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

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

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


Read more at Bloomberg Bonds News

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

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

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


Read more at Bloomberg Stocks News

Oil holds firm above $75, eyes tight global supply

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




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


Read more at Reuters.com Hot Stocks News

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

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

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


Read more at Bloomberg Emerging Markets News

Treasuries Rise as Slide in Global Stocks Spurs Investors to Reduce Risk

(Bloomberg) -- U.S. Treasuries rose for a fourth
day as investors sold stocks and corporate bonds and sought the
relative safety of government debt.

Ten-year securities headed for a third weekly gain as Asian
stock markets slid the most in four months, extending a rout in
global equities. Japan's Nikkei 225 Stock Average slumped 2.3
percent on speculation a worsening U.S. housing slump will slow
growth in the world's biggest economy.


Read more at Bloomberg Bonds News

UPDATE 1-Banco Azteca gets preliminary nod to open in Brazil

(Reuters) - Banco Azteca has grown rapidly since it was launched by
Elektra in 2002 to offer loans and other services
to working class Mexicans.




The bank doles out credit to customers who want to buy
products in Elektra stores and also takes deposits and handles
dollar remittances sent home by Latinos working in the United
States.


Read more at Reuters.com Market News

Emerging-Market Bonds Fall as Argentina and Venezuela Post Biggest Losses

(Bloomberg) -- Emerging-market bonds declined,
pushing yields over U.S. Treasuries to the widest in more than a
year, as investors reduced holdings of riskier securities.

Developing nation debt has declined for five days as growing
losses in so-called collateralized debt obligations backed by
subprime mortgages trigger risk aversion. Argentine and
Venezuelan bonds, among the riskiest in emerging markets, led
losses.


Read more at Bloomberg Emerging Markets News

Roche extends tender offer for Ventana

(Reuters) - Roche said the $75 per share tender offer would expire on August 23, instead of July 25 as previously scheduled. All other terms of the tender offer remained the same.



Earlier in July, Ventana rejected Roche's offer, saying the bid undervalued the company and its prospects in the fast-growing cancer-testing market. Roche launched the tender offer on June 27.


Read more at Reuters.com Mergers News

Corporate Bond Risk in Australia Advances to Record, Default Swaps Show

(Bloomberg) -- The risk premium on Australian
corporate bonds surged to a record, according to traders of
credit-default swaps.

Contracts based on $10 million of debt in the iTraxx
Australia Series 7 Index of 25 companies rose $7,000 to $45,000
at 9.40 a.m. in Sydney, according to ABN Amro Holding NV. The
five-year contracts have gained $15,500, or 53 percent, since
July 17, Bloomberg Data shows.


Read more at Bloomberg Bonds News

Mexico's Calderon to adjust tax reform proposal

(Reuters) - The proposal Calderon unveiled in June would raise Mexico's
paltry tax take by about 3 percent of gross domestic product,
largely through a minimum income tax on companies.




Economists have long warned Mexico is heading for financial
disaster unless it increases tax revenues to offset a forecast
drop in crude oil output, which currently funds about one third
of the federal budget.


Read more at Reuters.com Bonds News

UPDATE 1-Judge approves Dana deal with unions, Centerbridge

(Reuters) - U.S. Bankruptcy Judge Burton Lifland approved the $500
million Centerbridge plan and Dana contracts with the United
Auto Workers and the United Steelworkers unions after changes
to the original proposals resolved many objections.




Dana, which filed for bankruptcy protection in March 2006
in New York, expects to file a reorganization plan by the
beginning of September and to exit bankruptcy by the end of
2007.


Read more at Reuters.com Bonds News

Wall St indexes sell off on housing, credit fears

(Reuters) - The S&P shed about $300 billion in market value in the worst single session since the February 27 global market sell-off, with surprisingly weak earnings reports also weighing on stocks. Even with the sharp decline, the Dow and S&P 500 are within 5 percent of their respective record highs.




A drop in quarterly profit at Exxon Mobil Corp., helped wipe out more than $16 billion in market value of the world's largest publicly traded company.


