JGB futures retreat from 2-mth high before auction

(Reuters) - At the same time, investors were hesitant to push prices much
higher given chances that the Bank of Japan may raise rates by 25
basis points to 0.75 percent in August or September.




The yield on the benchmark 10-year JGB slipped to a two-month
low as JGBs tracked a jump in Treasuries, which rose on Tuesday
on a slide in U.S. stocks after a large U.S. mortgage provider
said it could no longer fund home loans and may liquidate assets.


Read more at Reuters.com Bonds News

Asian shares down as credit woes spread

(Reuters) - Another U.S. mortgage lender, American Home Mortgage Investment Corp., said it would have to liquidate assets. The relatively high quality of its loans raised worries about the whole mortgage market, driving the S&P 500 index down 1.3 percent.




The problems in the U.S. credit markets are being felt by investors in Asia.


Read more at Reuters.com Hot Stocks News

Yen Strengthens for a Second Day as Widening Debt Losses Curb Carry Trade

(Bloomberg) -- The yen gained for a second day versus
the euro on concern losses from U.S. mortgages will prompt
investors to pare riskier investments funded by loans in Japan.

Traders reduced so-called carry trades, pushing up the yen
versus 15 of the 16 most-active currencies. Macquarie Bank Ltd.,
Australia's largest securities firm, said investors in some of
its funds may lose as much as 25 percent of their money, a day
after investment banks cut off credit lines to American Home
Mortgage Investment Corp. Asian and U.S. stocks dropped.


Read more at Bloomberg Currencies News

CORRECTED: Barclays deal would boost ABN board pay : SEC data

(Reuters) - The Netherlands' biggest bank is the target of a 65 billion euro offer from Barclays and a rival 71 billion euro bid from Royal Bank of Scotland , Belgium's Fortis and Spain's Santander .




ABN's management and supervisory board withdrew its recommendation to merge with Barclays on Monday, but ABN Chief Executive Rijkman Groenink said ABN still supported Barclays' offer.


Read more at Reuters.com Business News

Japan's Nikkei 225 Average, Topix Tumble; Sony and Nomura Lead Declines

(Bloomberg) -- Japan's Nikkei 225 Stock Average fell
89.01, or 0.5 percent, to 17,159.88 as of 9:03 a.m. in Tokyo. The
broader Topix index dropped 9.80, or 0.6 percent, to 1696.38.

Sony Corp. and Nomura Holdings Inc. led the declines.


Read more at Bloomberg Stocks News

Crude Oil Trades Near Record Close on Speculation U.S. Demand Is Rising

(Bloomberg) -- Crude oil was little changed near $78
a barrel in New York after closing at a record on speculation
demand will outpace supply as refiners increase fuel production.

U.S. oil stockpiles probably fell for a fourth week last
week, according to a survey of 14 analysts by Bloomberg News
before a government report later today. Refiners probably raised
operating rates to meet gasoline demand, the survey showed.
Global oil demand will climb 1.7 percent in 2008, showing no sign
of slowing because of high prices, Deutsche Bank AG said.


Read more at Bloomberg Commodities News

Macquarie Says High-Yield Funds May Lose 25 Percent on U.S. Subprime Rout

(Bloomberg) -- Macquarie Bank Ltd., Australia's
largest securities firm, said investors in some of its high-
yield funds may lose as much as 25 percent of their money amid
the fallout in U.S. subprime mortgages.

Macquarie Fortress Investments Ltd. was forced to sell assets
and use the proceeds to reduce borrowings and comply with lending
covenants, it said in a statement. Investors may lose A$300 million
($255 million), the Australian newspaper reported earlier.


Read more at Bloomberg Currencies News

UPDATE 1-General Growth core FFO up 18 percent

(Reuters) - General Growth reported second-quarter core funds from
operations of $216.6 million, or 73 cents per share,
compared with $184.1 million, or 62 cents per share, the previous
year. The results trailed analysts average forecast of 74 cents
per share, according to Reuters Estimates.




FFO removes the profit-reducing effect that depreciation -- a
noncash accounting item -- has on earnings. Core FFO strips out
General Growth's master-planned community sales and provisions for
income taxes, both of which General Growth says distorts the
results of its ongoing business.


Read more at Reuters.com Market News

Japan Stock Investors, Like Abe, Face Paralysis After LDP Election Defeat

(Bloomberg) -- The defeat of Japan's ruling party in
upper house elections gave investors another reason to shun the
world's second-biggest stock market.

The Nikkei 225 Stock Average, the worst performer among the
world's 20 biggest equity benchmarks, has little chance of
catching up with international indexes after the Liberal
Democratic Party lost control for the first time in 52 years,
said Joseph Quinlan, chief market strategist at Bank of America
Corp. Prime Minister Shinzo Abe's plan to deregulate state-
controlled industries and cut the government's $6.8 trillion
debt may be hindered by the July 29 vote, he said.


Read more at Bloomberg Stocks News

Dresser-Rand posts higher quarterly profit

(Reuters) - Factoring out a 14 cent-per-share non-cash charge related
to stock-based compensation, the profit last year came to 27
cents per share.




Read more at Reuters.com Market News

Rogers hikes forecasts and dividend, despite loss

(Reuters) - But the company said 2007 revenue and operating profit would be at the top end of its previous ranges. It raised its annual dividend to 50 Canadian cents a share, from 16 Canadian cents a share, and reported strong subscriber growth.



Rogers said it lost C$56 million , or 9 Canadian cents a share, in the three months ended June 30. That comes on a profit of C$279 million, or 44 Canadian cents, in the same period a year earlier.


Read more at Reuters.com Mergers News

Medicare plan boosts statins, ulcer drugs: report

(Reuters) - Medicare, available to 43 million elderly and disabled Americans, began to pay for prescription drugs in 2006, the biggest shift in its four-decade history. As a result, more than half of the Medicare population now gets drug coverage through a private plan run by companies such as Humana Inc. or UnitedHealth Group.




The so-called Medicare Part D program boosted sales of cholesterol-lowering statins by 7 percent, and ulcer- and heartburn-treating proton pump inhibitors by 5 percent, the report by pharmaceutical industry consultancy IMS Health said.


Read more at Reuters.com Government Filings News

US STOCKS-Credit worries return, driving Wall St lower

(Reuters) - NEW YORK, July 31 - U.S. stocks tumbled on
Tuesday as worries about the deteriorating credit market
resurfaced with news of another mortgage lending casualty.




Stocks had risen Monday and the first half of Tuesday's
session, but the relief rally was cut short when American Home
Mortgage Investment Corp. said it may have to
liquidate assets. Shares of the mortgage lender fell 90
percent.


Read more at Reuters.com Bonds News

Moody's revises Option ARM ratings methodology

(Reuters) - Moody's said it will continue to monitor existing Option
ARM securitizations and take rating actions as it deems
necessary based on each transaction's performance.




"In the course of our monitoring, we will also assess the
impact of our updated loss expectations on each pool's specific
composition," the rating agency said in a press release.


Read more at Reuters.com Bonds News

American Financial Q2 profit falls on charges

(Reuters) - Core net operating earnings for the quarter were 93 cents a
share, compared with 77 cents a share in the year-ago period.




Four analysts on average expected the company to earn 82
cents a share, excluding items, according to Reuters
Estimates.



Read more at Reuters.com Market News

High-Yield Bonds Have Worst Month in Five Years on LBOs, Subprime Slump

(Bloomberg) -- High-yield, high-risk bonds lost
about 3.9 percent in July, their worst monthly performance since
2002, as concerns about an onslaught of debt to finance leveraged
buyouts drove down prices.

This month's rout wiped about $31 billion from the face
value of junk bonds and erased the debt's gains from earlier this
year, index data compiled by Merrill Lynch & Co. show. The bonds
have lost about 1 percent so far in 2007.


Read more at Bloomberg Bonds News

CNBC expects Dow Jones to honor TV contract

(Reuters) - Murdoch plans to start a business news channel this October
to compete with CNBC.





Read more at Reuters.com Mergers News

Four US 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 Government Filings News

Apple shares fall on production rumors

(Reuters) - An Apple spokeswoman could not immediately be reached for comment.




"There is unconfirmed chatter that iPod production is reduced. That is why the option volatility in Apple is elevated suggesting this uncertainty," said Paul Foster, options strategist at Web information site theflyonthewall.com.


Read more at Reuters.com Hot Stocks News

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.




Read more at Reuters.com Bonds News

Cache, Dow Jones, Faro, Gymboree, RAIT Financial: 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 2:40 p.m. in New York.

Aftermarket Technology Corp. (ATAC US) rose the most since
August 2001, jumping $4.84, or 18 percent, to $31.33. The car-
parts maker increased its 2007 forecast, saying it expects to
earn $1.55 to $1.70 a share. The company earlier predicted profit
of as much as $1.55.


Read more at Bloomberg Stocks News

GM's Earnings Surprise Fails to Persuade Analysts to Raise Their Ratings

(Bloomberg) -- Most Wall Street analysts continue to
advise investors to refrain from buying shares of General Motors
Corp. even after the biggest U.S. automaker jumped as much as 6.3
percent today after it reported higher-than-forecast profit.

