Asian Oil-Product Shipping Rates Advance; Japan's Supplies May Limit Gains

(Bloomberg) -- Freight rates for shipping jet fuel
and other oil products on medium- to large-range tankers in Asia
were mostly higher as companies started booking vessels for
August. Larger product inventories in Japan may cap the gains.

The rate for shipping 30,000 tons of oil products to Japan
from Singapore rose a fourth day yesterday, adding 2.9 percent to
Worldscale 233.33, based on the London-based Baltic Exchange data.
That translates to $20.25 per ton of product shipped on the route,
according to Bloomberg data.


Read more at Bloomberg Energy News

UPDATE 2-India's Wipro says Q1 profit up 16 pct, shares fall

(Reuters) - BANGALORE, July 19 - India's third-largest
software services exporter, Wipro Ltd. ,
reported a weaker-than-expected 16 percent rise in quarterly
profit on Thursday as a stronger rupee hit margins, sending its
shares down 2 percent.




Wipro, which offers IT solutions such as system
integration, software development and back-office services to
companies looking to cut costs, said it hoped to maintain
margins in the current quarter by improving efficiencies, but
analysts doubted they would recover significantly for the rest
of the year.


Read more at Reuters.com Market News

LG Electronics Reports Highest Profit in Three Years on Prada Phone Sales

(Bloomberg) -- LG Electronics Inc., Asia's second-
largest maker of mobile phones, reported its highest profit in
three years, driven by sales of its Shine and Prada handsets.

Second-quarter net income was 384.6 billion won ($420
million), compared with a loss of 9.7 billion won a year earlier,
Seoul-based LG said in a regulatory filing today. Sales rose 1.8
percent to 5.9 trillion won.


Read more at Bloomberg Emerging Markets News

Wheat Advances in Chicago on Demand From Overseas; Soybeans, Corn Decline

(Bloomberg) -- Wheat futures in Chicago rose,
extending gains as overseas demand for the U.S. grain increased
after a recent price decline. Soybean and corn futures fell.

Egypt, Japan and buyers in Taiwan this week said they
bought or planned to buy a total of more than 460,000 metric
tons of U.S. wheat. Importers are increasing purchases after
futures fell from a record $6.50 a bushel on June 29. World
inventories are forecast to drop before next year's harvest to
the lowest since 1982.


Read more at Bloomberg Commodities News

Leading Indicators in U.S. Probably Dropped in June as Permits Declined

(Bloomberg) -- The index of leading U.S. economic
indicators probably fell last month as building permits dropped
and more workers applied for jobless benefits, economists said
before a private report today.

The Conference Board's gauge fell 0.1 percent after rising
0.3 percent in May, according to the median estimate in a
Bloomberg News survey of 58 economists. The index points to the
direction of the economy over the next three to six months.


Read more at Bloomberg Currencies News

GlaxoSmithKline, Invesco, Sainsbury and BP: U.K., Irish Equity 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 yesterday's market close.

The benchmark FTSE 100 Index fell 92, or 1.4 percent, to
close at 6567.10 in London. The FTSE All-Share Index declined
42.45, or 1.2 percent, to 3395.74.


Read more at Bloomberg Stocks News

Asian Stocks Rise for First Day in Four; BHP, JFE Holdings Gain on Metals

(Bloomberg) -- Asian stocks rose for the first time
in four days, led by BHP Billiton and Zijin Mining Group Co.,
after copper, gold and oil prices gained.

JFE Holdings Inc., Japan's second-biggest steelmaker, and
Posco climbed after UBS AG said slowing global production is
``supportive'' of prices. China, the world's biggest consumer of
steel, today reported its economy grew in the second quarter at
the fastest pace in 12 years.


Read more at Bloomberg Stocks News

Tokyo Electric Shares Fall as Nuclear Plant May Be Shut a Year After Quake

(Bloomberg) -- Shares of Tokyo Electric Power Co.
had their biggest drop in seven years on concern the company's
nuclear facility in central Japan, the world's biggest, may be
shut for a year after an earthquake caused radioactive leaks.

