PRESS DIGEST - Washington Post Business - July 28

(Reuters) - WASHINGTON - Wall Street heard good news about the economy
but didn't pay it much heed: The Dow Jones industrial average
shed an additional 200 points to finish its worst week in more
than four years, potentially creating a snowball effect that
could continue next week.




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UPDATE 1-Grupo Mexico 2nd-qtr net profit up 48.6 pct

(Reuters) - Earnings before interest, tax, depreciation and
amortization rose 54 percent to $1.234 billion.




Grupo Mexico also said that its board
approved a dividend of 1 peso per share which will be paid in
one exhibit starting September 3.


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Judge denies MercExchange injunction in eBay case

(Reuters) - The ruling by the Norfolk, Virginia-based court came after the U.S. Supreme Court remanded the case back to the lower court in May of 2006, saying that the district judge must scrutinize patent cases closely before issuing an injunction barring companies from using infringing technologies.




But Judge Jerome Friedman denied eBay's request to stay proceedings on one of the two patents in the case -- governing the so-called 'Buy It Now' feature -- saying that the U.S. Supreme Court ruling had no impact on a 2003 jury verdict that could result in eBay paying $25.5 million in damages.


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Bally noteholders agree to Chapter 11 reorg. plan

(Reuters) - The shareholders -- four private equity funds -- have
outlined a different restructuring plan for the ailing company
and had agreed to complete due diligence by July 20, the
Chicago-based company said earlier.




Bally said health club operations and memberships will
remain unaffected through the process.


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UPDATE 1-Canfor posts loss, names Shepard new CEO

(Reuters) - The company cited low lumber prices and the stronger
Canadian dollar as driving it to a net loss of C$38.8 million
, or 27 Canadian cents a share, in the quarter.




That compared with a net profit of C$39.2 million, or 28
Canadian cents a share, in the same period last year. Those
results were boosted by one-time items.


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Data, earnings loom after painful week

(Reuters) - The Standard & Poor's 500 and Dow Jones industrial average ended trading on Friday at the week's lowest levels, mark the worst one-week percentage drop for the S&P 500 in nearly five years and the gloomiest on the Dow in five months.




As investors ponder their dwindling returns on the year, big events in the week ahead include the government's sometimes unpredictable payrolls report and quarterly earnings from heavy-hitters such as General Motors and Walt Disney Co..


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Wall St Week Ahead: Data, earnings loom after painful week

(Reuters) - The Standard & Poor's 500 and Dow Jones industrial average
ended trading on Friday at the week's lowest levels, mark the
worst one-week percentage drop for the S&P 500 in nearly five
years and the gloomiest on the Dow in five months.




As investors ponder their dwindling returns on the year,
big events in the week ahead include the government's sometimes
unpredictable payrolls report and quarterly earnings from
heavy-hitters such as General Motors and Walt Disney
Co..


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Money funds see $5 bln inflow on July 26-EPFR

(Reuters) - Thursday's money market fund inflows came after these funds
got $1.7 billion in net inflows for the week ended July 25,
EPFR said. The firm tracks money market funds globally with
$875 billion in assets.




High-yield bond funds saw outflows of $134 million on July
26, it said. High-yield bond funds tracked by EPFR that have
$76.4 billion in total assets saw $672 million in net outflows
for the week ended July 25, their worst week of outflows since
March, EPFR said.


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Emerging debt-Market still cautious after Black Thursday

(Reuters) - Prices were volatile as investors mulled how much lower the
bond market can go after it erased all of its 2007 gains on
Thursday, ending the session with losses of more than 1 percent
for the year.




A recovery started to gain speed early afternoon, with the
benchmark Brazilian global 2040 bond rising as
much as 1.5 points in price, but subprime-related fears
returned to the market by the end of the day.


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UPDATE 1-Centerra Gold profit falls as production slips

(Reuters) - Centerra earned $18.6 million, or 9 cents a share, compared
with a profit of $29 million, or 13 cents a share, in the
year-before period.




Analysts polled by Reuters had expected, on average, profit
of 3 cents a share.


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Centerra Gold second-quarter profit falls 36 pct

(Reuters) - Centerra earned $18.6 million, or 9 cents a share, compared
with a profit of $29 million, or 13 cents a share, in the
year-before period.




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Bonds soar as stocks dive on credit worries

(Reuters) - However, profit-taking and fatigue after Thursday's rally prevented Treasuries from tapping a strong flight-to-quality bid from the distressed equity market, analysts said.




Data showing the U.S. economy grew at a surprisingly strong rate in the second quarter of 2007 only briefly calmed fears of a slump following this week's turmoil in global financial markets. See for details.


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Argentine bonds mixed after leading region's losses

(Reuters) - BUENOS AIRES, July 27 - Argentine bonds ended
mixed on Friday after three straight days of large losses,
spurred by worries about inflation readings and government
spending amid a broader emerging markets sell-off.




Argentine bonds finished unevenly, with prices ranging from
losses as steep as 2.4 percent and gains as great as 2.2
percent .


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U.S. Stocks Plunge Again; S&P 500 Posts Worst Week Since 2002 on Debt Woes

(Bloomberg) -- U.S. stocks plunged for a second day
after concern the global boom in takeovers is ending sent the
Standard & Poor's 500 Index to its worst weekly drop in five
years.

Marsh & McLennan Cos., Wyndham Worldwide Corp. and Dillard's
Inc. pushed the Standard & Poor's 500 lower as investors
abandoned shares that had risen on takeover speculation. Baker
Hughes Inc., the world's third-biggest oilfield contractor,
helped send energy shares to the steepest drop in the S&P 500
after reporting a decrease in earnings.


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Soybeans Fall for Second Week as Demand Slows for Record U.S. Inventories

(Bloomberg) -- Soybeans fell in Chicago, capping
the biggest two-week drop in three years, on speculation U.S.
oilseed processors are shunning record reserves in anticipation
of cheaper supplies when a new crop is harvested in September.

Midwest supplies on cash markets are selling for $1 a
bushel less than futures traded in Chicago, and the price gap
has almost doubled in the past year, U.S. Department of
Agriculture data show. Cash bids at loading facilities in New
Orleans yesterday were 21.25 cents below futures, compared with
a 28.4-cent premium a year ago.


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UPDATE 2-Mexico silver miner Penoles Q2 profit up 16.2 pct

(Reuters) - Penoles , the world's top maker of refined
silver, said second-quarter sales totaled 11.247 billion pesos,
up 6.3 percent from the same period last year on higher volumes
and strong metals prices.




Costs rose in the quarter because of more expensive labor
and maintenance and repairs, Penoles said.


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