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News

o Kearney, Booz Call Off Merger Talks � WSJ link

o GOOG FTC, Justice deciding who will get to review Google purchase of ITA � NYT

o Sainsbury Gains on Speculation of Renewed Interest From Qatar - BBG

� Top $ Raising

o KKR Heads for July 15 Listing on NYSE � CNBC link

o Shares of Tesla Motors. fell another 16 percent Tuesday. It was the fourth consecutive decline after the electric vehicle maker's stock soared 41 percent in its first day of trading a week ago.

o Agricultural Bank of China (601288.CH/1288.HK) prepares for its mega IPO

� Credit Markets:

o Abertis Loan Shows Bank Appetite for Mergers

� Banks committed as much as 7 billion euros ($8.9 billion) in loans to fund the acquisition of Spain�s Abertis Infraestructuras SA as lenders boost financing for takeovers and shrug off concern that a slowing economy will weaken credit markets - BBG

o Loans Winning Bond Underwriting Spots as Global Sales Drop 39% - BBG

� The world�s biggest banks are offering loans to help them win places on companies� bond deals as a 39 percent drop in sales this year, the most since at least 1998, shrinks fees.

� Demand negative, Steel: Steel prices in the U.S. are declining after holding firm for months, potentially a bad omen for the nation's economy as manufacturing activity slows and consumers grow more cautious about big-ticket purchases, such as cars and appliances - WSJ

o http://online.wsj.com/article/SB10001424052748704699604575343323011738364.html?mod=WSJ_hps_LEFTWhatsNews

� Macro neg: Professional & IT Services player �FCN: FTI Consulting Inc cut its full-year outlook for the second time this yeaFfr, citing slower-than-expected progress in bankruptcy, restructuring and M&A markets and forecast second-quarter results below analysts' estimates Reuters

o conference call to discuss its preliminary results Wednesday

� Macro neg: CRH shares slump on cautious U.S., Europe view MarketWatch

o Shares in CRH slumped as much as 9% as the Irish building materials group said its first half operating profit will drop 20% and that annual comparable sales will drop more than anticipated.

� U.S. Shopping Center Vacancies Approach Record High, Reis

� NYX NYSE Euronext reports June transaction activity

o European cash products average daily volume increased 18.4% y/y to 1.6M transactions.

o US cash products ADV decreased (6.9%) y/y to 3.0B shares.

o European derivatives products ADV increased 2.6% y/y to 4.7M futures and options contracts.

BP/ Oil Stories:

o Saudi investors looking at taking 10-15% stake in BP, says al-Eqtisadiyah � Reuters

o BP CEO to Meet Investors, ADNOC in Abu Dhabi Visit

� http://www.cnbc.com/id/38122048

o Washington halts BP assets sales � Times link (UK)

� The oil company agrees to give the Obama Administration the last word on worldwide asset sales

o Push for Drilling Ban Revived � WSJ link

� The Obama administration asked an appeals court to reinstate a moratorium on deepwater oil drilling, saying it was needed to reduce the chance of a second spill.

� Credit card delinquencies fall to 8-year low � CNN link

o The number of consumers behind on their credit card payments fell to an eight-year low in the first quarter of 2010, the American Bankers Association said Wednesday. Overall, delinquencies across a wide-range of consumer debt categories have also fallen

� Consumer: FDO Family Dollar reports Q3 EPS $0.77 vs Reuters $0.76

o Guides Q4 EPS to $0.46-0.51 vs Reuters $0.53; guides Q4 comps to increase 5-7%. Guides full year EPS to $2.53-2.58 vs Reuters $2.59 and prior $2.48-2.58.

� Marks & Spencer Trading Lower post updates

� Solar PS4.GR Phoenix Solar AG estimates there will be a substantial increase in FY consolidated revenue to between �660M and �700MM vs year ago

� Tech: Samsung Electronics led South Korea down, falling despite reporting a record high Q2 operating income,

� Tech: AU Optronics reports preliminary consolidated June revenue NT$43.63B, +43.5% y/y and (0.4%) m/m

FDML +4.5%
GNW +3.1%
GOOG: The Chinese government said it is still examining Google's application to renew its content license, in the government's first comments on the U.S. company's status since it announced last month it was changing how users in China access its search service. WSJ
Doug Kass: Market Has Made Low For Year � CNBC link
Deutsche Bank Says Fed Will Raises Rates in First Quarter 2011 - BBG

� Geithner Confident US in Recovery Despite Market Jitters from CNBC

o U.S. Treasury Secretary Timothy Geithner said on Tuesday he was confident the U.S. economy would continue to grow as it repairs damage from the financial crisis, but conceded that recoveries are "never even, never steady."

Gold mkt big news�Who�s the bank with the golden swap? FT

o Bank of International Settlements registered biggest gold swap in history at 346 tonnes.

o UBS precious metals analyst Edel Tully takes a stab at making sense of the mysterious BIS gold swap, revealed in headlines on Wednesday.

o In particular, he attempts to determine which institution could possibly be behind it.

o Initial suspicion, of course, has fallen on the peripheral-state central banks, due to their well-publicised liquidity travails. Tully even finds that their gold holdings conveniently match the sum of gold reportedly swapped at the BIS (346 tonnes).

o http://ftalphaville.ft.com/blog/2010/07/07/280401/whos-the-bank-with-the-golden-swap/

CDS pricing indicates fear that European banks are hiding losses

o Despite assurances that results of stress tests on EU banks will be made public, bank bonds are substantially more expensive to insure against default than comparable debt issued by U.S. banks, suggesting that bond buyers are worried about concealed losses in Europe. Credit default swaps on the senior debt of 11 U.S. banks cost about 144 basis points. For European banks, the amount has increased this year to 224 basis points. Bloomberg (06 Jul.) , Reuters (06 Jul.)

Workers' salaries lost ground in past decade from MarketWatch

o Losing a job is a scary prospect for families during a recession, but there�s a less-noticed problem that also hurts workers: stagnating wages.

More stimulus stories:

o Mark Zandi of Moody�s on CNBC and PBS

� Says need $75- 100B in second stimulus

� Need tax cut extension

� No rates hikes to well into 2011

� housing market is double dipping into recession

o Krugman Says U.S. Economy Is Facing a �Long Siege� � need more stimulus - BBG

� Nobel Prize-winning economist Paul Krugman said the U.S. should have a �kitchen-sink strategy� that uses all fiscal and monetary policies possible to prevent the economy from sliding back into a recession

� �We are looking at what could be a very long siege here,� Krugman said in an interview today in Princeton, New Jersey, with Carol Massar of Bloomberg Television�s �Street Smart.�

� �We really are at a stage where we should have a kitchen-sink strategy. We should be throwing everything we can get at this.�

o Goldman Sachs calling for Quantitative Easing v2.0 and additional deficit-financed fiscal stimulus.

