South Korea to Act on Currency When Necessary, Finance Minister Kwon Says

(Bloomberg) -- South Korean authorities will take
action to curb gains in the nation's currency when necessary,
Finance Minister Kwon Okyu said.

``We are ready to take any action if there is a speculative
attack on the currency,'' Kwon told CNBC from Sydney today. ``The
currency has appreciated more than 40 percent since 2002 so it has
affected the Korean economy.'' Kwon is in Australia to attend this
week's annual meeting of Asia-Pacific finance ministers.


Read more at Bloomberg Emerging Markets News

Taiwan's Government Bonds Rise as Investors Buy Debt After Stocks Slide

(Bloomberg) -- Taiwan's government bonds rose,
ending two days of losses, as a slide in local stocks spurred
demand for fixed-income securities. The currency fell.

The benchmark Taiex index joined declines in stock
benchmarks around the region as losses related to U.S. subprime
mortgages increased, adding to concern the world's biggest
economy will slow. Overseas investors sold more of the island's
equities than they bought for the past three days, according to
the stock exchange.


Read more at Bloomberg Bonds News

JGBs edge up on Treasuries, futures hit 2-mth high

(Reuters) - "Markets had calmed a bit after the recent sell-off in U.S.
stocks and the credit market due to subprime worries, but those
concerns have resurfaced after yesterday's news," said Takafumi
Yamawaki, fixed income strategist at Morgan Stanley in Tokyo.




But he added that investors were hesitant to push prices much
higher given the possibility the Bank of Japan may raise rates by
25 basis points to 0.75 percent later in the month or in
September.


Read more at Reuters.com Bonds News

UPDATE 1-Dentsply 2nd-qtr profit up; raises year outlook

(Reuters) - The company posted a net profit of $65.4 million, or 42
cents per share, compared with a profit of $59.3 million, or 37
cents per share, a year earlier.




Excluding items, Dentsply earned 44 cents per share.
Analysts, on average, had expected 43 cents per share,
according to Reuters Estimates.


Read more at Reuters.com Market News

Dentsply 2nd-quarter profit rises

(Reuters) - Excluding items, Dentsply earned 44 cents per share.
Analysts on average expected 43 cents per share, according to
Reuters Estimates.





Read more at Reuters.com Market News

China, Singapore, Malaysia, Sri Lanka, 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 nation needs to have ``more flexibility'' in its
exchange-rate policy, International Monetary Fund Managing
Director Rodrigo de Rato said. De Rato said he was concerned
there could be a ``reappraisal of risk which would curtail
market access,'' in a speech in Manila yesterday. The central
bank raised the deposit reserve ratio late July 30, requiring
commercial lenders to set aside more money as reserves for a
sixth time this year.


Read more at Bloomberg Bonds News

Light Louisiana Crude Oil Premium Over WTI Shrinks to Smallest in 9 Months

(Bloomberg) -- Light Louisiana Sweet crude oil's
premium to the U.S. benchmark oil shrank to the smallest in nine
months today, according to data compiled by Bloomberg.

U.S. benchmark West Texas Intermediate crude oil, which
settled at parity with New York Mercantile Exchange futures,
soared to a record close of $78.21 a barrel on speculation that
demand will outpace supply as refiners increase fuel production.


Read more at Bloomberg Energy News

UPDATE 1-Nalco net profit nearly doubles in quarter

(Reuters) - Net income in the second quarter rose 94 percent to $41.8
million, or 28 cents a share, compared with $21.5 million, or
15 cents a share, in the year-ago quarter.




Excluding special items, Nalco said earnings per share were
33 cents in the quarter, compared with 18 cents a year
earlier.


Read more at Reuters.com Market News

Brazil, Mexico Shares Fall as Subprime, Housing Fears Revive; Peru Rises

(Bloomberg) -- Stocks in Brazil and Mexico erased
rallies and fell after investors sold riskier assets on renewed
concern that losses on U.S. mortgages will curb earnings growth.

