Sun Valley no longer refuge for media industry

(Reuters) - Conceived as a refuge for the Hollywood elite and their
families to discuss the future, hatch merger plans and go
white-water rafting, the conference this year features a more
diverse cast that includes New York City Mayor Michael
Bloomberg and former British Prime Minister Tony Blair.




"It used to be people, CEOs of companies that were more or
less the same size and have the same business," Sony Corp.
Chief Executive Howard Stringer told reporters. "Now
it's very widespread. Allen's conference has caught the wave
like everybody else."


Read more at Reuters.com Mergers News

Fed's Yellen: Core inflation best gauge of price gains

(Reuters) - She said core inflation was "a better forward looking measure for total inflation."




The Fed has kept U.S. interest rates at 5.25 percent for just over a year, and has said price pressures have eased a bit, though upside risks remain its main concern.


Read more at Reuters.com Business News

Alcoa Extends Gains on Takeover Speculation; Alcan Falls: U.S. After-Hours

(Bloomberg) -- Alcoa Inc. climbed in extended U.S.
trading as speculation increased that the world's second-largest
aluminum company will become a takeover target.

Shares of the New York-based company gained 93 cents, or
2.1 percent, to $46.22 as of 6:52 p.m. in New York. Alcoa
withdrew its hostile $27.7 billion takeover bid for Alcan Inc.
after mining company Rio Tinto Group topped the offer today by
agreeing to pay $38.1 billion.


Read more at Bloomberg Stocks News

Trade gap widens on oil, jobless claims fall

(Reuters) - A separate report showed the number of Americans applying for first-time jobless benefits fell more than expected last week, suggesting continued labor market strength.




Financial markets largely dismissed the data, but better-than-expected June sales results from U.S. retailers helped give a big lift to U.S. stocks. The Dow Jones industrial average closed at a record 13,861.81 on its biggest point gain in 4-3/4 years.


Read more at Reuters.com Bonds News

Australian Dollar Rises to Highest in 18 Years on Growing Risk Appetite

(Bloomberg) -- The Australian dollar surged to an
18-year high against the U.S. currency and the most in 16 years
versus the yen as a rise in U.S. stocks encouraged investors to
buy higher yielding assets.

The currency was poised for its fourth weekly advance
against the U.S. dollar and second versus the yen as the Dow
Jones Industrial Average rose the most since 2003 to a record.
Rising stocks have given investors confidence to borrow in Japan
and use the proceeds to buy Australia's higher yielding assets
in so-called carry trades.


Read more at Bloomberg Currencies News

BHP, Billabong, Leighton Holdings, Rio Tinto: 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 rose
1.1 percent to 6435 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index gained 2.8 percent in New York.


Read more at Bloomberg Stocks News

S&P Downgrades $6.39 Billion of Subprime Mortgage Bonds; Fitch May Cut

(Bloomberg) -- Standard & Poor's cut credit ratings
on $6.39 billion of bonds backed by subprime mortgages and Fitch
Ratings said it may cut $7.1 billion on expectations home-loan
defaults will increase.

S&P lowered ratings on 562 securities, including 64 that
were under scrutiny before this week. Fitch put 170 subprime
transactions ``under analysis,'' indicating that they may be cut.
Ratings of 19 collateralized debt obligations were placed on
review for a downgrade, Fitch, a unit of Paris-based Fimilac SA,
said today in a statement.


Read more at Bloomberg Bonds News

India, Malaysia, South Korea, Thailand, China: 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's central bank yesterday sold 1 billion yuan
($132 million) of three-year fixed rate notes at a coupon of
3.62 percent. It also issued 44 billion yuan in three-month
zero-coupon notes at a discounted price of 99.32 yuan. The
Ministry of Finance will sell 35 billion yuan of three-year
fixed-rate notes today.


Read more at Bloomberg Bonds News

CORRECTED - UPDATE 1-US ex-auto retail sales slow in June-SpendingPulse

(Reuters) - The seasonally adjusted gain was below May's 0.3 percent increase, according to SpendingPulse, the retail data service of MasterCard Advisors, an arm of MasterCard Worldwide .




Retail gasoline prices trended lower in June after reaching a record high of $3.22 a gallon in late May. However, the government said on Monday that regular unleaded gasoline prices averaged $2.98, rising for the first time in six weeks.


Read more at Reuters.com Bonds News

XTO Energy sells $1.25 bln debt in three-parts

(Reuters) - Proceeds from the offering are being used to partially fund
XTO's $2.5 billion purchase of oil and natural gas properties
from Dominion Resources Inc.




