NYSE margin debt rises to record $378.2 bln in June

(Reuters) - Investors have taken on record amounts of debt to buy
securities since a rule change has made it easier to borrow --
and lure business that had moved offshore, to London in
particular.




Under a pilot program called portfolio margining that began
in April, several brokerage firms are now offering risk-based
margin rules to institutional investors.


Read more at Reuters.com Bonds News

American Express quarterly earnings rise

(Reuters) - Credit card issuers including JPMorgan Chase & Co.
and Capital One Financial Corp. last week reported
rising write-offs of bad credit card loans for the second
quarter compared to the same quarter last year, but credit
losses are still at or below historical norms.




Analysts' average estimate of income before one-time items
was 86 cents a share, according to Reuters Estimates. It was
not immediately clear if those results were comparable to
American Express' net income figure.


Read more at Reuters.com Market News

Canadian National profit falls without tax gain

(Reuters) - Canada's biggest railroad also said it plans to buy back up
to 6.6 percent of its shares.







Read more at Reuters.com Market News

Moody's may cut United Rentals' rating on takeover

(Reuters) - The rental company holds a "B1" corporate family rating
from Moody's, which is four steps below investment grade.




Fitch Ratings said on Monday it is keeping United Rentals'
"BB-minus" rating, which is three steps below investment grade,
on watch for a downgrade. [ID:nFit209015]


Read more at Reuters.com Bonds News

Gold miner Newmont resolves dispute with Uzbekistan

(Reuters) - It gave no details, but earlier this month, in a filing with the U.S. Securities and Exchange Commission, the world's second-largest gold company said it would receive $80 million as part of the settlement. Newmont will transfer its stake in the venture to Uzbekistan.




The company had already written off the value of its stake last September.


Read more at Reuters.com Business News

Mexico stocks jump, driven by surging America Movil

(Reuters) - The benchmark IPC stock index gained 0.81 percent to
32,181 points, while the peso firmed 0.26
percent to 10.7515 per dollar.




Shares of America Movil , Mexico's dominant
cell-phone operator and the most heavily weighted company on
the IPC index, advanced 3.09 percent to 35.32 pesos, its
biggest one-day gain in three weeks.


Read more at Reuters.com Bonds News

Mexico's Maxcom Telecommunications files for US IPO

(Reuters) - The company did not identify the U.S. exchange or the
proposed symbol for its IPO.







Read more at Reuters.com Bonds News

UPDATE 1-Cubs draw bidders, deal could top $1 bln-source

(Reuters) - NEW YORK, July 23 - The Chicago Cubs franchise,
being sold by media group Tribune Co. , has attracted
credible interest from about 15 parties, and a deal for the
baseball team and other assets is expected to top $1 billion,
according to a source familiar with the situation.




First-round bids are likely due after the Sept. 3 U.S.
Labor Day holiday, with a winner expected to be picked in
October. A deal is expected to close by the end of the year.
The winner must be approved by Major League Baseball.


Read more at Reuters.com Mergers News

China could benefit from foreign banks-FDIC chmn

(Reuters) - Sheila Bair, chairman of the U.S. Federal Deposit Insurance
Corp., is visiting government officials and bankers in Beijing
and Shanghai to promote a deposit insurance program for
financial institutions in China.




She is expected to sign a memorandum of understanding with
People's Bank of China governor Zhou Xiaochuan to formalize a
consultative relationship to help China set up a system.


Read more at Reuters.com Bonds News

RLPC-Investors mull proposed changes to Boots loan

(Reuters) - The deal will also add an interest cover covenant to the
covenant lite loan to offer additional protection to investors
spooked by a steep sell-off in the debt markets in recent
weeks, sources told Reuters Loan Pricing Corporation.




KKR [KKR.UL] and Boots [AB.UL] Deputy Chairman Stefano
Pessina agreed in April to buy the retailer for 11.1 billion
pounds in Europe's biggest-ever private equity
deal and the first of a FTSE 100 company.


Read more at Reuters.com Mergers News

CORRECTED: Merck shares jump on strong profit, raised forecast

(Reuters) - NEW YORK - Drugmakers Merck & Co. and Schering-Plough Corp. reported second-quarter results that handily topped Wall Street expectations on Monday, helped by increased sales of the cholesterol-lowering drugs they co-market and other medicines.




