Wipro's First-Quarter Profit Rises by 16 Percent After Winning New Orders

(Bloomberg) -- Wipro Ltd., India's third-largest
computer-services provider, had the slowest profit growth in more
than two years after the rupee's 6.8 percent gain against the
dollar in the first quarter eroded earnings in its biggest market.

Net income climbed 16 percent to 7.11 billion rupees ($176
million), or 4.87 rupees a share, for the three months ended
June 30, from 6.14 billion rupees, or 4.28 rupees, a year
earlier, Wipro said today. Profit missed the 7.44 billion rupee
median estimate in a Bloomberg survey of nine analysts. Sales
rose 34 percent to 41.83 billion rupees.


Read more at Bloomberg Emerging Markets News

European Bonds Fall in Early Trade; 10-Year Yield Rises to 4.56 Percent

(Bloomberg) -- European bonds fell today in early
trade.

The yield on the German 10-year bund, Europe's benchmark,
rose 3 basis points to 4.56 percent.


Read more at Bloomberg Bonds News

Tin Price Rises to Highest Since at Least 1989 in London After Shortfall

(Bloomberg) -- Tin rose to its highest since at
least 1989 on the London Metal Exchange, buoyed by a report that
demand exceeded supply in the first five months of the year.

Tin for delivery in three months increased $230, or 1.5
percent, to $15,175 a metric ton as of 6:29 a.m. in London. The
contract has gained 32 percent this year, the second-best
performer on the exchange after lead.


Read more at Bloomberg Commodities News

Platinum Futures Climb to Record in Tokyo as South Africa Mine Talks Stall

(Bloomberg) -- Platinum futures rose to a record in
Tokyo as deadlocked wage talks between unions and mines in South
Africa, the world's biggest producer of the metal, raised concern
that production may be crimped.

State officials in South Africa have been called in to
mediate negotiations at Anglo Platinum Ltd. and Impala Platinum
Holdings Ltd., the world's two biggest makers. Mediation is a
necessary step before unions can call a strike. Pay talks at
Northam Platinum Ltd., which reduced its raise demand, also ended
without an agreement yesterday.


Read more at Bloomberg Commodities News

India Bonds End Three-Day Gain; Chidambaram Calls for `Tight' Money Policy

(Bloomberg) -- India's 10-year bonds fell, ending
three days of gains, after Finance Minister Palaniappan
Chidambaram said the nation will keep a ``fairly tight''
monetary policy to curb inflation.

Yields rose from the lowest in five months on speculation
the central bank will raise interest rates or drain spare cash
from the banking system to slow price gains. Bonds also dropped
on concern a rally in crude oil prices will stoke inflation in
India, which imports three-fourths of its energy requirements.


Read more at Bloomberg Bonds News

EADS, GFI, Legrand, Remy Cointreau and Renault: French Equity Preview

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

French stocks fell for a second day, paced by Total SA,
Europe's largest oil refiner. Air France-KLM Group and Renault
SA also declined.


Read more at Bloomberg Stocks News

South Korea's Kospi Advances; Chemical Makers, Daewoo Engineering Climb

(Bloomberg) -- South Korean stocks gained. Chemicals
makers advanced after LG Chem Ltd. reported quarterly profit that
beat estimates, and Honam Petrochemical Corp. announced a joint
venture with Qatar to build a $2.6 billion chemical plant.

``LG Chem's earnings were good across all of its
businesses,'' said Oh Hyun Jung, who helps manage $10.9 billion
at Daehan Investment Trust Management Co. in Seoul. ``Honam's
contract has shown the market that they're really going through
with this, which will help cut costs and increase production
significantly.''


Read more at Bloomberg Stocks News

China Second-Quarter Economy Expands at 11.9 Percent, Fastest in 12 Years

(Bloomberg) -- China's economy grew at the fastest
pace in 12 years in the second quarter and inflation accelerated
the most in nearly three, adding pressure on the government to
raise interest rates and cool investment.

