China's Purchasing Managers' Activity Slowed in July, Joint Survey Shows

(Bloomberg) -- Manufacturing activity in China
expanded at a slower pace in July, according to a survey of
purchasing managers released today.

The Purchasing Managers' Index fell to 53.3 from 54.5 in
June, the China Federation of Logistics and Purchasing and the
National Bureau of Statistics said in an e-mailed statement.
That was the lowest reading in five months.


Read more at Bloomberg Emerging Markets News

Bear Stearns Halts Redemptions After Hedge-Fund Investors Seek Withdrawals

(Bloomberg) -- Bear Stearns Cos., manager of two
hedge funds that collapsed last month, halted redemptions from a
third fund after a slump in credit markets prompted investors to
demand their money back.

The Bear Stearns Asset-Backed Securities Fund had about $900
million invested in asset-backed securities, including mortgage
bonds, spokesman Russell Sherman said today in a telephone
interview. The fund was overwhelmed by redemption requests,
Sherman said.


Read more at Bloomberg Bonds News

UPDATE 6-Dow Jones OKs $5 bln sale to News Corp - source

(Reuters) - NEW YORK, July 31 - Rupert Murdoch is set to
achieve his decades-long dream of running the venerable Wall
Street Journal after Dow Jones & Co Inc.'s board agreed
to News Corp's $5 billion buyout bid on Tuesday.




The board decided to accept the offer at a meeting Tuesday
evening, according to a source familiar with the matter,
shortly after News Corp.'s board approved the deal.


Read more at Reuters.com Bonds News

Texas OKs TXU plan to avoid future market abuse

(Reuters) - The plan sets out "clear guidelines" for TXU that will
serve as a defense against future market-abuse charges, said
TXU spokesman Lisa Singleton. The plan sets out power volume,
price formulas and other operational rules for the company,
according to the filing.




Dallas-based TXU has agreed to be acquired by a group of
private equity firms led by Kohlberg Kravis Roberts & Co.
[KKR.UL] and Texas Pacific Group [TPG.UL] for $32 billion.


Read more at Reuters.com Mergers News

UPDATE 1-RenaissanceRe 2nd-qtr profit rises, exceeds view

(Reuters) - RenaissanceRe, which provides backup coverage to property
insurers in case of catastrophe claims, said net earnings were
$183.2 million, or $2.53 per share, up from $130.4 million, or
$1.81 a share, in the year-earlier quarter.




RenaissanceRe said operating earnings, which analysts use
to measure performance because it excludes investments, were
$194.7 million, or $2.69 a share.


Read more at Reuters.com Market News

UPDATE 2-CEO's comments raised at Whole Foods hearing

(Reuters) - WASHINGTON, July 31 - An economist for Whole
Foods Market Inc was forced on Tuesday to grapple with
the past comments of the company's chief executive as he
testified against government efforts to block the acquisition
of Wild Oats Markets Inc .




Whole Foods economist David Scheffman was asked how he
could square his benign view of the merger with the statements
of Whole Foods CEO John Mackey, who told the company's board of
directors in an e-mail the deal would prevent "nasty" price
wars with Wild Oats and head off future competition with
conventional supermarket chains.


Read more at Reuters.com Mergers News

Moody's refines ratings methodology for Alt-A loans

(Reuters) - So-called "Alt-A" home mortgages are held by borrowers who
are rated above the subprime category but below the more
pristine prime borrower.




The rating agency's higher loss estimates are projected to
range from an increase of 10 percent for stronger Alt-A
mortgaeg loan pools to an increase of more than 100 percent for
weaker pools as a result of the revisions.


Read more at Reuters.com Bonds News

MetLife posts sharply higher Q2 net, exceeds view

(Reuters) - MetLife's shares rose modestly in aftermarket trading to $60.50 from their close at $60.22 on the New York Stock Exchange. In the last 12 months, MetLife rose 17 percent compared to an 8 percent gain in the Standard & Poor's insurance index .




MetLife's success as an investor in the second quarter was due in part to joint ventures with hedge funds and private equity. MetLife has said it plans to increase its stake in these joint ventures.


Read more at Reuters.com Market News

Markel posts higher Q2 earnings

(Reuters) - Analysts on average had expected the company to earn $8.59
a share for the quarter, excluding exceptional items, according
to Reuters Estimates.





Read more at Reuters.com Market News

UPDATE 1-AvalonBay second-quarter per share FFO up 18 pct

(Reuters) - The company said funds from operations, or FFO, rose to $94
million, or $1.17 per share, at the top of the range of $1.13
to $1.17 per share the company forecast in April and slightly
ahead of the $1.16 per share, analysts, on average, expected
according to Reuters Estimates.




A year earlier, the Alexandria, Virginia-based company
reported second-quarter FFO of $74.86 million, or 99 cents per
share.


Read more at Reuters.com Market News

Yamana CEO says Meridian takeover bid has support

(Reuters) - Earlier on Tuesday, Meridian recommended its shareholders
reject the bid, saying it did not value the company properly.







Read more at Reuters.com Mergers News

UPDATE 1-Senate Democrats wary on private equity tax hikes

(Reuters) - WASHINGTON, July 31 - Sounding newly cautious on
a sensitive issue for some of America's richest financiers,
four senior U.S. Senate Democrats raised questions on Tuesday
about hiking taxes on private equity firms and hedge funds.




Senate Banking Committee Chairman Christopher Dodd said in
a statement he is "concerned about the potential adverse
effects that these proposals would have on capital formation,
on job creation, and on institutional investors."


Read more at Reuters.com Bonds News

Horizon Lines to offer $300 mln of senior notes

(Reuters) - The company said it expects to use a portion of the net
proceeds to repurchase up to about 1 million shares of its
common stock.





Read more at Reuters.com Bonds News

Amkor profit climbs as debt expenses decline

(Reuters) - Revenue fell to $652.5 million from $686.6 million.




Read more at Reuters.com Market News

UPDATE 1-First Solar posts 2nd-quarter profit vs loss

(Reuters) - Net income was $44.4 million, or 58 cents a share, compared
with a loss of $2.5 million, or 3 cents a share, a year
earlier.




The second quarter included a tax benefit of $39.2 million,
or 51 cents a share.


Read more at Reuters.com Market News

All Nippon, NEC, Hitachi, Mizuho, Mazda, NEC, Ibiden: Japan Equity Preview

(Bloomberg) -- The following stocks may move in
Japanese markets. Prices are as of the close of trading.
Statements were released after the close. Stock symbols are in
parentheses.

All Nippon Airways Co. (9205 JT): Japan's largest domestic
carrier said first-quarter net income rose 11-fold to 87.4
billion yen ($736 million) as it sold a group of hotels, masking
a drop in operating profit. The stock slid 3 yen, or 0.7 percent,
to 450.


Read more at Bloomberg Stocks News

UPDATE 1-Auxilium Q2 loss narrows, set to resume Xiaflex trials

(Reuters) - Xiaflex is an injectable enzyme for the treatment of
Dupuytren's contracture, a condition caused when the fibrous
tissue in the palm thickens, causing fingers to curl.




In a statement, the specialty pharmaceutical company said
it plans to resume late-stage trials for Xiaflex in the fourth
quarter.


Read more at Reuters.com Market News

RAIT Financial says American Home has not made payments

(Reuters) - Earlier in the day, American Home, a large U.S. mortgage
provider, said it can no longer fund home loans and may
liquidate assets, putting its survival in doubt.





Read more at Reuters.com Bonds News

Two big LSE investors support Borsa Italiana deal

(Reuters) - The shareholders said in a statement they intend to vote
all the stock they hold in the LSE in favor of the
acquisition.




The LSE said last month it signed a deal to acquire the
Milan exchange for about 1.6 billion euros, the latest in a
series of moves to consolidate the world's exchanges.


Read more at Reuters.com Mergers News

FCC sets wireless sale rules

(Reuters) - That requirement will apply to the 22 megahertz spectrum to be sold to commercial providers and the agency set a suggested $4.6 billion minimum for those airwaves to be sold, according to the FCC.




However, the agency stopped short of a broader requirement sought by potential bidder Google Inc. that would force the winner to resell access to its network on a wholesale basis.


Read more at Reuters.com Government Filings News

UPDATE 1-Deutsche Boerse Q2 profit, sales lag expectations

(Reuters) - Group earnings before interest, taxes and amortization
rose 10 percent year-on-year to 321.8 million euros
, Deutsche Boerse said in a statement.




The profit included an extraordinary gain of "some 10
million" euros from the disposal of land, the company said.


Read more at Reuters.com Mergers News

S&P Expands Ratings Review of Mortgage CDOs by $1 Billion to $5.7 Billion

(Bloomberg) -- Standard & Poor's may downgrade an
additional $1 billion of collateralized debt obligations as part
of its reassessment of rated investments in the mortgage market,
bringing the total amount of CDOs under review to $5.7 billion.

S&P added 33 pieces of 10 CDOs to a list of issues it's
considering for downgrades, the New York-based ratings firm said
in a statement today. S&P already cut ratings on more than
$2 billion of CDOs holding derivatives of subprime-and second-
mortgage bonds that the company downgraded earlier this month as
late payments on the underlying loans exceeded its expectations.