Merck, whose results were also spurred by soaring vaccine sales, really gave investors something to cheer about when it boosted its 2007 earnings forecast 25 cents per share and significantly raised the outlook for sales of several of its drugs, sending its stock up more than 8 percent.


Read more at Reuters.com Business News

Brazil Stocks Gain, Led by Vale do Rio Doce, CSN; Grupo Mexico Advances

(Bloomberg) -- Brazil's main stock index rose for the
second time in three days, led by steel and mining companies, on
speculation that diversification will boost their profits.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange added 379.38, or 0.7 percent, to 57,822.12 as of 1:11 p.m.
New York time. Cia. Vale do Rio Doce, the world's biggest iron-ore
producer, led the gains. Mexico's benchmark Bolsa index climbed
163.75, or 0.5 percent, to 32,086.37.


Read more at Bloomberg Emerging Markets News

Colombia Peso Reaches One-Month High on Speculation Inflation Will Slow

(Bloomberg) -- Colombia's peso strengthened to a
one-month high on investor expectations that inflation will
slow, attracting buyers to the nation's assets.

The peso gained 0.4 percent to 1,910.65 per dollar,
reaching the strongest since June 20, according to the Colombian
foreign-exchange electronic transactions system, known as SET-
FX.


Read more at Bloomberg Currencies News

EOG Resources, Netflix, Quicksilver Resources, Saia: 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.

Arrow International Inc. (ARRO US) rose $6.46, or 17
percent, to $44.25. Teleflex Inc. (TFX US) said it agreed to
acquire Arrow for $2 billion, adding products for critical and
cardiac care. Under the agreement approved by both companies'
boards, holders of Arrow would get $45.50 a share, 20 percent
more than the stock's closing price July 20, the companies said
in a statement. Teleflex rose fell 1 cent to $85.29.


Read more at Bloomberg Stocks News

Nymex Gas Falls to Seven-Month Low on Mild U.S. Weather, Ample Inventories

(Bloomberg) -- Natural gas fell to a seven-month low
in New York as a combination of mild temperatures and high
inventories served to undercut demand and push down prices.

The potential for hot weather forecast last week for the
high-demand areas of the U.S. East Coast later this week is now
``diminished'' and temperatures will be lower than normal, MDA
Federal Inc.'s Earthsat Energy Weather of Rockville, Maryland,
said in an outlook today.


Read more at Bloomberg Energy News

European Bonds Fall as Rebound in Stocks Eases Appetite for Safest Assets

(Bloomberg) -- European government bonds fell,
pushing 10-year yields up from near a two-month low, as a
recovery in stocks reduced demand for the safest assets.

Bunds reversed gains as the risk of holding corporate debt
dropped from earlier in the day, according to credit default
swaps traded on JPMorgan Chase & Co.'s iTraxx index. ECB Vice
President Lucas Papademos said today he expects economic growth
in the euro region to stay ``robust'' in coming quarters, stoking
speculation interest rates have further to rise.


Read more at Bloomberg Bonds News

Canada Dollar Rises Before Report Forecast to Show Retail Sales Increased

(Bloomberg) -- The Canadian dollar gained before a
government report that analysts forecast will show retail sales
rose in May, bolstering speculation the central bank will lift
interest rates.

The currency strengthened today as the yield advantage on
U.S. two-year Treasury notes over Canada's two-year bond shrank
to the smallest in more than two years.


Read more at Bloomberg Currencies News

DealTalk: Blackstone finds another way to benefit in China

(Reuters) - Not only did it find a wealthy new investor and position itself for deals in the world's most populous nation, but also the deal raised the profile of its M&A advisory business by leading to a highly visible role of advising the Chinese government on the acquisition of a stake in Barclays .




In doing so, Blackstone links its name to what is likely to be the year's biggest deal -- the sale of Dutch bank ABN AMRO . Barclays has used the investment from China to help increase its bid to 67.5 billion pounds in a battle with a rival group led by the Royal Bank of Scotland .


