Crude Oil Trades Near 11-Month High on Signs U.S. Refinery Demand Rising

(Bloomberg) -- Crude oil was little changed in New
York after reaching an 11-month high yesterday on speculation
increased refinery demand may trim U.S. oil stockpiles.

An Energy Department report tomorrow will probably show
inventories fell a second week as refiners raised operating rates
to 90.4 percent last week, according to a Bloomberg News survey
of 15 analysts. Hedge-fund managers and other speculators last
week increased the number of bets on rising oil prices to the
highest in at least 13 years.


Read more at Bloomberg Energy News

New Zealand's Dollar Advances to 22-Year High on Outlook for Higher Rates

(Bloomberg) -- New Zealand's dollar rose to a 22-
year high amid expectations central bank Governor Alan Bollard
will raise interest rates from a record high next week, stoking
demand for the currency.

The chance of a rate increase rose to 71 percent from 44
percent yesterday, according to a Credit Suisse index after a
report showed inflation accelerated more than the central bank
had forecast. Bollard may raise the rate to 8.25 percent, 7.75
percentage points higher than Japan's benchmark and 3 points
more than the Federal Reserve target lending rate.


Read more at Bloomberg Currencies News

Citigroup pays $978,000 to settle NJ broker probe

(Reuters) - The brokers also improperly altered the "profiles" of
client accounts to reflect more aggressive risk tolerances, the
regulators said. Among the victims was a 67-year-old woman with
a $37,500 annual income, who lost $52,500 despite maintaining a
"moderate" risk tolerance, the regulators said.




Short selling is the sale of borrowed shares with the hope
that they can be repurchased at lower prices. It is risky
because it can expose investors to big losses if the shares
rise.


Read more at Reuters.com Bonds News

BHP, Consolidated, Leighton, Oxiana, Paladin: Australian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may rise or fall in Australia. This preview includes
news announced after markets closed yesterday. Prices are from
yesterday's close unless otherwise stated. Stock symbols are in
brackets after the company names.

The S&P/ASX 200 Index futures contract due in September
gained 2 points to 6386 at 8:08 a.m. in Sydney. The Bank of New
York Australia ADR Index lost 0.7 percent in New York.


Read more at Bloomberg Stocks News

Mortgage lender Alliance Bancorp files Chapter 7

(Reuters) - Once known as United Financial Mortgage Corp., Alliance joined at least a half dozen other U.S. mortgage lenders to seek bankruptcy protection since December. The sector has struggled with rising borrowing costs, stagnating home prices, and soaring delinquencies and defaults.




Alliance differed from most struggling lenders in that it specialized in "Alt-A" home loans, rather than "subprime" loans that have caused the greatest problems.


Read more at Reuters.com Bonds News

ACA Shares Have Biggest Drop Since Going Public on Subprime Debt Holdings

(Bloomberg) -- ACA Capital Holdings Inc. shares had
the biggest drop since the seller of credit derivatives went
public in November, after the company disclosed that it could
lose money on contracts tied to $4.5 billion of subprime
mortgage securities from 2006 and 2007.

The shares fell $1.87, or 22 percent, to $6.59 in New York
Stock Exchange composite trading, taking the stock's drop to 33
percent since July 12, when New York-based ACA disclosed the
information on its Web site.


Read more at Bloomberg Bonds News

Emerging debt-Prices rise but spreads widen in thin mkt

(Reuters) - But yield spreads over U.S. Treasury notes also widened as
some investors remain concerned that the U.S. subprime mortgage
turmoil may spill over into other risky assets.




"Emerging market assets have shown impressive resilience to
credit-related turbulence in mature markets. We think that
solid global growth and supportive technicals will continue to
drive emerging markets, TD Securities strategists Beat
Siegenthaler and Guillaume Salomon wrote in a research note.


Read more at Reuters.com Bonds News

UPDATE 2-Subprime lender NovaStar gets $150 mln infusion

(Reuters) - Kansas City, Missouri-based NovaStar said MassMutual
Capital Partners LP and Jefferies Capital Partners IV LLC have
bought $48.8 million of convertible preferred stock and have
committed to invest up to $101.2 million in a subsequent rights
offering.




NovaStar will also distribute $157 million in preferred
securities as a dividend. The company also plans a one-for-four
reverse stock split.


