Diary of a JSE Stock Operator Edition 3: 07/01/2007

Tuesday, July 31, 2007

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

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&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

Monday, July 30, 2007

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&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

Angloplat decision on Twickenham by Q1 2008

(Reuters) - Capital costs have climbed for Angloplat's long-delayed, multi-billion rand Twickenham project and a decision on whether to build it will be made by early 2008, a top official said on Monday.

"There's still some more work to do on the final feasibility study," said Duncan Wanblad, who will take over as joint acting chief executive at the start of September.

Read more at Reuters Africa

French Stocks Including Michelin Gain; Societe Generale and Dexia Decline

(Bloomberg) -- French stocks including Michelin &
Cie. rose while lenders such as Societe Generale SA and Dexia SA
declined.

The CAC 40 Index added 12.06, or 0.2 percent, to 5656.02 at
3 p.m. in Paris. The SBF 120 Index rose 0.2 percent. The CAC
sank 5.3 percent last week for its biggest weekly loss since the
five days ending March 28, 2003.

Read more at Bloomberg Stocks News

UPDATE 1-Dow Jones family owners face deadline on bid

(Reuters) - NEW YORK, July 30 - Rupert Murdoch's News Corp.
appeared close to gaining sufficient approval for its
$5 billion bid for Dow Jones & Co from the Bancroft
family, The Wall Street Journal said, ahead of a Monday
deadline for responding to the offer.

The Bancrofts control 64 percent of the voting shares of
Dow Jones, owner of the Wall Street Journal. Slightly less than
half of the family's votes favored the deal as of late Sunday,
the Journal reported, citing a source close Dow Jones' board.
This accounts for 28 percent of the overall voting shares.

Read more at Reuters.com Mergers News

UPDATE 5-Nippon Steel, JFE report strong Q1 profit gains

(Reuters) - TOKYO, July 30 - Nippon Steel Corp and
JFE Holdings Inc. on Monday booked strong quarterly
profits on higher prices, raising prospects Japan's top two
steel makers' earnings could gain further momentum this year.

But high raw materials and depreciation costs look to limit
growth at Sumitomo Metal Industries Ltd. and Kobe Steel
Ltd., which rely less on booming car sheet production
than the bigger two rivals.

Read more at Reuters.com Market News

Lehman Strategist Bennett Says Corporate Bond Risk `Only For The Brave'

(Bloomberg) -- Ben Bennett, a credit strategist at
Lehman Brothers Holdings Inc. in London, comments on today's
increase in corporate bond risk.

Contracts on 10 million euros ($13.8 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies increased by 28,000 euros to 474,000 euros, according
to JPMorgan Chase & Co. Earlier the index rose as high as
504,000 euros.

Read more at Bloomberg Bonds News

Siemens shares up on rumour of special div -traders

(Reuters) - Siemens, which last week sold its automotive unit VDO to
German car-parts supplier Continental for 11.4 billion
euros , said it has no reason to speculate on
the dividend for its fiscal year 2007.

Siemens shares were up 0.6 percent at 95.40 euros at 1315
GMT, while Germany's DAX index was up 0.2 percent.

Read more at Reuters.com Market News

Cameroon cocoa farmers should cut contamination

(Reuters) - Cocoa farmers in Cameroon could double their earnings if they improve drying methods to avoid contamination which reduces the quality of their beans, a senior scientist in one of the world's biggest growers said.

Many farmers in Cameroon dry their beans over simple wood or coal fires, often by the side of the road, risking contamination with polycyclic aromatic hydrocarbons (PAHs), pollutants formed by the incomplete combustion of carbon-based fuels.

Read more at Reuters Africa

UPDATE 1-Nam Tai operating profit, revenue fall

(Reuters) - The maker of components for consumer electronics products
said operating profit was 26 cents a share, down from 46 cents
a year earlier. Analysts' average forecast was 19 cents share,
according to Reuters Estimates.

Sales dropped 7 percent to $197.8 million, falling short of
analysts' forecast of $200.9 million. The company cited a
decline in business from telecommunication components
assembly.

Read more at Reuters.com Market News

Cameco, Canfor, Connors Bros., Teck Cominco: Canadian Stock Market Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets
today. This preview includes news that broke after markets closed
on July 27. Symbols are in parentheses after company names and
prices are from the last close.

