China's Purchasing Managers' Activity Slowed in July, Joint Survey Shows

(Bloomberg) -- Manufacturing activity in China
expanded at a slower pace in July, according to a survey of
purchasing managers released today.

The Purchasing Managers' Index fell to 53.3 from 54.5 in
June, the China Federation of Logistics and Purchasing and the
National Bureau of Statistics said in an e-mailed statement.
That was the lowest reading in five months.


Read more at Bloomberg Emerging Markets News

Bear Stearns Halts Redemptions After Hedge-Fund Investors Seek Withdrawals

(Bloomberg) -- Bear Stearns Cos., manager of two
hedge funds that collapsed last month, halted redemptions from a
third fund after a slump in credit markets prompted investors to
demand their money back.

The Bear Stearns Asset-Backed Securities Fund had about $900
million invested in asset-backed securities, including mortgage
bonds, spokesman Russell Sherman said today in a telephone
interview. The fund was overwhelmed by redemption requests,
Sherman said.


Read more at Bloomberg Bonds News

UPDATE 6-Dow Jones OKs $5 bln sale to News Corp - source

(Reuters) - NEW YORK, July 31 - Rupert Murdoch is set to
achieve his decades-long dream of running the venerable Wall
Street Journal after Dow Jones & Co Inc.'s board agreed
to News Corp's $5 billion buyout bid on Tuesday.




The board decided to accept the offer at a meeting Tuesday
evening, according to a source familiar with the matter,
shortly after News Corp.'s board approved the deal.


Read more at Reuters.com Bonds News

Texas OKs TXU plan to avoid future market abuse

(Reuters) - The plan sets out "clear guidelines" for TXU that will
serve as a defense against future market-abuse charges, said
TXU spokesman Lisa Singleton. The plan sets out power volume,
price formulas and other operational rules for the company,
according to the filing.




Dallas-based TXU has agreed to be acquired by a group of
private equity firms led by Kohlberg Kravis Roberts & Co.
[KKR.UL] and Texas Pacific Group [TPG.UL] for $32 billion.


Read more at Reuters.com Mergers News

UPDATE 1-RenaissanceRe 2nd-qtr profit rises, exceeds view

(Reuters) - RenaissanceRe, which provides backup coverage to property
insurers in case of catastrophe claims, said net earnings were
$183.2 million, or $2.53 per share, up from $130.4 million, or
$1.81 a share, in the year-earlier quarter.




RenaissanceRe said operating earnings, which analysts use
to measure performance because it excludes investments, were
$194.7 million, or $2.69 a share.


Read more at Reuters.com Market News

UPDATE 2-CEO's comments raised at Whole Foods hearing

(Reuters) - WASHINGTON, July 31 - An economist for Whole
Foods Market Inc was forced on Tuesday to grapple with
the past comments of the company's chief executive as he
testified against government efforts to block the acquisition
of Wild Oats Markets Inc .




Whole Foods economist David Scheffman was asked how he
could square his benign view of the merger with the statements
of Whole Foods CEO John Mackey, who told the company's board of
directors in an e-mail the deal would prevent "nasty" price
wars with Wild Oats and head off future competition with
conventional supermarket chains.


Read more at Reuters.com Mergers News

Moody's refines ratings methodology for Alt-A loans

(Reuters) - So-called "Alt-A" home mortgages are held by borrowers who
are rated above the subprime category but below the more
pristine prime borrower.




The rating agency's higher loss estimates are projected to
range from an increase of 10 percent for stronger Alt-A
mortgaeg loan pools to an increase of more than 100 percent for
weaker pools as a result of the revisions.


Read more at Reuters.com Bonds News

MetLife posts sharply higher Q2 net, exceeds view

(Reuters) - MetLife's shares rose modestly in aftermarket trading to $60.50 from their close at $60.22 on the New York Stock Exchange. In the last 12 months, MetLife rose 17 percent compared to an 8 percent gain in the Standard & Poor's insurance index .




MetLife's success as an investor in the second quarter was due in part to joint ventures with hedge funds and private equity. MetLife has said it plans to increase its stake in these joint ventures.


Read more at Reuters.com Market News

Markel posts higher Q2 earnings

(Reuters) - Analysts on average had expected the company to earn $8.59
a share for the quarter, excluding exceptional items, according
to Reuters Estimates.





Read more at Reuters.com Market News

UPDATE 1-AvalonBay second-quarter per share FFO up 18 pct

(Reuters) - The company said funds from operations, or FFO, rose to $94
million, or $1.17 per share, at the top of the range of $1.13
to $1.17 per share the company forecast in April and slightly
ahead of the $1.16 per share, analysts, on average, expected
according to Reuters Estimates.