Read more at Reuters.com Mergers News

Treasuries Decline Most in More Than a Week as U.S. Stock Markets Increase

(Bloomberg) -- Treasuries fell the most in more than
a week amid a rise in stocks as traders speculated that
individual investors had yet to participate widely in equity
increases, suggesting potential for further gains.

The 10-year swap spread held near the widest in five years,
suggesting persistent concern losses on subprime loans in the
U.S. will hurt the broader economy. Treasuries gained last week
as traders canceled bets on riskier securities as credit spreads
widened. Fully hedged market participants had less need to buy
Treasuries today leading to a loss in momentum, traders said.


Read more at Bloomberg Bonds News

XM, Sirius would offer low cost, a-la-carte options

(Reuters) - The new plans address concerns raised when the proposed deal was announced earlier this year about the potential for a combined XM and Sirius to raise prices and limit programming choices.




The planned "a la carte" programming would be available beginning within one year following the merger, which the companies hope to complete later this year.


Read more at Reuters.com Mergers News

Astec, Force Protection, FoxHollow, Netflix, Tenet: 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 11:40 a.m. in New York.

Arrow International Inc. (ARRO US) rose $6.46, or 17
percent, to $44.25. Teleflex Inc. (TFX US) said it agreed to
acquire Arrow for $2 billion, adding products for critical and
cardiac care. Under the agreement approved by both companies'
boards, holders of Arrow would get $45.50 a share, 20 percent
more than the stock's closing price July 20, the companies said
in a statement on Business Wire. Teleflex rose $1.64 to $86.94.


Read more at Bloomberg Stocks News

Old Dominion, Saia fall on Bear Stearns downgrade

(Reuters) - The soft market has hit prices. Last week, LTL operator Con-way Inc. Chief Executive Doug Stotlar told Reuters that pricing has now bottomed out and should not worsen further in 2007.




But concerns over the pricing environment for LTL companies persist, which were reflected in the Bear Stearns decision to downgrade both Old Dominion and Saia to "underperform" from "peer perform."


Read more at Reuters.com Hot Stocks News

UPDATE 1-National City names Raskind CEO, replaces Daberko

(Reuters) - NEW YORK, July 23 - National City Corp. , the eighth-largest U.S. bank, on Thursday named Peter Raskind chief executive, succeeding David Daberko, who will remain chairman until his retirement at the end of the year.



Raskind had been considered the heir apparent since being named president in December and joining the Cleveland-based bank's board of directors. He has overseen National City's consumer and small business operations, and in December also took responsibility for corporate banking and wealth management.


Read more at Reuters.com Mergers News

Weatherford profit rises, says U.S. probes sales

(Reuters) - The Houston-based company's profit from continuing operations rose to $235 million, or 68 cents a share, from $190 million, or 53 cents a share, in the same period a year earlier.




Analysts, on average, had expected earnings of 70 cents a share, according to Reuters Estimates.


Read more at Reuters.com Hot Stocks News

Gold, Silver Futures Decline After U.S. Dollar's Slump Against Euro Stalls

(Bloomberg) -- Gold fell from a two-month high in
New York as the dollar's decline against the euro stalled,
reducing the appeal of the precious metal as an alternative
investment. Silver also dropped.

The dollar rebounded from a record $1.3845 against the euro
as a price chart some investors use to predict currency movements
suggested the decline was too rapid. Before today, gold has
gained 7.3 percent this year, and the dollar slumped 4.6 percent
against the euro.


Read more at Bloomberg Commodities News

India, Indonesia, Malaysia, Taiwan, Thailand: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: The government will further tighten monetary policy
after increasing lending and deposit rates last week, Hong Kong
Monetary Authority Chief Executive Joseph Yam said on Hong Kong
Commercial Broadcasting radio yesterday. Yam urged investors to
be careful as financial markets are growing more turbulent, the
broadcaster reported. The government will sell 28 billion yuan
($3.7 billion) of six-month notes tomorrow.


Read more at Bloomberg Bonds News

XM, Sirius to offer low cost, a-la-carte options

(Reuters) - The deal, which faces strong opposition from traditional radio and some lawmakers, musty still past regulatory hurdles.







