RBS-led group lifts cash part of $98 bln ABN bid

(Reuters) - LONDON/AMSTERDAM, July 16 - A consortium led by Royal Bank of Scotland on Monday kept its offer to buy Dutch bank ABM AMRO at 71.1 billion euros but raised the amount of cash it is offering after having to exclude ABN's U.S. arm from the purchase.



The offer is above a rival bid from Britain's Barclays that is worth about 64 billion euros , which has been recommended by ABN's board.


Read more at Reuters.com Market News

India's Jaiprakash Hires Barclays for $400 Million Convertible Bond Sale

(Bloomberg) -- Jaiprakash Associates Ltd., India's
biggest builder of dams, hired Barclays Capital to sell as much
as $400 million of convertible bonds, according to an e-mail sent
to investors.

The company plans to allow investors to convert the five-
year zero-coupon bonds into its shares at a premium of 45 percent
to 50 percent to the volume-weighted average price today, the e-
mail shows. Barclays Capital will offer $300 million of the
securities and can increase the sale by $100 million.


Read more at Bloomberg Bonds News

Borders unit attracts trade, private equity interest

(Reuters) - "It has attracted a lot of interest from parties in
Australia and overseas, including trade and private equity,"
Lawrentschuck told Reuters, adding that Borders' Australian and
New Zealand operations were performing very well.




Borders, the second-largest U.S. bookstore chain, said in
March it would consider selling most of its overseas stores as
it focuses on its loss-making U.S. operations.


Read more at Reuters.com Mergers News

European Stocks May Fall; Volkswagen, Lufthansa, Rio Tinto Might Decline

(Bloomberg) -- European stocks may decline for the
first time in three days as crude oil traded near an 11-month
high. U.S.-traded securities of Volkswagen AG, the region's
biggest carmaker, and airline Deutsche Lufthansa AG slipped.

Rio Tinto Group, the world's third-largest mining company,
dropped in Australia after Citigroup Inc. cut its recommendation
on the shares. Royal Philips Electronics NV may be active after
saying second-quarter profit rose fivefold.


Read more at Bloomberg Stocks News

Asian Stocks Fall From a Record; Samsung, Hon Hai Lead Technology Losses

(Bloomberg) -- Asian stocks fell, dragging a
regional benchmark from a record, as a slide in technology
shares countered gains in energy-related companies.

Samsung Electronics Co., which ended last week at a 15-
month high, plunged the most in three years after memory-chip
prices fell. Hon Hai Precision Industry Co., the world's largest
contract electronics manufacturer, slid the most in four months
after a newspaper said it may buy a stake in LG.Philips LCD Co.


Read more at Bloomberg Stocks News

Total sees Shtokman investment at $4-5 bln -report

(Reuters) - Under the deal, Total will receive a 25 percent stake in the
company that will build and own the pipes rigs and other
infrastructure for the first phase of development of the
Shtokman field.




Read more at Reuters.com Bonds News

Australia's S&P/ASX 200 Index Drops, Led by Rio Tinto Group, BHP Billiton

(Bloomberg) -- Australian stocks fell. Rio Tinto
Group dropped for a second day on concern its $38.1 billion bid
for Alcan Inc. will increase its debt, while BHP Billion Ltd.
declined on concerns recent gains have outstripped earnings.

``With Rio, there's no doubt takeovers are generally more
positive for the acquired stock than the acquirer,'' said Shane
Oliver, who helps manage the equivalent of $83 billion at AMP
Capital Investors in Sydney. ``The market may be concerned about
the increased debt factor.''


Read more at Bloomberg Stocks News

South Korea's Kospi Falls From a Record; Samsung Drops Most in Three Years

(Bloomberg) -- South Korean stocks fell on concern
a rally that's made the Kospi index the world's best performer
this month more than reflected earnings prospects. Samsung
Electronics Co. led the retreat, sliding the most in three years.

``Tech stocks are pulling back because people are taking
profit on the recent jumps, not because there's a problem with
their fundamentals,'' said Jeon Jeong Woo, who manages $540
million at Daehan Investment Trust Management Co. in Seoul.


Read more at Bloomberg Stocks News

Bank of America Earnings Trail as Citigroup, JPMorgan, Merrill Go Abroad

(Bloomberg) -- Bank of America Corp. does more
business in the U.S. than any of its competitors, and that's
eroding returns for shareholders of the Charlotte, North
Carolina-based company.

