Cash machine attacks have S.Africa banks stumped

(Reuters) - Blowing up cash dispensers is becoming a favourite tactic of South African bank robbers, and the country's embattled police as well as its banks are struggling to find a way to prevent it.

Banks report a dramatic rise in this type of crime over the past three years. In the past two weeks alone, five attacks on cash machines have been reported in the coastal city of Durban and police say they have made no arrests.


Read more at Reuters Africa

Yen Strengthens as Asian Stock Markets Slide, Traders Reduce Carry Trades

(Bloomberg) -- The yen gained as a slump in Asian
stocks prompted traders to reduce investments in higher-yielding
assets funded by borrowing in Japan.

``Investors appear to be reducing risk, given the decline in
Asian shares,'' said Nobuaki Tani, a client manager of the Market
Trading Office at Resona Bank Ltd. in Tokyo. ``There's a risk
this stock weakness may spill over into European markets. The yen
is being bought.''


Read more at Bloomberg Currencies News

UPDATE 1-Perry Capital offers to buy stake in NEC Elec

(Reuters) - TOKYO, July 11 - U.S. investment fund Perry Capital
has joined a growing list of foreign shareholders pressuring weak
Japanese firms, by offering to buy a further 25 percent stake in
ailing chip maker NEC Electronics Corp. for $1.25
billion.




Perry Capital has told NEC Electronics and its parent, NEC
Corp. , it is willing to buy 30.87 million shares in NEC
Electronics for about 154 billion yen , or 5,000
yen a share, a source close to the matter said on Wednesday.


Read more at Reuters.com Market News

Alsea, Bancolombia, Gol, Tam, Televisa: Latin American Equity Preview

(Bloomberg) -- The following stocks may make
significant gains or losses in Latin American markets
today. Symbols are in parentheses after the company name, and
stock prices are from the last session.

In Brazil, preferred shares are the most commonly traded
class of stock.


Read more at Bloomberg Stocks News

Indonesian Rupiah, Philippine Peso, Ringgit Decline on Risk Reduction

(Bloomberg) -- Southeast Asian currencies such as
the Philippine peso and the Malaysian ringgit fell on speculation
overseas investors cut holdings of emerging-market assets,
preferring safer securities after U.S. stocks dropped.

The peso snapped a three-day rally, the biggest loser today
among 10 of the most-active Asian currencies, and the ringgit
declined the most since July 3 as regional equity markets slumped.
The Morgan Stanley Capital International Asia-Pacific Index of
shares lost 0.8 percent, the most since June 27.


Read more at Bloomberg Currencies News

President Bush to project lower budget deficit

(Reuters) - A deficit for fiscal 2007 in that range would mark a decline from the $248 billion gap recorded last year. The fresh estimate will be unveiled at 1 p.m. EDT in the administration's "midsession review" of the budget.




When President George W. Bush sent Congress his annual budget in February, he forecast that this year's deficit would decrease only slightly to $244 billion.


Read more at Reuters.com Bonds News

Nanjing Bank, Ningbo Bank May Raise $1.46 Billion in China Share Sales

(Bloomberg) -- Bank of Nanjing Co. and Bank of
Ningbo Co. may raise a combined $1.46 billion in the first
initial public offerings by Chinese city lenders, seeking funds
to help fend off larger competitors.

Bank of Nanjing, part-owned by BNP Paribas SA, may raise as
much as 6.93 billion yuan ($914 million) selling 630 million
shares, a 34.3 percent stake, at 9.80 yuan to 11 yuan each, it
said today in a filing to the Shanghai exchange. Bank of Ningbo
will sell 450 million shares at 8 yuan to 9.20 yuan to trade in
Shenzhen, raising as much as 4.14 billion yuan, it said in a
separate filing to the city's bourse.


Read more at Bloomberg Emerging Markets News

U.S. 10-Year Yield Is Near One-Week Low as Moody's Lower Subprime Ratings

(Bloomberg) -- U.S. 10-year Treasury yields held
near a one-week low after Moody's Investors Service cut the debt
ratings on $5.2 billion of bonds backed by subprime mortgages.

Ten-year notes yesterday advanced for a second day as
Moody's announcement fed demand for the relative safety of
government debt. Standard & Poor's said it may lower the rating
on $12 billion of securities, citing a deepening decline in the
U.S. housing market.


Read more at Bloomberg Bonds News

JGB futures surge, tracking rally in Treasuries

(Reuters) - Standard & Poor's fanned these fears, saying it might cut its
ratings on $12.1 billion of subprime mortgage-related debt on
expectations of an 8 percent drop in U.S. home prices and more
mortgage defaults, rattling financial markets.




