All My Net Biz

According to , the FTSE 100 is seen opening around 30 points higher at 6626 having closed 53.3 points weaker yesterday.

In London today, this morning’s Times writes that and General Electric have abandoned their joint bid for Dow Jones last night, leaving News Corporation as the favourite to acquire the publisher of The Wall Street Journal.

The paper said that the talks, which had been under way for about a fortnight, were running into the sand at the beginning of this week as General Electric, the owner of the business news channel CNBC, struggled to justify the mooted transaction

Elsewhere, the Times writes that the is determined to hammer through a 1bn takeover of Borsa Italiana, the Milan stock exchange, against the opposition of its 30% shareholder, the New York exchange Nasdaq.

It said a formal offer for the Borsa could come as early as this morning.

Finally the Telegraph writes that Capital is at the centre of concerns over its exposure to two Bear Stearns hedge funds facing collapse.

The newspaper said that sources close to the bank said it may have lent far more money to the high-risk funds than originally thought, much of it linked to the lower tier ’sludge’ category of sub-prime mortgages most vulnerable to rising US default rates.

In earnings news, investors will be keen to hear if British Gas owner , is likely to reiterate the guidance given at its AGM in May when it updates the market on its trading performance later today.

Centrica is rumoured to be facing an imminent takeover bid from its Russian rival Gazprom and is likely to address this speculation. A bid is unlikely to materialise until relations between Britain and Russia improve, however.

Centrica expects annual operating profit above current consensus estimates due to a good first half performance, although the weak Canadian and US dollars are likely to impact its North American results.

The group said the overall outlook for the firm in all its markets is encouraging, although significant uncertainty remains over wholesale gas and power prices for the balance of the year and over demand levels due to unusual weather patterns.

Elsewhere, specialty biopharmaceutical company expected to receive an approval letter for a new drug (H108) at a meeting later today. Investment bank estimates peak sales of $200m for the product, which the company should release further details of today.

Last night on Wall Street, US stocks lurched higher after a back-and-forth session Thursday as investors apparently set aside some interest rate concerns and took a dose of upbeat economic data at face value.

The DJIA closed at 13,545.84 a gain of 56.42 points, while the Nasdaq finished at 2,616.96 up 17.00 and the S&P 500 at 1,522.19 a gain of 9.32.

The Conference Board’s May index of leading economic indicators rose a higher-than-expected 0.3 pct, showing that the US economy will expand modestly in coming months.

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Also, the Philadelphia Federal Reserve said regional manufacturing in June has had its strongest growth since April 2005. The bank’s index of regional manufacturing activity jumped to 18 from 4.2 in May.

But the report had limited effect on the market although investors have been wary about any signs of economic strength that might lead the Federal Reserve to raise interest rates when its Open Market Committee meets next week.

Over in Asia, profit taking ahead of the weekend hit markets with the Hang Seng closing the morning session down 50.83 points at 21,903.84 with Japan’s Nikkei 225 was off 127.50 points at 18,112.80.

In commodity news, gold and silver fell in New York on speculation a pickup in the economy may keep the Fed from cutting interest rates, boosting the dollar and reducing the appeal of metals as safe haven buys. August gold futures fell $4.20, or 0.6%, to $655.80 an ounce on the the New York Mercantile Exchange.

Meanwhile oil prices edged lower in Asian trade as players tried to assess whether a general strike in Nigeria, an important producer of crude, would affect supplies.

New York Mercantile Exchange’s main oil futures contract, light sweet crude for delivery in August, was down $0.08 at $68.57 per barrel from $68.65 in late trading in the US overnight. Brent North Sea crude for August was down $0.01 at $70.21.

Other stories:
Market report: Thursday close
Jessops closes 1 in 4 shops
Buy-to-let bubble ‘will burst’
Go-Ahead wins Midlands rail franchise
Ray-Ban buys Oakley in 1bn deal
Tesco fires new shot in Dobbies battle
Super-rich paying no income tax
Vicorp calls AIM to raise 1.6m

Fears that any statement will effectively be a profits warning dragged shares of the Pedigree bitter and Banks’s Ale company down to 385p before they closed 16p off at 392p. The year’s high was 477p.

Marston’s, formerly known as , have hundreds of pubs in the West Country and Wales, the worst affected areas.

