UPDATE 1-BP Q2 profits slip as output falls, refining lags

(Reuters) - The London-based company said in a statement that the drop
in its second-quarter replacement cost net profit would have
been larger had it not been for non-operating gains totalling
$741 million, largely from asset sales.




Stripping this gain out, the replacement cost profit, which
strips out changes in the value of inventories, fell 12.5
percent to $5.346 billion, compared to an average forecast of
$4.975 billion in a Reuters poll of 10 analysts.


Read more at Reuters.com Market News

S.Africa gold miners' unions reject higher pay offer

(Reuters) - Trade unions have rejected an increased wage offer from the three biggest gold firms in South Africa, the world's biggest producer of the precious metal, a labour spokesman said on Monday.

The unions rejected a 7.25 percent wage offer from the Chamber of Mines, but agreed to meet again on August 1, Reint Dykema, spokesman for Solidarity trade union, said.


Read more at Reuters Africa

Sarkozy Struggle Is Deja Vu for Trichet, With Europe's Economy at Stake

(Bloomberg) -- Interest rates are ``far too high,
and there is room to cut them significantly,'' the French
president said.

Nicolas Sarkozy in 2007? No, Jacques Chirac in 1996.


Read more at Bloomberg Bonds News

South Korean Won Rises to Strongest This Year; Philippine Peso Declines

(Bloomberg) -- South Korea's won rose to the
strongest this year before a government report tomorrow that may
show the nation's economy grew at the fastest pace in 1 1/2 years
last quarter. Bonds gained.

The won has risen 1 percent this month and the Kospi index
advanced to a record as the central bank and government raised
their growth forecasts. The Bank of Korea may allow the won to
appreciate faster as a 2.3 percent rally in Japan's currency
against the dollar this month eased concern exporters will lose
competitiveness.


Read more at Bloomberg Currencies News

CN Rail, Canadian Oil Sands Trust, Canadian Pacific: Canada Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets.
This preview includes news that broke after markets closed.
Symbols are in parentheses after company names and prices are
from the last close.

The Standard & Poor's/TSX Composite Index fell 114.54, or
0.8 percent, to 14,468.33 in Toronto.


Read more at Bloomberg Stocks News

JGB futures drift up to six-week high as stocks dip

(Reuters) - Bond investors initially sold JGB futures after U.S.
Treasuries retreated overnight from recent rallies that had been
driven by mounting problems in subprime mortgage industry that
prompted a flight to quality.




But the dip in JGBs was shallow as investors were quick to
buy them back when the Nikkei share average slipped into
negative territory to its lowest level in a month.


Read more at Reuters.com Bonds News

Korean Won Rises to Highest This Year and Bonds Gain Before Report on GDP

(Bloomberg) -- South Korea's won rose to the
strongest this year before a government report tomorrow that
economists say will show the nation grew at the fastest pace in
1 1/2 years last quarter. Government bonds gained.

The won has risen 1.6 percent in 2007 as the benchmark
Kospi index advanced to a record today and the central bank and
government raised their growth forecasts earlier this month. The
Bank of Korea may allow the won to appreciate faster as the 2.3
percent rally in Japan's currency against the U.S. dollar this
month eased concern local exporters will lose competitiveness.


Read more at Bloomberg Bonds News

GM's Allison unit buyout faces hurdle: report

(Reuters) - The firms will now try to distribute the loan among a small group of banks, the paper said.




GM agreed in June to sell the Allison Transmission unit for $5.6 billion to private equity firms Carlyle Group and Onex Corp..


Read more at Reuters.com Bonds News

CME Group says to defend CBOT member rights

(Reuters) - The "exercise rights" allow full members of CBOT to trade
options on CBOE without owning CBOE membership.




Read more at Reuters.com Government Filings News

Bancroft's Dow Jones meeting 'productive'--adviser

(Reuters) - Elefante also is a Dow Jones board member.




