Daewoo Shipbuilding, Dongkuk Steel Mill, NCsoft: South Korea Stock 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 retreated 0.2 percent to 1889.96. The Kosdaq
rose 0.6 percent to 820.02. Kospi 200 futures expiring in
September lost 0.6 percent to 240.85, while the underlying index
slipped 0.2 percent to 240.46.


Read more at Bloomberg Stocks News

Japanese Exporter Stocks May Advance on Yen's Drop; Murata May Decline

(Bloomberg) -- Japanese exporter shares such as
Canon Inc. may advance after the yen declined against the dollar
and euro and the U.S. Federal Reserve officials said the world's
biggest economy will weather the housing slump.

Both the Nikkei 225 Stock Average and the Topix index had
the largest drop in two weeks yesterday.


Read more at Bloomberg Stocks News

NAACP hits subprime lenders with class action suit

(Reuters) - The lawsuit cited data from the National Community
Reinvestment Coalition showing that lenders on average made
high-cost subprime loans to higher-qualified blacks 54 percent
of the time, compared to 23 percent of the time for whites,
even when the white applicants were less qualified.




It also included research from the Center for Responsible
Living. "These statistical disparities are not mere
happenstance, but instead result from a systematic and
predatory targeting of American-Americans," the court document
said.


Read more at Reuters.com Bonds News

UPDATE 1-Sony Ericsson quarterly sales, profit rise

(Reuters) - The cell phone venture of Sweden's Ericsson and
Japan's Sony Corp. , known for higher-end music
phones based on its Walkman brand, said it gained market share
in the quarter by selling lower priced phones that widened its
potential customer base.




Its report came shortly after bigger rival Motorola Inc.
forecast a quarterly loss, blaming weak phone sales.


Read more at Reuters.com Market News

New Web site encourages firms to report corruption

(Reuters) - BRIBEline.org, launched by TRACE, a Maryland-based non-profit group, lets anyone volunteer information about incidents of corruption or bribery in the United States or abroad.




The information compiled from BRIBEline will help companies determine where corruption is most prevalent and will help governments strengthen their ability to tackle corruption.


Read more at Reuters.com Business News

News Corp., Perseverance, Rio Tinto, Westfield: Australian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may rise or fall in Australia. This preview includes
news announced after markets closed yesterday. Prices are from
yesterday's close unless otherwise stated. Stock symbols are in
brackets after the company names.

The S&P/ASX 200 Index futures contract due in September added
0.4 percent to 6352 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index rose 0.4 percent in New York.


Read more at Bloomberg Stocks News

UPDATE 1-Blackbaud says Q2 rev may top prior view

(Reuters) - The company had expected operating income of $15.3 million
to $16.0 million, excluding stock-based compensation and
amortization of acquired intangibles. It had forecast total
revenue of $61 million to $63 million for the second quarter.




In sales, the company has witnessed better-than-expected
revenue in the first half of the year, Chief Executive Marc
Chardon said in a statement.


Read more at Reuters.com Market News

New Zealand Dollar Strengthens as Investors Return to the Carry Trade

(Bloomberg) -- The New Zealand dollar rose the most
in two weeks as concern about the impact of the U.S. subprime
mortgage market on the global economy diminished, prompting
traders to return to riskier assets.

So-called carry trades, where investors borrow cheaply in
yen to buy higher-yielding assets elsewhere, have boosted the
New Zealand dollar 27 percent in the past 12 months. The
currency, known as the kiwi, slid yesterday after Moody's
Investors Service cut ratings on $5.2 billion of U.S. subprime
home mortgage bonds.


Read more at Bloomberg Currencies News

UPDATE 2-U.S. House cuts student lender subsidies

(Reuters) - WASHINGTON, July 11 - The U.S. House of
Representatives voted 273-149 on Wednesday to slash federal
subsidies paid to college student-loan companies, such as
Sallie Mae and Citigroup Inc , by $19 billion and
boost grants to students, ignoring a White House veto threat.




