S.Africa inflation risks on upside - IMF

(Reuters) - South Africa's inflation risks are on the upside and there may be a need for monetary policy tightening, the International Monetary Fund said on Monday.

In an annual report on the continent's biggest economy, the IMF predicted that the country's economy would grow by 4.8 percent in 2007, and 4.5 percent in 2008.


Read more at Reuters Africa

Sappi says Q3 earnings per share 23 U.S. cents

(Reuters) - JOHANNESBURG, Aug 6 - The world's top maker of fine paper, Sappi Ltd , on Monday said its third quarter earnings per share was 23 U.S. cents compared to a loss in the same period a year ago.



Sappi said group sales for the quarter increased by 7 percent to $1.3 billion, with operating profit at $87 million compared to a loss of $34 million a year ago.


Read more at Reuters.com Market News

Credit Suisse Strategists Drop 7-Year-Old Negative Stance on U.S. Stocks

(Bloomberg) -- Credit Suisse Group's equity
strategists, who have been bearish on U.S. stocks since 2000,
recommended investors increase holdings of shares as a refuge
amid slowing global economic growth.

Investors should have 46.8 percent of their global equity
holdings in U.S. shares, matching a ``benchmark'' stance, a team
led by Andrew Garthwaite wrote in a report to clients today.
That's an increase from an allocation of 36.8 percent. The
strategists stopped short of an ``overweight'' recommendation.


Read more at Bloomberg Stocks News

FACTBOX: Why oil prices are at a record high

(Reuters) - FUNDS




Investment flows from pension and hedge funds into commodities including oil have resumed in recent months after a hiatus earlier in the year due to concerns about how the global economy was moving.


Read more at Reuters.com Hot Stocks News

Mobile-8 Telecom of Indonesia Postpones $150 Million High-Yield Bond Sale

(Bloomberg) -- PT Mobile-8 Telecom, an Indonesian
mobile-phone operator that counts Qualcomm Inc. as an investor,
delayed its plan to sell $150 million of bonds because of
concerns about the financial markets.

Investors have been selling riskier assets including
investments in emerging markets on concerns losses in the U.S.
mortgage market will erode economic growth. The Morgan Stanley
Capital International Asia Pacific Index fell 1 percent to
151.34 as of 4 p.m. Jakarta time.


Read more at Bloomberg Bonds News

Polish Central Bank Governor Sees No Reason to Increase Interest Rates Now

(Bloomberg) -- The Polish central bank has no need
to raise interest rates because there is currently little threat
from inflation, central bank Governor Slawomir Skrzypek said.

Inflation, wage and industrial output data are likely to
confirm ``there is still no reason to enter a cycle of interest
rate increases,'' Skrzypek said in an interview with daily
Gazeta Prawna, published today.


Read more at Bloomberg Emerging Markets News

Bank of Communications May Join Hang Seng Index, Nomura, Tung Tai Project

(Bloomberg) -- Bank of Communications Ltd., part
owned by HSBC Holdings Plc, may join Hong Kong's Hang Seng Index
after a quarterly review of the stock benchmark, Nomura Holdings
Inc. and Tung Tai Securities Ltd. said.

China Overseas Land & Investment Ltd., a Hong Kong-based
developer controlled by the nation's construction ministry, also
may be added, Sandy Lee, an analyst at Nomura, forecast in a
research report dated July 30. HSI Services Ltd., which compiles
Hong Kong's stock indexes, will announce the changes Aug. 10,
according to its Web site.


Read more at Bloomberg Stocks News

Intel, Cisco, J&J, Growth Stocks Lure Value Funds as Price Ratios Converge

(Bloomberg) -- Intel Corp., Cisco Systems Inc. and
Johnson & Johnson, perennial favorites of money managers seeking
U.S. stocks with the fastest profit growth, are becoming staples
for so-called value investors.

Shares of growth companies in the Standard & Poor's 500
Index trade at an average 16.3 times estimated earnings, while
value stocks, those priced at a discount to the market or their
historical average, trade at 14 times profits. The gap between
them, now 2.3 points, has narrowed from 25.5 at the beginning of
the decade, data compiled by Bloomberg show.


Read more at Bloomberg Stocks News

Akzo Nobel sweetens takeover bid for ICI

(Reuters) - "It would also allow Akzo Nobel to return further cash to
its shareholders," Akzo said, adding that Henkel would pay 2.7
billion pounds , calculated on a cash and debt
free basis, for ICI's adhesives and electronic materials
businesses.




Read more at Reuters.com Mergers News

GLOBAL MARKETS-Credit, growth fears batter stocks, hit dollar

(Reuters) - European shares opened more than 1 percent lower before
recovering slightly. Emerging market shares dropped around 1.8
percent and Japanese equities slipped 0.4 percent.




Heightened concerns for economic growth as a result of
credit problems also knocked oil prices, which briefly dipped
below $74.50, and dragged Shanghai copper futures down 3
percent.


Read more at Reuters.com Bonds News

Global Stocks Decline on Mortgage Concern, Paced by UBS, BNP, Macquarie

(Bloomberg) -- Stocks in Europe and Asia fell,
following a drop in the U.S. last week, as concern mounted that
losses in the U.S. mortgage market will erode economic growth and
raise financing costs for companies.

UBS AG and BNP Paribas SA led a decline by financial shares
in Europe, while Macquarie Bank Ltd. and Mizuho Financial Group
Inc. paced falling shares in Asia. Royal Philips Electronics NV
and Lafarge SA decreased as the dollar traded near a record low
against the euro. BHP Billiton Ltd. and Rio Tinto Group declined
after copper fell in Shanghai.


Read more at Bloomberg Stocks News

AES, Suez sue Hungary over electric pricing-report

(Reuters) - AES is seeking 5 billion forints in damages
and Suez 7 billion forints, the paper said.




Officials at AES's plant, Tiszai Eromu and Suez's Dunamenti
Eromu were not immediately available to comment.


Read more at Reuters.com Government Filings News

U.S. Treasuries Are Little Changed Amid Asian Stock Slide, Slower Growth

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

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


Read more at Bloomberg Bonds News

European Stocks Decline, Led by UBS, BNP, Philips, BHP Billiton, Lafarge

(Bloomberg) -- European stocks fell, following
declines in Asia and the U.S., on mounting concern that losses in
the U.S. mortgage market will erode economic growth and raise
financing costs for companies.

