S.Africa gold miners' unions reject higher pay offer

(Reuters) - Trade unions have rejected an increased wage offer from the three biggest gold firms in South Africa, the world's biggest producer of the precious metal, a labour spokesman said on Monday.

The unions rejected a 7.25 percent wage offer from the Chamber of Mines, but agreed to meet again on August 1, Reint Dykema, spokesman for Solidarity trade union, said.


Read more at Reuters Africa

JKX agrees to buy Russian gas field for $50 mln

(Reuters) - The group said the deal would increase its proved and
probable oil and gas reserves by approximately 85 percent.




Read more at Reuters.com Mergers News

Philippine Bonds Slump on Fitch Rating Statement: World's Biggest Mover

(Bloomberg) -- Philippine bonds dropped, the
biggest fluctuation of any government debt market today, after
Fitch Ratings said the nation's fiscal deficit may almost double
this year due to lower-than-expected revenue. The peso fell.

Seven-year yields rose to highest in more than a week as
Fitch today said the budget deficit may reach 125 billion pesos
($2.8 billion) this year without asset sales, leaving the
government with less funds to spend on public works needed to
boost economic growth. President Gloria Arroyo, in an annual
address yesterday, reiterated plans to build more roads, ports
and bridges while lowering the cost of doing business.


Read more at Bloomberg Bonds News

Swaption Volatility May Fall as Subprime Fears Ease, RBC Greenwich Says

(Bloomberg) -- Volatility on options for interest-
rate swaps may decline as concern eases that losses in subprime
mortgage loans and other risky debt will spread, according to
RBS Greenwich Capital.

Investors holding mortgage securities often use so-called
swaptions to hedge the adverse moves in interest rates. A swap
in an agreement to exchange fixed for variable-rate payments
over a period of time. Falling rates can trigger increased
mortgage refinancing, cutting returns for bondholders.


Read more at Bloomberg Currencies News

PRESS DIGEST - New York Times front page - July 24

(Reuters) - Gov. Eliot Spitzer suspended one top aide and reassigned
another after the attorney general accused his staff of using
the New York State Police for political purposes.




---


Read more at Reuters.com Bonds News

Hearst reaches out to male Web users in Ugo deal

(Reuters) - Ugo's audience comprises more than 11 million monthly visitors in the United States and nearly 28 million worldwide, with a heavy concentration of male viewers aged 18 to 34 who are coveted by advertisers.




"There's a lot of focus on entertainment, whether new movies or DVDs," Hearst Interactive President Kenneth Bronfin told Reuters. "We're appealing to this demographic by what they love to do on the Internet."


Read more at Reuters.com Mergers News

PRESS DIGEST - Washington Post Business - July 24

(Reuters) - Determined to keep its promise to the state's public
employees, teachers, police officers and firefighters, the
Montana pension system may venture into a high-stakes corner of
the investment world: hedge funds.




---


Read more at Reuters.com Bonds News

BP, Sainsbury, Sports Direct, Vodafone, Yell: 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 the last market close.

The benchmark FTSE 100 Index added 39.20, or 0.6 percent, to
close at 6624.40 in London. The FTSE All-Share Index increased
15.07, or 0.4 percent, to 3422.86.


Read more at Bloomberg Stocks News

New Zealand's Dollar May Extend Rally to 83 U.S. Cents, Lawmaker Key Says

(Bloomberg) -- The New Zealand dollar may extend
its rally by as much as 3 percent to 83 U.S. cents, said John
Key, the opposition leader who correctly forecast its surge to
80 cents.

``The fundamental drivers are still there, the weak U.S.
dollar and the appetite from places like Japan for yield,'' Key,
a former European head of global foreign exchange at Merrill
Lynch & Co., said in an interview from Wellington. ``But we're
at the point where the high exchange rate will bite in and the
losses experienced by exporters will affect the economy.''