The stock slumped as much as 7.5 percent, the biggest
intraday decline since Feb. 18, 2000, after the Nikkei said the
shutdown will be prolonged by checks to ensure the plant will
resist future earthquakes. The company was the second-biggest
decliner on the Morgan Stanley Capital International World Index.


Read more at Bloomberg Energy News

Asian Stocks Rise for First Day in Four; Newcrest Advances on Metals Gain

(Bloomberg) -- Asian stocks rose for the first time
in four days. Newcrest Mining Ltd. and Sumitomo Metal Mining Co.
led an advance among commodity producers after copper, gold and
oil prices gained.

``Resources stocks generally trade off the back of macro
information and with commodities prices up, they're doing pretty
well,'' said Troy Angus, who helps manage the equivalent of $2.1
billion at Paradice Investment Management Ltd. in Sydney.


Read more at Bloomberg Stocks News

Japan's Nikkei 225 Average, Topix Rise; Canon, Nippon Steel Lead Gains

(Bloomberg) -- Japan's Nikkei 225 Stock Average rose
105.14, or 0.6 percent, to 18,120.72 at 9:05 a.m. in Tokyo. The
broader Topix index added 7.58, or 0.4 percent , to 1766.23.

Canon Inc. and Nippon Steel Corp. led the advances.


Read more at Bloomberg Stocks News

Australia Dollar Trades Near 18-Year High as Prices of Commodities Gain

(Bloomberg) -- The Australian dollar traded near an
18-year high against the U.S. currency and the strongest in 16
years versus the yen as the prices of raw materials the nation
exports rose.

The currency gained for a sixth day against the yen as a
measure of six metals on the London Metal Exchange, including
copper and aluminum, climbed 0.7 percent yesterday. Commodity
exports add about 14 percent to Australia's gross domestic
product. It also advanced a second day against the U.S. dollar
after the Federal Reserve lowered its economic growth forecast.


Read more at Bloomberg Currencies News

Nymex Bidding Against Intercontinental for Winnipeg Exchange, Person Says

(Bloomberg) -- The New York Mercantile Exchange, the
world's largest energy market, is trying to break up
Intercontinental Exchange Inc.'s planned purchase of the Winnipeg
Commodity Exchange.

WCE Holdings Inc., parent company of the Winnipeg exchange,
said yesterday that it had received an unsolicited C$50 million
($48 million) bid, topping Intercontinental's C$40 million offer.
The bidder is Nymex Holdings Inc., according to a person familiar
with the matter who asked not to be named because the information
has not been made public.


Read more at Bloomberg Energy News

Peruvian Sol Trades Near Two-Month High Amid Central Bank Speculation

(Bloomberg) -- Peru's sol was little change,
trading near an almost two-month high, amid speculation the
central bank may raise interest rates to keep inflation from
accelerating.

The currency rose 0.01 percent to 3.1583 soles per dollar.
The sol has gained 1.1 percent this year, reaching an eight-year
high on May 18. The central bank said it bought $40 million in
the currency market today, adding to the $544 million purchased
so far this month to stem gains in the currency.


Read more at Bloomberg Currencies News

HIGHLIGHTS-Excerpts from Fed Chairman Bernanke's Q&A

(Reuters) - "The evidence so far is that there has been no spillover
that we can see" from the housing market to the broader economy
or consumer spending.




"The related concern on the downside risk is that in order
to clear out those inventories we might start seeing
falls in prices. The question is would moderate price declines
have any significant impact on consumer spending?"


Read more at Reuters.com Bonds News

Moody's Excluded From Rating 70 Percent of New Commercial-Mortgage Bonds

(Bloomberg) -- Moody's Investors Service has been
excluded from rating 70 percent of new commercial mortgage-backed
securities after toughening its guidelines.

Moody's has been shut out of nine of the past 13 deals as
underwriters sought better ratings from rival companies, Tad
Philipp, a managing director at Moody's said today in a telephone
interview. The securities had a face value of more than $25
billion.


Read more at Bloomberg Bonds News

UPDATE 1-EU panel backs Glaxo's cervical cancer vaccine

(Reuters) - Europe's largest drugmaker said an expert committee at the
European Medicines Agency had given a positive opinion on
Cervarix based on data from clinical trials involving the
vaccination of girls and women aged between 10 and 25.




