Altera profit climbs slightly as costs fall

(Reuters) - Net income was boosted, in part, by a reduction in costs
from the year-ago quarter and a rise in interest and other
income.




The company also said sales of its new products climbed 26
percent from the previous quarter. Revenue declined 4 percent
to $319.7 million a year ago.


Read more at Reuters.com Market News

American acceptance of nuclear power grows

(Reuters) - The survey by the Massachusetts Institute of Technology found 35 percent of people in the United States favored increasing the nation's reliance on nuclear energy, up from the 28 percent who held that view five years ago.




The 35 percent who wanted to increase nuclear power usage exceeded the 28 percent who wanted to reduce its use, it said.


Read more at Reuters.com Bonds News

US STOCKS-Wall Street indexes gain on M&A news, earnings

(Reuters) - NEW YORK, July 23 - U.S. stocks rose on Monday as
takeover news and strong profits from large caps, such as Merck
& Co. , reassured investors after a broad-based sell-off
at the end of last week.




Merck, a Dow component, reported quarterly results that
beat analysts' expectations while Halliburton Co. , the
world's second-largest oil services company, also topped
forecasts and its shares rose to their highest since June
2006.


Read more at Reuters.com Bonds News

Edwards Lifesciences posts lower quarterly profit

(Reuters) - Analysts on average expected 57 cents per share, according
to Reuters Estimates.




Read more at Reuters.com Market News

UPDATE 2-XM, Sirius would offer low cost, a-la-carte option

(Reuters) - NEW YORK, July 23 - Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc. said on Monday that if their proposed merger is approved, they will offer subscriptions priced 46 percent below current levels, and would let customers buy packages of their favorite channels.



Under one of several new plans announced on Monday, customers can pick 50 channels on either XM or Sirius' systems for $6.99. Additional channels can be added for 25 cents each. Currently, subscribers pay about $13 a month for more than 100 stations on either XM's or Sirius' systems.


Read more at Reuters.com Mergers News

Bausch & Lomb board to weigh bids Tuesday-sources

(Reuters) - By Jessica Hall



PHILADELPHIA, July 23 - The board of Bausch & Lomb, the eye-care company to be acquired by Warburg Pincus for $3.67 billion, will meet on Tuesday to decide whether to continue talks with unsolicited suitor Advanced Medical Optics Inc, sources familiar with the situation said on Monday.


Read more at Reuters.com Mergers News

Nymex Gas Falls to Lowest Since December on Mild Weather, Ample Supplies

(Bloomberg) -- Natural gas fell in New York to its
lowest closing price since December as a combination of mild
temperatures and high inventories served to undercut demand and
push down prices.

The potential for hot weather forecast last week for the
high-demand areas of the U.S. East Coast later this week is now
``diminished,'' and temperatures will be lower than normal, MDA
Federal Inc.'s Earthsat Energy Weather of Rockville, Maryland,
said today.


Read more at Bloomberg Energy News

Cumberland Pharmaceuticals sets 6.25 mln share IPO

(Reuters) - It is planning a Nasdaq listing under the symbol "CPIX."







Read more at Reuters.com Government Filings News

AMR, Barr, DSP Group, Hasbro, Netflix, Old Dominion: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges.
Stock symbols are in parentheses after company names. Share
prices are as of 2:40 p.m. in New York.

AMR Corp. (AMR US) rose $1.74, or 6.5 percent, to $28.37. A
Goldman, Sachs & Co. analyst boosted his earnings estimates for
the parent company of American Airlines for this year and 2008
based on lower projections for fuel prices. Analyst Robert Barry
increased his 2007 profit estimate to $2.75 from $2.35, and his
2008 forecast to $4 from $2.65. He raised his share-price
forecast to $26 from $22.


Read more at Bloomberg Stocks News

UPDATE 1-Illinois power cos. agree to $1 bln relief pact

(Reuters) - Half of the $1 billion would go to Ameren's 1.2 million
customers in the southern part of the state and half would go
to Commonwealth Edison's 3.8 million customers in the northern
part of the state, under an "agreement in principle" disclosed
Monday by state officials.




