Crude Oil Trades Near an 11-Month High After North Sea Production Declines

(Bloomberg) -- Crude oil traded near an 11-month
high in New York after rising last week as a pipeline shutdown in
the North Sea cut oil output and pushed Brent futures higher.

New York futures jumped 2 percent on July 13, their first
gain in three days, after Chevron Corp. and ConocoPhillips said
the closure of a BP Plc gas pipeline in the North Sea will limit
their oil output. World oil demand will rise 2.5 percent next
year to average 88.2 million barrels a day, the International
Energy Agency said in a report the same day.


Read more at Bloomberg Energy News

Australian Dollar Trades Near Highest in 18 Years in Early Sydney Trading

(Bloomberg) -- The Australian dollar rose was at
87.03 U.S. cents at 7:25 a.m. in Sydney from 87.12 late in New
York last week, when it reached 87.16 cents, the highest since
February 1989.

The currency traded at 106.11 yen from 106.21 yen in New
York July 13, when it touched 106.36 yen, the most since
September 1991.


Read more at Bloomberg Currencies News

First Solar shares may be overvalued - Barron's

(Reuters) - Barron's said though First Solar's technology is more
cost-effective than competitors, it still falls short of the
huge potential for Solar 2.0, a thin-solar energy technology
based on chemicals and vapor deposition.




First Solar is also highly dependent on European government
subsidies, especially in Germany, which said two weeks ago it
wants to cut subsidies further for solar, Barron's reported.


Read more at Reuters.com Mergers News

UPDATE 1-Mexico watchdog sets rules for Televisa cable buy

(Reuters) - Televisa , which is trying to buy a 49
percent stake in Cablemas, has 90 days to comply with the
ruling, the Mexican competition commission said in a
statement.




"We guarantee Televisa will soon offer equal access to its
content and networks," said commission head Eduardo Perez
Motta. "With this we make sure consumers have the best number
of options with open TV and the best prices on pay TV."


Read more at Reuters.com Mergers News

Alcoa, Alumina Advance on Takeover Speculation After Rio's Bid for Alcan

(Bloomberg) -- Shares of Alcoa Inc. and Alumina
Ltd., partners in the world's biggest alumina venture, rose to
records on speculation that Rio Tinto Group's $38.1 billion bid
for Alcan Inc. will spark more aluminum-industry takeovers.

BHP Billiton Ltd. might bid for New York-based Alcoa and
Alumina, UBS AG analysts Glyn Lawcock and Mark Busuttil said in
a report yesterday. Alcoa also may try to buy Melbourne-based
Alumina, which owns 40 percent of the Alcoa World Alumina &
Chemical joint venture, the analysts said.


Read more at Bloomberg Commodities News

Booming Tax Receipts Pare U.S. Treasury Sales as International Buyers Flee

(Bloomberg) -- Just as international investors are
reducing purchases of Treasuries, the U.S. government will be
selling fewer of them thanks to no let-up in tax receipts.

The projected 7 percent increase in tax revenue will help
the U.S. budget deficit shrink by 17 percent to about $205
billion for the fiscal year ending Sept. 30, the Bush
administration said last week. As a result, the Treasury
Department sold less securities from January through June than
matured, the first time that has happened since 2000.


Read more at Bloomberg Bonds News

Bernanke to stress price worries before Congress

(Reuters) - Bernanke looks set to emphasize that the Fed's main concern remains the risk that inflation fails to moderate as it expects when he appears before the House of Representatives' Financial Services Committee on Wednesday at 10 a.m. EDT. .




He will deliver similar testimony the next day before the Senate Banking Committee. The two days of testimony are part of a twice-yearly ritual in which the Fed chairman presents the central bank's monetary policy report. The report will contain updated forecasts for growth, inflation and unemployment.


Read more at Reuters.com Business News