Demand for financial services is increasing three times as
fast outside the U.S., fueled by companies and investors in
Brazil, China, India and Russia. While Bank of America operates
in 45 countries, they produce only 13 percent of its revenue.
That's puny compared with Citigroup Inc., which derives almost
half its sales from abroad and ranks among the biggest banks in
Mexico, Poland and South Korea.


Read more at Bloomberg Currencies News

Dow Jones board member moves to block News Corp: report

(Reuters) - News Corp., owner of Fox News, the New York Post and a sprawling media empire, has offered $5 billion, or $60 a share, for Dow Jones, the publisher of the Wall Street Journal.




Bancroft is trying to buy more "supervoting" shares from other Bancroft heirs who may be ready to sell their stakes but share his distaste for handing the family legacy to Murdoch, the Journal said.


Read more at Reuters.com Business News

Asian Stocks Are Little Changed Near Record; Woodside Gains, Samsung Drops

(Bloomberg) -- Asian stocks were little changed as
gains in energy-related shares, driven by crude oil prices
trading near an 11-month high, offset concern that a recent
technology rally more than reflects industry earnings prospects.

Woodside Petroleum Ltd., Australia's second-largest oil and
gas producer, and Keppel Corp., the world's No. 1 builder of oil
rigs, rose. Samsung Electronics Co. fell the most in a year
after memory-chip prices posted the biggest drop in two weeks.


Read more at Bloomberg Stocks News

HBOS, BHP Billiton, Tesco, Aviva, Vodafone: 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 on July 13.

The benchmark FTSE 100 Index advanced 19, or 0.3 percent, to
close at 6716.70 in London. The FTSE All-Share Index added 13.87,
or 0.4 percent, to 3467.92.


Read more at Bloomberg Stocks News

CoolBrands, Data Group Income, Research In Motion: Canadian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets.
This preview includes news that broke after markets closed.
Symbols are in parentheses after company names and prices are
from the last close.

The Standard & Poor's/TSX Composite Index rose 140.50, or 1
percent, to 14,496.50.


Read more at Bloomberg Stocks News

Shanghai Petrochemical Shuts an Ethylene Plant for Scheduled Maintenance

(Bloomberg) -- Sinopec Shanghai Petrochemical Co.,
the nation's largest ethylene producer, shut a naphtha
processing plant for scheduled maintenance.

The company last week closed its No. 2, 700,000 metric-ton-
a-year plant for an overhaul, Zhang Jingming, the company
secretary, said in a phone interview. The plant is the larger of
two such units operated by Shanghai Petrochemical.


Read more at Bloomberg Energy News

South Korea, EU to Seek Progress on Free-Trade Agreement as WTO Hopes Fade

(Bloomberg) -- South Korea and the European Union
aim to move closer this week to a free-trade agreement that would
strengthen their 61 billion-euro ($84 billion) relationship while
creating jobs and fueling economic growth.

The EU wants greater access to South Korea's markets for
cars, pharmaceuticals, cosmetics, chemicals and machinery. South
Korea wants EU duties slashed on electronics and auto parts, and
more access to audio-visual industries such as broadcasting and
films. An agreement, which may come within a year, follows on the
heels of a U.S.-South Korea free-trade accord, or FTA.


Read more at Bloomberg Emerging Markets News

Bank of Korea May Raise Interest Rates Again to Fight Asset-Price Bubble

(Bloomberg) -- Bank of Korea Governor Lee Seong Tae
may increase interest rates for a second time this year to prevent
money-supply growth from fueling bubbles in the stock and property
markets, according to a survey of economists.

Lee and his board colleagues raised the overnight call rate to
a six-year high of 4.75 percent last week, taking aim at record
lending to small companies that threatens to spur inflation. Ten of
11 economists say the bank will increase the rate to 5 percent by
December. One sees no change.


Read more at Bloomberg Emerging Markets News

Copper Futures in Shanghai Advance After LME-Monitored Stockpiles Decline

(Bloomberg) -- Copper prices in Shanghai gained
after global stockpiles tracked by the London Metal Exchange
dropped to their lowest in almost a year.

Inventories tracked by the world's largest metals exchange
fell for a 14th straight day on July 13 to 97,550 tons, the
exchange said. That's the lowest level since July 31, 2006.


Read more at Bloomberg Commodities News

Yen Is Near Record Low Against Euro as Investors Increase Carry Trades

(Bloomberg) -- The yen traded near a record low
against the euro on speculation investors will keep borrowing the
currency to buy higher-yielding assets in so-called carry trades.

