UPDATE 1-GE finds improper revenue booking at rail unit

(Reuters) - In a filing with the U.S. Securities and Exchange
Commission, GE said it discovered the improprieties after the
SEC requested information into transactions at the rail unit
between 2000 and 2003.




"Revenues had been inappropriately accelerated so that they
were recognized in the fourth quarter of each of the years 2000
through 2003 rather than in the first quarter of the following
year," the company said in an SEC filing.


Read more at Reuters.com Market News

Mexican stocks rebound after heavy losses

(Reuters) - The benchmark IPC stock index added 1.27 percent to
reach 30,371 points in late afternoon trading.




The peso firmed 0.28 percent to close at
10.96 per dollar after the Mexican central bank kept interest
rates steady at a monthly monetary policy review.


Read more at Reuters.com Bonds News

Analysts undecided on GAP CEO with no apparel ties

(Reuters) - Concerns that incoming chief executive Glenn Murphy lacks apparel experience were high in the minds of apparel analysts on Friday. Still, shares of Gap rose nearly 5 percent in afternoon trade, helped by Citigroup raising the company's stock rating to "buy" from "hold."




On Thursday, Gap said it had appointed Murphy, a 45-year-old Canadian who most recently served as CEO of Toronto-based Shoppers Drug Mart to lead the operator of the Gap, Old Navy and Banana Republic clothing chains.


Read more at Reuters.com Business News

Lululemon stock jumps 50 pct in eagerly awaited IPO

(Reuters) - "A lot of people are clamoring for the shares," said Accountability Research Corp. analyst Mark Rosen in an interview.




"It's a name people recognize and see as trendy. And it has such a high-growth profile to it, that there's a lot of excitement."


Read more at Reuters.com Hot Stocks News

TREASURIES-Bonds rise as stocks fall,rally shows fatigue

(Reuters) - NEW YORK, July 27 - U.S. Treasuries rose on
Friday, driving benchmark yields to fresh two-month lows, as
stocks stayed under pressure with investors worried over
tighter access to credit.




Data showing the U.S. economy grew at a surprisingly strong
rate in the second quarter of 2007 only briefly calmed fears of
a slump following this week's turmoil in global financial
markets. See [ID:nN27292437] for details.


Read more at Reuters.com Bonds News

Oil Surges More Than $2 as U.S. Economic Growth Signals Demand Will Climb

(Bloomberg) -- Crude oil rose more than $2 a barrel
in New York after a government report showed that the U.S.
economy grew more than expected in the second quarter, indicating
fuel demand will rise in the world's biggest energy consumer.

The economy grew 3.4 percent last quarter, the fastest pace
in more than a year. Economists surveyed by Bloomberg News before
the report predicted a 3.2 percent gain. The U.S. consumes 24
percent of global oil production.


Read more at Bloomberg Energy News

Colombia's Peso, Bonds Strengthen as Central Bank Boosts Key Lending Rate

(Bloomberg) -- Colombia's peso rebounded from a
two-month low after the central bank boosted the benchmark
borrowing cost to the highest since 2001, increasing the appeal
of local assets.

Policy makers in Bogota raised the overnight interbank rate
a quarter-percentage point to 9.25 percent today, in line with
17 of 31 economists in a Bloomberg survey. The other 14
economists had expected the rate to remain unchanged.


Read more at Bloomberg Currencies News

Wall Street snaps up credit risk experts

(Reuters) - The U.S. credit market is in turmoil amid escalating
defaults on risky subprime mortgages and a growing distaste for
the high-yield debt that has fueled a global merger and
acquisition boom.




That's good news for people who specialize in assessing
credit risk and can restructure troubled portfolios of
securities tied to subprime mortgages, or loans to people with
weak credit. But it is not so good for people who sell
structured credit products, such as CDOs backed by pools of
subprime mortgages or bank loans.


Read more at Reuters.com Mergers News

EBay dealt blow on fake Rolexes by German court

(Reuters) - The ruling by the German Federal Supreme Court came in an appeal by plaintiffs Montres Rolex SA and affiliates in a six- year-old dispute over the sale of counterfeit Rolex watches on eBay's German site, according to an eBay financial filing.




EBay had won successive court rounds leading up to the appeal before the country's top court. The suit alleges unfair competition. Rolex was seeking an order enjoining the sale of Rolex-branded watches on eBay and damages from eBay.


Read more at Reuters.com Business News

UPDATE 1-Washington Group shareholder to vote against URS deal

(Reuters) - "Washington Group should remain a standalone company,"
Einhorn, president of Greenlight Capital Inc., said.




