U.S. worries pressure Asian stocks, dollar

(Reuters) - The negative trend is expected to spread to Europe where financial bookmakers are calling for major markets to open around 1 percent lower.




Heightened concerns for economic growth knocked oil prices, which briefly dipped below $74.50, and dragged Shanghai copper futures down 3 percent, but flight to safety helped gold stay near one-week highs and held the benchmark U.S. 10-year Treasury yield near 2-½ month lows.


Read more at Reuters.com Hot Stocks News

Shanghai copper tumbles 3 percent on risk worries

(Reuters) - Shanghai copper futures fell 3 percent on Monday, following losses in London and jitters in equity and other commodities markets on concerns about the U.S. economy.

Confidence in global markets, including commodities and equities, has been seriously dented by the continuing crisis in the U.S. subprime mortgage sector.


Read more at Reuters Africa

Oil extends decline, falls 1 pct on poor US data

(Reuters) - Oil fell more than 1 percent to about $74 a barrel on Monday, extending the previous session's decline which saw prices dragged down by poor U.S. economic data.

U.S. crude, which slid as much as 91 cents, or 1.2 percent in early trade, reversed some losses and was down 59 cents at $74.89 a barrel by 0558 GMT.


Read more at Reuters Africa

Wal-Mart, India Bharti to hold news conference

(Reuters) - NDTV Profit television said Bharti Enterprises chief Sunil
Mittal said 8 joint stores had been finalised, with the first
store formats to be cash-and-carry.




Earlier this year, Bharti and Wal-Mart agreed to form a
joint venture for cash-and-carry stores and back-end operations
in India.


Read more at Reuters.com Mergers News

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

Gold off 1-week high, Tokyo dips on firmer yen

(Reuters) - Gold dipped in profit taking on Monday after touching a one-week high last week, while Tokyo futures fell on a firmer yen.

Spot gold fell to $671.90/672.40 an ounce at 0320 GMT, from $674.10/674.90 late in New York on Friday, when it hit its highest in a week at $674.20 an ounce as the dollar weakened on lower-than-expected U.S. data on jobs growth.


Read more at Reuters Africa

Buyout `Freeze' Shuts Wall Street Pipeline; $1.3 Billion of Fees Dries Up

(Bloomberg) -- While investment bankers feasted on an
unprecedented $8.4 billion of fees for arranging leveraged
buyouts in the first half, the rest of the year may prove to be a
famine.

``It's impossible to conclude that it's not going to be a
tougher time for Wall Street,'' said Steven Rattner, co-founder
of New York-based buyout firm Quadrangle Group and former vice
chairman of Lazard Freres & Co. ``There's going to be an impact
on revenues and profits.''


Read more at Bloomberg Bonds 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

UPDATE 1-Barclays launches $89 bln ABN takeover offer

(Reuters) - The offer period will run from August 7 until October 4,
Barclays said in an offer memorandum published in Dutch
newspapers on Monday.




At current share prices and foreign exchange rates, the
Barclays offer is worth about 34.54 euros per share of ABN.


Read more at Reuters.com Mergers News

Berkshire, Diebold, Jones Apparel, Rowan, Paychex: U.S. Stock Preview

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

Berkshire Hathaway Inc. (BRK/A US): The investment company
run by billionaire investor Warren Buffett said second-quarter
profit from continuing operations increased to $1,625 a share,
helped by gains from insurance and investments. The result topped
the $1,436 estimate of Charles Gates, an analyst at Credit
Suisse. The stock fell $100 to $109,900 in regular trading.


Read more at Bloomberg Stocks News

Continental, Munich Re, Allianz, IKB, DaimlerChrysler: German Preview

(Bloomberg) -- The following stocks may rise or fall
on German markets. Stock symbols are in parentheses after the
company names and prices are from the Xetra close unless
otherwise stated.

DAX futures expiring in September fell 1.3 percent to 7474.5
in Frankfurt. The DAX retreated 98.46, or 1.3 percent, to 7435.67
on the Xetra electronic-trading system.


Read more at Bloomberg Stocks News

Treasuries Little Changed on Signs of Slowing Expansion, Decline in Stocks

(Bloomberg) -- Treasuries were little changed as
Asian stocks slid and speculation increased that losses tied to
subprime mortgages will prompt the Federal Reserve to cut
interest rates this year.

Ten-year notes may extend their gains into a fifth week
after reports showed employers added fewer jobs than expected
last month and bond investors are becoming less bearish.
Treasuries are on track to return 5.3 percent this year, the
most since 2002, according to a Merrill Lynch & Co. index.