A year earlier, the Alexandria, Virginia-based company
reported second-quarter FFO of $74.86 million, or 99 cents per
share.


Read more at Reuters.com Market News

Yamana CEO says Meridian takeover bid has support

(Reuters) - Earlier on Tuesday, Meridian recommended its shareholders
reject the bid, saying it did not value the company properly.







Read more at Reuters.com Mergers News

UPDATE 1-Senate Democrats wary on private equity tax hikes

(Reuters) - WASHINGTON, July 31 - Sounding newly cautious on
a sensitive issue for some of America's richest financiers,
four senior U.S. Senate Democrats raised questions on Tuesday
about hiking taxes on private equity firms and hedge funds.




Senate Banking Committee Chairman Christopher Dodd said in
a statement he is "concerned about the potential adverse
effects that these proposals would have on capital formation,
on job creation, and on institutional investors."


Read more at Reuters.com Bonds News

Horizon Lines to offer $300 mln of senior notes

(Reuters) - The company said it expects to use a portion of the net
proceeds to repurchase up to about 1 million shares of its
common stock.





Read more at Reuters.com Bonds News

Amkor profit climbs as debt expenses decline

(Reuters) - Revenue fell to $652.5 million from $686.6 million.




Read more at Reuters.com Market News

UPDATE 1-First Solar posts 2nd-quarter profit vs loss

(Reuters) - Net income was $44.4 million, or 58 cents a share, compared
with a loss of $2.5 million, or 3 cents a share, a year
earlier.




The second quarter included a tax benefit of $39.2 million,
or 51 cents a share.


Read more at Reuters.com Market News

All Nippon, NEC, Hitachi, Mizuho, Mazda, NEC, Ibiden: Japan Equity Preview

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

All Nippon Airways Co. (9205 JT): Japan's largest domestic
carrier said first-quarter net income rose 11-fold to 87.4
billion yen ($736 million) as it sold a group of hotels, masking
a drop in operating profit. The stock slid 3 yen, or 0.7 percent,
to 450.


Read more at Bloomberg Stocks News

UPDATE 1-Auxilium Q2 loss narrows, set to resume Xiaflex trials

(Reuters) - Xiaflex is an injectable enzyme for the treatment of
Dupuytren's contracture, a condition caused when the fibrous
tissue in the palm thickens, causing fingers to curl.




In a statement, the specialty pharmaceutical company said
it plans to resume late-stage trials for Xiaflex in the fourth
quarter.


Read more at Reuters.com Market News

RAIT Financial says American Home has not made payments

(Reuters) - Earlier in the day, American Home, a large U.S. mortgage
provider, said it can no longer fund home loans and may
liquidate assets, putting its survival in doubt.





Read more at Reuters.com Bonds News

Two big LSE investors support Borsa Italiana deal

(Reuters) - The shareholders said in a statement they intend to vote
all the stock they hold in the LSE in favor of the
acquisition.




The LSE said last month it signed a deal to acquire the
Milan exchange for about 1.6 billion euros, the latest in a
series of moves to consolidate the world's exchanges.


Read more at Reuters.com Mergers News

FCC sets wireless sale rules

(Reuters) - That requirement will apply to the 22 megahertz spectrum to be sold to commercial providers and the agency set a suggested $4.6 billion minimum for those airwaves to be sold, according to the FCC.




However, the agency stopped short of a broader requirement sought by potential bidder Google Inc. that would force the winner to resell access to its network on a wholesale basis.


Read more at Reuters.com Government Filings News

UPDATE 1-Deutsche Boerse Q2 profit, sales lag expectations

(Reuters) - Group earnings before interest, taxes and amortization
rose 10 percent year-on-year to 321.8 million euros
, Deutsche Boerse said in a statement.




The profit included an extraordinary gain of "some 10
million" euros from the disposal of land, the company said.


Read more at Reuters.com Mergers News

S&P Expands Ratings Review of Mortgage CDOs by $1 Billion to $5.7 Billion

(Bloomberg) -- Standard & Poor's may downgrade an
additional $1 billion of collateralized debt obligations as part
of its reassessment of rated investments in the mortgage market,
bringing the total amount of CDOs under review to $5.7 billion.

S&P added 33 pieces of 10 CDOs to a list of issues it's
considering for downgrades, the New York-based ratings firm said
in a statement today. S&P already cut ratings on more than
$2 billion of CDOs holding derivatives of subprime-and second-
mortgage bonds that the company downgraded earlier this month as
late payments on the underlying loans exceeded its expectations.


