New Zealand Dollar's Strength Lures Retail Investors, CMC Markets Says

(Bloomberg) -- The New Zealand dollar's 28 percent
gain versus the U.S. currency in the past 12 months has sparked
individual investors at CMC Markets New Zealand Ltd. to double
the number of bets on gains and losses, the trading house said.

``There's been a lot of interest since we started to see
these sharp moves higher, because they've been quite exciting and
dramatic,'' CMC's general manager Sargon Elias said in an
interview from Auckland. ``The weakness of the U.S. dollar and
the local factor of rising interest rates has been a double
whammy for investors.''


Read more at Bloomberg Currencies News

Oil falls as U.S. refinery fuel output seen higher

(Reuters) - U.S. gasoline stocks were seeing rising 400,000 barrels last week as refinery usage increased sharply, though strong summer demand is likely to have limited the potential for a larger build, a Reuters survey of analysts showed .




"The recent return of some U.S. refineries from unplanned outages is a bearish element," said Harry Tchilinguirian, oil analyst at BNP Paribas. "While U.S. gasoline imports in this week's data are likely to stay subdued, higher refinery runs and more blending should lift domestic supply."


Read more at Reuters.com Hot Stocks News

Federal Government to Take Control of Australia's Biggest River System

(Bloomberg) -- Australia's Prime Minister John
Howard plans to introduce laws to take federal control of the
Murray-Darling Basin, the nation's largest river system, after
failing to convince Victoria state to hand over its powers.

Leaders from New South Wales, Queensland, South Australia
and the Australian Capital Territory had surrendered their
powers over the river to the government. Victorian leader Steve
Bracks yesterday refused to do so.


Read more at Bloomberg Commodities News

US senators: FDA pulled reviewer off Glaxo drug

(Reuters) - The scientist has believed since 2005 that there was enough
evidence for a strong "black box" warning on Avandia about a
risk of congestive heart failure, the senators said.




In a statement titled "Senators reveal effort by the FDA to
suppress scientific dissent and downplay safety concerns"
released with their letter, they said the reviewer was
"sidelined after voicing safety concerns" about Avandia.


Read more at Reuters.com Government Filings News

Dollar hits 2 1/2-mth low vs yen on credit worries

(Reuters) - The tumble in the U.S. stock market also prompted investors to trim risky trade financed by borrowing in the low-yielding yen, boosting the Japanese currency broadly on Tuesday.




Market participants were keeping an eye on share prices, and another sell-off in global stock markets could prompt more investor risk aversion, traders said.


Read more at Reuters.com Hot Stocks News

Australian Stocks Drop, Led by James Hardie, Banks on U.S. Housing Concern

(Bloomberg) -- Australia's benchmark stock index,
the S&P/ASX 200 Index, fell 0.61 percent at 10:05 a.m.

The index of 201 companies traded on the Australian Stock
Exchange fell 39.20 to 6,383.10. Among the stocks in the index, 5
rose, 120 fell and 76 were unchanged.


Read more at Bloomberg Stocks News

United Community Financial to acquire PVF Capital

(Reuters) - The bank holding company said it expects the deal to add to
its earnings in 2008.





Read more at Reuters.com Mergers News

UPDATE 1-Corporate Executive Q2 net falls; cuts '07 view

(Reuters) - The company, which provides business research and analysis
services, also cut its earnings outlook for the third quarter.




The Washington D.C.-based company now expects 2007 earnings
of $2.05 to $2.15 a share, down from its prior view of $2.13 to
$2.24 a share. It, however, targets 15 percent to 20 percent
growth in revenue for the full year.


Read more at Reuters.com Market News

Haiti passes first IMF review, $11.7 mln released

(Reuters) - "Haiti has made commendable progress on its path of
economic and social stabilization. Significant economic
reforms have been implemented nad the security situation has
improved markedly," said Murilo Portugal, IMF deputy managing
director, in a statement




Portugal said Haiti's performance under the poverty
reduction and growth facility arrangement has been strong and
performance criteria were met, but growth had lagged slightly
behind expectations. It will be important for Haiti to improve
its rate of budget execution, he said.


Read more at Reuters.com Bonds News

Anika Q2 profit rises slightly, revenue falls

(Reuters) - Total revenue for the quarter was $7.1 million, compared
with $7.8 million a year ago.





Read more at Reuters.com Market News

UPDATE 1-Aaron Rents Q2 earnings fall, cuts '07 profit view

(Reuters) - The company also cut its 2007 outlook to $1.50 to $1.60 a
share, from its prior view of $1.55 to $1.65 a share, mainly
due to anticipated start-up costs from stores to be added
during the second half of the year. It now sees 2007 revenue at
$1.5 billion.




