KT&G Second-Quarter Profit Jumps 27 Percent on More Cigarette Sales Abroad

(Bloomberg) -- KT&G Corp., South Korea's biggest
tobacco company, reported second-quarter profit rose 27 percent
as it sold more cigarettes overseas.

Net income rose to 197.5 billion won ($216 million) in the
three months ended June 30, from 156.1 billion won a year earlier,
Daejeon-based KT&G said in a regulatory filing today.


Read more at Bloomberg Emerging Markets News

Industrial Bank of China Passes Citigroup as Largest Bank by Market Value

(Bloomberg) -- Industrial & Commercial Bank of China
Ltd. briefly overtook Citigroup Inc. as the world's largest bank
by market value after less than a year as a public company.

ICBC's shares rose as much as 1.9 percent in Shanghai today
to 5.80 yuan (77 cents), taking its market capitalization to
$244.9 billion, more than Citigroup's $243.9 billion. Citigroup
earned more than three times as much as ICBC last year.


Read more at Bloomberg Emerging Markets News

Chrysler warns weak dealers may shut them down-WSJ

(Reuters) - The paper reported that 40 to 50 dealers in the U.S. Great Lakes region who had been missing monthly sales goals received letters from Chrysler earlier this month.




The letters warned them that they must improve their performance within 180 days or Chrysler would begin the process to end their franchises, the paper said, citing two dealers who received the letters.


Read more at Reuters.com Mergers News

Senators: FDA pulled reviewer off Glaxo drug

(Reuters) - The scientist has believed since 2005 that there was enough evidence for a strong "black box" warning on Avandia about a risk of congestive heart failure, the senators said.




In a statement titled "Senators reveal effort by the FDA to suppress scientific dissent and downplay safety concerns" released with their letter, they said the reviewer was "sidelined after voicing safety concerns" about Avandia.


Read more at Reuters.com Government Filings News

Asian Shares Fall From a Record on U.S. Economy Concern; Samsung, BHP Drop

(Bloomberg) -- Asian stocks fell, dragging a
regional benchmark from a high, as lower-than-expected earnings
from the largest U.S. mortgage provider fueled concern that a
housing slump is worsening in the world's largest economy.

Toyota Motor Corp. and Samsung Electronics Co. led declines
among companies with U.S. sales. BHP Billiton Ltd. dropped in
tandem with prices of metals and crude oil.


Read more at Bloomberg Stocks News

Australian Dollar Falls Most in Month Versus Yen as Investors Shun Risk

(Bloomberg) -- The Australian dollar fell the most
in a month against the yen on speculation a slide in global
stocks will prompt traders to reduce higher-yielding investments
with money borrowed in Japan in so-called carry trades.

The currency also declined by the most in four weeks
against the dollar as a tumble in U.S. stocks, on concern a
housing slump will deepen, spread to Asia. Losses in the
Australian dollar may be limited before a government report
today that's forecast to show inflation accelerated in the
second quarter.


Read more at Bloomberg Currencies News

First Industrial posts higher quarterly FFO

(Reuters) - FFO removes the profit-reducing effect that depreciation --
a noncash accounting item -- has on earnings.




In April, First Industrial said it expected 2007 FFO in the
range of $4.40 to $4.60 a share. On Tuesday, it said it
expected FFO for the full year of $4.45 to $4.65.



Read more at Reuters.com Market News

Japan's June Crude Oil Imports Decline 0.9 Percent, Finance Ministry Says

(Bloomberg) -- Imports of crude oil by Japan, the
world's largest consumer of oil after the U.S. and China, fell
0.9 percent in June from a year earlier.

The country brought in 19.1 million kiloliters (120.1
million barrels) of oil last month, the Ministry of Finance said
in a trade report released in Tokyo today. By value, oil imports
rose 6.2 percent to 983 billion yen ($8.2 billion), the ministry
said.


Read more at Bloomberg Energy News

AMO reaffirms Bausch bid, Bausch asks for better

(Reuters) - Bausch & Lomb earlier on Tuesday had told AMO that without revisions, its bid would probably be rejected in favor of Warburg Pincus's $65 per share offer.




AMO's third-largest shareholder, ValueAct Capital, earlier this month said it opposed the company's takeover bid.


