AfDB loans $50 mln for Africa satellite link

(Reuters) - The African Development Bank (AfDB) has approved a $50 million loan towards the construction of a satellite to boost communications in Africa's rural areas, the bank said.

The venture will provide several telecoms services including international telephone calls and internet connections and permit radio, television, and multimedia broadcast reception in each country, AfDB's chief investment officer Hassan Farah said.


Read more at Reuters Africa

Amedisys to buy certain assets of IntegriCare for $68 mln

(Reuters) - IntegriCare generated about $54 million in revenue,
including over $12 million in hospice revenue, for the
twelve-month period ended June 30, it added.





Read more at Reuters.com Mergers News

S.Africa economic policies to offset c/a risks - government

(Reuters) - South Africa's economic position, including net reserves, will be adequate in dealing with risks associated with the country's huge current account deficit, a top treasury official said on Monday.

Speaking to Reuters after the release of the International Monetary Fund's (IMF) annual country report, National Treasury Director-General Lesetja Kganyago said that the finance ministry was not overly concerned about the current account.


Read more at Reuters Africa

European Bonds Advance as Global Stocks Drop on Subprime, Risk Aversion

(Bloomberg) -- European government bonds rose for a
second day, pushing two-year yields to near the lowest in three
months, as stocks slid on concern U.S. subprime mortgage losses
will slow economic growth and drive-up global financing costs.

Bunds gained as credit-default swaps trading showed the risk
of owning European corporate debt rose and as investors pulled
out of equities. Bear Stearns Cos. ousted Co-President Warren
Spector after credit-market losses and eroding investor
confidence, stoking appetite for the safety of government debt.


Read more at Bloomberg Bonds News

EMI says first-quarter revenues down 5.1 pct

(Reuters) - It said the results were in line with its expectations.




Read more at Reuters.com Mergers News

US stock futures rise, suggest respite before Fed

(Reuters) - The Fed releases its decision on Tuesday and is expected to
leave interest rates unchanged at 5.25 percent. Interest rate
futures <0#FF:> show traders are betting on the central bank
delivering at least one rate cut by the end of this year.




By 0927 GMT September S&P futures were up 0.5 percent
in Europe but still around their lowest in nearly five months.


Read more at Reuters.com Bonds News

ICICI, Reliance Communications Attract Investors to Their Biggest Loans

(Bloomberg) -- India's ICICI Bank Ltd. and Reliance
Communications Ltd. are getting their biggest loans as banks and
investors focus on safer credits.

ICICI, India's largest lender to consumers, hired Goldman
Sachs Group Inc. and Calyon among 10 firms to arrange a yen-
denominated loan equivalent to $1.5 billion, said Calyon, the
investment-banking unit of Credit Agricole SA. Reliance
Communications' $1 billion loan got twice as much in lending
offers, said Ramesh Venkat, group president for finance at the
parent company, Reliance ADA Group.


Read more at Bloomberg Bonds News

U.S. Stock-Index Futures Rise; Ford, Merrill Lynch Shares Gain in Europe

(Bloomberg) -- U.S. stock-index futures climbed as
investors speculated last week's losses may have been
exaggerated.

Ford Motor Co. advanced in Europe after the London Times
reported that Jacques Nasser, the company's former chief
executive officer, may visit the Land Rover and Jaguar factories
in the U.K. as part of an attempt to buy the brands. Merrill
Lynch & Co. gained after UBS AG recommended buying shares of the
third-largest U.S. securities firm.


Read more at Bloomberg Stocks News

Sappi says Q3 earnings per share 23 US cents

(Reuters) - The world's top maker of fine paper, Sappi Ltd, swung to third-quarter earnings per share of 23 U.S. cents from a loss in the same period a year ago, the company said on Monday.

Sappi said group sales for the quarter increased by 7 percent to $1.3 billion, with operating profit at $87 million compared with a loss of $34 million a year earlier.


Read more at Reuters Africa

Intel, Cisco, J&amp;J, Growth Stocks Lure Value Funds as Price Ratios Converge

(Bloomberg) -- Intel Corp., Cisco Systems Inc. and
Johnson & Johnson, perennial favorites of money managers seeking
U.S. stocks with the fastest profit growth, are becoming staples
for so-called value investors.

Shares of growth companies in the Standard & Poor's 500
Index trade at an average 16.3 times estimated earnings, while
value stocks, those priced at a discount to the market or their
historical average, trade at 14 times profits. The gap between
them, now 2.3 points, has narrowed from 25.5 at the beginning of
the decade, data compiled by Bloomberg show.


Read more at Bloomberg Stocks News

Global Stocks Decline on Mortgage Concern, Paced by UBS, BNP, Macquarie

(Bloomberg) -- Stocks in Europe and Asia fell,
following a drop in the U.S. last week, as concern mounted that
losses in the U.S. mortgage market will erode economic growth and
raise financing costs for companies.

UBS AG and BNP Paribas SA led a decline by financial shares
in Europe, while Macquarie Bank Ltd. and Mizuho Financial Group
Inc. paced falling shares in Asia. Royal Philips Electronics NV
and Lafarge SA decreased as the dollar traded near a record low
against the euro. BHP Billiton Ltd. and Rio Tinto Group declined
after copper fell in Shanghai.


Read more at Bloomberg Stocks News

Germany's DAX Index Falls, Paced by DaimlerChrysler, Fresenius Medical

(Bloomberg) -- German stocks declined for a second
day, led by DaimlerChrysler AG, Fresenius Medical Care AG and
Allianz SE.

The benchmark DAX Index lost 37.04, or 0.5 percent, to
7398.63 as of 9:04 a.m. in Frankfurt. The HDAX Index of the
country's 110 biggest companies fell 0.6 percent.


Read more at Bloomberg Stocks News

UPDATE 1-Infineon to cut Qimonda stake to minority by 2009

(Reuters) - Infineon, which still holds 86 percent of the subsidiary it
listed in New York a year ago, said it might give out Qimonda
shares to its own shareholders as a dividend in kind, and would
take measures to make this possible at next year's AGM.




Such a dividend would then be possible after the 2009
shareholders' meeting.


Read more at Reuters.com Mergers News

UPDATE 1-Wal-Mart, India Bharti set to announce India deal

(Reuters) - The two firms will hold a joint news conference in New
Delhi at 3:30 p.m. .




"Today's press conference is to announce a joint venture
with Wal-Mart for cash-and-carry," a spokesman for Bharti
Enterprises said.


Read more at Reuters.com Mergers News

Malaysia's Proton says studying Egypt car assembly

(Reuters) - Malaysian state carmaker Proton Holdings is studying plans to assemble cars in Egypt to help expand export sales, managing director Syed Zainal Abidin Syed Mohamed Tahir said on Monday.

"So from Egypt -- we plan to use that as a base to enter the African continent and the Middle East," he said.


Read more at Reuters Africa

Malaysia's Sarawak State Plans to Build $900 Million Pulp Mill, People Say

(Bloomberg) -- Malaysia, the biggest exporter of
tropical timber, is planning a $900 million pulp mill in Sarawak
state to take advantage of rising prices and increasing local
power supply, according to two people familiar with the matter.

The mill, to be developed by Sarawak's state government,
will have capacity to produce at least 700,000 metric tons a
year, according to the people, who declined to be named before
an official announcement. The project may cost $700 million to
$900 million and be fed by Acacia Mangium hardwood trees from a
state-owned plantation.


Read more at Bloomberg Emerging Markets News

Corn, Soybeans May Extend Gains in Chicago as Dry Weather Hurts U.S. Crops

(Bloomberg) -- Corn and soybeans may rally in
Chicago on speculation dry weather in Midwest states including
Iowa and Illinois will limit production gains in the U.S., the
world's largest grower of both crops.

Nineteen of 23 traders, farm advisers and merchants
surveyed Aug. 3 recommended buying corn, and 17 said to buy
soybeans. Corn futures jumped 6.5 cents, or 1.9 percent, to $3.43
a bushel last week on the Chicago Board of Trade, and soybeans
rose 20.5 cents, or 2.4 percent, to $8.61 a bushel.


Read more at Bloomberg Commodities News

Platinum Futures Fall in Tokyo on Rising Yen, Concern That Demand May Slow

(Bloomberg) -- Platinum futures fell in Tokyo as a
rising Japanese currency reduced the appeal of buying yen-
denominated contracts for the dollar-priced metal, and as
a slump in world stocks raised concern that demand may drop.

The yen rose to 117.19 to the dollar, the highest since
March 29, on signs losses related to U.S. subprime mortgages are
starting to slow growth of the world's largest economy. Asian
stocks fell after the Standard & Poor's 500 Index had its biggest
three-week decline since 2003.


Read more at Bloomberg Commodities News

Asian Currencies Decline on Speculation Investors to Cut Regional Holdings

(Bloomberg) -- Asian currencies declined, led by the
Indonesian rupiah and Philippine peso, on speculation investors
are cutting holdings in the region as signs mount that the U.S.
economy is slowing.

The rupiah fell to a one-year low and the South Korean won
slipped to its weakest in a month, joining declines in stocks, as
reports on Aug. 3 showed U.S. employers added fewer jobs in July
and service industries growth slowed. The U.S. is the second-
biggest buyer of Indonesia's and South Korean exports.


