High River revives Burkina's commercial gold sector

(Reuters) - High River Gold Mines Ltd has poured its first gold in Burkina Faso, reviving commercial gold mining in the West African country after an eight-year halt, the Canadian-listed company said on Wednesday.

The mine is the first of three due to be commissioned this year, kick-starting the sector in the impoverished country between Ghana and Mali, Africa's second and third biggest gold producers after world No. 1 South Africa.


Read more at Reuters Africa

European Stocks May Advance; SAP, Roche Holding May Gain on Earnings

(Bloomberg) -- European stocks may rise for the
first time in three days, led by technology companies after
Germany's SAP AG and International Business Machines Corp. of the
U.S. reported earnings and sales that beat analysts' estimates.

Shares of Roche Holding AG will probably advance after the
world's biggest maker of cancer medicine reported an increase in
profit for the first-half.


Read more at Bloomberg Stocks News

Euro Gains May Stall at $1.3850 on Barrier Options, Mitsubishi-UFJ Says

(Bloomberg) -- The euro's gains against the dollar
may stall around $1.3850 because of selling to protect options
that would become worthless should the currency rise further,
according to Bank of Tokyo-Mitsubishi UFJ Ltd.

The single European currency yesterday rose to a record high
of $1.3833 after Federal Reserve Chairman Ben S. Bernanke told
U.S. lawmakers the housing market may weigh on economic growth
and inflation may slow.


Read more at Bloomberg Currencies News

SAP beats forecasts for Q2 licence sales, profits

(Reuters) - SAP reported a currency-adjusted 19-percent rise in software
and software-related service revenues to 1.71 billion euros, in
line with expectations and making its full-year forecast of 12
to 14 percent growth at constant currencies look comfortable.




According to average estimates in a Reuters poll of 24
analysts, SAP had been expected to report licence sales of 674
million euros, software and software-related service revenues of
1.658 billion euros and operating profit of 556 million euros.


Read more at Reuters.com Market News

China's Yuan Rises to Highest Since End of Link in 2005 as Growth Surges

(Bloomberg) -- The yuan rose to the highest since
the end of a dollar link in July 2005 after a report showed the
economy grew the most in 12 years, adding to speculation China
will seek a stronger currency to curb inflation.

Gains in the yuan may help reduce inflows from export
earnings and keep excess funds from flooding the economy with
cash, spurring lending and investment. Federal Reserve Chairman
Ben S. Bernanke yesterday said China needs a flexible exchange
rate to foster an ``independent monetary policy.''


Read more at Bloomberg Currencies News

Husky Energy Earnings, Maple Leaf Foods' Plant: Canadian Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets.
This preview includes news that broke after markets closed.
Symbols are in parentheses after company names and prices are
from the last close.

The Standard & Poor's/TSX Composite Index rose 201.65, or
1.4 percent, to 14,583.66.


Read more at Bloomberg Stocks News

U.S. Housing Slowdown Will Lead Fed to Cut Rates, Pimco's McCulley Says

(Bloomberg) -- A slowdown in the U.S. housing market
and losses in mortgage-linked bonds will lead the Federal Reserve
to cut interest rates, said Paul McCulley, a bond fund manager at
Pacific Investment Management Co.

``The recession we have in the housing market is going to be
a very long, protracted affair,'' McCulley said in an interview
from Pimco's office in Newport Beach, California. ``That's going
to lead the average consumer to recognize that he needs to save
more out of current income, which is going to weaken consumption
in the economy.''


Read more at Bloomberg Bonds News

JPMorgan Hires Credit Suisse's Miyaji for Japan Leveraged Finance Business

(Bloomberg) -- JPMorgan Chase & Co. hired Naoki
Miyaji from Credit Suisse Group to boost its leveraged finance
business in Japan, as buyout firms seek to fund more acquisitions
in the world's second-biggest economy.

Miyaji, based in Tokyo, will join the third-largest U.S.
bank next month as an executive director for leveraged finance
execution, Mika Watanabe, a Tokyo-based spokeswoman for JPMorgan,
said in response to queries from Bloomberg News. JPMorgan hired
Takasuke Sekine from Calyon, the investment banking unit of
Credit Agricole SA, as a vice president, in July, Watanabe said.