Read more at Reuters.com Mergers News

Oil-Dependent Stocks, Hankook, Lotte Shopping: South Korea Stock Preview

(Bloomberg) -- The following shares may rise or fall
in South Korea. Prices refer to the previous close. This preview
includes news announced after markets shut yesterday. Stock
symbols are in brackets after the company names.

The Kospi index climbed 0.5 percent to a record 1,993.05. The
Kosdaq dropped 0.8 percent to 818.79. Kospi 200 futures expiring
in September added 0.3 percent to 253.40, while the underlying
index gained 0.3 percent to 252.28.


Read more at Bloomberg Stocks News

UPDATE 2-Canadian National profit falls, outlook trimmed

(Reuters) - CALGARY, Alberta, July 23 - Canadian National
Railway Co.'s second-quarter profit fell 29 percent
without last year's big gain from lower tax rates, and the
company cut its full-year earnings expectations after a tough
first half.




Canada's biggest railway, which has major operations in the
United States, said on Monday that the quarter was marred by
trying weather conditions, native blockades of its Ontario
mainline and the surging Canadian dollar.


Read more at Reuters.com Mergers News

Ecuador says could restructure debt at any moment

(Reuters) - "The government at any moment could decide on a proposal on
debt," Economy Minister Ricardo Patino said minutes before the
naming of the commission to audit the debt. "But only the
government will decide on the right time."




The commission would seek to determine "illegitimate" debt,
or credits acquired by corrupt past administrations and which
leftist President Rafael Correa has threatened not to repay.


Read more at Reuters.com Bonds News

IncrediMail says approached by many Internet firms

(Reuters) - "We have been approached by several... and we are talking
to a few," Jeff Holzmann, executive vice president of
IncrediMail, told Reuters by phone.




Earlier Monday, financial blog SeekingAlpha.com published
an article, which speculated that IncrediMail could be a
potential acquisition target for the popular social networking
site, Facebook Inc.


Read more at Reuters.com Mergers News

CapitalSource to offer $300 mln in senior convertible notes

(Reuters) - The underwriters will be granted an option to purchase up
to an additional $45 million of notes.





Read more at Reuters.com Bonds News

UPDATE 1-Charles & Colvard Q2 profit falls, cuts FY revenue view

(Reuters) - The producer of moissanite gemstones also cut its 2007
revenue forecast, partly due to a delay in its chain-wide
rollout at retailer Sears Holdings Corp. . The rollout
was scheduled for the second half of 2007.




Moissanite is a rare, naturally occurring mineral found in
meteorites that can be grown in laboratories due to its silicon
carbide composition.


Read more at Reuters.com Market News

Beacon Power files for $50 million US shelf offering

(Reuters) - Those purposes could include the repayment of future debt
and potential acquisitions.




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

Texas Instruments quarterly profit, revenue fall

(Reuters) - Revenue fell to $3.42 billion from $3.7 billion, said the company, which makes everything from calculators to chips for televisions.




On June 11, TI forecast earnings per share of 40 cents to 44 cents on revenue of $3.36 billion to $3.51 billion. It had lowered the midpoint of its revenue forecast, citing weak calculator sales offsetting improving wireless sales.


Read more at Reuters.com Market News

UPDATE 1-Beazer says gets notice of formal SEC investigation

(Reuters) - In a filing with the Securities and Exchange Commission,
Beazer, the seventh largest U.S. home builder, said that on July
20, 2007, it received a formal order of private investigation from
the SEC to determine whether any "person or entity related to
Beazer Homes has violated federal securities laws."




Earlier this year, Atlanta-based Beazer disclosed it was the
subject of several lawsuits as well an informal SEC investigation
and a U.S. Attorney's investigation into practices related to its
mortgage-origination business.


Read more at Reuters.com Bonds News

U.S. Stocks Gain on M&A, Earnings; GlobalSantaFe, Merck & Co. Shares Rise

(Bloomberg) -- U.S. stocks rallied the most in a
week on $35 billion in acquisitions and Merck & Co.'s better-
than-forecast earnings.

