Wal-Mart Plans to More Than Double Stores in China Over Next Five Years

(Bloomberg) -- Wal-Mart Stores Inc., the world's
biggest retailer, plans to more than double its stores in China
in the next five years to tap the country's 1.3 billion people.

The expansion will help the Bentonville, Arkansas-based
company broaden its reach beyond its 84 stores across 46 Chinese
cities. Wal-Mart expects to have a 20 percent share of the
country's retail market with the expansion, said Terrence Cullen,
Wal-Mart's vice president of China operations.


Read more at Bloomberg Emerging Markets News

Switzerland's June Trade Surplus Widens as Decline in Franc Fuels Exports

(Bloomberg) -- Switzerland's trade surplus widened
in June as a decline in the Swiss franc fueled exports of
machines, watches and metals.

The surplus was 1.72 billion Swiss francs ($1.43 billion),
up from 1.04 billion francs in May, the Federal Customs Office in
Bern said today. Economists expected a surplus of 1.15 billion
francs, according to the median of five forecasts in a Bloomberg
survey. Exports rose 1.5 percent from May when adjusted for
inflation and seasonal swings, and imports fell 5.3 percent.


Read more at Bloomberg Currencies News

Nestle held merger talks with PepsiCo: WSJ

(Reuters) - A spokesman for Nestle was not immediately available for comment.




Read more at Reuters.com Business News

Standard Chartered eyes S.Africa's Nedbank - report

(Reuters) - Emerging markets specialist Standard Chartered is in takeover talks with South Africa's fourth-biggest bank, Nedbank Group, financial daily Business Day reported on Thursday.

The newspaper, citing unnamed sources, said Asia-focused Standard Chartered had been in discussions with Nedbank for some time.


Read more at Reuters Africa

PRESS DIGEST - New York Times front page - July 19

(Reuters) - ---




Moktada al-Sadr is reaching out to Iraqis on the street
while distancing himself from the increasingly unpopular
government.


Read more at Reuters.com Bonds News

LG Electronics Reports Highest Profit in Three Years on Prada Phone Sales

(Bloomberg) -- LG Electronics Inc., Asia's second-
largest maker of mobile phones, reported its highest profit in
three years, driven by sales of its Shine and Prada handsets.

Second-quarter net income was 384.6 billion won ($420
million), compared with a loss of 9.7 billion won a year earlier,
Seoul-based LG said in a regulatory filing today. Sales rose 1.8
percent to 5.9 trillion won.


Read more at Bloomberg Emerging Markets News

Oil steady after $1 jump on US gasoline stock draw

(Reuters) - Oil prices were little changed on Thursday after resuming their march toward record highs a day ago on news of a surprise drop in weekly gasoline stocks in the United States.

London Brent crude for September was down 16 cents at $76.60 by 0325 GMT after climbing $1.23 a day ago. On Monday it came within 25 cents of its record high $78.65 after a three-week rally fuelled by speculative buying and a tight North Sea market.


Read more at Reuters Africa

Nestle held merger talks with PepsiCo - WSJ

(Reuters) - A spokesman for Nestle was not immediately available for
comment.




Read more at Reuters.com Mergers News

India's Tata, Mahindra eyeing Jaguar, Rover-report

(Reuters) - A Tata Motors spokesman declined comment on the report.




A spokesman for Mahindra said the report was speculative.


Read more at Reuters.com Mergers News

Ericsson May Say Profit Rose on Acquisitions, Orders in India, Germany

(Bloomberg) -- Ericsson AB, the world's largest
maker of wireless networks, may say second-quarter profit rose 21
percent, spurred by acquisitions and orders in India and Germany.

Net income probably reached 6.91 billion kronor ($1.04
billion), with sales rising 8.6 percent to 48 billion kronor,
according to a Bloomberg survey of 18 analysts. Sony Ericsson
Mobile Communications Ltd., the handset venture with Sony Corp.,
reported earnings that missed estimates last week.


Read more at Bloomberg Currencies News

Australia's S&P/ASX 200 Climbs, Led by Macquarie Bank, Woodside Petroleum

(Bloomberg) -- Australian stocks gained. Macquarie
Bank Ltd. advanced after it said first-quarter profit rose
``substantially,'' and Woodside Petroleum Ltd. rose after it said
second-quarter sales increased 14 percent.