Analysts were expecting earnings of $1.61 a share, before
exceptional items, on revenue of $1.51 billion, according to
Reuters Estimates.


Read more at Reuters.com Market News

Honda, Riding `Buzz' From New Accord, May Win Investors as Toyota Stalls

(Bloomberg) -- Shares of Toyota Motor Corp.
outperformed those of Honda Motor Co. in the first half of the
year on rising U.S. sales. Now it may be Honda's turn.

Japan's second-largest carmaker will reap bigger gains than
Toyota from a weaker-than-forecast yen and higher demand for
more fuel-efficient vehicles in the U.S., said Jeffrey Scharf,
president of Scharf Investments, a $660 million fund in Santa
Cruz, California. Honda also predicts sales will rise with the
September release of a new Accord sedan, its top-selling model.


Read more at Bloomberg Exclusive News

ABC/WashPost Consumer Comfort Index rebounds to -5

(Reuters) - All three components of the survey were up as Americans'
positive views on personal finances and the economy rose to 59
percent and 44 percent, respectively, from 55 percent and 42
percent. Views on the buying climate were at 39 percent, up
from 36 percent.




"Confidence rebounded unusually sharply this week," the
news outlets said in a statement.


Read more at Reuters.com Bonds News

Bausch & Lomb asks for revisions to AMO proposal

(Reuters) - Bausch & Lomb plans to be bought by Warburg Pincus for $3.67 billion.



In the letter, Bausch & Lomb said without the revisions, AMO's offer "would not be likely to result in a Superior Proposal."


Read more at Reuters.com Mergers News

UPDATE 1-Albemarle second-quarter profit rises

(Reuters) - Profit increased to $53.9 million, or 55 cents a share,
from $43.3 million, or 45 cents a share, in the year-ago
period.




Excluding a $3.1 million aftertax charge related to the
closure of a facility, the company posted net income of $57
million, or 59 cents per share, in the latest quarter.


Read more at Reuters.com Market News

America Movil 2nd-qtr net profit soars 31 pct

(Reuters) - Revenue jumped 29 percent to 75.4 billion pesos.






Read more at Reuters.com Market News

CEC Entertainment Q2 earnings fall

(Reuters) - Revenues for the quarter rose to $179.8 million from $176.2
million a year ago primarily due to new store development, the
company said.




Analysts' consensus view for earnings was 34 cents a share,
before items, on revenue of $184.3 million, according to
Reuters Estimates.



Read more at Reuters.com Market News

Aflac posts higher second-quarter earnings

(Reuters) - NEW YORK, July 24 - Aflac Inc , the world's largest seller of supplemental disability insurance, said on Tuesday earnings rose in the second quarter, helped by rising revenue.



Aflac said net income for the quarter was $415 million, or 84 cents a share, up from $408 million, or 81 cents a share, in the year earlier quarter.


Read more at Reuters.com Market News

Amazon.com Q2 net profit jumps, shares up 8 pct

(Reuters) - The company also raised its forecast for full-year sales.




"It's a blow-out second quarter -- it's an amazing performance," said Bernstein Research analyst Jeffrey Lindsay. "A lot of it seems to have come in the United States, which is particularly surprising since that's considered Amazon's most mature market."


Read more at Reuters.com Business News

Skechers quarterly profit falls

(Reuters) - Net sales rose 20.5 percent to $352.2 million, the company
said in a statement.




Analysts on average expected the company to earn 43 cents a
share, before items, on revenue of $351.2 million, according to
Reuters Estimates.



Read more at Reuters.com Market News

UPDATE 1-Canada will not challenge Abitibi-Bowater merger

(Reuters) - The bureau said there was insufficient grounds to conclude
the merger of the Canadian and U.S. forestry firms would reduce
competition in markets including newsprint, groundwood papers,
wood chips and softer lumber.




The firms announced plans in January to create North
America's largest newsprint maker. The combination billed as a
merger of equals would see Bowater shareholders with 52 percent
of the new company and no premium paid to Abitibi.


Read more at Reuters.com Government Filings News

Cut US crop subsidies 30 pct, say House critics

(Reuters) - Rep. Ron Kind, a Wisconsin Democrat, complained that the
House Agriculture Committee's farm bill plan, now awaiting a
vote from the entire House, offered "virtually no reform" of
farm subsidies, so he will offer his alternative during debate
later this week.