Read more at Bloomberg Bonds News

UPDATE 1-Libbey swings to Q2 profit, shares rise

(Reuters) - Sales for the latest quarter rose 31 percent to $207.1
million, beating one analysts' estimate of $203.8 million.




The Toledo, Ohio-based company's sales grew as it witnessed
a significant increase in its North American glass sales and
international sales.


Read more at Reuters.com Market News

IndyMac intends to maintain stock dividend

(Reuters) - IndyMac, which makes many mortgages considered just below
"prime" in quality, said it is trying not to take excessive risks
as borrowers miss more payments and amid lessening liquidity in
secondary markets.




"What we're focused on right now is safety and soundness,"
Perry said on a conference call discussing quarterly results.



Read more at Reuters.com Bonds News

Chile stocks rise following growth data, peso gains

(Reuters) - "The market has completely recovered since last week," a
trader said. "Today in Chile data on unemployment, industrial
production and other figures were released. They were better
than the market expected."




June industrial production grew 6.7 percent over 12 months,
easily outpacing analysts' forecasts of 4.8 percent, while
second-quarter unemployment came in at 6.9 percent, the lowest
for the period in nine years.


Read more at Reuters.com Bonds News

Rand holds onto overnight gains, in range

(Reuters) - South Africa's rand held onto overnight gains on Tuesday, taking a breather after sharp losses racked up over the past week and shrugging off a wider trade deficit.

The domestic currency was trading at 7.0990 to the dollar at 1530 GMT, virtually unchanged from its close in New York on Monday, when it rebounded from a one-month low of 7.1999.


Read more at Reuters Africa

UPDATE 1-Anadarko shares up as 2nd-qtr profit tops Street

(Reuters) - HOUSTON, July 31 - Shares of independent oil and
gas producer Anadarko Petroleum Corp. climbed on
Tuesday, a day after the company reported better-than-expected
quarterly earnings and raised its annual production forecast.




Houston-based Anadarko's shares initially rose more than 5
percent, but fell back a bit and were trading up 4.4 percent,
or $2.20 at $52.30 on the New York Stock Exchange at midday.


Read more at Reuters.com Market News

Nelnet agrees to a $2 mln settlement with New York

(Reuters) - NEW YORK, July 31 - New York Attorney General Andrew Cuomo said on Tuesday that Nelnet Inc , the leading consolidator of student loans, had agreed to pay $2 million as part of a settlement that ends a broad investigation into its business practices.



Cuomo, as part of his sweeping probe into the $85 billion a year student loan business, had accused Nelnet of making payments to college alumni groups in exchange for getting loan referrals. As part of the settlement, Nelnet agreed to stop making these payments and to adopt other reforms.


Read more at Reuters.com Government Filings News

Fitch cuts MGIC, puts Radian on negative watch

(Reuters) - Fitch also could downgrade Radian Group's "A" long-term
debt ratings and "AA" insurer strength ratings of all Radian
mortgage and financial guaranty subsidiaries. Radian Group has
$750 million of senior notes outstanding.




The action came after MGIC and Radian said they could be
forced to write down the entire value of their $1.034 billion
investment in C-BASS, which invests in the credit risk of
subprime residential mortgages.


Read more at Reuters.com Mergers News

Oil Rises Above $78, One-Year High, as U.S. Refiners May Boost Operations

(Bloomberg) -- Crude oil rose above $78 a barrel in
New York, the highest in more than a year, on speculation demand
will outpace supply as refiners increase fuel production in
preparation for the winter months.

An Energy Department report tomorrow may show that U.S.
crude-oil supplies fell for a fourth week, according to a
Bloomberg News survey of analysts. Demand tends to rise as
refineries begin to make fuels for use in the fall and winter.
Bets on rising prices by hedge funds and other speculators rose
to a record earlier this month, according to government data.


Read more at Bloomberg Energy News

Bidz.com sees Q2 rev of about $39 mln; backs 2007 rev view

(Reuters) - For 2007, the company said it still expects revenue to be
in the range of $170 million to $180 million and income before
tax of $14 million to $15 million, above its prior outlook of
$13 million to $14 million based on higher gross profit
margins.





Read more at Reuters.com Market News

Rogers slips to loss after big non-cash charge

(Reuters) - Excluding one-off items, the company reported a profit of
C$277 million, or 43 Canadian cents a share.







Read more at Reuters.com Market News

UPDATE 1-Vornado FFO rises in second quarter

(Reuters) - Funds from operations, or FFO, a measure of REIT
performance that removes the effects of depreciation, increased
22 percent to $281.7 million, or $1.72 per diluted share, from
$230.4 million, or $1.49, a year earlier.




