Nigeria to cut sugar imports to 30 percent by 2010

(Reuters) - Nigeria should cut sugar imports in the next three years to cover 30 percent of its usage as it aims to become 70 percent self-sufficient through local production of the sweetener, authorities said on Monday.

The National Sugar Development Council said the inflow of 120.3 billion naira in new investment in the last eight years, 99.5 billion naira of which came from abroad, has helped revive the formerly moribund sector.


Read more at Reuters Africa

Air France KLM says mulling tie-up with Iberia

(Reuters) - "In Europe, Spain is a one of the major markets and Iberia an important player in air transport," Air France KLM said.




"Taken in the perspective of much-needed consolidation for the efficiency and profitability of the air transport sector, it is therefore quite normal for it to be examined among others."


Read more at Reuters.com Business News

Malaysian Institute Raises 2007 GDP Forecast to 5.7 Percent on Investment

(Bloomberg) -- Malaysia's economy may grow 5.7
percent this year, faster than previously expected, as rising
public spending and investment makes up for faltering exports,
the Malaysian Institute of Economic Research said.

The partially government funded institute, which does
research and analysis on the Malaysian economy, raised its
growth forecast for Southeast Asia's third-largest economy from
an April forecast of 5.6 percent, it said in a report released
in Kuala Lumpur today. Growth is expected to accelerate to 5.8
percent next year, it said.


Read more at Bloomberg Emerging Markets News

OPEC Raises 2007 Forecast for Demand for Its Crude Oil as Norway Falters

(Bloomberg) -- OPEC raised its estimate of demand
for its crude oil this year because of lower-than-expected
supply from producers outside the group.

The Organization of Petroleum Exporting Countries raised
its estimate of demand for OPEC crude by 500,000 barrels a day
for the second quarter and increased third- and fourth-quarter
estimates by 100,000 barrels a day. Daily demand for OPEC crude
will average 30.7 million barrels in 2008, versus 30.8 million
in 2007, Vienna-based OPEC said in a monthly report today.


Read more at Bloomberg Energy News

Deutsche Bank, Freenet and ProSiebenSat.1 Media AG: German Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in German markets.

Germany's X-DAX Index lost 0.3 percent to 8074.17. The index
provides an estimate of the DAX Index, based on trading in DAX
futures after the Xetra electronic market closes. The DAX
increased 0.2 percent to 8105.69 on the Xetra electronic-trading
system.


Read more at Bloomberg Stocks News

Gold Little Changed in Asia as Dollar Stabilizes After Decline Versus Euro

(Bloomberg) -- Gold was little changed in Asia
after falling for the first day in three yesterday as the
dollar's decline seemed to stall, reducing the precious metal's
appeal as an alternative investment. Silver declined.

Gold generally moves in tandem with the euro, which fell
for the second day yesterday after reaching a record against the
dollar on July 13. Gold has gained 4.5 percent while the euro
has risen 4.4 percent against the dollar this year. Europe's
single currency fell to $1.3776 at 10:16 a.m. in Singapore
compared with all-time high $1.3814 on July 13.


Read more at Bloomberg Commodities News

Hainan Air Says Profit Probably Rose More Than Eightfold on Cheaper Fuel

(Bloomberg) -- Hainan Airlines Co., a Chinese
carrier backed by U.S. billionaire George Soros, said first-half
profit probably surged more than eightfold on lower jet-fuel
prices and a stronger yuan.

Net income in the six months ended June 30 likely jumped
more than 750 percent, the Haikou, Hainan island-based company
said in a Shanghai stock exchange statement today, without
elaboration. Profit in the first half of 2006 totaled 20.8
million yuan ($2.7 million).


Read more at Bloomberg Emerging Markets News

Treasuries Little Changed Before Report That May Show Foreign Demand Wanes

(Bloomberg) -- Treasury notes were little changed
before a government report that economists said will show waning
demand for U.S. securities from investors outside the nation.