Read more at Bloomberg Bonds News

UPDATE 1-Libbey swings to Q2 profit, shares rise

(Reuters) - Sales for the latest quarter rose 31 percent to $207.1
million, beating one analysts' estimate of $203.8 million.




The Toledo, Ohio-based company's sales grew as it witnessed
a significant increase in its North American glass sales and
international sales.


Read more at Reuters.com Market News

IndyMac intends to maintain stock dividend

(Reuters) - IndyMac, which makes many mortgages considered just below
"prime" in quality, said it is trying not to take excessive risks
as borrowers miss more payments and amid lessening liquidity in
secondary markets.




"What we're focused on right now is safety and soundness,"
Perry said on a conference call discussing quarterly results.



Read more at Reuters.com Bonds News

Chile stocks rise following growth data, peso gains

(Reuters) - "The market has completely recovered since last week," a
trader said. "Today in Chile data on unemployment, industrial
production and other figures were released. They were better
than the market expected."




June industrial production grew 6.7 percent over 12 months,
easily outpacing analysts' forecasts of 4.8 percent, while
second-quarter unemployment came in at 6.9 percent, the lowest
for the period in nine years.


Read more at Reuters.com Bonds News

Rand holds onto overnight gains, in range

(Reuters) - South Africa's rand held onto overnight gains on Tuesday, taking a breather after sharp losses racked up over the past week and shrugging off a wider trade deficit.

The domestic currency was trading at 7.0990 to the dollar at 1530 GMT, virtually unchanged from its close in New York on Monday, when it rebounded from a one-month low of 7.1999.


Read more at Reuters Africa

UPDATE 1-Anadarko shares up as 2nd-qtr profit tops Street

(Reuters) - HOUSTON, July 31 - Shares of independent oil and
gas producer Anadarko Petroleum Corp. climbed on
Tuesday, a day after the company reported better-than-expected
quarterly earnings and raised its annual production forecast.




Houston-based Anadarko's shares initially rose more than 5
percent, but fell back a bit and were trading up 4.4 percent,
or $2.20 at $52.30 on the New York Stock Exchange at midday.


Read more at Reuters.com Market News

Nelnet agrees to a $2 mln settlement with New York

(Reuters) - NEW YORK, July 31 - New York Attorney General Andrew Cuomo said on Tuesday that Nelnet Inc , the leading consolidator of student loans, had agreed to pay $2 million as part of a settlement that ends a broad investigation into its business practices.



Cuomo, as part of his sweeping probe into the $85 billion a year student loan business, had accused Nelnet of making payments to college alumni groups in exchange for getting loan referrals. As part of the settlement, Nelnet agreed to stop making these payments and to adopt other reforms.


Read more at Reuters.com Government Filings News

Fitch cuts MGIC, puts Radian on negative watch

(Reuters) - Fitch also could downgrade Radian Group's "A" long-term
debt ratings and "AA" insurer strength ratings of all Radian
mortgage and financial guaranty subsidiaries. Radian Group has
$750 million of senior notes outstanding.




The action came after MGIC and Radian said they could be
forced to write down the entire value of their $1.034 billion
investment in C-BASS, which invests in the credit risk of
subprime residential mortgages.


Read more at Reuters.com Mergers News

Oil Rises Above $78, One-Year High, as U.S. Refiners May Boost Operations

(Bloomberg) -- Crude oil rose above $78 a barrel in
New York, the highest in more than a year, on speculation demand
will outpace supply as refiners increase fuel production in
preparation for the winter months.

An Energy Department report tomorrow may show that U.S.
crude-oil supplies fell for a fourth week, according to a
Bloomberg News survey of analysts. Demand tends to rise as
refineries begin to make fuels for use in the fall and winter.
Bets on rising prices by hedge funds and other speculators rose
to a record earlier this month, according to government data.


Read more at Bloomberg Energy News

Bidz.com sees Q2 rev of about $39 mln; backs 2007 rev view

(Reuters) - For 2007, the company said it still expects revenue to be
in the range of $170 million to $180 million and income before
tax of $14 million to $15 million, above its prior outlook of
$13 million to $14 million based on higher gross profit
margins.





Read more at Reuters.com Market News

Rogers slips to loss after big non-cash charge

(Reuters) - Excluding one-off items, the company reported a profit of
C$277 million, or 43 Canadian cents a share.







Read more at Reuters.com Market News

UPDATE 1-Vornado FFO rises in second quarter

(Reuters) - Funds from operations, or FFO, a measure of REIT
performance that removes the effects of depreciation, increased
22 percent to $281.7 million, or $1.72 per diluted share, from
$230.4 million, or $1.49, a year earlier.




Analysts on average had expected FFO of $1.64 per share,
according to Reuters Estimates.


Read more at Reuters.com Market News

Sonic Automotive profit doubles, shares rise 5 pct

(Reuters) - DETROIT, July 31 - Sonic Automotive Inc. , the No. 3 U.S. auto dealership chain, on Tuesday said second-quarter earnings more than doubled on improved profit margins and raised its full-year outlook, pushing its shares up 5 percent.



The Charlotte, North Carolina-based company posted net income of $26.37 million, or 57 cents per share, compared with $12.19 million, or 29 cents per share, a year earlier. Earnings from continuing operations were 65 cents per share.


Read more at Reuters.com Market News

Turkish June Foreign Trade Gap Widens for Second Month on Material Imports

(Bloomberg) -- Turkey's trade deficit widened 18
percent in June from a year earlier, the second consecutive
increase, as industry drew in raw materials for manufacture of
products to export.

The trade gap grew to $5.5 billion from a revised $4.7
billion in the year-earlier period, the statistics agency in
Ankara said on its Web site today. The deficit was forecast to be
$4.8 billion, according to the median estimate of 13 economists
surveyed by Bloomberg.


Read more at Bloomberg Emerging Markets News

S.Africa credit points to rate hike, trade gap up

(Reuters) - Demand for credit by South Africa's private sector grew at a faster pace in June, hardening the case for higher interest rates to curb spending, while a wider trade deficit pointed to continued pressure on the current account.

The Reserve Bank has raised its repo rate by 250 basis points to 9.5 percent since mid-2006 to tame inflation and robust consumer demand, but spending, driven by credit, remains high.


Read more at Reuters Africa

RPT-US Midwest business grows more slowly in July

(Reuters) - The National Association of Purchasing Management-Chicago
business barometer fell to 53.4 from 60.2 in June. Economists
had forecast the index at 58.0. A reading above 50 indicates
expansion.




The employment component of the index jumped to 61.6 from
52.7 last month. Prices paid rose to 73.1 from 68.1 and new
orders dropped to 53.4 from 65.7.


Read more at Reuters.com Bonds News

TREASURIES-Bonds fall as stocks surge on confidence data

(Reuters) - Treasuries were little moved by tame inflation data and
news that business activity in the U.S. Midwest region
unexpectedly slowed sharply in July, as investors focused on
the stock market where stocks gained for a second day.




Rebounding stock markets reversed recent flight-to-quality
flows into Treasuries that had pushed benchmark 10-year
Treasury yields to two-month lows on Friday.


Read more at Reuters.com Bonds News

Copper Futures Rise Most in a Week in New York on Strike by Mexico Workers

(Bloomberg) -- Copper futures in New York jumped
the most in more than a week after Southern Copper Corp. workers
went on strike at three mines in Mexico.

Employees began a work stoppage at Cananea, Mexico's
largest copper mine, and the Taxco and San Martin zinc mines, a
union spokeswoman said yesterday. Copper has gained 10 percent
since May 30 as labor unrest hampered production in Latin
American countries.


Read more at Bloomberg Commodities News

Pardus ups Valeo stake to over 18 percent

(Reuters) - Pardus principal Karim Samii and Valeo chairman and chief
executive Thierry Morin could meet soon as part of Valeo's
roadshow following the first-half results.




Samii said after the May 21 annual meeting he could raise
the stake to 20 percent.


Read more at Reuters.com Mergers News

US STOCKS-Futures extend gains on PCE data

(Reuters) - S&P 500 futures were up 13 points, well above fair
value, a mathematical formula that evaluates pricing by taking
into account interest rates, dividends and time to expiration
on the contract.




Dow Jones industrial average futures rose 104
points, and Nasdaq 100 futures were up 18 points.


Read more at Reuters.com Bonds News

UPDATE 1-Rally in US credit markets builds on Monday gains

(Reuters) - The main index of investment-grade credit default swaps
tightened 7 basis points to 61 basis points, while an index of
high-volatility names tightened 23 basis points to 148 basis
points.




"The sort of widening that we saw last Wednesday, Thursday
and Friday -- not only was it irrational, but also completely
unsustainable," an analyst at a major Wall Street firm said.


Read more at Reuters.com Bonds News

UPDATE 1-U.S. core inflation rose 0.1 percent in June

(Reuters) - Analysts polled by Reuters were expecting the core price
index to gain 0.2 percent on the month.




In the same report, the government said that, in seasonally
adjusted data, personal income rose 0.4 percent while personal
spending rose a less-than-forecast 0.1 percent, the weakest
showing since a drop in spending in September of last year.


Read more at Reuters.com Economic News

Regal-Beloit second-quarter earnings rise

(Reuters) - Quarterly net sales rose 5.6 percent to $459.8 million.