GlobalSantaFe Corp., the second-biggest offshore oil and
gas driller, climbed to a record after agreeing to be bought by
larger rival Transocean Inc. Merck, the third-largest U.S.
drugmaker, had its steepest gain since April and accounted for
almost a third of the Dow Jones Industrial Average's advance.


Read more at Bloomberg Stocks News

Peru Foreign-Currency Debt Outlook Raised by Standard & Poor's to Positive

(Bloomberg) -- Peru's foreign-currency debt rating
outlook was raised to positive from stable by Standard & Poor's
after the government sold $1.5 billion in sol-denominated bonds
last week to prepay Paris club debt.

S&P rates Peru's debt BB+, one level below investment grade
and the same level as Brazil, Costa Rica and El Salvador.


Read more at Bloomberg Emerging Markets News

Orange Juice Falls Most This Month as Rains Boost Growth of Florida's Crop

(Bloomberg) -- Orange-juice futures fell the most
in more than three weeks after rains improved growing conditions
in Florida, the biggest supplier of U.S. juice.

Showers brought moisture to groves that are still under a
moderate drought watch, according to Meteorlogix LLC in Woburn,
Massachusetts. More rain is expected in the next seven days in
Lakeland, Florida, in the state's largest citrus-producing
county, without any risk of hurricanes.


Read more at Bloomberg Commodities News

Structured Vehicles Are `Oasis of Calm' in Subprime Crisis, Moody's Says

(Bloomberg) -- So-called structured investment
vehicles, which hold $370 billion of assets, represent ``an
oasis of calm'' among debt issuers linked to subprime mortgages,
according to Moody's Investors Service.

Moody's expects ``ratings in the SIV and hybrid SIV sectors
to remain stable amid the current maelstrom surrounding the U.S.
subprime housing market,'' partly because of the diversity of
their portfolios, analyst Henry Tabe in London said in a
statement summarizing the firm's July 20 report.


Read more at Bloomberg Bonds News

Wells Fargo pulls popular subprime loan from mix

(Reuters) - The company in an e-mail said it ended on Friday retail offerings of so-called 2/28 loans, which at 65 percent of all subprime mortgages last year are the staple of the industry. Payments on 2/28 adjustable-rate mortgages are based on rates that are fixed for two years and then are adjusted twice a year for the remaining 28, if the loan is not refinanced.




Decisions were partly driven by the $583 billion market for subprime mortgage bonds, where sales rely on opinions of rating companies such as Moody's Investors Service, Wells Fargo said. Rating companies in the past two weeks have unleashed a flood of downgrades on subprime bonds in response to rising delinquencies and increased their assumptions of losses that new loans will produce.


Read more at Reuters.com Bonds News

Moody's, McGraw-Hill Short Interest Rose in July on Subprime Debt Crisis

(Bloomberg) -- Short interest in shares of Moody's
Corp. and McGraw-Hill Cos. jumped in the past month, a sign
investors are betting the companies' credit-rating divisions will
be hurt as losses from subprime mortgages curb new bond sales.

The short interest on New York-based Moody's was 23 million
shares in early July, up 28 percent from early June, according to
data compiled by Bloomberg. Short interest on McGraw-Hill, owner
of Standard & Poor's, rose 7.8 percent to 6.3 million shares.


Read more at Bloomberg Bonds News

Mexico's Alfa 2nd-qtr net profit gains 21 pct

(Reuters) - Revenue rose 46 percent to 28.1 billion pesos.





Read more at Reuters.com Market News

Wheat Futures Rise on Concern Harsh Weather May Reduce Global Production

(Bloomberg) -- Wheat rose in Chicago and Kansas
City on speculation that heavy rains in northern Europe and
hot, dry conditions in parts of the U.S. and Canada will reduce
global production.

