CORRECTED - CORRECTED-UPDATE 1-Imax quarterly loss from continuing ops narro

(Reuters) - Toronto-based Imax said it had revised its accounting
policy on revenue recognition of theater systems installations,
following the restatement of its results from 2002 through
2005.




The company restated results to shift some revenue that was
recorded between 2002 and 2005 to later periods, resulting in
about $10.4 million in income being pushed forward to 2006 and
2007.


Read more at Reuters.com Market News

Most Wall Street Analysts Ignore Google Earnings Miss, Keep `Buy' Ratings

(Bloomberg) -- Google Inc. shares fell the most in
more than a year after second-quarter profit missed analysts'
estimates, and the company said it may bid at least $4.6 billion
to buy wireless airwaves in a government auction.

Shares of Google, the owner of the world's most-popular
Internet search engine, tumbled as much as 7.1 percent in the
biggest drop since February 2006. The stock declined $34.50 to
$514.09 at 10:36 a.m. New York time in Nasdaq Stock Market
trading and earlier reached $509.50. Microsoft Corp., which also
reported results yesterday, dropped as well.


Read more at Bloomberg Stocks News

Pound Advances to 26-Year High Versus Dollar on GDP Report, Rates Outlook

(Bloomberg) -- The pound rose to a 26-year high
against the dollar after a report showed U.K. economic growth
unexpectedly quickened in the second quarter, stoking
expectations of higher interest rates.

The U.K. currency headed for its longest rally in more than
a year on speculation the Bank of England will raise rates half a
percentage point from 5.75 percent by year-end while the Federal
Reserve stays on hold. The pound also advanced as the Fed trimmed
its forecast for economic growth and Bear Stearns Cos. reported
losses on hedge funds that bet on bonds backed by subprime loans.


Read more at Bloomberg Currencies News

S.Africa maize firm as crop fears outweigh US sell-off

(Reuters) - South Africa's most-traded maize contract held firm on Friday as domestic crop woes outweighed a sell-off in the United States.

December white maize ticked only 0.11 percent higher to 1,783 rand a tonne but departed from a recent trend of shadowing prices on the Chicago Board of Trade, where futures fell to a nine-month low on Thursday.


Read more at Reuters Africa

UAW's Gettelfinger Stuck Between Reuther's Legacy, `Crashing' Car Industry

(Bloomberg) -- Ron Gettelfinger, chief of the United
Auto Workers, will sit at the bargaining table with the Big Three
automakers while holding one of the weakest hands in the 72-year-
old union's history. He'll also have the shadow of union icon
Walter Reuther looming over him.

Gettelfinger started negotiating today with companies that
lost a combined $15 billion last year -- a far cry from the era
when Reuther won health insurance and pensions for the rank-and-
file during two decades running the UAW until his death in 1970.
General Motors Corp., Ford Motor Co. and Chrysler now are looking
to roll back those so-called legacy costs, which include retiree
health-care liabilities of $114 billion.


Read more at Bloomberg Exclusive News

US STOCKS-Indexes sink as Google, Caterpillar falter

(Reuters) - NEW YORK, July 20 - U.S. stocks fell on Friday,
with the Dow knocked off its 14,000-point perch and the Nasdaq
down more than 1 percent, after bellwether stocks Caterpillar
Inc. and Google Inc posted disappointing
earnings.




Caterpillar, the maker of heavy construction equipment,
said quarterly earnings fell more than expected due to a sharp
drop in sales of diesel truck engines and weakness in North
American construction. For details, see [ID:nL20191126].


Read more at Reuters.com Bonds News

Freddie Mac to sell $5.0 bln bills next week

(Reuters) - -- $1.0 billion of one-month bills due Aug. 22, 2007 to be
sold on Wednesday and settle Thursday;




-- $1.5 billion of three-month bills due Oct. 22, 2007 to
be sold Monday and settle Tuesday;


Read more at Reuters.com Bonds News

RPT-UPDATE 1-JP Morgan sees rate reset, refi problems looming

(Reuters) - "We are really heading into the reset storm," said J.P.
Morgan analyst Chris Flanagan. "We are on the cusp of that."




