UPDATE 1-Dow Jones board prepared to endorse News Corp bid

(Reuters) - NEW YORK, July 17 - Dow Jones & Co. Inc.
said on Tuesday that its board was prepared to recommend
shareholders accept a $5 billion buyout offer from Rupert
Murdoch's News Corp. , leaving the fate of the company
in the hands of its controlling family.




Under the terms of the agreement, News Corp. would buy all
outstanding shares of Dow Jones's common and Class B stock for
$60 per share in cash, Dow Jones said in a statement.


Read more at Reuters.com Mergers News

Hong Kong Stocks Slide on China Rate Concern; Sinopec, Citic Pacific Fall

(Bloomberg) -- Hong Kong's Hang Seng Index fell,
after yesterday closing above 23,000 for only the second time,
after a report said China's central bank will step up efforts to
cool the economy. China Petroleum & Chemical Corp. and Citic
Pacific Ltd. led the decline.

Mainland reports scheduled for release tomorrow are
expected to show gross domestic product rose at a double-digit
pace for a sixth straight quarter and inflation accelerated to a
two-year high, according to Bloomberg surveys of economists.


Read more at Bloomberg Stocks News

Dow Jones board prepared to endorse News Corp. bid

(Reuters) - The decision came after the Dow Jones board met for several hours on Tuesday evening to consider the offer. The board did not reach a unanimous decision, but a "strong majority" voted to recommend approving the deal, said one source familiar with the matter.




Read more at Reuters.com Business News

Hyundai Heavy Unit to Purchase 1 Percent Posco Stake `to Improve Returns'

(Bloomberg) -- Hyundai Samho Heavy Industries Co.,
a private unit of the world's largest shipbuilder, will take a 1
percent stake in Posco, the South Korean steelmaker that is
shoring up its defenses against a possible takeover bid.

The company's board decided July 9 to buy 872,000 shares in
Asia's third-largest steelmaker to boost returns on capital, it
said in a regulatory filing July 16. At the close of trade that
day, the Posco stock was worth 484 billion won ($527 million).


Read more at Bloomberg Emerging Markets News

Asian Stocks Decline for Third Day; Canon Drops on Stronger Yen, BHP Falls

(Bloomberg) -- Asian stocks fell for a third day on
concern losses at a Bear Stearns Cos. hedge fund will damp
global investors' appetite for riskier assets such as equities.

Canon Inc. and Nintendo Co. led Japanese exporters lower as
the yen strengthened against the dollar.


Read more at Bloomberg Stocks News

Dollar Slumps to Record Low Against Euro on Bear Stearns Subprime Losses

(Bloomberg) -- The dollar dropped to a record low
against the euro after Bear Stearns Cos. reported hedge fund
losses, fueling speculation investors will spurn U.S. assets as
the economy slows.

The currency also fell against the yen as investors scaled
back carry trades, where they buy higher-yielding securities with
money borrowed in Japan. Federal Reserve Chairman Ben S. Bernanke
may be asked about financial industry losses caused by mortgage
defaults when he testifies before Congress today.


Read more at Bloomberg Currencies News

Coffeyville Refinery in Kansas on `Accelerated Pace' to Start After Flood

(Bloomberg) -- Coffeyville Resources LLC, a refinery
owned by a Goldman Sachs Group Inc. unit and the buyout firm
Kelso & Co., is on an ``accelerated pace'' to resume gasoline and
diesel production after a July 1 flood shut the plant.

No target date has been set for starting oil-processing
units at the plant, located 170 miles south of Kansas City,
Kansas, said Allen Rempe, senior crude-oil buyer for Sugar Land,
Texas-based Coffeyville.


Read more at Bloomberg Energy News

Yahoo posts lower profit, gives weak 2007 forecast

(Reuters) - Shares in the Internet media company fell 4.2 percent in extended trade.




Jerry Yang, the company's co-founder who took the CEO job in a June management shakeup, promised a new strategic plan as he sought to convince investors he is open to change and able to take on rapidly growing rival Google Inc. .