Gross domestic product expanded 11.9 percent from a year
earlier, the statistics bureau said in Beijing today, up from
11.1 percent in the first quarter. Inflation climbed to 4.4
percent in June, breaching the central bank's annual 3 percent
target for a fourth month.


Read more at Bloomberg Emerging Markets News

Australia's S&P/ASX 200 Climbs, Led by Woodside Petroleum, Macquarie Bank

(Bloomberg) -- Australian stocks gained, led by
Woodside Petroleum Ltd. after it said second-quarter sales
increased 14 percent, and by Macquarie Bank Ltd., which said today
first-quarter profit rose ``substantially.''

``Macquarie was more positive than they normally are and
Woodside got a bounce after production came in as forecast,'' said
Troy Angus, who helps manage the equivalent of $2.1 billion at
Paradice Investment Management Ltd. in Sydney. ``It shouldn't come
as a surprise that corporate Australia is doing so well. With the
strong domestic economy we're likely to see a pretty robust
reporting season.''


Read more at Bloomberg Stocks News

South Korea's Kospi Advances, Led by Kookmin, Daewoo Engineering, Samsung

(Bloomberg) -- South Korea's benchmark stock index,
the Kospi Index, rose 0.66 percent at 9:05 a.m.

The index of 731 companies traded on the Korea Exchange rose
12.72 to 1,943.42. Among the stocks in the index, 391 rose, 153
fell and 187 were unchanged.


Read more at Bloomberg Stocks News

Crude Oil Trades Near 11-Month High After Drop in U.S. Gasoline Supplies

(Bloomberg) -- Crude oil was little changed in New
York after rising to the highest in more than 11 months
yesterday after U.S. gasoline inventories unexpectedly fell.

Supplies dropped by 2.24 million barrels last week after
imports plunged and demand reached a two-year high, the Energy
Department said yesterday. Gasoline production fell a second
week even as refiners used 91 percent of plant capacity, the
highest in seven weeks and more than forecast by analysts.


Read more at Bloomberg Energy News

New York City's Credit Rating Raised by Moody's on Revenue, Faster Growth

(Bloomberg) -- New York City's credit rating was
raised by Moody's Investors Service as Wall Street bonuses and a
robust real estate market resulted in a record surplus, allowing
the city to set aside funds to pay down debt and cover future
expenses.

Moody's boosted the most-populous U.S. city's rating on $36
billion of general obligation debt one level to Aa3, its fourth-
highest investment grade, from A1. It is the third upgrade for
the city in the last six weeks, and brings New York's rating to
the AA category at all three rating companies for the first
time. Last month, Standard & Poor's raised its ranking on the
city's debt to AA, while Fitch Ratings boosted its grade to AA-.


Read more at Bloomberg Bonds News

Sugar Rises to Three-Month High on Outlook for Increased Ethanol Demand

(Bloomberg) -- Sugar jumped to a three-month high in
New York on speculation that rising crude oil prices may spur
demand for sugar-based ethanol, an alternative to gasoline.

Crude oil approached an 11-month high in New York after an
Energy Department report showed U.S. gasoline inventories
unexpectedly fell last week. Brazil, the world's largest sugar
grower, is using an increasing percentage of its record cane crop
to make ethanol.


Read more at Bloomberg Commodities News

FED FOCUS-Forecasts signal inflation vigilance

(Reuters) - In its semi-annual report to Congress on Wednesday, the Fed
left its forecasts for core inflation for this year and next
unchanged, while slightly lowering its growth forecasts.




Since recent data has shown an easing in core, or nonfood,
non-energy inflation, economists were surprised the Fed did not
lower its core inflation forecasts from projections released
six months ago.


Read more at Reuters.com Bonds News

U.S. lawmaker seeks non-profit student lender probe

(Reuters) - Miller asked the Government Accountability Office to
examine nonprofit lenders, which include entities such as
EduCap and Student Lending Works.