Read more at Bloomberg Currencies News

Akzo, Comdirect, Fiat, Hypo Real Estate, Nestle: European Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in European markets. Prices are from the last close.

The Dow Jones Stoxx 600 added 0.6 percent to 394.99. The Dow
Jones Stoxx 50 Index advanced 0.8 percent to 3939.24. The Euro
Stoxx 50 Index, a benchmark for the 13 nations using the euro,
climbed 0.8 percent to 4482.75.


Read more at Bloomberg Stocks News

Newmont's O'Brien, Taking Helm, May Make Takeovers, Aims to Revive Company

(Bloomberg) -- Newmont Mining Corp., the second-
largest gold-mining company, needs to rebuild its credibility
with investors and may consider takeovers, Chief Executive
Officer Richard T. O'Brien said.

``It's important for us to be attuned to the acquisition
market,'' O'Brien, 53, said in his first interview since he was
appointed July 1. ``There's no question Newmont has
underperformed gold, and underperformed a number of our peers.''


Read more at Bloomberg Emerging Markets News

China Aviation Oil's Shares Increase by 10 Percent to Record in Singapore

(Bloomberg) -- Shares of China Aviation Oil
(Singapore) Corp. rose to a record in Singapore.

The jet-fuel trader's shares jumped as much as 29 cents, or
10 percent, to S$3.12 ($2.07) apiece on the Singapore exchange.
That was the biggest one-day increase since July 9. The stock
traded at S$3.06 at 10:02 a.m. local time.


Read more at Bloomberg Emerging Markets News

South Korea Economy Probably Accelerated Last Quarter on Gain in Exports

(Bloomberg) -- South Korea's economy probably grew
at the fastest pace in 1 1/2 years last quarter, helped by
exports of LG Electronics Inc.'s mobile phones and Hyundai Heavy
Industries Co.'s ships.

Asia's third-largest economy expanded 1.3 percent from the
first quarter, according to the median estimate of 11 economists
surveyed by Bloomberg News. The gross domestic product report
will be released at 8 a.m. in Seoul tomorrow.


Read more at Bloomberg Emerging Markets News

Japan Corporate Bond Risk Highest Since August, Credit-Default Swaps Show

(Bloomberg) -- Japanese corporate bond risk rose to
the highest since August, according to traders of credit-default
swaps.

Credit-default swaps based on 1 billion yen ($8.3 million)
of debt included in the iTraxx Japan Series 7 index of 50
investment-grade Japanese companies increased by 175,000 yen to
2.78 million yen in Tokyo, according to prices from Credit Suisse
Group.


Read more at Bloomberg Bonds News

Japan's Topix Gains, Paced by KDDI on Profit Outlook; Metal Producers Fall

(Bloomberg) -- Japan's Topix index advanced, led by
KDDI Corp. on speculation more companies will report higher
earnings for the fiscal first quarter.

Limiting gains, commodity producers such as Sumitomo Metal
Mining Co. and Inpex Holdings Inc. declined after prices of gold,
copper and crude oil fell.


Read more at Bloomberg Stocks News

Malaysia's Ringgit Rises to 7-Week High; Rates Forecast to Stay on Hold

(Bloomberg) -- Malaysia's ringgit rose to the
strongest in seven weeks before a central bank meeting where
policy makers are expected to keep the benchmark rate unchanged.

The local currency traded at 3.404 against the U.S. dollar
as of 9 a.m. in Kuala Lumpur from 3.4085 yesterday, according to
data compiled by Bloomberg. It earlier climbed to 3.4020, the
highest since June 5.


Read more at Bloomberg Currencies News

Gold inches up on dollar, Tokyo off 5-month high

(Reuters) - -- Most active June 2008 gold futures on the Tokyo Commodity Exchange fell 12 yen per gram to 2,674 yen, having risen to 2,693 yen on Monday -- its highest since February 27.




-- The most active December contract on the recently launched "mini" gold futures contract fell 12 yen per gram to 2,659 yen.