A two-day slide in yields has pushed 10-year rates to
around 20 basis points less than the Federal Reserve's target
for overnight bank lending. Two-year yields are 38 basis points
below the target, too low for some traders since the Fed will
probably refrain from reducing interest rates this year.


Read more at Bloomberg Bonds News

Australia's Paladin says no approach from Cameco

(Reuters) - It was responding to a story in the Australian Financial
Review newspaper which said Cameco may be preparing a takeover
bid for Paladin to boost its sources of supply.




Citing no sources, the paper said it understood at least
one fund manager had been approached by parties representing
Canada-based Cameco.


Read more at Reuters.com Mergers News

China's Economy Probably Expanded at Near Fastest Pace in Three Quarters

(Bloomberg) -- China's economy probably expanded at
near the fastest pace in three quarters, fueled by booming
exports that exacerbated tensions with the U.S. and Europe.

Gross domestic product grew 11 percent in the second
quarter from a year earlier following an 11.1 percent gain in
the three months to March 31, according to the median forecast
of 23 economists surveyed by Bloomberg News. The government will
release the figure on July 19 in Beijing.


Read more at Bloomberg Currencies News

Coca-Cola, J&J, Johnson Controls and Novellus: U.S. Equity Option Movers

(Bloomberg) -- The following is a list of companies
with unusual option trading in U.S. exchanges today. Stock
symbols are in parentheses after company names. Option trading
and stock prices are as of 3:30 p.m. in New York.

Each call option gives investors the right to buy 100 shares
of a company at a certain price, called the strike price, by a
given date. A put conveys the right to sell 100 shares.


Read more at Bloomberg Stocks News

Atrium, Shimachu, Softbank, Tokyo Electric, NGI: Japanese Equity Preview

(Bloomberg) -- The following stocks may move in
Japanese markets. The Japanese stock markets were closed
yesterday for a national holiday. Statements were released after
the close on July 13. Stock symbols are in parentheses.

Aigan Co. (9854 JT): The eyeglasses retailer cut its first-
half net income forecast 47 percent to 368 million yen and its
sales forecast 1.7 percent to 14.01 billion yen. The stock rose 4
yen, or 0.4 percent, to 940.


Read more at Bloomberg Stocks News

S&P may cut CDOs with exposure to downgraded RMBS

(Reuters) - S&P may now cut its ratings on CDOs that are exposed to the
affected RMBS, the rating agency said in a statement.




The affected CDOs include pieces from ACA ABS 2003-1 Ltd.,
Arca Funding 2006-1 Ltd., Cherry Creek CDO I Ltd., Commodore
CDO Ltd., Diogenes CDO II Ltd., FAB US 2006-1 Plc., Gemstone
CDO VI Ltd., Helois Series I Multi Asset CBO Ltd., Independence
V CDO Ltd., Kefton CDO I Ltd., Northlake CDO I Ltd., Stack
2006-1 Ltd., STATIC Residential CDO 2006-B Ltd. and TABS 2006-6
Ltd.


Read more at Reuters.com Bonds News

Venezuelan Bolivar Trades Near Three-Week Low Amid Bond Sale Speculation

(Bloomberg) -- Venezuela's currency held at a
three-week low in unregulated trading as investors waited to see
whether the government will sell dollar-denominated bonds to
local banks this week to help meet demand for foreign currency.

Finance Minister Rodrigo Cabezas said in an interview that
the government will sell an additional $550 million of dollar
bonds from its credit portfolio to local banks during the rest
of this year. The government sold 967.5 billion bolivars of the
dollar-denominated bonds during the past few weeks.


Read more at Bloomberg Currencies News

New clue for HIV drug side effects: study

(Reuters) - Parallels between the side effects of protease inhibitors -- a critical component of HIV drug cocktails -- and genetic conditions that cause early aging may help explain the often debilitating fat deposits and other results, they said.