About 75 percent of northern Europe received as much as
1 inch (2.5 centimeters) of rain during the weekend and more is
expected in the next 10 days, damaging wheat, said John Dee,
president of Global Weather Monitoring in Mohawk, Michigan. In
North America, dry weather and temperatures above 100 degrees
Fahrenheit (38 Celsius) may damage ripening crops, Dee said.


Read more at Bloomberg Commodities News

Treasuries Decline Most in More Than a Week as U.S. Stock Markets Increase

(Bloomberg) -- Treasuries fell the most in more than
a week amid a rise in stocks as traders speculated that
individual investors had yet to participate widely in equity
increases, suggesting potential for further gains.

The 10-year swap spread held near the widest in five years,
suggesting persistent concern losses on subprime loans in the
U.S. will hurt the broader economy. Treasuries gained last week
as traders canceled bets on riskier securities as credit spreads
widened. Fully hedged market participants had less need to buy
Treasuries today leading to a loss in momentum, traders said.


Read more at Bloomberg Bonds News

Astec, Force Protection, FoxHollow, Netflix, Tenet: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 11:40 a.m. in New York.

Arrow International Inc. (ARRO US) rose $6.46, or 17
percent, to $44.25. Teleflex Inc. (TFX US) said it agreed to
acquire Arrow for $2 billion, adding products for critical and
cardiac care. Under the agreement approved by both companies'
boards, holders of Arrow would get $45.50 a share, 20 percent
more than the stock's closing price July 20, the companies said
in a statement on Business Wire. Teleflex rose $1.64 to $86.94.


Read more at Bloomberg Stocks News

Banks, optimism on rates propel S.Africa shares up

(Reuters) - South African shares climbed on Monday, given a lift by the banking sector on the back of hopes that the central bank will leave rates on hold next month.

The Top-40 blue chip index added 0.71 percent to 27,101.50 points, while the broader All-Share index rose 0.65 percent to 29,885.27 points. The blue chip index has gained 20 percent so far this year.


Read more at Reuters Africa

US STOCKS-Wall St indexes rise on profits, deals

(Reuters) - NEW YORK, July 23 - U.S. stocks rose on Monday as
stronger-than-expected profits in the pharmaceutical sector and
news of a takeover in the oil services industry fueled a
rebound from Friday's sell-off.




Drug makers Schering-Plough Corp. and Merck & Co.
, a Dow component, both reported quarterly results above
analysts' expectations.


Read more at Reuters.com Bonds News

Emerging-Market Bonds Advance as Investors Shrug Off U.S. Subprime Concern

(Bloomberg) -- Emerging-market bonds rose after
gains in U.S. and European stock markets suggested renewed
demand for riskier securities.

Concern about rising subprime mortgage losses last week
prompted investors to reduce their appetite for high risk
assets, including developing nation debt. The Standard & Poor's
500 Index and Dow Jones Industrial Average increased 0.5
percent today, while Europe's Dow Jones Stoxx 600 Index gained
0.3 percent today.


Read more at Bloomberg Emerging Markets News

Q-Cells expands ties with US module maker Solaria

(Reuters) - "We not only see Solaria as an important partner and
customer within our core business areas, but also seek to help
develop Solaria's highly promising approach through our
investment," Q-Cells Chief Executive Anton Millner said in a
statement.




The deal will enable Solaria to produce over 2.7 GW of
modules using its special cell technology, Solaria said.


Read more at Reuters.com Mergers News

Oil Prices to Keep Rising This Year on OPEC Supply Restrictions, CGES Says

(Bloomberg) -- Oil prices are likely to keep rising
for the rest of the year because of supply restrictions set by the
Organization of Petroleum Exporting Countries, the Centre for
Global Energy Studies said.

The price of crude won't decline as it did last year, when it
fell 27 percent from a record high in July through November, CGES
said in a monthly report today. OPEC, which last year agreed to
curtail output to keep prices around $60 a barrel, ought to raise
production, the report said.


