LONDON (Reuters) - Governments must act together to bandage up the global economy and prevent another credit crisis from infecting markets, top financial officials said on Monday, ahead of key talks between powerful economies this week.
BOSTON (Reuters) - Millions of Americans may be facing the prospect of losing their homes, but a handful of fund managers have become the best paid in their industry -- taking home 10-figure paychecks last year -- by betting against mortgages.
Rupert Murdoch's eldest son, Lachlan, has abandoned plans to buy Consolidated Media Holdings, Australia's second-largest media company, for A$3.2bn (1.48bn) after his partners reportedly failed to agree... Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Apr 2008 | 12:30 pm
Rupert Murdoch's eldest son, Lachlan, has abandoned plans to buy Consolidated Media Holdings, Australia's second-largest media company, for A$3.2bn (£1.48bn) after his partners reportedly failed to agree on a price. Source: Telegraph Business | 7 Apr 2008 | 12:30 pm
NEW YORK (Reuters) - U.S. private equity firm TPG and other investors are near a deal to invest $5 billion in Washington Mutual Inc , the Wall Street Journal reported on its Web site, citing people familiar with the matter.
Alliant Techsystems (NYSE: ATK) is indicated higher this morning after it has received an additional $415.6 million in small-caliber ammunition orders and modernization funding. The contracts were awarded by the U.S. Army Sustainment Command in Rock Island, Illinois. Interestingly enough, ATK said it delivered 1.4 billion rounds of military small caliber ammunition in fiscal 2008 and expects roughly the same in 2009. This plant order (Lake City) has been expanded to have the capacity for 1.6 Billion rounds per year. The size of this contract compares to about $4.1 Billion in annual revenues. Jon C. Ogg April 7, 2008
ANTOFAGASTA, Chile (Reuters) - Smoke and debris rocket into the air, then the ground shakes as far as 600 meters away. Seconds later, a boom rings out as explosives pulverize 190,000 tonnes of rock near the base of Chile's Andes mountains.
The HSBC banking group admits losing a computer disc with the details of 370,000 customers. Source: BBC News | Business | World Edition | 7 Apr 2008 | 12:23 pm
TEL AVIV (MarketWatch) -- The Tel Aviv Stock Exchange canceled Monday trading over a work dispute -- only to then reverse the decision in favor of conducting a shortened session.
NEW YORK (Reuters) - The Federal Home Loan Bank of Dallas, one of 12 regional mortgage banks chartered by the U.S. government, on Monday said merger talks with the Federal Home Loan Bank of Chicago have been terminated.
The waning banking sector is dragging down the UK performance of white-collar recruitment specialist Michael Page International, threatening the group's own staffing levels. Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Apr 2008 | 12:10 pm
U.S. stock futures advanced on Monday, with a report of a $5 billion injection into Washington Mutual increasing speculation that hard-hit financial-services firms are on the path to restoring their financial health.
The waning banking sector is dragging down the UK performance of white-collar recruitment specialist Michael Page International, threatening the group's own staffing levels. Source: Telegraph Business | 7 Apr 2008 | 12:10 pm
LONDON (MarketWatch) -- Brokers turned the spotlight Monday on the European mining sector, with a pair of rating moves on shares of London-traded miners to go with Goldman Sachs, MF Global and Citigroup all making changes to their forecasts for commodity prices.
These are the top analyst calls that 247WallSt.com is focusing on this Monday morning: Apple (NASDAQ: AAPL) Raised to Overweight from Market Weight at Thomas Weisel. Applied Materials (NASDAQ: AMAT) Cut To Neutral from Outperform at Credit Suisse. BMC Software (NYSE: BMC) Cut to Neutral from Buy at Goldman Sachs. Columbia Sportswear (NASDAQ: COLM) Cut to Sell From Hold at Citigroup. ComScore(NASDAQ: SCOR) Raised to Buy from Hold at Jefferies. KLA Tencor (NASDAQ: KLAC) Raised to Buy from Hold at Citigroup. Novellus Systems (NASDAQ: NVLS) Raised to Equal-weight from Underweight By Lehman. TJX (NYSE: TJX) Cut to Hold from Buy...