Kind proposed cutting grain, cotton and soybean outlays by
$12 billion through 2012, a 30 percent reduction from the $40
billion now projected. This, he said, will allow Congress to
spend another $5.6 billon on programs like food stamps, $3
billion on land stewardship and $1.2 billion to aid fruit and
vegetable farmers.


Read more at Reuters.com Bonds News

US STOCKS-Wall St indexes drop on housing, profit concerns

(Reuters) - NEW YORK, July 24 - U.S. stocks fell on Tuesday,
pushing the three major indexes down 1 percent, as
lower-than-projected earnings from DuPont Co. and a
range of other companies underscored concerns about the housing
market and its effects on the economy.




Financial shares led decliners on the S&P 500 index,
followed by energy companies, which were dragged down by a more
than $1 a barrel drop in oil prices.


Read more at Reuters.com Bonds News

UPDATE 5-Countrywide profit down 33 pct, slashes outlook

(Reuters) - NEW YORK, July 24 - Countrywide Financial Corp , the largest U.S. mortgage lender, on Tuesday reported a 33 percent decline in second-quarter profit and slashed its full-year earnings forecast, citing a difficult housing market.



Shares of Countrywide fell 8.7 percent in pre-market electronic trading.


Read more at Reuters.com Market News

Paulson to meet Chinese leaders on currency

(Reuters) - The Treasury said Paulson would raise with Chinese leadership "issues of concern to the U.S. Congress"




"This trip is part of an ongoing process to strengthen our strategic economic relationship -- to address long-term issues such as working with China to rebalance its growth and increase the flexibility of its currency and also to address short term issues as they arise," Paulson said in a statement.


Read more at Reuters.com Bonds News

UPDATE 1-Fed banks wanted flat discount rate in May, June

(Reuters) - But the Fed regional bank directors were concerned about a
potential threat from a slumping housing market, according to
minutes of meetings of the Washington-based Fed Board of
Governors, which must approve changes in the discount rate
governing Fed lending to commercial banks.




"Directors considered it likely that business investment
would begin to strengthen soon, buoying overall economic
growth, but they noted that activity in the housing market was
continuing to contract and cautioned that the housing sector
posed a downside risk to economic performance," according to
minutes from a June 25 meeting.


Read more at Reuters.com Bonds News

Brazil's Bovespa Falls, Led by Petrobras, on Tax Bill; TV Azteca Declines

(Bloomberg) -- Brazil's main stock index slid the most
in six weeks, led by state-controlled oil company Petroleo
Brasileiro SA, as the company received a bill for $710 million in
unpaid taxes and oil prices dropped.

The Bovespa Index of the most-traded stocks on the Sao Paulo
exchange fell 800.03, or 1.4 percent, to 57,236.74 as of 1:20 p.m.
New York time. Petrobras accounted for more than a quarter of the
drop. Mexico's benchmark Bolsa index declined 295.91, or 0.9
percent, to 31,872.52.


Read more at Bloomberg Stocks News

Subprime mess spreading to junk bonds-PIMCO's Gross

(Reuters) - Gross also said the U.S. economy will come under pressure from increased cost of financing.




"Stuffed!" he said of the current state of the credit markets.


Read more at Reuters.com Bonds News

UPDATE 2-Subprime mess spreads to junk bonds, LBOs -PIMCO

(Reuters) - NEW YORK, July 24 - Soaring defaults in the
subprime mortgage market are spreading into the U.S. credit
markets, producing a "sudden liquidity crisis" in the
high-yield bond sector, according to widely followed bond
manager Bill Gross.




A lack of confidence has shut down the markets for lending
and backed up new junk-bond offerings -- a major source of
funding for leveraged buyouts and may become a factor
ultimately impacting the U.S. economy, said Gross, manager of
the world's largest bond fund at Pacific Investment Management
Co., or PIMCO. He made the comment in his August investment
outlook letter.


Read more at Reuters.com Bonds News

Scripps quarterly profit beats estimates

(Reuters) - NEW YORK, July 24 - E.W. Scripps Co. reported better-than-expected quarterly profit Tuesday on higher advertising sales on its cable channels, though newspaper ad sales remained weak.



Scripps broadcasts Home & Garden Television, the Food Network and other popular cable channels, and has been trying to steer away from its historical image as a newspaper publisher.


Read more at Reuters.com Market News

Apple Shares Decline on Signs IPhone Sales, Demand May Be Disappointing

(Bloomberg) -- Apple Inc. shares fell as much as 5
percent on signs that demand for the new iPhone may fail to meet
investors' expectations.