Read more at Reuters.com Business News

Oil Trades Little Changed Amid Expectations of Rising U.S. Gasoline Stocks

(Bloomberg) -- Crude oil was little changed in New
York after retreating from an 11-month high yesterday on
speculation that U.S. gasoline supplies rose for a third week as
refiners increased output.

An Energy Department report today will probably show U.S.
gasoline inventories gained 850,000 barrels last week, according
to a Bloomberg News survey of 18 analysts. Gasoline futures fell
a fifth day yesterday, extending their decline to a three-month
low. Brent crude oil fell for a second day in London.


Read more at Bloomberg Energy News

Three guilty in $1 bln Florida insurance scam

(Reuters) - The pleas were the latest in the long-running criminal case
against Mutual Benefits Corp., a Fort Lauderdale company that
sold fraudulent investments in viatical and life insurance
settlements and is believed to have cheated 28,000 investors.




The U.S. Attorney's Office in Miami said Raquel Kohler,
MBC's chief financial officer, Ameer Khan and Stephen Ziegler
pleaded guilty to one count of conspiracy. Kohler also pleaded
guilty to one count of perjury.


Read more at Reuters.com Bonds News

UPDATE 1-Pulte sees second-quarter loss

(Reuters) - Pulte said the quarterly loss would include charges of $740
million to $770 million on a pretax basis, or $1.85 to $1.92
per share after taxes, related to impairments and lower land
values.




The company said the outlook also includes a pretax charge
of about $40 million, or 10 cents per share after taxes,
related to a 16 percent staff cut announced on May 29.


Read more at Reuters.com Bonds News

Clear Channel sets clock ticking on investor vote

(Reuters) - Investors have to own shares before that date if their vote
on the deal is to be counted.




San Antonio-based Clear Channel agreed in May to put a
$39.20-a-share bid from Bain Capital Partners and Thomas H. Lee
Partners [THL.UL] to a shareholder vote. That deal gives
investors an option to hold a stake of up to 30 percent in the
company following the buyout, known as "stub equity".


Read more at Reuters.com Mergers News

Shoemaker, Phone Company, Shrimp Farm Lead Rally by Asia Mining Companies

(Bloomberg) -- A shoe manufacturer, a former
telephone company, and a onetime shrimp farmer are among Asia's 10
best performing stocks this year. Their new focus: mining.

Shares of Nority International Ltd., a Hong Kong shoemaker
that last week bought a stake in an iron ore explorer, have soared
6,411 percent in 2007. Mongolia Energy Ltd., a former Hong Kong
telephone company that bought Mongolian mine plots in May, is up
4,068 percent. PT ATPK Resources, an Indonesian shrimp farmer that
became an energy explorer last year, has leapt 2,763 percent.


Read more at Bloomberg Stocks News

Senators urge US agencies to finalize Basel II

(Reuters) - The two senators sent the letter to the heads of the
Federal Reserve, Comptroller of the Currency, Federal Deposit
Insurance Corp. and Office of Thrift Supervision, who are
expected to meet later this month to try to hammer out their
differences.




Read more at Reuters.com Bonds News

AmeriCredit prices $1.5 bln in asset-backeds

(Reuters) - Lead managers on the transaction are Barclays Capital,
Credit Suisse and Deutsche Bank Securities. The co-managers are
JPMorgan, Lehman Brothers, RBS Greenwich Capital and UBS
Investment Bank.




Read more at Reuters.com Bonds News

Icahn says no stake in Samsung, not bidding for it

(Reuters) - The Chosu Ilbo quoted an unnamed high-ranking Samsung
official as saying that the company received information that
Icahn and other hedge funds were readying hostile bids for
Samsung.




Read more at Reuters.com Mergers News

Weak dollar blows a strong profit tailwind

(Reuters) - The currency's slide is delivering a generous boost to sales and earnings for many U.S. companies, a trend most analysts see continuing through the year.




Those deriving the greatest benefit generate a significant portion of business beyond U.S. borders, where the weak greenback makes their goods cheaper to foreign buyers and profits generated in those markets are amplified when translated back into dollars.