Read more at Bloomberg Bonds News

Barclays Capital Raises 2008 Brent Crude Oil Price Forecast by 11 Percent

(Bloomberg) -- Barclays Capital raised its 2008
price forecasts for Brent crude oil by 11 percent, citing rising
demand and a lack of growth in non-OPEC production.

Brent will average $73.60 a barrel next year, up $7.40 from
the previous forecast, the London-based investment bank said in a
report yesterday. West Texas Intermediate crude, the U.S.
benchmark grade, will average $73.90, a $6.60-a-barrel increase.


Read more at Bloomberg Energy News

Husky Energy Inc. and Maple Leaf Foods: Canadian Equity Market Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in Canadian markets.
This preview includes news that broke after markets closed.
Symbols are in parentheses after company names and prices are
from the last close.

The Standard & Poor's/TSX Composite Index rose 201.65, or
1.4 percent, to 14,583.66.


Read more at Bloomberg Stocks News

China, India, Indonesia, South Korea, Sri Lanka: Asia Local Bond Preview

(Bloomberg) -- The following events and economic
reports may influence trading in Asian local-currency bonds
today. Yields are from the previous session.

China: The Agricultural Development Bank of China on July
17 sold 10 billion yuan ($1.32 billion) of five-year floating
rate notes. The interest rate was based on the current one-year
deposit rate of 3.06 percent plus an auctioned spread of 73
basis points. The bank will auction another 10 billion yuan of
one-year fixed rate notes next week. Major economic data in June,
including the consumer prices index, will be released today,
according to the Bureau of Statistics.


Read more at Bloomberg Bonds News

Packaging Corp second-quarter profit climbs

(Reuters) - The company posted quarterly earnings of $46 million, or 44 cents a share, compared with $32 million, or 31 cents a share, in the year ago period.



) Keywords: PACKAGINGCORP RESULTS/


Read more at Reuters.com Market News

IMS Health 2nd-quarter profit rises

(Reuters) - Excluding items, IMS earned 39 cents per share, matching
analysts' average expectations, according to Reuters
Estimates.




Read more at Reuters.com Market News

Dow Jones director Li probed on insider trade -WSJ

(Reuters) - Li is chairman and chief executive officer of Bank of East Asia , a mid-tier Hong Kong lender. He is also a member of Hong Kong's Legislative Council.




Dow Jones's board on Tuesday endorsed a $5 billion buyout offer from Rupert Murdoch's News Corp., sending the deal to Dow Jones' controlling Bancroft family for final approval. Dow Jones representatives were not immediately available for comment on Li.


Read more at Reuters.com Government Filings News

Brazil's Real Holds Near Seven-Year High Before Expected Central Bank Cut

(Bloomberg) -- Brazil's currency held near a seven-
year high before an expected rate cut by the central bank.

``Lower interest rates will support the real because it
will attract foreign capital to short-term fixed-income
assets,'' said Tony Volpon, an economist in Sao Paulo at CM
Capital Markets.


Read more at Bloomberg Currencies News

US housing slump to continue through 2007-economist

(Reuters) - "If you combine the drop in affordability, the slowdown in
job growth, the still-good demographics for housing and the
continued pull-out of investor demand, we expect housing
activity to continue to fall this year," he said on the
company's 2007 Economic and U.S. Mortgage Market Outlook
conference call.




An increase in mortgage rates over the past few months,
particularly in the past month, will soon have an additional
negative impact on housing demand, he said.


Read more at Reuters.com Bonds News

Avocent, Delphi, Humana, IndyMac Bancorp, Warner: U.S. Equity Movers

(Bloomberg) -- The following is a list of companies
whose shares are having unusual price changes in U.S. exchanges
today. Stock symbols are in parentheses after company names.
Share prices are as of 1:10 p.m. New York time.

Brazilian airline American depositary receipts fell after a
passenger plane owned by Tam SA crashed on landing at Sao Paulo's
domestic airport, killing as many as 200 people in the country's
worst air disaster. Tam's ADRs (TAM US), each worth one share,
fell $2.99, or 8.3 percent, to $32.84. Gol Linhas Aereas
Inteligentes SA's ADRs (GOL US), each worth one share, fell
$1.27, or 4.2 percent, to $29.14.