Activations from AT&T Inc., the exclusive carrier for the
iPhone, are a ``disappointment,'' Piper Jaffray & Co. analyst
Gene Munster said today. Apple probably sold 200,000 of the
devices in the quarter that ended in June, he said.


Read more at Bloomberg Stocks News

Dollar Declines to Record Low Against Euro on Spreading U.S. Mortgage Woes

(Bloomberg) -- The dollar declined to a record
against the euro and weakened to a 26-year low versus the pound
on speculation the rout in subprime mortgages is spreading,
slowing U.S. growth.

The currency's drop accelerated after Countrywide Financial
Corp., the biggest U.S. mortgage lender, reported a third
straight quarterly earnings decline as more consumers fell
behind on home equity loan payments. The yen gained versus all
but one of the 16 most actively traded currencies as U.S. stocks
fell and traders pared carry trades in which they borrow in the
yen to invest in higher-yielding assets.


Read more at Bloomberg Currencies News

NYSE fines Citigroup's Smith Barney $50 million

(Reuters) - Of the $50 million total, $5 million will go to the state of New Jersey in connection with a separate regulatory matter arising out the same conduct. The remaining $5 million will be paid to NYSE Regulation.




NYSE Regulation said the Citigroup unit, an NYSE member firm, violated rules by failing to supervise trading of mutual funds and maintain adequate records.


Read more at Reuters.com Business News

UPDATE 1-Carlyle, partners to buy Applus+ for $2 bln

(Reuters) - Agbar, which holds 53.1 percent of Applus+, said it would
make net capital gains of 210 million euros from the sale to
private equity firm Carlyle and a group comprising Caixa de
Catalunya, Caixa de Manresa, Caixa de Terrassa, Caixa de
Tarragona and the Real Automovil Club de Catalunya.




Power company Union Fenosa , which has 25 percent of
Applus+, and savings bank Caja Madrid have also agreed to sell
their shares in the deal, which values 100 percent of Applus+ at
1.48 billion euros.


Read more at Reuters.com Mergers News

Trans1 files for IPO of up to $80.5 million

(Reuters) - Trans1 said it applied for a Nasdaq listing under the
symbol "TSON."




The filing did not reveal how many shares the company
planned to sell or their expected price.



Read more at Reuters.com Government Filings News

MDU Resources earnings rise

(Reuters) - Analysts on average forecast earnings of 45 cents a share,
according to Reuters Estimates.





Read more at Reuters.com Market News

Precision Castparts profit rises on acquisitions

(Reuters) - NEW YORK, July 24 - Precision Castparts Corp. said on Monday quarterly profit nearly doubled, boosted by acquisitions and strong demand for its metal aerospace and industrial components.



The company, which makes engine parts and fasteners for planemakers Boeing Co. and the Airbus unit of EADS , reported a profit of $226.4 million, or $1.62 per share, for its fiscal first quarter. That compared with $115.1 million, or 84 cents per share, in the year-earlier quarter.


Read more at Reuters.com Market News

JetBlue reports stronger profit, will slow growth

(Reuters) - JetBlue reported net income of $21 million, or 11 cents per share, compared with $14 million, or 8 cents a share, in the year-ago period. Revenue rose 19.4 percent to $739 million.



The company also said it would further slow growth by deferring delivery of 16 Embraer 190 regional jet aircraft and selling three Airbus A320s.


Read more at Reuters.com Market News

UPDATE 1-New Oriental Education shares fall on miss

(Reuters) - NEW YORK, July 24 - New Oriental Education and
Technology Group Inc. missed analyst expectations that
it would make a fourth-quarter profit, sending its shares down
as much as 17.5 percent on Tuesday morning.




The provider of private education services in China posted
a net loss of $1.6 million, or 4 cents an American Depositary
Share, for the quarter ended May 31.


Read more at Reuters.com Market News

S.Africa tells AngloGold to shut mine shaft

(Reuters) - South Africa has instructed gold producer AngloGold Ashanti to shut the shaft at its Moab Khutsong mine after two miners were killed in a rock fall at the weekend, the government said on Tuesday.

The Department of Minerals and Energy said senior officials would visit the mine on Wednesday to check if the company was meeting safety standards. It did not say how long the shaft would remain shut.


Read more at Reuters Africa

Countrywide profit down 33 pct

(Reuters) - Shares of Countrywide fell as much as 8.7 percent to their lowest level since November 2005.