Read more at Reuters.com Bonds News

World Bank's IFC looks off the beaten track

(Reuters) - The World Bank's private sector lending arm is boosting its equity investments in homegrown second-rank companies where it sees opportunity and growth but wary investors may still see risk.

The bank's International Finance Corp (IFC) has long loaned funds businesses in the developing world to reduce poverty and promote economic development. It has also teamed up with major companies in high-risk markets as a lender and guarantor.


Read more at Reuters Africa

Arrow, Cumulus, Donaldson, Ev3, Expedia, Netflix: 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 10:10 a.m. in New York.

Arrow International Inc. (ARRO US) rose $6.46, or 17
percent, to $44.25. Teleflex Inc. (TFX US) said it agreed to
acquire Arrow for $2 billion, adding products for critical and
cardiac care. Under the agreement approved by both companies'
boards, holders of Arrow would get $45.50 a share, 20 percent
more than the stock's closing price July 20, the companies said
in a statement on Business Wire. Teleflex rose $1.64 to $86.94.


Read more at Bloomberg Stocks News

TREASURIES-Bonds dip on bright stocks outlook

(Reuters) - NEW YORK, July 23 - U.S. Treasuries eased on
Monday, pulling benchmark yields back from recent six-week lows
as a firm equities outlook signaled at least a temporary
recovery in other markets from last week's subprime credit
scare.




Financial market losses related to subprime, the mortgage
sector that targets borrowers with poor credit, led to a flight
to quality by investors into Treasuries last week, giving
10-year notes their best rally since since March.


Read more at Reuters.com Bonds News

TEXT-S&P release on U.S. REITs and homebuilders

(Reuters) - REIT equities experienced a dip in the recent quarter, but the sector
maintains a relatively solid footing in terms of fundamentals given the ongoing
state of equilibrium within the commercial property markets. U.S. homebuilder
prospects darkened, however, as the sector strives to find a trough in the
market's current downturn.




"Mergers and acquisitions again drove most of our otherwise subdued U.S.
REIT rating actions in the second quarter," said credit analyst Elizabeth
Campbell.


Read more at Reuters.com Bonds News

UPDATE 1-American Standard to sell bath unit for $1.76 bln

(Reuters) - American Standard said the sale of the bath unit, which has
annual sales of $2.4 billion and sells plumbing products under
names such as American Standard and Porcher, is expected to be
completed in the fourth quarter.




The sale is part of American Standard's plan to split up
its three business units. The company is to spin off its
vehicle-controls business later this month. It plans to keep
its heating and air-conditioning business and change the
company name to Trane, its flagship brand.


Read more at Reuters.com Bonds News

UPDATE 1-Cumulus Media agrees to $1.3 bln buyout

(Reuters) - The agreement is the latest in a wave of media industry
buyouts, many of which have put leading U.S. newspaper
publishers and radio broadcasters into private hands as they
grapple with weak advertising and competing digital formats.




Under the buyout, Cumulus shareholders would receive $11.75
in cash per share, amounting to a 40 percent premium over its
closing price on Friday, the company said. Cumulus shares
jumped 35 percent to $11.35 in early Nasdaq trading.


Read more at Reuters.com Mergers News

HP says to still seek software acquisitions

(Reuters) - "It is likely that HP will continue to be acquisitive in its software portfolio," Thomas Hogan, senior vice president of HP software, told Reuters. "There are other parts of the portfoliio that are separate from the area of information technology operations and automation ... that we will continue to explore."'



HP said it would tender for all outstanding shares of Opsware, a supplier of software used to automate computer data centers, at $14.25 each, a 38.6 percent premium to Opsware's closing price of $10.28 on Nasdaq on Friday. HP values the deal at about $1.6 billion.


Read more at Reuters.com Mergers News

UPDATE 1-RPM International posts profit vs loss

(Reuters) - Profit was $84 million, or 65 cents a share, in the fourth
quarter ended May 31, compared with a year-ago loss of $142
million, or $1.21 a share.




Revenue rose 10.6 percent to $1.0 billion, the Medina,
Ohio-based company said.


Read more at Reuters.com Market News

Oil Prices to Keep Rising This Year on OPEC Supply Restrictions, CGES Says

(Bloomberg) -- Oil prices are likely to keep rising
for the rest of the year because of supply restrictions set by the
Organization of Petroleum Exporting Countries, the Centre for
Global Energy Studies said.