Read more at Reuters.com Hot Stocks News

McAfee 2nd-quarter profit rises with software sales

(Reuters) - It also expects to take $100 million to $150 million in noncash charges as it restates previous financial results related to past stock option grants following a probe into accounting for those grants.



Second-quarter net income jumped to $49.4 million, or 30 cents per share, from $31.36 million, or 19 cents per share, a year ago.


Read more at Reuters.com Market News

Kenneth Cole posts lower 2nd-quarter net profit

(Reuters) -



LOS ANGELES, July 26 - Kenneth Cole Productions Inc. , which designs and markets shoes, handbags and accessories, posted lower quarterly profit on Thursday, but matched expectations, as sales decreased and expenses related to its men's sportswear line rose.


Read more at Reuters.com Market News

UPDATE 1-PerkinElmer profit rises, next CEO named

(Reuters) - NEW YORK, July 26 - Scientific instruments maker
PerkinElmer Inc reported on Thursday that
second-quarter profit rose 38 percent, spurred by double-digit
gains in both of the company's main business units.




The Boston-based company posted a net profit of $33.7
million, or 28 cents per share, compared with a profit of $24.5
million, or 19 cents per share, a year ago.


Read more at Reuters.com Market News

Actel posts higher 2nd-qtr revenue

(Reuters) - In a statement, the company said additional second-quarter
results will be available after the completion of an ongoing
review of its historical stock option practices.





Read more at Reuters.com Market News

UPDATE 1-Universal Health earnings fall with profit margin

(Reuters) - Second-quarter profit fell to $52.1 million, or 97 cents
per share, compared with $60.3 million, or $1.04 per share, a
year earlier.




The company reported adjusted income from continuing
operations of 79 cents per share.


Read more at Reuters.com Market News

UPDATE 3-Hartford posts higher 2nd quarter net, exceeds view

(Reuters) - The property and life insurer said net income was $627
million, or $1.96 a share, up from $476 million, or $1.52 a
share, in the year-earlier quarter.




Hartford also said it had received a subpoena from
Connecticut Attorney General Richard Blumenthal related to
reinsurance.


Read more at Reuters.com Market News

UPDATE 1-Massey Energy's second-quarter profit soars

(Reuters) - Net income jumped to $34.9 million, or 43 cents per share,
from $3.2 million, or 4 cents per share, a year ago.




Analysts on average were expecting per-share earnings of 39
cents, according to Reuters Estimates.


Read more at Reuters.com Market News

Yen Strengthens as Slump in Stocks Spurs Investors to Exit of Carry Trades

(Bloomberg) -- The yen rose against all 16 of the
most-active currencies on speculation a slump in stocks will
spur investors to repay loans in Japan used to finance
investment in higher-yielding assets elsewhere.

Japan's currency rose to the strongest in three months
against the dollar and the highest in six weeks versus the euro
as futures traded yesterday in the U.S. indicated Asian stock
markets will drop. The yen's advance was steepest against the
Australian and New Zealand dollars, favorites of the so-called
carry trade, as the Standard & Poor's 500 Index closed yesterday
with a loss of 2.3 percent, the biggest decline since Feb. 27.


Read more at Bloomberg Currencies News

UPDATE 1-Mexico economy grew 2.9 pct in May, above forecast

(Reuters) - Economic activity was up 0.35 percent in May from April
according to the monthly IGAE index, which measures the vast
majority of Mexico's economic output.




Analysts in a Reuters poll on average had expected economic
activity to grow 2.15 percent in May.


Read more at Reuters.com Economic News

Kellogg profit increases despite rising costs

(Reuters) - By Brad Dorfman



CHICAGO, July 26 - Kellogg Co. posted a better-than-expected 13 percent increase in quarterly profit on Thursday as price increases and cost-cutting measures helped offset rising expenses.


Read more at Reuters.com Market News

CORRECTION: US Airways posts lower profit; shares fall

(Reuters) - CHICAGO - US Airways Group Inc. on Thursday reported a 14 percent decline in second-quarter net profit because of spending by the airline to improve reliability.