Read more at Reuters.com Market News

Risk of Subprime Bonds Rises for a Second Day, Default Swaps Index Shows

(Bloomberg) -- The risk of owning bonds backed by
subprime mortgages rose a second day after surging yesterday
amid concern that losses will accelerate.

An index of credit-default swaps linked to 20 securities
rated BBB- and created in the second half of 2006 fell 1.2
percent to 44.75 at 2:57 p.m. in New York, data from broker GFI
Group Inc. show. The ABX-HE-BBB- 07-1 index dropped 7.5 percent
yesterday to 45.28, according to London-based Markit Group Ltd.


Read more at Bloomberg Bonds News

New York State sues Exxon over Brooklyn spill

(Reuters) - Cuomo said in a statement that besides the cleanup, he is asking Exxon to restore the creek and is seeking substantial financial penalties and damages for the injuries to financial resources.




The attorney general filed a notice of intent to sue the company in February.


Read more at Reuters.com Government Filings News

UPDATE 1-U.S. joins whistleblower suit vs Fresenius

(Reuters) - The suit against two units of the German company called
Renal Care Group and Renal Care Group Supply Company alleges
that claims submitted between 1999 and 2005 for home dialysis
supplies and equipment were false.




Fresenius acquired rival Renal Care Group last year for
$3.5 billion to boost its presence in the U.S. market. The
company contracts with the U.S. government's Medicare health
insurance program for the elderly.


Read more at Reuters.com Government Filings News

United States Steel joins suitors for Stelco

(Reuters) - That follows similar visits to Stelco recently by representatives of Ukraine's Metinvest and Essar Global Ltd., the parent firm of Essar Steel Ltd. , Ferguson told Reuters.







Read more at Reuters.com Hot Stocks News

Treasuries Little Changed on Report Showing Homebuilder Confidence Dropped

(Bloomberg) -- Treasuries were little changed after
an industry report showed confidence among U.S. homebuilders
fell this month to the lowest level in 16 years.

The yield on the benchmark 10-year note rose almost 2 basis
points, or 0.02 percentage point, to 5.06 percent at 1:47 p.m.
in New York, according to bond broker Cantor Fitzgerald LP. Bond
yields and prices move in the opposite direction. The price of
the 4 1/2 percent security due in May 2017 fell 3/32, or 94
cents per $1,000 face amount, to 95 23/32.


Read more at Bloomberg Bonds News

TREASURIES-Prices slip on stock gains, data surprise

(Reuters) - The decline in Treasury prices was mitigated by ongoing
worries about subprime mortgages and an industry report showing
the housing market is still stuck in a slump.




The National Association of Home Builders said its index on
its members' sentiment fell to 24 in July, a 16-1/2-year low.


Read more at Reuters.com Bonds News

SSAB shares post record one-day loss on Q2

(Reuters) - SSAB posted pretax profit of 1.86 billion crowns versus a forecast of 2.31 billion in a Reuters poll and 1.78 billion in the year-ago period.




The steelmaker's shares dived on the news, closing 14 percent lower at 270 crowns in Stockholm.


Read more at Reuters.com Mergers News

UPDATE 2-TD Bank to chip in C$3.8 bln for BCE takeover

(Reuters) - VANCOUVER, British Columbia, July 17 -
Toronto-Dominion Bank will put up C$3.8 billion , including C$500 million of equity, to finance the
buyout of BCE Inc. , Canada's biggest telecoms company,
the bank said on Tuesday.




TD said it has underwritten C$3.3 billion of a
C$34.3-billion credit facility and also provided a C$500
million equity bridge facility to the buyout consortium, which
is led by the Ontario Teachers' Pension Plan Board.


Read more at Reuters.com Bonds News

US July homebuilder sentiment at 16-year low -NAHB

(Reuters) - "The bottom line is that the single-family housing market
is still in a correction process following the historic and
unsustainable highs of the 2003-2005 period," NAHB Chief
Economist David Seiders said in the statement.




