Radian-Backed U.S. Municipal Bonds Face Possible Cut in Ratings by Fitch

(Bloomberg) -- Fitch Ratings put 934 municipal bond
issues insured by a Radian Asset Assurance Inc. under review for
a possible ratings cut following losses by its parent on an
investment in a subprime mortgage lender.

Radian Group Inc. and MGIC Investment Corp., which
announced plans in February to merge, yesterday said their
combined stakes of more than $1 billion in Credit-Based Asset
Servicing and Securitization may be worthless. Radian Asset
Assurance is rated AA, while Radian Group is ranked A.


Read more at Bloomberg Bonds News

Wells Fargo sued for racial bias in mortgage loans

(Reuters) - In their complaint, Nancy and Johnny Jeffries accused Wells
Fargo of marking up interest rates or adding fees for black
borrowers seeking mortgages after agreeing to lend based on
more well-defined criteria such as credit histories and home
values. The southwest Chicago homeowners said this violates the
federal Fair Housing Act and Equal Credit Opportunity Act.




The lawsuit seeks class-action status, and was filed on
Monday against San Francisco-based Wells Fargo in the U.S.
District Court for the Northern District of California.


Read more at Reuters.com Bonds News

UPDATE 1-Inmet Mining profit rises on higher metal prices

(Reuters) - The mid-tier copper, zinc and gold miner earned C$138
million , or C$2.86 a share, in the quarter ended
June 30. That was up from C$132 million, or C$2.74 a share, in
the year-before period.




Analysts polled by Reuters had expected, on average, profit
of C$2.81 a share.


Read more at Reuters.com Market News

US STOCKS-U.S. stocks fall as credit worries return

(Reuters) - NEW YORK, July 31 - U.S. stock indexes fell on
Tuesday, giving up earlier earnings-driven gains as worries
about the deteriorating credit market resurfaced.




American Home Mortgage Investment Corp. was the
latest casualty of the housing slump. The mortgage lender said
it can't fund home loans and may have to liquidate.


Read more at Reuters.com Bonds News

GM beats second-quarter estimates

(Reuters) - GM posted a second-quarter profit of $891 million against a massive $3.4-billion loss a year ago, bolstered by gains in Europe, Latin America and Asia, sales of higher-margin vehicles and a one-time, tax-related gain.




The automaker also sharply narrowed its losses in its troubled home market, but vowed to keep the pressure on costs, the overriding issue in a crucial round of ongoing labor talks with its major union.


Read more at Reuters.com Business News

UPDATE 2-Coach fourth-quarter profit, outlook up; shares fall

(Reuters) - NEW YORK, July 31 - Coach Inc. said on
Tuesday that quarterly profit rose nearly 37 percent and raised
its 2008 outlook due in part to strong sales in Japan and the
introduction of its Ergo line of handbags.




But Coach shares were down 3.5 percent in afternoon trade as
some investors focused on a decline in quarterly gross margin and
others took profits a day after expectations had boosted shares 5
percent, according to one analyst.


Read more at Reuters.com Market News

Teck Cominco says still in hunt for acquisitions

(Reuters) - "There are a number of opportunities that we have been
looking at but unable to conclude a deal at this
point," Don Lindsay, Teck's president and CEO, told a
conference call.




"We don't want to telegraph any moves in advance ... but we
are committed to diversification."


Read more at Reuters.com Mergers News

U.S. Swaptions Interest Rate Volatility Falls as Perceived Bond Risk Eases

(Bloomberg) -- Volatility on options on interest-
rate swaps fell from a 17-month high for a second day as the
perceived risk of owning corporate bonds declined.

The risk of holding corporate debt dropped by the most in
at least three years after home lender GMAC LLC said subprime
mortgage losses narrowed and Citadel Investment Group LLC said
yesterday that it bought the assets of a failed hedge fund.


Read more at Bloomberg Currencies News

Chile stocks rise following growth data, peso gains

(Reuters) - "The market has completely recovered since last week," a
trader said. "Today in Chile data on unemployment, industrial
production and other figures were released. They were better
than the market expected."




June industrial production grew 6.7 percent over 12 months,
easily outpacing analysts' forecasts of 4.8 percent, while
second-quarter unemployment came in at 6.9 percent, the lowest
for the period in nine years.


Read more at Reuters.com Bonds News

US STOCKS-Earnings lift blue chips, credit woes linger

(Reuters) - NEW YORK, July 31 - U.S. blue-chip stocks rose on
Tuesday, lifted by positive earnings from companies, including
General Motors Corp. , and by reassuring reports on the
economy.




But two major stock indexes were off their highs for the
session and the Nasdaq was little changed as concerns about
deteriorating credit conditions -- which led to last week's
market rout -- returned.


Read more at Reuters.com Bonds News

Avon quarterly profit falls on costs

(Reuters) - The world's largest direct seller of cosmetics said net income fell to $113 million, or 26 cents a share, from $151 million, or 33 cents a share, in the year-ago period.




Income included pretax costs of about $82 million on restructuring and revamping its products. Excluding the charges, the company earned 38 cents per share, according to Reuters Estimates, missing Wall Street's forecast of 42 cents.


Read more at Reuters.com Bonds News

CORRECTED - UPDATE 1-Aspen Technology settles SEC charges

(Reuters) - Cambridge, Massachusetts-based Aspen, which develops
computer software for oil refineries and other process
industries, agreed to cease and desist from future violations
and settled the case without admitting or denying any
wrongdoing, the SEC said.




The SEC did not announce any monetary penalty against the
company, which is required to retain an independent consultant
to review its financial and accounting policies and
procedures.


Read more at Reuters.com Government Filings News

Economist testifies against Whole Foods, Wild Oats

(Reuters) - By Peter Kaplan



WASHINGTON, July 31 - Competition between Whole Foods Market Inc and Wild Oats Markets Inc had led to lower profit margins, an economist told a U.S. federal judge on Tuesday who is weighing whether to block a merger of the organic grocers.


Read more at Reuters.com Government Filings News

U.S. construction spending fell 0.3 pct in June

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




But private residential construction slipped 0.7 percent to
a $544 billion annual rate, the lowest level since March 2004.


Read more at Reuters.com Economic News

UPDATE 1-Vallourec Q2 earnings ahead of expectations

(Reuters) - Gross operating income rose 3.6 percent to 466.6 million
euros on sales up 11.4 percent at 1.558
billion. Net profit rose 7.5 percent to 257.7 million.




The average forecast of seven analysts in a Reuters poll was
for sales of 1.498 billion euros, an EBITDA operating profit of
445 million and net profit of 245 million.


Read more at Reuters.com Market News

Bre-X gold scam figure not guilty on all counts

(Reuters) - 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.




Felderhof's lawyers had argued that Felderhof was not aware the results were false.


Read more at Reuters.com Business News

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

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

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


Read more at Bloomberg Energy News

IAC's Diller says not sure of interest in HSN swap

(Reuters) - "Whether or not it will ever be in our
interest to do so or their interest, I can't really tell you,"
Diller said on a conference call with analysts.




Separately, Diller said he expected a return to share
repurchases for IAC and online travel site Expedia once tighter
credit market conditions abate. Diller curtailed a larger
buyback for Expedia last week, blaming a lack of attractive
financing available in credit markets.


Read more at Reuters.com Mergers News

Rogers CEO shoots down talk of Shaw takeover

(Reuters) - His remarks came after a Canaccord Adams analyst published a research note last week in which he speculated the two big Canadian cable-TV and telecoms companies could be in talks for a deal that would value Shaw at as much as C$14.4 billion .




Rogers called the speculation "plain irresponsible" and also criticized the media for reporting on "some completely theoretical diatribe".


Read more at Reuters.com Mergers News

Dow Jones, Faro, Fresh Del Monte, IndyMac, Midwest Air: 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 1:10 p.m. in New York.

Aftermarket Technology Corp. (ATAC US) rose the most since
January 2001, jumping $6.75, or 25 percent, to $33.24. 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

Wheat Falls as Harvest Pace Increases in U.S. Great Plains, Adds to Supply

(Bloomberg) -- Wheat fell for a second-straight day
in Chicago as the U.S. winter-crop harvest in the southern Great
Plains neared completion and farmers to the north sped up
spring-crop cutting, increasing supplies.

