Pound May Decline After U.K. Housing Index Shows Price Growth Is Slowing

(Bloomberg) -- The pound may fall after an industry
survey showed house prices in the U.K. rose at the slowest pace
since January 2006 last month, a sign higher interest rates may
be starting to cool the property-market boom.

Britain's currency is trading at a 26-year high on
speculation the Bank of England will raise interest rates to 6.25
percent this year, as the Federal Reserve stays on hold. A
technical indicator used by some investors to judge whether a
currency has risen or fallen too far suggested buying this week
might have run its course.


Read more at Bloomberg Currencies News

U.K. June House Prices Gain the Least Since January 2006 , RICS Reports

(Bloomberg) -- U.K. house prices rose at the slowest
pace in almost 1 1/2 years in June as higher interest rates
discouraged potential buyers, the Royal Institution of Chartered
Surveyors said today.

The number of real-estate agents and surveyors reporting
higher home values in England and Wales outnumbered those showing
declines by 10.6 percentage points in June, the lowest reading
since January 2006, the group said. In London, the balance of
house-price gains matched the lowest since February.


Read more at Bloomberg Currencies News

North Korea to Start Shutting Nuclear Facilities Next Week, IAEA Head Says

(Bloomberg) -- North Korea will start shutting down
its atomic facilities in Yongbyon from early next week, the head
of the United Nations atomic agency said, as communist country
takes the first steps toward nuclear disarmament.

A team of inspectors will arrive in North Korea on July 14
and start shutting down the plants next week, International
Atomic Energy Agency Chief Mohamed ElBaradei said at a press
conference in Seoul. This process, along with installing cameras
and other monitoring equipment, will be completed in about ``a
month or so,'' Elbaradei said.


Read more at Bloomberg Energy News

Fielmann, Fraport, Suedzucker, TUI, Cropenergies: German Equity Preview

(Bloomberg) -- The following stocks may rise or
fall in German markets.

Germany's X-DAX Index increased 0.3 percent to 7920.70. The
index provides an estimate of the DAX Index, based on trading in
DAX futures after the Xetra electronic market closes. The DAX
fell 0.8 percent to 7898.54 on the Xetra electronic-trading
system.


Read more at Bloomberg Stocks News

Dubai Islamic Bank May Sell First Islamic Convertible Bonds to Diversify

(Bloomberg) -- Dubai Islamic Bank, the biggest bank
in the United Arab Emirates complying with Muslim law, may sell
its first convertible Islamic bonds in a bid to diversify
funding.

The bank's board will consider the fund-raising plan at its
meeting in September, the Dubai-based lender said in an e-mail.
It didn't detail if the debt will be sold in U.S. dollars. The
bank in March raised $750 million from the sale of five-year
Islamic notes.


Read more at Bloomberg Emerging Markets News

Japan's Stocks Gain, Led by Exporters; Komatsu Rises, Tokyo Electron Falls

(Bloomberg) -- Japanese shares such as Komatsu Ltd.
advanced after the yen declined against the dollar.

Marubeni Corp. jumped to the highest since 1990 and shipping
lines including Mitsui O.S.K. Lines Ltd. advanced on expectations
their earnings expanded in the quarter ended June 30.


Read more at Bloomberg Stocks News

US confirms low-risk bird flu in Virginia turkeys

(Reuters) - The turkeys had antibodies to a low pathogenic form of the H5N1 avian influenza virus, Clifford said. This strain of H5N1 does not usually make birds ill, although it could potentially change into a more dangerous form if allowed to spread.




"Every indication is that the virus detected is consistent with the North American strain of low pathogenic H5N1, which is not a human health concern," Clifford said in a statement.


Read more at Reuters.com Bonds News

PFF Bancorp announces credit-related charge

(Reuters) - The charge is expected to have a $0.48 to $0.51 per share
impact on operating results for the quarter.




Read more at Reuters.com Market News

News Corp., Perseverance, Rio Tinto, Westfield: Australian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may rise or fall in Australia. This preview includes
news announced after markets closed yesterday. Prices are from
yesterday's close unless otherwise stated. Stock symbols are in
brackets after the company names.

The S&P/ASX 200 Index futures contract due in September added
0.4 percent to 6352 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index rose 0.4 percent in New York.


Read more at Bloomberg Stocks News

UPDATE 3-Liz Claiborne unveils large restructuring

(Reuters) - NEW YORK, July 11 - Liz Claiborne Inc.
revealed a sweeping restructuring plan on Wednesday that
includes cutting up to 800 jobs, exploring strategic options
for 16 apparel brands and increasing investments in four others
it hopes will ignite profit growth at the apparel company.




