ICAP Says Volatile Bond, Foreign Exchange Markets Boosted Trading

(Bloomberg) -- ICAP Plc, the world's largest broker
of transactions between banks, had a ``positive'' start to the
fiscal year as market volatility boosted trading volumes last
quarter.

Electronic broking volumes, ICAP's most profitable
business, exceeded $1 trillion on two days in June, with a
record daily average of $842 billion for the month, the London-
based company said today in a Regulatory News Service statement.


Read more at Bloomberg Bonds News

European Stocks May Drop; Technology, Energy, Financial Shares May Decline

(Bloomberg) -- European stocks may fall, paced by
technology shares after Intel Corp. and Yahoo! Inc. of the U.S.
said competition is hurting profit. U.S.-traded securities of Arm
Holdings Plc slipped.

Financial stocks might drop after Bear Stearns Cos. told
investors there's ``little value left'' in its two failed hedge
funds. Energy shares including BP Plc and Total SA will probably
follow declines by their U.S. counterparts yesterday after crude
oil dropped from an 11-month high.


Read more at Bloomberg Stocks News

CORRECTION: Dollar slides vs euro, pound on subprime worries

(Reuters) - TOKYO - The dollar slid to a record low against the euro on worries about U.S. subprime mortgages and hit a 26-year trough versus sterling on Wednesday after British data bolstered expectations for higher interest rates in Britain.




The euro rose as high as $1.3823 on electronic trading platform EBS and sterling hit a 26-year peak as the dollar was pressured by news about the ongoing woes of two Bear Stearns hedge funds that bet heavily on subprime loans.


Read more at Reuters.com Business News

Consumer Prices in the U.S. Probably Climbed at a Slower Pace Last Month

(Bloomberg) -- Consumer prices in the U.S. rose in
June at the slowest pace in seven months as gasoline prices
retreated from a record, economists said before a report today.

Prices rose 0.1 percent last month after a 0.7 percent gain
in May, according to the median estimate in a Bloomberg News
survey of 78 economists before the Labor Department's report.
Core prices, which exclude food and energy, rose 0.2 percent
after a 0.1 percent gain, the survey showed. A separate report
today may show homebuilders started work on fewer houses.


Read more at Bloomberg Currencies News

CORRECTED: Dollar slides vs euro, pound on subprime worries

(Reuters) - TOKYO - The dollar slid to a record low against the euro on worries about U.S. subprime mortgages and hit a 26-year trough versus sterling on Wednesday after British data bolstered expectations for higher interest rates in Britain.




The euro rose as high as $1.3823 on electronic trading platform EBS and sterling hit a 26-year peak as the dollar was pressured by news about the ongoing woes of two Bear Stearns hedge funds that bet heavily on subprime loans.


Read more at Reuters.com Hot Stocks News

Mitsubishi Motors May Build New Thailand Plant for Europe, Overseas Sales

(Bloomberg) -- Mitsubishi Motors Corp., Thailand's
third-biggest maker of pickup trucks, may build a new factory in
the country to meet demand from customers in Europe and other
overseas markets.

The company is looking at sites for a new Thai plant,
spokesman Masahiro Matsumura said today, confirming earlier
remarks from President Osamu Masuko. The Tokyo-based automaker
said it will also introduce a new sport-utility vehicle based on
its Triton pickup truck next year in the country.


Read more at Bloomberg Emerging Markets News

Japanese Shares Drop, Led by Exporters as Yen Gains; Canon, Nintendo Slide

(Bloomberg) -- Japanese stocks fell, led by
exporters including Canon Inc. and Nintendo Co. on concern yen
gains versus the dollar will erode the value of their U.S. sales.

Millea Holdings Inc. led insurers lower for a second day on
speculation a July 16 earthquake will result in increased claims.
Tokyo Electric Power Co. declined on speculation one of the
company's nuclear plants will be shut for up to three months due
to quake damage.


