By Bloomberg News

July 20 (Bloomberg) — Copper fell for the first time in four days in London as some investors viewed recent gains as excessive amid concern that the European debt crisis may slow global economic growth, hurting demand. Zinc also dropped.

Three-month copper shed as much as 0.7 percent to $9,773 a metric ton on the London Metal Exchange, and traded at $9,797 at 4:47 p.m. in Shanghai. The contract gained 1.5 percent yesterday to a more than three-month high after U.S. housing starts were higher than expected. Zinc lost 1.1 percent to $2,462.25 a ton.

Greek Prime Minister George Papandreou travels to Brussels tomorrow to meet with European Union leaders as officials struggle to agree on measures to restore confidence in the euro region’s creditworthiness after the last year’s rescue of Greece.

“The gains last night were considered somewhat excessive, so we see some investors reaping profits today, given copper’s fundamentals and the market environment,” Pang Juan, an analyst at Jinrui Futures Co., said by phone from Shenzhen.

Copper for September delivery shed 1.2 cents, or 0.3 percent, to $4.4565 a pound on the Comex in New York. The most- active contract on the Shanghai Futures Exchange, for delivery in October, fell 0.2 percent to 72,680 yuan ($11,257) a ton.

European policy makers are divided on how to prod investors into financing a new bailout package for Greece. “It could be a make-or-break moment for where Europe is going,” Prime Minister Papandreou said in interview ahead of the summit.

Slower Growth

In China, the world’s largest copper user, demand for copper is growing at a slower rate than last year, Duncan Hobbs Omega replica watches, an analyst at Macquarie Group Ltd. , said by phone yesterday after a trip to the country. Copper is used in pipes and wires.

China should raise borrowing costs as real interest rates are negative, He Keng, a vice chairman of the financial and economic affairs committee of the National People’s Congress, said at a forum in Beijing today.

So-called real interest rates are typically defined as the nominal interest rate less inflation. The People’s Bank of China has increased interest rates five times since October to stem inflation that reached a three-year high last month.

In the U.S., work began last month on 629,000 houses at an annual pace, up 15 percent from May and the highest level in five months, figures from the Commerce Department showed. The U.S. is the world’s second-largest copper consumer.

Vale SA Tag heuer replica watches, the world’s largest iron-ore producer, won’t reach a target to produce 1 million tons of copper by 2015, according to Jose Carlos Martins, director for marketing and sales at the Rio de Janeiro-based company.

“We won’t be able to reach it. We would have to make acquisitions or new discoveries,” Martins said at an event in Sao Paulo. “The 1 million metric tons still exists, but it’s difficult to reach it by 2015.”

Aluminum was little changed in London to $2,548.75 a ton, while lead declined 0.7 percent to $2,751.25 a ton. Nickel shed 0.2 percent to $24,081 a ton, and tin dropped 0.3 percent to $27,800 a ton.

–Helen Sun. With assistance from Joao Oliveira in Sao Paulo. Editors: Jake Lloyd-Smith, Richard Dobson

To contact Bloomberg News staff for this story: Helen Sun in Shanghai at hsun30@bloomberg.net

To contact the editor responsible for this story: Richard Dobson at rdobson4@bloomberg.net

Business Exchange E-mail Print READER DISCUSSION

By Andrew Frye

(Updates closing share price in the fifth paragraph.)

July 21 (Bloomberg) — MetLife Inc., the biggest U.S. life insurer, is exploring the sale of its deposit-gathering business to avoid tighter regulation that comes with bank status.

“We do not believe it is appropriate for the overwhelming majority of our business to be governed by regulations written for banking institutions Breitling replica watches,” Chief Executive Officer Steven Kandarian said today in a statement.

MetLife is seeking to avoid stronger federal oversight imposed on banks after government bailouts in 2008 prompted Congress to increase regulation through the Dodd-Frank Act. New York-based MetLife, which opted against accepting U.S. Treasury Department capital, said it got about 2 percent of operating earnings from its banking unit in the first quarter.

“This would be positive,” said Randy Binner, an analyst with FBR Capital Markets, who has an “outperform” rating on MetLife. “Previously, the conventional wisdom was that Met was a bank holding company, and it was going to be difficult to change that reality.”

MetLife rose $1.15, or 2.8 percent, to $42.04 at 4:15 p.m. in New York Stock Exchange composite trading. The company has fallen 5.4 percent this year.