Analysts on average had expected FFO of $1.64 per share,
according to Reuters Estimates.


Read more at Reuters.com Market News

Sonic Automotive profit doubles, shares rise 5 pct

(Reuters) - DETROIT, July 31 - Sonic Automotive Inc. , the No. 3 U.S. auto dealership chain, on Tuesday said second-quarter earnings more than doubled on improved profit margins and raised its full-year outlook, pushing its shares up 5 percent.



The Charlotte, North Carolina-based company posted net income of $26.37 million, or 57 cents per share, compared with $12.19 million, or 29 cents per share, a year earlier. Earnings from continuing operations were 65 cents per share.


Read more at Reuters.com Market News

Turkish June Foreign Trade Gap Widens for Second Month on Material Imports

(Bloomberg) -- Turkey's trade deficit widened 18
percent in June from a year earlier, the second consecutive
increase, as industry drew in raw materials for manufacture of
products to export.

The trade gap grew to $5.5 billion from a revised $4.7
billion in the year-earlier period, the statistics agency in
Ankara said on its Web site today. The deficit was forecast to be
$4.8 billion, according to the median estimate of 13 economists
surveyed by Bloomberg.


Read more at Bloomberg Emerging Markets News

S.Africa credit points to rate hike, trade gap up

(Reuters) - Demand for credit by South Africa's private sector grew at a faster pace in June, hardening the case for higher interest rates to curb spending, while a wider trade deficit pointed to continued pressure on the current account.

The Reserve Bank has raised its repo rate by 250 basis points to 9.5 percent since mid-2006 to tame inflation and robust consumer demand, but spending, driven by credit, remains high.


Read more at Reuters Africa

RPT-US Midwest business grows more slowly in July

(Reuters) - The National Association of Purchasing Management-Chicago
business barometer fell to 53.4 from 60.2 in June. Economists
had forecast the index at 58.0. A reading above 50 indicates
expansion.




The employment component of the index jumped to 61.6 from
52.7 last month. Prices paid rose to 73.1 from 68.1 and new
orders dropped to 53.4 from 65.7.


Read more at Reuters.com Bonds News

TREASURIES-Bonds fall as stocks surge on confidence data

(Reuters) - Treasuries were little moved by tame inflation data and
news that business activity in the U.S. Midwest region
unexpectedly slowed sharply in July, as investors focused on
the stock market where stocks gained for a second day.




Rebounding stock markets reversed recent flight-to-quality
flows into Treasuries that had pushed benchmark 10-year
Treasury yields to two-month lows on Friday.


Read more at Reuters.com Bonds News

Copper Futures Rise Most in a Week in New York on Strike by Mexico Workers

(Bloomberg) -- Copper futures in New York jumped
the most in more than a week after Southern Copper Corp. workers
went on strike at three mines in Mexico.

Employees began a work stoppage at Cananea, Mexico's
largest copper mine, and the Taxco and San Martin zinc mines, a
union spokeswoman said yesterday. Copper has gained 10 percent
since May 30 as labor unrest hampered production in Latin
American countries.


Read more at Bloomberg Commodities News

Pardus ups Valeo stake to over 18 percent

(Reuters) - Pardus principal Karim Samii and Valeo chairman and chief
executive Thierry Morin could meet soon as part of Valeo's
roadshow following the first-half results.




Samii said after the May 21 annual meeting he could raise
the stake to 20 percent.


Read more at Reuters.com Mergers News

US STOCKS-Futures extend gains on PCE data

(Reuters) - S&P 500 futures were up 13 points, well above fair
value, a mathematical formula that evaluates pricing by taking
into account interest rates, dividends and time to expiration
on the contract.




Dow Jones industrial average futures rose 104
points, and Nasdaq 100 futures were up 18 points.


Read more at Reuters.com Bonds News

UPDATE 1-Rally in US credit markets builds on Monday gains

(Reuters) - The main index of investment-grade credit default swaps
tightened 7 basis points to 61 basis points, while an index of
high-volatility names tightened 23 basis points to 148 basis
points.




"The sort of widening that we saw last Wednesday, Thursday
and Friday -- not only was it irrational, but also completely
unsustainable," an analyst at a major Wall Street firm said.


Read more at Reuters.com Bonds News

UPDATE 1-U.S. core inflation rose 0.1 percent in June

(Reuters) - Analysts polled by Reuters were expecting the core price
index to gain 0.2 percent on the month.




In the same report, the government said that, in seasonally
adjusted data, personal income rose 0.4 percent while personal
spending rose a less-than-forecast 0.1 percent, the weakest
showing since a drop in spending in September of last year.