Read more at Bloomberg Currencies News

Banks in Australia Have Minimal Exposure to U.S. Subprime Debt, S&amp;P Says

(Bloomberg) -- Australian banks have ``minimal''
exposure to U.S. subprime loans, according to Standard & Poor's,
which has cut its ratings on more than $2 billion of securities
linked to the troubled mortgages.

``In almost all cases their exposure to these instruments is
either minimal or manageable,'' S&P said in an e-mailed statement
today.


Read more at Bloomberg Bonds News

Symbion says expert backs Healthscope bid

(Reuters) - The forecasts were included in a stock exchange filing on the takeover deal. The filing also included a report from independent expert Ernst & Young, which concluded that the proposed takeover was in the best interests of Symbion shareholders.




Symbion accepted a sweetened offer from Healthscope and its partners, Ironbridge Capital and Archer Capital, in June.


Read more at Reuters.com Business News

Korean Won Declines to Near the Lowest in a Month as Investors Reduce Risk

(Bloomberg) -- The South Korean won fell, approaching
the lowest in more than a month, on speculation investors are
cutting investments in Asia as signs mount that the U.S. economy
is slowing.

Korea's currency and the benchmark stock index extended two
weeks of losses as reports Aug. 3 showed U.S. employers added
fewer jobs in July and service industries growth slowed. The Bank
of Korea the same day said it will restrict companies from
borrowing in foreign currencies to stem gains in the won that
threaten exporter's profits.


Read more at Bloomberg Currencies News

Japan's Stocks Drop on U.S. Economy Concern, Stronger Yen; Sony Leads Fall

(Bloomberg) -- Japanese stocks declined, led by Canon
Inc. and Sony Corp., on concern losses in the U.S. mortgage
market may slow the world's biggest economy.

Exporters also fell after the yen strengthened to a four-
month high against the dollar, eroding the value of their dollar-
denominated sales.


Read more at Bloomberg Stocks News

Shareholders to rule on Fortis's ABN purchase plan

(Reuters) - The Fortis shareholder meeting is the latest hurdle for the
consortium, albeit one Fortis is expected to clear.




Fortis shares have fallen almost 18 percent since it
announced its involvement and a plan to finance its 24 billion
euro share of the deal with Europe's second largest ever rights
issue.


Read more at Reuters.com Mergers News

New Zealand Dollar May Fall as Housing Woes Spur Exit From Risky Bets

(Bloomberg) -- The New Zealand dollar may decline
today as concerns return about the U.S. subprime mortgage market,
deterring traders from riskier investments such as the carry
trade.

The trade, where investors borrow cheaply in yen to invest
in higher-yielding assets elsewhere, has seen the currency gain
25 percent against the yen in the past year, with investors
lured to the nation's record 8.25 percent benchmark rate. U.S.
stocks dropped Aug. 4 after Samuel Molinaro, chief financial
officer at Bear Stearns Cos. called the current crisis in fixed-
income the worst ever.


Read more at Bloomberg Currencies News

Netflix shares poised to rally: Barron's

(Reuters) - "At some point, Blockbuster will cry uncle and raise prices, and Netflix shares will almost certainly rally," said Barron's in its technology column.




Netflix might also be an acquisition target, notably by Amazon.com , said Barron's.


Read more at Reuters.com Hot Stocks News

Treasuries Posting Best Returns Since 2002 as Subprime Losses Stir Concern

(Bloomberg) -- So much for the bear market in
Treasuries.

Yields on 10-year notes fell below where they started in
January after climbing to a five-year high in June. Government
securities are on track to return 5.3 percent this year, the best
performance since gaining 12 percent in 2002, Merrill Lynch & Co.
index data show.


Read more at Bloomberg Bonds News

Dubai matches Fast Retailing's $900 mln Barneys bid

(Reuters) - Istithmar, owned by the government of Dubai, had agreed to buy the luxury retailer for $825 million before Fast Retailing entered the fray with a $900 million offer.




On August 1, Jones gave Istithmar three days to sweeten its bid.


Read more at Reuters.com Business News

U.S. House Approves Pelosi's $16 Billion Plan to Boost Renewable Energy

(Bloomberg) -- The U.S. House approved a $16 billion
tax plan and a renewable electricity mandate in broad energy
legislation that shifts the government's focus to wind, solar and
biomass production at the expense of traditional energy sources.

Passage of the so-called energy independence legislation is
a big victory for Speaker Nancy Pelosi, as Congress departs
Washington for a monthlong break. It sets up a meeting with
Senate lawmakers as soon as next month to craft a bill to send to
President George W. Bush.


Read more at Bloomberg Energy News

Bush tours site of wrecked Minnesota bridge

(Reuters) - Bush got a bird's eye view of the ruined bridge in a
10-minute helicopter tour, then donned an orange hard hat and
wind-breaker to walk a section of the 40-year-old bridge on
foot as rain fell.




Local officials have confirmed five deaths and seven people
missing after the Wednesday evening bridge collapse, but
searches were ongoing.


Read more at Reuters.com Bonds News

U.S. Stocks Tumble a Third Week on Lending Crisis; Bear Stearns Declines

(Bloomberg) -- U.S. stocks fell, pushing the Standard
& Poor's 500 Index to its steepest three-week skid since 2003, on
deepening concern that mortgage losses will hurt bank earnings
and reduce the pace of takeovers.

Bear Stearns Cos., the manager of two hedge funds that
collapsed last month because of rising defaults in home loans,
tumbled the most since September 2001. Shares of the largest U.S.
mortgage lender, Countrywide Financial Corp., had the biggest
loss in almost three years.


Read more at Bloomberg Stocks News

Nickel hits 10-mth low on weak demand, lead strong

(Reuters) - Nickel fell to a 10-month low on Friday as weak demand from the stainless steel sector prompted investors to cut their positions, while lead gained more than 3 percent after a strike in Namibia prompted speculative buying.

Base metals came under pressure in afternoon trade as stock markets slipped after U.S. data reignited worries about the health of the world's biggest economy.


Read more at Reuters Africa

Hogs Futures Rise on Speculation China to Buy More U.S. Pork; Cattle Fall

(Bloomberg) -- Hog futures in Chicago rose to the
highest in more than three months on speculation China, faced
with tightening supplies of pork, boosted purchases of the meat
from the U.S. Cattle fell for the third-straight day.

China, the sixth-largest importer of U.S. pork, likely will
buy 5 million to 10 million pounds this week from producers such
as Smithfield Foods Inc. and Tyson Foods Inc., said Rich Nelson,
a livestock analyst at Allendale Inc. in McHenry, Illinois. Hog
prices in Chicago are up 28 percent from a year ago on strong
export demand for pork.


Read more at Bloomberg Commodities News

Wheat Futures Rise as Drought in Canada May Increase Demand For U.S. Grain

(Bloomberg) -- Wheat rose the most in more than a
week in Chicago as drought in Canada and other exporting
countries boosts demand for U.S. supplies.

U.S. wheat exporters last month had their two best-selling
weeks since 1996, Department of Agriculture data show. Canada
will produce 16 percent less wheat this year, partly because of
drought in western growing regions, the Canadian Wheat Board
said yesterday.


Read more at Bloomberg Commodities News

UPDATE 1-Tenaris 2nd-qtr net profit rose amid sales boom

(Reuters) - Net profit rose to $534.5 million from $495.8 million in
the second quarter of 2006, the company said in a statement.
This beat the median forecast in a Reuters poll for a quarterly
profit of $500.5 million.




Earnings per American Depositary Share were $0.84, compared
with $0.80 in the year-earlier period.


Read more at Reuters.com Market News

Argentine stocks slump amid U.S. mortgage fallout

(Reuters) - Banco Frances was one of the biggest losers of the
session, shedding 4.6 percent to end at 10.30 pesos per share.




"We're part of a stocks fall with its epicenter in the
United States such as we haven't seen in a long time," said
Francisco Prack, chief economist with SBS group, who forecast
more volatility on the horizon.


Read more at Reuters.com Bonds News

Subprime lender First NLC lays off 645 employees

(Reuters) - "We have had to reduce staff to compete more effectively," Henschel said in an interview. "Market conditions and the subprime landscape have changed dramatically. We were saddened to let valued employees go, but the landscape has changed."




The layoffs were announced less than a week after FBR said it would sell an 80 percent stake in First NLC to private equity firm Sun Capital Partners Inc. First NLC is being recapitalized, with Sun Capital investing $60 million and FBR investing $15 million.


Read more at Reuters.com Mergers News

UPDATE 2-Brazil's Petrobras to buy Suzano petrochem firm

(Reuters) - The deal would give Brazil's state oil company all shares
held, directly and indirectly, by the controlling shareholders
of Suzano Petroquimica, Suzano said in a statement on Friday.




Petrobras Chief Executive Jose Sergio Gabrielli was
scheduled to hold a news conference on the acquisition later on
Friday, Petrobras said. A Petrobras spokesman said final
details were still being negotiated.


Read more at Reuters.com Government Filings News

US STOCKS-Indexes flat after jobs data; ISM to come

(Reuters) - NEW YORK, Aug 3 - U S. stocks were little changed
on Friday after a report showing weaker-than-expected job
growth last month rattled investors already nervous about
losses in the mortgage industry.




