Alcan agrees to sell Utkal alumina venture stake

(Reuters) - Alcan did not disclose terms of the transaction, which it expects to close in the third quarter of 2007. Hindalco owns the other 55 percent of Utkal, which was established in 1992 to develop a new bauxite mine and alumina refinery in the Indian state of Orissa.







Read more at Reuters.com Mergers News

US RATE FUTURES-Gains trimmed on US CPI, housing data

(Reuters) - U.S. core consumer prices, stripped of food and energy,
rose by 0.2 percent in June, in line with expectations. Housing
starts were up 2.3 percent on the month, a shade stronger than
expected.




Read more at Reuters.com Bonds News

European Refining Margins Fall to Seven-Month Low as Products Prices Drop

(Bloomberg) -- Refining margins in Northwest Europe
fell to the lowest since December as product prices dropped more
than crude.

Brent cracking margins in northwest Europe fell to minus
$3.10 on Tuesday, down from minus $1.93 the previous day,
according to data compiled by Bloomberg. That's the lowest level
since Dec. 29.


Read more at Bloomberg Energy News

Bear Stearns Tells Investors in Failed Hedge Funds There's `No Value Left'

(Bloomberg) -- Bear Stearns Cos. told investors in
its two failed hedge funds that they will get little if any money
back after ``unprecedented declines'' in the value of AAA rated
securities used to bet on subprime mortgages.

Estimates show there is ``effectively no value left'' in the
High-Grade Structured Credit Strategies Enhanced Leverage Fund
and ``very little value left'' in the High-Grade Structured
Credit Strategies Fund, Bear Stearns said in a two-page letter.
The second fund still has ``sufficient assets'' to cover the $1.4
billion it owes Bear Stearns, which as creditor gets paid back
first, according to the letter, obtained yesterday by Bloomberg
News from a person involved in the matter.


Read more at Bloomberg Bonds News

Canada's Dollar Falls After Unexpected Drop in Consumer Prices Last Month

(Bloomberg) -- Canada's dollar fell from a three-
decade high after a government report showed consumer prices
unexpectedly declined last month, reducing the likelihood of
another increase in borrowing costs by the central bank.

The currency has gained 11.8 percent this year on a
strengthening economy and higher prices for Canada's commodity
exports including oil. The Bank of Canada raised its benchmark
interest rate to 4.5 percent last week after inflation exceeded
its target of 2 percent.


Read more at Bloomberg Currencies News

U.K. Day-Ahead Electricity Price Declines as Cost of Natural Gas Falls

(Bloomberg) -- U.K. power declined on cheaper
natural gas, which fuels about 40 percent of Britain's
electricity generation.

U.K. baseload power for delivery a day ahead dropped 23
percent to 27.95 pounds ($57.30) a megawatt hour, according to
prices on Bloomberg from the broker GFI Group Inc. It earlier
traded as high as 28.85 pounds a megawatt hour.


Read more at Bloomberg Energy News

FTSE 100 Index Drops as Man Group, Tate & Lyle Fall; Sainsbury Advances

(Bloomberg) -- U.K. stocks fell, led by Man Group
Plc, the world's largest publicly traded hedge fund manager, and
Tate & Lyle Plc, the maker of the sweetener Splenda.

Rolls-Royce Group Plc and Invensys Plc led losses among
companies dependent on U.S. sales as the pound rose for a fourth
day against the dollar.


Read more at Bloomberg Stocks News