The currency weakened against New Zealand's dollar as an
inflation report in that nation increased prospects the central
bank will raise its benchmark 8 percent rate, which compares with
Japan's 0.5 percent. The yen also fell after an earthquake shook
central Japan, causing the closure of three nuclear reactors.


Read more at Bloomberg Currencies News

China Xi'an Aircraft to sell up to $872 mln in shrs

(Reuters) - Proceeds will fund the purchase of 3.07 billion yuan of civil
aviation assets from the parent firm and other aviation projects,
it said.




Xi'an Aircraft International, which like its parent company
is part of state aircraft maker AVIC I, is also a supplier of
parts for the country's first self-developed regional jet, the
ARJ21, due for its maiden test flight next Spring.


Read more at Reuters.com Mergers News

PetroChina First-Half Oil, Gas Output Climbs 3.7 Percent on Rising Demand

(Bloomberg) -- PetroChina Co.'s first-half
production increased 3.7 percent as the nation's largest oil and
gas producer intensified efforts to meet rising energy demand.

Crude oil and gas output rose to the equivalent of 3.05
million barrels of oil a day, the Beijing-based company said
today. Oil production gained 0.1 percent from a year earlier,
while gas jumped 16.5 percent.


Read more at Bloomberg Energy News

Singapore Stocks Rise for Third Day; Keppel, Oversea-Chinese Banking Gain

(Bloomberg) -- Singapore's stocks rose for a third
day, helping the Straits Times Index extend a record. Keppel Corp.
led gains among suppliers to the oil industry after crude prices
jumped to the highest in 11 months.

Oversea-Chinese Banking Corp. gained after the lender said
it received final approval to set up a local unit in China. DBS
Group Holdings Ltd. advanced after the Economic Daily News said
it may buy a stake in the Taiwan's Far Eastern International Bank.


Read more at Bloomberg Stocks News

Asian shares rise after strong Wall Street

(Reuters) - In Hong Kong, conglomerate Fosun International Ltd. is set to make its market debut after raising about $1.5 billion earlier this month in an initial public offering.




"Global markets continue to perform strongly, setting up the stage for more gains," said Kim Hak-kyun, an analyst at Korea Investment and Securities.


Read more at Reuters.com Business News

China May Let Yuan Trade Freely After 2008 Olympics Ends, UOB's Suan Says

(Bloomberg) -- China may allow the yuan to trade
freely after Beijing hosts the Olympics next year, seeking to
curb excessive lending and cool the economy, said Suan Teck Kin,
an economist at United Overseas Bank Ltd.

The government will probably allow a so-called free-
floating currency a year after reshuffling its leadership in
October, Singapore-based Suan said in an interview. He predicts
the currency will strengthen 1.9 percent by the end of the year
to 7.43 per dollar and 6.9 percent to 7.08 by the end of 2008.


Read more at Bloomberg Bonds News

South Korean Won May Drop on Concern Central Bank Will Sell Its Currency

(Bloomberg) -- South Korea's won may fall for the
first time in five days on concern the central bank will sell it
to prevent the currency's advance to a seven-month high from
eroding exporters' profits.

A stronger won reduces the foreign-exchange earnings Korean
exporters get from their dollar revenue. Finance Minister Kwon
Okyu on July 9 said authorities will ``actively respond'' to
gains in the won when necessary.


Read more at Bloomberg Currencies News

New Zealand Dollar Rises to 22-Year High on Faster-Than-Expected Inflation

(Bloomberg) -- The New Zealand dollar rose to the
highest in 22 years after a government report showed prices
gained more than the central bank expected, adding to
speculation policy makers will increase interest rates.

The currency gained for a fourth day and bonds fell as the
inflation figures also beat economists' forecasts, prompting
traders to raise bets the Reserve Bank of New Zealand will
increase the cost of borrowing on July 26. New Zealand's dollar
has advanced the most among the 16 most-traded currencies in the
past 12 months as the central bank boosted rates to 8 percent.


Read more at Bloomberg Currencies News

Kia Motors, Kookmin, LG.Philips, Samsung SDI: South Korea Equity Preview

(Bloomberg) -- The following shares may rise or fall
in South Korea. Prices refer to the July 13 close. This preview
includes news announced after markets shut. Stock symbols are in
brackets after the company names.

The Kospi index rose 2.8 percent to a record 1962.93. The
Kosdaq declined 0.3 percent to 825.40. Kospi 200 futures expiring
in September added 3.5 percent to 252.65, while the underlying
index gained 3 percent to 250.19.