Read more at Reuters.com Hot Stocks News

Forward Air reports lower quarterly profit

(Reuters) - The company also said its wholly owned subsidiary, Forward
Air Solutions, had entered an agreement to buy certain assets
of USA Carriers Inc., a privately held provider of pool
distribution services, for $12.5 million.




Read more at Reuters.com Market News

CME Group says to defend CBOT member rights

(Reuters) - The "exercise rights" allow full members of CBOT to trade
options on CBOE without owning CBOE membership.




Read more at Reuters.com Government Filings News

Midwest investor calls for talks with AirTran

(Reuters) - Midwest, which had steadfastly opposed AirTran's hostile
takeover offer valued at $15 per share, recently left the door
open to negotiations after shareholders in June elected
AirTran's three nominees to Midwest's board.




Hurowitz called the current AirTran offer "extremely
compelling," adding that "it is irresponsible and wrong for the
company not to abide by its fiduciary responsibility to engage
with AirTran."


Read more at Reuters.com Mergers News

Yen Retreats From Six-Week High as Stock Gains Restore Appetite for Risk

(Bloomberg) -- The yen retreated from a six-week
high against the dollar on speculation rising U.S. stocks will
give investors confidence to borrow money in Japan to buy higher-
yielding assets elsewhere.

The yen has declined against all of the 16 most-traded
currencies this year as investors increased so-called carry
trades, taking advantage of Japan's 0.5 percent benchmark
interest rate. Asian stocks may mirror gains in the U.S.
yesterday, when the Dow Jones Industrial Average rose the most in
a week.


Read more at Bloomberg Currencies News

Australia's HFA to buy U.S. fund Lighthouse

(Reuters) - The merged companies will have assets under management of
about US$8 billion, HFA said.




Read more at Reuters.com Mergers News

BHP Billiton Says Cost to Develop Stybarrow Oil Project Jumps 27 Percent

(Bloomberg) -- BHP Billiton Ltd., Australia's
biggest oil and gas producer, said the cost of developing the
Stybarrow project in Australia jumped 27 percent while costs for
two crude ventures in the U.S. are ``under review.''

The cost of BHP's 50 percent share of rose to $380 million,
from the original $300 million budget given in November 2005, the
Melbourne-based company said today in a statement to the
Australian Stock Exchange. The field is on schedule to start up
in the first quarter next year, it said.


Read more at Bloomberg Energy News

UPDATE 1-US FDA tells Wyeth drug approvable for hot flashes

(Reuters) - "Wyeth received an approvable letter for Pristiq," said an
FDA spokeswoman in a brief statement.




An approvable letter means the FDA will clear a drug for
sale once certain conditions are met. The FDA typically does
not disclose the conditions.


Read more at Reuters.com Government Filings News

DEALTALK-KKR plays hard ball and Wall St. winces

(Reuters) - KKR, with four major buyout deals in the debt pipeline, is
refusing to budge on lending terms agreed to with investment
banks, even as debt investors show a weakening appetite.




That tough stance amid shaky debt markets means banks will
have to shoulder all the risk and perhaps take significant
losses on the massive loans.


Read more at Reuters.com Bonds News

UPDATE 1-Mexico's Televisa net falls less than expected

(Reuters) - Grupo Televisa said its majority
interest net income came in at 2.031 billion pesos in the April-June quarter, compared with 2.399 billion
pesos in the same period last year.




Results were above analyst estimates of 1.884 billion
pesos.


Read more at Reuters.com Market News

Bancroft expects Dow Jones decision by Friday

(Reuters) - Bancroft said the meeting would continue for another hour, but that he was leaving early to return to Texas where he lives and works.







Read more at Reuters.com Mergers News

UPDATE 2-Canadian National profit falls, outlook trimmed

(Reuters) - CALGARY, Alberta, July 23 - Canadian National
Railway Co.'s second-quarter profit fell 29 percent
without last year's big gain from lower tax rates, and the
company cut its full-year earnings expectations after a tough
first half.




