European stocks extend losses on credit worries

(Reuters) - European stocks extended their losses late on Monday, dropping 1 percent in choppy trade on persistent worries over the crisis in the credit market while shares of oil giants dropped along with crude prices.

At 1503 GMT, the pan-European FTSEurofirst 300 index was down 1 percent, at 1,502.62, a level not seen since March.


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Swiss Franc Climbs to Two-Year High Versus Dollar as Carry Trades Unwound

(Bloomberg) -- The Swiss franc rose to its highest in
more than two years against the dollar as investors sold riskier
assets, such as equities, and repaid loans taken out in the Swiss
currency.

The franc advanced against 14 of the 16 most-traded
currencies as stocks in Europe and Asia fell, following a drop in
benchmark U.S. equity markets last week. Traders unwound so-
called carry trades, where they borrowed the franc to buy higher-
yielding assets, on concern U.S. subprime mortgage losses will
erode economic growth.


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India Tata Steel to buy 35 pct in Mozambique project

(Reuters) - India's top private steel maker Tata Steel Ltd. said on Friday it would spend A$100 million to buy a 35 percent stake in a Mozambique coal project run by Australia's Riversdale Mining Ltd..

Tata Steel, which bought Anglo-Dutch Corus for $12.9 billion this year to become the world's sixth-largest steel maker, said it would source coking coal from the project for Corus' plants in the U.K. and Europe, and for Tata's Indian units.


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Gazprom, Belarus still in gas talks as deadline slips

(Reuters) - If the dispute escalates further, it has the potential to
disrupt gas supplies to Europe.




"Beltransgas's delegation arrived for talks yesterday, the
talks were held in the night and are still continuing. Gazprom
will give information on the first results at around 1100 ," a Gazprom spokesman told Reuters.


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GLOBAL MARKETS-US jobs data hit stocks, dollar, boost bonds

(Reuters) - LONDON, Aug 3 - Stocks and the dollar fell while
safe-haven government bonds rallied on Friday after
weaker-than-expected U.S. jobs data fanned concerns about a U.S.
economy already struggling with credit liquidity fears.




U.S. stock futures pointed to a weaker open on Wall Street
while European stocks moved deeper in negative territory
after data showed U.S. employers boosted payrolls in July at the
slowest pace since February, adding 92,000 jobs.


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Venezuela Led 9 Billion-Barrel Gain in OPEC Proven Oil Reserves Last Year

(Bloomberg) -- OPEC's proven crude oil reserves
rose 1 percent last year, led by increases in Venezuela and
Iran, at a time when European and U.S. oil companies such as BP
Plc and Repsol YPF SA struggled to find new deposits.

The tally for the 12-nation producer group rose by 9.2
billion barrels to 922.48 billion barrels at the end of 2006,
OPEC said today in its Annual Statistical Bulletin. The increase
was the biggest in four years and equivalent to all of the
proven reserves of Norway, Europe's biggest oil supplier.


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European, Asian Stocks Rise on Speculation Credit Worries Were Overdone

(Bloomberg) -- European stocks rebounded from a
five-day slide, while Asian shares climbed for a second day as
investors speculated declines have left global equities cheap
relative to prospects for earnings growth.

Aviva Plc, HSBC Holdings Plc and UBS AG led gains by
financial stocks in Europe. GlaxoSmithKline Plc, the region's
second-largest drugmaker, jumped after a panel of medical
specialists said its Avandia drug should remain on the U.S.
market. Olympus Corp. and Hang Seng Bank Ltd. paced gains in Asia
after the companies reported higher earnings.


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European Stocks Rise, Paced by Aviva, UBS, GlaxoSmithKline, BHP Billiton

(Bloomberg) -- European stocks advanced for the
first time in six days on speculation shares have become cheap
relative to prospects for earnings growth.

Aviva Plc, HSBC Holdings Plc and UBS AG led financial stocks
higher. GlaxoSmithKline Plc, the region's second-largest
drugmaker, rose after a panel of medical specialists said its
Avandia drug should remain on the U.S. market. BHP Billiton Ltd.
and Rio Tinto Group gained on higher copper prices.


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French Suspicions About Wealth Make Exiles Wary of Sarkozy's Tax Reforms

(Bloomberg) -- Nicolas Sarkozy is rolling out the
welcome mat for thousands of rich French people who fled one of
Europe's most onerous tax regimes. Few may heed his call.

In his first economic act as president, Sarkozy is pushing
a tax law to lure back exiles such as rock star Johnny Hallyday,
64, and members of the Mulliez clan, who control the French
retailer Groupe Auchan SA. The measure will increase exemptions
on the ``fortune'' tax -- the bete noire of rich expatriates --
and cap the total individual tax rate at 50 percent of income.