Read more at Reuters.com Economic News

Coca-Cola posts better-than-expected profit

(Reuters) - The world's largest beverage company, best known for its namesake soft drinks, also saw strong volume growth for noncarbonated products, including Powerade and Dasani bottled water.




Second-quarter net income rose less than 1 percent to $1.85 billion, or 80 cents per share, from $1.84 billion, or 78 cents a share, a year earlier.


Read more at Reuters.com Business News

Fees bolster Wells Fargo net; other US banks mixed

(Reuters) - NEW YORK, July 17 - U.S. banks led by Wells Fargo & Co and U.S. Bancorp posted mixed results on Tuesday, as higher customer fees helped offset rising credit losses and pressure on rate-sensitive businesses, including mortgage lending.



Profit rose 9 percent at Wells Fargo and fell 4 percent at U.S. Bancorp, the fifth- and sixth-largest banks. Earnings rose 31 percent at Regions Financial Corp and 8 percent at KeyCorp , two big regional banks.


Read more at Reuters.com Market News

Lead hits fresh high on explosion, copper drifts

(Reuters) - Lead hit a fresh high on Tuesday after news of a recent explosion at a U.S. refinery, while other industrial metals prices drifted slightly lower.

Three-months lead rose 4 percent to a record $3,215 a tonne following a statement by U.S. miner Doe Run that there had been an explosion at its lead smelter-refinery in Herculaneum last Friday.


Read more at Reuters Africa

UPDATE 2-Plains to buy Pogo for $3.46 billion

(Reuters) - When announced, the deal valued Pogo at about $60 per
share, a premium of 19 percent over its closing stock price on
Monday. But Plains shares fell in early trading, lowering the
value of the deal to around $58.24 per Pogo share.




The combined company will have proved reserves of 635
million barrels of oil equivalent, and total estimated reserve
potential -- which includes probable and possible reserves --
of 1.4 billion barrels of oil equivalent.


Read more at Reuters.com Bonds News

Merrill CFO says limited risk to Bear hedge funds

(Reuters) - During a conference call with analysts and investors, Edwards reassured them that Merrill Lynch took effective risk management measures before investing in the hedge funds.




He said the company's current exposure to Bear Stearns is "limited and well under control."


Read more at Reuters.com Market News

Abyara, BR Malls, Porto Seguro, Petroleo Brasileiro: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index rose for the
fourth time in five days, led by state-controlled oil company
Petroleo Brasileiro SA.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 272.66, or 0.5 percent, to 57,647.06 as of 9:42 a.m.
New York time.


Read more at Bloomberg Stocks News

Canada dollar slips on oil, bonds fall

(Reuters) - At 9:15 a.m. , the Canadian dollar was at
C$1.0435 to the U.S. dollar, or 95.83 U.S. cents, down from
C$1.0428 to the U.S. dollar, or 95.89 U.S. cents, at Monday's
session close.




The Canadian dollar muscled past 96 U.S. cents on Monday
for the first time since March 1977, strengthened by
broad-based U.S. dollar weakness, expectations for Bank of
Canada interest rate hikes, and near-record oil prices.


Read more at Reuters.com Bonds News

CORRECTED - UPDATE 1-US May net long-term capital inflows hit record

(Reuters) - May's net overall capital inflow amply covered the U.S.
trade deficit for the month, which was $60 billion.




In April, overall capital inflows were $97.8 billion.


Read more at Reuters.com Bonds News

UPDATE 1-U.S. June industrial production up 0.5 pct

(Reuters) - WASHINGTON, July 17 - U.S. industrial output rose
by a slightly more-than-expected 0.5 percent in June as
production for automobiles surged 2.5 percent during the month,
a Federal Reserve report on Tuesday showed.




Analysts polled by Reuters were expecting to see a 0.4
percent rise in June. Total output at the nation's factories,
mines and utilities fell by a revised 0.1 percent in May
compared with a flat reading initially.


Read more at Reuters.com Economic News

UPDATE 1-Jefferies second quarter profit rises

(Reuters) - Profit rose to $67.8 million, or 45 cents a share, from
$45.6 million, or 32 cents a share, a year earlier.