"This is good news for electric customers throughout
Illinois," said Scott Cisel, president of Ameren's Illinois
utilities, in a press release.


Read more at Reuters.com Bonds News

RPT-TREASURIES-Bonds dip from last week's rally

(Reuters) - NEW YORK, July 23 - U.S. Treasuries slipped on
Monday, lifting benchmark yields from Friday's six-week lows as
stocks rallied.




The gains in stocks tempted buyers back into riskier assets
and out of U.S. government bonds, which rallied last week on
safe-haven buying sparked by investor fears problems in the
subprime mortgage sector, which caters to borrowers with shaky
credit, were spreading through financial markets.


Read more at Reuters.com Bonds News

Cubs draw bidders, deal could top $1 bln: source

(Reuters) - The three assets being sold -- the Cubs, the team's landmark Wrigley Field stadium and an interest in sports cable network SportsNet Chicago -- could be sold as one package or split up, the source said.




In addition to the 15 credible expressions of interest, another 25 or so being sorted through by the sellers, the source said.


Read more at Reuters.com Mergers News

US STOCKS-Wall St shares jump on deal news, earnings

(Reuters) - Merck & Co. , a Dow component, reported quarterly
results above analysts' expectations. Also on Monday Transocean
Inc. , the world's largest offshore driller, said it had
agreed to buy drilling rig operator GlobalSantaFe Corp.
For details, see [ID:nN23380261].




Also boosting stocks was news of nearly $1 drop in crude
oil futures, pushing New York oil prices back below $75 a
barrel. The decline in oil underpinned gains by big
manufacturers such as 3M Co. , whose stock rose 1.1
percent to $91.23.


Read more at Reuters.com Bonds News

Dollar Rebounds Against Euro, Pound as Charts Indicate Decline Is Too Fast

(Bloomberg) -- The dollar rebounded from a record
low versus the euro and a 26-year low versus the pound as charts
that some investors use to predict currency movements suggested
its decline was too rapid.

The currency also recovered versus the yen as U.S. and
European equities gained and risk appetite rose, prompting some
traders to use funds borrowed in Japan to buy higher-yielding
assets elsewhere. The dollar has dropped against 15 of the 16
most active currencies in the past month on concern subprime
mortgage defaults will hurt the U.S. economy.


Read more at Bloomberg Currencies News

Foreigners say Brazil needs outside aviation help

(Reuters) - The call for intervention, which would have to be approved
by the government, came just days after nearly 200 people were
killed in Brazil's worst ever plane crash and a radar outage
over the Amazon forced scores of flights to change course.




"Brazilian authorities are too busy trying to save face.
They're putting the traveling public at risk," Marc
Baumgartner, president of the International Federation of Air
Traffic Controllers' Associations, told Reuters.


Read more at Reuters.com Bonds News

S&P cuts Boston Scientific's debt rating one notch

(Reuters) - S&P cut Boston Scientific's rating to "BBB-minus," one step
above junk status, from "BBB." The outlook is negative, which
indicates the rating could be lowered to junk status over the
next two years.




The rating downgrade also reflects increased concern about
Boston Scientific's ability to reduce debt, S&P said in a
statement.


Read more at Reuters.com Bonds News

Subprime takes toll on high-grade corporate bonds

(Reuters) - That was the biggest move since February 27, when Chinese stocks sold off sharply, hurting risk appetite worldwide and causing high-grade corporate spreads to widen by 3 basis points.




Average yields on investment-grade corporate bonds ended on Friday at their widest level since May 2005, when the downgrades of Ford Motor Co. and General Motors Corp. to junk status jarred the debt markets and curbed investor appetite for risk.


Read more at Reuters.com Bonds News

Wheat Futures Rise on Concern Harsh Weather May Reduce Global Production

(Bloomberg) -- Wheat rose in Chicago and Kansas
City on speculation that heavy rains in northern Europe and
hot, dry conditions in parts of the U.S. and Canada will reduce
global production.

