Key Bancroft trust voting structure may change: WSJ

(Reuters) - Two of the four main beneficiaries of the trust are in favor of a sale, the paper said, citing unnamed sources. If Bancroft turned down the offer against their wishes, he might expose himself to litigation. Splitting up the trust would allow him to vote his shares against the deal, while his relatives' shares could go in its favor, it said.




The paper also reported that another branch of the Bancroft family will vote against the deal, putting pressure on Rupert Murdoch to raise his offer.


Read more at Reuters.com Business News

UPDATE 1-Calpine mulls alternative reorganization moves

(Reuters) - SAN FRANCISCO, July 27 - Calpine Corp
put its bankruptcy reorganization plan on hold on Friday to
weigh alternative plans presented to the independent power
producer.




Calpine, in a filing at the U.S. Securities and Exchange
Commission, said "certain parties" have contacted the company
about an alternative reorganization that would guarantee a
payout to creditors.


Read more at Reuters.com Bonds News

UPDATE 1-Mexico's Femsa posts 19 pct rise in 2nd-quarter net

(Reuters) - Femsa said April-June net was 2.238
billion pesos compared with 1.883 billion pesos
a year earlier.




Femsa, which makes Sol and Tecate beer and is the world's
No. 2 Coke bottler, said quarterly revenue rose 7.4 percent to
36.006 billion pesos.


Read more at Reuters.com Market News

Money funds see $5 bln inflow on July 26-EPFR

(Reuters) - Thursday's money market fund inflows came after these funds
got $1.7 billion in net inflows for the week ended July 25,
EPFR said. The firm tracks money market funds globally with
$875 billion in assets.




High-yield bond funds saw outflows of $134 million on July
26, it said. High-yield bond funds tracked by EPFR that have
$76.4 billion in total assets saw $672 million in net outflows
for the week ended July 25, their worst week of outflows since
March, EPFR said.


Read more at Reuters.com Bonds News

Eastern U.S. coal profits top the West

(Reuters) - And the East won.




Consol Energy and Massey Energy , which
operate in the older central Appalachian coalfields of
Kentucky, Virginia and West Virginia, and in Pennsylvania in
northern Appalachia, both reported soaring profits.


Read more at Reuters.com Market News

Cattle Futures Climb Fifth Straight Week on Exports; Hogs Futures Rise

(Bloomberg) -- Cattle futures rose to a three-month
high in Chicago, capping their fifth-straight weekly gain, on
expectations that U.S. beef exports will increase. Hog prices
also advanced.

U.S. beef shipments to Japan and South Korea have risen
since both countries lifted bans imposed in December 2003 after
a mad-cow disease outbreak. Japan bought $1.4 billion of U.S.
beef in 2003 and South Korea bought $814 million worth.


Read more at Bloomberg Commodities News

UPDATE 2-Advanced Medical reaffirms Bausch & Lomb bid

(Reuters) - PHILADELPHIA, July 27 - Advanced Medical Optics
Inc. reaffirmed its $4.23 billion takeover bid for
Bausch & Lomb Inc. on Friday, and offered the eye-care
company two alternatives to gauge shareholder support for the
unsolicited offer.




Advanced Medical wants to wrest Bausch & Lomb away from its
existing agreement to be acquired by private equity firm
Warburg Pincus for $3.67 billion.


Read more at Reuters.com Mergers News

Lululemon stock jumps 50 pct in eagerly awaited IPO

(Reuters) - "A lot of people are clamoring for the shares," said Accountability Research Corp. analyst Mark Rosen in an interview.




"It's a name people recognize and see as trendy. And it has such a high-growth profile to it, that there's a lot of excitement."


Read more at Reuters.com Hot Stocks News

Windfarm operator Trinergy for sale: source

(Reuters) - Several private equity companies have handed in their bids in the second round of the transaction, which RBC Capital Markets is running, said the source, who declined to be identified.




RBC Capital Markets was not immediately available to comment.


Read more at Reuters.com Mergers News

US coal companies count cost of post-Sago safety

(Reuters) - Don Blankenship also said developing and installing new
tougher mine seals and other safety equipment would drive up
the cost per ton of its coal and some smaller Appalachian
producers might not be able to comply.




"It may take a mine or two out because they can't get
seals," Blankenship told Wall Street analysts.


