ING Global Equity Dividend and Premium Opportunity Fund and ING International High Dividend Equity Income Fund Declare Monthly Distributions

ING Investments, LLC announced the monthly distributions on the common shares of two of its closed-end funds: ING Global Equity Dividend and Premium Opportunity Fund
(NYSE: IGD) and ING International High Dividend Equity Income Fund (NYSE:
IID) (each a "Fund" and collectively, the "Funds"). With respect to each
Fund, the distribution will be paid on September 15, 2009, to shareholders
of record on September 3, 2009. The ex-dividend date is September 1, 2009.
The distribution per share for each Fund is as follows:



Fund Distribution Per Share
---- ----------------------
ING Global Equity Dividend and Premium Opportunity
Fund (NYSE: IGD) $0.156

ING International High Dividend Equity Income Fund
(NYSE: IID) $0.163

Each Fund intends to make regular monthly distributions based on the
past and projected performance of the Fund. The amount of monthly
distributions may vary, depending on a number of factors. As portfolio and
market conditions change, the rate of distributions on the common shares
may change. There can be no assurance that a Fund will be able to declare a
distribution in each period.

The tax treatment and characterization of a Fund's distributions may
vary significantly from time to time depending on the net investment income
of the Fund and whether the Fund has realized gains or losses from its
options strategy versus gain or loss realizations in the equity securities
in the portfolio. Each Fund's distributions will normally reflect past and
projected net investment income, and may include income from dividends and
interest, capital gains and/or a return of capital. The final tax
characteristics of the distributions cannot be determined with certainty
until after the end of the calendar year, and will be reported to
shareholders at that time.

IGD estimates that each distribution for the current fiscal year as of
July 31, 2009, will be comprised of approximately 24% ordinary income and
76% return of capital.

IID estimates that each distribution for the current fiscal year as of
July 31, 2009, will be comprised of approximately 15% ordinary income and
85% return of capital.

The portion of each Fund's monthly distributions estimated to come from
the Fund's option strategy, for tax purposes, may be treated as a
combination of long-term and short-term capital gains, and/or a return of
capital. The tax character of each Fund's option strategy is largely
determined by movements in, and gain and loss realizations in the
underlying equity portfolio.

Certain statements made on behalf of the Funds in this release are
forward- looking statements. The Funds actual future results may differ
significantly from those anticipated in any forward-looking statements due
to numerous factors, including but not limited to a decline in value in
equity markets in general or the Funds investments specifically. Neither
the Funds nor ING undertake any responsibility to update publicly or revise
any forward-looking statement.

ING Investments, LLC, the manager of the Funds, is part of ING, a
global financial institution of Dutch origin offering banking, investments,
life insurance and retirement services to over 75 million private,
corporate and institutional clients in more than 50 countries. With a
diverse workforce of about 125,000 people, ING comprises a broad spectrum
of prominent companies that increasingly serve their clients under the ING
brand.

SHAREHOLDER INQUIRIES: ING Funds Shareholder Services at (800) 992-0180

Disclosure I am long IID and IGD shares.

Claymore Files For Another China ETF

Claymore certainly doesn’t seem to be resting on its laurels following last week’s announcement that Guggenheim Partners has agreed to buy the firm, including its line of about 35 ETFs with nearly $2 billion in assets. The Lisle, Illinois-based firm has filed with the SEC for approval of the Claymore/AlphaShares China All-Cap ETF. The proposed fund would trade on the NYSE Arca Exchange under the ticker YAO, and would invest in public companies in mainland China. YAO would join two existing Claymore China ETFs based on AlphaShares indexes: the China Real Estate ETF (TAO) and the China Small Cap Index ETF (HAO). TAO and HAO are among the best-performing ETFs so far in 2009, rising 67.6% and 81.1%, respectively.
Crowding The Market?

Houston's Yao, Not To Be Confused With Claymore's YAOThere are a number of China ETFs available presently, including the aforementioned Claymore funds, S&P China SPDR (GXC), and PowerShares Golden Dragon Halter USX China Portfolio (PGJ). And then of course there’s the $11 billion elephant in the room, iShares’ FTSE/Xinhua China 25 Index Fund (FXI). So the first question is: do we really need another China ETF? The short answer: absolutely. There’s still plenty of room for additional China equity ETFs, especially considering the size and current growth of the Chinese economy.