Flanagan, J.P. Morgan's global head of asset-backed
securities and collateralized debt obligation research, spoke
during a conference call with clients on Friday.


Read more at Reuters.com Bonds News

UPDATE 1-Watsco lowers 2007 earnings view, shares fall

(Reuters) - "The blow-out first half performance in 2006 has proven
difficult to surpass in 2007," Watsco's Chief Executive Albert
Nahmad said in a statement.




Shares of the company were down more than 6 percent at
$51.05 in morning trade on Friday on the New York Stock
Exchange.


Read more at Reuters.com Mergers News

Petrobras Sells 50 Percent Stake in Argentine Power Utility to Government

(Bloomberg) -- Petroleo Brasileiro SA, Brazil's
state-owned energy company, sold a stake in an Argentine power
utility to government-owned energy companies.

Petrobras sold its 50 percent stake in Transener SA for $54
million to a group formed by Argentine state-energy company
Enarsa and Cordoba-based power unit Electroingenieria, the
Brazilian company said today in an e-mailed statement.


Read more at Bloomberg Emerging Markets News

Swedish Match-U.S. snuff volumes up 15-20 pct in H2

(Reuters) - The company had said in its report it "targeted solid
double-digit volume growth for the full year" in the United
States.




Read more at Reuters.com Market News

Whirlpool profit up but shares fall on sales miss

(Reuters) - Whirlpool backed its prior full-year profit forecast and said it expected performance in North America, its largest market, to improve in the second half as U.S. appliance demand rises.




Second-quarter net earnings rose to $161 million, or $2 a share, from $91 million, or $1.14 a share, a year earlier. Analysts on average expected $1.83 a share, according to Reuters Estimates.


Read more at Reuters.com Hot Stocks News

UPDATE 1-US drug reviewers question GPC Biotech cancer drug

(Reuters) - WASHINGTON, July 20 - U.S. drug reviewers have
questioned GPC Biotech AG's study of a proposed
prostate cancer pill and will ask an advisory panel if
officials should wait for final survival data before acting on
the company's application, a summary released on Friday said.




Food and Drug Administration staff raised five issues with
GPC's application for the drug Orplatna, known generically as
satraplatin. Among them, the FDA reviewers asked whether one of
the main goals in a GPC study was acceptable for marketing
approval, and whether pain measurements were reliable.


Read more at Reuters.com Government Filings News

US stock indexes open down as earnings disappoint

(Reuters) - U.S. stocks opened lower on Friday after disappointing results from Caterpillar Inc. and Google Inc.

The Dow Jones industrial average was down 58.45 points, or 0.42 percent, at 13,941.96. The Standard & Poor's 500 Index


Read more at Reuters Africa

Tribune Debt Has 50 Percent Default Risk, Higher Than Ford's, Swaps Show

(Bloomberg) -- Tribune Co. has a 50-50 chance of
missing interest payments on some of the $13 billion in debt it
will have after real estate investor Sam Zell buys the company,
trading in the company's credit-default swaps shows.

Prices of the swaps, financial contracts used to speculate
on a company's ability to repay debt, have jumped $331,000 since
the first step in the sale was completed in May. It costs
$770,000 to protect $10 million of Tribune bonds for five years,
according to CMA Datavision, indicating a more than 50 percent
risk of default. That's up from 32 percent on May 24, based on a
JPMorgan Chase & Co. pricing model.


Read more at Bloomberg Bonds News

LG Elec shares surge on strong earnings

(Reuters) - "News of Motorola's loss certainly helped LG shares as it highlights its handset margin, which came in higher than competitors," said Kevin Lee, an analyst at Woori Investment and Securities.




The world's fifth-biggest mobile phone maker on Thursday posted a second-quarter net profit of 385 billion won , well above analysts' forecasts. LG had posted a loss of 9.7 billion won a year earlier and a 122.6-billion-won shortfall in the previous quarter.


