UPDATE 1-Dow Jones board prepared to endorse News Corp bid

(Reuters) - NEW YORK, July 17 - Dow Jones & Co. Inc.
said on Tuesday that its board was prepared to recommend
shareholders accept a $5 billion buyout offer from Rupert
Murdoch's News Corp. , leaving the fate of the company
in the hands of its controlling family.




Under the terms of the agreement, News Corp. would buy all
outstanding shares of Dow Jones's common and Class B stock for
$60 per share in cash, Dow Jones said in a statement.


Read more at Reuters.com Mergers News

Hong Kong Stocks Slide on China Rate Concern; Sinopec, Citic Pacific Fall

(Bloomberg) -- Hong Kong's Hang Seng Index fell,
after yesterday closing above 23,000 for only the second time,
after a report said China's central bank will step up efforts to
cool the economy. China Petroleum & Chemical Corp. and Citic
Pacific Ltd. led the decline.

Mainland reports scheduled for release tomorrow are
expected to show gross domestic product rose at a double-digit
pace for a sixth straight quarter and inflation accelerated to a
two-year high, according to Bloomberg surveys of economists.


Read more at Bloomberg Stocks News

Dow Jones board prepared to endorse News Corp. bid

(Reuters) - The decision came after the Dow Jones board met for several hours on Tuesday evening to consider the offer. The board did not reach a unanimous decision, but a "strong majority" voted to recommend approving the deal, said one source familiar with the matter.




Read more at Reuters.com Business News

Hyundai Heavy Unit to Purchase 1 Percent Posco Stake `to Improve Returns'

(Bloomberg) -- Hyundai Samho Heavy Industries Co.,
a private unit of the world's largest shipbuilder, will take a 1
percent stake in Posco, the South Korean steelmaker that is
shoring up its defenses against a possible takeover bid.

The company's board decided July 9 to buy 872,000 shares in
Asia's third-largest steelmaker to boost returns on capital, it
said in a regulatory filing July 16. At the close of trade that
day, the Posco stock was worth 484 billion won ($527 million).


Read more at Bloomberg Emerging Markets News

Asian Stocks Decline for Third Day; Canon Drops on Stronger Yen, BHP Falls

(Bloomberg) -- Asian stocks fell for a third day on
concern losses at a Bear Stearns Cos. hedge fund will damp
global investors' appetite for riskier assets such as equities.

Canon Inc. and Nintendo Co. led Japanese exporters lower as
the yen strengthened against the dollar.


Read more at Bloomberg Stocks News

Dollar Slumps to Record Low Against Euro on Bear Stearns Subprime Losses

(Bloomberg) -- The dollar dropped to a record low
against the euro after Bear Stearns Cos. reported hedge fund
losses, fueling speculation investors will spurn U.S. assets as
the economy slows.

The currency also fell against the yen as investors scaled
back carry trades, where they buy higher-yielding securities with
money borrowed in Japan. Federal Reserve Chairman Ben S. Bernanke
may be asked about financial industry losses caused by mortgage
defaults when he testifies before Congress today.


Read more at Bloomberg Currencies News

Coffeyville Refinery in Kansas on `Accelerated Pace' to Start After Flood

(Bloomberg) -- Coffeyville Resources LLC, a refinery
owned by a Goldman Sachs Group Inc. unit and the buyout firm
Kelso & Co., is on an ``accelerated pace'' to resume gasoline and
diesel production after a July 1 flood shut the plant.

No target date has been set for starting oil-processing
units at the plant, located 170 miles south of Kansas City,
Kansas, said Allen Rempe, senior crude-oil buyer for Sugar Land,
Texas-based Coffeyville.


Read more at Bloomberg Energy News