Sabic Could Receive Approval for $1.3 Billion Sale of Islamic Bonds Today

(Bloomberg) -- Saudi Basic Industries Corp., the
world's biggest chemical maker by market value, may get
regulatory approval today to sell as much as 5 billion riyals
($1.3 billion) of Islamic bonds.

Saudi Basic, known as Sabic, plans to sell 20-year bonds to
buyers in six Gulf Arab states including Kuwait and the United
Arab Emirates, according to Alan Lowe, head of corporate finance
at Riyad Bank, which is arranging the deal. Sabic has the right
to buy back the notes after five years.


Read more at Bloomberg Bonds News

Canadian Dollar May Rally to 120 Yen as Economy Strengthens, Nomura Says

(Bloomberg) -- The Canadian dollar may extend a
rally to a 17-year high of 120 yen this quarter as a
strengthening economy and rising interest rates attract
investment, said Takahisa Odaka at Nomura Securities Co.

The Bank of Canada will lift the overnight rate by a
quarter percentage point to 4.5 percent tomorrow, increasing the
appeal of the nation's assets, according to all but one of 29
economists surveyed by Bloomberg News. Commodity demand from
China and other nations helped drive Canada's dollar to the
highest since 1977 against the U.S. currency last week. Raw
materials make up more than half of the nation's exports.


Read more at Bloomberg Currencies News

Rand barely moves against vs dollar, seen stuck in ranges

(Reuters) - South Africa's rand was barely moved from previous levels against the dollar early on Monday and should be stuck in ranges in the absence of key driving factors during the session, traders said.

The rand was at 6.9915 versus the dollar at 0630 GMT, 0.09 percent off its New York close of 6.9850 on Friday.


Read more at Reuters Africa

Morgan Stanley to buy $1 bln Seoul office building

(Reuters) - Morgan Stanley's real estate investment fund, AHI Holding B.V., beat other bidders including Australia's Macquarie Bank Ltd. and South Korea's Kookmin Bank in the race for the Daewoo building, located in the heart of downtown Seoul.






Read more at Reuters.com Mergers News

Singapore Air may sell Virgin Atlantic stake-paper

(Reuters) - Singapore Airlines and Virgin Atlantic could not
immiediately be reached for comment.




Read more at Reuters.com Mergers News

UPDATE 1-UMC posts small fall in June sales amid chip recovery

(Reuters) - TAIPEI, July 9 - UMC the world's No. 2
contract chip maker, posted a small annual decline in June sales
on Monday, but the result marked its fourth straight monthly
gain, amid a chip upturn driven by growing tech demand.




The Taiwan firm's second-quarter sales also improved from the
previous three months, when many clients suffered from high
stockpiles, which bodes well for the second half as new PCs,
cellphones, game consoles and flat-screen TVs hit the stores.


Read more at Reuters.com Market News

Copper Workers at Chile's Collahuasi Mine Plan Strike Today; Price Gains

(Bloomberg) -- A union at Dona Ines de Collahuasi,
Chile's third-largest copper mine, plans to begin a strike over
wages today, adding to labor unrest in Latin America that may
curb global supplies of the metal and bolster prices.

``The strike is definitely on,'' union President Hernan
Farias said yesterday. The walkout is set to start at 8 a.m.
local time at the mine, which accounts for 2.6 percent of global
supply, Ferias said. The planned stoppage follows more than a
month of talks with owners Xstrata Plc and Anglo American Plc.


Read more at Bloomberg Emerging Markets News