Paulson Rejects Criticism, Says Talks With China Have Led to Stronger Yuan

(Bloomberg) -- U.S. Treasury Secretary Henry
Paulson, rejecting claims in Congress that he's too soft on
China, said negotiations rather than sanctions have led to a
faster appreciation of the yuan.

``We are getting results through this process that wouldn't
have been achieved without it,'' Paulson told reporters as he
traveled to China, where he arrived late yesterday. The Chinese
currency's ``rate of appreciation has gone up materially over
the past year,'' he said.


Read more at Bloomberg Emerging Markets News

Cheapest Stocks in 16 Years Entice Investors After $2.1 Trillion Decline

(Bloomberg) -- Investors are preparing to snap up
shares of telephone, health-care and computer companies after
last week's $2.1 trillion global stock market rout left U.S.
equities the cheapest in 16 years.

``The window for buying is starting to open,'' said D.A.
Davidson & Co. chief market strategist Frederic Dickson, who
oversees $23 billion. His Great Falls, Montana-based firm plans
to buy drug and technology stocks as long as bond market losses
don't worsen.


Read more at Bloomberg Stocks News

Egypt's El Sewedy H1 net profit rises 32 pct

(Reuters) - Egypt's El Sewedy Cables posted a 32 percent rise in consolidated net profit to 337 million Egyptian pounds in the first half of 2007, the stock exchange said on Sunday.

Net profit in the year-ago period was 256 million pounds.


Read more at Reuters Africa

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

Rupee rise may hurt Indian tea exports - minister

(Reuters) - Indian tea exports are likely to be hurt by the rupee's strength against the dollar, the junior trade minister said on Saturday.

"Indian tea exports have undoubtedly come under pressure due to the appreciation of the rupee," Jairam Ramesh told reporters in Kolkata.


Read more at Reuters Africa

Physical Newcastle coal prices firm slightly

(Reuters) - Prices for prompt loading parcels of Australian coal firmed on Friday to around $68.50 a tonne FOB Newcastle from $67.50 on Thursday, traders and utilities said.

South African prompt loading cargo values have been steady all this week at around $57.50-$58.50 a tonne FOB Richards Bay.


Read more at Reuters Africa

Pound Snaps Six-Week Rally Versus Dollar as Investors Avoid Global Risks

(Bloomberg) -- The pound fell versus the dollar,
snapping a six-week rally, as global stocks slumped and investors
pared so-called carry trades on concern U.S. subprime mortgage
defaults will slow growth.

The U.K. currency slid from a 26-year high this week as
investors unwound purchases of assets funded by borrowing in
Japan and Switzerland, which have the lowest rates among major
economies. The pound fell almost 4 percent against the yen, the
biggest weekly decline in almost five months.


Read more at Bloomberg Currencies News