UPDATE 1-China's Xinhua Media eyes stake in online bookstore

(Reuters) - SHANGHAI, July 16 - Shanghai Xinhua Media Co.
is in early talks to buy into Dangdang.com, a Chinese
online bookstore that media have said is planning a Nasdaq
listing, two sources close to the situation said on Monday.




Dangdang.com, partly held by a group of global investors,
including Doll Capital, Walden International and IDG Ventures,
has entered talks with Xinhua Media, which approached the online
bookstore about a month ago, the sources told Reuters.


Read more at Reuters.com Mergers News

European Bonds May Fall as Inflation Report Points to Interest-Rate Rise

(Bloomberg) -- European government bonds may decline
on speculation a report today will show inflation held near the
European Central Bank's target last month, boosting the case for
higher interest rates.

The European Union will probably say consumer prices in the
13-nation euro region increased 1.9 percent in June from a year
earlier, the same as in May, according to economists in a
Bloomberg survey. ECB policy makers last week said benchmark
borrowing costs remain supportive of economic growth.


Read more at Bloomberg Bonds News

Philips posts 22 pct rise in Q2 EBIT

(Reuters) - Its hospital equipment business, singled out by analysts
for lacklustre growth in the first quarter, showed comparable
sales growth of 4 percent in the second quarter.




Philips, Europe's biggest consumer electronics producer,
said it was on track for meeting its targets of 5 to 6 percent
of average annual sales growth and a margin of earnings before
interest, tax and amortization of at least 7.5 percent
of sales in 2007.


Read more at Reuters.com Business News

Air Berlin, Commerzbank, Siemens, Duerr, Vattenfall: German Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in German markets. Stock symbols are in parentheses after company
names and prices are from the Xetra close unless otherwise
stated.

DAX futures expiring in September rose 50 points, or 0.6
percent, to 8155.50 on July 13 in Frankfurt. The DAX increased
0.5 percent to 8092.77 on the Xetra electronic-trading system.


Read more at Bloomberg Stocks News

Dow Jones board member moves to block News Corp: WSJ

(Reuters) - News Corp., owner of Fox News, the New York Post and a sprawling media empire, has offered $5 billion, or $60 a share, for Dow Jones, the publisher of the Wall Street Journal.




Bancroft is trying to buy more "supervoting" shares from other Bancroft heirs who may be ready to sell their stakes but share his distaste for handing the family legacy to Murdoch, the Journal said.


Read more at Reuters.com Business News

Corn, Soybean Futures Fall in Chicago on U.S. Forecast for Normal Rainfall

(Bloomberg) -- Corn and soybean futures fell in
Chicago on a forecast for normal rainfall in the U.S. Midwest
grain growing areas over the next six to 10 days.

Corn prices fell as much as 5.1 percent and traded down 4.3
percent at $3.53 a bushel at 10:45 a.m. Singapore time. Soybean
prices declined as much as 4.4 percent and traded down 3.2
percent at $9.1950 a bushel. The U.S. National Weather Service
predicted normal rainfall for the Midwest in its six to 10 day
forecast issued on Sunday.


Read more at Bloomberg Commodities News

PetroChina pumps 3.7 pct more oil, gas in H1

(Reuters) - The Beijing-backed firm, which vies with Sinopec Corp.
and CNOOC Ltd. to
supply the world's largest energy market after the United States,
has said it aimed to produce 5.3 percent more oil and gas to
1.116 billion BOE in 2007.




Global crude oil prices rebounded to a 10-month high above
$70 a barrel at the end of June from a 19-month low around
$50 a barrel in January.


Read more at Reuters.com Market News

South Korean Won May Drop on Concern Central Bank Will Sell Its Currency

(Bloomberg) -- South Korea's won may fall for the
first time in five days on concern the central bank will sell it
to prevent the currency's advance to a seven-month high from
eroding exporters' profits.

A stronger won reduces the foreign-exchange earnings Korean
exporters get from their dollar revenue. Finance Minister Kwon
Okyu on July 9 said authorities will ``actively respond'' to
gains in the won when necessary.


Read more at Bloomberg Currencies News

New Zealand Dollar Advances to Post-Float High as Inflation Accelerates

(Bloomberg) -- The New Zealand dollar rose to the
highest since being allowed to trade freely in 1985 after a
government report showed inflation in the second quarter was
faster than expected. Bonds fell.

The currency bought 78.87 U.S. cents at 10:51 a.m. in
Wellington and reached 78.96 cents, a post-float high, from
78.61 cents immediately before the report. It was at 78.73 cents
late in New York July 13.


Read more at Bloomberg Currencies News

China, Singapore, Taiwan, Philippines, Malaysia: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: China Agricultural Development Bank will sell 10
billion yuan ($1.3 billion) of five-year floating rate notes
tomorrow. The interest rate will be based on the one-year
deposit rate of 3.06 percent plus a spread that is to be
auctioned. The central bank sold 101 billion yuan of three-year
fixed rate notes on July 13 at a coupon of 3.6 percent. The
Ministry of Finance sold 38.38 billion yuan of three-year notes
at a coupon of 3.53 percent.


Read more at Bloomberg Bonds News

Alcoa, Alumina Advance on Takeover Speculation After Rio's Bid for Alcan

(Bloomberg) -- Shares of Alcoa Inc. and Alumina
Ltd., partners in the world's biggest alumina venture, rose to
records on speculation that Rio Tinto Group's $38.1 billion bid
for Alcan Inc. will spark more aluminum-industry takeovers.

BHP Billiton Ltd. might bid for New York-based Alcoa and
Alumina, UBS AG analysts Glyn Lawcock and Mark Busuttil said in
a report yesterday. Alcoa also may try to buy Melbourne-based
Alumina, which owns 40 percent of the Alcoa World Alumina &
Chemical joint venture, the analysts said.


Read more at Bloomberg Commodities News

Ford considers selling Volvo Cars business: source

(Reuters) - The review of Volvo was still at a very early stage and may not result in a sale, the source told Reuters, adding that Ford had so far not hired financial advisers for the operation.




"Ford is not in discussions with any company to sell Volvo, however we are continuing to assess options for all our operations," a London-based spokesman for Ford said, while declining to comment further.


Read more at Reuters.com Mergers News

EU offers to cut import duties from South Korea

(Reuters) - The European Union has offered to cut all its import duties on goods from South Korea as part of a free trade deal on condition that Seoul opens its economy to European investments, the EU executive said on Sunday.

EU and South Korean negotiators will hold on Monday in Brussels their second round of talks on a deal that could significantly boost their 60 billion euro bilateral trade.


Read more at Reuters Africa