Read more at Bloomberg Stocks News

Japan Tobacco Sells 150 Billion Yen of Bonds to Pay for Gallaher Purchase

(Bloomberg) -- Japan Tobacco Inc., the world's
third-largest traded cigarette maker, raised 150 billion yen
($1.2 billion) selling bonds to repay debt for the purchase of
Gallaher Group Plc.

The Tokyo-based company sold 50 billion yen of bonds
maturing in three years to yield 16 basis points more than
Japanese government debt with similar maturity, according to a
banker at Nomura Holdings Inc., who asked not to be identified
before an announcement.


Read more at Bloomberg Bonds News

Australia Dollar Rises as Investors Spooked by Hedge Fund Losses in U.S.

(Bloomberg) -- The Australian dollar rose to the
highest in 18 years on speculation losses at a hedge fund run by
Bear Stearns Cos. will bolster demand for financial assets
outside of the U.S.

The Australian dollar advanced to 87.61 U.S. cents, the
highest since February 1989, before trading at 87.55 U.S. cents
at 10:43 a.m. in Sydney from 87.37 cents late in Asia yesterday.


Read more at Bloomberg Currencies News

Japan Stocks Drop; Insurers, Power Companies Decline on Earthquake Concern

(Bloomberg) -- Japanese stocks fell, led by insurers
and power producers for a second day after an earthquake struck
northwestern Japan on June 16.

Millea Holdings Inc., Japan's largest insurer by market
value, and Tokyo Electric Power Co. led declines on concern
damages caused by the quake will result in high payments and
increased costs.


Read more at Bloomberg Stocks News

Australian Dollar Trades Near Highest in 18 Years as Yields Lure Investors

(Bloomberg) -- The Australian dollar traded near
the strongest in 18 years against the U.S. currency and a 16-
year-high versus the yen on the attraction of the nation's
higher yields.

The local dollar is the third-best performer of the 16
most-active currencies in the past 12 months as investors have
taken advantage of Australia's yield advantage over Japan by
buying local assets with borrowed yen, as part of the so-called
carry trade. Australia's 6.25 percent interest rate compares
with 5.25 percent in the U.S. and Japan's 0.5 percent benchmark.


Read more at Bloomberg Currencies News

UPDATE 1-Moody's may cut Bear Stearns, IndyMac ABS

(Reuters) - The collateral backing the securities under review consists
of primarily first lien, fixed and adjustable-rate and Alt-A
mortgage loans, Moody's said in a statement.




Moody's is reviewing 13 pieces of 8 deals sold from the
Bear Stearns Alt-A Trust Series and Bear Stearns Asset Backed
Securities I Trust Series, all of which are backed by loans
issued in 2006.


Read more at Reuters.com Bonds News

US House farm plan would drop aid to millionaires

(Reuters) - Chairman Collin Peterson proposed farm subsidy changes that
include a ban on collecting subsidies indirectly, such as
through affiliated businesses, and require payments to be
tracked to individuals.




"After talking to various groups and reform advocates, I
believe the proposal we will consider is a sound compromise
that no one is satisfied with but nonetheless represents
reform," said Peterson.


Read more at Reuters.com Bonds News

Warner decides not to make EMI bid

(Reuters) - Warner had been grappling with a decision on whether to counter-bid for its British rival as an offer deadline approached after EMI agreed to a 2.4 billion-pound takeover from private equity group Terra Firma in May.



The two music companies have attempted merging on various occasions in the past seven years.


Read more at Reuters.com Mergers News

ABC-Wash Post Consumer Comfort Index falls to -11

(Reuters) - Earlier on Tuesday, Investor's Business Daily and
TechnoMetrica Market Intelligence said their IBD/TIPP economic
optimism index fell deeper into pessimistic territory to 48.2
in July from 49.1 in June, under pressure from higher energy
and food costs.




Two of the three components of the ABC/Post survey were
down as Americans' positive views on their personal finances
and the buying climate fell 3 percentage points each to 55
percent and 36 percent, respectively.


