Concerns about the impact of the credit crisis and the weak economy will come into sharp focus next week, with investors set for a flood of earnings from ailing financials as well as the technology sector.
Bradford & Bingley denies reports that it is planning to go to the market to raise extra capital. Source: BBC News | Business | World Edition | 13 Apr 2008 | 12:48 pm
AMR (NYSE: AMR), parent of American Airlines, will return to 100% service tomorrow after FAA-mandated inspections of it MD-80 fleet forced the cancellations of over 3,000 flights. AMR management has said that the incident will cost the carrier tens of millions of dollars. An analyst with Standard & Poor's estimated it could easily top $30 million," according to the AP. The figure begs the question of how much the debacle will cost AMR. Customers may demand expense reimbursement for hotel stays and other costs which were incurred due to scrubbed flights. There may even be some class action suits for...
The New York Times brutalized the accounting industry today by suggesting that auditors should have caught bad numbers on the books of financial companies much earlier. The paper reports that "attention is turning toward yet another steward of financial reporting ensnared in the subprime debacle: accounting firms." The viewpoint may not be entirely unfair and its goes to the heart of a question which has been raised about accounting firms on countless occasions. Why do the stewards of letters approving the P&Ls and balance sheet of firms get their analysis wrong so often? The next question is whether the subprime...
With all of the write-offs it has taken in the past and all those it is likely to take in the future, the market rubbed more salt in the wounds of Citigroup (NYSE: C). Apple (NASDAQ: AAPL), parent of the iPod, has passed Citi in market cap. According to Bloomberg "Even after a 26 percent decline in its own shares this year, Apple has a market value of $129.3 billion to Citigroup's $121.6 billion." While the Apple number may be impressive, the Citi figure shows that the bank and its peers are viewed as the equivalent of equity "junk bonds",...
Former Italian Prime Minister Silvio Berlusconi is favored to lead his center-right People of Freedom Party to victory in national parliamentary elections on Sunday and Monday to form Italy’s 62nd government in 63 years.
Citigroup (NYSE: C) is expected to post write-downs of as much as $12 billion in first quarter and have a loss of over $3 billion. Merrill Lunch (NYSE: MER) could show write-offs of $5 billion and a loss of $2.7 billion. According to The Times, Merrill "is expected to knock a further 20% from the value of its sub-prime holdings, in spite of the fact that it announced $18 billion of write-downs only three months ago." The paper also reports that "Deutsche Bank is attempting to offload some of its €35 billion (£28 billion) of toxic debt to a consortium...
Reuters - Swiss bank UBS is over the
worst of its problems and is strong enough to manage its risks
and positions, the group's chief executive was quoted as saying
on Sunday. Source: Yahoo! News: Business | 13 Apr 2008 | 10:07 am
ZURICH (Reuters) - Swiss bank UBS is over the worst of its problems and is strong enough to manage its risks and positions, the group's chief executive was quoted as saying on Sunday.
ZURICH (Reuters) - Swiss bank UBS is over the worst of its problems and is strong enough to manage its risks and positions, the group's chief executive was quoted as saying on Sunday. Source: Infocious RSS raw feed - channel BNewsBusiness | 13 Apr 2008 | 10:07 am
Finance ministers and central bankers are focusing their spring meetings on ways to deal with the unfolding financial crisis that has roiled economies around the world and led to higher... Source: Infocious RSS raw feed - channel BNewsBusiness | 13 Apr 2008 | 9:32 am
Miki Izumisawa's artistic talents result in creations that you're unlikely to find at other restaurants.
Miki Izumisawa isn't your typical sushi chef. If Japanese customers come to her cafe "expecting an ordinary sushi restaurant," she says, "they will be surprised."