Canada's biggest railway, which has major operations in the
United States, said on Monday that the quarter was marred by
trying weather conditions, native blockades of its Ontario
mainline and the surging Canadian dollar.


Read more at Reuters.com Market News

US FDA says Wyeth drug approvable for hot flashes

(Reuters) - The drug, Pristiq, is the first non-hormonal treatment for
hot flashes.




Read more at Reuters.com Government Filings News

Steel Dynamics' second-quarter profit slips

(Reuters) - In May, Steel Dynamics warned that second-quarter earnings
would be at the low end of its forecast range due to softness
in the flat-rolled steel market. The company had in April
forecast earnings of 95 cents to $1 a share.




Read more at Reuters.com Market News

Netflix reports first drop in subscriptions

(Reuters) - The company also cut its forecasts for subscribers, revenue and profit for the year on Monday, and its shares fell 4.5 percent further in extended trading. The stock had already closed the regular trading session 12 percent lower after the company cut prices on two of its subscription plans.




Net income for the second quarter was $25.6 million, or 37 cents per share, compared with $17 million, or 25 cents per share, a year earlier, boosted in part by a $4.1 million settlement of a patent dispute.


Read more at Reuters.com Business News

TI quarterly profit falls, rev outlook disappoints

(Reuters) - Revenue fell to $3.42 billion from $3.7 billion as weak demand for calculators outweighed improving sales of advanced phones that use TI's wireless chips.




The results were in line with Wall Street's lowered expectations after TI had adjusted the mid-point of its revenue outlook in June.


Read more at Reuters.com Business News

Coffee Falls in New York as Concern of Crop-Damaging Frost in Brazil Eases

(Bloomberg) -- Coffee fell the most in more than a
week in New York as concerns faded that a frost could develop
this week in Brazil, the world's largest producer.

A cold air mass expected to move into Brazil won't produce
freezing temperatures, said Dale Mohler, a meteorologist with
AccuWeather Inc. in State College, Pennsylvania. Temperatures in
northern Parana and Sao Paulo will turn colder July 26 and fall
as low as 37 degrees Fahrenheit (3 degrees Celsius), the
forecaster said.


Read more at Bloomberg Commodities News

Fannie directors will need majority for election

(Reuters) - "As amended, the bylaws provide that ... each director must
be elected by a vote of the majority of the votes cast for that
director nominee," the filing states.




The change does not hold in elections where "the number of
nominees for director exceeds the number of directors to be
elected."


Read more at Reuters.com Bonds News

Moody's cuts CSFB Home Equity tranches

(Reuters) - The loan collateral backing each deal placed on review
consists primarily of first-lien, subprime fixed and adjustable
rate mortgage loans, it said.




Read more at Reuters.com Bonds News

Harris denies plans to push for UBS break-up

(Reuters) - The Sunday Times of London reported that Chicago-based
Harris had "secretly built a $1 billion stake" in UBS, which
has "faced calls from investors and analysts to split its
wealth management and investment banking divisions."




The paper did not directly say Harris was planning to
pressure UBS to split itself up. But it did say "the break-up
calls have gained support following the spectacular results of
TCI, the London hedge fund, in agitating for the break-up of
ABN Amro."


Read more at Reuters.com Mergers News

CN Rail sees no compelling case to split company

(Reuters) - "Quite frankly, our analysis, unless we're missing
something, would show that even at very rich valuations for the
real estate, there is just no compelling case."




Read more at Reuters.com Mergers News

Netflix 2nd-qtr profit up but lowers year outlook

(Reuters) - Net income for the second quarter was $25.6 million, or 37 cents per share, compared with $17 million or 25 cents per share a year ago, boosted in part by a $4.1 million settlement of a patent dispute.




Revenue rose 27 percent to $303.7 million, from $239.4 million in last year's second quarter but finished behind analysts' average expectation of $307.8 million, according to Reuters Estimates.