Nine out of the 18 analysts who rate GM have the equivalent
of a ``sell'' rating on the stock, while five have a ``hold,''
according to Bloomberg News data. Only four analysts rate the
stock a ``buy.''


Read more at Bloomberg Stocks News

UPDATE 2-Perot Systems quarterly earnings fall; eyes acquisition

(Reuters) - Perot Systems, which did not name the target company, said
the expected acquisition would contribute about $8 million to
third-quarter revenue and slightly reduce its earnings per
share.




In a conference call with analysts, Chief Executive Peter
Altabef said he expects the company to enter into the
acquisition contract in August.


Read more at Reuters.com Mergers News

Latin American Shares Advance on Commodity Demand, Corporate Profit Growth

(Bloomberg) -- Latin American stocks rose on
speculation that global demand for metals and oil will boost
corporate profits. Raw-materials producers led the advance.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange headed for a fifth month of gains, rising 598.02, or 1.1
percent, to 55,170.63 as of 12:39 p.m. New York time. Mexico's
Bolsa index rallied 280.25, or 0.9 percent, to 31,180.93. Even
with today's gain, the index is little changed for the month.


Read more at Bloomberg Stocks News

UPDATE 1-Fitch may cut 934 Radian-insured issues

(Reuters) - The rating agency said earlier it may cut Radian Group's
"A" long-term debt ratings and the "AA" insurer strength
ratings of all Radian mortgage and financial guaranty
subsidiaries. Radian Group has $750 million of senior notes
outstanding.




For detailed list of issues on Ratings Watch Negative,
please click on [nFIT209863].


Read more at Reuters.com Bonds News

Zambia sees 2007 inflation down to 5.0 pct - c.bank

(Reuters) - Zambia should reduce annual inflation to five percent in 2007 from 8.2 percent the previous year, aided by higher global metal prices and a domestic food surplus, the central bank said on Tuesday.

Bank of Zambia (BoZ) governor Caleb Fundanga also said the country's economic indicators were positive ahead of the International Monetary Fund's (IMF) review of performance in the third quarter of the year.


Read more at Reuters Africa

Auxilium reaffirms 2007 net revenue view

(Reuters) - Shares of the specialty pharmaceutical company were trading
up nearly 7 percent, or $1.08, at $17.19 in morning trade on
the Nasdaq.





Read more at Reuters.com Market News

Treasury Two-Year Yields Rise From Near 4-Month Low on Less Safety Demand

(Bloomberg) -- Treasury two-year note yields rose
from near a four-month low as a rebound in corporate bonds and
stocks sapped demand for the safety of government debt.

A boost in demand for higher-risk assets combined with two-
year yields near the lowest since March provided investors with
few reasons to buy Treasuries. The risk of owning European
corporate bonds fell by a record amount today as home lender
GMAC LLC said subprime mortgage losses had narrowed.


Read more at Bloomberg Bonds News

Nymex posts higher 2nd-qtr profit, shares rise

(Reuters) - NEW YORK, July 31 - Metals and energy exchange operator NYMEX Holdings Inc. said on Tuesday second-quarter profit rose on growth in transaction and clearing fees.



The operator of the New York Mercantile Exchange said net income rose to $41.7 million, or 44 cents per share, from $38.1 million, or 44 cents per share, a year earlier. The earnings per share remained the same because of an increase in the number of shares outstanding during the latest quarter.


Read more at Reuters.com Mergers News

Soybean Futures Rise as U.S. Crop Condition Deteriorates for Fourth Week

(Bloomberg) -- Soybean prices rose in Chicago to the
highest in six sessions after a government report said warm, dry
weather caused U.S. crops to deteriorate for the fourth
consecutive week.

An estimated 58 percent of the soybean crop was in good or
excellent condition as of July 29, down from 68 percent at the
end of June, the U.S. Department of Agriculture said yesterday.
About 51 percent of the crop was beginning to set pods, up from
30 percent a week earlier and the five-year average of
41 percent.


Read more at Bloomberg Commodities News

Canadian Stocks Advance For a Second Day on Western Oil Sands Takeover

(Bloomberg) -- Canadian stocks rose for a second day
after Western Oil Sands Inc. was bought by Marathon Oil Corp. for
$5.8 billion and crude oil rose to a one-year high.

The proposed deal helped allay investor concern that credit
losses at banks will end the takeover boom. The Standard &
Poor's/TSX Composite Index rose 124.83, or 0.9 percent, to
13,989.55 as of 11:46 a.m. in Toronto. It's gained 1.8 percent in
two days after dropping 5.7 percent last week.


Read more at Bloomberg Stocks News

Northwest Airlines reports quarterly profit

(Reuters) - The company launched new shares after it emerged from
Chapter 11.





Read more at Reuters.com Market News

UPDATE 1-Timken quarterly profit falls on weak auto demand

(Reuters) - Earnings fell to $55.6 million, or 58 cents per share, from
$64.9 million, or 69 cents per share, a year earlier.




Excluding special items, income from continuing operations
fell to 73 cents per share from 80 cents a year ago. On that
basis, analysts' average forecast was 72 cents per share,
according to Reuters Estimates.


Read more at Reuters.com Market News

Coventry Health profit rises on cost management

(Reuters) - NEW YORK, July 31 - U.S. health insurer Coventry Health Care Inc. on Tuesday posted a 12 percent rise in quarterly profit, boosted by better management of medical costs and an increase in Medicare membership.



Second-quarter net income rose to $151.3 million, or 96 cents per share, compared with $135.5 million, or 84 cents, a year earlier.


Read more at Reuters.com Market News

Northwest posts quarterly profit on cost cuts

(Reuters) - CHICAGO, July 31 - Northwest Airlines Corp. , the No. 5 U.S. airline, reported a second-quarter profit that was inflated by reorganization items, reversing a year-ago loss.



The No. 5 U.S. airline, which completed a bankruptcy reorganization in May, said on Tuesday profit was $2.15 billion, compared with a loss of $285 million a year earlier.


Read more at Reuters.com Market News

UPDATE 2-Bre-X gold scam figure not guilty on all counts

(Reuters) - The Ontario Securities Commission, Canada's main market
regulator, accused him in 1999 of four counts each of insider
trading and misleading investors, saying he sold C$84 million
of Bre-X stock in 1996, months before
independent surveys showed the company's much-touted gold
deposit in Indonesia was worthless.




Shares of the company, which had soared to value the firm
at C$6 billion, collapsed to nothing, costing thousands of
investors their savings, and leaving ruined shareholders to
sell their stock certificates off as bitter souvenirs to a
public fascinated by the story.


Read more at Reuters.com Government Filings News

UPDATE 1-U.S. construction spending fell 0.3 pct in June

(Reuters) - Analysts polled by Reuters were expecting a 0.2 percent
gain in construction spending. The drop to a seasonally
adjusted annual rate of $1.18 trillion was the first decline in
overall construction spending since January, the Commerce
Department said.




Private nonresidential construction rose 0.3 percent to a
$347 billion annual rate, a record high.


Read more at Reuters.com Economic News

Company default risk index rises modestly-Kamakura

(Reuters) - High-grade corporate bond spreads widened 28 basis points
in July to 128 basis points. High-yield spreads widened 126
basis points to 424 basis points in July, according to Merrill
Lynch & Co. data.




"Credit spreads continue to widen but the Kamakura troubled
company index shows that actual default rates remain very low
by historical standards," Warren Sherman, the company's
president, said in a statement.


Read more at Reuters.com Bonds News

Amgen shares fall on anemia drug restrictions

(Reuters) - The ruling is less draconian in certain respects than CMS's draft proposal issued in May, but in other respects could be just as damaging to Aranesp sales, according to some analysts.




"The overall implications of the final decision are potentially worse than we anticipated with restrictions placed no only on initiation but on maintenance use of EPO for cancer as well," said Geoffrey Porges, an analyst at Sanford Bernstein.


Read more at Reuters.com Hot Stocks News

UPDATE 1-J&J to cut 3-4 pct of work force in restructuring

(Reuters) - The cost-cutting plan is expected to generate pretax cost
savings of $1.3 billion to $1.6 billion in 2008, the
diversified health care company said.




The company is targeting savings in its pharmaceuticals
division, where it will consolidate certain operations. The
company noted that it faces major patent expirations over the
next few years to several drugs.


Read more at Reuters.com Market News

IndyMac Bancorp profit down 57 pct on mortgage woe

(Reuters) - NEW YORK, July 31 - IndyMac Bancorp Inc , a big Southern California mortgage specialist, said on Tuesday second-quarter profit fell 57 percent, hurt by tougher conditions in the home-loan market.



The company also suspended its normal practice of providing a financial forecast, citing what Chief Executive Michael Perry called "the significant current uncertainties in the housing and mortgage markets."


Read more at Reuters.com Bonds News

Goldman set to beat Merrill in Italy property fund

(Reuters) - The fund's manager, Pirelli & C Real Estate ,
recommended on Tuesday that Berenice unit holders accept
Goldman's offer.