The House bill and a similar measure in the Senate, which a
key lawmaker said could pass as early as this month, have been
attacked by the $85 billion student-loan industry, but
championed by industry critics, including some student groups.


Read more at Reuters.com Mergers News

U.S. certifies Virgin America Airlines for service

(Reuters) - Virgin America won regulatory approval of its business plan in May after agreeing to restructure its investor financing -- including millions from Branson's interests -- and promising to replace its chief executive, Fred Reid, to satisfy a U.S. law that limits overseas influence in domestic airlines.




Virgin America will still have a branding and marketing relationship with Branson's Virgin Group, which operates British-based Virgin Atlantic Airways. Some U.S. airlines had opposed Virgin America's entrance, saying Branson would be controlling the airline one way or another.


Read more at Reuters.com Bonds News

China, Malaysia, South Korea, Thailand, India: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: China Development Bank sold 20 billion yuan ($2.63
billion) of 10-year floating rate bonds yesterday. The coupon
was one-year deposit rate of 3.06 percent plus 89 basis points.
Ten-year bonds sold in May carried a coupon of 60 basis points
more than the one-year deposit rate. The Ministry of Finance
will sell 35 billion yuan of three-year fixed-rate notes on July
13.


Read more at Bloomberg Bonds News

UPDATE 1-Ruby Tuesday net profit down, shares drop

(Reuters) - The company's shares fell over 3 percent in after-hours
trading.




Fourth-quarter net income was $24.7 million, or 46 cents
per share, compared with $31.7 million, or 53 cents per share,
a year ago, the company said.


Read more at Reuters.com Market News

McMoRan Exploration files for $1.5 bln shelf

(Reuters) - Under a shelf registration, a company may sell securities
in one or more separate offerings with the size, price and
terms to be determined at the time of sale.




Read more at Reuters.com Government Filings News

Motorola sees 2nd-qtr loss, lower revenue

(Reuters) - The company previously forecast that second-quarter sales would be essentially flat with first-quarter sales of $9.4 billion.




Motorola also named Stu Reed, a supply chain executive, as president of its mobile devices unit.


Read more at Reuters.com Bonds News

CORRECTED - Ariel Capital exits DeVry, cuts Career Education stake

(Reuters) - NEW YORK, July 10 - Chicago-based Ariel Capital
Management LLC said on Tuesday it sold its shares in for-profit
education company DeVry Inc. and sharply reduced its
stake in Career Education Corp. , another for-profit
education company.




Ariel hasn't yet reported its exit from DeVry in a
regulatory filing and won't comment further on the sale of its
stake, Ariel analyst Bob Goldsborough said.


Read more at Reuters.com Bonds News

UPDATE 1-American Eagle same-store sales up 8 percent

(Reuters) - CHICAGO, July 11 - American Eagle Outfitters Inc. said on Wednesday sales at stores open at least a year rose 8 percent in June, almost doubling analyst expectations, and the company's shares rose more than 8 percent.



Analysts, on average, had expected the teen clothing retailer to post an increase of 4.3 percent, according to a Reuters survey.


Read more at Reuters.com Market News

UAW chief says not in "concessionary mode"

(Reuters) - "It won't be an issue for us," Gettelfinger said, speaking on the sidelines of the National Association for the Advancement of Colored People event in Detroit. "We are not going in to these negotiations in a concessionary mode."




General Motors Corp , Ford Motor Co and Chrysler Group face a crucial round of contract talks with the UAW beginning this month.


Read more at Reuters.com Business News

Genentech profit up on Avastin, Rituxan

(Reuters) - Genentech had a profit of 78 cents per share for the quarter excluding stock-based compensation expenses and other items and posted total operating revenue of $3.0 billion, up from $2.2 billion a year ago. Both beat Wall Street forecasts.