Mexico's Bolsa index declined 241.02, or 0.8 percent, to
30659.66, dragged down by America Movil SAB, Latin America's
largest mobile-phone company. Brazil's Bovespa slipped for the
third time in four days, led by state-controlled oil company
Petroleo Brasileiro SA.


Read more at Bloomberg Stocks News

UPDATE 1-Lincoln National posts higher 2nd quarter earnings

(Reuters) - Operating earnings, which exclude investment results and
other items, rose to $386.7 million, or $1.41 a share, from
$351.4 million, or $1.25 a share a year earlier.




Analysts had on average expected operating earnings of
$1.34, according to Reuters Estimates.



Read more at Reuters.com Market News

Cleveland-Cliffs closes acquisition of miner PinnOak

(Reuters) - The Cleveland-based company, which produces iron-ore
pellets for steelmaking, is paying $450 million in cash and
assuming approximately $160 million in debt to acquire the
privately held company that operates two mines in West Virginia
and one in Alabama producing metallurgical, or coking coal,
which is used to make steel.




PinnOak controls reserves of approximately 140 million
tons. Cleveland-Cliffs expects PinnOak to produce approximately
2 million tons for the remainder of 2007 and approximately 5
million tons in 2008.


Read more at Reuters.com Mergers News

UPDATE 1-Lazard buys Australia's Carnegie Wylie

(Reuters) - NEW YORK, July 31 - Merger adviser Lazard Ltd
on Tuesday said it acquired Carnegie, Wylie & Co., an
Australian independent advisory firm, for undisclosed terms so
it can capture more business in one of the world's active deal
markets.




"We've been in Australia, but we haven't been a huge
factor," Lazard President Charles Ward said in an interview.
"This is an opportunity to be a lot bigger in one of the major
markets for M&A activity."


Read more at Reuters.com Bonds News

U.S. investment grade corporate credit ends weaker

(Reuters) - "There's been a re-pricing in the market and it's not done
yet. This process is going to take awhile," said Scott
MacDonald, director of research at Aladdin Capital in Stamford,
Connecticut.




The market had initially rallied, carrying over its
strength from Monday when mortgage lender Residential Capital
LLC reported a net loss of $254 million for the second quarter,
down from a net loss of $910 million in the first quarter.


Read more at Reuters.com Bonds News

Chipotle 2nd-quarter net income nearly doubles

(Reuters) - Wall Street analysts, on average, had been expecting
earnings of 44 cents per share, according to Reuters
Estimates.




Read more at Reuters.com Market News

Aon posts higher second quarter earnings

(Reuters) - Aon said net earnings were $240 million, or 75 cents a share, up from $193 million, or 57 cents a share, in the year-earlier quarter.






Read more at Reuters.com Market News

Asian Stocks Fall in U.S. Trading; Mitsubishi UFJ, Mizuho Pace Declines

(Bloomberg) -- Asian stocks trading in the U.S. fell
after Mitsubishi UFJ Financial Group Inc. and Mizuho Financial
Group Inc., Japan's top lenders, reported a drop in earnings.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, slipped 1 percent to
166.26, finishing the month down 0.7 percent.


Read more at Bloomberg Stocks News

Four Senate Democrats wary on private equity tax

(Reuters) - Senate Banking Committee Chairman Christopher Dodd said in a statement he is "concerned about the potential adverse effects that these proposals would have on capital formation, on job creation, and on institutional investors."




A Democratic presidential candidate who represents Connecticut where many hedge funds are based, Dodd said he is "not prepared to support any legislation before I have thoroughly analyzed the full impact it is likely to have."


Read more at Reuters.com Mergers News

UPDATE 1-Indonesia currency in line with fundamentals -IMF

(Reuters) - The IMF said in a regular review of the country's economic
health that future surges in capital inflows should be tackled
by letting the currency appreciate, tempered by intervention to
prevent excessive moves, while cutting interest rates.




It urged care when loosening monetary policy.


Read more at Reuters.com Bonds News

Yamana says its Meridian offer "full and fair"

(Reuters) - Earlier on Tuesday, Meridian's board said the deal did not
properly value the company.