Read more at Reuters.com Economic News

RPT-TREASURIES-Bonds sag on Dow over 14,000 and inflation fears

(Reuters) - NEW YORK, July 17 - U.S. Treasury debt prices
fell on Tuesday after strong company earnings prompted
investors to favor stocks over bonds and lifted the Dow Jones
industrial average above the 14,000 milestone for the first
time.




Investors also sold bonds as inflation worries were
stirred by an unexpectedly large rise in the core U.S.
Producer Price Index for June. Inflation erodes the value of
bonds.


Read more at Reuters.com Bonds News

US STOCKS-Dow ends at record on profits; Intel, Yahoo drop late

(Reuters) - NEW YORK, July 17 - The Dow closed at a record
on Tuesday, though retreating from the 14,000 mark it earlier
crossed for the first time, while the Nasdaq rose to a
six-and-a-half-year high on a cascade of
stronger-than-expected earnings.




But weakness in energy stocks and lingering worries about
the subprime mortgage market held back the advance of the
broader S&P 500, which closed virtually unchanged.


Read more at Reuters.com Bonds News

Warner highly unlikely to bid for EMI: source

(Reuters) - Warner has since been grappling with a decision on whether to counter-bid for its British rival.




Read more at Reuters.com Mergers News

Most U.S. Stocks Fall, Led By Energy Shares After Oil Drops; Exxon Falls

(Bloomberg) -- Most U.S. stocks fell as a drop in
oil prices sent drillers' shares lower after the Dow Jones
Industrial Average flirted with 14,000 for the first time.

Exxon Mobil Corp., the world's largest oil company, and
Chevron Corp., the second-biggest U.S. crude producer,
declined. Johnson & Johnson dropped 1.7 percent and helped pare
the Dow's gain after reducing its sales forecast for the year.


Read more at Bloomberg Stocks News

Corporate Bond Risk Rises for a Second Day, Worries About Subprime Mount

(Bloomberg) -- The risk of owning U.S. and European
corporate bonds rose as investors speculated losses from
subprime mortgage securities will accelerate, according to
traders of credit-default swaps.

Contracts based on $10 million in the CDX North America
Investment-Grade Index of 125 companies rose $4,000 to an
offered price of $48,250 at 3:51 p.m. in New York, Deutsche Bank
AG prices show. The iTraxx Crossover Index of 50 European
companies jumped 20,500 euros ($28,252) to 288,000 euros at 5:30
p.m. in London, according to JPMorgan Chase & Co. An increase in
the indexes suggests deterioration in the perception of credit
quality.


Read more at Bloomberg Bonds News

UPDATE 1-US federal, state bodies to review subprime lenders

(Reuters) - The effort, announced by the Federal Reserve Board, the
Office of Thrift Supervision, the Federal Trade Commission and
two associations of state regulators, aims to ensure better
evaluation and more consistent assessment of subprime mortgage
lending practices.




The regulators will evaluate selected companies'
underwriting standards, as well as risk-management practices
used for ensuring compliance with state and federal consumer
protection laws such as the Home Mortgage Disclosuure Act and
the Home Ownership Equity Protection Act.


Read more at Reuters.com Government Filings News

Federal, state bodies to review subprime lenders

(Reuters) - The effort, announced by the Federal Reserve Board, the Office of Thrift Supervision, the Federal Trade Commission and two associations of state regulators, aims to ensure better evaluation and more consistent assessment of subprime mortgage lending practices.



)


Read more at Reuters.com Government Filings News

CBOE profit rises 31 pct

(Reuters) - Earnings after taxes for the quarter rose to $18.7 million from $14.2 million a year ago. Before taxes, quarterly profits were $32.2 million, compared to $23.7 million during the same period a year ago, the exchange said.




Second-quarter revenues grew 20 percent to $84.6 million from $70.5 million a year earlier. The rise in revenues resulted from higher trading volumes, which raised transaction fees by $11.3 million, the CBOE said.


Read more at Reuters.com Hot Stocks News

Platinum Falls in New York After Stillwater Strike Ends; Palladium Drops

(Bloomberg) -- Platinum fell for a third-straight
session in New York after a strike ended at Stillwater Mining
Co., the lone U.S. producer. Palladium also dropped.