About 75 percent of northern Europe received as much as
1 inch (2.5 centimeters) of rain during the weekend and more is
expected in the next 10 days, damaging wheat, said John Dee,
president of Global Weather Monitoring in Mohawk, Michigan. In
North America, dry weather and temperatures above 100 degrees
Fahrenheit (38 Celsius) may damage ripening crops, Dee said.


Read more at Bloomberg Commodities News

US STOCKS-Wall St shares gain on deal news, earnings

(Reuters) - NEW YORK, July 23 - U.S. stock indexes rose on
Monday as deal news and pharmaceutical sector profits renewed
optimism about the equities market after Friday's sell-off.




Merck & Co. , a Dow component, reported quarterly
results above analysts' expectations. Also on Monday,
Transocean Inc. , the world's largest offshore driller,
said it had agreed to buy drilling rig operator GlobalSantaFe
Corp. For details, see [ID:nN23380261]


Read more at Reuters.com Bonds News

UPDATE 1-Turkey's ratings depend on political stability-S&P

(Reuters) - The agency ruled out, however, any immediate action on the
country's credit ratings -- currently "BB-" with stable outlook
for its foreign-currency debt.




"The outcome bodes well for a continuation of the prudent
economic policy-making that has underpinned Turkey's improving
credit-worthiness over the past five years," S&P said in a
statement, signed by analyst Farouk Soussa.


Read more at Reuters.com Bonds News

InterGen prices $1.875 bln high-yield bonds -source

(Reuters) - The size of the deal was reduced by $100 million, yields on
offer raised and pricing delayed from last week to Monday due to
the turmoil in the credit markets, where the benchmark Crossover
credit default swap index has risen 80 basis points in the last
week to 350 basis points.




Merrill Lynch, Lehman Brothers, Deutsche Bank and Barclays
Capital are managing the bond sale for InterGen, which has nine
power plants with 5,235 megawatts of capacity in five countries.


Read more at Reuters.com Bonds News

UPDATE 2-American Standard to sell bath unit for $1.76 bln

(Reuters) - American Standard said the sale of the bath unit, which has
annual sales of $2.4 billion and sells plumbing products under
names such as American Standard and Porcher, is expected to be
completed in the fourth quarter.




The sale is part of American Standard's plan to split up
its three business units. The company is to spin off its $2
billion vehicle-controls business later this month. It plans to
keep its $6.8 billion heating and air-conditioning business and
change the company name to Trane, its flagship brand.


Read more at Reuters.com Mergers News

TREASURIES-Bonds dip as stocks shine through subprime cloud

(Reuters) - NEW YORK, July 23 - U.S. Treasuries eased on
Monday, pulling benchmark yields back from recent six-week lows
as rising stocks brought respite from risk aversion in other
markets after last week's scare over the subprime market.




Financial market losses related to subprime, the mortgage
sector that targets borrowers with poor credit, led to a flight
to quality by investors into Treasuries last week, giving
10-year notes their best rally since March.


Read more at Reuters.com Bonds News

UPDATE 1-RESEARCH ALERT-Citigroup still bullish on US equities

(Reuters) - Slowing earnings growth, rising consumer delinquencies, and
a move towards stocks with greater international exposure,
among other reasons, would drive large-caps to outperform
small- and mid-caps, Citigroup's Tobias Levkovich said in a
note to investors.




Levkovich said he had a 2007 year-end target of 1,600 for
the Standard & Poor's 500 Index , and saw the index at
1,725 by mid-2008.


Read more at Reuters.com Bonds News

AMR rises after Goldman Sachs ups target

(Reuters) - Barry raised the share price target to $26 from $22, although AMR shares were trading at $28.01 on the New York Stock Exchange in late morning trade.




He linked the higher target to an assumption that the price of jet fuel will fall relative to price of crude oil in the fourth quarter of 2007 and all of 2008.


