Business airline Silverjet stops all flights after failing to secure key funding, leaving some passengers stranded. Source: BBC News | Business | World Edition | 30 May 2008 | 3:17 pm
The number of people clicking on ads which run alongside Google search results
increased sharply in April, according to new data. Source: Latest Business News from Times Online | 30 May 2008 | 3:07 pm
Reuters - Billionaire investor Kirk Kerkorian on
Friday said he would move ahead with a tender offer for Ford
Motor Co shares, signaling a bigger bet on the
automaker's turnaround despite the recent slump in its stock
and lowered financial outlook.
DETROIT (Reuters) - Billionaire investor Kirk Kerkorian on Friday said he would move ahead with a tender offer for Ford Motor Co shares, signaling a bigger bet on the automaker's turnaround despite the recent slump in its stock and lowered financial outlook.
NEW YORK (MarketWatch) – U.S. stocks start trading slightly higher, trying to extend gains into a fourth-day straight, as personal computer giant Dell Inc. reported profits that exceeded forecasts and the government said a key gauge of inflation was temperate in April.
Tiffany & Co. said Friday its first-quarter net income rose a better-than-expected 19% after higher demand in Europe and Asia helped make up for soft sales in the U.S.
NEW YORK (MarketWatch) -Airlines shares went into a tailspin Friday following the decisions by United Airlines and U.S. Airways not to combine their operations because the high price for jet fuel, scuttling the possibility of further industry consolidation.
Calpine calls NRG Energy's proposed merger, valued at $9.56 billion, “inadequate,” while still holding out the possibility of a deal between the power-generating companies.
NEW YORK (MarketWatch) – Shares of American International Group gain after Morgan Stanley analysts upgrade the shares, saying recent pessimism about the firm’s financial condition is overdone.
A surprise drop in German retail sales puts the euro under pressure, while a further retreat in oil prices and perceptions that the Federal Reserve has turned its attention back to inflation help support the dollar.
The past few years have seen the departure of a bevy of high-profile CEOs. A roster of a half-dozen of the most prominent, and how they're keeping busy.
Wall Street stocks climbed for a fourth straight session on Friday, priming markets for weekly and monthly gains, after a measure of core inflation moderated and some commodity prices rebounded helping materials stocks higher Source: FT.com - US homepage | 30 May 2008 | 2:45 pm
PARIS (Reuters) - The top executive at Societe Generale's investment banking unit, Jean-Pierre Mustier, is being replaced in the wake of the French bank's rogue trading scandal, two banking sources said on Friday.
AP - Tiffany & Co. reported Friday that strong growth in the Asia-Pacific and European markets helped first-quarter profits rise 19 percent and said that it doesn't expect an improvement in the U.S. until later this year. Source: Yahoo! News: Business | 30 May 2008 | 2:41 pm
NEW YORK (Reuters) - Stocks edged higher on Friday, as stronger-than-expected earnings from computer maker Dell Inc lifted technology shares and fresh data eased inflation fears.
Reuters - Tiffany & Co posted
higher-than-expected quarterly profit on Friday, boosted by
strong sales in Europe, the Asia-Pacific region and to tourists
at its Manhattan flagship store, and the U.S. jeweler raised
its full-year outlook, pushing its shares up 4 percent.
NEW YORK (Reuters) - Tiffany & Co posted higher-than-expected quarterly profit on Friday, boosted by strong sales in Europe, the Asia-Pacific region and to tourists at its Manhattan flagship store, and the U.S. jeweler raised its full-year outlook, pushing its shares up 4 percent.
NEW YORK (Reuters) - A gauge of future U.S. economic growth
slipped in the latest week but its annualized growth rate,
while still in recessionary territory, was at a 22-week high,
indicating improvement in short-term growth prospects, a
research group said on Friday.
Reuters - A gauge of future U.S. economic growth
slipped in the latest week but its annualized growth rate,
while still in recessionary territory, was at a 22-week high,
indicating improvement in short-term growth prospects, a
research group said on Friday. Source: Yahoo! News: Business | 30 May 2008 | 2:38 pm
NEW YORK (Reuters) - Consumer confidence fell to a 28-year low in May as inflation expectations soared, according to a survey released on Friday that presents a dilemma for the Federal Reserve.
U.S. consumer sentiment drops to the lowest level in 28 years in May as worries about inflation grow, according to the University of Michigan/Reuters consumer sentiment index.
US consumer spending increased modestly in April, but spending adjusted for inflation was flat, indicating cash-strapped shoppers were in urgent need of the tax rebate cheques that began arriving at the end of that month Source: FT.com - US homepage | 30 May 2008 | 2:32 pm
Housing transactions have slumped by a third as buyers struggle to secure
mortgages and house prices slip, official figures show. Source: Latest Business News from Times Online | 30 May 2008 | 2:29 pm
Crude oil futures gain back some ground, with traders keen to boost positions ahead of the weekend and before the official start of hurricane season next week.