The Standard & Poor's/TSX Composite Index fell 96.07, or 0.7
percent, to 13,748.53 on July 27 in Toronto.

Read more at Bloomberg Stocks News

Tyson Foods returns to quarterly profit

(Reuters) - The company continued to benefit from a cost-cutting
program launched last year when it was losing money.

Read more at Reuters.com Business News

UPDATE 1-Verizon quarterly profit rises

(Reuters) - The No. 2 U.S. phone company said net profit rose 4.5
percent to $1.68 billion, or 58 cents per share, from $1.61
billion, or 55 cents per share, a year earlier.

Operating revenue rose 6.3 percent to $23.37 billion, it
said.

Read more at Reuters.com Market News

Anglo Platinum CEO says to resign end-Aug

(Reuters) - The company said it was serching for a new CEO and would
make an announcement at a later date. Angloplat is majority
owned by mining group Anglo American Plc .

Read more at Reuters.com Market News

Treasuries Advance After Index of Corporate Bond Risk Increases

(Bloomberg) -- Treasuries rose as a gauge of
corporate bond risk surged, fueling speculation losses on
securities backed by subprime mortgages will worsen.

The yield on the 10-year note fell 1 basis point, or 0.01
percentage point, to 4.75 percent as of 11:46 a.m. in London,
according to bond broker Cantor Fitzgerald LP. The price of the 4
1/2 percent note due May 2017 rose 3/32, or 94 cents per $1,000
face amount, to 98 01/32. Yields move inversely to bond prices.

Read more at Bloomberg Bonds News

Copper bounces as spotlight falls on tight supplies

(Reuters) - Copper prices bounced on Monday as the spotlight switched to tight supplies and equities firmed, but fears about economic and demand growth could return to spook the market.

Recovering confidence in metals and equity markets helped London-listed miners such as Rio Tinto, BHP Billiton, Xstrata, Anglo American to rise between 0.6 and 2.3 percent.

Read more at Reuters Africa

U.K. Electricity Prices for September Rises as Natural-Gas Costs Increase

(Bloomberg) -- U.K. power for delivery in September
rose as the cost of natural gas increased. Electricity for the
next working day was unchanged, maintaining a premium over
corresponding prices in France.

U.K. power for delivery in September increased 2.3 percent
to 26.50 pounds ($53.72) a megawatt-hour, according to prices on
Bloomberg from the broker GFI Group Inc. The contract traded at a
record-high 26.75 pounds a megawatt-hour on July 23.

Read more at Bloomberg Energy News

Treasuries Fall as Investors Shun Lowest Yields in Two Months Before Data

(Bloomberg) -- Treasuries fell as investors shunned
benchmark yields near the lowest in more than two months on
speculation the economy is growing fast enough to prevent the
Federal Reserve from cutting interest rates.

U.S. notes also declined, pushing 2- and 10-year yields up
the most in two weeks, after a technical chart some investors
use to predict market movements indicated a three-week slump in
yields had gone too far. Payrolls, wages and manufacturing
probably expanded, reports will show this week, according to
economists surveyed by Bloomberg.

Read more at Bloomberg Bonds News

Euro Advances Against Yen, Dollar as Stocks Rise, Investors Return to Risk

(Bloomberg) -- The euro gained the most in six weeks
against the yen as a recovery in stock markets lured investors to
riskier assets.

The euro rose against the dollar as Asian and European
equities rebounded, prompting investors to buy higher-yielding
assets with borrowings in Japan, which has the lowest interest
rate among major economies. The yen also retreated today as a
technical indicator signaled the currency's rally last week was
too fast.

Read more at Bloomberg Currencies News

French Stocks Including Michelin Gain; Suez and Societe Generale Decline

(Bloomberg) -- French stocks including Michelin &
Cie. and France Telecom SA rose while Suez SA and Societe
Generale SA fell.

The CAC 40 Index slipped 1, or less than 0.1 percent, to
5642.96 at 10:54 a.m. in Paris. The SBF 120 Index added 0.1
percent. The CAC sank 5.3 percent last week for its biggest
weekly loss since the five days ending March 28, 2003.

Read more at Bloomberg Stocks News

Yen May Rise to 116 as Abe Clings On as Prime Minister, Deutsche Bank Says

(Bloomberg) -- The yen may rise to a four-month high
of 116 per dollar as Japanese Prime Minister Shinzo Abe will
remain in office after his ruling coalition lost its majority in
upper house elections, according to Deutsche Securities.

