UPDATE 1-Akzo Nobel Q2 core profit up 35 pct

(Reuters) - Earnings before interest and taxes from continuing
operations, excluding Organon BioSciences and one-off items,
rose to 279 million euros , compared with an
average of 255 million euros in a Reuters poll of 13 analysts.




Akzo Nobel said it expected to grow faster than its markets
and to improve financial returns in 2007 for its coatings and
chemicals units compared to 2006.


Read more at Reuters.com Market News

Oil dips as higher US fuel production seen

(Reuters) - Oil prices fell for a third day on Tuesday on expectations of rising fuel stockpiles in the United States and after OPEC vowed to pump more crude if needed.

London Brent crude, currently seen as more representative of the world market, slid 18 cents to $76.68 a barrel by 0354 GMT, after falling 78 cents on Monday. U.S. crude eased 24 cents to $74.65 after a 90-cent slide on Monday.


Read more at Reuters Africa

Philippine Bonds Slump on Fitch Rating Statement: World's Biggest Mover

(Bloomberg) -- Philippine bonds dropped, the
biggest fluctuation of any government debt market today, after
Fitch Ratings said the nation's fiscal deficit may almost double
this year due to lower-than-expected revenue. The peso fell.

Seven-year yields rose to highest in more than a week as
Fitch today said the budget deficit may reach 125 billion pesos
($2.8 billion) this year without asset sales, leaving the
government with less funds to spend on public works needed to
boost economic growth. President Gloria Arroyo, in an annual
address yesterday, reiterated plans to build more roads, ports
and bridges while lowering the cost of doing business.


Read more at Bloomberg Bonds News

Hearst reaches out to male Web users in Ugo deal

(Reuters) - Ugo's audience comprises more than 11 million monthly visitors in the United States and nearly 28 million worldwide, with a heavy concentration of male viewers aged 18 to 34 who are coveted by advertisers.




"There's a lot of focus on entertainment, whether new movies or DVDs," Hearst Interactive President Kenneth Bronfin told Reuters. "We're appealing to this demographic by what they love to do on the Internet."


Read more at Reuters.com Mergers News

Gol, Petrobras, Tam, Televisa, TV Azteca: Latin American Equity Preview

(Bloomberg) -- The following stocks may make
significant gains or losses in Brazil 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

Asia shares dip on tech outlook, bonds firm

(Reuters) - Nervous share trading bolstered save-haven investments, nudging up gold and lifting Japanese government bond futures to another six-week high.




The dollar, dogged by persistent worries about the fall-out from the U.S. housing and mortgage woes, was unable to hold on to Monday's modest gains and dipped to a two-month low against the yen. The firmer Japanese currency began to eat into gains notched up earlier by exporters like Sony Corp. and Canon Inc. .


Read more at Reuters.com Hot Stocks News

South Korea Economy Probably Accelerated Last Quarter on Gain in Exports

(Bloomberg) -- South Korea's economy probably grew
at the fastest pace in 1 1/2 years last quarter, helped by
exports of LG Electronics Inc.'s mobile phones and Hyundai Heavy
Industries Co.'s ships.

Asia's third-largest economy expanded 1.3 percent from the
first quarter, according to the median estimate of 11 economists
surveyed by Bloomberg News. The gross domestic product report
will be released at 8 a.m. in Seoul tomorrow.


Read more at Bloomberg Emerging Markets News

JGB futures hit six-week high as stocks dip

(Reuters) - Activity was subdued as many market players kept to the
sidelines on lingering worries over problems in the subprime
mortgage sector spilling over into the broader economy. On Friday
U.S. benchmark 10-year yields fell to their lowest level since
early June.




Investors also awaited the outcome of the upper house
election on July 29, as well as remarks by BOJ Governor Toshihiko
Fukui, who will speak on short-term money markets at 0730 GMT.


Read more at Reuters.com Bonds News

Silicon Storage finds errors in stock-option grants

(Reuters) - The charges will lower the reported net income or increase
the reported loss from operations for these periods, the
company said in a statement.





Read more at Reuters.com Government Filings News

UPDATE 1-Mexico's Televisa net falls less than expected

(Reuters) - Grupo Televisa said its majority
interest net income came in at 2.031 billion pesos in the April-June quarter, compared with 2.399 billion
pesos in the same period last year.




Results were above analyst estimates of 1.884 billion
pesos.


Read more at Reuters.com Market News

DEALTALK-KKR plays hard ball and Wall St. winces

(Reuters) - KKR, with four major buyout deals in the debt pipeline, is
refusing to budge on lending terms agreed to with investment
banks, even as debt investors show a weakening appetite.




