European Stocks May Drop; Volvo, Hermes, Northern Rock May Fall on Results

(Bloomberg) -- European stocks may fall after Volvo
AB, the world's second-largest truckmaker, reported earnings that
missed analysts' estimates and Hermes International SCA said full-
year revenue growth will be at the low end of its forecast range.

Northern Rock Plc may drop after the bank reported first-
half profit that missed analysts' estimates. Atos Origin SA may
also slide after Deutsche Bank AG recommended selling shares in
France's second-largest computer services company.
GlaxoSmithKline Plc may be active before its second-quarter
earnings report.


Read more at Bloomberg Stocks News

EMI, Glaxo, Friends Provident, Reckitt, HBOS: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from yesterday's market close.

The benchmark FTSE 100 Index fell 125.70, or 1.9 percent, to
close at 6498.70 in London. The FTSE All-Share Index declined
62.92, or 1.8 percent, to 3359.94.


Read more at Bloomberg Stocks News

Kuwait Strengthens Dinar for a Second Time This Month as Dollar Weakens

(Bloomberg) -- Kuwait strengthened its currency 1.7
percent against the dollar, its second adjustment of the dinar's
value this month after it dropped a peg to the U.S. currency in
May.

The Central Bank of Kuwait is buying dollars at 0.28195 and
selling at 0.28205, 1.7 percent higher than its previous
reference rate, according to data posted on its Web site today.
When it adjusted the rate by 0.4 percent July 20 the dinar made
its biggest one-day gain against the dollar in more than a year.


Read more at Bloomberg Currencies News

Housing Craze `Gazumps' Londoners With Record Prices, $500,000 Parking

(Bloomberg) -- One late-June morning in London, a
real estate broker named Becky Fatemi eases into her black
Porsche Cayenne and heads for Connaught Square, just north of
Hyde Park.

As her sport utility vehicle turns into the square, Fatemi
-- who, by her own account, handled about 55 million pounds
($113 million) of home sales in 2006 -- nods toward one of the
Georgian town houses.


Read more at Bloomberg Bonds News

TREASURIES-Up in Asia, 10-yr yield hits 7-week low

(Reuters) - The 10-year yield was at 4.909 percent, edging
down from 4.921 percent late in New York. In quiet Asian trade,
the yield slipped as low as around 4.905 percent, its lowest
level since the start of June.




"Everyone is watching the U.S. stock market," said a dealer
at a U.S. securities house.


Read more at Reuters.com Bonds News

Asian Currencies Weaken as Risk Aversion Rises; South Korean Won Advances

(Bloomberg) -- Asian currencies fell, led by the
Indonesian rupiah and Philippine peso, on speculation overseas
investors are cutting back riskier assets on concern the U.S.
economy will slow.

A slump in U.S. subprime loans gives ``serious reasons to
worry'' and is a ``reality check,'' without posing a systemic
threat, Moody's Investors Service said today. A weighted basket
of 10 Asian currencies, compiled by JPMorgan, slipped from the
highest since the region's financial crisis in 1997.


Read more at Bloomberg Currencies News

Baidu Vies With `Don't Be Evil' Google, Short Sellers in Chinese Showdown

(Bloomberg) -- For Baidu.com Inc., the Google Inc.
imitator with a 58 percent share of the Chinese Web-search
market and a $5.9 billion market value to prove it, the battle
for dominance is just beginning.

At stake is the Internet market in China, the world's
second-biggest after the U.S. by users. Google is gaining
ground, if rising short interest on Baidu is any indication.


Read more at Bloomberg Emerging Markets News

Chrysler warns weak dealers may shut them down-WSJ

(Reuters) - The paper reported that 40 to 50 dealers in the U.S. Great
Lakes region who had been missing monthly sales goals received
letters from Chrysler earlier this month.




The letters warned them that they must improve their
performance within 180 days or Chrysler would begin the process
to end their franchises, the paper said, citing two dealers who
received the letters.


Read more at Reuters.com Mergers News

Treasuries Gain as Stocks Fall, Pushing 10-Year Yield to Lowest in 7 Weeks

(Bloomberg) -- Treasuries rose amid a decline in
stock indexes as investors sought the relative safety of U.S.
debt.

The yield on the benchmark 10-year note fell 2 basis points,
or 0.02 percentage point, to 4.93 percent at 3:30 p.m. in New
York, according to bond broker Cantor Fitzgerald LP. The yield
matched the intraday low reached yesterday and on July 20. It
touched 4.92 percent on June 5.


