Mboweni:Zimbabwe far from joining rand union - report

(Reuters) - Zimbabwe is a long way from being ready to join southern Africa's rand monetary union, South African Reserve Bank Governor Tito Mboweni was quoted as saying on Monday.

"A very high degree of macro-economic convergence is necessary. They have a very long way to go," he told South African news agency I-Net Bridge.


Read more at Reuters Africa

Lend Lease May be Tarket of a Leveraged Buyout, Credit Defaults Swaps Show

(Bloomberg) -- Lend Lease Corp., Australia's biggest
property developer, may be the target of a leveraged buyout,
according to traders betting on the creditworthiness of companies.

Speculation that private equity firms are poised to bid has
increased the risk of holding Lend Lease debt to the highest
since August 2005. Credit-default swaps are financial instruments
based on corporate bonds and loans used to speculate on a
company's ability to repay debt.


Read more at Bloomberg Bonds News

News Corp, Dow Jones reach tentative $5 bln deal-WSJ

(Reuters) - NEW YORK, July 16 - Dow Jones & Co. Inc.
Chief Executive Richard Zannino tentatively agreed on Monday to
a $5 billion takeover bid by News Corp. , though the
company's controlling Bancroft family remains divided on the
deal, the Wall Street Journal reported.




The agreement in principle will be put to the full Dow
Jones board on Tuesday evening, said the newspaper, which is
Dow Jones' flagship publication and the asset most coveted by
News Corp. Chairman and Chief Executive Rupert Murdoch.


Read more at Reuters.com Bonds News

Internet-call service SunRocket cuts off service

(Reuters) - Vienna, Virginia-based SunRocket, which is a rival to
Vonage Holdings in the home and small business market
for Voice over Internet Protocol phone services, gave no
warning it was shutting down operations on its Web site.




Callers to its customer service line heard a brief recorded
message, saying: "We are no longer taking customer service or
sales calls. Goodbye."


Read more at Reuters.com Government Filings News

Alfa, America Movil, Grupo Mexico, Sadia: Latin American Equity Preview

(Bloomberg) -- The following stocks may make
significant gains or losses in Brazil and Mexico 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

Cnooc Parent to Raise Domestic Offshore Oil Production to 50 Million Tons

(Bloomberg) -- China National Offshore Oil Corp.,
the nation's largest offshore oil producer, plans to increase
annual domestic offshore output to between 48 million and 50
million metric tons by 2010.

The company's overseas production will rise to between 20
million and 25 million tons a year by then, it said in its
annual report posted on its Web site today.


Read more at Bloomberg Energy News

Malaysia's Inflation Probably Held Near 33-Month Low on Stronger Currency

(Bloomberg) -- Malaysia's inflation rate probably
held near a 33-month low in June as an appreciating currency
reduced the cost of imported goods.

The consumer price index rose 1.5 percent from a year
earlier, following a 1.4 percent gain in May, according to the
median forecast of 23 economists in a Bloomberg News survey. The
inflation report is due tomorrow at 5 p.m. in Kuala Lumpur.


Read more at Bloomberg Emerging Markets News

U.S. Democrat leader open on private equity taxes

(Reuters) - In the Senate, Montana Democrat Max Baucus and Iowa
Republican Charles Grassley have introduced a bill that would
more than double taxes on private equity firms that go public
as publicly traded partnerships, as Blackstone Group did
last month.




Reid "needs to consult with Sen. Baucus on how to proceed,"
his spokesman said.


Read more at Reuters.com Mergers News

JGBs rise, tracking gains in Treasuries

(Reuters) - "The impact of the earthquake is very limited, partly because
it is a difficult issue to trade on," said a senior JGB trader at
a Japanese bank.




"Once market players are done buying JGBs in the morning they
may sit on sidelines, given a lack of major domestic factors to
trade on today."


Read more at Reuters.com Bonds News

Japanese Power, Insurance Stocks Drop on Quake Concern; Sumitomo Advances

(Bloomberg) -- Japanese electric power producers and
insurance companies dropped after a magnitude 6.8 earthquake
struck northwest Japan, damaging a nuclear reactor operated by
Tokyo Electric Power Co.

The event will probably result in a push for more spending
on quakeproofing, the Nikkei newspaper reported.


Read more at Bloomberg Stocks News

China's Economy Probably Expanded at Near Fastest Pace in Three Quarters

(Bloomberg) -- China's economy probably expanded at
near the fastest pace in three quarters, fueled by booming
exports that exacerbated tensions with the U.S. and Europe.