Read more at Reuters.com Business News

AMD, Biovail, Caterpillar, Google, Intuitive Surgical: 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 9:35 a.m. New York time.

Advanced Micro Devices Inc. (AMD US) rose 30 cents, or 1.9
percent, to $16.08. The second-largest maker of personal-computer
processors reported more sales than analysts' estimated and the
company said it may break even by the end of the year.


Read more at Bloomberg Stocks News

Medtronic Agrees to Pay $75 Million to End Defibrillator Cases, People Say

(Bloomberg) -- Medtronic Inc., the world's largest
maker of electronic heart devices, has agreed to pay more than
$75 million to settle lawsuits claiming it hid defects in its
defibrillators, people with direct knowledge of the accord said.

The settlement will resolve about 2,000 claims over battery
defects in Medtronic's implantable defibrillators, which
automatically send electric jolts to correct heart rhythms that
are potentially fatal, according to three people familiar with
the agreement.


Read more at Bloomberg Exclusive News

Light quake causes no damage near San Francisco

(Reuters) - Residents across the East Bay, San Francisco, Silicon Valley and Marin County reported feeling the latest shake in a region famous for its earthquakes.




Read more at Reuters.com Bonds News

Canadian dollar flat, bonds rise on subprime fears

(Reuters) - At 9:30 a.m. , the Canadian dollar was at
C$1.0437 to the U.S. dollar, or 95.81 U.S. cents, unchanged
from Thursday's close.




The Canadian dollar spent the overnight session in a tight
range around C$1.0444, or 95.75 U.S. cents, and C$1.0430, or
95.88 U.S. cents, not far from a 30-year high hit on
Wednesday.


Read more at Reuters.com Bonds News

Asian Fuel Oil Price in Singapore Rises to Record as European Imports Drop

(Bloomberg) -- Asian benchmark fuel oil prices rose
for a third day to a record, ending the week 6.8 percent higher,
on reduced supply from Europe.

Benchmark 180-centistoke fuel oil for immediate delivery in
Singapore gained $13, or 3.3 percent, to $410.50 a metric ton,
according to Bloomberg data. The price of 380-centistoke fuel
oil, mainly used as marine fuel, rose $12.50, or 3.2 percent, to
$404.50 a ton.


Read more at Bloomberg Energy News

PSS World Medical cuts FY08 EPS view

(Reuters) - The biopharmaceutical company said it expected the job cuts to cost $600,000.



The company also said it appointed Chief Executive Laurence Birch as acting chief financial officer while the search for a new one continues. The company's chief financial officer, Ronald Pauli, resigned in March.


Read more at Reuters.com Market News

UPDATE 1-PSS World Medical cuts FY2008 EPS view, stock falls

(Reuters) - Shares of the company fell more than 10 percent to $16.55
in early electronic trade, after closing at $18.49 on Thursday
on the Nasdaq.




The Jacksonville, Florida-based company cut its fiscal 2008
earnings view to 81 cents to 85 cents a share. In June, PSS had
forecast earnings of 86 cents to 88 cents a share.


Read more at Reuters.com Market News

Treasury 10-Year Note Yield Falls Below 5 Percent on Subprime Loan Crisis

(Bloomberg) -- Treasuries rose, pushing the
benchmark 10-year note's yield below 5 percent, on speculation
rising subprime mortgage defaults will lead to higher lending
costs for private borrowers and curb economic growth.

Ten-year notes headed for their second straight weekly gain
as gauges of investor appetite for credit risk fell. Federal
Reserve Chairman Ben S. Bernanke told Congress this week that
conditions in the subprime mortgage market ``have deteriorated
significantly.''


Read more at Bloomberg Bonds News

Shell, BP, Volkswagen Earnings, Germany's Ifo Index: European Week Ahead

(Bloomberg) -- Earnings from Royal Dutch Shell Plc and
BP Plc, Europe's largest oil companies, GlaxoSmithKline Plc, the
world's second-biggest drugmaker and DaimlerChrysler AG, the fifth-
largest carmaker in the world, may move stock markets next week.