If the company was to be sold, it should have either
demanded a larger premium or sought additional competing bids
through an auction process, Einhorn added.


Read more at Reuters.com Mergers News

US audit watchdog finds faults with KPMG work

(Reuters) - "In addition, the deficiencies included failures by the
firm to perform, or perform sufficiently, certain necessary
audit procedures," the agency said in its report.




It cited cases with seven unnamed companies that ranged
from a failure to obtain sufficient competent matter to support
its audit opinion, to a failure to test whether certain data
the company provided was complete, accurate and relevant.


Read more at Reuters.com Government Filings News

Crocs, Compuware, Kyphon, NBTY, Netgear, Synchronoss: 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 1:10 p.m. in New York.

Building Materials Holding Corp. (BLG US) rose $2.65, or 22
percent, to $14.65. The provider of building services and
materials said that, excluding some items, it earned 47 cents a
share in the second quarter. Five analysts in a Bloomberg survey
on average estimated 6 cents, on average.


Read more at Bloomberg Stocks News

OSI Pharmaceuticals to divest eye-disease program

(Reuters) - The company said it will transfer all rights to the
program, including rights to its pre-clinical compound E10030,
for an upfront cash payment, an equity interest in Ophthotech
and potential future milestone payments and royalties.




Financial terms of the deal were not disclosed.



Read more at Reuters.com Mergers News

UPDATE 2-Veeco posts Q2 loss, forecasts surprise loss for Q3

(Reuters) - Veeco also forecast a surprise loss for its third quarter,
saying its new products, many of which are in the early stages
of shipments, carry risks associated with customer acceptance.




Shares of the company were down about 8.5 percent at $18.08
in afternoon trade on the Nasdaq.


Read more at Reuters.com Market News

Mexico stocks slide on worries about U.S. economy

(Reuters) - The benchmark IPC stock index dropped 0.24 percent
to 29,925 points.




The peso gave up 0.04 percent to 10.999 per
dollar, unchanged after the Mexican central bank kept interest
rates steady as expected at a monthly monetary policy review.


Read more at Reuters.com Bonds News

Canadian Stocks Extend Decline on Takeover Concern; BCE Shares Retreat

(Bloomberg) -- Canadian stocks fell, extending a
benchmark index's worst week since the September 20001 terror
attacks, as investors concerned about a worsening housing market
in the U.S. sold riskier assets.

Commodity shares such as Canadian Natural Resources Ltd.
retreated on speculation that demand may drop in the U.S. BCE
Inc., target of the largest buyout, retreated after Citi
Investment Research cut its recommendation on the stock, citing
growing risks to its financing.


Read more at Bloomberg Stocks News

Deutsche Bank, JPMorgan Delay KKR Boots Loan Sale to Next Week, People Say

(Bloomberg) -- Deutsche Bank AG, JPMorgan Chase &
Co. and six more banks delayed selling 1.75 billion pounds ($3.6
billion) of Alliance Boots Plc loans until next week, bankers
involved in the deal said.

The underwriters extended today's deadline for investors to
buy the loans as the benchmark index for leveraged loans fell to
the lowest in at least nine months, said the bankers who
declined to be identified because the information is private.
Kohlberg Kravis Roberts & Co.'s bankers canceled plans earlier
this week to raise 5 billion pounds of lower-yielding senior
loans for Boots after investors snubbed the deal.


Read more at Bloomberg Bonds News

Corn Futures Rise as Warmer, Drier Weather May Harm U.S. Midwest Crops

(Bloomberg) -- Corn rose for a fourth straight
session in Chicago as warmer, drier weather next week in the
U.S. Midwest threatens crops.

Rain that moved into Illinois today missed some of the
driest areas of Minnesota, Iowa, Michigan, North Dakota and South
Dakota, said Mike Tannura, a meteorologist for T-Storm Weather in
Champaign, Illinois. Warmer, drier weather is expected next week
as corn plants begin making starch and sugar for kernels, Tannura
said.


Read more at Bloomberg Commodities News

Wall Street often shelved damaging subprime reports

(Reuters) - The mortgage consultants, known as "due-diligence firms", were hired by investment banks to make sure blocks of mortgages conform to the mortgage seller's own standards. The studies provided a first glimpse of loan quality for ratings agencies and investors who do not normally see the full reports.




As the U.S. housing boom reached its crescendo in 2006 and investors showed a strong appetite for mortgages, lenders relaxed their underwriting standards, and millions of borrowers with poor credit records were able to obtain subprime mortgages as a result.