Read more at Reuters.com Market News

TI quarterly profit, revenue fall

(Reuters) - The world's biggest maker of chips for mobile phones said
profit from continuing operations fell to $614 million, or 42
cents per share, from $739 million, or 47 cents per share, a
year earlier. Revenue fell to $3.42 billion from $3.7 billion.




On June 11, TI forecast second-quarter earnings per share
of 40 cents to 44 cents on revenue of $3.36 billion to $3.51
billion.


Read more at Reuters.com Market News

UPDATE 1-Pactiv second-quarter profit rises

(Reuters) - Quarterly net income was $70 million, or 53 cents a share,
compared with $69 million, or 49 cents a share, a year ago.




Earnings from continuing operations were 52 cents a share
in the latest quarter. On that basis, analysts on average had
forecast 48 cents a share, according to Reuters Estimates.


Read more at Reuters.com Market News

S&P may cut $1.76 bln in ABS CDOs backed by subprime

(Reuters) - All of the affected CDO transactions have exposure to U.S.
residential mortgage-backed securities backed by
first-lien subprime mortgages.




The deals under review are all so-called mezzanine rated
paper, which are backed by "A" and "BBB" rated tranches of
residential mortgage backed securities and other structured
finance securities, S&P said.


Read more at Reuters.com Bonds News

Arrow, Cumulus Media, Expedia, Hasbro, Merck: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges. Stock
symbols are in parentheses after company names. Share prices are
as of 4 p.m. in New York.

AMR Corp. (AMR US) rose the most since Jan. 3, gaining
$1.96, or 7.4 percent, to $28.59. A Goldman, Sachs & Co. analyst
boosted his earnings estimates for the parent company of American
Airlines for this year and 2008 based on lower projections for
fuel prices. Analyst Robert Barry increased his 2007 profit
estimate to $2.75 from $2.35, and his 2008 forecast to $4 from
$2.65. He raised his share-price forecast to $26 from $22.


Read more at Bloomberg Stocks News

TREASURIES-Bonds ease as subprime off radar,stocks rally

(Reuters) - NEW YORK, July 23 - U.S. government bonds eased
on Monday, pulling benchmark yields back from recent six-week
lows, as a dearth of subprime mortgage news prompted the
unwinding of flight-to-quality trades and stocks surged after
Friday's plunge.




Analysts said the market was looking a bit expensive after
the 10-year Treasury note yield dived to 4.93 percent on
Friday, its lowest level since June 5. That was triggered by
mounting problems in the subprime sector.


Read more at Reuters.com Bonds News

UPDATE 2-Mexico's Maxcom files for U.S. IPO

(Reuters) - The underwriter is Morgan Stanley, according to a
preliminary prospectus filed with the U.S. Securities and
Exchange Commission.




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


Read more at Reuters.com Government Filings News

Peru Foreign-Currency Debt Outlook Raised by Standard & Poor's to Positive

(Bloomberg) -- Peru's foreign-currency debt rating
outlook was raised to positive from stable by Standard & Poor's
after the government sold $1.5 billion in sol-denominated bonds
last week to prepay Paris club debt.

S&P rates Peru's debt BB+, one level below investment grade
and the same level as Brazil, Costa Rica and El Salvador.


Read more at Bloomberg Emerging Markets News

Texas Instruments quarterly profit, revenue fall

(Reuters) - Revenue fell to $3.42 billion from $3.7 billion, said the company, which makes everything from calculators to chips for televisions.




On June 11, TI forecast earnings per share of 40 cents to 44 cents on revenue of $3.36 billion to $3.51 billion. It had lowered the midpoint of its revenue forecast, citing weak calculator sales offsetting improving wireless sales.


Read more at Reuters.com Market News

US CREDIT-Caterpillar credit stable despite roiled stock

(Reuters) - The world's top maker of earthmoving equipment, diesel
engines and gas turbines said on Friday quarterly earnings fell
more than expected due to lower truck engine sales, weakness in
North American construction markets and higher production
costs. For details, see [ID:nN20219174].




