Akzo Nobel sweetens takeover bid for ICI

(Reuters) - "It would also allow Akzo Nobel to return further cash to
its shareholders," Akzo said, adding that Henkel would pay 2.7
billion pounds , calculated on a cash and debt
free basis, for ICI's adhesives and electronic materials
businesses.




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UPDATE 1-India's Pantaloon to add stores, sees group rev $2bln

(Reuters) - MUMBAI, Aug 6 - Pantaloon Retail India Ltd., the
country's top listed retailer, is launching small and large
stores and the group is exploring deals with foreign partners
to take on growing competition, its chief executive said on
Monday.




The group is looking at joint venture opportunities with
foreign firms in the business-to-business segment, similar to
the one it has with U.S. office supplies retailer Staples Inc.
, Kishore Biyani told Reuters.


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EURO CREDIT-Index liquidity seen good despite turmoil

(Reuters) - The iTraxx Crossover index , viewed as a
barometer for European credit sentiment, has this week moved
between 380 and 505 basis points, a huge range that in the
credit market is more likely to be seen over a period of a year
or more rather than a week.




Single-name credit default swap and cash bond liquidity has
suffered, with bid-offer spreads widening sharply and traders
saying little business is being transacted.


Read more at Reuters.com Bonds 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

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.


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UPDATE 3-Hedge fund Sowood suffers 50 pct loss, to wind down

(Reuters) - BOSTON, July 30 - Hedge fund Sowood Capital told
investors on Monday that it would shut down after losing half
of its assets on soured bond market bets, becoming the
first-high profile fund forced out of business by recent market
turmoil.




The Boston-based fund, which managed money for Harvard
University and other prominent clients, saw assets dwindle to
roughly $1.5 billion from $3.0 billion in less than four weeks.


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UPDATE 1-Doosan to buy Ingersoll units for $4.9 bln

(Reuters) - The biggest ever overseas acquisition by a South Korean
company will make Doosan one of the world's top seven
construction equipment makers, the South Korean firm said.




Ingersoll signed a definitive agreement to sell Bobcat, the
world's top compact construction equipment firm, and its utility
equipment and attachment businesses, which in 2006 together
generated $2.6 billion in sales and $370 million in operating
profits.


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India's Reliance Q1 net up 28% on refining margins

(Reuters) - "While our existing businesses continue to deliver a robust
operating performance, our new initiatives provide us a platform
to deliver superior shareholder returns in the future," Chairman
Mukesh Ambani said in a statement.




Reliance's 660,000 barrel per day refinery in western India
and sales of gas produced from its deep-sea fields off the east
coast are expected to drive the company's future earnings
growth.


Read more at Reuters.com Market News

CORRECTED - UPDATE 2-American Axle 2nd-qtr earnings jump 67 pct

(Reuters) - American Axle also said its backlog of new business, a key focus of auto parts suppliers, has increased by about $400 million to $1.2 billion for vehicle programs starting in the 2008 to 2012 time period.



Net income rose to $34 million, or 64 cents per share, in the second quarter, from $20.4 million, or 40 cents per share, a year earlier.


Read more at Reuters.com Market News

Cadbury delays U.S. drinks sale amid mkt turmoil

(Reuters) - Cadbury, the world's biggest confectionery group, said in a statement that the sale process for its North American beverage business is ongoing, and that interest remains strong.




"However, the leveraged debt markets have experienced extreme volatility in recent days. As a result, a decision has been taken to extend the sale timetable to allow bidders to complete their proposals against a more stable debt financing market," the group said in a statement.


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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

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

Chrysler Scraps $12 Billion Sale of Loans for Auto Business, Investors Say

(Bloomberg) -- Chrysler abandoned plans to sell
$12 billion of loans to complete its purchase by Cerberus
Capital Management LP after investors balked at purchasing the
high-yield, high-risk debt, according to investors who were
briefed on the decision.

The unit of DaimlerChrysler AG scrapped the sale of loans
linked to its automotive business after failing to find demand,
said the investors, who declined to be named because the terms
aren't public. Banks led by JPMorgan Chase & Co. will assume $10
billion of that debt and Cerberus and DaimlerChrysler agreed to
buy the remaining $2 billion, the investors said.


Read more at Bloomberg Bonds News

UPDATE 1-Credit Suisse takes stake in U.S. liquidator

(Reuters) - Great American of Woodland Hills, California, is getting
money from the Swiss bank to expand its liquidation business.
Terms of the deal were not disclosed.




"By partnering with a leading issuer of
non-investment-grade debt and a leading player in the
distressed debt market, we anticipate new opportunities to meet
the extensive appraisal needs of high-yield and leveraged loan
issuers, and the downsizing and liquidation needs of distressed
companies," Great American Chief Executive Andrew Gumaer said.


Read more at Reuters.com Bonds News

UPDATE 1-Chrysler's bankers may take on debt-WSJ

(Reuters) - Chrysler is being spun off by German parent DaimlerChrysler
in a $7.4 billion deal with Cerberus Capital
Management [CBS.UL].




Chrysler's bankers -- including J.P. Morgan Chase & Co.
, Goldman Sachs Group Inc. , Citigroup Inc.
, Bear Stearns Cos. and Morgan Stanley --
have spent the past month trying to convince investors to buy
$12 billion in loans for Chrysler's auto business and $8
billion in loans for its financial arm, according to the
report.


Read more at Reuters.com Mergers 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

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

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

US business outlook better than before, mixed-survey

(Reuters) - "We saw a mix of responses," said Ken Simonson, chief
economist at Associated General Contractors of America and an
analyst for the survey. "The tone was definitely more positive
than in the first quarter ... But it was not overwhelmingly
upbeat, particularly in the goods-producing sector."




The survey of 109 NABE members was conducted between June
18 and July 10 and looks forward to business prospects for the
balance of this year.


Read more at Reuters.com Economic News