The company, formed in 2005 from the merger of America West and US Airways, said net income fell to $263 million, or $2.77 per share, from $305 million, or $3.25 per share, a year earlier.


Read more at Reuters.com Market News

U.S. FDA: Glaxo's Avandia risk data a concern

(Reuters) - The FDA released the analysis ahead of Monday's advisory
panel review of the drug's heart risks.




Read more at Reuters.com Government Filings News

Asian, African rubber growers swap knowledge, plants

(Reuters) - The Common Fund for Commodities (CFC) said on Wednesday it would launch $1.6 million project to help rubber farmers in Ivory Coast, Cameroon and Ghana improve their incomes through training and the planting of other crops.

Experts from the Netherlands-based intergovernmental institution, which aims to improve conditions for smallholders through better revenues, held a two-day seminar with rubber industry officials from these three states in Ivory Coast's economic capital Abidjan this week.


Read more at Reuters Africa

Mr Price Q1 sales up 28 pct, sees slower growth

(Reuters) - South African fashion and homeware retailer Mr Price posted a 27.6 percent rise in first-quarter sales on Thursday but said sales growth for the rest of the year would be "more challenging".

The company said like for like sales stripping out the impact of new stores increased 10.9 percent in the quarter to end June.


Read more at Reuters Africa

Sasol says capex to total $9.4 bln over 3 years

(Reuters) - The company said it expected to announce details on a
planned deal to sell shares in the group to black investors
later in the year.




Read more at Reuters.com Mergers News

Scania CEO says no discussions with MAN

(Reuters) - Ostling said he did not know if any talks were being held
among the two truck makers' owners.




Germany's Volkswagen , the biggest investor in both
Scania and MAN, has sought to resume negotiations on a merger of
the two firms to create Europe's truck market leader.


Read more at Reuters.com Mergers News

UPDATE 2-Abitibi, Bowater shareholders OK takeover deal

(Reuters) - "This deal brings us both together and moves us to the next
plateau by generating efficiencies in terms of synergies,
improved financial and operating profiles for both companies
and a better asset and product mix for our customers," said
Abitibi President John Weaver at a press conference.




The companies said the deal will generate $250 million in
savings.


Read more at Reuters.com Mergers News

AstraZeneca ups job cuts to 7,600 in savings drive

(Reuters) - The Anglo-Swedish drugmaker, which announced in February it planned to cut about 3,000 positions, said it would increase the job cuts to more than 10 percent of its 2006 workforce in a drive to make over $900 million of annual savings by 2010.




Chief Executive David Brennan said the additional job losses would affect its European sales and marketing team as well as employees working in research and development and other areas in Britain, Sweden, Germany, France, the United States and Canada.


Read more at Reuters.com Business News

Ford swings to surprising profit

(Reuters) - Ford also said it is exploring a sale of its Jaguar and Land Rover luxury units, a spin-off Ford executives said they now view as probable.




The No. 2 U.S. automaker further said it is conducting a strategic review of its Swedish luxury nameplate Volvo -- widely considered Ford's most valuable luxury brand -- that it expects to conclude by the end of the year.


Read more at Reuters.com Business News

UPDDATE 1-U.S. new home sales fell 6.6 percent in June

(Reuters) - WASHINGTON, July 26 - Sales of new U.S. homes
fell 6.6 percent in June to a lower-than-expected level and
prices slumped from May, according to a government report on
Thursday that pointed to ongoing weakness in the housing
sector.




New single-family home sales fell to an annual rate of
834,000 from a revised rate of 893,000 in May, the Commerce
Department said.


Read more at Reuters.com Economic News

CPFL Energia, Gol, Natura, Tam, Petroleo Brasileiro: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index fell more
than 3 percent for the second time in three days, led by state-
controlled oil company Petroleo Brasileiro SA.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 2199.94, or 3.9 percent, to 53,801.36 as of 9:36 a.m.
New York time.


Read more at Bloomberg Stocks News

Intercontinental Exchange Profit Rises 73 Percent as Energy Trading Gains

(Bloomberg) -- Intercontinental Exchange Inc., which
lost its bid to acquire the Chicago Board of Trade this month,
said second-quarter net income jumped 73 percent on increased
energy trading.