Recommendations for marketing approval by the agency's
Committee for Medicinal Products for Human Use are normally
endorsed by the European Commission within a couple of months.


Read more at Reuters.com Government Filings News

JPMorgan's Dimon Sees `A Little Freeze' in Lending for Leveraged Buyouts

(Bloomberg) -- JPMorgan Chase & Co. Chief Executive
Officer Jamie Dimon said demand for leveraged buyout debt is
drying up and banks may be left holding more loans that they
can't sell.

There is ``kind of a little freeze in the marketplace,''
Dimon said on a conference call with investors to discuss the New
York-based bank's second-quarter earnings. ``If you see this
continue you will see the Street taking on a lot of bridge loans
and more aggressive repricing of those things.''


Read more at Bloomberg Bonds News

UPDATE 1-JPMorgan's Dimon slams "equity bridge loans"

(Reuters) - NEW YORK, July 18 - JPMorgan Chase & Co.
Chairman James Dimon on Wednesday called the practice loaning
cash upfront on leveraged buyout deals a terrible idea.




Dimon, one of Wall Street's most influential bankers,
criticized so-called equity bridges during a conference call
with analysts and investors.


Read more at Reuters.com Mergers News

Corn, Soybeans Rise on Concern U.S. Crops Will Get Less Rain Than Expected

(Bloomberg) -- Corn rose from an eight-month low in
Chicago and soybeans rallied from the biggest two-day slide
since 2005 on speculation that rains will provide little help to
some parched U.S. crops.

Rains tonight may be less than previously forecast west of
the Mississippi River, increasing the risk to crops when hot,
dry weather returns next week, said meteorologist David Salmon
at Weather Derivatives Inc. in Benton, Missouri. Prices plunged
the previous two days as forecasts called for ample moisture.


Read more at Bloomberg Commodities News

Brazil's Real Advances as Concern About Rising U.S. Interest Rates Eases

(Bloomberg) -- Brazil's currency rose to a seven-
year high as concern eased that the Federal Reserve will raise
benchmark U.S. interest rates.

A U.S. report showed consumer prices rose at the slowest
pace in five months, damping speculation the Fed will raise
borrowing costs and helping maintain the spread between Brazilian
and U.S. rates that has lured money to the South American
country.


Read more at Bloomberg Currencies News

Optimism for Global Stock Gains Reaches 16-Month High, Merrill Survey Says

(Bloomberg) -- Optimism that global stocks will
climb has increased to a 16-month high in July as investors cast
aside concerns about the effects of rising credit-default risk,
a Merrill Lynch & Co. survey showed.

Confidence that economic growth will continue spurred money
managers to buy riskier assets, including emerging-market
shares, while they reduced holdings of bonds and cash, according
to 186 poll respondents, who together manage $618 billion.


Read more at Bloomberg Stocks News

US shares extend losses on Bernanke testimony

(Reuters) - U.S. stocks added to losses on Wednesday as Federal Reserve Chairman Ben Bernanke's comments to Congress about the economy, inflation and housing added to Wall Street jitters.

In addition, Bernanke said the Fed expects to see economic growth expand at 2.25 percent to 2.5 percent this year and 2.5 percent to 2.75 percent in 2008, one-quarter percentage point below the Fed's estimate six months ago.


Read more at Reuters Africa

Humana 2nd-qtr profit beats prior view

(Reuters) - The company reported earnings per share of $1.28, compared with its previous projection of $1.15 to $1.20.



Humana also raised its 2007 earnings-per-share estimate to a range of $4.40 to $4.50, versus its prior expectation of at least $4.25.


Read more at Reuters.com Market News

U.S. Stocks Retreat on Subprime, Earnings Concerns; Intel, Pfizer Decline

(Bloomberg) -- U.S. stocks fell after Bear Stearns
Cos. told investors there's little value left in its two failed
hedge funds while Intel Corp. and Pfizer Inc. said competition
hurt earnings.