Read more at Bloomberg Bonds 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

Chinese Government Hasn't Decided on $40 Billion Agricultural Bank Bailout

(Bloomberg) -- Central Huijin Investment Co., a
government investment arm, said it hasn't decided on the bailout
of Agricultural Bank of China, weakest of the four-biggest
state-owned banks, according to a senior official.

Beijing-based Agricultural Bank may receive a $40 billion
capital injection from Huijin, the Economic Observer newspaper
reported today, without citing anyone.


Read more at Bloomberg Emerging Markets News

Union says reaches tentative contract with Delphi

(Reuters) - Delphi, which filed for bankruptcy in October 2005,
previously reached agreement with its biggest union, the United
Auto workers. Delphi has said it hopes to file a reorganization
plan in the third quarter and exit bankruptcy by the end of
2007.




Read more at Reuters.com Bonds News

Nippon Yusen Pays Nippon Oil Record Price for Fuel Oil Delivered in July

(Bloomberg) -- Nippon Yusen K.K., Japan's largest
shipping line, agreed to pay Nippon Oil Corp. a record price for
fuel oil delivered in July.

Nippon Yusen will pay $419.2 a metric ton for 180-centistoke
C-grade fuel oil loaded last month, the company said today in a
statement e-mailed in Tokyo. That's an increase of 8.1 percent,
or $31.5 a ton, from the amount paid in June. Prices for so-
called bunker fuel for ships are set retroactively.


Read more at Bloomberg Energy News

Vietnam's June Reserve Increase Will Be Last for Now, Policy Maker Says

(Bloomberg) -- Vietnam's recent increase in bank
reserves will be the last for now as the government assesses the
effect on inflation, said the policy maker in charge of banking.

Any perceived reluctance to quell the fastest inflation in
17 months is likely to deter overseas investors from buying
Vietnam's stocks and bonds. The threat of inflation ``calls for
action'' by the central bank to reduce the amount of money in the
banking system, HSBC Holdings Plc said in research last week.


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

Singapore Dollar to Rise 10 Percent to Record $1.38, BNP Paribas Predicts

(Bloomberg) -- The Singapore dollar may rise 10
percent to a record in a year as an influx of tourists and
bankers supports economic growth, BNP Paribas SA said.

The currency may reach S$1.38 per dollar by June 30, passing
the record of S$1.3835 reached in 1995, as the Monetary Authority
of Singapore seeks gains to curb inflation, said Thio Chin Loo,
senior foreign-exchange strategist in Singapore at France's
largest bank by market value.


Read more at Bloomberg Currencies News

Bear Stearns Ousts Co-President Warren Spector After Hedge-Fund Losses

(Bloomberg) -- Bear Stearns Cos. ousted Co-President
Warren Spector after credit-market losses and eroding investor
confidence increased pressure for management changes at the
second-largest underwriter of securities tied to the slumping
U.S. housing market.

The board of the nation's fifth-biggest securities firm
agreed today that Alan D. Schwartz, 57, will become sole
president, the company said in a statement. Spector, 49, was
responsible for fixed income and asset management and was viewed
by analysts as the top candidate to succeed 73-year-old Chief
Executive Officer James E. Cayne.


Read more at Bloomberg Bonds News

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

(Bloomberg) -- Japanese stocks declined, led by Sony
Corp. and Canon Inc., 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

Singapore Petroleum Enters Oil, Gas Exploring Venture With China National

(Bloomberg) -- Singapore Petroleum Co., the only oil
refiner traded on the city state's stock exchange, will explore
for oil and gas with China National Offshore Oil Corp. in its
first venture off the Chinese coast.

Singapore Petroleum will operate and own 100 percent of
Block 26/18 in the Pearl River Mouth Basin in the South China Sea,
while China National has the right to take a stake of as much as
51 percent should a discovery be made, the Singapore company said
today in a statement.


Read more at Bloomberg Energy 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

Samsung Electronics, Exporters, Oil-Dependents: South Korea Equity Preview

(Bloomberg) -- The following shares may rise or fall
in South Korea. Prices refer to the previous close. This preview
includes news announced after markets shut yesterday. Stock
symbols are in brackets after the company names.

The Kospi index rose 1.3 percent to 1,876.80. The Kosdaq rose
1.6 percent to 798.86. Kospi 200 futures expiring in September
increased 1 percent to 236.00, while the underlying index rose 1.3
percent to 236.91.


Read more at Bloomberg Stocks News

New Zealand Dollar Falls a Second Day; Housing Woes Spur Carry Trade Exit

(Bloomberg) -- The New Zealand dollar declined for a
second day as concerns U.S. subprime mortgage losses will slow
global growth deterred traders from buying riskier investments.

