Black found guilty of criminal fraud

(Reuters) - Black was allowed to remain free on a $21 million bond pending a July 19 hearing on whether bond should be continued. His lawyers said he would appeal, and sentencing was set for November 30. Black surrendered his passport in court.




He left the courthouse without comment but his lawyer, Edward Greenspan, read a brief statement saying Black had been acquitted of the "central charges" in the case and there were "viable legal issues" on which to appeal.


Read more at Reuters.com Business News

Black verdict closes chapter in fraud crackdown

(Reuters) - Speaking to reporters after the verdict was announced, Patrick J. Fitzgerald, the United States attorney here whose office brought the case against Black and three co-defendants, said the result sent a clear message to boardroom criminals that "if you take liberties and break the law with other people's money, there are going to be serious consequences."




The effort to stamp out corporate wrongdoing was born five years ago this week, when President George W. Bush signed an executive order establishing a multi-agency Corporate Fraud Task Force in the wake of multibillion-dollar scandals at Enron and WorldCom.


Read more at Reuters.com Bonds News

Argentina stocks close steady after record high

(Reuters) - "We have a very selective cycle ... in which we can see the
market sitting on prices that are already high," said Juan
Pablo de Bary, a trader with De Bary and Company brokerage.




"Investors divided up their preferences and focused on
stocks in the energy sector, which compensated for profit
taking with Tenaris," he added.


Read more at Reuters.com Bonds News

Clayton Holdings subpoenaed in subprime probe

(Reuters) - The subpoenas were served "three weeks ago and we were not
the only ones," Keith Johnson, the company's president and
chief operating officer, said in an interview with Reuters.




Johnson said he understands the investigation is
wide-ranging and involves many "due-diligence" companies that
review mortgages for Wall Street firms before the loans are
sold on as investments.


Read more at Reuters.com Government Filings News

GLOBAL MARKETS-Dow, S&P500 set records even as oil jumps

(Reuters) - NEW YORK, July 13 - U.S. stocks rallied to record
highs on Friday on optimism about economic growth, takeovers
and corporate profits even as oil prices surged on concerns
about North Sea production problems.




The Dow blue-chip index set a record for the second
straight day and the Standard & Poor's 500, a broader measure
of large U.S. stocks, regained a life high after seven years.


Read more at Reuters.com Bonds News

US STOCKS-S&P hits record as GE, data boost stocks

(Reuters) - The Dow Jones industrial average was up 45.52
points, or 0.33 percent, to end unofficially at 13,907.25. The
Standard & Poor's 500 Index was up 4.80 points, or 0.31
percent, to finish unofficially at 1,552.50. The Nasdaq
Composite Index was up 5.27 points, or 0.20 percent,
to close unofficially at 2,707.00.




For the week, the Dow closed up 2.16 percent, the S&P rose
1.43 percent and the Nasdaq gained 1.52 percent.


Read more at Reuters.com Bonds News

Russia's New Oil Export Pipeline to Cut Supply to Central Europe, PVM Says

(Bloomberg) -- A new Russian crude oil export
pipeline may cut supplies to refineries in Hungary, Slovakia,
Germany and some other central European countries, PVM Oil
Associates GmbH said.

Russia plans to build a link that will deliver at least 1
million barrels of oil a day for export by tanker from the port
of Primorsk on the Baltic Sea. The pipeline will also reduce
supplies of Urals, Russia's major export blend of oil, to
refiners in Lithuania, Poland, Ukraine and the Czech Republic,
said PVM's Managing Director Johannes Benigni.


Read more at Bloomberg Energy News

TREASURIES-Small price gains as stocks steal limelight

(Reuters) - NEW YORK, July 13 - U.S. government debt prices
showed modest gains on Friday, drawing some support from
surprisingly weak June retail sales but losing the competition
for investors' attention to a record-setting stock market.




"The focus on stocks with the market near all-time
highs," said Carl Lantz, U.S. interest rate strategist at
Credit Suisse in New York.


Read more at Reuters.com Bonds News

Oil Rises to 11-Month High as North Sea Output Declines on Closed Pipeline

(Bloomberg) -- Crude oil rose to an 11-month high
in New York and London after a pipeline shutdown and maintenance
work reduced North Sea Brent oil production.

