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      NEW LASER TECHNOLOGY REPLACES STICKERS ON PRODUCE WITH ‘TATTOOS‘
      22-07-2005
      Friday, July 22, 2005 FEATURE All News» » Artifacts keep poppýng up as digging continues at Tel Taynat » New laser technology replaces stickers on produce with ‘tattoos‘ » Report÷ Singing makes for safer driving » Tickets for 'th International Istanbul Biennia >>>


      NEWSLINE
      22-07-2005
      Friday, July 22, 2005 FEATURE All News» » Artifacts keep poppýng up as digging continues at Tel Taynat » New laser technology replaces stickers on produce with ‘tattoos‘ » Report÷ Singing makes for safer driving » Tickets for 'th International Istanbul Biennia >>>


      REPORT÷ SINGING MAKES FOR SAFER DRIVING
      22-07-2005
      Friday, July 22, 2005 FEATURE All News» » Artifacts keep poppýng up as digging continues at Tel Taynat » New laser technology replaces stickers on produce with ‘tattoos‘ » Report÷ Singing makes for safer driving » Tickets for 'th International Istanbul Biennia >>>


      TICKETS FOR 'TH INTERNATIONAL ISTANBUL BIENNIAL ON SALE
      22-07-2005
      Friday, July 22, 2005 FEATURE All News» » Artifacts keep poppýng up as digging continues at Tel Taynat » New laser technology replaces stickers on produce with ‘tattoos‘ » Report÷ Singing makes for safer driving » Tickets for 'th International Istanbul Biennia >>>


      2 WEEKS AFTER KILLINGS, BLASTS HIT LONDON AGAIN
      22-07-2005
      Friday, July 22, 2005 FOREIGN All News» » Rice says Sudan has credibility problem on Darfur » Rumsfeld cautions Iraqis on women‘s rights » Explosion in central Denmark kills father, son; injures mother » Berlusconi launches hate campaign against himself » Two Algerian diplomats >>>


      AFGHAN PRESIDENT IN ITALY FOR TALKS WITH TOP OFFICIALS
      22-07-2005
      Friday, July 22, 2005 FOREIGN All News» » Rice says Sudan has credibility problem on Darfur » Rumsfeld cautions Iraqis on women‘s rights » Explosion in central Denmark kills father, son; injures mother » Berlusconi launches hate campaign against himself » Two Algerian diplomats >>>


      ALGERIAN DIPLOMATS ABDUCTED IN IRAQ
      22-07-2005
      Friday, July 22, 2005 FOREIGN All News» » Rice says Sudan has credibility problem on Darfur » Rumsfeld cautions Iraqis on women‘s rights » Explosion in central Denmark kills father, son; injures mother » Berlusconi launches hate campaign against himself » Two Algerian diplomats >>>


      BERLUSCONI LAUNCHES HATE CAMPAIGN AGAINST HIMSELF
      22-07-2005
      Friday, July 22, 2005 FOREIGN All News» » Rice says Sudan has credibility problem on Darfur » Rumsfeld cautions Iraqis on women‘s rights » Explosion in central Denmark kills father, son; injures mother » Berlusconi launches hate campaign against himself » Two Algerian diplomats >>>


      BLAIR APPEALS FOR CALM FOLLOWING EXPLOSIONS IN LONDON
      22-07-2005
      Friday, July 22, 2005 FOREIGN All News» » Rice says Sudan has credibility problem on Darfur » Rumsfeld cautions Iraqis on women‘s rights » Explosion in central Denmark kills father, son; injures mother » Berlusconi launches hate campaign against himself » Two Algerian diplomats >>>


      BLASTS HIT LONDON AGAIN
      22-07-2005
      Friday, July 22, 2005 FOREIGN All News» » Rice says Sudan has credibility problem on Darfur » Rumsfeld cautions Iraqis on women‘s rights » Explosion in central Denmark kills father, son; injures mother » Berlusconi launches hate campaign against himself » Two Algerian diplomats >>>


      EXPLOSION IN CENTRAL DENMARK KILLS FATHER, SON; INJURES MOTHER
      22-07-2005
      Friday, July 22, 2005 FOREIGN All News» » Rice says Sudan has credibility problem on Darfur » Rumsfeld cautions Iraqis on women‘s rights » Explosion in central Denmark kills father, son; injures mother » Berlusconi launches hate campaign against himself » Two Algerian diplomats >>>


      GUNMEN KIDNAP ALGERIAN ENVOYS IN BAGHDAD
      22-07-2005
      Friday, July 22, 2005 FOREIGN All News» » Rice says Sudan has credibility problem on Darfur » Rumsfeld cautions Iraqis on women‘s rights » Explosion in central Denmark kills father, son; injures mother » Berlusconi launches hate campaign against himself » Two Algerian diplomats >>>


