In a way, Africa is a new frontier for mobile services. The continent is seeing growth from the commodities boom. Plus, there is certainly a need to build up the infrastructure. No doubt, Vodafone Group plc (NYSE: VOD) sees the opportunity. In fact, this week the company plunked down $900 million for a 70% stake in Ghana Telecom (the remaining 30% will be held by the government).

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Soaring fuel costs are taking some of the celebration out of this holiday weekend. Oil prices headed into the busy Fourth of July break by racing past $145 a barrel for the first time Thursday. The story was no different at the gas pump, where the national average soared to within a whisker of $4.10 a gallon.

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Another update for you before we get to the main content for the day... The MBS market has picked up perhaps a tick or two since earlier this morning. Although jobless claims were over 400k, the level NFP number is buoying stocks still. Don't count out market psychology. We "want" to see the market make sense, and for stocks to realize just how crappy the outlook is, which would allow MBS to improve, but it's Independence day weekend.

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Consumption of vodka has increased dramatically in Turkey, which is consistent with trends in the world's alcoholic drink markets. Although rakı, the anise-flavored traditional Turkish drink, continues to lead the market, domestic rakı sales have experienced some decline. On the other hand, vodka consumption in Turkey increased 20 percent during the first five months of this year, reported the Turkish weekly, Ekonomist, on Sunday.

via turkishdailynews.com.tr

World oil traded higher in Asia near record levels yesterday after OPEC's president talked of uncertainty surrounding future investment in energy facilities. In afternoon trade, New York's main oil futures contract, light sweet crude for August delivery, was $1.33 higher at $142.30 a barrel from a record close of $140.97 Tuesday at the New York Mercantile Exchange.

via turkishdailynews.com.tr

European producer prices jumped a record 7.1 percent in May as energy and food costs surged, adding to the European Central Bank's concerns that faster inflation will become embedded in the economy. The annual increase in factory-gate prices in the euro region was the biggest since the series began in 1990 and followed a 6.2 percent gain in April, the European Union statistics office in Luxembourg said yesterday.

via turkishdailynews.com.tr

Gold consolidated near $940 per ounce on Wednesday, following strong gains in the previous session, with record oil prices and volatility in the dollar continuing to support precious metals during the ongoing economic turmoil. At 9:53 a.m., spot gold was trading at $938.60 per ounce against $943.00 per ounce in late New York trade on Tuesday. Gold on Tuesday rose by more than $15, at one point touching $945.83, its highest price since mid-April.

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Oil rose above $141 a barrel Wednesday, with analysts warning that prices may spike further amid persistent concerns over tight supply and tensions in the Middle East. Oil prices were kept in check by a slightly stronger U.S. dollar, which gained against the Japanese yen and stood its ground against the euro. "The bullish sentiment remains," said Victor Shum, an analyst with Purvin & Gertz in Singapore.

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The bulls got to lead the first day of the quarter, although we would note that if today was the norm that trading volatility isn't slowing down regardless of the direction. Oil rose again toward session highs on tensions and the usual myriad of reasons we cite for oil rising (yes, it's that routine).

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The move isn't that surprising given Starbucks' recent weaker-than-hoped sales. But, still, it is a big change from its famous strategy of opening stores lots of stores, many in close proximity to each other. "Starbucks, known for sometimes going so far as to open stores across the street from one another, has recently acknowledged that it may have lost some of its luster during a long period of rapid store openings and expansion into everything from breakfast sandwiches to movie promotions," writes senior writer Allison Linn.

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Wall Street looked to open cautiously higher Wednesday ahead of a report on factory orders that could give another glimpse of how the economy is faring. The Commerce Department is expected to report that factory orders slowed in May as shrinking demand drove up inventories across the country. The report, due at 10 a.m. EDT, is expected to show that orders rose by 0.6 percent, according to a consensus of Wall Street economists surveyed by Thomson Financial.

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Consumers can now use Visa debit cards for smaller purchases without entering a personal identification number, the same way they can skip signing receipts. Visa said Tuesday it is no longer requiring merchants to treat its debit cards differently when customers use them as PIN-debit cards, as opposed to signature cards.
The move prompted the Justice Department to drop an antitrust investigation of the practice.

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Blockbuster Inc. said Tuesday it is withdrawing its proposal to buy Circuit City Stores Inc., the big-box electronics retailer whose sales have tumbled this year.
Chief Executive James Keyes said in a written statement that the proposed deal, at a price of more than $1 billion, didn't make sense because of market conditions. Blockbuster shares jumped nearly 12 percent on the news, while Circuit City shares continued their fall.

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China is the world's largest cellular phone market. Without it, Apple's (NASDAQ:AAPL) quest to grow iPhone sales quickly would be hindered. Apparently, however, Apple is now getting close to a deal. According to Reuters, "Apple is no longer insisting on a revenue-sharing policy, so the biggest hurdle for China Mobile to bring in the iPhone has been cleared, but there are practical issues still to be resolved," said China Mobile (NYSE:CHL) spokeswoman Rainie Lei.

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The Securities and Exchange Commission on Thursday proposed updated rules for energy companies that will require them to provide more detailed information to investors when reporting their oil and gas reserves.
Reserves are an oil company's most valuable asset and a critical indicator of its long-term financial prospects. Any reduction in their estimated size is a concern for investors.

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The shares of big Wall Street brokers and banks tumbled to new lows on June 26, and the firms had only each other to blame. Many have pointed to Wall Street's love affair with ultra-risky mortgage securities as a major factor in the yearlong financial crisis, but the more immediate culprit for financial shares' plunge was the brokerages' own research arms, which have spent the past week mercilessly training their analytical firepower on each other.

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Soaring world oil prices will drive the cost of gasoline in the U.S. into the stratosphere over the next two years, forcing many Americans off the road and drastically altering the driving habits of millions more, according to a report released Thursday by CIBC World Markets. The report, prepared by economists Jeff Rubin and Benjamin Tal, predicts that the price for West Texas Intermediate will rise to $150 per barrel next year and to $200 in 2010.

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Signals of distress are beginning to appear in developing markets, especially those with high current account deficits, such as Turkey, following a Royal Bank of Scotland, or RBS, analyst's warning on market slump last week. After Bob Janjuah's �all markets will slump within the next three months� warning, many giant investment banks, who have doubled their fund for investments in emerging markets within the last two years, have started to downsize their presence in those markets.

via turkishdailynews.com.tr

Turkey's first environmental fund, supported by the country's largest publicly traded bank, has invested in six companies that conduct environmentally sensitive activities. Environmental problems, such as global warming and droughts in recent periods have demonstrated the importance of environmental consciousness, said Meltem Kökden, manager of İşbank Securities.

via turkishdailynews.com.tr

Gold rose 1.5 percent in Europe on Thursday, supported by a softer dollar after the U.S. Federal Reserve's decision to leave interest rates unchanged, and as traders scaled back expectations for further rate rises.
Gold rose to $893.90/894.90 an ounce at 0959 GMT from $879.60/880.60 an ounce late in New York on Wednesday, when it dropped to its lowest level in a week -- $873.50 -- due to weaker oil prices.

via africa.reuters.com

Oil prices moved higher Thursday as buyers moved back into the market a day after a report showed U.S. stockpiles of oil and fuel were larger than expected.
Light, sweet crude for August delivery was up 50 cents to $135.05 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. In London, Brent crude futures rose $1.08 to $135.41 a barrel on the ICE Futures exchange.

via businessweek.com