� The bank�s chief US economist Jan Hatzius reckons there are enough �disturbing signs� � Friday�s payroll report and recent CPI releases for example � to justify further policy easing via a return to unconventional monetary policy, and/or fiscal stimulus.

� And don�t worry about the consequences � such as asset bubbles or a higher public debt burden � because financial markets are nowhere close to bubble territory and federal interest payments stand at just 1.5 per cent of GDP, says Hatzius

� http://ftalphaville.ft.com/blog/2010/07/07/280396/goldman-calls-for-qe2/

� BOC's Zhang: 2010 GDP forecast of 9% is a conservative estimate; Does not expect for economy to see double-dip - TTN

� China won't dump US Treasuries or pile into gold - Business Spectator

o China has ruled out the "nuclear" option of dumping its vast holdings of US Treasury securities but called on Washington to be a responsible guardian of the dollar.

o In the third in a series of statements explaining its work to the Chinese public, the State Administration of Foreign Exchange sought to allay concerns in the outside world that arise whenever Beijing shifts its holdings of US government debt.

o http://www.businessspectator.com.au/bs.nsf/Article/UPDATE-1-China-wont-dump-US-Treasuries-or-pile-int-759VS?opendocument&src=rss#Scene_1

� Chinese boost JGB purchases amid debt fears � FT link

o Investors increasingly bought Japanese government bonds in the first four months amid ongoing global concerns about Europe�s debt woes

� China: Not time for China to exit loose policy: official

o Reuters) - China should not yet stand down from its active fiscal and loose monetary policies, but it needs to gradually prepare expectations for an orderly exit, a senior central bank official said.

� Chinese property London Telegraph's Ambrose Evans-Pritchard noted that Standard Chartered told some clients to plan for a decline in Chinese property prices by as much as 30%.

� BoE has made nearly �10B in paper profits from quantitative easing � FT

� Temasek�s Assets Set to Reclaim Peak as Asia Pays Off - BBG

o Temasek Holdings Pte is set to post a record jump in the value of its assets as markets rebounded and the Singapore state investment firm increased bets in Asia

o Temasek will likely say assets recovered by about 40 percent to around the S$185 billion ($133 billion) peak reached two years earlier when it reports results for the 12 months to March 31

� Blackstone (BX) has delayed the final close of its latest mega fund until later this year, hoping to raise more capital, said two people familiar with the matter.

o The firm was slated to wrap up Blackstone Capital Partners VI LP on June 30, after two and a half years of fund-raising.

o "We were told that we could put clients in August and September, so [the final close date] seems a little loose," said one of the people, a private equity investment consultant.

o Fund VI thus far has closed on $10.5 billion. Investors said the fund's final size is predicted at between $12 billion and $13 billion.

o http://online.wsj.com/article/BT-CO-20100706-712081.html?mod=WSJ_latestheadlines

� China: Don't Add to Iran Sanctions � WSJ link

� Arizona suit imperils Western Democrats from POLITICO link

o It provides fodder to GOP-ers about regaining ground lost over the last two election cycles.

� Democrats digging harder than ever for dirt on Republicans from Wash Post

o The Democratic Party is moving faster and more aggressively than in previous election years to dig up unflattering details about Republican challengers. In House races from New Jersey to Ohio to California, Democratic operatives are seizing on evidence of GOP candidates' unpaid income taxes,...

� Momentum builds toward November 2010 W.Va. special election- The hIll

o Democrats and Republicans in West Virginia say political momentum is moving toward a November 2010 special election to fill the late-Sen. Robert Byrd�s seat but there are several questions about how to make that happen.

� Russia seeks spy swap for agents in U.S.: lawyer

o Reuters) - Russia wants to swap a scientist jailed on charges of spying for Britain for one of the suspected Russian agents detained in the United States last month, a lawyer for the scientist told Reuters on Wednesday.

� (TEL) Mahmoud Abbas Cool on Calls for Resumption of Direct Peace Talks With Israel

� Equity Recap

o They had us on the highs of the day as they did Europe when we walked in early in the morning. Some might call it a dead cat bounce or others would suggest that the weekend was too long and we forgot the ugliness we witnessed last week and for the month and year so far. Europe managed to close on the highs but our market rolled over. Granted it was a very quiet day with not many pm�s or analysts around

o They couldn�t even get them to stay with conviction, in spite of a great solar outlook from SMA solar(s92 gy) and an oversold market. There is a lot of concern out there and it shows. If you couple that with the fact that most have spent that powder and couldn�t react, even if they wanted to, and sprinkle some more of the ugly data into it, like the data we�ve seen of late(latest is ism non mfg which came in 2% light).

o Most are waiting for next Monday�s AA report to lead out the earnings season, estimates are .15 but again, this seems to be more of bigger picture thing, not just earnings.

o Even citi put the kibosh on the 2^nd half recovering but cutting price targets on the retailers JCP M TGT WMT.

o Yet this 1,014 level still holds and you still have a few good value types I respect talking of that 875 right shoulder that could be vulnerable, given the right day.

o Breadth to the market had advancing issues pretty much even with declining issues, while internally here, Sell names outnumbered buy names, albeit very slow

o Overnight, S&P futures were off over 10 points, at 1003, before turning higher on stronger Asian markets. By the London open (3 AM), futures were back to even. As European stocks strengthened (most indices up 2.5%-3%), S&P�s followed; by the time US traders arrived at their desks, we were up 10 to 12 points. Despite a weaker Non Manufacturing ISM number (53.8 vs. an expected 55), the rally continued through midmorning topping out at 1038.30, more than 35 points above the session lows. The balance of the session saw a fade all the way back to even on the day, followed by a late bounce to 1024.20 (up 10 on the day). In explaining the rally, traders cited an oversold market (S&P was off 5% last week), along with compelling fundamental value that stands a good chance of being affirmed with the arrival of earnings reports (AA kicks off earnings season next week).

o Utilities and Energy were the strongest sectors, each up about 1%, while Consumer Discretionary was weakest, off 0.6%, the only sector negative on the day. In the Energy sector, PTEN was the standout gainer, rising 6.1% on positive comments from Barclay�s. BP also rallied 8.7% as it announced that its relief well was proceeding ahead of schedule. One notable loser today was TSLA, Tesla Motors, a recent IPO, which rallied 40% on its first day trading and hit $30.41 the following day. Today, it broke issue price ($17), trading as low as $15.83.