Internet search engine Yahoo says it is "not opposed" to Microsoft's takeover bid, but it must be at the right price. Source: BBC News | Business | World Edition | 7 Apr 2008 | 11:50 am
The European Union on Monday opened the way for air travelers to use mobile phones to talk, text or send e-mails on planes throughout Europe's airspace. With the approval by EU... Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Apr 2008 | 11:40 am
Chinese banking and securities regulators signed an agreement with their U.S. counterparts Monday that will help lay the groundwork to enable mainland investors buy and sell U.S. securities, according to multiple reports.
ANTOFAGASTA, Chile (Reuters) - Smoke and debris rocket into the air, then the ground shakes as far as 600 meters away. Seconds later, a boom rings out as explosives pulverize 190,000 tonnes Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Apr 2008 | 11:36 am
Reuters - U.S. stock futures rose on Monday,
with financial shares set to gain on news that Washington
Mutual Inc is close to securing a $5 billion cash
infusion that may help allay worries about mortgage losses at
the largest U.S. savings and loan company.
Reuters - U.S. stock futures rose on Monday,
with financial shares set to gain on news that Washington
Mutual Inc is close to securing a $5 billion cash
infusion that may help allay worries about mortgage losses at
the largest U.S. savings and loan company.
NEW YORK (Reuters) - U.S. stock futures rose on Monday, with financial shares set to gain on news that Washington Mutual Inc is close to securing a $5 billion cash infusion that may help allay worries about mortgage losses at the largest U.S. savings and loan company.
Novartis, the Swiss pharmaceutical giant, has agreed to buy Nestlé's 77 percent stake in Alcon, the world's largest eye-care company, in a two-stage transaction that could be worth as much as $39 billion.
Big pharma has been struggling of late because of competition from generic drug makers and higher hurdles to developing blockbuster drugs. The deal will allow Novartis, which owns Visudyne eye drops, to diversify its business more.
"The margins are higher than our pharma business and are obviously very attractive," Daniel Vasella, chief executive of Novartis, told reporters today, Reuters reported.
In the first step of the deal, Novartis will pay $143.18 per share, or $11 billion for a 25 percent stake in Alcon. It has an option to buy an additional 52 percent for $28 billion between January 2010 and July 2011. It will not buy the 23 percent of Alcon that is held by public shareholders.
The initial offer price is at discount: Shares of Alcon closed at $148.44 on the New York Stock Exchange on Friday.
For Nestlé, the deal will fatten its warchest and renew speculation about possible deals. Nestle has in the been been linked to companies like Cadbury Schweppes and L'Oréal, in which it already has a 30 percent stake.
Reuters - Governments must act together to bandage
up the global economy and prevent another credit crisis from
infecting markets, top financial officials said on Monday,
ahead of key talks between powerful economies this week.
LONDON (Reuters) - Governments must act together to bandage up the global economy and prevent another credit crisis from infecting markets, top financial officials said on Monday, ahead of... Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Apr 2008 | 11:28 am
Washington Mutual is close to landing a $5 billion cash infusion from private-equity firm TPG and other investors, according to a report Monday in the Wall Street Journal. The U.S.... Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Apr 2008 | 11:27 am
Reuters - Yahoo Inc is not opposed to
Microsoft Corp's bid for the Web media company, as long
as it is at the right price, Yahoo's board said on Monday in a
letter to Microsoft Chief Executive Steve Ballmer.
NEW YORK (Reuters) - Yahoo Inc is not opposed to Microsoft Corp's bid for the Web media company, as long as it is at the right price, Yahoo's board said on Monday in a letter to Microsoft Chief Executive Steve Ballmer.
The dollar rebounded on Monday as some traders looked beyond recent gloomy US data, betting on a recovery in the US economy later in the year, analysts said. The euro fell to Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Apr 2008 | 11:23 am
Yahoo Inc. responds to Microsoft’s dig about its falling stock price with its own critique, arguing that the software giant’s share price fall makes its takeover bid even less attractive than when the search firm initially rejected it.