The earnings miss added to fears that rising defaults in
residential home loans would weigh on the economy, which
hammered credit and equity markets alike on Friday.
[ID:nN23341036].


Read more at Reuters.com Bonds News

UPDATE 1-DSP Group gives Q3 sales outlook below market view

(Reuters) - DSP shares fell about 8 percent and were trading at $18.41
in afternoon trade on the Nasdaq.




Earlier, the Israel-based maker of chips to convert audio
data into digital mode for telephones and computers reported
second-quarter results slightly ahead of analysts' estimate but
well below prior-year numbers.
"As a result of increased price sensitivity in the U.S.
market, we are seeing an increase of sales of analog systems on
account of digital systems. This trend may continue until the
introduction of our next wave of multimedia products in 2008,"
Eli Ayalon, chief executive officer, said in a statement.


Read more at Reuters.com Market News

Agbar to announce Applus+ bid winner Tues -source

(Reuters) - The period in which interested parties could present bids
for Applus+ closed on Friday.




Applus+, which inspects and certifies everything from cars
and crops to ships and factories, is 53.1 percent owned by
Agbar, 25 percent by power company Union Fenosa and
21.9 percent by savings bank Caja Madrid.


Read more at Reuters.com Mergers News

Orange Juice Falls Most This Month as Rains Boost Growth of Florida's Crop

(Bloomberg) -- Orange-juice futures fell the most
in more than three weeks after rains improved growing conditions
in Florida, the biggest supplier of U.S. juice.

Showers brought moisture to groves that are still under a
moderate drought watch, according to Meteorlogix LLC in Woburn,
Massachusetts. More rain is expected in the next seven days in
Lakeland, Florida, in the state's largest citrus-producing
county, without any risk of hurricanes.


Read more at Bloomberg Commodities News

UPDATE 1-Hasbro second-quarter profit falls on charge

(Reuters) - Second-quarter net income fell to $4.8 million, or 3 cents
a share, from $27.1 million, or 7 cents a share, a year
earlier.




Excluding the charge, earnings rose to $41.3 million, or 24
cents a share, boosted by strong demand for movie-related toys
like Transformers and Spider-Man.


Read more at Reuters.com Market News

Stock futures point to steady start on Wall St

(Reuters) - The Standard & Poor's 500 staged its biggest weekly fall in four weeks last week, driven in part by earnings misses from Caterpillar and web search firm Google , which fanned fears among investors who are already wary of the impact of the melt-down in the subprime market on the economy.




By 0943 GMT in Europe, September S&P 500 futures were up 0.1 percent, while Dow Jones futures rose 0.1 percent and Nasdaq 100 futures were virtually flat.


Read more at Reuters.com Hot Stocks News

China's CSI 300 Index Posts Largest Two-Day Gain: World's Biggest Mover

(Bloomberg) -- China's stocks rose, completing the
CSI 300 Index's biggest two-day gain, on speculation government
curbs on lending and investment will prevent production gluts
from driving down earnings. Shenzhen Development Bank climbed.

China's central bank raised interest rates on July 21 for
the third time since March to cool the fastest pace of economic
growth in 12 years and restrain inflation.


Read more at Bloomberg Stocks News

Dollar Rebounds Against Euro, Yen as Technical Chart Shows Gains Too Fast

(Bloomberg) -- The dollar rebounded from a record
low against the euro as a technical chart some investors use to
predict currency movements suggested its decline was too rapid.

The U.S. currency also pared losses against the yen after
European stocks rose, prompting some traders to use funds
borrowed in Japan to buy higher yielding assets elsewhere, known
as the carry trade. The dollar has dropped against 15 of the 16
most-actively traded currencies in the past month on concern
subprime mortgage defaults in the U.S. will hurt the economy.