Read more at Reuters.com Mergers News

Lehman Brothers to launch new muni bond swaps

(Reuters) - The new product, called the Lehman Brothers Municipal Index
Swap, is a forward-starting agreement allowing investors to
take positions on the yield of new five and 10-year swap
indexes, the firm said in a primer.




The new swap product is a response to the rapid expansion
of municipal structured products in the past few years and
increased penetration of foreign investors into the $2.4
trillion U.S. tax-exempt market.


Read more at Reuters.com Bonds News

Oil Rises Above $78, Nearing Record as U.S. Refiners May Boost Operations

(Bloomberg) -- Crude oil rose above $78 a barrel in
New York, nearing a record, on speculation demand will outpace
supply as refiners increase fuel production.

Bets on rising prices by hedge funds and other speculators
rose to a record earlier this month, according to U.S. Commodity
Futures Trading Commission data. Global demand will climb 1.7
percent in 2008, showing no sign of slowing because of high
prices, a Deutsche Bank AG report showed. A government report
tomorrow may show U.S. oil supplies fell for a fourth week.


Read more at Bloomberg Energy News

NEXT UP-U.S. Treasury seen issuing more bills

(Reuters) - On Tuesday, the Treasury sold $26 billion in four-week
bills, the highest level since late February, up from the $18
billion auctioned in the prior week.




A day earlier, the Treasury revised the federal borrowing
forecast in the July-September quarter to $73 billion, some $31
billion more than its estimate back in April.


Read more at Reuters.com Bonds News

US STOCKS-Indexes pare gains after news from home lender

(Reuters) - The Dow Jones industrial average was up 33.73
points, or 0.25 percent, at 13,392.04. The Standard & Poor's
500 Index was up 3.38 points, or 0.23 percent, at
1,477.29. The Nasdaq Composite Index was down 2.86
points, or 0.11 percent, at 2,580.42.




Read more at Reuters.com Bonds News

US STOCKS-Wall St trims gains, Nasdaq dips

(Reuters) - A rise in oil prices to a 12-month high also added to
nervousness.




The Dow Jones industrial average was up 47.63
points, or 0.36 percent, at 13,405.94. The Standard & Poor's
500 Index was up 3.33 points, or 0.23 percent, at
1,477.24. The Nasdaq Composite Index was up 0.06
points, or 0.00 percent, at 2,583.34.


Read more at Reuters.com Bonds News

News Corp, Dow Jones deal expected Tuesday-source

(Reuters) - By Robert MacMillan and Kenneth Li



NEW YORK, July 31 - Rupert Murdoch's News Corp. is expected to reach a definitive agreement to buy Dow Jones & Co. Inc. on Tuesday evening, capping his three-month pursuit of the publisher of the Wall Street Journal, a source familiar with the matter said.


Read more at Reuters.com Bonds News

Resources lead S.African stock market firmer

(Reuters) - Resource shares continued to lead South African shares to higher ground on Tuesday, with heavyweight miners Anglo American and rival BHP Billiton leading the march.

"We have seen gold and copper prices up quite significantly on the back of improved global markets, which are more than anything driving our markets rather than what is happening locally," Gryphon Asset Management Chief Investment Officer, Abri du Plessis said.


Read more at Reuters Africa

Vallourec Q2 earnings ahead of expectations

(Reuters) - The average forecast by seven analysts in a Reuters poll was
for second quarter sales of 1.498 billion euros, an EBITDA
operating profit of 445 million and a net profit of 245 million.
The net profit rose 7.5 percent to 257.7 million.
Vallourec said it expected a sales rise of between 7 and 10
percent in the second half while the gross operating margin in
the second half should be close to that of the first half,
before taking into account seasonal effects such as maintenance
expenses seen at 40 million euros for the year.




It added that a further weakening of the dollar would reduce
the contributions of non-European units in group results.


