European shares fall amid credit market worries

(Reuters) - European shares fell in early trade on Monday, taking their cue from Friday's decline on Wall Street triggered by investment bank Bear Stearns saying credit markets were in their worst shape in two decades.

"We are seeing a flight to safe havens, to very short and very liquid assets, mainly cash," said Heinz-Gerd Sonnenschein, equity strategist at Postbank in Germany.


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Germany's DAX Index Falls, Paced by DaimlerChrysler, Fresenius Medical

(Bloomberg) -- German stocks declined for a second
day, led by DaimlerChrysler AG, Fresenius Medical Care AG and
Allianz SE.

The benchmark DAX Index lost 37.04, or 0.5 percent, to
7398.63 as of 9:04 a.m. in Frankfurt. The HDAX Index of the
country's 110 biggest companies fell 0.6 percent.


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European shares open 1 pct down, echoing Wall St

(Reuters) - European shares fell 1 percent at the opening on Monday, taking their cue from Friday's decline on Wall Street which was triggered by investment bank Bear Stearns saying credit markets were in their worst shape in two decades.

"Financial markets reflect a normalisation in risk tolerance -- the fall in equities being a function of rising cost of capital for the broad corporate sector and asset quality risks for the global financial sector," JPMorgan said in a note.


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Securitas buys cash handling unit in Great Britain

(Reuters) - It said the unit will be consolidated in Loomis as of Aug.
6.




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Nedbank lifts H1 headline EPS by 34 pct

(Reuters) - South African banking firm Nedbank Group increased first-half headline earnings per share by 34 percent as loans and advances increased, but it said on Monday bad loans were rising.

Nedbank, majority-owned by insurer Old Mutual, said headline EPS were 700 cents, while headline earnings for the six months to end-June increased to 2.775 billion rand.


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Dry-Bulk Shipping Rates May Extend Gains Until 2009, Credit Suisse Says

(Bloomberg) -- Freight rates to transport coal, iron
ore and other dry goods in bulk may extend gains for at least
another two years, boosted by global demand and port congestion,
Credit Suisse said in a report.

``We think this upcycle will run harder and longer than
previous ones, helped by strong demand and supply constraints at
the shipyards, until 2009,'' Credit Suisse said in an Aug. 3
report. ``At the earliest, oversupply could happen in the second
half of 2009.''


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UPDATE 1-Wal-Mart, India Bharti set to announce India deal

(Reuters) - The two firms will hold a joint news conference in New
Delhi at 3:30 p.m. .




"Today's press conference is to announce a joint venture
with Wal-Mart for cash-and-carry," a spokesman for Bharti
Enterprises said.


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