Analysts on average were expecting second-quarter earnings
of $1.04 a share, before special items, on revenue of $456.6
million, according to Reuters Estimates.



Read more at Reuters.com Market News

Merrill eyes new China partner for JV

(Reuters) - Merrill Lynch signed a non-legal binding agreement in 2005 with Huaan Securities, based in the eastern province of Anhui, and the Chinese broker had agreed to be responsible for seeking government approval, the sources said.




However, they failed to win Beijing's greenlight for the planned venture partly because Chinese securities regulator launched a national campaign in late 2005 to restructure its brokerage sector, once in deep financial trouble, putting Merrill Lynch's plan on hold at the time, the sources said.


Read more at Reuters.com Government Filings News

Liz Claiborne quarterly profit falls

(Reuters) - Excluding items, profit was 26 cents per share for Liz
Claiborne, whose namesake designer died last month after
battling cancer.




The company is hoping that by focusing now on just four
brands it can ignite profits, which have tumbled due to a
squeeze on moderate apparel brands and falling demand for its
traditional upscale brands.


Read more at Reuters.com Market News

CBS quarterly earnings drop but beat forecasts

(Reuters) - Year-ago earnings included income from discontinued
operations of $291.9 million, reflecting a gain on the sale of
its Paramount Parks. It also had a tax benefit.




On an adjusted basis, earnings in the latest quarter rose
to 54 cents from 47 cents per share, surpassing the average
analyst estimate of 51 cents per share, according to Reuters
Estimates.


Read more at Reuters.com Market News

UPDATE 1-IAC/InterActiveCorp quarterly profit rises

(Reuters) - At the same time the company said its key HSN shopping unit
posted a slight 1 percent decline in revenue and reported what
it said was unexpected softness in U.S. ticket volumes for its
Ticketmaster box-office service.




Second-quarter net profit rose to $95.97 million, or 32
cents per share, from $53.8 million, or 17 cents per share, a
year ago.


Read more at Reuters.com Market News

UPDATE 1-Sirius Satellite net loss narrows

(Reuters) - Sirius, which has agreed to purchase rival XM Satellite
Radio Holdings Inc. , said its net loss was $134.1
million, or 9 cents a share, compared with a loss of $237.8
million, or 17 cents per share, a year before.




Excluding special items related to stock-based
compensation, the 2007 quarterly loss was 8 cents a share.


Read more at Reuters.com Bonds News

U.K. Natural Gas Declines as Traders Reduce Pipeline Exports to Belgium

(Bloomberg) -- U.K. natural gas fell as traders cut
exports of the fuel to Belgium, potentially increasing supplies
held within the U.K.'s pipeline network.

Gas for delivery in the 24 hours through 6 a.m. tomorrow
dropped 6.7 percent to 30.8 pence a therm, according to prices
on Bloomberg from broker ICAP Plc. That's equivalent to $6.25 a
million British thermal units. A therm is 100,000 Btus. Gas for
delivery a day ahead fell 2.8 percent to 31.4 pence a therm.


Read more at Bloomberg Energy News

Pound Gains as Traders Add to Bets on Higher Rates After Bond Risk Falls

(Bloomberg) -- The pound rose against the dollar
and euro as traders increased bets that the Bank of England will
increase interest rates again this year.

The U.K. currency headed for its second month of gains
versus the dollar as interest-rate futures show investors are
betting on borrowing costs rising at least once more this year.
The Bank of England's benchmark rate of 5.75 percent is the
highest among Group of Seven nations.


Read more at Bloomberg Currencies News

JGBs rise after solid auction, BOJ view caps gains

(Reuters) - Futures inched up towards a two-month high touched on Monday
as Japanese stocks hovered near a four-month low and dealers
picked up shorter JGB maturities after an auction of two-year
notes attracted solid demand.




"The auction was slightly better
and the Nikkei is still dragging its feet," an analyst at a U.S.
securities house said.


Read more at Reuters.com Bonds News

UPDATE 3-Bancrofts, News Corp. wrangle over Dow Jones price

(Reuters) - By Megan Davies and Robert MacMillan



NEW YORK, July 30 - Rupert Murdoch's News Corp. appeared close to gaining sufficient approval for its $5 billion bid for Dow Jones & Co from the Bancroft family, The Wall Street Journal said, ahead of a Monday deadline for responding to the offer.


Read more at Reuters.com Mergers News

S.Africa June credit quickens to 24.92 pct yr/yr

(Reuters) - Growth in demand for credit by South Africa's private sector quickened to 24.92 percent year-on-year in June from 24.84 percent in May, central bank data showed on Tuesday.

During the same period, the broadly defined M3 measure of money supply grew by 23.35 percent, just slightly below forecasts, compared to 22.67 percent in May.


Read more at Reuters Africa

Copper Rises in Asia Trade on Mexican Labor Unrest; Zinc, Aluminum Advance

(Bloomberg) -- Copper futures in Asia rose after
workers at Southern Copper Corp., the world's fifth-largest
producer of the metal, began a strike at three of the company's
Mexican mines to demand wage increases.

Employees stopped work at Cananea, Mexico's largest copper
mine, and the Taxco and San Martin zinc mines, National Mining
and Metal Workers Union spokeswoman Carmen Romero said yesterday.


Read more at Bloomberg Commodities News

Melco PBL Completes Sale of $200 Million of Bonds Exchangeable Into Shares

(Bloomberg) -- Melco PBL Entertainment (Macau) Ltd.,
a casino venture between Lawrence Ho and Australian billionaire
James Packer, sold $200 million of bonds exchangeable into its
shares.

The Nasdaq-listed company's bonds, which will mature in 2012,
will pay interest of 2.4 percent, Packer's Publishing &
Broadcasting Ltd. said in a statement to the Australian stock
exchange today. It had proposed a coupon of 1.4 percent to 2.4
percent, according to a sale document sent to investors
yesterday.


Read more at Bloomberg Bonds News

Japan anti-monopoly watchdog probes steel firms

(Reuters) - Japanese media reports saying the FTC had launched an
investigation into possible price-fixing in these markets sent
shares of Nippon Steel down 2.9 percent to 891 yen and shares of
JFE Holdings down 2.6 percent to 8,140 yen as of 0456 GMT.




Read more at Reuters.com Government Filings News

CVC Asia Pacific agrees to buy Taiwan curtain maker

(Reuters) - The price represented a 13.6 percent premium over Monday's
closing price of T$36.35.




Shares of Nien Made, the world's top maker of blind shades,
surged by the daily 7 percent limit to T$38.85 in midday trading
on Tuesday.



Read more at Reuters.com Mergers News

JGBs sit tight on BOJ rate concerns, auction eyed

(Reuters) - Japan's jobless rate fell to a new nine-year low of 3.7
percent in June, beating economists' median forecast for 3.8
percent and suggesting that solid demand in the job market will
eventually push up prices as expected by the BOJ.




Swap contracts on the overnight call rate
showed a nearly 60 percent chance of a BOJ rate hike in
August, up from around 50 percent the previous day.


Read more at Reuters.com Bonds News

South Korean Manufacturers' Confidence Rises For First Time in Four Months

(Bloomberg) -- Confidence among South Korean
manufacturers for August increased for the first time in four
months, suggesting companies may ramp up production and spur
growth in Asia's third-largest economy.

An index of manufacturers' expectations for August rose to
89 from 86 for July, according to a poll of 2,929 companies
released by the Bank of Korea in Seoul today. The index began
in January 2003 and has always had a reading of less than 100,
indicating pessimists outnumber optimists.


Read more at Bloomberg Emerging Markets News

UPDATE 3-Hedge fund Sowood suffers 50 pct loss, to wind down

(Reuters) - BOSTON, July 30 - Hedge fund Sowood Capital told
investors on Monday that it would shut down after losing half
of its assets on soured bond market bets, becoming the
first-high profile fund forced out of business by recent market
turmoil.




The Boston-based fund, which managed money for Harvard
University and other prominent clients, saw assets dwindle to
roughly $1.5 billion from $3.0 billion in less than four weeks.


Read more at Reuters.com Mergers News

Currency Fund Returns Reach Record in June on Carry Trades, Parker FX Says

(Bloomberg) -- Cumulative returns on currency funds
rose to a record in June as managers profited from declines in
the yen and the dollar, according to Parker Global Strategies.

The yen slid against the euro and the pound last month as
investors borrowed Japan's currency at the lowest interest rate
in the industrialized world to fund purchases of higher-yielding
assets, known as carry trades, Parker Global said. The dollar
fell against major currencies in June as slowing inflation and
consumer spending prompted traders to pare bets on a U.S. rate
increase, Parker Global said.


Read more at Bloomberg Currencies News

JGBs sit tight on BOJ rate concerns, aution eyed

(Reuters) - A slide in U.S. Treasuries also discouraged investors from
picking up JGBs. On Monday, a rebound on Wall Street prompted
bond investors to sell Treasuries and take back some gains from a
bond rally last week.




"Market participants think it is getting easier for the BOJ
to hike interest rates as U.S. markets have started to
stabilise," said Tatsuo Ichikawa, chief JGB strategist at ABN
Amro.