The company made the announcement before an analysts'
meeting during which its new chief executive detailed the
strategy he expects will save $190 million by 2010 and turn the
company into a high-growth retailer with more than 800 stores.
It now has over 500 stores.


Read more at Reuters.com Bonds News

McMoRan Exploration files for $1.5 bln shelf

(Reuters) - Under a shelf registration, a company may sell securities
in one or more separate offerings with the size, price and
terms to be determined at the time of sale.




Read more at Reuters.com Government Filings News

UAW chief says not in "concessionary mode"

(Reuters) - "It won't be an issue for us," Gettelfinger said, speaking on the sidelines of the National Association for the Advancement of Colored People event in Detroit. "We are not going in to these negotiations in a concessionary mode."




General Motors Corp , Ford Motor Co and Chrysler Group face a crucial round of contract talks with the UAW beginning this month.


Read more at Reuters.com Business News

Endo says patch fails two late-stage trials

(Reuters) - This delay has no impact on the company's previously issued
2007 financial outlook, the company said in a statement.





Read more at Reuters.com Government Filings News

Yum Brands 2nd-quarter earnings rise

(Reuters) - Wall Street analysts, on average, had expected earnings of
36 cents per share, according to Reuters Estimates.




Yum shares rose 4.9 percent on Wednesday to close at $34.41
on the New York Stock Exchange after UBS analyst David Palmer
upgraded his rating on the stock to "buy" from "neutral."


Read more at Reuters.com Market News

Bear Stearns holds risky mortgage stakes longer

(Reuters) - The investment bank said in a quarterly filing that the
average holding period for mortgage securities for a portion of
its inventory was 160 days at May 31, the end of its second
quarter, up from 150 days as of Feb. 28 and Nov. 30.




That could be a sign that the assets are harder to sell,
and any declines in their value could cut into earnings, said
Charles Mulford, an accounting professor at Georgia Tech.


Read more at Reuters.com Bonds News

California Pizza, Energizer, SLM, Vital, Yum! Brands: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 3 p.m. New York time.

California Pizza Kitchen Inc. (CPKI US) dropped $1.48, or
6.8 percent, to $20.36. The pizza restaurant chain said in a
preliminary statement that second-quarter profit excluding some
items was 23 cents a share. That missed the 24-cent average
analyst estimate compiled by Bloomberg.


Read more at Bloomberg Stocks News

TREASURIES-Bonds slip as subprime worries wane, stocks gain

(Reuters) - NEW YORK, July 11 - U.S. government bond prices
fell on Wednesday as investors took a breather from subprime
mortgage market worries and stocks pushed higher.




Wednesday's profit-taking erased some of the previous day's
advance, though not all of it. Analysts said with the market
still a prisoner of new developments on the subprime front,
investors were reluctant to let go of the safety bid entirely.


Read more at Reuters.com Bonds News

Daiichi Sankyo, Komatsu Wall, Nintendo, Pasona: Japanese Equity Preview

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

Bookoff Corp. (3313 JT): The retailer of used products such
as books, CDs and toys said sales in its 266 stores open at
least 12 months rose 4 percent in June from the same month a
year earlier. The stock advanced 4 yen, or 0.3 percent, to
1,605.


Read more at Bloomberg Stocks News

RPT-US STOCKS-Oil sector, financials boost stock indexes

(Reuters) - NEW YORK, July 11 - U.S. stocks rose on
Wednesday, helped by gains in energy shares as oil prices
traded near $73 a barrel and financial shares rebounded a day
after falling on worries about the subprime mortgage industry.




Shares of Exxon Mobil Corp. , up 0.4 percent at
$86.82, also benefited from Lehman Brothers' increase in the
stock's price target. U.S. crude oil futures slipped but
were still trading at $72.90 a barrel. On Tuesday Brent crude
hit an 11-month high of $76.63 in London.


Read more at Reuters.com Bonds News

OMV could offer over $166/share for MOL: sources

(Reuters) - OMV has negotiated a 13.5 billion euro loan for the takeover as it seeks to convince its Hungarian rival to enter merger talks, the sources added on Wednesday.




OMV has loosely agreed loan terms with banks including J.P. Morgan and Barclays but has yet to sign any deal formally, the sources said, adding that there remain "many significant hurdles" to any offer being made and the loan may not be required.


Read more at Reuters.com Mergers News

In Fort Worth, gas boom fuels public outreach plan

(Reuters) - Huge hopes for gas production from the Barnett Shale, much of which lies directly under this city of 500,000, changed that, and residents have flooded city hall with questions.




