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Peabody Energy Signs Agreement to Acquire Major Australian Coal ...

Peabody Energy (NYSE: BTU) announced today that it has signed a merger implementation agreement to acquire Excel Coal Limited (ASX: EXL). Under the terms of the agreement, Peabody will pay AUS$8.50 per share (USUS$6.21) in cash for all outstanding shares, representing a total acquisition price of approximately USUS$1.34 billion plus assumed debt of approximately USUS$190 million.

The acquisition is expected to be accretive to earnings per share and cash flows in 2007, and significantly accretive beyond as new capacity comes online. The transaction represents a 10.2 percent premium over Excel's one-month weighted average share price.

Peabody Energy is the world's largest private-sector coal company, and Excel Coal is one of the largest independent coal companies in Australia.

'Prada' movie spotlights nasty boss phenom

In this undated photo provided by 20th Century Fox, shows Meryl Streep, playing Miranda Priestly, a capricious and fear-inspiring fashion editor, in the new film,'The Devil Wears Prada.' (AP Photo/20th Century Fox)

A famous designer throws a fit and hurls a pair of scissors at his assistant. The ladies room at a top fashion glossy is routinely filled with weeping underlings who've been dressed down. One boss enforces a starvation regime: You can't go out for lunch, but you can't eat at your desk, either.

These could be scenes from "The Devil Wears Prada," the new film starring

Meryl Streep as Miranda Priestly, a capricious and fear-inspiring fashion editor. But they're actual anecdotes from the fashion world. Insiders agree that the depiction of scary-boss excess in the film, and even more in the book, is dead-on.

Australian Dollar Set for Weekly Advance as Metals Prices Surge

July 7 (Bloomberg) -- Australia's dollar was poised for a second weekly advance as the price of metals jumped, bolstering the outlook for the nation's export earnings.

The currency today rose to near a three-week high as a measure of six metals traded on the London Metal Exchange yesterday gained 5.4 percent, the most in six weeks. Higher commodity prices typically support the currency because raw materials account for about 60 percent of the nation's exports.

``There remains pretty good demand for the Australian dollar,'' Callum Henderson, head of foreign-exchange at Standard Chartered Bank Plc, said in Singapore. ``Australia will benefit from soaring commodity prices.''

The currency climbed to 74.59 U.S. cents as of 2:45 p.m. in Sydney from 74.19 cents in late Asian trading yesterday and 74.23 cents a week ago.

Australian Dollar Set for Weekly Advance as Metals Prices Surge

July 7 (Bloomberg) -- Australia's dollar was poised for a second weekly advance as the price of metals jumped, bolstering the outlook for the nation's export earnings.

The currency today rose to near a three-week high as a measure of six metals traded on the London Metal Exchange yesterday gained 5.4 percent, the most in six weeks. Higher commodity prices typically support the currency because raw materials account for about 60 percent of the nation's exports.

``There remains pretty good demand for the Australian dollar,'' Callum Henderson, head of foreign-exchange at Standard Chartered Bank Plc, said in Singapore. ``Australia will benefit from soaring commodity prices.''

The currency climbed to 74.59 U.S. cents as of 2:45 p.m. in Sydney from 74.19 cents in late Asian trading yesterday and 74.23 cents a week ago.

Forex - Dollar well-bid amid speculation of strong US labour ...

LONDON (AFX) - The dollar was well bid amid speculation that the crucial US labour market report due Friday will come in strong, in turn boosting expectations of an August rate hike. 'Expectations that a robust US employment report will ensure an August rate hike and renewed pressure on emerging market currencies and equities have created a more dollar supportive backdrop,' said Steve Pearson, chief currency strategist at HBOS. Yesterday the forecast from ADP Employer Services indicated that US companies added some 368,000 jobs in June. The robust ADP data pushed up expectations for the non-farm payrolls figure to above 200,000 from 160,000. In May only 75,000 jobs were created. 'Should this upbeat estimate be reflected in an equally strong print for tomorrow's labour payrolls release, then it is possible that any conclusions pertaining to the resumption of the dollar long-term downtrend may have to be temporarily postponed once more,' said Neil Mellor at the Bank of New York.

PMC Sierra shares fall, TIBCO gains

NEW YORK (Reuters) - Shares of PMC-Sierra Inc. (PMCS.O: Quote, Profile, Research) fell in extended-hours trading on Thursday after the network chip maker said its chief financial officer is leaving the company for personal reasons.

PMC-Sierra shares fell 3.4 percent to $8.73 on the Inet electronic brokerage system.

Meanwhile, shares of TIBCO Software Inc. (TIBX.O: Quote, Profile, Research) rose after the closing bell after the business software maker reported higher quarterly profit.

Shares of TIBCO were up 6.1 percent to $7.47 on Inet.