Financial shares were the biggest drag on the Standard &
Poor's 500 Index after Bear Stearns said ``unprecedented
declines'' in securities used to bet on subprime mortgages wiped
out the funds. Intel, the world's biggest chipmaker, and Pfizer,
the largest drugmaker, led the Dow Jones Industrial Average down
from a fourth-straight record.


Read more at Bloomberg Stocks News

Abbott sees accelerating earnings growth in 2008

(Reuters) - The company, which makes an array of prescription drugs, medical devices and diagnostics, also told analysts in a conference call that it expects a full-year tax rate of 19.5 percent.




It said the tax rate had been 20 percent in the first and second quarters.


Read more at Reuters.com Hot Stocks News

Alcan agrees to sell Utkal alumina venture stake

(Reuters) - Alcan did not disclose terms of the transaction, which it expects to close in the third quarter of 2007. Hindalco owns the other 55 percent of Utkal, which was established in 1992 to develop a new bauxite mine and alumina refinery in the Indian state of Orissa.







Read more at Reuters.com Mergers News

US RATE FUTURES-Gains trimmed on US CPI, housing data

(Reuters) - U.S. core consumer prices, stripped of food and energy,
rose by 0.2 percent in June, in line with expectations. Housing
starts were up 2.3 percent on the month, a shade stronger than
expected.




Read more at Reuters.com Bonds News

European Refining Margins Fall to Seven-Month Low as Products Prices Drop

(Bloomberg) -- Refining margins in Northwest Europe
fell to the lowest since December as product prices dropped more
than crude.

Brent cracking margins in northwest Europe fell to minus
$3.10 on Tuesday, down from minus $1.93 the previous day,
according to data compiled by Bloomberg. That's the lowest level
since Dec. 29.


Read more at Bloomberg Energy News

Bear Stearns Tells Investors in Failed Hedge Funds There's `No Value Left'

(Bloomberg) -- Bear Stearns Cos. told investors in
its two failed hedge funds that they will get little if any money
back after ``unprecedented declines'' in the value of AAA rated
securities used to bet on subprime mortgages.

Estimates show there is ``effectively no value left'' in the
High-Grade Structured Credit Strategies Enhanced Leverage Fund
and ``very little value left'' in the High-Grade Structured
Credit Strategies Fund, Bear Stearns said in a two-page letter.
The second fund still has ``sufficient assets'' to cover the $1.4
billion it owes Bear Stearns, which as creditor gets paid back
first, according to the letter, obtained yesterday by Bloomberg
News from a person involved in the matter.


Read more at Bloomberg Bonds News

Canada's Dollar Falls After Unexpected Drop in Consumer Prices Last Month

(Bloomberg) -- Canada's dollar fell from a three-
decade high after a government report showed consumer prices
unexpectedly declined last month, reducing the likelihood of
another increase in borrowing costs by the central bank.

The currency has gained 11.8 percent this year on a
strengthening economy and higher prices for Canada's commodity
exports including oil. The Bank of Canada raised its benchmark
interest rate to 4.5 percent last week after inflation exceeded
its target of 2 percent.


Read more at Bloomberg Currencies News

U.K. Day-Ahead Electricity Price Declines as Cost of Natural Gas Falls

(Bloomberg) -- U.K. power declined on cheaper
natural gas, which fuels about 40 percent of Britain's
electricity generation.

U.K. baseload power for delivery a day ahead dropped 23
percent to 27.95 pounds ($57.30) a megawatt hour, according to
prices on Bloomberg from the broker GFI Group Inc. It earlier
traded as high as 28.85 pounds a megawatt hour.


Read more at Bloomberg Energy News

FTSE 100 Index Drops as Man Group, Tate & Lyle Fall; Sainsbury Advances

(Bloomberg) -- U.K. stocks fell, led by Man Group
Plc, the world's largest publicly traded hedge fund manager, and
Tate & Lyle Plc, the maker of the sweetener Splenda.

Rolls-Royce Group Plc and Invensys Plc led losses among
companies dependent on U.S. sales as the pound rose for a fourth
day against the dollar.


Read more at Bloomberg Stocks News