The price of crude won't decline as it did last year, when it
fell 27 percent from a record high in July through November, CGES
said in a monthly report today. OPEC, which last year agreed to
curtail output to keep prices around $60 a barrel, ought to raise
production, the report said.


Read more at Bloomberg Energy News

Manchester United Postpones Refinancing, Shelves Bonds Backed by Tickets

(Bloomberg) -- Manchester United Plc, the world's
fourth-largest soccer club by revenue, postponed plans to
refinance 660 million pounds ($1.4 billion) of debt as U.S.
subprime mortgage losses roil credit markets.

The English Premier League champions, owned by U.S.
billionaire Malcolm Glazer, called off preliminary talks with
JPMorgan Chase & Co. to refinance debt, according to a person
familiar with the transaction, who declined to be named because
the discussions are private. It also shelved discussions with
Royal Bank of Scotland Group Plc and Deutsche Bank AG to sell
bonds backed by ticket sales, the person said.


Read more at Bloomberg Bonds News

Wall Street opens higher on earnings, M&A

(Reuters) - U.S. stocks rose at the open on Monday, boosted by takeover news and stronger-than-expected earnings in the pharmaceutical sector.

The Dow Jones industrial average was up 70.15 points, or 0.51 percent, at 13,921.23. The Standard & Poor's 500 Index


Read more at Reuters Africa

Transocean, GlobalSantaFe in merger deal

(Reuters) - The link-up of the two largest drillers comes amid speculation that oil drillers would seek mergers to gain market share and take advantage of the huge spending increases in the energy sector, particularly for the development of offshore fields.




But that consolidation has been hampered by historically high stock prices in the sector which have made acquisitions too expensive.


Read more at Reuters.com Business News

Arrow International, LifePoint Hospitals, Tellabs: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges.
This preview includes news that broke after exchanges closed.
Stock symbols are in parentheses after company names. Share
prices are as of 8:55 a.m. in New York.

Amgen Inc. (AMGN US) rose 65 cents to $56.83 in trading
before U.S. exchanges opened. The company's anemia drugs will be
restricted at high doses for patients on kidney dialysis
treatment, according to a statement from the U.S. health program
for the elderly and disabled. The policy will provide greater
restrictions on dosages when a patient's level of hemoglobin
exceeds 13 grams per deciliter of blood, the Medicare agency
said.


Read more at Bloomberg Stocks News

Copper Futures May Gain on Speculation Global Growth Will Increase Demand

(Bloomberg) -- Copper, little changed in New York,
may gain on speculation global growth will increase demand for
the metal used in pipes and wires.

The U.S. economy expanded at the fastest rate in more than a
year last quarter, economists estimated before a government
report this week. China's economy in the second quarter grew at
the fastest pace in 12 years. Copper, which generally moves in
tandem with economic expansion, has gained more than fourfold in
the past four years while global demand outpaced production.


Read more at Bloomberg Commodities News

HP to acquire software maker Opsware for $1.6 bln

(Reuters) - NEW YORK, July 23 - Computer and printer maker Hewlett-Packard said on Monday that it would acquire Opsware Inc. for $1.6 billion to bolster its line-up of business software offerings.



HP said it would tender for all outstanding shares of Opsware, a supplier of software used to automate computer data centers, at $14.25 each, a 38.6 percent premium to Opsware's closing price of $10.28 on Nasdaq on Friday.


Read more at Reuters.com Mergers News

Dollar Rebounds Against Euro, Yen as Technical Charts Show Drop Too Fast

(Bloomberg) -- The dollar was little changed
against the euro after rebounding from a record low as charts
that some investors use to predict currency movements suggested
its decline was too rapid.

The currency also recovered versus the yen as U.S. stock
futures rose and European equities gained, prompting some
traders to use funds borrowed in Japan to buy higher-yielding
assets elsewhere. The dollar has dropped against 15 of the 16
most active currencies in the past month on concern subprime
mortgage defaults in the U.S. will hurt the economy.


