South Africa's Rand Declines for Second Day as Its Yield Advantage Shrinks

(Bloomberg) -- South Africa's rand fell for a second
day on speculation investors will sell the country's assets amid
a rise in yields offered by investments in developed markets.

Foreign investors sold 219 million rand ($31.2 million) more
of South African bonds than they bought yesterday, according to
the Bond Exchange of South Africa. Foreigners have sold the
currency as the yield spread, or gap in yields, between local
bonds and similar maturity Treasuries has shrunk this week.


Read more at Bloomberg Currencies News

Platinum Falls in London on Car Demand Speculation; Palladium Declines

(Bloomberg) -- Platinum fell for the first time this
week on speculation slowing car demand in Europe may add to a
surplus of the metal used mostly in catalysts to reduce vehicle
pollution. Palladium dropped for a second consecutive day.

New car registrations in Germany, Europe's biggest economy,
fell 7 percent in June compared with a year earlier, the Federal
Motor Vehicle Office in Flensburg said on July 4. French car and
light-truck sales dropped 3 percent in June.


Read more at Bloomberg Commodities News

Reliance Beats Wal-Mart to Indian Grocery Market, Boosting Sales and Stock

(Bloomberg) -- Ram Pukar doesn't need Wal-Mart Stores
Inc. to make him worry about his fate as a fruit salesman in a
New Delhi suburb. Homegrown stores owned by Reliance Industries
Ltd. have already cut his profit in half.

India's biggest company by market value is ``trying to drive
us out of business by offering cheap rates,'' said Pukar, who
sells mangoes and pomegranates from his cart a kilometer from
where a Reliance Fresh convenience store recently opened.


Read more at Bloomberg Exclusive News

Watchdog hopes to wrap up Gold Fields probe in August

(Reuters) - South Africa's financial sector watchdog hopes to conclude an investigation in August regarding possible insider trading or market manipulation in Gold Fields shares.

The Financial Services Board (FSB) launched a probe in April after shares in Gold Fields shares jumped on a report that a U.S. financier could bid for the firm.


Read more at Reuters Africa

Philips to take 35 mln euros charge on Medquist

(Reuters) - Philips added that it may divest its stake in Medquist,
which recently filed its results for 2003-2005 with the U.S.
Securities and Exchange Commission.




"Philips is reviewing all of its future options for its
approximate 70 percent stake in MedQuist, as Philips views this
stake as a non-core holding," Philips Chief Financial Officer
Pierre-Jean Sivignon said in a statement.


Read more at Reuters.com Mergers News

JGBs hit 3-wk trough on weak overseas bond markets

(Reuters) - The BOJ will likely hold rates steady next week, but many in
the market expect a rate hike in August, with the global monetary
tightening trend lending support, traders said.




Traders said they were focusing on whether the BOJ board's
policy vote is unanimous or split.


Read more at Reuters.com Bonds News

Pacific rim states urge action to revive WTO talks

(Reuters) - Pacific rim trade ministers pushed for a revival of stalled world trade talks on Friday, but committed themselves to work towards setting up their own trade bloc if a global deal fails.

Ministers from the 21-member Asia Pacific Economic Cooperation (APEC) group agreed that a successful conclusion to the Doha round of talks, which aim to free up world trade, remained the best way to promote economic development.


Read more at Reuters Africa