Protease inhibitors can cause metabolic problems such as an unhealthy buildup of cholesterol in the blood, high blood pressure, and increased risk of diabetes.


Read more at Reuters.com Government Filings News

Subprime troubles a plus to "agency" MBS -RBS

(Reuters) - Mortgage-backed securities issued by the two companies and
by Ginnie Mae may get a boost as yields on safer U.S.
government bonds fall to unattractive levels, they said. The
benchmark 10-year Treasury note yield fell by 5 basis points on
Monday to 5.05 percent after a host of subprime loan downgrades
last week chipped away at fragile sentiment.




"If flight-to-quality hits Treasuries and makes Treasuries
lower in yield, then eventually people start scrambling for
spread" as in agency MBS, Alec Crawford, head of MBS strategy
at RBS Greenwich, said on a conference call.


Read more at Reuters.com Bonds News

US TREASURY OUTLOOK-Inflation, housing data may boost bonds

(Reuters) - Woes in the subprime mortgage market to borrowers with poor
credit are making investors wary of riskier assets and have
stoked demand for safe haven Treasuries. Treasury prices may
also gain from any hints the Fed could cut interest rates in
the face of a slipping housing market. Yet inflation pressures
are likely to deter the central bank from cutting interest
rates for many months, according to market participants.




The Producer Price Index is due on Tuesday at 8:30 a.m.
. The overall PPI rose 0.2 percent in June, after a
0.9 percent rise last month, according to economists' median
forecast. Core producer prices, which exclude food and energy,
are also forecast to rise 0.2 percent.


Read more at Reuters.com Bonds News

Lead hits record, nickel slips, copper eases

(Reuters) - Lead prices on the London Metal Exchange have almost doubled this year, while nickel has moved the other way.




Benchmark copper was subdued with the market focused on possible mine strikes, though stocks in LME warehouses rose.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Usmanov confirms Telekominvest stake, wants more

(Reuters) - "If there is such an opportunity, Alisher Uskamov is
interested in boosting his stake in Telekominvest," a spokesman
for the billionaire said in a written statement made available
to the media.




"At this stage, it is premature to talk of any concrete
agreements or deals," the statement said.


Read more at Reuters.com Mergers News

US STOCKS-S&P, Nasdaq fall on subprime worries, oil stocks

(Reuters) - NEW YORK, July 16 - The Standard & Poor's 500 and
Nasdaq composite stock indexes fell on Monday as worries about
a fallout from troubles in the subprime mortgage market
re-emerged, but the blue-chip Dow clung to gains on optimism
about earnings.




Energy stocks fell even as crude oil perched above $74 a
barrel on concern about dwindling profit margins for gasoline.
In addition, natural gas prices declined due to high inventory
levels and forecasts for below-normal temperatures in parts of
the country.


Read more at Reuters.com Bonds News

Perceived Risk of Subprime-Loan Bonds Surge, Derivatives Contracts Show

(Bloomberg) -- The perceived risk of subprime-
mortgage bonds surged today, prices of benchmark derivatives
contracts show.

An index of credit-default swaps linked to 20 securities
rated BBB- and created in the second half of 2006 fell about 8
percent today to a new low of about 45, according to Deutsche
Bank AG. The ABX-HE-BBB- 07-1 index has dropped by more than half
since January, reflecting growing expectations of defaults on the
bonds. Most other ABX indexes also hit new lows, traders said.


Read more at Bloomberg Bonds News

Mexico Cemex ends record Rinker buy, wins 95.62 pct

(Reuters) - Typically in such a transaction, those who do not wish to
sell can start legal proceedings, although such cases are
rare.




"Securities representing approximately 855,846,390 Rinker
shares or 95.62 percent of the outstanding Rinker shares were
validly tendered and accepted for payment," Monterrey-based
Cemex said in a statement.