Read more at Reuters.com Business News

Dollar Trades Near Record Low Against Euro Before U.S. Home Sales Report

(Bloomberg) -- The dollar traded close to a record
low against the euro before an industry report today that's
forecast by economists to show sales of U.S. existing homes fell
to the lowest in four years.

The dollar index, its value against currencies of six
trading partners, is near the weakest in almost 15 years on
evidence more U.S. consumers are falling behind in their
mortgage payments. The U.S. dollar has slid against 15 of the 16
most-traded currencies this month on concern the worst housing
recession in 16 years is spreading to other areas of the economy.


Read more at Bloomberg Currencies News

UPDATE 1-Developers Diversified second-qtr FFO rises

(Reuters) - Developers Diversified, which owns shopping centers
dominated by big box and discount department stores, reported
second-quarter FFO available to shareholders -- a real estate
investment trust performance measure -- of $159.3 million, or
$1.26 per share, versus $109.8 million, or 99 cents per share.




The most recent quarter's result beat analysts' average
estimate calling for FFO of $1.17 per share, according to
Reuters Estimates.


Read more at Reuters.com Market News

Japanese Bonds May Advance on Speculation Stock Slide Will Boost Demand

(Bloomberg) -- Japanese bonds may rise on
speculation declines in stocks will boost demand for government
securities as losses on U.S. subprime mortgages push down prices
on riskier assets.

Asian stocks fell in New York trading and U.S. shares
tumbled after Countrywide Financial Corp., the largest U.S.
mortgage lender, said more borrowers are falling behind on home-
equity loan payments. Emerging market debt declined for a third
day, pushing the yield premium against U.S. Treasuries to the
most since December.


Read more at Bloomberg Bonds News

Yen May Rise Beyond 120 Against Dollar as Volatility Erodes Carry Trades

(Bloomberg) -- The yen may gain beyond 120 against
the dollar for the first time in two months as rising options
volatility prompts traders to exit carry trades, said Kengo
Suzuki, currency strategist at Shinko Securities Co. in Tokyo.

``Investors aren't being compensated enough for the risk of
putting on dollar-yen carry trades,'' said Suzuki. ``It's
possible for the yen to head higher against the dollar and this
could spread to other currencies.''


Read more at Bloomberg Currencies News

Japanese Stocks May Slip as U.S. Shares Fall on Housing Concern, Yen Rises

(Bloomberg) -- Japanese stocks may slip after U.S.
shares fell the most in four months as earnings from the largest
mortgage provider in the U.S., Countrywide Financial Corp.,
prompted concern the subprime loan problem is spreading.

Toyota Motor Corp. and Matsushita Electric Industrial Co.
may lead declines by companies that get a large proportion of
their earnings from the U.S. market, aggravated by a stronger yen.


Read more at Bloomberg Stocks News

VIX lights up as stocks fall on housing worries

(Reuters) - The demand for options sent the VIX -- often called Wall
Street's fear gauge -- sharply up 10.35 percent to close at
18.55, its highest closing level since June 26.




The indicator on Tuesday posted a session peak of 19.09, a
level not seen since March 14. It has topped 19 only four times
in the past year: during the February 27 stock sell-off and
three times in March.


Read more at Reuters.com Bonds News

UPDATE 1-Fed's Plosser sees no sign of credit crunch-WSJ

(Reuters) - Stocks fell sharply on Tuesday as concerns mounted that bad
home loans had filtered into other areas of finance,
potentially crimping investment and prompting banks to cut back
on lending.




But Plosser said the problem appeared contained.


Read more at Reuters.com Bonds News

Salton says unable to agree on merger completion date with APN

(Reuters) - On Feb 8, Salton had said it had agreed to merge its
subsidiary SFP Merger Sub Inc. with APN Holding Co.





Read more at Reuters.com Mergers News

UPDATE 1-Aaron Rents Q2 earnings fall, cuts '07 profit view

(Reuters) - The company also cut its 2007 outlook to $1.50 to $1.60 a
share, from its prior view of $1.55 to $1.65 a share, mainly
due to anticipated start-up costs from stores to be added
during the second half of the year. It now sees 2007 revenue at
$1.5 billion.




Analysts were expecting earnings of $1.61 a share, before
exceptional items, on revenue of $1.51 billion, according to
Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1-Cerner posts higher Q2 earnings; sets Q3 view

(Reuters) - For the second quarter, the healthcare information
technology company posted net income of $31.1 million, or 37
cents a share, on revenue of $386.6 million.