Read more at Reuters.com Economic News

Regal-Beloit second-quarter earnings rise

(Reuters) - Quarterly net sales rose 5.6 percent to $459.8 million.




Analysts on average were expecting second-quarter earnings
of $1.04 a share, before special items, on revenue of $456.6
million, according to Reuters Estimates.



Read more at Reuters.com Market News

Merrill eyes new China partner for JV

(Reuters) - Merrill Lynch signed a non-legal binding agreement in 2005 with Huaan Securities, based in the eastern province of Anhui, and the Chinese broker had agreed to be responsible for seeking government approval, the sources said.




However, they failed to win Beijing's greenlight for the planned venture partly because Chinese securities regulator launched a national campaign in late 2005 to restructure its brokerage sector, once in deep financial trouble, putting Merrill Lynch's plan on hold at the time, the sources said.


Read more at Reuters.com Government Filings News

Liz Claiborne quarterly profit falls

(Reuters) - Excluding items, profit was 26 cents per share for Liz
Claiborne, whose namesake designer died last month after
battling cancer.




The company is hoping that by focusing now on just four
brands it can ignite profits, which have tumbled due to a
squeeze on moderate apparel brands and falling demand for its
traditional upscale brands.


Read more at Reuters.com Market News

CBS quarterly earnings drop but beat forecasts

(Reuters) - Year-ago earnings included income from discontinued
operations of $291.9 million, reflecting a gain on the sale of
its Paramount Parks. It also had a tax benefit.




On an adjusted basis, earnings in the latest quarter rose
to 54 cents from 47 cents per share, surpassing the average
analyst estimate of 51 cents per share, according to Reuters
Estimates.


Read more at Reuters.com Market News

UPDATE 1-IAC/InterActiveCorp quarterly profit rises

(Reuters) - At the same time the company said its key HSN shopping unit
posted a slight 1 percent decline in revenue and reported what
it said was unexpected softness in U.S. ticket volumes for its
Ticketmaster box-office service.




Second-quarter net profit rose to $95.97 million, or 32
cents per share, from $53.8 million, or 17 cents per share, a
year ago.


Read more at Reuters.com Market News

UPDATE 1-Sirius Satellite net loss narrows

(Reuters) - Sirius, which has agreed to purchase rival XM Satellite
Radio Holdings Inc. , said its net loss was $134.1
million, or 9 cents a share, compared with a loss of $237.8
million, or 17 cents per share, a year before.




Excluding special items related to stock-based
compensation, the 2007 quarterly loss was 8 cents a share.


Read more at Reuters.com Bonds News

U.K. Natural Gas Declines as Traders Reduce Pipeline Exports to Belgium

(Bloomberg) -- U.K. natural gas fell as traders cut
exports of the fuel to Belgium, potentially increasing supplies
held within the U.K.'s pipeline network.

Gas for delivery in the 24 hours through 6 a.m. tomorrow
dropped 6.7 percent to 30.8 pence a therm, according to prices
on Bloomberg from broker ICAP Plc. That's equivalent to $6.25 a
million British thermal units. A therm is 100,000 Btus. Gas for
delivery a day ahead fell 2.8 percent to 31.4 pence a therm.


Read more at Bloomberg Energy News

Pound Gains as Traders Add to Bets on Higher Rates After Bond Risk Falls

(Bloomberg) -- The pound rose against the dollar
and euro as traders increased bets that the Bank of England will
increase interest rates again this year.

The U.K. currency headed for its second month of gains
versus the dollar as interest-rate futures show investors are
betting on borrowing costs rising at least once more this year.
The Bank of England's benchmark rate of 5.75 percent is the
highest among Group of Seven nations.


Read more at Bloomberg Currencies News

JGBs rise after solid auction, BOJ view caps gains

(Reuters) - Futures inched up towards a two-month high touched on Monday
as Japanese stocks hovered near a four-month low and dealers
picked up shorter JGB maturities after an auction of two-year
notes attracted solid demand.




"The auction was slightly better
and the Nikkei is still dragging its feet," an analyst at a U.S.
securities house said.


Read more at Reuters.com Bonds News

UPDATE 3-Bancrofts, News Corp. wrangle over Dow Jones price

(Reuters) - By Megan Davies and Robert MacMillan



NEW YORK, July 30 - Rupert Murdoch's News Corp. appeared close to gaining sufficient approval for its $5 billion bid for Dow Jones & Co from the Bancroft family, The Wall Street Journal said, ahead of a Monday deadline for responding to the offer.


Read more at Reuters.com Mergers News