Investors were bracing for data on the vast U.S. services
sector at 10 a.m. .


Read more at Reuters.com Bonds News

US STOCKS-Mortgage fallout, economic data dent shares

(Reuters) - NEW YORK, Aug 3 - U.S. stocks fell on Friday
after a ratings agency gave investment bank Bear Stearns Cos.
a negative outlook, heightening worries about mortgage
market losses, and data suggested weakness in the economy.




Standard & Poor's said it changed its ratings outlook on
Bear Stearns, the biggest U.S. underwriter of mortgage bonds,
to negative from stable, indicating there is a better chance of
a downgrade over the next two years. For details, see
[ID:nN03300207].


Read more at Reuters.com Bonds News

TREASURIES-Bonds rise on weak data, subprime worries

(Reuters) - NEW YORK, Aug 3 - U.S. Treasury debt prices rose
on Friday with benchmark yields hovering near their lowest
levels since mid-May, as surprisingly soft jobs and services
data and subprime fears spurred safety bids for Treasuries.




Signs of weakness in the economic data prompted investors
to increase bets that the Federal Reserve may start cutting
interest rates before the end of the year.


Read more at Reuters.com Bonds News

RPT-France's Thomson sees no change to borrowing

(Reuters) - "Thomson's balance sheet has improved over the last two
years, and we have not changed our expectations for cash flow
generation going forward. Our net debt has been stable
year-on-year and our gross debt is falling. We anticipate no
change to our borrowing conditions," the company said in a
statement.




Earlier on Friday, Standard & Poor's affirmed Thomson SA's
credit rating at BBB-/A-3 but cut its outlook on the group to
"negative" from "stable." The rating agency cited "operating
pressures" within Thomson's core business.


Read more at Reuters.com Bonds News

NYSE says instituted downside trading curbs

(Reuters) - The trading curbs require that all program selling of S&P
500 stocks must be on an up-tick.




Read more at Reuters.com Bonds News

Takefuji, Toyota, Capcom, Cosmo Oil, Chugai, Usen: Japan Equity Preview

(Bloomberg) -- The following stocks may move in
Japanese markets on Aug. 6. Prices are as of the close of trading.
Statements were released after the close. Stock symbols are in
parentheses.

Capcom Co. (9697 JT): The publisher of the ``Resident Evil''
video game series said first-quarter net income rose 40 percent
to 1.13 billion yen ($9.5 million) on sales of software. The
company boosted its first-half profit forecast 80 percent to 1.35
billion yen. The stock lost 100 yen, or 4.2 percent, to 2,290.


Read more at Bloomberg Stocks News

Delta Air sees strong demand after record July

(Reuters) - Delta said it had a load factor -- the percentage of seats filled with paying passengers -- of 86.8 percent in July as traffic rose 4.9 percent and capacity increased 3.2 percent.



"Strong customer demand resulted in the highest monthly load factor we've ever recorded, and we continue to see solid demand moving forward," Chief Operating Officer Jim Whitehurst said in a statement.


Read more at Reuters.com Market News

Mexican Peso, Bonds Drop After U.S. Jobs Growth Slows, Missing Forecast

(Bloomberg) -- Mexican peso-denominated bonds and
the currency fell on renewed concerns that weakness in the U.S.
housing industry will spread to the broader economy and curb
demand for Mexico's exports.

Yields on the Mexican government's 30-year bonds, its
longest peso-denominated maturity, touched a three-month high
after a U.S. government report showed employers added fewer jobs
than economists expected last month. The U.S. buys 80 percent of
Mexican exports.


Read more at Bloomberg Currencies News

UPDATE 1-Petrobras in talks to buy Suzano petrochem firm

(Reuters) - Suzano said in a statement further details would become
available when negotiations are concluded. A source familiar
with the deal said Petrobras was close to buying Suzano.




"Negotiations are in progress with Petrobras aimed at
acquiring all the shares held directly and indirectly by the
controllers of Suzano Holding in Suzano Petroquimica," Suzano
said in its statement.


Read more at Reuters.com Mergers News

GE's $2 Billion Bond Sale May End Game of `Chicken,' Rout in New Issues

(Bloomberg) -- General Electric Co. sold $2 billion
of bonds, a sign that top-rated borrowers can still find demand
in a market that shut out at least 36 companies.

General Electric Capital Corp., the finance arm of the
world's second-biggest company by market value, sold 30-year
bonds yesterday for the first time in about five years. Stamford,
Connecticut-based GECC was able to find buyers when companies
from investment-grade Tyco Electronics Ltd. to high-yield, high-
risk Myers Industries Inc. were forced to cancel sales.


Read more at Bloomberg Bonds News

Ford aims to sell Land Rover, Jaguar by Sept.30-NYT

(Reuters) - NEW YORK, Aug 3 - Ford Motor Co is hoping to have a tentative deal to sell its Land Rover and Jaguar operations by Sept. 30, and a pact to dispose of Volvo by year end, The New York Times reported on its Web site on Friday.



The auto maker's advisers have begun putting together information that bidders want for Land Rover and Jaguar, the paper said, citing unnamed sources.


Read more at Reuters.com Mergers News

Chrysler sale to Cerberus completed

(Reuters) - As a result, DaimlerChrysler and Cerberus decided to help with the financing, a move they confirmed on Friday.




"DaimlerChrysler and Cerberus have agreed to support the financing of the majority takeover of Chrysler by Cerberus in light of highly volatile U.S. loan markets," the German carmaker said.


Read more at Reuters.com Mergers News

Garmin to buy its Italian distributor

(Reuters) - Aug 3 - Navigational devices maker Garmin Ltd. said it plans to buy its Italian distributor, Synergy S.p.A., to strengthen its European sales and marketing presence.



Financial terms of the proposed deal were not disclosed.


Read more at Reuters.com Mergers News

Wisconsin Energy unit files for $800 mln debt shelf

(Reuters) - Under a shelf registration filed with the U.S. Securities
and Exchange Commission, a company may sell securities in one
or more separate offerings with the size, price and terms to be
determined at the time of sale.





Read more at Reuters.com Government Filings News

UPDATE 2-MannKind says struggling to find partner; shares fall

(Reuters) - "All things considered, we do not expect to reach a
partnership agreement in the near term," Chief Executive Alfred
Mann said on a conference call with analysts, referring to the
product, Technosphere insulin .




The company's shares were trading almost 15 percent down at
$9.04 in afternoon trade on the Nasdaq. They hit a year low of
$8.56 earlier in the day.


Read more at Reuters.com Government Filings News

LBO exposure may hit Bear Stearns, Lehman

(Reuters) - Large commercial banks such as Citigroup Inc. are on the hook for loads of leveraged buyout debt they hoped to sell to investors, but with a $230 billion market capitalization, Citi is seen as having the balance sheet to absorb any losses without much of a headache.




Large commercial banks like Citi and JPMorgan Chase & Co. also benefit from more diversified businesses including revenue from consumer banking and broad international operations.


Read more at Reuters.com Business News

Gold miner Newmont has 2nd-quarter loss after charges

(Reuters) - Gold miner Newmont Mining Corp. posted a quarterly net loss on Thursday as a result of huge charges on the value of its discontinued merchant banking operation and the elimination of its gold hedge positions.

Still, the operating results of the world's No. 2 gold producer beat estimates, even as it sold less gold than a year earlier, but at higher average prices.


Read more at Reuters Africa

Highveld says H1 headline EPS at 648.2 cts

(Reuters) - South Africa's Highveld Steel and Vanadium Corporation's first half headline earnings per share increased to 648.2 cents from 404.9 cents a year ago, the firm said on Friday.

Highveld said headline earnings rose to 643 million rand, from 401 million rand.


Read more at Reuters Africa

Morocco H1 c/a surplus up 72 pct, trade gap widens

(Reuters) - Morocco's trade deficit grew in the first half of 2007 as a construction boom increased demand for foreign building materials and equipment, the North African country's Exchange Office said on Friday.

However, the current account surplus, boosted by increases in remittances from Moroccans abroad and tourism receipts, rose by 72 percent year-on-year.


Read more at Reuters Africa

Pfizer seeks to quash Nigerian drug test report

(Reuters) - Pfizer has asked a Nigerian court to disregard an experts' report into drug tests it conducted on Nigerian children in 1996 and which are now the subject of four court cases, the company said on Friday.

The Nigerian federal government and the northern state of Kano are suing Pfizer for a total of about $8.5 billion in damages and also pressing criminal charges over what they say was unethical testing of Trovan, an antibiotic drug.


Read more at Reuters Africa

Gauge of U.S. economy lower in latest week - ECRI

(Reuters) - WLI's annualized growth rate fell to 6.1 percent from 6.4
percent in the prior week.




"Despite the fears roiling the markets, WLI growth remains
at the low end of a tight band it has inhabited for 12 weeks,
underscoring the cyclical resilience of the U.S. expansion,"
said Lakshman Achuthan, managing director at ECRI.


Read more at Reuters.com Economic News

Nickel Heads for Second Weekly Drop in London on Stockpiles; Lead Rises

(Bloomberg) -- Nickel headed for a second
consecutive weekly decline, dropping to a nine-month low, as
stockpiles of the metal rose, expanding supply. Lead, zinc and
copper also dropped.