About 88 percent of the winter crop was harvested as of
July 29, up from 81 percent a week earlier, the U.S. Department
of Agriculture said in a report yesterday. Ten percent of the
spring crop was collected compared with 2 percent the previous
week, the USDA said. Growers probably will sell wheat to make
room for corn, which will be collected starting in late August.


Read more at Bloomberg Commodities News

S.Africa Telkom gets ok from regulator on price cuts

(Reuters) - South Africa's communications regulator has approved fixed-line operator Telkom's plans to drop its prices by 1.2 percent overall, the firm said on Tuesday.

Telkom -- which has been under pressure from government to lower telecoms costs that are among the highest globally -- filed its price changes last month with the Independent Communications Authority of South Africa (ICASA).


Read more at Reuters Africa

IndyMac intends to maintain stock dividend

(Reuters) - IndyMac, which makes many mortgages considered just below
"prime" in quality, said it is trying not to take excessive risks
as borrowers miss more payments and amid lessening liquidity in
secondary markets.




"What we're focused on right now is safety and soundness,"
Perry said on a conference call discussing quarterly results.



Read more at Reuters.com Bonds News

UPDATE 2-News Corp, Dow Jones deal expected Tuesday-source

(Reuters) - NEW YORK, July 31 - Rupert Murdoch's News Corp.
is likely to secure a deal to buy Dow Jones & Co. Inc.
on Tuesday after drawing the support of a sufficient
number of votes held by the company's controlling family,
according to The Wall Street Journal.




The two sides are expected to reach a definitive agreement
by Tuesday evening, capping Murdoch's three-month pursuit of
the publisher of The Wall Street Journal, a source familiar
with the matter said.


Read more at Reuters.com Bonds News

RLPC-Myers Industries postpones $950 mln LBO financing

(Reuters) - The financing, which was being arranged by Goldman Sachs,
consisted of a $685 million bank loan and $265 million in
senior subordinated notes.




Read more at Reuters.com Bonds News

TREASURIES-Bond dip on firmer stocks, credit markets

(Reuters) - NEW YORK, July 31 - U.S. Treasuries eased on
Tuesday as stocks rose for a second day and credit markets
rallied on waning fears over tighter access to funding.




Government bonds were little moved by mixed economic data
that painted a picture of benign inflationary pressures and
slower economic growth, but surprisingly upbeat consumer
sentiment. For details, see [ID:nN30403317], [ID:nN30443227]


Read more at Reuters.com Bonds News

Agco quarterly earnings rise

(Reuters) - Net income in the second quarter rose to $63.8 million, or 67 cents a share, from $40.9 million, or 45 cents share, a year earlier. Net sales grew about 18 percent to $1.71 billion from $1.45 billion in the year-ago period.



Analysts on average expected the Duluth, Georgia-based company to report a profit of 53 cents a share, before items, on revenue of $1.6 billion, according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1-Apria Healthcare posts rise in profit

(Reuters) - Second-quarter net income was $20.8 million, or 47 cents
per share, compared with $18.5 million, or 43 cents per share,
in the second quarter of 2006.




Analysts on average had forecast earnings of 45 cents per
share, according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1- Regal-Beloit second-quarter earnings rise

(Reuters) - Net income for the quarter rose to $36.3 million, or $1.06
a share, from $33.3 million, or 99 cents a share, in the same
period a year earlier, the manufacturer of motion control and
power generation products said.




Quarterly net sales increased 5.6 percent to $459.8
million.


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

UPDATE 1-Arch Chemicals second-quarter net declines

(Reuters) - Net income was $22.8 million, or 93 cents a share, compared
with $29.5 million, or $1.22 a share, a year earlier, the
Norwalk, Connecticut-based company said.




Excluding one-time items, earnings from continuing
operations rose to $1.41 a share from $1.22 a year ago.


Read more at Reuters.com Market News

George Weston quarterly profit drops 30 pct

(Reuters) - The results were lower than analysts' average expectation of a profit of C$1.02 a share, according to Reuters Estimates.



Sales for the quarter were C$7.74 billion, up from C$7.51 billion in the corresponding quarter of last year.


Read more at Reuters.com Market News

UPDATE 1-Waste Management profit beats forecasts, shares up

(Reuters) - Excluding one-time items, the Houston-based company posted
a second-quarter profit of 56 cents per share, up from 45 cents
a year earlier. Analysts on average had expected 52 cents per
share, according to Reuters Estimates.




"The dynamics within this performance were familiar, with a
lower base of revenues more than compensated by much better
margin trends," Deutsche Bank analyst Nigel Coe wrote in a note
to clients.


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

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

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 Market News

Marathon to buy Western Oil Sands

(Reuters) - Marathon said it will pay about $3.6 billion in cash plus 34.3 million shares or securities exchangeable for shares. It will also assume about $650 million of debt.




Houston-based Marathon -- which also posted a higher-than-expected second quarter profit -- has been looking for a partner in the Canadian oil sands for two years.


Read more at Reuters.com Market News

Vallourec Q2 earnings ahead of expectations

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




Read more at Reuters.com Market News

Canada's Dollar Pares Early Gain as U.S. Currency Rises on Confidence Data

(Bloomberg) -- Canada's dollar retreated from early
gains, trading near the monthly low, as the U.S. dollar
strengthened after a report showing consumer confidence in the
world's largest economy jumped to the highest in almost six
years.

Earlier, the currency benefited as equity markets worldwide
rebounded and a report showed Canada's economy expanded in May.
The currency is poised to record its first monthly loss since
January as investors sold commodity-linked currencies on
concerns that the U.S. subprime lending losses will spread,
slowing the global growth.


Read more at Bloomberg Currencies News

Marathon Agrees to Purchase Canada's Western Oil Sands for $5.46 Billion

(Bloomberg) -- Marathon Oil Corp., the biggest
refiner in the U.S. Midwest, agreed to buy Canada's Western Oil
Sands Inc. for C$5.8 billion ($5.46 billion), gaining access to
crude deposits that may be the largest outside of Saudi Arabia.

Owners of Calgary-based Western will get C$3.8 billion in
cash and C$2 billion of Marathon stock, the Houston-based buyer
said today in a statement. The maximum cash payment, C$35.50 a
share, is 4 percent higher than Western's close yesterday.


Read more at Bloomberg Energy News

Avon profit falls on costs

(Reuters) - Net income included pretax costs of about $82 million on initiatives including restructuring its operations and revamping its product offerings.




Excluding the charges, the company earned 38 cents per share, according to Reuters Estimates, missing analysts' expectations of 42 cents.


Read more at Reuters.com Hot Stocks News

Lead Advances in London as Stockpiles Decline; Tin Gains to 18-Year High

(Bloomberg) -- Lead advanced the most in more than
a month in London as the amount of available metal dropped,
fueling speculation supply will fall short of demand. Tin
climbed to the highest since 1989 and nickel had its biggest
rise in six weeks.

Inventories of lead tracked by the London Metal Exchange,
or LME, declined 3.7 percent to 37,575 tons, the exchange said
today in a daily report. That's the biggest daily drop since
Nov. 30. Prices for the metal, used mostly in car batteries,
jumped 86 percent this year and outpaced other industrial metals
as supplies from Australia were disrupted and demand improved.


Read more at Bloomberg Commodities News

Jones Apparel gets new offer from Fast Retailing

(Reuters) - Jones said it was in talks with Fast regarding its proposal. Jones would be required to pay a break-up fee of $22.7 million if it terminated its existing agreement to sell Barneys to Dubai-owned private equity firm Istithmar for $825 million.




Jones, which owns clothing, shoes and accessories brands such as Nine West, Gloria Vanderbilt and Jones New York, put itself up for sale last year but failed to find a buyer. It agreed to sell Barneys in June after several months of negotiations.


Read more at Reuters.com Bonds News

UPDATE 1-US July consumer confidence at 6-year high-Conf Bd

(Reuters) - The Conference Board said its index of consumer sentiment
rose to 112.6 in July, the highest reading since August 2001
and above an upwardly revised 105.3 in June.




"An improvement in business conditions and the job market
has lifted consumers' spirits in July," said Lynn Franco,
director of The Conference Board Consumer Research Center, in a
press release.


Read more at Reuters.com Bonds News

UPDATE 1-US Midwest business grew more slowly in July

(Reuters) - CHICAGO, July 31 - Business activity in the U.S.
Midwest expanded less than expected in July and at its slowest
pace since April, constrained by a drop in new orders even as
hiring expanded, a report showed on Tuesday.