Profit rose to $53.7 million, or 75 cents per share, from
$31 million, or 52 cents per share, in the year-earlier period,
Atlanta-based Intercontinental said. Revenue jumped to $136.7
million in the quarter, up 86 percent from $73.6 million.


Read more at Bloomberg Energy News

Lyondell second-quarter earnings rise

(Reuters) - Income from continuing operations rose to $1.02 per share from 50 cents a year ago.




Ethylene segment results continued to reflect good volumes and operating rates with modest margin improvement, the Houston-based company said.


Read more at Reuters.com Bonds News

UPDATE 1-Credit derivatives plummet on supply, subprime woe

(Reuters) - NEW YORK, July 26 - U.S. credit default swap
spreads widened dramatically on Thursday because of worries
about a heavy forward calendar of debt supply and turmoil in
the subprime mortgage market, market sources said.




The investment-grade index widened about 4.5 basis points
to around 61.5 basis points, while an index of high-volatility
credits widened about 9 basis points to 159 basis points.


Read more at Reuters.com Bonds News

Phoenix Cos. second-quarter profit rises

(Reuters) - Analysts expected the company to report profit of 26 cents
a share, before items, according to Reuters Estimates.





Read more at Reuters.com Market News

UPDATE 2-AstraZeneca ups job cuts to 7,600 in savings drive

(Reuters) - The Anglo-Swedish drugmaker, which announced in February it planned to cut about 3,000 positions, said it would increase the job cuts to more than 10 percent of its 2006 workforce in a drive to make over $900 million of annual savings by 2010.




Chief Executive David Brennan said the additional job losses would affect its European sales and marketing team as well as employees working in research and development and other areas in Britain, Sweden, Germany, France, the United States and Canada.


Read more at Reuters.com Market News

Celgene 2nd-qtr earnings jump on cancer drug sales

(Reuters) - Excluding one-time items, the company earned 26 cents a
share. On that basis, analysts on average expected 23 cents a
share, according to Reuters Estimates.




Revenue rose 76.4 percent to $348 million.



Read more at Reuters.com Market News

Coca-Cola Enterprises profit falls

(Reuters) - Excluding restructuring charges and other items, profit was 58 cents per share for the company, which bottles, sells and distributes more than three-quarters of the Coke drinks sold in North America.




Read more at Reuters.com Market News

Corporate Bond Risk Soars on Absolute Hedge Fund Loss, Failed Buyout Loans

(Bloomberg) -- The risk of owning corporate bonds
soared after a hedge fund co-owned by ABN Amro Holding NV's
Australian unit suspended withdrawals and investors shunned
buyout debt in the U.S. and Europe, credit-default swaps show.

Contracts on 10 million euros ($13.8 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies rose 36,000 euros to 400,000 euros, according to
JPMorgan Chase & Co. The cost of the credit-default swaps, used
to bet of the ability of companies to repay debt, is the highest
in more than two years. The U.S. benchmark CDX Investment Grade
Index jumped $6,000 to $62,750, Deutsche Bank AG said.


Read more at Bloomberg Bonds News

Penn National profit falls on merger costs

(Reuters) - On June 15, Fortress and Centerbridge Partners LP agreed to
buy Penn National for $67 a share, or $6.1 billion.





Read more at Reuters.com Bonds News

Travelers profit up, boosts 2007 forecast

(Reuters) - Operating earnings, which analysts use to measure performance because they excludes investments, rose 22 percent to $1.17 billion, or $1.73 per share, from $959 million, or




$1.34.


Read more at Reuters.com Hot Stocks News

Tully's Coffee sees IPO of 3.5 mln shares at $10-$12 each

(Reuters) - The Seattle, Washington-based company said it has applied
for a Nasdaq listing under the symbol "TULY."





Read more at Reuters.com Government Filings News

Duncan Energy posts Q2 earnings below analysts' estimates

(Reuters) - Analysts on average were expecting the company to earn 23
cents per unit, excluding items, on revenue of $207.1 million,
according to Reuters Estimates.