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U.S. Stock-Index Futures Rise; Alcoa, GM , Akamai Technologies Advance

(Bloomberg) -- U.S. stock-index futures rose as
investors speculated the biggest weekly sell-off in more than
four years was excessive.

Alcoa Inc., the world's second-largest aluminum company, and
General Motors Corp. rose in Europe after their shares lost more
than 10 percent last week. Verizon Communications Inc. may be
active before the telephone service provider posts earnings.


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European Stocks Advance, Led by Imperial Chemicals, Linde; IKB Tumbles

(Bloomberg) -- European stocks rose for the first
time in five days, led by Imperial Chemical Industries Plc after
the company rejected a bid from Dutch rival Akzo Nobel NV.

Linde AG, the world's largest maker of industrial gases,
also gained after reporting earnings that topped analysts'
estimates. BHP Billiton Ltd. and Rio Tinto Group led mining
shares higher as copper increased.


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Hungarian Forint Poised for Weekly Slide as Investors Flee Riskier Assets

(Bloomberg) -- The Hungarian forint posted its
biggest weekly drop against the euro in 10 months as tumbling
global stocks and concern about U.S. subprime mortgage losses
prompted investors to shun emerging markets.

The forint was the worst performer against the euro over the
past five days, sliding more than 2 percent, as the NTX Index of
stocks in central Europe's 30 largest companies declined the most
in a week since March. Investors reversed trades where they'd
bought the forint to take advantage of Hungary's 7.75 percent
interest rate, also sending the currency tumbling.


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Shell Has No Firm Date for Return to Full Crude-Oil Production in Nigeria

(Bloomberg) -- Royal Dutch Shell Plc, Europe's
largest oil company by market value, has no firm date for when
it can return to full production in Nigeria.

Shell is the biggest international oil producer in Nigeria,
a country that has lost hundreds of thousands of barrels in
daily production from the western Niger Delta since early 2006.
Militants are demanding a greater share of surging oil revenue.


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Global Stocks Drop; Investors Shun Risk as Credit Market Turmoil Worsens

(Bloomberg) -- Stocks fell around the world and U.S.
Treasuries rallied on concern higher borrowing costs will slow
takeovers, spur debt defaults and curb earnings, prompting
investors to flee riskier assets.

The Standard & Poor's 500 Index fell to its lowest in a
month, while Europe's Dow Jones Stoxx 600 Index dropped 1.8
percent, its biggest retreat since March. Benchmark stock indexes
in Brazil, Mexico, Argentina, Korea, Poland, Russia and Turkey
fell more than 2 percent.


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GLOBAL MARKETS-Risk aversion sweeps across markets

(Reuters) - Both moves indicated that investors were pulling away from
riskier assets.




The FTSEurofirst 300 index of top European shares
ignored good earnings reports and fell 1.4 percent and Wall
Street looked set for a poor start.


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Glaxo's $25 bln buyback softens Avandia blow

(Reuters) - By Ben Hirschler, European Pharmaceuticals Correspondent



LONDON, July 25 - GlaxoSmithKline more than doubled its share buyback programme to 12 billion pounds


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Morgan Stanley moves reveal Europe focus

(Reuters) - By Joseph A. Giannone



NEW YORK, July 25 - Morgan Stanley , the investment banking giant based in New York, is placing more of its chips on Europe.


Read more at Reuters.com Mergers News

Gold Declines in London as Central Banks May Increase Sales; Silver Falls

(Bloomberg) -- Gold fell in London on speculation
European central banks will increase sales of the precious
metal. Silver also dropped.

The European Central Bank said yesterday three members of
the Eurosystem of national banks sold 288 million euros ($397
million) of gold last week, equal to about 18 metric tons and up
from 88 million euros the week before. European central banks
may sell 157.6 tons in the next nine weeks, or an average of
about 18 tons a week, according to World Gold Council figures.


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Corporate Bond Risk Decreases as Investors Reduce Bets on Subprime Rout

(Bloomberg) -- The risk of owning corporate bonds
fell in Europe and the U.S. as investors pared bets that credit
quality will deteriorate further because of the subprime
mortgage rout, according to traders of credit-default swaps.

Contracts on 10 million euros ($13 million) of debt
included in the iTraxx Crossover Series 7 Index of 50 European
companies dropped 13,000 euros to 354,000 euros in London,
according to Deutsche Bank AG. The index was at 180,000 euros at
the start of June. The CDX North America Investment Grade Index
dropped $1,250 to $53,750 in New York, Deutsche Bank said.


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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