Although there are a number of options in the space, Claymore’s product will set itself apart in a number of different ways. First, the proposed ETF would invest in only shares available to foreign investors, eliminating “A” and “B” shares that are sold in local markets. Hong Kong-listed securities, including China H-shares and Red Chips will be eligible for inclusion, as will N-shares traded in New York and their equivalents trading in other foreign markets. Second, as its name states, the proposed fund would invest in companies of all sizes. Most of the existing China equity ETFs have a significant lean towards equities of a particular size. GXC and FXI are dominated by large (and even mega) cap companies, while HAO focuses exclusively on small cap companies.

The Problems With FXI

Despite its popularity, there are some serious flaws with the index underlying FXI, a fact that Claymore no doubt hopes to exploit with its proposed fund:

* FXI has huge concentrations in the financials and energy sectors, which means it has big holdings in state-owned banks and oil companies
* FXI has no consumer discretionary or consumer staples stocks, meaning that it lacks exposure to a major growth area in China
* FXI has no technology exposure, meaning it doesn’t hold Tencent (China’s largest Internet service portal) or Baidu (sometimes referred to as “China’s Google”)
* With only 25 holdings, FXI has heavy concentrations in specific firms (almost a 10% holding in China Mobile Ltd.). Moreover, with a market capitalization of more than $11 billion, there is potential for the fund to move the market if it needs to add or drop a component.

The General Case For China Equities

Despite the tremendous run-up in Chinese equity markets this year, there is reason to be very optimistic for the future. While A share market sells at a P/E of more than 30x, H and N share markets are trading at less than 20x earnings, a seemingly reasonable level given the rate at which the Chinese economy is expanding. And then there’s the issue of the Chinese currency valuation. “To the extent that one believes the Yuan is undervalued, it makes sense to consider what that says about valuations,” says Kevin Carter, Chief Executive Officer and Chief Investment Strategist of AlphaShares. “For example, if a company is selling at a reported PE of 15-16x, but all of its revenue and earnings are in the Yuan, perhaps you are paying less than you think.”

Of course, the fund is still pending approval and its launch is not yet certain. Assuming all goes as planned, however, we’ll likely be covering this fund quite a bit in coming months as its launch approaches.

View the filing here.

Disclosure: I am long FXI shares at this time.

How Some Are Hedging Inflation Risk With ETFs

Some fear that record government borrowing could induce a period of high inflation and that bonds ultimately may not be worth as much as they used to be. However, Treasury inflation-protected securities (TIPS) and related exchange traded funds (ETFs) may be a way to protect your wealth.

TIPS can be one way to stave off the devaluation on borrowed money that comes from inflation, according to Steve Chiotakis for Marketplace. TIPs are bonds that have an increase or decrease in its principal based on the Consumer Price Index.

Reporter Jeremy Hobson says the Treasury Department will be announcing a boost in sales of TIPS.

TIPS have been gaining more attention after a series of weak Treasury auctions that have been followed by successful TIPS auctions. China has also been complaining about the effects of inflation in the United States, and their government is interested in buying more TIPS to protect themselves. As a result, the Treasury department will boost the sale of the bonds, say Rob Copeland and Maya Jackson Randall for The Wall Street Journal.

TIPs may be beneficial for investors after the U.S. government’s borrowing spree, but it may not be so great for the taxpayer. One strategist calculated that without inflation, 10-year TIPS are yielding 1.82%, whereas the 10-year Treasury is yielding 3.75%.

Disclosure I do not own TIP at this time.

3M (MMM) Declares $0.51/Sh Qtr Dividend

3M Co. said Monday its board of directors declared a regular quarterly dividend of 51 cents.

The manufacturing conglomerate said the dividend is payable Sept. 21 to shareholders of record on Aug. 21.

The ex-dividend date is August 19.

The dividend yield is 2.9%.

About 3mm

3M Company, together with its subsidiaries, operates as a diversified technology company worldwide. It operates in six segments: Industrial and Transportation; Health Care; Safety, Security and Protection Services; Consumer and Office; Display and Graphics; and Electro and Communications. The Industrial and Transportation segment offers tapes, coated and nonwoven abrasives, adhesives, specialty materials, filtration products, closures for hygiene products, and components and products that are used in the manufacture, repair, and maintenance of automotive, marine, aircraft, and specialty vehicles. The Health Care segment provides medical and surgical supplies, skin health and infection prevention products, drug delivery systems, dental and orthodontic products, health information systems, and anti-microbial solutions.