Chevron Corp. and ConocoPhillips said they lost output from
North Sea fields that produce oil and gas after BP Plc closed
the pipeline. BG Group Plc said its Armada oil field in the
North Sea has been shut for maintenance since June. The
International Energy Agency said in a report today that global
oil demand will rise 2.5 percent next year.


Read more at Bloomberg Commodities News

Tribune hopes for FCC OK in fourth quarter

(Reuters) - Tribune agreed in April to be bought in a $34-a-share
leveraged buyout deal led by Chicago real estate magnate Sam
Zell.




Under current FCC rules, a single company cannot own both a
daily newspaper and a broadcast outlet in the same market,
although several companies with cross-ownership markets were
either grandfathered around the ban or received a waiver that
allowed them to own both, wrote analysts at Deutsche Bank in a
recent research note on Tribune.


Read more at Reuters.com Mergers News

Retail slump in June hints at tired consumer

(Reuters) - The Commerce Department reported a 0.9 percent decline in June sales where economists had looked for a 0.1 percent gain, far outweighing small upward revisions to the figures for May.




"The rise in gasoline prices absorbs a big chunk of spendable income," said Nigel Gault, director of U.S. economic research at Global Insight. "Consumers had to spend $53 billion more in the second quarter at an annual rate than they did in the first. Eventually they need to cut back somewhere else."


Read more at Reuters.com Economic News

Tunisia grants oil exploration permit to Shell

(Reuters) - Tunisia has awarded an oil and gas exploration permit to an Anglo-Dutch Shell subsidiary, Shell Tunisia, government officials said on Friday.

Under the production-sharing agreement, Shell Tunisia in partnership with Tunisian state oil firm Entreprise Tunisienne des Activites Petrolieres (ETAP), will invest $3.0 million in search and drilling work.


Read more at Reuters Africa

Playtex-Energizer deal has $35 million breakup fee

(Reuters) - The company also said during a conference call that it approached Playtex a few months ago to talk about a deal.



Late Thursday, Energizer offered $18.30 per share for Playtex, or about $1.16 billion, plus the assumption of debt.


Read more at Reuters.com Mergers News

HUD's Jackson Urges China to By More Ginnie Mae Mortgage-Backed Securities

(Bloomberg) -- The Bush administration is urging
China's central bank to buy more government-backed mortgage bonds
in an effort to sustain financing for U.S. home loans.

U.S. Department of Housing and Urban Development Secretary
Alphonso Jackson is in Beijing to persuade the Chinese central
bank to buy more securities from Ginnie Mae, a corporation under
HUD that guarantees $417 billion in federally insured, fixed-rate
mortgages.


Read more at Bloomberg Bonds News

Hovnanian Jumps The Most Since 2004 on Speculation Buffett May Buy a Stake

(Bloomberg) -- Hovnanian Enterprises Inc. shares
jumped the most since December 2004, leading homebuilders higher,
on speculation Warren Buffett's Berkshire Hathaway Inc. may buy a
stake in the company.

``There's talk that Warren Buffett wanted to buy a stake,''
said Justin Wiggs, a trader at Stifel Nicolaus & Co. in
Baltimore. ``People are extrapolating that Warren Buffett could
be trying to call the bottom of the homebuilder stocks.''


Read more at Bloomberg Stocks News

Gold, Silver Decline in New York on Speculation That Euro Rally Will Stall

(Bloomberg) -- Gold and silver fell in New York on
speculation that the euro's rally against the dollar will stall,
reducing the appeal of precious metals as alternative
investments.

Gold generally moves in tandem with the euro, which fell
after earlier reaching a record high against the dollar. Before
today, gold had gained 4.8 percent this year while the euro had
climbed 4.5 percent against the dollar.


Read more at Bloomberg Commodities News

European Union Carbon Dioxide Emission Permits Rebound From Two-Month Low

(Bloomberg) -- European Union carbon dioxide permits
rebounded from a two-month low as oil and natural-gas prices
advanced.

Allowances for delivery in December 2008 rose 15 cents, or
0.8 percent, to 19.94 euros ($27.46) a metric ton on the European
Climate Exchange in Amsterdam at 4 p.m. local time. They were
earlier today as low as 19.25 euros, their lowest since May 10.