It said the offer was 19.8 percent higher than the fund's
net asset value on June 30. It was also 40 percent higher than
Goldman's initial offer of 650 euros, it said.


Read more at Reuters.com Mergers News

Sirius Satellite net loss narrows

(Reuters) - Revenue jumped 51 percent to $226.4 million from $150.1
million.





Read more at Reuters.com Market News

FTSE 100 Index Climbs; GlaxoSmithKline, Lloyds TSB, BHP Billiton Increase

(Bloomberg) -- U.K. stocks rose for the first time
in six sessions. GlaxoSmithKline Plc climbed the most in more
than two years after a panel of U.S. doctors voted to keep the
company's diabetes pill Avandia on the market.

Lloyds TSB Group Plc had its biggest gain since October after
the lender reported first-half profit that topped analysts' estimates
and increased its dividend for the first time in five years.


Read more at Bloomberg Stocks News

UES to sell 25 pct stake in Power Machines

(Reuters) - Chubais's announcement comes after sources said on Friday
that Interros, the holding company of Vladimir Potanin and
Mikhail Prokhorov, had agreed to sell its 30.4 percent stake in
Power Machines to steel magnate Alexei Mordashov.




UES and Germany's Siemens both have a right of
first refusal on the Interros stake in Power Machines. Siemens
has declined to comment on whether it would make use of it.


Read more at Reuters.com Mergers News

Zimbabwe issues higher bank note to fight inflation

(Reuters) - Zimbabwe's central bank will issue a higher denomination bank note on Wednesday to cope with the hyperinflation ravaging the southern African country.

President Robert Mugabe's government lopped three zeroes off the local currency a year ago but Zimbabweans still need to carry huge wads of cash for basic transactions.


Read more at Reuters Africa

C-BASS says in talks to increase liquidity

(Reuters) - 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.




Read more at Reuters.com Bonds News

German Stocks Advance, Led by MAN on Earnings, DaimlerChrysler, BMW Climb

(Bloomberg) -- Germany's benchmark DAX Index rose,
heading for the biggest one-day gain in more than two weeks. MAN
AG shares paced the advance after Europe's third-largest
truckmaker reported its 16th consecutive profit increase.

Shares of DaimlerChrysler AG and Bayerische Motoren Werke
AG, the world's biggest luxury carmakers, also climbed.


Read more at Bloomberg Stocks News

Glaxo shares climb as U.S. panel backs Avandia

(Reuters) - The safety of Avandia, Glaxo's second-best-selling drug, with global sales of 1.6 billion pounds last year, came into question in May, when a U.S. analysis linked Avandia to a 43 percent higher chance of having a heart attack.




That triggered a plunge in prescriptions and some investors feared the drug would be pulled from the all-important U.S. market. Worldwide sales in the three months to June dropped to 349 million pounds from 477 million a year ago, the company reported last week.


Read more at Reuters.com Hot Stocks News

Big Q2 loss hits Alcatel-Lucent shares

(Reuters) - At 0708 GMT , the stock was down 5.1 percent at 9.1 euros.




Alcatel-Lucent's fall contrasted with a 0.6 percent rise in the pan-European technology sector . Alcatel-Lucent has underperformed the index by 22 percent so far this year.


Read more at Reuters.com Hot Stocks News

UPDATE 1-AngloGold Q2 adj EPS down 17 pct, CEO to retire

(Reuters) - Cutifani is chief operating officer at CVRD, where he is in
charge of the group's global nickel business.




AngloGold said adjusted headline EPS, excluding non-realised
financial effects from derivatives, dropped to 29 U.S. cents
from 35 cents the previous quarter.


Read more at Reuters.com Market News

S.African union strike starts at petrol refineries

(Reuters) - A South African union has launched a strike over wages at U.S. oil major Chevron's 100,000 barrels per day refinery in Cape Town and PetroSA's 36,000 bpd Mossel Bay gas-to-liquid plant, an official said.

Welile Nolingo, the Secretary-General of the union said on Tuesday the strike had started overnight and would continue until the union's wage demands were met. He said union members at other refineries would join the strike if they too rejected a fresh wage offer presented by the petroleum industry on Friday.


Read more at Reuters Africa

European Bonds Fall; Investors Shun Lowest Benchmark Yield in Two Months

(Bloomberg) -- European government bonds fell as
investors shunned the lowest benchmark yield in two months on
anticipation interest rates will climb in the euro region.

Bonds also slid as a technical chart some investors use to
gauge price movements signaled recent gains have been too rapid.
Benchmark 10-year bunds headed for the first monthly advance in
five as widening losses on subprime mortgages, increased risk of
holding corporate debt and a slump in global stocks has drawn
investors to the relative safety of government securities.


Read more at Bloomberg Bonds News

B/E Aerospace Q2 profit jumps

(Reuters) - Sales rose 46.7 percent to $398.2 million.




The company raised its outlook for 2007 profit per share by
2 cents to $1.57, and that for 2008 to about $2.25 from roughly
$2 earlier.


Read more at Reuters.com Market News

Templeton Raises PetroChina Stake After Buffett's Berkshire Pares Holdings

(Bloomberg) -- Templeton Asset Management Ltd., an
investment company run by Mark Mobius, paid HK$475.9 million ($59
million) to increase its stake in PetroChina Co. two weeks after
billionaire Warren Buffett pared his holdings.

Templeton bought 39.3 million shares at an average HK$12.109
on July 26, Hong Kong stock exchange filings show. The investment
company is the third-largest investor in PetroChina after
increasing its share of the stock not owned by the Chinese
government to 5.14 percent from 4.9 percent.


Read more at Bloomberg Emerging Markets News

Philippine Bonds Advance on Success of Retail Note Sale; Peso Strengthens

(Bloomberg) -- Philippine bonds rose on optimism
demand at a government sale of retail notes will allow it cancel
more debt offerings, increasing the allure of already issued
securities. The peso gained.

Ten-year bonds advanced for a second day as sales of the
three- and five-year notes aimed at individual buyers exceeded
70 billion pesos ($1.5 billion), or almost 10 times more than
the original amount on offer, according to an executive at one
of the deal's arrangers.


Read more at Bloomberg Bonds News

Richard Ellis, Glaxo, MGIC, Mosaic, Sun Micro, Wendy's: U.S. Stock Preview

(Bloomberg) -- This is a list of companies whose
shares may have unusual price changes in U.S. exchanges today.
This preview includes news that broke after exchanges closed
yesterday. Stock symbols are in parentheses after company names.

CB Richard Ellis Group Inc. (CBG US) rose $2.85, or 8.1
percent, to $38.25 in trading after the official close of U.S.
exchanges. The largest commercial real-estate broker by market
value boosted its 2007 forecast, saying it expects earnings to
grow by 50 percent from a year earlier.


Read more at Bloomberg Stocks News

Asian Currencies Rebound as Rally in Stocks Boosts Investor Risk Appetite

(Bloomberg) -- Asian currencies rose as the biggest
gain in more than two weeks for the Standard & Poor's 500 Index
of stocks fed through to regional equities.

The Philippine peso and Indonesian rupiah led the advance as
the countries' respective share indexes climbed about 1 percent.
The rebound in global stocks gave investors confidence to put
money back into emerging markets, where the difference in bond
yields over Treasuries narrowed from the widest in a year.


Read more at Bloomberg Currencies News

Thailand's Inflation Rate May Fall to Three-Year Low on Consumer Spending

(Bloomberg) -- Thailand's inflation rate probably
held at a three-year low in July as the weakest consumer
confidence in five years curtailed spending.

Consumer prices rose 1.8 percent from a year earlier, after
increasing 1.9 percent in May and June, based on the median of
14 economists' estimates in a Bloomberg survey. The Commerce
Ministry report is due Aug. 1 at 11:30 a.m. in Bangkok. April's
1.8 percent pace was the slowest in three years.


Read more at Bloomberg Emerging Markets News

UPDATE 1-Teck Cominco profit falls on lower coal prices

(Reuters) - Teck earned C$485 million, or C$1.14 per basic share, in
the quarter, down from C$613 million, or C$1.48 per basic
share, in the comparable quarter a year earlier.




Teck is in the midst of attempting to acquire copper miner
Aur Resources for C$4 billion.


Read more at Reuters.com Market News

Asian Stocks Rise, Set to Post Longest Monthly Winning Streak in 20 Years

(Bloomberg) -- Asian stocks rose as higher earnings
from companies including Olympus Corp. helped the region's
benchmark post its longest monthly winning streak in 20 years.

BHP Billiton led gains by mining companies on speculation
profits will rise along with metals prices. Disappointing earnings
from Kyocera Corp. and Kookmin Bank capped today's advance.


Read more at Bloomberg Stocks News

Codelco Contract Workers to Vote on New Agreement, May End Six-Week Strike

(Bloomberg) -- Contract workers at Codelco, the
world's biggest copper producer, plan to vote today on whether to
end a strike in its sixth week.