UBS AG and BNP Paribas SA led a drop by financial shares.
Royal Philips Electronics NV and Lafarge SA decreased as the
dollar traded near a record low against the euro. BHP Billiton
Ltd. and Rio Tinto Group slipped after copper fell in Shanghai.


Read more at Bloomberg Stocks News

UPDATE 1-Infineon to cut Qimonda stake to minority by 2009

(Reuters) - Infineon, which still holds 86 percent of the subsidiary it
listed in New York a year ago, said it might give out Qimonda
shares to its own shareholders as a dividend in kind, and would
take measures to make this possible at next year's AGM.




Such a dividend would then be possible after the 2009
shareholders' meeting.


Read more at Reuters.com Mergers News

Cerberus taps Nardelli to run Chrysler

(Reuters) - Chrysler's current chief executive, Tom LaSorda, will stay on as president and vice-chairman and continue to lead ongoing talks with the United Auto Workers union as the automaker's No. 2 executive and a consultant to Cerberus.




In a further shake-up, Chrysler's current chief operating officer, Eric Ridenour, will leave and his post responsible for production and product planning will not be filled.


Read more at Reuters.com Business News

Saudi Aramco Raises Heavy Variety Crude Prices for Asia to 26-Month High

(Bloomberg) -- Saudi Aramco, the world's largest
state oil company, raised September prices of its heavy crude
oil varieties for Asian customers to a 26-month high as
refining profit from making fuel oil gained.

Arab Medium grade's discount to benchmark varieties was
narrowed by 50 cents to $1.35 a barrel and Arab Heavy's
differential was reduced by 70 cents to $3.60 a barrel, said
three Asian officials who asked not to be identified, citing
confidentiality. The two grades yield more fuel oil.


Read more at Bloomberg Energy News

Infineon plans to cut Qimonda stake by 2009 AGM

(Reuters) - "The plan also envisages taking all necessary measures at
the Annual Shareholder Meeting 2008 required to enable
distrubution of Qimonda shares as a dividend in kind to Infineon
shareholders," the statement said.




Such a dividend would be possible after the 2009
shareholders' meeting.


Read more at Reuters.com Mergers News

Newmont sees gold price approaching $750/ounce

(Reuters) - Newmont Mining said on Monday that strong demand from the jewelry sector was set to push gold prices up to around US$750 an ounce in the northern autumn.

"There is very strong demand right now so we are setting ourselves up for an attack on the US$750 per ounce level in early fall this year," said Newmont vice chairman Pierre Lassonde on the sidelines of the annual Diggers and Dealers conference.


Read more at Reuters Africa

European Bonds Gain for Second Day; 10-Year Yield Declines to 4.30 Percent

(Bloomberg) -- European government bonds advanced for
a second day in London, pushing yields down to their lowest in a
week.

The yield on the German 10-year bund, Europe's benchmark,
fell 2 basis points to 4.30 percent by 7:05 a.m. in London, its
lowest since Aug. 1.


Read more at Bloomberg Bonds News

S.Africa fuel industry strike could end soon

(Reuters) - South Africa's fuel industry strike could come to an end as early as Monday if the unions accept a revised offer, labour representatives said on Sunday.

Employers and unions have been locked in talks since the strike began last week, with unions demanding a 10 percent wage increase.


Read more at Reuters Africa

PRESS DIGEST - New York Times business - Aug 6

(Reuters) - * Robert Nardelli, recently ousted amid shareholder
discontent as chief executive of Home Depot Inc. , has
been picked to lead Chrysler by its new owners, Cerberus
Capital Management [CBS.UL].




* The complex design of mortgage securities is confounding
homeowners struggling to avoid defaulting on their loans.


Read more at Reuters.com Mergers News

IFC Plans Record India Lending as Rising Rates Lure Power, Oil Companies

(Bloomberg) -- The World Bank arm that invests in
companies said funding for India, its biggest recipient, will
surpass last fiscal year's record $1 billion as interest rates
at a five-year high deter companies from borrowing at home.

The International Finance Corp. will commit $500 million of
the funds in the year ended June 30 to infrastructure, focusing
on oil, transportation, power and gas projects, said Anita
George, chief investment officer of the World Bank division that
lends to companies in emerging markets.


Read more at Bloomberg Emerging Markets News

Indonesia's Mobile-8 says may defer dlr bond issue

(Reuters) - "We have not decided yet, Lehman is still studying whether
we should go ahead or not," Merza Fachys, Mobile-8's corporate
affairs director, told Reuters.




"This week we may come up with a conclusion," Fachys added.


Read more at Reuters.com Bonds News

Volkswagen cuts prices on China-made cars

(Reuters) - Although China's auto market is growing strongly, car makers have been cutting prices, especially on older models, to attract buyers.




In March, the top European auto maker lowered the price of several locally made cars by up to 11 percent, including Santana and Polo models.


Read more at Reuters.com Business News

U.K. Pound May Fall as Traders Trim Bets on Further Interest-Rate Increase

(Bloomberg) -- The U.K. pound may fall as investors
lower expectations the Bank of England will raise interest rates
again this year.

Interest-rate futures trading shows investors have scaled
back their forecasts for how high the U.K. central bank will lift
rates on concern borrowing costs at a six-year high of 5.75
percent will begin to slow economic expansion. A report today may
show industrial production growth slowed in June.


Read more at Bloomberg Currencies News

Newcastle Coal Price Rises as Heavy Rainfall Disrupts Output in Indonesia

(Bloomberg) -- The price of power-station coal at
Australia's Newcastle port rose 5 percent last week on concern
Asian customers will need to buy in the spot market after heavy
rain led some Indonesian to warn they will miss deliveries.

Coal for immediate delivery at the world's largest export
harbor for the fuel, increased $3.27 to $70.08 a metric ton in
the week ended Aug. 3, according to the globalCOAL NEWC Index.
That's near the record level of $70.88 reached in June. Banpu Pcl
and Straits Asia Resources Ltd. both announced last week they
will miss contracted shipments after declaring force majeure
because of excessive rain.


Read more at Bloomberg Commodities News

Chicago Soybeans, Corn Fall on Rain, Equity Concern; Wheat Price Declines

(Bloomberg) -- Soybean futures in Chicago fell after
favorable rain over the weekend benefited crops in the U.S.
Midwest and on speculation a drop in global equity markets will
dent buying interest in commodities. Corn and wheat also declined.