In response, Mayor Mike Moncrief and industry officials have put together the Barnett Shale Energy Education Council to calm fears and help citizens respond intelligently.


Read more at Reuters.com Bonds News

European Government Bonds Erase Gains as Investors' Subprime Concerns Ease

(Bloomberg) -- European bonds were little changed,
erasing earlier gains, after a rebound in U.S. stocks prompted
investors to return to riskier assets.

Benchmark debt earlier surged, pushing 10-year bund yields
down by the most in a year yesterday, after Moody's Investors
Services cut the credit ratings on $5.2 billion of bonds backed
by subprime mortgages and Standard & Poor's warned it may
downgrade $12 billion of debt. Stocks rebounded as investors bet
the global economy will continue growing, eroding demand for the
safest assets.


Read more at Bloomberg Bonds News

U.K.'s FTSE 100 Benchmark Index Declines; Shell, BP, HSBC Shares Lead Drop

(Bloomberg) -- U.K. stocks fell for a second day,
led by Royal Dutch Shell Plc and BP Plc after Goldman, Sachs &
Co. downgraded the energy companies' shares and crude oil
retreated.

HSBC Holdings Plc and HBOS Plc declined on concern losses in
subprime mortgages in the U.S. will erode economic and earnings
growth.


Read more at Bloomberg Stocks News

TREASURIES-Bonds fall as stocks up on muted subprime view

(Reuters) - NEW YORK, July 11 - U.S. government bond prices
dropped on Wednesday as investors bought stocks on the belief
that there may have been an overreaction to worries about the
extent of the subprime mortgage market's troubles.




However, bond investors were alert for any repeat of
Tuesday's stock market sell-off that triggered flows into the
safety of Treasuries and lifted the 10-year note to its
strongest daily performance since Feb. 27. On Tuesday, the Dow
Jones industrial average fell 148 points after Standard
& Poor's and Moody's began to cut credit ratings on about $17
billion of mortgage-related debt. The Standard & Poor's 500
index ended Tuesday's session down 1.42 percent and the
Nasdaq composite index fell 1.16 percent.


Read more at Reuters.com Bonds News

UPDATE 1-US Congress eyes private equity, hedge fund giants

(Reuters) - WASHINGTON, July 11 - The new kings of Wall
Street -- as the managers of booming private equity and hedge
funds have been dubbed in the business press -- came under
unaccustomed scrutiny on Wednesday before the U.S. Congress.




In three separate hearings on Capitol Hill, lawmakers asked
whether these secretive and wealthy financiers pay enough taxes
and whether the Bush administration does enough to protect the
economy and investors from them.


Read more at Reuters.com Mergers News

S.African stocks push higher as miners shine

(Reuters) - South African stocks marched higher on Wednesday as a weaker rand and buoyant global demand boosted diversified miners and a brighter start on Wall Street lifted broader sentiment.

The Johannesburg Top-40 index of blue-chip stocks gained 0.85 percent to 26,883.91 points while the All-share index climbed 0.65 percent to 29,643.36 points.


Read more at Reuters Africa

OPEC Won't Increase Oil Output Because Market Is Well-Supplied, Badri Says

(Bloomberg) -- OPEC, which supplies more than 40
percent of the world's crude oil, sees no need to increase
production at present because the market is well-supplied.

``We're monitoring the market to see if there is a need for
more oil, we're ready to increase production if there is a need,
but right now there is no need,'' Secretary General Abdalla el-
Badri said in a telephone interview from OPEC's headquarters in
Vienna. ``The market is well-supplied, inventories stand above a
five-year average.''


Read more at Bloomberg Energy News

Vallourec Shares Jump on Speculation Arcelor Mittal to Make a Takeover Bid

(Bloomberg) -- Shares of Vallourec SA, a French
maker of steel tubes used to carry oil and gas, jumped as much
as 6.2 percent on speculation the company may get a takeover
offer from Arcelor Mittal.

The stock rose 7.9 euros, or 3.6 percent as of 4:42 p.m. in
Paris and had earlier gained as much as 13.67 euros.


Read more at Bloomberg Stocks News

U.S. May Cut Wheat Estimate on Rains; Corn Forecast Seen Higher on Acreage

(Bloomberg) -- U.S. farmers may harvest less wheat
than the government forecast last month as wet weather in the
Great Plains cuts yields, analysts said. Estimated corn output
may rise after farmers boosted acreage.

The U.S. Department of Agriculture tomorrow will project a
wheat crop of 2.145 billion bushels, down 1.1 percent from its
June forecast, according to the average estimate of 13 analysts
surveyed by Bloomberg. A crop of that size would be 18 percent
bigger than last year and the largest in four years. The
forecast is the USDA's second this year based on a field
survey.