Inventories of nickel tracked by the London Metal Exchange
grew 330 metric tons to 15,138 tons, the exchange said today in
a daily report. Stockpiles have risen fivefold since Feb. 6,
when they were at a 15-year low.


Read more at Bloomberg Commodities News

BA profit rise beats forecasts

(Reuters) - Earnings before interest and taxes of 263 million pounds for the three months to end-June beat all forecasts ranging from 206 million to 237 million pounds in a Reuters Estimates poll of four analysts.




Europe's third-largest airline cited lower severance charges and pensions costs as well as a more favorable tax rate to explain the year-on-year gain.


Read more at Reuters.com Market News

BA profit rise beats forecasts, warns on revenues

(Reuters) - LONDON, Aug 3 - British Airways posted a 28 percent rise in quarterly operating profit on Friday to beat analysts' forecasts, but warned a weak dollar and soaring fuel prices would slow full-year revenue growth and raise costs.



Earnings before interest and taxes for the three months to end-June rose to 263 million pounds , BA said in a statement to the London Stock Exchange.


Read more at Reuters.com Market News

UPDATE 1-Brookfield Asset profit, revenue rise

(Reuters) - Brookfield, which earlier this week said it would spin off
a 60 percent stake in its infrastructure operations, posted a
net profit $153 million, or 24 cents a share, in the quarter
ended June 30, up from a profit of $135 million, or 20 Canadian
cents a share, in the same quarter last year.




Cash flow from operations, a closely watched measure, rose
to $440 million, or 72 cents a share, from $267 million, or 43
cents a share last year.


Read more at Reuters.com Market News

Hannover Re Q2 robust, sees little subprime impact

(Reuters) - By Sabine Ehrhardt



HANNOVER, Aug 3 - German reinsurer Hannover Re posted robust second quarter profits on Friday and its chief financial officer said she sees little bottom-line impact from the U.S. subprime mortgage crisis.


Read more at Reuters.com Market News

Fidelity Inflation Bond Fund Trails Vanguard After Subprime Mortgage Rout

(Bloomberg) -- Fidelity Investments' Inflation-
Protected Bond Fund is lagging behind its biggest competitor,
Vanguard Group, after losses in subprime mortgages, this year's
worst-performing debt market.

The $1.3 billion mutual fund, run by William Irving in
Merrimack, New Hampshire, rose 3.3 percent this year, trailing
the 4 percent gain of the Vanguard Inflation-Protected
Securities Fund, which holds no mortgage bonds. The Fidelity
fund advanced at an annual rate of 5.6 percent during the past
five years, compared with the 6 percent return of the $10.2
billion Vanguard fund, data compiled by Bloomberg show.


Read more at Bloomberg Exclusive News

Asian Currencies Complete Weekly Decline, Follow Drop in Regional Stocks

(Bloomberg) -- Asian currencies completed a weekly
decline, led by a 0.9 percent drop in the Indonesian rupiah, as
overseas investors reduced holdings in the region's stocks.

Global funds were net sellers of shares in South Korea,
Taiwan and Thailand this week as benchmark stock indexes dropped.
Indonesia's central bank said Aug. 1 it's not worried by the
rupiah's decline and the International Monetary Fund said the
next day the volatility in financial markets poses a risk to
economic growth.


Read more at Bloomberg Currencies News

National Grid Gives Scottish Power Electricity for Free to Balance Supply

(Bloomberg) -- National Grid Plc, the operator of the
U.K.'s power-transmission network, gave electricity to Scottish
Power Plc so the generator would produce less at its Longannet
coal-fired plant and help balance supply with demand on the grid.

The agreement was profitable for Scottish Power, a unit of
Spain's Iberdrola SA, because it didn't need to produce power
that it had already sold in the forward market, according to data
on a Web site run by the network operator.


Read more at Bloomberg Energy News

Asian Banks Face Limited Fallout From U.S. Subprime Crisis, Moody's Says

(Bloomberg) -- The impact of the U.S. subprime
mortgage crisis on Asian banks has been ``limited'' and
``manageable,'' according to global ratings companies Moody's
Investors Service and Standard & Poor's.

``In Asia, Moody's expects the fallout from the U.S.
subprime mortgage market problems to be limited among the
region's internationally active investment and universal banks,''
Moody's said in a statement, citing a preliminary survey.


Read more at Bloomberg Emerging Markets News

UPDATE 1-EU executive sees no pan-EU fallout from IKB

(Reuters) - Officials working for Internal Market Commissioner Charlie
McCreevy, the bloc's top financial regulator, and for Economic
and Monetary Affairs Commissioner Joaquin Almunia are studying
the situation at IKB, a Commission spokesman said.




"We see no particular reason at this moment in time to be
worried. We see no pan-European implications. The matter has
been dealt with by the competent authorities," he said.


Read more at Reuters.com Bonds News

US STOCKS-Futures flat before jobs data, P&G buyback

(Reuters) - NEW YORK, Aug 3 - U S. stock index futures were
little changed on Friday as investors sought reassurance about
the economy in the latest employment report while more signs of
distress came from the mortgage industry.




In earnings news, Dow component Procter & Gamble Co.
said profit topped Wall Street expectations and announced it
was accelerating its stock buyback plans, but the consumer
products maker said fiscal 2008 profit could miss analysts'
forecasts. For details, see [ID:nN03348752].


Read more at Reuters.com Bonds News

U.S. jobs data hits stocks, dollar, ups bonds

(Reuters) - U.S. employers boosted payrolls in July at the slowest pace since February, adding 92,000 jobs as the national unemployment rate rose to a level last seen in January, the Labor Department reported.




The FTSEurofirst 300 was down 0.4 percent after the report and the euro rose to $1.3714 .


Read more at Reuters.com Bonds News

South Korean Stocks Advance; Steelmakers Gain on UBS Call, Samsung Climbs

(Bloomberg) -- South Korean stocks climbed for the
first time in three days. Steelmakers gained after Moody's
Investors Service said it put Posco's debt rating on review for
a possible upgrade.

Posco shares yesterday closed 10 percent lower than the
July 24 record of 567,000 won.


Read more at Bloomberg Stocks News

FTI Consulting, Jones Soda, Micron, SanDisk, Toyota: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 8:15 a.m. in New York.

BigBand Networks Inc. (BBND US): The online video equipment
maker said that, excluding some items, it expects to earn as much
as 7 cents a share in the third quarter. The average estimate
from five analysts in a Bloomberg survey was 9 cents. The shares
rose $1.49, or 12 percent, to $13.98 yesterday.


Read more at Bloomberg Stocks News

South Korea to Act on Currency When Necessary, Finance Minister Kwon Says

(Bloomberg) -- South Korean authorities will take
action to curb gains in the nation's currency when necessary,
Finance Minister Kwon Okyu said.

``We are ready to take any action if there is a speculative
attack on the currency,'' Kwon told CNBC from Sydney today. ``The
currency has appreciated more than 40 percent since 2002 so it has
affected the Korean economy.'' Kwon is in Australia to attend this
week's annual meeting of Asia-Pacific finance ministers.


Read more at Bloomberg Emerging Markets News

Taiwan's Government Bonds Rise as Investors Buy Debt After Stocks Slide

(Bloomberg) -- Taiwan's government bonds rose,
ending two days of losses, as a slide in local stocks spurred
demand for fixed-income securities. The currency fell.

The benchmark Taiex index joined declines in stock
benchmarks around the region as losses related to U.S. subprime
mortgages increased, adding to concern the world's biggest
economy will slow. Overseas investors sold more of the island's
equities than they bought for the past three days, according to
the stock exchange.


Read more at Bloomberg Bonds News

JGBs edge up on Treasuries, futures hit 2-mth high

(Reuters) - "Markets had calmed a bit after the recent sell-off in U.S.
stocks and the credit market due to subprime worries, but those
concerns have resurfaced after yesterday's news," said Takafumi
Yamawaki, fixed income strategist at Morgan Stanley in Tokyo.




But he added that investors were hesitant to push prices much
higher given the possibility the Bank of Japan may raise rates by
25 basis points to 0.75 percent later in the month or in
September.


Read more at Reuters.com Bonds News

UPDATE 1-Dentsply 2nd-qtr profit up; raises year outlook

(Reuters) - The company posted a net profit of $65.4 million, or 42
cents per share, compared with a profit of $59.3 million, or 37
cents per share, a year earlier.




Excluding items, Dentsply earned 44 cents per share.
Analysts, on average, had expected 43 cents per share,
according to Reuters Estimates.


Read more at Reuters.com Market News

Dentsply 2nd-quarter profit rises

(Reuters) - Excluding items, Dentsply earned 44 cents per share.
Analysts on average expected 43 cents per share, according to
Reuters Estimates.





Read more at Reuters.com Market News

China, Singapore, Malaysia, Sri Lanka, Thailand: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: The nation needs to have ``more flexibility'' in its
exchange-rate policy, International Monetary Fund Managing
Director Rodrigo de Rato said. De Rato said he was concerned
there could be a ``reappraisal of risk which would curtail
market access,'' in a speech in Manila yesterday. The central
bank raised the deposit reserve ratio late July 30, requiring
commercial lenders to set aside more money as reserves for a
sixth time this year.


