Pennsylvania shuts services amid budget impasse

(Reuters) - Rendell said the two sides were close to agreement on "three or four" items but not close enough to allow him to call off a planned furlough of non-essential employees. He expressed optimism the remaining obstacles would be overcome within 24 hours.




"I sincerely hope that this will be a one-day furlough, and I have reason for optimism," Rendell said at a late-night Sunday news conference.


Read more at Reuters.com Bonds News

Sony cuts price on PlayStation 3 by $100

(Reuters) - The PlayStation 3, which includes a 60-gigabyte hard drive and a Blu-ray high-definition DVD player, will now cost $500, or $20 more than the most expensive version of Microsoft Corp.'s Xbox 360.




The PS3 still costs twice that of Nintendo Co. Ltd.'s Wii console, whose $250 price and motion-sensing controller have made it a best-seller despite its lack of cutting-edge graphics and hard disk.


Read more at Reuters.com Business News

Air Berlin, DaimlerChrysler, Munich Re, TUI, Volkswagen: German Preview

(Bloomberg) -- The following stocks may rise or fall
in German markets. Stock symbols are in parentheses after the
company names and prices are from the Xetra close on July 6
unless otherwise stated.

Germany's X-DAX Index rose 0.7 percent to 8108. The index
provides an estimate of the DAX Index, based on trading in DAX
futures after the Xetra electronic market closes. The DAX climbed
0.8 percent to 8048.32 on the Xetra electronic-trading system.


Read more at Bloomberg Stocks News

Dow Jones to meet with Ron Burkle: source

(Reuters) - Burkle has been exploring a structure for Dow Jones that would incorporate an employee stock ownership plan, sources previously told Reuters.




Dow Jones is making a last push to try to find other potential buyers, in part, to appease Leslie Hill, a Dow Jones director and a member of the Bancroft family, according to an online report by The Wall Street Journal. The Bancroft family controls 64 percent of the company's votes.


Read more at Reuters.com Business News

Copper Rises in Asia on Labor Disputes, Low Stockpiles; Zinc, Aluminum Up

(Bloomberg) -- Copper prices rose in Asia on concern
about supply shortages as labor unrest in Latin America threatens
to further deplete global stockpiles that are at their lowest
since December.

Contract workers at Chile's Codelco, the world's biggest
copper miner, have been on strike since June 25, while a union at
Dona Ines de Collahuasi, Chile's third-largest mine, plans to
begin a walkout today. Inventories tracked by exchanges in London,
New York and Shanghai shrank 7.4 percent last week to 208,636
metric tons, the equivalent of five days of global use.


Read more at Bloomberg Commodities News

Asian Stocks Resume July Rally on Economic Growth, Oil; Samsung Climbs

(Bloomberg) -- Asian stocks resumed their July rally
on signs economic growth in Japan and South Korea is accelerating
and as crude oil traded near a 10-month high.

Japan's Komatsu Ltd. gained the most in a week after a
government report showed machinery orders rose more than forecast
in May. Samsung Electronics Co. led the Kospi index to a fourth
straight high after the commerce ministry raised its forecast for
South Korean exports. BHP Billiton Ltd., Australia's largest oil
explorer, climbed for an eighth day.


Read more at Bloomberg Stocks News

Yen Declines as Improving Global Economic Growth Encourages Carry Trades

(Bloomberg) -- The yen fell to a record low against
the euro and a 16-year low against the Australian dollar as signs
of stronger global growth gave investors more confidence to buy
higher-yielding currencies with money borrowed in Japan.

Japan's yen has declined against all of the 16 most-traded
currencies since a July 6 report showed U.S. payrolls increased
faster than expected, suggesting growth in the world's biggest
economy is improving. The yen has dropped 13 percent against the
euro and 19 percent versus Australia's currency in the past year.


Read more at Bloomberg Currencies News