His request comes on the heels of state and congressional
probes that alleged kickback schemes and conflicts of interest
among many for-profit student lenders, universities and some of
their student financial aid officers.


Read more at Reuters.com Bonds News

European Swaptions Demand Increases as Subprime Mortgage Concerns Spread

(Bloomberg) -- Demand for interest-rate swap
options in Europe is rising as concern spreads that losses from
collateralized mortgage obligations will increase after Bear
Stearns Cos. said two failed hedge funds are almost worthless.

The near collapse of the funds, which invested in subprime
mortgage bonds, is dimming demand for other risky assets and
prompting investors to seek protection through financial
instruments such as options. Government bonds in the U.S. and
Germany advanced today as investors sought the safety of the
highest rated debt.


Read more at Bloomberg Bonds News

Canadian Stocks Rise on Takeover Speculation; Canadian Pacific Advances

(Bloomberg) -- Canadian stocks rose for a second day,
after a report that the nation's second-largest railroad, Canadian
Pacific Railway Ltd., may receive a takeover bid.

The S&P/TSX Composite Index gained 45.61, or 0.3 percent, to
14,427.62, led by Canadian Pacific and Canadian National Railway
Co., the country's largest rail company.


Read more at Bloomberg Stocks News

Swiss Re, Deutsche among Abbey suitors -sources

(Reuters) - Pearl Group and Resolution Plc , both investment
funds that buy insurance assets, are likely to bid against
Deutsche Bank and reinsurer Swiss Re, they said.




Lloyds is selling the unit to raise cash from its insurance
units.


Read more at Reuters.com Mergers News

U.S. Stocks Retreat on Earnings, Mortgage Concerns; Intel, Financials Fall

(Bloomberg) -- U.S. stocks fell after Intel
Corp.'s earnings report spurred concern profit estimates for
computer companies are too high and Bear Stearns Cos. said the
subprime mortgage crisis wiped out investors in two of its
hedge funds.

Intel, the world's biggest chipmaker, declined the most
since January and led the Dow Jones Industrial Average lower
for the first time in six days. Financial shares posted the
steepest drop in the Standard & Poor's 500 Index after Bear
Stearns said investors in the funds may not get any money back.


Read more at Bloomberg Stocks News

S.Africa chemical workers threaten strike over pay

(Reuters) - About 7,000 workers at South Africa's chemical firms, including energy giant Sasol, may strike next week after wage talks collapsed on Wednesday, trade union Soldarity said.

The union said final negotiations broke down after management refused to improve its offer of a 7.5 percent wage increase. Unions are demanding a 10 percent raise.


Read more at Reuters Africa

US STOCKS-Indexes slide further, Nasdaq off 1 pct

(Reuters) - The Dow Jones industrial average was down 91.21
points, or 0.65 percent, at 13,880.34. The Standard & Poor's
500 Index was down 11.07 points, or 0.71 percent, at
1,538.30. The Nasdaq Composite Index was down 27.08
points, or 1.00 percent, at 2,685.21.




Read more at Reuters.com Bonds News

Platinum Futures Rise on Threats of South African Strikes; Palladium Gains

(Bloomberg) -- Platinum rose in New York on
speculation that strikes may disrupt supplies from South Africa,
a source of 78 percent of the metal. Palladium also gained.

State officials in South Africa are mediating in pay talks
between unions and management at Anglo Platinum Ltd. and Impala
Platinum Holdings Ltd., the world's two biggest producers of the
metal. Mediation is a necessary step before unions can call a
strike. Pay talks at Northam Platinum Holdings Ltd. ended without
an agreement yesterday.


Read more at Bloomberg Commodities News

UPDATE 2-Abbott profit rises as Humira, other drugs shine

(Reuters) - NEW YORK, July 18 - Abbott Laboratories Inc. posted higher second-quarter earnings Wednesday on increased sales of its prescription drugs, with global revenue from arthritis treatment Humira jumping 50 percent.