Read more at Bloomberg Bonds News

Light Louisiana Crude Oil Premium Over WTI Shrinks to Smallest in 9 Months

(Bloomberg) -- Light Louisiana Sweet crude oil's
premium to the U.S. benchmark oil shrank to the smallest in nine
months today, according to data compiled by Bloomberg.

U.S. benchmark West Texas Intermediate crude oil, which
settled at parity with New York Mercantile Exchange futures,
soared to a record close of $78.21 a barrel on speculation that
demand will outpace supply as refiners increase fuel production.


Read more at Bloomberg Energy News

UPDATE 1-Nalco net profit nearly doubles in quarter

(Reuters) - Net income in the second quarter rose 94 percent to $41.8
million, or 28 cents a share, compared with $21.5 million, or
15 cents a share, in the year-ago quarter.




Excluding special items, Nalco said earnings per share were
33 cents in the quarter, compared with 18 cents a year
earlier.


Read more at Reuters.com Market News

Brazil, Mexico Shares Fall as Subprime, Housing Fears Revive; Peru Rises

(Bloomberg) -- Stocks in Brazil and Mexico erased
rallies and fell after investors sold riskier assets on renewed
concern that losses on U.S. mortgages will curb earnings growth.

Mexico's Bolsa index declined 241.02, or 0.8 percent, to
30659.66, dragged down by America Movil SAB, Latin America's
largest mobile-phone company. Brazil's Bovespa slipped for the
third time in four days, led by state-controlled oil company
Petroleo Brasileiro SA.


Read more at Bloomberg Stocks News

UPDATE 1-Lincoln National posts higher 2nd quarter earnings

(Reuters) - Operating earnings, which exclude investment results and
other items, rose to $386.7 million, or $1.41 a share, from
$351.4 million, or $1.25 a share a year earlier.




Analysts had on average expected operating earnings of
$1.34, according to Reuters Estimates.



Read more at Reuters.com Market News

Cleveland-Cliffs closes acquisition of miner PinnOak

(Reuters) - The Cleveland-based company, which produces iron-ore
pellets for steelmaking, is paying $450 million in cash and
assuming approximately $160 million in debt to acquire the
privately held company that operates two mines in West Virginia
and one in Alabama producing metallurgical, or coking coal,
which is used to make steel.




PinnOak controls reserves of approximately 140 million
tons. Cleveland-Cliffs expects PinnOak to produce approximately
2 million tons for the remainder of 2007 and approximately 5
million tons in 2008.


Read more at Reuters.com Mergers News

UPDATE 1-Lazard buys Australia's Carnegie Wylie

(Reuters) - NEW YORK, July 31 - Merger adviser Lazard Ltd
on Tuesday said it acquired Carnegie, Wylie & Co., an
Australian independent advisory firm, for undisclosed terms so
it can capture more business in one of the world's active deal
markets.




"We've been in Australia, but we haven't been a huge
factor," Lazard President Charles Ward said in an interview.
"This is an opportunity to be a lot bigger in one of the major
markets for M&A activity."


Read more at Reuters.com Bonds News

U.S. investment grade corporate credit ends weaker

(Reuters) - "There's been a re-pricing in the market and it's not done
yet. This process is going to take awhile," said Scott
MacDonald, director of research at Aladdin Capital in Stamford,
Connecticut.




The market had initially rallied, carrying over its
strength from Monday when mortgage lender Residential Capital
LLC reported a net loss of $254 million for the second quarter,
down from a net loss of $910 million in the first quarter.


Read more at Reuters.com Bonds News

Chipotle 2nd-quarter net income nearly doubles

(Reuters) - Wall Street analysts, on average, had been expecting
earnings of 44 cents per share, according to Reuters
Estimates.




Read more at Reuters.com Market News

Aon posts higher second quarter earnings

(Reuters) - Aon said net earnings were $240 million, or 75 cents a share, up from $193 million, or 57 cents a share, in the year-earlier quarter.






Read more at Reuters.com Market News

Asian Stocks Fall in U.S. Trading; Mitsubishi UFJ, Mizuho Pace Declines

(Bloomberg) -- Asian stocks trading in the U.S. fell
after Mitsubishi UFJ Financial Group Inc. and Mizuho Financial
Group Inc., Japan's top lenders, reported a drop in earnings.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, slipped 1 percent to
166.26, finishing the month down 0.7 percent.


Read more at Bloomberg Stocks News

Four Senate Democrats wary on private equity tax

(Reuters) - Senate Banking Committee Chairman Christopher Dodd said in a statement he is "concerned about the potential adverse effects that these proposals would have on capital formation, on job creation, and on institutional investors."




A Democratic presidential candidate who represents Connecticut where many hedge funds are based, Dodd said he is "not prepared to support any legislation before I have thoroughly analyzed the full impact it is likely to have."


Read more at Reuters.com Mergers News

UPDATE 1-Indonesia currency in line with fundamentals -IMF

(Reuters) - The IMF said in a regular review of the country's economic
health that future surges in capital inflows should be tackled
by letting the currency appreciate, tempered by intervention to
prevent excessive moves, while cutting interest rates.




It urged care when loosening monetary policy.


Read more at Reuters.com Bonds News

Yamana says its Meridian offer "full and fair"

(Reuters) - Earlier on Tuesday, Meridian's board said the deal did not
properly value the company.







Read more at Reuters.com Mergers News

Lehman Brothers to launch new muni bond swaps

(Reuters) - The new product, called the Lehman Brothers Municipal Index
Swap, is a forward-starting agreement allowing investors to
take positions on the yield of new five and 10-year swap
indexes, the firm said in a primer.




The new swap product is a response to the rapid expansion
of municipal structured products in the past few years and
increased penetration of foreign investors into the $2.4
trillion U.S. tax-exempt market.


Read more at Reuters.com Bonds News

Oil Rises Above $78, Nearing Record as U.S. Refiners May Boost Operations

(Bloomberg) -- Crude oil rose above $78 a barrel in
New York, nearing a record, on speculation demand will outpace
supply as refiners increase fuel production.

Bets on rising prices by hedge funds and other speculators
rose to a record earlier this month, according to U.S. Commodity
Futures Trading Commission data. Global demand will climb 1.7
percent in 2008, showing no sign of slowing because of high
prices, a Deutsche Bank AG report showed. A government report
tomorrow may show U.S. oil supplies fell for a fourth week.


Read more at Bloomberg Energy News

NEXT UP-U.S. Treasury seen issuing more bills

(Reuters) - On Tuesday, the Treasury sold $26 billion in four-week
bills, the highest level since late February, up from the $18
billion auctioned in the prior week.




A day earlier, the Treasury revised the federal borrowing
forecast in the July-September quarter to $73 billion, some $31
billion more than its estimate back in April.


Read more at Reuters.com Bonds News

US STOCKS-Indexes pare gains after news from home lender

(Reuters) - The Dow Jones industrial average was up 33.73
points, or 0.25 percent, at 13,392.04. The Standard & Poor's
500 Index was up 3.38 points, or 0.23 percent, at
1,477.29. The Nasdaq Composite Index was down 2.86
points, or 0.11 percent, at 2,580.42.




Read more at Reuters.com Bonds News

US STOCKS-Wall St trims gains, Nasdaq dips

(Reuters) - A rise in oil prices to a 12-month high also added to
nervousness.




The Dow Jones industrial average was up 47.63
points, or 0.36 percent, at 13,405.94. The Standard & Poor's
500 Index was up 3.33 points, or 0.23 percent, at
1,477.24. The Nasdaq Composite Index was up 0.06
points, or 0.00 percent, at 2,583.34.


Read more at Reuters.com Bonds News

News Corp, Dow Jones deal expected Tuesday-source

(Reuters) - By Robert MacMillan and Kenneth Li



NEW YORK, July 31 - Rupert Murdoch's News Corp. is expected to reach a definitive agreement to buy Dow Jones & Co. Inc. on Tuesday evening, capping his three-month pursuit of the publisher of the Wall Street Journal, a source familiar with the matter said.


Read more at Reuters.com Bonds News

Resources lead S.African stock market firmer

(Reuters) - Resource shares continued to lead South African shares to higher ground on Tuesday, with heavyweight miners Anglo American and rival BHP Billiton leading the march.

"We have seen gold and copper prices up quite significantly on the back of improved global markets, which are more than anything driving our markets rather than what is happening locally," Gryphon Asset Management Chief Investment Officer, Abri du Plessis said.


Read more at Reuters Africa

Vallourec Q2 earnings ahead of expectations

(Reuters) - The average forecast by seven analysts in a Reuters poll was
for second quarter sales of 1.498 billion euros, an EBITDA
operating profit of 445 million and a net profit of 245 million.
The net profit rose 7.5 percent to 257.7 million.
Vallourec said it expected a sales rise of between 7 and 10
percent in the second half while the gross operating margin in
the second half should be close to that of the first half,
before taking into account seasonal effects such as maintenance
expenses seen at 40 million euros for the year.




It added that a further weakening of the dollar would reduce
the contributions of non-European units in group results.


Read more at Reuters.com Market News

U.S. House passes Iran divestment bill

(Reuters) - Under the legislation approved by a 408-6 vote, the Treasury Department would be required to list twice yearly on the Internet the names of companies that have more than $20 million invested in the Iranian energy sector.