      ISRAEL COULD BRING FORWARD GAZA PULLOUT, OFFICIALS SAY
      22-07-2005
      Friday, July 22, 2005 FOREIGN All News» » Rice says Sudan has credibility problem on Darfur » Rumsfeld cautions Iraqis on women‘s rights » Explosion in central Denmark kills father, son; injures mother » Berlusconi launches hate campaign against himself » Two Algerian diplomats >>>


      NEWSLINE
      22-07-2005
      Friday, July 22, 2005 FOREIGN All News» » Rice says Sudan has credibility problem on Darfur » Rumsfeld cautions Iraqis on women‘s rights » Explosion in central Denmark kills father, son; injures mother » Berlusconi launches hate campaign against himself » Two Algerian diplomats >>>


      RICE SAYS SUDAN HAS CREDIBILITY PROBLEM ON DARFUR
      22-07-2005
      Friday, July 22, 2005 FOREIGN All News» » Rice says Sudan has credibility problem on Darfur » Rumsfeld cautions Iraqis on women‘s rights » Explosion in central Denmark kills father, son; injures mother » Berlusconi launches hate campaign against himself » Two Algerian diplomats >>>


      RUMSFELD CAUTIONS IRAQIS ON WOMEN‘S RIGHTS
      22-07-2005
      Friday, July 22, 2005 FOREIGN All News» » Rice says Sudan has credibility problem on Darfur » Rumsfeld cautions Iraqis on women‘s rights » Explosion in central Denmark kills father, son; injures mother » Berlusconi launches hate campaign against himself » Two Algerian diplomats >>>


      TWO ALGERIAN DIPLOMATS ABDUCTED AS IRAQ CONSTITUTION NEARLY READY
      22-07-2005
      Friday, July 22, 2005 FOREIGN All News» » Rice says Sudan has credibility problem on Darfur » Rumsfeld cautions Iraqis on women‘s rights » Explosion in central Denmark kills father, son; injures mother » Berlusconi launches hate campaign against himself » Two Algerian diplomats >>>


      ‘THE ACCUSATIONS ARE DEVASTATING‘÷ LULA IS BESIEGED BY BRAZIL‘S CORRUPTION SCANDAL
      FT, 22-07-2005
      July 22 2005 03÷00 Returning last weekend to his home city of SÃŁo Paulo after a trip to France could not have been easy for Luiz InBrazil‘s president.

In Paris, the former metalworker, elected to the presidency after two decades of grassroots political campaigning, had been lauded for his >>>


      A SOBER ECONOMIC CARNIVAL MAY SOON BE OVER
      FT, 22-07-2005
      July 22 2005 03÷00 Not for at least half a century have conditions in the world economy been so favourable for Brazil.

A combination of Chinese demand for raw materials and investment manager hunger for high–yield assets means the country is awash with foreign exchange.

Throw into the mi >>>


      ARGENTINA TIGHTENS CONTROLS ON CAPITAL INFLOWS
      FT, 22-07-2005
      June ' 2005 18÷38 The measure, which is expected to come into force on Friday, obliges investors bringing capital into the country to lock away 30 per cent of the total amount for 12 months. The decision, to be enforced by decree, adds to existing rules that force inflows to remain in the country for at lea >>>


      CHAVEZ URGED TO TAKE TOUGH LINE WITH COLOMBIA
      FT, 22-07-2005
      Media & internet Property Retailing & leisure Telecoms Transport "By region" sub navigation US Europe UK UK smaller companies Asia–Pacific Middle East & Africa Americas "Markets" sub navigation Equities Currencies Capital markets Commodities Emerging markets Investor‘s notebo >>>


      INFLATION CASTS NEW SHADOW OVER ARGENTINA
      FT, 22-07-2005
      July 6 2005 00÷21 The June figure published on Tuesday by Indec, the government‘s statistics bureau brings inflation over the past 12 months to ' per cent, compared with a rate roughly half that during the previous 12 months.

The rest of this article is for FT.com subscribers only Skip to rem >>>


      TAKEOVER AIDS CEMEX RESULTS
      FT, 22-07-2005
      July 22 2005 03÷00 Cemex, the Mexico–based cement producer that bought RMC of the UK earlier this year, yesterday announced results ahead of its own forecasts for the second quarter, with net income rising 1'7 per cent to $733m on the back of 125 per cent increase in sales.

The sharp increase >>>


      VENEZUELA POISED TO SEIZE BANK‘S RESERVES
      FT, 22-07-2005
      July 7 2005 15÷37 Legislators loyal to Mr Ch ávez are close to approving a law that will allow the government to withdraw and spend at least $5bn (òÂì4.2bn, ã2.'bn) of the bank‘s international reserves, which currently stand at $2'bn.