Read more at Reuters.com Market News

U.S. House passes Iran divestment bill

(Reuters) - Under the legislation approved by a 408-6 vote, the Treasury Department would be required to list twice yearly on the Internet the names of companies that have more than $20 million invested in the Iranian energy sector.




Money managers who decide to divest from companies on that list would be protected from lawsuits under the bill, which shields both private-sector money managers and fund managers for state and local governments and educational institutions.


Read more at Reuters.com Government Filings News

News Corp., Dow Jones deal expected Tuesday-source

(Reuters) - By Robert MacMillan and Kenneth Li



NEW YORK, July 31 - Rupert Murdoch's News Corp. is expected to reach a definitive agreement to buy Dow Jones & Co. Inc. on Tuesday evening, capping his three-month pursuit of the publisher of the Wall Street Journal, a source familiar with the matter said.


Read more at Reuters.com Mergers News

Nymex Gas Falls With U.S. Inventories on Track to Reach Record by Winter

(Bloomberg) -- Natural gas in New York fell on
speculation U.S. gas inventories probably rose toward a record
and speculators ended buying spurred by an earlier outlook for
hot weather and tropical storms.

Analysts expect U.S. gas in storage likely rose 75 billion
cubic feet last week, the median response of eight analysts in a
Bloomberg survey. Estimates ranged from 60 billion to 77 billion.
The five-year average increase for the week is 51 billion cubic
feet, according to department statistics.


Read more at Bloomberg Energy News

U.S. Stocks Rally on Earnings, M&A Speculation; GM, Dow Jones Shares Gain

(Bloomberg) -- U.S. stocks rose for a second day on
better-than-estimated earnings and renewed takeover speculation.

General Motors Corp., the biggest U.S. automaker, gained on
improved results in Europe and North America. Sun Microsystems
Inc., the world's fourth-largest maker of server computers,
posted its steepest advance since January after component costs
fell. Dow Jones & Co. and Wendy's International Inc. jumped on
expectations they'll be bought. Stocks in Europe and Asia also
extended a recovery from last week's $2.1 trillion global rout.


Read more at Bloomberg Stocks News

Japan's MUFG, Mizuho banks post Q1 falls, keep f'casts

(Reuters) - By David Dolan



TOKYO, July 31 - Japan's two largest banks, Mitsubishi UFJ and Mizuho Financial , posted sharp falls in first-quarter profit on Tuesday, as the nation's lenders struggle to benefit from economic recovery.


Read more at Reuters.com Market News

UPDATE 1-India's Tata Motors Q1 net up 22 pct

(Reuters) - MUMBAI, July 31 - India Tata Motors Ltd.
, reported a 22 percent rise in quarterly standalone
net profit, as foreign exchange gains, cost-cutting and strong
sales of light trucks and passenger vehicles helped offset high
input costs.




Managing Director Ravi Kant did not comment on whether the
New York-listed company , India's largest vehicle maker,
was bidding for Ford Motor's Jaguar and Land Rover
brands.


Read more at Reuters.com Market News

NCR profit rises on strong ATM sales

(Reuters) - BOSTON, July 31 - NCR Corp. , a maker of bank teller machines and cash registers, said on Tuesday quarterly profit rose more than 25 percent on strong ATM sales and currency benefits.



The company said it second-quarter net earnings increased to $98 million, or 54 cents per share, compared with $78 million, or 42 cents per share, a year earlier.


Read more at Reuters.com Market News

UPDATE 1-ADP shares attractive for buybacks now-CEO

(Reuters) - NEW YORK, July 31 - Automatic Data Processing Inc. sees shares at their current price as attractive for buybacks, the company's chief executive told Reuters on Tuesday.



ADP prefers to buy shares over time instead of in big blocks, said CEO Gary Butler. "But at the current levels, I think you would continue to see ADP very active in terms of share repurchase," Butler said. ADP bought back 22 million shares in its fiscal fourth quarter, about half the shares it bought for the fiscal year.


Read more at Reuters.com Market News

S.Africa worried GMO labels could raise food prices

(Reuters) - South Africa is resisting labelling its genetically modified foods because of fears it could raise prices and make food less available for consumers, a senior health official told the country's parliament on Tuesday.