Traders also said that after five sessions of selling, yield
levels appear to be attracting investors to buy.


Read more at Reuters.com Bonds News

Australian Stocks Slide, Led by BHP, James Hardie on Metals, U.S. Concerns

(Bloomberg) -- Australian stocks fell for a second
day. BHP Billiton Ltd. led mining shares lower along with prices
of metals including copper and nickel.

James Hardie Industries NV led declines among companies with
U.S. earnings on increasing evidence a housing slump is depressing
profits in the world's largest economy.


Read more at Bloomberg Stocks News

Kookmin Bank, LG.Philips LCD, SK Securities: South Korea Equity Preview

(Bloomberg) -- The following shares may rise or fall
in South Korea. Prices refer to the previous close. This preview
includes news announced after markets shut yesterday. Stock
symbols are in brackets after the company names.

The Kospi index added 0.6 percent to a record 1894.53. The
Kosdaq added 0.2 percent to 814.85. Kospi 200 futures expiring in
September advanced 0.6 percent to 242.30, while the underlying
index climbed 0.6 percent to 241.02.


Read more at Bloomberg Stocks News

Compuware, Vital Images Shares Plunge; Tercica Advances: U.S. After-Hours

(Bloomberg) -- Compuware Corp. plunged in extended
U.S. trading after the software maker reported preliminary
first-quarter sales and earnings that missed analysts'
estimates.

Shares of the Detroit-based company dropped $2.17, or 18
percent, to $10 as of 6:52 p.m. in New York. Compuware said
sales totaled about $278 million in the period ended June 30.
The company said it will probably have break-even per-share
earnings for the quarter. Analysts on average estimated sales of
$302.9 million and profit of 10 cents a share, according to a
Bloomberg survey.


Read more at Bloomberg Stocks News

Subprime worries quickly reshaping rate ideas

(Reuters) - Short-term interest rate futures, which measure market expectations of likely Fed policy, jumped on Tuesday after Standard & Poors said it might cut $12 billion in debt tied to subprime mortgages.




Rival Moody's Investor Services later said it had cut ratings of 399 mortgage-backed securities and was eyeing downgrades on another 32.


Read more at Reuters.com Bonds News

Ryland warns of Q2 net loss on weak housing market

(Reuters) - LOS ANGELES, July 10 - The Ryland Group Inc. warned on Tuesday that it expects to post a second- quarter net loss of $1.25 to $1.35 per share due to continued deterioration in the housing market.



The home builder expects to book additional pre-tax charges of $145 million to $155 million related to inventory impairments and write-offs related to assets in Arizona, California, Florida and Nevada.


Read more at Reuters.com Bonds News

UPDATE 1-Ryland warns of Q2 net loss on weak housing market

(Reuters) - The home builder expects to book additional pre-tax charges
of $145 million to $155 million related to inventory
impairments and write-offs related to assets in Arizona,
California, Florida and Nevada.




Excluding inventory impairments and write-offs, the company
expected to earn 70 cents to 80 cents per share during the
second quarter.


Read more at Reuters.com Market News

Buy Calls to Bet Australia Dollar Extends Rally, Suncorp's Pontikis Says

(Bloomberg) -- Investors should buy call options to
bet the Australian dollar rallies beyond its current 18-year
high versus the U.S. dollar, according to Peter Pontikis at
Suncorp-Metway Ltd.

The central bank will lift its benchmark by year-end, after
leaving it unchanged at 6.25 percent since November, according
to Suncorp-Metway and Lehman Brothers Holdings Inc. The
Australian currency has gained 9.3 percent this year as
investors bought the country's high-yielding debt with money
borrowed at lower rates in Japan and Switzerland.


Read more at Bloomberg Currencies News

Moody's weighs ratings as drug-patent lapses near

(Reuters) - Eli Lilly and Co. , Pfizer Inc. and
Bristol-Myers Squibb Co. are particularly vulnerable to
the downgrades because the top-selling drug of each expires in
that period.




Merck & Co. could also be adversely affected as two
of its important drugs face patent expirations.


Read more at Reuters.com Bonds News

E-House (China) Holdings files for $150 mln IPO

(Reuters) - The company intends to list its ADSs on the New York Stock
Exchange under the symbol "EJ" .




Read more at Reuters.com Government Filings News

Treasuries Rise Most in Nearly a Month on Concern Over Subprime Mortgages

(Bloomberg) -- Treasuries advanced the most in
nearly a month after Standard & Poor's said it may cut credit
ratings on $12 billion of bonds backed by subprime mortgages,
sending investors to the safety of U.S. government debt.