``Macquarie was more positive than they normally are and
Woodside got a bounce after production came in as forecast,'' said
Troy Angus, who helps manage the equivalent of $2.1 billion at
Paradice Investment Management Ltd. in Sydney. ``Corporate
Australia is doing so well. With the strong domestic economy we're
likely to see a pretty robust reporting season.''


Read more at Bloomberg Stocks News

China's Yuan Rises to Highest Since End of Link in 2005 as Growth Surges

(Bloomberg) -- The yuan rose to the highest since
the end of a dollar link in July 2005 after a report showed the
economy grew the most in 12 years, adding to speculation China
will seek a stronger currency to curb inflation.

Gains in the yuan may help reduce inflows from export
earnings and keep excess funds from flooding the economy with
cash, spurring lending and investment. Federal Reserve Chairman
Ben S. Bernanke yesterday said China needs a flexible exchange
rate to foster an ``independent monetary policy.''


Read more at Bloomberg Currencies News

U.S. Treasuries Are Little Changed as Stocks, Emerging-Market Bonds Gain

(Bloomberg) -- U.S. Treasuries were little changed
as gains in Asian stocks and emerging-market bonds fed
expectations investors are more willing to hold riskier assets.

Notes shed gains from yesterday as futures contracts
indicated a slowdown in the U.S. housing market isn't enough to
get the Federal Reserve to cut interest rates this year. There's
a 76 percent chance the Fed will hold rates through Dec. 31,
according to data compiled by Bloomberg based on the contracts.


Read more at Bloomberg Bonds News

GlaxoSmithKline, Invesco, Sainsbury and BP: U.K., Irish Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in U.K. and Irish markets today. Stock symbols are in parentheses
and prices are from yesterday's market close.

The benchmark FTSE 100 Index fell 92, or 1.4 percent, to
close at 6567.10 in London. The FTSE All-Share Index declined
42.45, or 1.2 percent, to 3395.74.


Read more at Bloomberg Stocks News

Citrix, IBM, Juniper Networks, Washington Mutual: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
tomorrow. This preview includes news that broke after exchanges
closed. Stock symbols are in parentheses after company names.

Citrix Systems Inc. (CTXS US) rose $3.30, or 9.3 percent,
to $38.60 in trading after the official close of U.S. exchanges.
The maker of computer-networking software said it expects
revenue of $1.34 billion to $1.36 billion this year. That topped
the average estimate of $1.32 billion by analysts in a Bloomberg
survey.


Read more at Bloomberg Stocks News

China Economy Expands 11.9 Percent in Second Quarter, Fastest in 12 Years

(Bloomberg) -- China's economy grew at the fastest
pace in 12 years in the second quarter and inflation accelerated
the most in nearly three, adding pressure on the government to
raise interest rates and cool investment.

Gross domestic product expanded 11.9 percent from a year
earlier, the statistics bureau said in Beijing today, up from
11.1 percent in the first quarter. Inflation climbed to 4.4
percent in June, breaching the central bank's annual 3 percent
target for a fourth month.


Read more at Bloomberg Bonds News

UPDATE 1-Mexican Kimber says profit down 8 pct in Q2

(Reuters) - The firm, minority owned by U.S.-based Kimberly-Clark Corp.
, said the results were "in general unsatisfactory."




Kimber said it earned 816 million pesos in
the April-June period, versus 890 million pesos a year ago.


Read more at Reuters.com Market News

Gold Little Changed in Asia After Gains on Weak Dollar; Silver Unchanged

(Bloomberg) -- Gold traded little changed in Asia
after rising to a six-week high on the dollar's decline against
the euro, which boosted the appeal of the precious metal as an
alternative investment. Silver was unchanged.

Gold generally moves in the opposite direction to the dollar,
which dropped to a record low against the euro yesterday, and
traded just above that level today. Gold has gained 5.6 percent
this year, while the euro has risen 4.5 percent against the
dollar. Europe's single currency traded at $1.3796 at 10:08 a.m.
in Singapore after yesterday's high of $1.3833.


Read more at Bloomberg Commodities News

Chidambaram Says India to Keep `Tight' Monetary Policy to Curb Inflation

(Bloomberg) -- India will maintain a ``fairly
tight'' monetary policy to curb inflation that may be stoked by
rising crude oil prices and consumer demand, Finance Minister
Palaniappan Chidambaram said.