Read more at Reuters.com Bonds News

UPDATE 1-Italy's Edison, AEM boost stakes in Edipower

(Reuters) - Edison, Italy's number-two power producer, raised its stake
to 50 percent from 40 percent in operations worth about 265
million euros, it said in a statement.




It bought 5 percent, or 72.1 million shares, from
Interbanca Spa and Albojo, owned by the Royal Bank of
Scotland Group , under a call option, Edison said in a
statement.


Read more at Reuters.com Mergers News

US OCC launches Web site for bank complaints

(Reuters) - National banks include those run by such well-known
companies as Citigroup , Wells Fargo , and JPMorgan
Chase & Co . The site includes a list of national banks
and operating subsidiaries that are regulated by the OCC.




To lodge a complaint, a bank customer can fax a description
of the problem to the agency, call a toll-free number, or send
an e-mail message.


Read more at Reuters.com Government Filings News

Venezuelan Bolivar Trades Near Three-Week Low Amid Bond Sale Speculation

(Bloomberg) -- Venezuela's currency held at a
three-week low in unregulated trading as investors waited to see
whether the government will sell dollar-denominated bonds to
local banks this week to help meet demand for foreign currency.

Finance Minister Rodrigo Cabezas said in an interview that
the government will sell an additional $550 million of dollar
bonds from its credit portfolio to local banks during the rest
of this year. The government sold 967.5 billion bolivars of the
dollar-denominated bonds during the past few weeks.


Read more at Bloomberg Currencies News

Moody's raises Tyco rating two notches higher

(Reuters) - "The ratings upgrade follows Tyco's completion of the
spin-off," the rating company said in its statement on Monday.




Tyco International's bonds were little traded on Monday,
according to MarketAxess.


Read more at Reuters.com Bonds News

Third Avenue to vote against Abitibi-Bowater deal

(Reuters) - TORONTO, July 16 - Investment firm Third Avenue Management LLC, the largest shareholder of Abitibi-Consolidated Inc. , said on Monday it plans to vote against the Canadian paper company's proposed merger with Bowater Inc. at a special shareholder meeting on July 26.



Third Avenue, founded by prominent investor Martin Whitman, said it is not seeking, and will not accept, the proxies of other Abitibi shareholders.


Read more at Reuters.com Mergers News

UPDATE 1-Universal Forest Products 2nd quarter earnings fall

(Reuters) - The company, which makes wood products used for
construction, said quarterly net income fell to $16.8 million,
or 86 cents a share, from $27.3 million, or $1.41 a share, a
year ago.




Analysts, on average, had forecast earnings of 95 cents a
share, according to Reuters Estimates.


Read more at Reuters.com Market News

Crude Oil Rises to 11-Month High in New York as Refinery Demand May Climb

(Bloomberg) -- Crude oil rose to an 11-month high
in New York on expectations of increased demand, as U.S.
refineries raise gasoline production.

BP Plc and Valero Energy Corp. started units at refineries
in Texas over the weekend. U.S. refineries may have operated at
90.4 percent of capacity last week, up 0.2 percentage point from
the week before, according to a Bloomberg News survey.


Read more at Bloomberg Energy News

NovaStar gets $150 mln equity infusion

(Reuters) - Chief Executive Scott Hartman said the announcement
concludes NovaStar's review of strategic alternatives.
To view additional stories about the subprime lending crisis,
click on [ID:nN16195443]





Read more at Reuters.com Bonds News

Sugar Futures Fall on Speculation That Global Supplies Will Outpace Demand

(Bloomberg) -- Sugar fell in New York on speculation
that rising output in Brazil and India will exacerbate a growing
surplus.

Production will exceed demand by as much as 9.1 million
metric tons in the year ending Sept. 30, the managing director of
the International Sugar Organization said July 9. Sugar has
fallen 39 percent in the past year, the biggest drop among
commodities in the Reuters/Jefferies CRB Index.


Read more at Bloomberg Commodities News

Zarlink plans offering to finance Legerity buy

(Reuters) - Zarlink said in June that it would buy Texas-based
Legerity, which makes telecom semiconductors, for $134.5
million in cash.







Read more at Reuters.com Mergers News

US STOCKS-Subprime worries hurt broad market, but Dow rises

(Reuters) - NEW YORK, July 16 - The broader U.S. stock market
fell on Monday on worries that troubles in the subprime
mortgage market may spread, but optimism about earnings at
multinational companies pushed the Dow to nearly 14,000.