MetLife said the business that may be sold includes savings accounts, certificates of deposits and money-market accounts. The insurer plans to continue lending through its residential mortgage business. MetLife Bank began in 2001 and expanded through acquisition in 2008. The unit had total assets of $15.6 billion, including $9.3 billion in deposits as of March 31.

‘Unequal Competitive Grounds’

“This is such a small portion of their business, and yet under Dodd-Frank and various other issues, the tail might wag the dog,” said John Nadel, an analyst at Sterne Agee & Leach Inc., who has a “buy” rating on MetLife. Being regulated as a bank holding company “would put them on very significant unequal competitive grounds against all the companies they compete against day to day.”

MetLife and Prudential Financial Inc., the second-biggest life insurer Omega replica watches, are pushing federal regulators to refrain from applying bank capital standards to insurance companies. Newark, New Jersey-based Prudential isn’t a bank holding company and, like rivals, including MetLife, has insurance operations regulated by individual U.S. states.

“In a highly competitive global insurance marketplace, it is imperative that MetLife be able to operate on a level playing field with other insurance companies,” Kandarian said.

The Federal Reserve, which regulates bank holding companies, had no comment, said Barbara Hagenbaugh, a spokeswoman. Kandarian wasn’t available for an interview, said Christopher Breslin, a spokesman for MetLife.

Systemically Important

MetLife may face scrutiny as a so-called systemically important financial institution, or SIFI, whether or not it retains the banking assets. MetLife and Prudential have said that because of their size they may be labeled SIFIs by federal regulators.

While SIFI designations would subject the companies to tighter standards, the rules may be less strict on MetLife if it isn’t a bank holding company, Binner and Nadel said.

–With assistance from Craig Torres in Washington. Editors: Dan Kraut, William Ahearn

To contact the reporter on this story: Andrew Frye in New York at afrye@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

Business Exchange E-mail Print READER DISCUSSION

MANILA, Philippines – It used to be that children who were hearing-impaired, visually-impaired, or autistic were pretty much left alone by society. Now times have changed. There are child development experts attending to their needs, schools offering special education, and support groups ministering to special children and their families.

However, not all children with special needs, especially those whose families cannot afford to pay for therapy and special education, get the attention they deserve.

This is the reason why engineer Jojo Aquino, a retired oil and gas professional, together with his friends Omega replica watches, partnered with Honda Cars Kalookan to do something for these children. The first of their projects is "Soft Spot in Summer: Caring for Children with Special Needs," a free art camp for children with special needs to be held on Saturday, May 8, 1 p.m. at the showroom of Honda Cars Kalookan.

"The art camp is all about children with special needs. It is more of an advocacy to provide children with special needs, especially those in the public school system, a way to know that they are welcomed, accepted, and considered part of this society. It is a way of promoting awareness about these children and bridging the divide between children with special needs and those without special needs," said Aquino.

Some 65 school children from grade 4 to second year high school will be participating in this art camp, most of whom are from the Quezon City public school system. They will be taught marble art, etching, puppet-making, mural painting, and photo frame making by teachers with training on handling special children.

"This will allow us to profile or assess these children. We want to spot those with talents and or love of the craft so that we will be able to know what sustainable activity we can do for them in the future," added Aquino, who incidentally is also taking graduate studies in special education at St. Joseph’s College.

While the kids are kept busy, parents and guardians or nannies will also take part in a workshop that will allow them to share their experiences. This will help them get additional information on how to attend to or get help for their children.

"We believe that by exposing these children to these activities, they can uncover their talents. We hope that the activities and interaction with other children (those without special needs) will boost their self-acceptance and social acceptance perception, and they will feel that aside from their loved ones, society is also concerned and welcomes them. It is more of letting them know and feel that they are welcomed as part of the society, are considered equal and can enjoy things and activities that other children do," explained Aquino.

The art camp is the first of a series of activities being planned by Aquino’s group and Honda Cars Kalookan. Grace Elequin, marketing manager of Honda Cars Kalookan, said the company has been supporting various orphanages before Cartier replica watches, but they feel it is time to share their blessings with other people. "Through this event, we become an instrument in helping other people be aware of the needs of these children. This way, we can make a big difference to them in our own little way. Sponsoring such an activity also helps us promote the rights of children with special needs."

Interested parties may call 362-1430.

MANILA, Philippines — The Union Cycliste Internationale (UCI) has again approved the inclusion of the Le Tour de Filipinas (Tour of the Philippines) on the Asia Tour calendar in 2011.

