P&G profit up but forecast pressures shares

(Reuters) - After spending the better part of the last two years integrating its acquisition of Gillette, the maker of Tide detergent and Pampers diapers is now girding itself to compete with smaller rivals such as Colgate-Palmolive Co. and Kimberly-Clark Corp. .




That strategy includes accelerating its share buybacks, boosting sales in emerging markets, focusing on newer products such as Crest Pro-Health and shedding some of its businesses.


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IFC invests $32.5 mln in African cable project

(Reuters) - The World Bank's International Finance Corp. on Thursday said it was investing $32.5 million in a fiber-optic cable project that will provide Internet and international communication services for 21 African countries.

IFC, the private-sector arm of the World Bank that focuses on investing in emerging-market economies, said the cable project should improve telecommunications access for 250 million Africans and cut costs for individuals and businesses.


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Miner Anglo to sell Tarmac; raises profit, buyback

(Reuters) - Anglo American put its Tarmac road-covering business up for sale on Friday as it met forecasts with a 22 percent rise in first-half earnings and pledged to return a further $4 billion to shareholders.

Chief Executive Cynthia Carroll said the sale of UK-based Tarmac, which analysts believe could fetch over $6 billion, was the mining group's last major piece of restructuring as it moves to focus on its metals and minerals businesses.


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P&G not looking at big acquisitions: execs

(Reuters) - Chief Financial Officer Clayt Daley said P&G is more likely to sell businesses rather than buy businesses right now. He also said this year's earnings would be more volatile quarter to quarter as the company works on restructuring and other projects, such as bringing out concentrated versions of its laundry detergents.




Daley also said that raw material and energy costs should be up again this year.


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Murdoch looks to legacy with Dow Jones bid

(Reuters) - Now the 76-year-old media mogul aims to redeem his legacy in the business he loves most with the anticipated $5 billion purchase of Dow Jones & Co. Inc., owner of The Wall Street Journal, Barron's financial weekly and Dow Jones Newswires.




Dow Jones looked set to agree on Tuesday to the buyout later on Tuesday, regarded as one of the most audacious yet for the consummate dealmaker.


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Shorter-Term Treasuries Fall as Demand for Safety of Government Debt Wanes

(Bloomberg) -- Treasuries maturing in five years or
less dropped as investors returned to riskier bonds and stocks
after abandoning them the past two weeks.

Two-year notes weakened as traders pared bets the Federal
Reserve will cut interest rates this year to blunt the impact of
higher borrowing costs for homeowners and companies. Yields rose
from near a four-month low even as one of the first reports for
July, the National Association of Purchasing Management-
Chicago's business barometer, fell more than forecast.


Read more at Bloomberg Bonds News

Australian Government Bonds Fall as Building Approvals, Lending Increase

(Bloomberg) -- Australian government bonds fell for
a second day as reports showed home-building approvals and
lending to consumers and businesses increased more than
economists expected last month.

Two-year notes extended declines as traders raised bets the
Reserve Bank of Australia will increase its key interest rate
from 6.25 percent when policy makers meet next week. Bonds also
fell as investor appetite for risk rose after U.S. stocks
rebounded yesterday from the worst two-day slide since 2003.


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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.


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UPDATE 1-ADM quarterly profit rises, ethanol volume down

(Reuters) - ADM has been boosted in the past year by demand for
alternative foods made from crops. But higher corn costs and
lower ethanol volume cut profit in its corn processing business
during the quarter, while oilseed processing profit was hurt by
lower European rapeseed and biodiesel margins, the company
said.




The largest U.S. food processor and ethanol producer, ADM
said earnings rose to $954.8 million, or $1.47 per share, in
the fiscal fourth quarter ended June 30, from $410.3 million,
or 62 cents per share, a year earlier.


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RadioShack posts quarterly profit

(Reuters) - Analysts expected profit of 25 cents a share, according to Reuters Estimates. It was not immediately clear whether the estimates were comparable.




Sales fell 15 percent to $934.8 million, short of analysts' estimates of $983.6 million. Same-store sales fell 8.9 percent. In its statement, the company said the post-paid wireless business and the closure of 481 stores in 2006 hurt sales.


