The global steel industry is currently experiencing a favorable period due to the fast-paced growth of steel production and demand in China coupled with the positive performance of the main global economies. Forecasts indicate continued growth in consumption over the next few years, further favored by the consolidation process in the industry. The Brazilian steel industry has successfully positioned itself within this business scenario. The mills are operating with consistent scale and technology and are economically and financially prepared to face the challenges of consolidation and global competition.

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Warner Chilcott Reports Operating Results for the Quarter Ended June 30, 2007

HAMILTON, Bermuda, Aug. 10 /PRNewswire-FirstCall/ -- Warner Chilcott Limited (Nachrichten) today announced its results for the quarter ended June 30, 2007. Total revenue in the quarter ended June 30, 2007 rose to $227.0 million, an increase of 21.4%, over the prior year quarter. The primary driver of the increase in revenue was the net sales of two products introduced in March 2006, LOESTRIN 24 FE and TACLONEX, which together contributed $48.8 million of revenue growth for the quarter ended June 30, 2007 compared to the prior year quarter. The Company reported net income of $7.9 million ($0.03 per diluted share) in the quarter compared with a net loss of $36.7 million in the prior year quarter.

Cash net income in the quarter ended June 30, 2007 was $64.7 million. The Company's results for the quarter ended June 30, 2007 included a $10.0 million expense for the previously disclosed settlement of two antitrust lawsuits brought by certain direct purchaser plaintiffs.

Growth momentum may hold: Banks warned of Basel II challenge

KARACHI (August 10 2007): Future growth projections of the economy suggest that the current growth momentum in the banking system may prevail in the near future, while the implementation of Basel II would be a great challenge, both for the regulator and the banks.

The central bank, in its Banking System Review (BSR) for the 2006 calendar year, said: "The banks are expected to maintain their previous growth trend during the 2007 calendar year on the back of steady flow of workers' remittances and substantial foreign exchange inflows in the form of foreign direct investment (FDI)".

The higher loan growth during the last couple of years, which also resulted in outstanding performance of the banking system, might have become a concern as well as a challenging target, the central bank said.

Ryan to Present 2008 Budget | WBNG-TV | Local Top Stories

Mayor Matt Ryan will present the 2008 City Budget this Monday, August 13, 2007 at 6:30PM in the City Council Chambers. In addition, the Mayor has offered to host a new series of workshops on the budget before budget hearings to allow Council members and the public the opportunity to better understand the annual budget process and current financial health of the city. “The hearings don't allow for a more general exchange on the big-picture issues, such as capital projects, bonding and debt, personnel costs, and operations," said Mayor Ryan. “I believe in full transparency, and I want to create a civil, respectful exchange between this office and the Council for this year's budget proceedings. We owe it to the city residents to invest their tax dollars wisely and responsibly, and I want to make sure the Council fully understands the financial landscape that informed my management decisions." The Mayor's Office announced this opportunity to Council members in a memo dated July 23, which included the following description: MUNICIPAL FINANCE WORKSHOPS.

Countrywide fares well as 2 rivals halt loans

Countrywide Financial Corp. and CIT Group Inc. said they will be able to ride out the mortgage industry's credit crunch, as two more rivals halted loans and MGIC Investment Corp. said subprime losses may kill its merger with Radian Group Inc.
HomeBanc Corp. said it is selling assets to Countrywide after bankers cut off credit and left it unable to fund loans. Impac Mortgage Holdings Inc. stopped making ''Alt-A'' loans and fired staff.
MGIC, the nation's biggest home-loan insurer, said it is not obliged to buy No. 3 Radian because the value of their jointly owned mortgage unit may have tumbled from $1 billion to zero in a month's time.
Bankers have cut off credit to home lenders as overdue payments rose to the highest level since 2002, according to the Mortgage Bankers Association.

South Africa: Commodities Fail to Halt Slide in All Share

THE JSE all share index continued to slide yesterday, having wiped out more than 8% of its value in the past two weeks to close at 26904 points.