The National Association of Purchasing Management-Chicago
business barometer fell to 53.4 from 60.2 in June.


Read more at Reuters.com Bonds News

UPDATE 1-UST to acquire Stag's Leap wine in joint venture

(Reuters) - Ste. Michelle will own 85 percent of the joint venture with
privately held Marchesi Antinori, a UST spokesman said. UST
already distributes Antinori wine in the United States.




The acquisition, while small, adds to UST's commitment to
its wine business, which represented about 16 percent of UST's
sales through the first half of 2007. Only four years ago, the
company was deciding whether to keep its wine business.


Read more at Reuters.com Bonds News

Barloworld to spin off, list coatings unit

(Reuters) - South African industrial group Barloworld will list its coatings unit on the Johannesburg Stock Exchange before the end of 2007, it said on Tuesday.

Barloworld, which markets Caterpillar earth-moving machines and Avis car hire, has said it plans to focus on its equipment, motor, materials handling and logistics divisions, and is disposing of its other units.


Read more at Reuters Africa

Egypt's indexes recover, OCI leads blue chips

(Reuters) - Egyptian shares rebounded on Tuesday after two consecutive sessions of declines, led by Orascom Construction Industries (OCI) as foreigners returned to buying, brokers said.

Mostafa Badra of National Securities said recovery in global markets drove foreigners back to buying mostly affecting OCI," he added.


Read more at Reuters Africa

UPDATE 1-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

Ireland's Norkom buys U.S. Digital Harbor

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




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


Read more at Reuters.com Mergers News

Top music companies show interest in Univision unit

(Reuters) - The Spanish-language broadcaster is trying to trim debt
since its $12.3 billion buyout by private investors in March,
one source said.




Meetings between management and some suitors are also set
to begin this week, according to a second source. The unit
could fetch as much as $400 million, according to the Financial
Times.


Read more at Reuters.com Mergers News

UPDATE 1-Pitney Bowes posts profit, US equipment sales rise

(Reuters) - The company, whose mailing meters are a fixture in
corporate offices, said second-quarter net income was $152.2
million, or 68 cents a share, compared with a net loss of
$356.1 million, or $1.59 per share, a year earlier.




Excluding accounting changes and charges, adjusted earnings
from continuing operations rose to 71 cents a share from
earnings of 64 cents a share in the period a year ago.


Read more at Reuters.com Market News

UPDATE 2-Cedar Fair denies story about takeover talks

(Reuters) - "We have never at any point in time been contacted by the New York Post for a comment for this article," Cedar Fair spokeswoman Stacy Frole said.




A spokesman for the paper said it was standing by the story.


Read more at Reuters.com Mergers News

Yen May Extend Decline Against Euro, Dollar as Stock Rally Encourages Risk

(Bloomberg) -- The yen may extend its decline
against the euro and dollar as a rebound in U.S. stocks might
restore investors' confidence to buy higher-yielding assets
funded by loans in Japan.

The Japanese currency dropped yesterday as rising U.S.
equities encouraged investors to resume the so-called carry
trade. Japan's yen has gained against all 16 major currencies
tracked by Bloomberg this month amid concern over subprime losses
and credit risks.


Read more at Bloomberg Currencies News

US STOCKS-Profit optimism, financials fuel Wall St's rebound

(Reuters) - NEW YORK, July 30 - U.S. stocks rebounded on
Monday after a global equity sell-off last week, as optimism
about earnings resurfaced and concern about credit conditions
eased.




Financial shares, which have borne the brunt of fallout
from tightening credit markets, bounced back in part after
ratings agency Standard & Poor's upgraded Morgan Stanley's
debt.


Read more at Reuters.com Bonds News

Profit optimism, financials fuel Wall St.'s rebound

(Reuters) - Financial shares, which have borne the brunt of fallout from tightening credit markets, bounced back in part after ratings agency Standard & Poor's upgraded Morgan Stanley's debt.




Sentiment about the sector also improved after the bailout of a hedge fund steeped in subprime mortgage market losses and a home lending unit of GMAC reported narrowing losses. General Motors Corp. shares rose 4.9 percent, boosting the Dow.


Read more at Reuters.com Business News

Asian Stocks Rebound From Rout in U.S. Trading; HSBC Climbs on Earnings

(Bloomberg) -- Asian stocks trading in the U.S.
rebounded from their biggest weekly drop in more than four months
after HSBC Holdings Plc and PT Telekomunikasi Indonesia reported
higher earnings.

The Bank of New York Co.'s Asia ADR Index, tracking the
region's American depositary receipts, rose 1.9 percent, the most
since May 11, to 167.96. The measure last week declined 3.8
percent, the most since the period ended March 2.


Read more at Bloomberg Stocks News

Dow Jones, Graham, Ingersoll and Rural Cellular: 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.

Some mortgage lenders fell after American Home Mortgage
Investment Corp. (AHM US) delayed its quarterly dividend and
raised doubts about whether it has enough cash to stay in
business. Shares of American Home were halted.


Read more at Bloomberg Stocks News

UPDATE 1-Insurer Principal Financial posts higher earnings

(Reuters) - Net earnings increased to $303.8 million, or $1.12 a share,
from $210.5 million, or 76 cents a share, in the year-earlier
quarter.




Operating earnings, which analysts use to measure
performance because it excludes investments, were $282.9
million, or $1.05 a share.


Read more at Reuters.com Market News

US STOCKS-Indexes end higher in rebound from sell-off

(Reuters) - Based on the latest available data, the Dow Jones
industrial average rose 92.84 points, or 0.70 percent,
to end unofficially at 13,358.31. The Standard & Poor's 500
Index was up 14.96 points, or 1.03 percent, to finish
unofficially at 1,473.91. The Nasdaq Composite Index
was up 21.04 points, or 0.82 percent, to close unofficially at
2,583.28.




Read more at Reuters.com Bonds News

BP Says CATS North Sea Pipeline to Restart in September After Repair Work

(Bloomberg) -- BP Plc said divers completed an
inspection of the damaged CATS natural gas pipeline in the North
Sea and a permanent repair will be required before the pipeline can
resume operating in September.

``A metal sleeve will be installed to strengthen and protect
the affected area of pipeline,'' BP said in an e-mailed statement
today. ``Design and fabrication of the sleeve is already under way
and it is expected that the system will restart during September.''


Read more at Bloomberg Energy News

Director buys $1 million of Marriott stock

(Reuters) - Small, who was once president and chief operating officer of Fannie Mae , has served as a Marriott director since 1995, according to the company' Web site.




Small's buy represented a switch in a pattern of insider selling at the company, according to filing tracking Web site InsiderScore.com.


Read more at Reuters.com Hot Stocks News

Treasuries Drop Most in Two Weeks, Signaling Investors Accepting More Risk

(Bloomberg) -- Treasuries declined the most in two
weeks as U.S. stocks rebounded, suggesting investors were
becoming more comfortable with risk after last week's $2.1
trillion global equity sell-off.

A gauge of momentum suggested that a rally that sent yields
to the lowest since May 17 was poised to stall. U.S. government
debt last week posted its biggest weekly advance in 10 months on
speculation the subprime mortgage crisis will slow the economy,
and an index of Treasury market volatility rose to the highest
since March 2005.


Read more at Bloomberg Bonds News

Emerging-Market Bonds Rebound, Following Equities as Risk Aversion Recedes

(Bloomberg) -- Emerging-market bonds rose, erasing
earlier losses, as gains in global stock markets prompted
investors to buy riskier, higher-yielding securities.

Developing nation debt is rebounding from declines spurred
by concern losses from subprime mortgages may spread to other
markets. The extra yield investors demand to hold emerging-
market bonds today fell to its lowest since July 25. The Dow
Jones Industrial Average advanced almost 1 percent.


Read more at Bloomberg Emerging Markets News

UPDATE 1-US corporate bond market losing dominance - NY Fed

(Reuters) - Corporate bond issuance in the Eurobond market exceeded
those of the U.S. bond market in 2006.




U.S issuers followed the trend by relying more on the
Eurobond market for funding, a study titled "Evaluating the
Relative Strength of the U.S. Capital Markets" showed.