Read more at Bloomberg Stocks News

U.K., Irish Shares Decline, Paced by Anglo American, Experian, Tate & Lyle

(Bloomberg) -- U.K. stocks declined by the most in
more than a month, led by Anglo American Plc, the world's
second-biggest mining company.

Experian Group Ltd. led losses among companies that are
dependent on U.S. sales as the pound rose to a 26-year high
against the dollar. Man Group Plc, the world's largest publicly
traded hedge fund manager, and Tate & Lyle Plc, the maker of the
sweetener Splenda, also fell.


Read more at Bloomberg Stocks News

Wheat Futures Rise as Price Slump Spurs Overseas Demand for U.S. Supplies

(Bloomberg) -- Wheat futures rose in Chicago for
the first time in five sessions on improved overseas demand for
U.S. supplies after prices fell from a record high.

Egypt, Japan and buyers in Taiwan this week said they
bought or planned to buy a total of more than 460,000 metric
tons of U.S. wheat. Importers are increasing purchases after
futures fell 5.9 percent from a record $6.50 a bushel on June
29. World inventories are forecast to fall before next year's
harvest to the lowest since 1982.


Read more at Bloomberg Commodities News

Lead Falls From Record in London as Gains Judged Overdone; Tin Rises

(Bloomberg) -- Lead fell in London after investors
judged that gains that took the metal to a record for a sixth
consecutive session were overdone. Nickel rose and tin climbed
the most in more than two months.

The gains in lead had been ``way too over-extended'' and
the metal was poised to fall, Robin Bhar, an analyst with UBS AG
in London, said today in a report. ``Despite these supply
concerns there is no actual shortage of metal in the physical
markets.''


Read more at Bloomberg Commodities News

Canada's Dollar Drops From 30-Year High After Inflation Declines in June

(Bloomberg) -- Canada's dollar fell from a three-
decade high after a government report showed consumer prices
unexpectedly declined last month, reducing the likelihood of
another increase in borrowing costs by the central bank.

The currency has gained 11 percent this year on a
strengthening economy and higher prices for Canada's commodity
exports including oil. The Bank of Canada raised its benchmark
interest rate to 4.5 percent last week after inflation exceeded
its target of 2 percent.


Read more at Bloomberg Currencies News

Canadian Stocks Rise on TakeoverSpeculation; Canadian Pacific Is Halted

(Bloomberg) -- Canadian stocks rose for a second day,
after a report that the nation's second-largest railroad, Canadian
Pacific Railway Ltd., may receive a takeover bid.

The S&P/TSX Composite Index gained 43.44, or 0.3 percent, to
14,425.45, led by Canadian National Railway, the country's largest
rail company.


Read more at Bloomberg Stocks News

Kenya court dismisses case against Kenya Re

(Reuters) - A Kenyan judge dismissed on Wednesday a suit seeking to prevent the Kenya Reinsurance Corporation (Kenya Re) from selling shares to the public, saying the case lacked merit.

The government plans to sell a 40 percent stake in Kenya Re for 2.28 billion shillings in an initial public offering (IPO) next month. The public has between July 18 and 31 to place its orders.


Read more at Reuters Africa

Dollar Rebounds From Record Low Versus Euro as Consumer Prices Increase

(Bloomberg) -- The dollar rose from a record low
against the euro and the weakest in 26 years versus the pound as
a government report showed U.S. consumer prices rose last month
by more than analysts forecast, while housing starts increased.

Traders bought dollars as the report may feed speculation
the Federal Reserve will refrain from reducing its 5.25 percent
benchmark interest rate this year. The dollar slumped earlier as
losses on Bear Stearns Cos. hedge funds dimmed the allure of
U.S. assets.


Read more at Bloomberg Currencies News

UPDATE 1-US June CPI up 0.2 pct, core up 0.2 pct

(Reuters) - WASHINGTON, July 18 - U.S. consumer prices rose
by a slightly bigger-than-expected 0.2 percent in June on
higher food costs and they were up by the same amount after
stripping out volatile food and energy prices, the Labor
Department reported on Wednesday.




Last month's gain in the Consumer Price Index was slightly
larger than the 0.1 percent advance Wall Street economists were
expecting to see after a fall-off in energy prices. But the
increase in the more closely watched core prices index was
directly in line with expectations.