Read more at Reuters.com Mergers News

Richards Bay Says Derailment Cancels the Delivery of 150,000 Tons of Coal

(Bloomberg) -- Richards Bay Coal Terminal, the
worlds biggest export terminal for the fuel, said a derailment on
a line to the port led to the cancelation of 15 trains, carrying
about 150,000 metric tons of coal.

The incident occurred yesterday at Ilangakazi in KwaZulu
Natal, a province of South Africa, a spokesman for the port said
in an interview from Johannesburg. The line has since been
reopened, the spokesman said.


Read more at Bloomberg Energy News

Toll Brothers' debt outlook now negative - Moody's

(Reuters) - Toll's cash flow is also going to be sharply negative in
fiscal 2007 due to capital spending on high-rise projects in
New York City, Moody's said.




"Given the continued build out of the mid- to high-rise
towers that are currently under construction, it may be
challenging for Toll Brothers to begin generating significantly
positive cash flow in fiscal 2008," Moody's added.


Read more at Reuters.com Bonds News

CORRECTED - Sobeys to buy Thrifty Foods in C$260 million deal

(Reuters) - Sobeys, a unit of Empire Co. Ltd. , said Thrifty
will operate as a separate division. The deal is expected to
close in Sobeys' second quarter.







Read more at Reuters.com Mergers News

TREASURIES-Bonds inch up as subprime concerns persist

(Reuters) - NEW YORK, July 16 - Long-dated U.S. Treasury debt
prices drifted higher on Monday as fears surrounding the
mortgage sector supported bonds despite an unexpected surge in
New York state manufacturing.




Treasuries held their ground even after the New York Fed's
surprisingly robust July survey, a testament to the subprime
premium that has effectively been built into the bond market.


Read more at Reuters.com Bonds News

Algeria awards ethane plant contract to Total

(Reuters) - Algeria awarded a contract to France's Total SA on Monday to build and operate a steam cracking complex able to produce 1.4 million tonnes of ethane per year, officials said.

The project is worth over $3 billion and the plant, to be built on Algeria's northwest coast in partnership with state energy firm Sonatrach, will also produce polyethylene and ethylene glycol.


Read more at Reuters Africa

National Grid-KeySpan deal OK'd by New Hampshire

(Reuters) - The acquisition was announced in February 2006, and the
companies have since worked to receive approval from various
state and federal regulators.




Read more at Reuters.com Mergers News

Affymax to look hard at safety of its anemia drug

(Reuters) - The biotechnology company is about to enter late-stage
trials of its drug Hematide, in patients with chronic kidney
disease. Morris said the company hopes to file for approval of
the drug in 2010.




Read more at Reuters.com Government Filings News

Annan to lead green revolution for African agriculture

(Reuters) - Africa needs a "green revolution" to double agricultural output and end chronic food insecurity in the world's poorest continent, former U.N. Secretary-General Kofi Annan said on Monday.

The former top diplomat is the chairman of the Alliance for a Green Revolution in Africa, set up last year with a $150 million grant from the Bill and Melinda Gates Foundation and the Rockefeller Foundation.


Read more at Reuters Africa

EU Carbon Emission Permits Fall to Two-Month Low as Allocations Are Raised

(Bloomberg) -- European Union carbon dioxide permits
for 2008 fell to a two-month low after the European Commission
raised the allocation of emission allowances for Ireland and Latvia
in the five years through 2012, increasing supply.

The July 13 decision increases the total number of permits
allocated by 1.08 million metric tons of carbon dioxide a year.
Permits for December 2008 fell 89 cents, or 4.5 percent, to 19
euros ($26.19) a ton at 3:45 p.m. local time on the European
Climate Exchange in Amsterdam.


Read more at Bloomberg Energy News

Brunswick to sell fleet management unit to private equity firm

(Reuters) - Prairie Capital's Navman Wireless Holdings L.P. will be
managed by Brunswick New Technologies' executive team, the
company said in a statement.