Yahoo rejected the latest approach from Microsoft's Steve Ballmer and said the threat by the chief executive of the software company to go directly to its shareholders would prove 'counterproductive' Source: FT.com - US homepage | 7 Apr 2008 | 11:13 am
BOSTON (Reuters) - Millions of Americans may be facing the prospect of losing their homes, but a handful of fund managers have become the best paid in their industry -- taking home ... Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Apr 2008 | 11:09 am
A Shanghai tycoon has been sentenced to 19 years in prison in a pension funds scandal that toppled the city's communist party chief, the official Xinhua News Agency said Monday. The... Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Apr 2008 | 11:06 am
Internet icon Yahoo, under pressure from Microsoft to accept its $41 billion buyout offer, said Monday it doesn't oppose a deal with the huge software maker but wants a better deal. ... Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Apr 2008 | 11:03 am
Stocks were poised to open higher Monday after several reports of potential corporate deals, including speculation Washington Mutual Inc. will get a $5 billion investment from private... Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Apr 2008 | 10:58 am
Yahoo!'s (NASDAQ: YHOO) response to Microsoft's (NASDAQ: MSFT) can best be described as self-serving. In a letter to Redmond, made public this morning, Yahoo!' board reasons "Our position is simply that any transaction must be at a value that fully reflects the value of Yahoo!, including any strategic benefits to Microsoft, and on terms that provide certainty to our stockholders." The letter references Yahoo!'s three year projections for its business. The numbers in this are aggressive and no man, woman, or child who has seen them believes that they can hold up, especially in a slowing economy. The Yahoo! board...
Swiss pharmaceutical group Novartis boosted its healthcare portfolio on Monday by buying a quarter of the world's biggest eye care company Alcon from food giant Nestle for about 11 billion... Source: Infocious RSS raw feed - channel BNewsBusiness | 7 Apr 2008 | 10:52 am
Shares in Carr's Milling Industries jumped 23 per cent in Monday morning trading after the animal feeds, fertiliser and flour group reported a 45 per cent increase in half year profits. Carr's is benefiting... Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Apr 2008 | 10:49 am
BusinessWeek published its list of "best financial blogs" today. 24/7 Wall St. was one of the small number of content sites that made the list. Jon Ogg and Douglas A. McIntyre
Dubai's DP World on Monday announced results largely unaffected by the world economic slowdown, reporting an 18 per cent rise in 2007 cargo volumes at its ports.Ahmed bin Sulayem, chairman of the container... Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Apr 2008 | 10:33 am
Oil prices climb towards $107 a barrel as the Opec cartel repeats that it sees no need to increase its output. Source: BBC News | Business | World Edition | 7 Apr 2008 | 10:30 am
The use of mobiles on planes in European airspace is given formal approval by the European Commission. Source: BBC News | Business | World Edition | 7 Apr 2008 | 10:27 am
Unless they happened to have adolescent daughters, it's unlikely that many Hollywood executives donned funny glasses the first weekend in February to catch the film debut - in glorious 3-D - of Disney's tween TV and pop star Miley Cyrus, better known to fans as Hannah Montana. But come Monday, there were high-level meetings all over town to deal with its impact. "Hannah Montana & Miley Cyrus: Best of Both Worlds Concert Tour" opened small, on only 683 screens. But thanks to packed theaters and premium ticket prices ($15 to $24 each), it booked $31 million. That's $45,000 per screen - a Hollywood record.
Markets in Europe rose modestly at 6.15 AM. The FTSE was up .6% to 5,984. BHP Billiton (BHP) rose 2.8% to 1663. RBS (RBS) was up 2.7% to 380. The DAXX rose .9% to 6,827. Hypo Real Estate rose 3% to 19.30. Siemen (SI) rose 1.6% to 72.25. The CAC 40 rose .8% to 4,942. Alcatle-Lucent (ALU) rose 2.6% to 4.11. BNP Paribas rose 2.8% 70.47. Data from Reuters Douglas A. McIntyre
Every Monday morning at 7:29 A.M. Northwest flight 533 from LaGuardia to Detroit pulls out of the gate, its first-class cabin filled with bankers, consultants, and lawyers who work with beleaguered auto companies. These days some of them have become such regulars that they've given the DC-9 its own moniker - the Distress Bus.