Companies including Siemens AG, the biggest European
engineering company and Volkswagen AG, Europe's largest
carmaker, are also expected to report earnings.


Read more at Bloomberg Stocks News

Pound Heads for Sixth Weekly Gain After GDP Report Stokes Rate Expectation

(Bloomberg) -- The pound headed for its longest
rally versus the dollar in more than a year after a report showed
U.K. economic growth unexpectedly quickened in the second
quarter, stoking expectations of higher interest rates.

The U.K. currency rose to a 26-year high this week on
speculation the Bank of England will raise rates half a
percentage point from 5.75 percent by year-end while the Federal
Reserve stays on hold. The pound also advanced as the Fed trimmed
its forecast for economic growth and Bear Stearns Cos. reported
losses on hedge funds that bet on bonds backed by subprime loans.


Read more at Bloomberg Currencies News

US STOCKS-Futures fall on Caterpillar, Google earnings

(Reuters) - NEW YORK, July 20 - U.S. stock index futures fell
on Friday, with the Dow poised to be knocked back below its
14,000 milestone, after bellwether stocks Caterpillar Inc.
and Google Inc posted disappointing earnings.




Caterpillar, the maker of heavy construction equipment,
said quarterly earnings fell more than expected due to a sharp
drop in sales of diesel truck engines and weakness in North
American construction. For details, see [ID:nL20191126].


Read more at Reuters.com Bonds News

European Bonds Rally, Pushing Benchmark Yield to the Lowest in Six Weeks

(Bloomberg) -- European bonds rallied, pushing 10-
year yields to the lowest in more than six weeks, as the risk of
owning corporate debt rose to a two-year high and investors
switched into safer government assets.

Benchmark yields were also headed for the biggest weekly
drop in more than a year on concern defaults on home loans to
people with poor credit histories will spread. Government debt
around the world rose this week after Bear Stearns Cos. told
investors they weren't likely to get money back from two of its
hedge funds that bet on securities backed by subprime mortgages.


Read more at Bloomberg Bonds News

"Golden age" of private equity is behind: Carlyle

(Reuters) - "The profitability of our business will probably decline in the coming years but not to the point where investors will shun private equity."




He expected investment funds to continue to outperform other types of investment, notably the stock market.


Read more at Reuters.com Bonds News

TREASURIES-10Y yield falls to 6-week low on credit concerns

(Reuters) - The benchmark 10-year note's yield dipped briefly below
4.984 percent to the lowest level since June 7th.
Bond yields and prices move inversely.




Read more at Reuters.com Bonds News

Yen Declines as Company Profit Outlook, Equities Spur Carry Trades

(Bloomberg) -- The yen fell on speculation profit
growth will support stock prices, prompting investors to borrow
in Japan and buy equities elsewhere.

The yen slid against all 16 most-active currencies this week
as investors added to so-called carry trades, taking advantage of
Japan's interest rate, the lowest among industrialized nations.
The Japanese currency also dropped after China raised rates to
cool economic growth, prompting speculation demand for Japanese
exports in its third-largest market will slow.


Read more at Bloomberg Currencies News

Boston Scientific misses view as stent sales slide

(Reuters) - On that basis, the consensus estimate on Wall Street was for a profit of 19 cents per share, according to Reuters Estimates.




Net earnings were $115 million, or 8 cents per share, and included a special after-tax charge of $9 million, or less than a penny per share. That compares with a year-ago loss of $4.26 billion, or $3.21 per share, including an after-tax charge of $4.54 billion, or $3.42 per share, relating to the acquisition of Guidant.


Read more at Reuters.com Market News

Niko Resources, Potash, Yamana and Meridian Gold: 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 42.10, or 0.3
percent, to 14,625.76.


Read more at Bloomberg Stocks News

Mozambique plans to revamp national parks

(Reuters) - Mozambique plans to invest $54 million to revamp national parks and wildlife still struggling to recover more than a decade after the end of the African country's 17-year civil war, a senior official said on Friday.