Read more at Bloomberg Currencies News

Barclays lifts ABN offer with China, Singapore help

(Reuters) - By Steve Slater and Victoria Bi



LONDON/BEIJING, July 23 - British bank Barclays has raised its bid for Dutch group ABN AMRO to 67.5 billion euros , helped by some of the biggest ever overseas investments by China and Singapore.


Read more at Reuters.com Mergers News

Argentina, Brazil and Mexico: Latin America Local Currrency Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Latin American local bonds
today. Bond yields are from the previous session.

Argentina: Industrial output rose 5 percent in June from a
year earlier, the National Statistics Institute reported on July
20. The annual increase was lower than the 5.4 percent median
estimate of 10 economists in a Bloomberg survey.


Read more at Bloomberg Bonds News

Cerberus to buy United Rentals for $4 bln: report

(Reuters) - Its shares closed on Friday at $32.37.




Read more at Reuters.com Business News

EnBW's Philippsburg-2 Nuclear Reactor Returns to Service After Repair Work

(Bloomberg) -- Energie Baden-Wuerttemberg AG,
Germany's third-biggest utility, said it began power generation
at its Philippsburg-2 nuclear reactor which had been halted for
annual maintenance.

The unit, which has a capacity of 1,458-megawatts, was
stopped at the beginning of the month, the company said in a
statement. It was restarted over the weekend.


Read more at Bloomberg Energy News

South African Rand Rises to 11-Month High Versus Dollar on Interest Rates

(Bloomberg) -- South Africa's rand strengthened to
its highest against the dollar in more than 11 months on
speculation the interest rate gap with the U.S. will widen.

The currency of Africa's biggest economy has advanced 3
percent in the past year as the Reserve Bank has raised rates
five times to 9.5 percent, compared with a key rate of 5.25
percent in the U.S. Economists expect a government report this
week will show inflation exceeded the central bank's target range
for a third month in June.


Read more at Bloomberg Currencies News

GLOBAL MARKETS-Dollar slides, stocks pressured on credit worries

(Reuters) - Turkish markets were a bright spot, however, after elections
on Sunday in which the pro-business AK Party secured a decisive
victory. The lira and Turkish bonds rallied and Turkey's main
share index rose 2.7 percent.




Concerns about problems in the U.S. subprime -- or risky --
mortgage sector continue to swirl around markets. U.S. Federal
Reserve Chairman Ben Bernanke said last week that losses could
hit $100 billion and hit consumer spending.


Read more at Reuters.com Bonds News

Raw Sugar Poised to Drop This Week, White Sugar to Advance, Survey Shows

(Bloomberg) -- Raw sugar traded in New York will
fall this week while white, or refined, sugar in London will
rise, according to a survey.

Five of 10 traders, analysts and brokers surveyed on July
20 forecast declines for raw sugar in New York. Two predicted
the price will rise and three said futures will be little
changed. Raw sugar rose 0.43 cent, or 4.4 percent, to 10.3 cents
a pound last week and is down 33 percent in the past year.


Read more at Bloomberg Commodities News

Cerberus to buy United Rentals for $4 bln -report

(Reuters) - Its shares closed on Friday at $32.37.




Read more at Reuters.com Mergers News

UPDATE 1-VeraSun Energy to buy 3 ethanol plants for $725 mln

(Reuters) - The deal is being funded through $200 million of equity,
$250 million of cash and $275 million in project financing.




VeraSun, the second-largest ethanol producer in the United
States, said the acquisition will increase its production
capacity to about one billion gallons by the end of 2008.


Read more at Reuters.com Mergers News

European Bond Yields at Seven-Week Low as Subprime Concern Hurts Stocks

(Bloomberg) -- European 10-year bond yields were at
the lowest in seven weeks as stocks declined in Europe, Asia and
the U.S., underpinning demand for the safest assets.

The yield on the benchmark 10-year bund fell to the lowest
since May on concern defaults on U.S. subprime mortgages will
spread to the wider economy. European and Asian stocks dropped
today after declines in the U.S. on Friday as Federal Reserve
Chairman Ben S. Bernanke said inflation will recede and housing
market weakness may slow economic expansion.