There was rain over the weekend in parts of the Midwest,
including Iowa and Illinois, which may help growth of the soybean
crop, said Kenji Kobayashi, an analyst at Kanetsu Asset
Management Co. Asian stocks fell on concern losses in the U.S.
mortgage market may slow the world's biggest economy.


Read more at Bloomberg Commodities News

Sanofi, Areva, Ilog, Eiffage, Thomson and Korian: French Equity Preview

(Bloomberg) -- The following stocks may rise or fall
on the Paris stock exchange. Symbols are in parentheses after
company names. Prices are from the last close.

The CAC 40 Index fell 84.18, or 1.5 percent, to 5597.89. The
SBF 120 Index fell 1.4 percent.


Read more at Bloomberg Stocks News

Copper Futures Tumble in Shanghai on Concern U.S. Economic Growth May Slow

(Bloomberg) -- Copper prices fell the most in more
than two months in Shanghai amid speculation that an economic
slowdown in the U.S., the second-largest consumer of the metal,
will reduce demand. Zinc and aluminum futures also dropped.

Growth in U.S. service industries slowed more than forecast
in July, and U.S. employers added fewer jobs last month than
projected, reports showed Aug. 3. Stockpiles of copper, which
sometimes moves in tandem with economic growth, also increased
last week as summer holidays and maintenance hurt demand.


Read more at Bloomberg Commodities News

Gold Little Changed in Asia as Dollar Weakness Boosts Appeal; Silver Rises

(Bloomberg) -- Gold in Asia was little changed near a
one-week high, supported by investors demand for the precious
metal as an alternative asset after the dollar weakened on signs
the U.S. economy might slow. Silver rose.

Gold usually moves in the opposite direction to the dollar,
which fell to a four-month low against the Japanese yen and also
traded near a record low against the euro today. Speculation that
a slowing U.S. economy may keep the Federal Reserve from raising
interest rates also weakened the dollar and boosted the appeal of
the precious metal as alternative investment.


Read more at Bloomberg Commodities News

Hynix, Toshiba Shares Rise on Outage at Samsung Electronics Chip Factory

(Bloomberg) -- Shares of Hynix Semiconductor Inc. and
Toshiba Corp. rose, bucking declines across Asia, on speculation
a power outage at Samsung Electronics Co. may spur increased
orders for the two smaller memory chipmakers.

Hynix's stock gained as much as 2.8 percent in Seoul and
Toshiba shares climbed 1.8 percent in Tokyo as benchmark indexes
in Asia fell. On Aug. 4, South Korea's Samsung said it resumed
production at the six production lines that were halted a day
earlier because of a power outage, estimating 40 billion won ($43
million) in lost sales.


Read more at Bloomberg Emerging Markets News

JGBs surge on Treasury gains due to subprime woes

(Reuters) - Such concerns battered U.S. stocks late last week, when
Standard & Poor's 500 index and the Nasdaq Composite Index
on Friday posted their worst one-day percentage drops
since a global sell-off in equities in late February.




"JGBs are at the mercy of external factors," said Tetsuya
Miura, bond strategist at Shinko Securities.


Read more at Reuters.com Bonds News

Indian Rupee May Gain to 39 This Year as Intervention Will Fail, HSBC Says

(Bloomberg) -- India's rupee may strengthen to 39 by
the end of the year, the strongest since February 1998, because
the central bank will fail in its efforts to stem both currency
gains and inflation, HSBC Holdings Plc said.

The Reserve Bank of India is selling rupees so fast that it
can't mop up the cash injected into the economy, causing
overnight interest rates to fall to near zero, Robert Prior-
Wandesforde, a Singapore-based economist, and Pieter Van Der
Schaft, a Hong Kong-based strategist, wrote in a research note.
That rate is too low for an economy growing at 9 percent a year,
they wrote.


Read more at Bloomberg Currencies News

Treasuries Advance on Signs of Slowing Economic Growth, Decline in Stocks

(Bloomberg) -- Treasuries rose on speculation
slowing economic growth and losses related to subprime mortgages
will prompt the Federal Reserve to cut interest rates this year.

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


Read more at Bloomberg Bonds News

Nissan to launch diesel SUV in Japan in 2008

(Reuters) - The introduction of the diesel X-Trail, due out in the autumn of 2008, could mark the first diesel passenger car launched in Japan by a local brand in years after the powertrain all but disappeared in the 1990s due to its poor image as dirty and loud.




Diesel cars' weakness has been higher exhaust levels of nitrogen oxide and pollutants, but they are slowly gaining traction around the world following their success in Europe since they can get 30 percent better mileage than gasoline engines and emit less carbon dioxide.


Read more at Reuters.com Business News

JGBs surge on Treasuries, futures hit 10-week high

(Reuters) - "JGBs are at the mercy of external factors," said Tetsuya
Miura, bond strategist at Shinko Securities.




The benchmark 10-year yield dropped 5 basis
points to 1.730 percent, hitting its lowest level since late May,
as a 1.5 percent tumble in the Nikkei stocks average also
helped to push JGBs higher.


Read more at Reuters.com Bonds News

ONGC Videsh Offers 700,000 Barrels of Sokol Crude for Loading in October

(Bloomberg) -- ONGC Videsh Ltd., the overseas unit
of India's state-run explorer, offered 700,000 barrels of Sokol
crude oil from the Sakhalin-1 project for loading in October,
the company said in an offer document e-mailed to Bloomberg News.

Details of the offer are as follows:


Read more at Bloomberg Energy News

Asian Stocks Decline on U.S. Housing Concerns; Sony, BHP, Macquarie Slide

(Bloomberg) -- Asian stocks fell, led by Macquarie
Bank Ltd. and Samsung Electronics Co., on concern losses in the
U.S. mortgage market may slow the world's biggest economy.

Sony Corp. and Canon Inc. led Japanese exporters lower
after the yen rose to a four-month high against the dollar,
eroding the value of their dollar-denominated sales. BHP
Billiton Ltd. and Nippon Mining Holdings Inc. slid along with
prices of metals and oil.


Read more at Bloomberg Stocks News

PRESS DIGEST-Financial Times, Wall St Journal Asia editions

(Reuters) - --World markets face a nervous start to the week following
the plunge in stocks in the United States on Friday as concerns
mounted about fallout from the US mortgage market turmoil. The
late sell-off in New York followed comments by the chief
financial officer of Bear Stearns , who said credit
markets were as bad as he had seen in 22 years.