The Le Tour de Filipinas, also held under the auspices of the Asian Cycling Confederation and the ASEAN Cycling Association Omega replica watches, is scheduled on April 16 to 19.

The four-stage race will again feature at least four UCI continental teams vying against the Philippines’ best cyclists, as well as club teams from Asia and the rest of the world.

Last year, Ireland’s David McCann topped the inaugural staging of the Le Tour de Filipinas.

McCann, a former Tour of Ireland champion and riding for Taiwan-based Giant Asia, ruled the four-day race that included stages in Tagaytay City Cartier replica watches, Manila (Roxas Boulevard) and Subic.

A brainchild of former PhilCycling President Bert Lina, the Le Tour de Filipinas is one of 27 races on the 2011 calendar of the UCI’s Asia Tour.

The Le Tour put the Philippines back on the world cycling map after more than a decade. The Philippines was on the radar of the world’s top cycling teams when the Marlboro Tour went international from 1996 to 1998 through the efforts of now UCI president Pat McQuaid.

At least four European teams and Marco Polo, perhaps the most competitive continental squad in Asia, have already asked to be invited to the 2011 Le Tour de Filipinas.

MANILA, Philippines – It’s not yet the right time for Superstar Nora Aunor to come home and revive her career in show business. 

This statement was made by Filipino-American immigration expert Millie Gurfinkel, wife of US lawyer Michael Gurfinkel, upon her arrival here on Thursday with Spanish-Filipino singer Anton Alvarez.

According to Gurfinkel, the Filipino singer should carefully consider pertinent details about her showbiz comeback before finally returning home.

The immigration expert added that she is willing to assist Aunor despite their personal issues and misunderstandings in the past.

Aunor is expected to come home this year, according to reports.

Gurfinkel Omega replica watches, who hosts The Filipino Channel (TFC)’s program, "Citizen Pinoy Breitling replica watches," helped Aunor get her green card after the award-winning star faced drug charges in the United States.

Aside from Aunor, Gurfinkel also assisted international singing sensation Charice and "Asia’s Songbird" Regine Velasquez in their US trips.

Gurfinkel, meanwhile, declined to comment on reports that Charice and her mother, Raquel, will soon be declared permanent US residents.

MANILA, Philippines – State-run Home Development Mutual Fund (Pag-IBIG Fund) will file charges against the owner of Globe Asiatique Realty Holdings Corp. this week for alleged fraudulent use of the agency’s housing loans.

Vice President Jejomar Binay, chair of the Housing and Urban Development Coordinating Council or HUDCC, which groups 7 housing-related agencies including the Pag-IBIG, said he has also ordered a probe against Pag-IBIG officials who may have had a hand in the housing scam. But he refused to confirm if former housing czar and vice president Noli de Castro will be among those to be investigated.

"Kailangan mapag-aralan namin para ‘di kami magkapaghabla ng ‘di tama. Malinaw na may mga tao na nagpabaya sa tungkulin," Binay told ABS-CBN News.

Pag-IBIG said Globe Asiatique had taken out loans on behalf of about 9,000 buyers of its housing projects, but many of the borrowers were not even aware they had applied for loans.

"May mga borrowers na nagsasabi ‘di sila nagapply ng housing loan. Yung iba sinu-surrender ang accounts dahil wala silang capacity to pay," noted Pag-IBIG officer-in-charge Emma Linda Faria.

Pag-IBIG has asked Globe Asiatique to buy back P1.1 billion in soured loan accounts. The agency has also threatened to "blacklist" the real estate developer.

Delfin Lee, owner and president of Globe Asiatique, has denied the allegations.

Lee said all transactions with Pag-IBIG were legitimate, and that the company has no "ghost" projects.

Lee also said that Globe Asiatique merely processed loan applications for its clients, and did not approve the loans.

"Hindi totoong peke ang buyers dahil miyembro ang mga ito ng Pag-IBIG Omega replica watches," Lee said.

"Hindi lang reputasyon namin na labing-limang taon namin binuo ang sinisira. Yung reputasyon ng Pag-IBIG ay sinisira din."

But the Globe Asiatique official admitted he will not be able to pay what he owes the government housing agency.

"I don’t have that amount of money to buy back. But if I have to buy back, then I have to cancel the contracts of the buyers with me. I will have to foreclose on them, I will have to kick them out of the house. I don’t think I can do that," Lee said.

Globe Asiatique withdrew its P3.3 billion initial public offering (IPO) application with the Philippine Stock Exchange on Monday. The company was eyeing to raise capital to fund its development projects.

