Canada Dollar Rises to Three-Decade High on Gains in Copper, Oil, Gold

(Bloomberg) -- The Canadian dollar rose to a
three-decade high as prices of the nation's commodity
exports advanced, boosting the currency's appeal.

The currency strengthened after crude oil, gold and
copper prices jumped with oil touching a $76 a barrel in
New York. Commodities account for about half of Canada's
exports.


Read more at Bloomberg Currencies News

Bear Stearns to be sued over subprime funds: CNBC

(Reuters) - According to CNBC, the lawsuit will allege Bear Stearns made material misrepresentations in offering documents, misrepresented risks of the hedge funds in those documents, and misrepresented its ability to control those risks.




Officials at Bear Stearns and Bernstein Litowitz did not immediately return requests for comment.


Read more at Reuters.com Bonds News

Argentina stocks down as US subprime worries weigh

(Reuters) - "On a bad day for international markets, the MerVal could
defend itself better, but it is always dependent on external
trends," said Ruben Pascuali, a trader at local brokerage
Mayoral.




Trade volume on the broad market was relatively heavy at
107.4 million pesos , 34 million pesos of which
involved trade of Banco Patagonia . Among active
shares, 46 advanced, 33 declined and 16 were unchanged.


Read more at Reuters.com Bonds News

Perry Ellis files for $200 mln debt, stock shelf

(Reuters) - Perry Ellis said it would use its net proceeds for debt
repayment, capital expenditures, working capital and other
general corporate purposes.




Under a shelf registration, a company may sell securities
in one or more separate offerings with the size, price and
terms to be determined at the time of sale.


Read more at Reuters.com Government Filings News

Hogs Post Biggest Weekly Gain Since March on China; Cattle Futures Climb

(Bloomberg) -- Hog futures in Chicago had the
biggest weekly gain in four months on speculation China may
import more U.S. pork to make up for a drop in domestic
supplies. Cattle rose.

China may have to buy as much as 100,000 additional tons of
pork worldwide after the spread of ``blue ear,'' a respiratory
disease in pigs, led to a culling of herds that drove domestic
pork prices up 75 percent in the past year. Hog futures surged
4.7 percent this week, the most since mid-March.


Read more at Bloomberg Commodities News

RPT-TREASURIES-Bonds rally on credit fears, stock slump

(Reuters) - By Richard Leong




NEW YORK, July 20 - The U.S. Treasury debt market
rallied on Friday, with benchmark yields falling to six-week
lows as investors flocked to government bonds from stocks and
other risky assets on fresh subprime loan and credit worries.


Read more at Reuters.com Bonds News

Crude Oil Falls From 11-Month High as Refiners Open Plants, Boost Output

(Bloomberg) -- Crude oil fell from an 11-month high
in New York on speculation that U.S. fuel stockpiles will
increase because refineries are opening units.

Exxon Mobil Corp., BP Plc and Valero Energy Corp. started
units at refineries in Texas over the past week. Prices rose 2.2
percent this week after the Energy Department reported that U.S.
fuel stockpiles declined last week as gasoline demand increased.
Total SA said it restored normal output from an oil field in
Angola after cutting production to make repairs.


Read more at Bloomberg Commodities News

TREASURIES-Bonds rally on credit fears, stock slump

(Reuters) - NEW YORK, July 20 - The U.S. Treasury debt market
rallied on Friday, with benchmark yields falling to six-week
lows as investors flocked to government bonds from stocks and
other risky assets on fresh subprime loan and credit worries.




Technically related buying also fueled the gains, with bond
bulls able to push through key yield levels on heightened
anxiety that subprime mortgage losses would spread to other
markets and eventually shave economic growth, analysts said.


Read more at Reuters.com Bonds News

Credit Risk Surges as Subprime Woes Curb Investors' Appetite for Debt

(Bloomberg) -- The perceived risk of owning bank
loans, corporate bonds and securities based on the riskiest home
mortgages surged as worries about accelerating subprime losses
curbed credit investors' appetites.

Corporate bond risk rose to a two-year high in the U.S. and
Europe, according to credit-default swap indexes that allow
investors to speculate on the ability of companies to repay
their debt or hedge against the risk they won't. Indexes tied to
the risk of owning high-yield, high-risk loans fell to records,
suggesting demand is deteriorating for leveraged-buyout debt.
Indexes of credit-default swaps on subprime mortgage bonds also
plummeted to new lows.


Read more at Bloomberg Bonds News

UPDATE 1-US corporate credit derivative indexes hit records

(Reuters) - "Markets are very skittish at present," said Edward
Marrinan, head of high-grade strategy at JP Morgan in New
York.




The benchmark investment grade credit derivative index
earlier traded at a wide of 53 basis points on Friday, three
basis points wider than Thursday's close, before retracing to
around 52.5 basis points.


Read more at Reuters.com Bonds News

Caterpillar, Google, Intuitive Surgical, Progenics: 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 1:40 p.m. New York time.