o Billy Calrk and team

� Treasury�s Wrap

o higher across the curve (5s traded 100-19 10s traded 104-31+) but the bid could not holdwith the market coming off these levels as world equities reversed back into positive territory. The market was extremely range bound in the NY morning session even with the equity markets and the Euro well bid, 10s once again tried to test the 3% but to little avail. Today's lone eco data- ISM non-manufacturing was slightly lower than expected at 53.8 but was not a large market mover. Treasuries managed to find a bid in the late morning and throughout the afternoon as US equities came well off their highs, at one point trading slightly in the red. At 3PM The market was higher in price across the curve with the long end the best performer.

o The economic calendar remains light the remainder of the week. $12Bln 10 year TIPS will be auctioned on Thursday along with next weeks supply announcement of 3s, 10s and 30s. We remain better buys of Treasuries with a small curve flattening bias.

o Primary Dealer

o BP/ Oil Stories:

� Saudi investors looking at taking 10-15% stake in BP, says al-Eqtisadiyah � Reuters

� BP CEO to Meet Investors, ADNOC in Abu Dhabi Visit

� http://www.cnbc.com/id/38122048

� Washington halts BP assets sales � Times link (UK)

� The oil company agrees to give the Obama Administration the last word on worldwide asset sales

� Push for Drilling Ban Revived � WSJ link

� The Obama administration asked an appeals court to reinstate a moratorium on deepwater oil drilling, saying it was needed to reduce the chance of a second spill.

� BP Squandered Chance to Capture More Oil From Well, Helix Says

� Bloomberg) -- BP Plc waited six weeks to accept Helix Energy Solutions Inc.�s offer to help gather oil spewing into the Gulf of Mexico, opting to rely on vessels with less than half the capacity to capture crude from its leaking well.

o NGG Barron's Weekday Trader is positive on National Grid

o Total confirms signs an agreement to acquire UTS Corp (UTS.CN)

o BAS Basic Energy Services reports June selected operating data

o HOC Holly commence final construction phase on UNEV pipeline

o SU Suncor Energy reports Jun oil sands production

o WG Willbros Group receives stations design and engineering services contract from a subsidiary of El Paso

o Shares in CRH slumped as much as 9% as the Irish building materials group said its first half operating profit will drop 20% and that annual comparable sales will drop more than anticipated.

o SNA Snap-On holder ValueAct discloses a 6.7% stake in an amended 13D filing

o LMT Lockheed Martin awarded $522.2M contract

o JASO JA Solar announces acquisition of Shanghai Jinglong Solar Technology for $29.3M

o TXI Texas Industries to close wet process kilns at its Midlothian, Texas cement facility

o CWST Casella Waste appoints Edwin Johnson CFO effecitve 6-Jul

o Baltic Dry Index went down for the 28th day in a row Tuesday

o LCC US Airways Group reports June PRASM +22.0%

o AMR Corp reports June traffic +3.2%

o Air Canada reports June load factor of 84.7%, +3.8 percentage points y/y

o Air France-KLM reports Jun passenger traffic

� Passenger carried: +1.3% y/y

� Cargo Revenue ton-km (RTK): +0.8%

o Air Berlin reports June traffic statistics

� Capacity utilization was 75.1% vs year-ago 78.8%

o SAS reports June traffic statistics

� Traffic increased by +0.4% y/y

� The market continues to be unpredictable but a recovery has been noted on Asian routes, most US routes and selected European routes, however the uncertainty still remains in particular on the yield development going forward.

o BAIRY British Airways sends proposed peace agreement to Unite - Guardian

o Lufthansa and Verdi union reach agreement on pay, conditions -- Welt online

o Samsung: record Q on strong demand for computer-memory chips that drove up prices. Flat panel prices frose 22% in the Q. Samsung, the world�s second-largest mobile-phone maker, aims to more than double its share of the smartphone market, helped by the introduction of the Galaxy S model.

o Macro neg: Professional & IT Services FCN FTI Consulting pre-releases 2Q10 below consensus on a much weaker Finance/Restructuring business that accounts for about 1/3 FCN�s business. Bankruptcy/Restructuring and M&A are also pacing behind in the Q. FCN will host a call today at 9am ET on 888-282-4591 to discuss.

o Sony Trims E-reader Price by $50-80 as IPad Challenge Heats Up- BBG

o MSFT: Reportedly Plans Small Round Of Jobs Cuts- Barron�s

o Semis: Chip industry posts another record month- SIA

o Hard Drives: HDD prices in Taiwan dropping since end of June- Digitimes

o LED players in Taiwan post strong June sales, annual revenue growth of 30-50% expected- Epistar

o Flat-Panels: China FPD TV market to surpass 50 million units by 2012- DisplaySearch

o AAPL: may be forced to adopt Flash by EU law- IntoMobile

o BGP: launches e-bookstore and new smartphone apps- Reuters

o GOOG: Regulators Prepare to Dig Into GOOG Google-ITA Deal- NYT

o GOOG: Chinese government said it is still examining Google's application to renew its content license, in the government's first comments on the U.S. company's status since it announced last month it was changing how users in China access its search service. WSJ

o NFLX WSJ discusses the possible long term threat to HBO from Netflix

� http://online.wsj.com/article/SB10001424052748704862404575351270282751074.html?mod=googlenews_wsj

o NFLX Postage increase could cost Netflix $50M a year - GigaOM

o MENT Mentor Graphics holder Carl Icahn discloses an 11.94% stake in an amended 13D filing, up from 10.84% disclosed on 30-Jun

o EQIX Equinix trading lower after hours

o GLUU Glu enters agreements for $13.5M private placement; shares halted

o HIT Hitachi wins preferential negotiating rights for �50B boiler deal - Nikkei

o BELM, AVT Avnet completes the acquistion of Bell Microproducts

o DIS Walt Disney looking to schools in China to generate profits - FT

o Media executives see small deals as key to future- Reuters

� http://www.reuters.com/article/idUSN0112414320100706

o IM Ingram Micro Strengthens Higher-Margin 'Value' Business in Asia Through Acquisition of Asiasoft- PR

o EMC to Buy Greenplum Data-Warehouse Software Maker- BBG

o JASO to Buy Shanghai Jinglong Solar Technology for $29.3m- BBG

o Notebooks: Quanta, Compal expected to see decreased notebook shipments in July- Digitimes

o Twitter Gets Into E-Commerce- NYT

� http://bits.blogs.nytimes.com/2010/07/06/twitter-gets-into-e-commerce/?partner=rss&emc=rss

o Skyhook: WSJ discusses Skyhook�s ongoing battle with GOOG in location-services

� http://online.wsj.com/article/SB10001424052748704178004575351253176857756.html

o China Plans New Resource Tax in Restive Western Areas Bloomberg) -- China plans to impose a tax on coal, oil and gas extraction in western provinces, raising funds to develop its most restive region in a move that will reduce profits for PetroChina Co. and rival resource producers.