Read more at Reuters.com Bonds News

GMAC CFO says ResCap's liquidity sufficient

(Reuters) - Earlier Monday, finance company GMAC posted a 63 percent
decline in quarterly profit, hurt by a $254 million loss at
ResCap. Last year, General Motors Corp. sold a majority
stake in GMAC.





Read more at Reuters.com Market News

CNA, Dow Jones, Ingersoll, RadioShack, Rural Cellular: 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.

Some mortgage lenders fell after American Home Mortgage
Investment Corp. (AHM US) delayed its quarterly dividend and
raised doubts about whether it has enough cash to stay in
business. Shares of American Home were halted.


Read more at Bloomberg Stocks News

Cotton Futures Rise on Speculation U.S. Farmers May Further Cut Acreage

(Bloomberg) -- Cotton rose to a one-week high in New
York on speculation farmers will switch acres to other crops
because of concern a World Trade Organization ruling may threaten
U.S. subsidies for growers of the fiber.

The WTO ruled last week the U.S. failed to overhaul its
subsidies to growers sufficiently to comply with trade rules, the
U.S. Trade Representative's office and Brazil said. U.S. farmers
cut cotton acreage by 28 percent this year from 2006, with many
switching to corn after it rallied to a 10-year high in February.


Read more at Bloomberg Commodities News

UPDATE 1-Cedar Fair says not in takeover talks

(Reuters) - The New York Post earlier on Monday reported that Cedar
Fair was in talks to be taken over by investment firm Destiny
Capital in a deal worth $4.1 billion.




"An article today reports a claim by an organization
referred to as 'Destiny Capital' that constructive negotiations
with the company have been undertaken. We are not currently in
negotiations with that organization or any other party," said
Cedar Fair Chief Executive Dick Kinzel in a statement.


Read more at Reuters.com Bonds News

GM, Ford, Toyota Back New U.S. Mileage Goals to Stave Off Stricter Rules

(Bloomberg) -- Automakers are embracing legislation
in the U.S. House that would raise fuel-economy standards,
abandoning years of resistance because of concerns they might
otherwise be forced to accept even tougher measures.

An industry group representing General Motors Corp., Ford
Motor Co., Toyota Motor Corp. and six other auto companies is
backing a bill that would require a more than one-quarter
increase in average vehicle mileage by 2022. Competing measures
in the House and Senate mandate stricter requirements that would
compel earlier compliance and probably cost the industry more.


Read more at Bloomberg Energy News

Alberto-Culver profit falls, still eyeing deals

(Reuters) - The company, which makes such products as Alberto VO5 shampoo, is still looking for acquisitions, particularly in skin care and possibly beauty care, Chief Executive V. James Marino told Reuters.




Alberto-Culver is a smaller company focused on consumer products after spinning off Sally Beauty Holdings Inc. , its retail arm and the larger of its two businesses, in November. The company announced a restructuring plan in December.


Read more at Reuters.com Market News

US STOCKS-Profit optimism lifts Wall St gloom

(Reuters) - NEW YORK, July 30 - U.S. stocks rose in choppy
trade on Monday after Wall Street's worst week in nearly five
years as optimism about the earnings outlook offset concerns
about the deteriorating credit market.




Expectations for quarterly earnings growth by Standard &
Poor's 500 companies were raised to 6.8 percent compared with
the year-ago period from 6.0 percent expected one week earlier,
according to Reuters Estimates.


Read more at Reuters.com Bonds News

UPDATE 1-Hedge fund Citadel takes over Sowood's credit fund

(Reuters) - BOSTON, July 30 - Hedge fund Citadel Investment
Group, LLC said on Monday that it took over Sowood Capital's
credit portfolio following speculation last week that heavy
losses might force the smaller hedge fund to shut down.




Chicago-based Citadel, which manages $14 billion, came to
the rescue after Boston-based Sowood, which managed $3 billion,
got into trouble with bond trades this summer. Rumors that
Sowood might be forced to shut down roiled financial markets
late last week.


Read more at Reuters.com Bonds News

U.S. Stocks Rebound on Upgrades; KB Home, Nordstrom, Terex Shares Advance

(Bloomberg) -- U.S. stocks rebounded, pacing a
global advance, after Wall Street brokerages told investors to
buy shares that fell during last week's $2.1 trillion global
sell-off.

KB Home led homebuilders higher after Citi Investment
Resarch raised the shares to ``buy.'' Nordstrom Inc. posted its
steepest gain since August on a Goldman, Sachs & Co. upgrade.
Terex Corp., the maker of trucks and cranes, surged the most in
three weeks and led the Standard & Poor's 500 Index higher
after Goldman, Sachs & Co. advised clients to buy the shares.


Read more at Bloomberg Stocks News

US STOCKS-Indexes gain on profit hopes in seesaw trading

(Reuters) - The Dow Jones industrial average was up 57.72
points, or 0.44 percent, at 13,323.19. The Standard & Poor's
500 Index was up 7.79 points, or 0.53 percent, at
1,466.74. The Nasdaq Composite Index was up 12.69
points, or 0.50 percent, at 2,574.93.




Read more at Reuters.com Bonds News

TREASURIES-Bonds fall as stocks turn higher

(Reuters) - Bond prices mainly have been moving in the opposite
direction of stocks -- when stocks slide, fearful investors
turn to the relative safety of bonds, and when stocks show
signs of life, bonds retreat.




"I really think Treasuries are just watching stocks -- we
have no other drivers for today," said Beth Malloy, bond market
analyst at Briefing.com in Chicago, adding "we are also weighed
by last week's rally."


Read more at Reuters.com Bonds News

UPDATE 4-RadioShack posts profit but sales weaken

(Reuters) - ATLANTA, July 30 - RadioShack Corp. reported a second-quarter profit on Monday on cost cutting, but sales missed Wall Street estimates, sending shares of the consumer electronics retailer tumbling 13 percent.



"The sales performance continues to be weak," said Tiffany Co, a director in the retail group with Fitch Ratings. She said declining sales would eventually cut into earnings.


Read more at Reuters.com Market News

Mexico Bolsa Rises Most in Month on Analyst Upgrades: Latin America Stocks

(Bloomberg) -- Mexico's Bolsa index rose the most in
four weeks after analysts advised investors to buy companies with
better-than-expected profit growth.

Mexico's Bolsa index rallied 556.58, or 1.8 percent, to
30,791.75 as of 12:50 p.m. New York time, led by mobile phone
company America Movil SAB. It gained the most since July 3.


Read more at Bloomberg Stocks News

UPDATE 1-Russel Metals second-quarter profit drops

(Reuters) - Russel, one of the largest metals distribution companies in
North America, said it earned C$29.3 million ,
or 47 Canadian cents a share, in the quarter ended June 30,
down from C$46.2 million, or 74 Canadian cents a share, in the
year-earlier quarter.




Sales for the Mississauga, Ontario-based company were C$653
million, down from C$686 million.


Read more at Reuters.com Market News

UPDATE 1-EXCO to form master limited partnership unit

(Reuters) - BANGALORE, July 30 - Oil and gas producer EXCO
Resources Inc. on Monday said it plans to form a master
limited partnership and make an initial public offering
of $1.5 billion of common units in the subsidiary.




The company plans to use the MLP as a tax-efficient vehicle
to pursue acquisition of additional mature producing
properties, either from EXCO or from third parties, the Dallas,
Texas-based company said in a statement.


Read more at Reuters.com Government Filings News

US STOCKS-Credit worries drag on stocks, offset profit view

(Reuters) - NEW YORK, July 30 - U.S. stocks traded little
changed in erratic trading on Monday after Wall Street's worst
week in nearly five years as concerns about the deteriorating
credit market countered optimism about the earnings outlook.




Tightening lending standards threatened to slow or halt the
heavy pace of corporate buyouts, including several major deals
by private equity firms, which have fueled a rally in stocks.


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

UPDATE 1-Luby's shareholder urges company to hire adviser

(Reuters) - In a letter to the company, investment adviser Ramius
Capital Group LLC said its RCG Starboard Advisors LLC unit owns
about 6.5 percent of Luby's shares making it the largest
shareholder.




Luby's, which has seen three straight quarters of falling
earnings, was not immediately available for comment.


Read more at Reuters.com Mergers News

European Stocks Fall, Led by IKB, UBS, Commerzbank; ICI Gains on New Bid

(Bloomberg) -- European stocks fell for a fifth day,
led by financial-services companies after IKB Deutsche
Industriebank AG of Germany said profit will be ``significantly''
lower than forecast, hit by the U.S. subprime mortgage rout.

