U.S. Stocks Gain for Third Week on Buybacks; S&P 500, Dow Rise to Records

(Bloomberg) -- U.S. stocks climbed for a third
straight week, sending the Standard & Poor's 500 Index and Dow
Jones Industrial Average to records, after takeover speculation
swept through the metals industry and companies announced $49
billion of share buybacks.

Alcoa Inc. rose to an all-time high and posted the biggest
advance in the Dow industrials as speculation intensified the
world's second-largest aluminum company will become a takeover
target. ConocoPhillips, the third-biggest U.S. energy producer,
extended its longest stretch of gains since at least July 1980
after saying it plans to buy back $15 billion of shares.


Read more at Bloomberg Stocks News

Mozambique sees more Chinese investment

(Reuters) - Mozambique expects to attract more Chinese investment and to benefit from Beijing's new $5 billion China-Africa investment fund, Foreign Minister Alcinda Abreu said on Saturday.

In an interview, Abreu said Mozambique was set to strike high-profile deals with new Chinese partners.


Read more at Reuters Africa

Saudi Shares Gain, Led by Sabic, Saudi Telecom; Kuwait Drops: Gulf Stocks

(Bloomberg) -- Shares in Saudi Arabia advanced for a
third day, paced by Saudi Basic Industries Corp., known as Sabic,
and Saudi Telecom Co.

The Tadawul All Share Index rose 1.1 percent to 7530.82 at
1:58 p.m. in Riyadh, bringing the three-day gain to 4.1 percent.


Read more at Bloomberg Stocks News

Czech Koruna Gains for Second Week Versus Euro Amid Faster Economic Growth

(Bloomberg) -- The Czech koruna rose for a second
week versus the euro, its first back-to-back advance this year,
after the country posted a higher-than-expected trade surplus and
on signs inflation is accelerating.

The koruna rose to a seven-week high after a report this
week showed the Czech trade surplus widened to 6.9 billion koruna
($335 million) in May, a record for the month that beat the
median estimate of 5.3 billion koruna in a Bloomberg survey. The
statistics office said July 11 price growth quickened to 2.5
percent in June, which may prompt the central bank to raise
interest rates this month.


Read more at Bloomberg Emerging Markets News

Nigerian interbank rates dip despite cash recall

(Reuters) - Nigerian interbank interest rates was unchanged to lower at the short-end of the market this week previously despite a big withdrawal by the state oil firm NNPC, traders said on Friday.

The secured Open Buy Back (OBB) rate was unchanged at 10.5 percent, while call money and overnight placement both dropped to 12 percent from 13.5 percent last week.


Read more at Reuters Africa

Emerging markets flooded by local-currency global bonds

(Reuters) - Emerging debt investors were flooded this week by billions of dollars in local-currency global bonds offered by governments and companies, despite market concerns related to the U.S. subprime mortgage market.

A large chunk of the new issuance is denominated in the Brazilian real, which has gained more than 14 percent so far this year. But sovereign bonds are also being offered in other strengthening local currencies, such as the Colombian peso, the Peruvian sol and even the stable Egyptian pound.


Read more at Reuters Africa