HSBC says profits up 13 pct, but bad debts jump

(Reuters) - LONDON, July 30 - HSBC Holdings , Europe's biggest bank, reported a 13 percent rise in first-half pretax profits as a $1 billion one-off gain helped offset a jump in bad debts linked to its problems in the U.S. housing market.



HSBC said on Monday its charge for bad debts was $6.35 billion in the six months to the end of June, up 63 percent from $3.89 billion a year earlier.


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U.K. Stocks Rise for First Time in Five Days; HSBC, ICI, BHP Pace Gains

(Bloomberg) -- U.K. stocks advanced for the first
time in five days, led by HSBC Holdings Plc after Europe's
largest bank reported profit that topped analysts' estimates.

Imperial Chemical Industries Plc and BHP Billiton Ltd. also
paced the gains.


Read more at Bloomberg Stocks News

GLOBAL MARKETS-Investors take break from credit worries

(Reuters) - Signs of the recent bout of risk aversion, however, were not
far away. MSCI's main world stock index was 6
percent off its all-time high just 10 days ago and Wall Street
volatility was at highs not seen since April 2003.




"Clearly credit worries are still very much at the fore of
investors' minds," said Nick Stamenkovic, bond strategist at RIA
Capital Markets.


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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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Angloplat H1 headline EPS up 47 pct, cuts FY output

(Reuters) - South Africa's Anglo Platinum posted a 47 percent jump in interim headline earnings per share on Monday, at the top end of its own forecast, and cut its output estimate for the year.

Angloplat, the world's biggest platinum producer, said headline EPS for the six months to end June increased to 29.43 rand from 22.02 rand in the same period last year, mainly due to strong metals prices.


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French Utility Stocks Drop, Led by Suez; Michelin and France Telecom Gain

(Bloomberg) -- French utility stocks dropped, paced
by Suez SA and Veolia Environnement SA. Michelin & Cie. and
France Telecom SA gained.

The CAC 40 Index slid 9.20, or 0.2 percent, to 5634.76 at
9:11 a.m. in Paris. The SBF 120 Index fell 0.1 percent.


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UPDATE 1-KPN to bid for Getronics, reports Q2 results

(Reuters) - KPN will spend an additional 415 million euros on buying
back Getronics' outstanding convertible bonds maturing in 2008,
2010 and 2014 as well as preference shares, Chief Financial
Officer Marcel Smits said.




KPN, which also announced second quarter results early, said
the takeover, unanimously supported by Getronics' management and
supervisory boards, was part of its strategy to move from
providing communications links to more value-added services.


Read more at Reuters.com Mergers News