IKB tumbled 20 percent. UBS AG, the biggest money manager,
and 3i Group Plc, Europe's largest publicly traded buyout and
venture-capital firm, led declines by financial companies.
Commerzbank AG slid after saying it expects to make provisions
for losses tied to the U.S. subprime mortgage market.


Read more at Bloomberg Stocks News

Most U.S. Stocks Drop on Lending Conern; Energy Shares, Exxon Mobil Fall

(Bloomberg) -- Most U.S. stocks declined, dragging
European shares lower, after a German bank's losses from
subprime mortgages spurred concern rising defaults will reduce
lending and end the boom in leveraged buyouts.

Financial shares fell to a 10-month low after Germany's
IKB Deutsche Industriebank AG said it scrapped an earnings
forecast because of ``massive uncertainty'' in the markets.
Exxon Mobil Corp., the world's largest energy producer,
retreated on a drop in oil prices from an almost one-year high.


Read more at Bloomberg Stocks News

SABIC buys into $1.5 bln Mauritania iron project

(Reuters) - Saudi Basic Industries Corp. (SABIC), the Gulf's largest steel producer, said on Monday it agreed to take a 35 percent stake in a 5.6 billion riyal iron ore project in Mauritania.

SABIC's share of the project to produce iron ore pellets is costing $262 million, it said in a statement on the Saudi stock exchange Web site.


Read more at Reuters Africa

Sugar Rises on Prospect Rally in Crude Oil Prices Boosting Ethanol Demand

(Bloomberg) -- Sugar in New York gained on
speculation rising crude oil prices will boost demand for
ethanol, diverting sugar cane away from production of the
sweetener in Brazil.

Crude oil reached an 11-month high of $77.33 a barrel in
New York today after gaining for seven straight weeks. Brazil,
the biggest producer of sugar-cane based fuel and sweetener, has
boosted ethanol production while cutting back on sugar output so
far this season.


Read more at Bloomberg Commodities News

UPDATE 2-Bausch & Lomb allows rival bidder to show info

(Reuters) - Advanced Medical wants to wrest Bausch & Lomb away from its
existing agreement to be acquired by private equity firm
Warburg Pincus for $3.67 billion.




But Advanced Medical's offer has been opposed by its
third-largest shareholder, ValueAct Capital. A lack of support
by a key investor makes Advanced Medical's offer more risky,
analysts have said.


Read more at Reuters.com Government Filings News

U.S. Treasury to sell $26 bln 4-week bills

(Reuters) - Threshold $9.1 bln
NLP Exclusion




Amt $11.2 bln


Read more at Reuters.com Bonds News

Crude Oil Slips on Speculation U.S. Fuel Inventories Climbed Last Week

(Bloomberg) -- Crude oil fell from the highest in
almost a year, pulled lower by gasoline, on speculation U.S. fuel
stockpiles increased last week.

A government report on Aug. 1 will probably show that U.S.
inventories of gasoline and distillate fuel, a category that
includes diesel and heating oil, rose for a second week,
according to a Bloomberg News survey. The crude-oil market often
follows gasoline during the summer driving season, when motor-
fuel demand peaks.


Read more at Bloomberg Commodities News

Oil Falls From Close to One-Year High on Expected U.S. Fuel Inventory Gain

(Bloomberg) -- Crude oil fell from the highest in
almost a year, pulled lower by gasoline, on speculation U.S. fuel
stockpiles increased last week.

A government report on Aug. 1 will probably show that U.S.
inventories of gasoline and distillate fuel, a category that
includes diesel and heating oil, rose for a second week,
according to a Bloomberg News survey. The crude-oil market often
follows gasoline during the summer driving season, when motor-
fuel demand peaks.


Read more at Bloomberg Energy News

S.African stock market boosted by miners, banks

(Reuters) - South Africa's blue chip top-40 index rose over 1.7 percent on Monday, boosted by resource and banking stocks in late afternoon trade.

At 1452 GMT, the blue-chip index was 1.6 percent stronger, with heavyweight miners Anglo American up 2.07 percent to 402.40 rand and BHP Billiton 3.75 percent higher at 203.60 rand.


Read more at Reuters Africa

Importers help push rand weaker

(Reuters) - South Africa's rand weakened to a new one-month low against the dollar on Monday, pushed down mostly by heightened importer demand during the morning session, traders said.

At 1520 GMT the domestic unit was trading at 7.1475 versus the dollar, down 0.5 percent from Friday's New York close of 7.1125, but well off the session's softest level of 7.1999 -- its weakest mark since June 27, according to Reuters data.


Read more at Reuters Africa

Turkish Stocks Fall for Fifth Day, Led by Koc, Akbank Shares; Migros Gains

(Bloomberg) -- Turkey's benchmark stock index
dropped for a fifth day, its longest losing streak in seven
months. Koc Holding AS and Akbank TAS paced the decline.

The ISE National 100 Index lost 102.69, or 0.2 percent, to
51,459.22 in Istanbul as 50 shares fell, 30 rose and 20 were
unchanged. That is the longest run of declines since the six
trading days ended Jan. 10.


Read more at Bloomberg Stocks News

UPDATE 1-Turkey's Akbank H1 net profit soars 35 pct

(Reuters) - Akbank, part-owned by Citigroup , turned a net profit
of 1.2 billion lira , it said in a statement.




Total loans grew 17.4 percent from the end of last year to
35.6 billion lira, with consumer loan growth of 19 percent.


Read more at Reuters.com Market News

Chile's Peso Strengthens as Codelco Prepares to Reopen Second-Largest Mine

(Bloomberg) -- Chile's peso rose after state-owned
Codelco, the world's biggest producer of copper, said it will
resume production at its second-largest mine.

Unions at El Teniente in central Chile will resume work,
Codelco said yesterday. Mining had been halted since July 26
because of protests by striking contract workers. Copper has
gained 22.6 percent this year. Copper is Chile's biggest export.


Read more at Bloomberg Currencies News

US STOCKS-Indexes flat, but volatility running high

(Reuters) - NEW YORK, July 30 - U.S. stocks were little
changed on Monday after gyrating between negative and positive
territory in the first half hour as worsening sentiment about
the global credit environment countered optimism about economic
growth.




Tightening lending standards threaten to slow or halt the
heavy pace of corporate buy-outs that have fueled a rally in
equities.


Read more at Reuters.com Bonds News

Mexican stocks rally, telecom shares lead

(Reuters) - The benchmark IPC stock index of leading shares
surged 1.54 percent to 30,701 points and the peso currency
eased marginally to 10.968 per dollar.




In debt trading, the price of the benchmark government
10-year peso bond rose 0.185 points to bid 101.586,
with a yield of 7.74 percent.


Read more at Reuters.com Bonds News

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

(Bloomberg) -- Canadian stocks rose after investors
speculated that the steepest weekly sell-off in almost six years
was overdone.

EnCana Corp. paced gains in energy and raw-material stocks,
which had among the biggest declines last week, on higher prices
for natural gas.


Read more at Bloomberg Stocks News

Loews 2nd-qtr profit rises

(Reuters) - Net income at the New York-based conglomerate, which is run by the billionaire Tisch family, rose to $653.4 million from $568.7 million a year earlier.



Profit attributable to Loews shareholders rose to $511.7 million, or 95 cents per share, from $474.9 million, or 85 cents a share.


Read more at Reuters.com Market News

ICI rejects improved $16 bln Akzo bid, talks continue

(Reuters) - ICI, the maker of Dulux paints, said on Monday that the two sides were still in talks after it rejected a 650 pence a share cash proposal from Akzo but it had not opened its books to the world's largest maker of industrial coatings.




Akzo, the maker of Crown paints, said it had teamed up with German consumer products group Henkel over its proposed bid, but there was no certainty it would make a better offer. Henkel would take on ICI's adhesives and electronics materials business if a deal went through, Akzo said.


Read more at Reuters.com Business News

GLOBAL MARKETS-Investors take break from credit worries

(Reuters) - Signs of the recent bout of risk aversion, however, were not
far away. MSCI's main world stock index was 6
percent off its all-time high just 10 days ago and Wall Street
volatility was at highs not seen since April 2003.




"Clearly credit worries are still very much at the fore of
investors' minds," said Nick Stamenkovic, bond strategist at RIA
Capital Markets.


