Sunday, July 1, 2007

China's CNPC signs exploration agreement with Sudan

(Reuters) - China's top state-run energy group, China National Petroleum Corp. (CNPC), has signed an agreement with the Sudanese government to prospect for oil and gas in Sudan's northern territory, a local newspaper said on Monday.

Under the agreement, CNPC would have exploration rights to 13 oil blocks located in the northern coast of the Red Sea. The fields have a total acreage of about 3.8 square kilometres, China Petroleum Daily reported.


Read more at Reuters Africa

Bear Stearns to add up fund losses by July 16-WSJ

(Reuters) - Investors are keen to see how far the assets have fallen,
since they believe other hedge funds are also holding
mortgage-related securities, the report added.




A Bear Stearns spokeswoman was not immediately available for
comment.


Read more at Reuters.com Bonds News

Bear Stearns Dismembers U.S. Treasury Bear Market; Demand Seen Rising

(Bloomberg) -- Treasury investors can thank Bear
Stearns Cos. for smothering the bear market.

Traders who cut their holdings of U.S. government debt just
a few weeks ago as retail sales increased and job growth
accelerated are now snapping up Treasuries. Demand is being
fueled by speculation that losses at hedge funds owning subprime
mortgage bonds such as those managed by New York-based Bear
Stearns and London-based Cambridge Place Investment Management
LLP will spread and slow the economy.


Read more at Bloomberg Bonds News

Copper Falls in Asia as Gains on Chile Strikes Seen Overdone; Zinc Lower

(Bloomberg) -- Copper prices fell in Asia amid
speculation that gains on labor unrest at mines in Chile, the
world's largest source of the metal, may have been overdone.

At Dona Ines de Collahuasi, Chile's third-largest copper
mine, owners Xstrata Plc and Anglo American Plc exercised a right
to extend labor talks. The decision by management at the mine in
northern Chile delays the start of a possible strike to July 9
from July 3, union President Hernan Farias said June 29.


Read more at Bloomberg Commodities News

Apple, DTE Energy, Lions Gate, Seaspan, Theravance: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
tomorrow. This preview includes news that broke after exchanges
closed. Stock symbols are in parentheses after company names.

Apple Inc. (AAPL US) shares rose as much as $1.62, or 1.3
percent, to $123.66 in extended trading. The U.S. debut of the
iPhone drew thousands of shoppers over the weekend, emptying most
of AT&T Inc.'s inventory and causing network glitches as the
flood of customers began activating the device. Shoppers snapped
up as many as 200,000 iPhones the first day after the device went
on sale June 29, according to Global Equities Research.


Read more at Bloomberg Stocks News

Western Mining Seeks an $815 Million Initial Public Offering in Shanghai

(Bloomberg) -- China's Western Mining Co., a
producer of zinc, nickel and copper, is seeking as much as 6.2
billion yuan ($815 million) in a Shanghai initial public
offering to expand production and buy stakes in other mines.

The company will sell as many as 460 million new shares at
12 yuan to 13.48 yuan each, Xining, Qinghai-based Western Mining
said today in a filing to the Shanghai Stock Exchange. UBS AG,
Europe's biggest bank by assets, is arranging the sale, its
first in China.


Read more at Bloomberg Emerging Markets News

South Korea to Deliver Oil to North Korea Under Nuclear Dismantling Accord

(Bloomberg) -- The South Korean government agreed
to begin the delivery of 50,000 metric tons of heavy fuel oil to
North Korea within two weeks, as part of a nuclear dismantling
agreement, the South's Unification Ministry said.

The agreement came late yesterday, after two-days of
discussions with North Korean officials in the North's city of
Gaeseong, the ministry said in an e-mailed statement. South
Korea will deliver the oil via a sea route and complete it
within 20 days of the first ship's departure.


Read more at Bloomberg Energy News

UBS Raises West Texas, Brent Crude Oil Forecasts on Higher Refinery Demand

(Bloomberg) -- UBS AG raised its 2007 forecast for
crude oil traded in New York to $65 a barrel, from $61, as
stronger demand from refiners lowers inventories.

The bank boosted its forecast for Brent crude oil to $67 a
barrel for 2007, from $60, UBS said in a report today.


Read more at Bloomberg Energy News

Coles, Wesfarmers in talks on takeover bid

(Reuters) - The two companies did not give details in separate statements to the Australian Stock Exchange.




The Australian Financial Review said on Monday that Wesfarmers was close to winning Coles with a sweetened offer in what would be the largest takeover in Australian corporate history.


Read more at Reuters.com Business News

Australia's Retail Sales Growth Probably Accelerated to 0.7 Percent in May

(Bloomberg) -- Australia's retail sales growth
probably accelerated in May, marking the 12th straight increase,
as job gains and rising wages buoyed spending.

Sales rose 0.7 percent after gaining 0.1 percent in April,
according to the median estimate of 24 economists surveyed by
Bloomberg News. The Bureau of Statistics will release the report
tomorrow at 11:30 a.m. in Sydney.


Read more at Bloomberg Bonds News

AED Oil, Billabong, Coles, Crossland, Woodside: 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 June 29. Prices are from the
June 29 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
0.1 percent to 6285 at 6:59 a.m. in Sydney. The Bank of New York
Australia ADR Index rose 0.7 percent in New York.


Read more at Bloomberg Stocks News

UPDATE 1-Virgin Media seeks buyer, Carlyle bids -sources

(Reuters) - LONDON, July 1 - British cable operator Virgin
Media has appointed Goldman Sachs to seek a possible
buyer after it received approaches from various private equity
firms, people familiar with the situation said on Sunday.




Carlyle Group [CYL.UL], for one, offered in recent weeks to
buy the company, whose leading shareholder is the flamboyant
entrepreneur Richard Branson, the sources said, but they declined
to disclose the price put forward.


Read more at Reuters.com Bonds News

Carbon backlash: coal divides corporations

(Reuters) - They are questioning not only the science but also the
motives of some of the big-name corporations who have made
well-publicized commitments to cleaning up their act.




At a recent industry conference in New York, Arch Coal
, one of America's "Big Four" producers, stressed the
need for research and investment in "clean coal" technology
that would allow the country to utilize its abundant reserves
while weaning itself off foreign oil.


Read more at Reuters.com Business News

Jobs, subprime mess to rule July 4 week

(Reuters) - At the same time, the potential for defaults in subprime loans to spill over to the general economy remains a concern. Nervousness that tighter credit may affect the availability of financing for buyouts prompted investors to sell banks' and brokers' shares on Friday, which helped cut short a morning rally.




In this holiday-shortened week, the most significant data, the June payrolls report, will come on Friday.


Read more at Reuters.com Hot Stocks News

Carlyle lines up $8bln bid for Virgin Media: report

(Reuters) - Providence Equity has also signaled its interest, it added without citing sources.




The Sunday Telegraph report follows a similar story in Saturday's edition of the Times newspaper.


Read more at Reuters.com Business News