The company had reported net income of $23.9 million, or 29
cents a share, on revenue of $330.6 million in the year-ago
period.


Read more at Reuters.com Market News

UPDATE 1-Corporate Executive Q2 net falls; cuts '07 view

(Reuters) - The company, which provides business research and analysis
services, also cut its earnings outlook for the third quarter.




The Washington D.C.-based company now expects 2007 earnings
of $2.05 to $2.15 a share, down from its prior view of $2.13 to
$2.24 a share. It, however, targets 15 percent to 20 percent
growth in revenue for the full year.


Read more at Reuters.com Market News

SK Energy Shares May Rise in Seoul After Split of SK Corp.'s Businesses

(Bloomberg) -- Shares in SK Energy Co., South Korea's
largest refiner, may rise on their first day of trading after SK
Corp. split to unwind cross-shareholdings.

SK Corp. this month created holding and operating companies,
SK Holdings Co. and SK Energy, which will list on the Korea
Exchange today. SK, South Korea's third-largest industrial group,
is the second so-called chaebol to form a holding company
following LG Corp. in July 2004.


Read more at Bloomberg Energy News

Bausch & Lomb asks for revisions to AMO proposal

(Reuters) - Bausch & Lomb plans to be bought by Warburg Pincus for $3.67 billion.



In the letter, Bausch & Lomb said without the revisions, AMO's offer "would not be likely to result in a Superior Proposal."


Read more at Reuters.com Mergers News

UPDATE 1-Bancroft Dow Jones decision seen next week-source

(Reuters) - NEW YORK, July 24 - The family that controls Dow
Jones & Co expects to decide by early next week if it
wants to sell the company to Rupert Murdoch's News Corp
for $5 billion, a source familiar with the matter said
on Tuesday.




The Bancroft family holds 64 percent of Dow Jones's voting
shares and their adviser, Hemenway & Barnes lawyer Michael
Elefante, is canvassing family members this week to see if they
would approve the bid.


Read more at Reuters.com Mergers News

Emerging debt-Argentina hardest hit as risk aversion grows

(Reuters) - Fears that the U.S. subprime mortgage crisis could spill
over into other risky asset classes drove the new bout of risk
aversion, which sent emerging debt risk spreads over U.S.
Treasury notes to the widest level in four months. Argentina's
spreads widened to a 13-month wide.




"The market has been using the terrible trio of Ecuador,
Venezuela and Argentina, in particular as a proxy for selling
positions in other countries," said Enrique
Alvarez, Latin America debt strategist for IDEAglobal in New
York.


Read more at Reuters.com Bonds News

Apple, S&P Homebuilders ETF and Yahoo!: U.S. Equity Option Movers Final

(Bloomberg) -- The following is a list of companies
with unusual option trading in U.S. exchanges today. Stock
symbols are in parentheses after company names. Option trading
and stock prices are as of 4 p.m. in New York.

Each call option gives investors the right to buy 100 shares
of a company at a certain price, called the strike price, by a
given date. A put conveys the right to sell 100 shares.


Read more at Bloomberg Stocks News

Lululemon Athletica raises IPO price to $15-$17/shr

(Reuters) - Lululemon, the hip yoga-wear retailer, plans to list its
stock on Nasdaq under the symbol "LULU" and on the
Toronto Stock Exchange under the symbol "LLL" .




Read more at Reuters.com Government Filings News

MySpace deletes 29,000 sex offenders

(Reuters) - The new information was first revealed by U.S. state authorities after MySpace turned over information on convicted sex offenders it had removed from the service.




"The exploding epidemic of sex offender profiles on MySpace -- 29,000 and counting -- screams for action," Connecticut Attorney General Richard Blumenthal said in a statement.


Read more at Reuters.com Government Filings News

UPDATE 1-Nabors 2nd-quarter profit down, North America weak

(Reuters) - The company said net profit fell to $228.3 million, or 79
cents per diluted share, from $233.4 million, or 77 cents per
diluted share, in the same quarter in 2006.




Analysts had forecasts a profit of 81 cents a share,
according to Reuters Estimates.


Read more at Reuters.com Market News

UPDATE 1-Owens & Minor 2nd-quarter profit rises

(Reuters) - The results were also helped by $261 million in revenue
from the acute-care distribution business acquired from
McKesson Corp. last year.