Credit-default swaps, contracts used to speculate on a
company's ability to repay debt, rose to the highest premium in
more than a year in the U.S. and Europe. Stocks dropped on
concern the housing slump will hurt corporate earnings and slow
economic growth.


Read more at Bloomberg Bonds News

Crude Oil Climbs Above $73 on Speculation U.S. Gasoline Output to Decline

(Bloomberg) -- Crude oil rose above $73 a barrel in
New York for the first time since August on speculation that
U.S. output of gasoline will slow because of unexpected refinery
shutdowns.

BP Plc closed the largest of three crude units at its
refinery in Whiting, Indiana, a person familiar with the plant
said yesterday. The refinery, the biggest in the Midwest,
supplies consumers in the Chicago area. Refineries in Texas and
Kansas shut units last week. The crude-oil market often follows
gasoline during the summer months, when motor-fuel demand peaks.


Read more at Bloomberg Commodities News

Bernanke: Anchored expectations mute price swings

(Reuters) - Some analysts have suggested that policy makers may need to pay more attention to broad measures of inflation that include food and energy, given recent persistence of gains in these prices.




However, Bernanke appeared to firmly endorse the Fed's long-standing practice of focusing more heavily on core price measures in setting monetary policy.


Read more at Reuters.com Business News

UPDATE 2-Russia's Sistema 1st qtr net soars, stock slides

(Reuters) - MOSCOW, July 10 - Russian services group Sistema,
which owns Moscow's most famous toy shop, slightly beat earnings
forecasts on Tuesday with a fivefold rise in first quarter net
profit, boosted by the sale of its insurance business.




But Sistema shares still fell over 2 percent,
correcting a surge in the run up to the results, analysts said.


Read more at Reuters.com Mergers News

Danone shares fall as Numico deal seen expensive

(Reuters) - They said Danone was paying a big premium for the strong growth of Europe's largest maker of baby food in a deal set on Monday, only days after Danone had agreed to sell its biscuits business to U.S.-based Kraft Foods for 5.3 billion euros.




But Danone Chairman and Chief Executive Franck Riboud said at a news conference the 55 euro offer per Numico share, which is 44 percent above Numico's average share price over the past three months, was within the limits the company's board had set.


Read more at Reuters.com Mergers News

Emerging market sentiment weighs on S.African rand

(Reuters) - South Africa's rand weakened against the dollar on Tuesday, as a drop in U.S. stocks prompted investors to move away from emerging markets.

At 1455 GMT, the rand stood at 7.01 versus the dollar. It was about 0.55 percent softer than its last New York close of 6.9688 but had rebounded from 7.0450 earlier in the day.


Read more at Reuters Africa

Alcoa shares slip after second-quarter earnings

(Reuters) - After the close of trading on Monday, the company posted earnings of $716 million, or 81 cents per share, from continuing operations, down from $749 million, or 85 cents per share, a year earlier, but in line with Wall Street expectations.




Revenue for the quarter was $8.1 billion, up from $7.8 billion last year, but below analysts' forecasts of $8.41 billion.


Read more at Reuters.com Hot Stocks News

PKN postpones bond issue on volatile market -lead

(Reuters) - The iTraxx Crossover index , a barometer of
European credit market sentiment, has widened sharply throughout
Tuesday's trading session, and was 22 basis points wider by 1319
GMT at 268 basis points, according to prices from Deutsche Bank.




ABN AMRO, BNP Paribas, Citigroup and SG CIB are managing the
PKN Orlen bond sale.


Read more at Reuters.com Bonds News

Bank of America names equity capital market chiefs

(Reuters) - At Bank of America, Baird and Dillon will share oversight
of common stock and convertible originations. They will report
to Bill White, the global head of capital markets, and Peter
Forlenza and Ciaran O'Kelly, the co-heads of global equities.




Bank of America in the last couple of years spent about
$675 million to expand its securities unit, and last month
installed Thomas White to replace Mark Werner as head of global
markets.


Read more at Reuters.com Bonds News

Lazard to buy specialist in mid-sized firms

(Reuters) - Goldsmith employs about 90 professionals in Minneapolis, where it is based, and in Chicago, Los Angeles, New York and Shanghai. New York-based Lazard's middle-market financial advisory business will be led by Michael McFadden and David Solomon, the co-chief executives of Goldsmith Agio Helms, and Jack Helms, its chairman.