Read more at Bloomberg Bonds News

Dead Zone Is Price Louisiana Gulf Coast Pays as Farms Cash In on Ethanol

(Bloomberg) -- The crop that's bringing prosperity
to farmers is making it harder for commercial fishermen in
Louisiana to make a living.

U.S. farmers this spring planted the most acreage with corn
since 1944, after demand for ethanol pushed the grain's price to
a 10-year high in February. Scientists blame farm waste flowing
into the Mississippi River basin for creating a pocket along the
Louisiana coast where shrimp and other sea life can't survive.


Read more at Bloomberg Exclusive News

Barclays says ABN needs time to choose which bid

(Reuters) - "I hope and expect we will have that recommendation but for
the time being there will be no recommendation until they see
how the stock price performs."




Varley also told reporters on a conference call that he was
"entirely comfortable" with China Development Bank becoming
Barclays' biggest shareholder, potentially with a stake of about
8 percent.


Read more at Reuters.com Mergers News

Corn, Soybean Futures Fall in Chicago on Improved Weather; Wheat Rises

(Bloomberg) -- Corn and soybean futures in Chicago
fell on speculation that wetter and cooler weather in crop
growing areas in the U.S. will boost yields. Wheat futures gained.

Weather forecasts showed the corn belt is expected to
receive up to 1 inch (2.5 centimeters) of rain with 20 percent
coverage on July 23-24. The 6-10 day forecast indicated normal
precipitation in the far western and eastern corn belt, with
below-normal falls in the central corn belt, Dan Cekander, senior
grain analyst for Fimat USA, wrote in a report on July 20.


Read more at Bloomberg Commodities News

Resolution, Friends Provident confirm merger talks

(Reuters) - "Friends Provident and Resolution believe that a merger would create significant value for both sets of shareholders by combining Friends Provident's new business growth opportunities with Resolution's strong cash flow generation," the two sides said in a statement.




Sources familiar with the matter had said on Saturday that the two sides were in merger talks.


Read more at Reuters.com Business News

Japanese Stocks Slide; Exporters Decline on U.S. Earnings, Stronger Yen

(Bloomberg) -- Japanese shares dropped, paced by
companies that rely on the U.S. market, after Caterpillar Inc.
said its profit fell on lower North American sales and the yen
strengthened against the dollar.

Exporters such as Honda Motor Co. and Sony Corp. declined
after the yen rose against the dollar to the highest in more than
six weeks.


Read more at Bloomberg Stocks News

European Stocks Rise on Mergers; ABN Amro, Friends Provident, TomTom Gain

(Bloomberg) -- European stocks advanced after Barclays
Plc raised its offer for ABN Amro Holding NV to 67.5 billion euros
($93.4 billion) and Friends Provident Plc held talks with
Resolution Plc.

TomTom NV, the world's largest maker of car navigation devices,
gained after saying it intends to buy Tele Atlas NV. Autonomy Corp.
rose after the company that sells database search software said
profit almost doubled.


Read more at Bloomberg Stocks News

European Bonds Little Changed, Benchmark 10-Year Yield Near Seven-Week Low

(Bloomberg) -- European bonds were little changed,
with 10-year yields near a seven-week low, after stocks fell in
the U.S. and Asia underpinned demand for the safest assets.

The yield on the benchmark 10-year bund fell to the lowest
since June last week on concern defaults on U.S. subprime
mortgages will spread to the wider economy.


Read more at Bloomberg Bonds News

ABN AMRO says to assess two revised bids fairly

(Reuters) - The 67.5 billion euros Barclays bid will be
comprised of 42.7 billion euros in shares and 24.8 billion euros
in cash.




The consortium of RBS, Fortis and Santander
is offering 71 billion euros for ABN, mostly in
cash.


Read more at Reuters.com Mergers News