Read more at Bloomberg Bonds News

Chile wood pulp exports hit record 1st half high

(Reuters) - "Wood pulp prices have beaten all market expectations ..."
ODEPA said in a statement, adding that a predicted
stabilization in prices in July had failed to materialize.




"We see possible new highs for prices in the coming weeks,"
it said.


Read more at Reuters.com Bonds News

Coffee Rises Most in Seven Weeks in New York on Weakening of U.S. Dollar

(Bloomberg) -- Coffee rose the most in seven weeks
in New York as the weakening U.S. dollar made futures more
affordable to buyers holding other currencies.

The dollar today touched $1.3852 against the euro, a record
low. The New York Board of Trade's dollar index, a gauge of the
currency's international value, fell to the lowest since
September 1992.


Read more at Bloomberg Commodities News

Fed banks wanted flat discount rate in May, June

(Reuters) - "Directors considered it likely that business investment
would begin to strengthen soon, buoying overall economic
growth, but they noted that activity in the housing market was
continuing to contract and cautioned that the housing sector
posed a downside risk to economic performance," according to
minutes from a June 25 meeting.




The Fed also released minutes from a May 21 discount rate
meeting.


Read more at Reuters.com Bonds News

Countrywide CEO: No housing recovery before 2009

(Reuters) - Calling it "a gut feeling," Mozilo said, "It's going to take the balance of this year to get this thing to look like it's slowing down 2009 to head into the other direction."




Earlier, Countrywide said second-quarter profit fell 33 percent to $485.1 million, or 81 cents per share, from $722.2 million, or $1.15, a year earlier. It also cut its 2007 earnings forecast to $2.70 to $3.30 per share. It had forecast $3.50 to $4.30 in April, and $3.80 to $4.80 in January.


Read more at Reuters.com Business News

Infosys may announce European buy on Wednesday-TV

(Reuters) - A spokeswoman for Nasdaq-listed Infosys declined
comment.




Local media had earlier reported that Infosys, whose
customers include ABN AMRO , Goldman Sachs and
Airbus , was close to acquiring the finance and
accounting back-office services arm of Dutch consumer
electronics group Philips .


Read more at Reuters.com Mergers News

UPDATE 1-Moody's warns of liquidity crunch for weak companies

(Reuters) - Liquidity, or available cash and ready assets, has been
declining since 2005 for the lowest-rated companies, Moody's
said in a report.




"If lenders turn cautious -- and eventually they will --
access to additional funding can't readily be assumed for
speculative-grade companies," Moody's said.


Read more at Reuters.com Bonds News

WRAPUP 1-Smith 2nd-qtr profit up, BJ Services profit off

(Reuters) - All oilfield service companies with operations in Canada
have seen results hit after a tumble in gas prices and
unfavorable weather sparked a sharp decline in drilling.
Oilfield service companies help energy firms drill for oil and
gas.




So far, market leaders like Halliburton Co. and
Schlumberger Ltd. topped Wall Street expectations due
to strength in international markets.


Read more at Reuters.com Market News

UPDATE 1-Ameren says Illinois rate relief to reduce earnings

(Reuters) - Ameren expects reductions in earnings of about 26 cents per
share in 2007, 11 cents per share in 2008, 7 cents per share in
2009 and 1 cent in 2010.




The Springfield, Illinois-base company said it will
contribute $150 million to the $1 billion statewide rate relief
package. Exelon Corp will contribute $800 million with
the remainder coming from other electric generating companies
in the state.


Read more at Reuters.com Market News

Canadian Dollar Rises to 30-Year High as Retail Sales Suggest Rate Boost

(Bloomberg) --The Canadian dollar rose to a 30-year
high after a report showed May retail sales rose at the fastest
pace in almost a decade, bolstering speculation the central bank
will increase interest rates.

The currency was the best performer today against the U.S.
dollar among the 16 mostly actively traded currencies. It rose
to 96.34 U.S. cents at 11:07 a.m. in Toronto from 95.52 U.S.
cents yesterday, reaching the highest since February 1977. One
U.S. dollar buys C$1.0375.


Read more at Bloomberg Currencies News

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 Business News

UPDATE 1-Liberty Property Trust to buy Republic Property

(Reuters) - Liberty Property, which owns, develops and manages
industrial and office properties in the United States and
Britain, said it will acquire Republic's outstanding common
shares for $14.70 a share in cash, which was 28 percent more
than Republic's closing share price on July 23.