Abe's decision to retain his post lessens political
instability that may have forced the Bank of Japan to delay an
interest-rate increase next month. The government is likely to
avoid raising sales taxes and close the income gap to appease
opposition parties, supporting consumer spending and the currency.

Read more at Bloomberg Currencies News

ABN CEO: Barclays bid beneficial, but cannot recommend

(Reuters) - "We continue to support Barclays' offer because we feel
overall Barclays' merger plan is to the benefit of all
stakeholders," Chief Executive Rijkman Groenink told reporters,
but said that ABN has taken a neutral stance on the competing
bids.

Read more at Reuters.com Market News

India's Unilever shares surge on results, buyback

(Reuters) - "The pricing of the buyback is good, but it is only a small share of their equity and it cannot prop up share prices in the long term," said Hemant Patel, an analyst at Enam Securities.

Hindustan Unilever, 52-percent owned by Anglo-Dutch Unilever Plc , on Sunday said it would spend up to $156 million to buy 27.4 million shares, or 1.2 percent of outstanding equity, at up to 230 rupees a share, a 17 percent premium to Friday's close.

Read more at Reuters.com Hot Stocks News

Melco PBL Hires Merrill Lynch to Sell $200 Million of Exchangeable Bonds

(Bloomberg) -- Melco PBL Entertainment (Macau) Ltd.,
a Macau casino venture between Lawrence Ho and Australian
billionaire James Packer, plans to raise $200 million selling
bond exchangeable into its shares, according to a sale document.

The Nasdaq-listed company plans to allow investors to
convert the bonds into its American depositary receipts at a
premium of between 40 percent and 50 percent to the closing price
of $12.28 on July 27, the document, which was sent to investors,
shows.

Read more at Bloomberg Bonds News

Alibaba Plans Hong Kong Initial Public Offering for Online Wholesale Unit

(Bloomberg) -- Alibaba.com Corp., operator of Yahoo!
Inc.'s Web site in China, said the company plans a Hong Kong
listing for a subsidiary that helps businesses buy and sell
products over the Internet.

Chief Executive Officer Jack Ma told employees at a July 28
meeting in East China's Hangzhou city, where Alibaba is based,
that the company had taken the first steps for listing its so-
called business-to-business e-commerce unit, Porter Erisman, a
spokesman for Alibaba.com, said today by telephone from Beijing.

Read more at Bloomberg Emerging Markets News

Match.com expands mobile online dating service

(Reuters) - The service provides subscribers with text messages to their phones when they have an e-mail from another Match.com subscriber and allows them to search for potential matches from their cell phones.

For an extra fee of about $5 per month, MatchMobile subscribers can receive and answer e-mails from suitors on their mobile phones.

Read more at Reuters.com Business News

Sunday, July 29, 2007

UPDATE 1-Pearson H1 profit up, raises education sales forecast

(Reuters) - LONDON, July 30 - Book and newspaper publisher
Pearson reported a sharp rise in first half profits on
Monday and raised its full-year sales forecast for its core
professional education business to growth of 5-7 percent.

The company, which also owns the Financial Times, had
previously forecast flat sales for the professional education
business.

Read more at Reuters.com Market News

South Africa eyes import tariff cuts to aid manufacturing

(Reuters) - South African President Thabo Mbeki said on Sunday his government may cut tariffs on some imported equipment and goods in a bid to boost the manufacturing sector and make it more competitive internationally.

In a briefing to discuss the outcome of a mid-year meeting of his cabinet and other senior officials, Mbeki said a healthier manufacturing sector was critical to the government's efforts to narrow the country's trade deficit.

Read more at Reuters Africa

Asian Stocks Rebound From 1-Month Low; JFE, Nippon Steel Rise, Sony Falls

(Bloomberg) -- Asian stocks rebounded from a one-
month low after higher profits at JFE Holdings Inc. and Nippon
Steel Corp. helped offset concerns of a slump in U.S. housing.

Sony Corp., the maker of Cyber-shot cameras and PlayStation 3
consoles, and James Hardie Industries NV, the biggest supplier of
home siding in the U.S., led declines after a report showed a
decline in U.S. housing investment.

