Barclays may have lost big in Bear fund: report

(Reuters) - Bear Stearns said on Tuesday that assets in the fund are at this point essentially worthless.




The Journal said Barclays was reviewing its options for recovering the $400 million, citing arbitration, a negotiated settlement or litigation as possible strategies.


Read more at Reuters.com Business News

U.K. Pound Advances for Sixth Week on GDP Report, Outlook for Higher Rates

(Bloomberg) -- The pound posted its longest winning
run against the dollar in more than a year after a report showed
U.K. economic growth unexpectedly quickened in the second
quarter, fueling expectations of higher interest rates.

The U.K. currency rose to a 26-year high on speculation the
Bank of England will raise rates half a percentage point from
5.75 percent by year-end while the Federal Reserve stays on hold.
The pound also advanced as the Fed trimmed its forecasts for
economic growth and Bear Stearns Cos. reported losses on hedge
funds that bet on bonds backed by subprime loans.


Read more at Bloomberg Currencies News

Google to bid for U.S. airwaves if condition added

(Reuters) - The prospect of Google's participation in the auction escalates the debate over how the valuable airwaves should be used.




Ten days after Federal Communications Commission Chairman Kevin Martin floated a proposed set of rules for the auction, Google said it wants the FCC to require the winning bidder to offer to resell access to some of the airwaves to competitors on a wholesale basis.


Read more at Reuters.com Business News

Citigroup, Lennar, State Street, Tessera Technologies: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges on
July 23. This preview includes news that broke after exchanges
closed. Stock symbols are in parentheses after company names.

Amgen Inc. (AMGN US): The company's anemia drugs will be
restricted at high doses for patients on kidney dialysis
treatment, according to a statement from the U.S. health program
for the elderly and disabled. The policy will provide greater
restrictions on dosages when a patient's level of hemoglobin
exceeds 13 grams per deciliter of blood, the Medicare agency
said. The stock rose 61 cents to $56.18 in regular trading.


Read more at Bloomberg Stocks News

U.S. home builder woes reach into other industries

(Reuters) - Still, several investors remain positive about the long-
term outlook for U.S. home builders, although a rebound may be
years away.




"It won't really be until 2010 before we start seeing
normal levels of activity in most parts of the country," said
Mark Zandi, chief economist of Moody's Economy.com.


Read more at Reuters.com Bonds News

Texas agency okays 8 zones for new wind projects

(Reuters) - "It's a really good day for wind industry in Texas - for
economic development and for air quality," said Susan Williams
Sloan of the American Wind Energy Association, a trade group
for the wind industry.




Once finalized, the commission ruling will allow the
state's electric grid operator to begin studies of specific
transmission routes for power lines to serve proposed wind
farms to be built by other firms, Hadley said.


Read more at Reuters.com Bonds News

Global growth helps U.S. profits, big-cap stocks

(Reuters) - Appliance maker Whirlpool Corp. and Citigroup Inc.
were among companies on Friday that cited strong
international results as bolstering their quarterly earnings,
helping to offset weakness in U.S. results.




Also benefiting corporate bottom lines is the weakening
U.S. dollar, which has been trading near lows against major
currencies, including the euro. The currency rates mean that
when companies' overseas profits are converted into dollars
they are worth more.


Read more at Reuters.com Market News