Read more at Reuters.com Bonds News

TREASURIES-Bonds rise, taking cues from slide in stocks

(Reuters) - NEW YORK, July 27 - U.S. Treasuries rallied in
volatile trading on Friday, sending benchmark yields to two
two-month lows, as U.S. stock prices went into another steep
slide and investors continued to fret over a global credit
crunch.




Data showingthe U.S. economy grew at a surprisingly strong
rate in the second quarter of 2007 only briefly calmed fears of
a slump following this week's turmoil in global financial
markets. See [ID:nN27292437] for details.


Read more at Reuters.com Bonds News

Crocs, Deckers, Isilon, Kyphon, Six Flags and U.S.B.: 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 11:40 a.m. in New York.

Crocs Inc. (CROX US) rose $4.66, or 9.2 percent, to $55.25.
The maker of resin clogs forecast profit of as much as 62 cents a
share in the third quarter. Analysts expect 43 cents, the average
of six estimates in a Bloomberg survey.


Read more at Bloomberg Stocks News

Swiss Franc Set for Biggest Weekly Gain Against Euro Since March on Risk

(Bloomberg) -- The Swiss franc headed for its
biggest weekly gain versus the euro in four months as a slump in
global stocks prompted traders to pay back loans in Switzerland
used to buy higher-yielding assets elsewhere.

The franc advanced against the Australian and New Zealand
dollars as investors unwound so-called carry trades that take
advantage of borrowing costs in Switzerland, which are the
second lowest among major economies. New Zealand's key interest
rate is 5.75 percentage points higher than the Swiss benchmark.


Read more at Bloomberg Currencies News

Rwanda's GDP to grow by 7 pct in 2007 - finmin

(Reuters) - Rwanda's economy is expected to grow by 7.0 percent in 2007 compared with 6 percent last year due to improved agricultural production, the country's finance minister said on Friday.

"The second quarter has seen impressive results in agriculture. All these point to a GDP growth of about 7 percent for this year," Finance and Economic Planning Minister James Musoni told Reuters in an interview, adding that the service and industry sectors had also improved.


Read more at Reuters Africa

Rand, bonds slip on run from risk

(Reuters) - South Africa's rand slipped on Friday after a volatile session and Thursday's sharp slide, and bonds added to losses on global emerging markets strain.

The local currency was trading at 7.0975 to the dollar at 1520 GMT, 0.25 percent weaker than its close in New York on Thursday, when it lost almost three percent of its value in one of its biggest session falls.


Read more at Reuters Africa

Constellation may bring back some retired capacity

(Reuters) - Constellation has not committed to build any new power
plants, he said.




Current energy prices alone are not sufficient to justify
developing new plants, especially considering rising
construction costs, said Thomas Brooks, head of Constellation's
merchant unit.


Read more at Reuters.com Market News

US STOCKS-Indexes flat after GDP, Treasury's Paulson

(Reuters) - NEW YORK, July 27 - U.S. stocks were little
changed on Friday, erasing small gains in a skittish session
after a government report that showed a stronger-than-expected
pace of economic growth in the second quarter.




Comments by Treasury Secretary Henry Paulson briefly lent
some support, but the underlying tone on Wall Street remained
nervous, a day after equities suffered their second worst
decline of the year.


Read more at Reuters.com Bonds News

Sara Lee recalls bread that may have metal pieces

(Reuters) - The bakery is still operating using bagged whole-wheat flour that does not require sifting, Goldman said,




The bread subject to recall is sold in Mississippi and Alabama, most of Arkansas, far southeastern Missouri, western Georgia, southwestern Tennessee, southeastern Louisiana and the panhandle of Florida, Sara Lee said..


Read more at Reuters.com Bonds News

Qwest ex-CEO Nacchio ordered to forfeit $52 mln

(Reuters) - Nacchio was convicted in April on 19 counts of insider trading for grossing some $52 million in sales of Qwest stock in 2001 with information unknown to investors about the company's true financial picture. He was acquitted on 23 other charges. His attorneys said they will appeal the conviction.




Prosecutors have sought a seven-year sentence, a $19 million fine and forfeiture of the $52 million.


Read more at Reuters.com Bonds News

US STOCKS-Indexes fall on persistent credit worries

(Reuters) - NEW YORK, July 27 - U.S. stocks fell on Friday as
persistent concern about financing for corporate takeovers amid
a broadening deterioration in credit markets offset positive
data on economic growth.




