bank of Scotland , however. For the latest news on
takeover saga click on [nL13181342].




The following are key facts on Barclays and ABN:


Read more at Reuters.com Mergers News

Gold near 5-week high, focus on dollar and oil

(Reuters) - Spot gold was quoted at $667.10/667.70 an ounce by 1008 GMT, against $667.00/667.80 late in New York on Thursday, when it rallied to as high as $669.05 as the dollar tumbled to a record low against the euro.




"Funds have been attracted into these markets because they are in an uptrend and that gives them an opportunity to make some money. They are making the markets more volatile," said Richard Davis, director of natural resources at Merrill Lynch Investment Managers.


Read more at Reuters.com Hot Stocks News

JPMorgan holds 2.981 percent of Millennium BCP

(Reuters) - Millennium is currently locked in a power struggle between
the bank's founder and chairman, Jorge Jardim Goncalves, and the
bank's Chief Executive Officer, Paulo Teixeira Pinto.




A shareholder meeting is scheduled for August 6 where the
issue could be resolved.


Read more at Reuters.com Mergers News

US shares set to open little changed, GE in focus

(Reuters) - U.S. stocks surged on Thursday, with the Dow hitting a
record on its biggest point gain since 2002 after healthy sales
from retailers reassured investors about consumer spending and
miner Rio Tinto's bid for Alcan raised the
prospect of more consolidation.




On Thursday, the S&P 500 gained 1.9 percent, the Dow Jones
put on 2.1 percent and the Nasdaq rose 1.9 percent.


Read more at Reuters.com Bonds News

FTSE flirts with near 7-year highs on M&A activity

(Reuters) - Britain's top share index flirted near seven-year highs on Friday, as M&A activity in banks and miners boosted an index already buoyed by upbeat U.S. trading overnight.

Barclays was up 0.5 percent as it became the more likely suitor to take over ABN AMRO after the Dutch supreme court ruled the Dutch bank could go ahead with the sale of its LaSalle unit to Bank of America.


Read more at Reuters Africa