Read more at Reuters.com Bonds News

Tidewater CEO touts performance, overseas work

(Reuters) - "Analysts are smart people. We think they're doing a good
job, and we just hope that we're doing an equally good job," he
told Reuters before the meeting in New Orleans, where the
company is headquartered.




Asked about previous disclosures Tidewater is moving
vessels out of the Gulf of Mexico into international
operations, Taylor would not elaborate. "We think business
overseas will be better," he said.


Read more at Reuters.com Market News

Pomeroy to add Flagg Street's nominees to board

(Reuters) - Investment advisor Flagg Street owns about 9.8 percent of
the technology services provider's outstanding stock, Pomeroy
said in a statement.





Read more at Reuters.com Mergers News

Countrywide sued for racial bias in mortgage loans

(Reuters) - NEW YORK, July 12 - Four black homeowners sued Countrywide Financial Corp. on Thursday, accusing the largest U.S. mortgage lender of racial discrimination in its lending practices.



The Massachusetts homeowners accused Countrywide and several affiliates of marking up interest rates or tacking on fees after agreeing to lend based on objective criteria such as credit histories or the values of homes.


Read more at Reuters.com Bonds News

NEXT UP-Stock rally may hinge on US retail strength

(Reuters) - The government's retail data may help clarify whether the
consumer sector, which accounts for two-thirds of the U.S.
economy, will remain robust in the second half, or is poised
for a decline that can hurt the economy, analysts said.




Not all analysts and investors are convinced the
government's report will come in all that strong. If it falls
short of their modest expectations, Thursday's powerful advance
on Wall Street may come to an abrupt halt.


Read more at Reuters.com Bonds News

Vimicro International posts Q1 loss

(Reuters) - Analysts on average were expecting earnings of 1 cent per
ADS for the first quarter, and 9 cents per ADS for the fourth
quarter, both excluding any exceptional items, according to
Reuters Estimates.




In April, the company had said it would delay its
fourth-quarter and full-year results citing a change in
independent auditors.



Read more at Reuters.com Market News

UPDATE 1-Canada panel to review competition, investing laws

(Reuters) - TORONTO, July 12 - The Canadian government
appointed a five-member independent panel on Thursday to
examine all aspects of competition and investment policy,
including limits on foreign ownership in certain sectors.




Two key laws -- the Competition Act and the Investment
Canada Act -- need updating, as trade agreements have opened up
markets and investing has become increasingly global, federal
officials said at a press conference.


Read more at Reuters.com Government Filings News

PepsiCo, others settle benzene suit: plaintiffs

(Reuters) - According to the U.S. Food and Drug Administration, elevated temperatures and light can stimulate benzene formation in some beverages that contain vitamin C, also known as ascorbic acid, and sodium or potassium benzoate.




PepsiCo voluntarily reformulated its Diet Wild Cherry Pepsi last September. Other drinks involved are Diet Rockstar, Polar Diet Orange Dry, Shasta Caffeine Free Regular Orange and Sunny Delight Citrus Punch, Baja Orange and Baja Berry.


Read more at Reuters.com Business News

Advanced Micro, Anheuser-Busch, McMoRan, Target: U.S. Equity Movers Final

(Bloomberg) -- The following is a list of companies
whose shares had unusual price changes in U.S. exchanges today.
Stock symbols are in parentheses after company names. Share
prices are as of 4 p.m. New York time.

Abercrombie & Fitch Co. (ANF US) rose $5.70, or 8.2 percent,
to $75.08. The clothing retailer for teens and college said June
comparable store sales rose 2 percent from a year earlier.
Analysts had estimated sales to fall 2.8 percent, according to a
report from Retail Metrics LLC.


Read more at Bloomberg Stocks News

UPDATE 1-Fed's Yellen: Policy on track, price risks linger

(Reuters) - ANCHORAGE, Alaska, July 12 - San Francisco
Federal Reserve President Janet Yellen said on Thursday that
current U.S. interest rate policy should promote a gradual drop
in inflation but risks remain skewed toward higher prices.




As a result, Yellen said, an "asymmetric policy tilt" is
appropriate for the Fed at the moment, along with "considerable
flexibility" in responding to incoming data.


Read more at Reuters.com Economic News

Fitch may cut ratings on 19 CDOs, revises methodology

(Reuters) - Fitch said it has also revised its CDO rating methodology
and has identified 170 U.S. subprime tranactions as requiring
further analysis. Of those, the total amount of bonds rated in
the "BBB" category and below, the most likely to face rating
actions, is $7.1 billion.




Read more at Reuters.com Bonds News

Tuckerbrook forms partnership with short sellers

(Reuters) - The Tuckerbrook partnership is a different approach to
portfolio construction at a time when institutions like pension
funds are worried that their gains from rising markets in
recent years could reverse as the markets turn.