Energy stocks fell, led by ConocoPhillips , because
of concern about dwindling profit margins for gasoline. In
addition, natural gas prices declined due to forecasts for
below-normal summer temperatures, hurting utility stocks.


Read more at Reuters.com Bonds News

RLPC-Maxeda 1.075B euro loan pulled, Boots LBO in balance

(Reuters) - "We are assessing our options to see when we will take the
deal back to the market," an arranger said.




The covenant-lite deal for the Netherlands-based
do-it-yourself retailer had already added a debt-to-EBITDA
covenant at the beginning of July in the European loan market's
first tangible reaction to changing market conditions.


Read more at Reuters.com Bonds News

Universal Forest Products 2nd-qtr earnings fall

(Reuters) - Analysts, on average, had forecast earnings of 95 cents a
share, according to Reuters Estimates.




Read more at Reuters.com Market News

UPDATE 1-FDA approves J&J test for breast cancer spread

(Reuters) - The test, called the GeneSearch Breast Lymph Node Assay, is
manufactured by Johnson & Johnson unit Veridex LLC.




The molecular-based laboratory test was approved by the FDA
to find cancerous growths in lymph node tissue removed from
breast cancer patients. The aim is to help doctors quickly
decide whether to remove more nodes during surgery, or risk
having the patient undergo a second operation.


Read more at Reuters.com Government Filings News

Shenzhen Bank, Merck, Tata Consultancy: Asia Ex-Japan Equity Preview

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

Merck Ltd. (EMER IN): India's biggest vitamin-E maker and a
unit of Germany's Merck KgaA said second-quarter profit declined
81 percent to 163.1 million rupees ($4 million). Sales climbed
4.8 percent to 911.9 million rupees. Merck added 0.75 rupee, or
0.2 percent, to 409.1.


Read more at Bloomberg Stocks News

Phoenix shares up, Keefe Bruyette raises target

(Reuters) - Lipponen also told Reuters the company would be worth $19 to $21 a share if it was acquired, up $2 from his previous range. He said, however, that he did not expect it to be sold in the next 12 months.




In late afternoon trading on the New York Stock Exchange Phoenix was up 5.7 percent to $15.39 a share. It had been as high as $15.63 earlier in Monday's session.


Read more at Reuters.com Hot Stocks News

Nymex Gasoline Futures Fall Most Since October on Expected Supply Growth

(Bloomberg) -- Gasoline futures fell 4.4 percent,
the biggest drop in more than eight months, on forecasts a
government report this week will show a rise in U.S.
inventories.

Supplies probably rose 1 million barrels last week,
according to the median of 15 analyst estimates in a Bloomberg
News survey. The Energy Department report is due July 18.
Gasoline futures have declined 10 percent since July 10.


Read more at Bloomberg Energy News

NYMEX crude ends up despite RBOB's 4 percent drop

(Reuters) - On the New York Mercantile Exchange, August crude rose 22 cents, or 0.3 percent, to settle at $74.15 per barrel, trading from $73.63 to $74.50.




That session peak was the highest intraday price since August 11, when prices reached $74.81. NYMEX crude hit a record $78.40 a barrel last July 14.


Read more at Reuters.com Hot Stocks News

IHOP to buy Applebee's for $1.9 billion

(Reuters) - The all-cash deal, which represents a 4.6 percent premium to Applebee's closing price on Friday, is worth about $1.9 billion, based on the company's 75,072,000 shares outstanding as of April 1.




A source close to the deal said it included about $155 million in debt, bringing the total value to $2.1 billion, the figure cited by the companies.


Read more at Reuters.com Mergers News

Best Denki, Shimachu, Toyota and Yume No Machi: Japanese Equity Preview

(Bloomberg) -- The following stocks may move in
Japanese markets. The Japanese stock markets were closed
yesterday for a national holiday. Statements were released after
the close on July 13. Stock symbols are in parentheses.

Aigan Co. (9854 JT): The eyeglasses retailer cut its first-
half net income forecast 47 percent to 368 million yen and its
sales forecast 1.7 percent to 14.01 billion yen. The stock rose 4
yen, or 0.4 percent, to 940.


Read more at Bloomberg Stocks News

Goldman hires former U.S. Trust CEO Scaturro

(Reuters) - Scaturro assumed the top job at U.S. Trust in 2005. Prior to joining Citigroup, he was a partner at Bankers Trust.