Read more at Reuters.com Bonds News

Dollar eases as credit, risk aversion remain focus

(Reuters) - The dollar slipped modestly against a basket of major currencies on Monday, giving back some of last week's gains as investors geared up for a barrage of economic data this week and potentially more credit-driven market volatility.

As traders took stock of last week's rise in risk aversion on deepening concern about a possible credit crunch and a deteriorating U.S. housing market, high-yielding currencies like the Australian and New Zealand dollars lost ground on Monday.


Read more at Reuters Africa

India's Unilever shares surge on results, buyback

(Reuters) - "The pricing of the buyback is good, but it is only a small share of their equity and it cannot prop up share prices in the long term," said Hemant Patel, an analyst at Enam Securities.




Hindustan Unilever, 52-percent owned by Anglo-Dutch Unilever Plc , on Sunday said it would spend up to $156 million to buy 27.4 million shares, or 1.2 percent of outstanding equity, at up to 230 rupees a share, a 17 percent premium to Friday's close.


Read more at Reuters.com Hot Stocks News

Corn, Soybeans Rise on Concern Over U.S. Crop Conditions; Wheat Declines

(Bloomberg) -- Corn and soybean futures in Chicago
gained on speculation a government report later today will show
a decline in crop conditions for a fourth straight week. Wheat
futures fell as investors bet recent gains were overdone.

An estimated 62 percent of the corn crop was in good or
excellent condition as of July 22, down from 64 percent a week
earlier and up from 59 percent a year earlier, the U.S.
Department of Agriculture said in its latest report on July 23.


Read more at Bloomberg Commodities News

ABN CEO: Barclays bid beneficial, but cannot recommend

(Reuters) - "We continue to support Barclays' offer because we feel
overall Barclays' merger plan is to the benefit of all
stakeholders," Chief Executive Rijkman Groenink told reporters,
but said that ABN has taken a neutral stance on the competing
bids.




Read more at Reuters.com Mergers 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

French Utility Stocks Drop, Led by Suez; Michelin and France Telecom Gain

(Bloomberg) -- French utility stocks dropped, paced
by Suez SA and Veolia Environnement SA. Michelin & Cie. and
France Telecom SA gained.

The CAC 40 Index slid 9.20, or 0.2 percent, to 5634.76 at
9:11 a.m. in Paris. The SBF 120 Index fell 0.1 percent.


Read more at Bloomberg Stocks News

China Tells Some Local Governments to Hold Prices for the Rest of the Year

(Bloomberg) -- China's top planning agency told
local governments in some regions to refrain from raising prices
for the rest of the year, seeking to curb inflation that rose to
a 33-month high in June.

The directive is for places where consumer-price gains
breached local targets by a ``relatively large margin,'' the
National Development and Reform Commission said in a statement
on its Web site today. Price increases connected with energy-
efficiency policies are exempt, the agency said.


Read more at Bloomberg Emerging Markets News

JGBs fall from 2-month high on stocks, BOJ jitters

(Reuters) - JGBs extended losses as investors took profits after
concluding that bond yields have fallen too far if the BOJ
decides to lift the overnight call rate to a 12-year high of
0.75 percent in August from the current 0.50 percent.




A global slide in equity and corporate bond markets in the
past week has stirred doubts about a BOJ interest rate rise next
month, and driven benchmark JGB yields to two-month lows.


Read more at Reuters.com Bonds News

UPDATE 1-UK's Ultra H1 underlying profit rises 7 pct

(Reuters) - Operating profit, defined as earnings before interest, taxes
and amortisation on acquisitions, rose to 27.0 million pounds
, the company said in a statement to the London
Stock Exchange.
Citing its broad range of activities in both the defence and
civil sectors as well as its growing order book, Chief Executive
Douglas Caster said in the statement: "These give an excellent
basis for further progress in the medium term despite the
continuing currency headwind."




Ultra's order book advanced 3.8 percent to 574.8 million
pounds.


Read more at Reuters.com Market News

Pearson H1 profit up, raises education sales forecast

(Reuters) -



LONDON, July 30 - Book and newspaper publisher Pearson reported a sharp rise in first half profits on Monday and raised its full-year sales forecast for its core professional education business to growth of 5-7 percent.


Read more at Reuters.com Market 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

Yen Erases Rally Against Euro, Dollar After Japanese Stocks Stage Rebound

(Bloomberg) -- The yen erased gains as a rebound in
Japanese stock prices stopped investors from reducing holdings
funded by loans in the Japanese currency.

The Japanese yen had risen to a three-month high against the
euro as a slump in global stocks caused traders to pare so-called
carry trades. It also retreated from a two-month high against
both the Australian and New Zealand dollars.


Read more at Bloomberg Currencies News

Australian Mining Stocks Rise, Led by BHP Billiton; Macquarie Declines

(Bloomberg) -- Australian shares rebounded from early
losses, led by BHP Billiton Ltd. after copper and oil prices rose.

Macquarie Bank Ltd., the nation's largest investment bank,
fell on speculation higher credit costs will slow global takeovers
and dent advisory fees.


Read more at Bloomberg Stocks News

Tongaat-Hulett says H1 headline loss R155 mln

(Reuters) - South African sugar group Tongaat Hullet posted a first-half headline loss of 145.1 cents per share, the firm said on Monday.

The group, which said on July 27 it expected the headline loss, said profit from operations was 308 million rand compared to 307 million rand in the year-ago period.


Read more at Reuters Africa

Match.com expands mobile online dating service

(Reuters) - The service provides subscribers with text messages to their phones when they have an e-mail from another Match.com subscriber and allows them to search for potential matches from their cell phones.




For an extra fee of about $5 per month, MatchMobile subscribers can receive and answer e-mails from suitors on their mobile phones.


Read more at Reuters.com Business News

PRESS DIGEST - Wall Street Journal - July 30

(Reuters) - * Dow Jones & Co. Inc.'s controlling shareholders,
the Bancroft family, were still deliberating late Sunday
whether to sell to News Corp. , which has offered $5
billion for the publisher.




* John Malone's Liberty Global Inc. is weighing a
bid for Virgin Media Inc. , for which the Carlyle Group
[CYC.UL] has already offered $8 billion to $10 billion.


Read more at Reuters.com Mergers News

South Korea Stocks Rise, Erasing Earlier Losses; Hynix Semiconductor Gains

(Bloomberg) -- South Korean stocks rose, snapping a
two-day fall that had wiped out $68 billion in market value.
Technology companies rose, led by Hynix Semiconductor Inc., after
Shinyoung Securities Co. lifted its price estimate on higher chip
prices.

Stocks also rose after a government report showed South
Korea's industrial production increased almost twice as much as
expected, reinforcing speculation economic growth will speed up.
Posco advanced.


Read more at Bloomberg Stocks News

Sri Lanka's Inflation Probably Accelerated in July on Oil and Food Prices

(Bloomberg) -- Sri Lanka's inflation probably
quickened in July for the first time in four months as higher
oil and food prices offset slowing loan growth.

Consumer prices in the capital Colombo rose 15.5 percent
from a year ago, after gaining 13 percent in June, according to
the median forecast of 12 analysts in a Bloomberg survey. The
statistics department's index, the key inflation gauge watched
by the central bank, is due tomorrow at 3 p.m. in Colombo.


Read more at Bloomberg Emerging Markets News

Asian Stocks Rebound From 1-Month Low; JFE Gains, Hon Hai Precision Falls

(Bloomberg) -- Asian stocks rebounded from a one-
month low after higher profits at JFE Holdings Inc. and Nippon
Steel Corp. helped offset concerns of a slump in U.S. housing.

Toyota Motor Corp., the world's largest automaker by market
value, and Hon Hai Precision Industry Co., the biggest contract
manufacturer, led declines after a report showed a decline in U.S.
housing investment.


Read more at Bloomberg Stocks News

UPDATE 1-ABN withdraws backing for Barclays bid

(Reuters) - The Netherlands' biggest bank, which faces competing offers
of 65.6 billion euros from Barclays and 71
billion euros from the consortium of RBS, Fortis of
Belgium and Spain's Santander , also reported a 7.1
percent decline in quarterly net profit.




ABN originally backed Barclays when announcing a deal to
merge with it in April.