Money managers who decide to divest from companies on that list would be protected from lawsuits under the bill, which shields both private-sector money managers and fund managers for state and local governments and educational institutions.


Read more at Reuters.com Government Filings News

News Corp., Dow Jones deal expected Tuesday-source

(Reuters) - By Robert MacMillan and Kenneth Li



NEW YORK, July 31 - Rupert Murdoch's News Corp. is expected to reach a definitive agreement to buy Dow Jones & Co. Inc. on Tuesday evening, capping his three-month pursuit of the publisher of the Wall Street Journal, a source familiar with the matter said.


Read more at Reuters.com Mergers News

Nymex Gas Falls With U.S. Inventories on Track to Reach Record by Winter

(Bloomberg) -- Natural gas in New York fell on
speculation U.S. gas inventories probably rose toward a record
and speculators ended buying spurred by an earlier outlook for
hot weather and tropical storms.

Analysts expect U.S. gas in storage likely rose 75 billion
cubic feet last week, the median response of eight analysts in a
Bloomberg survey. Estimates ranged from 60 billion to 77 billion.
The five-year average increase for the week is 51 billion cubic
feet, according to department statistics.


Read more at Bloomberg Energy News

U.S. Stocks Rally on Earnings, M&amp;A Speculation; GM, Dow Jones Shares Gain

(Bloomberg) -- U.S. stocks rose for a second day on
better-than-estimated earnings and renewed takeover speculation.

General Motors Corp., the biggest U.S. automaker, gained on
improved results in Europe and North America. Sun Microsystems
Inc., the world's fourth-largest maker of server computers,
posted its steepest advance since January after component costs
fell. Dow Jones & Co. and Wendy's International Inc. jumped on
expectations they'll be bought. Stocks in Europe and Asia also
extended a recovery from last week's $2.1 trillion global rout.


Read more at Bloomberg Stocks News

Japan's MUFG, Mizuho banks post Q1 falls, keep f'casts

(Reuters) - By David Dolan



TOKYO, July 31 - Japan's two largest banks, Mitsubishi UFJ and Mizuho Financial , posted sharp falls in first-quarter profit on Tuesday, as the nation's lenders struggle to benefit from economic recovery.


Read more at Reuters.com Market News

UPDATE 1-India's Tata Motors Q1 net up 22 pct

(Reuters) - MUMBAI, July 31 - India Tata Motors Ltd.
, reported a 22 percent rise in quarterly standalone
net profit, as foreign exchange gains, cost-cutting and strong
sales of light trucks and passenger vehicles helped offset high
input costs.




Managing Director Ravi Kant did not comment on whether the
New York-listed company , India's largest vehicle maker,
was bidding for Ford Motor's Jaguar and Land Rover
brands.


Read more at Reuters.com Market News

NCR profit rises on strong ATM sales

(Reuters) - BOSTON, July 31 - NCR Corp. , a maker of bank teller machines and cash registers, said on Tuesday quarterly profit rose more than 25 percent on strong ATM sales and currency benefits.



The company said it second-quarter net earnings increased to $98 million, or 54 cents per share, compared with $78 million, or 42 cents per share, a year earlier.


Read more at Reuters.com Market News

UPDATE 1-ADP shares attractive for buybacks now-CEO

(Reuters) - NEW YORK, July 31 - Automatic Data Processing Inc. sees shares at their current price as attractive for buybacks, the company's chief executive told Reuters on Tuesday.



ADP prefers to buy shares over time instead of in big blocks, said CEO Gary Butler. "But at the current levels, I think you would continue to see ADP very active in terms of share repurchase," Butler said. ADP bought back 22 million shares in its fiscal fourth quarter, about half the shares it bought for the fiscal year.


Read more at Reuters.com Market News

S.Africa worried GMO labels could raise food prices

(Reuters) - South Africa is resisting labelling its genetically modified foods because of fears it could raise prices and make food less available for consumers, a senior health official told the country's parliament on Tuesday.

The country, Africa's economic powerhouse and one of the few on the continent to accept genetically modified organisms, or GMOs as they are popularly known, does not currently require that the modified foods be labelled.


Read more at Reuters Africa

US Midwest business grows more slowly in July

(Reuters) - The employment component of the index jumped to 61.6 from
52.7 last month. Prices paid rose to 73.1 from 68.1 and new
orders dropped to 53.4 from 65.7.




Read more at Reuters.com Bonds News

UPDATE 1-CanWest switches to bridge financing for Alliance

(Reuters) - CanWest, Canada's biggest media company, along with a
private-equity affiliate of Goldman Sachs have agreed to
pay C$53 a share to buy Alliance Atlantis, co-producer of the
hit "CSI: Crime Scene Investigation" TV show, and owner of
Canadian specialty-TV channels.




CanWest's AA Acquisition Corp., which will acquire
Alliance, has written commitments from its banking syndicate
for bridge financing to complete the deal, the companies said
in separate statements.


Read more at Reuters.com Bonds News

Corn, Soybeans May Rise as Condition of U.S. Crops Decline; Wheat May Fall

(Bloomberg) -- Corn and soybeans may rise in Chicago
after a government report said warm, dry weather caused U.S.
crops to deteriorate for the fourth straight week. Wheat may fall
as harvesting speeds up, increasing supplies.

An estimated 58 percent of the corn crop was in good or
excellent condition as of July 29, down from 62 percent a week
earlier, the U.S. Department of Agriculture said yesterday. About
58 percent of soybeans got the top ratings as of July 29, down
from 61 percent a week earlier.


Read more at Bloomberg Commodities News

Ireland's Norkom buys U.S. Digital Harbor

(Reuters) - "The experience and domain expertise of Digital Harbor's
people are a perfect match for our own and will supplement our
position as experts in the field," Norkom Chief Executive Paul
Kerley said in a statement.




The acquisition would enhance earnings per share on an
adjusted basis in the financial year ending March 2009, he
added.


Read more at Reuters.com Mergers News

UPDATE 1-Tropical Storm Chantal forms in Atlantic

(Reuters) - Chantal was located about 330 miles south of
Halifax, Nova Scotia, and moving rapidly toward the northeast
near 23 mph , according to the U.S. National Hurricane
Center in Miami.




"Chantal is not a threat to the United States," the center
said.


Read more at Reuters.com Bonds News

Home prices fell in May: S&P/Case Shiller

(Reuters) - The composite month-over-month Standard & Poor's/Case-Shiller Home Price Index of 20 metro areas also showed a 0.2 percent drop, to a 200.04 reading, or a 2.8 percent year-over-year loss.




"At a national level, declines in annual home price returns are showing no signs of a slowdown or turnaround," Robert J. Shiller, chief economist at MacroMarkets LLC, said in the release.


Read more at Reuters.com Bonds News

S.Africa June trade deficit widens

(Reuters) - South Africa's trade balance shifted further into deficit in June, recording a shortfall of 5.31 billion rand and keeping pressure on South Africa's current account, official data showed on Tuesday.

The data follows May's smaller 2.67 billion rand shortfall and compares with expectations of a 3.5 billion rand gap.


Read more at Reuters Africa

Treasuries Fall as Gains in Corporate Bonds, Stocks Reduce Safety Demand

(Bloomberg) -- Treasuries fell as gains in
corporate bonds and stocks sapped demand for the safety of
government securities.

A rebound in higher-risk assets combined with yields near
the lowest since May provided investors with few reasons to buy
Treasuries. The risk of owning European corporate bonds fell by
a record today, according to traders of credit-default swaps.


Read more at Bloomberg Bonds News

UPDATE 1-U.S. Q2 employment costs up, benefits climb

(Reuters) - The department's Employment Cost Index, a broad gauge of
what employers pay in wages, salaries and benefits, rose 0.9
percent during the April-June second quarter. That was in line
with Wall Street economists' forecasts and ahead of the first
quarter's 0.8 percent increase.




Wages and salaries rose 0.8 percent during the second
quarter, down from the 1.1 percent gain posted during the first
quarter. But benefit costs jumped by 1.3 percent after barely
edging up by 0.1 percent in the first quarter.


Read more at Reuters.com Economic News

Heidrick & Struggles profit rises on tax credits

(Reuters) - Excluding the $8.5 million tax benefit, earnings would have
been 66 cents per share, the company said.




Read more at Reuters.com Market News

Waste Management Q2 results

(Reuters) - Excluding items, the Houston-based company posted a profit
of 56 cents per share, compared with 45 cents in the year-ago
period.




The quarterly results were impacted by a $24 million
benefit from tax related issues and an after-tax benefit of $18
million due to gains on the divestitures of operations, the
company said in a statement.


Read more at Reuters.com Market News

UPDATE 2-IndyMac Bancorp profit down 57 pct on mortgage woe

(Reuters) - The company also suspended providing a financial forecast
with earnings, citing what Chief Executive Michael Perry called
"the significant current uncertainties in the housing and
mortgage markets."




Net income for the Pasadena-based parent of IndyMac Bank,
which is also one of the largest U.S. savings and loans, fell
to $44.6 million, or 60 cents per share, from $104.7 million,
or $1.49, a year earlier. Revenue declined 21 percent to $297.8
million.