Read more at Bloomberg Currencies News

Schering-Plough sees gross margins better in '07

(Reuters) - Schering-Plough made the comments on a conference call with
analysts to discuss its second-quarter results.




Earlier, the drugmaker said quarterly earnings rose
sharply, fueled by growing demand for its drugs for
cholesterol, arthritis and allergies.



Read more at Reuters.com Market News

UPDATE 1-India Dr. Reddy's Q1 net up 30.5 pct, lags forecast

(Reuters) - MUMBAI, July 23 - Indian drug maker Dr. Reddy's
Laboratories Ltd. on Monday missed expectations with
a 30.5 percent rise in first quarter net profit, although
demand for cheaper generic drugs was strong as countries look
to cut healthcare costs.




"We remain confident about our performance. This year it
will be all-round secular growth, traditional businesses are
showing good potential. There could be mix of organic and
inorganic growth," Chief Executive G.V. Prasad told Reuters.


Read more at Reuters.com Market News

Investor morale dips in July on housing, energy costs-UBS

(Reuters) - Investors' views on the U.S. economy in the next 12 months
fell even more steeply. The index's Economic Dimension
plummeted to 16 in July from 22 the prior month.




But strong stock market gains in the first half of the
month actually pushed the Index's Personal Dimension, which
measures optimism about investors' personal investment
portfolios, up four points in July to 71, UBS said.


Read more at Reuters.com Bonds News

U.K. Pound Rises to Highest Since May 1981 on Rate Differential With U.S.

(Bloomberg) -- The pound rose to its strongest
against the dollar since May 1981 on speculation the appeal of
U.K. assets will increase as the Bank of England keeps raising
interest rates while the Federal Reserve stays on hold.

The U.K. currency extended its six-week rally as the highest
benchmark yields of any Group of Seven nation lured investors
from abroad. U.K. rates will have to rise further, probably next
month, to stabilize inflation which held above the bank's target
for a 14th month in June, Ernst & Young LLP said.


Read more at Bloomberg Currencies News

Nigeria's Access Bank to raise $550 mln via offer

(Reuters) - Nigeria's Access Bank Plc on Monday launched a 70 billion naira public share offering to finance growth projects.

The bank will sell 4.73 billion shares at 14.90 naira each to raise tier one capital to 98.39 billion naira -- far above the 25 billion naira minimum set by the regulator.


Read more at Reuters Africa

Transocean to buy GlobalSantaFe

(Reuters) - "This is the type of transaction shareholders have been clamoring for," said Mark Urness, an analyst with Calyon Securities.




Under the terms of the deal, Transocean shareholders would receive $33.03 in cash and 0.6996 share of the combined company for each share of Transocean they own. GlobalSantaFe shareholders would receive $22.46 in cash and 0.4757 share of the combined company for each share of GlobalSantaFe they own.


Read more at Reuters.com Bonds News

Transocean, GlobalSantaFe Will Merge, Creating Largest Offshore Driller

(Bloomberg) -- Transocean Inc. and GlobalSantaFe
Corp., the two largest offshore oil and gas drillers, agreed to
merge, creating a company with a $33 billion order backlog and
worldwide market reach.

Shareholders of both Houston-based companies will receive a
combined $15 billion in cash, Transocean and GlobalSantaFe said
today in a statement. Each will get a ratio of cash and shares
in the combined company approximately equal to stock prices of
the two drillers at the end of last week.


Read more at Bloomberg Energy News

Yen Erases Advance Against Dollar, Euro After Stocks in Europe Rebound

(Bloomberg) -- The yen erased its gains against the
dollar and pared an advance versus the euro.

The yen traded at 121.38 against the dollar at 10:50 a.m.
in London, from 121.27 in New York on July 20. It was at 167.49
per euro, compared with 167.61 last week.


Read more at Bloomberg Currencies News

LME stocks cap price after copper hits 10-week high

(Reuters) - Copper was steady on Monday as rising stocks capped prices after they hit a 10-week high on bullish U.S. economic growth expectations and possible strike actions in top producer Chile, analysts said.

London Metal Exchange copper for delivery in three months was at $8,090/8,110 a tonne at 0932 GMT, down $20 against the close on Friday.