Analysts, on average, had expected the South San Francisco-based company to post second-quarter earnings before items of 71 cents per share on revenue of $2.85 billion, according to Reuters Estimates.


Read more at Reuters.com Hot Stocks News

Level 3 buys Web and mobile video firm Servecast

(Reuters) - The deal follows a series of acquisitions by Level 3, which has a large metro fiber network, in an effort to expand in the online content delivery network business.



Dublin-based Servecast sells live and on-demand video management and streaming services for companies. It had about $5 million in annual revenue for 2006, Level 3 said.


Read more at Reuters.com Mergers News

CN Rail criticized by Canadian derailment probe

(Reuters) - The Transportation Safety Board said Canada's largest
railway failed to retain adequate "local knowledge" when it
reorganized operations to increase productivity on British
Columbia's BC Rail, which it purchased in 2004.




"This is an extreme mountain environment with curves that
are twice as sharp and grades more than twice as steep as on
other CN main lines. There is no room for error," said Wendy
Tadros, chairwoman of the safety board said in a statement.


Read more at Reuters.com Government Filings News

RPT-Resources Connection quarterly profit rises

(Reuters) - For the fourth quarter, the company posted net income of
$16.1 million, or 32 cents per share, up from $15.7 million, or
31 cents per share, last year. Excluding stock-based
compensation expense, it earned 40 cents per share.




Revenue for the quarter rose 21 percent to $200.5 million.


Read more at Reuters.com Market News

Bankruptcy Court approves Tower sale to Cerberus

(Reuters) - By David Bailey



CHICAGO, July 11 - The U.S. Bankruptcy Court on Wednesday approved Tower Automotive Inc.'s $1 billion sale to private equity firm Cerberus Capital Management [CBS.UL] and the auto parts maker's reorganization plan.


Read more at Reuters.com Bonds News

US STOCKS-Indexes gain amid optimism about earnings

(Reuters) - NEW YORK, July 11 - U.S. stocks rose on
Wednesday as a scarcity of profit warnings fueled optimism
over the corporate reporting season, enabling the market to
regain its footing after a sharp drop the previous session.




Shares of fast-food company Yum Brands , which
reported quarterly results after the bell, jumped 4.9 percent
during the regular session following news that investment bank
UBS had raised its rating on the stock.


Read more at Reuters.com Bonds News

U.S. Stocks Rebound on Takeovers; Yum!, Steelmaker Shares Lead Advance

(Bloomberg) -- U.S. stocks rose after takeover
speculation swept through the metals industry and Federal
Reserve officials said the economy will weather the home loan
crisis.

Nucor Corp. and Alcoa Inc. led the Standard & Poor's 500
Index to its sixth gain in seven days after Chaparral Steel Co.
agreed to be bought for $4.22 billion and the Times of London
reported Alcan Inc. may be the target of a bidding war. Yum!
Brands Inc., owner of the Pizza Hut and Taco Bell chains,
climbed on a UBS AG report predicting it will buy back stock.


Read more at Bloomberg Stocks News

U.S. House votes to slash student lender subsidies

(Reuters) - The Bush administration has proposed similar lender subsidy cuts, but on Tuesday threatened to veto the House bill, saying it would not direct enough funding to student grants and would set up too many costly new programs.




Read more at Reuters.com Government Filings News

Sugar Gains For Third Day as Rising Energy Prices May Increase Ethanol Use

(Bloomberg) -- Sugar rose a third straight day in
New York on speculation that surging energy prices will increase
demand for ethanol made from sugar cane, curtailing the growth of
a global surplus of the sweetener.

The center-south region of Brazil, the biggest producer of
sugar cane, had produced 5.4 million tons of sweetener as of June
15, down from 6 million tons in the same period last year, while
ethanol output jumped 10 percent to 4.2 billion liters, the
London-based International Sugar Organization said in an e-mailed
report yesterday. Crude oil and gasoline futures in New York have
risen for four weeks in a row.