Actions Semiconductor Co. (ACTS US) dropped 97 cents, or 16
percent, to $5.03. The Chinese maker of chips for portable
electronics forecast profit of as much as 16 cents a share in the
third quarter. Six analysts on average estimated the company to
earn 17 cents, according to a Bloomberg survey. Analyst Tore
Svanberg at Piper Jaffray & Co. cut the stock to ``market
perform'' from ``outperform.''


Read more at Bloomberg Stocks News

UPDATE 1-Meridian urges patience on Yamana takeover bid

(Reuters) - Meridian said Goldman, Sachs & Co. and BMO Capital Markets
are acting as financial advisors, and that it will announce a
recommendation within the next 10 business days.




Yamana is offering 2.235 Yamana common shares and C$3.15 in
cash for each common share of Meridian, which is based in Reno,
Nevada.


Read more at Reuters.com Mergers News

UPDATE 4-Caterpillar earnings down on weak US sales, costs

(Reuters) - CHICAGO, July 20 - Caterpillar Inc , the
world's top maker of earthmoving equipment, diesel engines and
gas turbines, said on Friday quarterly earnings fell more than
expected due to lower truck engine sales, weakness in North
American construction markets and higher production costs.




The results, which the company called disappointing, sent
Caterpillar shares down more than 8 percent in morning trading
and weighed on the whole market amid worry the profit miss
might be the first in a series from the heavy equipment
industry. But the consensus was that the issues holding back
Caterpillar were largely internal.


Read more at Reuters.com Market News

Platinum Rises in New York on Weaker Dollar, South African Supply Concerns

(Bloomberg) -- Platinum extended a rally in New
York, heading for its third straight weekly gain, as the
declining value of the U.S. dollar boosted investment demand
and supply concerns strengthened. Palladium also rose.

A weaker dollar boosts the precious metals' appeal as
alternative investments. Platinum has climbed 18 percent this
year while the dollar is down 4.5 percent against the euro.
Platinum rose for a third day amid delivery delays from Lonmin
Plc, and labor disputes at Aquarius Platinum Ltd., Northam
Platinum Ltd. and Impala Platinum Holdings Ltd.


Read more at Bloomberg Commodities News

Fed eyeing subprime partly because mkt large-Poole

(Reuters) - Poole, however, said nothing about how stresses evident in
the subprime mortgage market would impact the broader economy.




Read more at Reuters.com Bonds News

Bulk of Rio Narcea shares tendered to Lundin bid

(Reuters) - Reports now value the deal at C$925 million , up from C$864 million when first announced in April.




The offer expires Aug. 10 said Lundin, a mid-tier
Swedish-Canadian miner, which prizes Rio Narcea's Aguablanca
nickel mine in Spain.


Read more at Reuters.com Mergers News

U.S. Stocks Retreat After Google, Caterpillar Earnings Miss Estimates

(Bloomberg) -- U.S. stocks stumbled at the end of
a week of second-quarter earnings, pulling down the Standard &
Poor's 500 Index and Dow Jones Industrial Average from records.

Google Inc., owner of the most-popular Internet search
engine, plunged the most since February 2006 after posting
profit below analysts' estimates. Caterpillar Inc. accounted
for almost half of the Dow average's decline after earnings
dropped because of falling demand for truck engines. Citigroup
Inc. pushed financial shares to the steepest drop in the S&P
500 after predicting bad loans will increase.


Read more at Bloomberg Stocks News

UAW's Gettelfinger Stuck Between Reuther's Legacy, `Crashing' Car Industry

(Bloomberg) -- Ron Gettelfinger, chief of the United
Auto Workers, will sit at the bargaining table with the Big Three
automakers while holding one of the weakest hands in the 72-year-
old union's history. He'll also have the shadow of union icon
Walter Reuther looming over him.

Gettelfinger started negotiating today with companies that
lost a combined $15 billion last year -- a far cry from the era
when Reuther won health insurance and pensions for the rank-and-
file during two decades running the UAW until his death in 1970.
General Motors Corp., Ford Motor Co. and Chrysler now are looking
to roll back those so-called legacy costs, which include retiree
health-care liabilities of $114 billion.


Read more at Bloomberg Exclusive News

College Loan Corp. settles with New York state

(Reuters) - Among other favors, CLC sponsored advisory boards that
provided meals, entertainment and travel for school personnel.
CLC also provided staff to work for financial aid offices and
free printed materials at no charge, Cuomo said.




But Cuomo said CLC had engaged in another, even more
troubling practice: hosting financial counseling sessions on
behalf of colleges. Schools are required to offer these
sessions as a neutral forum for students, but San Diego-based
CLC used them to market their own loans to students, Cuomo
said.


Read more at Reuters.com Government Filings News

FTSE 100 Slides, Led by Cable & Wireless, Sage Group; Kingfisher Climbs

(Bloomberg) -- U.K. stocks fell, paced by Cable &
Wireless Plc and Sage Group Plc.