Read more at Reuters Africa

Standard Bank starts offer for Nigerian IBTC

(Reuters) - South Africa's Standard Bank launched a tender offer on Monday for shares in Nigerian investment bank IBTC Chartered Bank Plc which has agreed to merge with Standard's Nigerian unit Stanbic.

Standard Bank, Africa's top banking group by assets, said last week it had raised its offer price to 16 naira (12 U.S. cents) per share from 11.74 naira. It said the offer was now worth approximately $400 million.


Read more at Reuters Africa

Botswana stock index flat in week to July 20

(Reuters) - Domestic share prices on Botswana's stock exchange ended flat last week, official data showed on Monday.

The Bank of Botswana said the Domestic Company Index (DCI) of the Botswana Stock Exchange rose 0.5 percent in the week to July 20, ending at 9,869.71 points.


Read more at Reuters Africa

EU agency calls for withdrawal of hot flushes drug

(Reuters) - The agency looked in depth at the product after veralipride
was withdrawn from the Spanish market in 2005 because of reports
of serious side effects affecting the nervous system.




The drug is associated with side effects, including
depression, anxiety and tardive dyskinesia -- a movement
disorder which may be long-lasting or irreversible -- both
during and after treatment, the European drugs watchdog said.


Read more at Reuters.com Government Filings News

Crude Oil Falls a Second Day After Reuters Reports OPEC May Raise Output

(Bloomberg) -- Crude oil fell after Reuters reported
the Organization of Petroleum Exporting Countries was concerned
about high oil prices and their impact on the world economy.

The group may pump more oil to increase supplies, though it's
unclear whether extra production will be needed this year, OPEC
President Mohamed al-Hamli said, according to Reuters. Reports that
Chevron Corp. started its refinery in El Segundo, California, last
week helped pull oil prices lower.


Read more at Bloomberg Energy News

UPDATE 1-China silences green GDP study, report says

(Reuters) - BEIJING, July 23 - China has stopped the public
release of an official study putting a cost to the nation's
environmental damage, a government researcher told a Chinese
newspaper, blaming official reluctance to confront pollution.




The Beijing News reported on Monday that the release of a
"green GDP" report computing the cost of pollution and ecological
degradation in 2005 had been "indefinitely postponed".


Read more at Reuters.com Economic News

UPDATE 1-Norsk Hydro in new alumina plant deal with CVRD

(Reuters) - OSLO, July 23 - Norwegian aluminium group Norsk
Hydro said on Monday it will build an alumina refinery
in Brazil with iron ore miner CVRD to gain more
capacity for the key production input by 2011.




The plant will be developed in four stages, each of 1.85
million tonnes per year of alumina production capacity and with
a final output of 7.4 million tonnes per year, Norsk Hydro said.


Read more at Reuters.com Mergers News

Oil falls, OPEC concerned about world economy

(Reuters) - Oil prices fell on Monday on expectations of higher U.S. refinery production and after remarks by OPEC that it is ready to pump more oil if needed.

London Brent crude, currently seen as more representative of the world market, slid 60 cents to $77.04 a barrel by 0807 GMT, after easing 3 cents on Friday. U.S. crude for September traded 42 cents lower at $75.37.


Read more at Reuters Africa

European Stocks Erase Earlier Gains; Credit Suisse, Nestle Shares Drop

(Bloomberg) -- European stocks pared earlier gains,
paced by Credit Suisse Group and Nestle SA.

Europe's Dow Jones Stoxx 600 Index fell 0.1 percent to
392.18 at 8:51 a.m. in London. The Stoxx 50 slid 0.1 percent,
while the Euro Stoxx 50, a measure for the euro region, declined
0.2 percent.


Read more at Bloomberg Stocks News

Options Traders Are Most Bearish on Dollar-Yen in More Than Four Months

(Bloomberg) -- Currency options show traders are the
most bearish in more than four months on the dollar against the
yen, on concern subprime mortgage losses in the U.S. will deepen.

Traders are paying the most since March for put options that
provide the right to sell dollars for yen. The cost of dollar
puts against the euro over dollar calls, known as the risk-
reversal rate, also rose to a 2 1/2-month high. Volatility
implied by one-month dollar-yen options rose to a three-month
high as investors bought protection against a weaker dollar,
which today fell against all of the 16 most-active currencies.