Read more at Bloomberg Commodities News

ISS says sweetened Icahn Lear buyout not enough

(Reuters) - Pzena Investment Management LLC, a firm that has led opposition to the Icahn bid, and the California State Teachers' Retirement System also have stated opposition to the Icahn offer. A shareholder vote is scheduled for Monday.




Read more at Reuters.com Mergers News

Children's Place June sales up 2 percent

(Reuters) - CHICAGO, July 11 - Children's Place Retail Stores Inc. reported on Wednesday final June sales of $155.4 million, up 2 percent from a year earlier, for the five-week period ended July 7.



On Monday, the apparel retailer reported a 4 percent drop in its June sales at its stores open at least a year and lowered its second-quarter outlook, dropping its shares to their lowest point in more than a year.


Read more at Reuters.com Market News

Primedia says gets $350 mln financing commitment

(Reuters) - The company plans on instituting an ongoing dividend in a
range of about 50 percent to 70 percent of free cash flow, it
added.





Read more at Reuters.com Bonds News

Wall Street opens flat after sell-off

(Reuters) - U.S. stocks were little changed at the open on Wednesday as investors scoured the market for beaten-down shares after Tuesday's sell-off.

The Dow Jones industrial average was up 2.03 points, or 0.02 percent, at 13,503.73. The Standard & Poor's 500 Index


Read more at Reuters Africa

Copper Gains in New York After Chilean Strike Halts Output for Second Day

(Bloomberg) -- Copper gained in New York after
production was halted for a second day at a unit of Codelco, the
world's biggest producer of the metal.

Codelco stopped output at its Andina division in central
Chile yesterday after a worker was injured by protesters throwing
rocks, the company said. The mine accounts for about 14 percent
of Codelco's production. Copper has gained 8.4 percent in the
last month amid labor unrest in major producing countries
including Chile, the biggest source of the metal.


Read more at Bloomberg Commodities News

Bogota Plans International Sale of $300 Million of Peso Bonds, Person Says

(Bloomberg) -- Bogota, Colombia's capital city,
plans a sale of $300 million of 21-year, peso-denominated bonds
in international markets as part of its plans to refinance
maturing debt and fund infrastructure projects, according to a
person familiar with the sale.

The bonds will have equal amortization of capital in 2026,
2027 and 2028 and be payable in U.S. dollars, according to the
person, who declined to be cited by name because terms aren't
set. The issue is expected to be rated Ba1 by Moody's Investors
Service, and BB+ by Standard and Poor's and Fitch Ratings Inc.
respectively. All ratings are one level below investment grade.


Read more at Bloomberg Emerging Markets News

Compuware, Dendreon, Forest Laboratories, Rock-Tenn: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 8:10 a.m. New York time.

Barnes Group Inc. (B US): The maker of components for
automobiles and aircraft said certain of its 3.75 percent
convertible notes were eligible for conversion. Shares fell 43
cents to $32.56 in regular trading yesterday.


Read more at Bloomberg Stocks News

New Brunswick to be bought by privately held Eppendorf

(Reuters) - New Brunswick will become a wholly owned subsidiary of
Eppendorf and its common stock will no longer be publicly
traded.





Read more at Reuters.com Mergers News

GLOBAL MARKETS-Subprime woes rattle stocks, credit and dollar

(Reuters) - Credit spreads burst even wider, while investors seeking
safe havens rushed to buy government bonds.




The latest jitters started on Tuesday after two leading
ratings agencies started slashing ratings for more than $17
billion of U.S. mortgage-related debt -- representing around
three percent of the total subprime market.


Read more at Reuters.com Economic News

REFILE-Chico's June same-store sales fall 7.3 pct

(Reuters) - Total sales for the operator of the Chico's and White
House/Black Market chains increased 4.4 percent to $159.6
million for the five-week period ended July 7.





Read more at Reuters.com Market News

Daimler down on talk of Chrysler financing problems

(Reuters) - FRANKFURT, July 11 - DaimlerChrysler shares fell more than 2 percent on Wednesday on market talk of possible financing difficulties for the sale of U.S. carmaking arm Chrysler to Cerberus, traders said, but Daimler said it was not aware of any difficulties.



Traders cited talk that Cerberus [CBS.UL] had difficulties financing the purchase of Chrysler, a deal made in May this year and which is scheduled to close in the third quarter.


Read more at Reuters.com Bonds News

Dollar sinks in US subprime, credit quicksand

(Reuters) - The dollar weakened broadly on Wednesday, striking a record low versus the euro and a 26-year trough against sterling as growing fears surrounding the U.S. subprime mortgage and credit sectors gripped financial markets.