Millwall, the AIM-listed football club, today said it was refusing a request
from its largest shareholder, Graham Ferguson Lacey, to hold an
extraordinary general meeting. Source: Latest Business News from Times Online | 7 Apr 2008 | 10:18 am
Novartis has agreed to buy Nestles 77 percent stake in U.S. company Alcon in a deal worth up to $39 billion to boost its eye care business, the Swiss drugmaker said on Monday. Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Apr 2008 | 10:15 am
Oil prices are entering a stage where they are almost bound to rise sharply. the price is near $107 again today. OPEC indicated that it would have no meetings on supply until September. Several ministers to the cartel have said that they feel $100 plus oil prices are due to speculation and a poor economic policy in the US. The fact that they are making tens of billion of dollars on the higher prices does not seem to enter into their equation. China has also approached Nigeria about a $50 billion economic package for the African country. Since China has...
Novartis, the Swiss pharmaceutical group, moved to further diversify from its core prescription medicines base by paying $11bn for a 25 per cent stake in Nestl's eye care business Alcon, in the first step... Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Apr 2008 | 9:54 am
Novatis, the Swiss pharmaceutical group, moved to further diversify from its core prescription medicines base by paying $11bn for a 25 per cent stake in Nestlé's eye care business Alcon, in the first step to majority control. Source: FT.com - US homepage | 7 Apr 2008 | 9:54 am
Japan's government finds a candidate to be the Bank of Japan governor after weeks of political stalemate. Source: BBC News | Business | World Edition | 7 Apr 2008 | 9:53 am
European equity markets were led higher on Monday by banking shares and resource companies thanks to renewed buying of metals and oil on commodity markets.In early trade, the FTSE Eurofirst 300 was up... Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Apr 2008 | 9:49 am
The argument that airline mergers improve profits is debatable. Combinations doe not save on fuel costs. Unions often use the marriages as ways to get wage concessions. The last thing a new airline needs is a series of strikes. Customer service is usually hurt as two large carriers put together reservation systems and IT. Chapter 11 does offer airlines that chance to renegotiate and eliminate debt. Courts can also face down unions by mandating lay-offs. Delta (DAL) and Northwest (NWA) are going back to the negotiating table to try to craft a marriage, according to the FT. The pilots union,...
The head of the International Monetary Fund has called for government
intervention at a global level to tackle the credit crisis. Source: Latest Business News from Times Online | 7 Apr 2008 | 9:43 am
A leading High Street bank admitted today that it had lost a disc containing
the personal details of 370,000 of its customers. Source: Latest Business News from Times Online | 7 Apr 2008 | 9:41 am
Michael Page sent alarm bells ringing across the recruitment sector by warning
that it was slowing the hiring of its own staff as the credit crunch was
starting to force clients in the UK to cut back on hiring. Source: Latest Business News from Times Online | 7 Apr 2008 | 9:39 am
Lachlan Murdoch's A$3.3bn bid for Consolidated Media Holdings, the Australia-listed media group, collapsed on Monday after members of his bidding consortium failed to agree revised terms despite intense... Source: Infocious RSS raw feed - channel BNPaperBusiness | 7 Apr 2008 | 9:36 am
Washington Mutual (WM) may get $5 billion in much-need capital. It is an example of how financial companies bet on subprime mortgages which cut their share prices by as much as 75% due to write-offs. The firms then go into the market for capital, and, as they find it, dilute their investors dropping stock value even further. According to The Wall Street Journal "Private-equity firm TPG and other investors are close to a deal to invest $5 billion in Washington Mutual." The money may go in as common or preferred stock. Either way, the capital table of WM will be...
