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