These concerns, heightened on Tuesday after two ratings agencies issued warnings on more than $17 billion of debt linked to risky mortgages, made investors less willing to take on risk.


Read more at Reuters Africa

NEC under pressure to give up control of chip unit

(Reuters) - Electronics Corp. for about 154 billion yen , or 5,000 yen a share, a source close to the matter said on Wednesday.




That would be a 58 percent premium to the closing price of the world's No.11 chip maker prior to the offer.


Read more at Reuters.com Business News

Angola lifts ban on British Airways flights

(Reuters) - Angola has lifted a nine-day ban on British Airways, imposed in retaliation for a decision to prevent the African nation's flagship carrier from flying to London, a BA official said on Wednesday.

BA received a letter from Angola's civil aviation authority on Wednesday confirming that the airline could resume flights between London and Luanda, Rob Cooper, BA's country manager in Angola, told Reuters.


Read more at Reuters Africa

Hong Kong's Stocks Post Biggest Drop in a Month; Construction Bank Falls

(Bloomberg) -- Hong Kong's stocks fell, with the
Hang Seng Index posting its biggest drop in a month, as investors
judged excessive a rally that drove the Hang Seng Index to a
record. China Construction Bank Corp. led the drop.

Shares also declined as earning reports from U.S. retailers
heightened concern a weak housing market is hurting consumer
spending. Li & Fung Ltd. slipped.


Read more at Bloomberg Stocks News

UniCredit Says Higher Interest Rates Won't Stop East European Lending Boom

(Bloomberg) -- UniCredit SpA will grow profit from its
eastern European banking businesses at least 15 percent annually
over the next two years, driven by a retail lending boom that will
likely survive tightening credit in the region.

UniCredit's 2007 pretax profit from eastern Europe will rise
to at least 2.8 billion euros ($3.9 billion) from 2.4 billion euros
in 2006, Bloomberg calculated based on the Milan-based lender's
forecasts that were published in a report. Credit to retail banking
customers will grow 35 percent annually through 2009, wrote Debora
Revoltella, UniCredit's chief east Europe economist.


Read more at Bloomberg Emerging Markets News

Moneysupermarket.com Initial Public Offering to Raise Up to $868 Million

(Bloomberg) -- Moneysupermarket.com Group Ltd.,
whose Web sites compare finance and travel prices, said its
initial public offering will raise as much as 428 million pounds
($868 million) for the company and current investors.

The 204 million shares to be sold will be priced between
170 pence and 210 pence, the Ewloe, England-based company said
today in a statement. At the high end of the price range,
Moneysupermarket.com's IPO would be the U.K.'s second-biggest
this year after February's 929 million-pound sale by sporting-
goods retailer Sports Direct International Plc.


Read more at Bloomberg Stocks News

Subprime Losses Devastate Mortgage Securities as Moody's, S&P Say No More

(Bloomberg) -- On Wall Street, where the $800
billion market for mortgage securities backed by subprime loans
is coming unhinged, traders are belatedly acknowledging what
they see isn't what they get.

As delinquencies on home loans to people with poor or
meager credit surged to a 10-year high this year, no one buying,
selling or rating the bonds collateralized by these bad debts
bothered to quantify the losses. Now the bubble is bursting and
there is no agreement on how much money has vanished: $52
billion, according to an estimate from Zurich-based Credit
Suisse Group earlier this week that followed a $90 billion
assessment from Frankfurt-based Deutsche Bank AG.


Read more at Bloomberg Bonds News

Rand seen softer as risk aversion prevails

(Reuters) - South Africa's rand was a touch softer against the dollar early on Wednesday and looked vulnerable to heightened caution in global markets about investment in higher-yielding assets.

At 0635 GMT the rand was trading at 7.0260 per dollar, only slightly off Tuesday's New York close of 7.0240.


Read more at Reuters Africa

U.K. Pound May Advance Against Dollar on U.S. Subprime Concerns, Yield Gap

(Bloomberg) -- The pound may strengthen against the
dollar on speculation the Bank of England will raise interest
rates further this year while a slowdown in the U.S. housing
market keeps the Federal Reserve on hold.

The pound rose to a 26-year high versus the dollar
yesterday after Standard & Poor's said it may cut ratings on $12
billion of bonds backed by U.S. subprime mortgages. The pound
has gained 3.5 percent against the dollar this year as investors
bought the U.K. currency to take advantage of the highest rates
among the Group of Seven industrialized nations.


Read more at Bloomberg Currencies News