o Demand negative, Steel: Steel prices in the U.S. are declining after holding firm for months, potentially a bad omen for the nation's economy as manufacturing activity slows and consumers grow more cautious about big-ticket purchases, such as cars and appliances - WSJ

o recent easing in demand by China's domestic steel customers has raised fears the country could step up steel exports to the U.S. and other markets.

� http://online.wsj.com/article/SB10001424052748704699604575343323011738364.html?mod=WSJ_hps_LEFTWhatsNews

o Xstrata approves investment of $1.47B to construct Antapaccay Copper project

o VALE Union offsets concessions in Ontario Vale deal - Toronto Star

� Watchdog delays BHP-Rio JV ruling from Business Spectator

o XRM Xerium Technologies discloses resignation of EVP and CFO David Maffucci effective end of August

o IOSP Innospec responds to media comments

o GEOI GeoResources provides an operations update

o Shares of Tesla Motors. fell another 16 percent Tuesday. It was the fourth consecutive decline after the electric vehicle maker's stock soared 41 percent in its first day of trading a week ago.

o Toyota Motor to bring more engineering work in-house - Nikkei

o Ford's sale of Volvo to Geely gets European OK

o McLaren selects initial U.S. dealers to sell exotic new sports cars from Automotive News

� The English automaker says it expects North America to account for 30 percent of global sales of the MP4-12C. The two-seat sports car ,will make its North American debut at the Pebble Beach Concours d'Elegance in early August.

o Chrysler dealers wary of Fiat franchises in US - Detroit News

� http://www.detnews.com/article/20100707/AUTO01/7070321/1148/auto01/Chrysler-dealers-wary-of-Fiat-franchises

o Peugeot Citroen reports H1 vehicle, CKD sales rise +16.9% to 1.86M units

o M Toyota Motor recalls 139K Lexuses in US - Nikkei

o TTA Tata Motors to invest INR100B ($2.14B) in next three years - Economic Times

o Kia Motors prepares for labor strike to protest govt measures to stop paying union activists payed primarily to lobby management and promote union activities. TTN

o Prop Traders: �People Are Going To Follow The Capital� � WSJ link

o CDS pricing indicates fear that European banks are hiding losses

� Despite assurances that results of stress tests on EU banks will be made public, bank bonds are substantially more expensive to insure against default than comparable debt issued by U.S. banks, suggesting that bond buyers are worried about concealed losses in Europe. Credit default swaps on the senior debt of 11 U.S. banks cost about 144 basis points. For European banks, the amount has increased this year to 224 basis points. Bloomberg (06 Jul.) , Reuters (06 Jul.)

o Credit card delinquencies fall to 8-year low � CNN link

� The number of consumers behind on their credit card payments fell to an eight-year low in the first quarter of 2010, the American Bankers Association said Wednesday. Overall, delinquencies across a wide-range of consumer debt categories have also fallen.

o Europe to Outline Bank Test Methods on Wednesday � CNBC link

o Barclays shares jump as investors chew over idea of a break up Telegraph link

� Fresh calls for Barclays to be broken up have surfaced, lifting the lender's shares 6pc yesterday on forecasts that the business would be worth more as separate retail and investment banks.

o RBS Royal Bank of Scotland planning to sell up to �3B of real estate loans made during the property boom � FT

� RBS has been working with Lazard to create a structure to sell a vast portfolio of real estate debt, the first time that a large UK lender has brought such a substantial number of loans to the market since the property crash. http://www.ft.com/cms/s/0/91d8cafc-8936-11df-8ecd-00144feab49a.html

o Danish banks urge changes to Basel III

� Denmark�s banks, some of the world�s biggest issuers of covered bonds, are frantically lobbying European regulators to avert proposed funding rules that threaten the structure of the Danish mortgage market.

� Two of the biggest mortgage lenders, Nykredit and Realkredit Danmark, were in London this week to ask British regulators to take up their case on the Basel committee on banking supervision, which is drafting the Basel III template for global bank regulation.

� http://www.ft.com/cms/s/0/a7a6180c-8923-11df-8ecd-00144feab49a.html

o Pru chief expected to give investors apology on AIA from Reuters

o Key Aims to Be an Acquirer, Not a Takeover Target from American Banker

� KeyCorp's chairman and CEO, Henry Meyer, said the Cleveland lender has the strength to be a buyer of other banks as the recession eases, not a takeover target like some market watchers have speculated.

o RBS Royal Bank of Scotland planning to sell up to �3B of real estate loans made during the property boom - FT

o EPHC Epoch Holding reports AUM of ~$11.3B as of 30-Jun, (10%) q/q

o BoE has made nearly �10B in paper profits from quantitative easing - FT

o FT discusses expectations for a Q2 decline in global investment banking earnings

o ING ING Group resumed buy at Bank of America Merrill Lynch

o NYX NYSE Euronext reports June transaction activity

� Shopping Centers Struggle � WSJ link

o Vacancies and lease rates at U.S. shopping centers continued to worsen in the second quarter, but the slowing pace of the deterioration hints at a recovery starting in the coming quarters.

o U.S. Shopping Center Vacancies Approach Record High, Reis

� The vacancy rate at shopping centers rose to 10.9 percent from 10 percent a year earlier and 10.8 percent in the first quarter, the New York-based real estate research firm said in a report today. It was the highest since 1991�s 11 percent. The record for shopping center vacancies since Reis began tracking the data 30 years ago was 11.1 percent in 1990

� �There are really very few reasons to believe that performance deterioration won�t continue for another 18 to 24 months for retail properties, although there are some signs that the pace of decline is moderating,� Victor Calanog, director of research, said in the report - BBG

� U.S. Commercial Property Sales Trail Average as Supply Limited

o (Bloomberg) -- U.S. commercial real estate sales in the first half totaled about a quarter of the average of the previous six years as owners kept properties off the market, impeding investors with record funds for purchases

o Buyers and sellers completed $34.2 billion of deals through June, or 26 percent of the average first-half dollar volume since 2004, according to preliminary figures from Real Capital Analytics. The total was about 12 percent of the 2007 peak, when $277.7 billion of properties changed hands in the same period, data from the New York-based real estate research firm show

o Sales climbed 58 percent from last year�s first half, when purchases dried up after the U.S. credit crisis and recession sent values tumbling. A dearth of available properties has sparked demand for the few deals being offered, according to Alan Kava, co-head of Goldman Sachs Group Inc.�s Real Estate Principal Investment Area in New York.