Read more at Bloomberg Stocks News

New Zealand Dollar Advances to Post-Float High as Inflation Accelerates

(Bloomberg) -- The New Zealand dollar rose to the
highest since being allowed to trade freely in 1985 after a
government report showed inflation in the second quarter was
faster than expected. Bonds fell.

The currency bought 78.87 U.S. cents at 10:51 a.m. in
Wellington and reached 78.96 cents, a post-float high, from
78.61 cents immediately before the report. It was at 78.73 cents
late in New York July 13.


Read more at Bloomberg Currencies News

Auckland Airport, Goodman Property Viking: New Zealand Equity Movers

(Bloomberg) -- New Zealand's NZX 50 Index rose 1.72
point to 4245.38 at 10:41 a.m. in Wellington. The following shares
rose or fell. Stock symbols are in brackets after company names.

Auckland International Airport Ltd. (AIA NZ), the nation's
busiest gateway, rose 1 cent, or 0.3 percent, to NZ$3.31. The
shares have gained 17 percent from their level before June 18,
when the airport company said it was in talks with Canada Pension
Plan Investment Board and other parties that may result in an
offer.


Read more at Bloomberg Stocks News

China Coal May Raise $2.9 Billion in Shanghai Initial Offer to Fund Growth

(Bloomberg) -- China Coal Energy Co., the nation's
second-largest coal producer by sales, may raise about $2.9
billion in a share offering in Shanghai to fund expansion as the
country's demand for energy surges.

China Coal will sell as many as 1.53 billion yuan-
denominated Class A shares in Shanghai, the Beijing-based company
said in a statement to the Hong Kong stock exchange today. The
sale would be worth 22.2 billion yuan ($2.9 billion) based on the
closing price of HK$14.58 in Hong Kong on July 13.


Read more at Bloomberg Energy News

Crude Oil Trades Near an 11-Month High After North Sea Production Declines

(Bloomberg) -- Crude oil traded near an 11-month
high in New York after rising last week as a pipeline shutdown in
the North Sea cut oil output and pushed Brent futures higher.

New York futures jumped 2 percent on July 13, their first
gain in three days, after Chevron Corp. and ConocoPhillips said
the closure of a BP Plc gas pipeline in the North Sea will limit
their oil output. World oil demand will rise 2.5 percent next
year to average 88.2 million barrels a day, the International
Energy Agency said in a report the same day.


Read more at Bloomberg Energy News

Australian Dollar Trades Near Highest in 18 Years in Early Sydney Trading

(Bloomberg) -- The Australian dollar rose was at
87.03 U.S. cents at 7:25 a.m. in Sydney from 87.12 late in New
York last week, when it reached 87.16 cents, the highest since
February 1989.

The currency traded at 106.11 yen from 106.21 yen in New
York July 13, when it touched 106.36 yen, the most since
September 1991.


Read more at Bloomberg Currencies News

First Solar shares may be overvalued - Barron's

(Reuters) - Barron's said though First Solar's technology is more
cost-effective than competitors, it still falls short of the
huge potential for Solar 2.0, a thin-solar energy technology
based on chemicals and vapor deposition.




First Solar is also highly dependent on European government
subsidies, especially in Germany, which said two weeks ago it
wants to cut subsidies further for solar, Barron's reported.


Read more at Reuters.com Mergers News

UPDATE 1-Mexico watchdog sets rules for Televisa cable buy

(Reuters) - Televisa , which is trying to buy a 49
percent stake in Cablemas, has 90 days to comply with the
ruling, the Mexican competition commission said in a
statement.




"We guarantee Televisa will soon offer equal access to its
content and networks," said commission head Eduardo Perez
Motta. "With this we make sure consumers have the best number
of options with open TV and the best prices on pay TV."


Read more at Reuters.com Mergers News

Alcoa, Alumina Advance on Takeover Speculation After Rio's Bid for Alcan

(Bloomberg) -- Shares of Alcoa Inc. and Alumina
Ltd., partners in the world's biggest alumina venture, rose to
records on speculation that Rio Tinto Group's $38.1 billion bid
for Alcan Inc. will spark more aluminum-industry takeovers.

BHP Billiton Ltd. might bid for New York-based Alcoa and
Alumina, UBS AG analysts Glyn Lawcock and Mark Busuttil said in
a report yesterday. Alcoa also may try to buy Melbourne-based
Alumina, which owns 40 percent of the Alcoa World Alumina &
Chemical joint venture, the analysts said.