Liberty will also assume debt of $415 million as of March
31.


Read more at Reuters.com Mergers News

Mexico's Televisa says gaming tax too high

(Reuters) - Mexico's president, Felipe Calderon, last month presented a
long-awaited fiscal reform plan, part of which would close off
corporate tax loopholes.




The government wants to slap a 20 percent tax on gaming as
part of the bill, which is expected to get the go-ahead before
Congress starts discussing next year's budget in September.


Read more at Reuters.com Government Filings News

AK Steel second-quarter profit soars on higher prices

(Reuters) - In April, AK Steel had forecast increased operating profit
in the second quarter as it expected steel prices to rise 2
percent to 3 percent over the first quarter.





Read more at Reuters.com Market News

Wyeth says confident in Pristiq depression filing

(Reuters) - Gary Stiles, chief medical officer of Wyeth, told reporters
in a conference call the FDA has requested a new safety trial
of Pristiq for hot flashes due to elevated liver enzymes seen
in three women among 2,000 tested in Wyeth-sponsored trials of
the drug for a common symptom of menopause.




" liver enzymes are not an uncommon phenomenon"
in drug trials, Stiles said. He said elevated levels of the
enzymes -- which are considered a marker of potential damage to
the liver -- returned to normal levels when patients stopped
taking Pristiq.


Read more at Reuters.com Market News

McDonald's posts loss on Latin America charge

(Reuters) - Excluding the Latin America charge, McDonald's earned 71 cents a share, in line with the better-than-expected forecast the fast-food chain gave last week.




In April, McDonald's said it would sell about 1,600 restaurants in Latin America and the Caribbean to a franchisee so it could focus resources on markets where it sees the biggest opportunities for growth, such as China.


Read more at Reuters.com Market News

UPDATE 1-U.S. Steel quarterly profit falls 25 percent

(Reuters) - Net earnings were $302 million, or $2.54 per share, down
from $404 million, or $3.22 per share, a year earlier.




The results beat the average Wall Street profit forecast of
$2.35 a share, according to Reuters Estimates. Analysts lowered
their forecasts in April after U.S. Steel issued an earnings
warning.


Read more at Reuters.com Market News

EMC qtr profit up but outlook disappoints

(Reuters) - By Jim Finkle



BOSTON, July 24 - EMC Corp. posted a 20 percent rise in quarterly profit on Tuesday on higher sales of data storage equipment, but shares fell as its full-year forecast disappointed investors hoping for a more bullish outlook.


Read more at Reuters.com Market News

Metals supported by weaker dollar, nickel sheds 3 pct

(Reuters) - Industrial metals were steady on Tuesday with the market supported by a softer dollar, while nickel shed more than 3 percent on weakening demand.

London Metal Exchange copper, usually seen as a gauge of the economy, was up $19 at 8,049/8,050 a tonne during the official open outcry session and was last quoted at $8,065 in the electronic trade.


Read more at Reuters Africa

US STOCKS-Wall Street drops at open on profit woes

(Reuters) - The Dow Jones industrial average was down 77.71
points, or 0.56 percent, at 13,865.71. The Standard & Poor's
500 Index was down 10.37 points, or 0.67 percent, at
1,531.20. The Nasdaq Composite Index was down 17.77
points, or 0.66 percent, at 2,672.81.




Read more at Reuters.com Bonds News

Neurochem's tramiprosate gets FDA fast-track status

(Reuters) - The biotechnology company said it planned to meet with the FDA in August to discuss its Phase 3 program as well as to provide an update on North American Phase 3 clinical trials.






Read more at Reuters.com Government Filings News

Akzo Nobel tight-lipped on M&A

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




Akzo Nobel shares rose 1.3 percent to 63.75 euros by 1035 GMT, outperforming a 0.6 percent fall in the DJ Stoxx European chemical index .


Read more at Reuters.com Mergers News

UPDATE 1-Ensco profit beats estimate; gets new contract

(Reuters) - Second-quarter profits rose 31 percent to $254.4 million,
or $1.72 per share, from $194.7 million, or $1.27 per share, a
year ago. Analysts on average expected earnings of $1.65 a
share, according to Reuters Estimates.




Increased exploration and production activities due to
higher crude oil prices have pushed up demand and rents for
drilling rigs internationally.