--Japan's Prime Minister, Shinzo Abe,is expected to
reshuffle his cabinet and convene an extraordinary session of
parliament at the end of the month to try to keep his job after
his party's trouncing in upper house elections.


Read more at Reuters.com Mergers News

UPDATE 2-Bear president resigns; casualty of credit crisis

(Reuters) - NEW YORK, Aug 5 - Bear Stearns Cos
President and co-Chief Operating Officer Warren Spector
resigned on Sunday, becoming a casualty of a credit risk crisis
at the investment bank.




Spector's departure follows Bear Stearns' assertion on
Friday that it is weathering the worst storm in financial
markets in more than 20 years after a major rating company
warned mortgage credit problems could hurt the investment
bank's profits.


Read more at Reuters.com Bonds News

Taiwan's Consumer Prices Probably Increased for a Second Month on Energy

(Bloomberg) -- Taiwan's inflation probably rose for
a second month in July, stoking expectations that consumer
prices will jump in the second half of this year and add
pressure for interest-rate rises.

Prices climbed 0.3 percent from a year earlier, after
rising 0.1 percent in June, according to the median estimate of
15 economists in a Bloomberg News survey. The statistics bureau
will release the report at 4 p.m. today in Taipei.


Read more at Bloomberg Bonds News

Japanese Yen, Malaysian Ringgit, Indonesian Rupiah: Asian Currency Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian currencies today.

Exchange rates are from the previous session.


Read more at Bloomberg Currencies News

Indonesia Will Probably Keep Interest Rate Unchanged as Inflation Picks Up

(Bloomberg) -- Indonesia's central bank will
probably leave interest rates unchanged after 13 cuts from May
2006 because inflation is accelerating.

Bank Indonesia will keep the reference rate for bill sales
at 8.25 percent, according to 17 of 19 economists surveyed by
Bloomberg. The decision is due tomorrow. Two economists expect a
drop to 8 percent.


Read more at Bloomberg Currencies News

Yen Rises to Four-Month High Against Dollar as Appetite for Risk Reduces

(Bloomberg) -- The yen rose to a four-month high
against the dollar as a slide in U.S. stocks encouraged
investors to sell higher-yielding assets funded by loans in
Japan.

The yen gained to 117.33 per dollar at 7:15 a.m. in Tokyo
from 118.05 on Aug. 3 and reached 117.19, a level it last traded
at on March 29. It was also at 162.30 per euro from 162.58.


Read more at Bloomberg Currencies News

ICI tentatively agrees to sweetened Akzo offer--WSJ

(Reuters) - If all goes well, a formal takeover agreement would be
announced by Aug. 9, the deadline set by the UK Takeover Panel,
the paper said.




ICI last week rejected an improved 7.8 billion pound , 650 pence-a-share cash takeover proposal by Akzo and
refused to open its books for due diligence check, saying the
offer undervalued the company. It had also previously rejected
a 600 pence-a-share offer from Akzo in June.


Read more at Reuters.com Mergers News

Bear Stearns co-president Spector resigns: WSJ

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




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


Read more at Reuters.com Business News

Northwest Airlines' pilot union approves deal

(Reuters) - The agreement makes contractual changes on several work
rules pertaining to international flying and settles an
outstanding grievance. In exchange, Northwest will reinstate
premium pay of 50 percent for all pilots flying more than 80
hours a month.




The airline said the pact was "economically neutral" with
the premium-pay costs offset by the work rule changes and the
grievance settlement.


Read more at Reuters.com Business News

Mortgage stress to spur more stock volatility

(Reuters) - Widening fallout from the U.S. housing slump has rattled credit markets, putting investors on edge about the outlook for corporate takeovers and share buybacks -- two catalysts of the market's recent rally to record highs.




On Friday, Standard & Poor's cut its ratings outlook on the debt of investment bank Bear Stearns Cos., fanning concern that troubles in the subprime mortgage market are spreading, which could threaten the economy's health.


Read more at Reuters.com Hot Stocks News

Mortgage stress to spur more volatility

(Reuters) - Widening fallout from the U.S. housing slump has rattled credit markets, putting investors on edge about the outlook for corporate takeovers and share buybacks -- two catalysts of the market's recent rally to record highs.




On Friday, Standard & Poor's cut its ratings outlook on the debt of investment bank Bear Stearns Cos., fanning concern that troubles in the subprime mortgage market are spreading, which could threaten the economy's health.


Read more at Reuters.com Business News

RPT-Wall St Week Ahead: Mortgage stress to spur more volatility

(Reuters) - NEW YORK, Aug 5 - More signs of weakness in the
mortgage market, another surge in oil prices and a Federal
Reserve rate decision could create more turbulence for Wall
Street this week.




Widening fallout from the U.S. housing slump has rattled
credit markets, putting investors on edge about the outlook
for corporate takeovers and share buybacks -- two catalysts of
the market's recent rally to record highs.


Read more at Reuters.com Bonds News

IKB owner plays down talk of higher subprime losses

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




IKB, which lends to small- and mid-sized firms, has become
Europe's highest-profile casualty so far of the crisis in U.S.
subprime mortgage market.


Read more at Reuters.com Government Filings News

China says food safety needs global cooperation

(Reuters) - A range of Chinese exports, from fish and toys to pet food and toothpaste, have been found to be mislabeled, unsafe or dangerously contaminated, creating an international backlash.




But the government has hit back, saying the problems of a few small, rogue companies should not besmirch the whole made-in-China label, insisting it does take effective action to guarantee safety.


Read more at Reuters.com Business News

Sudan, China to build $630 mln Mauritania railway

(Reuters) - Sudan's Danfodio Holding and China's Transtech Engineering have signed an agreement to build a 460 million euro railway linking Mauritania's capital Nouakchott with southern phosphate deposits at Bofal.

The deal for the 430 km (290 mile) line, which will run close to the Islamic Republic's southern frontier with Senegal, was signed late on Friday in Nouakchott with private Mauritanian investors and Transport Minister Ahmed Ould Mohameden.


Read more at Reuters Africa

India's Maruti offers discounts to boost car sales

(Reuters) - Maruti, in which Suzuki Motor Corp. owns 54.2 percent, has said it would limit the impact of high interest rates with dealer incentives and customer discounts. It ran a discount offer in June.