The rest of this ar >>>


      NEIGHBOURING NATIONS TAKE CUE FROM BEIJING
      FT, 22-07-2005
      July 21 2005 20÷1' If there were any doubt about how dependent Asia has become on the Chinese economy, it is likely to have been dispelled by the predictable and almost immediate response to Beijing‘s 2.1 per cent revaluation of the renminbi on Thursday night.

Malaysia instantly copied China, >>>


      NO SIGN OF INVESTOR PANIC AFTER MOVE
      FT, 22-07-2005
      July 21 2005 20÷11 When the Asian currency crisis first erupted in Thailand in 1''7 it started a slow–burn domino reaction that spread through financial markets around the world even leading, eventually, to a huge hedge fund collapse in New York.

Consequently, as China embarked on currenc >>>


      BBVA DROPS OFFER FOR BANCA NAZIONALE DE LAVORO
      FT, 22-07-2005
      July 22 2005 15÷54 In a statement on Friday to Spain‘s stock market regulator, Spain‘s second–largest financial group said it had given up hope of securing 50 per cent of the target, hours before its offer was due to close.

The rest of this article is for FT.com subscribers only Skip >>>


      GERMAN ELECTION ANNOUNCED FOR SEPTEMBER 18
      FT, 22-07-2005
      July 22 2005 10÷00 Horst Köhler, president of Germany, announced yesterday that there would be an early national election on September 18, which pollsters predict will be won by the centre–right opposition Christian Democrats.

The president‘s announcement followed the surprise decis >>>


      ITALY APPROVES NEW ANTI–TERROR MEASURES
      FT, 22-07-2005
      July 22 2005 17÷22 Italy‘s centre–right government on Friday approved stronger measures to fight terrorism, giving police permission to hold suspects for longer periods without charge, and said it wanted to create a supreme prosecutor for anti–terrorist investigations.

Under the measu >>>


      MANNESMANN AFFAIR CALLED BACK TO COURT
      FT, 22-07-2005
      July 21 2005 21÷41 Germany‘s Mannesmann affair has come back to haunt its six protagonists, including Deutsche Bank chief executive Josef Ackermann, a year after the men were acquitted on charges of breaching their fiduciary duties as directors of the telecoms group.

Germany‘s federal appea >>>


      MANNESMANN AFFAIR CALLED BACK TO COURT
      FT, 22-07-2005
      July 21 2005 21÷41 Germany‘s Mannesmann affair has come back to haunt its six protagonists, including Deutsche Bank chief executive Josef Ackermann, a year after the men were acquitted on charges of breaching their fiduciary duties as directors of the telecoms group.

Germany‘s federal appea >>>


      MOBILE GROWTH LIFTS TELENOR PROFITS
      FT, 22-07-2005
      July 22 2005 0'÷4' In the three months to June 30, Telenor had NKr3.3bn in pre–tax profits on revenue growth of ' per cent to NKr16.5bn. Earnings before interest, taxes, amortization and depreciation the number most closely watched slipped to NKr5.63bn from NKr5.7bn, more or less in line with >>>


      ONO TEAM IS CLOSE TO SECURING AUNA ASSETS
      FT, 22-07-2005
      July 21 2005 21÷46 Ono and its private equity partners, are thought to be close to securing a deal to buy the fixed–line and cable assets of fellow Spanish telecom business Auna.

The proposed deal would be worth about â/¬2.5bn ($3bn), including debt. The proposed acquisition is central >>>


      ONO TEAM IS CLOSE TO SECURING AUNA ASSETS
      FT, 22-07-2005
      July 21 2005 21÷46 Ono and its private equity partners, are thought to be close to securing a deal to buy the fixed–line and cable assets of fellow Spanish telecom business Auna.

The proposed deal would be worth about â/¬2.5bn ($3bn), including debt. The proposed acquisition is central >>>


      SCHNEIDER ELECTRIC BUYS BEI TECHNOLOGIES FOR $562M
      FT, 22-07-2005
      July 22 2005 11÷21 Schneider Electric, the French electrical equipment maker, announced on Friday it was buying BEI Technologies of the US for $562m or $35 a share.

BEI, which has annual sales of more than $300m is a manufacturer of customised electronic sensorsfor the defence and car industry as well >>>


      SINISCALCO UPBEAT AS ITALIAN CONSUMER CONFIDENCE DECLINES
      FT, 22-07-2005
      July 22 2005 03÷00 An unexpected fall in Italian consumer confidence cast a cloud yesterday over government hopes that the recession–hit economy was beginning to stage a recovery.