Read more at Reuters.com Government Filings News

Bancroft branch to vote against Murdoch bid: WSJ

(Reuters) - The Denver branch of the family, which holds 9.1 percent of Dow Jones's voting stock, supports the deal but wants News Corp. chief Rupert Murdoch to raise his $60 per share bid for the company, the Journal reported citing a person close to the company.




News Corp. has no intention of raising its bid, the Journal reported.


Read more at Reuters.com Business News

FX OUTLOOK-Dollar decline looks set to resume next week

(Reuters) - Credit spreads widened, stocks fell sharply and U.S.
government bond yields tumbled as investors repatriated funds
from overseas holdings into safer dollar assets.




The low-yielding yen, a popular funding currency for risky
trades, was the exception and was on track for a 2 percent
weekly gain against the greenback and a nearly 6 percent weekly
rise against the high-yielding New Zealand dollar.


Read more at Reuters.com Bonds News

Emerging Market Bonds Decline as Investor Aversion to Riskier Assets Rises

(Bloomberg) -- Emerging-market bonds declined,
reversing earlier gains, as investors resumed selling riskier,
higher-yielding assets on mounting concern about losses related
to subprime mortgages.

The extra yield over U.S. Treasuries that investors demand
to hold the developing nation debt has soared to the highest in
more than a year. Argentine debt, among the riskiest in emerging
markets, has posted the biggest declines.


Read more at Bloomberg Emerging Markets News

GLOBAL MARKETS-U.S. stocks slip in volatile trade

(Reuters) - NEW YORK, July 27 - U.S. stocks slipped in
volatile trade on Friday as skittish investors weighed the
prospects of a global credit crunch against signs of a
resurgence of U.S. economic growth.




U.S. Treasuries were up, after earlier declines, following
surprisingly strong growth data that eased some of the worst
fears of an economic slump following a day of sharp equity
losses. The dollar rose on news of the U.S. economic data.


Read more at Reuters.com Bonds News

Citigroup sees subprime losses at Fannie, Freddie

(Reuters) - Citigroup, in the report published on Thursday, estimates
that the two companies' retained portfolios contain $182
billion of subprime bonds, almost all of which are rated
triple-A, based on public disclosure by Fannie Mae and
Freddie Mac and their regulator, the Office of Federal
Housing Enterprise Oversight,.




Fannie Mae and Freddie Mac have exposure to over $3
trillion in mortgages due to their guarantee portfolios and
$1.4 trillion in their retained portfolios, but the vast
majority of this exposure is prime mortgages, Citigroup said.


Read more at Reuters.com Bonds News

Qwest ex-CEO Nacchio ordered to forfeit $52 mln

(Reuters) - Nacchio was convicted in April on 19 counts of insider trading for grossing some $52 million in sales of Qwest stock in 2001 with information unknown to investors about the company's true financial picture. He was acquitted on 23 other charges. His attorneys said they will appeal the conviction.




Prosecutors have sought a seven-year sentence, a $19 million fine and forfeiture of the $52 million.


Read more at Reuters.com Business News

UPDATE 1-TransCanada profit rise fueled by new assets

(Reuters) - TransCanada said net income was C$257 million , up from a year-earlier C$244 million. Earnings per
share were 48 Canadian cents, compared with 50 Canadian cents.




Excluding one-time items, such as a C$33 million gain in
2006 from a cut in Canadian tax rates, earnings rose 22 percent
to C$241 million, or 45 Canadian cents a share, from C$198
million, or 41 Canadian cents a share.


Read more at Reuters.com Market News

Wheat Falls From Record as High Prices May Slow Demand for U.S. Exports

(Bloomberg) -- Wheat fell from a record in Chicago
on speculation high prices will slow demand for supplies from
the U.S., the world's biggest exporter of the grain.

U.S. exporters reported sales rose to the highest in 11
years last week, and since June 1 they are up 66 percent from a
year earlier, government data show. Prices have jumped 30
percent in the past two months.


Read more at Bloomberg Commodities News

UPDATE 1-Cuba reports big jump in foreign debt

(Reuters) - HAVANA, July 27 - Cuba's actively serviced foreign
debt jumped nearly $2 billion in 2006 to $7.794 billion as
foreign suppliers more than doubled their credits to the
country, according to figures posted on the Web site of the
National Statistics Office on Friday.




Most of Cuba's new debt was believed by local analysts to be
due to fresh credits from China and Venezuela.