That tough stance amid shaky debt markets means banks will
have to shoulder all the risk and perhaps take significant
losses on the massive loans.


Read more at Reuters.com Bonds News

RPT-UPDATE 2-Chicago Cubs deal seen topping $1 billion--source

(Reuters) - NEW YORK, July 23 - The Chicago Cubs franchise,
being sold by media group Tribune Co. , has attracted
credible interest from about 15 parties, and a deal for the
baseball team and other assets is expected to top $1 billion,
according to a source familiar with the situation.




First-round bids are likely due after the Sept. 3 U.S.
Labor Day holiday, with a winner expected to be picked in
October. A deal is expected to close by the end of the year.
The winner must be approved by Major League Baseball.


Read more at Reuters.com Bonds News

UPDATE 1-Moody cuts 22 CSFB home equity tranches

(Reuters) - Moody's said the recent pace of losses has triggered credit
support to erode below targeted levels. The timing of losses
coupled with passing of performance triggers has caused the
protection available to the subordinate bonds to be diminished,
it said.




The loan collateral backing each deal placed on review
consists primarily of first-lien, subprime fixed and adjustable
rate mortgage loans, Moody's said.


Read more at Reuters.com Bonds News

UPDATE 1-Pactiv second-quarter profit rises

(Reuters) - Quarterly net income was $70 million, or 53 cents a share,
compared with $69 million, or 49 cents a share, a year ago.




Earnings from continuing operations were 52 cents a share
in the latest quarter. On that basis, analysts on average had
forecast 48 cents a share, according to Reuters Estimates.


Read more at Reuters.com Market News

Dollar May Resume Drop Against Euro, Pound as U.S. Housing Slump Deepens

(Bloomberg) -- The dollar may reach a record low
against the euro on evidence the U.S. housing sector is heading
into a deeper slump.

The currency may also weaken versus the pound on tomorrow's
National Association of Realtors report forecast by economists
to show U.S. existing-home sales fell last month to the lowest
in four years. Federal Reserve Chairman Ben S. Bernanke
testified before Congress last week that there will be
``significant'' losses on loans to homeowners with poor credit.


Read more at Bloomberg Currencies News

UPDATE 1-Plum Creek's second-quarter profit slips

(Reuters) - Net earnings were $60 million, or 34 cents per share,
compared with $62 million, or 34 cents per share, in the year
ago period, the Seattle-based timber and real estate company
said.




Revenue rose to $395 million from $380 million in the 2006
second quarter.


Read more at Reuters.com Market News

S&P may cut $1.76 bln in ABS CDOs backed by subprime

(Reuters) - All of the affected CDO transactions have exposure to U.S.
residential mortgage-backed securities backed by
first-lien subprime mortgages.




The deals under review are all so-called mezzanine rated
paper, which are backed by "A" and "BBB" rated tranches of
residential mortgage backed securities and other structured
finance securities, S&P said.


Read more at Reuters.com Bonds News

Arrow, Cumulus Media, Expedia, Hasbro, Merck: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges. Stock
symbols are in parentheses after company names. Share prices are
as of 4 p.m. in New York.

AMR Corp. (AMR US) rose the most since Jan. 3, gaining
$1.96, or 7.4 percent, to $28.59. A Goldman, Sachs & Co. analyst
boosted his earnings estimates for the parent company of American
Airlines for this year and 2008 based on lower projections for
fuel prices. Analyst Robert Barry increased his 2007 profit
estimate to $2.75 from $2.35, and his 2008 forecast to $4 from
$2.65. He raised his share-price forecast to $26 from $22.


Read more at Bloomberg Stocks News

Two-Year U.S. Treasuries Fall Most in More Than a Week as Stocks Increase

(Bloomberg) -- Treasuries declined amid a rise in
stocks as traders speculated that individual investors had yet to
participate widely in equity increases, suggesting potential for
further gains.

Traders sold Treasuries after purchases motivated by hedging
and concerns about riskier markets waned, blocking the 10-year
note yield from falling below 4.93 percent. U.S. debt maturing in
two years fell the most in more than a week. Traders who last
week bought Treasuries to hedge against losses in more risky
securities had less need to buy them today.


Read more at Bloomberg Bonds News

Hartford settles market timing case for $115 mln

(Reuters) - The Connecticut insurer also allowed certain people to make rapid trades in and out of mutual funds, harming others, according to Connecticut Attorney General Richard Blumenthal, who announced the settlement on Monday.




Hartford said in a statement that it had already reserved $83 million of the $115 million it would pay. It did not admit or deny any violation of state or federal law.