Read more at Reuters.com Hot Stocks News

Corn, Soybeans Fall as Wetter, Cooler Weather May Boost Crops in Midwest

(Bloomberg) -- Corn futures fell in Chicago,
extending their decline to an eight-month low, and soybeans
dropped on speculation rains and a lack of severe heat will
promote development of the two biggest U.S. crops.

About half of the Midwest may get as much as 1 inch
(2.5 centimeters) of rain in the next 48 hours, Meteorlogix LLC
in Woburn, Massachusetts, said. A second storm is forecast to
bring up to an inch to 75 percent of corn and soybean-growing
regions. The outlook is cooler and wetter than on July 20.


Read more at Bloomberg Commodities News

UPDATE 1-Weatherford profit rises, says U.S. probes sales

(Reuters) - The company also said the U.S. government was probing
allegations of improper sales of products and services in
sanctioned countries.




The Houston-based company's profit from continuing
operations rose to $235 million, or 68 cents a share, from $190
million, or 53 cents a share, in the same period a year
earlier.


Read more at Reuters.com Market News

Treasuries Little Changed as Stocks Gain Amid Declining Subprime Concern

(Bloomberg) -- Treasuries were little changed after
paring earlier declines as gains in stocks suggested less concern
among investors that losses on subprime loans in the U.S. will
hurt the broader economy.

Treasuries gained last week as traders canceled bets on
riskier securities as credit spreads widened. As they became
fully hedged, Treasuries lost some momentum, traders said.


Read more at Bloomberg Bonds News

U.S. Treasury to sell $18.0 bln 4-week bills

(Reuters) - Threshold $6.30 bln
NLP Exclusion




Amt $10.90 bln


Read more at Reuters.com Bonds News

Rand firmer as dollar woes persist

(Reuters) - South Africa's rand was firmer against the dollar on Monday mainly due to the greenback's struggles on overseas markets, which have boosted most emerging market currencies.

The rand was at 6.8190 to the dollar at 1440 GMT, a 1.07 percent gain over Friday's close of 6.8925 in New York. The domestic unit earlier firmed to 6.80 versus the dollar, touching a fresh 11-month high.


Read more at Reuters Africa

Offshore Driller Transocean Will Purchase GlobalSantaFe for $17 Billion

(Bloomberg) -- Transocean Inc. agreed to buy
GlobalSantaFe Corp. for about $17 billion, combining the world's
two largest offshore oil and gas drillers as growing demand for
rigs pushes rents to a record.

The new company will be triple the size of its largest peer
by sales, Noble Corp., with 146 rigs and an order backlog of $33
billion. In a statement, Transocean and GlobalSantaFe, both
based in Houston, called the transaction a merger, with
shareholders on neither side getting a premium for their stock.


Read more at Bloomberg Energy News

Greenspan: liquidity boom not permament-media

(Reuters) - "It is not permanent. It is reflective of a one-shot
thing," he said. "I'd say we're about half-way through."




Greenspan left the Fed in January 2006 after serving for 18
years.


Read more at Reuters.com Bonds News

Canada has no plan to move on strong C$ -Flaherty

(Reuters) - "Part of the strength in the Canadian dollar relates to the
weakness of the U.S. dollar, but part of it relates to the fact
that our economic fundamentals are so strong."




Read more at Reuters.com Bonds News

CSN, Sabesp, Tecnisa, Usiminas and Vale do Rio Doce: Brazil Equity Movers

(Bloomberg) -- Brazil's main stock index rose for the
second time in three days, led by mining company Cia. Vale do Rio
Doce.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange gained 239.50, or 0.4 percent, to 57,682.24 as of 9:42
a.m. New York time.


Read more at Bloomberg Stocks News

American Standard to sell bath unit for $1.76 bln

(Reuters) - The company is set to spin off its vehicle-controls business later this month. It plans to keep its air-conditioning business and change the company name to Trane, its flagship brand.