Bears roared that some 100 tenanted pubs, which have been under more than three feet or so of water for the past week and unable to open their doors for business, could be under-insured. Many live-in ‘guvnors’ of tenanted pubs always cut corners. If true, Marston’s could drown in legal paper work in the coming months.

Marston’s in May toasted a 7% sales rise after increasing its focus on food. That attracted more families to its estate and underlying profits rose to 42m.

Some 90% of its pubs have gardens, patios and some form of outside trading area, and so business was also not too affected by the UK smoking ban. Punters can now only fill their wellington boots with muddy water and are staying at home, upstairs!

Bury St Edmunds brewer also drowned in a sea of selling and closed 36p down at 1035p. lost 31p to 1225p, while fading hopes of a bid from Starwood of the US dragged leisure giant 65p lower to 1750p.

Buyers raised their glasses to Peroni brewer though and the shares touched 1327p before closing 7p better at 1305p.

and Lehman have recently sung the South African group’s praises and raised their target prices above 14.

Rumours are also doing the rounds again that America’s Altria, the world’s largest tobacco group, is on the verge of selling all, or part, of its 29% stake in SAB.

Resilient and even showing a 34.9 point rally by lunch-time, the fragile Footsie fell away late to finish 44.4 points off at 6,454.3 on continuing fears of higher UK interest rates. New Chancellor Alistair Darling said he would be ‘resolute on inflation’ implying there could be another % hike in the Bank of England’s locker. Wall Street thankfully behaved itself in early trading, recovering 105 points following forecast-beating quarterly earnings from and .

Cautious comments from Goldman Sachs about how a lower oil price is affecting power prices left down a further 26p to 482p for a two-day decline of 50p.

Rumours of a profits warning fuelled further selling of Argos-to-Homebase group , 15p off at 412p.

buzzed 5p higher to 328p amid talk Brandes Investment Partners was adding to its 4% shareholding. Charles Dunstone’s climbed 13p to 353p with super optimists touting a jackanory that (0.3p dearer at 156p) could be interested in making an offer.

The closing of some short positions after Tuesday’s collapse on yet another profits warning helped recover 7p to 154p. Oriel Securities has slashed its full-year pre-tax profit forecast to 135m and cut its target price to 125p from 150p.

Former shop broker sparked heavy selling of Industrial engineer after publishing a scathing ’sell’ note including a much lower target price of 119p. The shares were heavily sold down to 290p before rallying to finish at 310p, still 33p down on balance.

Analyst Chris Dyett said: ‘Market expectations have decoupled from reality for a company that has consistently over-promised and under-delivered.’ He has downgraded 2007 revenues forecasts to 3.8m from 5m and to 8m from 9m for 2008. Meanwhile, Pursuit’s current broker Cenkos maintains a target price above 5 because it expects imminent newsflow to fully justify a market capitalisation of 200m.

Lara Croft computer games maker Entertainment were zapped again as investors continued to jump ship after Tuesday’s shock profits warning. It slumped 24p more to 374p for a two-day collapse of 146p. Dealers reckon its now ripe for takeover and are sure that property tycoon Robert Tchenguiz and 15% shareholder will sound out buyers. Warner Brothers sits on 10%.

BEING granted Recognised Investment Exchange status by the is big news for PLUS Markets, p

off at 29p. It will allow many more fund managers to consider investment in PLUS quoted companies. And financial houses will transact more business ‘on-exchange’ as it is now a ‘prescribed market’ with oversight. (16p off at 1379p) beware.

Other stories:
Northern Rock boosts dividend payout
Glaxo soothes Avandia crisis with buyback
Jobs threat in Resolution merger
Court may shut down Facebook
City focus: Profit washout at Sports Direct
Oil profits soar as $100 barrel is forecast
Reckitt puts a new shine on revenues
Halfords riding high from Tour de France
Capita to hand out 155m windfall
New BP chief’s anger as profits slip
Amazon delivers ‘blowout quarter’
Apple hit as iPhone sales disappoint

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Don Fournier, President and Chief Executive Officer of Beverly National Corporation (the МCompanyН) (BNV) and its subsidiary, «www.beverlynational.com» (МBankН), announced the CompanyЙs earnings for the quarter and six months ended June 30, 2007.

Beverly, MA («www.prweb.com») July 25, 2007 — Don Fournier, President and Chief Executive Officer of Beverly National Corporation (the МCompanyН) (BNV) and its subsidiary, «www.beverlynational.com» (МBankН), announced the CompanyЙs earnings for the quarter and six months ended June 30, 2007.