Concerns about excess market exposure has fed the huge
growth in hedge funds in recent years, which employ strategies
designed to generate returns in up or down markets. The hedge
fund industry has ballooned to more than $1.5 trillion in
recent years, according to market estimates.


Read more at Reuters.com Bonds News

Limited Brands sells $1 bln debt in 2-part sale

(Reuters) - The joint lead managers on the sale were Banc of America
Securities and JP Morgan.




Read more at Reuters.com Bonds News

U.S. auto sales incentives rise in May: report

(Reuters) - "In previous months, we have seen year-over-year declines in incentives spending, but this month the trend reversed," Edmunds analyst Jesse Toprak said in a statement.




Major automakers will report monthly sales results on Friday. Analysts expect May sales to have fallen slightly from last year with forecast calling for the industry-wide annualized sales rate to slip to between 15.9 million to 16 million vehicles.


Read more at Reuters.com Business News

MERGERS/DEALS

(Reuters) - ** A bidding war between two U.S. banks for an Italian real
estate fund intensified when Merrill Lynch raised its
offer price. Merrill Lynch said it would offer 770 euros per
share rather than 760 euros for 95 percent of the Berenice
fund, a day after rival Goldman Sachs upped its bid by 5
percent to 762 euros. [nL12227646]




** Lifetime Brands Inc. , a supplier of home
consumer products, said it intends to acquire certain sterling
silver and silver ornament businesses from Lenox Group Inc.
to expand its portfolio. [nWNAS5807]


Read more at Reuters.com Bonds News

UPDATE 2-Republican lawmaker introduces subprime legislation

(Reuters) - WASHINGTON, July 12 - Mortgage brokers and other
loan sellers would be named in a national database under
legislation introduced Thursday by the top Republican on a U.S.
House of Representatives financial panel.




Spencer Bachus, the ranking member of the House Financial
Services Committee, said his Fair Mortgage Practices Act would
curb unscrupulous lending and increase consumer protections.


Read more at Reuters.com Government Filings News

S&P corrects RMBS volume under review to $7.35 bln

(Reuters) - "It was an error and we corrected it," said S&P spokesman
Adam Tempkin. "It was human error. It is what it is."




Read more at Reuters.com Bonds News

REFILE-GLOBAL MARKETS-Dow jumps, retail sales resist housing woe

(Reuters) - NEW YORK, July 12 - The Dow surged to a record
on Thursday as Wal-Mart reported better sales,
suggesting consumer spending is holding up despite rising oil
costs and falling home prices.




The gains in equities hurt bonds as investors were lured
by higher returns, unwinding recent strides in that market and
pushing the benchmark 10-year U.S. Treasury note's
yield up to 5.13 percent. The note's price fell 10/32.


Read more at Reuters.com Bonds News

UPDATE 1-Visual Sciences to review potential sale; cuts Q2 view

(Reuters) - The provider of real-time analytics applications said it
has engaged Goldman Sachs & Co. as financial adviser to assist
in evaluating a potential transaction.




For the second quarter, the company now sees earnings of
about 11 cents to 12 cents a share, excluding certain items, on
total revenue of about $19.5 million to $19.8 million.


Read more at Reuters.com Mergers News

Kossan, Michang Oil, Samsung and UTI Bank: Asia Ex-Japan Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in Asian markets, excluding Japan. This preview includes news that
broke after markets closed. Prices are from the local market's last
close. Stock symbols are in parentheses after company names.

Kossan Rubber Industries Bhd. (KRI MK): The Malaysian maker of
latex gloves is being investigated by a U.S. trade agency for
allegedly violating a patent owned by Tillotson Corp. The U.S.
International Trade Commission in Washington wrote to Kossan about
the allegation and the start of investigations into patent
infringement for ``certain nitrile gloves,'' the company said in a
statement to the Kuala Lumpur stock exchange. Its stock rose 5 sen,
or 0.9 percent, to 5.45 ringgit.


Read more at Bloomberg Stocks News

Motorola Chief's Job Is in Jeopardy After Missing Forecasts Three Times

(Bloomberg) -- Motorola Inc. Chief Executive
Officer Ed Zander's job may be in danger after sales
disappointed investors for the third time this year.

The world's second-biggest maker of mobile phones said
yesterday it had a loss last quarter. Second-quarter sales fell
as much as 21 percent to between $8.6 billion and $8.7 billion,
below the $9.4 billion Zander predicted April 18.