The ISAE research institute‘s consumer confidence index fell to 100.' in July from 102.' in June, touch >>>


      STARWOOD CAPITAL BUYS TAITTINGER FOR ?2.1BN
      FT, 22-07-2005
      Media & internet Property Retailing & leisure Telecoms Transport "By region" sub navigation US Europe UK UK smaller companies Asia–Pacific Middle East & Africa Americas "Markets" sub navigation Equities Currencies Capital markets Commodities Emerging markets Investor‘s notebo >>>


      STARWOOD WINS TAITTINGER AT ?2.'BN PRICE
      FT, 22-07-2005
      Media & internet Property Retailing & leisure Telecoms Transport "By region" sub navigation US Europe UK UK smaller companies Asia–Pacific Middle East & Africa Americas "Markets" sub navigation Equities Currencies Capital markets Commodities Emerging markets Investor‘s notebo >>>


      VW IN PUSH TO REGAIN GROUND IN NORTH AMERICA
      FT, 22-07-2005
      July 21 2005 22÷16 Volkswagen is to step up its sales discounts and advertising in North America in an effort to recapture market share and improve relations with disgruntled US and Canadian dealers.

The German carmaker, which is struggling to improve performance and overcome a corporate governance sca >>>


      VW IN PUSH TO REGAIN GROUND IN NORTH AMERICA
      FT, 22-07-2005
      July 21 2005 22÷16 Volkswagen is to step up its sales discounts and advertising in North America in an effort to recapture market share and improve relations with disgruntled US and Canadian dealers.

The German carmaker, which is struggling to improve performance and overcome a corporate governance sca >>>


      GERMAN PRESIDENT ANNOUNCES ELECTION ON SEPTEMBER 18
      FT, 22-07-2005
      July 22 2005 03÷00 Horst Köhler, president of Germany, announced yesterday that there would be an early national election on September 18, which pollsters predict will be won by the centre–right opposition Christian Democrats.

The president‘s announcement followed the surprise decis >>>


      GOVERNMENTS LOOSEN GRIP ON CORPORATE GOLDEN SHARES
      FT, 22-07-2005
      July 22 2005 03÷00 European governments are loosening their grip on some of the most valuable companies as they increasingly abandon the use of "golden share" rights to block the foreign takeover of prized national groups.

A European Commission report to be published today states that "a >>>


      ITALY‘S HELPING HANDS CAUSE SPLIT IN EUROPE‘S BANKING
      FT, 22-07-2005
      July 22 2005 03÷00 In the long–running battle for control of two mid–sized Italian banks, much debate has focused on the role of the Bank of Italy and Antonio Fazio, its governor.

Equally important has been the willingness of large international banks to commit billions of euros of capital, >>>


      SPANISH COURT CONSIDERS TIT–FOR–TAT RESPONSE AFTER GERMANY RELEASES AL–QAEDA SUSPECT
      FT, 22-07-2005
      July 22 2005 03÷00 Senior Spanish magistrates said yesterday they were considering taking action against Germany following the release on Monday from a German prison of an alleged al–Qaeda financier wanted in Spain on terrorist charges.

Magistrates in the Audiencia Nacional, Spain‘s main te >>>


      ASIAN CURRENCIES RALLY AS CHINA DROPS PEG
      FT, 22-07-2005
      July 22 2005 05÷24 Asian currencies rallied in reaction to Beijing‘s decision to drop its decade–old currency peg to the US dollar and revalue the renminbi by 2.1 per cent.

China‘s growing economic strength ※ underlined by a '.5 per cent expansion in first–half >>>


      BBVA DROPS OFFER FOR BANCA NAZIONALE DE LAVORO
      FT, 22-07-2005
      July 22 2005 15÷54 In a statement on Friday to Spain‘s stock market regulator, Spain‘s second–largest financial group said it had given up hope of securing 50 per cent of the target, hours before its offer was due to close.

The rest of this article is for FT.com subscribers only Skip >>>


      CHINA TINKERS AND THE WORLD REACTS
      FT, 22-07-2005
      July 21 2005 20÷06 The Chinese government‘s decision to revalue the renminbi and peg it to a basket of currencies instead of the dollar could be a step towards reducing what Alan Greenspan, Federal Reserve chairman, on Wednesday called the "unusual behaviour" of US Treasury markets.

In >>>


      CHINESE RENMINBI SOFTENS AFTER REVALUATION
      FT, 22-07-2005
      July 22 2005 12÷01 The newly revalued Chinese renminbi weakened marginally against the US dollar on Friday, hinting that Beijing does not intend to use the flexibility built into its new currency regime to allow the renminbi to creep higher.

On Thursday Beijing scrapped its decade–long peg of Rmb >>>


      COMPASS GROUP LEADS LONDON EQUITIES HIGHER
      FT, 22-07-2005
      July 22 2005 0'÷06 London equities markets inched higher on Friday, as traders headed back into work having seen strong gains pared back during the previous session after renewed attacks on the capital‘s transport network.