Read more at Reuters.com Market News

LKQ quarterly profit rises

(Reuters) - Earlier this month, the company had agreed to acquire
smaller rival Keystone Automotive Industries Inc. for
about $811 million.





Read more at Reuters.com Market News

Metals steady but vulnerable on firm dollar, stocks

(Reuters) - Copper steadied on Thursday but analysts saw more downside risk as the dollar held on to gains and inventories rose, while nickel prices were volatile.

Copper for delivery in three months on the London Metal Exchange was at $7,820 a tonne at 0903 GMT, $42 up from Wednesday when it fell 2.4 percent on dollar strength.


Read more at Reuters Africa

Stock futures point to upbeat techs after Apple

(Reuters) - Thursday's busy results calendar includes earnings from top oil producer Exxon Mobil Corp , conglomerate 3M , Amgen Inc. , Bristol-Myers Squibb , Dow Chemical Co. and Aetna Inc. .




By 0902 GMT September Nasdaq 100 futures were up 0.1 percent, while Standard & Poor's 500 and Dow Jones futures were both down 0.2 percent.


Read more at Reuters.com Bonds News

U.S. Stock-Index Futures Decline; Dow Chemical, 3M Shares Drop in Europe

(Bloomberg) -- U.S. stock-index futures fell before
more than 50 Standard & Poor's 500 Index companies report
earnings today.

Dow Chemical Co., the largest U.S. chemical maker, slid
before posting results. 3M Co., one of two Dow Jones Industrial
Average members due to report quarterly earnings, also retreated.


Read more at Bloomberg Stocks News

JGB futures hold near 7-wk high, good auction helps

(Reuters) - JGBs initially slipped as U.S. Treasuries steadied from this
week's gains on the subprime mortgage troubles. But as the Nikkei
share average fell 0.9 percent to a two-month low in late
trade, the market trimmed just about all its losses.




Trade was subdued as market players remained cautious before
Friday's report on consumer prices and Sunday's upper house
election in Japan. Most investors believe the Bank of Japan is
likely to raise interest rates next month.


Read more at Reuters.com Bonds News

European Stocks Pare Gains as BT Group, Thomson, Legal & General Slide

(Bloomberg) -- European stocks erased gains as
shares of BT Group Plc and Thomson SA fell.

ABB Ltd., the world's largest builder of electricity networks,
and European Aeronautic Defence & Space Co. paced advancing shares
after reporting earnings that beat analysts' estimates.


Read more at Bloomberg Stocks News

Nordic Indexes Climb; Skanska, Volvo and Securitas Shares Pace the Advance

(Bloomberg) -- Nordic stocks rose, paced by Skanska
AB, Europe's third-largest construction company, and Volvo AB,
the world's second-biggest truckmaker.

Securitas AB, the world's largest security company, also
gained.


Read more at Bloomberg Stocks News

Shell Q2 profit rises 20 pct, boosted by refining

(Reuters) - Excluding this gain, the underlying result was up 5 percent at $6.896 billion, compared to an average forecast of $6.770 billion from a Reuters poll of 10 analysts.




Read more at Reuters.com Business News

Albidon hedges Zambia nickel output, boosts exploration

(Reuters) - Australia's Albidon Ltd has locked in high nickel prices for the first years of its flagship Munali project in Zambia, its managing director said on Wednesday.

Albidon is seeking to expand regional exploration, with exploration projects in four other African countries,


Read more at Reuters Africa

UPDATE 1-Fujitsu Q1 oper profit down 80 pct, lifts outlook

(Reuters) - The chips-to-computers company, which competes with
International Business Machines Corp. and Electronic Data
Systems Corp. , is eyeing growth in Europe and the United
States through acquisitions to branch out of a saturated computer
market at home and aiming for double-digit annual overseas sales
growth.




Fujitsu, which hopes to reinvent itself as an IBM-style
consulting company, was hit by price slides for its system chips,
which it supplies to companies like Sony Corp. , and its
hard drives.


Read more at Reuters.com Market News