Read more at Bloomberg Exclusive News

Emerging debt-Spreads tighten as stocks hit record highs

(Reuters) - The absence of relevant negative news from the U.S.
subprime mortgage crisis and renewed confidence in the world's
largest economy encouraged investors to increase exposure to
risky assets.




Yield spreads between emerging debt and U.S. Treasury
notes, an important measure of risk aversion, tightened 5 basis
points to 165 basis points, according to JP Morgan's EMBI+
index .


Read more at Reuters.com Bonds News

Target soars after report of Ackman stake

(Reuters) - Ackman and a spokeswoman for Target could not be immediately reached for comment.




According to Bloomberg, the person said Ackman would disclose the holdings in a U.S. Securities and Exchange Commission filing next week. The person declined to be identified because the plans have not been filed, Bloomberg said.


Read more at Reuters.com Hot Stocks News

Chilean Currency Advances to 14-Month High on Expected Interest Rate Boost

(Bloomberg) -- Chile's peso advanced to the
strongest since May 2006 on expectations the central bank will
increase borrowing costs today.

Policy makers will increase the key overnight lending rate
by a quarter-percentage point to 5.25 percent at its policy
meeting, according to 18 of 19 economists Bloomberg News
surveyed. The currency has also been supported by the price of
copper, Chile's largest export, which has increased 9 percent in
the past 10 trading days.


Read more at Bloomberg Currencies News

Liz Claiborne brands seen as good buys for some

(Reuters) - The brands, with estimated 2007 sales of about $800
million, could either be sold, discontinued or licensed to
retailers or third-party operators, according to the company,
whose eponymous founder died last month at age 78 after a
battle with cancer.




The move had been expected as part of a make-over being
instituted by Chief Executive Officer William McComb, who came
on board less than a year ago. He is aiming to shift the
company's focus from wholesale to retail by expanding a few
high-growth brands and shedding many others.


Read more at Reuters.com Mergers News

UPDATE 1-SEC charges Ex-ESSI CEO and son with options fraud

(Reuters) - NEW YORK, July 12 - The former chairman of
defense contractor Engineered Support Systems Inc. and his son
were charged with stock options fraud on Thursday in a widening
U.S. securities investigation.




The Securities and Exchange Commission charged Michael F.
Shanahan Sr., who led ESSI's rapid rise as chairman and
co-founder, and his son, Michael F. Shanahan Sr., a former
director at the St. Louis-based company.


Read more at Reuters.com Government Filings News

UPDATE 2-China must ensure export safety-US Commerce chief

(Reuters) - WASHINGTON, July 12 - The Bush administration has
made "very clear" to China it must act quickly to ensure the
safety of its exports to the United States, U.S. Commerce
Secretary Carlos Gutierrez said on Thursday.




"What we've told the Chinese is they have to do this now.
This is something they need to take extremely seriously,"
Gutierrez told Reuters in an interview.


Read more at Reuters.com Bonds News

Australian gov't agency calls Google ads deceptive

(Reuters) - The claims are the latest in a string of cases centered on
trademark rights that argue Google's pay-per-click advertising
system -- the company's mainstay revenue generator -- is used
by competitors to unfairly grab business from rivals.




The Australian Competition and Consumer Commission, or
ACCC, said in a statement on its Web site that it has filed a
case in the Federal Court in Sydney against auto dealer Trading
Post Australia Pty Ltd. and various Google subsidiaries.


Read more at Reuters.com Government Filings News

CBOT shares to stop trading as of close

(Reuters) - The announcement came after the results of Monday's vote were certified. It marks the end of a bidding war that erupted in March between the Chicago Mercantile Exchange and upstart energy bourse IntercontinentalExchange , pushing the CME to buy the CBOT for $12 billion.




The marriage between the two largest U.S. futures exchanges will create the world's largest derivatives mart known as CME Group Inc., a CME/Chicago Board of Trade Company.


Read more at Reuters.com Mergers News

Discover, Macy's, Progressive, SLM Corp., Wal-Mart: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 1:15 p.m. New York time.

Abercrombie & Fitch Co. (ANF US) rose $5.43, or 7.8 percent,
to $74.81. The clothing retailer for teens and college said June
comparable store sales rose 2 percent from a year earlier.
Analysts had estimated sales to fall 2.8 percent, according to a
report from Retail Metrics LLC.


Read more at Bloomberg Stocks News

Republican lawmaker introduces subprime legislation

(Reuters) - The bill would set licensing standards for mortgage loan
originators and log those lenders in a national registry, the
lawmaker said in a statement.




Read more at Reuters.com Government Filings News

European car sales fell 0.2 pct in H1 - German VDA

(Reuters) - In June, sales rose almost 1 percent in Europe to more than
1.5 million units compared with the same month last year.




