IBT Staff Reporter

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Mid-day minute - July 2 - Energy

Natural gas stockpiles rose 70 billion cubic feet in the week ended June 26 to 2.721 trillion cubic feet .Exelon Corp.rised its offer to acquire NRG Energy Inc. by 12 percent to $7.45 billion concluding is its best and final offer. NACEL Energy Corporation entered into a four long term wind development rights agreement for its Leila Lakes power generation facility

Intel-Nokia tie takes few years to succeed: Barrett

Intel Corp's former chief executive and chairman, Craig Barrett, said on Thursday it would take a few years to see whether Intel's technology partnership with Nokia succeeds.

Mid-Day Minute - July 2 - Industries

J&J buys stake in biotech firm Elan, acquires Alzheimer's research; Rio Tinto overcomes 2009/2010 debt problems, completing rights offer; Boeing Steady with plane deliveries, 125 in 2Q

ECB holds rates, to start buying bonds next week

The European Central Bank kept euro zone interest rates at 1.0 percent on Thursday, bolstering expectations they will stay there well into next year, and said it would start buying bonds next week.

Wall Street slides on disappointing jobs data

Stocks slid on Thursday after payrolls data showed much worse-than-expected job losses for June, a sign that hopes for a quick economy recovery may be premature.

Jay Leno wins cybersquatting case

Comedian and talk show host Jay Leno has won a cybersquatting case against a Texas man found by a U.N. agency to have misused the domain name thejaylenoshow.com to direct Internet users to a real estate website.

Jay Leno wins cybersquatting case at U.N. agency

Strong demand for Rio rights; Chinalco bids in full

Rio Tinto said the British leg of its $15.2 billion rights issue had been successfully completed, putting the world's top iron ore miner back in growth mode after slashing its debt.

Magna set to resolve Opel issues by July 7: sources

Magna expects to resolve the last few issues holding up its takeover of German carmaker Opel from former parent General Motors by Tuesday, two sources familiar with the matter said on Thursday.

Oil falls below $67, focus on weak U.S. economy

Swelling gasoline stocks and a far-bigger-than-expected rise in U.S. unemployment drove oil markets down more than $2 Thursday to below $67 a barrel.

Amnesty says Israel wantonly destroyed Gaza

Amnesty International said on Thursday Israel inflicted wanton destruction in the Gaza Strip in attacks that often targeted Palestinian civilians during an offensive in December and January in the Hamas-run enclave.

Exelon ups NRG hostile bid; NRG shares slip

Exelon Corp raised its hostile takeover bid for independent power producer NRG Energy Inc by more than 12 percent to $7.45 billion on Thursday but failed to excite investors.

Iran hardliners urge legal action against Mousavi

Iranian hardliners pressed on Thursday for legal action against moderate leaders accused of inciting post-election turmoil that has dimmed Western hopes of engaging Tehran on its disputed nuclear program.

North Korea ups tension with short-range missiles

North Korea test-fired four short-range missiles on Thursday, further stoking tension in the region that was already high due to Pyongyang's nuclear test and threats to boost its nuclear arsenal in response to UN sanctions.

U.S. Marines fan out in big south Afghanistan assault

Thousands of U.S. Marines stormed deep into Taliban territory in an Afghan river valley on Thursday, launching the biggest military offensive of Barack Obama's presidency.

Russia's Medvedev urges Obama to put aside differences

Russian President Dmitry Medvedev said on Thursday Washington and Moscow must set aside the power politics of the past and use a forthcoming summit to unite in tackling global economic and political problems.

Yemenia plane crash survivor returns home

The alleged sole survivor of the Yemenia plane crash that plunged into the Indian ocean on Monday night has returned home to her family in Paris.

China carmaker drafting late Opel bid: source

China's state-run carmaker Beijing Automotive Industry Holding Co is preparing to make an offer for General Motors' Opel unit in the coming days, a source told Reuters, but the Russian partner of bid frontrunner Magna said the race was all but over.

Exelon ups NRG hostile bid

Exelon Corp raised its hostile takeover bid for independent power producer NRG Energy Inc by more than 12 percent to $7.45 billion on Thursday, but failed to excite investors.

GMAC becomes a corporation, allowing share sales

GMAC said on Wednesday that it has converted to a corporation from a limited liability company, a move that could allow the auto and mortgage lender to sell shares to the public.

Banks tapped for large China railway IPO-source

The Chinese government has hired three banks to handle the public listing of a railway holding company, a source familiar with the matter said on Thursday, in an IPO that could be worth around $5 billion.

Validus reiterates offer for IPC after rival bid

Validus Holdings Ltd. reiterated its unsolicited offer for reinsurer IPC Re on Thursday, one day after Flagstone Reinsurance Limited made a higher competing bid.

Int'l Assets to buy FCStone for $130 mln in stock

Securities firm International Assets Holding Corp agreed to buy commodity risk management firm FCStone Group Inc in an all-stock deal valued at about $130 million, as it looks to expand presence in the commodities market.

Onex takes control of Tropicana Las Vegas Hotel

Onex Corp said on Thursday it acquired a majority stake in the Tropicana Las Vegas Hotel and Casino after the property emerged from bankruptcy protection.

Weak jobs data sink Wall Street

Stocks fell sharply on Thursday after payrolls data showed more Americans than expected lost their jobs in June, dimming hopes of a quick economic recovery.

Alcatel sees telecoms equipment market down 8-12%

Alcatel-Lucent still expects the global telecoms equipment market to fall 8-12 percent in 2009 at constant currency exchange rates, the chief executive of Alcatel-Lucent France said on Thursday.

Europe biotechs see light at end of funding tunnel

Some of Europe's cash-strapped biotech companies may just be able to see a light at the end of the tunnel.

Tata Steel to sell GDRs for about $600 million: sources

India's Tata Steel, the world's sixth-largest steel maker, plans to sell global depositary receipts worth about $600 million, two sources with direct knowledge of the deal said on Thursday.

CNPC to bid $17 bln for Repsol YPF's Argentinian unit: report

China National Petroleum Corp. (CNPC), the country's largest oil company, plans to revive a $17 billion bid for the Argentinian unit of Spanish oil major Repsol-YPF, the South China Morning Post reported on Thursday, citing sources.