``We have to do our best to keep inflation down in a world
where fuel prices are flaring up, commodity prices are
increasing and demand remains high in China and India,''
Chidambaram, 61, said in an interview yesterday in New Delhi.


Read more at Bloomberg Emerging Markets News

UPDATE 1-Japan manufacturers' confidence falls - Reuters Tankan

(Reuters) - TOKYO, July 19 - Japanese manufacturers are less
optimistic about business conditions, a Reuters survey showed on
Thursday, as firms feel the pinch from rising raw material costs,
but expectations of a rate increase next month remain intact.




The July edition of the Reuters Tankan poll showed confidence
had slipped from a five-month high seen in June, but confidence
among electric machinery makers and non-manufacturers rose, a
sign that corporate-sector strength still underpins Japanese
growth.


Read more at Reuters.com Economic News

Sakhalin Energy Sells Vityaz Crude Oil to GS Caltex for September Loading

(Bloomberg) -- Sakhalin Energy Investment Co. sold a
cargo of Vityaz crude oil for loading in September, said traders
who submitted bids to buy cargoes.

GS Caltex Corp., South Korea's second-biggest refiner,
bought the cargo, said the traders who asked not to be identified
because of company policy.


Read more at Bloomberg Energy News

Japan's Stocks Rise, Led by Technology Shares; Mitsui OSK, Matsushita Gain

(Bloomberg) -- Japanese stocks advanced after
International Business Machines Corp. reported profits higher
than analysts' projections, raising speculation Japan's
technology companies will also post bigger-than-forecast earnings.

Matsushita Electric Industrial Co., the world's biggest
consumer electronics maker, led gains by the Topix. Shipping
companies including Mitsui O.S.K. Lines Ltd. advanced on
expectations that their earnings will climb.


Read more at Bloomberg Stocks News

Chanos of Kynikos Says `Contagion' Spreading in Market for Mortgage Bonds

(Bloomberg) -- Defaults on home loans to risky
borrowers are spurring a ``contagion'' of losses among the bonds
they back and the risk is spreading to other securities, said
James Chanos, president of hedge fund Kynikos Associates.

``There's a lot more to come,'' Chanos, who oversees $4
billion and specializes in short sales, said today in an
interview. ``What we're seeing already is a spreading of the
contagion.''


Read more at Bloomberg Stocks News

UPDATE 7-Scores of bodies pulled from Brazil plane crash

(Reuters) - SAO PAULO, July 18 - Rescue workers in Brazil
pulled burned bodies from smoking wreckage and collapsed
buildings on Wednesday after about 200 people were killed in
the country's worst air disaster.




The Airbus A320 was carrying 186 passengers and
crew when it slid off a short, rain-soaked runway at Sao
Paulo's Congonhas airport late on Tuesday, hurdling a busy road
before slamming into a gas station and cargo terminal.


Read more at Reuters.com Bonds News

Husky Energy Inc. and Maple Leaf Foods: Canadian Equity Market Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets.
This preview includes news that broke after markets closed.
Symbols are in parentheses after company names and prices are
from the last close.

The Standard & Poor's/TSX Composite Index rose 201.65, or
1.4 percent, to 14,583.66.


Read more at Bloomberg Stocks News

Chipmakers, Oil-Dependents, LG Chem, Pusan Bank: South Korea Stock Preview

(Bloomberg) -- The following shares may rise or fall
in South Korea. Prices refer to the previous close. This preview
includes news announced after markets shut yesterday. Stock
symbols are in brackets after the company names.

The Kospi index retreated 1 percent to 1930.70. The Kosdaq
fell 0.1 percent to 818.92. Kospi 200 futures expiring in
September slipped 1.2 percent to 245.80, while the underlying
index dropped 1.2 percent to 244.92.


Read more at Bloomberg Stocks News

BHP Billiton, Mirvac, Trinity, Rio, Woodside: 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 0.2 percent to 6341 at 8:20 a.m. in Sydney. The Bank of New
York Australia ADR Index dropped 0.3 percent in New York.


Read more at Bloomberg Stocks News

Australian Dollar Advances, Nears 18-Year High in Early Sydney Trading

(Bloomberg) -- The Australian dollar rose to 87.76
U.S. cents at 7:24 a.m. in Sydney from 87.53 cents late in Asia
yesterday. It earlier reached 87.89 cents, the highest since
February 1989.