ZURICH (Reuters) - Novartis AG has agreed to buy Nestle AG's 77 percent stake in U.S. company Alcon in a deal worth up to $39 billion to boost its eye care business, the Swiss drugmaker said on Monday.
Microsoft's Bill Gates drops hints about when the next version of Windows might appear. Source: BBC News | Business | World Edition | 7 Apr 2008 | 9:24 am
China businesses large and small have been stealing intellectual property from US and European firms for so long that no one remembers when it began. The estimates of lost revenue stretch into the tens of billions of dollars, but that number will never be fixed and will remain no better than a guess. In a surprise move, a Chinese court opened the way for the music industry to bring suit against several local companies which may be allowing illegal downloads of songs. One of the firms at risk in the suit is China's largest search engine company, Baidu (BIDU). The...
Novartis, the Swiss drugs behemoth, is to strengthen its healthcare business
by acquiring 25 per cent of Alcon from Nestlé for about $11 billion ($£5.53
billion) in a first step towards securing majority control of the eyecare
group for up to $40 billion.$ Source: Latest Business News from Times Online | 7 Apr 2008 | 9:23 am
French energy group Suez increases its presence in China, buying a stake in a local water firm. Source: BBC News | Business | World Edition | 7 Apr 2008 | 9:14 am
The Zimbabwean president has thrown his weight behind a campaign of intimidation in rural areas, intensifying concerns that a presidential run-off will be scarred by violence as the High Court prepared to issue a ruling on the opposition's request for the publication of the election results Source: FT.com - US homepage | 7 Apr 2008 | 9:00 am
Reuters - Novartis AG has agreed to buy
Nestle AG's 77 percent stake in U.S. company Alcon
in a deal worth up to $39 billion to boost its eye care
business, the Swiss drugmaker said on Monday.
Travis Perkins, the do-it-yourself retailer, has announced the acquisition of Toolstation, a rival home improvement chain founded by Mark Goddard-Watts, founder of the Screwfix stores. Source: Telegraph Business | 7 Apr 2008 | 8:45 am
The New York Times and FT are reporting that Yahoo! (YHOO) will reject Microsoft's (MSFT) bid as too low despite the fact that Redmond may lower its offer or start a proxy fight. The FT writes “The offer still undervalues us,” said one person close to Yahoo, after Microsoft hinted that it might reduce its original offer if Yahoo continued to turn its back on negotiations. There is a certain stupidity and arrogance to Yahoo!'s position. While the company's board will indicate that it is not opposed to a deal, it will say that Microsoft must raise its price. But,...
Olympic protests spread to Paris as hundreds of pro-Tibet activists disrupted the Olympic flame's progress through the French capital despite a heavy police escort Source: FT.com - US homepage | 7 Apr 2008 | 8:21 am
The Treasury faces a major challenge in meeting its own targets amid market turmoil, a committee warns. Source: BBC News | Business | World Edition | 7 Apr 2008 | 7:27 am
Pilots union Balpa says British Airways has been "arrogant" and urges a change in leadership style. Source: BBC News | Business | World Edition | 7 Apr 2008 | 7:15 am
New Zealand becomes the first developed nation to sign an agreement on free trade with China. Source: BBC News | Business | World Edition | 7 Apr 2008 | 7:12 am
They typically carry containers of goods shipped from Asia. But demand has slowed with the economy.
The nation's top hauler of container rail freight, BNSF Railway Co., is parking miles of rail cars in Montana and elsewhere because there isn't enough freight to keep them rolling.
Reed Royalty backs the campaign to cut benefits for sheriff's deputies, but he also heads the agency that manages those benefits.
When Reed Royalty endorsed Orange County Supervisor Janet Nguyen's reelection campaign last month, he praised her for seeking to reduce pension benefits for sheriff's deputies "that may be unconstitutional."
Higher fares, more delays and crowded planes are expected as carriers struggle with rising fuel costs and increased regulatory scrutiny.
The nation's air travelers may be wondering whether last week's three airline shutdowns signal more trouble ahead. But a bigger concern this spring may be the likelihood of more flight delays, jammed planes and even higher ticket prices.