Petition calls on the union's board to require that only actors who work at least one day a year be allowed to vote on upcoming contract. ... Source: Infocious RSS raw feed - channel BNPaperBusiness | 13 Apr 2008 | 7:00 am
As one who never deified Alan Greenspan, I feel that the current criticism of the former Fed chair is overdue. ("Sour notes for maestro," April 9.) Source: Infocious RSS raw feed - channel BNPaperBusiness | 13 Apr 2008 | 7:00 am
With a little discipline, pet owners can keep vet costs on a short leash
Veterinarian Gregory Hammer laughed as he recalled the average price his clients paid for an office visit in 1973, when he started out in rural Kansas. ¶ "It was $6," said Hammer, now president of the American Veterinary Medical Assn. ¶ Good luck getting so much as a torn nail clipped for that these days. ¶ Americans spent more than $10 billion on veterinary care last year, according to the American Pet Products Manufacturers Assn. ¶ A single visit to a vet cost an average of $135 for a dog owner as of 2006, the last time the veterinary group took a survey of those costs. That's up 83% from 10 years earlier. And the price is probably a good bit higher in Southern California, where vet fees are steeper than in most of the country. ¶ Inflation played a major role -- the costs of office space, staff salaries, equipment and supplies have all shot up.
Petition calls on the union's board to require that only actors who work at least one day a year be allowed to vote on upcoming contract.
Deepening conflict within Hollywood's biggest union, the Screen Actors Guild's board of directors on Saturday rebuffed a demand by more than 1,400 actors that it immediately move to limit who can vote in upcoming contract negotiations.
David Lee, 18, figures he'll spend $400 to $450 to participate in an annual rite of spring -- the senior prom. And he's only half of the equation. Source: Infocious RSS raw feed - channel BNPaperBusiness | 13 Apr 2008 | 7:00 am
The head of the International Monetary Fund warned Saturday that if food prices remain high, there will be dire consequences for people in many developing countries, especially in Africa. Source: Infocious RSS raw feed - channel BNewsBusiness | 13 Apr 2008 | 6:24 am
WINNERSLEON BLACKWhile his Linens 'n Things chain is ailing, the Apollo Management founder is one of three partners to split $1 billion in compensation.CARL ICAHNAfter winning battle with Motorola to spin... Source: Infocious RSS raw feed - channel BNPaperBusiness | 13 Apr 2008 | 6:06 am
Reuters - U.S. investment bank Merrill Lynch
and Asian brokerage CLSA are separately raising investment
funds focused on Asian property, indicating continued
confidence in the region's economies, executives from the two
companies said at the weekend. Source: Yahoo! News: Business | 13 Apr 2008 | 6:06 am
BOAO, China (Reuters) - U.S. investment bank Merrill Lynch and Asian brokerage CLSA are separately raising investment funds focused on Asian property, indicating continued confidence in the region's economies, executives from the two companies said at the weekend.
MONTREAL (Reuters) - Hudson's Bay Co. said that its governor and chief executive Jerry Zucker died on Saturday of cancer. Source: Infocious RSS raw feed - channel BNewsBusiness | 13 Apr 2008 | 5:34 am
BOAO, China (Reuters) - Merrill Lynch & Co is raising a Pacific Rim real estate investment fund worth around $2.5-$3 billion, an executive said on Sunday, saying certain Asian... Source: Infocious RSS raw feed - channel BNewsBusiness | 13 Apr 2008 | 4:48 am
WASHINGTON (Reuters) - Financial leaders on Saturday urged the International Monetary Fund to sharpen its oversight of the global economy, which is burdened by surging food prices and a credit crisis that shows no end in sight.
WASHINGTON (Reuters) - Financial leaders on Saturday urged the International Monetary Fund to sharpen its oversight of the global economy, which is burdened by surging food prices and a... Source: Infocious RSS raw feed - channel BNewsBusiness | 13 Apr 2008 | 4:03 am
South Korean President Lee Myung-Bak Sunday urged legislators to quickly pass a sweeping free trade agreement with the United States, to set an example for Congress. Lee, in... Source: Infocious RSS raw feed - channel BNewsBusiness | 13 Apr 2008 | 3:21 am
When Citigroup and Merrill Lynch each fessed up to nearly $10 billion in losses last quarter investors believed that they had finally scrubbed their books clean.
The chaos facing air travelers is expected to continue into the weekend as American Airlines plans to cancel an additional 200 flights Saturday morning after grounding 595 flights, or 25% of its schedule, on Friday.