Read more at Reuters.com Bonds News

Japan's Bonds May Fall on Speculation Investors Will Demand Riskier Assets

(Bloomberg) -- Japanese bonds may fall for a second
day as a recovery in global stock prices signaled investors are
shifting to riskier assets after last week's global rout in
corporate and emerging-market debt.

Ten-year yields may continue to climb from the lowest in
eight weeks after reports showed households increased spending
for a sixth month in June and the jobless rate fell, suggesting
Japan will extend its longest postwar expansion. The reports may
strengthen speculation that the Bank of Japan will raise
interest rates as soon as next month.


Read more at Bloomberg Bonds News

Japan July manufacturer PMI contracts, output weak

(Reuters) - The NTC Research/Nomura/JMMA Purchasing Managers Index, which
gives an early snapshot of the health of manufacturing, declined
to a seasonally adjusted 49.0 in July from 50.4 in June.




A reading above 50 suggests expansion, while a figure below
50 points to a contraction.


Read more at Reuters.com Economic News

Japan's Household Spending Rises; Unemployment Rate Drops to 3.8 Percent

(Bloomberg) -- Japan's households increased
spending for a sixth month in June and the jobless rate fell,
suggesting consumer outlays will help extend the economy's
longest postwar expansion.

Spending rose 0.1 percent from a year earlier, the
statistics bureau said today in Tokyo. The median estimate of 29
economists surveyed by Bloomberg News was for a 0.7 percent gain.
The unemployment rate dropped to 3.7 percent in June from 3.8
percent in May.


Read more at Bloomberg Bonds News

Japanese Yen, Indonesian Rupiah, Thailand's Baht: Asian Currency Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian currencies today.

Exchange rates are from the previous session.


Read more at Bloomberg Currencies News

UPDATE 3-Shell applies to build C$27 bln oil sands plant

(Reuters) - CALGARY, Alberta, July 30 - Royal Dutch Shell Plc
plans to build an oil sands upgrading complex at its
Edmonton, Alberta, refinery that could cost as much as C$27
billion , putting it among Canada's costliest
projects, it said on Monday.




Shell said its proposed Upgrader 2 would be built in four
100,000 barrel a day stages, processing tar-like bitumen from
its Athabasca Oil Sands Project -- which is already undergoing
a multibillion-dollar expansion -- as well as its steam-driven
oil sands projects in the same region.


Read more at Reuters.com Government Filings News

Fertilizer maker Mosaic posts quarterly profit

(Reuters) - Net income for the fiscal fourth quarter was $202.6
million, or 46 cents per share, compared with a year-ago loss
of $180.9 million, or 48 cents per share, the Plymouth,
Minnesota-based company said.




Net sales rose 27 percent to $1.68 billion.


Read more at Reuters.com Market News

Citigroup, Moody's and Wm. Wrigley Jr.: U.S. Equity Option Market Movers

(Bloomberg) -- The following is a list of companies
with unusual option trading in U.S. exchanges today. Stock
symbols are in parentheses after company names. Option trading
and stock prices are as of 4 p.m. in New York.

Each call option gives investors the right to buy 100 shares
of a company at a certain price, called the strike price, by a
given date. A put conveys the right to sell 100 shares.


Read more at Bloomberg Stocks News

Mexican stocks extend recovery, end up 2.20 percent

(Reuters) - The benchmark IPC stock index surged 665.51 points
to 30,900.68 points. The peso currency firmed just 0.09
percent to close at 10.95 to the dollar.




In debt trading, the price of the benchmark government
10-year peso bond rose 0.310 points to bid 101.71,
with a yield of 7.72 percent.


Read more at Reuters.com Bonds News

Sun Micro posts 4th-qtr profit vs. loss

(Reuters) - Earnings of 9 cents per share beat the analysts' average estimate of 5 cents per share. Net income was $329 million in the fourth quarter ended June 30, compared with a year-earlier net loss of $301 million, or 9 cents per share.




Revenue rose slightly to $3.84 billion, matching analysts' estimates, from $3.83 billion, while operating expenses fell 25 percent to $1.49 billion.


Read more at Reuters.com Business News

Oxford Industries quarterly net profit falls

(Reuters) - Consolidated net sales for the fourth quarter were $287.2
million compared with $287.6 million, a year ago.





Read more at Reuters.com Market News

Treasuries Decline Most in Two Weeks as U.S. Stocks Rebound From Last Week

(Bloomberg) -- Treasuries declined the most in two
weeks as U.S. stocks rebounded, suggesting investors were
becoming more comfortable with risk after last week's $2.1
trillion global equity sell-off.

A gauge of momentum suggested that a rally that sent yields
to the lowest since May 17 was poised to stall. U.S. government
debt last week posted its biggest weekly advance in 10 months on
speculation the subprime mortgage crisis will slow the economy.
Treasury volatility was near the highest since March 2005.


Read more at Bloomberg Bonds News

Bobcat to stay on in North Dakota-governor

(Reuters) - Earlier, the state's U.S. senators, Democrats Byron Dorgan
and Kent Conrad, said they would meet with representatives of
Doosan next week.




Dorgan said in a statement he was "concerned about the risk
of U.S. manufacturing being moved to low-wage manufacturing
facilities in Asian countries."


Read more at Reuters.com Bonds News

TREASURIES-Bonds ease as stocks climb

(Reuters) - NEW YORK, July 30 - U.S. Treasury debt prices fell
on Monday as investors took their cue from a rebounding stock
market and sold debt positions since there was no economic data
to sway trading.




Benchmark Treasury yields reached two-month lows last week
as bond prices rose on tumbling stocks and investor concerns over
reduced access to credit.


Read more at Reuters.com Bonds News

Treasuries Decline Most in Two Weeks as U.S. Stocks Rebound From Sell-Off

(Bloomberg) -- Treasuries declined the most in two
weeks as U.S. stocks rebounded, suggesting investors were
becoming more comfortable with risk after last week's $2.1
trillion global equity sell-off.

A gauge of momentum shows 10-year note yields were poised
to rise after dropping more than half a percentage point since
peaking at 5.327 percent on June 13. U.S. government debt last
week posted its biggest weekly advance in 10 months on
speculation the subprime mortgage crisis will slow the economy.


Read more at Bloomberg Bonds News

Northwest Airlines flight cancellation rate soars

(Reuters) - A Northwest spokesman said the carrier completed about 92 percent of its scheduled flights from Friday through Saturday compared with about 99 percent which is more typical for the airline.




"We expect today's operations to improve," Northwest spokesman Roman Blahoski said.


Read more at Reuters.com Bonds News

UPDATE 3-Tyson posts quarterly profit, raises outlook

(Reuters) - CHICAGO, July 30 - Tyson Foods Inc , the
world's No. 1 meat producer, reported a larger-than-expected
quarterly profit on Monday due to higher beef, chicken and pork
prices and cost-cutting efforts.




But Tyson shares posted only modest gains on Monday as some
of the improved results had been expected.


Read more at Reuters.com Market News

RLPC-UPDATE 1-Integra Telecom reduces 1st-lien loan, delays deal

(Reuters) - The first-lien loan is part of Integra Telecom's $1.25
billion acquisition financing. The company is implementing a
number of changes to the deal in order to make the overall
financing attractive to lenders.




The financing is led by Deutsche Bank, Morgan Stanley and
CIBC World Markets and backs the acquisition of Eschelon
Telecom .


Read more at Reuters.com Mergers News

UPDATE 2-Questor in talks to sell Teksid assets -source

(Reuters) - "The talks are with various parties," the source told
Reuters, while declining comment on a report in the Financial
Times saying Italian automaker Fiat SpA had made an
offer to buy the assets.




Citing people close to the talks, the newspaper said Fiat
might learn as early as Monday if its offer had been accepted.


Read more at Reuters.com Mergers News

Sugar Rises on Prospect Rally in Crude Oil Prices Boosting Ethanol Demand

(Bloomberg) -- Sugar in New York gained on
speculation rising crude oil prices will boost demand for
ethanol, diverting sugar cane away from production of the
sweetener in Brazil.

Crude oil reached an 11-month high of $77.33 a barrel in
New York today after gaining for seven straight weeks. Brazil,
the biggest producer of sugar-cane based fuel and sweetener, has
boosted ethanol production while cutting back on sugar output so
far this season.


Read more at Bloomberg Commodities News

Citadel Investment Group Takes Over Credit Holdings of Sowood Capital

(Bloomberg) -- Citadel Investment Group LLC took
over the credit holdings of Sowood Capital Management LP, the
hedge-fund firm started by former Harvard University endowment
manager Jeff Larson.

Terms of the transaction weren't disclosed in a statement
released today by Chicago-based Citadel.


Read more at Bloomberg Bonds News

Sales of Higher-Risk Mortgage Bonds Will Fall in Second Half, Lehman Says

(Bloomberg) -- Sales of new bonds backed by higher-
risk, higher-rate mortgages will slow further in the second half
of this year, according to Lehman Brothers Holdings Inc.

Issuance of bonds backed by subprime mortgages will drop 66
percent from the same period in 2006 to $75 billion, reflecting
a 57 percent drop from the first half of this year, analysts at
Lehman wrote in a report today. Alt A mortgage bond sales will
tumble 48 percent from last year's second half, the report said.