Read more at Reuters.com Market News

UPDATE 1-C-BASS says in talks to increase liquidity

(Reuters) - C-BASS, which invests in the credit risk of subprime
residential mortgages, said it was exploring all options to
mitigate the liquidity risk in a difficult market.




The comments come after MGIC said it could be forced to
write down the entire value of a $516 million investment it
made in C-BASS, whose full name is Credit-Based Asset Servicing
and Securitization LLC.


Read more at Reuters.com Bonds News

European Carbon Emission Permits for December 2008 Rise for a Sixth Day

(Bloomberg) -- European Union carbon dioxide
permits rose for the sixth straight day, the longest consecutive
run of price gains since May 21.

Permits for December 2008 rose as much as 60 cents, or 2.9
percent, to 21.45 euros ($29.39) a metric ton on the European
Climate Exchange in Amsterdam. They traded at 21 euros a ton at
8:52 a.m. local time.


Read more at Bloomberg Energy News

Lloyds TSB sells Abbey Life as profits, dividend rise

(Reuters) - LONDON, July 31 - British bank Lloyds TSB sold its Abbey Life insurance unit for almost 1 billion pounds



on Tuesday as it announced a 15 percent rise in underlying earnings and its first dividend hike in five years.


Read more at Reuters.com Market News

India's Central Bank Unexpectedly Raises Reserve Limit to Curb Inflation

(Bloomberg) -- India's central bank unexpectedly
ordered lenders to set aside larger reserves for the third time
in a year to remove excess money that may stoke inflation.

Reserve Bank of India Governor Yaga Venugopal Reddy will
lift the cash reserve ratio, or the proportion of cash
commercial banks must put aside against deposits, to 7 percent
from 6.5 percent. The Mumbai-based central bank today also held
its benchmark interest rate at a five-year high of 7.75 percent.


Read more at Bloomberg Emerging Markets News

Tokyo Electric Cuts Profit Forecast on Nuclear Plant Shutdown After Quake

(Bloomberg) -- Tokyo Electric Power Co., forced to
shut the world's largest nuclear plant after an earthquake this
month, slashed its profit forecast because the utility will need
to burn costlier oil and gas to make up the shortfall.

Tokyo Electric predicted net income of 65 billion yen ($547
million) in the year ending March 31, compared with 310 billion
yen estimated in April, Asia's biggest utility said in a
statement to the stock exchange today. The forecast for pretax
profit was cut to 130 billion yen from 400 billion yen, and the
sales estimate raised to 5.45 trillion yen from 5.4 trillion yen.


Read more at Bloomberg Energy News

Dollar steadies but credit market worries linger

(Reuters) - The dollar steadied on Tuesday as a rise in U.S. stocks overnight eased some fears about deteriorating credit markets as market players awaited U.S. data for clues on the Federal Reserve policy outlook.

Concerns linger that a further slump in credit and equity markets may prompt investors to continue to cut risky positions like carry trades -- borrowing low-yielding currencies such as the yen to buy higher-yielding assets.


Read more at Reuters Africa

Lloyds TSB profits, dividend rise, sells Abbey Life

(Reuters) - Britain's fifth biggest bank raised its interim dividend by
5 percent and said its profit before tax and volatility in the
six months to the end of June was 2.01 billion pounds, up from
1.75 billion a year before.




Read more at Reuters.com Market News

Rhodia Q2 net 3 mln euros, confirms targets

(Reuters) - Rhodia reported recurring second-quarter earnings before
interest, tax, depreciation and amortisation of 203
million euros, up 22 percent, and operating profit of 119
million euros, up 32 percent.




Revenues rose 6.8 percent to 1.293 billion euros.


Read more at Reuters.com Market News

Brasil Telecom, BR Malls, Grupo Mexico and Andina: Latin Equity Preview

(Bloomberg) -- The following stocks may make
significant gains or losses in Brazil, Chile and Mexico
today. Symbols are in parentheses after the company name, and
stock prices are from the last session.

In Brazil, preferred shares are the most commonly traded
class of stock.


Read more at Bloomberg Stocks News

Taiwan Government Bonds Fall as Interest Rate May Rise; Currency Unchanged

(Bloomberg) -- Taiwan's bonds fell for a second day
on concern rising consumer prices will prompt the central bank
to increase interest rates to stem inflation.

Crown Plastic Enterprise Co. and Tah Hsin Industrial Co.,
makers of waterproof garments and shoes, will raise prices to
reflect higher commodities costs, the Commercial Times reported
today, without citing sources. Central bank policy makers raised
the benchmark rate by a quarter-percentage point to 3.125
percent in June, the 12th consecutive increase.


Read more at Bloomberg Bonds News

Codelco Contract Workers to Vote on New Agreement, May End Strike Over Pay

(Bloomberg) -- Codelco, the world's biggest copper
producer, resumed production at its second-largest mine today as
workers employed by contractors prepare to vote on whether to end
a five-week dispute over wages.

Non-contract union workers returned to the El Teniente mine
in central Chile today, the company's press office in Santiago
said. They stopped work July 26 when the company shuttered the
mine because of protests by the striking contractors. A smaller
mine remains shut.


Read more at Bloomberg Commodities News

LG Telecom Posts Lowest Profit in a Year on Spending for Handset Subsidies

(Bloomberg) -- LG Telecom Ltd., South Korea's third-
largest mobile-phone operator, reported its lowest profit in a
year after the company spent more on handset subsidies to win
customers from larger rivals SK Telecom Co. and KT Freetel Co.

Second-quarter net income was 54 billion won ($59 million),
from a record loss of 195.4 billion won a year earlier, Seoul-
based LG Telecom said in a statement today. Sales rose 18 percent
to 1.16 trillion won.


Read more at Bloomberg Emerging Markets News

South Korea Stocks Rise, Set for Sixth Month of Gains; Doosan Leads Climb

(Bloomberg) -- South Korean stocks rose, set to
complete a sixth month of gains. Doosan Infracore Co. advanced
after Hyundai Securities Co. said the $4.9 billion acquisition of
an Ingersoll-Rand Co. unit will help the company expand into
developed markets.

``The acquisition will help it make inroads into markets like
the U.S.,'' said Cho Joon Hyuk, who helps manage $1.5 billion at
Nonghyup CA Asset Management in Seoul. ``Investors also like the
deal because the Doosan Group kept saying they were interested in
takeovers and product diversification, and now they're actually
showing us it's true.''


Read more at Bloomberg Stocks News

Philippine Peso Gains as Stocks Recovery Spurs Emerging Markets Demand

(Bloomberg) -- The Philippine peso rose for a
second day on speculation gains in global stocks will encourage
investors to buy back holdings of emerging market assets.

U.S. stocks yesterday rebounded from the worst two-day
decline since 2003, suggesting the rout in global equities is
over. The peso last week had its first weekly decline in four as
the Standard & Poor's 500 Index had its biggest five-day drop in
4 1/2 years as concern about weakness in the U.S. housing market
prompted investors to flee riskier assets.


Read more at Bloomberg Currencies News

Southern Copper's Workers at Mexico's Largest Copper Mine Begin Strike

(Bloomberg) -- Workers at Southern Copper Corp.,
the world's fifth-largest producer of the metal, began a strike
at three of the company's Mexican mines to demand wage
increases, a union official said.

Employees began a work stoppage at Cananea, Mexico's
largest copper mine, and the Taxco and San Martin zinc
mines, said Carmen Romero, spokeswoman for the National
Mining and Metal Workers Union.


Read more at Bloomberg Commodities News

UPDATE 1-Japan's jobless rate hits nine-year low

(Reuters) - The tight labour market kept alive market expectations that
the central bank will raise interest rates as early as next
month, although global market volatility in recent days has
dented the near certainty many in the market had felt about this.




As well, the recovery in personal consumption remains
fragile, with separate government data showing that overall
household spending in June rose only 0.1 percent from a year
earlier, falling short of a median market forecast of a 0.7
percent rise.


Read more at Reuters.com Economic News

Australia's S&amp;P/ASX 200 Index Climbs, Led by BHP Billiton, Macquarie Bank

(Bloomberg) -- Australia's benchmark stock index,
the S&P/ASX 200 Index, rose 0.32 percent at 10:05 a.m.

The index of 201 companies traded on the Australian Stock
Exchange rose 19.40 to 6,128.20. Among the stocks in the index,
90 rose, 25 fell and 86 were unchanged.


Read more at Bloomberg Stocks News

Australia's June Trade Deficit Probably Widened on Rising Imports, Storm

(Bloomberg) -- Australia's trade deficit probably
widened in June as a storm disrupted coal exports and imports
increased to a record.

The trade gap widened to A$1.2 billion ($1 billion) from
A$807 million in May, according to the median estimate of 24
economists surveyed by Bloomberg News. The Bureau of Statistics
will release the report tomorrow at 11:30 a.m. in Sydney.


Read more at Bloomberg Bonds News

UPDATE 1-MGIC says investment in subprime venture at risk

(Reuters) - MGIC is slated to merge with rival Radian Group Inc.
, which also owns a stake in the venture, called
Credit-Based Asset Servicing and Securitization LLC ,
later this year.




"Beginning in February, the market for subprime mortgages has
experienced significant turmoil, with market dislocations
accelerating to unprecedented levels ... in ... mid-July," MGIC
said in its statement. Credit agencies have now downgraded
hundreds of bonds backing subprime loans to junk.