Read more at Reuters.com Business News

XM, Sirius would offer low cost, a-la-carte option

(Reuters) - NEW YORK, July 23 - Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc. said on Monday that if their proposed merger is approved, they will offer subscriptions priced 46 percent below current levels, and would let customers buy packages of their favorite channels.



Under one of several new plans announced on Monday, customers can pick 50 channels on either XM or Sirius' systems for $6.99. Additional channels can be added for 25 cents each. Currently, subscribers pay about $13 a month for more than 100 stations on either XM's or Sirius' systems.


Read more at Reuters.com Government Filings News

RPT-TREASURIES-Bonds dip from last week's rally

(Reuters) - NEW YORK, July 23 - U.S. Treasuries slipped on
Monday, lifting benchmark yields from Friday's six-week lows as
stocks rallied.




The gains in stocks tempted buyers back into riskier assets
and out of U.S. government bonds, which rallied last week on
safe-haven buying sparked by investor fears problems in the
subprime mortgage sector, which caters to borrowers with shaky
credit, were spreading through financial markets.


Read more at Reuters.com Bonds News

US STOCKS-Wall St shares jump on deal news, earnings

(Reuters) - Merck & Co. , a Dow component, reported quarterly
results above analysts' expectations. Also on Monday Transocean
Inc. , the world's largest offshore driller, said it had
agreed to buy drilling rig operator GlobalSantaFe Corp.
For details, see [ID:nN23380261].




Also boosting stocks was news of nearly $1 drop in crude
oil futures, pushing New York oil prices back below $75 a
barrel. The decline in oil underpinned gains by big
manufacturers such as 3M Co. , whose stock rose 1.1
percent to $91.23.


Read more at Reuters.com Bonds News

EOG Resources, Netflix, Quicksilver Resources, Saia: 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 1:10 p.m. in New York.

Arrow International Inc. (ARRO US) rose $6.46, or 17
percent, to $44.25. Teleflex Inc. (TFX US) said it agreed to
acquire Arrow for $2 billion, adding products for critical and
cardiac care. Under the agreement approved by both companies'
boards, holders of Arrow would get $45.50 a share, 20 percent
more than the stock's closing price July 20, the companies said
in a statement. Teleflex rose fell 1 cent to $85.29.


Read more at Bloomberg Stocks News

UPDATE 1-LVMH offers olive branch to Les Echos journalists

(Reuters) - LONDON/PARIS, July 23 - French luxury group LVMH
on Monday sweetened its 240 million euro offer for business paper Les Echos with measures to
guarantee its editorial independence and jobs.




But the move was rejected by journalists at the French daily,
who voted overwhelmingly in favour of a rival 245 million euro
bid from Fimalac , owner of credit rating agency Fitch.


Read more at Reuters.com Mergers News

Hartford put most of $115 mln settlement in reserve

(Reuters) - The Hartford, Connecticut, insurer said it did not admit or
deny any violation of state or federal law as a result of the
settlement, and that the staff of the U.S. Securities and
Exchange Commission has concluded its investigation without
recommending any enforcement action.




Read more at Reuters.com Government Filings News

Brazil Stocks Gain, Led by Vale do Rio Doce, CSN; Airlines Gol, Tam Fall

(Bloomberg) -- Brazil's main stock index rose for the
second time in three days, led by steel and mining companies, on
speculation that diversification will boost their profits.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange added 305.90, or 0.5 percent, to 57,748.64 as of 11:43
a.m. New York time. Cia. Vale do Rio Doce, the world's biggest
iron-ore producer, led the gains.


Read more at Bloomberg Stocks News

U.S. Treasury to sell $18.0 bln 4-week bills

(Reuters) - Threshold $6.30 bln
NLP Exclusion




Amt $10.90 bln


Read more at Reuters.com Bonds News

India, Indonesia, Malaysia, Taiwan, 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 government will further tighten monetary policy
after increasing lending and deposit rates last week, Hong Kong
Monetary Authority Chief Executive Joseph Yam said on Hong Kong
Commercial Broadcasting radio yesterday. Yam urged investors to
be careful as financial markets are growing more turbulent, the
broadcaster reported. The government will sell 28 billion yuan
($3.7 billion) of six-month notes tomorrow.


Read more at Bloomberg Bonds News

XM, Sirius to offer low cost, a-la-carte options

(Reuters) - The deal, which faces strong opposition from traditional radio and some lawmakers, musty still past regulatory hurdles.







Read more at Reuters.com Bonds News

American Standard to sell bath unit for $1.76 bln

(Reuters) - The company is set to spin off its vehicle-controls business later this month. It plans to keep its air-conditioning business and change the company name to Trane, its flagship brand.