The Safety, Security, and Protection segment offers personal protection products, safety and security products, energy control products, cleaning and protection products for commercial establishments, track and trace solutions, and roofing granules for asphalt shingles. The Consumer and Office segment provides office supply products, stationery products, construction and home improvement products, home care products, protective material products, and consumer health care products. The Display and Graphics segment offers optical film solutions for electronic displays; computer screen filters; reflective sheeting for transportation safety; commercial graphic systems; and projection systems, including mobile display technology and visual systems products. The Electro and Communications segment provides electronic and interconnect solutions, microinterconnect systems, high-performance fluids, high-temperature and display tapes, telecommunications products, electrical products, and touch screens and touch monitors. The company was formerly known as Minnesota Mining and Manufacturing Company. 3M Company was founded in 1902 and is based in St. Paul, Minnesota.

Disclosure I am long MMM shares.

Dover (DOV) Boosts Qtr Dividend 4% to $0.26

Diversified manufacturer Dover Corp. (DOV) said Thursday it increased its quarterly cash dividend by 4 percent to 26 cents per share from 25 cents.

The increased dividend will be paid on Sept. 15 to shareholders of record as of Aug. 31.

Shares fell 15 cents to $33.86 in afternoon trading.

Disclosure I am long DOV shares.

Snap-on Incorporated (SNA) Declares Quarterly Dividend

The Snap-on Incorporated (SNA) board of directors declared today a quarterly common stock dividend of $0.30 per share payable September 8, 2009 to shareholders of record on August 17, 2009. Snap-on has paid consecutive quarterly cash dividends, without interruption or reduction, since 1939.

Disclosure I am long SNA shares.

Nordic American Tanker (NAT) Declares $0.50 A Share Dividend, Yielding 11.71%

The Company will pay a dividend of $0.50 per share on or about September 4, 2009, to shareholders of record as of August 21, 2009.

To receive this dividend, you must own your shares by August 19th.

Nordic American Tanker Shipping (NAT) said it swung to a second-quarter loss of $137,000, as net voyage revenue dropped to $29.7 million from $63.2 million. It earned $35.5 million in the year-earlier period. It said earnings per share from continuing operations were 9 cents a share. Analysts polled by FactSet had expected earnings of 5 cents a share. The company will pay a dividend of 50 cents per share on or about Sept. 4, 2009, to shareholders of record as of Aug. 21, 2009, down from 88 cents in the first quarter.

Disclosure I am long NAT shares.

Pepsi (PEP)Reaches Deal to Buy Bottlers

PepsiCo (PEP) announced on Tuesday that it has agreed to purchase its two largest bottlers - Pepsi Bottling (PBG) and PepsiAmericas (PAS) - for a combined $7.8 billion, bringing the bottlers back under the wing of the company that divested them 10 years ago.

According to the terms of the agreement, PepsiCo will acquire both companies in a 50/50 cash and stock deal, which values Pepsi Bottling at $36.50 a share and PepsiAmericas at $28.50 a share. The deal will give Pepsi about 80% of its North American beverage distribution market.

PepsiCo said the deal will also the company to further streamline its production and distribution business, in hopes to provide better pricing against its primary competitor Coca-Cola Co. (KO). The deal is subject to shareholder and regulatory approval

"While the existing model has served the system very well, it is clear that the changing dynamics of the North American liquid refreshment beverage business demand that we create a more flexible, efficient and competitive system," said PepsiCo CEO Indra Nooyi in a statement.

For approximately 10 years, both Coke and Pepsi had publicly-traded subsidiaries that provided the distribution and bottling of their respective iconic products. Coke's owns a stake in its largest bottler Coca-Cola Enterprises (CCE), while PepsiCo owns about 33% of Pepsi Bottling and about 43% of PepsiAmericas.

However, as commodity prices and bottling costs have risen in recent years, Pepsi said an integrated approach would be more appropriate instead of outsourcing the expensive product distribution and packaging.

Ultimately, the transaction positions the entire Pepsi system to continue to win in he marketplace," said Pepsi Bottling CEO Eric Foss in a statement.

PepsiCo originally offered to purchase both bottlers earlier this year for a combined total of $6 billion, which was rejected by both companies as being too low.

Pepsi said the deal is being financed through debt financing provided by Bank of America-Merrill Lynch (BAC) and Citigroup (C), who also provided financial advising on the deal for PepsiCo. Pepsi Bottling was advised by Morgan Stanley (MS) and PepsiAmericas was advised by Goldman Sachs (GS).


Disclosure I am long PEP shares.