� U.S. housing agency wants an energy-efficiency initiative suspended

The U.S. agency that supervises Fannie Mae and Freddie Mac said a federally funded program for homes' energy efficiency might put homeowners at financial risk and damage the mortgage system. The Federal Housing Finance Agency said the Property Assessed Clean Energy program isn't covered by consumer protection such as the Truth in Lending Act and doesn't consider the homeowner's ability to pay back the money borrowed. The Washington Post (07 Jul.) , Grist (06 Jul.) , American City Business Journals/San Francisco (06 Jul.)

o RBS Royal Bank of Scotland planning to sell up to �3B of real estate loans made during the property boom � FT

o CHSP Chesapeake Lodging Trust signs definitive agreement to acquire Boston Marriott Newton

o Credit card delinquencies fall to 8-year low � CNN link

o DTG Dollar Thrifty guides Q2 corporate adjusted EBITDA to $75-80M ex-items vs Reuters $51.8M

� Company guides full-year corporate adjusted EBITDA ex-items to $200-220M vs Reuters $173.8M and prior $170-190M. Company lowers guidance for full-year vehicle rental revenue to a 1-2% y/y increase vs prior 2-4% y/y increase. Company lowers guidance for fleet cost per unit target to $245-255/month vs prior $275/month. Company lowers guidance for fleet cost per unit for 2011 to $310-310/month vs prior $325/month.

o FDO Family Dollar reports Q3 EPS $0.77 vs Reuters $0.76

� Guides Q4 EPS to $0.46-0.51 vs Reuters $0.53; guides Q4 comps to increase 5-7%. Guides full year EPS to $2.53-2.58 vs Reuters $2.59 and prior $2.48-2.58.

o CECO Career Education announces departure of Chief Academic Officer Dr. Donna Gray

o PSS Collective Brands holder Blum Capital discloses a 5.6% stake in a 13D filing; up from 4.3% disclosed as of 31-Dec-09

o MHK Mohawk announces jv with Chinese tile producer, Sanfi

o HURN Huron Consulting amends credit agreement

o CEDC Central European Distribution will not pursue acquisition of Nemiroff

o BOOT LaCrosse Footwear upgraded to buy from neutral at DA Davidson

o KFT Autonomy Corporation enters into license agreement with Kraft

o WU Western Union registers to begin operating in Japan - Nikkei

o Marks & Spencer Trading Lower post updates

o Borders launches e-bookstore, says can catch rivals � reuteres

o ACL Alcon to acquire LenSx Lasers, Inc

o SKH Skilled Healthcare Group reports Humboldt County jury returned a verdict against the company

o BNVI Bionovo announces financing agreement

o SHPGY Shire receives additional approval for Daytrana (methylphenidate transdermal system) CII; for treatment of ADHD in adolescents

o STJ St. Jude Medical completes acquisition of Lightlab Imaging

o MNOV MediciNova completes sale of ARS held by UBS

o MRX Medicis amends patent infringement complaint against Lupin to assert new claims; discloses FDA letter regarding Liposonix

o MAXY Maxygen's Perseid achieves second preclinical milestone under collaboration with Astellas

o DHRM Dehaier Medical Systems reaffirms full year guidance of $0.80

o DVAX Dynavax awarded NIH grant to explore feasibility of universal papilloma virus vaccine

o HOLX Hologic to acquire Sentinelle Medical, Inc. (private)

o WCG WellCare names Dr. Ann Wehr Chief Medical Officer

o BMY European Commission approves Orencia (abatacept) combined with methotrexate for earlier use as first-line biologic

o Oils

o BP (+4.2%). BP have agreed to inform the US government of any major transactions that might affect the future of the company, according to The Times.

o Miners

o Aquarius Platinum (-6.9%). Following a second fatal accident within a month, the Blue Ridge mine is being idled as a safety review takes place.

o Fin News

o FT report on IBs saying Q2 mainly worse than Q1�BARC -2.15%, DBK -1.19%, CS -0.93% & UBS -1.65%

o NAB MAY LODGE REVISED AXA ASIA BID WITHIN A WEEK. AXA -2.8%

o Marks & Spencer Trading Lower post updates

� Japan

� � NKY -0.63 %, TPX -0.68%

� � NKY drifted lower as investors remained cautious after US ISM non-manufacturing index indicated slower growth ahead. Turnover on the TPX rose to 1.17 trillion yuan from 884.1B yuan yesterday

� � Stocks fell across most sectors led by financials, tech, industrials and consumer. Oil & gas and utilities rose, outperforming the market

� � Exporters fell on stronger yen: autos -1.10%, CE -1.18%, precision -1.02%. Toyota (7203) -0.81% is recalling 138,874 Lexus vehicles in the US because a faulty valve spring could break and cause the engine to fail while running, according to the National Highway Traffic Safety Administration

� � Shippers -2.29% as the Baltic Dry Index extended fall

� � JX Holdings (5020) +3.37% led oil & gas producers to outperform, rising 1.37%. The Yomiuri reported the refiner is in talks with China Petroleum and Chemical Corp. to jointly build a lubricant plant in China

� � Telecom: Softbank (9984) -0.74% added more new users than rivals NTT DoCoMo (9437) -0.29%, KDDI (9433) +0.35% for the 3rd straight mth in June, helped by the new iPhone sales

� � Banks -0.79%. The outstanding loan balance at 119 Japanese banks fell 2.2% YoY in June, the 8th straight mthly fall, the Japanese Bankers Association reported. The decline narrowed 0.9% from May. Loan demand has been weak, as companies have sufficient funds on hand

� � Best performing sectors on the TPX: oil & coal +2.63%, pulp & paper +0.46%, electric power & gas +0.33%; worst performing sectors: airlines -2.75%, securities -2.53%, shippers -2.29%

� � Showa Denko (4004) +1.86% after Nikkei reported the chemical maker�s 6mth operating profit may have exceeded a previous forecast by 1B yen