The billionaire owners of the Russian side of TNK-BP call for the resignation of its American chief executive. Source: BBC News | Business | World Edition | 30 May 2008 | 2:20 pm
NEW YORK (Reuters) - A former Credit Suisse Group investment banker convicted of leaking inside information about pending mergers deserves "a substantial sentence" in prison, in part to send a message to others on Wall Street, U.S. prosecutors say.
Stocks struggled higher Friday morning as investors welcomed Dell's improved earnings and a bigger-than-expected rise in personal income, but held back amid rising oil and gas prices.
Reuters - UAL Corp , parent of United
Airlines, and US Airways Group have decided not to
merge, the chief executives of the two carriers said on Friday
in separate messages to employees.
CHICAGO (Reuters) - UAL Corp, parent of United Airlines, and US Airways Group have decided not to merge, the chief executives of the two carriers said on Friday in separate messages to employees.
If you haven't heard, and somehow we suspect you have, the first batch of baby boomers hits Social Security age in 2008. So what happens as this giant generation - 78 million strong - quits and starts selling assets they've saved for retirement?
Australia's Origin Energy has abruptly ended talks with BG Group over a A$13.6bn takeover bid citing a reappraisal of the worth of its coal-bed methane gas reserves Source: FT.com - US homepage | 30 May 2008 | 2:09 pm
The announcement this week that Sony plans to work with other television makers to eliminate the need for set-top cable boxes could not have gained more affection at Fortune magazine's Hollywood digital test lab - also known as my living room.
Reuters - Consumer confidence fell to a 28-year
low in May as inflation expectations soared, according to a
survey released on Friday that presents a dilemma for the
Federal Reserve.
Consumer spending and personal spending both increased at a slow pace in April, according to a government report released Friday that was in line with analyst expectations.
Retreating oil prices hit London's resource stocks on Friday, but bank-driven gains supported the wider market.By mid afternoon, the blue-chip FTSE 100 was 26 points higher at 6,095.7, a gain of 0.5 per... Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 May 2008 | 1:53 pm
NEW YORK (Reuters) - Burger King Corp said on Friday that starting June 5, its U.S. restaurants will be open until 2 a.m. or later Thursday through Saturday.
European bourses climbed for a third consecutive day as energy prices dipped putting a fair wind under airline stocks and sectors hard hit by surging oil prices.By mid afternoon, the FTSE Eurofirst 300... Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 May 2008 | 1:46 pm
The all-business class carrier, which operated from London's to New York and Dubai, said it continued to be in talks with potential investors to but was yet to conclude talks to its satisfaction Source: FT.com - US homepage | 30 May 2008 | 1:34 pm
Shares of JetBlue Airways Corporation (NASDAQ: JBLU) are seeing some extra pressure this morning after the company announced the pricing of a previously announced convertible debt offering of 5.5% convertible bonds that mature in 2038. The size of the offering was also kicked up from $160 million to $175 million. There were two separate issues of $87.5 million. One series converts to 220.6288 per $1,000.00 in principal face value for a conversion price of approximately $4.53 per share. The second series has a convertible rate of 225.2252 shares per $1,000 principal face value for a conversion price of approximately $4.44...
A former UBS private banker charged with helping a US client evade millions of
dollars in taxes is set to plead guilty at a court hearing next month. Source: Latest Business News from Times Online | 30 May 2008 | 1:30 pm
The CEOs of United Airlines and US Airways have told their employees that a combination of the two carriers won't happen "at this time." Their messages came a day after a meeting at... Source: Infocious RSS raw feed - channel BNewsBusiness | 30 May 2008 | 1:26 pm
AP - Consumer spending barely budged in April and growth in personal income slowed sharply, even though the government started sending out billions of dollars in economic stimulus payments.
Wall Street stocks were set for a higher start on Friday after a measure of core inflation moderated somewhat and investors received a raft of new data suggesting that the US consumer remains under pressure... Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 May 2008 | 1:14 pm
Reuters - Personal spending rose by 0.2
percent in April as forecast and a key gauge of core inflation
slowed, government data on Friday showed, but real spending
adjusted for higher inflation overall stagnated.
WASHINGTON (Reuters) - Personal spending rose by 0.2 percent in April as forecast and a key gauge of core inflation slowed, government data on Friday showed, but real spending adjusted for higher inflation overall stagnated.
French judges have filed preliminary charges of insider trading against Nol Forgeard, the former co-chief executive of European Aeronautic Defense and Space, his lawyer said. Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 May 2008 | 1:07 pm
Silverjet, which operated services to Newark and to Dubai from its base at Londons Luton Airport, suspended operations on Friday after a financing deal collapsed. Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 May 2008 | 1:05 pm
The reviews are in for Iron Man, and they aren't great. One critic calls it "unmoving." Another says it's "crappy." Then there is the one who argues that the superhero saga offers only "aneurysm-inducing frustration."