It said its underwriter, BDO Capital and Investment Corp. Breitling replica watches, has resigned as the issue manager and lead underwriter of the IPO.

LOS ANGELES – Teen idol Justin Bieber is set to play himself in a 3-D biopic, the squeaky clean Canadian-born singer has revealed.

Bieber, 16, has shot to stardom over the past year after recordings of his performances posted on YouTube were spotted by music manager Scooter Braun.

Now the story of Bieber’s phenomenal rise is coming to the big screen in 2011, with Oscar-winning film-maker Davis Guggenheim, best known for the documentary "An Inconvenient Truth," being lined up to direct the movie.

"Next Valentine’s we r coming with a major 3D Movie telling the story with an Oscar winning director and also filmin the tour at MSG in NYC!!," Bieber announced on micro-blogging site Twitter.

"This is so sick!! Gonna come out in theatre’s Worldwide Valentine’s 2011!!! I’m taking this thing worldwide thanks to u all!! Hyped Breitling replica watches!!."

Bieber was signed by Island Records after posting his performances on YouTube. His debut single "One Time" was a huge hit last year and his album "My World 2.0" hit the top of the US charts.

According to the respected Deadline Hollywood entertainment industry blog Omega replica watches, a video for Bieber’s recent song Baby scored more than 270 million views on Youtube.

MANILA, Philippines – The Asian Development Bank (ADB) is planning to invest in a $1 billion fund to finance energy efficiency and renewable energy projects in the Philippines, an oil importing country, a bank official said on Wednesday.

The projects may involve hydropower, wind, solar and wave energy over a five-year period, Sohail Hasnie, principal energy specialist for Southeast Asia at the Manila-based ADB Tag heuer replica watches, told reporters.

"We have worked with your government and agencies and we are looking at financing up to $1 billion with our co-financing partners for the Philippines on its energy efficiency and renewable energy programmes," Hasnie said.

He did not identify ADB’s partners.

"We are waiting for the new government/administration for us to engage and align our priorities with their priorities."

The winner of last month’s presidential election, Senator Benigno Aquino III Omega replica watches, will take over on June 30 when President Gloria Macapagal Arroyo steps down after nine years in office.

Hasnie said the ADB has discussed a 100-megawatt solar power project with the government, but did not give more details.

The Philippines had secured $125 million from the Clean Technology Fund, a facility administered by the World Bank and other multilateral institutions to support climate change mitigation.

MANILA, Philippines – Energy Secretary Jose Rene Almendras has ordered a review of all petroleum service contracts entered into by the department over the past years.

Almendras told reporters that this move is consistent with President Aquino’s mandate of a level playing field on all government projects.

He said this will also be compliant with the overall objective of promoting transparency in all transactions entered into by the government Omega replica watches, including the energy sector.

"We are reviewing all the service contracts. I have announced [to] the agencies already. I want to understand all the awarding of the service contracts,” he said.

The DOE recently signed an agreement with UK-based Forum Energy Plc to finally convert its geophysical survey exploration contract (GSEC) 101 to Service Contract 72.

Almendras said this contract will also be looked into since there were controversies before it was awarded.

Since 2005 Breitling replica watches, the department has engaged in public contracting rounds in an effort to make the bidding of energy contracts more transparent.

So far, there are 13 petroleum service contracts, 19 coal operating contracts and a handful of geothermal exploration development and exploration contracts worth well over P1 billion in investments were awarded by the department.

Over a hundred renewable energy service contracts were also signed by the DOE in recent  months.

Alemendras said if irregularities are proven, the department will take the appropriate actions.

Sources said reviewing existing contracts would  send the wrong signals to investors as this may lead to changes in government rules and agreements.

But the DOE is confident that the review will only be viewed as part of the new administration’s move to weed out corruption in the system.

MANILA, Philippines – Share prices ended the week lower, tracking the general weakness in Asian markets, as investors continued to remain on the sidelines due to tensions on the Korean peninsula and jitters over the eurozone debt woes.

On the local front, traders said investors were wary of news that the country’s economy contracted in the third quarter from the previous quarter.

The key Philippine Stock exchange index fell 43.91 points or 1% to 4,053.58, while the broader all-share index declined by 24.69 points or 0.9% to 2 Omega replica watches,791.61.

All subindices retreated Cartier replica watches, led by the industrial sector, which went down by 1.5%.

Losers outpaced gainers, 85 to 51, while 38 issues were unchanged.

A total of 1 billion shares worth P4.9 billion were traded.