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ICI rejects improved $16 bln Akzo bid, talks continue

(Reuters) - ICI, the maker of Dulux paints, said on Monday that the two sides were still in talks after it rejected a 650 pence a share cash proposal from Akzo but it had not opened its books to the world's largest maker of industrial coatings.




Akzo, the maker of Crown paints, said it had teamed up with German consumer products group Henkel over its proposed bid, but there was no certainty it would make a better offer. Henkel would take on ICI's adhesives and electronics materials business if a deal went through, Akzo said.


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Shanghai Auto tie-up may create Chinese car champion

(Reuters) - Shanghai Automotive Co. said on Friday that parent groups of the two companies had signed a letter of intent to discuss ways of achieving a "complete union" between the firms through business cooperation and restructuring.




China's central government and local authorities are pushing the tie-up as a way to build Shanghai Auto into a comprehensive auto maker that can compete with European, Japanese and U.S. giants at home and eventually overseas, industry sources and analysts said.


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RPT-UPDATE 4-Ford swings to surprising 2nd-quarter profit

(Reuters) - DETROIT, July 26 - Ford Motor Co. on
Thursday posted its first profit in two years on a surprising
turnaround in its auto business and cost-cutting in its
troubled U.S. operations, pushing its shares up over 3
percent.




Ford also said it is exploring a sale of its Jaguar and
Land Rover luxury units, a spin-off Ford executives said they
now view as probable.


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UPDATE 1-Vector says preferred bidder for parts of UK's DARA

(Reuters) - Contractual revenues from these businesses are estimated to
exceed C$100 million annually, Vector said.




The Toronto-based company, which specializes in aircraft
maintenance, repair and overhaul, said the DARA facilities
provide support for Chinook , Lynx and Sea King
helicopters.


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Web business strategy focus of Microsoft meeting

(Reuters) - Microsoft's top executives plan to update investors about every facet of the $50 billion software maker's business, from its bread-and-butter Windows and Office franchises to its Xbox game console unit, at its annual analyst meeting on Thursday.




But the company's smallest business division -- online services -- may garner the most attention, because it poses both the greatest opportunity for growth and the biggest risk of failure.


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Western Union eyes micro-lending

(Reuters) - "We think it is a big opportunity for us. For us, the real
question will be the risk and the ability to ramp this up
around the globe," Gold said.




Micro-lending, a system of making small loans to people
running tiny businesses, was pioneered by Muhammad Yunus in the
1970s in Bangladesh and has spread globally. Yunus won a Nobel
Peace Prize in 2006.


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UPDATE 2-Hartford settles market timing case for $115 mln

(Reuters) - The case dates back to the mid-1990s, when the insurer paid
hundreds of millions of dollars in hidden or "contingent"
commissions to brokers who steered business to Hartford.




The Connecticut insurer also allowed certain people to make
rapid trades in and out of mutual funds, harming others,
according to Connecticut Attorney General Richard Blumenthal,
who announced the settlement.


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UPDATE 2-First Horizon National profit falls

(Reuters) - The bank is hoping to boost profitability by focusing more
on Tennessee and decreasing focus on some markets and
businesses outside that state. First Horizon said it is looking
to sell 34 branches in Atlanta, Baltimore, Dallas and northern
Virginia.




The bank said it earned 17 cents, or $22.1 million in the
second quarter, compared with 82 cents, or $104.3 million, in
the year ago period.


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UPDATE 1-Pool Q2 profit in line with market estimate

(Reuters) - The Covington, Louisiana-based company reported quarterly
net income of $57.8 million, compared with $62.1 million a year
ago. On a per-share basis, earnings were flat at $1.12 due to
lower number of shares outstanding this year.




Net sales rose 3 percent to $726.5 million from $705.7 a
year ago, partly helped by sales centers acquired since the
year-ago period, primarily the Wickham business it bought in
August, and newly opened sales outlets.


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CIT Group posts quarterly loss, cuts outlook

(Reuters) - CIT said it incurred a loss of $2.58 per share on the exit from its home lending and construction business.




The latest quarter's results included several charges.


Read more at Reuters.com Bonds News