Read more at Bloomberg Commodities News

Refco examiner faults lawyers, auditors in collapse

(Reuters) - The examiner also said the law firm Weil, Gotshal & Manges
LLP could be sued for failing to use appropriate care in its
representation of Refco, though this was also a close call.




Hochberg filed his report with the U.S. bankruptcy court in
Manhattan. His recommendations could provide grounds for
lawsuits by Refco creditors, many of whom received only a
fraction of the amounts they claimed they were owed.


Read more at Reuters.com Bonds News

Brazil's Bovespa Gains, Led by Vale, on Nickel Price; America Movil Rises

(Bloomberg) -- Brazil's main stock index gained for
the third time in four days, led by mining company Cia. Vale do Rio
Doce, on speculation that accelerating growth in China will push up
prices for the country's raw materials.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange rose 390.68, or 0.7 percent, to 56,273.38 at 2:51 p.m. New
York time. Vale accounted for a quarter of the gain.


Read more at Bloomberg Stocks News

Mass. starts bailout fund to aid in subprime crisis

(Reuters) - The new fund will aid roughly 1,000 homeowners with subprime mortgages who are up to 60 days behind on their payments refinance into mortgages they can pay off in the next 40 years at a fixed 7.8 percent.




"Too many of our residents were put into loans they could not afford," Gov. Deval Patrick said, adding: "This innovative mortgage loan program will give some of our most vulnerable citizens a fighting chance to keep their homes."


Read more at Reuters.com Bonds News

Marriott International, NYSE Euronext: U.S. Equity Option Market Movers

(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 2:45 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

UPDATE 1-Ameriprise unit fined in mutual fund kickback case

(Reuters) - NEW YORK, July 11 - In what it called the first
case of its kind, the NASD on Wednesday said it fined the
Securities America Inc. unit of Ameriprise Financial Inc.
$375,000 for improperly sharing directed brokerage
commissions from a mutual fund company with a single broker.




The regulator also charged the broker, Michael Bullock,
with receiving more than $280,000 of improper compensation. It
said he failed to disclose the kickbacks to his union
retirement plan clients, even as he advised those clients to
maintain or include the fund company's mutual funds in their
plans.


Read more at Reuters.com Government Filings News

Lawmaker sees bill requiring hedge fund records

(Reuters) - Rep. Barney Frank, a Massachusetts Democrat, said his planned bill would help protect investors in the lightly regulated hedge fund industry by giving federal agencies the ability to examine funds' records of trades, e-mail exchanges and other documents.




"They'll have to retain data of records of trades for the purpose of insider trading enforcement," Frank told reporters after holding a hearing on hedge fund risks. "Anybody in the business is going to have to retain their data."


Read more at Reuters.com Bonds News

TREASURIES-Bonds slip as subprime worries wane, stocks gain

(Reuters) - NEW YORK, July 11 - U.S. government bond prices
fell on Wednesday as investors took a breather from subprime
mortgage market worries and stocks pushed higher.




Wednesday's profit-taking erased some of the previous day's
advance, though not all of it. Analysts said with the market
still a prisoner of new developments on the subprime front,
investors were reluctant to let go of the safety bid entirely.


Read more at Reuters.com Bonds News

Playtex shares jump after CEO cancels presentation

(Reuters) - A spokeswoman said that Chairman, President and Chief Executive Neil DeFeo canceled his presentation at the conference because a scheduling conflict kept him from being in Boston on Wednesday, where the conference is being held.




Acquisitions have been a part of the growth strategy at Playtex since DeFeo joined the company. The company most recently bought the Hawaiian Tropic sun care brand in April.


Read more at Reuters.com Hot Stocks News

Banks eye Alitalia stakes in Air One deal-source

(Reuters) - LONDON, July 11 - Banks including Banca Monte dei Paschi di Siena , Morgan Stanley and Nomura could take stakes in Italian carrier Alitalia by joining rival Air One's bidding vehicle for the airline, a source familiar with the matter said Wednesday.