Any federal package may also help some who don't deserve it.
Faced with the home mortgage debacle that underlies one of the most dangerous economic crises since the Great Depression, Congress and the administration have been all but paralyzed by two questions: Who deserves to be helped? And how far should the government go to set matters aright?
Agent Nick Stevens and colleagues may take some of Hollywood's best-known comedic talents with them.
A trio of partners representing some of the best-known comedy actors and filmmakers in Hollywood jumped from United Talent Agency to Endeavor over the weekend in one of the biggest shake-ups to jolt the agency world in recent years.
More Web start-ups are on the rocks as investors appear to be warier about their bets.
In recent months, some start-up technology companies have died or gone into comas after running out of money, a possible early sign that the resurgence in venture investment may be coming to an end.
Reuters - U.S. private equity firm TPG and other
investors are near a deal to invest $5 billion in Washington
Mutual Inc , the Wall Street Journal reported on its Web
site, citing people familiar with the matter.
Yahoo has responded to Microsoft's weekend threat to initiate a proxy fight with more passive-aggressive behavior.
In a letter today to Steve Ballmer, Microsoft's chief executive, the Yahoo board says it is not generally opposed to negotiating with Microsoft, it just does not like the current offer.
"We have continued to make clear that we are not opposed to a transaction with Microsoft if it is in the best interests of our stockholders," the letter says. "Our position is simply that any transaction must be at a value that fully reflects the value of Yahoo, including any strategic benefits to Microsoft, and on terms that provide certainty to our stockholders."
But the companies have not made any progress in trying to negotiate such a deal. Indeed, the two sides have met only twice since Microsoft disclosed its offer on February 1, according to reports.
Ballmer, clearly frustrated by the standoff, took the talks public again in an open letter to Yahoo directors on Saturday. In it, he urged Yahoo to talk seriously about being acquired, dismissed its stand that the bid is too low, and, ominously, threatened to reduce the offer if Microsoft is forced to initiate a proxy battle.
"During these two months of inactivity, the internet has continued to march on, while the public equity markets and overall economic conditions have weakened considerably, both in general and for other internet-focused companies in particular," Ballmer wrote. "At the same time, public indicators suggest that Yahoo's search and page-view shares have declined. Finally, you have adopted new plans at the company that have made any change of control more costly."
Later, he added: "The substantial premium reflected in our initial proposal anticipated a friendly transaction with you. If we are forced to take an offer directly to your shareholders, that action will have an undesirable impact on the value of your company from our perspective which will be reflected in the terms of our proposal."
Ballmer, who leaked the threat of a reduced offer last Friday, gave Yahoo's board until April 26 to open substantive talks. Although Yahoo has been actively seeking a "white knight" alternative to Microsoft—including possible tie-ups with Google, AOL, and News Corp.—so far no friendly suitor has emerged to match Microsoft's offer.
A proxy fight would be expensive, though not prohibitively so for a company as big as Microsoft. More important, a fight could cost Microsoft in talent. Many Yahoo employees have already left the company to work at Google and elsewhere, and the drain could accelerate if Microsoft has to rip out Yahoo's board.
Nevertheless, most analysts believe that Microsoft will win Yahoo—the only questions are at what cost and after how much blood has been spilled.
The Financial Times’ Lex column says that “the standoff looks like a battle over how much Yahoo’s backing is really worth to Microsoft. The answer is: probably a few dollars.”
And April 17, not April 26, will be the next key date in the battle, says Michael Arrington on TechCrunch.com. That’s when Yahoo reports quarterly earnings. “If Yahoo’s earnings are as bad as people are predicting, they’ll be looking to get this deal wrapped up before that announcement.”
ANZ shares fell 5.3 per cent on the ASX today after the banking group said it expected much higher bad debt provisions in the first half of fiscal 2008.
Reflecting difficult conditions facing Australian firms amid the global credit... Source: New Zealand Herald - Business | 7 Apr 2008 | 2:10 am
Early last year, Janine Dowding pored over the set of figures before her and couldn't quite believe what she was reading.