Second-quarter net income for the Calabasas, California-based company fell to $485.1 million, or 81 cents per share, from $722.2 million, or $1.15, a year earlier. Revenue fell 15 percent to $2.55 billion.


Read more at Reuters.com Bonds News

DuPont's CEO sees housing slump well into 2008

(Reuters) - The company on Tuesday cited the housing downturn as one of
the drags on quarterly earnings, which fell short of Wall
Street expectations. The stock fell more than 5 percent to
$50.46 in morning trade on the New York Stock Exchange.





Read more at Reuters.com Bonds News

UPDATE 1-NYSE fines Citigroup's Smith Barney $50 million

(Reuters) - The penalty includes $40 million in customer compensation,
NYSE Regulation said on Tuesday. The money will be put into a
fund for customers who invested in affected mutual funds.




Of the $50 million total, $5 million will go to the state
of New Jersey in connection with a separate regulatory matter
arising out the same conduct.


Read more at Reuters.com Government Filings News

Hillenbrand says terminates takeover talks with Yorktowne

(Reuters) - On Monday, Yorktowne had sold certain of its assets to an
unit of Matthews International Corp. .





Read more at Reuters.com Mergers News

Quest, LabCorp report higher quarterly earnings

(Reuters) - The companies have been locked in an intense rivalry over the last several months, after LabCorp won a key health insurer contract from Quest. That led Quest to cut its 2007 forecast earlier this year and post sagging first-quarter earnings.




Quest and LabCorp perform tests for doctors and hospitals, including routine tests like for cholesterol and more advanced tests for cancer.


Read more at Reuters.com Hot Stocks News

UPDATE 1-Abitibi 2nd-quarter profit slips as sales ease

(Reuters) - Abitibi, which plans to merge with U.S. peer Bowater Inc.
, earned C$148 million , or 34 Canadian
cents a share in the three months ended June 30.




That compares with a profit of C$157 million, or 36
Canadian cents a share, a year ago.


Read more at Reuters.com Market News

Rayonier earnings slip on asset writedown

(Reuters) - Earnings fell to $33.3 million, or 42 cents per share, from $42.9 million, or 55 cents per share, in the year-earlier quarter.






Read more at Reuters.com Market News

Canadian Dollar Rises to 30-Year High as Report Shows Retail Sales Surge

(Bloomberg) --The Canadian dollar rose to a 30-year
high after a report showed May retail sales rose at the fastest
pace in almost a decade, bolstering speculation the central bank
will increase interest rates.

The currency was the best performer today against the U.S.
dollar among the 16 mostly actively traded currencies. It rose
to 96.39 U.S. cents at 9:10 a.m. in Toronto from 95.52 U.S.
cents yesterday, reaching the highest since February 1977. The
currency eclipsed the previous 30-year high of 96.14 U.S. cents,
reached on July 18. One U.S. dollar buys C$1.0375. The currency
has gained 12 percent this year on a strengthening economy and
surging commodity prices.


Read more at Bloomberg Currencies News

USG earnings fall sharply on housing downturn

(Reuters) - Chief Executive William Foote said the housing recession is
entering the second year of what is likely to be a multiyear
downturn.




"The housing market continued to deteriorate in the second
quarter, impacting both sales and earnings," Foote said in a
statement.


Read more at Reuters.com Bonds News

Rubber Falls in Tokyo on Strengthening Yen, `Weaker' Commodities Sentiment

(Bloomberg) -- Rubber futures in Tokyo fell as the
yen strengthened and some analysts said investors were starting
to favor assets other than commodities.

The Japanese currency gained to its highest in more than two
months against the dollar, cutting the yen cost of contracts to
buy rubber in dollars. The Rogers International Commodity Index
fell 1.3 percent yesterday.


Read more at Bloomberg Commodities News

PepsiCo second-quarter profit rises

(Reuters) - Analysts on average were expecting 89 cents per share, according to Reuters Estimates.




Quarterly revenue rose to $9.61 billion from $8.71 billion.


Read more at Reuters.com Mergers News

BLadeLogic now sees IPO priced at $16-$17/share

(Reuters) - The company, which provides data center automation
software, applied for a listing on the Nasdaq under the symbol
"BLOG." [BLOG.O]





Read more at Reuters.com Government Filings News

Stock futures seen mixed, earnings in focus

(Reuters) - The Indicative Dow Jones industrial average, which tracks the 30 index blue chips as they are traded on the Deutsche Boerse's electronic trading platform, XETRA, and translates the prices into dollars, was 0.19 percent lower.




