Saudi Aramco Raises Crude Oil Prices for Europe to Highest in Three Years

(Bloomberg) -- Saudi Aramco, the world's largest
state oil company, increased prices of most crude oil grades for
export to Europe to a three-year high as maintenance at North Sea
fields increased demand for Middle Eastern and Russian supplies.

The Dhahran, Saudi Arabia-based company raised prices for
shipments to Europe in August by between 40 cents and 70 cents a
barrel, Aramco said in an e-mailed statement late yesterday. The
oil producer also increased prices of Arab Medium and Arab Heavy
prices for shipment to Asia, and cut prices of all grades it
sells to the U.S. by 35 cents to 50 cents a barrel.


Read more at Bloomberg Energy News

Euro Rises to All-Time High Against Yen Before ECB Interest-Rate Meeting

(Bloomberg) -- The euro rose to an all-time high
against the yen and traded near a record versus the dollar on
prospects the European Central Bank will signal plans to raise
its benchmark interest rate at least once more this year.

The euro has gained 3.2 percent versus the dollar in 2007 as
the spread between German and U.S. two-year notes declined to the
narrowest in 2 1/2 years. ECB President Jean-Claude Trichet today
may keep borrowing costs at a six-year high and suggest further
increases. The pound was near a 26-year high against the dollar
on speculation the Bank of England will raise rates today.


Read more at Bloomberg Currencies News

ervice Industries in U.S. Probably Expanded Near Fastest Pace in a Year

(Bloomberg) -- Growth in U.S. service industries
probably held close to the fastest pace in more than a year last
month, signaling continued strength in the economy, economists
said before a report today.

The Institute for Supply Management's index of non-
manufacturing businesses including banks, builders and retailers
slipped to 58 in June from 59.7 the prior month, according to
the median forecast of 73 economists in a Bloomberg News survey.
Readings above 50 signal growth.


Read more at Bloomberg Bonds News

SystemsNet eyes Getronics takeover: paper

(Reuters) - Getronics could not be immediately be reached for comment.




On Tuesday, the company said it has received a formal expression of interest from a U.S.-based firm to acquire all of its shares. It did not name the company.


Read more at Reuters.com Mergers News

India steel glut to trim S.Africa coal demand

(Reuters) - Indian demand for South African coal is set to drop, threatening sharply lower prices, as iron makers there cut back, hit by falling prices in the steel market they supply and rising costs for imported coal.

India's sponge iron makers, who use coal as part of a process to make iron from ore, have relied increasingly on imported South African coal in recent years.


Read more at Reuters Africa

Japan Shares Climb for Sixth Day; Sony Leads Gains on Yen, Retailers Rise

(Bloomberg) -- Japanese shares rose for a sixth day,
matching the longest winning streak of the year. Sony Corp. led
gains on speculation the yen's slump against the dollar and euro
boosted profits in the three months ended June.

Retailers climbed, led by Seven & I Holdings Co., after
companies including Aeon Mall Co. reported higher income in the
first quarter.


Read more at Bloomberg Stocks News

Bank of England May Raise Benchmark Rate a Fifth Time to Quell Inflation

(Bloomberg) -- The Bank of England may raise its
benchmark interest rate for the fifth time in a year today to
bring inflation under control, a survey of economists shows.

The nine-member Monetary Policy Committee, led by Governor
Mervyn King, will increase the Bank Rate a quarter-point to 5.75
percent, the highest since April 2001, according to 53 out of 60
economists surveyed by Bloomberg News. The remainder forecast no
change. The bank will announce the decision at noon in London.


Read more at Bloomberg Currencies News

Dollar near 26-year low vs pound before BoE and ECB

(Reuters) - The dollar stayed near a 26-year low against sterling and a two-month trough versus the euro on Thursday as investors awaited interest rate decisions by the European Central Bank and Bank of England later in the session.

The euro approached an all-time high against the yen on expectations that the European Central Bank President Jean-Claude Trichet will reinforce market views for higher rates even as the central bank is seen standing pat for now at 4.0 percent.