Innophos Holdings beats by $0.03, misses on revs (IPHS)

Reports Q2 (Jun) earnings of $0.81 per share, $0.03 better than the First Call consensus of $0.78; revenues fell 36.8% year/year to $166.8 mln vs the $173.3 mln consensus. On a sequential basis, management currently expects that third quarter 2009 volumes, excluding GTSP fertilizer sales, could increase 5% to 10% from those experienced in the second quarter 2009. The Company expects its third quarter 2009 raw material cost structure on a constant volume and mix basis to be $5 to $7 million higher than the second quarter 2009 due to higher phosphate rock and phosphoric acid costs in Mexico and the mix of phosphoric acid supply in the United States and Canada. Approximately half of this increased cost will be offset by lower restructured fixed costs.

Innophos Holdings, Inc., together with its subsidiaries, produces specialty phosphates primarily in the North America. Its products include specialty salts, which are used in food, beverage, and pharmaceutical applications; specialty acids that are used in industrial applications, such as asphalt modification and petrochemical catalysis; technical grade sodium tripolyphosphate (STPP), which is used in detergent applications, including automatic dishwashing, commercial/industrial detergents, and home laundry detergents; and other products, such as phosphate fertilizers that are used as co-products of manufacturing purified phosphoric acid. Innophos Holdings also offers purified phosphoric acid (PPA) that is used as an input to specialty salts, specialty acids, and STPP, as well as in water and metal treatment applications. The company's customers include consumer goods manufacturers, distributors, and specialty chemical manufacturers in food, bakery, beverage, pharmaceutical, and cleaning product markets. Innophos Holdings was incorporated in 2004 and is headquartered in Cranbury, New Jersey.


Disclosure I am long IPHS shares.

Chesapeake Energy (CHK)swings to net profit; sets asset sales

Chesapeake Energy Corp. posted late Monday a net profit in the second quarter, reversing a massive year-ago loss as energy hedges worked to the company's favor.

But adjusted earnings for the quarter showed a 22% drop in profit as sharply lower natural gas prices offset gains from a 5% increase in energy production.

To help boost liquidity, reduce debt and fund capital spending, Chesapeake said it plans to sell up to $3.05 billion worth of production properties, leaseholds and other assets in 2009 and another $1.25 billion to $1.80 billion in 2010.

Including one-time items, Chesapeake /quotes/comstock/13*!chk/quotes/nls/chk (CHK 22.33, -0.03, -0.13%) reported second-quarter net income of $237 million, or 39 cents a share. The results include a $597 million gain on oil and gas hedges.

The company had a loss of $1.64 billion, or $3.16 a share, in the year-ago period, which included a $2.1 billion unrealized, non-cash mark-to-market loss from natural gas, oil and cash hedges due mainly to the steep drop in gas futures.

Excluding one-time items, adjusted net income for the three months ended June 30 fell to $377 million, or 62 cents a share, from $485 million, or 90 cents a share, a year ago.

Wall Street analysts, focusing on adjusted income, had expected the Oklahoma City, Okla.-based natural gas producer to earn 53 cents a share on $1.77 billion in revenue, according to a survey by FactSet Research.

Revenue for the quarter fell to $1.67 billion from $2.23 billion a year ago.

Chesapeake fetched on average $5.56 per thousand cubic feet of natural gas in the second quarter of 2009, down sharply from $8.18 a year ago. Gas makes up 92% of Chesapeake's overall energy output.

Given the continued decline in gas prices, Chesapeake has come under pressure to trim production costs while keeping an eye on rising inventories.

The company pumped an average of 2.453 billion cubic feet of natural gas equivalent (bcfe) per day in the second quarter, up 125 million cubic feet a day over 2.328 bcfe produced per day in the 2008 second quarter.

Looking ahead, Chesapeake said it may have to intentionally shut production along with the rest of the industry if the U.S. starts running out of natural gas storage capacity.

"The company is not currently curtailing production, but may do so again later this summer or fall as market conditions dictate," Chesapeake warned last week in a production update. "The company also expects that rising pipeline and gathering system pressures during the next few months will likely result in involuntary natural gas production curtailments across the industry."

Late last week, Chesapeake said its big four shale gas plays - Haynesville, Marcellus, Barnett and Fayetteville - continue to perform as expected.

In the face of cheaper natural gas prices, Chesapeake has been cutting costs.

The company said late last week it expects to report total drilling and net acquisition costs for the second quarter of less than $1 per thousand cubic fee equivalent.

Chesapeake shares closed ahead of the report with a 92-cent gain at $22.36. The stock is down 55% over the past 12 months, compared with a 21% decline by the NYSE Arca Natural Gas Index (XNG) over the same period.

Disclosure I am long CHK shares.