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

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

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

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

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

Credit Suisse Fees Are Likely to Fall Most as LBO Market Slows, S&P Says

(Bloomberg) -- Investment banking fees are likely to
fall or stop growing as buyout firms purchase fewer companies,
and Credit Suisse Group would probably be the most affected
Standard & Poor's said in a report published today.

Group revenue at Switzerland's second-largest bank could
fall by 3.8 percent were leveraged buyout fees to fall by half,
S&P said. Earnings at Credit Suisse and UBS AG could plunge up to
19 percent as buyouts slow, Deutsche Bank AG analyst Matt Spick
said on July 26.


Read more at Bloomberg Currencies News

UPDATE 2-Silverton Casino latest to pull junk bond sale

(Reuters) - About eight junk bond sales have been scrapped since June,
according to high-yield research firm KDP Investment Advisors.




Junk-rated companies have had trouble finding buyers for
debt as concerns about massive bond supply and a subprime
mortgage crisis turned investors more risk-averse.


Read more at Reuters.com Mergers News

CORRECTED - Chile wood pulp exports hit record 1st half high

(Reuters) - It said the export figure for the six months from January
through June was 93.7 percent higher than in the same period a
year earlier, as prices soared and Chilean output grew.




"Wood pulp prices have beaten all market expectations ..."
BCI Investments said in the report, adding that a predicted
stabilization in prices in July had failed to materialize.


Read more at Reuters.com Market News

UPDATE 1-Maximus to explore strategic alternatives; sees Q3 loss

(Reuters) - Maximus said it retained UBS Investment Bank to assist it
in the process.




In a separate statement, Maximus said it expects to post a
loss in the third quarter due to a charge related to the
settlement of an investigation into its Medicaid-claiming work.


Read more at Reuters.com Mergers News

UPDATE 1-Calpers reports 19.1 pct return, assets of $247.7 bln

(Reuters) - The Sacramento, California-based pension fund, best known
as Calpers, said in a statement that over the 12 months ended
in June its assets increased by $36.5 billion to $247.7
billion.




"This is good news for our members because these gains will
carry many Calpers plans to 100 percent full funding of our
retirement obligations as of June 30, 2007," Charles Valdes,
chair of the Calpers Investment Committee said in a statement.


Read more at Reuters.com Bonds News

Barclays gets nod to buy stake in China trust firm

(Reuters) - London-based Barclays Bank Plc will be allowed to buy a nearly 20 percent stake in New China Trust & Investment Co., one of the country's oldest trust firms, after negotiations for more than one year between the two companies, the sources said.




The purchase will make Barclays the first foreign bank with a stake in a Chinese trust firm, while others, including Morgan Stanley and UBS , are still in talks with potential Chinese partners.


Read more at Reuters.com Business News

Australia's S&P/ASX 200 Climbs, Led by Macquarie Bank, Woodside Petroleum

(Bloomberg) -- Australian stocks gained. Macquarie
Bank Ltd. advanced after it said first-quarter profit rose
``substantially,'' and Woodside Petroleum Ltd. rose after it said
second-quarter sales increased 14 percent.

``Macquarie was more positive than they normally are and
Woodside got a bounce after production came in as forecast,'' said
Troy Angus, who helps manage the equivalent of $2.1 billion at
Paradice Investment Management Ltd. in Sydney. ``Corporate
Australia is doing so well. With the strong domestic economy we're
likely to see a pretty robust reporting season.''


Read more at Bloomberg Stocks News

Asian Stocks Rise for First Day in Four; Newcrest Advances on Metal Prices

(Bloomberg) -- Asian stocks rose for the first time
in four days. Newcrest Mining Ltd. and Sumitomo Metal Mining Co.
led an advance among commodity producers after copper, gold and
oil prices gained.

``Resources stocks generally trade off the back of macro
information and with commodities prices up, they're doing pretty
well,'' said Troy Angus, who helps manage the equivalent of $2.1
billion at Paradice Investment Management Ltd. in Sydney.


Read more at Bloomberg Emerging Markets News

Third Avenue to vote against Abitibi-Bowater deal

(Reuters) - TORONTO, July 16 - Investment firm Third Avenue Management LLC, the largest shareholder of Abitibi-Consolidated Inc. , said on Monday it plans to vote against the Canadian paper company's proposed merger with Bowater Inc. at a special shareholder meeting on July 26.



Third Avenue, founded by prominent investor Martin Whitman, said it is not seeking, and will not accept, the proxies of other Abitibi shareholders.


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

South Korea's Kospi Index Climbs; Samsung Electronics, Posco Lead Gains

(Bloomberg) -- South Korean stocks advanced. Samsung
Electronics Co. gained after Korea Investment & Securities Co.
raised its price estimates for chipmakers, saying demand for
memory will rise.

Posco rose after Daishin Securities Co. lifted its price
estimate, citing a possible rebound in steel prices.


Read more at Bloomberg Stocks News

UPDATE 3-Lear accepts sweetened Icahn bid, Pzena not swayed

(Reuters) - CHICAGO, July 9 - Billionaire investor Carl
Icahn's American Real Estate Partners LP raised its
takeover offer for Lear Corp. to about $3 billion, but
the auto parts maker's second biggest shareholder remained
unconvinced.




Pzena Investment Management LLC, which holds some 6.6
million Lear shares, or an 8.6 percent stake, said it plans to
vote against investor Icahn's latest offer for the auto parts
company, saying the company should remain independent.


Read more at Reuters.com Mergers News

UPDATE 1-South Korea upholds $110 mln tax on Lone Star deal

(Reuters) - The Finance Ministry said in a statement on Thursday that
National Tax Tribunal members had unanimously rejected Lone
Star's [LS.UL] appeal of a 101.7 billion won tax
imposed after it had sold the 45-storey Star Tower in Seoul.




The investment fund bought the commercial building in 2001
and sold it to GIC Real Estate Pte. Ltd., an arm of the
Government of Singapore Investment Corp. Ptd. in 2004 for an
undisclosed sum.


Read more at Reuters.com Mergers News

South Korean Stocks Climb for Third Day; Kookmin, Samsung Electronics Gain

(Bloomberg) -- South Korea's stocks rose for a third
day after North Korean leader Kim Jong Il, in a news report,
signaled the Communist state is ready to begin dismantling its
nuclear program. Kookmin Bank and Samsung Electronics Co. gained.

``The direct beneficiary will be the Korean market, as
foreign investors may turn more positive,'' said Jo Dong Hyuk,
who oversees $1.9 billion in global equities at Korea Investment
Trust Management Co. in Seoul. ``The geopolitical risk was the
biggest reason for the `Korea Discount.'''


Read more at Bloomberg Stocks News

Aluminum Producer Vimetco Says It Plans Share Sale in London This Month

(Bloomberg) -- Vimetco BV, an aluminum producer
controlled by Russian businessman Vitaliy Machitski, plans to
sell shares this month and list on the London Stock Exchange.

Vimetco's sale of global depositary receipts will be
managed by Morgan Stanley and UniCredit Markets & Investment
Banking, the Amsterdam-based company said today in a statement.
It didn't say how much it plans to raise from the sale.


Read more at Bloomberg Commodities News