Read more at Reuters Africa

TPG, Affinity Partners Seek Asia's First Covenant-Lite Loan, People Say

(Bloomberg) -- TPG Inc. and Affinity Equity Partners
Ltd. plan Asia's first loan that provides banks with minimal
protection to fund their S$2.2 billion ($1.4 billion) buyout of
Singapore's United Test & Assembly Center Ltd., said two people
with direct knowledge of the transaction.

The firms hired JPMorgan Chase & Co., ABN Amro Holding NV
and Merrill Lynch & Co. to arrange $1.25 billion of bonds and
loans, including the first so-called covenant-lite structure in
the region, said the people, who declined to be named because
the information isn't public. Covenant-lite loans have less
protection for lenders than other bank debt.


Read more at Bloomberg Bonds News

Kirin says in early talks on San Miguel Aussie unit

(Reuters) - Orders rose 2.9 percent in October from the same month last year to 138.3 billion yen , the Semiconductor Equipment Association of Japan said.



That was down from a 5-? year high of 207.4 billion yen in September, when orders surged 54 percent year-on-year.


Read more at Reuters.com Mergers News

DLF Rises on Debut in Mumbai After Record Initial Share Sale Last Month

(Bloomberg) -- Shares of DLF Ltd., the Indian
property developer controlled by billionaire Kushal Pal Singh,
rose 8 percent on listing, lifted by demand from investors who
missed out on the country's biggest initial stock sale.

The stock debuted today at 568.80 rupees on the Bombay
Stock Exchange at 9:55 a.m., 43.80 rupees more than the IPO
price. DLF traded at 546.5 rupees, up 4.1 percent, at 11:33 a.m.,
valuing the New Delhi-based developer at 923 billion rupees ($23
billion).


Read more at Bloomberg Emerging Markets News

California Calpine Sutter natgas plant returns

(Reuters) - A megawatt in California can supply between 650 and 700
average homes, but supplies less homes during high heat of
summer.




Thursday peak demand in California is expected to be about
45,000 MW, down from an estimate from earlier this week of
47,000 MW, the Cal ISO said on Wednesday.


Read more at Reuters.com Bonds News

Philippine Bonds Gain as Inflation Slows; Peso Falls on Deficit Concerns

(Bloomberg) -- Philippine 10-year bonds rose after
the government said inflation slowed in June, reducing the
likelihood the central bank will raise interest rates.

``With the central bank signaling neutral to relax on its
policy rates, it generates interest among foreign investors to
come in and go back into the local fixed income market,'' said
Roland Avante, treasurer at Chinatrust (Philippines) Commercial
Bank in Manila.


Read more at Bloomberg Bonds News

ECB Likely to Keep Rate Unchanged, Consider a Ninth Increase in September

(Bloomberg) -- The European Central Bank will
probably keep interest rates unchanged, preferring to wait for
confirmation that economic growth is fanning inflation before
raising borrowing costs again, a survey of economists shows.

Policy makers meeting in Frankfurt today will keep the
benchmark refinancing rate at 4 percent, according to all 42
economists in a Bloomberg News survey. The bank will raise the
rate to 4.25 percent in September, a separate survey shows.


Read more at Bloomberg Bonds News

BAE Systems, Cadbury Schweppes and Xstrata: 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 market close yesterday.

The benchmark FTSE 100 Index advanced 33.30, or 0.5 percent,
to close at 6673.10 in London as 80 stocks rose, 21 fell and one
was unchanged. The FTSE All-Share Index gained 18.04, or 0.5
percent, to 3445.33.


Read more at Bloomberg Stocks News

Gafisa, Grupo Carso, Iansa, Votorantim: Latin American Equity Preview

(Bloomberg) -- The following stocks may make
significant gains or losses in Brazil and Mexico today. Symbols
are in parentheses after the company name, and stock prices are
from the last session.