Read more at Bloomberg Energy News

Freddie Mac to sell $3.5 billion in bills Monday

(Reuters) - -- $2.0 billion of three-month bills due Oct. 15, 2007 to
be sold Monday and settle Tuesday; and




-- $1.5 billion of six-month bills due Jan. 14, 2008 to be
sold Monday and settle Tuesday.


Read more at Reuters.com Bonds News

Oil Rises Above $77 in London as North Sea Output Slips on Closed Pipeline

(Bloomberg) -- Crude oil rose to an 11-month high
above $77 a barrel in London and gained in New York after a
pipeline shutdown and maintenance work reduced North Sea
production.

Chevron Corp. and ConocoPhillips said they lost output from
North Sea fields that produce oil and gas after BP Plc closed
the pipeline. BG Group Plc said its Armada oil field in the
North Sea has been shut for maintenance since June. The
International Energy Agency said in a report today that global
oil demand will rise 2.5 percent next year.


Read more at Bloomberg Commodities News

Aur restates zinc forward sales; end profit same

(Reuters) - Aur said the restatement of its consolidated statement of
comprehensive income has no impact on its consolidated balance
sheets or statements of operations, retained earnings and cash
flow.




The mid-tier copper producer also said Teck Cominco
has completed due diligence on its friendly takeover
bid. Teck has offered to buy Aur in a cash and stock deal
valued at about C$4.1 billion .


Read more at Reuters.com Mergers News

RPT-US July consumer sentiment jumps to 6-month high

(Reuters) - The survey's gauge of current economic conditions was 105.7
in early July, above the final June reading of 101.9.




The preliminary June figure on consumer expectations was
83.9, above the final June figure of 74.7.


Read more at Reuters.com Economic News

American Capital sells $500 mln senior unsecured notes

(Reuters) - The offering is expected to close on July 19, the company
said in a statement.





Read more at Reuters.com Bonds News

U.S. Treasury calls 10-3/8 pct bonds of 2007-12

(Reuters) - There are $10,126 million of these bonds outstanding, of
which $7,614 million are held by private investors. Securities
not redeemed on Nov. 15, 2007 will stop earning interest.




Read more at Reuters.com Bonds News

Canada's Dollar Heads for Weekly Gain on Higher Inflation Rates, Crude Oil

(Bloomberg) -- The Canadian dollar is poised for
its eighth weekly gain in nine weeks versus its U.S. counterpart
as crude oil prices advanced and the nation's central bank said
inflation will remain above its target.

The currency traded at 95.64 U.S. cents at 8:49 a.m. in
Toronto, from 95.62 U.S. cents yesterday. One U.S. dollar buys
C$1.0456. The Canadian dollar reached 95.74 U.S. cents on July
9, the highest since March 3, 1977.


Read more at Bloomberg Currencies News

US STOCKS-Futures cut gains after sales, import data

(Reuters) - S&P 500 futures were up 0.4 point, below fair value,
a mathematical formula that evaluates pricing by taking into
account interest rates, dividends and time to expiration on the
contract.




Dow Jones industrial average futures were up 10
points, and Nasdaq 100 futures were up 1.50 points.


Read more at Reuters.com Bonds News

Crude Oil Gains on Lost North Sea Output, IEA Forecast for Rising Demand

(Bloomberg) -- Crude oil rose in New York and Brent
oil reached an 11-month high as production declined from some North
Sea fields.

Chevron Corp. and ConocoPhillips said they had lost output
from North Sea fields that produce oil and gas after BP Plc closed
a natural-gas pipeline. BG Group Plc said its Armada oil field in
the North Sea has been shut for maintenance since June.


Read more at Bloomberg Commodities News

General Electric to sell WMC subprime unit

(Reuters) - Defaults in the subprime lending market, which focuses on less creditworthy borrowers, have surged this year. About 50 subprime lenders to close.




GE told employees that it intended to sell Burbank, California-based WMC, bought in 2004, in a memo on Thursday.


Read more at Reuters.com Bonds News

US STOCKS-Futures flat after record rises, GE gains

(Reuters) - General Electric Co posted quarterly profit that
beat Wall Street's forecasts by a penny and said it was exiting
the subprime mortgage lending market.




Shares of GE, the world's second-largest company by market
capitalization, rose 1.3 percent in Europe. The conglomerate also said it had raised its share repurchases to $14 billion.
For details, see [ID:nWNAS5926]


Read more at Reuters.com Bonds News

GE profit up 9.6 percent, to exit subprime

(Reuters) - Revenue rose 12 percent to $42.32 billion.