Read more at Reuters.com Mergers News

Telecom Italia's TIM Brasil posts 2nd-qtr profit

(Reuters) - Net revenue grew 34.5 percent to 3.06 billion reais.




The unit of Telecom Italia has 27.5 million
clients in Brazil, where it is one of the three main wireless
phone service providers.


Read more at Reuters.com Market News

Merck shares jump on strong profit, raised forecast

(Reuters) - NEW YORK, July 23 - Merck & Co. said on Monday that quarterly earnings rose 12 percent on strong demand for its newer vaccines and medicines, and raised its 2007 profit forecast, sending its shares up 4 percent.



Second-quarter net income rose to $1.68 billion, or 77 cents per share, from $1.5 billion, or 69 cents per share, a year earlier.


Read more at Reuters.com Market News

Crude Oil Declines on Report That OPEC Is Concerned About High Oil Prices

(Bloomberg) -- Crude oil fell after Reuters reported
the Organization of Petroleum Exporting Countries was concerned
about high oil prices and their impact on the world economy.

The group may pump more oil to increase supplies, though
it's unclear whether extra production will be needed this year,
OPEC President Mohamed al-Hamli said, according to Reuters. OPEC,
which produces 40 percent of the world's oil, considers $60 to
$65 a barrel a ``reasonable'' price for crude, KPC World, the
monthly bulletin of the Kuwait Petroleum Corp. reported.


Read more at Bloomberg Energy News

Gold price volatility fell, averaged $667/oz in Q2

(Reuters) - Price volatility of gold declined in the second quarter, as a weakening dollar boosted bullion's average price 3 percent to about $667 per ounce, the World Gold Council said in a report on Monday.

A quarterly investment digest compiled by the industry-sponsored WGC cited large above-ground stocks and geographical diversity of production and reserves for gold's lower volatility.


Read more at Reuters Africa

U.S. Stocks Gain on M&A; GlobalSantaFe, United Rentals Shares Advance

(Bloomberg) -- U.S. stocks gained after $35
billion in mergers and acquisitions allayed concern that this
year's record pace of takeovers would slow.

GlobalSantaFe Corp., the world's second-biggest offshore
oil and gas driller, advanced to a record after agreeing to be
acquired by larger rival Transocean Inc. for about $17 billion.
United Rentals Inc., the construction-gear rental company, and
Arrow International Inc., the medical-device maker, also
climbed after announcing plans to be purchased.


Read more at Bloomberg Stocks News

Turkish Stocks Jump After Elections, Led by Banks: World's Biggest Mover

(Bloomberg) -- Turkey's benchmark stock index was
headed for the biggest one-day gain this year after voters re-
elected Prime Minister Recep Tayyip Erdogan, giving him the go-
ahead for European Union membership talks and policies that have
resulted in five years of economic growth.

Akbank TAS and Turkiye Garanti Bankasi AS, among the
nation's biggest banks, paced the advance.


Read more at Bloomberg Stocks News

Freddie Mac mortgage portfolio up 1.2 pct in June

(Reuters) - The second-largest U.S. home funding company agreed to curb
its purchases of mortgage assets after an accounting scandal,
while it works toward returning to timely financial reporting.




Freddie Mac estimated that its retained portfolio, as
measured to conform with GAAP accounting, was about $703.3
billion last month. That was below the $724.5 billion limit set
by the regulator, the Office of Federal Housing Enterprise
Oversight.


Read more at Reuters.com Bonds News

Corporate Bond Risk Soars on Concern Hedge Funds May be `Forced' to Unwind

(Bloomberg) -- The risk of owning corporate bonds
rose to the highest in at least two years in the U.S. and Europe
on concern hedge funds may have to sell assets to cover losses,
according to traders of credit-default swaps.

Contracts on 10 million euros ($13.8 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies increased 20,000 euros to 364,000 euros at 2 p.m. in
London, according to JPMorgan Chase & Co. The index, which rises
as perceptions of credit quality deteriorate, has more than
doubled since the start of June. The CDX North American
Crossover index rose $15,000 to $299,400.