To contact the reporter on this story:
David McIntyre in Sydney at
dmcintyre2@bloomberg.net


Read more at Bloomberg Currencies News

GZI Transport, LG Chem, Ranbaxy, Wipro: 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.

ACC Ltd. (ACC IN): India's biggest cement maker by capacity
will probably report a net income of 3.9 billion rupees in the
three months ended June 30, according to a median profit estimate
in a Bloomberg News survey. Sales may have risen to 24 percent to
18.2 billion rupees. ACC rose 22.5 rupees, or 2 percent, to
1133.1.


Read more at Bloomberg Stocks News

Nymex Bidding Against Intercontinental for Winnipeg Exchange, Person Says

(Bloomberg) -- The New York Mercantile Exchange, the
world's largest energy market, is trying to break up
Intercontinental Exchange Inc.'s planned purchase of the Winnipeg
Commodity Exchange.

WCE Holdings Inc., parent company of the Winnipeg exchange,
said yesterday that it had received an unsolicited C$50 million
($48 million) bid, topping Intercontinental's C$40 million offer.
The bidder is Nymex Holdings Inc., according to a person familiar
with the matter who asked not to be named because the information
has not been made public.


Read more at Bloomberg Energy News

Peruvian Sol Trades Near Two-Month High Amid Central Bank Speculation

(Bloomberg) -- Peru's sol was little change,
trading near an almost two-month high, amid speculation the
central bank may raise interest rates to keep inflation from
accelerating.

The currency rose 0.01 percent to 3.1583 soles per dollar.
The sol has gained 1.1 percent this year, reaching an eight-year
high on May 18. The central bank said it bought $40 million in
the currency market today, adding to the $544 million purchased
so far this month to stem gains in the currency.


Read more at Bloomberg Currencies News

Sovereign Bancorp posts second-quarter profit

(Reuters) - Net income for the Philadelphia-based thrift totaled $147.5 million, or 29 cents per share. That compared with a net loss of $59.1 million, or 15 cents, a year earlier, when Sovereign posted a large loss from investment securities.



Operating profit rose to $170.3 million, or 33 cents per share, from $163.2 million a year earlier.


Read more at Reuters.com Market News

Cerberus's Snow: Private equity tax is risky

(Reuters) - "If you reduce taxes on capital, you get more capital. More
capital has a beneficial effect on the economy as a whole,"
said the Cerberus chairman in remarks at the National Press
Club. "If you tax it more heavily, you get less of it."




Snow served as U.S. Treasury Secretary for over three years
until June 2006. His private equity fund is preparing to take
over loss-making automaker Chrysler Group in a $7.4 billion
deal with parent DaimlerChrysler AG .


Read more at Reuters.com Government Filings News

MGI Pharma posts profit after year-ago loss

(Reuters) - Excluding items, such as restructuring costs, stock based
compensation and license and milestone payments, MGI had
adjusted income of 13 cents per share.




Read more at Reuters.com Market News

Canadian Stocks Rise on Takeover Speculation; Canadian Pacific Advances

(Bloomberg) -- Canadian railroad stocks rose on
takeover speculation, pushing an index of the country's industrial
shares to its biggest gain in almost five years, as Canadian
Pacific Railway Ltd. said it received a bid earlier this year.

The S&P/TSX Composite Index gained 81.15, or 0.6 percent, to
14,463.16, led by Canadian Pacific, the country's second-biggest
rail company, and Canadian National Railway Co., the largest.


Read more at Bloomberg Stocks News

U.S. lawmaker seeks non-profit student lender probe

(Reuters) - Miller asked the Government Accountability Office to
examine nonprofit lenders, which include entities such as
EduCap and Student Lending Works.




His request comes on the heels of state and congressional
probes that alleged kickback schemes and conflicts of interest
among many for-profit student lenders, universities and some of
their student financial aid officers.


Read more at Reuters.com Bonds News

Political giving by US private equity chiefs soars

(Reuters) - The so-called new kings of Wall Street are giving more money to Democrats than Republicans, but both parties are raking it in, according to campaign finance records collected by the Center for Responsive Politics.




Twenty senior managers have given about $360,000 to party campaign committees and individual candidates in the first half of 2007. At that rate, giving this year will easily top 2006's full-year level of $470,000; 2005's $260,000; and 2004's $560,00 donated during a presidential election year.