Read more at Reuters.com Bonds News

Treasuries Head for Third Weekly Gain as Investors Avoid Riskier Assets

(Bloomberg) -- Treasuries headed for a third weekly
advance, pushing yields near the lowest since May, as the slump
in U.S. housing prompts investors to avoid riskier assets.

Investors seeking the safety of government debt this week
pushed yields on two-year notes, most sensitive to changing
monetary policy, 70 basis points lower than the Federal Reserve's
target rate. The risk of owning corporate bonds soared to a
record on concern that banks and hedge funds face widening losses
on subprime mortgages and leveraged buyouts.


Read more at Bloomberg Bonds News

Fortune Brands CEO bullish on Absolut acquisition

(Reuters) - Wesley also said some Wall Street analysts were
underestimating Fortune's ability to create shareholder value
through an acquisition, saying he did not see the 50 cent per
share to $1 per share dilutive impact to earnings that some
analysts have estimated.





Read more at Reuters.com Mergers News

Mexico's KOF 2nd-quarter net profit rises

(Reuters) - The company operates in nine countries across Latin America
and is the second largest Coke bottler in the world.





Read more at Reuters.com Market News

Richemont Lures Investors With China Demand for Piaget Polo Luxury Watches

(Bloomberg) -- Xinhai Liao wants to splurge on a
status symbol: a new watch. Rather than buy an imitation out of a
suitcase on a Hong Kong street corner, the Chinese financial
adviser went two blocks away to check out genuine Piaget Polo
watches.

``It has to be perfect,'' Liao said. Piaget maker Cie.
Financiere Richemont SA's sales of luxury watches are surging in
China as consumers snub domestic timepieces to show they can
afford the real thing. Piaget Polo gold watches have a
recommended retail price of more than 15,000 euros ($20,000),
according to The Watch Quote's Web site.


Read more at Bloomberg Exclusive News

Wall St falls as credit worries persist

(Reuters) - U.S. stocks fell on Friday as investors remained jittery about the worsening climate for financing corporate takeovers and about subprime mortgage losses dragging on the economy.

The underlying tone remained cautious on Wall Street a day after U.S. equities suffered the second worst decline this year, wiping out more than $300 billion in the S&P 500's value.


Read more at Reuters Africa

Constellation Energy quarterly earnings rise 25 pct

(Reuters) - The results included a 14 cents per share loss on the changing value of its trading contracts, which the company expects will reverse in future periods with a significant portion reversing this year.




Excluding these hedge losses, the company earned 78 cents per share compared with average analysts' expectations of 74 cents per share, according to Reuters Estimates.


Read more at Reuters.com Business News

EU clears Nestle's planned acquisition of Gerber

(Reuters) - In Poland there was only limited overlap between the two companies plus competition from other players while in Cyprus, Iceland and Portugal, the Commission concluded that market entry is relatively easy and the markets are competitive.




Nestle, already the world's biggest maker of infant formula, is now moving into the top position in baby food as well with the Gerber buy. Nestle has said it wants to expand Gerber operations globally.


Read more at Reuters.com Mergers News

US STOCKS-Wall St eyes flat open as data reassures

(Reuters) - NEW YORK, July 27 - U.S. stocks headed for a flat
to lower open on Friday as investors remained jittery about the
worsening climate for financing corporate takeovers, but
reassuring data on the economy offered some support.




A day after U.S. equities suffered their second worst
decline this year, futures temporarily cut losses following the
GDP report. But with European stocks volatile and Asian stocks
lower overnight, the underlying tone on Wall Street remained
nervous.


Read more at Reuters.com Bonds News

US STOCKS-Futures signal further turmoil for Wall St.

(Reuters) - NEW YORK, July 27 - U.S. stock index futures fell
on Friday as nervous investors braced for economic data and
earnings news a day after losses wiped out more than $300
billion of the S&P 500's value.




Worry about tightening credit that threatened to slow
growth and takeover activity were on investors' minds before
the government's first estimate of gross domestic product in
the second quarter.


Read more at Reuters.com Bonds News

Moog posts higher quarterly earnings, revises 2007 view

(Reuters) - Sales in the latest quarter rose 21 percent to $403.8
million. Analysts on average expected $370.6 million.




The company revised its outlook for the year and said it
expects earnings of $100.6 million, or $2.33 a share, on
revenue of $1.54 billion. Analysts on average expects earnings
of $2.36 a share on revenue of $1.48 billion.