Unionized workers at Stillwater's mine and smelter in
Montana accepted a four-year wage accord, ending a walkout that
began July 11. Workers are expected to be back on the job
tonight, Billings, Montana-based Stillwater said in a statement.


Read more at Bloomberg Commodities News

NY gov: New York City traffic plan "still alive"

(Reuters) - Yet Mayor Michael Bloomberg was less optimistic, telling reporters, "I don't know that it's dead or alive." He vowed to keep fighting for his plan, which he has trumpeted as key to improving air quality in the city, and blasted Democratic state legislators for lacking the courage to enact unpopular measures.




Under Bloomberg's plan, which is modeled on a similar program in London, drivers south of 86th Street in Manhattan would pay $8 per car on weekdays between 6 a.m. and 6 p.m.; trucks would pay $21.


Read more at Reuters.com Bonds News

Shell taking its time studying Canadian investments

(Reuters) - Before being fully acquired by Royal Dutch in April, Shell
Canada had proposed a new heavy oil refinery in southern
Ontario and has been a partner in plans for a C$16.2 billion
Arctic natural gas pipeline.




The parent, one of the world's biggest oil companies, will
take its time studying those, said Adrian Loader, Shell
Canada's president.


Read more at Reuters.com Mergers News

TD Bank to chip in C$3.8 bln for BCE takeover

(Reuters) - TD said it has underwritten C$3.3 billion of a C$34.3-billion credit facility and also provided a C$500 million equity bridge facility to the buyout consortium, which is led by the Ontario Teachers' Pension Plan Board.




The consortium, which includes U.S. private equity firms Providence Equity Partners Inc. and Madison Dearborn Partners, LLC, was declared the winner of a bidding contest for BCE on June 30 with a C$34.8 billion all-cash offer.


Read more at Reuters.com Bonds News

Corporate Bond Risk Jumps in Europe, U.S. Following Subprime Index Rout

(Bloomberg) -- The risk of owning U.S. and European
corporate bonds rose today after indexes of securities linked to
U.S. subprime mortgages slumped to a record low, according to
traders of credit-default swaps.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Index of 50 European companies
jumped 20,500 euros to 288,000 euros at 5:15 p.m. in London,
according to JPMorgan Chase & Co. The CDX North America
Investment-Grade Index of 125 companies rose $2,000 to an offered
price of $46,000 at 11:40 a.m. in New York, Deutsche Bank AG
prices show. An increase in the indexes suggests deterioration in
the perception of credit quality.


Read more at Bloomberg Bonds News

Polaris profit beats Wall St view as margins rise

(Reuters) - Net income rose to $22.7 million, or 62 cents per share, from $20.6 million, or 48 cents per share, a year earlier.




Profit from continuing operations came to 62 cents per share, topping analysts' average forecast of 58 cents as compiled by Reuters Estimates.


Read more at Reuters.com Hot Stocks News

Merrill Lynch 2nd qtr profit up 31 percent

(Reuters) - The company easily beat earnings and revenue estimates. Merrill Lynch shares are down 6 percent this year. They rose more than 2 percent immediately after the company released its results, but the stock eased slightly in midday trading.




Merrill Lynch Chief Financial Officer Jeff Edwards said the company is diversified enough that it can overcome a still-shaky market for subprime mortgages and collateralized debt obligations. The company is a leading collateralized debt obligation underwriter and participates in subprime lending through its First Franklin Financial franchise.


Read more at Reuters.com Market News

Egyptian bourse inches down on profit-taking

(Reuters) - Egyptian shares edged down on Tuesday, with profit-taking based on technical factors dominating the session after the main indexes hit record highs last week, traders said.

"It's a continuation of the last two days where we saw a bout of profit-taking mainly driven by retail investors," one trader from the Trust Group for Securities said.