Read more at Reuters.com Mergers News

European Swaptions Demand Increases as Subprime Mortgage Concerns Spread

(Bloomberg) -- Demand for interest-rate swap
options in Europe is rising as concern spreads that losses from
collateralized mortgage obligations will increase after Bear
Stearns Cos. said two failed hedge funds are almost worthless.

The near collapse of the funds, which invested in subprime
mortgage bonds, is dimming demand for other risky assets and
prompting investors to seek protection through financial
instruments such as options. Government bonds in the U.S. and
Germany advanced today as investors sought the safety of the
highest rated debt.


Read more at Bloomberg Bonds News

FACTBOX-What became of Canadian Pacific spinoffs

(Reuters) - That is when then-chief executive David O'Brien capped off
his lucrative "starburst" breakup of the transport, energy and
hotel group.




The other four operating companies have since been bought
out or restructured, racking up big gains in the process.


Read more at Reuters.com Mergers News

Senate panel resets session on FDA tobacco bill

(Reuters) - Kennedy's bill is backed by dozens of other senators, major public health groups and Altria Group Inc. unit Philip Morris USA, maker of top-selling Marlboro cigarettes.




Opposed by smaller cigarette makers as too favorable to Philip Morris, the bill would let the FDA restrict tobacco advertising; prevent cigarette sales to minors; toughen warning labels; bar misrepresentation of tobacco's dangers; and order removal of harmful ingredients from cigarettes.


Read more at Reuters.com Mergers News

Ex-SEC officials back 3rd-party shareholder suits

(Reuters) - Arthur Levitt, SEC chairman under President Bill Clinton
and William Donaldson, chairman under President George W. Bush,
are asking the court to accept a brief backing the reversal of
a lower court decision that could have ramifications for
shareholders in an Enron Corp. case.




Also joining in the brief was Harvey Goldschmid, a former
Democratic commissioner.


Read more at Reuters.com Government Filings News

US housing slump to continue through 2007-economist

(Reuters) - "If you combine the drop in affordability, the slowdown in
job growth, the still-good demographics for housing and the
continued pull-out of investor demand, we expect housing
activity to continue to fall this year," he said on the
company's 2007 Economic and U.S. Mortgage Market Outlook
conference call.




An increase in mortgage rates over the past few months,
particularly in the past month, will soon have an additional
negative impact on housing demand, he said.


Read more at Reuters.com Bonds News

Foreign direct investment good for economy-Bernanke

(Reuters) - Bernanke also said using the Social Security system and
simplication of the U.S. tax code would provide incentives to
encourage consumers to save more.




"One might consider using the existing Social Security
system...possibly an add-on account whereby individuals had a
chance through their payroll taxes to contribute to a
independent account that would be in their name," he said.


Read more at Reuters.com Bonds News

SEC Chairman Cox Sees `Urgent Need' for New Municipal Bond Regulations

(Bloomberg) -- U.S. Securities and Exchange
Commission Chairman Christopher Cox called for Congress to set
new disclosure rules for municipal borrowers, saying there is an
``urgent need'' to improve the information investors receive.

Cox, in a speech in Los Angeles today, also called for
lawmakers to bolster the Governmental Accounting Standards
Board, the group that sets accounting standards for states and
municipalities. Texas this year passed a law allowing local
governments there to ignore the board's rule forcing them to
disclose the cost of benefits promised to retired workers.


Read more at Bloomberg Bonds News

U.K., Irish Shares Decline, Paced by Anglo American, Experian, Tate & Lyle

(Bloomberg) -- U.K. stocks declined by the most in
more than a month, led by Anglo American Plc, the world's
second-biggest mining company.

Experian Group Ltd. led losses among companies that are
dependent on U.S. sales as the pound rose to a 26-year high
against the dollar. Man Group Plc, the world's largest publicly
traded hedge fund manager, and Tate & Lyle Plc, the maker of the
sweetener Splenda, also fell.


Read more at Bloomberg Stocks News

Copper Gains, Erasing Earlier Loss, as Output Falls at Two Chilean Mines

(Bloomberg) -- Copper gained in New York, erasing
an earlier loss, on concern that production will fall in Chile,
the world's largest producer of the metal.

Chile's state-owned Codelco said output has been reduced at
two of its mines. A four-week strike by contract workers
triggered most of the decline. Before today, the metal had
gained 3.8 percent in the past month on concern labor unrest
would disrupt supplies.


Read more at Bloomberg Commodities News