Gross domestic product grew 11 percent in the second
quarter from a year earlier following an 11.1 percent gain in
the three months to March 31, according to the median forecast
of 23 economists surveyed by Bloomberg News. The government will
release the figure on July 19 in Beijing.


Read more at Bloomberg Currencies News

UPDATE 2-Subprime lender NovaStar gets $150 mln infusion

(Reuters) - Kansas City, Missouri-based NovaStar said MassMutual
Capital Partners LP and Jefferies Capital Partners IV LLC have
bought $48.8 million of convertible preferred stock and have
committed to invest up to $101.2 million in a subsequent rights
offering.




NovaStar will also distribute $157 million in preferred
securities as a dividend. The company also plans a one-for-four
reverse stock split.


Read more at Reuters.com Mergers News

Fisher Investments expands into Germany

(Reuters) - Fisher, a high-profile author, columnist and commentator,
said the company has experienced "explosive growth" in global
equity management since 1995 through its private client group,
and now has operations in Canada and Great Britain.




Gruner, which is managed by investor Thomas Greuner and
based outside of Frankfurt, is small, managing about 60 million
euros . But Fisher said he plans to grow the firm
over the next decade.


Read more at Reuters.com Mergers News

US CREDIT-Derivatives seen better bet than corporate bonds

(Reuters) - "Judging by the gyrations of the spread, one would think we are staring into
an abyss," Citigroup analyst Mikhail Foux wrote in a report
sent on Monday. "It's hard to remember the last time its move
was so abrupt."




The derivative index widened to as far as 52 basis points
last Tuesday on rising concerns about weakness in some
residential mortgages extending into corporate credit, but has
since retraced to around 43 basis points.


Read more at Reuters.com Bonds News

Dollar May Drop Versus Yen Before Report Forecast to Show Cooler Inflation

(Bloomberg) -- The dollar may drop against the yen
before U.S. government reports forecast to signal cooling
inflation and waning foreign demand for U.S. securities.

The U.S. currency dropped to a 26-year low against the
pound and the weakest since 1985 against the New Zealand dollar
yesterday on concern that weakness in U.S. housing will curb
economic growth and push the Federal Reserve to cut interest
rates. Investors bought yen yesterday in part on speculation
investors will exit risky trades because of mounting losses in
U.S. securities backed by subprime mortgage loans.


Read more at Bloomberg Currencies News

Universal Forest Products 2nd-qtr earnings fall

(Reuters) - Analysts, on average, had forecast earnings of 95 cents a
share, according to Reuters Estimates.




Read more at Reuters.com Market News

UPDATE 1-FDA approves J&J test for breast cancer spread

(Reuters) - The test, called the GeneSearch Breast Lymph Node Assay, is
manufactured by Johnson & Johnson unit Veridex LLC.




The molecular-based laboratory test was approved by the FDA
to find cancerous growths in lymph node tissue removed from
breast cancer patients. The aim is to help doctors quickly
decide whether to remove more nodes during surgery, or risk
having the patient undergo a second operation.


Read more at Reuters.com Government Filings News

Reed close to selling Harcourt: sources

(Reuters) - Reed Elsevier , like its publishing conglomerate peers, is getting out of education to focus on areas such as legal and science, which are growing faster and are more profitable because they have adapted to an electronic model more quickly than have school materials.




Boston-based Houghton said it is paying $3.7 billion cash and $300 million of common stock of its privately owned Houghton Mifflin Riverdeep Group Plc parent company. Reed Elsevier will retain an 11.8 percent stake in the combined group.


Read more at Reuters.com Mergers News

Goldman hires former U.S. Trust CEO Scaturro

(Reuters) - Scaturro assumed the top job at U.S. Trust in 2005. Prior to joining Citigroup, he was a partner at Bankers Trust.




Goldman, the world's largest investment bank by market value, is also one of the fastest-growing money managers that is expanding its reach among wealthy individuals. In less than six years, private wealth management client assets have almost doubled.


Read more at Reuters.com Business News

TREASURIES-Subprime mortgage worries send prices higher

(Reuters) - NEW YORK, July 16 - U.S. Treasury debt prices
rose on Monday on worries that the deterioration in the
subprime mortgage sector will spill over to the broader market
and prompt the Federal Reserve to trim interest rates.




