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

European Stocks Rise, Led by Aviva; Lloyds, Ryanair, GlaxoSmithKline Rally

(Bloomberg) -- European stocks rebounded from a
five-day plunge on waning concern that the U.S. subprime-credit
crisis will damp economic growth.

Aviva Plc, HSBC Holdings Plc and UBS AG paced gains by
financial stocks. Lloyds TSB Group Plc rallied on earnings that
topped analysts' estimates. Ryanair Holdings Plc and MAN AG led
airline and auto stocks higher after raising profit forecasts.
GlaxoSmithKline Plc jumped the most in two years after a panel of
doctors said its Avandia drug should remain on the U.S. market.


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

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

U.S. Stocks Rebound on Takeovers; Yum!, Steelmaker Shares Lead Advance

(Bloomberg) -- U.S. stocks rose after takeover
speculation swept through the metals industry and Federal
Reserve officials said the economy will weather the home loan
crisis.

Nucor Corp. and Alcoa Inc. led the Standard & Poor's 500
Index to its sixth gain in seven days after Chaparral Steel Co.
agreed to be bought for $4.22 billion and the Times of London
reported Alcan Inc. may be the target of a bidding war. Yum!
Brands Inc., owner of the Pizza Hut and Taco Bell chains,
climbed on a UBS AG report predicting it will buy back stock.


Read more at Bloomberg Stocks News

Gold Climbs for 3rd Day as Dollar Declines Against the Euro; Silver Rises

(Bloomberg) -- Gold gained for a third consecutive
trading session in London on speculation the dollar's decline
against the euro will increase demand for the precious metal as
an alternative investment. Silver gained.

Bullion, priced in dollars, has risen 3.9 percent this year
while the dollar fell 3.3 percent against the euro. Investors
should buy gold as large speculators may start to build their
holdings, sending prices higher in the next month, UBS AG
London-based analyst John Reade said in an e-mailed report.


Read more at Bloomberg Commodities News

Platinum Rises as Potential Strike May Disrupt Supplies; Palladium Falls

(Bloomberg) -- Platinum rose for a sixth consecutive
session, the longest rally in more than a year, as a potential
strike in South Africa took the focus from a possible slowdown in
demand from carmakers, the biggest users. Palladium dropped.

Platinum supplies are threatened by ``widespread South
African industrial action'' as wage talks that started last month
still aren't settled, UBS AG analysts led by London-based Daniel
Brebner wrote in a report yesterday. Prices had dropped on
declining car registrations in Germany, Europe's biggest economy.


Read more at Bloomberg Commodities News

UPDATE 3-UBS replaces CEO Wuffli with deputy Rohner

(Reuters) - NEW YORK/ZURICH, July 5 - UBS AG
, Switzerland's largest bank, in a surprise move on
Thursday replaced Chief Executive Peter Wuffli with his deputy,
Marcel Rohner, and said Wuffli would leave the company.




The sudden change, effective immediately, followed growing
calls from UBS critics to bolster results, and perhaps break up
the company by getting out of investment banking and focusing
entirely on wealth and investment management.


Read more at Reuters.com Mergers News

Crude Oil Rises to 10-Month High on Tightening Year-End Supply Outlook

(Bloomberg) -- Crude oil rose to a 10-month high on
speculation inventories will decline as demand increases later in
the year.

UBS AG, Europe's largest bank by assets, raised its 2007
forecast for West Texas Intermediate by 6.5 percent to $65 a
barrel from $61 because of low inventories and strong demand. Oil
use peaks in the fourth quarter, when refiners make heating fuel
for the Northern Hemisphere winter. Gasoline consumption in the
U.S., the world's biggest oil user, usually rises in summer.


Read more at Bloomberg Commodities News

UPDATE 1-MOVES-UBS, GE, Societe Generale, MPC Investors

(Reuters) - UBS AG said Lorraine George Harik will join UBS
Wealth Management U.S. as a senior client adviser in the
private bank.




GENERAL ELECTRIC


Read more at Reuters.com Bonds News

Kia Motors Delays Sale of $500 Million of Bonds, Cites `Market Volatility'

(Bloomberg) -- Kia Motors Corp., South Korea's
second-largest automaker, shelved a planned dollar-denominated
bond sale, citing volatility in global debt markets, according to
an e-mail sent to investors.