The "Smile India Smile" offer, which runs from August 1-15, offers discounts ranging from 7,000-30,000 rupees on several models, including its best-selling Alto and the Esteem sedan, the advertisements showed.


Read more at Reuters.com Business News

Reliance to Spend $14 Billion on Oil Exploration Over Coming Three Years

(Bloomberg) -- Reliance Industries Ltd., India's
largest company by market value, will invest as much as $14
billion over the next three years in oil exploration and
production as the government offers new rigs to drill each year.

``India is still largely under-explored as far as oil is
concerned,'' Subhash C. Varma, head of development and production
at Reliance Industries, said in Mumbai. ``We plan to increase the
share of revenue of exploration and production business from
about 2 percent as of now.''


Read more at Bloomberg Energy News

Barclays' ABN offer period set

(Reuters) - The RBS-led consortium's offer is worth 71 billion euros and 93 percent in cash, while Barclays 65-billion-euros offer is about 38 percent in cash.




ABN shareholders can tender shares under the Barclays offer from August 7 until October 4, Barclays said in a filing to U.S. regulator the Securities and Exchange Commission late on Friday.


Read more at Reuters.com Business News

Bush tours site of wrecked Minnesota bridge

(Reuters) - Bush got a bird's eye view of the ruined bridge in a
10-minute helicopter tour, then donned an orange hard hat and
wind-breaker to walk a section of the 40-year-old bridge on
foot as rain fell.




Local officials have confirmed five deaths and seven people
missing after the Wednesday evening bridge collapse, but
searches were ongoing.


Read more at Reuters.com Bonds News

U.S. Senate report faults SEC on hedge fund probe

(Reuters) - The report from the Senate Finance and Senate Judiciary
committees, released late on Friday, ends a year-long inquiry
into the dismissal of former SEC staffer Gary Aguirre.




Aguirre says he was forced out of the agency after a probe
he was leading got too close to prominent Wall Street banker
John Mack. His claims prompted three Senate hearings and drew
heavy press coverage.


Read more at Reuters.com Mergers News

US STOCKS-Futures fall on news of slow jobs growth

(Reuters) - NEW YORK, Aug 3 - U S. stock index futures fell
on Friday after a government report showing
weaker-than-expected job growth last month added to nervousness
on Wall Street about losses in the mortgage industry.




American Home Mortgage Investment Corp. was the
latest casualty of the housing market downturn. The company
said it plans to close most operations on Friday and lay off
nearly 7,000 employees. For details, see [ID:nN02455089].


Read more at Reuters.com Bonds News

Eight Atlantic hurricanes expected in '07: Storm team

(Reuters) - Of those, four would grow into major hurricanes of Category 3 or higher with winds over 110 mph , the team founded by forecast pioneer William Gray said in its revised forecast.




The updated forecast was lower than the team's May 31 forecast for the six-month storm season that runs through November 30, which had predicted 17 tropical storms, nine hurricanes and five major hurricanes.


Read more at Reuters.com Bonds News

UPDATE 1-Storm team expects 8 Atlantic hurricanes in '07

(Reuters) - MIAMI, Aug 3 - A noted hurricane research team at
Colorado State University trimmed its forecast for the 2007
Atlantic storm season on Friday and predicted 15 tropical
storms, with eight growing to hurricane strength.




Of those, four would grow into major hurricanes of Category
3 or higher with winds over 110 mph , the team founded
by forecast pioneer William Gray said in its revised forecast.


Read more at Reuters.com Bonds News

US STOCKS-Mortgage sector worry, data lead market lower

(Reuters) - NEW YORK, Aug 3 - U S. stocks declined on Friday
on weaker-than-expected economic data and evidence the
mortgage market's problems are taking a wider toll on financial
company shares, including Bear Stearns Cos. Inc.




Standard & Poor's said it changed its ratings outlook on
Wall Street investment bank Bear Stearns to negative from
stable, indicating there is a better chance of a downgrade over
the next two years. Two Bear Stearns-managed hedge funds
collapsed last month on bad bets on subprime mortgage
investments.


Read more at Reuters.com Bonds News

Wisconsin Energy unit files for $800 mln debt shelf

(Reuters) - Under a shelf registration filed with the U.S. Securities
and Exchange Commission, a company may sell securities in one
or more separate offerings with the size, price and terms to be
determined at the time of sale.





Read more at Reuters.com Bonds News

US STOCKS-Mortgage fallout, economic data dent shares

(Reuters) - NEW YORK, Aug 3 - U.S. stocks fell on Friday
after a ratings agency gave investment bank Bear Stearns Cos.
a negative outlook, heightening worries about mortgage
market losses, and data suggested weakness in the economy.




Standard & Poor's said it changed its ratings outlook on
Bear Stearns, the biggest U.S. underwriter of mortgage bonds,
to negative from stable, indicating there is a better chance of
a downgrade over the next two years. For details, see
[ID:nN03300207].


Read more at Reuters.com Bonds News

DaimlerChrysler completes Chrysler sale to Cerberus

(Reuters) - FRANKFURT, Aug 3 - DaimlerChrysler has completed the sale of an 80 percent stake in its U.S. arm, Chrysler, to a subsidiary of buyout group Cerberus Capital Management, it said on Friday.



The deal's closing had been delayed when bankers were forced to postpone a $12 billion syndicated loan to finance the transaction as lenders tightened access to cash in a nervous debt market.


Read more at Reuters.com Bonds News

Canada dlr has become more resilient to risk-RBC

(Reuters) - When uncertainty over the U.S. economy -- where the bulk of
Canada's exports go -- or the global economic outlook
increased, the Canadian dollar would tend to drop as a flight
to quality would offer a boost to the U.S. dollar.




But David Watt, a senior currency strategist at RBC Capital
Markets, said the currency remains a pro-cyclical, commodity
sensitive currency, yet the U.S. greenback's tendency to rally
during periods of heightened risk has diminished.


Read more at Reuters.com Bonds News

UPDATE 3-EU executive sees no pan-EU fallout from IKB

(Reuters) - BRUSSELS, Aug 3 - The European Commission is
monitoring closely the multi-billion euro rescue of Germany's
IKB bank but sees no pan-European implications from
the problem, the European Union's executive said on Friday.