Kenneth Jacobs, chief executive of Lazard North America, said the purchase would "allow Lazard to extend our reach to the vibrant middle market for our existing client base."


Read more at Reuters.com Mergers News

U.S. May wholesale inventories rose 0.5 percent

(Reuters) - Economists polled by Reuters were expecting a 0.4 percent rise in inventories in May.




Sales by wholesalers rose 1.3 percent to $357.17 billion in May following a 1.5 percent gain in April.


Read more at Reuters.com Economic News

Wall St opens lower on profit warnings

(Reuters) - U.S. stocks fell at the open on Tuesday after profit warnings from retailer Sears Holdings Corp. and home builder D.R. Horton Inc as the housing slump took its toll, raising concerns about the quarter's earnings outlook.

The Dow Jones industrial average was down 48.53 points, or 0.36 percent, at 13,601.44. The Standard & Poor's 500 Index


Read more at Reuters Africa

Chattem second-quarter profit, revenue rises

(Reuters) - July 10 - Consumer products maker Chattem Inc. said its second-quarter profit rose 46 percent, driven by sales of the five brands acquired from Johnson & Johnson and growth at its franchises.



The Chattanooga-based company, which makes and markets over-the-counter drugs, toiletries and cosmetics, said its quarterly net income was $14.9 million, or 77 cents a share, compared with $10.2 million, or 52 cents a share a year ago. Including stock-option expenses, analysts expected the company to earn 77 cents a share.


Read more at Reuters.com Market News

Activision says quarterly results to top its view

(Reuters) - Activision said it shipped over 4 million "Spider-Man 3" games, 2 million "Shrek the Third" games, about 1 million of its "Transformers: The Game", and more than 1 million "Guitar Hero II" games in the quarter.




"As a result, the company now expects that its financial results for the first quarter fiscal year 2008 will exceed its previously reported outlook on May 31, 2007," Activision said.


Read more at Reuters.com Hot Stocks News

Chattem second-quarter profit rises

(Reuters) - The company, which makes and markets over-the-counter drugs, toiletries and cosmetics, said its net income was $14.9 million, or 77 cents a share, compared with $10.2 million, or 52 cents a share a year ago.



Excluding stock-compensation expense and other items, second-quarter net income rose 56 percent to $17.3 million, or 89 cents a share.


Read more at Reuters.com Market News

EU Emission Permits for Next Year Decline After Forecast of Lower Prices

(Bloomberg) -- European Union carbon dioxide permits
fell near a two-month low after ICF International Inc. said they
may drop to less than half their current value because industry
will curb its greenhouse-gas emissions.

ICF said permits may fall as low as 8 euros ($10.92) a metric
ton through 2012. Permits for delivery in December 2008 dropped as
much as 43 cents, or 2 percent, to 20.69 euros a metric ton and
traded at 20.81 euros a metric ton at 1:52 p.m. in Amsterdam,
according to prices from the European Climate Exchange.


Read more at Bloomberg Energy News

Canada Dollar Trades Near 30-Year High Before Central Bank Rate Decision

(Bloomberg) -- Canada's dollar was little changed
near a 30-year high before a meeting at which the central bank
is expected to lift interest rates for the first time in more
than a year.

The currency, which has gained about 11 percent against the
U.S. dollar his year, may benefit if the Bank of Canada signals
more than one rate increase in its accompanying statement,
according to analysts. The central bank will lift the overnight
rate by a quarter-percentage point to 4.5 percent, according to
28 of 29 economists surveyed by Bloomberg.


Read more at Bloomberg Currencies News

UPDATE 1-HireRight sees IPO of 4.4 mln shares at $15-$17/shr

(Reuters) - In a regulatory filing, the company said it plans to use
the net proceeds for working capital and other general
corporate purposes, including expansion of sales and marketing
activities, developing new service offerings and expanding
international operations.




Of the 4.4 million shares, HireRight said it is selling
about 3 million shares, while the selling stockholders are
offering about 1.4 million shares.


Read more at Reuters.com Government Filings News

Monotype Imaging sees IPO of 11 mln shares at $13-$15 each

(Reuters) - The Woburn, Massachusetts-based company said it applied for
a Nasdaq listing under the symbol "TYPE."





Read more at Reuters.com Government Filings News

Carlyle agrees to invest in Taiwan bank

(Reuters) - Carlyle would buy the stake at T$17 per share, exceeding the T$13 to T$15 range some analysts had expected, after Carlyle outbid rival MBK Partners recently and secured an exclusive right to buy the stake.




