European Stocks May Rise on Mergers; ABN Amro, Friends Provident May Gain

(Bloomberg) -- European stocks may advance after
Barclays Plc raised its offer for ABN Amro Holding NV to 67.5
billion euros ($93.4 billion) and Friends Provident Plc held talks
with Resolution Plc, according to people familiar with the matter.

Siemens AG might be active after Handelsblatt reported the
region's largest engineering company received bids for its VDO unit.
TomTom NV, the world's largest maker of car navigation devices, said
it intends to buy Tele Atlas NV.


Read more at Bloomberg Stocks News

European Insurance Stocks May Advance; Energy Shares, Shell May Decline

(Bloomberg) -- European stocks may advance after
Barclays Plc raised its offer for the biggest Dutch bank to 67.5
billion euros ($93.4 billion) and Friends Provident Plc held talks
with Resolution Plc, according to people familiar with the matter.

Siemens AG might be active after Handelsblatt reported the
region's largest engineering company received bids for its VDO unit.
TomTom NV, the world's largest maker of car navigation devices, said
it intends to buy Tele Atlas NV.


Read more at Bloomberg Stocks News

National Bank of Abu Dhabi Plans Bonds Denominated in Yen, Ringgit, Dirham

(Bloomberg) -- National Bank of Abu Dhabi PJSC, the
United Arab Emirates' biggest lender by market value, said it may
sell bonds in Japanese yen, Malaysian ringgit and local currency
to diversify its sources of funding.

The bank will hold a board meeting July 25 to discuss sales
of as much as 40 billion yen ($331 million), 3 billion ringgit
($878 million), and 2 billion dirhams ($545 million) of bonds, it
said in a filing with the Abu Dhabi Securities Market today.


Read more at Bloomberg Bonds News

Barclays raises offer for ABN AMRO to $93 bln

(Reuters) - However the new offer, which has been helped by a big investment in Barclays from China Development Bank and Singapore's Temasek, is still below a 71 billion euro bid from a group of European banks led by Royal Bank of Scotland .




Read more at Reuters.com Business News

Toyota estimates total lost output of 55,000 units

(Reuters) - "We will gauge how to make up for this lost production in
due time," Watanabe told a mid-year news conference.




Read more at Reuters.com Business News

Indian Oil Buys Crude From Chevron, Mitsui, Petronas for September Loading

(Bloomberg) -- Indian Oil Corp., the country's
biggest refiner, bought crude oil for loading in September from
Chevron Corp., Mitsui & Co. and Petroliam Nasional Bhd., said
three traders who submitted offers.

Details of the refiner's purchases are as follows:


Read more at Bloomberg Energy News

Shanghai Copper Prices Rise on Speculation China Demand May Outpace Supply

(Bloomberg) -- Copper prices in Shanghai rose for a
fourth day to the highest in 10 weeks, tracking gains in London,
on speculation that supply may lag behind demand growth in China,
the world's largest consumer of the metal.

Nine Chinese copper smelters, which produce 68 percent of
the nation's production, may lower output by between 10 percent
and 15 percent in the second half of this year because they can't
cover the cost of buying and processing imported raw material.
Imports of refined copper and alloy to China fell 6.8 percent in
June from May, the customs office said today.


Read more at Bloomberg Commodities News

Japan Corporate Bond Risk Rises to Highest Since March, Default Swaps Show

(Bloomberg) -- Japanese corporate bond risk rose as
losses on U.S. mortgages for people with poor credit led
investors to demand higher premiums for default protection.

Contracts based on 1 billion yen ($8.25 million) of debt
included in the iTraxx Japan Series 7 index of 50 investment-
grade Japanese companies rose by 200,000 yen to 2.66 million yen
at 1:10 p.m. in Tokyo, according to data compiled by Bloomberg.
That's the highest since the series started trading in March.
The price was as low as 1.6 million in May.


Read more at Bloomberg Bonds News

Wall Street CEOs See `No Clear Signs' of Crisis as Subprime Woes Intensify

(Bloomberg) -- On Wall Street, where the most
lucrative credit markets are barely limping thanks to the worst
housing slump in a decade, there isn't a chief executive officer
who will tell you there is a crisis.