Read more at Bloomberg Stocks News

UPDATE 1-Akzo Nobel says ICI rejects new takeover bid

(Reuters) - Akzo Nobel said it had teamed up with Germany's Henkel
for the offer and that ICI had considered that the
offer did not reflect its full value.

In June, Akzo Nobel had make an indicative offer of 600
pence a share, which ICI also rejected as too low. The UK
Takeover Panel had set an Aug. 9 deadline for Akzo to make a
firm bid or walk away.

Read more at Reuters.com Mergers News

Atos, Danone, Euler Hermes, Lectra and Natixis: French Equity Preview

(Bloomberg) -- The following stocks may rise or
fall on the Paris stock exchange tomorrow. Symbols are in
parentheses after company names. Prices are from the last close.

The benchmark CAC 40 Index lost 31.09, or 0.6 percent, to
5643.96. The broader SBF 120 Index also fell 0.6 percent.

Read more at Bloomberg Stocks News

Gold, Silver Little Changed After Drop on Concern Global Growth May Slow

(Bloomberg) -- Gold was little changed in Asia after
the biggest weekly decline in almost two months on concern that
global economic growth may slow, reducing the metal's appeal as a
hedge against inflation. Silver was also little changed.

Gold fell 3.3 percent last week amid a $2.1 trillion world
stock market rout and concern that U.S. subprime mortgage losses
may slow economic growth, reducing inflation. Investors usually
buy gold at time of rising raw material prices to preserve wealth.

Read more at Bloomberg Commodities News

New Zealand Dollar Is Overvalued, Will Decline, Agriculture Minister Says

(Bloomberg) -- The New Zealand dollar, the best
performer of 16 major currencies against the dollar in the past
year, is over-valued and will eventually decline, Agriculture
Minister Jim Anderton said today.

``There is no question it is overvalued,'' Anderton said in
e-mailed notes for a speech in Christchurch. ``A lot of the hot
money coming in here thinking it won't decline, will eventually
get burned because the dollar will, sooner or later, return to
more normal levels.''

Read more at Bloomberg Commodities News

Liberty reportedly mulling Virgin Media bid

(Reuters) - Virgin Media had asked suitors to submit expressions of interest by the first week of August to kick off an auction of the company, people familiar with the situation told Reuters earlier this week.

About 10 suitors have expressed an interest, sources told Reuters, since private equity firm Carlyle Group made an initial offer earlier this month.

Read more at Reuters.com Business News

Oil down on profit taking

(Reuters) - U.S. crude for September delivery fell 32 cents to $76.70 a barrel in Globex electronic trading by 0130 GMT, trimming just a whisker of Friday's $2.07 or 2.76 percent surge that took oil to just one cent shy of its record-high settlement price of $77.03, marked on July 14, 2006.

London's Brent crude , which lagged the U.S. market with a gain of $1.08 on Friday, fell 44 cents to $75.82 after reverting last week to trade below U.S. crude, on signs of lower crude stocks in Oklahoma and recovering North Sea oil production.

Read more at Reuters.com Hot Stocks News

Payrolls, Wages, Manufacturing Likely Grew in July, Tempering Housing Woes

(Bloomberg) -- Payrolls, wages and manufacturing in
the U.S. expanded in July, pointing to an economy that is
surviving a deepening slump in housing, economists project
reports this week will show.

Employers added 130,000 workers to payrolls this month,
about the same as in June, according to the median estimate of
economists surveyed by Bloomberg News ahead of a Labor
Department report Aug. 3. A private report Aug. 1 may show
manufacturing grew at close to the fastest pace in more than a
year.

Read more at Bloomberg Stocks News

RWE Reports Lignite-Fired Power-Plant Shutdowns, Reduced Nuclear Capacity

(Bloomberg) -- RWE AG, Germany's second-largest
utility, reported shutdowns at three lignite-fired power plants
and a capacity reduction at a nuclear plant.

RWE's 289-megawatt Neurath B lignite-fired plant stopped on
July 27, the Essen, Germany-based company said today on its Web
site. Neurath B is expected to remain halted for between six days
and eight days, the company said.

Read more at Bloomberg Energy News

Japan's Nikkei 225 Stock Average, Topix Fall; Toyota and Canon Lead Drop

(Bloomberg) -- Japan's Nikkei 225 Stock Average
fell 171.71, or 1 percent, to 17,112.10 at 9:02 a.m. in Tokyo.
The broader Topix index dropped 16.48, or 1 percent, to
1,683.23.