Read more at Reuters Africa

Lag in auto discounts pushes up US June core PPI

(Reuters) - In June passenger car prices were up 1.4 percent and light
truck prices were up 1.0 percent, according to the data from
the Labor Department's Bureau of Labor Statistics.




"The seasonal factors were expecting a decline for both car
and truck prices this month," said senior BLS analyst Scott
Sager. "That's typical, and seasonal factors are based on
what's happened historically over the past eight years."


Read more at Reuters.com Economic News

UPDATE 1-ICE says Winnipeg exchange deal is binding

(Reuters) - The upstart electronic energy exchange, which recently lost
a bid to acquire the Chicago Board of Trade, said it was aware
of a "preliminary third party proposal" made to WCE.




A spokeswoman for ICE refused to disclose the name of the
rival bidder.


Read more at Reuters.com Mergers News

United Technologies Options Are `Bullish' Before Tomorrow's Profit Report

(Bloomberg) -- Investors are using options to bet
United Technologies Corp. shares will gain after the company
reports second-quarter results tomorrow, according to analysts at
Strategic Option Consulting and Susquehanna Financial Group.

Trading in calls, or options to buy shares of the maker of
Otis elevators and Pratt & Whitney jet engines, surged to 48,831
contracts yesterday. That was the most in two months and an 11-
fold increase from the 20-day average. At the same time, United
Technologies shares advanced 2.2 percent, the most since January,
to a record $76.67.


Read more at Bloomberg Stocks News

Markets inured to Anglo-Russian friction: analysts

(Reuters) - Russian stocks shed 1 percent after Britain escalated its response to Russia's refusal to extradite Andrei Lugovoy, the prime suspect in the fatal poisoning last year of emigre Alexander Litvinenko.




State-controlled oil firm Rosneft scrapped a $2 billion Eurobond, blaming volatile markets and preferring to wait to refinance some of its $22 billion in short-term debt.


Read more at Reuters.com Bonds News

US STOCKS-Earnings lift shares; Dow tops 14,000

(Reuters) - NEW YORK, July 17 - U.S. stocks rose on Tuesday
as a rush of stronger-than-expected earnings eased investors'
concern about the subprime mortgage market.




A brokerage upgrade of American Express Co. pushed
the credit card company's stock up 4 percent, helping to carry
the Dow above 14,000 for the first time.


Read more at Reuters.com Bonds News

UPDATE 1-US May net long-term capital inflows hit record

(Reuters) - May's net overall capital inflow amply covered the U.S.
trade deficit for the month, which was $60 billion.




In April, overall capital inflows were $97.8 billion.


Read more at Reuters.com Economic News

Wells Fargo 2nd-qtr profit rises

(Reuters) - Analysts on average forecast profit of 67 cents per share on revenue of $9.63 billion, according to Reuters Estimates.




John Stumpf, who replaced Richard Kovacevich as chief executive last month, said Wells Fargo won more business from existing customers, offsetting "industry headwinds of a weaker housing market, a flat yield curve and slower deposit growth."


Read more at Reuters.com Market News

Corporate Bond Risk Rises in Europe, U.S. After Subprime Index Selloff

(Bloomberg) -- The risk of owning U.S. and European
corporate bonds rose today after indexes of securities linked to
U.S. subprime mortgages slumped to a record low, according to
traders of credit-default swaps.

Contracts based on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Index of 50 European companies
jumped 18,500 euros to 286,000 euros at 1:52 p.m. in London,
according to JPMorgan Chase & Co. The CDX North America
Investment-Grade Index of 125 companies rose $1,750 to an offered
price of $45,750 at 8:50 a.m. in New York, Deutsche Bank AG
prices show. An increase in the indexes suggests deterioration in
the perception of credit quality.


Read more at Bloomberg Bonds News

WTO chairmen propose compromises to save Doha round

(Reuters) - Mediators of the World Trade Organisation's (WTO) troubled farming and industrial goods talks on Tuesday proposed compromise texts meant to save the Doha free trade accord.

Don Stephenson, Canada's ambassador to the WTO and mediator of the industrial goods talks, said countries needed to "search for balance" between their competing interests in the nearly six-year-old negotiations to secure an agreement.