The country, Africa's economic powerhouse and one of the few on the continent to accept genetically modified organisms, or GMOs as they are popularly known, does not currently require that the modified foods be labelled.


Read more at Reuters Africa

US Midwest business grows more slowly in July

(Reuters) - The employment component of the index jumped to 61.6 from
52.7 last month. Prices paid rose to 73.1 from 68.1 and new
orders dropped to 53.4 from 65.7.




Read more at Reuters.com Bonds News

UPDATE 1-CanWest switches to bridge financing for Alliance

(Reuters) - CanWest, Canada's biggest media company, along with a
private-equity affiliate of Goldman Sachs have agreed to
pay C$53 a share to buy Alliance Atlantis, co-producer of the
hit "CSI: Crime Scene Investigation" TV show, and owner of
Canadian specialty-TV channels.




CanWest's AA Acquisition Corp., which will acquire
Alliance, has written commitments from its banking syndicate
for bridge financing to complete the deal, the companies said
in separate statements.


Read more at Reuters.com Bonds News

Corn, Soybeans May Rise as Condition of U.S. Crops Decline; Wheat May Fall

(Bloomberg) -- Corn and soybeans may rise in Chicago
after a government report said warm, dry weather caused U.S.
crops to deteriorate for the fourth straight week. Wheat may fall
as harvesting speeds up, increasing supplies.

An estimated 58 percent of the corn crop was in good or
excellent condition as of July 29, down from 62 percent a week
earlier, the U.S. Department of Agriculture said yesterday. About
58 percent of soybeans got the top ratings as of July 29, down
from 61 percent a week earlier.


Read more at Bloomberg Commodities News

Ireland's Norkom buys U.S. Digital Harbor

(Reuters) - "The experience and domain expertise of Digital Harbor's
people are a perfect match for our own and will supplement our
position as experts in the field," Norkom Chief Executive Paul
Kerley said in a statement.




The acquisition would enhance earnings per share on an
adjusted basis in the financial year ending March 2009, he
added.


Read more at Reuters.com Mergers News

UPDATE 1-Tropical Storm Chantal forms in Atlantic

(Reuters) - Chantal was located about 330 miles south of
Halifax, Nova Scotia, and moving rapidly toward the northeast
near 23 mph , according to the U.S. National Hurricane
Center in Miami.




"Chantal is not a threat to the United States," the center
said.


Read more at Reuters.com Bonds News

Home prices fell in May: S&P/Case Shiller

(Reuters) - The composite month-over-month Standard & Poor's/Case-Shiller Home Price Index of 20 metro areas also showed a 0.2 percent drop, to a 200.04 reading, or a 2.8 percent year-over-year loss.




"At a national level, declines in annual home price returns are showing no signs of a slowdown or turnaround," Robert J. Shiller, chief economist at MacroMarkets LLC, said in the release.


Read more at Reuters.com Bonds News

S.Africa June trade deficit widens

(Reuters) - South Africa's trade balance shifted further into deficit in June, recording a shortfall of 5.31 billion rand and keeping pressure on South Africa's current account, official data showed on Tuesday.

The data follows May's smaller 2.67 billion rand shortfall and compares with expectations of a 3.5 billion rand gap.


Read more at Reuters Africa

Treasuries Fall as Gains in Corporate Bonds, Stocks Reduce Safety Demand

(Bloomberg) -- Treasuries fell as gains in
corporate bonds and stocks sapped demand for the safety of
government securities.

A rebound in higher-risk assets combined with yields near
the lowest since May provided investors with few reasons to buy
Treasuries. The risk of owning European corporate bonds fell by
a record today, according to traders of credit-default swaps.


Read more at Bloomberg Bonds News

UPDATE 1-U.S. Q2 employment costs up, benefits climb

(Reuters) - The department's Employment Cost Index, a broad gauge of
what employers pay in wages, salaries and benefits, rose 0.9
percent during the April-June second quarter. That was in line
with Wall Street economists' forecasts and ahead of the first
quarter's 0.8 percent increase.