National Tourism Director Albino Mahumana told Reuters the government-sponsored investment would start this year and run for five years, with a goal of boosting Mozambique's status as an African safari destination.


Read more at Reuters Africa

U.S. Stock-Index Futures Retreat; Google, Caterpillar Fall on Earnings

(Bloomberg) -- U.S. stock-index futures retreated
after Google Inc. and Caterpillar Inc. reported profit below
analysts' estimates.

Google, the world's most-popular Internet-search engine,
tumbled after it said costs rose due to hiring and increased
research spending. Caterpillar, the biggest maker of earth-
moving equipment, declined on a ``weakness'' in North American
machine sales.


Read more at Bloomberg Stocks News

AstraZeneca seen frontrunner to buy Acadia drug

(Reuters) - LONDON, July 20 - AstraZeneca Plc is a frontrunner to buy rights to U.S-based Acadia Pharmaceuticals Inc.'s experimental schizophrenia drug pimavanserin, the Anglo-Swedish group's house broker said on Friday.



Mark Purcell, an analyst at Deutsche Bank, believes AstraZeneca is in a strong position to license the product, which is also known as ACP-103, in the second half of this year.


Read more at Reuters.com Mergers News

Citigroup 2nd-qtr profit rises 18 pct

(Reuters) - NEW YORK, July 20 - Citigroup Inc. , the largest U.S. bank, said on Friday that second-quarter profit rose 18 percent, helped by record revenue growth, especially outside the United States, and tight cost controls.



Net income increased to $6.23 billion, or $1.24 per share, from $5.27 billion, or $1.05, a year earlier.


Read more at Reuters.com Market News

Yuan Falls on Speculation Central Bank Sold Before Raising Interest Rates

(Bloomberg) -- The yuan had the biggest drop in six
weeks on speculation the central bank sold the currency before
raising interest rates.

The People's Bank of China boosted lending and deposit rates
by 0.27 percentage point each just minutes before yuan trading
ended as it aims to cool an economy growing at the fastest pace
in more than 12 years. Gains in the currency and higher borrowing
costs may help reduce excess funds in the banking system that are
spurring lending and investment.


Read more at Bloomberg Currencies News

CHRONOLOGY: China's measures to cool its economy

(Reuters) - JULY 20, 2007 - Central bank raises one-year deposit rate 0.27 percentage point to 3.33 percent and the one-year lending rate by 0.27 percentage point to 6.84 percent, effective July 21. Sight deposit rate also raised to 0.81 percent from 0.72 percent.




JULY 1, 2007 - China reduces or abolishes value-added tax rebates on 37 percent of its export categories to deter exports of energy-intensive products.


Read more at Reuters.com Business News

ImaRx Therapeutics sees IPO price to be lower at $5/shr

(Reuters) - The Tucson, Arizona-based company told the U.S. Securities
and Exchange Commission that Maxim Group LLC and I-Bankers
Securities Inc. were underwriting the IPO.




The company has applied for a Nasdaq listing under the
symbol "IMRX."



Read more at Reuters.com Bonds News

Nigeria Will Press New Drugs Trial Claim Against Pfizer, State Lawyer Says

(Bloomberg) -- Nigeria withdrew its lawsuit against
Pfizer Inc. today over alleged deaths during drug trials so that
it can prepare a new claim, the state's lawyer, Babatunde
Irukera, said.

``The judge wouldn't allow us to amend our claim to include
more damaging information we discovered, so we're withdrawing it
and submitting a new one,'' Irukera said today in a telephone
interview from Abuja, Nigeria's capital. ``This case is still
on.''


Read more at Bloomberg Emerging Markets News

U.S. stocks seen lower, tech results to weigh

(Reuters) - Shares of Google fell 5 percent in extended trading
hours on Thursday as the Internet search company reported
disappointing earnings due to the costs of a recent hiring spree
and a jump in other operating expenses.




Shares of Microsoft declined 1 percent in extended trading
hours after it reported quarterly results that were in line with
analysts' estimates.