The FTSE 100 started the session 0.1 per cent firmer at 5,224.4 as rep >>>


      CONCERN ON BONDS ALLEVIATED BY ISS
      FT, 22-07-2005
      July 21 2005 20÷01 Bonds in ISS rallied on Thursday after the Danish cleaning services company eased concerns that existing bonds would be structurally subordinated to any new debt that may be issued to refinance the group‘s controversial leveraged buyout.

ISS Holding, the company set up by priva >>>


      CRUDE GAINS ON RENMINBI REVALUATION
      FT, 22-07-2005
      July 22 2005 12÷04 Crude gained as the revaluation of China‘s renminbi was perceived as positive for oil prices.

Nymex West Texas Intermediate rose 4' cents to $57.62 a barrel for September delivery. Brent crude added 58 cents to $56.30.

Oil has fallen sharply since the latest weekly >>>


      DEMAND ON THE RISE FOR SUKUKS
      FT, 22-07-2005
      July 21 2005 20÷0' The size of the Islamic bond market has swelled dramatically amid rampant demand from investors and widening financial innovation.

Issuance of Islamic bonds in the second quarter reached $6.2bn, compared to $1.08bn in the first three months of this year, according to data from th >>>


      EUROPEAN BOURSES POISED FOR OPENING LOSSES
      FT, 22-07-2005
      July 22 2005 07÷27 European stocks were set for opening losses on Friday, with technology stocks in focus after weak results from the US as Microsoft failed to meet guidance expectations and Google announced weak revenue growth.

Spread betters were expecting the three main European indices – Lond >>>


      EUROPEAN COMMENT÷ SHAKE UP FOR FORTRESS EUROPE
      FT, 22-07-2005
      July 21 2005 20÷57 In France, the government is racing to the rescue of Danone, throwing all its weight to block a rumoured bid by PepsiCo on its national food champion.

But Paris also admits it can do little to prevent a takeover. The rest of this article is for FT.com subscribers only Skip to remaini >>>


      GM STRUGGLES TO SECURE COSTS DEAL WITH UNION
      FT, 22-07-2005
      July 22 2005 17÷2' GM‘s chief executive Rick Wagoner told the annual meeting on June 7 that "it is crystal clear that we need to achieve a significant reduction in our health care cost disadvantage, and to do so promptly. We are committed to do that." The rest of this article is for FT.com s >>>


      GOOGLE GROWTH WHACKS WALL ST FORECASTERS
      FT, 22-07-2005
      July 21 2005
23÷11 Google‘s breakneck growth continued in the latest quarter, according to figures released on Thursday that showed the internet search engine company once again far exceeded Wall Street estimates.

But Googles shares fell about 7 per cent in after hours trading as the company >>>


      KIMBERLY–CLARK TO CUT 6,000 JOBS AS PROFIT DIPS
      FT, 22-07-2005
      July 22 2005 14÷30 The company said it would accelerate growth in developing and emerging markets such as Brazil, Russia, India, China, Indonesia and Turkey. It will also develop higher–margin businesses and expand its pipeline of health care products.

The rest of this article is for FT.com subsc >>>


      LENOVO LEADS THE WAY WITH TAIWAN SUBSIDIARY
      FT, 22-07-2005
      July 21 2005 22÷07 Lenovo, the world‘s third–largest personal computer maker after its acquisition of IBM‘s PC business, is to become the first Chinese company to legally establish a subsidiary in Taiwan.

This demonstrates the waves that mainland businesses are making with their buyin >>>


      LOMBARD÷ THINGS ARE DIFFERENT ACROSS THE CHANNEL
      FT, 22-07-2005
      July 21 2005 20÷57 Saint–Gobain casts its eye over BPB Go get lost, Frenchie. That, or a rather less polite variant of the idea, is how one might react to news that Saint–Gobain is interested in buying BPB, should one adopt the philosophy of Jean–Louis Beffa, the chief executive of the French >>>


      LONG JOURNEY FOR REVAMPED ROYAL MAIL
      FT, 22-07-2005
      July 21 2005 21÷36 The 30–minute ferry journey across the Solent to the Isle of Wight is famously one of the most expensive, mile–for–mile, in the world. So it seems strange that Royal Mail should have chosen the island as the location for a vehicle repair centre serving three sorting offices >>>


      MACK HIRES CSFB COLLEAGUE
      FT, 22-07-2005
      July 22 2005 17÷58 John Mack on Friday hired another Credit Suisse First Boston leader for a senior role on the management team of Morgan Stanley.

Mr Mack, chairman and chief executive of Morgan Stankey, is known for prizing loyalty. He has been proving that lately by hiring executives that have worked >>>


      MANNESMANN AFFAIR CALLED BACK TO COURT
      FT, 22-07-2005
      July 21 2005 21÷41 Germany‘s Mannesmann affair has come back to haunt its six protagonists, including Deutsche Bank chief executive Josef Ackermann, a year after the men were acquitted on charges of breaching their fiduciary duties as directors of the telecoms group.