Read more at Bloomberg Bonds News

Marvell says compliant with Nasdaq listing rules

(Reuters) - Marvell filed revised financial reports earlier this month
to reflect some stock-based compensation costs after an
investigation into its stock options grants practices.





Read more at Reuters.com Government Filings News

Lee Enterprises quarterly profit and revenue fall

(Reuters) - Revenue declined 3.2 percent to $281.4 million.





Read more at Reuters.com Market News

Schering-Plough profit doubles, shares jump

(Reuters) - NEW YORK, July 23 - Schering-Plough Corp. said on Monday that second-quarter earnings rose sharply, fueled by growing demand for its Zetia and Vytorin cholesterol drugs and treatments for arthritis and allergies.



Profit increased to $517 million, or 34 cents per share, from $237 million, or 16 cents per share, a year earlier.


Read more at Reuters.com Market News

Swiss Franc Declines Versus Euro, Dollar as Investors Resume Carry Trades

(Bloomberg) -- The Swiss franc fell against the euro
and the dollar as investors increased so-called carry trades
funded in the currency as European equities stabilize.

The franc is trading near a record low against the euro as
investors use the Swiss currency to buy higher-yielding assets
elsewhere. The franc fell against all of the 16 most actively
traded currencies today. At 2.5 percent, Switzerland's key rate
is still among the lowest in the world after Japan's 0.5 percent
benchmark.


Read more at Bloomberg Currencies News

India's GAIL in talks with Algeria for LNG

(Reuters) - State-run GAIL (India) Ltd. is in talks with Sonatrach of Algeria to buy 2.5 million to 5 million tonnes of liquified natural gas (LNG) annually, a senior GAIL official said on Monday.

"We are hoping to get the gas for Dabhol power plant. So, we are looking at getting it by the end of 2010 or early 2011," the official, who did not wish to be identified, told reporters.


Read more at Reuters Africa

Northam Platinum sees FY headline EPS up 80-93 pct

(Reuters) - South Africa's Northam Platinum expects its headline earnings per share for the year just ended to have risen by up to 93 percent due to high metals prices, the firm said on Monday.

The company said in a trading update that it expected headline EPS for the year to end June to have increased to between 540-580 cents from the 300.9 cents made the previous year.


Read more at Reuters Africa

UPDATE 1-Depomed gets Watson Pharma to co-promote treatment

(Reuters) - Depomed would book revenue from the sale of the
formulation, ProQuin XR, under the co-exclusive agreement for
the United States, while Watson would receive a portion of the
profits, the companies said in a statement.




Watson and Depomed plan to re-launch ProQuin XR in the
United States by the end of this year.


Read more at Reuters.com Mergers News

US stock futures point to steady start on Wall St

(Reuters) - The Standard & Poor's 500 staged its biggest weekly
fall in four weeks last week, driven in part by earnings misses
from Caterpillar and web search firm Google , which
fanned fears among investors who are already wary of the impact
of the melt-down in the subprime market on the economy.




By 0943 GMT in Europe, September S&P 500 futures were
up 0.1 percent, while Dow Jones futures rose 0.1 percent
and Nasdaq 100 futures were virtually flat.


Read more at Reuters.com Bonds News

U.S. Benchmark Treasury Yield Holds Below 5 Percent on Mortgage Concerns

(Bloomberg) -- U.S. 10-year Treasury yields held
near the lowest in two months as investors sought the relative
safety of government debt on concern that losses on subprime
loans in the U.S. will hurt the broader economy.

Benchmark yields stayed below 5 percent for a second day
before a report this week that's expected to show home sales
fell to the lowest in four years in June. Federal Reserve
Chairman Ben S. Bernanke last week said inflation will recede
and housing market weakness may slow the economy.