The Seoul-based company had sought to sell at least $500
million of five-year bonds, according to an e-mail last week. It
hired Credit Suisse Group, JPMorgan Chase & Co., Korea
Development Bank and UBS AG to manage the sale.


Read more at Bloomberg Bonds News

European Stocks Decline on Ifo Report; BHP Billiton, Julius Baer Slide

(Bloomberg) -- European stocks dropped for a second
day after German business confidence fell more than economists
forecast in June, adding to signs that growth in Europe's largest
economy may slow.

BHP Billiton Ltd. led mining shares lower on concern China
will raise interest rates to cool the economy. Julius Baer
Holding AG declined the most in a year after UBS AG sold part of
its stake in the Swiss Bank, thwarting takeover speculation.
Deutsche Bank AG and Barclays Plc led a decline by banks on
concern that losses in the U.S. mortgage market may grow.


Read more at Bloomberg Stocks News

Takeovers Will Continue to Accelerate Among Mining Stocks, UBS Reports

(Bloomberg) -- Mining-company mergers and
acquisitions will probably accelerate because of a shortage of
``high-quality, long-life, low-operating cost'' operations,
according to UBS AG, Europe's biggest bank by assets.

The rise in consolidation will be assisted by an increase
in money available for takeovers, with U.K. mining companies
expected to generate $76 billion in earnings before interest,
tax, depreciation and amortization next year, UBS analysts led
by London-based Paul Galloway said in a report today.


Read more at Bloomberg Stocks News

UBS May Manage Its First Yuan Share Sale With Western Mining IPO in China

(Bloomberg) -- UBS AG's Chinese securities venture
will arrange its first share sale in the world's fastest-growing
stock market after Western Mining Co. wins regulatory approval
for a Shanghai initial public offering.

Getting the go-ahead from the China Securities Regulatory
Commission at a hearing on June 5 will allow Zurich-based UBS to
join Goldman Sachs Group Inc. as the only global investment
banks that can arrange share sales in China. Foreign firms can
only underwrite yuan stock sales through local ventures.


Read more at Bloomberg Emerging Markets News

Japanese Shipping Company Shares Advance After UBS AG Raises Target Price

(Bloomberg) -- Shares of Nippon Yusen K.K., Mitsui
O.S.K. Lines Ltd. and Kawasaki Kisen Kaisha Ltd., Japan's three
largest shipping companies, rose after UBS AG said it's
``bullish'' on the companies and raised their target price.

Shares of Mitsui O.S.K. rose as much as 3.3 percent to
1,632 yen and traded at 1,620 yen as of 9:32 a.m. in Tokyo.
Nippon Yusen's stocks surged as much as 2.9 percent to 1,109 yen
and Kawasaki Kisen shares rose 3.9 percent to 1,454 yen.


Read more at Bloomberg Commodities News

Archstone-Smith Surges After UBS Reports It May Be a Takeover Candidate

(Bloomberg) -- Shares of Archstone-Smith Trust, the
second-largest U.S. apartment real estate investment trust,
surged as much as 11 percent after investment bank UBS AG said
the company may be a takeover candidate.

The stock posted its biggest gain in six years, rising $4.21
to $55.34 at 11:48 a.m. in New York Stock Exchange composite
trading. The company's market capitalization is $12.37 billion.


Read more at Bloomberg Stocks News

U.S. Stocks Rise on Takeovers; NYSE Euronext Shares Gain on Goldman Note

(Bloomberg) -- U.S. stocks rebounded after Nasdaq
Stock Market Inc. and Coca-Cola Co. announced acquisitions, adding
to this year's unprecedented pace of takeovers.

NYSE Euronext, owner of the world's largest stock market,
advanced after Goldman, Sachs & Co. upgraded the shares on
speculation of more consolidation among exchanges. MGM Mirage
shares rose after the second-biggest casino company hired UBS AG
to advise on a possible breakup being considered by Kirk
Kerkorian.


Read more at Bloomberg Stocks News