Fed's Mishkin: China finds safety in US Treasuries

(Reuters) - Mishkin did not comment on the outlook for the U.S. economy
or interest rates. His speech closely mirrored one he delivered
on the benefits of economic globalization in April.




The Fed is expected to hold its target for benchmark
borrowing costs steady at 5.25 percent during a meeting that
concludes Thursday.


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Spill shuts 10,000 bpd BP Alaska oil output: report

(Reuters) - The Daily News quoted a BP spokesman who said less than a gallon of crude oil was spilled from the 24-inch diameter pipeline and the oil was contained on a gravel pad.




BP workers are replacing an 80-foot section of the flow line, which carries produced crude oil, water and gas from a well to a separation center. The repairs are expected to be complete by Monday.


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Job-starved Algeria values growth more than FDI

(Reuters) - Job-producing economic growth is a higher priority than foreign direct investment (FDI) for OPEC-member Algeria, which has little need of financing thanks to high oil revenues, a government minister said on Saturday.

Industry and Investment Promotion Minister Abdelhamid Temmar added in a speech to a business seminar that foreign investors preparing proposals for ventures should emphasise the transfer of skills and knowledge rather than provision of financing.


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The little book that says "quit"

(Reuters) - The central premise of "The Dip -- A Little Book That
Teaches You When To Quit" is that in all walks of
life -- work, leisure, relationships or business -- you will
encounter what author Seth Godin calls a dip.




A dip is a "common sinkhole that trips up so many people,"
he says. It is the long slog between starting and mastery. It
is the difference between the beginner technique and the more
useful "expert" approach in, say, skiing or fashion design.


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Citibank eyes stake in Kuwait's Gulf Bank: paper

(Reuters) - Al-Qabas newspaper said Citibank had offered to pay 2.5 dinars per share. It did not disclose the source of the report or say how much of a stake Citibank was seeking to buy.




The paper said Citibank wanted to boost its presence in Kuwait, where it has an office. Its current focus in Kuwait on corporate financing and private wealth management promised only limited growth, the paper said.


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Canadian Government Bonds May Extend Decline Amid Outlook for Higher Rates

(Bloomberg) -- Canadian bonds may extend
losses next week amid expectations the Bank of Canada will
increase its benchmark lending rate next month.

The 10-year bond fell for the fifth week in the past
six on speculation Canada's central bank may raise the
borrowing cost twice this year, bringing it to the highest
in six years.


Read more at Bloomberg Bonds News

U.S. Two-Year Notes Gain First Time Since April on Hedge Funds

(Bloomberg) -- Treasury two-year notes rose
for the first time since April as investors sought refuge
from possible hedge fund losses.

Two-year yields fell more than 10-year yields this
week, increasing the yield premium of the longer-term debt
to the most since October 2005, as Bear Stearns Cos.
offered to provide $3.2 billion in loans to bail out one of
its money-losing hedge funds. The Federal Reserve is
forecast by economists to hold its benchmark lending rate
steady at its meeting next week.


Read more at Bloomberg Bonds News

UAE cement firms turn to coal for want of gas

(Reuters) - Cement makers in the United Arab Emirates are turning to imported coal to fire their furnaces as gas is scarce and the petrodollar-fueled building boom shows no signs of letting up.

That is likely to drive world coal prices higher still, producers and traders say.


Read more at Reuters Africa