� � Fujifilm (4901) +1.75% on Barclays upgrade

� Nikkei today

� � Global chip sales rose 4.5% MoM in May, topping Apr�s record for monthly sales, and remained up sharply from last year�s downtrodden levels, according to the Semiconductor Industry Association. The Americas posted the strongest sequential and YoY growth, jumping 8.2% MoM and 52% YoY while Asia Pacific region, which accounts for slightly more than � of global chip sales, saw growth of 5% MoM and 51% YoY respectively

� � Japan FX reserves rose to US$1.05 trillion at the end of June, up from US $8.917B in May

�

� Hong Kong

�

� � HSI -1.13%; HSCEI -1.32%

� � Stocks fell as US ISM non-manufacturing indicating a slowing growth ahead and further reports of bank fundraising prompted profit-taking. Turnover on the HSI rose to HK$14.49B from HK$12.04B yesterday

� � ICBC (1398 HK) -1.41% after local media reported the lender is planning a rights offer. The lender will offer 0.3 � 0.5 of a share for every 10 held in Shanghai and Hong Kong to raise up to 45B yuan, Ming Pao reported, citing sources close to the deal

� � Resources names fell as China plans to impose a new tax on the extraction of coal, oil & gas in the country�s western region: Cnooc (883 HK) -2.76%, China PetroChina (857 HK) -2.51%, Shenhua (1088 HK) -1.76%. The resources tax in the region will be changed to a price-based rather than volume-based levy

�

� � Mainland developers gave back some gains after yesterday�s rebound: China Overseas (688 HK) -1.61%, China Resources Land (1109 HK) -1.08%. Media reported Shanghai home sales fell 57% in the first six months of the year on government measures to cool the property market

� � Exporters to the US fell after US ISM non-manufacturing index signalled slower growth ahead: Li & Fung (494 HK) -1.43%, Yue Yuen (551 HK) -0.20%

� � IPO debutants: Chaowei Power (951 HK) -9.17%, Sinoref (1020 HK) -6.58%

� � Sun Hung Kai (16 HK) outperformed local developers falling 0.75%. The company launched a total of 203 flats at its 377-unit Lime Stardom in two separate price lists yesterday. Average selling price rose 2.35% to HK$8,015 psf for the second batch of 103 apartments, from HK$7,831 psf for the first batch of 100

Headlines:

� � Shanghai�s sales of new homes fell 57% in the first six months of the year on government measures to cool the property market, according to data from Shanghai Uwin Real Estate Information Services � SCMP

� � China plans to develop 13 solar power projects in the western region as part of a government aim to cut emissions and boost energy investment in the area � Bloomberg

� � The PBoC signaled it remains focused on reining in liquidity and stemming inflation even after evidence of slowing growth in the world�s third-biggest economy. A surfeit of cash is still the main problem facing monetary policy, and PBOC should at an appropriate time use interest rates to address it, Yang Guozhong, Director of the bank�s business management department, wrote in China Finance magazine - Bloomberg

� China

� � SHCOMP +0.49%; SZCOMP +1.34%

� � SHCOMP fluctuated in directionless trading as consumer shares gained offsetting losses in banks following plans of more capital raising. Turnover on the SHCOMP rose to 55.16B yuan from 42.40B yuan yesterday

� � Stocks rose across most sectors led by health care, consumer, tech and industrials

� � Banks -0.20% after report ICBC (601398 CH) is planning a rights offer

� � Household goods rose 3.45% after GD Midea (000527 CH) said 1H net income may as much as double YoY

� � Oil & gas producers -0.11% as China plans to impose a new tax on the extraction of coal, oil & gas in the country�s western region

� � Airlines +2.25%. China�s international airline passenger numbers may surpass 50M by 2015, Deputy Director General of the Civil Aviation Administration of China, said. The growth rate may average 8.7%

M&A

o Will U.S. Companies Go Shopping in Europe This Summer?- WSJ

� Investment bankers and deal makers in Europe might have quite a busy summer, it turns out. Standard & Poor�s Valuation and Risk Strategies unit said in a report that M&A activity in Europe might spike in the coming months

� The industries likely to garner the most attention? The report said that any European shopping spree would be led by the technology sector, health care, industrials and consumer discretionary companies

� http://blogs.wsj.com/deals/2010/07/06/will-us-companies-go-shopping-in-europe-this-summer/

o Hexagon Buys U.S. Software Maker Intergraph for $2.13 Billion- BBG

� Hexagon AB, the world�s biggest maker of measuring instruments, agreed to buy U.S.-based Intergraph Corp. for $2.13 billion to add software that helps companies visualize complex data and design factories, ships and oilrigs

� The purchase is fully financed through bank facilities, Stockholm-based Hexagon said in a statement today, adding that it will seek to raise $850 million from a share sale to existing investors once the transaction has been completed.

� http://www.businessweek.com/news/2010-07-07/hexagon-buys-u-s-software-maker-intergraph-for-2-13-billion.html

o Media executives see small deals as key to future- Reuters

� Small-sized acquisitions and strategic buys rather than blockbuster multibillion dollar deals will be on the minds of the media moguls and financiers who gather at this week's Sun Valley conference

� At the top of their shopping lists will be individual media assets such as TV stations, radio companies and newspapers rather than powerhouse takeovers similar to Comcast Corp's (CMCSA.O) acquisition of NBC Universal last year

� http://www.reuters.com/article/idUSN0112414320100706

o F Ford's sale of Volvo to Geely gets European OK- AutoNews

� European Union competition regulators approved on Tuesday Ford Motor Co.'s sale of its Volvo premium car unit to Chinese carmaker Geely Automobile Holdings Ltd. and state-owned investment group Daqing

� http://www.autonews.com/apps/pbcs.dll/article?AID=/20100706/COPY01/307069963/1131#ixzz0szPqWwCJ

o BP gives US government veto power over sales, mergers, corporate restructuring- The Australian

� BP has agreed an unprecedented deal to give the US government the last word on worldwide asset sales, mergers or corporate restructuring

� The oil giant has bowed to pressure from the Department of Justice, which has asked to be notified at least 30 days before BP undertakes any transaction that could affect the future shape of the company.

� http://www.moly.com/Moly+News/TheAustralian/The+Australian+Business+-+Mining+and+Energy/HEADLINE193395/BP+bows+to+US+over+asset+sales.htm

o Saudi investors eye 10-15 pct stake in BP- Reuters

� On Tuesday, a senior source in the United Arab Emirates told Reuters BP had approached sovereign wealth funds with a view to securing a strategic investor to fend off takeover bids while it deals with the U.S. oil spill.