Codelco, owned by the Chilean government, met today for
negotiations with representatives of the Confederation of Copper
Workers, which organized the strike, said Cristian Cuevas,
president of the confederation.


Read more at Bloomberg Commodities News

UPDATE 1-FBI searches home of Alaska Sen. Stevens

(Reuters) - ANCHORAGE, Alaska, July 30 - The FBI and IRS have
searched the home of Republican Sen. Ted Stevens in a ski
resort in Alaska as part of an investigation into his links
with an oil-services company, officials said on Monday.




"All I can really say is we are conducting a search at the
residence. We can't go any deeper into detail than that," said
Dave Heller, spokesman for the FBI in Anchorage.


Read more at Reuters.com Bonds News

Medicare tightens reimbursement for anemia drugs

(Reuters) - The Food and Drug Administration in March slapped its strongest warning on the label of Aranesp and similar anemia drugs, calling on doctors to use the lowest dose that can effectively avoid the need for blood transfusions.




The new CMS reimbursement rules stipulate that cancer patients receiving chemotherapy should only initiate use of the medicines if their levels of hemoglobin -- the oxygen-carrying part of red blood cells -- fall below 10 milligrams per deciliter. They also limit the duration of EPO therapy to a maximum of eight weeks after completion of chemotherapy.


Read more at Reuters.com Government Filings News

TEXT-PBL venture to issue $250 mln exchangeable bonds

(Reuters) - The SPV has entered into a subscription agreement with
Merrill Lynch International on completion of which Merrill
Lynch will subscribe for the Exchangeable Bonds. Completion of
the subscription agreement is subject to the satisfaction
and/or waiver of certain conditions precedent. In addition, the
subscription agreement may be terminated under certain
circumstances.




The issue date for the Exchangeable Bonds is expected to be
on or about 30 August 2007.


Read more at Reuters.com Bonds News

UPDATE 2-CB Richard Ellis second-quarter earnings soar

(Reuters) - NEW YORK, July 30 - CB Richard Ellis Group Inc.
, the world's largest commercial real estate brokerage,
said on Monday its net income rose 119 percent on acquisitions
and strong demand for commercial real estate, and the company
raised its forecast.




CB Richard Ellis posted a second-quarter net profit of
$141.1 million, or 59 cents per share, compared with $64.3
million, or 27 cents per share, in the year-ago quarter.


Read more at Reuters.com Bonds News

Skilled Healthcare to buy nursing facilities in New Mexico

(Reuters) - The acquisition is expected to modestly add to earnings per
share for the remainder of this year, the nursing home owner
said in a statement.





Read more at Reuters.com Mergers News

UPDATE 1-Ingersoll-Rand shares jump on Bobcat sale price

(Reuters) - Ingersoll said on Sunday it had agreed to sell the Bobcat
division and two other units to South Korea's Doosan Infracore
for $4.9 billion, marking the biggest-ever foreign
acquisition by a South Korean company.




The Bobcat division and its utility equipment and
attachment units generated $2.6 billion in sales last year,
accounting for about 23 percent of Ingersoll-Rand's total 2006
revenue.


Read more at Reuters.com Bonds News

New Zealand Dollar Snaps Four-Day Drop as Stocks Rebound Spurs Risk Demand

(Bloomberg) -- The New Zealand dollar rebounded
from four days of declines as a recovery in U.S. stocks gave
investors confidence to return to riskier assets such as the
carry trade.

The trade, where investors borrow cheaply in yen to buy
higher yielding assets, has helped the currency, known as the
kiwi, gain 24 percent against the dollar and 29 percent versus
the yen over the past 12 months. New Zealand's record 8.25
percent benchmark interest rate, which is 7.75 percentage points
higher than Japan's, lures investors to the returns offered by
the country's fixed-income assets.


Read more at Bloomberg Currencies News

TREASURIES-Bond prices slip as U.S. stocks rebound

(Reuters) - NEW YORK, July 30 - U.S. Treasury debt prices
fell on Monday as investors took their cue from a rebounding
stock market to sell debt and take back some gains from a bond
rally last week.




Benchmark Treasury yields reached two-month lows last week
as bond prices rose on tumbling stocks and investor concerns
over reduced access to credit.


Read more at Reuters.com Bonds News

UPDATE 1-Texas Roadhouse quarterly net income rises

(Reuters) - The company posted second-quarter earnings of $9.3 million,
or 12 cents a share, compared with $8.8 million, or 12 cents a
share, last year.




Total revenue was $181 million for the period, compared
with $146.7 million last year.


Read more at Reuters.com Market News

China's Stocks Advance for Seventh Day, Led by Shares of Builders, Banks

(Bloomberg) -- China's stocks rose for a seventh
day. China Vanke Co. led developers and banks higher on
speculation U.S. Treasury Secretary Henry Paulson may convince
the Chinese government to allow the yuan's gains to accelerate.

``A stronger yuan will boost profits at banks and
developers'' as investors are drawn to local assets, said Zheng
Tuo, who manages the equivalent of $790 million at Bank of
Communications Schroder Fund Management Co. in Shanghai.


Read more at Bloomberg Stocks News

Sun Microsystems posts 4th-qtr profit as costs fall

(Reuters) - Sun, which returned to profit in the second and third quarters after five consecutive quarterly losses, has tried to stage a recovery by revamping its product line, selling servers powered by chips from Advanced Micro Devices Inc. and Intel Corp. , among other moves. The company last year announced about 5,000 job cuts to reduce costs.




Shares of Sun, which also sells workstations, software, storage and services, have fallen 9.2 percent this year, as of Friday's close.


Read more at Reuters.com Market News

Canada pension board confirms stake in TSX rival

(Reuters) - The board, the investment arm of Canada's second-largest
pension plan, is the only "buy-side" investor involved in
Alpha, a new automated trading system being formed by
seven of the country's biggest investment dealers.




Donald Raymond, senior vice-president of public market
investments at the board, said the purchase is both a straight
investment on which it expects to get good returns but also a
strategic investment and a way to cut trading costs.


Read more at Reuters.com Mergers News

Critics of new Alaska oil tax call for revamp

(Reuters) - Some Alaska lawmakers say the tax system, which charges against the net profits oil companies make in Alaska instead of their overall production, cheats the state out of around $1 billion per year and may have been the product of corruption.




"This issue is also one of sovereignty," said state Rep. Les Gara, an Anchorage Democrat and longtime critic of the new tax system. "By letting the companies manipulate their profit numbers, you let them control the amount they can skate on in terms of tax payments."


Read more at Reuters.com Bonds News

Pimco's Gross, a Bear on Company Debt, Buys Shares of Pimco Corporate Fund

(Bloomberg) -- Bill Gross, manager of the world's
largest bond fund at Pacific Investment Management Co., invested
$1.5 million in a Pimco corporate debt fund after the shares fell
to the lowest since its inception five years ago.

Gross bought 4,900 shares in the Pimco Corporate Opportunity
Fund at $13.80, 50,000 shares at $13.85 and another 50,000 at
$13.90 on July 25, according to a filing with the Securities and
Exchange Commission.


Read more at Bloomberg Bonds News

UPDATE 2-DynCorp posts Q1 profit, shares fall on contract fears

(Reuters) - The U.S. Government Accountability Office is reviewing a
$4.6 billion Army linguistics contract awarded to a DynCorp
joint venture, after the current holder of the contract, L-3
Communications Holdings challenged the award.




"Investors are missing the big picture, that in the end,
DynCorp has a very good chance of winning this award," Stanford
Group analyst Erik Olbeter said.


Read more at Reuters.com Market News

Iceland's Krona Declines as Investors Shun Highest-Yielding Currencies

(Bloomberg) -- The Icelandic krona fell for a fourth
day against the dollar as risk-averse investors cut their
positions in the so-called carry trade.

The krona is the fourth worst-performer over the past five
days, shedding 4 percent of its value, as investors unwound
trades where they'd bought the currency to take advantage of the
second-highest interest rates of industrialized economies.
Investors pulled out of riskier investments on concern losses on
U.S. subprime mortgages may spread to the global economy.


Read more at Bloomberg Currencies News

UPDATE 1-S&P raises Morgan Stanley debt rating to "AA-minus"

(Reuters) - S&P raised Morgan Stanley's senior unsecured debt rating to
"AA-minus," the fourth-highest investment grade rating, from
"A-plus."




The rating agency also changed Morgan Stanley's outlook to
stable from positive, which means no other rating changes are
expected in the next two years.


Read more at Reuters.com Bonds News

Canadian Stocks Rebound From Biggest Weekly Loss in 6 Years; Barrick Gains

(Bloomberg) -- Canadian stocks rose after investors
speculated that the biggest weekly sell-off in almost six years
was overdone given that demand for commodities may keep boosting
prices and earnings, and trigger more takeovers.

Barrick Gold Corp. paced gains in raw-material shares, which
had among the biggest declines last week, on higher prices for
bullion and natural gas. Canadian Pacific Railway Ltd. led
industrial companies higher.