Read more at Bloomberg Commodities News

Booming Tax Receipts Pare U.S. Treasury Sales as International Buyers Flee

(Bloomberg) -- Just as international investors are
reducing purchases of Treasuries, the U.S. government will be
selling fewer of them thanks to no let-up in tax receipts.

The projected 7 percent increase in tax revenue will help
the U.S. budget deficit shrink by 17 percent to about $205
billion for the fiscal year ending Sept. 30, the Bush
administration said last week. As a result, the Treasury
Department sold less securities from January through June than
matured, the first time that has happened since 2000.


Read more at Bloomberg Bonds News

Bernanke to stress price worries before Congress

(Reuters) - Bernanke looks set to emphasize that the Fed's main concern remains the risk that inflation fails to moderate as it expects when he appears before the House of Representatives' Financial Services Committee on Wednesday at 10 a.m. EDT. .




He will deliver similar testimony the next day before the Senate Banking Committee. The two days of testimony are part of a twice-yearly ritual in which the Fed chairman presents the central bank's monetary policy report. The report will contain updated forecasts for growth, inflation and unemployment.


Read more at Reuters.com Business News

CORRECTION: France hopes to get EADS deal

(Reuters) - PARIS/BERLIN - France hopes to be able to announce an agreement about a simplified management structure for European defense group EADS at a summit meeting on Monday, but Germany is in no hurry to strike a deal.




"We have not finished yet," an official at the Elysee presidential palace said on Sunday. "But we are rather optimistic about the outcome of our discussions with Daimler, Lagardere and the German state," he added.


Read more at Reuters.com Business News

Egyptian indexes rebound, housing and EFG-Hermes up

(Reuters) - Egypt's main stock indexes rebounded on Sunday from last week's correction, carried by a strong rally in the housing sector and a rise in investment bank EFG-Hermes, traders said.

EFG-Hermes climbed 5 percent to reach a year closing high of 51 Egyptian pounds per share after renewed interest in the sector following the announcement last week that Egypt would privatise state-owned Banque du Caire within six to nine months.


Read more at Reuters Africa

France hopes to get EADS deal

(Reuters) - "We have not finished yet," an official at the Elysee
presidential palace said on Sunday. "But we are rather
optimistic about the outcome of our discussions with Daimler,
Lagardere and the German state," he added.




Chancellor Angela Merkel and President Nicolas Sarkozy will
meet at the Toulouse headquarters of civil plane maker Airbus.


Read more at Reuters.com Business News

Lehman Says Use Options to Bet on New Zealand Dollar Decline Versus Yen

(Bloomberg) -- Lehman Brothers Holdings Inc. is
recommending the use of options to bet that the New Zealand
dollar will be among the biggest losers versus the Japanese yen
as investor aversion to risky assets increases.

Widening credit spreads suggest demand for higher yielding
investments, such as those in New Zealand, may wane, analysts at
Lehman Brothers, the fourth-biggest U.S. securities firm, said
in a strategy note on July 12.


Read more at Bloomberg Currencies News

Egypt's Watany Bank H1 net profit jumps 169 pct

(Reuters) - Egypt's Al Watany Bank reported a 169 percent jump in net profit in the first half of 2007 to 146.7 million Egyptian pounds, the stock exchange said in a statement on Sunday.

The bank had reported net profit of 54.5 million pounds in the same period a year ago. The stock exchange gave no further details.


Read more at Reuters Africa

Zimbabwe to freeze prices indefinitely - report

(Reuters) - Zimbabwe's government will this week enforce an indefinite price freeze in a bid to rein in runaway inflation that has ravaged consumers and increased political tensions, official media reported on Sunday.

President Robert Mugabe's government has ordered a roll back of all prices to June 18 levels after accusing businesses of unjustified increases and has formed a crack team that includes the police and military, to enforce the directive.


Read more at Reuters Africa

Sarkozy mulls Brazil visit to back IMF bid

(Reuters) - French President Nicolas Sarkozy may travel to Brazil to try to drum up support for his nominee for IMF chief, Dominique Strauss-Kahn, after emerging countries questioned Europe's monopoly of the top job.

"With Dominique Strauss-Kahn we may go to Brazil to support his candidacy," Sarkozy said on the sidelines of the annual garden party on Bastille Day at the presidential Elysee palace.


Read more at Reuters Africa