The Company reported net income for the quarter of $882,000, or basic and fully diluted earnings of $0.32 per share, compared to net income of $719,000, or basic earnings per share of $0.38 and fully diluted earnings of $0.37 per share for the same period last year. These results represent an increase in net income of $163,000, or 22.7%. The Company also reported net income for the six months ended June 30, 2007 of $1.7 million, or basic and fully diluted earnings of $0.61 per share, compared to net income of $1.5 million, or basic earnings per share of $0.77 and fully diluted earnings of $0.75 per share for the same period last year. These results represent an increase in net income of $232,000, or 16.0%. The decrease in the CompanyЙs basic and fully diluted earnings per share, compared to the same periods last year, is a result of the CompanyЙs secondary stock issuance in July 2006 and subsequent increase in the number of shares outstanding.

Net interest income increased $324,000, or 8.8%, and $480,000, or 6.4%, for the three and six months ended June 30, 2007, respectively, from the same periods last year. These increases were primarily the net result of an increase in interest-earning assets and the restructuring of the investment portfolio in December 2006, despite an increase in the average cost of interest-bearing liabilities. Non-interest income increased $174,000, or 15.9%, and $288,000, or 13.4%, for the three and six months ended June 30, 2007, respectively, from the same period last year. The improvements are primarily the result of increases in other deposit fees and other income which is comprised of recovered interest from a previously charged-off loan. Non-interest expenses increased $397,000, or 11.1%, and $621,000, or 8.6%, for the three and six months ended June 30, 2007, respectively, from the same period last year. Occupancy and equipment expense contributed to this increase, as the Bank incurred increases in lease payments and depreciation of improvements for the recently upgraded North Beverly location and the opening of the new Salem branch during the second quarter. Data processing fees increased due to improvements made to the BankЙs Internet banking system, a newly upgraded Web site, the outsourcing of the items processing operation and the costs associated with enhancing and expanding the Banks existing retail and commercial deposit product lines. Professional and other fees increased as a result of the one-time costs associated with the implementation of a number of initiatives identified in the recently completed efficiency study and new product development. This review has also resulted in increased non-interest income and a reduction in salaries and benefits expense. Other expenses were also up due to additional audit and compliance costs.

The Company was also able to reduce its effective tax rate to 26.3% and 26.8% for the three and six months ended June 30, 2007, respectively, from 31.3% for the three and six month periods last year. This reduction was a result of the aforementioned restructuring of the investment portfolio, which included the Bank increasing its level of tax-exempt investment securities. The Bank has also realized an increase from last year in its portfolio of tax-exempt loans, aiding the overall reduction of the BankЙs effective tax rate.

President Fournier stated, МGiven the continued challenging operating environment for financial institutions and resulting pressure on net interest margins, we are happy to be reporting an increase in earnings of 22.7% and 16%, respectively, over the same three and six month periods last year. The current interest rate environment has stabilized to some degree, and while rates on core transaction accounts and maturing certificates of deposit accounts are still increasing, the BankЙs year-to-date net interest margin declined only three basis points, to 3.84% from 3.87%, for the same period last year. Also, the slow down of increases in the cost of funds, combined with the restructuring of the investment portfolio, has actually resulted in an increase to 3.78%, or eight basis points, over the margin of 3.70% for the quarter ended December 31, 2006. The high quality of the assets in the loan portfolio justified a reduction in the provisions to the allowance for loan losses. Furthermore, while we remain focused on the commercial and small business lending markets as the main sources of loan growth, we recently expanded our consumer lending activities, emphasizing traditional first mortgage and home equity products. We are committed to maintaining a conservative approach to growth, expanding and improving product offerings, augmenting delivery channels, and implementing efficient cost-control measures to achieve improved core earnings for the Company. Н