Read more at Bloomberg Stocks News

S&P raises Morgan Stanley debt rating to "AA-minus"

(Reuters) - The rating agency also changed Morgan Stanley's outlook to
stable from positive, which means no other rating changes are
expected in the next two years.




Read more at Reuters.com Bonds News

Murdoch unlikely to stick to Dow Jones bid

(Reuters) - Dow Jones' Bancroft family, which controls 64 percent of the company's voting shares, has been asked to decide by the end of Monday whether to support the deal.



Family members holding about 28 percent of Dow Jones' overall voting power had indicated their support for the deal as of late Sunday, the company's Wall Street Journal newspaper reported.


Read more at Reuters.com Mergers News

Crescent Capital plans to buy Cowlitz Bancorp. for $15/shr

(Reuters) - Crescent Capital, which reported about 9.8 percent stake in
Cowlitz as of July 27, said following the deal, Crescent's
Steven Wasson would become the chief executive officer of
Cowlitz.





Read more at Reuters.com Mergers News

S.Africa antitrust body says MTN overcharged Cell C

(Reuters) - South Africa's Competition Commission said on Monday mobile operator MTN had discriminated against rival Cell C by charging it higher interconnect fees than competitor Vodacom in some areas.

The Commission said MTN's pricing was uncompetitive but referred the long-running dispute between the two firms to the Competition Tribunal, which has the final say on antitrust issues.


Read more at Reuters Africa

Exxon Says Operations at U.K.'s Fawley Refinery Are Resuming After Fire

(Bloomberg) -- Exxon Mobil Corp. said refining
operations are resuming at its 300,000 barrel-a-day refinery at
Fawley, the U.K.'s largest, after a fire at one of the steam
units halted operations on July 25.

``The refinery is continuing to restart operations at this
time,'' said spokeswoman Sophie Foale in a telephone interview
today. ``We aim to bring the refinery up as safely as possible.''
She gave no timetable for its return to full production.


Read more at Bloomberg Energy News

European Government Bonds Advance as Subprime Losses Spread Beyond U.S.

(Bloomberg) -- European government bonds rose for a
fifth day, pushing 10-year yields to the lowest in more than two
months, as the risk of owning corporate debt soared to a record.

Benchmark bunds headed for their longest run of gains since
March as Germany's IKB Deutsche Industriebank AG said it had
losses on U.S. subprime mortgages. Investors sold company debt
in favor of safer government securities as IKB's report added to
signs that the U.S. subprime debacle is spreading.


Read more at Bloomberg Bonds News

Egypt's indexes decline with weight of OT and OCI

(Reuters) - Main Egyptian stock indexes fell for the second consecutive day on Monday led by declines in Egyptian blue chips including Orascom Telecom and Orascom Construction Industries, dealers said.

They said investor sentiments over sharp declines in global markets drove the selling of Egyptian shares.


Read more at Reuters Africa

UPDATE 1-RESEARCH ALERT-BofA hikes equity allocation by 5 pct

(Reuters) - The brokerage cut its bond weightage by 5 percent to fund
the hike, and said bond positions should be protected against
rising inflation expectations, BofA's Thomas McManus said in a
note to investors.




The brokerage was utilizing Treasury inflation-protected
securities for this purpose, he said.


Read more at Reuters.com Bonds News

Concur says to buy H-G Holdings for $160 mln in cash

(Reuters) - Concur will pay $160 million in cash for all of the outstanding equity securities of H-G Holdings, the business service provider said in a statement.



It said it expects the acquisition to add to pro forma earnings in fiscal 2008.


Read more at Reuters.com Mergers News

Vivus gets approval to market menopause spray

(Reuters) - Shares of Vivus rose almost 10 percent in pre-market trade to $6.03, while those of KV were up about 3.5 percent, amid thin trade, at $28.10.



KV bought the U.S. marketing rights for the product, Evamist, from California-based Vivus earlier this year. The agreement required KV to pay $140 million in cash upon the approval of Evamist's new drug application.


Read more at Reuters.com Government Filings News

HSBC says not interested in bidding for ABN AMRO

(Reuters) - "We're not interested," HSBC Chairman Stephen Green said at a press conference.



He said ABN's core business was not where HSBC was targeting its growth, which is mainly Asia and Latin America.


Read more at Reuters.com Mergers News

UPDATE 1-Simon Property FFO up on higher rents, occupancy

(Reuters) - Simon reported second-quarter FFO -- a measure of real
estate investment trust performance that factors out
depreciation -- of $373 million, or $1.31 per share, compared
with $358 million, or $1.26 per share, a year earlier.




The result trailed analysts' average expectations of FFO of
$1.33, according to Reuters Estimates.


Read more at Reuters.com Market News

Delta Air issues shares to claimholders

(Reuters) - In a news release, the company said it does not have any open FFA contracts currently.






Read more at Reuters.com Bonds News

UPDATE 1-Russia's CTC Media Q2 earnings fall 10 pct

(Reuters) - MOSCOW, July 30 - Russian entertainment TV network
CTC Media on Monday posted second-quarter earnings
below analysts' expectations and 10 percent short of results a
year ago that were boosted by a hit serial.




Net profit reached $30.7 million compared with analysts'
average forecast of $36.2 million and a $34.1 million result in
the same period a year ago, when CTC's "Born Not Pretty" soap
was pulling in viewers.


Read more at Reuters.com Market News

Copper Drops, Erasing Earlier Gains; Tin Advances to Highest Since 1989

(Bloomberg) -- Copper fell, erasing earlier gains
on the London Metal Exchange. Nickel dropped and tin advanced to
the highest since 1989.

Copper for delivery in three months on the LME dropped $25,
or 0.3 percent, to $7,725 a metric ton as of 1:11 p.m. local
time. It earlier rose as much as $71 to $7,821.


Read more at Bloomberg Commodities News

U.S. Benchmark Treasury Yields Near Two-Month Low on Corporate Debt Risk

(Bloomberg) -- U.S. 10-year Treasury yields were
near the lowest in more than two months as a gauge of risk on
corporate debt surged to the highest in at least three years.

Two-year yields matched the lowest since March after
Germany's IKB Deutsche Industriebank AG reported losses on U.S.
subprime mortgages. Treasuries may extend gains for a fourth
week on concern rising defaults on home loans to people with
poor credit histories will hurt the economy.


Read more at Bloomberg Bonds News

UPDATE 1-FPL second-quarter earnings rise

(Reuters) - FPL, which scrapped a $12.5 billion takeover of
Constellation Energy Group Inc. last year, said net
income in the quarter rose to $405 million, or $1.01 per share,
from $236 million, or 60 cents, last year.




Excluding special items and the changing value of its
trading contracts, it earned $347 million, or 86 cents per
share.


Read more at Reuters.com Market News

Oil States to buy Schooner Petroleum for $67 mln

(Reuters) - For the twelve months ended June 30, Schooner had about
$51.3 million in revenue, the company added.





Read more at Reuters.com Market News

Vietnam licenses two banks for securities services

(Reuters) - The licensing took to six the foreign banks allowed to offer
securities depository services in the southeast Asian country,
after Citigroup , Deutsche Bank , HSBC
and Standard Chartered Plc .




Another two state-run banks, Vietcombank and Vietindebank,
have also been providing the service, SSC data showed.


Read more at Reuters.com Government Filings News

European Stocks Decline; Vodafone and DaimlerChrysler Pace the Retreat

(Bloomberg) -- European stocks fell. Vodafone Group
Plc, the world's biggest mobile-phone company, and DaimlerChrysler
AG, the fifth-largest carmaker, paced the decline.

The Dow Jones Stoxx 600 Index lost 0.4 percent to 371.35 at
11:36 a.m. in London after climbing as much as 0.5 percent
earlier. The Stoxx 50 also decreased 0.4 percent, and the Euro
Stoxx 50, a measure for the 13 nations sharing the euro, fell 0.6
percent.


Read more at Bloomberg Stocks News

China raises banks' reserve requirements again

(Reuters) - The 0.5 percentage point increase in the reserve
requirement ratio would take effect on August 15, the People's
Bank of China said on its Web site, www.pbc.gov.cn. That takes
the ratio for big banks to 12.0 percent.




Many economists were not surprised by the move, though it
is uncommon for the central bank to announce such policy moves
on a Monday.


Read more at Reuters.com Bonds News

HSBC says profits up 13 pct

(Reuters) - HSBC , which blamed bad U.S. mortgage loans for its first ever profit warning earlier this year, said pretax profit rose 13 percent to $14.16 billion in the six months to June 30, boosted by strong growth in Hong Kong, the Asia-Pacific and its investment banking arm.




That was ahead of an average forecast of $13.27 billion from a Reuters Estimates poll of nine analysts.


Read more at Reuters.com Business News

Sanyo Q1 oper profit down 72 pct,outlook unchanged

(Reuters) - However, Sanyo, the world's largest rechargeable battery maker competing with Matsushita Electric Industrial and Sony Corp. , swung to a net profit on gains from the sale of its Sanyo Electric Credit Co. Ltd. stake.