Read more at Reuters.com Mergers News

ValueClick to buy comparison shopping site operator

(Reuters) - The transaction is expected to add to earnings per share,
the company said in a statement.





Read more at Reuters.com Mergers News

MedCath completes recapitalization of Harlingen

(Reuters) - As part of the recapitalization, MedCath and Texas-based Valley Baptist Health System, a not-for-profit health system, will each convert a portion of their existing debt with Harlingen Medical Center to ownership in the hospital.






Read more at Reuters.com Bonds News

Dollar Near Record Low Versus Euro Before Reports on Housing, Inflation

(Bloomberg) -- The dollar traded near a record low
versus the euro before U.S. government reports this week that
may show slowing consumer prices and a decline in home building.

The dollar dropped 1.1 percent against the euro last week
on concern that weakness in the U.S. housing market will curb
growth and force the Federal Reserve to lower interest rates.
Fed Chairman Ben S. Bernanke may address the housing slump in
his semi-annual testimony before the House Financial Services
Committee on July 18.


Read more at Bloomberg Currencies News

REFILE-IBM to buy DataMirror for $161 mln

(Reuters) - IBM, which is in the midst of an aggressive effort to build
its software revenue through acquisitions, said it will buy all
outstanding DataMirror common shares at C$27.00 cash each, or a
total of C$170 million .




DataMirror is based in Markham, Ontario, and provides
technology that helps companies capture and analyze data in
real-time. IBM said it expects the deal to close in the third
quarter.



Read more at Reuters.com Bonds News

UPDATE 1-Vodafone mulls $160 bln bid for Verizon - report

(Reuters) - NEW YORK, July 16 - Wireless telecommunications company Vodafone Group Plc has been considering a $160 billion takeover bid for Verizon Communications Inc. , the Financial Times reported on Monday on its Alphaville Web site.



The report triggered a 12.5 percent jump in Verizon's share price in pre-market trade.


Read more at Reuters.com Mergers News

Atlas Copco posts record Q2, lifts capacity

(Reuters) - STOCKHOLM, July 16 - Compressor and machinery maker Atlas Copco reported better-than-expected quarterly pretax earnings on Monday and said it would invest in manufacturing capacity to meet strong demand.



The Sweden-based firm posted record pretax earnings of 3.22 billion Swedish crowns , compared with a year-ago 2.20 billion crowns and a mean forecast of 2.88 billion in a Reuters poll of analysts.


Read more at Reuters.com Market News

UPDATE1-Genpact sees $16-$18/share price band for 35.3 mln IPO

(Reuters) - Genpact is offering about 17.6 million shares in the IPO,
while some stockholders are offering the remaining shares, the
company said in an amended filing with the U.S Securities and
Exchange Commission.




Morgan Stanley, Citigroup, JP Morgan, Wachovia Securities,
Merrill Lynch & Co., Banc of America Securities, Credit Suisse,
Deutsche Bank Securities and UBS Investment Bank were
underwriting the IPO, Bermuda based Genpact said.


Read more at Reuters.com Government Filings News

Partners eye UK govt's atomic weapons stake

(Reuters) - The two firms have first refusal on the government's stake
as long as they pay what the government calculates is the market
rate.




"As founding members of the consortium we are interested in
exercising our pre-emption rights that will form part of the
process," Serco and Lockheed said in a joint statement.


Read more at Reuters.com Mergers News

US trade act seen as mixed blessing for Africa

(Reuters) - Nora Bannerman checks the pristine white uniforms made for American pharmacist Walgreens in her factory in the humid heart of the Ghanaian capital Accra.

Her Sleek Garments company exports shirts, pants and uniforms under the African Growth and Opportunity Act (AGOA), a 2000 U.S. law that allows nearly 40 African countries to export some goods free of duties and quotas into the United States.