Read more at Reuters.com Mergers News

UPDATE 1-ThermoGenesis sees Q4 revenue below analysts' view

(Reuters) - The maker of automated blood-processing systems and
disposable products also said it named Chief Operating officer
William Osgood as the chief executive officer.




Osgood replaces Phil Coelho, who will remain with the
company as the chief technology architect.
In a separate statement, the company said it received U.S.
regulatory approval to market its CryoSeal fibrin sealant in
liver resection surgery.


Read more at Reuters.com Government Filings News

UDR posts higher quarterly FFO

(Reuters) - Analysts were expecting FFO of 45 cents cents a share,
according to Reuters Estimates.




FFO removes the profit-reducing effect that depreciation --
a noncash accounting item -- has on earnings.


Read more at Reuters.com Market News

Icahn raises Temple-Inland stake to 8.3 percent

(Reuters) - Temple-Inland's recent proxy statement showed that Icahn
held a 6.7 percent stake with more than 7.2 million shares as
of March 27.




Read more at Reuters.com Bonds News

US CREDIT-Spreads likely to stay shakey after whipsaw

(Reuters) - Analysts were hesitant to call a top or bottom to the
market on Monday though, after benchmark spreads whipsawed
through one of their largest one day moves in history, hitting
mutli-year wides early in the day, only to end the day
tighter.




The investment grade credit derivative index jumped around
20 basis points in early trade to more than 100 basis points,
its widest level since the index's inception in 2004, before
whipping back to around 73 basis points, around 8 basis points
tighter on the day.


Read more at Reuters.com Bonds News

Asian Stocks Rebound From Rout in U.S. Trading; HSBC Climbs on Earnings

(Bloomberg) -- Asian stocks trading in the U.S.
rebounded from their biggest weekly drop in more than four months
after HSBC Holdings Plc and PT Telekomunikasi Indonesia reported
higher earnings.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, rose 1.9 percent, the most
since May 11, to 167.96. The measure last week declined 3.8
percent, the most since the period ended March 2.


Read more at Bloomberg Stocks News

US hospital chain Community Health profit up

(Reuters) - Wall Street analysts on average had been forecasting 57
cents per share, according to Reuters Estimates.




Read more at Reuters.com Market News

Bridgestone, Clarion, Isuzu, Komatsu, Shinsei Bank: Japan Equity Preview

(Bloomberg) -- The following stocks may move in
Japanese markets. Prices are as of the close of trading.
Statements were released after the close. Stock symbols are in
parentheses.

Bridgestone Corp. (5108 JT): The world's largest tiremaker
raised its annual unconsolidated profit forecast for the second
time because of a weaker yen. Net income may total 77 billion yen
($648 million) for the 12 months ending Dec. 31, compared with a
previous estimate of 73 billion yen, Bridgestone said in a
release. It also raised its unconsolidated sales forecast for
this year by 1 percent to 1.03 trillion yen and its operating
profit forecast by 10 percent to 108 billion yen. The stock fell
25 yen, or 1 percent, to 2,490.


Read more at Bloomberg Stocks News

House lawmaker to offer credit card bill

(Reuters) - "Consumers are concerned about interest rates and fees and not knowing anything about it," said Carolyn Maloney, a New York Democrat who chairs the House of Representatives subcommittee on financial institutions and consumer credit.




After a two-hour meeting with credit card issuers and consumer group advocates, Maloney told reporters her congressional office also plans to propose this week a set of best practices for those companies. She did not provide specifics on them or on the legislation.


Read more at Reuters.com Bonds News

US STOCKS-S&P, Nasdaq gain 1 pct as financials, energy advance

(Reuters) - The Dow Jones industrial average was up 124.78
points, or 0.94 percent, at 13,390.25. The Standard & Poor's
500 Index was up 18.22 points, or 1.25 percent, at
1,477.17. The Nasdaq Composite Index was up 28.54
points, or 1.11 percent, at 2,590.78.




Read more at Reuters.com Bonds News

ASM Pacific, HSBC, Kookmin, Telekomunikasi: Asia Ex-Japan Stock Preview

(Bloomberg) -- The following stocks may rise or fall
in Asian markets, excluding Japan. This preview includes news
that broke after markets closed. Prices are from the local
market's last close. Stock symbols are in parentheses after
company names.

Banking stocks: China ordered banks to set aside larger
reserves for the sixth time this year to curb lending and
investment after the economy grew at the fastest pace since 1994.
Lenders must put aside 12 percent of deposits as reserves
starting Aug. 15, up from 11.5 percent, the People's Bank of
China said yesterday.


Read more at Bloomberg Stocks News

TREASURIES-Bonds fall as stocks turn higher

(Reuters) - Bond prices mainly have been moving in the opposite
direction of stocks -- when stocks slide, fearful investors
turn to the relative safety of bonds, and when stocks show
signs of life, bonds retreat.




"I really think Treasuries are just watching stocks -- we
have no other drivers for today," said Beth Malloy, bond market
analyst at Briefing.com in Chicago, adding "we are also weighed
by last week's rally."


Read more at Reuters.com Bonds News

Wheat Futures Decline as Spring Harvest Gets Under Way in Northern Plains

(Bloomberg) -- Wheat fell the most in two weeks in
Chicago as U.S. farmers begin harvesting a spring crop that may
yield more bushels than normal.

About 2 percent of spring wheat, grown mostly in the
northern Great Plains including North Dakota and Minnesota, was
harvested as of July 22. The government will update that figure
today. Some fields may yield as much as 95 bushels an acre, or
almost three times the five-year average, said Vince Boddicker,
manager of Farmers Trading Co. in Mitchell, South Dakota.


Read more at Bloomberg Commodities News

RLPC-Integra Telecom reduces 1st-lien loan, delays deal

(Reuters) - The financing is led by Deutsche Bank, Morgan Stanley and
CIBC World Markets and backs the acquisition of Eschelon
Telecom .




Read more at Reuters.com Mergers News

UPDATE 1-EXCO to form master limited partnership unit

(Reuters) - BANGALORE, July 30 - Oil and gas producer EXCO
Resources Inc. on Monday said it plans to form a master
limited partnership and make an initial public offering
of $1.5 billion of common units in the subsidiary.




The company plans to use the MLP as a tax-efficient vehicle
to pursue acquisition of additional mature producing
properties, either from EXCO or from third parties, the Dallas,
Texas-based company said in a statement.


Read more at Reuters.com Mergers News

UPDATE 1-Russel Metals second-quarter profit drops

(Reuters) - Russel, one of the largest metals distribution companies in
North America, said it earned C$29.3 million ,
or 47 Canadian cents a share, in the quarter ended June 30,
down from C$46.2 million, or 74 Canadian cents a share, in the
year-earlier quarter.




Sales for the Mississauga, Ontario-based company were C$653
million, down from C$686 million.


Read more at Reuters.com Market News

European Stocks Fall, Led by IKB, UBS, Commerzbank; ICI Gains on New Bid

(Bloomberg) -- European stocks fell for a fifth day,
led by financial-services companies after IKB Deutsche
Industriebank AG of Germany said profit will be ``significantly''
lower than forecast, hit by the U.S. subprime mortgage rout.

IKB tumbled 20 percent. UBS AG, the biggest money manager,
and 3i Group Plc, Europe's largest publicly traded buyout and
venture-capital firm, led declines by financial companies.
Commerzbank AG slid after saying it expects to make provisions
for losses tied to the U.S. subprime mortgage market.


Read more at Bloomberg Stocks News

CNA, Ingersoll-Rand, RadioShack, ValueClick, Vivus: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 11:40 a.m. in New York.

Some mortgage lenders fell after American Home Mortgage
Investment Corp. (AHM US) delayed its quarterly dividend and
raised doubts about whether it has enough cash to stay in
business. Shares of American Home were halted.


Read more at Bloomberg Stocks News

SABIC buys into $1.5 bln Mauritania iron project

(Reuters) - Saudi Basic Industries Corp. (SABIC), the Gulf's largest steel producer, said on Monday it agreed to take a 35 percent stake in a 5.6 billion riyal iron ore project in Mauritania.

SABIC's share of the project to produce iron ore pellets is costing $262 million, it said in a statement on the Saudi stock exchange Web site.


Read more at Reuters Africa

Oil Falls From Close to One-Year High on Expected U.S. Fuel Inventory Gain

(Bloomberg) -- Crude oil fell from the highest in
almost a year, pulled lower by gasoline, on speculation U.S. fuel
stockpiles increased last week.

A government report on Aug. 1 will probably show that U.S.
inventories of gasoline and distillate fuel, a category that
includes diesel and heating oil, rose for a second week,
according to a Bloomberg News survey. The crude-oil market often
follows gasoline during the summer driving season, when motor-
fuel demand peaks.


Read more at Bloomberg Energy News

American Home Mortgage tumbles on liquidity issues

(Reuters) - Shares of American Home were down 39 percent, falling in pre-market trading to $6.39 from Friday's close of $10.47. On Friday the shares hit their lowest level since April 2003. Trading on Monday was halted for news pending.




The announcement late Friday evening reflects how liquidity and credit issues affecting subprime lenders are extending to companies that make home loans to borrowers considered to be good credit risks.


Read more at Reuters.com Business News