Goldman, the world's largest investment bank by market value, is also one of the fastest-growing money managers that is expanding its reach among wealthy individuals. In less than six years, private wealth management client assets have almost doubled.


Read more at Reuters.com Business News

King Pharma shares fall on Altace patent concerns

(Reuters) - The stock is "down on concerns that the federal circuit may invalidate the Altace patent, which would allow generics to come to the market approximately a year earlier than expected," Cowen and Co. analyst Ian Sanderson said.




King shares were off $1.84, or 8.7 percent, at $19.24 in afternoon trading on the New York Stock Exchange.


Read more at Reuters.com Hot Stocks News

TREASURIES-Subprime mortgage worries send prices higher

(Reuters) - NEW YORK, July 16 - U.S. Treasury debt prices
rose on Monday on worries that the deterioration in the
subprime mortgage sector will spill over to the broader market
and prompt the Federal Reserve to trim interest rates.




The benchmark ABX index, used by investors to hedge
subprime mortgage risks, sank to a fresh intraday low. This led
investors skittish about securities backed by subprime loans --
made to homeowners with blemished credit histories -- to buy
less risky U.S. government bonds.


Read more at Reuters.com Bonds News

Lear shareholders reject Icahn bid

(Reuters) - Lear's board of directors had recommended that shareholders approve the sweetened $3 billion, or $37.25 per share, offer. But it met opposition from influential advisory firm Institutional Shareholder Services as well as Lear's second-biggest shareholder, Pzena Investment Management LLC, and the California State Teachers' Retirement System.




"We respect the stockholder majority," Bob Rossiter, Lear chairman and chief executive, said in a statement.


Read more at Reuters.com Business News

Perceived Risk of Subprime-Loan Bonds Surge, Derivatives Contracts Show

(Bloomberg) -- The perceived risk of subprime-
mortgage bonds surged today, prices of benchmark derivatives
contracts show.

An index of credit-default swaps linked to 20 securities
rated BBB- and created in the second half of 2006 fell about 8
percent today to a new low of about 45, according to Deutsche
Bank AG. The ABX-HE-BBB- 07-1 index has dropped by more than half
since January, reflecting growing expectations of defaults on the
bonds. Most other ABX indexes also hit new lows, traders said.


Read more at Bloomberg Bonds News

Houghton Mifflin to buy Reed's Harcourt arms for $4 bln

(Reuters) - The combined business will be led by Tony Lucki, chief
executive of Houghton Mifflin and former chief of Harcourt
Education and Harcourt Inc.





Read more at Reuters.com Mergers News

UPDATE 1-UBS to pay $23.3 mln in New York settlement

(Reuters) - NEW YORK, July 16 - UBS agreed
to pay $23.3 million to resolve accusations the Swiss bank and
brokerage steered thousands of inappropriate customers into
fee-based accounts, the New York Attorney General's office said
on Monday.




UBS, one of the largest brokerages in the United States,
plans to reimburse $21.3 million to about 3,000 customers and
pay a $2 million penalty to the state. The bank allegedly
encouraged customers to switch to fee-based accounts that ended
up being more expensive for less active investors than
traditional accounts.


Read more at Reuters.com Bonds News

Orange Juice Futures Rise on Concern That Tropical Storms May Hit Florida

(Bloomberg) -- Orange-juice futures rose in New York
on speculation that tropical storm activity will increase by
month's end and may damage groves in Florida, the biggest
producer after Brazil.

The third named tropical storm of the U.S. hurricane season
usually occurs around July 30 and the first hurricane often
develops by Aug. 1, said Stephen Strum, president of Frontier
Weather Inc. in Tulsa, Oklahoma. Two named storms have already
occurred this season, Strum said.


Read more at Bloomberg Commodities News

Rosneft Cancels Sale of Dollar-Denominated Bonds, Bankers Organizing Say

(Bloomberg) -- OAO Rosneft, Russia's biggest oil
producer, canceled its plan to sell dollar-denominated bonds,
according to bankers organizing the offering who asked not to be
identified because the decision hasn't been publicly disclosed.

Moscow-based Rosneft had hired ABN Amro Holding NV,
Barclays Capital, Citigroup Inc. and Morgan Stanley to arrange
the sale, according to an e-mailed statement sent by Morgan
Stanley on July 4. BNP Paribas SA, Calyon, JPMorgan Chase & Co.
and Goldman Sachs Group Inc. were also organizing the sale.