Germany‘s federal appea >>>


      MAYTAG REBUFFS WHIRLPOOL BID APPROACH
      FT, 22-07-2005
      July 22 2005 01÷28 The decision, taken at a Maytag board meeting, deals a blow to Whirlpool‘s efforts to persuade Maytag to consider opening negotiations with Whirlpool

– weeks after Maytag agreed to a takeover offer from private equity firm Ripplewood.

The rest of this article is >>>


      MICROSOFT EXPECTS GROWTH FROM NEW PRODUCTS
      FT, 22-07-2005
      July 21 2005 23÷53 Microsoft on Thursday raised growth forecasts for the next 12 months, signalling the arrival of new products in some of its biggest businesses that should lift its growth rate back into double digits.

The move came as the world‘s biggest software company reported earnings and r >>>


      MICROSOFT NAMES NEW SOFTWARE WINDOWS VISTA
      FT, 22-07-2005
      July 22 2005 16÷01 The long–awaited next version of Microsoft‘s PC operating system will be named Windows Vista, the software company said on Friday.

Along with the confirmation that a beta, or test, version of the software will be made available on August 3, the news is the latest sign tha >>>


      MOBILE GROWTH LIFTS TELENOR PROFITS
      FT, 22-07-2005
      July 22 2005 0'÷4' In the three months to June 30, Telenor had NKr3.3bn in pre–tax profits on revenue growth of ' per cent to NKr16.5bn. Earnings before interest, taxes, amortization and depreciation the number most closely watched slipped to NKr5.63bn from NKr5.7bn, more or less in line with >>>


      NEW ISSUES÷ BAE BORROWS $1.75BN
      FT, 22-07-2005
      July 21 2005 20÷14 Corporate bond markets took the news about China revaluing the renminbi and a suspected terror attack on London in stride on Thursday, and prices recovered from a bout of weakness in early afternoon trade to end little changed on the day.

The Itraxx index of European corporate credit >>>


      NEXTEL EARNINGS FALL SHARPLY
      FT, 22-07-2005
      July 21 2005 22÷14 Second quarter earnings at Nextel Communications fell sharply because of merger–related costs and a large year–earlier tax credit, but the US mobile telecommunications carrier which is being acquired by Sprint, reported strong revenue growth boosted by subscriber gains.

N >>>


      NOTEBOOK
      FT, 22-07-2005
      July 21 2005 21÷22 Defending Dennis, the Tyco tyro Robert Monks, the noted US corporate government activist and one–time Tyco director, has defended Dennis Kozlowski, Tyco‘s former chief executive, now facing a lengthy prison sentence for grand larceny, saying he is not a criminal but a victim of the >>>


      OBSERVER – EUROPE
      FT, 22-07-2005
      2005 21÷25 The European quarter of Brussels was strangely quiet on Thursday ‫ and not just because of festivities for Belgium‘s 175th birthday (a big date in everyone‘s diaries).

European Commissioners have already deserted the town en masse and won‘t have to reassemble u >>>


      ON ASIA÷ PICKING THE RENMINBI WINNERS
      FT, 22-07-2005
      July 22 2005 15÷36 Surprised? You would not be if you could see my desk groaning under the weight of more than 120 pages of analyst notes on the move.

The rest of this article is for FT.com subscribers only Skip to remaining content Main navigation menu÷ Home World Companies Markets Markets & >>>


      ON WALL STREET÷ GOLDILOCKS GIVES HUNGRY BEARS THE SLIP
      FT, 22-07-2005
      July 22 2005 17÷31 Yes, Wall Street seems to say, there is a Goldilocks ‫ a "Goldilocks Economy," one in which the pace of economic expansion is, like the last bowl of porridge, not too hot, not too cold. Alan Greenspan, the federal Reserve Chairman, has spelled things out loud and clear >>>


      ONO TEAM IS CLOSE TO SECURING AUNA ASSETS
      FT, 22-07-2005
      July 21 2005 21÷46 Ono and its private equity partners, are thought to be close to securing a deal to buy the fixed–line and cable assets of fellow Spanish telecom business Auna.

The proposed deal would be worth about â/¬2.5bn ($3bn), including debt. The proposed acquisition is central >>>


      ONO TEAM IS CLOSE TO SECURING AUNA ASSETS
      FT, 22-07-2005
      July 21 2005 21÷46 Ono and its private equity partners, are thought to be close to securing a deal to buy the fixed–line and cable assets of fellow Spanish telecom business Auna.