� A delegation of Saudi investors will be heading to London for direct talks with BP

� http://www.reuters.com/article/idUSLDE66606G20100707

o Regulators Prepare to Dig Into GOOG Google-ITA Deal- NYT

� It�s no secret that United States antitrust enforcers are looking closely at Google�s business practices and the way it leverages its dominance in Web search into other Internet markets. Eric Schmidt, Google�s chief executive, said last week that the companies anticipated a �significant review� of the ITA purchase.

� Many antitrust experts say they believe that the deal will eventually be approved, although perhaps with caveats, like a prohibition against discrimination against rivals.

� http://bits.blogs.nytimes.com/2010/07/06/regulators-prepare-to-dig-into-google-ita-deal/?dbk

o IM Ingram Micro Strengthens Higher-Margin 'Value' Business in Asia Through Acquisition of Asiasoft- PR

� "We've been actively building our value-oriented business through both acquisitions and greenfield expansion," said Shailendra Gupta, president, Ingram Micro Asia Pacific.

� "The combination with Ingram Micro will allow us to accelerate growth and improve customer service," said Asiasoft

o NAB to lodge revised proposal for Axa takeover- Australian

� A Reuters report said NAB plans to lodge a revised proposal to buy Axa�s Australian and New Zealand operations

� Axa is set to agree to more time to allow the competition regulator to market-test the revised proposal

� http://www.theaustralian.com.au/business/industry-sectors/nab-to-lodge-revised-proposal-for-axa-takeover/story-e6frg96f-1225888968957

o PSS Collective Brands holder Blum Capital discloses a 5.6% stake, up from 4.3%- BBG

o Talks heat up between Hearst, Lagardere- NYPOST

� The latest buzz is that discussions are now of a "global deal," which would encompass more than Elle and Elle D�cor in the US.

� One source said that a deal could be announced as early as this week

� http://www.nypost.com/p/news/business/talks_heat_up_between_hearst_lagardere_yN1Fl2UfIlJue6g0EaS2CO?CMP=OTC-rss&FEEDNAME=#ixzz0szIVD6rp

o HOLX Hologic to Acquire Sentinelle Medical- PR

� The purchase price for the transaction will be $85 million, plus a two-year contingent earn out

� This transaction is expected to close during the third calendar quarter and is subject to customary closing conditions, including, among others, Sentinelle Medical stockholder approval

o Booz, A.T. Kearney end merger talks- Reuters

� Management consulting firm Booz & Co said it ended discussions with rival A.T. Kearney for a possible merger, saying they decided "their future aspirations will be best realized as separate partnerships."

� http://www.reuters.com/article/idUSN0611133520100706

o EMC to Buy Greenplum Data-Warehouse Software Maker- BBG

� EMC Corp. agreed to acquire Greenplum, a closely held software provider advised by Sun Microsystems co-founder Scott McNealy, to gain products that warehouse and analyze massive amounts of data.

� The cash acquisition will be completed in the third quarter. Terms weren�t disclosed.

� EMC, the world�s biggest maker of storage computers will use Greenplum to underpin a new data computing unit and may make further acquisitions

� http://www.reuters.com/article/idUSN0612235320100707

o JASO JA Solar to Buy Shanghai Jinglong Solar Technology for $29.3m- BBG

� JA Solar to buy Shanghai Jinglong Solar Technology from Ningjin Jinglong PV Investment Co., controlled by JA Solar�s Chairman Baofang Jin, for $29.3m cash.

� http://www.reuters.com/article/idUSSGE6650J020100706

o Spice shareholder calls for talks with Cinven- FT

� One of the biggest shareholders in Spice has called on the directors of the utility services company to hold talks with Cinven after they dismissed an improved takeover approach from the private equity group

� The board of Spice said on Tuesday that Cinven�s revised proposal, pitched at between 62p and 65p a share, undervalued the company and refused to meet the buy-out house. Its shares rose 3�p to 57�p.

� http://www.ft.com/cms/s/0/61e1d702-8914-11df-8ecd-00144feab49a.html

o 3i sees good deal pipeline- Reuters

� London-listed private equity firm 3i Group said its deal pipeline is picking up as financing conditions improve and trading stabilizes

� http://www.reuters.com/article/idUSLDE6651TB20100707

o MENT Mentor Graphics holder Carl Icahn discloses an 11.94% stake, up from 10.84%- BBG

o Pru chief expected to give investors apology on AIA- Reuters

� Prudential Chief Executive Tidjane Thiam is expected to apologise directly to shareholders when the insurer holds its annual general meeting on Monday, days after it was humiliatingly forced to pull its $35.5 billion bid for AIG's Asian arm

� http://www.reuters.com/article/idUSLDE65509O20100707

o CHSP Chesapeake Lodging to Acquire the Boston Marriott Newton- PR

� Chesapeake Lodging Trust announced today that it has entered into a definitive agreement to acquire the 430-room Boston Marriott Newton located in Newton, Massachusetts for a purchase price of $77.25 million

� The Company expects to close this transaction within the next 30 days

o ACL Alcon to Buy LenSx Lasers for $361.5 Million in Cash- BBG

� LenSx, a closely held company based in Aliso Viejo, California, makes a laser used during cataract surgery that helps automate several steps now done manually

� In addition to the cash purchase, Alcon will pay as much as $382.5 million based on future revenue and procedure- related milestones for the laser

� http://www.reuters.com/article/idUSN0612235320100707

o CLF Cliffs buying INR coal mines, stock drops- Reuters

� Cliffs Natural Resources said it will buy INR Energy's coal mine operations for $757m, but the company's stock dropped after some analysts suggested it might be paying too much

� http://www.reuters.com/article/idUSN0627294120100706

o Nyrstar Acquires Remaining 15% in Coricancha Mine in Peru- BBG

� Nyrstar NV said today it had acquired the remaining 15 percent interest in the Coricancha mine in Peru from Gold Hawk Resources Nyrstar said in a statement the price was approximately $4.4 million.

o DS Smith Holds Talks to Buy Carlyle�s Stake in Otor- BBG

� DS Smith said it�s in exclusive negotiations with the Carlyle Group to buy a controlling stake in Otor SA

� DS Smith would pay 8.97 euros a share for Carlyle�s stock, and plans a squeeze-out offer on the remaining shares

o SNA Snap-On holder ValueAct discloses a 6.7% stake- BBG

o CEDC withdraws from acquisition of Nemiroff- Reuters

� Vodka maker Central European Distribution said it will not pursue with the acquisition of Nemiroff Ukrainian Vodka Co saying it was not in its interest to continue with the deal at this time.