Read more at Reuters.com Economic News

Treasuries Are Little Changed on Report Showing Consumer Prices Edged Up

(Bloomberg) -- Treasuries were little changed as
consumer prices in June had the smallest gain in five months.

Benchmark 10-year note yields earlier dropped as Bear
Stearns Cos. told investors in its two failed hedge funds that
they will get little if any money back. Chairman Ben S. Bernanke
will testify today before a congressional committee on the
economy and monetary policy.


Read more at Bloomberg Bonds News

UPDATE 1-Orbital Sciences Q2 profit up, raises '07 view

(Reuters) - July 18 - Orbital Sciences Corp. , which makes small rockets and space systems, said quarterly profit rose 40 percent, helped by robust revenue and operating profit growth in its satellite and space systems segment.



The Dulles, Virginia-based company also raised its full-year earnings and revenue outlook on the back of strong new business bookings received during the second quarter.


Read more at Reuters.com Market News

U.S. Stock-Index Futures Fall; Bear Stearns, Intel, Pfizer Slide in Europe

(Bloomberg) -- U.S. stock-index futures declined
after Bear Stearns Cos. told investors there's little value left
in its two failed hedge funds and Intel Corp. and Yahoo! Inc.
said competition is reducing earnings.

Bear Stearns, the second-biggest underwriter of mortgage-
backed securities, retreated in Europe. Intel, the world's
largest computer-chip maker, and Yahoo, the most-visited U.S. Web
site, also fell. Pfizer Inc. shares slipped after the company
reported earnings that missed analysts' estimates.


Read more at Bloomberg Stocks News

Lead Rises to Record for 6th Straight Day on Supply Concern; Nickel Gains

(Bloomberg) -- Lead rose to a record in London for
a sixth consecutive session on speculation that production will
fail to meet demand after a U.S. smelter was damaged by an
explosion. Nickel also climbed.

Doe Run Resources Corp., the world's second-largest lead
refiner, said yesterday that a blast at its Herculaneum smelter
in Missouri cut the plant's output by half. Lead's advance this
year has outpaced other industrial metals traded on the London
Metal Exchange as supplies from Australia were disrupted by a
pollution investigation.


Read more at Bloomberg Commodities News

Persian Gulf Oil-Tanker Rates May Stay Near Three-Month Low on Vessel Glut

(Bloomberg) -- The cost of shipping crude from the
Middle East to Asia, the world's busiest oil-tanker route, may
stay near a three-month low as an oversupply of ships competing
for cargoes negates a probable increase in demand.

Saudi Arabia, Kuwait and the United Arab Emirates all told
oil companies this week when they must have tankers in place to
collect crude from the region's ports next month, said Mathieu
Philippe, a shipbroker for Paris-based Barry Rogliano Salles. Any
resulting jump in demand may not be enough boost rates for the
next several days because of a glut of tankers, he said.


Read more at Bloomberg Energy News

FTSE down on US subprime woes; Sainsbury rises

(Reuters) - Britain's top share index fell 0.7 percent early on Wednesday on rising concerns over risky U.S. subprime mortgages, but Sainsbury rose after receiving a bid approach.

At 0735 GMT, the FTSE 100 was down 48.2 points, or 0.72 percent at 6,610.9, after slipping 0.6 percent in the previous session on concerns of higher UK interest rates. European shares also fell.


Read more at Reuters Africa

Hong Kong Stocks Slide on China Rate Concern; China Mobile, Cnooc Fall

(Bloomberg) -- Hong Kong's Hang Seng Index fell,
having yesterday closed above 23,000 for only the second time,
after a report said China's central bank will step up efforts to
cool the economy. China Mobile Ltd. led the decline.

Mainland reports scheduled for release tomorrow are expected
to show gross domestic product rose at a double-digit pace for a
sixth straight quarter and inflation accelerated to a two-year
high, according to Bloomberg surveys of economists.


Read more at Bloomberg Stocks News

Rand weaker, eyes US and retail sales data

(Reuters) - South Africa's rand was weaker on Wednesday on profit-taking but remained within recent ranges ahead of retail sales data due later in the session.

The rand was trading at 6.9770 to the dollar at 0630 GMT, 0.24 percent weaker than its previous New York close of 6.96, after earlier touching 6.9475 against the greenback.


Read more at Reuters Africa