Toyota Motor Corp. and Canon Inc. led the declines.

Read more at Bloomberg Stocks News

New Zealand Dollar Falls to Four-Week Low, Investors Avoid Carry Trade

(Bloomberg) -- The New Zealand dollar fell to a
four-week low as falling global stock markets and U.S. subprime
mortgage losses prompted investors to avoid riskier assets.

The currency, known as the kiwi, is a favorite for the
carry trade, where investors borrow cheaply in yen to put their
funds in countries that offer higher yields. New Zealand's
record 8.25 percent benchmark interest rate is 7.75 percentage
points more than Japan's, luring traders to the higher returns
offered by the nation's fixed income assets.

Read more at Bloomberg Currencies News

Fidelity chief says daughter may not run company-NYT

(Reuters) - Johnson's daughter now reports to that former Prudential
executive, Rodger Lawson, 60, which would seem to push her
further from the chief executive spot.

Ned Johnson told The New York Times in an article published
on Sunday, "I would expect the family would continue to play a
critical role in leading Fidelity."

Read more at Reuters.com Bonds News

Porsche not planning now to raise VW stake: paper

(Reuters) - The federal law guarantees special rights for the German state of Lower Saxony, where VW's headquarters in Wolfsburg are located, as a shareholder as well as preventing any one individual investor from exercising more than 20 percent of their voting rights.

Wolfgang Porsche did not deny that the Porsche and Piech families who control the sports car maker were immune to the idea of controlling VW itself, effectively founded in 1937 by Beetle designer and family patriarch Ferdinand Porsche.

Read more at Reuters.com Business News

Pearl, Deutsche last Abbey Life bidders: sources

(Reuters) - Reinsurer Swiss Re and closed life fund specialist Resolution were also named as bidders earlier in July.

Since then, however, Resolution has announced an 8.6 billion pound all-share merger with rival Friends Provident . The Sunday Telegraph reported that Swiss Re had also pulled out.

Read more at Reuters.com Business News

Saturday, July 28, 2007

France's Renault, India's Bajaj in initial talks

(Reuters) - "If concluded favourably, this could lead to a long-term
partnership between Renault and Bajaj for the development of the
business so conceived," it said.

On Thursday, a Renault spokeswoman said the company had
contacted Bajaj about a $3,000 car but no decision had been
taken.

Read more at Reuters.com Mergers News

Deripaska eyes Ford's Land Rover, Jaguar -magazine

(Reuters) - The magazine quoted a spokeswoman for the GAZ Group as
saying: "We have already announced before that we are interested
in growing through mergers and acquisitions."

Another firm owned by Deripaska, Basic Element, agreed in
May to invest $1.54 billion in Canadian auto parts supplier
Magna .

Read more at Reuters.com Mergers News

IMF's Rato - China currency policy constrains all Asia

(Reuters) - If China let its yuan currency find its value more freely, other Asian nations' currencies could appreciate without fear of losing exports, International Monetary Fund chief Rodrigo de Rato said.

In a speech prepared for delivery on Saturday to a bankers' conference in Bangkok, Thailand, Rato suggested that China's managed currency was helping fuel potentially dangerous protectionist sentiments. The text was released in advance in Washington.

Read more at Reuters Africa

European Stocks Decline on Credit Concerns; Allianz, Anglo American Slide

(Bloomberg) -- European stocks had their biggest
weekly drop in almost five months on concern difficulties in the
credit market may curb mergers and acquisitions as investors are
shying away from risky debt.

Allianz SE and UBS AG led declines by financial companies.
Anglo American Plc, the world's second-largest mining company,
paced a retreat in mining shares as copper prices fell on
speculation a slump in homebuilding will reduce demand in the
U.S.

Read more at Bloomberg Stocks News

Friday, July 27, 2007

UPDATE 1-Grupo Mexico 2nd-qtr net profit up 48.6 pct

(Reuters) - Earnings before interest, tax, depreciation and
amortization rose 54 percent to $1.234 billion.

Grupo Mexico also said that its board
approved a dividend of 1 peso per share which will be paid in
one exhibit starting September 3.