In Brazil, preferred shares are the most commonly traded
class of stock.


Read more at Bloomberg Stocks News

Asia shares stage rally; resources bring cheer

(Reuters) - With Wall Street closed for the U.S. Independence Day holiday, investors took their cue from European stock markets which surged on Wednesday.




The MSCI world equity index -- a gauge of broader stock market performance -- hit a lifetime peak, fuelled by flourishing mergers and acquisitions activity, and extended gains on Thursday.


Read more at Reuters.com Hot Stocks News

JGBs edge down on Nikkei gains, euro zone bond fall

(Reuters) - "JGBs opened a bit lower since Bunds fell and are extending
their losses since the Nikkei is rising," said a senior trader
for a major Japanese bank.




September 10-year JGB futures ended the morning session down
0.17 point at 131.73 , pulling back from a three-week
high of 132.23 hit on Monday.


Read more at Reuters.com Bonds News

South Korean Stocks Gain More Than 1 Percent for Fourth Day; Samsung Gains

(Bloomberg) -- South Korean stocks advanced more than
1 percent for a fourth day. Samsung Electronics Co. gained on
speculation prices for dynamic random access memory, or DRAM,
will rise, helping improve earnings.

LG.Philips LCD Co. advanced after brokerages including
Citigroup Inc. said the company will turn to profit in the second
quarter.


Read more at Bloomberg Stocks News

Deutsche Telekom Applies to Sell Up to 500 Billion Yen of Samurai Bonds

(Bloomberg) -- Deutsche Telekom AG, Europe's biggest
phone company, applied to sell as much as 500 billion yen ($4
billion) of bonds denominated in yen over two years, according to
a document filed to Japan's Ministry of Finance.

Deutsche Telekom's application to sell debt in Japan will be
for the period through July 2009, according to the document.


Read more at Bloomberg Bonds News

Philippine June Inflation Unexpectedly Drops to 2.3 Percent on Peso Gains

(Bloomberg) -- Philippine inflation unexpectedly
slowed in June as the peso's gains held down the cost of imports
and curbed price increases amid higher oil prices.

Consumer prices rose 2.3 percent from a year earlier,
falling from 2.4 percent in May, the National Statistic Office
said today in Manila. The median estimate of 14 economists
surveyed by Bloomberg News was a 2.5 percent rate.


Read more at Bloomberg Emerging Markets News

DLF Shares May Rise on Debut After Record India Initial Sale Last Month

(Bloomberg) -- Shares of DLF Ltd., the Indian
property developer that raised $2.3 billion last month, may rise
on demand from investors who missed out on the country's biggest
initial stock sale.

The company controlled by billionaire Kushal Pal Singh may
debut today at 555 rupees ($13.72), 30 rupees higher than its IPO
price, according to the median estimate from five analysts and
investors surveyed by Bloomberg. The New Delhi-based developer
received orders for more than three times the shares offered.


Read more at Bloomberg Emerging Markets News

Asian Stocks Advance to a Record; Samsung Electronics, BHP Billiton Gain

(Bloomberg) -- Asian stocks rose for a sixth day,
lifting a regional benchmark to a record, on signs of increasing
demand for computer chips and metals.

Samsung Electronics Co. jumped after a brokerage report
raised speculation that prices for dynamic random access memory,
or DRAM, will climb, boosting profit. BHP Billiton Ltd. and Rio
Tinto Group advanced on higher metals prices.


Read more at Bloomberg Stocks News

Gold inches down, but supported by oil prices

(Reuters) - -- Activity was thin, carrying over a sluggish mood from the previous day as U.S. markets were closed for the Independence Day holiday.




-- Key Tokyo Commodity Exchange gold futures <0#JAU:> rose about 0.4 percent.


Read more at Reuters.com Hot Stocks News

Saudi Aramco to Cut Oil Prices for U.S. in August, Raise Them for Europe

(Bloomberg) -- Saudi Aramco, the world's largest
state oil company, cut prices of its crude oil to be exported to
the U.S. in August. It raised prices for Europe.

