Sun Valley no longer refuge for media industry

(Reuters) - Conceived as a refuge for the Hollywood elite and their
families to discuss the future, hatch merger plans and go
white-water rafting, the conference this year features a more
diverse cast that includes New York City Mayor Michael
Bloomberg and former British Prime Minister Tony Blair.




"It used to be people, CEOs of companies that were more or
less the same size and have the same business," Sony Corp.
Chief Executive Howard Stringer told reporters. "Now
it's very widespread. Allen's conference has caught the wave
like everybody else."


Read more at Reuters.com Mergers News

Fed's Yellen: Core inflation best gauge of price gains

(Reuters) - She said core inflation was "a better forward looking measure for total inflation."




The Fed has kept U.S. interest rates at 5.25 percent for just over a year, and has said price pressures have eased a bit, though upside risks remain its main concern.


Read more at Reuters.com Business News

Alcoa Extends Gains on Takeover Speculation; Alcan Falls: U.S. After-Hours

(Bloomberg) -- Alcoa Inc. climbed in extended U.S.
trading as speculation increased that the world's second-largest
aluminum company will become a takeover target.

Shares of the New York-based company gained 93 cents, or
2.1 percent, to $46.22 as of 6:52 p.m. in New York. Alcoa
withdrew its hostile $27.7 billion takeover bid for Alcan Inc.
after mining company Rio Tinto Group topped the offer today by
agreeing to pay $38.1 billion.


Read more at Bloomberg Stocks News

Trade gap widens on oil, jobless claims fall

(Reuters) - A separate report showed the number of Americans applying for first-time jobless benefits fell more than expected last week, suggesting continued labor market strength.




Financial markets largely dismissed the data, but better-than-expected June sales results from U.S. retailers helped give a big lift to U.S. stocks. The Dow Jones industrial average closed at a record 13,861.81 on its biggest point gain in 4-3/4 years.


Read more at Reuters.com Bonds News

Australian Dollar Rises to Highest in 18 Years on Growing Risk Appetite

(Bloomberg) -- The Australian dollar surged to an
18-year high against the U.S. currency and the most in 16 years
versus the yen as a rise in U.S. stocks encouraged investors to
buy higher yielding assets.

The currency was poised for its fourth weekly advance
against the U.S. dollar and second versus the yen as the Dow
Jones Industrial Average rose the most since 2003 to a record.
Rising stocks have given investors confidence to borrow in Japan
and use the proceeds to buy Australia's higher yielding assets
in so-called carry trades.


Read more at Bloomberg Currencies News

BHP, Billabong, Leighton Holdings, Rio Tinto: Australian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may rise or fall in Australia. This preview includes
news announced after markets closed yesterday. Prices are from
yesterday's close unless otherwise stated. Stock symbols are in
brackets after the company names.

The S&P/ASX 200 Index futures contract due in September rose
1.1 percent to 6435 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index gained 2.8 percent in New York.


Read more at Bloomberg Stocks News

S&P Downgrades $6.39 Billion of Subprime Mortgage Bonds; Fitch May Cut

(Bloomberg) -- Standard & Poor's cut credit ratings
on $6.39 billion of bonds backed by subprime mortgages and Fitch
Ratings said it may cut $7.1 billion on expectations home-loan
defaults will increase.

S&P lowered ratings on 562 securities, including 64 that
were under scrutiny before this week. Fitch put 170 subprime
transactions ``under analysis,'' indicating that they may be cut.
Ratings of 19 collateralized debt obligations were placed on
review for a downgrade, Fitch, a unit of Paris-based Fimilac SA,
said today in a statement.


Read more at Bloomberg Bonds News