While they are already lending to the consortium, they are also in talks to play a more active part in any successful deal by AP Holding, said the source.


Read more at Reuters.com Mergers News

Gold Futures Fall on Speculation Dollar to Halt Slide; Silver Is Unchanged

(Bloomberg) -- Gold fell in New York on speculation
the dollar will halt a slide against the euro, eroding the appeal
of the precious metal as an alternative investment. Silver was
unchanged.

Gold generally moves in the opposite direction of the
dollar, which pared losses against the euro after dropping to a
record low. The metal has risen 3.8 percent this year while the
euro has gained 4.3 percent against the dollar.


Read more at Bloomberg Commodities News

GLOBAL MARKETS-U.S. stocks bounce up, dollar and bonds slip

(Reuters) - NEW YORK, July 11 - U.S. stocks rose on
Wednesday, helped by gains in energy shares, while the dollar
dropped on continued U.S. subprime mortgage fears and bonds
fell out of favor.




Data showing falling supplies of crude in the United States
boosted shares of Exxon Mobil Corp. 0.3 percent to
$86.77.


Read more at Reuters.com Bonds News

Sallie Mae says takeover deal threatened

(Reuters) - On Wednesday, Sallie Mae said the acquiring group said it
believes that current legislative proposals before the U.S.
House of Representatives and U.S. Senate "could result in a
failure of the conditions to the closing of the merger to be
satisfied."




Sallie Mae said it "strongly disagrees with this assertion"
and "intends to proceed towards the closing of the merger
transaction as rapidly as possible and will take all steps to
protect shareholders' interests."


Read more at Reuters.com Bonds News

Coffee Rises in New York on Concern Cooler Brazilian Weather May Hurt Crop

(Bloomberg) -- Coffee rose for the second straight
day in New York as forecasts for cooler weather in Brazil spurred
speculation that frost may hurt crops.

Temperatures are expected to turn lower in the next two
days, according to Meteorlogix LLC in Woburn, Massachusetts. They
still will remain above 50 degrees Fahrenheit (10 degrees
Celsius), and there is no threat of frost, the forecaster said.
Brazil is the world's biggest coffee producer.


Read more at Bloomberg Commodities News

OMV could offer over $166/share for MOL: sources

(Reuters) - OMV has negotiated a 13.5 billion euro loan for the takeover as it seeks to convince its Hungarian rival to enter merger talks, the sources added on Wednesday.




OMV has loosely agreed loan terms with banks including J.P. Morgan and Barclays but has yet to sign any deal formally, the sources said, adding that there remain "many significant hurdles" to any offer being made and the loan may not be required.


Read more at Reuters.com Mergers News

Fremont in deal to stop foreclosures in Massachusetts

(Reuters) - "No foreclosures can occur until the Attorney General's
Office has been provided with documentation for each delinquent
loan and a 90-day period to review each transaction," Coakley
said in a statement.




A spokesman for Fremont did not immediately return a call
seeking comment.


Read more at Reuters.com Government Filings News

UPDATE 1-AMO blasts shareholder's opposition to Bausch deal

(Reuters) - Advanced Medical Optics Chief Executive James Mazzo, responding to a critical letter from ValueAct, said he was "surprised and disappointed" by ValueAct's opposition to the $4.23 billion hostile bid for Bausch & Lomb.




Mazzo said this was "especially hard to understand given expressed interest on June 12th in investing $700 million in equity in a Bausch & Lomb acquisition and your reaffirmation of a desire to participate in financing the transaction as recently as July 5."


Read more at Reuters.com Bonds News

Cocoa Rebounds on Report Indicating Rising Demand From European Processor

(Bloomberg) -- Cocoa in New York rebounded from two
sessions of losses after a report indicated rising demand from
European processors such as Cadbury Schweppes Plc and Nestle SA.