Aramco cut prices of all grades it sells to the U.S. by
between 35 cents and 50 cents a barrel, the Dhahran, Saudi
Arabia-based company said in an e-mailed statement late
yesterday. Aramco said it raised prices for shipments to Europe
in August by between 40 cents and 70 cents a barrel.


Read more at Bloomberg Energy News

U.S. Treasuries Fall After European Bonds Decline on Interest-Rate Concern

(Bloomberg) -- U.S. 10-year Treasury notes fell
after Europe's government bonds slid for a second day yesterday
on speculation the European Central Bank will keep increasing
interest rates from a six-year high.

Notes also dropped after stocks gained in Europe and Asia
yesterday, reducing demand for the relative safety of government
debt. The U.K. government lowered its assessment of the National
Threat Level to ``severe'' from ``critical,'' which was the top
level set following two attempted car bombings last week.


Read more at Bloomberg Bonds News

South Korean Won Strengthens on Speculation Interest Rates Will Increase

(Bloomberg) -- The South Korean won rose, approaching
the highest this year, on speculation the central bank will raise
interest rates, boosting the appeal of fixed-income assets.

The won, the best performer in the past month of the 10
most-traded Asian currencies, also gained as Finance Minister
Kwon Okyu said today monetary policy should be aimed at
``controlling liquidity'' because prices may rise. The won added
almost 9 percent last year as the central bank raised rates three
times to 4.5 percent. It has left policy unchanged this year.


Read more at Bloomberg Currencies News

Japan's Nikkei Stock Average, Topix Rise; Sony, Fast Retailing Lead Gain

(Bloomberg) -- Japan's Nikkei 225 Stock Average
rose 30.77, or 0.2 percent, to 18,199.49 at 9:03 a.m. in Tokyo.
The broader Topix index added 2.94, or 0.2 percent, to
1785.38

Sony Corp. and Fast Retailing Co. led the advances.


Read more at Bloomberg Stocks News

Aasgard's Mikkelson Beats Europe Hedge Funds With Danish Mortgage Bonds

(Bloomberg) -- Kim Mikkelsen outperformed his
European hedge-fund peers by investing in bonds backed by summer
homes in Hornbaek and waterfront apartments in Copenhagen.

Mikkelsen, 38, put about half of his Aaasgard Fixed-Income
Fund's $150 million of assets into Denmark's mortgage-bond
market, the world's largest per capita. The fund returned 31
percent for the year ended June 29, according to data compiled by
Bloomberg, and is No. 1 in HedgeFund Intelligence's ranking of
fixed-income hedge funds in Europe.


Read more at Bloomberg Bonds News

Oil Trades Near 10-Month High on U.S. Gasoline Concern, Nigeria Rig Attack

(Bloomberg) -- Crude oil traded near a 10-month high
in New York on concern renewed violence in Nigeria and refinery
breakdowns may restrict U.S. fuel supplies.

Royal Dutch Shell Plc said five expatriate contractors were
abducted from a rig in Nigeria, where militant groups this week
ended a one-month truce with the government. A U.S. government
report today will probably show the nation's gasoline stockpiles
remained below average as rising demand and plant faults hamper
refiners' efforts to store fuel.


Read more at Bloomberg Energy News

Euro Trades Near Record High Versus Dollar, Yen Before ECB Policy Meeting

(Bloomberg) -- The euro traded near a record high
against the dollar and the yen on bets the European Central Bank
will signal at least one more interest-rate increase this year.

The ECB, which economists expect will hold rates at 4
percent today, may say policy is still accommodative and
inflation is a concern. The euro has gained 3.2 percent versus
the dollar this year as the spread between German and U.S. two-
year notes declined to the narrowest in 2 1/2 years. The British
pound was close to the strongest in 26 years on speculation the
Bank of England will lift borrowing costs today.


