UPDATE 1-Wal-Mart, India Bharti set to announce India deal

(Reuters) - The two firms will hold a joint news conference in New
Delhi at 3:30 p.m. .




"Today's press conference is to announce a joint venture
with Wal-Mart for cash-and-carry," a spokesman for Bharti
Enterprises said.


Read more at Reuters.com Mergers News

Malaysia's Proton says studying Egypt car assembly

(Reuters) - Malaysian state carmaker Proton Holdings is studying plans to assemble cars in Egypt to help expand export sales, managing director Syed Zainal Abidin Syed Mohamed Tahir said on Monday.

"So from Egypt -- we plan to use that as a base to enter the African continent and the Middle East," he said.


Read more at Reuters Africa

Malaysia's Sarawak State Plans to Build $900 Million Pulp Mill, People Say

(Bloomberg) -- Malaysia, the biggest exporter of
tropical timber, is planning a $900 million pulp mill in Sarawak
state to take advantage of rising prices and increasing local
power supply, according to two people familiar with the matter.

The mill, to be developed by Sarawak's state government,
will have capacity to produce at least 700,000 metric tons a
year, according to the people, who declined to be named before
an official announcement. The project may cost $700 million to
$900 million and be fed by Acacia Mangium hardwood trees from a
state-owned plantation.


Read more at Bloomberg Emerging Markets News

Corn, Soybeans May Extend Gains in Chicago as Dry Weather Hurts U.S. Crops

(Bloomberg) -- Corn and soybeans may rally in
Chicago on speculation dry weather in Midwest states including
Iowa and Illinois will limit production gains in the U.S., the
world's largest grower of both crops.

Nineteen of 23 traders, farm advisers and merchants
surveyed Aug. 3 recommended buying corn, and 17 said to buy
soybeans. Corn futures jumped 6.5 cents, or 1.9 percent, to $3.43
a bushel last week on the Chicago Board of Trade, and soybeans
rose 20.5 cents, or 2.4 percent, to $8.61 a bushel.


Read more at Bloomberg Commodities News

Platinum Futures Fall in Tokyo on Rising Yen, Concern That Demand May Slow

(Bloomberg) -- Platinum futures fell in Tokyo as a
rising Japanese currency reduced the appeal of buying yen-
denominated contracts for the dollar-priced metal, and as
a slump in world stocks raised concern that demand may drop.

The yen rose to 117.19 to the dollar, the highest since
March 29, on signs losses related to U.S. subprime mortgages are
starting to slow growth of the world's largest economy. Asian
stocks fell after the Standard & Poor's 500 Index had its biggest
three-week decline since 2003.


Read more at Bloomberg Commodities News

Asian Currencies Decline on Speculation Investors to Cut Regional Holdings

(Bloomberg) -- Asian currencies declined, led by the
Indonesian rupiah and Philippine peso, on speculation investors
are cutting holdings in the region as signs mount that the U.S.
economy is slowing.

The rupiah fell to a one-year low and the South Korean won
slipped to its weakest in a month, joining declines in stocks, as
reports on Aug. 3 showed U.S. employers added fewer jobs in July
and service industries growth slowed. The U.S. is the second-
biggest buyer of Indonesia's and South Korean exports.


Read more at Bloomberg Currencies News

Banks in Australia Have Minimal Exposure to U.S. Subprime Debt, S&P Says

(Bloomberg) -- Australian banks have ``minimal''
exposure to U.S. subprime loans, according to Standard & Poor's,
which has cut its ratings on more than $2 billion of securities
linked to the troubled mortgages.

``In almost all cases their exposure to these instruments is
either minimal or manageable,'' S&P said in an e-mailed statement
today.


Read more at Bloomberg Bonds News

Symbion says expert backs Healthscope bid

(Reuters) - The forecasts were included in a stock exchange filing on the takeover deal. The filing also included a report from independent expert Ernst & Young, which concluded that the proposed takeover was in the best interests of Symbion shareholders.




Symbion accepted a sweetened offer from Healthscope and its partners, Ironbridge Capital and Archer Capital, in June.


Read more at Reuters.com Business News

Korean Won Declines to Near the Lowest in a Month as Investors Reduce Risk

(Bloomberg) -- The South Korean won fell, approaching
the lowest in more than a month, on speculation investors are
cutting investments in Asia as signs mount that the U.S. economy
is slowing.

Korea's currency and the benchmark stock index extended two
weeks of losses as reports Aug. 3 showed U.S. employers added
fewer jobs in July and service industries growth slowed. The Bank
of Korea the same day said it will restrict companies from
borrowing in foreign currencies to stem gains in the won that
threaten exporter's profits.


Read more at Bloomberg Currencies News

Japan's Stocks Drop on U.S. Economy Concern, Stronger Yen; Sony Leads Fall

(Bloomberg) -- Japanese stocks declined, led by Canon
Inc. and Sony Corp., on concern losses in the U.S. mortgage
market may slow the world's biggest economy.

Exporters also fell after the yen strengthened to a four-
month high against the dollar, eroding the value of their dollar-
denominated sales.


Read more at Bloomberg Stocks News

Shareholders to rule on Fortis's ABN purchase plan

(Reuters) - The Fortis shareholder meeting is the latest hurdle for the
consortium, albeit one Fortis is expected to clear.




Fortis shares have fallen almost 18 percent since it
announced its involvement and a plan to finance its 24 billion
euro share of the deal with Europe's second largest ever rights
issue.


Read more at Reuters.com Mergers News

New Zealand Dollar May Fall as Housing Woes Spur Exit From Risky Bets

(Bloomberg) -- The New Zealand dollar may decline
today as concerns return about the U.S. subprime mortgage market,
deterring traders from riskier investments such as the carry
trade.

The trade, where investors borrow cheaply in yen to invest
in higher-yielding assets elsewhere, has seen the currency gain
25 percent against the yen in the past year, with investors
lured to the nation's record 8.25 percent benchmark rate. U.S.
stocks dropped Aug. 4 after Samuel Molinaro, chief financial
officer at Bear Stearns Cos. called the current crisis in fixed-
income the worst ever.


Read more at Bloomberg Currencies News

Netflix shares poised to rally: Barron's

(Reuters) - "At some point, Blockbuster will cry uncle and raise prices, and Netflix shares will almost certainly rally," said Barron's in its technology column.




Netflix might also be an acquisition target, notably by Amazon.com , said Barron's.


Read more at Reuters.com Hot Stocks News

Treasuries Posting Best Returns Since 2002 as Subprime Losses Stir Concern

(Bloomberg) -- So much for the bear market in
Treasuries.

Yields on 10-year notes fell below where they started in
January after climbing to a five-year high in June. Government
securities are on track to return 5.3 percent this year, the best
performance since gaining 12 percent in 2002, Merrill Lynch & Co.
index data show.


Read more at Bloomberg Bonds News

Dubai matches Fast Retailing's $900 mln Barneys bid

(Reuters) - Istithmar, owned by the government of Dubai, had agreed to buy the luxury retailer for $825 million before Fast Retailing entered the fray with a $900 million offer.




On August 1, Jones gave Istithmar three days to sweeten its bid.


Read more at Reuters.com Business News