Read more at Bloomberg Bonds News

U.A.E. Shares Decline, Led by Etisalat and Dubai Islamic Bank: Gulf Stocks

(Bloomberg) -- Shares in the United Arab Emirates
dropped, paced by Emirates Telecommunications Corp., known as
Etisalat, and Dubai Islamic Bank PJSC.

The Abu Dhabi Securities Market Index fell 2.8 percent to
3430.03, the biggest one-day drop since June 7, 2006. The Dubai
Financial Market General Index slipped 0.6 percent to 4226.77,
bringing the two-day decline to 2.4 percent.


Read more at Bloomberg Stocks News

U.S. gold futures bounce early, dollar falls vs euro

(Reuters) - At 10:26 a.m. EDT , most-active gold for December delivery on the COMEX division of the New York Mercantile Exchange was up $2.40 at $674.70 an ounce, dealing in a narrow range between $671.80 and $675.20.




A precious metal dealer in New York said that bullion would look for trading cues from the currency market, as a steadily weakening dollar had sent gold to rally $40 before the tumultuous sell-off began on Thursday.


Read more at Reuters.com Hot Stocks News

Foot Locker sees quarterly loss, retains advisor

(Reuters) - The New York-based company, which could put itself up for sale according to a recent media report, is trying streamline operations and the increased markdowns were to improve its inventory position before the start of the fall season.




Apollo Management is said to be mulling an offer of $29 per share, the paper said, and Michael Ashley, the billionaire behind British retailer Sports World International, has also expressed an interest, the New York Post newspaper said.


Read more at Reuters.com Business News

US stock indexes flat, but volatility running high

(Reuters) - U.S. stocks were little changed on Monday after gyrating between negative and positive territory in the first half hour as worsening sentiment about the global credit environment countered optimism about economic growth.

Tightening lending standards threaten to slow or halt the heavy pace of corporate buy-outs that have fueled a rally in equities.


Read more at Reuters Africa

German Stocks Including Linde, Volkswagen Rise; Deutsche Bank, IKB Gain

(Bloomberg) -- German stocks including Linde AG
advanced after reporting earnings that beat analysts' estimates.
Volkswagen AG gained after analysts raised their price estimates
on the stock.

IKB Deutsche Industriebank AG led financial shares lower as
the lender, which invested in U.S. subprime mortgages, cut its
profit forecast.


Read more at Bloomberg Stocks News

Exxon Says Steps to Restart U.K.'s Fawley Refinery Under Way After Fire

(Bloomberg) -- Exxon Mobil Corp. said steps are
being taken to resume operations at its 300,000 barrel-a-day
refinery at Fawley, the U.K.'s largest, after a fire at one of
the steam units halted operations on July 25.

Plans to start up the refinery, which supplies about 14
percent of the U.K.'s refined petroleum products, ``are being
executed at this time,'' said spokeswoman Sophie Foale in a
telephone interview today. She gave no timetable for its return
to full production.


Read more at Bloomberg Energy News

UPDATE 1-IStar quarterly profit up; raises 2007 profit view

(Reuters) - The New York-based company said it now expects a full-year
profit of $2.90 to $3.10 a share, to include an expected gain
of 10 cents to 20 cents a share from its purchase of Fremont
General Corp.'s commercial real estate unit.




It previously saw 2007 earnings of $2.70 to $2.90 a share.


Read more at Reuters.com Market News

Treasury 10-Year Yields Hold Near Lowest in Two Months on Corporate Risk

(Bloomberg) -- Treasury 10-year notes held near the
lowest in more than two months as a gauge of corporate bond risk
surged.

U.S. government debt rose last week for a third straight
week on speculation rising defaults on home loans to people with
poor credit histories will hurt the U.S. economy.


Read more at Bloomberg Bonds News

UPDATE 1-CNA posts lower second-quarter earnings

(Reuters) - CNA, which is mostly owned by New York conglomerate Loews
Corp. , said net earnings were $217 million, or 80 cents
a share, down from $239 million, or 86 cents a share, in the
year-earlier quarter.




CNA said earnings from continuing operations, which
analysts use to measure performance because it excludes
investments, were $227 million or 84 cents a share, up from
$241 million or 87 cents a share a year earlier.


Read more at Reuters.com Market News

US FDA reviewer urges taking Avandia off the market

(Reuters) - Senior FDA officials say they do not know if Avandia
increases heart-attack risk and are asking the advisory panel
if the drug should come off the market or stay with stronger
warnings or limits. Panel recommendations are expected on
Monday afternoon.





Read more at Reuters.com Government Filings News

UPDATE 1-Cameco profit jumps on strong uranium prices

(Reuters) - The company earned C$205 million , or 55
Canadian cents per share, in the quarter ended June 30, up from
C$150 million, or 40 Canadian cents a share, a year earlier.




That's well above the average estimate of analysts polled
by Reuters of 42 Canadian cents a share.


Read more at Reuters.com Market News

U.S. Stock-Index Futures Rise; Shares of Archer Daniels Gain on Earnings

(Bloomberg) -- U.S. stock-index futures advanced
on speculation better-than-expected earnings will boost shares
following last week's $2.1 trillion global sell-off.

Archer Daniels Midland Co., the world's largest grain
processor, climbed after reporting profit that topped analysts'
estimates. Virgin Media Inc. gained after John Malone's Liberty
Global Inc. said it may bid for the British pay-TV company.


Read more at Bloomberg Stocks News

BP Says Forties Oil Sulfur Content Will Rise More Than Expected in August

(Bloomberg) -- BP Plc, Europe's second-largest oil
company, said it expects the sulfur content of the North Sea
Forties crude blend to rise above 1.1% in August, beyond
original expectations.

BP says the amount of sulfur in August will increase as
maintenance at some fields which feed into Forties boosts the
overall share of the sulfurous Buzzard crude in the blend,
according to the company Web site.


Read more at Bloomberg Energy News

U.S. Stock-Index Futures Rise; Shares of Archer Daniels, Alcoa Advance

(Bloomberg) -- U.S. stock-index futures advanced
after investors speculated the biggest weekly sell-off in more
than four years was excessive.

Archer Daniels Midland Co., the world's largest grain
processor, climbed after reporting earnings that topped
analysts' estimates. Alcoa Inc., the world's second-biggest
aluminum company, rose in Europe after their shares lost more
than 10 percent in the previous five days.


Read more at Bloomberg Stocks News

Russia's CTC Media Q2 earnings fall 10 pct

(Reuters) - Net profits were $30.7 million, compared to analysts' average forecast of $36.2 million and a $34.1 million result in the same period a year ago, when CTC's "Born Not Pretty" soap was pulling in viewers.



Operating revenues rose to $112.1 million at CTC, which floated on the U.S. Nasdaq exchange last year, compared to an average forecast from 5 analysts of $119.5 million and a year-ago figure of $102.8 million.


Read more at Reuters.com Market News

Los Angeles, Denver, New Jersey to Borrow for Schools, Airport, Housing

(Bloomberg) -- Los Angeles Unified School District,
Denver, New Jersey and Maryland will offer the largest of $5
billion of U.S. municipal bond issues planned for this week.

The Los Angeles school system, the second-biggest in the
nation after New York City, plans to borrow $1 billion to build
new schools and repair older ones. Denver will sell debt to
expand its airport and New Jersey will offer bonds to replenish
a trust fund for special-needs housing in two deals totaling
$860 million. Maryland will auction $375 million of debt for
schools, colleges, jails and other state building projects.


Read more at Bloomberg Bonds News

Rubber Futures Advance to Five-Week High in Tokyo as Stockpiles Decline

(Bloomberg) -- Rubber futures in Tokyo rose to the
highest in five weeks after stockpiles of the material in Tokyo
Commodity Exchange warehouses fell to the lowest since December.

Stockpiles declined to 8,238 metric tons as of July 20, down
14 percent from 9,544 tons as of July 10, and the lowest since
Dec. 10, according to the exchange. Rain has slowed output from
Thailand, the world's largest producer, which may be contributing
to the lower inventories.


Read more at Bloomberg Commodities News

Pound Rises on Speculation Floods Strengthen Case for Increase in Rates

(Bloomberg) -- The pound rose against the dollar,
snapping three days of losses, on speculation the worst floods in
60 years will cause inflation to accelerate, strengthening the
case for higher interest rates.

The Centre for Economic and Business Research yesterday said
the floods could add 0.5 percent to the inflation rate later this
year, forcing it to quicken to a decade-high, rather than decline
as forecast by the Bank of England. Policy makers will raise
borrowing costs to 6 percent by year-end after holding them at
5.75 percent at their Aug. 2 meeting, according to a Bloomberg
News survey.


Read more at Bloomberg Currencies News

S.African strike hits Nampak, petrol firms spared

(Reuters) - More than 20,000 workers have gone on strike at South African companies including Nampak , a union said on Monday, adding it had put off a strike in the petroleum sector after receiving a fresh wage offer.

The petrol companies include Sasol, the world's biggest coal-to-fuels maker and petrochemical group which supplies about 40 percent of the oil in Africa's biggest economy, and other petroleum refiners, which presented the new offer on Friday.