Read more at Bloomberg Currencies News

Taiwan's Consumer Prices Probably Fell for Second Straight Month on Food

(Bloomberg) -- Taiwan's consumer prices probably
declined for a second consecutive month in June because of weak
domestic demand and cheaper locally grown fruit and vegetables.

Prices fell 0.2 percent from a year earlier, after dropping
0.03 percent in May, according to the median estimate of 13
economists in a Bloomberg News survey. The statistics bureau
will release the report at 4 p.m. today in Taipei.


Read more at Bloomberg Bonds News

Hyundai Engineering, Kumho, LG.Philips LCD: South Korea Equity 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 advanced 1.8 percent to a record 1838.41. The
Kosdaq added 0.9 percent to 804.02. Kospi 200 futures expiring in
September rose 1.7 percent to 234.90, while the underlying index
climbed 1.8 percent to 233.43.


Read more at Bloomberg Stocks News

Moody's sees threats to sky-high pharma ratings

(Reuters) - Strong cashflows, healthy profits and low leverage remain
the norm in the sector for now but Moody's reckons the outlook
is "moderately negative", given looming threats to key patents,
likely further acquisitions and shareholder calls for buybacks.




In a new report on European pharmaceutical companies, the
agency forecasts a long-term negative bias in rating trends for
these issuers.


Read more at Reuters.com Bonds News

New Zealand's Dollar May Decline on Concern Central Bank Will Sell Again

(Bloomberg) -- The New Zealand dollar may fall on
speculation the nation's central bank will take advantage of the
Independence Day holiday in the U.S. to sell the currency while
trading is subdued.

The kiwi, as the currency is known, lost as much as 1.8
percent on June 11, a public holiday in Australia, when the
central bank sold New Zealand dollars for the first time in 22
years. It also fell after the bank sold again on June 18 and
June 22, according to two New Zealand banks. Around 41.1 million
Americans may take vacations this week, according to the
American Automobile Association.


Read more at Bloomberg Currencies News

Argentina stocks close at record high, bonds flat

(Reuters) - Bonds closed flat as foreign institutional investors,
normally heavy traders in Argentine markets, were absent due
to the U.S. Independence Day holiday.




The MerVal index of 21 leading stocks rose 0.97
percent to close at 2,252.40 points.


Read more at Reuters.com Bonds News

Ecuador minister facing censure, says will not quit

(Reuters) - Next week, Congress is scheduled to vote on whether to
censure Patino after opposition lawmakers accused him of
deliberately manipulating the debt markets to benefit third
parties.




President Rafael Correa, a leftist former economy
minister, has publicly sided with Patino and he has the final
word on the minister's job.


Read more at Reuters.com Bonds News

Mexican stocks rise, driven by America Movil

(Reuters) - The benchmark IPC stock index moved up 0.26 percent
to 32,201.63 points, while the peso weakened
slightly, giving up 0.05 percent in local trading to 10.77 per
dollar.




Trading volume was low as investors in the United States,
who are big players in Mexican markets, stayed away for the
U.S. Independence Day holiday.


Read more at Reuters.com Bonds News

Mexico's Lamosa plans share offer of up to $240 mln

(Reuters) - Lamosa announced on Monday it had agreed to buy
Porcelanite, a unit of Mexican conglomerate Carso
, which is controlled by billionaire tycoon Carlos
Slim, for $800 million.




"The offer could happen between the last quarter of this
year and the final quarter of 2008," Lamosa chief financial
officer Tomas Garza told Reuters on Wednesday. He said the
offer would be between $160 million and $240 million.


Read more at Reuters.com Mergers News

Canada June job growth seen slowing from Q1 levels

(Reuters) - However, the softer job numbers expected on Friday at 7
a.m. will not stand in the way of a Bank of Canada
rate hike on July 10.




According to the average forecast of analysts surveyed by
Reuters, the economy will add 17,000 jobs in June and the
unemployment rate will stay unchanged at a three-decade low of
6.1 percent.