Officials working for Internal Market Commissioner Charlie
McCreevy, the bloc's top financial regulator, and for Economic
and Monetary Affairs Commissioner Joaquin Almunia, are studying
the situation at IKB, a Commission spokesman said.


Read more at Reuters.com Bonds News

GLOBAL MARKETS-Credit fears bruise dollar, stocks; bonds rise

(Reuters) - NEW YORK, Aug 3 - Renewed concerns over credit
liquidity and unexpectedly weak economic data hurt U.S. stocks
and the dollar, while safe-haven government bonds climbed on
Friday.




Tighter credit access worries resurfaced after Standard &
Poor's changed Wall Street investment bank Bear Stearns'
ratings outlook, to "negative" from "stable."


Read more at Reuters.com Bonds News

Global stocks steady after earnings soothe credit nerves

(Reuters) - Almost two weeks of a sell-off in equity and credit markets stemmed from concerns that a fallout in the U.S. housing sector will trigger a broad repricing of risks in a market which enjoyed cheap money and high appetite for high-yielding assets.




But a string of forecast-beating results from major companies, including Allianz , Royal Bank of Scotland and British Airways on Friday, has helped soothe such concerns. Investors are keen to see U.S. jobs data due later in the day for more clues on the strength of the economy.


Read more at Reuters.com Hot Stocks News

Dollar tumbles on renewed credit worries

(Reuters) - Weaker jobs growth and a soft U.S. service sector reading for July ignited the dollar's sell-off, while falls in equities led by financial stocks took the greenback further south.




"It's a sell U.S. day today," said Brian Dolan, director of currency research at Forex.com in Bedminster, New Jersey.


Read more at Reuters.com Hot Stocks News

Oil tumbles below $76 on U.S. economic data

(Reuters) - U.S. stocks fell on Friday after a report showing weaker-than-expected job growth last month was followed by a report of slowing service-sector growth, rattling investors already nervous about losses in the mortgage industry.




The U.S. service sector grew much more slowly in July, according to a report by the Institute for Supply Management.


Read more at Reuters.com Hot Stocks News

Workers at Vodacom halt strike

(Reuters) - Workers at South African mobile phone operator Vodacom have halted a strike around union recognition and pay, Vodacom said on Thursday.

The Communication Workers Union -- which has around 1,200 members -- went on strike last month after it said Vodacom had refused to recognise it on the grounds that it is too small.


Read more at Reuters Africa

Rand firm vs dollar, eyes Mboweni comments

(Reuters) - South Africa's rand was trading stronger early on Friday and could test its firmest levels of the week as markets eye U.S. payrolls data and comments by central bank Governor Tito Mboweni to parliament.

The domestic currency was changing hands at 7.05 to the dollar at 0630 GMT, versus its previous New York close of 7.09.


Read more at Reuters Africa

Gold edges higher on stabilising stock markets

(Reuters) - Gold edged higher on Friday as signs of stabilising equity markets encouraged investors to buy the metal, while a rise in the amount of bullion held by a key gold exchange traded fund to a record high lent support.

Spot gold was trading at $665.90/666.30 an ounce as of 0630 GMT, compared with $664.30/664.90 late in New York on Thursday.


Read more at Reuters Africa

Furniture retailer Lewis says revenue up in four month period

(Reuters) - South African furniture retailer Lewis' said on Friday there was no overall deterioration in its credit book and revenue rose in the first four months of its financial year to end-July.

The retailer said revenue for the April to May period rose 11 percent, June revenue climbed 7 percent and July revenue gained 11 percent compared to the year-ago period.


Read more at Reuters Africa

Woolworths raises year earnings outlook

(Reuters) - South African fashion, food and homeware group Woolworths Holdings Ltd raised its outlook for full-year headline earnings per share on Friday, saying it expected an increase by as much as 30 percent.

Woolworths said it expected headline earnings and headline EPS -- the key profit measure for South African firms which excludes non-trading, capital and certain extraordinary items -- to rise by 20-30 percent.


Read more at Reuters Africa

S.Africa's Mboweni warns on inflation, hints on rates

(Reuters) - South African central bank chief Tito Mboweni warned on Friday inflationary pressures were "more worrying", hinting interest rates may have to rise again in Africa's biggest economy.

The Reserve Bank governor told parliament's finance committee there was no other instrument to tame inflation except rates, referring to commercial bank reserve requirements and restrictions on credit providers.


Read more at Reuters Africa

US stock indexes flat after jobs data; ISM to come

(Reuters) - U S. stocks were little changed on Friday after a report showing weaker-than-expected job growth last month rattled investors already nervous about losses in the mortgage industry.

Investors were bracing for data on the vast U.S. services sector at 10 a.m. (1400 GMT).


Read more at Reuters Africa

Gold hits 1-week high as dollar drops on jobs data

(Reuters) - Gold jumped more than one percent to a one-week high on Friday as a fall in the dollar after lower-than-expected U.S. data on jobs growth prompted investors to buy bullion.

Gold rose as high as $671.25 an ounce and was quoted at $669.60/670.40 by 1423 GMT, against $664.30/664.90 in New York late on Thursday.


Read more at Reuters Africa

Pamodzi starts Africa's largest private equity fund

(Reuters) - South African investment firm Pamodzi Investment Holdings has launched Africa's biggest private equity fund, the $1.3 billion Pamodzi Resources Fund, it said on Friday.

Pamodzi, a prominent black-owned investment group, said the fund is supported by a consortium of U.S. investors including affiliates of American Metals & Coal International, Inc. (AMCI) -- a leading international energy and resources sector investor.


Read more at Reuters Africa

Nymex Gas Falls as U.S. Has Ample Fuel Supply to Meet Hot-Weather Demand

(Bloomberg) -- Natural gas in New York fell as
traders ignored the probability that a heat wave in parts of the
nation would boost demand.

U.S. inventories increased 77 billion cubic feet, exceeding
analyst estimates of 74 billion, for the week ending July 27, the
Energy Department reported yesterday.


Read more at Bloomberg Energy News

UPDATE 1-Canada June building permits 2nd highest on record

(Reuters) - Analysts had expected permits to retreat by 9.8 percent in
June after double-digit growth the previous month had taken
them by surprise. Statscan revised upward the May increase to
23.2 percent from the 21.4 percent reported last month.




"The back-to-back performances point to very busy
construction sites in the coming months," Statscan said in its
report.