Analysts on average expected 39 cents a share, according to
Reuters Estimates.


Read more at Reuters.com Market News

European Bonds Drop for First Day in Three; 10-Year Yield at 4.58 Percent

(Bloomberg) -- European government bonds dropped for
the first day in three in London, pushing yields up from their
lowest in a week.

The yield on the German 10-year bund, Europe's benchmark,
rose 3 basis points to 4.59 percent by 2:25 p.m. in London after
earlier touching 4.54 percent, the lowest since July 11.


Read more at Bloomberg Bonds News

Gold, Silver Futures May Rise in New York on Speculation Dollar to Weaken

(Bloomberg) -- Gold and silver, little changed in
New York, may rise on speculation a decline in the value of the
dollar will boost demand for the precious metals as alternative
investments.

Gold generally moves in the opposite direction of the
dollar, which was little changed against the euro today after
falling to a record last week. Gold and the euro both have
gained 4.4 percent this year.


Read more at Bloomberg Commodities News

Plains Exploration to Buy Pogo Producing for $3.6 Billion in Cash, Stock

(Bloomberg) -- Plains Exploration & Production Co.,
a U.S. oil and natural-gas producer, agreed to acquire Pogo
Producing Co. for about $3.6 billion in cash and stock.

Pogo stockholders will receive 0.68201 share of Plains
Exploration and $24.88 in cash for each of their shares,
according to a statement today from Houston-based Plains
Exploration.


Read more at Bloomberg Energy News

European Stocks Fall for First Time in Four Days; BG, Man Group Decline

(Bloomberg) -- European stocks dropped for the first
time in four days after analysts downgraded oil companies and
investors speculated mounting U.S. mortgage losses will hamper
growth in the world's largest economy.

BG Group Plc and Statoil ASA paced a retreat in energy
stocks after a brokerage recommended selling the shares. Man
Group Plc and Lafarge SA led declines by financial stocks and
exporters. Anglo American Plc and Antofagasta Plc followed copper
and nickel prices lower.


Read more at Bloomberg Stocks News

Dollar Advances Versus Yen After U.S. Core Producer Prices Climb in June

(Bloomberg) -- The dollar gained against the yen
after a government report showed a measure of prices paid to
U.S. producers rose more than analysts forecast.

Traders bought dollars as signs of quicker inflation
bolstered speculation the Federal Reserve will refrain from
lowering its benchmark lending rate this year.


Read more at Bloomberg Currencies News

Sallie Mae quarterly earnings rise

(Reuters) - Sallie Mae, known legally as SLM Corp. , said earnings rose to $966 million, or $1.03 a share, from $724 million, or $1.52 a share, a year earlier.






Read more at Reuters.com Bonds News

Gold Falls in London on Central Bank Sales Speculation; Silver Declines

(Bloomberg) -- Gold fell in London for a second
consecutive day on speculation that central banks are increasing
sales of the metal. Silver declined.

Bullion has gained for the past two weeks, partly because
central banks had slowed sales, New York-based Morgan Stanley
analysts led by Hussein Allidina said in a report yesterday.
European central banks have sold 305 tons out of the 500 tons
allowed under an agreement that covers the period through Sept.
26, London-based World Gold Council investment research manager
Natalie Dempster said.


Read more at Bloomberg Commodities News

Coca-Cola reports profit rise

(Reuters) - The results included 5 cents per share in restructuring charges and a noncash impairment charge at an equity investee.




Net operating revenue rose to $7.73 billion from $6.48 billion.


Read more at Reuters.com Market News

US STOCKS-Futures fall as inflation data, earnings loom

(Reuters) - Among earnings reports due later on Tuesday are Merrill
Lynch & Co. , SLM Corp. , U.S. Bancorp
and Wells Fargo .




Year-to-date, financial stocks are the worst performers of
the ten major S&P industry groups and the sole sector with
losses for that period.