The Richmond, Virginia-based company said net profit rose
to $18.3 million, or 45 cents per share, from $10.5 million, or
26 cents per share, a year ago, matching analysts' average
expectations, according to Reuters Estimates. The year-ago
charge had reduced earnings by 17 cents a share.


Read more at Reuters.com Market News

UPDATE 1-XL Capital posts higher 2nd quarter net, beats view

(Reuters) - XL Capital said net earnings were $544.5 million, or $3 a
share, up from $377.1 million, or $2.10 a share, in the year-
earlier quarter.




The Hamilton, Bermuda-based provider of backup coverage for
the property casualty industry said operating earnings were
$516.2 million or $2.84 a share.


Read more at Reuters.com Market News

UPDATE 1-Carter's posts quarterly loss on charges

(Reuters) - The company lowered its 2007 earnings outlook, citing
continued "disappointing performance" of its OshKosh segments.




For the second quarter, Carter's posted a net loss of
$143.4 million, or $2.48 a share, compared with a profit of
$9.0 million, or 15 cents a share, last year.


Read more at Reuters.com Market News

Subprime hits auto sector as financing tightens

(Reuters) - The $3.5 billion bank loan financing for the buyout of GM's Allison Transmission unit was the largest leveraged loan deal to be postponed this year and came as hedge funds exited the market for the low-rated bonds, according to Reuters Loan Pricing Corp.




Concerns about fallout from the subprime mortgage crisis and an overhang of about $250 billion in leveraged loan financing that needs to be completed have caused investors to retreat to the sidelines.


Read more at Reuters.com Business News

Inter Parfums posts Q2 sales below analysts' view

(Reuters) - Analysts on average were expecting revenue of $84 million,
according to Reuters Estimates.





Read more at Reuters.com Market News

UPDATE 1-C.R. Bard profit up, aided by oncology sales

(Reuters) - Second-quarter net income was $97.5 million, or 91 cents a
share, compared with $81.4 million, or 76 cents a share, a year
ago, the Murray Hill, New Jersey-based medical device maker
said.




Wall Street analysts on average had forecast 93 cents a
share, according to Reuters Estimates.


Read more at Reuters.com Market News

Amazon.com Q2 net profit jumps, shares up

(Reuters) - LOS ANGELES, July 24 - Amazon.com Inc. posted quarterly net profit on Tuesday that leaped a surprising 250 percent as sales rose 35 percent and subscriptions to the online retailer's discount shipping program accelerated, sending shares up 12 percent after-hours.



The company also raised its forecast for full-year sales.


Read more at Reuters.com Market News

Cheesecake Factory 2nd-qtr earnings top estimates

(Reuters) - LOS ANGELES, July 24 - Restaurant operator Cheesecake Factory Inc. reported on Tuesday slightly higher quarterly earnings that exceeded Wall Street expectations, helped by a recent price increase.



Shares of the company rose 2.4 percent in extended trading following the announcement.


Read more at Reuters.com Market News

UPDATE 1-Vertex 2nd-quarter loss wider than expected

(Reuters) - The Cambridge, Massachusetts-based biotechnology company
posted a net loss of $117.8 million, or 91 cents per share,
compared with a loss of $77.7 million, or 72 cents per share, a
year ago.




Excluding items, Vertex lost 74 cents per share, 5 cents
more than analysts' average expectations, according to Reuters
Estimates.


Read more at Reuters.com Market News

Aaron Rents Q2 earnings fall

(Reuters) - Sales rose nearly 12 percent to $359 million.




Analysts, on average, had been anticipating earnings of 38
cents a share, before exceptional items, on revenue of $360.1
million, according to Reuters Estimates.


Read more at Reuters.com Market News

US STOCKS-Wall St indexes slide on housing, profit concerns

(Reuters) - The Dow Jones industrial average was down 226.14
points, or 1.62 percent, at 13,717.28. The Standard & Poor's
500 Index was down 30.31 points, or 1.97 percent, at
1,511.26. The Nasdaq Composite Index was down 50.72
points, or 1.89 percent, at 2,639.86.




Read more at Reuters.com Bonds News

Forecaster cuts 2007 hurricane outlook

(Reuters) - "Because the ocean temperatures have not yet rebounded from the significant drop in late spring, we have decided to reduce our forecast numbers slightly," said Todd Crawford, a WSI seasonal forecaster.