A few weeks after Merrill Lynch & Co. CEO Stanley O'Neal
said he saw ``no clear signs'' that rising delinquencies on
subprime U.S. mortgages were hurting the rest of the debt
markets, borrowing costs for non-investment grade companies rose
to the highest in eight months. ServiceMaster Co., US
Foodservice and 19 other companies have canceled bond sales
because nobody wants to buy them.


Read more at Bloomberg Bonds News

Amgen, Borders, Exelon, Kaydon, Tessera Technologies: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
tomorrow. This preview includes news that broke after exchanges
closed. Stock symbols are in parentheses after company names.

Amgen Inc. (AMGN US): The company's anemia drugs will be
restricted at high doses for patients on kidney dialysis
treatment, according to a statement from the U.S. health program
for the elderly and disabled. The policy will provide greater
restrictions on dosages when a patient's level of hemoglobin
exceeds 13 grams per deciliter of blood, the Medicare agency
said. The stock rose 61 cents to $56.18 in regular trading.


Read more at Bloomberg Stocks News

Allianz, Bayer, Norddeutsche Affinerie and Siemens: German Equity Preview

(Bloomberg) -- The following stocks may rise or fall
in German markets. Stock symbols are in parentheses after the
company names and prices are from the Xetra close on July 20
unless otherwise stated.

Germany's X-DAX Index fell 1.7 percent to 7841.57. The index
provides an estimate of the DAX Index, based on trading in DAX
futures after the Xetra electronic market closes. The DAX dropped
1.5 percent to 7874.85 on the Xetra electronic-trading system.


Read more at Bloomberg Stocks News

Turkish Markets May Rally After Erdogan's Justice Party Wins Re-Election

(Bloomberg) -- Turkish stocks, bonds and the lira
may gain after voters re-elected Prime Minister Recep Tayyip
Erdogan, giving him a mandate to extend policies that won Turkey
European Union membership talks and helped bring 21 straight
quarters of economic growth.

Erdogan's Justice and Development Party took 47 percent of
the vote with almost all ballots counted at 1 a.m. in the
capital Ankara, according to the state-run Anatolia News Agency.
That's likely to give the party 342 lawmakers in the 550-seat
parliament, CNN Turk television said.


Read more at Bloomberg Currencies News

China's June Thermal Coal Prices Increase as Much as 2.7 Percent From May

(Bloomberg) -- Prices for power station coal in
China rose by as much as 2.7 percent in June from the previous
month, increasing fuel costs for electricity producers in the
world's fastest-growing major economy.

The price of thermal coal climbed as much as 12 yuan to
between 445 yuan ($58.8) and 455 yuan a metric ton at the end of
last month at Qinhuangdao, China's largest coal port, the
Beijing-based National Development and Reform Commission said in
a statement posted on its Web site July 20. Average coal prices
and transportation costs were ``stable,'' it said.


Read more at Bloomberg Energy News

U.S. states to help subprime owners refinance - WSJ

(Reuters) - State officials hope this will be enough to keep some
vulnerable low and moderate income neighborhoods from sliding
into decline.




The Journal said some of the programs will be similar to
existing government-lending programs, in which the state
extends mortgages to homeowners and then sells those home
loans, in some cases to companies such as mortgage and finance
giants Fannie Mae and Freddie Mac .


Read more at Reuters.com Bonds News

Taiwan June Jobless Rate Probably Rose to 18-Month High on Slowing Exports

(Bloomberg) -- Taiwan's unemployment probably
climbed to the highest rate in 18 months in June as slowing
export growth prompted manufacturers to curb hiring.

The rate rose to 3.97 percent, matching the highest since
December 2005, from 3.95 percent in May, seasonally adjusted,
according to the median estimate of eight economists surveyed by
Bloomberg News. The rate was a six-year-low 3.83 percent in
October. The report is scheduled to be released today at 4 p.m.
in Taipei.


Read more at Bloomberg Emerging Markets News

Japan's Stocks Fall; Exporters Slip on U.S. Earnings, Tokyo Electric Drops

(Bloomberg) -- Japanese shares dropped, paced by
companies that rely on the U.S. market, after Caterpillar Inc.
said its profit dropped on lower North American sales. Exporters
such as Honda Motor Co. and Komatsu Ltd. declined.

Investors also refrained from betting heavily on stocks
before the upper house election, which will be held on July 29.
The Nikkei newspaper reported yesterday Japan's ruling coalition
may lose its majority in the election, citing its own poll.