Read more at Reuters.com Bonds News

Gazprom should cut costs, preserve capex - Gref

(Reuters) - Under the plan the management wants to cut 2007 capital
expenditure by 11 percent as its financial investments are set
to soar on equity purchases.




To read a related story click on [ID:nL31508946].


Read more at Reuters.com Bonds News

Barclays 'confident' of winning ABN bid battle

(Reuters) - He declined to comment on a revised bid from a consortium led by Royal Bank of Scotland announced on Monday, which includes more cash.




Read more at Reuters.com Mergers News

Nickel Declines for Fourth Day in London as Steel Mills Cut Production

(Bloomberg) -- Nickel fell for a fourth consecutive
session because stainless-steel mills, the biggest user, are
cutting production, reducing demand for the metal. Copper and
aluminium prices were little changed.

Posco, Asia's third-largest steelmaker, will reduce
stainless-steel output by as much as 100,000 metric tons in the
second half, the company said yesterday. Nickel usage already
lagged behind production by 8,300 tons as of May, Michael Widmer,
head of metals research at Calyon said, citing data from the
International Nickel Study Group.


Read more at Bloomberg Commodities News

Slovak Koruna Declines Versus Euro as Emerging Market Currencies Sell Off

(Bloomberg) -- The Slovak koruna snapped a seven-day
winning run against the euro as investors shunned riskier,
emerging market assets.

The koruna declined along with other emerging market
currencies including the Polish zloty and the Thai baht, falling
from a near a four-month high versus the common European
currency. It gained more than 2 percent over the past month,
making it the third best-performer among emerging market
currencies.


Read more at Bloomberg Currencies News

Swiss Franc Advances to Seven-Month High as Investors Unwind Carry Trades

(Bloomberg) -- The Swiss franc rose to a seven-month
high against the dollar as investors avoided riskier assets and
scaled back so-called carry trades.

Switzerland's currency also gained versus the euro as
investors unwound trades funded by borrowing the franc and the
Japanese yen at their relatively low interest rates. The franc
was also buoyed by a report that showed retail sales in the
Alpine economy rose for a 12 month in May.


Read more at Bloomberg Currencies News

Prospect buys stake in Japan TOC amid takeover bid

(Reuters) - DaVinci plans to buy up to 79 million TOC shares, or 58
percent, at 1,308 yen apiece, and DaVinci President Osamu Kaneko
told Reuters in a recent interview that he was confident his
company would have enough shareholder support.




Prospect Asset Management has been actively lobbying with
asset managers for real estate investment trusts to
improve their share performance. It currently owns 22.65 percent
of Japan Single-Residence Reit Inc. and 25.94 percent of
TGR Investment Inc. .


Read more at Reuters.com Mergers News

Lundin says wins Rio Narcea Gold bid

(Reuters) - "All of the conditions of the offer having now been
satisfied, Lundin .... has taken up all of the Rio Narcea shares
and warrants that were tendered to the offer," the company said
in a statement.




The offer was dependent on Lundin getting acceptances for
not less than 66.6 percent of Rio's shares.


Read more at Reuters.com Mergers News

European shares slip in early trade, oils weigh

(Reuters) - European stocks slipped early on Tuesday, led lower by oil shares, as investors continued to worry about the U.S. economy and hunkered down for key inflation data releases that could provide clues on interest rates.

At 0723 GMT, the FTSEurofirst 300 index of top European shares was down 0.4 percent at 1,623.67 points.


Read more at Reuters Africa

European Government Bonds Advance for Third Day; Yield Falls to Week-Low

(Bloomberg) -- European government bonds advanced
for a third day in London, pushing 10-year yields down to the
lowest in a week.

The yield on the German 10-year bund, Europe's benchmark,
fell 2 basis points to 4.55 percent by 8:05 a.m. in London. The
price of the 4.25 percent security due July 2017, which moves
inversely to yield, rose 0.14, or 1.4 euros per 1,000-euro
($1,379) face amount, to 97.64. The yield on the two-year
benchmark note was at 4.48 percent.


Read more at Bloomberg Bonds News