Read more at Reuters.com Market News

Newcastle Port Coal Price Rises on Speculation Japan Will Need More Fuel

(Bloomberg) -- The price of power-station coal at
Australia's Newcastle port rose for the first time in four weeks
on speculation Tokyo Electric Power Co. may need to buy the fuel
after shutting its nuclear reactor.

Coal for immediate delivery at the world's largest coal
export harbor, increased 51 cents to $66.81 a metric ton in the
week ended July 27 from the previous week, according to the
globalCOAL NEWC Index. Tokyo Electric said it will run its
thermal and hydro power plants above their design capacity and
buy power from other utilities after shutting the world's biggest
nuclear reactor after a July 16 earthquake.


Read more at Bloomberg Energy News

ABN Amro Holding NV, Bulgari, Geox, Linde, Tod's: European Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in European markets. Prices are from the last close.

The Dow Jones Stoxx 600 fell 0.5 percent to 372.69. The Dow
Jones Stoxx 50 Index declined 0.4 percent to 3720.33. The Euro
Stoxx 50 Index, a benchmark for the 13 nations using the euro,
dropped 0.2 percent to 4244.58.


Read more at Bloomberg Stocks News

Saudi Aramco Offers to Sell 90,000 Tons of Fuel Oil for Loading in August

(Bloomberg) -- Saudi Aramco, the world's biggest
state oil company, offered to sell 90,000 metric tons of fuel
oil for loading in August, according to an offer document sent
to potential buyers

---------------------------------------------------------------
Product:      A-953, 380-centistoke, 3.7 percent sulfur
Quantity:     90,000 tons
Loading:      Aug. 18-20
Port:         Ras Tanura
Bids close:   July 31
Bid Validity: Aug. 1
---------------------------------------------------------------

The oil's centistoke rating is a measure of its viscosity
or flow rate. Fuel oil is used as ship fuel and burned at power
plants to generate electricity.


Read more at Bloomberg Energy News

Porsche, SAP, Continental, Munich Re, GPC Biotech: German Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in German markets. Stock symbols are in parentheses after the
company names and prices are from the Xetra close on July 27
unless otherwise stated.

DAX futures expiring in September dropped 72, or 1 percent,
to 7488 in Frankfurt. The DAX declined 0.8 percent to 7451.68 on
the Xetra electronic-trading system.


Read more at Bloomberg Stocks News

Doosan to buy Ingersoll units for $4.9 billion

(Reuters) - Ingersoll signed a definitive agreement to sell Bobcat, the
world's top compact construction equipment firm, and its
utility equipment and attachment businesses, which in 2006
together generated $2.6 billion in sales and $370 million in
operating profits.




"The sale of Bobcat, Utility Equipment and Attachments
represents the last major auction to transform our business
portfolio to reposition Ingersoll Rand as a diversified
industrial company," CEO Herbert Henkel said in a statement.


Read more at Reuters.com Business 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 Economic News

JGB futures fall from 2-month high on BOJ jitters

(Reuters) - JGBs quickly gave up early gains made on a drop in Tokyo
share prices as investors were concerned that bond yields have
fallen too far if the BOJ decides to lift the overnight call rate
to a 12-year high of 0.75 percent in August from the current 0.5
percent.




A slump in Japanese stock and credit markets in the past week
and a plunge in global equity markets have stirred doubts about a
BOJ interest rate increase next month, driving benchmark JGB
yields to two-month lows.


Read more at Reuters.com Bonds News

Malaysia's Naim Plans 500 Million Ringgit Islamic Debt Sale for Projects

(Bloomberg) -- Naim Cendera Holdings Bhd., a
Malaysian construction company, plans to sell debt for the first
time this year to fund property purchases and construction
projects in the country's largest state.

The company, based in Kuching, Sarawak, the biggest
Malaysian state by land area, plans to sell 500 million ringgit
($144 million) of Islamic debt in September, Deputy Managing
Director Sharifuddin Wahab said. CIMB group will manage the sale.


Read more at Bloomberg Bonds News

Liberty reportedly mulling Virgin Media bid

(Reuters) - Virgin Media had asked suitors to submit expressions of interest by the first week of August to kick off an auction of the company, people familiar with the situation told Reuters earlier this week.




About 10 suitors have expressed an interest, sources told Reuters, since private equity firm Carlyle Group made an initial offer earlier this month.


Read more at Reuters.com Business News

Taiwan's CPC Says Kaohsiung Crude Unit Is Unaffected by Yesterday's Fire

(Bloomberg) -- CPC Corp., Taiwan's state-owned oil
refiner, said a crude distillation unit at its refinery in
Kaohsiung in southern Taiwan was unaffected by a fire yesterday.
No one was hurt in the incident.

The fire, which broke out during an attempt to restart the
unit, was extinguished within 10 minutes, Jessica Tang, a
Taipei-based spokeswoman, said by telephone today. The plant has
the capacity to process 100,000 barrels of crude oil a day and
closed since June 6 for scheduled maintenance.


Read more at Bloomberg Energy News

Yangtze Power's Profit Jumps 72 Percent on Output and Sale of Bank Stake

(Bloomberg) -- China Yangtze Power Co., operator of
the world's biggest hydropower project, said first-half profit
jumped 72 percent after the company sold shares in a bank and as
electricity output rose.

Net income surged to 2.25 billion yuan ($298 million), or
0.268 yuan a share, from 1.31 billion yuan, or 0.16 yuan, a year
earlier, Yangtze Power said in a statement to Shanghai's stock
exchange today. Sales rose 12 percent to 3.4 billion yuan.


Read more at Bloomberg Emerging Markets News

South Korea's Stocks Slide on U.S. Housing Concern; Kookmin Bank Drops

(Bloomberg) -- South Korean stocks fell for the
third day. Kookmin Bank led declines on concern a deepening U.S.
housing slump will slow the world's biggest economy and prompt
investors to shun equities for safer assets.

``The housing-market problems may have a bigger-than-
expected damping effect on the U.S. economy,'' said Kim Han Jin,
vice president of Fides Investment Management in Seoul, which
manages $1 billion in equities. ``That could continue if consumer
spending fails to offset those negatives,'' while ``people want
to cut their holdings of riskier assets in emerging markets,'' he
said.


Read more at Bloomberg Stocks News

PetroChina slides on fears Buffett will sell more

(Reuters) - Analysts said further sales were not impossible, pressuring
the shares in the short term.




For a story on Buffett's share sale, please click on
[ID:nHKG303146].


Read more at Reuters.com Mergers News

Australian and New Zealand's Dollars Fall as Investors Cut Carry Trades

(Bloomberg) -- The Australian and New Zealand
dollars both fell to the weakest in a month against the U.S.
currency as a slide in stocks prompted investors to cut holdings
in higher-yielding securities.

The currencies were the worst performing today of the 16
most-traded as the Morgan Stanley Capital International Asia
Pacific Index fell 0.7 percent. A slump in corporate debt caused
investors to pare carry trades, in which they borrow cheaply in
yen and seek higher returns.


Read more at Bloomberg Currencies News

Ten-Year Treasury Yields Near 10-Week Low as Asia Stocks Follow U.S. Lower

(Bloomberg) -- Treasuries were little changed, with
10-year note yields near a 10-week low, as Asian stock markets
slumped because investors are shunning riskier assets.

The securities look set to add to last week's biggest gain
since the period ended Sept. 22 on concern a U.S. housing market
slowdown and defaults on subprime mortgages will weigh on the
broader economy. Japan's equity markets led the region lower,
with the Nikkei 225 Stock Average declining more than 1 percent.


Read more at Bloomberg Bonds News

Yen Trades Near Three-Month High Versus Euro as Investors Cut Carry Trades

(Bloomberg) -- The yen traded near a three-month
high against the euro as a slump in global stocks caused traders
to repay Japanese currency loans used to fund higher-yielding
investments.

The Australian and New Zealand dollars, favorites of so-
called carry trades, dropped as corporate debt markets slumped
worldwide, increasing the cost of takeovers. The ruling
coalition of Japanese Prime Minister Shinzo Abe lost its upper
house majority yesterday, prompting Japanese stocks to decline.


Read more at Bloomberg Currencies News

Stock Bulls Grow More Bullish as Global Equity Markets Lose $2.1 Trillion

(Bloomberg) -- The biggest losses in stock and
credit markets in five years are making the U.S. stock bulls
more bullish.

