UPDATE 4-India lifts Capgemini H1 profit but shares fall

(Reuters) - PARIS, July 27 - Computer consultancy Capgemini
said first-half operating profit rose 49 percent, buoyed by
Indian expansion, but the result barely met expectations and its
shares led losses on a nervy French stock market.




Europe's top IT consultancy set out plans to strengthen its
position as one of India's largest foreign IT players and
targeted improved operating margins for 2007 and 2008.


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Corn, Soybeans Fall in Chicago on Normal Rainfall Forecast in U.S. Midwest

(Bloomberg) -- Corn futures in Chicago declined
from a two-week high and soybean prices fell from a three-year
peak on a forecast for normal rainfall in the U.S. Midwest and
as investors assessed that recent gains were overdone.

The six to 10-day outlook from the National Weather Service
showed normal precipitation in the U.S. Midwest, including Iowa,
Illinois, Indiana and Ohio, according to yesterday's forecast.
Normal precipitation would help the U.S. corn crop to pollinate.


Read more at Bloomberg Commodities News

Oil Trades Near 10-Month High After Gaining on Higher U.S. Gasoline Price

(Bloomberg) -- Crude oil was little changed in New
York, after rising yesterday as gasoline prices climbed on
speculation U.S. output of the fuel may slow due to unplanned
refinery shutdowns.

BP Plc closed the largest of three crude units at its
refinery in Whiting, Indiana, a person familiar with the plant
said July 9. The refinery, the biggest in the Midwest, supplies
consumers in the Chicago area. Refineries in Texas and Kansas
shut units last week. Refinery operating rates rose to 90 percent
of capacity in the week ended June 29 to meet demand.


Read more at Bloomberg Commodities News

Oil Rises in New York Expectations of Decline in U.S. Gasoline Production

(Bloomberg) -- Crude oil rose, pulled higher by
gasoline on speculation that U.S. output of the fuel will slow
because of unexpected refinery shutdowns.

BP Plc closed the largest of three crude units at its
refinery in Whiting, Indiana, a person familiar with the plant
said yesterday. The refinery, the biggest in the Midwest,
supplies consumers in the Chicago area. Refineries in Texas and
Kansas shut units last week. The crude-oil market often follows
gasoline during the summer months, when motor-fuel demand peaks.


Read more at Bloomberg Energy News

Oil Rises Above $73 on Expectations of Decline in U.S. Gasoline Production

(Bloomberg) -- Crude oil rose above $73 a barrel in
New York for the first time since August on speculation that
U.S. output of gasoline will slow because of unexpected refinery
shutdowns.

BP Plc closed the largest of three crude units at its
refinery in Whiting, Indiana, a person familiar with the plant
said yesterday. The refinery, the biggest in the Midwest,
supplies consumers in the Chicago area. Refineries in Texas and
Kansas shut units last week. The crude-oil market often follows
gasoline during the summer months, when motor-fuel demand peaks.


Read more at Bloomberg Energy News

Seychelles to boost hotel capacity, tourism

(Reuters) - The Seychelles has approved the building of 60 hotels in four years to boost tourism revenues for the Indian Ocean archipelago, officials said on Monday.

There are currently some 6,000 hotel beds available on the palm-fringed isles, which drew a record 140,627 foreign visitors last year with their pristine white beaches and warm blue seas.


Read more at Reuters Africa

Asian Stocks Climb in U.S. Trading; Shares of PetroChina and Posco Advance

(Bloomberg) -- Asian stocks rose in U.S. trading as
energy shares including PetroChina Co. gained along with oil
prices. Posco jumped following the Indian government's plan to
ease delays in mining permits.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, added 0.4 percent to
171.65. For the week, it gained 2.5 percent, the biggest weekly
increase since June 1.


Read more at Bloomberg Stocks News

Chicago Fed study sees subprime woes contained

(Reuters) - In a paper examining mortgage activity in the Fed's 7th District, economists Sumit Agarwal and Calvin Ho cited Michigan and Indiana as states where delinquency rates have been running as high as twice the national average.




"Indiana and Michigan, which have experienced slowdowns in the manufacturing sector, have reported higher rates of delinquencies ... in both prime and subprime mortgage markets," they said.


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Mauritius IBL Q1 profit off 37 pct on lack of tuna

(Reuters) - First-quarter profit for Mauritius-based Ireland Blyth Limited fell 37 percent to 36.28 million Mauritius rupees from 57.28 million in the first quarter of 2006, company figures showed on Wednesday.

IBL, one of the Indian Ocean island's largest conglomerates, said a serious and uncommon shortfall in tuna fishing had hit its production of seafood, but a rebound was expected.


Read more at Reuters Africa

ICICI Bank Increases Indian Rupee Forecast as Central Bank May Allow Gains

(Bloomberg) -- ICICI Bank Ltd., India's biggest
lender by market value, raised its forecast for the Indian rupee
because the central bank has accepted that a flood of investment
will strengthen the currency.