Read more at Bloomberg Stocks News

Platinum Futures in Tokyo Little Changed Near Record High on Wage Talks

(Bloomberg) -- Platinum futures in Tokyo were little
changed after South Africa's National Union of Mineworkers said
Anglo Platinum Ltd. will probably improve its pay offer.

Anglo, the world's biggest producer of the metal, and the
union have been in wage talks since May, raising concern a strike
may cut supply or a pay increase would push up mining costs. The
company will revise its offer to increase pay by as much as 10
percent on July 26, NUM negotiator Oupa Komane said on July 20.


Read more at Bloomberg Commodities News

Yen Rebounds as Investors Trim Carry Trades on Decline in Global Stocks

(Bloomberg) -- The yen rebounded from a record low
against the euro as a slide in Asian stocks spurred traders to
scale back investments in emerging-market assets funded by
borrowing in Japan.

The currency headed for a second day of gains after the
Standard & Poor's 500 Index last week had the first weekly
decline in a month on concern subprime mortgage losses will
worsen a housing slowdown. The yen has dropped against all 16
most-active currencies this year as investors borrowed cheaply in
Japan to buy higher-yielding assets in so-called carry trades.


Read more at Bloomberg Currencies News

Indian Rupee May Rise a Seventh Week as Overseas Investors Buy More Stocks

(Bloomberg) -- India's rupee may advance for a
seventh week on expectations overseas investors will buy more
local stocks, a survey of currency traders showed.

The rupee last week closed at a nine-year high as net
purchases of shares by global funds so far this year surpassed
that for all of 2006, pushing the benchmark stock index to a
record. The fastest pace of growth in almost two decades is
prompting lenders such as HDFC Bank Ltd. to raise funds abroad
to meet local demand for loans.


Read more at Bloomberg Currencies News

Yen Trades Near Record Low Against Euro; Newspaper Polls Signal Abe Defeat

(Bloomberg) -- The yen traded near a record low
against the euro after surveys conducted by five Japanese
newspapers suggested the ruling coalition will lose its majority
in upper house elections on July 29.

The yen weakened against 15 of the 16 most-active
currencies after the newspaper polls showed the opposition
Democratic Party of Japan gained in popularity on the governing
Liberal Democratic Party. Prime Minister Shinzo Abe is trying to
defend the majority of his coalition, which has tightened
controls on public spending in the past five years and guided
the economy to its longest postwar expansion.


Read more at Bloomberg Currencies News

Covenant-lite loans not a main rating factor-Moody's

(Reuters) - "Covenants tend to rank a somewhat distant third to debt
cushion and security in terms of importance for recovery,"
Moody's analyst Michael Rowan said in a new report.




Recent trends toward increasingly larger senior debt
tranches, more sharing of collateral between creditor classes
and higher leverage may result in lower debt ratings in both
North American and European markets, the report said.


Read more at Reuters.com Bonds News

Japan's Nikkei 225 Average, Topix Falls; Toyota, JFE Holdings Lead Decline

(Bloomberg) -- Japanese shares dropped, paced by
companies that rely on the U.S. market, after Caterpillar Inc.
said its profit dropped on lower North American sales. Exporters
such as Honda Motor Co. and Komatsu Ltd. led losses.

Investors also refrained from betting heavily on stocks
before the upper house election, which will be held on July 29.
The Nikkei newspaper reported yesterday Japan's ruling coalition
may lose its majority in the election, citing its own poll.


Read more at Bloomberg Stocks News

Australian Dollar Trades Near 18-Year High as Commodities Prices Advance

(Bloomberg) -- The Australian dollar traded near an
18-year high against the U.S. currency as prices of raw
materials the country exports rose.

The currency may gain a 12th straight day after the Westpac
Commodity Futures Index, an export weighted average of exchange-
traded commodity futures prices, advanced 4.5 percent on July 20
to an all-time high. The local dollar has surged 17 percent over
the past 12 months as demand from China has pushed up prices of
raw materials, which add about 14 percent to Australia's economy.


Read more at Bloomberg Currencies News

Carbon offsetting needs code of practice-UK report

(Reuters) - LONDON, July 23 - Carbon offsetting has a role to
play in fighting climate change but urgently needs a code of
practice, an environment committee of British parliamentarians
said on Monday.