Read more at Bloomberg Currencies News

Turkish Stocks, Lira Gain on View Erdogan to Extend 21 Quarters of Growth

(Bloomberg) -- Turkish stocks, bonds and the lira
gained after voters re-elected Prime Minister Recep Tayyip
Erdogan, giving him a mandate to extend policies that won European
Union membership talks and helped bring 21 quarters of growth.

The ISE National 100 Index rose 3.8 percent to 54,966.6 as of
9:56 a.m. The lira rose 1.58 percent, trading at 1.253 to the
dollar. Yields on lira-denominated bonds fell 27 basis points to
17.19 percent, their lowest in 13 months, according to ABN Amro
benchmark prices. A basis point is 0.01 percentage point.


Read more at Bloomberg Emerging Markets News

Turkish Lira, Stocks Climb After Erdogan's Justice Party Wins Re-Election

(Bloomberg) -- Turkish stocks, bonds and the lira
gained after voters re-elected Prime Minister Recep Tayyip
Erdogan, giving him a mandate to extend policies that won European
Union membership talks and helped bring 21 quarters of growth.

The ISE National 100 Index rose 3.8 percent to 54,966.6 as of
9:56 a.m. The lira rose 1.58 percent, trading at 1.253 to the
dollar. Yields on lira-denominated bonds fell 27 basis points to
17.19 percent, their lowest in 13 months, according to ABN Amro
benchmark prices. A basis point is 0.01 percentage point.


Read more at Bloomberg Currencies News

Barclays Raises ABN Offer to $93.4 Billion With China, Singapore Funding

(Bloomberg) -- Barclays Plc, vying to buy ABN Amro
Holding NV in the biggest banking takeover, raised its offer to
67.5 billion euros ($93.4 billion) after securing investments
from the governments of China and Singapore.

Barclays's revised bid is worth 35.73 euros a share and
includes 37 percent cash, the London-based company said today,
4.3 percent more than its previous offer. The bid remains lower
than the 38.40 euro-a-share offer made last week by a trio of
banks led by Royal Bank of Scotland Group Plc.


Read more at Bloomberg Emerging Markets News

U.K. Stocks Advance, Paced by Shares of Resolution, Barclays, Prudential

(Bloomberg) -- U.K. stocks rose, led by Resolution
Plc and Barclays Plc. Prudential Plc and Legal & General Group
Plc also climbed.

The benchmark FTSE 100 Index rallied 29, or 0.4 percent, to
6614.2 in London at 8:07 a.m. The FTSE All-Share Index added
11.93, or 0.4 percent, to 3419.72. Ireland's ISEQ Index rose 9.09
to 9036.4.


Read more at Bloomberg Stocks News

OPEC concerned oil price may hurt global economy

(Reuters) - OPEC is concerned about the potential impact of the near-record price of oil on the world's economy but has seen little sign that growth has been hit by higher energy costs, the group's president said on Sunday.

The Organization of the Petroleum Exporting Countries stands ready to pump more oil if needed, but it is not clear whether the group will need to boost output before the end of the year, said OPEC President and United Arab Emirates Energy Minister Mohammed al-Hamli.


Read more at Reuters Africa

Singapore's Temasek says to buy stake in Barclays

(Reuters) - "We are pleased to have this opportunity to invest in
Barclays," said Frank Tang, senior managing director at
Temasek.




"We look forward to supporting them in their strategy to
create opportunities for a higher level of sustainable
growth."


Read more at Reuters.com Mergers News

Australia's S&P/ASX 200 Index Slips From Record, Led by Banks, Oil Stocks

(Bloomberg) -- Australia's S&P/ASX 200 Index fell
from a record. U.S.-linked shares such as James Hardie Industries
NV and lenders including National Australia Bank Ltd. dropped
after U.S. banks increased reserves for bad loans.

``The continued fallout from the subprime issue in the U.S.
is tempering people's enthusiasm for financial stocks,'' said
Angus Gluskie, who helps manages the equivalent of about $380
million at White Funds Management in Sydney.


Read more at Bloomberg Stocks News