Read more at Reuters.com Mergers News

Biogen posts strong 2nd-qtr profit, boosts outlook

(Reuters) - BOSTON, July 24 - Biogen Idec Inc reported better-than-expected earnings on Tuesday, boosted by strong sales of its drugs for multiple sclerosis and cancer, and raised its outlook for the year.



The Cambridge, Massachusetts-based biotechnology company posted a profit of 70 cents a share excluding one-time items, compared to 57 cents a year ago.


Read more at Reuters.com Market News

UPDATE 1-Waddell says profit rose as assets swelled

(Reuters) - The Overland, Kansas-based company said net income stood at
$29.7 million, or 36 cents per diluted share, for the quarter.
That compares with a net loss of $33 million or 40 cents a
diluted share a year earlier when two one-time charges -- one
for a regulatory settlement and the other to pay costs at one
of its subsidiaries -- led to the loss.




Without the two charges, Waddell said last year's net
income would have been $26.4 million or 32 cents.


Read more at Reuters.com Market News

Saudi Basic Seeks $9.16 Billion of Loans, Bonds for GE Plastics Purchase

(Bloomberg) -- Saudi Basic Industries Corp., or
Sabic, the world's biggest chemicals maker by market value, is
seeking about $9.16 billion of loans and bonds to help finance
its acquisition of General Electric Co.'s plastics unit.

``We're talking to the banks now for $5.4 billion term
loans, $2.76 billion of bonds and a $1 billion revolver,'' Mutlaq
al-Morished, Saudi Basic's chief financial officer, said in a
phone interview from New York today. ``The rest of the GE deal
we'll pay from equity.''


Read more at Bloomberg Bonds News

US STOCKS-Futures drop on profit concerns, Apple lower

(Reuters) - NEW YORK, July 24 - U.S. stock index futures fell
on Tuesday as disappointing profits from DuPont Co. and
Texas Instruments Inc. raised concerns about the
economy's health and the impact of the housing slump.




A drop of 1.9 percent in shares of Apple Inc could
add to pressure on the technology sector.


Read more at Reuters.com Bonds News

Kenya says wins EU pledge of equal trade access

(Reuters) - Kenya has been promised the same level of access to European Union markets as received by its poorer neighbours Uganda and Tanzania once a new trade deal takes effect in 2008, Kenya's trade minister said on Tuesday.

The EU is negotiating new economic partnership agreements (EPAs) with African, Caribbean and Pacific (ACP) countries to replace the Cotonou Agreement that guarantees preferential access for their goods into Europe until the end of 2007.


Read more at Reuters Africa

Waters Q2 profit rises

(Reuters) - The Milford, Massachusetts-based company posted a net profit of $59.9 million, or 59 cents a share, compared with $47.8 million, or 46 cents a share, a year ago.



Revenue rose to $352.6 million from $301.9 million a year ago.


Read more at Reuters.com Market News

Lockheed Martin profit rises on jet, system sales

(Reuters) - The company, which makes F-16 fighter jets, Patriot missiles and an array of government systems, reported earnings of $778 million, or $1.82 per share, compared with $580 million, or $1.34 per share, a year earlier.



)


Read more at Reuters.com Market News

UPDATE 1-BJ Services profit falls on Canada slowdown

(Reuters) - The Houston-based company said its profit for the third
quarter ended June 30 was $168.3 million, or 57 cents per
diluted share, compared with $212.9 million, or 67 cents per
diluted share, in the same quarter in 2006.




Analysts had on average expected the company to post
earnings of 56 cents per share, according to data compiled by
Reuters Estimates.


Read more at Reuters.com Market News

RPT-RLPC-Investors mull proposed changes to Boots loan

(Reuters) - LONDON, July 23 - Banks and funds are considering
proposed changes to the 9 billion pounds financing backing the
buyout of UK health and beauty retailer Alliance Boots, with
margins boosted and discounts offered across the capital
structure to counter credit market turmoil, banking sources said
on Monday.




The deal will also add an interest cover covenant to the
covenant lite loan to offer additional protection to investors
spooked by a steep sell-off in the debt markets in recent weeks,
sources told Reuters Loan Pricing Corporation.


Read more at Reuters.com Bonds News

KKR's Delay on Alliance Boots Loans Places `Moratorium' on LBOs, UBS Says

(Bloomberg) -- Delays in financing the takeover of
Alliance Boots Plc have placed a ``moratorium on large-scale
leveraged buyouts'' that may weigh on European stocks, according
to a UBS AG strategist.