Read more at Bloomberg Bonds News

Barclays gets nod to buy stake in China trust firm

(Reuters) - London-based Barclays Bank Plc will be allowed to buy a nearly 20 percent stake in New China Trust & Investment Co., one of the country's oldest trust firms, after negotiations for more than one year between the two companies, the sources said.




The purchase will make Barclays the first foreign bank with a stake in a Chinese trust firm, while others, including Morgan Stanley and UBS , are still in talks with potential Chinese partners.


Read more at Reuters.com Business News

British Nuclear Group Halts Wylfa Plant Unit 2 in Wales, Restarts Unit 3

(Bloomberg) -- British Nuclear Group, the site-
management unit of British Nuclear Fuels Plc, stopped production
at unit 2 of its Wylfa nuclear plant and started unit 3.

Unit 3, which has a capacity of about 220 megawatts,
started production at 5:45 p.m. July 21, according to data on a
Web site run by National Grid Plc. The unit, in Anglesey, North
Wales, was halted on July 13 for planned maintenance. Unit 2 at
the plant, which also has a capacity of 220 megawatts, stopped
production at about 7 p.m. July 21, the Web site showed.


Read more at Bloomberg Energy News

Global Industries to sell $325 mln of debentures

(Reuters) - It will use up to $75 million of the net proceeds to buy
back common shares, and the rest for acquisitions and for
constructing and upgrading its vessels, among other purposes,
Global Industries added.





Read more at Reuters.com Bonds News

Japanese Bonds Post Longest Winning Streak Since November on Risk Aversion

(Bloomberg) -- Japan's bonds posted the longest
winning streak since November on speculation a decline in
emerging-market debt and equities will prompt investors to seek
the relative safety of government securities.

The rally pushed the 10-year yield to the lowest in six
weeks as a drop in U.S. stocks extended to Asia. The yield
premium required to compensate buyers for the extra risk of
holding emerging-market debt compared with similar-maturity U.S.
Treasuries climbed to the highest since March, according to
JPMorgan Chase & Co.'s EMBI Plus index.


Read more at Bloomberg Bonds News

UPDATE 1-JPMorgan says wins approval to incorporate in China

(Reuters) - SHANGHAI, July 23 - Wall Street bank JPMorgan
said on Monday it had won final approval to set up a
wholly owned unit in China to strengthen its wholesale banking
business in the world's fastest growing major economy.




This move will make JPMorgan the second U.S. bank to
incorporate in China, after Citigroup Inc. did so early
this year, while more than a dozen foreign banks queue to secure
regulatory approval for their China-incorporated units.


Read more at Reuters.com Government Filings News

Copper Stockpiles Fall Most in a Month in London; Nickel Inventories Gain

(Bloomberg) -- Copper stockpiles monitored by the
London Metal Exchange rose the most in more than a month.

Inventories of copper gained 2,725 metric tons, or 2.8
percent, to 101,400 tons, the exchange said today in a daily
report. That's the largest one-day increase since June 21.
Stockpiles have fallen 45 percent this year.


Read more at Bloomberg Commodities News

European Insurance Stocks Gain; Friends Provident, Resolution Surge

(Bloomberg) -- European insurance stocks rose, led
by Friends Provident Plc and Resolution Plc after the U.K.
companies said they are in talks for a merger that would create
the U.K.'s fifth-biggest insurer.

Friends Provident jumped the most in more than two months,
while Resolution surged the most since March. Nestle SA dropped
after the Wall Street Journal reported the foodmaker is slimming
down its U.K. candy product range because nearly 40 percent of
its chocolate products made a loss or barely made a profit.


Read more at Bloomberg Stocks News

China's CSI 300 Index Posts Biggest Two-Day Gain Since Launch; Banks Rise

(Bloomberg) -- China's stocks rose, completing the
CSI 300 Index's biggest two-day gain, on speculation government
curbs on lending and investment will prevent production gluts
from driving down earnings. Shenzhen Development Bank climbed.

China's central bank raised interest rates on July 20 for
the third time since March to cool the fastest pace of economic
growth in 12 years and restrain inflation.