Read more at Bloomberg Energy News

UPDATE 1-RPM International posts profit vs loss

(Reuters) - Profit was $84 million, or 65 cents a share, in the fourth
quarter ended May 31, compared with a year-ago loss of $142
million, or $1.21 a share.




Revenue rose 10.6 percent to $1.0 billion, the Medina,
Ohio-based company said.


Read more at Reuters.com Market News

Dollar Rebounds Against Euro, Yen as Technical Charts Show Drop Too Fast

(Bloomberg) -- The dollar was little changed
against the euro after rebounding from a record low as charts
that some investors use to predict currency movements suggested
its decline was too rapid.

The currency also recovered versus the yen as U.S. stock
futures rose and European equities gained, prompting some
traders to use funds borrowed in Japan to buy higher-yielding
assets elsewhere. The dollar has dropped against 15 of the 16
most active currencies in the past month on concern subprime
mortgage defaults in the U.S. will hurt the economy.


Read more at Bloomberg Currencies News

HP to acquire software maker Opsware for $1.6 bln

(Reuters) - NEW YORK, July 23 - Computer and printer maker Hewlett-Packard said on Monday that it would acquire Opsware Inc. for $1.6 billion to bolster its line-up of business software offerings.



HP said it would tender for all outstanding shares of Opsware, a supplier of software used to automate computer data centers, at $14.25 each, a 38.6 percent premium to Opsware's closing price of $10.28 on Nasdaq on Friday.


Read more at Reuters.com Mergers News

Schering-Plough profit doubles, shares jump

(Reuters) - Second-quarter profit increased to $517 million, or 34 cents per share, from $237 million, or 16 cents per share, a year earlier.




Excluding special items, the drug maker earned 41 cents per share. Analysts on average expected 35 cents a share, according to Reuters Estimates.


Read more at Reuters.com Business News

Gentex quarterly earnings rise 14 percent

(Reuters) - Analysts had expected the company to earn 21 cents a share,
according to Reuters Estimates.





Read more at Reuters.com Market News

UPDATE 2-Transocean to buy GlobalSantaFe

(Reuters) - The oil services sector has been rife with rumors of
link-ups in recent months, fueled by speculation that companies
would seek mergers to gain market share and take advantage of
the huge spending increases in the energy sector, particularly
for the development of offshore fields.




"This is the type of transaction shareholders have been
clamoring for," said Mark Urness, an analyst with Calyon
Securities.


Read more at Reuters.com Bonds News

Cameco, CN Rail and Southwestern Resources May Move: Canada Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets.
This preview includes news that broke after markets closed.
Symbols are in parentheses after company names and prices are
from the last close.

The Standard & Poor's/TSX Composite Index rose 42.89, or 0.3
percent, to 14,582.87.


Read more at Bloomberg Stocks News

Virgin Media asks suitors for first bids: sources

(Reuters) - Private equity firm Carlyle Group was behind the initial offer, sources familiar with the situation said at the time. Virgin Media's market capitalization is $9.1 billion and it has another $12 billion of long-term debt.




Since then about 10 other suitors have expressed an interest, some of whom are likely to team up with each other.


Read more at Reuters.com Mergers News

UPDATE 1-InterGen cuts bond size, ups yields -source

(Reuters) - The iTraxx Crossover index , the most closely
watched barometer of European credit sentiment, widened another
15 basis points to trade as high as 358 basis points on Monday,
after a steep 34 basis-point rise on Friday.




InterGen now plans to price $1.2 billion to $1.3 billion of
10-year bonds at 99.189 with a coupon of 9 percent to yield
9.125 percent; 175 to 200 million pounds of 10-year bonds at
99.209 with a coupon of 9.5 percent to yield 9.625 percent; and
160 to 185 million euros of 10-year bonds with a coupon of 8.5
percent to yield 8.625 percent, the source said.