The proposed deal would be worth about â/¬2.5bn ($3bn), including debt. The proposed acquisition is central >>>


      S KOREA LIKELY TO TAKE TOUGH LINE ON HERMES
      FT, 22-07-2005
      July 21 2005 22÷01 Some analysts suspect the Financial Supervisory Service is trying to make an example of Hermes, even if only through the exhaustive investigation, to send a warning to other foreign investors that South Korea does not welcome speculators.

The rest of this article is for FT.com subscr >>>


      S KOREA WARNS DEUTSCHE AND BNP ON DERIVATIVES
      FT, 22-07-2005
      July 22 2005 11÷1' Deutsche Bank over improper trading in derivatives and ordered the suspension of the bank‘s Seoul branch manager from duty for one month.

The move comes as South Korean authorities are taking a tougher line against international financial institutions amid increasing public >>>


      SCHERING RAISES FORECASTS AFTER STRONG FIRST–HALF
      FT, 22-07-2005
      July 22 2005 0'÷27 Schering AG, the German pharmaceuticals group, raised its outlook for the year after its first–half performance beat expectations, helped by sales of its birth control pill and multiple sclerosis drug as well as exceptional gains.

The group raised its forecast for operating >>>


      SCHNEIDER BUYS BEI TECHNOLOGIES FOR $562M
      FT, 22-07-2005
      July 22 2005 11÷21 Schneider Electric, the French electrical equipment maker, announced on Friday it was buying BEI Technologies of the US for $562m or $35 a share.

BEI, which has annual sales of more than $300m is a manufacturer of customised electronic sensors for the defence and car industry as well >>>


      STARWOOD CAPITAL BUYS TAITTINGER FOR ?2.1BN
      FT, 22-07-2005
      Media & internet Property Retailing & leisure Telecoms Transport By region Companies A–Z Markets Markets & funds data Lex Comment & analysis Technology Business life Your money Arts & Weekend In depth FT Reports Jobs & classified Site services In depth     UK election 2005The >>>


      STARWOOD WINS TAITTINGER AT ?2.'BN PRICE
      FT, 22-07-2005
      Media & internet Property Retailing & leisure Telecoms Transport By region Companies A–Z Markets Markets & funds data Lex Comment & analysis Technology Business life Your money Arts & Weekend In depth FT Reports Jobs & classified Site services In depth     UK election 2005The >>>


      THE LONG VIEW÷ INVESTORS NOT YET ALARMED
      FT, 22-07-2005
      July 22 2005 17÷21 It is difficult to argue, as seemed possible in the spring, that the global economy is slowing sharply. That seemed clear from the worldwide pick–up in purchasing managers‘ indices for the manufacturing sector at the start of the month.

The rest of this article is for FT. >>>


      TOKYO STOCKS SLIDE AFTER RENMINBI REVALUATION
      FT, 22-07-2005
      July 22 2005 04÷42 Japanese stocks slid by the close of morning trading on Friday, in response to China‘s revaluation of the renminbi.

The Nikkei 225 fell 0.' per cent to 11,680.50. The Topix fell 0.8 per cent to 1,185.60.

The revaluation sent the yen up sharply against the dollar du >>>


      US TREASURY WELCOMES CURRENCY REFORM
      FT, 22-07-2005
      July 21 2005 23÷01 The US Treasury on Thursday warmly welcomed China‘s currency reform, stressing that the new arrangement would eventually allow for significant revaluation.

China‘s announcement of an initial 2.1 per cent revaluation and its shift to a managed float against a basket of cur >>>


      VW IN PUSH TO REGAIN GROUND IN NORTH AMERICA
      FT, 22-07-2005
      July 21 2005 22÷16 Volkswagen is to step up its sales discounts and advertising in North America in an effort to recapture market share and improve relations with disgruntled US and Canadian dealers.

The German carmaker, which is struggling to improve performance and overcome a corporate governance sca >>>


      VW IN PUSH TO REGAIN GROUND IN NORTH AMERICA
      FT, 22-07-2005
      July 21 2005 22÷16 Volkswagen is to step up its sales discounts and advertising in North America in an effort to recapture market share and improve relations with disgruntled US and Canadian dealers.

The German carmaker, which is struggling to improve performance and overcome a corporate governance sca >>>


      WALL ST A MODEL OF CALM IN A TURBULENT WEEK
      FT, 22-07-2005
      July 22 2005 17÷31 Wall Street spent what typically would be a sleepy summer week grappling with two vexing issues ‫ the revaluation of the yuan and the renewed attempts to terrorize London ‫ and displayed remarkable calm.

While volatility was slightly higher, stocks followe >>>


      WALL STREET MARGINALLY HIGHER AS GOOGLE SLUMPS
      FT, 22-07-2005
      July 22 2005 14÷4' Wall Street spent what typically would be a sleepy summer week grappling with two vexing issues fraught with uncertainty ‫ the revaluation of the renminbi and the renewed attempts to terrorize London ‫ and displayed remarkable calm in notching moderate gains.>>>


      WEEK IN ECONOMICS÷ CHINA DOMINATES HEADLINES
      FT, 22-07-2005
      July 21 2005 23÷20 China dominated the headlines at the end of the week with its long–awaited but modest revaluation of the yuan. But there was plenty to keep China–watchers occupied earlier in the week too.

