UPDATE 1-GE finds improper revenue booking at rail unit

(Reuters) - In a filing with the U.S. Securities and Exchange
Commission, GE said it discovered the improprieties after the
SEC requested information into transactions at the rail unit
between 2000 and 2003.




"Revenues had been inappropriately accelerated so that they
were recognized in the fourth quarter of each of the years 2000
through 2003 rather than in the first quarter of the following
year," the company said in an SEC filing.


Read more at Reuters.com Market News

Mexican stocks rebound after heavy losses

(Reuters) - The benchmark IPC stock index added 1.27 percent to
reach 30,371 points in late afternoon trading.




The peso firmed 0.28 percent to close at
10.96 per dollar after the Mexican central bank kept interest
rates steady at a monthly monetary policy review.


Read more at Reuters.com Bonds News

Analysts undecided on GAP CEO with no apparel ties

(Reuters) - Concerns that incoming chief executive Glenn Murphy lacks apparel experience were high in the minds of apparel analysts on Friday. Still, shares of Gap rose nearly 5 percent in afternoon trade, helped by Citigroup raising the company's stock rating to "buy" from "hold."




On Thursday, Gap said it had appointed Murphy, a 45-year-old Canadian who most recently served as CEO of Toronto-based Shoppers Drug Mart to lead the operator of the Gap, Old Navy and Banana Republic clothing chains.


Read more at Reuters.com Business News

Lululemon stock jumps 50 pct in eagerly awaited IPO

(Reuters) - "A lot of people are clamoring for the shares," said Accountability Research Corp. analyst Mark Rosen in an interview.




"It's a name people recognize and see as trendy. And it has such a high-growth profile to it, that there's a lot of excitement."


Read more at Reuters.com Hot Stocks News

TREASURIES-Bonds rise as stocks fall,rally shows fatigue

(Reuters) - NEW YORK, July 27 - U.S. Treasuries rose on
Friday, driving benchmark yields to fresh two-month lows, as
stocks stayed under pressure with investors worried over
tighter access to credit.




Data showing the U.S. economy grew at a surprisingly strong
rate in the second quarter of 2007 only briefly calmed fears of
a slump following this week's turmoil in global financial
markets. See [ID:nN27292437] for details.


Read more at Reuters.com Bonds News

Oil Surges More Than $2 as U.S. Economic Growth Signals Demand Will Climb

(Bloomberg) -- Crude oil rose more than $2 a barrel
in New York after a government report showed that the U.S.
economy grew more than expected in the second quarter, indicating
fuel demand will rise in the world's biggest energy consumer.

The economy grew 3.4 percent last quarter, the fastest pace
in more than a year. Economists surveyed by Bloomberg News before
the report predicted a 3.2 percent gain. The U.S. consumes 24
percent of global oil production.


Read more at Bloomberg Energy News

Colombia's Peso, Bonds Strengthen as Central Bank Boosts Key Lending Rate

(Bloomberg) -- Colombia's peso rebounded from a
two-month low after the central bank boosted the benchmark
borrowing cost to the highest since 2001, increasing the appeal
of local assets.

Policy makers in Bogota raised the overnight interbank rate
a quarter-percentage point to 9.25 percent today, in line with
17 of 31 economists in a Bloomberg survey. The other 14
economists had expected the rate to remain unchanged.


Read more at Bloomberg Currencies News