Read more at Reuters.com Market News

Data, earnings loom after painful week

(Reuters) - The Standard & Poor's 500 and Dow Jones industrial average ended trading on Friday at the week's lowest levels, mark the worst one-week percentage drop for the S&P 500 in nearly five years and the gloomiest on the Dow in five months.

As investors ponder their dwindling returns on the year, big events in the week ahead include the government's sometimes unpredictable payrolls report and quarterly earnings from heavy-hitters such as General Motors and Walt Disney Co..

Read more at Reuters.com Hot Stocks News

Stocks plummet on credit fears, bonds rally

(Reuters) - Worries over a possible credit crunch overwhelmed data from the government showing second-quarter U.S. growth that was the strongest in over a year.

In a scramble for safety, investors put money into the safe haven of U.S. government bonds, sending prices higher and briefly pushing benchmark Treasury yields to two-month lows.

Read more at Reuters.com Bonds News

Strong C$, weak prices drive Canfor to loss

(Reuters) - That compared with a net profit of C$39.2 million, or 28
Canadian cents per share, in the same period last year. Those
results were boosted by one-time items.

Read more at Reuters.com Market News

Mexico stocks end up, rebound from sharp losses

(Reuters) - The benchmark IPC stock index added 238.57 points to
finish at 30,235.17 points. The index had plunged 3.56 percent
on Thursday.

The peso firmed 0.28 percent to close at 10.96 per
dollar after the Mexican central bank kept interest rates
steady at a monthly monetary policy review.

Read more at Reuters.com Bonds News

Coca-Cola Bottling posts higher quarterly profit

(Reuters) - Net sales for the quarter rose to $390.4 million from $386.6 million.

Read more at Reuters.com Market News

Platinum Falls Most in Eight Months on Stronger Dollar; Palladium Declines

(Bloomberg) -- Platinum fell the most in eight
months in New York as the dollar strengthened, reducing the
metal's appeal as an alternative investment. Palladium also
dropped.

Platinum is traded mostly in dollars, which rose to a two-
week high against the euro, making the metal more expensive for
holders of the European currency. U.S. stocks extended
yesterday's drop, the biggest in five months, as investors
shunned riskier investments in favor of bonds.

Read more at Bloomberg Commodities News

UPDATE 1-Mexico silver mine Penoles Q2 profit up 16.2 pct

(Reuters) - Penoles , the world's top maker of refined
silver, said second-quarter sales totaled 11.247 billion pesos,
up 6.3 percent from the same period last year on higher volumes
and strong metals prices.

Costs rose in the quarter on more expensive labor,
maintenance and repairs, Penoles said.

Read more at Reuters.com Market News

Cattle Futures Head for Fifth-Straight Weekly Gain on Exports; Hogs Rise

(Bloomberg) -- Cattle futures rose to a three-month
high in Chicago, heading for their fifth-straight weekly gain on
expectations that export sales will increase. Hog prices
advanced on speculation of more pork sales to China.

U.S. beef exports to Japan and South Korea, typically the
largest overseas customers, have risen since both countries this
year lifted bans imposed in December 2003 after a mad-cow
disease outbreak. Japan bought $1.4 billion in U.S. beef in 2003
and South Korea bought $814 million worth.

Read more at Bloomberg Commodities News

Chile stocks resist pull of US market, peso slips

(Reuters) - The Dow Jones Industrial average fell 0.65 percent,
despite better than expected second-quarter GDP growth data.

"We haven't taken our eyes off the U.S. market," said
Lorena Pizarro, head of research with the Alfa brokerage.

Read more at Reuters.com Bonds News

Pound Posts Weekly Decline Versus Dollar as Investors Shun Risk, on Carry

(Bloomberg) -- The pound snapped a six-week rally
against the dollar 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 for a third day against the dollar,
falling from a 26-year high, as investors unwound purchases of
assets funded by borrowing in Japan and Switzerland, which have
the lowest rates among major economies. The pound this week fell
almost 4 percent against the yen, the most in five months.

Read more at Bloomberg Currencies News

Canadian Stocks Extend Decline on Takeover Concern; BCE Shares Retreat

(Bloomberg) -- Canadian stocks fell, extending a
benchmark index's worst week since the September 20001 terror
attacks, as investors concerned about a worsening housing market
in the U.S. sold riskier assets.

Commodity shares such as Canadian Natural Resources Ltd.
retreated on speculation that demand may drop in the U.S. BCE
Inc., target of the largest buyout, retreated after Citi
Investment Research cut its recommendation on the stock, citing
growing risks to its financing.

