PetroChina pumps 3.7 pct more oil, gas in H1

(Reuters) - The Beijing-backed firm, which vies with Sinopec Corp.
and CNOOC Ltd. to
supply the world's largest energy market after the United States,
has said it aimed to produce 5.3 percent more oil and gas to
1.116 billion BOE in 2007.




Global crude oil prices rebounded to a 10-month high above
$70 a barrel at the end of June from a 19-month low around
$50 a barrel in January.


Read more at Reuters.com Market News

South Korean Won May Drop on Concern Central Bank Will Sell Its Currency

(Bloomberg) -- South Korea's won may fall for the
first time in five days on concern the central bank will sell it
to prevent the currency's advance to a seven-month high from
eroding exporters' profits.

A stronger won reduces the foreign-exchange earnings Korean
exporters get from their dollar revenue. Finance Minister Kwon
Okyu on July 9 said authorities will ``actively respond'' to
gains in the won when necessary.


Read more at Bloomberg Currencies News

New Zealand Dollar Advances to Post-Float High as Inflation Accelerates

(Bloomberg) -- The New Zealand dollar rose to the
highest since being allowed to trade freely in 1985 after a
government report showed inflation in the second quarter was
faster than expected. Bonds fell.

The currency bought 78.87 U.S. cents at 10:51 a.m. in
Wellington and reached 78.96 cents, a post-float high, from
78.61 cents immediately before the report. It was at 78.73 cents
late in New York July 13.


Read more at Bloomberg Currencies News

China, Singapore, Taiwan, Philippines, Malaysia: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: China Agricultural Development Bank will sell 10
billion yuan ($1.3 billion) of five-year floating rate notes
tomorrow. The interest rate will be based on the one-year
deposit rate of 3.06 percent plus a spread that is to be
auctioned. The central bank sold 101 billion yuan of three-year
fixed rate notes on July 13 at a coupon of 3.6 percent. The
Ministry of Finance sold 38.38 billion yuan of three-year notes
at a coupon of 3.53 percent.


Read more at Bloomberg Bonds 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

Ford considers selling Volvo Cars business: source

(Reuters) - The review of Volvo was still at a very early stage and may not result in a sale, the source told Reuters, adding that Ford had so far not hired financial advisers for the operation.




"Ford is not in discussions with any company to sell Volvo, however we are continuing to assess options for all our operations," a London-based spokesman for Ford said, while declining to comment further.


Read more at Reuters.com Mergers News

EU offers to cut import duties from South Korea

(Reuters) - The European Union has offered to cut all its import duties on goods from South Korea as part of a free trade deal on condition that Seoul opens its economy to European investments, the EU executive said on Sunday.

EU and South Korean negotiators will hold on Monday in Brussels their second round of talks on a deal that could significantly boost their 60 billion euro bilateral trade.


Read more at Reuters Africa