Read more at Reuters.com Mergers News

Transocean, GlobalSantaFe in merger deal

(Reuters) - The link-up of the two largest drillers comes amid speculation that oil drillers would seek mergers to gain market share and take advantage of the huge spending increases in the energy sector, particularly for the development of offshore fields.




But that consolidation has been hampered by historically high stock prices in the sector which have made acquisitions too expensive.


Read more at Reuters.com Business News

LifePoint Hospitals net tumbles 61 pct; shrs dive

(Reuters) - NEW YORK, July 23 - Rural hospital chain LifePoint Hospitals Inc. said on Monday quarterly profit tumbled 61 percent as it struggled with unpaid medical bills, high labor costs and medical malpractice insurance expenses, sending shares down 13 percent.



The company also projected full-year earnings far below Wall Street's target.


Read more at Reuters.com Market News

Mexico's Peso Gains Most in More Than a Week on Interest-Rate, CPI Outlook

(Bloomberg) -- Mexico's peso gained the most in
more than a week on expectations the central bank this week
will keep its benchmark interest rate unchanged at its highest
since March 2006.

Policy makers will leave the overnight lending rate at 7.25
percent at their July 27 policy meeting, 13 of 15 economists
surveyed by Bloomberg predicted. Two expected policy makers to
raise the rate to 7.5 percent. A report tomorrow may show
consumer prices rose to the highest since January in the first
half of this month, a separate Bloomberg economists' survey
showed.


Read more at Bloomberg Currencies News

Tellabs shrs jump on report of Nokia Siemens offer

(Reuters) - HELSINKI/NEW YORK, July 23 - Shares of Tellabs Inc. surged 19 percent on Monday after a financial news Web site reported the U.S. telecommunications equipment maker was entertaining a $7 billion bid by a joint venture of Nokia Oyj and Siemens AG .



TheStreet.com said Nokia Siemens Networks [NSN.UL] was offering about $16 to $17 a share for Tellabs, citing a source familiar with the deal.


Read more at Reuters.com Mergers News

Asian Shares Fall From a High; Honda, Japan Exporters Decline as Yen Gains

(Bloomberg) -- Asian stocks fell, led by Japanese
exporters, after the dollar declined to a six-week-low against
the yen amid concern the U.S. economy is slowing.

Honda Motor Co., which last year made the bulk of its sales
in North America, slid the most in six weeks. Sony Corp., the
world's biggest game-console maker, had its biggest slump in
almost a month.


Read more at Bloomberg Stocks News

UPDATE 1-Merck profit jumps, raises forecast

(Reuters) - NEW YORK, July 23 - Merck & Co. said on Monday that quarterly earnings rose 12 percent on strong demand for its newer vaccines and medicines, and raised its 2007 profit forecast, sending its shares up 4 percent.



Second-quarter net income rose to $1.68 billion, or 77 cents per share, from $1.5 billion, or 69 cents per share, a year earlier.


Read more at Reuters.com Market News

TREASURIES-Bonds little changed after rally last week

(Reuters) - Financial market losses related to subprime, the mortgage
sector that targets borrowers with poor credit, have led to a
flight to quality by investors into Treasuries and away from
riskier assets.




This has pushed yields into a lower trading band, though
dealers say the market needs fresh news to extend the rally
since bonds appear expensive.


Read more at Reuters.com Bonds News

European Stocks Gain on Takeovers; Friends Provident, Depfa, TomTom Rally

(Bloomberg) -- European stocks advanced, lifted by
takeovers in the financial and technology industries.

Friends Provident Plc and Resolution Plc rose after the U.K.
insurers said they are discussing a merger. Depfa Bank Plc jumped
after Hypo Real Estate Holding AG offered 5.7 billion euros ($7.9
billion) for the German bank. Tele Atlas NV, the world's second-
biggest maker of maps, soared as it received a bid from TomTom NV.


Read more at Bloomberg Stocks News

N.Hydro says sold 2 magnesium plants to Straits

(Reuters) - "The sale will have a modest positive book effect," Norsk
Hydro ASA, the energy and aluminium group, said in a statement.




"The divestment concludes Hydro's decision to withdraw from
the magnesium business," it said, adding that the divestment was
subject to approval by Chinese and German authorities.


Read more at Reuters.com Mergers News

Cerberus to buy United Rentals for $4 billion

(Reuters) - The deal is worth $34.50 per share, which represents a 6.6
percent premium to the company's closing price on Friday. It
also includes $2.6 billion in debt, bringing the total value to
$6.6 billion.




Under the terms of the deal, United Rentals, which claims
to be the largest equipment rental company in the world, may
continue to solicit other bids through Aug. 31.