Read more at Bloomberg Stocks News

Crocs, Deckers, Isilon, Kyphon, Six Flags and U.S.B.: 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.

Crocs Inc. (CROX US) rose $4.66, or 9.2 percent, to $55.25.
The maker of resin clogs forecast profit of as much as 62 cents a
share in the third quarter. Analysts expect 43 cents, the average
of six estimates in a Bloomberg survey.

Read more at Bloomberg Stocks News

US STOCKS-Indexes fall on persistent credit worries

(Reuters) - NEW YORK, July 27 - U.S. stocks fell on Friday as
persistent concern about financing for corporate takeovers amid
a broadening deterioration in credit markets offset positive
data on economic growth.

Comments by Treasury Secretary Henry Paulson briefly lent
some support, but the underlying tone on Wall Street remained
nervous, a day after equities suffered their second worst
decline of the year.

Read more at Reuters.com Bonds News

Credit Suisse poaches Lehman metals/mining banker

(Reuters) - He will be part of Credit Suisse's European energy group and
report to Jeremy Fletcher, chairman of the bank's EMEA metals
and mining unit. He is slated to start Sept. 3 and will be based
in London.

Tory, who also previously worked as an attorney, has advised
Anglo-American, Glencore International and Rio Tinto .
Lehman was advising Alcoa on a possible bid for Alcan
before the Canadian company agreed to be bought by Rio Tinto.

Read more at Reuters.com Mergers News

UPDATE 2-Fannie Mae portfolio grows, subprime stable

(Reuters) - The largest U.S. home funding company's growth in June and
May comes as mortgage assets have cheapened considerably.

Mortgage securities have sharply underperformed Treasuries
as risk-averse investors fear greater housing, credit and
lending fallout from a crisis in the subprime mortgage sector.

Read more at Reuters.com Government Filings News

UPDATE 1-Hubbell earnings jump as cost-cutting steps pay off

(Reuters) - Hubbell's Class A shares were trading up 8 percent at
$59.30, after hitting a year-high of $60.40 earlier on the New
York Stock Exchange.

In a slower residential market, Hubbell has been focusing
on improving its profits through cutting costs, boosting prices
and enhancing productivity.

Read more at Reuters.com Market News

US STOCKS-Wall St slips at open as credit jitters remain

(Reuters) - The Dow Jones industrial average was down 1.54
points, or 0.01 percent, at 13,472.03. The Standard & Poor's
500 Index was down 1.49 points, or 0.10 percent, at
1,481.17. The Nasdaq Composite Index was down 5.27
points, or 0.20 percent, at 2,594.07.

Read more at Reuters.com Bonds News

US STOCKS-Indexes rise after Paulson

(Reuters) - The Dow Jones industrial average was up 23.66
points, or 0.18 percent, at 13,497.23. The Standard & Poor's
500 Index was up 2.79 points, or 0.19 percent, at
1,485.45. The Nasdaq Composite Index was up 5.44
points, or 0.21 percent, at 2,604.78.

Read more at Reuters.com Bonds News

US economy, exports driven by global growth-Paulson

(Reuters) - "Now I believe what we're seeing is a strong global
economy. This is the strongest global economy I've seen in 32
years. The growth rate in Europe has doubled. We've got growth
throughout Asia. Japan is now growing, so I think this is being
driven by strong growth outside of the U.S."

The Commerce Department said earlier that U.S. economic
growth rebounded to 3.4 percent during the second quarter, its
strongest pace since the beginning of last year on a surge in
business investment, increased government spending and improved
trade performance. The data marked a big turnaround from anemic
0.6 percent growth in the first quarter, a figure previously
reported as 0.7 percent.

Read more at Reuters.com Economic News

Canadian Stocks Advance, Led by Financial Shares; Royal Bank Shares Rise

(Bloomberg) -- Canadian stocks advanced, led by
Royal Bank of Canada and Toronto-Dominion Bank.

The Standard & Poor's/TSX Composite Index rose 91.27, or 0.7
percent, to 13,935.87 as of 10:24 a.m. in Toronto.

Read more at Bloomberg Stocks News

UPDATE 1-Peruvian miner Buenaventura 2nd-qtr net sinks

(Reuters) - Net earnings fell to $14.5 million from $139.8 million a
year earlier.