The energy and insurance industries are keenly watching the 2007 storm season after the record damage caused by hurricanes two years ago.


Read more at Reuters.com Bonds News

Canadian Stocks Tumble Most in Three Years on Railroad Profits, Crude Oil

(Bloomberg) -- Canada's main stock index fell the most
in more than three years, after Canadian Pacific Railway Ltd.
followed larger rival Canadian National Railway Co. in reporting a
drop in profit, and said the rising Canadian dollar poses a
challenge to earnings.

Crude oil and natural-gas prices slid, dragging down energy
companies including EnCana Corp., and stoking speculation that such
gas-producing energy royalty trusts as Advantage Energy Income Fund
may cut their dividends.


Read more at Bloomberg Stocks News

UPDATE 1-Rohm & Haas 2nd-quarter profit falls

(Reuters) - The Philadelphia-based company said second quarter profit
fell to $160 million, or 74 cents a share, from a year-ago
profit of $166 million, or 75 cents a share.




Excluding items, the company said it earned 78 cents a
share from continuing operations. Analysts, on average, had
forecast earnings of 76 cents a share, according to Reuters
Estimates.


Read more at Reuters.com Market News

Robert Half quarterly profit rises

(Reuters) - Revenue rose to $1.15 billion from $981.8 million.




Read more at Reuters.com Market News

Aastra revenue rises on strong European sales

(Reuters) - However, without charges that included a big gain from
discontinued operations recorded in 2006, the year-before
period's profit from continuing operations actually would have
been C$7.5 million, or 41 Canadian cents a share, Aastra said.




Sales in the quarter rose to C$157 million from C$151.3
million.


Read more at Reuters.com Market News

Chubb 2nd-quarter earnings up, raises view

(Reuters) - Warren, New Jersey-based Chubb said operating earnings, which analysts use to measure performance because it excludes investments, increased 19 percent to $648 million, or $1.60 a share.




Analysts on average had expected the high-end property insurer to earn $1.39 a share, according to Reuters Estimates.


Read more at Reuters.com Market News

Xm Satellite Radio CEO Panero to step down

(Reuters) - XM did not explain Panero's departure, a move that comes as the company tries to secure approval for its merger with rival Sirius Satellite Radio .



XM President and Chief Operating Officer Nate Davis will take the role of interim CEO.


Read more at Reuters.com Mergers News

PepsiCo profit tops view; repeats M&A plan

(Reuters) - The world's No. 2 soft-drink company, when asked about mergers and acquisitions, also put to rest market speculation about a possible merger with Nestle SA , sparked by a Wall Street Journal report last week that said the food and beverage companies had held talks.




"Our strategy has not changed," said Chief Executive Indra Nooyi on a conference call, referring to the company's stated plan to consider tuck-in acquisitions ranging in size from $5 million to $2 billion. By contrast, as of July 3 Nestle had a market capitalization of $153.40 billion.


Read more at Reuters.com Business News

UPDATE 2-Centene Q2 earnings in-line, trims '07 profit view

(Reuters) - Shares of the company were trading up almost 9 percent at
$22.59 in afternoon trade on the New York Stock Exchange.




The company had said in March its unit finalized a contract
award to provide managed care to participants in the Texas
foster care program, which was expected to add 3 cents to 4
cents a share to its fourth-quarter earnings.


Read more at Reuters.com Market News

Home builders at widest CDS spreads in 5 years

(Reuters) - Home builders were dealt a fresh blow on Tuesday after Countrywide Financial Corp. , the largest U.S. mortgage lender, posted a 33 percent decline in quarterly profit and cut its 2007 earnings forecast as more homeowners fell behind on payments.




The news followed statements last week from the chief executive of KB Home , the No. 5 U.S. home builder, that he does not expect the overall U.S. housing market to bottom out until the end of next year, and that prices will not increase until well into 2009.


Read more at Reuters.com Business News

UPDATE 1-Mexico trade deficit $827 mln in June

(Reuters) - Analysts surveyed by Reuters had forecast the deficit at
$717 million, compared with an $848 million deficit in May.




Exports rose 6.9 percent year on year, of which non-oil
exports increased 7.5 percent, the government said.


Read more at Reuters.com Economic News