The benchmark ABX index, used by investors to hedge
subprime mortgage risks, sank to a fresh intraday low. This led
investors skittish about securities backed by subprime loans --
made to homeowners with blemished credit histories -- to buy
less risky U.S. government bonds.


Read more at Reuters.com Bonds News

Argentina's Merval Index Falls on Tenaris Downgrade: Brazil's Vale Drops

(Bloomberg) -- Argentina's main stock index fell, led
by Tenaris SA, which has the heaviest weighting on the benchmark,
after Credit Suisse Group downgraded the shares on price concerns.

Tenaris, the world's biggest maker of seamless pipes for the
oil and gas industry, fell more than 2 percent for a second day,
after Credit Suisse cut the rating to ``underperform'' from
``neutral,'' citing a drilling slowdown in Canada. The stock gained
8.2 percent in the past two weeks.


Read more at Bloomberg Stocks News

UPDATE 1-Dominion Bond Rating cuts 94 RMBS, may cut others

(Reuters) - The rating agency said credit support levels for those
securities had also begun showing signs of erosion. In
addition, DBRS said it placed 15 RMBS classes under review for
possible downgrade while raising the ratings on 17 classes with
higher levels of credit enhancement.




DBRS said the downgrades and reviews were triggered by the
increasing volume of delinquencies of 90 days or more in
subprime loans that back the RMBS securities. For a detailed
list of rating actions, see [ID:nDBR7G71qa].


Read more at Reuters.com Bonds News

Switzerland's SMI Index Rises; Swiss Re and Zurich Financial Lead Climb

(Bloomberg) -- Swiss stocks rose for a third day, led
by Swiss Reinsurance Co., the world's biggest reinsurer, and Zurich
Financial Services AG, Switzerland's largest insurer. Shares of
Julius Baer Holding AG also climbed.

The Swiss Market Index of the 24 largest and most actively
traded companies advanced 38.06, or 0.4 percent, to 9299.80 in
Zurich. The broader Swiss Performance Index gained 27.43, or 0.4
percent, to 7601.81.


Read more at Bloomberg Stocks News

Spartech says CEO quits, cuts profit view; shares fall

(Reuters) - "Abd, CEO since May 2005, was the architect and driving force behind the company's recent structural changes and operational improvements," Deutsche Bank analyst David Begleiter said in a research note to clients on Monday.




Shares of the company fell more than 20 percent, or $5.52, to $21.80 in midday trade, making them the highest percentage loser on the New York Stock Exchange on more than four times the 10-day moving average volume, according to Reuters data.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Partners eye UK atomic weapons stake

(Reuters) - The Atomic Weapons Establishment is owned one-third
each by the UK government through its stake in British Nuclear
Fuels , Serco and Lockheed.




The two firms have first refusal on the government's stake
as long as they pay what the government deems to be the going
market rate.


Read more at Reuters.com Mergers News

Rand Holds Near 2-Week High; Gains Already Reflect Interest-Rate Outlook

(Bloomberg) -- South Africa's rand traded little
changed, holding near a two-week high against the dollar, on
speculation that recent gains already reflect the outlook for
higher interest rates.

The rand earlier touched its highest since July 3, supported
by investors seeking out South Africa's 9.5 percent interest rate
in trades funded by borrowing Japanese yen or Swiss francs more
cheaply. The Reserve Bank has increased borrowing costs five
times in the past year and is expected to continue doing so to
curb inflation.


Read more at Bloomberg Currencies News

Copper Falls as Global Inventories Rise for First Time in 15 Sessions

(Bloomberg) -- Copper fell to the lowest in almost
two weeks in New York as global inventories of the metal rose for
the first time in 15 sessions.

Stockpiles in warehouses monitored by the London Metal
Exchange gained 1,325 metric tons, or 1.4 percent, to 98,875
tons, the biggest rise since June 21. Before today, copper had
increased 25 percent this year as inventories plunged 47 percent.


Read more at Bloomberg Commodities News

EU Carbon Emission Permits Fall to 10-Week Low as Allocations Are Raised

(Bloomberg) -- European Union carbon dioxide permits
fell to their lowest in more than 10 weeks after the European
Commission raised the allocation of emission allowances for Ireland
and Latvia and traders swapped United Nations credits.

The July 13 decision increases the total number of permits
allocated by 1.08 million metric tons of carbon dioxide a year.
Permits for December 2008 fell 84 cents, or 4.2 percent, to 19.05
euros ($26.24) a ton at 4:55 p.m. local time on the European
Climate Exchange in Amsterdam. They traded as low as 18.71 euros,
their lowest since May 3.