Read more at Reuters Africa

U.S. overall producer prices fall in June

(Reuters) - The producer price index -- a gauge of prices paid at the farm gate and factory door -- declined by 0.2 percent last month after shooting up by 0.9 percent in May, the first decline since January.




But after stripping out volatile food and energy costs, core prices in June climbed 0.3 percent after gaining 0.2 percent in May. Costs for energy goods overall declined by 1.1 percent in June, a sharp reversal from May's 4.1 percent jump.


Read more at Reuters.com Business News

Russian Stocks End Four-Day Gain as U.K. Expels Diplomats; Gazprom Falls

(Bloomberg) -- Russian stocks dropped for the first
time in five days after the U.K. expelled four Russian
diplomats, adding to political tensions between the two
countries. OAO Gazprom led the retreat.

``Politics is certainly affecting sentiment this morning,''
said Julian Rimmer, head of sales trading at UralSib Financial
Corp. in London.


Read more at Bloomberg Stocks News

Rand Trades Near Two-Week High Versus Dollar on Concerns About U.S. Growth

(Bloomberg) -- South Africa's rand traded near a
two-week high against the dollar on speculation a slowdown in the
U.S. housing market will spill over to the rest of the economy.

The rand yesterday touched its highest since July 3,
supported by investors seeking out South Africa's 9.5 percent
interest rate in trades funded by borrowing Japanese yen or Swiss
francs more cheaply. The dollar traded near a record low against
the euro today before reports that are expected to show inflation
and home building slowed.


Read more at Bloomberg Currencies News

US STOCKS-Futures flat, Merrill rises after earnings

(Reuters) - NEW YORK, July 17 - U.S. stock index futures were
little changed on Tuesday before data on inflation and as
higher-than-expected earnings from Merrill Lynch & Co.
helped offset concern about the subprime mortgage market.




Stock futures trimmed earlier losses after Merrill Lynch,
the world's largest brokerage, reported earnings and revenue
that beat Wall Street estimates. For details, see
[ID:nN17259618]. Merrill's shares rose more than 2 percent
before the opening bell.


Read more at Reuters.com Bonds News

U.S. Stock Futures Advance on Earnings; Merrill, Coca-Cola Gain

(Bloomberg) -- U.S. stock-index futures rose after
Merrill Lynch & Co., Coca-Cola Co. and Johnson & Johnson reported
second-quarter profit that beat analysts' estimates.

Merrill Lynch, the third-biggest U.S. securities firm,
climbed after saying higher trading revenue and investment-
banking fees increased earnings. Coca-Cola, the largest soft-
drink maker, advanced after earnings were boosted by sales in
Europe and Japan. J&J, the biggest maker of health-care products,
also gained.


Read more at Bloomberg Stocks News

Regions Financial 2nd-qtr profit rises

(Reuters) - The Gaithersburg, Maryland-based biotechnology company, which has been the subject of takeover rumors for months amid investor agitation, said it has authorized management to "evaluate whether third parties would have an interest in acquiring the company at a price and on terms that would represent a better value for its stockholders than having the company continue to execute its business plan on a stand-alone basis."



) Keywords: MEDIMMUNE CONFIRMATION/


Read more at Reuters.com Market News

UPDATE 1-KeyCorp net rises 8 percent on fee income growth

(Reuters) - Net income for the Cleveland-based company rose to $334
million, or 84 cents per share, from $308 million, or 75 cents
a share, a year earlier.




Profit from continuing operations rose 11 percent to $337
million, or 85 cents per share, from $303 million, or 74 cents
per share.


Read more at Reuters.com Mergers News

US futures hint at Wall St fall, inflation data due

(Reuters) - Earnings season is getting into full swing, with several
major blue chips due to report on Tuesday, including top
chipmaker Intel Corp , Merrill Lynch and Yahoo
Inc. .




Economic data include wholesale inflation for June, which
may give a taste of Wednesday's report on consumer inflation
that is usually more influential in reinforcing the market's
expectations on the course of U.S. monetary policy.