� The company said the net proceeds expected from sale of Polish distribution business, which were earlier meant for part payment for the acquisition, would now be used for other business purposes

� http://www.reuters.com/article/idUSSGE6650IQ20100706

o Total Buys UTS for C$1.5 Billion to Expand in Canada Oil Sands- BBG

� UTS, a Calgary-based oil company, said in a statement today that the deal is worth C$3.08/shr , equivalent to a 46 percent premium to the closing share price yesterday.

� UTS rebuffed a C$830 million hostile takeover attempt by otal last year after a four-month contest that included a sweetened offer from the Paris-based oil company.

� http://www.businessweek.com/news/2010-07-07/total-buys-uts-for-c-1-5-billion-to-expand-in-canada-oil-sands.html

o Cogeco seeks regulatory nod to buy 11 radio stations- Reuters

� Canadian cable and telecommunications company Cogeco said it filed with regulators on June 30, seeking approval to acquire 11 radio stations in Quebec from Corus Entertainment

� In April, the company said it planned to buy radio stations from Corus Entertainment in a cash deal worth C$80 million

� http://www.reuters.com/article/idUSSGE6650IS20100706

o Central may bid for Carrefour's Thai business- The Nation

� Central Retail Corp could be in the running to take over Carrefour's hypermarket business in Thailand, estimated to be worth US$500 million (Bt16.2 billion) to $600 million, as the French retailer is seeking to dispose of its Southeast Asia assets

� It is still too early to say whether CRC will buy up the business, the source said. Bloomberg reported that Tesco, UK's largest supermarket chain, Japan's Aeon Co, Hong Kong's Dairy Farm International Holdings Ltd and Thailand's Big C Supercentre may be putting in a bid.

� http://www.nationmultimedia.com/home/2010/07/07/business/Central-may-bid-for-Carrefours-Thai-business-30133226.html

o Sainsbury Gains on Speculation of Renewed Interest From Qatar- BBG

� J Sainsbury Plc, the U.K.�s third- largest supermarket owner, rose in London trading on newspaper speculation that the Qatar Investment Authority may be preparing to renew its interest in acquiring the retailer

� Qatar may soon increase its stake in Sainsbury to 29.9 percent prior to making a cash offer of 500 pence a share

o Aspen Pharma cuts offer for Australia's Sigma- Reuters

� South Africa's Aspen Pharmacare cut its offer for Australian drugs group Sigma Pharmaceuticals by 8% to A$648 million ($552 million) following a review of its books

� Aspen, Africa's largest drug company, reduced its offer to A$0.55 a share from A$0.60 a share, in its bid to expand in the fast-growing generic drugs market.

o http://www.reuters.com/article/idUSSYU01022520100707

$ RAISING

IPOs

o KKR heads for summer NYSE listing: July 15- Reuters

� Storied buyout firm Kohlberg Kravis Roberts & Co (KKR.AS) will end its long wait for a New York Stock Exchange listing on July 15, joining rival Blackstone Group LP (BX.N), which made its debut three years ago.

� The upcoming listing comes three years after rival Blackstone Group led the path for private equity firms going public. Blackstone's shares are currently trading at about a third of their $31 IPO price

� http://www.reuters.com/article/idUSN0627357920100706

o China's AgBank prices IPO to be world's largest- Reuters

� Agricultural Bank of China priced its Hong Kong and Shanghai dual listing on Tuesday, a deal that would break all IPO records by raising more than $22 billion when adding in over-allotment shares

� http://www.reuters.com/article/idUSTRE6651C120100706

o Spyker may get dual listing in four months- Reuters

� Amsterdam-listed Spyker Cars, which bought Sweden's Saab earlier this year, could achieve a dual listing in Sweden within four months if it does not have to undergo full due diligence

� "We have good discussions with the stock exchange and we're doing an inventory on what's to be done to achieve it. We're aiming at having a dual listing this year," Muller told Reuters.

� http://www.reuters.com/article/idUSTRE6640VI20100706

o Tesla Shares Drop Below Initial Offering Price of $17- BBG

� The $260 million IPO, the first by an American car company since Ford Motor Co. in 1956, is funding a startup that expects to lose more money in the next two years as it tries to build a $57,400 battery-powered sedan

� http://www.businessweek.com/news/2010-07-06/tesla-shares-drop-below-initial-offering-price-of-17.html

PRICINGS

� Initial Offerings

o FBBC Fortune Bank 40M share IPO expected to price 7/08 via KBW: Price Talk $8-10

o COBK Colonial Financial Services 2.7 million shares expected to price Wednesday via Stifel Nicolaus: Price talk $10.

� Secondary Offerings

o FFCO FedFirst Financial 2.5 million shares expected to price Thursday via Stifel Nicolaus

NEWS

o Blackstone (BX) has delayed the final close of its latest mega fund until later this year, hoping to raise more capital, said two people familiar with the matter.

� The firm was slated to wrap up Blackstone Capital Partners VI LP on June 30, after two and a half years of fund-raising.

� "We were told that we could put clients in August and September, so [the final close date] seems a little loose," said one of the people, a private equity investment consultant.

� Fund VI thus far has closed on $10.5 billion. Investors said the fund's final size is predicted at between $12 billion and $13 billion.

� http://online.wsj.com/article/BT-CO-20100706-712081.html?mod=WSJ_latestheadlines

o ICBC could raise $6.6 billion in China bank funding drive- Reuters

� ICBC, the world's most valuable lender, may tap investors for up to $6.6 billion, sources said, joining Agricultural Bank of China, which priced its IPO to be the world's largest, in a rush to raise billions of dollars

� Industrial and Commercial Bank of China would raise the money through rights offers to shareholders of its Hong Kong-listed H-shares, as well as its Shanghai-listed A-shares

� http://www.reuters.com/article/idUSTRE66601Q20100707

o Abertis Loan Shows Bank Appetite for Mergers- BBG

� �If this deal goes through, it shows that banks are willing to offer funding for LBO-type transactions,�

� http://www.businessweek.com/news/2010-07-06/abertis-loan-shows-bank-appetite-for-mergers-credit-markets.html

o Tech: Hexagon to carry our $850m rights offer to fund Intergraph acquisition

o Tech: GLUU Glu enters agreements for $13.5M private placement

Conferences

Company Meetings/Other Daily Events

Economics

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***All eco data from Bloomberg and DJ

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