During the quarter, GE reached an $11.6 billion deal to
sell its plastics business, which had been a drag on growth.
The company said on Friday it had decided to exit the subprime
lending business.


Read more at Reuters.com Mergers News

Barclays Wins Round in ABN Amro Bid as Dutch Court Clears Sale of LaSalle

(Bloomberg) -- Barclays Plc moved a step closer to
buying ABN Amro Holding NV for 63.2 billion euros ($87.1 billion)
after a court cleared the Dutch company's sale of LaSalle Bank.

The Dutch Supreme Court today said there were ``no grounds''
to block the sale, overturning a lower court ruling that said ABN
Amro should have asked shareholders to approve its $21 billion
disposal of Chicago-based LaSalle to Bank of America Corp. The
decision removes an obstacle to Barclays's agreement to buy the
rest of Amsterdam-based ABN Amro in the biggest banking takeover.


Read more at Bloomberg Stocks News

Asian Stocks Rise the Most in Three Months on Takeovers; Posco, BHP Climb

(Bloomberg) -- Asian stocks rose the most in three
months, spurred by Rio Tinto Group's $38 billion bid for Alcan
Inc. and higher sales at U.S. retailers.

Posco surged by the most in four years and BHP Billiton Ltd.
climbed following Rio's offer. Samsung Electronics Co. jumped
after reporting better-than-expected earnings and a newspaper
said billionaire investor Carl Icahn may be planning a hostile
bid. South Korea's Kospi index, the region's best performer in
the past three months, advanced 2.8 percent to a new high.


Read more at Bloomberg Stocks News

S. African Rand Set for 3rd Weekly Gain as Rate Outlook Spurs Carry Trades

(Bloomberg) -- South Africa's rand rose against the
dollar, heading for its third week of gains, as expectations of
higher interest rates spurred investor appetite for so-called
carry trades.

The rand advanced to the highest in almost two weeks,
supported by investors seeking out South Africa's 9.5 percent
interest rate in trades funded by borrowing the Japanese yen or
Swiss franc more cheaply. A report yesterday showing quicker-
than-expected manufacturing growth added to speculation the
Reserve Bank will raise borrowing costs further.


Read more at Bloomberg Currencies News

Europe Carbon Emission Permits Poised for Longest Losing Streak in a Year

(Bloomberg) -- European Union carbon dioxide permits
fell for a fifth straight day, poised for their longest losing
stretch in almost a year.

Allowances for delivery in December 2008 dropped as much as
39 cents, or 2 percent, to 19.40 euros ($26.72) a metric ton on
the European Climate Exchange in Amsterdam. The permits, which
have slid 10 percent this week, traded at 19.53 euros at 8:35 a.m.
local time.


Read more at Bloomberg Energy News

Google takes swipe at Viacom, talks social networks

(Reuters) - Google Chief Executive Eric Schmidt, speaking with reporters
at a hotel bar at the 25th annual Allen & Co. moguls meeting,
said litigation was the foundation of the company that owns the
MTV Networks, Paramount movies studio and video game developer
Harmonix.




"Viacom is a company built from lawsuits, look at their
history," Schmidt said on early Friday.


Read more at Reuters.com Government Filings News

French Consumer Prices Rise 0.1 Percent in June From 0.3 Percent in May

(Bloomberg) -- French consumer prices barely rose
last month and the inflation rate held near the lowest level
since November 1999.

Consumer prices rose by 1.3 percent from a year earlier,
compared with 1.2 percent the previous month, based on European
Union-harmonized methods, Insee, the national statistics
bureau, reported today in Paris. From a month earlier, prices
gained 0.1 percent, less than the 0.3 percent in May.


Read more at Bloomberg Bonds News

European Government Bonds Decline for Second Day on Higher Rates Outlook

(Bloomberg) -- European government bonds dropped for
a second day on speculation the European Central Bank will keep
raising interest rates to curb inflation.

Benchmark debt fell, pushing 10-year yields up from a week-
low, as the ECB said rates are still low enough to support growth
and the European Union said the region's economy grew at a
faster-than-expected pace in the first quarter. A report July 16
may say inflation held at 1.9 percent, just below the ECB's 2
percent target, according to economists in a Bloomberg survey.


Read more at Bloomberg Bonds News