Read more at Reuters Africa

European Carbon Dioxide Emissions Permits Climb to Near Three-Week High

(Bloomberg) -- European Union carbon dioxide
permits rose to the highest in almost three weeks.

Permits for December 2008 gained for a fifth day, climbing
as much as 40 cents, or 2 percent, to 20.70 euros ($28.30) a
metric ton on the European Climate Exchange in Amsterdam at 9:30
a.m. local time.


Read more at Bloomberg Energy News

European Stocks Pare Earlier Gains; Suez, Vodafone Lead Decline

(Bloomberg) -- European stocks erased gains. Suez
SA, the French energy and water group, and Vodafone Group Plc,
the world's biggest mobile-phone company, paced the decline.

The Dow Jones Stoxx 600 added 0.1 percent to 372.9 at 9:57
a.m. in London after climbing as much as 0.5 percent earlier. The
Stoxx 50 and the Euro Stoxx 50, a measure for the 13 nations
sharing the euro, both declined 0.1 percent.


Read more at Bloomberg Stocks News

U.K. Natural Gas Rises on Forecast That Demand May Exceed Expected Supply

(Bloomberg) -- U.K. natural gas prices rose as
forecasts showed demand may outstrip supply.

Gas for same-day delivery increased 13 percent to 32 pence a
therm as of 9:20 a.m. local time, according to prices on
Bloomberg from the broker ICAP Plc. That's equivalent to $6.50 a
million British thermal units. A therm is 100,000 Btus. Day-ahead
gas gained 9 percent to 32.5 pence a therm.


Read more at Bloomberg Energy News

M'bishi Motors swings to first Q1 profit in 5 yrs

(Reuters) - Net loss nearly halved to 8.23 billion from 15.11 billion yen, as revenue jumped 30 percent to 630.79 billion yen, aided by a 6-yen rise in the dollar and 18-yen rise in the euro.



But the Tokyo-based automaker kept its interim and annual forecasts unchanged citing risks from rising commodity prices and other unknowns.


Read more at Reuters.com Market News

Asia shares trim falls on solid earnings

(Reuters) - Asian markets opened sharply weaker and the yen gained after the S&P 500 index suffered its worst week in nearly five years on worries that tighter credit would cause takeover activity to slow.




With earnings season in full swing, there were a raft of positive results to support the market, from firms such as Fujifilm Holdings and Fanuc Ltd. .


Read more at Reuters.com Hot Stocks News

U.S. Treasuries Decline as Rebound in Global Stocks Dims Allure of Debt

(Bloomberg) -- U.S. 10-year Treasuries fell for the
first time in a week as a rebound in global stock markets reduced
the appeal of fixed-income securities.

Treasuries declined as Asian shares rebounded from a slump
after higher profits at Japanese companies helped ease concerns a
U.S. housing slowdown would crimp the economy. U.S. notes snapped
four days of gains that had been driven by investors seeking the
relative safety of government debt as equity markets dropped.


Read more at Bloomberg Bonds News

Kookmin Bank's Second-Quarter Profit Plunges to $256 Million on Back Taxes

(Bloomberg) -- Kookmin Bank, South Korea's largest,
said second-quarter profit fell 70 percent because of back taxes
related to the 2003 takeover of its credit-card unit.

Net income fell to 236.3 billion won ($256 million) from 777
billion won a year earlier, the Seoul-based company said in
regulatory filing today. Kookmin was expected to earn 672 billion
won, according to the average of six analyst estimates
compiled by Bloomberg.


Read more at Bloomberg Emerging Markets News

ABN withdraws backing for Barclays bid, profit dips

(Reuters) - The Netherlands' biggest bank, which faces a 65.6 billion-euro offer from Barclays and a 71 billion-euro offer from the consortium of RBS, Belgium's Fortis and Spain's Santander , also reported a 7.1 percent decline in its second-quarter net profit on Monday.




ABN originally backed Barclays when announcing their merger deal in April.


Read more at Reuters.com Business News

Yen May Rise to 116 Per Dollar; Abe Remains Prime Minister, Deutsche Says

(Bloomberg) -- The yen may rise to a four-month high
of 116 per dollar as Japanese Prime Minister Shinzo Abe will
remain in office after his ruling coalition lost its majority in
upper house elections, according to Deutsche Securities.

Abe's decision to retain his post lessens political
instability that may have forced the Bank of Japan to delay an
interest-rate increase next month. The government is likely to
avoid raising sales taxes and close the income gap to appease
opposition parties, supporting consumer spending and the currency.


Read more at Bloomberg Currencies News

China CNPC strikes oil of commercial value in Chad

(Reuters) - China National Petroleum Corp. (CNPC) has struck oil of commercial value for the first time in Chad, after buying a 50 percent share of an oil exploration partnership in the landlocked African nation last year.

CNPC, China's top oil and gas producer, did not provide any estimates of oil in place or an even more useful gauge such as recoverable reserves in a news release posted on its Web site (www.cnpc.com.cn) on Monday.


Read more at Reuters Africa

Argentina Construction, Brazil Inflation: Latin America Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Latin American local bonds
today. Bond yields are from the previous session.

Argentina: Construction activity rose 4.3 percent in June
from a year earlier, the National Statistics Institute reported
on July 27. Construction activity rose a seasonally adjusted 1.4
percent in June from May, the Institute said in Buenos Aires.


Read more at Bloomberg Bonds News

U.S. Treasuries Decline on Speculation Bonds Have Become Too Expensive

(Bloomberg) -- Benchmark 10-year U.S. Treasuries
fell, snapping four days of gains, on speculation the securities
have become too expensive with yields near a 10-week low.

The yield on the 10-year note rose 2 basis points, or 0.02
percentage point, to 4.78 percent at 1:32 p.m. in Singapore,
according to bond broker Cantor Fitzgerald LP. The price of the
4 1/2 percent note due May 2017 fell 5/32, or $1.56 per $1,000
face amount, to 97 26/32. Yields move inversely to bond prices.
Ten-year note yields fell 19 basis points last week, the biggest
decline since the period ended Sept. 22.


Read more at Bloomberg Bonds News

Barclays, HSBC, Beazley, Pearson, EMI Group Plc: U.K., Irish Stock Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from the last market close.

The benchmark FTSE 100 Index dropped 36.00, or 0.6 percent,
to 6215.20. The FTSE All-Share Index declined 18.24, or 0.6
percent, to 3210.69.


Read more at Bloomberg Stocks News

TIPS Prove Poor Tip for Bond Traders Anticipating Inflation's Acceleration

(Bloomberg) -- Treasury investors say inflation is
abating, even if the oil bulls are right and crude heads to $100
a barrel.

Pacific Investment Management Co. and Fidelity Investments
sold Treasury inflation-protected securities maturing next year,
confident that consumer prices will remain in check. Money
managers lost as much as $275 million on so-called TIPS in the
second half of 2006 because oil fell from record highs and
gasoline prices dropped.


Read more at Bloomberg Bonds News

JGB futures fall from 2-month high on BOJ jitters

(Reuters) - JGBs quickly gave up early gains made on a drop in Tokyo
share prices as investors were concerned that bond yields have
fallen too far if the BOJ decides to lift the overnight call rate
to a 12-year high of 0.75 percent in August from the current 0.5
percent.




A slump in Japanese stock and credit markets in the past week
and a plunge in global equity markets have stirred doubts about a
BOJ interest rate increase next month, driving benchmark JGB
yields to two-month lows.


Read more at Reuters.com Bonds News

Taiwan's CPC Says Kaohsiung Crude Unit Is Unaffected by Yesterday's Fire

(Bloomberg) -- CPC Corp., Taiwan's state-owned oil
refiner, said a crude distillation unit at its refinery in
Kaohsiung in southern Taiwan was unaffected by a fire yesterday.
No one was hurt in the incident.

The fire, which broke out during an attempt to restart the
unit, was extinguished within 10 minutes, Jessica Tang, a
Taipei-based spokeswoman, said by telephone today. The plant has
the capacity to process 100,000 barrels of crude oil a day and
closed since June 6 for scheduled maintenance.


Read more at Bloomberg Energy News

UPDATE 1-Doosan to buy Ingersoll units for $4.9 bln

(Reuters) - The biggest ever overseas acquisition by a South Korean
company will make Doosan one of the world's top seven
construction equipment makers, the South Korean firm said.




Ingersoll signed a definitive agreement to sell Bobcat, the
world's top compact construction equipment firm, and its utility
equipment and attachment businesses, which in 2006 together
generated $2.6 billion in sales and $370 million in operating
profits.


Read more at Reuters.com Mergers News

JGB futures fall from 2-mth high on rate jitters

(Reuters) - The Nikkei share average was down 1.1 percent by late
morning.




A slump in Tokyo share prices in the past week along with a
plunge in global equity markets has stirred doubts about a BOJ
interest rate increase next month, driving benchmark JGB yields
to two-month lows.


Read more at Reuters.com Bonds News

South Korea's Stocks Fall on U.S. Housing Concern; Hyundai Heavy Declines

(Bloomberg) -- South Korean stocks fell for the
third day. Kookmin Bank led declines on concern a deepening U.S.
housing slump will damp the world's biggest economy and prompt
investors to shun riskier assets.