Read more at Bloomberg Bonds News

Vodafone says not planning Verizon bid

(Reuters) - Verizon shares gave up most of those gains after Vodafone's denial and were up only 2.23 percent at $42.69 at midday. Vodafone shares trimmed earlier losses to trade down 0.61 percent at 162.20 pence.




"Vodafone wishes to make it clear that it has no plans to make such an offer," the company said in a brief statement.


Read more at Reuters.com Business News

Rosneft postpones bond in volatile market-lead

(Reuters) - Rosneft's board approved earlier this month a bond offering
of up to $5 billion as part of a $15 billion medium-term note
programme. Standard & Poor's has given the offering a 'BB+'
senior unsecured debt rating and has said the firm might raise
$2 billion to $3 billion based on the management guidance.




Lead managers are ABN Amro, Barclays, BNP Paribas, Calyon,
Citigroup, Goldman Sachs, JP Morgan and Morgan Stanley.


Read more at Reuters.com Bonds News

IBM to buy Canada's DataMirror

(Reuters) - The news sent DataMirror's shares soaring 18.7 percent, or C$4.20, to C$26.70 on the Toronto Stock Exchange in morning trade. The price marked a year high for DataMirror.




DataMirror's technology helps companies capture and analyze data in real-time, identifying changes to databases and immediately alerting other computer programs of those changes. This gives those programs more current data.


Read more at Reuters.com Mergers News

Richards Bay Says Derailment Cancels the Delivery of 150,000 Tons of Coal

(Bloomberg) -- Richards Bay Coal Terminal, the
worlds biggest export terminal for the fuel, said a derailment on
a line to the port led to the cancelation of 15 trains, carrying
about 150,000 metric tons of coal.

The incident occurred yesterday at Ilangakazi in KwaZulu
Natal, a province of South Africa, a spokesman for the port said
in an interview from Johannesburg. The line has since been
reopened, the spokesman said.


Read more at Bloomberg Energy News

TREASURIES-Bonds extend gains on subprime index weakness

(Reuters) - The benchmark 10-year Treasury note's price rose 8/32 for a
yield of 5.06 percent , compared with 5.10 percent
late on Friday. Bond yields and prices move inversely.




Read more at Reuters.com Bonds News

TREASURIES-Bonds gain as subprime weakness deepens

(Reuters) - NEW YORK, July 16 - U.S. government bond prices
rose on Monday as subprime mortgage assets weakened,
underscoring persistent worries about the housing sector and
burnishing Treasuries' safe-haven allure.




The benchmark ABX subprime mortgage index, used by
investors to hedge subprime mortgage risks, tumbled to a new
intraday low. Falling prices of securities tied to lending to
homeowners with poor credit have recently diminished investors'
demand for riskier assets and sent flows into less volatile
U.S. government bonds.


Read more at Reuters.com Bonds News

European Stocks Advance, Led By ABN Amro, Banks; Saipem, Technip Decline

(Bloomberg) -- European stocks rose, led by ABN Amro
Holding NV after Royal Bank of Scotland Group Plc sweetened its
71.1 billion-euro ($98.1 billion) offer for the Dutch lender.

ABN Amro jumped the most in three months to its highest
since at least August 1990. BT Group Plc, the U.K.'s largest
phone company, and drugmaker GlaxoSmithKline Plc climbed after
brokerages lifted their recommendations on the shares.


Read more at Bloomberg Stocks News

McDonald's sees profit above Street as sales jump

(Reuters) - CHICAGO, July 16 - McDonald's Corp. said on Monday it expects to report quarterly earnings above Wall Street estimates on its strongest quarterly sales in three years.



The world's largest restaurant chain operator said it expected to earnings of 71 cents per share before costs related to the sale of businesses in Latin America.


Read more at Reuters.com Market News

Switzerland's SMI Index Gains; Swiss Re and Zurich Financial Advance

(Bloomberg) -- Swiss stocks rose for a third day, led
by Swiss Reinsurance Co., the world's biggest reinsurer, and Zurich
Financial Services AG, Switzerland's largest insurer. Shares of
Julius Baer Holding AG also climbed.

The Swiss Market Index of the 24 largest and most actively
traded companies advanced 38.06, or 0.4 percent, to 9299.80 in
Zurich. The broader Swiss Performance Index gained 27.43, or 0.4
percent, to 7601.81.


Read more at Bloomberg Stocks News

Highveld says recommends revised Evraz offer

(Reuters) - Evraz already owns 54.1 percent of Highveld.