Read more at Reuters.com Market News

Hog Futures Gain on Speculation China Imports Will Increase; Cattle Rise

(Bloomberg) -- Hog futures had the biggest one-day
gain since January in Chicago on speculation that China will
increase pork imports to offset tight domestic supplies. Cattle
also gained.

China has seen domestic pork prices surge on a pig shortage
linked to higher grain costs and the spread of so-called Blue Ear
disease, which affects hogs. The U.S. exported 164 million pounds
(74 million kilograms) of pork to China in 2006, making it the
sixth-largest U.S. export customer, according to the U.S.
Department of Agriculture.


Read more at Bloomberg Commodities News

U.S. Steel, Arcelor Mittal CEOs see steel growth

(Reuters) - Lakshmi Mittal, chief executive of ArcelorMittal , and John Surma, chief executive of United States Steel Corp. , told Reuters that demand has been growing for steel in North America and globally.




"The medium-term view in North American steel is positive with some reasonable economic growth particularly in industrial activity," Surma said.


Read more at Reuters.com Business News

UPDATE 1-Colombia to invest $11.8 bln in '08 public programs

(Reuters) - Higher social and military spending will soak up the
increase in expenditure as the Andean country tries to cut
poverty and beat back leftist rebels fighting a four-decade-old
insurgency.





Read more at Reuters.com Bonds News

US STOCKS-Indexes jump on robust retail sales and Alcoa

(Reuters) - NEW YORK, July 12 - U.S. stocks surged on
Thursday, lifting the Dow to a record, as
stronger-than-expected retail sales and takeover speculation
fueled optimism about the economy.




Shares of Alcoa Inc. rose 6.3 percent to $45.10
after climbing to an all-time high of $46.15. Rio Tinto
Ltd/Plc , the Anglo-Australian mining company,
agreed to buy Alcan Inc. , the Canadian aluminum
producer, for $38.1 billion, topping Alcoa's bid.
[ID:nL12644704] Analysts said Alcoa could now be a takeover
target.


Read more at Reuters.com Bonds News

Lazard shares jump on takeover chatter

(Reuters) - Options giving investors the right to buy Lazard this month at $55 calls were active. July option implied volatility is at 46, compared with its 26-week average of 35. That indicates investors believe Lazard shares will move sharply.




Paul Foster, options strategist at Web information site theflyonthewall.com in Chicago, said upside July calls were active on "renewed chatter" in the options market about a deal.


Read more at Reuters.com Hot Stocks News

Oil Falls on Report BP Is Starting Unit at Refinery in Whiting, Indiana

(Bloomberg) -- Crude oil and gasoline fell in New
York on a report BP Plc will begin startup today of a unit at
its Whiting, Indiana, refinery, the biggest in the Midwest.

The 235,000 barrel-a-day crude unit, which was shut July 9
for unplanned maintenance, is expected to be at full rates by
next week, a person familiar with the plant's status said. The
refinery can normally process more than 400,000 barrels of oil a
day. The unit had been expected to start up this weekend.


Read more at Bloomberg Energy News

Cubic, Flow, ImClone, PFF Bancorp, Sify, Wal-Mart: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 11:40 a.m. New York time.

Abercrombie & Fitch Co. (ANF US) rose $5.07, or 7.3 percent,
to $74.45. The clothing retailer for teens and college said June
comparable store sales rose 2 percent from a year earlier.
Analysts had estimated sales to fall 2.8 percent, according to a
report from Retail Metrics LLC.


Read more at Bloomberg Stocks News

Egyptian shares edge down on profit taking

(Reuters) - Egypt's two main indexes dipped on Thursday for the second consecutive session as investors harvested the week's earlier gains in blue-chips led by Orascom Construction Industries, traders said.

"Investors were tempted to collect their money after the record highs witnessed by the market lately. On top of the list of this profit taking wave came Orascom Construction, which led the market up before and now took it down," said Mohamed Choukri of Trust Group for Securities.


Read more at Reuters Africa

Corn Rises to One-Week High as Hotter Weather Threatens Biggest U.S. Crop

(Bloomberg) -- Corn in Chicago rose to the highest
in more than a week on forecasts for expanding drought
conditions that may harm the biggest U.S. crop while plants are
reproducing.

Crops west of the Mississippi River may face increased
stress as the hottest, driest weather since at least 1995 starts
July 18 and extends into August, said Fred Gesser, senior global
meteorologist for Planalytics Inc. in Wayne, Pennsylvania.
Temperatures may reach 102 degrees Fahrenheit (39 Celsius)
beginning July 22, Gesser said.


Read more at Bloomberg Commodities News