The purchase would allow the U.S. private equity fund to become Ta Chong's biggest single shareholder with a 35 percent stake, James Chiou, spokesman of the small lender told Reuters by phone.


Read more at Reuters.com Mergers News

UPDATE 1-Steel Partners appeals Bull-Dog poison pill ruling

(Reuters) - On Monday, the Tokyo High Court rejected Steel Partners'
attempt to block Bull-Dog from erecting anti-takeover defences
aimed at thwarting the hedge fund's $260 million takeover bid.




The defences involve issuing stock acquisition rights on July
11 aimed at diluting Steel Partners' shareholding from 10 percent
to less than 3 percent.


Read more at Reuters.com Mergers News

Nickel Drops to Six-Month Low in London as Stockpiles Rise; Copper Falls

(Bloomberg) -- Nickel declined in London to the
lowest in almost six months as rising stockpiles of the metal
indicated a slowdown in demand growth. Copper fell from a two-
month high and zinc also dropped.

Inventories of nickel, used in stainless steel, increased
72 tons to 9,954 tons, the London Metal Exchange said today in a
daily report. They have soared 50 percent in 2007.


Read more at Bloomberg Commodities News

U.K. Stocks Retreat, Paced by Antofagasta, BHP; Marks & Spencer Rallies

(Bloomberg) -- U.K. stocks fell, paced by
Antofagasta Plc, Xstrata Plc and BHP Billiton Ltd. as copper
prices reversed earlier gains in Asia.

Marks & Spencer Group Plc limited declines after the company
beat analysts' estimates. Next Plc also advanced. Unilever
climbed amid takeovers in the food industry. Wolseley Plc slipped
after U.S.-based Home Depot Inc. lowered its profit forecast.


Read more at Bloomberg Stocks News

European Government Bonds Gain on Signs German, French Growth Is Slowing

(Bloomberg) -- European government bonds advanced
for a second day as signs of slowing growth in the euro region's
two biggest economies prompted investors to pare bets the
European Central Bank will raise interest rates again this year.

Ten-year bonds rose, pushing yields down from near a five-
year high, as reports showed German wholesale prices grew at the
slowest pace for two years in June and French manufacturing
declined in May for the first time in six months. Bonds were also
buoyed by speculation yields already reflect the prospects of
further rate increases by the ECB.


Read more at Bloomberg Bonds News

Where's the recovery, Japan's small firms ask

(Reuters) - "I hear that Toyota's profits exceeded 2 trillion yen last
year. I wonder if we live in the same country," he said.




Japan's steady economic recovery over the past five years has
hardly helped small firms, which make up more than 99 percent of
its businesses. Their profit margins have been squeezed by rising
raw material costs and customers' requests for price cuts.


Read more at Reuters.com Economic News

China June trade surplus hits record $26.9 bln

(Reuters) - The result, which easily surpassed economists' expectations of a $24.0 billion gap, was much higher than the previous monthly record of $23.8 billion, set last October.




Economists said the surge was largely due to firms seeking to fill orders before July 1, when value-added tax rebates on a swathe of products were either reduced or scrapped.


Read more at Reuters.com Business News

Copper Falls, Reversing Earlier Gains as China Imports More Than Expected

(Bloomberg) -- Copper prices fell in Asia, reversing
earlier gains after China imported more than expected in June,
fueling concern that the world's biggest consumer of the metal
may take time to absorb the supply.

China's imports of copper and copper products rose 52.3
percent to 1.51 million metric tons in the first half of this
year, compared with a year earlier, the Beijing-based customs
office said today, citing preliminary data. June's imports were
212,471 tons, up from 172,794 tons a year ago.


Read more at Bloomberg Commodities News

EU Struggling to Find Candidate for Top IMF Post; Poland Nominates Belka

(Bloomberg) -- European finance ministers struggled
to find a candidate for the top post at the International
Monetary Fund, as Poland nominated a former prime minister and
Britain called for an ``open'' selection process.

Poland today put forward Marek Belka, 55, prime minister in
2004 and 2005. Belka became the second declared candidate after
former French Finance Minister Dominique Strauss-Kahn, who
picked up Luxembourg's and Belgium's backing yesterday.


Read more at Bloomberg Currencies News

UPDATE 1-Telefonica in 3 bln euro Vivo offer-FT

(Reuters) - Telefonica also does not rule out taking control of Telecom
Italia , Italy's largest telecoms company, the
newspaper reported.




Telefonica has told Portugal Telecom to respond to its offer
by August, Telefonica Chairman Cesar Alierta told the newspaper
in an interview.


Read more at Reuters.com Mergers News