S.Africa inflation risks on upside - IMF

(Reuters) - South Africa's inflation risks are on the upside and there may be a need for monetary policy tightening, the International Monetary Fund said on Monday.

In an annual report on the continent's biggest economy, the IMF predicted that the country's economy would grow by 4.8 percent in 2007, and 4.5 percent in 2008.


Read more at Reuters Africa

Sappi says Q3 earnings per share 23 U.S. cents

(Reuters) - JOHANNESBURG, Aug 6 - The world's top maker of fine paper, Sappi Ltd , on Monday said its third quarter earnings per share was 23 U.S. cents compared to a loss in the same period a year ago.



Sappi said group sales for the quarter increased by 7 percent to $1.3 billion, with operating profit at $87 million compared to a loss of $34 million a year ago.


Read more at Reuters.com Market News

Credit Suisse Strategists Drop 7-Year-Old Negative Stance on U.S. Stocks

(Bloomberg) -- Credit Suisse Group's equity
strategists, who have been bearish on U.S. stocks since 2000,
recommended investors increase holdings of shares as a refuge
amid slowing global economic growth.

Investors should have 46.8 percent of their global equity
holdings in U.S. shares, matching a ``benchmark'' stance, a team
led by Andrew Garthwaite wrote in a report to clients today.
That's an increase from an allocation of 36.8 percent. The
strategists stopped short of an ``overweight'' recommendation.


Read more at Bloomberg Stocks News

FACTBOX: Why oil prices are at a record high

(Reuters) - FUNDS




Investment flows from pension and hedge funds into commodities including oil have resumed in recent months after a hiatus earlier in the year due to concerns about how the global economy was moving.


Read more at Reuters.com Hot Stocks News

Mobile-8 Telecom of Indonesia Postpones $150 Million High-Yield Bond Sale

(Bloomberg) -- PT Mobile-8 Telecom, an Indonesian
mobile-phone operator that counts Qualcomm Inc. as an investor,
delayed its plan to sell $150 million of bonds because of
concerns about the financial markets.

Investors have been selling riskier assets including
investments in emerging markets on concerns losses in the U.S.
mortgage market will erode economic growth. The Morgan Stanley
Capital International Asia Pacific Index fell 1 percent to
151.34 as of 4 p.m. Jakarta time.


Read more at Bloomberg Bonds News

Polish Central Bank Governor Sees No Reason to Increase Interest Rates Now

(Bloomberg) -- The Polish central bank has no need
to raise interest rates because there is currently little threat
from inflation, central bank Governor Slawomir Skrzypek said.

Inflation, wage and industrial output data are likely to
confirm ``there is still no reason to enter a cycle of interest
rate increases,'' Skrzypek said in an interview with daily
Gazeta Prawna, published today.


Read more at Bloomberg Emerging Markets News

Bank of Communications May Join Hang Seng Index, Nomura, Tung Tai Project

(Bloomberg) -- Bank of Communications Ltd., part
owned by HSBC Holdings Plc, may join Hong Kong's Hang Seng Index
after a quarterly review of the stock benchmark, Nomura Holdings
Inc. and Tung Tai Securities Ltd. said.

China Overseas Land & Investment Ltd., a Hong Kong-based
developer controlled by the nation's construction ministry, also
may be added, Sandy Lee, an analyst at Nomura, forecast in a
research report dated July 30. HSI Services Ltd., which compiles
Hong Kong's stock indexes, will announce the changes Aug. 10,
according to its Web site.


Read more at Bloomberg Stocks News

Intel, Cisco, J&J, Growth Stocks Lure Value Funds as Price Ratios Converge

(Bloomberg) -- Intel Corp., Cisco Systems Inc. and
Johnson & Johnson, perennial favorites of money managers seeking
U.S. stocks with the fastest profit growth, are becoming staples
for so-called value investors.

Shares of growth companies in the Standard & Poor's 500
Index trade at an average 16.3 times estimated earnings, while
value stocks, those priced at a discount to the market or their
historical average, trade at 14 times profits. The gap between
them, now 2.3 points, has narrowed from 25.5 at the beginning of
the decade, data compiled by Bloomberg show.


Read more at Bloomberg Stocks News

Akzo Nobel sweetens takeover bid for ICI

(Reuters) - "It would also allow Akzo Nobel to return further cash to
its shareholders," Akzo said, adding that Henkel would pay 2.7
billion pounds , calculated on a cash and debt
free basis, for ICI's adhesives and electronic materials
businesses.