Read more at Bloomberg Energy News

PreMD shares soar on AstraZeneca deal

(Reuters) - TORONTO, July 16 - Shares of PreMD jumped more than 50 percent on Monday after the small Canadian biotechnology company signed a U.S. marketing deal with AstraZeneca Pharmaceuticals LP for its skin cholesterol test.



PreMD shares were up 60 Canadian cents, or 52.2 percent, at C$1.75 at midmorning on the Toronto Stock Exchange.


Read more at Reuters.com Hot Stocks News

EPA: probing Nicor's natural gas system in Park Ridge, Illinois

(Reuters) - EPA said Nicor is required to test residences and other
buildings in Park Ridge for PCB-contamination and to provide
additional information.





Read more at Reuters.com Government Filings News

OPEC sees modest 2008 demand, lower need for its oil

(Reuters) - The assessment, in OPEC's July Monthly Oil Market Report, underscores OPEC's view that crude supply is enough and oil prices near a record high reflect a strain on refineries and other factors beyond its control.




"The outlook for the oil market in 2008 is shaping up to be quite similar to the current year, with continued tightness in the downstream supporting high product prices and frequent refinery outages exerting further upward pressure, despite the healthy crude oil market," OPEC's report said.


Read more at Reuters.com Business News

Venezuela May Buy Back International Bonds in Fourth Quarter, Cabezas Says

(Bloomberg) -- Venezuela's Finance Minister Rodrigo
Cabezas said the government may repurchase some of its
international bonds during the fourth quarter as part of a plan
to cut its reliance on foreign markets.

Venezuela hasn't sold foreign debt this year and in 2006
reduced foreign bond borrowing by $4 billion, either by
repurchases or redemptions. Much of the government's spending is
funded by President Hugo Chavez's off-budget National
Development Fund, known as the Fonden.


Read more at Bloomberg Bonds News

UPDATE 2-Brazil May retail sales rise more than expected

(Reuters) - Retail sales volumes rose 0.5 percent in May from April
, statistics agency IBGE said. The median forecast
in a Reuters survey of 10 analysts was for retail sales to have
been unchanged from April. The estimates ranged from a 2.1
percent drop in sales to a 0.8 percent rise.




Of the four sectors surveyed for the month-on-month data
only the sector encompassing fuel and oil byproducts declined,
posting a 1.2 percent drop from April.


Read more at Reuters.com Economic News

Cyberonics says gets OK for pulse generators

(Reuters) - Cyberonics said vagus nerve stimulation therapy treats
depression and refractory epilepsy.





Read more at Reuters.com Government Filings News

Vodafone mulls $160 bln bid for Verizon - report

(Reuters) - NEW YORK, July 16 - Wireless telecommunications company Vodafone Group Plc has been considering a $160 billion takeover bid for Verizon Communications Inc. , the Financial Times reported on Monday on its Alphaville Web site.



The report triggered a 12.5 percent jump in Verizon's share price in pre-market trade.


Read more at Reuters.com Bonds News

SGS profits rise, mergers and margins dent shares

(Reuters) - The Geneva-based SGS, whose initials stand for Societe Generale de Surveillance, said its full-year performance should be consistent with its 2008 outlook for 5 billion Swiss francs in revenues and operating margins of 17 percent.




While its 234 million Swiss franc net profit was in line with market forecasts, first-half operating margins of 15.5 percent were "clearly disappointing", said Kepler analyst Roger Steiner.


Read more at Reuters.com Hot Stocks News

Countrywide June loans up 4 pct

(Reuters) - Calabasas, California-based Countrywide makes roughly one in six U.S. mortgage loans. It has long said it expects to add market share as the housing slump and a growing inability among homeowners to keep up with payments cause weaker rivals to fold or lend less.




"The housing market continues to soften, and delinquencies and defaults continue to rise," Chief Operating Officer David Sambol said in a statement. "Interest rates, price competition in the residential lending markets and secondary market volatility have all increased."


Read more at Reuters.com Economic News

Grainger posts higher quarterly profit

(Reuters) - Analysts had expected earnings of $1.19 a share, according
to Reuters Estimates.




Sales at the company, which sells such items as lighting,
motors and janitorial supplies needed by contractors and
facility managers to run their buildings, rose to $1.6 billion
from $1.48 billion. Wall Street was expecting $1.59 billion.