Operating profit came to 732 million yen in April-June, down from 2.57 billion yen a year earlier. Net profit totalled 2.57 billion yen, in a turnaround from a 9.67 billion yen loss, Sanyo said on Monday.


Read more at Reuters.com Market News

Italy's Fiat bidding for TK Aluminium - report

(Reuters) - MILAN, July 30 - Italy's Fiat has made an offer to buy TK Aluminium, another of its auto parts suppliers that is in deep financial trouble, the Financial Times reported on Monday.



Fiat may learn as early as Monday if its offer has been accepted, the newspaper said, citing people close to the talks. A failure by TK Aluminium could disrupt car production at the Italian industrial group.


Read more at Reuters.com Bonds News

UPDATE 2-KPN to buy Getronics for $1 bln, core profit flat

(Reuters) - AMSTERDAM, July 30 - Telecoms group KPN
agreed to buy struggling information technology services company
Getronics for 766 million euros , making it
the Dutch market leader in IT services.




KPN , which also beat analysts' expectations by
posting flat second-quarter core earnings on Monday, said the
cash takeover offer at 6.25 euros per Getronics share was part
of a strategy to move from providing communications links to
more value-added services in the business market.


Read more at Reuters.com Market News

UPDATE 1-U.S. subprime problems claim first German victim

(Reuters) - IKB said it expected "significantly lower" earnings this
year and that its chief executive had stepped down after
sub-prime problems at a fund it managed, sending its share price
down more than 18 percent.




IKB, which mainly gives loans to German small and medium
sized or Mittelstand firms, said its biggest shareholder, state
bank KFW, had stepped in to prop up its creditworthiness in the
wake of the difficulties.


Read more at Reuters.com Bonds News

Telefonica H1 net outpaces, revises up full yr goal

(Reuters) - Operating income before depreciation and amortization rose 21.9 percent to 11.27 billion euros.




A Reuters poll of 10 analysts expected Europe's number two telecoms group to post a 57.5 percent increase in first half profit to 3.63 billion euros on revenues of 27.68 billion euros and core earnings of 11.31 billion euros.


Read more at Reuters.com Business News

S.African stocks up as miners, financials recover

(Reuters) - South African stocks pushed more than 1 percent higher on Monday as miners and financials recovered from last week's bruising.

Heavily-weighted miner Anglo American, which slid more than 5 percent on Friday, gained 1.14 percent while peer BHP Billiton jumped 2.15 percent.


Read more at Reuters Africa

Germany's DAX Shares Including Linde, Volkswagen Increase; TUI Retreats

(Bloomberg) -- German stocks including Linde Group
and Volkswagen AG gained, while TUI AG paced falling shares.

The benchmark DAX Index was little changed at 7449.64 as of
9:08 a.m. in Frankfurt. The HDAX Index of the country's 110
biggest companies was also little changed at 3842.16.


Read more at Bloomberg Stocks News

UPDATE 1-Resolution says market undervalues Friends merger

(Reuters) - Rival insurer Pearl Group has built up an interest of almost
16 percent in Resolution and has called for talks with its
management, saying the 8.6 billion pound
all-share, nil-premium merger deal with Friends does not
maximise value for shareholders.




"The board...believes the current share price fundamentally
undervalues the prospects for Resolution shareholders as part of
Friends Financial," Resolution said in a statement.


Read more at Reuters.com Mergers News

Copper Rises in Asia on U.S. Economic Growth Report; Zinc, Aluminum Up

(Bloomberg) -- Copper futures in Asia rose after a
report showed faster-than-expected economic growth in the U.S.,
indicating demand may increase in the world's second-largest
consumer of the metal.

The U.S. economy expanded at a 3.4 percent annual rate in
the second quarter, the fastest in more than a year, as
commercial construction soared, the Commerce Department said
July 27. Construction is the main market for copper in the U.S.,
accounting for almost half of its use.


Read more at Bloomberg Commodities News

UPDATE 2-ABN withdraws backing for Barclays bid, profit dips

(Reuters) - AMSTERDAM, July 30 - Dutch bank ABN AMRO
withdrew its recommendation for a takeover offer from Barclays
, leaving it neutral on the competing offers from the
British bank and the higher bid made by Royal Bank of Scotland's
consortium.




The Netherlands' biggest bank, which faces a a 65.6
billion-euro offer from Barclays and a 71
billion-euro offer from the consortium of RBS, Belgium's Fortis
and Spain's Santander , also reported a 7.1
percent decline in its second-quarter net profit on Monday.


Read more at Reuters.com Market News

Groebli of ABN Says Asia Equity Selloff a `Summer Storm' Not `Tempest'

(Bloomberg) -- Roger Groebli, head of equity research in private
banking Asia at ABN Amro Bank, talks with Bloomberg's Bernard Lo from
Singapore about the outlook for Asian stocks following last week's selloff,
the impact of a slowdown in the U.S. on Asian economies and his investment
strategy. (Source: Bloomberg)

00:00 Selloff: "a summer storm, but not a tempest"
01:59 Funding private equity, Asia sovereign funds
04:02 Outlook for collateralized debt obligations
06:41 Impact of U.S. problems on Asian economies
08:40 View of Japan, banking, oil, property stocks

Running time 10:53


Read more at Bloomberg Stocks News

Akzo Nobel says ICI rejects its new takeover bid

(Reuters) - "Akzo Nobel continues to believe that ICI would represent a
highly attractive addition to its coatings business," Akzo said
in a statement. But it said there was no certainty it would make
another offer for ICI.




Read more at Reuters.com Mergers News

Most U.S. mid-sized companies not hiring: survey

(Reuters) - The news adds to evidence the U.S. economy may not grow as
robustly next year as it did last quarter, when gross domestic
product grew at an annualized rate of 3.4 percent.




Not all companies are gloomy about employment -- 47 percent
expect to hire, according to the survey from CIT and the
Economist Intelligence Unit. But 44 percent of mid-sized
companies see their workforce size staying the same, and 9
percent forecast a decline.


Read more at Reuters.com Bonds News

Mitsubishi Electric profit up, raises H1 outlook

(Reuters) - The announcement sent shares of Mitsubishi Electric up 6.9
percent to 1,232 yen as of 0426 GMT, while the benchmark Nikkei
average fell 0.8 percent.




Few analysts give estimates for Mitsubishi Electric's first
quarter earnings, but the result compares with Mitsubishi UFJ
Securities' estimate for a 41 billion yen profit.


Read more at Reuters.com Market News

IKB Deutsche Cuts Profit Forecast Amid Rout in the U.S. Subprime Mortgages

(Bloomberg) -- IKB Deutsche Industriebank AG, a
German lender that invested in U.S. subprime mortgages, said its
profit will be ``significantly'' lower than forecast as fallout
from the deteriorating North American home-loan market spreads.

``IKB is no longer in a position to maintain its earnings
forecast of 280 million euros ($382 million),'' the Dusseldorf-
based bank said in a statement distributed on the DGAP newswire.
Chief Executive Officer Stefan Ortseifen resigned and will be
replaced by Guenther Braeunig, the statement said.


Read more at Bloomberg Bonds News

Deutsche Bank Payday Burgeons With Trading Bets Against Subprime Mortgages

(Bloomberg) -- Deutsche Bank AG analyst Eugene Xu
recognized a financial train wreck in the making two years ago
when he predicted ``quite probable'' losses from the least
creditworthy home loans in America's runaway property market.

Now Germany's largest bank is poised to reap a bonanza of at
least $270 million and as much as $540 million from a strategy
that enabled its traders to sell subprime mortgage loans with
derivatives contracts that appreciated as the U.S. housing market
suffered its worst slump in 16 years.


Read more at Bloomberg Bonds News

Doosan Infracore to Acquire Ingersoll-Rand's Bobcat Unit for $4.9 Billion

(Bloomberg) -- Doosan Infracore Co., South Korea's
largest maker of construction machinery, agreed to buy Ingersoll-
Rand Co.'s Bobcat and other units for $4.9 billion, the biggest
overseas acquisition by a South Korean company.

The company will buy the Bobcat compact-equipment unit,
and the Utility Equipment and Attachments divisions, Incheon,
South Korea-based Doosan Infracore said in an e-mailed statement
today. Ingersoll-Rand has its headquarters in Bermuda.


Read more at Bloomberg Emerging Markets News

Indian Rupee May Fall For Second Week on Concern Funds Will Sell Stocks

(Bloomberg) -- India's rupee may fall for a second
week on concern overseas funds will sell emerging-market assets
as a global rout in corporate debt and equities drives investors
to safer securities such as U.S. Treasuries.

The country's benchmark Bombay Stock Exchange Sensitive
Index, or Sensex, slumped the most in four months on July 27,
causing the rupee to fall from near a nine-year high. The
currency may extend its biggest weekly decline in almost two
months, a survey of traders showed.


Read more at Bloomberg Currencies News

Credit Suisse Fees to Fall the Most as LBOs Slow, Standard & Poor's Says

(Bloomberg) -- Investment banking fees are likely to
fall or stop growing as buyout firms purchase fewer companies,
and Credit Suisse Group would probably be the most affected
Standard & Poor's said in a report published today.