Read more at Reuters.com Economic News

Jobs data show US economy strong-WH's Lazear

(Reuters) - He was speaking after data showed a less than expected 92,000
new U.S. jobs were created in July.




He also said that rising oil prices had only had a minimal
impact on growth, although he noted that high energy prices were
clearly a negative, and welcomed recent declines in the cost of
gasoline.


Read more at Reuters.com Economic News

UPDATE 2-Pace of Canada purchasing activity slows in July

(Reuters) - The index, the joint project of the Purchasing Management
Association of Canada and the Richard Ivey School of Business,
was 54.6 in July, down from 67.4 in June.




A reading of 50.0 indicates that activity remained flat
from the preceding month, while a higher reading indicates an
increase and a lower reading reflects a decrease.


Read more at Reuters.com Economic News

China's Bonds to Rally as Rate on Hold in 2007, Bank of China's Dong Says

(Bloomberg) -- Chinese government bonds, Asia's
worst performing, will rally as the central bank may refrain
from raising interest rates again this year, said Dong Dezhi, an
analyst at Bank of China, the nation's second-largest lender.

The People's Bank of China, which lifted its benchmark one-
year lending rate to 6.84 percent on July 20, probably won't
need another increase because inflation will slow in the second
half, Dong said in an interview from Shanghai. Banks have
started to rein in lending and will invest deposits in the bond
market, he said.


Read more at Bloomberg Bonds News

Deutsche Bank, JPMorgan Abandon Second Loan Offering for KKR Boots Buyout

(Bloomberg) -- Deutsche Bank AG, JPMorgan Chase &
Co. and six more banks canceled the sale of 1 billion pounds ($2
billion) of loans for Alliance Boots Plc after failing to find
investors, two people with direct knowledge of the deal said.

The underwriters withdrew the sale of second-lien loans,
debt that ranks after senior loans for repayment, said the
people, who declined to be identified because the discussions
are private. Kohlberg Kravis Roberts & Co.'s bankers, which last
month pulled 5 billion pounds of senior loans, will only
syndicate 750 million pounds of mezzanine debt, which ranks last
for repayment.


Read more at Bloomberg Bonds News

Corporate Bond Risk Rises After Bear Stearns Rating Outlook Cut by S&P

(Bloomberg) -- The risk of owning corporate bonds
rose in the U.S. and Europe, after Bear Stearns Cos., the
manager of two hedge funds that collapsed last month, had its
debt-rating outlook cut to negative by Standard & Poor's.

Contracts on $10 million of debt in the CDX North America
Investment-Grade Index of 125 companies rose $6,000 to $80,000,
according to JPMorgan Chase & Co. In London, the iTraxx
Crossover Series 7 Index of 50 European companies increased
10,000 euros to 405,000 euros, JPMorgan prices show. It traded
as low as 387,000 euros.


Read more at Bloomberg Bonds News

PRESS DIGEST - Wall Street Journal - Aug 3

(Reuters) - * Mattel Inc.'s recall of lead-tainted toys
illustrates the potential risks firms face as they seek to
benefit from low-cost Chinese goods.




* Fiserv Inc. agreed to purchase CheckFree Corp.
for about $4.4 billion, in an effort to integrate its
account-processing and risk-management services with
CheckFree's electronic bill-payment services.


Read more at Reuters.com Mergers News

Carl Zeiss Meditec mulls counter bid for WaveLight

(Reuters) - Carl Zeiss Meditec said in a statement on Friday it had acquired a 5 percent stake in WaveLight, which makes refractive laser and diagnostic systems for refractive eye surgery, used to correct vision and increasingly used in lieu of glasses.



"At this point in time the acquisition of stock demonstrates that we have an interest in WaveLight in principle," Carl Zeiss Meditec investor relations director Jens Brajer said.


Read more at Reuters.com Mergers News

RBS sees June, July flood losses at 250 mln stg

(Reuters) - RBS Chief Executive Fred Goodwin said losses from July's
flooding would be "very similar" to June.




He declined to be drawn on the possible consequence for the
prices paid by RBS insurance customers, but said the group,
which owns brands including Direct Line and Churchill, would be
watching the market and moves by rivals.


Read more at Reuters.com Mergers News

SABMiller $89 mln deal adds to Polish beer brands

(Reuters) - SABMiller, whose beers include Miller, Peroni and Castle, said the acquisition would help it keep pace with growing demand for its Polish subsidiary's beer adding that the deal was subject to approval from Polish competition authorities.



Browar Belgia brews Wojak, Gingers and Frater beers and has annual production capacity of more than 1 million hectolitres at its brewery in south east Poland.


Read more at Reuters.com Mergers News

GE says to buy UniCredit's Polish banking unit

(Reuters) - U.S. conglomerate GE said in a statement its GE Money unit would acquire about 66 percent of the shares of the Polish bank for $854.9 million.



The deal is expected to close by the end of the year.


Read more at Reuters.com Mergers News

P&G not looking at big acquisitions: execs

(Reuters) - Chief Financial Officer Clayt Daley said P&G is more likely to sell businesses rather than buy businesses right now. He also said this year's earnings would be more volatile quarter to quarter as the company works on restructuring and other projects, such as bringing out concentrated versions of its laundry detergents.




Daley also said that raw material and energy costs should be up again this year.


Read more at Reuters.com Mergers News

P&G sees strategic buyers looking at sale assets

(Reuters) - CFO Daley also said that P&G may look at raising prices
given the higher than expected energy and raw material costs it
now expects for fiscal 2008.








Read more at Reuters.com Mergers News

Subprime Housing Defaults Blamed for Corporate America's Earnings Setbacks

(Bloomberg) -- Railroads, chemical producers and
insurance companies are blaming the worst U.S. housing slump in 16
years for their earnings woes.

Burlington Northern Santa Fe Corp., the second-biggest U.S.
railroad, said lower shipments of housing products and lumber
reduced second-quarter earnings. DuPont Co., the third-largest
chemical maker, said slumping demand for kitchen and bathroom
countertops was partly responsible for its profit drop. Genworth
Financial Inc., the former insurance unit of General Electric Co.,
said earnings will be at the ``lower end'' of its forecast this
year as mortgage-insurance claims increase.


Read more at Bloomberg Exclusive News

Lone Star Retreats on Knife Threat in Aborted Sale of South Korean Bank

(Bloomberg) -- It was two months into a strike at
Korea Exchange Bank's credit card unit, and some 200 employees
had been camped out for almost a week in tents and sleeping bags
in the basement parking lot of the company's Seoul headquarters.