Earnings reports are due from companies including online retailer Amazon.com Inc. , drugmaker Eli Lilly & Co. and hamburger chain McDonald's Corp. .


Read more at Reuters.com Business News

Dollar hits 2-month low vs yen as credit jitters linger

(Reuters) - The dollar slid broadly on Tuesday, hitting a two-month low against the yen with sentiment weighed by concerns that problems in the U.S. subrpime mortgage market will leak into broader economic activity.

Weakness in the subprime, or risky, mortgage sector is already spreading to some segments of credit markets, forcing investors to 'play safe' over the last few weeks by buying top-rated government bonds and selling the dollar for almost all other major currencies.


Read more at Reuters Africa

Qatar suitor confirms ex-Asda man for Sainsbury

(Reuters) - LONDON, July 24 - Qatar's state investment fund confirmed a former Asda executive could become chairman of J Sainsbury if the fund's potential 10.4 billion pound bid for the supermarket chain succeeds.



Tony Campbell spent around 20 years at Asda -- Britain's second-biggest supermarket chain owned by world leader Wal-Mart -- most recently in the role of deputy chief executive until 2001. Qatar's Delta Two state investment fund, already the biggest shareholder with a 25 percent stake in Sainsbury, Britain's third-biggest supermarket chain, has proposed paying 600 pence per share for Sainsbury, excluding a 7.35p dividend.


Read more at Reuters.com Mergers News

FTSE down early; Johnson Matthey weighs on miners

(Reuters) - Britain's top share index fell early on Tuesday, led by Johnson Matthey, which extended its recent fall due to persistent worries of a delay to a partner's key drug.

At 0842 GMT, Britain's FTSE 100 was down 0.3 percent at 6,605.5 points as investors took profits after an M&A-driven gain of 0.6 percent on Monday.


Read more at Reuters Africa

Goldman Sachs Says Nickel May Decline to $25,000 a Ton as Stockpiles Swell

(Bloomberg) -- Goldman Sachs Group Inc., the
world's largest securities firm by market value, said nickel may
fall to as low as $25,000 a metric ton as inventories continue
to rise ``in the coming weeks.''

Stockpiles of nickel tracked by the London Metal Exchange
soared 76 percent in the past two months to 12,642 tons, the
highest since June 22, 2006, according to exchange data. Nickel
for delivery in three months has lost 35 percent since trading
at a record $51,800 a ton on May 9. It was at $32,450 a ton as
of 9:17 a.m. London time today.


Read more at Bloomberg Commodities News

BP Expects Its Whiting Oil Refinery to Return to Full Production Next Year

(Bloomberg) -- BP Plc, Europe's second-largest oil
company, expects its 405,000 barrel-a-day refinery in Whiting,
Indiana, to resume full production in the first half of 2008.

``Repairs are ongoing and we expect to resume sour crude
processing in the fourth quarter of 2007 and to restore the
refinery to its full flexibility and crude capacity in the first
half of 2008,'' BP said today in a statement distributed by the
Regulatory News Service.


Read more at Bloomberg Energy News

Kenya clears five firms to bid for telecoms link

(Reuters) - Kenya's telecoms regulator on Tuesday said five telecoms firms had qualified to bid for the construction of a submarine fibre-optic cable linking its coast to the United Arab Emirates (UAE).

Kenya has already set aside one billion shillings for the $100 million project known as The East African Marine Systems (TEAMS) and has invited private east African operators to raise the remainder as partners in the project.


Read more at Reuters Africa

Wall Street indexes rise on M&A news, profits

(Reuters) - U.S. stock indexes gained on Monday as takeover news and strong profits from large-cap companies, such as Merck & Co., reassured investors after a broad sell-off at the end of last week.

Merck, a Dow component, posted quarterly results that beat analysts' expectations while Halliburton Co., the world's No. 2 oil services company, also topped forecasts and its shares rose to their highest since June 2006.


Read more at Reuters Africa

China Will `Soon' Allow Insurers to Invest More Overseas, Regulator Says

(Bloomberg) -- China will ``soon'' allow the
nation's insurers to put more of their assets overseas to
compensate for higher interest rates at home, the industry
regulator said.

China's central bank on July 20 raised its benchmark
lending and deposit rates after a report showed the nation's
economy grew at the fastest pace in 12 years in the second
quarter. Higher rates draw demand away from fixed-income and
savings-substitute products offered by insurers, said a
spokesman for China's insurance regulator.


Read more at Bloomberg Emerging Markets News