Trade Minister Kamal Nath aims to double foreign direct
investment into India to $30 billion this year. More funds may
flow in as ICICI Bank prepares to raise as much as 175 billion
rupees ($4.3 billion) at home and overseas in the nation's
biggest share sale.


Read more at Bloomberg Emerging Markets News

Indian Airlines Cancels Flights, Reports Delays as Workers Go on Strike

(Bloomberg) -- Indian Airlines Ltd., the nation's
third-biggest domestic carrier, canceled flights and reported
delays as more than 12,000 workers went on strike demanding
higher wages and better work opportunities.

The workers, including ticketing and baggage-handling staff,
went on strike after talks last night with management were
inconclusive, said Ashok Sharma, a spokesman for the state-owned
Indian Airlines, in a phone interview in New Delhi today. The
striking employees represent about two-thirds of the total
workforce.


Read more at Bloomberg Emerging Markets News

Bharat Petroleum's Crude Oil Purchases From Petronas to Decline 33 Percent

(Bloomberg) -- Bharat Petroleum Corp., India's
third-biggest state-run refiner, will cut crude oil purchases
from Petroliam Nasional Bhd. by 33 percent in the year to March
2008 as Malaysia's state oil company can't increase supplies.

Bharat Petroleum, based in Mumbai, will buy 10,000 barrels
a day of Malaysian oil varieties Tapis, Miri and Labuan from
15,000 barrels a day in the fiscal year ended March 2007, C.K.
Sengupta, executive director for international trading at the
Indian refiner, said in an interview in Kuala Lumpur while
attending the Asia Oil and Gas conference.


Read more at Bloomberg Energy News

Rupee May Weaken a Second Day on Speculation Global Funds Will Sell Stocks

(Bloomberg) -- India's rupee may drop for a second
day on speculation capital inflows from abroad into stocks will
slow after the benchmark index added to its biggest decline in
more than a month yesterday.

Overseas fund managers may reduce holdings in Indian shares
after their investments helped the index rise for four of the
past five months. That may curb demand for the rupee, said
Sudarshan Bhatt, chief trader at state-owned Corporation Bank Ltd.
in Mumbai.


Read more at Bloomberg Currencies News

Dubai Plans to Offer World's First Exchange-Traded Rupee Futures Tomorrow

(Bloomberg) -- Dubai Gold & Commodities Exchange
will tomorrow begin offering the world's first exchange-traded
futures contracts in Indian rupee, helping companies and
investors hedge against risks.

The contracts, linked to the future value of the rupee and
settled in euros, will trade in Dubai, United Arab Emirates,
David Rutledge, a director at DGCX, told reporters in Dubai
today. The market is outside the jurisdiction of India's central
bank, which places curbs on trading in the rupee, he said.


Read more at Bloomberg Currencies News

Rupee Rises to Nine-Year High on Speculation Global Funds to Buy Shares

(Bloomberg) -- India's rupee advanced to a nine-year
high on speculation overseas investors will buy stocks of local
companies offering shares in the coming weeks.

The currency rose for a second day, breaching 40.50 for the
first time since May 1998, as global funds bought $3.7 billion
more of Indian stocks than they sold this year as of May 24,
surpassing $2.9 billion of purchases in the same period last year,
according to data compiled by Bloomberg. DLF Ltd., a New Delhi-
based real-estate developer, plans to sell as much as $2.4 billion
of shares through an initial public offering starting June 11.


Read more at Bloomberg Currencies News

Oman Oil to Boost Qarn Alam Field Oil, Gas Output Through Steam Injection

(Bloomberg) -- Petroleum Development Oman, a state-
owned company in which Royal Dutch Shell Plc is the largest
foreign investor, signed two agreements to increase output from
the aging Qarn Alam oil and gas field through steam injection.

Dodsal Group, an Indian construction company based in the
United Arab Emirates, will drill 150 wells and build a water
treatment plant at Qarn Alam, Petroleum Development Oman said in
a statement late yesterday.


Read more at Bloomberg Energy News

UPDATE 1-Shoe Carnival Q1 profit down; sees Q2 below market view

(Reuters) - For the second quarter, the company forecast earnings below
market view at 20 cents to 23 cents a share. Analysts expect
earnings at 31 cents a share, before items.




Shoe Carnival, which is based in Evansville, Indiana, sees
same-store sales ranging from a decrease of 1 percent to an
increase of 1 percent for the second quarter.


Read more at Reuters.com Market News

Market Chatter: Corporate finance press digest

(Reuters) - ** The board of Norilsk Nickel arm, Citigroup Global Services Ltd, Indian business newspaper the Mint paper said, quoting industry sources.


Read more at Reuters.com Mergers News