Read more at Reuters.com Economic News

Canadian Energy Stocks Drop as Natural Gas Falls; Shares of Telus Advance

(Bloomberg) -- Canadian energy stocks fell, led by
EnCana Corp., after the price of natural gas retreated. The
Standard & Poor's/TSX Composite Index was little changed as
telephone stocks led by Telus Corp. gained on speculation more
companies in the industry will be acquired.

The S&P/TSX added 3.3 to 14,068.04 as of 1:19 p.m. in
Toronto. It gained 2.5 percent in the previous two sessions after
Research In Motion Ltd. reported profit that topped analysts'
forecast and BCE Inc. agreed to the largest buyout.


Read more at Bloomberg Stocks News

Crude Oil Trades Near 10-Month High After Attack on Shell Rig in Nigeria

(Bloomberg) -- Crude oil traded near a 10-month high
in New York after Royal Dutch Shell Plc said militants attacked
its rig in Nigeria, raising concern about further oil supply
disruption from Africa's largest producer.

Five expatriate contractors working for Lonestar Drilling
Nigeria Ltd. were taken hostage, said Precious Okolobo, a
spokesman for Shell's Nigerian venture. The attack occurred
early this morning in the Soku field, where the rig was drilling
a well. No production was affected, he said.


Read more at Bloomberg Energy News

Venezuela's Mercosur entry unlikely-Brazil senator

(Reuters) - "Venezuela hasn't met the criteria for entry and Chavez is
trying to put the blame on somebody else," Fortes added.




Chavez told Mercosur nations on Tuesday they must approve
Venezuela's membership in the trade bloc within three months or
he would withdraw the request to join it.


Read more at Reuters.com Bonds News

South African Corn Milling Output Fell 0.6 Percent in May on Previous Year

(Bloomberg) -- Tiger Brands Ltd., Premier Foods Ltd.
and other commercial millers in South Africa processed 0.6
percent less corn in May than a year earlier.

The millers processed 222,724 metric tons during May,
compared with 224,113 tons in the same month a year earlier, the
Pretoria-based National Association of Maize Millers said on its
Web site today. South Africa is Africa's biggest corn producer.


Read more at Bloomberg Commodities News

UPDATE 1-CVC to buy chemical firm Taminco for $1.1 bln

(Reuters) - Taminco, based in Ghent, Belgium, employs 850 people and has
eight production sites around the world.




It expects to generate total sales of 600 million euros in
2007 from products used in the pharmaceutical, agrochemical,
animal feed and water treatment industries.


Read more at Reuters.com Mergers News

Mexican stocks rise, driven by America Movil gains

(Reuters) - Trading volume was low as investors in the United States,
who are big players in Mexican markets, stayed away for the
U.S. Independence Day holiday.




Shares in America Movil pushed hardest
among the index's winners, gaining 1.29 percent to 35.45
pesos.


Read more at Reuters.com Bonds News

Rand firms as dollar struggles overseas

(Reuters) - South Africa's rand held firm against the dollar on Wednesday in a market rendered very quiet by the Independence Day public holiday in the United States, traders said.

The rand was at 6.9651 versus the greenback at 1500 GMT, up 0.36 percent from New York's Tuesday close of 6.99.


Read more at Reuters Africa

Kenya says 06/07 tax revenues up by 20 pct

(Reuters) - Kenya's tax revenue in the 2006/07 fiscal year rose by 20 percent to 360.2 billion shillings, compared with the amount collected a year before, Kenya Revenue Authority (KRA) said on Wednesday.

The government had planned to collect 356.1 billion shillings in 2006/07.


Read more at Reuters Africa

BMW, Mercedes mull subcompact partnership: magazine

(Reuters) - Heavy cost pressure means Mini runs the risk of losing money should its Oxford, England, plant not run at full capacity, so parent BMW is considering finding a partner.




Discussions could include Honda and existing partner PSA , and Mercedes, its arch-rival, as well.


Read more at Reuters.com Business News