Read more at Reuters.com Market News

IHOP says to buy Applebee's for $2.1 billion

(Reuters) - Excluding charges related to the acquisition, IHOP expects the transaction to add to earnings beginning in 2008.




IHOP, which franchises almost all of its restaurants, said it believes it can re-energize Applebee's by franchising a substantial majority of Applebee's 508 company-operated restaurants.


Read more at Reuters.com Business News

Rand Drops on View Recent Gains Already Reflect Interest-Rate Outlook

(Bloomberg) -- South Africa's rand fell against the
dollar, snapping a three-day gain, on speculation that recent
gains already reflect the outlook for higher interest rates.

The rand last week touched its highest in almost two weeks,
supported by investors seeking out South Africa's 9.5 percent
interest rate in trades funded by borrowing Japanese yen or Swiss
francs more cheaply. The Reserve Bank has increased borrowing
costs five times in the past year and is expected to continue
doing so to curb inflation.


Read more at Bloomberg Currencies News

DJO to be bought by Blackstone Group affiliate

(Reuters) - The cash offer of $50.25 per share by ReAble Therapeutics Inc. is about 20 percent more than DJO's Friday closing price of $42.10.






Read more at Reuters.com Mergers News

Dollar Declines Against Yen, Euro Before Reports on Housing, Inflation

(Bloomberg) -- The dollar slid before U.S.
government reports this week that will probably show gains
in consumer prices slowed and home building declined.

Against the yen, the dollar fell to 121.62 as of 11:04 a.m.
in London, from 121.93 on July 13, and it dropped to $1.3797
against the euro from $1.3782.


Read more at Bloomberg Currencies News

European Refining Margins Fall to 5-Month Low on Higher Brent Oil Prices

(Bloomberg) -- Refining margins in Northwest Europe
fell to the lowest in five months as cuts in North Sea supply
pushed Brent crude oil close to a record.

Brent cracking margins in Northwest Europe fell to minus
$1.96 a barrel on Friday, down from 35 cents the previous day,
according to data compiled by Bloomberg. That's the lowest level
since Feb. 2 when margins fell to minus $2.66.


Read more at Bloomberg Energy News

GLOBAL MARKETS-Europe shares near 6-1/2 yr peak; oil eyes record

(Reuters) - The dollar hit a 22-year low against the New Zealand
currency and held near last week's record low versus the euro,
weighed by expectations that U.S. interest rates will stay on
hold when other major central banks are raising rates, boosting
yield on their currencies.




Fresh optimism about global economic growth grew on Friday
after upbeat second-quarter earnings boosted U.S. stocks to
record highs. This helped to ease concerns about the impact on
the U.S. economy of potential fallout from the U.S. high-risk
mortgage sector, which weighed on shares last week.


Read more at Reuters.com Bonds News

Mutilation Frenzy, Hollywood Style, Slashes Limbs -- And Box-Office Sales

(Bloomberg) -- This year's crop of gore-filled
horror films may send a shiver down the spines of Hollywood
executives. And not because of the on-screen terror.

The studios are taking in less on each film as they release
a record 39 horror and thriller movies in the U.S. this year,
according to industry tracker Media By Numbers LLC. Sequels like
``Hostel: Part II'' aren't matching the appeal of the originals.


Read more at Bloomberg Exclusive News

Asian Aframax Rates May Extend Decline Before August Vessel-Bookings Start

(Bloomberg) -- The rate for shipping fuel on
tankers that can carry between 80,000 metric tons and 120,000
tons on Asian routes may extend a decline until refiners and
traders increase vessel bookings for August.

The cost of shipping 80,000 tons of crude oil on so-called
aframax tankers to Singapore from Kuwait dropped 0.6 percent to
Worldscale 135.58 on July 13, according to the London-based
Baltic Exchange. It fell for a third week, losing 5.2 percent in
the week ended July 13.


Read more at Bloomberg Energy News

Posco Reports Highest Net Income in Two Years as Steel Prices, Demand Rise

(Bloomberg) -- Posco, a steelmaker that doubled in
value in the past year, reported second-quarter profit climbed
55 percent to the highest in two years, as it raised prices to
take advantage of surging demand.

Net income at the third-biggest steelmaker in Asia rose to
1.11 trillion won ($1.2 billion) in the quarter ended June, from
716 billion won a year ago, the Pohang, South Korea-company said
today in a statement. Sales rose 25 percent to 5.82 trillion won.


Read more at Bloomberg Emerging Markets News