The Dow Jones Industrial Average posted its steepest gain
since 2003 on July 12, two days after tumbling on Standard &
Poor's plan to cut credit ratings for bonds backed by subprime
mortgages. The benchmark for America's biggest companies climbed
to a record the next week, following a decline sparked by losses
in Bear Stearns Cos. hedge funds. Some of the world's largest
investors say the S&P 500's biggest slump since September 2002
last week now offers them even more opportunities to profit.


Read more at Bloomberg Stocks 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

South Korea's Kospi Index Falls, Led by Kookmin, Shinhan, Hyundai Heavy

(Bloomberg) -- South Korea's benchmark stock index,
the Kospi Index, fell 0.41 percent at 9:05 a.m.

The index of 732 companies traded on the Korea Exchange
fell 7.74 to 1,875.48. Among the stocks in the index, 177 rose,
451 fell and 104 were unchanged.


Read more at Bloomberg Stocks News

Bank Rakyat, Bharat Heavy, China Life, Hana: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or
fall today in Asian markets, excluding Japan. This preview
includes news that broke after markets closed on July 27. Prices
are from the local market's last close. Stock symbols are in
parentheses after company names.

PT Bank Rakyat Indonesia (BBRI IJ): Indonesia's biggest
lender by market value said profit in the first half rose 17
percent as it expanded lending to companies and consumers in an
accelerating economy. Net income increased to 2.36 trillion
rupiah ($255 million) in the six months ended June 30, from 2.01
trillion rupiah a year earlier. The shares fell 200 rupiah, or
3.2 percent, to 6,100.


Read more at Bloomberg Stocks News

UK lawmakers urge tax, debt scrutiny in LBO review

(Reuters) - The House of Commons Treasury committee further recommended
in a report issued on Monday that tax authorities revisit rules
that enable private equity executives to pay a capital gains tax
rate of 10 percent or lower, but it stopped short of suggesting
any specific changes.




It also said buyout firms ought to be competing more
aggressively on the fees they charge investors, although rather
than putting forward a legislative remedy, it challenged
investors to negotiate harder.


Read more at Reuters.com Government Filings News

Oil Trades Little Changed After Surging to 11-Month High on U.S. Economy

(Bloomberg) -- Crude oil was little changed near an
11-month high in New York after rising last week on signs growth
in the U.S. economy may underpin world demand.

Oil jumped after a July 27 report showed the U.S. economy,
which uses about 24 percent of the world's oil, expanded by 3.4
percent in the second quarter, the fastest pace in more than a
year. A 3.2 percent increase was forecast by economists surveyed
by Bloomberg News. World demand will rise 1.8 percent this year,
the International Energy Agency said in a July 13 forecast.


Read more at Bloomberg Energy News

Italy says has one less option to save Alitalia

(Reuters) - The Italian Treasury, which has a 49.9 percent stake in Alitalia, is struggling to decide its next move to salvage the money-losing carrier after its seven-month auction collapsed earlier this month.




Economy Minister Tomasso Padoa-Schioppa last week said Rome was debating whether to start a new bidding process from scratch or begin direct talks with potential suitors, but backed away from the latter option on Sunday.


Read more at Reuters.com Business News

Fidelity chief says daughter may not run company-NYT

(Reuters) - Johnson's daughter now reports to that former Prudential
executive, Rodger Lawson, 60, which would seem to push her
further from the chief executive spot.




Ned Johnson told The New York Times in an article published
on Sunday, "I would expect the family would continue to play a
critical role in leading Fidelity."


Read more at Reuters.com Bonds News

WEEKEAHEAD-Emerging debt to remain volatile after selloff

(Reuters) - Despite the massive sell-off that left bonds with losses of
more than 1 percent for the year-to-date, dedicated emerging
market investors have not yet capitulated, but are possibly
waiting for an opportunity to buy on dips, fund managers and
analysts said.




"Although real-money accounts are obviously also feeling
the pain, they still believe that at some point this will be an
opportunity to add ," JP Morgan's analysts wrote in a
research note.


Read more at Reuters.com Bonds News

Russneft owners confirm sale talks with Deripaska

(Reuters) - "The owners of Russneft have transferred control in the
company to a number of investment structures, which were holding
talks with a number of contenders," president of bank BIN,
Mikhail Shishkhanov, said through a spokesman.




"We would be happy if Basel becomes the new owner," said
Shishkhanov, who is a business partner of Mikhail Gutseriyev,
the founder of Russneft and BIN.


Read more at Reuters.com Mergers News

TIPS, A Bad Tip on Inflation in 2006, Lose Value as Oil Closes In on $100

(Bloomberg) -- Treasury investors say inflation is
abating, even if the oil bulls are right and crude heads to $100
a barrel.

Pacific Investment Management Co. and Fidelity Investments
sold Treasury inflation-protected securities maturing next year,
confident that consumer prices will remain in check. Money
managers lost as much as $275 million on so-called TIPS in the
second half of 2006 because oil fell from record highs and
gasoline prices dropped.


Read more at Bloomberg Bonds News

RPT-Wall St Week Ahead: Data, earnings loom after painful week

(Reuters) - NEW YORK, July 29 - Getting back on the bull will
be no easy task this week, particularly after the meltdown
stock investors endured over the past two days.




The Standard & Poor's 500 and Dow Jones industrial average
ended trading on Friday at the week's lowest levels, marking
the worst one-week percentage drop for the S&P 500 in nearly
five years and the gloomiest on the Dow in five months.


Read more at Reuters.com Bonds News

Pearl, Deutsche last Abbey Life bidders: sources

(Reuters) - Reinsurer Swiss Re and closed life fund specialist Resolution were also named as bidders earlier in July.




Since then, however, Resolution has announced an 8.6 billion pound all-share merger with rival Friends Provident . The Sunday Telegraph reported that Swiss Re had also pulled out.


Read more at Reuters.com Business News

Madagascar, China sign deals worth $78 million

(Reuters) - China and Madagascar have signed four deals worth roughly $78 million for hotel construction and debt alleviation among other things, Malagasy officials said.

The deals confirmed agreements made at the China-Africa summit in Beijing last November between the Asian powerhouse and the enormous, mineral-rich island.


Read more at Reuters Africa

HeidelbergCement CEO sees Maxit sale soon -paper

(Reuters) - The world's fourth largest cement maker aims to use proceeds
from the disposal to help finance its 8 billion pound
acquisition of British aggregates specialist Hanson that
marks the biggest takeover in the sector and will create the
global number two in construction materials.




"The next one and a half years we will certainly be busy
with the integration of Hanson. These measures should be
concluded by the middle of next year -- that goes most of all
for North America and England," he said.


Read more at Reuters.com Mergers News

Algeria says seen no suitable Gaz de France deal

(Reuters) - Algerian said its energy giant Sonatrach has not received any suitable proposal for an alliance with Gaz de France, floated as an alternative to the French utility's merger with rival Suez.

Sonatrach wanted a strategic partnership that could give it access to international reserves, energy and mines minister Chakib Khelil said in an interview to be published on August 1 in Paris-based industry magazine Petrole et Gaz Arabes.


Read more at Reuters Africa

EMI buyer gets 85 pct of shares, extends deadline

(Reuters) - EMI shares had slipped further from the offer price over the
last few days as investors worried the takeover might collapse
because of the deterioration in credit markets.




Read more at Reuters.com Mergers News

UDATE 1-India SBI Q1 net profit up 78 pct, beats forecasts

(Reuters) - The government-run bank said net profit in April-June, its
fiscal first quarter, rose to 14.26 billion rupees from 7.99 billion rupees a year earlier.




A Reuters poll of 10 brokerages had forecast that net profit
would rise 31.6 percent to 10.5 billion rupees.


Read more at Reuters.com Market News

US economic growth rebounds in second quarter

(Reuters) - U.S. economic growth rebounded during the second quarter to its strongest pace since the beginning of last year on a surge in business investment, more government spending and a better trade performance, the Commerce Department reported on Friday.

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. Second-quarter growth exceeded Wall Street economists' forecasts for a 3.2 percent rate of increase.


Read more at Reuters Africa

Chile stocks resist pull of US market, peso slips

(Reuters) - The Dow Jones Industrial average fell 0.65 percent,
despite better than expected second-quarter GDP growth data.




"We haven't taken our eyes off the U.S. market," said
Lorena Pizarro, head of research with the Alfa brokerage.


Read more at Reuters.com Bonds News