"The unwinding of the 2007-2009 hedge book positions ...
had a one-time negative net effect of $64.7 million," Chief
Executive Roque Benavides said in a statement.

Read more at Reuters.com Market News

Washington Grp major shareholder says to vote against URS deal

(Reuters) - On May 28, URS said it would acquire the company for about
$2.3 billion, and the pending acquisition had already cleared
an antitrust hurdle.

Read more at Reuters.com Government Filings News

UPDATE 1-Chevron 2nd-qtr earnings rise with refining

(Reuters) - Net income in the second quarter increased to $5.38
billion, or $2.52 a share, from $4.35 billion, or $1.97 a
share, last year.

Excluding the $680 million gain on sale of Dynegy stock and
a $160 million loss on debt redemption, the company would have
posted earnings of about $2.37 a share. On that basis, the
average forecast of Wall Street analysts was $2.30 a share,
according to Reuters Estimates.

Read more at Reuters.com Market News

Baker Hughes says profit slips, cites Canada

(Reuters) - Weak natural gas prices and an early thaw in the first half of the year prompted energy companies to sharply curtail their exploration in Canada, which in turn cut into oilfield service revenues.

For example, the number of rigs actively looking for oil in Canada fell 51 percent in the second quarter from year-earlier levels, Baker Hughes said.

Read more at Reuters.com Business News

US RATE FUTURES-Boost gains on GDP, inflation data

(Reuters) - Futures show an 82 percent chance the Fed will ease by
year-end , up from 76 percent overnight. Before
Thursday's rally prospects for a Fed cut this year were below
50 percent.

U.S. second-quarter real GDP growth was reported at 3.4
percent against the consensus Wall Street forecast of 3.2
percent.

Read more at Reuters.com Bonds News

Cadbury Schweppes, Crocs, QLogic, Sierra Wireless: 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 8:55 a.m. in New York.

Cadbury Schweppes Plc's (CSG US) American depositary
receipts, each representing four ordinary shares, fell 28 cents
to $48.16 in trading before U.S. exchanges opened. The world's
largest confectionery company said it's extending the deadline
for selling its U.S. drink unit, becoming the first company to
delay a deal because of ``extreme volatility'' in debt markets.

Read more at Bloomberg Stocks News

Scana 2nd-quarter earnings slip

(Reuters) - Excluding the year-earlier gain of 4 cents per share from
the lawsuit settlement, earnings were up 1 cent per share.

Read more at Reuters.com Market News

Gold Heads for Weekly Decline in London on Dollar Rebound; Silver Drops

(Bloomberg) -- Gold fell in London, heading for the
biggest weekly decline in more than four months, as gains in the
dollar reduce demand for the metal as an alternative investment.
Silver also dropped.

Gold has declined 3.3 percent this week after the dollar
headed for the first weekly advance in seven against the euro.
European central banks have sold about two-thirds of the bullion
allowed under an agreement that runs through Sept. 26, World Gold
Council figures show.

Read more at Bloomberg Commodities News

CORRECTED - UPDATE 1-Glaxo signs $1.5 bln drug deal with Targacept

(Reuters) - LONDON, July 27 - GlaxoSmithKline Plc took
a further step to boost its new drug pipeline on Friday by
clinching a drug development deal potentially worth more than
$1.5 billion with U.S. biotech firm Targacept Inc. .

The alliance gives Europe's biggest drugmaker access to
Targacept's neuronal nicotinic receptor compounds, including an
experimental drug in mid-stage Phase II clinical trials for
acute post-operative pain.

Read more at Reuters.com Mergers News

Kimberly-Clark, InterGen Find Buyers for New Bond Sales as Demand Slumps

(Bloomberg) -- Kimberly-Clark Corp., the maker of
Huggies diapers and Kleenex tissues, and power producer InterGen
were among borrowers that pressed ahead with $10.6 billion of bond
sales this week as investor demand for company debt slumped.

Kimberly-Clark raised $2.1 billion in its biggest offering.
InterGen of Burlington, Massachusetts, sold $1.88 billion of
notes after reducing the sale and boosting yields twice to
attract investors. The deals brought total offerings for the
month to $37.6 billion, the slowest this year and a 19 percent
decrease from July 2006, according to data compiled by Bloomberg.

Read more at Bloomberg Bonds News