Comments by Treasury Secretary Henry Paulson briefly lent
some support, but the underlying tone on Wall Street remained
nervous, a day after equities suffered their second worst
decline of the year.


Read more at Reuters.com Bonds News

EU approves AIG's buy of Bulgarian phone company

(Reuters) - "Accordingly, no competition concerns would arise as a
consequence of the proposed transaction," the European Union's
top antitrust regulator said in a statement.




AIG has previously owned telecom operators in Romania and
Slovakia.


Read more at Reuters.com Mergers News

GM's Allison, Aisin Seiki to end joint venture

(Reuters) - GM in June agreed to sell the Allison Transmission unit for
$5.6 billion to private equity firms Carlyle Group [CYL.UL] and
Onex Corp. .




Read more at Reuters.com Mergers News

KfW Sells First Bonds Denominated in Thai Baht to Attract Asian Investors

(Bloomberg) -- KfW Group, the German government-
owned finance agency, sold its first bonds in Thai baht to
attract new investors in Asia.

Deutsche Bank AG arranged the sale of 3 billion baht ($100.8
million) of the three-year bonds to Thai pension funds, insurance
companies and banks, according to a press statement from KfW in
Frankfurt.


Read more at Bloomberg Bonds News

Sepracor cuts 2007 view on competition, payments

(Reuters) - In April, the company said it expected 2007 earnings per
share of $2.11, excluding one-time items.




The company said it now expects 2007 revenue of $1.23
billion to $1.3 billion. Previously the company forecast
revenue of $1.43 billion to $1.49 billion.


Read more at Reuters.com Market News

UPDATE 1-Peruvian miner Buenaventura 2nd-qtr net sinks

(Reuters) - Net earnings fell to $14.5 million from $139.8 million a
year earlier.




"The unwinding of the 2007-2009 hedge book positions ...
had a one-time negative net effect of $64.7 million," Chief
Executive Roque Benavides said in a statement.


Read more at Reuters.com Market News

UPDATE 1-Lamson & Sessions Q2 earnings fall, cuts '07 view

(Reuters) - The company expects the sales level of some of its products
sold through the Carlon and Lamson Home Products business to be
impacted, given that new housing starts are estimated to remain
at a lower activity level through 2007.




The maker of thermoplastic enclosures, fittings and
conduit, sees a full-year profit of $1.70 to $1.90 a share. In
April, the company had forecast a profit of $1.80 to $2.00 a
share.


Read more at Reuters.com Market News

Richemont Lures Investors With China Demand for Piaget Polo Luxury Watches

(Bloomberg) -- Xinhai Liao wants to splurge on a
status symbol: a new watch. Rather than buy an imitation out of a
suitcase on a Hong Kong street corner, the Chinese financial
adviser went two blocks away to check out genuine Piaget Polo
watches.

``It has to be perfect,'' Liao said. Piaget maker Cie.
Financiere Richemont SA's sales of luxury watches are surging in
China as consumers snub domestic timepieces to show they can
afford the real thing. Piaget Polo gold watches have a
recommended retail price of more than 15,000 euros ($20,000),
according to The Watch Quote's Web site.


Read more at Bloomberg Exclusive News

European Emission Permits Gain on Speculation Utilities May Need to Buy

(Bloomberg) -- European Union carbon dioxide emission
permits rose for the fourth consecutive day on speculation
utilities in the region will have to buy more contracts to comply
with pollution regulations.

Permits for December 2008 climbed as much as 45 cents, or 2.2
percent, to 20.52 euros ($28) a metric ton on the European Climate
Exchange in Amsterdam. The contract, poised for its biggest weekly
advance since May, traded at 20.30 euros at 1:44 p.m. local time.


Read more at Bloomberg Energy News

Chevron profit up with refining, beats view

(Reuters) - Excluding the $680 million gain on sale of Dynegy stock and a $160 million loss on debt redemption, the company would have posted earnings of about $2.37 a share. On that basis, the average forecast of Wall Street analysts was $2.30 a share, according to Reuters Estimates.




Total revenue in the quarter rose to $56.09 billion from $53.54 billion last year.


Read more at Reuters.com Business News

UPDATE 1-US July consumer sentiment up, risks linger-U.Mich

(Reuters) - The Reuters/University of Michigan Surveys of Consumers
said its final July reading on consumer sentiment was 90.4, a
touch below the median forecast of 91.2 and the preliminary
July reading of 92.4, which was a six-month high.




But it bounced back from June's final reading of 85.3, a
10-month low, and posted the index's best showing since
February, when it stood at 91.3.