MANILA (Reuters) - Merly Paz, a Filipina domestic worker in Hong Kong, has stopped sending money for the construction of her home in southern Iriga City because the peso value of her U.S.... Source: Infocious RSS raw feed - channel BNewsBusiness | 13 Apr 2008 | 12:38 am
MANILA (Reuters) - Merly Paz, a Filipina domestic worker in Hong Kong, has stopped sending money for the construction of her home in southern Iriga City because the peso value of her U.S. dollar-pegged salary has fallen sharply.
Shareholders in the failed shoe supplier Lambert Howarth have been warned by the company's administrator that they are unlikely to receive a penny. Source: Telegraph Business | 13 Apr 2008 | 12:01 am
Credit crunch, what credit crunch? Shareholders in the upmarket international restaurant group Nobu, who include the Hollywood actor Robert De Niro, have appointed advisers to sell a controlling stake in the business, writes Mark Kleinman. Source: Telegraph Business | 13 Apr 2008 | 12:01 am
Closer to home, the entire country seems locked in a housing market panic. New Halifax figures showed that prices last month were 1.3 per cent down on March last year. Source: Telegraph Business | 13 Apr 2008 | 12:01 am
Hermes Private Equity has been forced to inject millions of pounds into Mayfair Gaming, one of Britain's biggest operators of bingo clubs, underlining the 'perfect storm' facing companies across the troubled industry. Source: Telegraph Business | 13 Apr 2008 | 12:01 am
The Olympic torch, en route to this summer's Games, has become the focus of much attention. As it snaked across London, Paris and San Francisco last week, the symbolic flame sparked serious protest. Source: Telegraph Business | 13 Apr 2008 | 12:01 am
Jack Petchey, the 82-year-old entrepreneur, has amassed a secret stake in Pendragon, the UK's largest car dealership. Source: Telegraph Business | 13 Apr 2008 | 12:01 am
Punch Taverns revives talks with All Bar One owner: discussions focus on potential merger of Spirit pubs with beleaguered M&B. Source: Telegraph Business | 13 Apr 2008 | 12:01 am
The American industrial company Manitowoc will this week take a major step towards acquiring Enodis, its British rival, by pledging to resolve any anti-trust concerns arising from their proposed £1bn deal. Source: Telegraph Business | 13 Apr 2008 | 12:01 am
Cable & Wireless has asked insurance companies and pension buyout funds to calculate how much it would cost the telecoms group to offload risks associated with its £2bn pension fund. Source: Telegraph Business | 13 Apr 2008 | 12:01 am
EXCLUSIVE CITY PROFILE BA Chairman Martin Broughton talks to Richard Northedge and Mark Kleinman about problems with the new £4.3bn terminal, his CBI presidency and how his racehorses are getting on . Source: Telegraph Business | 13 Apr 2008 | 12:01 am
WASHINGTON (Reuters) - Finance chiefs from rich nations offered a gloomier assessment of the global economy on Friday and vowed to act swiftly on wide-ranging reforms aimed at moving beyond a credit crisis that threatens world growth.
American Airlines on Saturday received clearance from federal aviation officials to return all of its 300 grounded jets to service, an airline spokesman said. After 200 cancellations... Source: Infocious RSS raw feed - channel BNewsBusiness | 12 Apr 2008 | 11:05 pm
Stocks tanked Friday after General Electric's weaker-than-expected profit report exacerbated fears about how badly the economic slowdown is going to impact corporate earnings.
American Airlines on Saturday received clearance from federal aviation officials to return all but three of the remaining 300 grounded jets to service, an airline spokesman said. But... Source: Infocious RSS raw feed - channel BNewsBusiness | 12 Apr 2008 | 10:01 pm
Concerns about the impact of the credit crisis and the weak economy will come into sharp focus next week, with investors set for a flood of earnings from ailing financials as well as the technology sector.
Chancellor Alistair Darling tells mortgage lenders to play their part by passing recent interest rate cuts on. Source: BBC News | Business | World Edition | 12 Apr 2008 | 8:53 pm
Arabs and Canucks don't pass the New Zealand Government's sniff test when it comes to taking a controlling stake in Auckland International Airport.