Group revenue at Switzerland's second-largest bank could
fall by 3.8 percent were leveraged buyout fees to fall by half,
S&P said. Earnings at Credit Suisse and UBS AG could plunge up to
19 percent as buyouts slow, Deutsche Bank AG analyst Matt Spick
said on July 26.


Read more at Bloomberg Bonds News

Japan's Output Rebounds From Three-Month Slump as Weak Yen Boosts Exports

(Bloomberg) -- Japan's industrial production
increased in June, ending the worst manufacturing slump in
almost two years and easing concern that growth in the world's
second-largest economy may falter.

Production rose a seasonally adjusted 1.2 percent from May,
halting three months of declines, the Ministry of Economy, Trade
and Industry said in Tokyo today. The median estimate of 34
economists surveyed by Bloomberg News was for a 1 percent gain.


Read more at Bloomberg Bonds News

Yen Advances to Three-Month High Versus Euro on Reduced Appetite for Risk

(Bloomberg) -- The yen climbed to a three-month
high against the euro on speculation a defeat for Japan's Prime
Minister Shinzo Abe's led ruling coalition will push down stocks
and spur investors to exit so-called carry trades.

The yen reached 160.67 against the euro, the highest since
April 24, before trading at 161.02 at 7:46 a.m. in Tokyo from
161.67 late in New York yesterday. It also rose to 118.26 per
dollar from 118.63, after climbing to 118.03.


Read more at Bloomberg Currencies News

Strauss-Kahn lobbies South Africa for IMF candidacy

(Reuters) - Backed by European Union states, Strauss-Kahn, a former
finance minister, is seeking wider support at a time when many
developing countries are questioning a past practice under
which a European heads the IMF and an American heads the World
Bank.




His meeting in Pretoria was all the more important since
South Africa, which chairs the Group of 20 forum that includes
developing countries, had previously said it was disappointed
that the EU nomination of a candidate without more consultation
with others of the 185 countries that are members of the IMF.


Read more at Reuters.com Bonds News

American Home Mortgage says faces margin calls

(Reuters) - These moves will allow the company to keep cash on hand
until it better understands the impact of market conditions on
its balance sheet and liquidity, American Home Mortgage said.







Read more at Reuters.com Bonds News

Egypt's indexes decline as CIB and OCI slide

(Reuters) - Egyptian indexes fell on Sunday as foreign investors sold big caps including Commercial International Bank (CIB) and Orascom Construction Industries (OCI), brokers said.

"The decline in nearly all global markets led stocks with more foreign interest to go lower, creating a general bearish mood as buyers generally shied away," Mohamed Radwan of Delta Securities said.


Read more at Reuters Africa

UPDATE 2-Japan PM Abe's coalition braces for election blow

(Reuters) - TOKYO, July 29 - Japan's conservative ruling camp
braced for an expected election defeat on Sunday that could put
pressure on hawkish Prime Minister Shinzo Abe to resign and
usher in a period of policy paralysis and political confusion.




Polling stations across Japan opened at 7 a.m.
on a cloudy morning.


Read more at Reuters.com Bonds News

Deripaska eyes Ford's Land Rover, Jaguar: report

(Reuters) - The magazine quoted a spokeswoman for the GAZ Group as saying: "We have already announced before that we are interested in growing through mergers and acquisitions."




Another firm owned by Deripaska, Basic Element, agreed in May to invest $1.54 billion in Canadian auto parts supplier Magna .


Read more at Reuters.com Business News

US stock indexes drop more than 1 pct on credit concerns

(Reuters) - U.S. stocks plunged for a second day on Friday, in the worst week for the S&P 500 in nearly five years, as tightening credit conditions led to concerns that takeovers would slow.

Losses accelerated in the final minutes of trading, taking the Dow industrials down more than 200 points, a day after an equities sell-off that wiped out more than $300 billion in the value off the S&P 500.


Read more at Reuters Africa

India's Tata may begin Jaguar due diligence-paper

(Reuters) - A spokesman for Tata declined comment.




Tata and its local rival Mahindra & Mahindra Ltd.
, along with U.S. buyout firms TPG [TPG.UL] and
Ripplewood, were among those that have expressed interest in
the marques, a person familiar with the matter said on
Thursday.


Read more at Reuters.com Mergers News

Judge denies MercExchange injunction in eBay case

(Reuters) - The ruling by the Norfolk, Virginia-based court came after the U.S. Supreme Court remanded the case back to the lower court in May of 2006, saying that the district judge must scrutinize patent cases closely before issuing an injunction barring companies from using infringing technologies.




But Judge Jerome Friedman denied eBay's request to stay proceedings on one of the two patents in the case -- governing the so-called 'Buy It Now' feature -- saying that the U.S. Supreme Court ruling had no impact on a 2003 jury verdict that could result in eBay paying $25.5 million in damages.


Read more at Reuters.com Business News

WRAPUP 2-Latam stocks fall further; currencies firm

(Reuters) - NEW YORK, July 27 - Latin America's stocks fell
further on Friday but the region's currencies stabilized and
bonds steadied as turbulence abated after Thursday's global
stampede out of risky financial holdings.




While Mexico's stock market rose moderately, most other
markets extended losses a day after bourses in Brazil, Mexico
and Argentina plunged more than 3 percent.


Read more at Reuters.com Bonds News

Talecris Biotherapeutics files for $1 bln IPO

(Reuters) - The Research Triangle Park, North Carolina-based company is
seeking a Nasdaq listing under the symbol "TLCR."




Read more at Reuters.com Government Filings News

Compuware, Crocs, Deckers, QLogic and Six Flags: 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.

Building Materials Holding Corp. (BLG US) rose $2.10, or 18
percent, to $14.10. The provider of building services and
materials said that, excluding some items, it earned 47 cents a
share in the second quarter. Five analysts in a Bloomberg survey
on average estimated 6 cents, on average.


Read more at Bloomberg Stocks News

Oil Surges Close to Record on Signs U.S. Economic Growth Will Boost Demand

(Bloomberg) -- Crude oil surged to $77.02 a barrel
in New York, 1 cent short of a record close, after a government
report showed that the U.S. economy grew more than expected in
the second quarter, indicating fuel demand will rise.

The economy expanded 3.4 percent last quarter, the fastest
pace in more than a year. The U.S. consumes 24 percent of global
oil production. The International Energy Agency said on July 13
that world oil demand will rise 1.8 percent next year. The
Organization of Petroleum Exporting Countries hasn't raised
output to keep pace with growing consumption.


Read more at Bloomberg Energy News

Coffee Rises in New York on Speculation Real's Rally Curbed Brazil Exports

(Bloomberg) -- Coffee rose in New York on
speculation that a rally in the Brazilian real is discouraging
exports of dollar-priced commodities from Brazil, the world's
largest producer.

The Brazilian currency has gained 12 percent this year
against the dollar. As of yesterday, Brazil's coffee exports had
fallen 5 percent this month to 1.48 million bags, from the same
period in June, said Cecafe, the country's council of coffee
exporters.


Read more at Bloomberg Commodities News

Medtronic to buy Kyphon to expand spine business

(Reuters) - Medtronic -- the world's largest maker of medical devices including artificial spinal discs, heart pacemakers and insulin pumps -- would pay $71 cash for each Kyphon share, a 32 percent premium over Thursday's closing price. Kyphon shares rose in value by almost one quarter on the news.




The transaction, slated to close in the first quarter of 2008, is expected to be neutral to Medtronic earnings in the first full fiscal year after closing and boost earnings thereafter. Medtronic expects the deal, which carries a $95 million break-up fee, to generate revenue, cost and tax benefits.


Read more at Reuters.com Business News

US judge dismisses Bank of America suit vs. ABN

(Reuters) - In April, Bank of America agreed to buy ABN's U.S. unit,
LaSalle Bank, but a Dutch commercial court froze the sale in
May in order to allow a shareholder vote.




Bank of America appealed the ruling and also sued ABN in
U.S. court.


Read more at Reuters.com Mergers News

Pioneer Natural says has option to raise Midkiff-Benedum stake

(Reuters) - On Friday, Atlas completed purchase of about 73 percent
interest in the system from Anadarko Petroleum .





Read more at Reuters.com Mergers News

UPDATE 1-Washington Group shareholder to vote against URS deal

(Reuters) - "Washington Group should remain a standalone company,"
Einhorn, president of Greenlight Capital Inc., said.




If the company was to be sold, it should have either
demanded a larger premium or sought additional competing bids
through an auction process, Einhorn added.


Read more at Reuters.com Government Filings News

EBay dealt blow on fake Rolexes by German court

(Reuters) - The ruling by the German Federal Supreme Court came in an appeal by plaintiffs Montres Rolex SA and affiliates in a six- year-old dispute over the sale of counterfeit Rolex watches on eBay's German site, according to an eBay financial filing.




EBay had won successive court rounds leading up to the appeal before the country's top court. The suit alleges unfair competition. Rolex was seeking an order enjoining the sale of Rolex-branded watches on eBay and damages from eBay.