Read more at Reuters.com Bonds News

LKQ to buy Keystone for $811 million

(Reuters) - The merger is currently expected to close early in the
fourth quarter, the recycler of automobile parts said.





Read more at Reuters.com Mergers News

Working group to mull EADS "golden share"-Germany

(Reuters) - "There is no preference. There are various possibilities
that will be jointly evaluated and discussed by the experts and
the idea of so-called 'golden shares' belongs to these."




Read more at Reuters.com Bonds News

FTSE weighed by miners, worries over US economy

(Reuters) - Britain's top share index fell on Tuesday as miners suffered downgrades and investors braced for U.S. inflation data after fresh fears over the subprime mortgage market fuelled concerns about the state of the world's largest economy.

Investors were also unsettled by a UK inflation report that showed price pressures remained strong, stoking fears of higher interest rates.


Read more at Reuters Africa

REFILE-Older and cheaper pills just fine for diabetes

(Reuters) - WASHINGTON, July 16 - Older and cheaper pills are
just as effective for treating diabetes as some of the more
expensive new drugs, U.S. researchers reported on Monday.




A comparison of 10 diabetes drugs showed they all worked
well to reduce levels of glucose, or sugar, in the blood. But
each one has drawbacks, the federally funded researchers found.


Read more at Reuters.com Government Filings News

German 2008 Power Trades at 12-Week Low as Carbon-Emission Costs Decline

(Bloomberg) -- German electricity for delivery next
year fell to the lowest in more than 12 weeks as a reduction in
carbon-emission permit prices cut the cost of power generation at
plants that burn fossil fuels.

Next-year baseload power prices in Germany, Europe's biggest
electricity market, dropped as much as 0.2 percent to 54.60 euros
($75.30) a megawatt-hour, according to broker GFI Group Inc. The
contract was unchanged from yesterday at 54.70 euros a megawatt-
hour at 9:45 a.m. Berlin time. That's the lowest since April 24.
Baseload refers to electricity delivered around the clock.


Read more at Bloomberg Energy News

Orica Shares Climb on Speculation of Offer After Earlier Buyout Rejected

(Bloomberg) -- Shares of Orica Ltd. rose 5.5
percent on speculation the world's largest explosives maker may
receive a second takeover offer after the company rejected a
A$9.95 billion ($8.7 billion) buyout in April.

There's talk of a bid of A$37 a share, said Albert Landman,
who manages more than $70 million at Tricom Futures Services in
Melbourne. Orica had ``no comment,'' said spokesman John Fetter.
Stuart Barton, a spokesman for UBS AG, which advised Orica when
it rejected the earlier offer, also declined to comment.


Read more at Bloomberg Commodities News

T&D's Kinugawa's No. 1 Fund Bets on Marubeni, Juki Forays in India, China

(Bloomberg) -- Akihide Kinugawa's fund is only
allowed to invest in Japanese companies. He has made it the
country's best performer by choosing those that derive most of
their revenue from emerging markets.

His $544 million T&D Active Value Open Fund, with almost
half its assets in companies operating in such countries as
China, India and Venezuela, had twice the return of the Topix
index in the past 12 months. It returned 33 percent, the best
among 98 mutual funds with more than $100 million in assets
investing only in Japan, according to data compiled by
Bloomberg.


Read more at Bloomberg Exclusive News

U.K. Stocks Decline, Paced by Rolls-Royce, Kelda, Schroders on Downgrades

(Bloomberg) -- U.K. stocks including Rolls-Royce
Group Plc, Kelda Group Plc and Schroders Plc fell as brokerages
lowered their recommendations for the shares.

The benchmark FTSE 100 Index lost 16.8, or 0.3 percent, to
6680.9 in London at 8:08 a.m. The FTSE All-Share Index slipped
7.83, or 0.2 percent, to 3451.83. Ireland's ISEQ Index rose 40 to
9229.82.


Read more at Bloomberg Stocks News