Read more at Reuters.com Bonds News

UPDATE 1-Hasbro second-quarter profit falls on charge

(Reuters) - Second-quarter net income fell to $4.8 million, or 3 cents
a share, from $27.1 million, or 7 cents a share, a year
earlier.




Excluding the charge, earnings rose to $41.3 million, or 24
cents a share, boosted by strong demand for movie-related toys
like Transformers and Spider-Man.


Read more at Reuters.com Market News

UPDATE 1-Cerberus to buy United Rentals for $4 billion

(Reuters) - The deal is worth $34.50 per share, which represents a 6.6
percent premium to the company's closing price on Friday. It
also includes $2.6 billion in debt, bringing the total value to
$6.6 billion.




Under the terms of the deal with the private equity fund,
United Rentals may continue to solicit bids from third parties
through Aug. 31.


Read more at Reuters.com Mergers News

US stock futures point to steady start on Wall St

(Reuters) - The Standard & Poor's 500 staged its biggest weekly
fall in four weeks last week, driven in part by earnings misses
from Caterpillar and web search firm Google , which
fanned fears among investors who are already wary of the impact
of the melt-down in the subprime market on the economy.




By 0943 GMT in Europe, September S&P 500 futures were
up 0.1 percent, while Dow Jones futures rose 0.1 percent
and Nasdaq 100 futures were virtually flat.


Read more at Reuters.com Bonds News

South African Rand Rises to 11-Month High Versus Dollar on Interest Rates

(Bloomberg) -- South Africa's rand strengthened to
its highest against the dollar in more than 11 months on
speculation the interest rate gap with the U.S. will widen.

The currency of Africa's biggest economy has advanced 3
percent in the past year as the Reserve Bank has raised rates
five times to 9.5 percent, compared with a key rate of 5.25
percent in the U.S. Economists expect a government report this
week will show inflation exceeded the central bank's target range
for a third month in June.


Read more at Bloomberg Currencies News

UPDATE 1-Norsk Hydro in new alumina plant deal with CVRD

(Reuters) - OSLO, July 23 - Norwegian aluminium group Norsk
Hydro said on Monday it will build an alumina refinery
in Brazil with iron ore miner CVRD to gain more
capacity for the key production input by 2011.




The plant will be developed in four stages, each of 1.85
million tonnes per year of alumina production capacity and with
a final output of 7.4 million tonnes per year, Norsk Hydro said.


Read more at Reuters.com Mergers News

China's CSI 300 Index Posts Biggest Two-Day Gain Since Launch; Banks Rise

(Bloomberg) -- China's stocks rose, completing the
CSI 300 Index's biggest two-day gain, on speculation government
curbs on lending and investment will prevent production gluts
from driving down earnings. Shenzhen Development Bank climbed.

China's central bank raised interest rates on July 20 for
the third time since March to cool the fastest pace of economic
growth in 12 years and restrain inflation.


Read more at Bloomberg Stocks News

Turkish Stocks, Lira Gain on View Erdogan to Extend 21 Quarters of Growth

(Bloomberg) -- Turkish stocks, bonds and the lira
gained after voters re-elected Prime Minister Recep Tayyip
Erdogan, giving him a mandate to extend policies that won European
Union membership talks and helped bring 21 quarters of growth.

The ISE National 100 Index rose 3.8 percent to 54,966.6 as of
9:56 a.m. The lira rose 1.58 percent, trading at 1.253 to the
dollar. Yields on lira-denominated bonds fell 27 basis points to
17.19 percent, their lowest in 13 months, according to ABN Amro
benchmark prices. A basis point is 0.01 percentage point.


Read more at Bloomberg Emerging Markets News

European Stocks Rise on Mergers; ABN Amro, Friends Provident, TomTom Gain

(Bloomberg) -- European stocks advanced after Barclays
Plc raised its offer for ABN Amro Holding NV to 67.5 billion euros
($93.4 billion) and Friends Provident Plc held talks with
Resolution Plc.

TomTom NV, the world's largest maker of car navigation devices,
gained after saying it intends to buy Tele Atlas NV. Autonomy Corp.
rose after the company that sells database search software said
profit almost doubled.


Read more at Bloomberg Stocks News

European Bonds Little Changed, Benchmark 10-Year Yield Near Seven-Week Low

(Bloomberg) -- European bonds were little changed,
with 10-year yields near a seven-week low, after stocks fell in
the U.S. and Asia underpinned demand for the safest assets.

The yield on the benchmark 10-year bund fell to the lowest
since June last week on concern defaults on U.S. subprime
mortgages will spread to the wider economy.


Read more at Bloomberg Bonds News