At exactly 3:20 a.m. on Feb. 27, 2004, the strikers' mobile
phones tweeted simultaneously, indicating the arrival of a text
message, recalls Jang Wha Sik, a union leader. Half asleep, the
workers rubbed their eyes and grabbed their phones. Then many
burst into tears. ``The company regrets to inform you that you
are dismissed,'' the message from the card unit of Korea
Exchange Bank, owned by Dallas-based Lone Star Funds, read. The
firing was effective the following day.


Read more at Bloomberg Exclusive News

FCC's Martin May Fall Short of Spurring Wireless Internet Competition

(Bloomberg) -- Federal Communications Commission
Chairman Kevin Martin may fall short of his goal of spurring a
historic shakeup of the mobile-phone market when the U.S. sells
airwaves worth as much as $15 billion next year.

The FCC adopted rules this week that will let consumers use
any kind of phone or wireless-enabled laptop on some airwaves,
not just the devices approved by their phone company. People may
be able to take an iPhone for example, which now runs only on
AT&T Inc.'s network, and use it on this new spectrum regardless
of who wins the bidding.


Read more at Bloomberg Exclusive News

REFILE-NYSE-Euronext sells MBE Holding stake

(Reuters) - MBE holding, a joint venture between NYSE Euronext and Borsa
Italiana, owns 60.37 percent of MTS and MTSNext.




Borsa Italiana exercised an option to buy out Euronext's
stake in the Italian business, triggered by the merger between
the NYSE Group's New York Stock Exchange and
pan-European bourse operator Euronext.


Read more at Reuters.com Government Filings News

CCS Medical sees IPO of 10 mln shares at $14-$16 each

(Reuters) - The company said it had applied for a Nasdaq listing under
the symbol "CCSM."





Read more at Reuters.com Government Filings News

Bank agency wants comments on "unfair" lending

(Reuters) - The OTS said it hopes to work with other federal regulatory banking agencies to maintain consistency in the interagency process to create a level playing field for financial institutions.




The proposal comes at a time when federal banking authorities, including the Federal Reserve, have been criticized for responding late to early clues to possible problems in the mortgage market for borrowers with poor credit history.


Read more at Reuters.com Government Filings News

Dollar May Rise to 120.90 Yen on a Break of 119.49 on Fibonacci, MUFG Says

(Bloomberg) -- The dollar may rise to 120.90 yen
should it pass 119.49 yen in coming weeks, Masashi Hashimoto, a
currency analyst at Bank of Tokyo-Mitsubishi UFJ Ltd., said.

Traders may accelerate buying of the U.S. currency as it
rises above so-called resistance at 119.49, which represents the
previous high set on July 31, near the conversion line on the
so-called ichimoku chart, Hashimoto said. The next resistance at
120.90 is a 50 percent reversal of the dollar's climb to a high
of 124.13 reached on June 22 from a low of 117.60 on Aug. 1,
based on the Fibonacci series of numbers.


Read more at Bloomberg Currencies News

APEC Ministers Say Flexible Currencies Needed to Reduce Global Imbalances

(Bloomberg) -- Currency ``flexibility'' is needed to
reduce imbalances in the global economy, Asia-Pacific finance
ministers said today.

South Korean Finance Minister Kwon Okyu stepped up pressure
on Japan over the low value of the yen, which he says is
``deepening global imbalances.'' U.S. Treasury Secretary Henry
Paulson, in Beijing this week, is facing demands from members of
Congress to compel China to allow faster gains in the yuan.


Read more at Bloomberg Currencies News

Dollar Declines Against Yen, Euro as U.S. Job Creation Trails Forecasts

(Bloomberg) -- The dollar fell against the yen and
euro after a government report showed the U.S. economy added
fewer jobs last month than economists forecasted and the
unemployment rate unexpectedly rose.

The U.S. dollar erased earlier gains against the 13-nation
currency as the data raised speculation a slump in the housing
market may spread to the broader economy. Traders boosted bets on
a reduction in interest rates by the Federal Reserve this year,
dimming the allure of dollar-denominated assets.


Read more at Bloomberg Currencies News

BA profit rise beats forecasts

(Reuters) - Earnings before interest and taxes of 263 million pounds for the three months to end-June beat all forecasts ranging from 206 million to 237 million pounds in a Reuters Estimates poll of four analysts.




Europe's third-largest airline cited lower severance charges and pensions costs as well as a more favorable tax rate to explain the year-on-year gain.


Read more at Reuters.com Business News

Bear hedge fund sank as Merrill protected clients

(Reuters) - Recently filed court documents in U.S. Bankruptcy Court in Manhattan reveal more details about the events that led to the collapse of two hedge funds run by Bear Stearns.




For example, the Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Fund started performing poorly in early 2007, court papers show.


Read more at Reuters.com Business News

Toyota profit jumps on sales rise

(Reuters) - Toyota, the world's biggest and most profitable automaker, left its cautious annual forecasts unchanged, as expected.




The Japanese firm, valued at $215 billion -- more than 10 times the market capitalization of U.S. rival General Motors Corp. -- is on its way to a seventh straight year of record earnings, powered by a rapid expansion into developing markets such as China and Russia.


Read more at Reuters.com Business News

Copper May Drop in New York as Global Inventories Rise to One-Month High

(Bloomberg) -- Copper, little changed in New York,
may drop after global inventories of the metal rose to the
highest in almost a month, easing supply concerns.

Stockpiles in warehouses monitored by the London Metal
Exchange gained 2,225 metric tons, or 2.2 percent, to 105,650
tons, the highest since July 5. Before today, copper had gained
24 percent this year as LME inventories dropped 43 percent.


Read more at Bloomberg Commodities News

Gold, Silver Rise as Lack of Higher U.S. Interest Rates May Erode Dollar

(Bloomberg) -- Gold and silver rose in New York on
speculation a slowing economy may keep the Federal Reserve from
raising U.S. interest rates, weakening the dollar and boosting
the appeal of precious metals as alternative investments.

Gold often moves in the opposite direction of the dollar,
which fell against the euro after a government report showed the
U.S. economy added fewer jobs than expected last month. Before
today, the metal had gained 6 percent this year, while the euro
climbed 3.8 percent against the dollar.


Read more at Bloomberg Commodities News