Read more at Reuters.com Business News

TREASURIES-Bonds rise, taking cues from slide in stocks

(Reuters) - NEW YORK, July 27 - U.S. Treasuries rallied in
volatile trading on Friday, sending benchmark yields to two
two-month lows, as U.S. stock prices went into another steep
slide and investors continued to fret over a global credit
crunch.




Data showingthe U.S. economy grew at a surprisingly strong
rate in the second quarter of 2007 only briefly calmed fears of
a slump following this week's turmoil in global financial
markets. See [ID:nN27292437] for details.


Read more at Reuters.com Bonds News

Rand, bonds slip on run from risk

(Reuters) - South Africa's rand slipped on Friday after a volatile session and Thursday's sharp slide, and bonds added to losses on global emerging markets strain.

The local currency was trading at 7.0975 to the dollar at 1520 GMT, 0.25 percent weaker than its close in New York on Thursday, when it lost almost three percent of its value in one of its biggest session falls.


Read more at Reuters Africa

Mexico stocks gain after strong U.S. economic data

(Reuters) - The peso was flat at 10.9875 per dollar. The
currency was unchanged after the central bank kept interest
rates steady as expected at a monthly monetary policy review.




Data showed the economy in the United States, Mexico's main
trading partner, grew faster than expected in the second
quarter.


Read more at Reuters.com Bonds News

US STOCKS-Indexes slide as optimism about deals dim

(Reuters) - NEW YORK, July 27 - U.S. stocks slid on Friday,
sending all three major indexes down more than 1 percent, as
investors worried that a broadening deterioration in credit
markets would hurt chances for more corporate takeovers and dry
up funding.




Comments by Treasury Secretary Henry Paulson briefly lent
some support, but the underlying tone on Wall Street remained
nervous, a day after equities suffered their second worst
decline of the year.


Read more at Reuters.com Bonds News

European Emission Permits Gain on Speculation Utilities May Need to Buy

(Bloomberg) -- European Union carbon-dioxide
emission permits rose for the fourth consecutive day on
speculation utilities in the region must buy more contracts to
comply with pollution regulations. European power prices gained.

Permits for December 2008 climbed as much as 45 cents, or
2.2 percent, to 20.52 euros ($28) a metric ton on the European
Climate Exchange in Amsterdam. The contract, poised for its
biggest weekly advance since May, traded at 20.30 euros at 5:21
p.m. local time.


Read more at Bloomberg Energy News

UPDATE 1-Lamson & Sessions Q2 earnings fall, cuts '07 view

(Reuters) - The company expects the sales level of some of its products
sold through the Carlon and Lamson Home Products business to be
impacted, given that new housing starts are estimated to remain
at a lower activity level through 2007.




The maker of thermoplastic enclosures, fittings and
conduit, sees a full-year profit of $1.70 to $1.90 a share. In
April, the company had forecast a profit of $1.80 to $2.00 a
share.


Read more at Reuters.com Market News

Copper Rebounds in New York After U.S. Economic Growth Beats Forecasts

(Bloomberg) -- Copper rose in New York, halting a
four-session slump, after a report showed that the U.S. grew
faster than economists predicted, easing concern a slowdown
would curb metal demand.

The U.S. expanded at a 3.4 percent annual rate last
quarter, the fastest pace in more than a year, as commercial
construction increased, the Commerce Department said today.
Copper had dropped 4.9 percent this week on signs of a worsening
U.S. housing slump. The metal, used in houses, appliances and
cars, has gained fourfold in the past four years during a global
expansion.


Read more at Bloomberg Commodities News

Mexico holds key interest rate unchanged

(Reuters) - The bank said it will act if the inflation objective is
compromised.




Read more at Reuters.com Bonds News

U.S. economic growth revised down for 2004-2006

(Reuters) - In annual revisions to the government's broadest measure of
economic output, the Commerce Department's Bureau of Economic
Analysis revised down gross domestic product for all three
years.




"The expansion that followed the 2001 downturn is milder
than previously estimated," the BLS said in releasing its
revisions that reflected more complete source data.


Read more at Reuters.com Economic News

Hilton CEO awaits big payout from Blackstone deal

(Reuters) - Details of the handsome payout came as Hilton revealed that it faced a dozen lawsuits by shareholders charging its board with breaching its fiduciary duties in agreeing to the $20 billion takeover by Blackstone.




Hilton said in a filing with the U.S. Securities and Exchange Commission on Friday that it considered the payout packages of Bollenbach and other directors and executives in reaching its decision to approve the merger.


Read more at Reuters.com Mergers News

UPDATE 1-Gemstar-TV Guide profit rises 42 percent

(Reuters) - Second-quarter net income was $20.8 million or 5 cents per share, compared with $14.6 million or 3 cents per share a year before. Revenue rose 17 percent to $155.6 million.




Analysts, on average, had expected earnings of 4 cents per share and revenue of $149.4 million, according to Reuters Estimates.


Read more at Reuters.com Market News

AIG, Chubb, Allstate Share Buybacks Portend Lower Premiums, Stock Prices

(Bloomberg) -- U.S. property and casualty insurers
are buying back stock at the fastest rate in at least 20 years,
and that spells trouble for shareholders.

While repurchases typically boost share prices, in the
insurance industry, they're a sign that competition is pushing
premiums low enough to threaten profit growth. Property and
casualty stocks are lagging behind both life insurers and U.S.
benchmarks as commercial insurance prices decline the most since
they started falling in 2004.


Read more at Bloomberg Exclusive News

Belo quarterly profit, revenue fall

(Reuters) - Second-quarter net income fell to $36.4 million, or 35 cents a share, from $42.7 million, or 41 cents a share in the quarter a year ago, when it also logged a $7.5 million pre-tax gain from a "change-in-control" provision in one of Belo's vendor contracts. Revenue fell 3.2 percent to $391 million.



Belo publishes several newspapers, including the Dallas Morning News in Texas and the Providence Journal in Rhode Island.


Read more at Reuters.com Market News

Economic growth rebounds in second quarter

(Reuters) - Gross domestic product that measures total output within U.S. borders gained at a 3.4 percent annual rate -- the fastest since 4.8 percent in the first quarter of 2006 -- after barely growing at a downwardly revised 0.6 percent pace in the first quarter. Previously the government had reported that first-quarter growth was at a 0.7 percent rate.




Second-quarter growth exceeded Wall Street economists' forecasts for a 3.2 percent rate of increase and showed the business sector picking up some of the slack left by consumers who cut back on their spending.


Read more at Reuters.com Business News

UPDATE 1-Deb Shops to go private in $395 mln cash deal

(Reuters) - The offer price of $27.25 per share is just over 2 percent
more than the stock's Thursday closing price of $26.68.




Shares of the company were ahead of the offer price at
$27.30 in thin pre-market electronic trade.


Read more at Reuters.com Mergers News

Fortune Brands profit tops Wall St expectations

(Reuters) - Fortune, which makes Titleist golf equipment, Jim Beam bourbon and Sauza tequila, reported second-quarter net income of $232.0 million, or $1.48 per share, down 6 percent from $247.8 million, or $1.63 per share, a year earlier, when a tax-related gain boosted results.




Excluding a restructuring charge, the company earned $1.53 per share, handily beating the analysts' average forecast of $1.44, according to Reuters Estimates.


Read more at Reuters.com Bonds News

UPDATE 1-Brookfield Properties second-quarter profit jumps

(Reuters) - Earnings rose to $79 million, or 20 cents a share for the
quarter ended June 30, up from $30 million, or 9 cents a share,
a year earlier.




Brookfield said its funds from operations were $167
million, or 42 cents a share, up from $106 million, or 30 cents
a share in the same quarter of 2006.


Read more at Reuters.com Market News

Chevron 2nd-qtr earnings rise with refining

(Reuters) - Integrated oil companies that both produce and refine oil
and gas were expected to have yet another in a series of
stellar quarters as soaring refining margins picked up the
slack for a year over year drop in oil prices.




Since the beginning of the year, Chevron's shares are up
about 19 percent, outperforming the Chicago Board Options
Exchange's oil index , which rose over 17 percent in the
same period.


Read more at Reuters.com Market News

UPDATE 1-Siemens declines comment on Atos bid report

(Reuters) - "We do not comment on market rumours," said a Siemens
spokeswoman.




A spokeswoman for Atos also declined comment.


Read more at Reuters.com Mergers News

PIMCO'S Gross: Stocks are appropriately valued

(Reuters) - Speaking on CNBC, he also said the bond market was back to
where it should be "in terms of high-yield land". He added that
he was not a buyer or seller of stocks at this point.




"I think stocks are appropriately valued at this point.
Corporate earnings are doing well, the economy is doing
decently, not great," said Gross, manager of the world's
largest bond fund.


Read more at Reuters.com Bonds News

Sepracor submits application to market insomnia drug in Europe

(Reuters) - The European insomnia market was estimated at about $500
million in 2006, it added.





Read more at Reuters.com Government Filings News