Voluntary offsetting involves individuals and companies
paying others to cut greenhouse gas emissions on their behalf.
It is unregulated, and so distinct from a mandatory
international scheme under the Kyoto Protocol.


Read more at Reuters.com Government Filings News

Japanese Yen, China Yuan, Indian Rupee, Thai Baht: Asian Currency Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian currencies today.

Exchange rates are from the previous session.


Read more at Bloomberg Currencies News

BHP, James Hardie, Dwyka, Woodside, Woolworths: 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 July 20. Prices are from the
July 20 close unless otherwise stated. Stock symbols are in
brackets after the company names.

The S&P/ASX 200 Index futures contract due in September lost
0.7 percent to 6383 at 6:59 a.m. in Sydney. The Bank of
New York Australia ADR Index lost 0.8 percent in New York.


Read more at Bloomberg Stocks News

Deal or not, Macy's investors could win - Barron's

(Reuters) - Macy's shares ended the week at $41.92. Barron's said Macy's
is ripe for a buyout and could fetch more than $52 a share in a
takeover.




However, Barron's also said that even without a deal, Macy's
shareholders could be in for a boost, because the company's
current management has ample room to cut costs and improve
marketing -- and may even find itself in a position to finance
hefty stock buybacks.


Read more at Reuters.com Bonds News

Dollar's Record-Setting Tumble Turns Into Boon for George Bush, Coca-Cola

(Bloomberg) -- Everyone from Nobel Prize laureates
to the world's biggest bond investor says the Bush administration
has reason to cheer the dollar's slide to historic lows.

The currency has lost 13.2 percent since January 2001, when
George W. Bush took office, the most under any president since at
least Gerald Ford, who left the White House in 1977. That's based
on a Federal Reserve index that tracks the dollar against the
currencies of 38 U.S. trading partners, including Germany, Japan
and Canada.


Read more at Bloomberg Currencies News

Misys sells two US health software units

(Reuters) - The group has also agreed to sell its California-based CPR
Business, a system for collecting and sharing data within
hospitals, to QuadraMed Corporation for $33 million in cash.




Earlier this year, Misys embarked on a five-year turnaround
plan to halt sliding earnings by making cost cuts and revamping
products.


Read more at Reuters.com Mergers News

Treasuries Attract Cash-Flush Pension Funds Loaded With Stock Market Gains

(Bloomberg) -- Treasuries are getting an unexpected
boost from pension funds controlling more than $14 trillion.

Fund managers for companies including General Motors Corp.
and Alcatel-Lucent are shifting away from stocks to prepare for
accounting changes requiring them to more fully disclose the
value of their holdings. Bonds are gaining favor as funds seek
to avoid wider swings in prices that may accompany equities as
the new rules take effect, possibly later this year.


Read more at Bloomberg Bonds News

Two AngloGold miners killed in S.Africa rock fall

(Reuters) - Two miners were killed after a rock fall deep underground at a mine owned by AngloGold Ashanti Ltd, the world's third-biggest gold producer, a company official said on Sunday.

The two miners had been trapped for close to 48 hours at the Moab Khotsong mine in the country's North West province, and their bodies were recovered in the early hours of Sunday, said Steve Lenahan, a spokesman for AngloGold.


Read more at Reuters Africa

Warner Music eyes UK's Chrysalis music arm: papers

(Reuters) - The Financial Mail's unsourced report said the division's current value was around 90 million pounds but that it could fetch as much as 180 million.




Chrysalis Group said last month it planned to sell its radio business for 170 million pounds to a private equity firm, leaving Chrysalis as a pure music company.


Read more at Reuters.com Business News

Saudi Aramco Shuts Ras Tanura North Product Terminal After Fire Kills Four

(Bloomberg) -- Saudi Aramco, the world's largest
state-owned oil company, closed the Ras Tanura North Product
Terminal after a fire killed four workers.

Aramco has redirected naphtha loading to other terminals in
the port complex, the Dhahran, Saudi Arabia-based company said in
an e-mailed statement today. The fire on July 19 at Ras Tanura in
the country's Eastern Province, near the Persian Gulf, also injured
12 workers, the company said in a separate statement earlier.


Read more at Bloomberg Energy News