Total assets as of June 30, 2007 were $473.0 million, compared to $467.1 million at December 31, 2006, an increase of $5.8 million, or 1.3%. Loans, net of the allowance for loan losses, increased $17.8 million, or 5.9%, while cash and cash equivalents declined $14.1 million, or 55.2%, during the period. Deposits increased $3.3 million, or 1.0%, repurchase agreements decreased $8.7 million, or 53.3%, and Federal Home Loan Bank advances increased $11.4 million, or 24.3%. President Fournier stated, МWe are extremely pleased with the growth in deposits during the quarter, which increased $14.2 million over the previous quarter end. This growth reflects the opening of our newest branch in Salem and the rollout of our enhanced deposit products, including an on-line only savings account product. The strategic focus remains the growth of the loan portfolio, and funding that growth through an expanded deposit base, or other alternatives, with the lowest feasible cost available to the Bank. The deposit side of the balance sheet has remained challenging, as we try to balance the overall cost of our deposits by carefully pricing our deposits to protect our deposit base from internet-based competitors, while judiciously using alternative funding options available to the Bank, such as Federal Home Loan Bank advances. We believe this strategic direction offers the greatest potential for earnings improvement and we will continue to allocate our resources to these areas.Н President Fournier also stated, МThe market for deposits has become much more competitive as financial institutions have introduced aggressively priced products at higher rate levels in an attempt to attract new deposits. We have been hesitant to match these very aggressively priced products, as it would result in additional pressure on the net interest margin and core earnings. We will focus on actively managing and monitoring our deposit pricing to strike a balance between sound financial management and maintaining our deposit customer base.Н

The Board of Directors of the Company also announced that it authorized a stock repurchase program to acquire up to an aggregate of approximately 138,487 shares or approximately 5% of the outstanding common stock of the Company. The program will be dependent upon market conditions and there is no assurance as to the exact number of shares to be repurchased by the Company.

President Fournier stated that the repurchase program is expected to be accomplished within a year. President Fournier explained that the Board of Directors considers the CompanyЙs common stock to be an attractive investment and that repurchases should help to enhance shareholder value while maintaining the CompanyЙs designation as a Мwell capitalizedН institution and assuring adequate capital for the current and foreseeable future needs of the Company and its subsidiary, Beverly National Bank.

President Fournier indicated that the repurchases generally will be effected through open market purchases, although he did not rule out the possibility of negotiated transactions or other types of repurchases.

Contact:
Michael O. Gilles
978-720-1226
«www.beverlynational.com»

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Enhancements meet demand for a total trading solution for global treasury operations.

Denver («www.prweb.com») July 25, 2007 — CacheMatrix Holdings, LLC («www.cachematrix.com»), the leading provider of institutional money market fund trading technology to financial institutions, today added powerful new features to its trading portal that provide global cash management solutions for corporate treasurers and other institutional money fund investors.

The enhancements, aimed at helping CacheMatrixЙs bank and financial services customers better serve their multinational corporate clients, include:

- 24/7 Trading: Cash managers can now trade money funds around the clock, allowing for execution efficiencies that are not hindered by the location of the manager, or the closing time of a particular fund.
- Future-Dated Trading: The advanced trading software enables managers to place trades outside normal market hours and specify which day in the future the trade should be madeДeven making it possible to place trades and manage cash during market holidays or vacation.
МGlobalization continues to drive innovation in treasury departments around the world,Н said CacheMatrix Founder and CEO George Hagerman. МAs more and more multinational corporations seek to streamline their global treasury operations, our software enhancements provide the solutionДallowing the management of key treasury and investment functions from a single location.Н

«www.cachematrix.com»
The enhancements expand the existing suite of global services at CacheMatrix that include multicurrency functionality that allows cash managers to manage money market funds of multiple currencies in a single account; sort portfolio summaries by currency denomination; and research funds in aggregated or delineated view by currency.

The software additions are also helping to fuel growth at CacheMatrix. In the first half of 2007, the company has more than doubled its list of clientsДadding several of the worldЙs largest multinational banks and financial institutions. The company has also seen exponential growth in the amount of institutional money fund assets that are traded through financial institutions that use the CacheMatrix portal technology.

МCommerce doesnЙt stop at the waterЙs edge and companies increasingly are competing in a global economy that requires them to move seamlessly from one currency to the next and one marketplace to the next,Н said Hagerman. МWe will continue to provide banks and other financial institutions with the enhancements needed for a global money fund solution.Н

About CacheMatrix Holdings, LLC
CacheMatrix is the leading financial software provider (SaaS) of online institutional trading systems for banks and financial institutions worldwide, providing turnkey solutions for money market portal technology, as well as fixed income and variable NAV trading systems. CacheMatrix enables banks and other financial services firms to offer their corporate clients online access to a choice of institutional funds and a convenient, single source platform for managing them, including access to comprehensive analysis, online trading, and account management. For more information, visit «www.cachematrix.com».

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