Read more at Reuters.com Economic News

Gazprom 30-year bond postponed again -- source

(Reuters) - Gazprom postponed the Eurobond sale on Thursday after on
Wednesday scrapping its plans to issue 10-year paper as part of
the same deal, due to volatile market conditions.




Read more at Reuters.com Bonds News

Bush says U.S., world economy strong

(Reuters) - He called the U.S. economy "large, flexible and
resilient."




Read more at Reuters.com Bonds News

Bush says economy strong, resilient

(Reuters) - Bush called the U.S. economy "large, flexible and resilient" and said it has benefited from increased exports, particularly by farmers.




The Commerce Department reported that U.S. economic growth rebounded during the second quarter to its strongest pace since the beginning of last year.


Read more at Reuters.com Bonds News

Gol, Sadia, TAM, Vivo and Vale do Rio Doce: Brazil Equity Market Movers

(Bloomberg) -- Brazil's main stock index fell for a
second day, led by mining company Cia. Vale do Rio Doce.

The Bovespa Index of the most-traded stocks on the Sao
Paulo exchange fell 71.66, or 0.1 percent, to 53,821.49 as of
10 a.m. New York time.


Read more at Bloomberg Stocks News

Chevron Profit Rises on Wider Refining Margins, Gain on Dynegy Stake Sale

(Bloomberg) -- Chevron Corp., the second-largest
U.S. oil producer, posted its highest quarterly earnings ever
after gasoline prices rose to a record and the company sold its
stake in Dynegy Inc. at a profit.

Second-quarter net income climbed to $5.38 billion, or
$2.52 a share, from $4.35 billion, or $1.97, a year earlier, San
Ramon, California-based Chevron said today in a statement. The
profit increase, at 24 percent, was the biggest among the
world's five largest investor-owned oil companies.


Read more at Bloomberg Energy News

Indian Bonds Fall; Chidambaram Says Excess Liquidity Poses Inflation Risk

(Bloomberg) -- India's 10-year bonds fell,
reversing gains, after Finance Minister Palaniappan Chidambaram
said there was ``enormous liquidity'' in the market and the
government will ``take all steps'' to curb inflation.

The rate at which banks lend to each other overnight stayed
below 0.5 percent for a third week on speculation the central
bank sold rupees to stem gains in the currency, adding to funds
in the system. The central bank, which will announce its
interest-rate decision on July 31, is fighting inflation that
accelerated to a six-week high in the seven days ended July 14.


Read more at Bloomberg Bonds News

Platinum, Palladium Decline as New Catalyst From Nissan Reduces Metal Use

(Bloomberg) -- Platinum and palladium fell in London
after Nissan Motor Co. announced new technology that may slash
demand for the metals used in catalytic-converters.

Nissan developed a gasoline-powered catalyst that uses half
the platinum, palladium and rhodium in existing technology, the
company said in a statement today. Platinum usage in catalytic
converters rose 11 percent last year to a record, London-based
catalyst producer Johnson Matthey Plc said in May.


Read more at Bloomberg Commodities News

Washington Grp major shareholder says to vote against URS deal

(Reuters) - On May 28, URS said it would acquire the company for about
$2.3 billion, and the pending acquisition had already cleared
an antitrust hurdle.





Read more at Reuters.com Government Filings News

FTSE sags as credit jitters persist; property shows gains

(Reuters) - The FTSE 100 index of Britain's leading shares reversed earlier gains in choppy trade on Friday although real estate stocks lent support despite concerns over U.S. credit risks and rising interest rates.

At 1114 GMT, the UK's main index was 16.1 points, or 0.3 percent, lower at 6,235.1, but had pulled away from near four-month lows, with investors still wary that U.S. subprime lending concerns could spread into other areas of the economy.


Read more at Reuters Africa

US STOCKS-Futures cut losses after GDP data

(Reuters) - S&P 500 futures were off 9.50 points, below fair
value, a mathematical formula that evaluates pricing by taking
into account interest rates, dividends and time to expiration
on the contract.




Dow Jones industrial average futures were down 69
points, and Nasdaq 100 futures were down 6.50 points.


Read more at Reuters.com Bonds News

TREASURIES-Bonds up but volatile stocks hold key

(Reuters) - A government report showed the U.S. economy grew at a
stronger-than-expected annual rate of 3.4 percent in the second
quarter, rebounding from a dismal start to the year.




The data's inflation gauge plunged, indicating that the
Federal Reserve now has more leeway if it needs to cut
benchmark interest rates in the second half of this year.


Read more at Reuters.com Bonds News