Philippines, Singapore, Sri Lanka, South Korea: Asian Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: The nation should steadily work toward yuan
convertibility, China Money magazine reported Aug. 3, citing
Wang Yungui, deputy director general of the Balance of Payment
Department at the currency regulator. China should improve the
system of foreign-exchange settlements and increase the currency
market's demand and supply, Wang said according the magazine.
China Development Bank plans to sell 20 billion yuan ($2.64
billion) of fixed-rate seven-year bonds this week.


Read more at Bloomberg Bonds News

Shareholders to rule on Fortis's ABN purchase plan

(Reuters) - The Fortis shareholder meeting is the latest hurdle for the
consortium, albeit one Fortis is expected to clear.




Fortis shares have fallen almost 18 percent since it
announced its involvement and a plan to finance its 24 billion
euro share of the deal with Europe's second largest ever rights
issue.


Read more at Reuters.com Mergers News

Dollar Falls to Four-Month Low Against Yen on Concerns About U.S. Growth

(Bloomberg) -- The dollar fell to a four-month low
against the yen on signs losses related to subprime mortgages
are starting to slow U.S. economic growth.

The dollar also traded near a record low against the euro
after the yield spread between U.S. and German two-year bonds
narrowed to the least in 2 1/2 years. The Standard & Poor's 500
Index slid the most in five months and two-year Treasury yields
dropped to an 18-month low Aug. 3 as reports on employment and
services suggested housing market weakness is causing economic
growth to slow.


Read more at Bloomberg Currencies News

Fed's Bernanke May Alter Rhetoric, Not Interest Rates After Market Turmoil

(Bloomberg) -- Federal Reserve Chairman Ben S.
Bernanke may respond to the latest squall in financial markets
the same way he did when turbulence hit four months ago: with a
change in words rather than policy.

Bernanke and his colleagues may suggest after their
meeting tomorrow that the risks to economic growth have
increased following the rout in stock and credit markets -- just
as they did after their March meeting.


Read more at Bloomberg Currencies News

Vattenfall Prolongs Maintenance Shutdown by Six Days at Forsmark Reactor

(Bloomberg) -- Vattenfall AB, the Nordic region's
biggest utility, said its Forsmark B2 nuclear reactor will be
shut down for maintenance work six days longer than previously
reported.

The reactor, with a maximum capacity of 1,000 megawatts,
will be off until Aug. 23 instead of Aug. 17, Forsmark Kraftgrupp
AB said today in a statement distributed by the Nord Pool ASA
power exchange. The Forsmark nuclear plant is located on Sweden's
east coast, north of Stockholm.


Read more at Bloomberg Energy News

UPDATE 1-Bear Stearns says president Spector has resigned

(Reuters) - The resignation follows Bear Stearns' assertion on Friday
that it is weathering the worst storm in financial markets in
more than 20 years after a major rating company warned mortgage
credit problems could hurt the investment bank's profits.




In a statement, Bear Stearns said that, effective
immediately, Alan Schwartz has been named the company's sole
president, and Samuel Molinaro will become chief operating
officer in addition to chief financial officer.


Read more at Reuters.com Mergers News

Putin Favors Ruble Traders Over Oil Profits in Battle Against Inflation

(Bloomberg) -- Russian President Vladimir Putin's
plan to keep inflation from accelerating depends on favoring
foreign-exchange traders over the country's oil and gas
companies.

Putin will probably allow the central bank to double the
ruble's pace of appreciation this year because he has few options
outside the foreign exchange market to rein in consumer prices,
according to strategists at Bank of America Corp. and UBS AG.
Russia's 8.5 percent inflation rate is three times faster than
any other Group of Eight country.


Read more at Bloomberg Emerging Markets News