Friends Provident Plc advanced on takeover speculation.
Kingfisher Plc increased after Deutsche Bank AG raised its
recommendation on shares of Europe's biggest home-improvement
retailer.


Read more at Bloomberg Stocks News

Brunswick cuts outlook on weak retail marine market

(Reuters) - CHICAGO, July 20 - Brunswick Corp., the world's largest maker of recreational boats, on Friday cut its 2007 earnings forecast and said it would cut boat production during the rest of the year, citing a weak U.S. retail marine market, sending shares down more than 7 percent.



"Preliminary industry data indicates that retail sales are down by as much as 13 percent in our key category of sterndrive and inboard powered fiberglass boats in the second quarter, which historically represents the strongest period of the selling season," Chief Executive Dustan McCoy said in a statement, explaining company production and shipment cuts. "Despite our actions, however ... we have not made meaningful progress in reducing our pipeline inventories for these products," he added. "We also see no reason to believe that retail trends will reverse in the second half of the year, which is the slowest period for boat sales."


Read more at Reuters.com Market News

Diving Into the Deep, Amputee Iraq Vets Discover Strength, Skill, Beauty

(Bloomberg) -- Gunnery Sergeant Angel Barcenas, 30,
sits at the edge of the water, fitting scuba-diving fins onto
his prosthetic legs. Close by, Sergeant Gregory Wayne Edwards
opts to take off his artificial legs, leaning them against a
wall before skillfully hopping on his arms and hips toward the
swimming pool's edge, where he straps on a diving tank.

Both men lost their real limbs last year when they stepped
on improvised explosive devices, or IEDs, on Iraq's
battlefields. Now back for rehabilitation at the Walter Reed
Army Medical Center in Washington, they have an unusual
opportunity. Instead of just mastering basic skills like walking
or climbing stairs, Edwards and Barcenas are among 30 U.S.
soldiers at the center who are pushing themselves and their
recovery further by learning to scuba dive.


Read more at Bloomberg Exclusive News

U.S. Stocks Retreat After Google Earnings Miss Estimates; Microsoft Drops

(Bloomberg) -- U.S. stocks retreated after Google
Inc. posted profit below analysts' estimates and Microsoft
Corp. said Xbox sales fell short of its own forecast.

Google, the most-popular Internet search engine, and
Microsoft, the biggest software maker, led the Standard &
Poor's 500 Index down from a record. Caterpillar Inc. declined
after the largest maker of earthmoving machines said profit
dropped due to the housing slump. Its shares pushed the Dow
Jones Industrial Average lower a day after it closed above
14,000 for the first time.


Read more at Bloomberg Stocks News

Number in U.S. who see stocks rise hits 5-yr high: survey

(Reuters) - Consumers in July thought that there was a 64 percent chance that a diversified stock fund would increase in value, up from 54 percent a year ago and a low of 41 percent in early 2003, according to the Reuters/University of Michigan Surveys of Consumers.




Consumers were more likely to expect gains in stock prices than at any time since 2002, with the early July reading setting a five-year peak. The meltdown from the 1990s craze in Internet stocks hit bottom in October 2002.


Read more at Reuters.com Business News

Caterpillar, Eli Lilly, Google, Limelight, Microsoft: U.S. Equity Preview

(Bloomberg) -- The following is a list of companies
whose shares may have unusual price changes in U.S. exchanges
today. This preview includes news that broke after exchanges
closed yesterday. Stock symbols are in parentheses after company
names. Share prices are as of 9 a.m. in New York.

Advanced Micro Devices Inc. (AMD US) rose 47 cents, or 3
percent, to $16.25 in trading before U.S. exchanges opened. The
second-largest maker of personal-computer processors said sales
in the second quarter increased 13 percent to $1.38 billion after
cutting prices to compete with Intel Corp. Analysts had estimated
the company to have sales of $1.25 billion, according to a
Bloomberg survey.


Read more at Bloomberg Stocks News

Corn, Soybeans Advance in Chicago on Overseas Demand; Wheat Futures Falls

(Bloomberg) -- Corn and soybean futures in
Chicago rose on expectation overseas buyers will increase
purchases of U.S. grains and oilseeds. Wheat futures declined.

Corn prices will ``stabilize and strengthen'' with ``the
underlying supply and demand dynamics for corn still looking
very positive'', said analysts at Barclays Capital led by Kevin
Norrish in a report yesterday, citing demand from China and
ethanol production.


Read more at Bloomberg Commodities News

Palm Oil Gains in Malaysia as Export Decline Slows on Improved Demand

(Bloomberg) -- Palm oil futures in Malaysia, the
benchmark for the commodity, gained after reports showing the
decline in the country's exports slowed as the price of the
vegetable oil dropped from its June record.

Palm oil for October delivery on the Malaysia Derivatives
Exchange rose as much as 28 ringgit, or 1.1 percent, to 2,513
ringgit ($734) a ton. It traded at 2,486 ringgit a ton at the
end of the morning trading session.


Read more at Bloomberg Commodities News