Read more at Reuters.com Bonds News

S.Africa 3-month T-bill discount rate down to 9.0 pct

(Reuters) - The average discount rate for South African three-month Treasury Bills decreased to 9.0 percent on Friday, the Reserve Bank said.

The average yield was also down at 9.21 percent from 9.26 percent and applications for the 2.3 billion rand of bills on offer totalled 7.358 billion rand.


Read more at Reuters Africa

Imax quarterly loss narrows

(Reuters) - Following the restatement of its 2002 to 2005 results, Imax
said it has revised its accounting policy on revenue
recognition of theater systems installations.





Read more at Reuters.com Government Filings News

China Yuan Extends Loss as Central Bank Raises Interest Rates a Third Time

(Bloomberg) -- The yuan had the biggest drop in six
weeks after the central bank raised interest rates to cool an
economy growing at the fastest pace in more than 12 years.

The People's Bank of China boosted lending and deposit rates
by 27 basis points each just minutes before yuan trading ended.
Gains in the currency and higher borrowing costs may help reduce
excess funds in the banking system that are spurring lending and
investment.


Read more at Bloomberg Currencies News

Risma Holdings in landmark Moroccan hotel buy

(Reuters) - Risma Holdings, the Moroccan affiliate of Accor, has bought the Hilton Rabat in Morocco in a landmark $89 million deal, property services company Jones Lang LaSalle said on Friday.

The acquisition of the five-star, 269-room hotel marks the largest single-asset hotel transaction in Morocco, Jones Lang LaSalle said in a statement.


Read more at Reuters Africa

AIDS Pandemic Gives AllLife, Insurers Profits in South Africa's HIV Battle

(Bloomberg) -- In South Africa, where one in nine
people is HIV positive, life-insurance companies are making money
in an AIDS pandemic.

AllLife Ltd. was the first to sell policies to South
Africans who agree to regular AIDS checkups. Almost two years
later, the Johannesburg-based company has yet to get a claim.
Neither has rival Altrisk Ltd. since it started offering similar
products 15 months ago. Sanlam Ltd., the biggest insurer based in
South Africa, plans to enter the market of 2 million HIV-positive
people who have jobs and access to life-saving drugs.


Read more at Bloomberg Exclusive News

U.K. Economic Growth Unexpectedly Accelerates as Manufacturing Rebounds

(Bloomberg) -- U.K. economic growth unexpectedly
quickened in the second quarter as manufacturing rebounded, a sign
higher interest rates have yet to cool the pace of expansion.

Gross domestic product increased 0.8 percent, compared with
0.7 percent in the first quarter, the Office for National
Statistics said today in London. The median forecast in a
Bloomberg News survey of 36 economists was 0.7 percent. The annual
growth rate was 3 percent, the same as the previous three months.


Read more at Bloomberg Currencies News

Crude Oil Trades Near 11-Month High on Growing Demand From U.S. and China

(Bloomberg) -- Crude oil traded near $76 a barrel in
New York, close to an 11-month high yesterday, on rising fuel
demand in the U.S. and China.

U.S. gasoline demand rose last week to its highest in two
years, according to Department of Energy data. China's economy grew
in the second quarter at the fastest pace in 12 years for the
period, heightening speculation Chinese demand for fuel will climb.


Read more at Bloomberg Energy News

Pound Rises to Near 26-Year High Against Dollar After GDP Report, on Rates

(Bloomberg) -- The pound rose to near a 26-year high
against the dollar after a report showed U.K. economic growth
unexpectedly quickened in the second quarter, stoking
expectations of higher interest rates.

The U.K. currency headed for a sixth weekly gain on
speculation the Bank of England will raise rates half a
percentage point by year-end while the Federal Reserve stays on
hold. The pound advanced this week as the Federal Reserve trimmed
its forecast for economic growth and Bear Stearns Cos. reported
losses on hedge funds that bet on bonds backed by subprime loans.


Read more at Bloomberg Currencies News