Read more at Reuters.com Mergers News

GLOBAL MARKETS-Credit, growth fears batter stocks, hit dollar

(Reuters) - European shares opened more than 1 percent lower before
recovering slightly. Emerging market shares dropped around 1.8
percent and Japanese equities slipped 0.4 percent.




Heightened concerns for economic growth as a result of
credit problems also knocked oil prices, which briefly dipped
below $74.50, and dragged Shanghai copper futures down 3
percent.


Read more at Reuters.com Bonds News

Global Stocks Decline on Mortgage Concern, Paced by UBS, BNP, Macquarie

(Bloomberg) -- Stocks in Europe and Asia fell,
following a drop in the U.S. last week, as concern mounted that
losses in the U.S. mortgage market will erode economic growth and
raise financing costs for companies.

UBS AG and BNP Paribas SA led a decline by financial shares
in Europe, while Macquarie Bank Ltd. and Mizuho Financial Group
Inc. paced falling shares in Asia. Royal Philips Electronics NV
and Lafarge SA decreased as the dollar traded near a record low
against the euro. BHP Billiton Ltd. and Rio Tinto Group declined
after copper fell in Shanghai.


Read more at Bloomberg Stocks News

AES, Suez sue Hungary over electric pricing-report

(Reuters) - AES is seeking 5 billion forints in damages
and Suez 7 billion forints, the paper said.




Officials at AES's plant, Tiszai Eromu and Suez's Dunamenti
Eromu were not immediately available to comment.


Read more at Reuters.com Government Filings News

U.S. Treasuries Are Little Changed Amid Asian Stock Slide, Slower Growth

(Bloomberg) -- Treasuries were little changed as
Asian stocks fell and speculation increased that losses tied to
subprime mortgages will prompt the Federal Reserve to cut
interest rates this year.

Ten-year notes may extend their gains into a fifth week
after reports showed employers added fewer jobs than expected
last month and bond investors are becoming less bearish.
Treasuries are on track to return 5.3 percent this year, the
most since 2002, according to a Merrill Lynch & Co. index.


Read more at Bloomberg Bonds News

European Stocks Decline, Led by UBS, BNP, Philips, BHP Billiton, Lafarge

(Bloomberg) -- European stocks fell, following
declines in Asia and the U.S., on mounting concern that losses in
the U.S. mortgage market will erode economic growth and raise
financing costs for companies.

UBS AG and BNP Paribas SA led a drop by financial shares.
Royal Philips Electronics NV and Lafarge SA decreased as the
dollar traded near a record low against the euro. BHP Billiton
Ltd. and Rio Tinto Group slipped after copper fell in Shanghai.


Read more at Bloomberg Stocks News

UPDATE 1-Infineon to cut Qimonda stake to minority by 2009

(Reuters) - Infineon, which still holds 86 percent of the subsidiary it
listed in New York a year ago, said it might give out Qimonda
shares to its own shareholders as a dividend in kind, and would
take measures to make this possible at next year's AGM.




Such a dividend would then be possible after the 2009
shareholders' meeting.


Read more at Reuters.com Mergers News

Cerberus taps Nardelli to run Chrysler

(Reuters) - Chrysler's current chief executive, Tom LaSorda, will stay on as president and vice-chairman and continue to lead ongoing talks with the United Auto Workers union as the automaker's No. 2 executive and a consultant to Cerberus.




In a further shake-up, Chrysler's current chief operating officer, Eric Ridenour, will leave and his post responsible for production and product planning will not be filled.


Read more at Reuters.com Business News

Saudi Aramco Raises Heavy Variety Crude Prices for Asia to 26-Month High

(Bloomberg) -- Saudi Aramco, the world's largest
state oil company, raised September prices of its heavy crude
oil varieties for Asian customers to a 26-month high as
refining profit from making fuel oil gained.

Arab Medium grade's discount to benchmark varieties was
narrowed by 50 cents to $1.35 a barrel and Arab Heavy's
differential was reduced by 70 cents to $3.60 a barrel, said
three Asian officials who asked not to be identified, citing
confidentiality. The two grades yield more fuel oil.


Read more at Bloomberg Energy News

Infineon plans to cut Qimonda stake by 2009 AGM

(Reuters) - "The plan also envisages taking all necessary measures at
the Annual Shareholder Meeting 2008 required to enable
distrubution of Qimonda shares as a dividend in kind to Infineon
shareholders," the statement said.




Such a dividend would be possible after the 2009
shareholders' meeting.


Read more at Reuters.com Mergers News