Read more at Reuters.com Mergers News

Canada Stocks Fall, Led by Cameco, on Uranium Price Concerns; Encana Slips

(Bloomberg) -- Canadian stocks fell, led by Cameco
Corp., on concern that shares of uranium producers are overpriced.
Natural gas future in New York had the steepest drop in almost a
month, pushing energy shares lower.

Cameco, the world's largest uranium producer, dropped after
investors sold short a record number of the company's shares in
June. EnCana Corp., Canada's largest natural-gas producer, fell for
first time in four days.


Read more at Bloomberg Stocks News

Spartech says CEO quits, cuts profit view; shares fall

(Reuters) - "Abd, CEO since May 2005, was the architect and driving force behind the company's recent structural changes and operational improvements," Deutsche Bank analyst David Begleiter said in a research note to clients on Monday.




Shares of the company fell more than 20 percent, or $5.52, to $21.80 in midday trade, making them the highest percentage loser on the New York Stock Exchange on more than four times the 10-day moving average volume, according to Reuters data.


Read more at Reuters.com Hot Stocks News

TREASURIES-Bonds inch up as subprime concerns persist

(Reuters) - NEW YORK, July 16 - Long-dated U.S. Treasury debt
prices drifted higher on Monday as fears surrounding the
mortgage sector supported bonds despite an unexpected surge in
New York state manufacturing.




Treasuries held their ground even after the New York Fed's
surprisingly robust July survey, a testament to the subprime
premium that has effectively been built into the bond market.


Read more at Reuters.com Bonds News

Mutilation Frenzy, Hollywood Style, Slashes Limbs -- And Box-Office Sales

(Bloomberg) -- This year's crop of gore-filled
horror films may send a shiver down the spines of Hollywood
executives. And not because of the on-screen terror.

The studios are taking in less on each film as they release
a record 39 horror and thriller movies in the U.S. this year,
according to industry tracker Media By Numbers LLC. Sequels like
``Hostel: Part II'' aren't matching the appeal of the originals.


Read more at Bloomberg Exclusive News

Asia shares ease

(Reuters) - London's FTSE 100 Index and Germany's DAX rose about 0.2 percent in early trade while France's CAC 40 edged up nearly 0.1 percent.




Data on Friday showing improved U.S. consumer sentiment sparked optimism that shipments to Asia's top export market would stay strong, helping to limit regional stock losses and lending support to the dollar.


Read more at Reuters.com Hot Stocks News

Cocoa Products of Nigeria Plans to Double Processing Capacity This Year

(Bloomberg) -- Cocoa Products Ltd., Nigeria's
biggest processor of the beans, plans to double capacity to
60,000 tons this year to benefit from the government's strategy
of encouraging local grinding, said spokesman Samuel Dada.

The company, jointly owned by the government of the south-
western state of Ondo, where it is based, and Lagos-based Skye
Bank Plc, plans to increase output from 30,000 tons a year
currently by adding a new production line, Dada said in an
interview July 12 in Akure, the state capital.


Read more at Bloomberg Commodities News

U.K. Natural Gas Rises as Flow Cut at Shell's Bacton Terminal Cuts Supply

(Bloomberg) -- U.K. natural gas for delivery today
rose to the highest since Jan. 2 after flows of the fuel to a
terminal operated by Royal Dutch Shell Plc halted, cutting
supplies that were already reduced by repairs and maintenance.

Gas for delivery today rose 6.8 percent to 34 pence a therm
from a last day-ahead price on July 13 of 31.85 pence a them.
Today's price is equivalent to $6.92 a million British thermal
units. A therm is 100,000 Btus.


Read more at Bloomberg Energy News

FTSE climbs as RBS sweetens ABN bid; US weighs

(Reuters) - The FTSE 100 index of Britain's leading shares edged higher in choppy trade on Monday after late profit-taking in the U.S. on Friday restricted higher gains, as the takeover battle for ABN AMRO heated up.

Royal Bank of Scotland added 0.5 percent after the consortium it is leading boosted the cash element of its 71.1 billion euro bid for Dutch bank ABN. The bid is above a rival offer from Britain's Barclays.


Read more at Reuters Africa

U.K. Pound Rises to 26-Year High Versus Dollar on Outlook for Rates

(Bloomberg) -- The pound rose to a 26-year high
against the dollar on speculation the Bank of England will keep
raising interest rates while the Federal Reserve stays on hold.