The Kospi index dropped 17.86, or 1 percent, to 1,865.36 as
of 9:25 a.m. in Seoul. Stocks plunged on July 27 by the most in
more than three years, wiping out $46 billion in market value.


Read more at Bloomberg Stocks News

Bank ratings intact despite LBO funding jam -S&P

(Reuters) - Turmoil in the global credit markets has left banks unable
to syndicate funding for a string of high-profile leveraged
buyouts, including those of British health and beauty chain
Alliance Boots [AB.UL] and U.S. carmaker Chrysler.




The funding, often with aggressive terms, was committed to
when the credit-market sky was clear and investors seemed to
have an unquenchable thirst for debt.


Read more at Reuters.com Mergers News

Valero's Port Arthur Refinery Releases Odorous Vapor From Faulty Oil Tank

(Bloomberg) -- Valero Energy Corp., the largest
U.S. refiner, said a faulty storage tank at its Port Arthur,
Texas, refinery, yesterday released smelly vapors.

``Due to a mechanical problem with a roof of a storage tank
at the Valero Port Arthur Refinery on Saturday, there was a
release of vapors that caused a noxious odor,'' spokesman Bill
Day said. ``Refinery officials notified the proper authorities
and immediately began efforts to halt the release.''


Read more at Bloomberg Energy News

Paulson Rejects Criticism, Says Talks With China Have Led to Stronger Yuan

(Bloomberg) -- U.S. Treasury Secretary Henry
Paulson, rejecting claims in Congress that he's too soft on
China, said negotiations rather than sanctions have led to a
faster appreciation of the yuan.

``We are getting results through this process that wouldn't
have been achieved without it,'' Paulson told reporters as he
traveled to China, where he arrived late yesterday. The Chinese
currency's ``rate of appreciation has gone up materially over
the past year,'' he said.


Read more at Bloomberg Emerging Markets News

Cheapest Stocks in 16 Years Entice Investors After $2.1 Trillion Decline

(Bloomberg) -- Investors are preparing to snap up
shares of telephone, health-care and computer companies after
last week's $2.1 trillion global stock market rout left U.S.
equities the cheapest in 16 years.

``The window for buying is starting to open,'' said D.A.
Davidson & Co. chief market strategist Frederic Dickson, who
oversees $23 billion. His Great Falls, Montana-based firm plans
to buy drug and technology stocks as long as bond market losses
don't worsen.


Read more at Bloomberg Stocks News

Egypt's El Sewedy H1 net profit rises 32 pct

(Reuters) - Egypt's El Sewedy Cables posted a 32 percent rise in consolidated net profit to 337 million Egyptian pounds in the first half of 2007, the stock exchange said on Sunday.

Net profit in the year-ago period was 256 million pounds.


Read more at Reuters Africa

India's Reliance Q1 net up 28% on refining margins

(Reuters) - "While our existing businesses continue to deliver a robust
operating performance, our new initiatives provide us a platform
to deliver superior shareholder returns in the future," Chairman
Mukesh Ambani said in a statement.




Reliance's 660,000 barrel per day refinery in western India
and sales of gas produced from its deep-sea fields off the east
coast are expected to drive the company's future earnings
growth.


Read more at Reuters.com Market News

Rupee rise may hurt Indian tea exports - minister

(Reuters) - Indian tea exports are likely to be hurt by the rupee's strength against the dollar, the junior trade minister said on Saturday.

"Indian tea exports have undoubtedly come under pressure due to the appreciation of the rupee," Jairam Ramesh told reporters in Kolkata.


Read more at Reuters Africa

Physical Newcastle coal prices firm slightly

(Reuters) - Prices for prompt loading parcels of Australian coal firmed on Friday to around $68.50 a tonne FOB Newcastle from $67.50 on Thursday, traders and utilities said.

South African prompt loading cargo values have been steady all this week at around $57.50-$58.50 a tonne FOB Richards Bay.


Read more at Reuters Africa

Pound Snaps Six-Week Rally Versus Dollar as Investors Avoid Global Risks

(Bloomberg) -- The pound fell versus the dollar,
snapping a six-week rally, as global stocks slumped and investors
pared so-called carry trades on concern U.S. subprime mortgage
defaults will slow growth.

The U.K. currency slid from a 26-year high this week as
investors unwound purchases of assets funded by borrowing in
Japan and Switzerland, which have the lowest rates among major
economies. The pound fell almost 4 percent against the yen, the
biggest weekly decline in almost five months.


Read more at Bloomberg Currencies News

TREASURIES-Stocks turn bonds negative

(Reuters) - A government report showed the U.S. economy grew at a
stronger-than-expected annual rate of 3.4 percent in the second
quarter, rebounding from a dismal start to the year.




The report's inflation gauge plunged, indicating that the
Federal Reserve now has more leeway if it needs to cut
benchmark interest rates in the second half of this year.


Read more at Reuters.com Bonds News

Freddie Mac to sell $2.5 billion bills on Monday

(Reuters) - -- $1.5 billion of three-month bills due Oct. 29, 2007 to
be sold Monday and settle Tuesday; and




-- $1.0 billion of six-month bills due Jan. 28, 2008 to be
sold Monday and settle Tuesday.


Read more at Reuters.com Bonds News

UPDATE 1-US July consumer sentiment up, risks linger-U.Mich

(Reuters) - The Reuters/University of Michigan Surveys of Consumers
said its final July reading on consumer sentiment was 90.4, a
touch below the median forecast of 91.2 and the preliminary
July reading of 92.4, which was a six-month high.




But it bounced back from June's final reading of 85.3, a
10-month low, and posted the index's best showing since
February, when it stood at 91.3.


Read more at Reuters.com Economic News

Gol, Sadia, TAM, Vivo and Vale do Rio Doce: Brazil Equity Market Movers

(Bloomberg) -- Brazil's main stock index fell for a
second day, led by mining company Cia. Vale do Rio Doce.

The Bovespa Index of the most-traded stocks on the Sao
Paulo exchange fell 71.66, or 0.1 percent, to 53,821.49 as of
10 a.m. New York time.


Read more at Bloomberg Stocks News

CORRECTED - UPDATE 2-American Axle 2nd-qtr earnings jump 67 pct

(Reuters) - American Axle also said its backlog of new business, a key focus of auto parts suppliers, has increased by about $400 million to $1.2 billion for vehicle programs starting in the 2008 to 2012 time period.



Net income rose to $34 million, or 64 cents per share, in the second quarter, from $20.4 million, or 40 cents per share, a year earlier.


Read more at Reuters.com Market News

Mozambique rail firm keen to cut Spoornet wagon link

(Reuters) - Mozambique's state-run railway company said on Friday it was investing $30 million to upgrade its commercial fleet in a move to cut $100 million in wagon hiring fees charged by South African rail freight firm Spoornet.

CFM, which operates the African nation's railways and ports, plans to refurbish 820 refurbished wagons with the investment, more than doubling the current number that travel lines to South Africa and Zimbabwe, spokesman Antonio Libombo said.


Read more at Reuters Africa

Horizon Lines quarterly profit rises

(Reuters) - Excluding one-time items, it earned 29 cents a share.




Analysts on average had expected the Charlotte, North
Carolina-based company to earn 32 cents a share, according to
Reuters Estimates.



Read more at Reuters.com Market News

Oil Rises After Government Report Shows U.S. Growth Exceeded Expectations

(Bloomberg) -- Crude oil rose after a government
report showed that the U.S. economy grew more than expected in
the second quarter, indicating fuel demand will rise in the
world's biggest energy consumer.

The economy grew 3.4 percent last quarter, the fastest pace
in more than a year. Economists surveyed by Bloomberg News before
the report predicted a 3.2 percent gain. The U.S. consumes 24
percent of global oil production.


Read more at Bloomberg Energy News

TREASURIES-Bonds add to gains on much softer PCE

(Reuters) - U.S. gross domestic product did rise more-than-expected in
the second quarter at 3.4 percent, but that was accompanied by
a pullback in the core personal consumption expenditures index
to 1.4 percent from 2.4 percent.




That put it well into the Fed's comfort range, and
heightened already rife speculation that a housing-led credit
crunch could force the central bank to cut interest rates
before the year is over.


Read more at Reuters.com Bonds News

Crude Oil Rebounds After U.S. Reports Economy Growing Faster Than Forecast

(Bloomberg) -- Crude oil rose after the U.S.
government reported its economy expanded more than expected in the
second quarter, indicating demand for energy will keep rising.

The U.S. economy grew 3.4 percent last quarter, the fastest
pace in more than a year. Economists surveyed by Bloomberg News
before the report predicted a 3.2 percent gain.


Read more at Bloomberg Commodities News

Moog posts higher quarterly earnings

(Reuters) - Sales in the latest quarter, rose 21 percent to $403.8
million. Analysts on average expected $370.6 million.





Read more at Reuters.com Market News

U.K. Pound Falls Most in Five Months as Investors Unwind Carry Trades

(Bloomberg) -- The pound fell the most against the
dollar in almost five months as global stocks slumped and
investors pared so-called carry trades on concern U.S. subprime
mortgage defaults will slow growth.

The U.K. currency dropped more than 1 percent against the
dollar today, falling from near a 26-year high, as investors
unwound purchases of assets funded by borrowing in Japan and
Switzerland, which have the lowest rates among major economies.
The pound this week fell 3 percent against the yen, its biggest
decline since March.