Shares of companies that have benefited from bid
speculation, including Adidas AG, Smith & Nephew Plc and Reed
Elsevier Plc, ``are less likely to retain a private equity''
support to their valuations, Daniel Stillit, London-based market
analyst at UBS, wrote in a report today. All three stocks have
risen at least 13 percent this year.


Read more at Bloomberg Bonds News

Gold pauses for breath, weak dollar supports

(Reuters) - Gold, along with other commodities, took a breather on Tuesday after a recent impressive rally, but higher prices could still be on the cards given the weak dollar and renewed investor interest.

The precious metal gained just over 7 percent, or nearly $50, from a trough at the end of June to a 10-week peak last Friday at $686 an ounce.


Read more at Reuters Africa

Mothers Work Q3 earnings fall

(Reuters) - Excluding charges, net income was $5.5 million, or 90 cents
a share. Net sales fell 6.5 percent to $153.2 million.





Read more at Reuters.com Market News

US stock futures seen mixed, earnings in focus

(Reuters) - The Indicative Dow Jones industrial average , which
tracks the 30 index blue chips as they are traded on the
Deutsche Boerse's electronic trading platform, XETRA, and
translates the prices into dollars, was 0.19 percent lower.




Earnings reports are due from companies including online
retailer Amazon.com Inc. , drugmaker Eli Lilly & Co.
and hamburger chain McDonald's Corp. .


Read more at Reuters.com Bonds News

Laurus shares surge on buyout talk: traders

(Reuters) - "Shares are up on takeover speculation. French Casino, which holds about half of Laurus, could delist it," said Kempen & Co. analyst Erwin Dut, adding that other firms looking to enter the Dutch retail market might also be interested.




Shares in Laurus earlier rose as much as 20.3 percent to 5.1 euros, its highest level since late 2004.


Read more at Reuters.com Hot Stocks News

Thailand Eases Exporter Currency Restrictions to Help Curb Baht Strength

(Bloomberg) -- Thailand's Cabinet agreed to scrap a
15-day deadline requiring exporters to convert foreign-exchange
earnings to the local currency to help curb strength in the baht.

Exporters and individuals can now hold foreign currencies
for as long as they want, the government said in a statement
distributed at a press conference. The government also extended
the time period in which Thai individuals and companies can hold
foreign-currency earnings offshore to 360 days from 120 days.


Read more at Bloomberg Currencies News

Oil dips as higher U.S. fuel production seen

(Reuters) - London Brent crude , currently seen as more representative of the world market, eased 16 cents to $76.70 a barrel by 0756 GMT, after falling 78 cents on Monday. U.S. crude slid 26 cents to $74.63 after a 90-cent slide on Monday.




U.S. crude stocks are expected to have dropped last week as refinery usage increased sharply, with refiners ramping up production to offset worries over summer fuel supplies, a preliminary Reuters poll of industry analysts showed.


Read more at Reuters.com Hot Stocks News

Hulamin posts H1 loss, sees rosier H2

(Reuters) - Hulamin, the South African maker of semi-fabricated aluminium, posted a first-half headline loss per share of 33 cents as one-off costs outweighed revenue growth, but forecast a stronger second half.

Hulamin said on Tuesday it saw operating earnings in the second half beating those of the first half to end-June, which were undermined by one-off 160 million rand charge linked to the sale of a stake to black investors and by other costs.


Read more at Reuters Africa

U.K. FTSE 100 Retreats, Led by Invesco; Schroders, Johnson Matthey Decline

(Bloomberg) -- U.K. stocks declined, paced by
Invesco Plc, Schroders Plc and Johnson Matthey Plc.

The benchmark FTSE 100 Index lost 17.8, or 0.3 percent, to
6606.6 in London at 8:05 a.m. The FTSE All-Share Index slid 9.79,
or 0.3 percent, to 3413.07. Ireland's ISEQ Index rose 14.5 to
9029.28.


Read more at Bloomberg Stocks News

LSE eyes $1 bln for shareholders after Italy deal

(Reuters) - In a circular to shareholders published on Monday, the London Stock Exchange said the deal included the possibility of up to 350 million pounds being used in the merger and that it had arranged appropriate banking facilities.



"On the assumption that this cash will not be required for the purposes of the merger, the board of London Stock Exchange plans to use this cash, together with the 96 million pounds remaining from the previously announced share buy-back programme, to return 500 million pounds to its shareholders," the LSE said in its circular.


Read more at Reuters.com Mergers News