Wages and salaries rose 0.8 percent during the second
quarter, down from the 1.1 percent gain posted during the first
quarter. But benefit costs jumped by 1.3 percent after barely
edging up by 0.1 percent in the first quarter.


Read more at Reuters.com Economic News

Heidrick & Struggles profit rises on tax credits

(Reuters) - Excluding the $8.5 million tax benefit, earnings would have
been 66 cents per share, the company said.




Read more at Reuters.com Market News

Waste Management Q2 results

(Reuters) - Excluding items, the Houston-based company posted a profit
of 56 cents per share, compared with 45 cents in the year-ago
period.




The quarterly results were impacted by a $24 million
benefit from tax related issues and an after-tax benefit of $18
million due to gains on the divestitures of operations, the
company said in a statement.


Read more at Reuters.com Market News

UPDATE 2-IndyMac Bancorp profit down 57 pct on mortgage woe

(Reuters) - The company also suspended providing a financial forecast
with earnings, citing what Chief Executive Michael Perry called
"the significant current uncertainties in the housing and
mortgage markets."




Net income for the Pasadena-based parent of IndyMac Bank,
which is also one of the largest U.S. savings and loans, fell
to $44.6 million, or 60 cents per share, from $104.7 million,
or $1.49, a year earlier. Revenue declined 21 percent to $297.8
million.


Read more at Reuters.com Market News

UPDATE 1-C-BASS says in talks to increase liquidity

(Reuters) - C-BASS, which invests in the credit risk of subprime
residential mortgages, said it was exploring all options to
mitigate the liquidity risk in a difficult market.




The comments come after MGIC said it could be forced to
write down the entire value of a $516 million investment it
made in C-BASS, whose full name is Credit-Based Asset Servicing
and Securitization LLC.


Read more at Reuters.com Bonds News

European Carbon Emission Permits for December 2008 Rise for a Sixth Day

(Bloomberg) -- European Union carbon dioxide
permits rose for the sixth straight day, the longest consecutive
run of price gains since May 21.

Permits for December 2008 rose as much as 60 cents, or 2.9
percent, to 21.45 euros ($29.39) a metric ton on the European
Climate Exchange in Amsterdam. They traded at 21 euros a ton at
8:52 a.m. local time.


Read more at Bloomberg Energy News

Lloyds TSB sells Abbey Life as profits, dividend rise

(Reuters) - LONDON, July 31 - British bank Lloyds TSB sold its Abbey Life insurance unit for almost 1 billion pounds



on Tuesday as it announced a 15 percent rise in underlying earnings and its first dividend hike in five years.


Read more at Reuters.com Market News

India's Central Bank Unexpectedly Raises Reserve Limit to Curb Inflation

(Bloomberg) -- India's central bank unexpectedly
ordered lenders to set aside larger reserves for the third time
in a year to remove excess money that may stoke inflation.

Reserve Bank of India Governor Yaga Venugopal Reddy will
lift the cash reserve ratio, or the proportion of cash
commercial banks must put aside against deposits, to 7 percent
from 6.5 percent. The Mumbai-based central bank today also held
its benchmark interest rate at a five-year high of 7.75 percent.


Read more at Bloomberg Emerging Markets News

Tokyo Electric Cuts Profit Forecast on Nuclear Plant Shutdown After Quake

(Bloomberg) -- Tokyo Electric Power Co., forced to
shut the world's largest nuclear plant after an earthquake this
month, slashed its profit forecast because the utility will need
to burn costlier oil and gas to make up the shortfall.

Tokyo Electric predicted net income of 65 billion yen ($547
million) in the year ending March 31, compared with 310 billion
yen estimated in April, Asia's biggest utility said in a
statement to the stock exchange today. The forecast for pretax
profit was cut to 130 billion yen from 400 billion yen, and the
sales estimate raised to 5.45 trillion yen from 5.4 trillion yen.


Read more at Bloomberg Energy News