The U.K. currency extended last week's gains after Moody's
Investors Service and Standard & Poor's warned about bonds backed
by U.S. subprime mortgages, suggesting a housing slowdown will
worsen. The pound may be further buoyed before a report tomorrow
that's forecast to show that U.K. inflation exceeded the BOE's 2
percent target for 14 months.


Read more at Bloomberg Currencies News

KKR Cancels $1.4 Billion of Loans to Refinace Maxeda Buyout, Person Says

(Bloomberg) -- Kohlberg Kravis Roberts & Co.
cancelled 1 billion euros ($1.4 billion) of loans it was seeking
to refinance its 2004 leveraged buyout of Dutch home-improvement
retailer Maxeda BV, said a person involved in the transaction
who declined to be identified.

Maxeda spokesman Arnold Drijver in Amsterdam wasn't
immediately able to comment. Citigroup Inc. and ABN Amro Holding
NV had been hired to arrange the transaction.


Read more at Bloomberg Bonds News

Barclays will only go ahead with ABN if terms right

(Reuters) -




For the latest story on ABN, click on [nL16540845]


Read more at Reuters.com Mergers News

Alcon offers 10 euros/shr for Germany's WaveLight

(Reuters) - Alcon's offer is 10 euros per WaveLight share, it said in a statement.



The offer, which is subject to shareholder and regulatory approval, has the support of WaveLight's executive committee, Alcon said.


Read more at Reuters.com Mergers News

Corn, Soybeans Fall in Chicago on Normal Rainfall Forecast in U.S. Midwest

(Bloomberg) -- Corn futures in Chicago declined
from a two-week high and soybean prices fell from a three-year
peak on a forecast for normal rainfall in the U.S. Midwest and
as investors assessed that recent gains were overdone.

The six to 10-day outlook from the National Weather Service
showed normal precipitation in the U.S. Midwest, including Iowa,
Illinois, Indiana and Ohio, according to yesterday's forecast.
Normal precipitation would help the U.S. corn crop to pollinate.


Read more at Bloomberg Commodities News

Posco Reports Highest Net Income in Two Years as Steel Prices, Demand Rise

(Bloomberg) -- Posco, a steelmaker that doubled in
value in the past year, reported second-quarter profit climbed
55 percent to the highest in two years, as it raised prices to
take advantage of surging demand.

Net income at the third-biggest steelmaker in Asia rose to
1.11 trillion won ($1.2 billion) in the quarter ended June, from
716 billion won a year ago, the Pohang, South Korea-company said
today in a statement. Sales rose 25 percent to 5.82 trillion won.


Read more at Bloomberg Emerging Markets News

U.K. Stocks Including Barclays, Royal Bank Climb; Lonmin Shares Drop

(Bloomberg) -- U.K. stocks including Barclays Plc,
Royal Bank of Scotland Plc and GlaxoSmithKline Plc rose. Lonmin
Plc and Wolseley Plc paced declining shares.

The benchmark FTSE 100 Index gained 4.5, or 0.1 percent, to
6721.2 in London at 8:11 a.m. The FTSE All-Share Index added
2.96, or 0.1 percent, to 3470.88. Ireland's ISEQ Index dropped
0.1 percent to 9129.74.


Read more at Bloomberg Stocks News

Posco Reports Highest Profit in Two Years After Prices of Steel Climb

(Bloomberg) -- Posco, a steelmaker that doubled in
value in the past year, reported second-quarter profit climbed
55 percent to the highest in two years, as it raised prices to
take advantage of surging demand.

Net income at the third-biggest steelmaker in Asia rose to
1.11 trillion won ($1.2 billion) in the quarter ended June, from
716 billion won a year ago, the Pohang, South Korea-company said
today in a statement. Sales rose 25 percent to 5.82 trillion won.


Read more at Bloomberg Emerging Markets News

FEATURE-European traders brace for man vs machines war

(Reuters) - Complex algorithmic computer systems -- designed to monitor
thousands of stocks and independently identify and execute
orders in milliseconds -- are revolutionising Wall Street and
demand is quickly catching up across the Atlantic.




"We're looking to take humans out of the equation where it
makes sense," said John Lowrey, European head of execution
services at Lehman Brothers, striding past hundreds of dealers
glued to their screens on the bank's vast London trading floor.


Read more at Reuters.com Government Filings News