According to the document, the number of registered unemployed people in the Nelson, Marlborough and West... Source: New Zealand Herald - Business | 7 Apr 2008 | 1:00 am
Billionaire sports tycoon Stan Kroenke has deepened his ties with Aresenal football club after agreeing to buy ITV's 50pc share in Arsenal Broadband, the operator of the side's website, in a deal worth £22.7m. Source: Telegraph Business | 7 Apr 2008 | 12:05 am
Billionaire sports tycoon Stan Kroenke has deepened his ties with Arsenal football club after agreeing to buy ITV's 50pc share in Arsenal Broadband, the operator of the side's website, in a deal worth £22.7m. Source: Telegraph Business | 7 Apr 2008 | 12:05 am
Active Private Equity has bought a majority stake in Evans Cycles, the independent chain of UK specialist cycling stores. Source: Telegraph Business | 7 Apr 2008 | 12:01 am
Shares in British Energy jumped almost 5pc this morning after the Sunday Telegraph reported that Centrica has begun secret talks with EDF, the giant French utility, aimed at securing a £10bn bid for the British nuclear company. Source: Telegraph Business | 7 Apr 2008 | 12:01 am
Former BP chief executive Lord Browne of Madingley has broken his silence for the first time as part of the long-running legal battle stemming from the 2005 Texas City refinery explosion in which 15 people died. Source: Telegraph Business | 7 Apr 2008 | 12:01 am
Cast your mind back to 2000. Billie Piper had her last No 1 single, Kevin
Keegan was taking England to the European football championship and
Wal-Mart, the biggest retailer in the world, had just bought Asda. Source: Latest Business News from Times Online | 6 Apr 2008 | 11:00 pm
Rust, junk and bent metal are proving a rich seam for scrap merchants, the
modern-day Steptoes who have become millionaires thanks to soaring metal
prices and tightening of rules on recycling. Source: Latest Business News from Times Online | 6 Apr 2008 | 11:00 pm
America's crumbling housing market is suffering a further battering as thieves
rip apart homes in search of copper wiring and pipes. Source: Latest Business News from Times Online | 6 Apr 2008 | 11:00 pm
When Mervyn King, the Bank of England's Governor, was asked by the Commons
Treasury Committee late last month if renewed market upheavals and the
tightening credit squeeze left it more predisposed to cut interest rates
again, his answer was as blunt as it was crystal clear. “Yes,” he replied. Source: Latest Business News from Times Online | 6 Apr 2008 | 11:00 pm
The continuing surge in the price of corn, which is punishing households with
higher food prices, is cutting the profits of American ethanol producers and
playing havoc with an industry that was blamed for causing the grain
shortage. Source: Latest Business News from Times Online | 6 Apr 2008 | 11:00 pm
The local sharemarket was up soon after opening this morning after a relatively flat close on local and international markets last week.
The benchmark NZSX-50 index was up 10 points to 3641 at 10.15am today after closing up on... Source: New Zealand Herald - Business | 6 Apr 2008 | 11:00 pm
Reuters - The average price for a gallon of
gasoline in the United States rose 5.26 cents to a record high
in the last two weeks, and an industry analyst said retail
prices would keep rising amid refinery cost increases.
US president George W. Bush and Russia's Vladimir Putin said they were interested in creating a joint defence system with Europe against missile threats - although Russia warned it still opposed plans for a US-run missile shield in central Europe Source: FT.com - US homepage | 6 Apr 2008 | 9:12 pm
Government intervention at a global level is required to tackle the credit crisis, according to Dominique Strauss-Kahn, the head of the International Monetary Fund, who has warned that market turmoil will take a serious toll on world growth Source: FT.com - US homepage | 6 Apr 2008 | 9:02 pm
Alan Greenspan has hit back at critics who blame the Federal Reserve under his leadership for causing the US housing bubble, saying any link between monetary policy and the bubble was "statistically very fragile" Source: FT.com - US homepage | 6 Apr 2008 | 9:02 pm
The global sub-prime crisis and the slump in the local property market have claimed another victim close to home.