The suburban Chicago company said it earned $989 million, or 63 cents per share, up from $612 million, or 40 cents per share, a year earlier, when Abbott took charges related to its acquisition of the vascular business of Guidant Corp. Excluding special items, Abbott earned 69 cents per share. On that basis, analysts on average expected 68 cents per share, according to Reuters Estimates.


Read more at Reuters.com Market News

Consumer prices edge up on food costs

(Reuters) - Last month's gain in the Consumer Price Index was slightly larger than the 0.1 percent advance Wall Street economists were expecting to see after a fall-off in energy prices. But the increase in the more closely watched core prices index was directly in line with expectations.




"On balance the numbers show inflation is relatively contained," said Omer Esiner, foreign exchange market analyst with Ruesch International in Washington.


Read more at Reuters.com Business News

Altria still mulls international spinoff

(Reuters) - Some analysts expect the company to announce a spin-off of the international business after Altria's August 29 board meeting.







Read more at Reuters.com Bonds News

Marshall & Ilsley 2nd-qtr profit rises

(Reuters) - Core operating income rose 9 percent to $222.6 million, or
84 cents per share, the company said.





Read more at Reuters.com Mergers News

US STOCKS-Futures stay negative after CPI, housing data

(Reuters) - NEW YORK, July 18 - U.S. stock index futures
remained in negative territory on Wednesday after data showed a
pick-up in home construction but a plunge in building permits
and a slightly bigger-than-expected gain in consumer prices.




S&P 500 futures were down 8.7 points, below fair
value, a mathematical formula that evaluates pricing by taking
into account interest rates, dividends and time to expiration
on the contract.


Read more at Reuters.com Bonds News

Treasuries Are Little Changed After Bear Stearns Tells of Subprime Losses

(Bloomberg) -- Treasuries were little changed
after Bear Stearns Cos. told investors in two funds they will
get little if any money back because of losses on securities
used to bet on subprime mortgages.

U.S. government debt pared gains before Federal Reserve
Chairman Ben S. Bernanke testifies before Congress today on the
state of the economy and interest-rate policy and the Labor
Department delivers its report on consumer inflation.


Read more at Bloomberg Bonds News

UPDATE 1-St Jude 2nd-quarter profit off on legal charges

(Reuters) - The St. Paul, Minnesota-based cardiovascular device maker,
which raised its 2007 earnings forecast after a solid first
quarter, again lifted its forecast, calling for third-quarter
earnings per diluted share of 44 to 45 cents and full year
earnings of $1.74 to $1.78, excluding the charge for the patent
settlement.




St. Jude, which competes most directly with Medtronic Inc.
and Boston Scientific Corp. , posted a net
profit of $135 million, or 39 cents per diluted share, compared
with a profit of $141 million, or 38 cents, a year ago.


Read more at Reuters.com Market News

Sarkozy Sees `Positive' Movement in Germany's Merkel's Views on the Euro

(Bloomberg) -- French President Nicolas Sarkozy
said German Chancellor Angela Merkel's views on the euro are
moving closer to his own position, which calls for greater
political influence in monetary policy, the government spokesman
said.

``For him, it's not about questioning the independence of
the central bank but showing that monetary policy is a topic of
debate and dialogue,'' Sarkozy told the weekly Cabinet meeting
today in Paris, according to the spokesman, Laurent Wauquiez.
``In that respect, Madame Merkel's position has evolved in a
positive way.''


Read more at Bloomberg Currencies News

Pakistan's Stocks Fall Most in More Than 10 Weeks: World's Biggest Mover

(Bloomberg) -- Pakistan's stocks posted the biggest
drop in 10 weeks, fluctuating the most among markets included in
global benchmarks on concern escalating violence will prompt
investors to seek safer bets than the country's equities.

Oil & Gas Development Co. Ltd., Pakistan's biggest energy
explorer, led declines among some of the nation's largest listed
companies.


Read more at Bloomberg Stocks News