Read more at Bloomberg Stocks News

Marubeni, Keppel, Sembcorp to Bid on Temasek Utility Units, Bankers Say

(Bloomberg) -- Marubeni Corp., Keppel Corp. and
Sembcorp Industries Ltd. plan to bid for the electric utilities
being sold by Temasek Holdings Pte, Singapore's government-owned
investment company, three bankers with knowledge of the deal said.

Singapore-based Keppel and Sembcorp, the world's biggest
oil-rig builders, this month contacted lenders to provide
financing and advice, said the bankers, who declined to be
identified because the talks are private. The units, Power Senoko
Ltd., Power Seraya Ltd. and Tuas Power Ltd., may be valued about
S$2.5 billion ($1.7 billion) each and sold in stages over the
next two years, they said.


Read more at Bloomberg Bonds News

UPDATE 2-TomTom buying map supplier Tele Atlas for $2.5 bln

(Reuters) - AMSTERDAM, July 23 - Dutch navigation systems
company TomTom plans to buy its main supplier of
digital maps, Tele Atlas N.V. , for 1.8 billion euros
in cash, the companies said on Monday.




TomTom, which also announced quarterly results a week early
that showed net profit leaped 81 percent from a year earlier,
said it intends to make a cash offer of 21.25 euros per share
for Netherlands-based Tele Atlas.


Read more at Reuters.com Mergers News

Italy's S&P/MIB Index Rises , Paced by UniCredit; Impregilo Shares Gain

(Bloomberg) -- Italy's S&P/MIB Index rebounded from
its largest one-day drop in two months. UniCredit SpA and
Impregilo SpA paced the advance.

The S&P/MIB Index added 135, or 0.3 percent, to 41,608 at
9:11 a.m. in Milan as 28 stocks rose, 11 fell and one was
unchanged. Futures expiring in September climbed 88, or 0.2
percent, to 41,875.


Read more at Bloomberg Stocks News

Ex-Anglo American exec to sit on RUSAL board - paper

(Reuters) - Russia's United Company RUSAL plans to offer a seat on its board of directors to Simon Thompson, former managing director of mining group Anglo American, Vedomosti daily reported on Monday.

Vedomosti, quoting sources close to RUSAL, said Thompson may also become chairman of the firm's 12-member board replacing oil-to-metals tycoon Viktor Vekselberg.


Read more at Reuters Africa

Asian Stocks Fall From a High; Honda, Japan Exporters Decline as Yen Gains

(Bloomberg) -- Asian stocks fell, led by Japanese
exporters, after the dollar declined to a six-week-low against
the yen amid concern the U.S. economy is slowing.

Honda Motor Co., which last year made the bulk of its sales
in North America, slid the most in six weeks. Sony Corp., the
world's biggest game-console maker, had its biggest slump in
almost a month.


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Dollar hits record low vs euro on subprime woes

(Reuters) - The dollar fell to a record low against the euro on Monday and a six-week low against the yen, hurt by continuing worries about the U.S. subprime mortgage sector and some unwinding of yen carry trades.

The yen seesawed, sliding broadly in early Asian trading and hitting record lows against the euro in a move that traders attributed to speculative buying of sterling against the yen.


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UPDATE 1-Barclays raises offer for ABN AMRO to $93 bln

(Reuters) - Barclays said on Monday its new bid was 42.7 billion euros
in shares and 24.8 billion euros in cash, up from its previous
all-stock offer of around 65 billion euros.




The raised offer will be helped by a 3.6 billion euros
investment in Barclays from China Development Bank and
Singapore's Temasek [TEM.UL], which may invest a further 9.8
billion euros if the takeover of ABN goes ahead.


Read more at Reuters.com Mergers News

FACTBOX-Key facts about China Development Bank

(Reuters) - Following are some key facts about China Development Bank:




-- The bank is mainly engaged in domestic infrastructure
investments, with the mission of "enhancing national strength
and improving people's lives".


Read more at Reuters.com Mergers News