Read more at Bloomberg Currencies News

Cisco to buy $150 mln of VMware shares

(Reuters) - VMware, which plans to go public soon, also said it agreed
to consider the appointment of a Cisco executive to VMware's
board of directors at a future date.





Read more at Reuters.com Mergers News

Clear Channel Outdoor quarterly profit rises

(Reuters) - Revenue rose 12 percent to $836.7 million.





Read more at Reuters.com Market News

Clear Channel posts higher profit

(Reuters) - The radio station operator, which is preparing for a shareholder vote on a proposed $19.6 billion buyout, said earnings rose to $236 million, or 48 cents per share, from $197.5 million, or 39 cents per share, a year ago.



Net income from before discontinued operations was $209 million, or 42 cents per share, compared with $173 million, or 34 cents per share, in the year-ago period.


Read more at Reuters.com Mergers News

UPDATE 1-Medco 2nd-quarter profit rises 26 percent

(Reuters) - Medco, whose second-quarter results beat analyst estimates,
also raised its full-year forecast.




Net income rose to $214.9 million, or 76 cents per share,
from $170.9 million, or 56 cents per share, a year earlier.


Read more at Reuters.com Market News

Global financial markets stabilize after tremble

(Reuters) - Earlier, world stocks hit a 6-week low while credit spreads and emerging sovereign bond spreads burst wider as fears grew that a U.S. housing fallout might trigger a global credit crunch.




But European shares have since erased losses as auto shares rallied following strong Volkswagen results. U.S. stock futures pointed to a firmer open on Wall Street after it suffered the biggest fall since February.


Read more at Reuters.com Bonds News

South African Rand Headed for Weekly Decline on Risk Aversion

(Bloomberg) -- South Africa's rand headed for its
biggest weekly decline in almost five months as investors sold
emerging-market assets on concern losses related to defaults on
U.S. subprime mortgages will slow the global economy.

The rand is the second worst performer among the 16 most
heavily traded currencies this week while investors also reduced
holdings of bonds as inflation stayed above target for a third
consecutive month. South African stocks are set for their biggest
weekly fall since the beginning of March.


Read more at Bloomberg Currencies News

Metals steady as credit risks balance strike action

(Reuters) - Copper steadied on Friday as fears of credit risk in global markets were balanced by industrial action in the world's top copper producer.

Asian shares lost ground, tracking overnight losses in Wall Street as fears grew that a U.S. housing fallout might trigger a global credit crunch.


Read more at Reuters Africa

European shares bounce back, carmakers rally

(Reuters) - European shares reversed early sharp losses on Friday to rise nearly 0.7 percent on the day as robust corporate results from car makers helped offset worries over the credit market and the health of the U.S. economy.

At 0901 GMT, the pan-European FTSEurofirst 300 index was up 0.58 percent, at 1,536.49 points, after falling more than 1 percent in early trade. It dropped 2.8 percent on Thursday on signs of deteriorating conditions for corporate buyouts and further weakness in the U.S. housing market.


Read more at Reuters Africa

Japan Shares Drop on Concern U.S. Housing Slump Will Worsen; Canon Plunges

(Bloomberg) -- Japanese stocks tumbled by the most
in more than four months, on concern a worsening U.S. housing
slump will slow economic growth in the world's biggest economy
and prompt investors to shun equities.

Companies that rely on U.S. sales plunged. Canon Inc. slid
the most since October 2003 and Honda Motor Co. fell 2.5 percent.


Read more at Bloomberg Stocks News

Global Stock Sell-off to Be Short-Lived, Credit Suisse Strategists Say

(Bloomberg) -- The rise in bond yield spreads
doesn't amount to a credit crisis and losses in equities should
be short-lived, according to Credit Suisse Group's equity
strategists.

Corporate credit spreads, or the difference that companies
pay to take on debt relative to what governments would, have
risen too far in recent days, a team of strategists led by Andrew
Garthwaite wrote in a note today. Companies are earning enough
money and private-equity firms have enough investment to sustain
takeovers, buybacks and share gains, they wrote.


Read more at Bloomberg Stocks News

Infineon actively explores cutting Qimonda stake

(Reuters) - "We are actively exploring ways to reduce our stake," he
said, adding that he could not be more specific.




Infineon still owns 86 percent of Qimonda, which reported
large losses earlier this week.


Read more at Reuters.com Mergers News

Reuters China Forum-Beijing could issue more bonds to buy FX

(Reuters) - The foreign exchange assets will be managed by the new
investment agency, which will have a mandate to take more risks
in order to generate higher returns.




Jia Kang, president of the Institute of Fiscal Sciences, a
Ministry of Finance think-tank, said the transaction was unlikely
to be the last of its kind.


Read more at Reuters.com Bonds News

Cadbury delays U.S. drinks sale amid mkt turmoil

(Reuters) - Cadbury, the world's biggest confectionery group, said in a statement that the sale process for its North American beverage business is ongoing, and that interest remains strong.




"However, the leveraged debt markets have experienced extreme volatility in recent days. As a result, a decision has been taken to extend the sale timetable to allow bidders to complete their proposals against a more stable debt financing market," the group said in a statement.


Read more at Reuters.com Mergers News

Gold rebounds after sell-off, Tokyo hits 1-month low

(Reuters) - Gold recovered on Friday after tumbling to its lowest in two weeks the previous day, while Tokyo futures slipped for the fifth day in a row to a one-month low as investors ditched their holdings.

"A plunge in U.S. shares has triggered some sell-offs in commodities, but the market is not panicking now. We've seen a similar turbulence in the last several months, so I think the market is getting used to it," said Shuji Sugata, manager at Mitsubishi Corp Futures and Securities.


Read more at Reuters Africa

Platinum Futures Drop in Tokyo Trading as Stock Rout Cuts Risk Appetite

(Bloomberg) -- Platinum futures fell in Tokyo for a
fifth day as a rout in global equities and declines in prices for
other commodities dulled investors' demand for risk.

Asian stocks fell the most in four months on concern a
worsening U.S. housing recession would damp global growth. Copper
declined for a fourth session in New York, the longest slump in
more than a month, while crude oil had its biggest plunge in four
months yesterday.


Read more at Bloomberg Commodities News

BSkyB posts strong operating profit, revenue

(Reuters) - Analysts had expected operating profit of 775 million pounds
and revenue of 4.52 billion pounds according to Reuters
Estimates.




Read more at Reuters.com Market News

European Stocks May Drop, Led by Credit Suisse, Deutsche Bank, Infineon

(Bloomberg) -- European stocks may fall for a fourth
day on concern that financing difficulties in the credit market
will stifle mergers and acquisitions.

Credit Suisse Group and Deutsche Bank AG may follow their
U.S.-traded securities lower. Infineon Technologies AG, Valeo SA
and LVMH Moet Hennessy Louis Vuitton SA may drop after earnings
missed analysts' estimates.


Read more at Bloomberg Stocks News

Singapore's Venture Seeks S$600 Million Loan for GES Purchase, Bankers Say

(Bloomberg) -- Venture Corp., Singapore's biggest
maker of customized electronics, plans to borrow S$600 million
($396 million) to refinance debt used to acquire GES
International Ltd., two bankers involved in the deal said.

The company hired Citigroup Inc. and DBS Group Holdings Ltd.
to replace a short-term loan with a three-year financing, the
bankers said, asking not to be identified because the
information is private.


Read more at Bloomberg Bonds News

Bernanke's Forecast of Stronger Growth May Be Threatened by Market Tumult

(Bloomberg) -- The week's turmoil in financial
markets casts doubt on the Federal Reserve's forecast of a
gradual U.S. economic recovery in the second half, raising the
odds it will need to shift its focus to spurring growth from
fighting inflation.

The turbulence, as stocks suffered their worst drop in five
months while corporate borrowing costs soared, threatens a
triple whammy for the economy. It robs investors of spending
power, makes business investment more expensive and may prolong
the housing recession.


Read more at Bloomberg Stocks News

Oil holds firm above $75, eyes tight global supply

(Reuters) - London Brent crude gained 41 cents to $75.59 a barrel by 0340 GMT, after ending $1.14 lower on Thursday. U.S. crude rose 43 cents to $75.38, after a loss of 93 cents the previous day, when it rallied more than $1 midsession to trade at a premium to Brent.




Traders saw an opportunity to buy after Thursday's dip, felt across commodity markets, which came as weak U.S. housing data revived worries about the economy of the world's biggest oil consumer and sparked a flight from risky assets.


Read more at Reuters.com Hot Stocks News

Poly Plans $2.56 Billion Share Sale to Finance Construction of China Homes

(Bloomberg) -- Poly Real Estate Group Co., China's
third-largest developer by market value, plans to raise as much
as 19.4 billion yuan ($2.56 billion) by selling new shares to
fund the construction of homes in Beijing, Guangzhou and Shanghai.

The offering comprises as many as 350 million yuan-
denominated shares for trading in Shanghai at 55.48 yuan each,
the company, based in Guangzhou, south China, said in a statement
to the city's stock exchange today. That's an 11 percent discount
to the stock's closing price of 62.37 yuan yesterday.


Read more at Bloomberg Emerging Markets News