So called carry trades, where investors borrow cheaply in
yen to buy higher-yielding assets elsewhere, have seen New
Zealand's dollar gain 25 percent against Japan's currency in the
past year. U.S. stocks dropped Aug. 3 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

Philippine Inflation Probably Stayed Close to Seven-Year Low on Currency

(Bloomberg) -- Philippine inflation probably rose in
July. Still, the pace was close to the slowest in 7 1/2 years as
gains in the peso against the dollar lowered the price of
imports, including oil.

Consumer prices increased 2.4 percent from a year earlier,
according to the median estimate of 14 economists surveyed by
Bloomberg News. Inflation was 2.3 percent in June after rising
in the previous two months from 2.2 percent, the lowest level
since January 2000. The National Statistics Office report is due
tomorrow at 9 a.m. in Manila.


Read more at Bloomberg Currencies News

2008 sports events could benefit Adidas: Barron's

(Reuters) - Adidas should also benefit from British soccer star David Beckham's move to the United States. If Beckham does well for his new team, the Los Angeles Galaxy, Adidas sales in the United States could climb, Barron's said.







Read more at Reuters.com Business 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

Bear Stearns co-president Spector resigns - WSJ

(Reuters) - Citing a person familiar with the matter, the Journal said directors agreed that Alan D. Schwartz will for now be sole president of Bear.




The article also said that Samuel Molinaro, the firm's longtime chief financial officer, will assume the role of chief operating officer and that Jeffrey Mayer, co-head of fixed income, will take Spector's seat on the executive committee.


Read more at Reuters.com Bonds News

ACA Capital shares could fall on subprime: Barron's

(Reuters) - Should the U.S. subprime troubles prove to be systemic across different geographies, then not only would shares be hammered, but the company could be toast, Barron's said.




If ACA buckles under, Wall Street firms whose securities the company insured would also be hurt. The $61 billion of ACA's insured exposure would come cascading back to balance sheets of the likes of Bear Stearns , Merrill Lynch , Lehman Brothers , and Citigroup along with some 25 other Wall Street counterparties, Barron's said.


Read more at Reuters.com Bonds News

UPDATE 1-IKB owner plays down talk of higher subprime losses

(Reuters) - Responding to an article claiming that the losses could
mount to 5 billion euros, government-owned lender KfW told
Reuters on Sunday that such estimates were guess-work.




"Talk of bigger numbers is complete speculation," said a
spokesman for the bank, which owns 38 percent of IKB.


Read more at Reuters.com Bonds News

CORRECTED: Qatar bank's $6.1 billion Ahli United bid stalls

(Reuters) - DUBAI - International Bank of Qatar said on
Sunday talks to buy a stake in Bahrain's Ahli United Bank
had stalled, spelling a possible end to what
would be the biggest cross border takeover of a Gulf Arab firm.




International Bank, an affiliate of National Bank of Kuwait
, said shareholders were insisting that a third party
and not the Qatari firm have access to the books of Bahrain's
biggest lender, and that due diligence be limited to one month
rather than three.


Read more at Reuters.com Business 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

BA execs to be named in price fixing probe: report

(Reuters) - "These executives could be prosecuted in the criminal courts in the U.S.," it said.




Two BA executives were identified when they resigned last October -- former commercial director Martin George and former public relations boss Iain Burns -- although no wrongdoing by either has been announced.


Read more at Reuters.com Business News

HK financier Francis Leung joins CVC as adviser

(Reuters) - Leung, a long-time banker to Hong Kong tycoon Li Ka-shing with close China ties, was with Citigroup Global Markets as chairman of Asia until last year focusing on developing Citigroup's Greater China investment banking business, CVC said.




CVC, which is a major shareholder in global motor racing business Formula 1, owns interest in Australia's media group PBL Media, Japan's restaurant chain Skylark, Singapore's precision metals stamping firm Amtek, Malaysia's largest paper packaging firm GS Paper and Packaging, and Chinese wood fibreboards maker Plantation Timber Products.


Read more at Reuters.com Business News

Libya economy committee backs free market reforms

(Reuters) - Libya said on Saturday it was looking at relaxing restrictions on foreign and domestic trade, part of investor-friendly reforms which long-time leader Muammar Gaddafi has said are inevitable in the modern world.

The government's economy committee proposed that restrictions on imports be freed up and eventually cancelled, a source on the committee said. Export barriers would also be removed, except for cement, steel and subsidised commodities.


Read more at Reuters Africa