While most countries tend to stagger their economic releases through the month, Chi >>>


      ARMED POLICE IN HOSPITAL SEARCH AS BLAST SUSPECT REPORTED FLEEING
      FT, 22-07-2005
      July 22 2005 03÷00 Armed police were deployed at University College Hospital after reports that a man had run into the building from nearby Warren Street Tube station following an explosion.

Eyewitnesses reported seeing a man running out of the station into the hospital. The station, which faces one of >>>


      BANGS AND PANIC BUT LITTLE DAMAGE
      FT, 22-07-2005
      July 22 2005 03÷00 Another Thursday and four more explosions brought panic to the capital‘s public transport system. Again, three Underground trains and a double–decker bus were the targets.

But this time – seemingly just by luck – no one was killed and only one person was repor >>>


      ECONOMY UNLIKELY TO SUFFER LONG–TERM DAMAGE
      FT, 22-07-2005
      July 22 2005 03÷00 The attack on London‘s transport system is unlikely to have a significant impact on the economy, with the possible exception of the tourism sector, according to experts.

The financial markets underwent a wave of selling on the news of the attacks, but rallied as it became clear >>>


      FEARS OVER CHANGES TO WHITEHALL RULES
      FT, 22-07-2005
      July 22 2005 03÷00 Fears that the government is changing Whitehall rules by stealth so that political advisers can give orders to impartial civil servants have been voiced by Sir Alistair Graham, chairman of the committee on standards in public life.

He and his committee believe that a revised code of >>>


      FEARS OVER FALL–OFF IN TOURIST NUMBERS
      FT, 22-07-2005
      July 22 2005 03÷00 Temporary disruption was the worst outcome for business of yesterday‘s explosions, although the emergency triggered a warning that the capital‘s tourism industry could be badly hit in coming weeks.

Black cab operators did a roaring trade in central London because of the c >>>


      FSA HEAD WARNS OF NEW EU RULE‘S COST TO BANKS
      FT, 22-07-2005
      July 21 2005 20÷38 Sir Callum McCarthy, FSA chairman, on Thursday singled out Mifid the markets in financial instruments directive from a series of regulatory initiatives that are weighing on banks, securities companies and exchanges.

The rest of this article is for FT.com subscribers only Skip to rema >>>


      GAPS EXPOSED BUT VITAL CLUES LEFT BEHIND
      FT, 22-07-2005
      July 22 2005 03÷00 Explosions in London have once again exposed the vulnerability of the capital to terrorist attack, exploiting gaps both in security and intelligence.

However, they also left behind them a forensic trail that is likely to make it easier to find the culprits and what motivated the late >>>


      LATEST LONDON TRAVEL ADVICE
      FT, 22-07-2005
      July 22 2005 15÷12 Train services were partially suspended on the Northern and Victoria lines on Friday, after a suspected suicide bomber was shot by police at Stockwell station in South London.

Transport for London said that following the incident, Stockwell tube had been closed but that the rest of t >>>


      LEGAL MUSIC TRACK DOWNLOADS INCREASE
      FT, 22-07-2005
      July 22 2005 03÷00 The music industry yesterday claimed partial success in the campaign against online piracy after reporting a threefold increase in the number of tracks downloaded legally in the first half of the year. Some 180m music tracks were acquired from legitimate websites in the past six months, as le >>>


      LONDONERS KNOW THE DRILL AS MINISTERS WARN OF MORE
      FT, 22-07-2005
      July 22 2005 03÷00 After terrorists struck London two weeks ago, ministers warned the attacks would not be the last. And no one in the government believes the latest are the end of the story.

The city‘s inhabitants are becoming more accustomed to the rhythm of emergency drills.

Tube line >>>


      MUSEUMS GET ?38M FROM LOTTERY FOR PRE–GAMES FACELIFT
      FT, 22-07-2005
      Europe UK Asia–Pacific Middle East & Africa Americas International economy Companies Markets Markets & funds data Lex Comment & analysis Technology Business life Your money Arts & Weekend In depth FT Reports Jobs & classified Site services News in depth     The new IraqWorld econ >>>


      PLEA FOR SPECIAL BRANCH TO HAVE MORE RESOURCES
      FT, 22-07-2005
      July 22 2005 03÷00 Tony Blair is being urged by the police to set aside more cash to fight terrorism.

Senior police chiefs have warned the prime minister that resources are so stretched that officers are diverted from crime–fighting to bolster counter–terrorism.

The police plea cam >>>



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