Read more at Reuters.com Bonds News

Dollar losses keep gold near 10-week high

(Reuters) - Spot gold stood at $683.05/683.65 a troy ounce at 1008 GMT compared with $682.90/$683.70 late in New York on Friday when it touched $686, the highest since May 9 and a gain of more than $20 since last Monday.




"All the indicators look positive, the weaker dollar against the euro and steady oil," said Robin Bhar, analyst at UBS.


Read more at Reuters.com Hot Stocks News

Barclays lifts ABN offer with China, Singapore help

(Reuters) - British bank Barclays has raised its bid for Dutch group ABN AMRO to 67.5 billion euros, helped by some of the biggest ever overseas investments by China and Singapore.

Barclays said on Monday its new bid was 42.7 billion euros in shares and 24.8 billion euros in cash, up from its previous all-stock offer of 65 billion euros but still below a rival 71 billion euro offer from a group of European banks led by Royal Bank of Scotland.


Read more at Reuters Africa

Argentina, Brazil and Mexico: Latin America Local Currrency 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: Industrial output rose 5 percent in June from a
year earlier, the National Statistics Institute reported on July
20. The annual increase was lower than the 5.4 percent median
estimate of 10 economists in a Bloomberg survey.


Read more at Bloomberg Bonds News

EU agency calls for withdrawal of hot flushes drug

(Reuters) - The agency looked in depth at the product after veralipride
was withdrawn from the Spanish market in 2005 because of reports
of serious side effects affecting the nervous system.




The drug is associated with side effects, including
depression, anxiety and tardive dyskinesia -- a movement
disorder which may be long-lasting or irreversible -- both
during and after treatment, the European drugs watchdog said.


Read more at Reuters.com Government Filings News

Cerberus to buy United Rentals for $4 bln -report

(Reuters) - Its shares closed on Friday at $32.37.




Read more at Reuters.com Mergers News

U.K. Stocks Rebound, Paced by Prudential, Resolution; Barclays Advances

(Bloomberg) -- U.K. stocks climbed, rebounding from
last week's decline, led by Friends Provident Plc after Resolution
Plc said its in ``advanced'' talks to merge with the insurer.

Prudential Plc and Legal & General Group Plc paced the gains
after UBS AG recommended investors buy the shares. Barclays Plc
rose after the bank increased its offer for ABN Amro Holding NV.


Read more at Bloomberg Stocks News

Italy's S&P/MIB Index Rises , Paced by UniCredit; Impregilo Shares Gain

(Bloomberg) -- Italy's S&P/MIB Index rebounded from
its largest one-day drop in two months. UniCredit SpA and
Impregilo SpA paced the advance.

The S&P/MIB Index added 135, or 0.3 percent, to 41,608 at
9:11 a.m. in Milan as 28 stocks rose, 11 fell and one was
unchanged. Futures expiring in September climbed 88, or 0.2
percent, to 41,875.


Read more at Bloomberg Stocks News

OPEC concerned oil price may hurt global economy

(Reuters) - OPEC is concerned about the potential impact of the near-record price of oil on the world's economy but has seen little sign that growth has been hit by higher energy costs, the group's president said on Sunday.

The Organization of the Petroleum Exporting Countries stands ready to pump more oil if needed, but it is not clear whether the group will need to boost output before the end of the year, said OPEC President and United Arab Emirates Energy Minister Mohammed al-Hamli.


Read more at Reuters Africa

Barclays Raises ABN Offer to $93.4 Billion With China, Singapore Funding

(Bloomberg) -- Barclays Plc, vying to buy ABN Amro
Holding NV in the biggest banking takeover, raised its offer to
67.5 billion euros ($93.4 billion) after securing investments
from the governments of China and Singapore.

Barclays's revised bid is worth 35.73 euros a share and
includes 37 percent cash, the London-based company said today,
4.3 percent more than its previous offer. The bid remains lower
than the 38.40 euro-a-share offer made last week by a trio of
banks led by Royal Bank of Scotland Group Plc.


Read more at Bloomberg Emerging Markets News