Read more at Reuters Africa

Gold steady near 5-week highs, dollar moves watched

(Reuters) - But dealers were cautious ahead of Federal Reserve Chairman Ben Bernanke's testimony to the U.S. Congress on Wednesday and Thursday that might influence the dollar.




Gold rose as high as $667.75 an ounce before dipping slightly to $666.90/667.70 by 0958 GMT, against $666.60/667.40 in New York late on Friday.


Read more at Reuters.com Hot Stocks News

Lead Rises to Record in London on Ivernia Supply Concern; Nickel Declines

(Bloomberg) -- Lead rose to a record for a fourth
session in London on expectations Ivernia Inc., producer of about
3 percent of the world's mined supply, will extend the suspension
of exports from a port in Australia. Nickel and copper fell.

Ivernia's plan to ship product from the port of Fremantle,
following the March 12 suspension at Esperance, was opposed by
Fremantle's mayor. The metal, used in car batteries, has soared
62 percent since the suspension, ordered amid an investigation
into lead poisoning at the port.


Read more at Bloomberg Commodities News

Israel's Benchmark Shahar Bond Declines as Inflation Unexpectedly Quickens

(Bloomberg) -- Israel's benchmark Shahar bond fell
for a fourth day after faster-than-expected inflation stoked
speculation the central bank will raise interest rates.

The consumer price index rose 0.7 percent in June from the
month before as Israel's currency fell 5 percent against the
dollar, the Central Bureau of Statistics said yesterday. That's
the fastest pace of growth since April 2006, and compares with
the 0.4 percent gain forecast by a Bloomberg News survey.


Read more at Bloomberg Bonds News

European Emission Permits Fall After Allocations Raised, Imports Curbed

(Bloomberg) -- European Union carbon dioxide permits
for 2008 fell near a two-month low after the European Commission
raised the allocation of emission permits for Ireland and Latvia in
the five years through 2012, increasing supply.

The commission, the regulatory arm of the EU, has ruled on the
requests for allocations of 22 out of the EU's 27 member nations.
It forced an average cut of 9.4 percent for a total of 1.898
billion metric tons a year, according to a statement on July 13.


Read more at Bloomberg Energy News

Brent Crude Oil Rises Above $78 a Barrel, Reaching 11-Month High in London

(Bloomberg) -- Brent crude-oil futures traded above
$78 a barrel in London for the first time since Aug. 9 as
maintenance shutdowns limited North Sea supplies and violence in
Nigeria curbed its oil exports.

The August Brent contract rose as high as $78.02 a barrel and
was trading at $78 a barrel, up 43 cents, at 8:38 a.m. on London's
ICE Futures exchange. Brent has averaged $64.56 so far this year
for contracts closest to delivery, after averaging $66.11 last
year, $55.25 in 2005 and $38.04 in 2004.


Read more at Bloomberg Energy News

Corn, Soybeans Fall in Chicago on Normal Rainfall Forecast in U.S. Midwest

(Bloomberg) -- Corn futures in Chicago declined
from a two-week high and soybean prices fell from a three-year
peak on a forecast for normal rainfall in the U.S. Midwest and
as investors assessed that recent gains were overdone.

The six to 10-day outlook from the National Weather Service
showed normal precipitation in the U.S. Midwest, including Iowa,
Illinois, Indiana and Ohio, according to yesterday's forecast.
Normal precipitation would help the U.S. corn crop to pollinate.


Read more at Bloomberg Commodities News

Dollar recovers before Bernanke testimony, kiwi bid

(Reuters) - The dollar recovered from a record low against the euro on Monday, supported by strong U.S. consumer sentiment and expectations of hawkish comments from the Fed chairman in testimony this week.

Analysts expect Ben Bernanke to tell the U.S. Congress in monetary policy testimony on Wednesday and Thursday that the Federal Reserve is more worried about a flare-up in inflation than about any serious damage to the economy from housing market turbulence.


Read more at Reuters Africa