Today sees the the closure of a Tower mortgage fund following a run on the fund and a sharp rise in defaults on residential... Source: New Zealand Herald - Business | 6 Apr 2008 | 7:30 pm
If you were wondering why Paul Holmes wasn't doing his normal Monday morning phone in interview with Helen Clark this morning on Newstalk ZB - it's because he's up here in Beijing getting the low down on how to export to China.
Holmes... Source: New Zealand Herald - Business | 6 Apr 2008 | 7:15 pm
MELBOURNE - Unsecured creditors caught up in the collapse of stockbroker Opes Prime could lose up to half of their investment say receivers, as more clients seek legal action to prevent the sale of their shares.
Opes Prime, which... Source: New Zealand Herald - Business | 6 Apr 2008 | 6:45 pm
TOKYO - Development ministers from the world's rich nations have called for action to confront soaring food prices, which they say hurt developing nations as well as donors' efforts to help them.
Ministers from the Group of Eight... Source: New Zealand Herald - Business | 6 Apr 2008 | 6:40 pm
Investors are hoping Telecom's briefing for financial analysts on Thursday will clear the murky future for New Zealand's biggest publicly listed company.
And the company says it is aware of expectation for the briefing, which one... Source: New Zealand Herald - Business | 6 Apr 2008 | 6:35 pm
Mark Penn, who also serves as chief of a lobbying firm, leaves campaign after it was revelead he met the Colombian envoy to discuss a trade deal opposed by Hillary Clinton Source: FT.com - US homepage | 6 Apr 2008 | 6:35 pm
Smaller cars are growing in popularity as New Zealand motorists continue to buy new vehicles despite toughening economic times.
The Motor Industry Association said 6364 new cars were sold in March.
While that was down 6.3 per... Source: New Zealand Herald - Business | 6 Apr 2008 | 6:30 pm
The advantage of being the first country to sign a free trade agreement with China will strengthen the meat and wool industry's ability to defend its market position, says Meat & Wool New Zealand chairman Mike Petersen.
"New Zealand... Source: New Zealand Herald - Business | 6 Apr 2008 | 6:25 pm
Delta Air Lines and Northwest Airlines, two US airlines seeking to add scale in the face of a brutal industry-wide downturn, have revived their talks to merge, people familiar with the matter said Source: FT.com - US homepage | 6 Apr 2008 | 5:41 pm
Wal-Mart, the world's largest retailer, is to convene a meeting of hundreds of its Chinese suppliers to set out goals for significant reductions in the environmental impact of its vast supply chain Source: FT.com - US homepage | 6 Apr 2008 | 5:09 pm
Reuters - U.S. stock futures rose on Monday,
with financial shares set to gain on news that Washington
Mutual Inc is close to securing a $5 billion cash
infusion that may help allay worries about mortgage losses at
the largest U.S. savings and loan company.
Reuters - Governments must act together to bandage
up the global economy and prevent another credit crisis from
infecting markets, top financial officials said on Monday,
ahead of key talks between powerful economies this week.
Reuters - Yahoo Inc is not opposed to
Microsoft Corp's bid for the Web media company, as long
as it is at the right price, Yahoo's board said on Monday in a
letter to Microsoft Chief Executive Steve Ballmer.
Reuters - U.S. oil futures headed towards $108 a
barrel on Monday, joining gains across commodities and equities
markets.
Reuters - Novartis AG has agreed to buy
Nestle AG's 77 percent stake in U.S. company Alcon
in a deal worth up to $39 billion to boost its eye care
business, the Swiss drugmaker said on Monday.
Reuters - U.S. private equity firm TPG and other
investors are near a deal to invest $5 billion in Washington
Mutual Inc , the Wall Street Journal reported on its Web
site, citing people familiar with the matter.
Reuters - The average price for a gallon of
gasoline in the United States rose 5.26 cents to a record high
in the last two weeks, and an industry analyst said retail
prices would keep rising amid refinery cost increases.