But with China flavour of the month after this week's signing of the free trade... Source: New Zealand Herald - Business | 12 Apr 2008 | 8:00 pm
Reuters - Financial leaders on Saturday urged
the International Monetary Fund to sharpen its oversight of the
global economy, which is burdened by surging food prices and a
credit crisis that shows no end in sight.
The day passed with barely a mention to the chagrin, no doubt, of the Government. Tax rates fell for every New Zealand company on April 1, from 33 cents to 30 cents in the dollar.
While the big news was last year when the cut was... Source: New Zealand Herald - Business | 12 Apr 2008 | 7:00 pm
How do you sign up new KiwiSaver business when you're competing against global banks who already manage billions of dollars and spend vast sums on advertising?
One way is to set up shop as an industry fund - pick an industry or... Source: New Zealand Herald - Business | 12 Apr 2008 | 6:00 pm
Taiwan and China took a first step towards less hostile relations with an historic meeting between Hu Jintao, China's president, and Vincent Siew, Taiwan's vice president-elect Source: FT.com - US homepage | 12 Apr 2008 | 5:54 pm
Virgin America Inc., the start-up airline conceived by Virgin Group Ltd. founder Richard Branson, is set to receive $100 million in additional capital from U.S. and British investors, according to a media report.
AMR Corp.'s American Airlines cancels about 200 flights on Saturday due to ongoing safety inspections on its fleet of MD-80 jets. But the company maintains the airline will return to its normal schedule on Sunday.
This is only day 13 on the job for Sheryl Sandberg, so forgive her if she doesn't have everything figured out just yet. She pulls her legs up beneath her into a white Eames chair.
Tax cuts are overwhelmingly popular with Kiwis - but they don't have to be big, and they shouldn't lead to rises in interest rates or cuts to social spending.
New research by the Business Council for Sustainable Development shows... Source: New Zealand Herald - Business | 12 Apr 2008 | 5:00 pm
How are New Zealanders insured when compared to the rest of the world?
We are far behind our international counterparts in rates of personal insurance. AIG companies in Asia-Pacific have conducted similar research and discovered... Source: New Zealand Herald - Business | 12 Apr 2008 | 5:00 pm
The price of basic goods and services looks set to keep on rising, with inflation figures due out on Tuesday expected to show another jump in the quarterly consumer price index (CPI).
Economists are predicting the CPI will have... Source: New Zealand Herald - Business | 12 Apr 2008 | 5:00 pm
What is it called and what sort of savings product is it?
Murray Creek Diary Farm is a direct, syndicated investment in a 413.5-ha Southland farm.
What is the company behind it?
The offer is being put together and promoted... Source: New Zealand Herald - Business | 12 Apr 2008 | 5:00 pm
Complaints to the Institute of Financial Advisers have jumped - and the collapse of finance companies is to blame.
Institute chief executive David Hutton says there are 22 complaints relating to the collapse of finance companies... Source: New Zealand Herald - Business | 12 Apr 2008 | 5:00 pm
Concerns about the impact of the credit crisis and the weak economy will come into sharp focus next week, with investors set for a flood of earnings from ailing financials as well as the technology sector.
I have committed a Sue sin the size of Texas: I have knowingly requested, driven, and (wo)manhandled the least expensive, least horsepowered BMW in the U.S. today, the 128i. And I loved every minute of it.
The school buses in Dubuque County, Iowa, travel 4,900 miles each day ferrying kids to and from class. That's the equivalent of driving across the entire United States and halfway back again.
AFP - The global economy faces "considerable challenges" in the shape of a slowing US economy, financial market turmoil and higher inflation, US Treasury Secretary Henry Paulson said Saturday.
BEIJING (Reuters) - China Mobile, the world's largest mobile phone operator, said on Saturday that it was seeking small stakes in global telecom firms because controlling stakes had become too expensive.
Reuters - Financial leaders on Saturday urged
the International Monetary Fund to sharpen its oversight of the
global economy, which is burdened by surging food prices and a
credit crisis that shows no end in sight.
AFP - The global economy faces "considerable challenges" in the shape of a slowing US economy, financial market turmoil and higher inflation, US Treasury Secretary Henry Paulson said Saturday.