Read more at Reuters.com Market News

SMFG to buy OMC Card stake

(Reuters) - Daiei, which owns 53 percent of OMC, has been trying to sell a stake in the credit card subsidiary to reduce its interest-bearing debt while SMFG has been taking steps to beef up its position in the consumer finance sector.




The deal will create one of the industry's largest players with about 36 million cardholders, allowing OMC and SMFG to pool their resources in a bid to expand sales and lower costs.


Read more at Reuters.com Mergers News

TREASURIES-Yields fall as US stock index futures dip

(Reuters) - S&P 500 futures were off 6.40 points, below fair
value while the Dow Jones industrial average futures were
down 54 points.




"Looks like jitters on subprime, and equities are falling.
But this is a vulnerable time of day an hour or two before the
Wall Street equity opening, and so volumes get thin at this
time," said a trader in London.


Read more at Reuters.com Bonds News

REFILE-UPDATE 4-TeliaSonera Q2 profit falls, names new CEO

(Reuters) - By Adam Cox



STOCKHOLM, July 27 - TeliaSonera reported a 5 percent fall in second-quarter core profits on Friday, missing market forecasts, and the company named a new chief executive after the previous boss was ousted.


Read more at Reuters.com Market News

Corporate Bond Risk Soars by Record Amount as Investors Flee Company Debt

(Bloomberg) -- The risk of owning corporate bonds
increased by the most ever in Europe and Asia on concern banks
and hedge funds face widening losses on subprime mortgages and
leveraged buyouts, according to credit-default swap traders.

A sell-off in the U.S., Asia and emerging markets extended
to Europe, where the cost to protect company debt approached the
record high in 2005 when General Motors Corp. and Ford Motor Co.
lost their investment-grade credit ratings. Deutsche Bank AG's
risk premium jumped to five times the amount on June 1.


Read more at Bloomberg Bonds News

UPDATE 1-Constellation Energy quarterly earnings rise

(Reuters) - Constellation, whose planned sale to peer FPL Group Inc.
collapsed under regulatory scrutiny last year, posted
net income of $116.3 million, or 64 cents a share, compared
with $93.1 million, or 52 cents per share, a year earlier.




Quarterly sales rose 10 percent to $4.82 billion, the
Baltimore-based company said.


Read more at Reuters.com Market News

FTSE 100 Stocks Rebound; Resolution, British Land, Land Securities Rally

(Bloomberg) -- U.K. stocks climbed, rebounding after
yesterday dropping the most since 2003. British Land Co. Plc and
Land Securities Group Plc paced the advance.

Resolution Plc rose the most in four months after a
shareholder objected to the insurer's $8 billion agreement to buy
Friends Provident Plc. BG Group Plc gained after the oil and gas
producer reported higher earnings.


Read more at Bloomberg Stocks News

Treasuries Snap Seven-Day Rally as Stocks Rise Before U.S. Reports Growth

(Bloomberg) -- Treasuries snapped a seven-day run
of gains as European shares and U.S. stock futures rebounded
before a report that's expected to show faster economic growth.

Bonds also pared a third weekly advance as technical charts
suggested the rally has been too rapid and some investors said a
U.S. housing slump won't prompt the Federal Reserve to cut
interest rates. The Commerce Department will probably say the
economy expanded at an annualized 3.2 percent pace, the fastest
in more than a year, according to a Bloomberg survey.


Read more at Bloomberg Bonds News

Global stocks off lows, bonds, yen erase gains

(Reuters) - MSCI main world equity index was down 0.6 percent, off its earlier low.




The iTraxx Crossover index, a widely watched indicator for European credit market sentiment, tightened 9 basis points after blowing out to 445 bps earlier. Emerging market sovereign bond spreads tightened 4 basis points.


Read more at Reuters.com Hot Stocks News

Fujifilm Q1 profit soars, H1 outlook raised

(Reuters) - The Tokyo-based company on Friday raised its operating profit forecast for the fiscal first half to Sept. 30 by 15 percent to 100 billion yen .



Fujifilm, however, kept unchanged its full-year operating profit forecast of 200 billion yen, which is up 77 percent from a year earlier and falls short of a consensus of a 222.95 billion yen in a poll of 16 analysts by Reuters Estimates.


Read more at Reuters.com Market News