Companies used 3.4 percent more beans in the second quarter
than a year earlier, the European Cocoa Association in Brussels
said today in a report. Cocoa grindings, a measure of how much of
the commodity is made into chocolate, rose to 323,353 metric tons
from 312,817 metric tons, according to the group.


Read more at Bloomberg Commodities News

UPDATE 1-Moody's may cut $5.0 bln of CDO RMBS tranches

(Reuters) - Moody's said the CDO tranches affected were rated "Baa" or
lower and the move follows cuts it made on Tuesday to 399 RMBS
secured by subprime mortgage loans. Moody's also placed 32
additional issues under review for downgrade on Tuesday.




"The rating actions taken today were based on the CDOs'
current respective portfolios and the CDOs' structures,"
Moody's said. The rating agency said it was reviewing whether
current ratings assigned were still consistent with revised
loss expectations.


Read more at Reuters.com Bonds News

US Rep. Frank says he expects hedge fund data bill

(Reuters) - He also said the committee would hold a hearing this autumn
to examine the role credit rating agencies may have played in
valuing subprime packages.




Bear Stearns Cos. Inc. recently said it would
provide about $1.6 billion to bail out one of its two
struggling hedge funds that had big losses by making bad bets
tied to subprime mortgage loans, which are held by consumers
with weak credit.


Read more at Reuters.com Bonds News

Treasuries Decline First Time in Three Days on Stock Advance, Fed Comment

(Bloomberg) -- Treasuries declined for the first
time in three days as stocks advanced and Federal Reserve Bank
of Philadelphia President Charles Plosser said the housing slump
is unlikely to derail economic growth.

The drop in government bonds suggested investors' demand
for the safest debt prompted by the rout in subprime mortgages
may ease. Ten-year note yields earlier fell to the lowest in
more than a month after Moody's Investors Service and Standard &
Poor's warned about the credit quality of billions of dollars in
bonds backed by subprime loans.


Read more at Bloomberg Bonds News

UPDATE 1-US SEC adopts rule to protect hedge fund investors

(Reuters) - WASHINGTON, July 11 - The U.S. Securities and
Exchange Commission on Wednesday took a step to regulate the
hedge fund industry by adopting a rule to protect investors
from hedge fund advisers who make false or misleading
statements.




The rule was approved amid growing Congressional scrutiny
of the roughly $1.5 trillion hedge fund industry, which often
employs high-risk techniques to pull in tremendous returns.


Read more at Reuters.com Government Filings News

Circuit City names chief financial officer

(Reuters) - Circuit City announced in February that then-finance chief Michael Foss was leaving to become chief financial officer at Petco Animal Supplies Inc. Foss had worked at Circuit City for 3-1/2 years.




This year, Circuit City has announced store closures, job cuts and a plan to replace 3,400 workers with lower-paid staff in a bid to turn around its business and win market share amid heavy competition from Best Buy and discounters such as Wal-Mart Stores Inc.


Read more at Reuters.com Business News

UPDATE 1-Quebecor Media pulls $750 mln junk bond sale - KDP

(Reuters) - Quebecor had said proceeds of the bond sale were to be used
to finance its acquisition of Osprey Media Income Fund
, to buy all of the common shares of Nurun Inc. it
did not already own and to make a payment to the Carlyle
Group.




A spokesman for Quebecor Media could not immediately be
reached for comment.


Read more at Reuters.com Mergers News

Yen Drops Versus Euro as Advance in Stocks Signals Return to Risky Assets

(Bloomberg) -- The yen fell versus the euro, dollar
and a dozen other major currencies as strength in U.S. stocks
signaled investors are returning to risky assets.

Investors sold the yen as they resumed so-called carry
trade bets, where they borrow in Japan to purchase securities in
countries where interest rates are higher. The yen gave up gains
posted earlier today and yesterday when investors fled risky
trades following Moody's Investors Service's move to cut ratings
on $5.2 billion of bonds backed by U.S. subprime mortgages.


Read more at Bloomberg Currencies News