Fuel protests triggered by rising oil prices spread to more countries across Europe, with strikes by fishermen. Source: BBC News | Business | World Edition | 30 May 2008 | 12:55 pm
LOUISVILLE, Ky. Dan and Frank Carney borrowed $600 from their mother 50 years ago and opened a small pizzeria in Kansas using second-hand equipment in what was once a bar. The dream... Source: Infocious RSS raw feed - channel BNewsBusiness | 30 May 2008 | 12:55 pm
more than $4 in the previous session as investors sensing bargain opportunities bought back into the market. By early afternoon in Europe, light, sweet crude for July delivery was up... Source: Infocious RSS raw feed - channel BNewsBusiness | 30 May 2008 | 12:43 pm
Wall Street is headed for a higher opening after the government said personal spending rose by 0.2 percent in April, in line with the market's expectations. The Commerce Department on... Source: Infocious RSS raw feed - channel BNewsBusiness | 30 May 2008 | 12:38 pm
Consumer spending barely budged in April while growth in personal income slowed sharply, even though the government started sending out billions of dollars in economic stimulus payments. Source: Infocious RSS raw feed - channel BNewsBusiness | 30 May 2008 | 12:33 pm
We've seen several analyst calls on Wall Street this morning out of the oil patch, and here are some of the key calls: Hess (NYSE: HES), Sunoco (NYSE: SUN), and Tesoro (NYSE: TSO) were all started as "HOLD" ratings at Citigroup. Marathon Oil (NYSE: MRO) and Valero Energy (NYSE: VLO) were started with "BUY" ratings at Citigroup. Berry Petroleum (NYSE: BRY) was started as Outperform at Morgan Keegan. SW Energy (NYSE: SWN) was downgraded to Market Perform from Outperform at FBR. Jon C. Ogg May 30, 2008
AP Video Many Americans allowed themselves to fantasize about large-screen TVs, European vacations and other luxuries when they learned of the federal rebates they'd be getting this... Source: Infocious RSS raw feed - channel BNewsBusiness | 30 May 2008 | 12:31 pm
In the last week or so, everybody seems to have weighed in with an opinion on whether or not speculation is responsible for the rapid recent rise in crude oil prices. Until yesterday, however, the speculation about speculation resembled Mark Twain's observation that everybody talks about the weather, but nobody does anything about it. Yesterday, the US Commodities Futures Trading Commission (CFTC) announced that it had reached an agreement with the UK's equivalent of the SEC and the ICE Futures Europe (NYSE:ICE) under which ICE would provide a daily report on large trader positions in the UK WTI crude oil...
A board member of BP's Russian oil venture resigned amid a deepening standoff for control after its Russian billionaire shareholders demanded the removal of the venture's BP-backed chief executive Source: FT.com - US homepage | 30 May 2008 | 12:03 pm
These are ten of the analyst calls we are focusing on this Friday morning: ADC Telecom (NASDAQ: ADCT) raised to Overweight at JPMorgan. AnnTaylor (NYSE: ANN) raised to Outperform at FBR. Ashland (NYSE: ASH) cut to Underweight at JPMorgan. ASM International (NASDAQ: ASMI) started as Underpeform at Jefferies. Clean Harbors (NASDAQ: CLHB) raised to Outperform at Robert W. Baird. Costco (NASDAQ: COST) cut to Neutral at Piper Jaffray. Integrated Device Tech (NASDAQ: IDTI) cut to Neutral at Cowen & Co. J. Crew (NYSE: JCG) cut to Market Perform at Wachovia; cut to Sell at Citigroup. Marvell Tech (NASDAQ: MRVL) raised...
In these nervous times, a market tumble would cause most investors to pack up and run. Not Kirk Kerkorian.
The price of Ford Motor shares is 21 percent below Kerkorian's tender offer of $8.50 per share. But despite a provision in the offer that would allow him to withdraw it should the price of Ford fall more than 10 percent, Kerkorian's Tracinda Corp. is staying the course and waiving the condition.
"Tracinda continues to believe in Ford's management and turnaround efforts and remains committed to its offer for up to 20,000,000 shares of Ford common stock at a net per share offer price of $8.50," Kerkorian's investment company said in statement.
Kerkorian first disclosed that he had accumulated a 4.7 percent stake in Ford and was planning to buy as many as 20 million shares in April, just days after the company showed signs that it was turning a corner by announcing an unexpected profit for the first quarter.
Since then, however, the economy has only weakened and gasoline and steel prices have risen. The rapid deterioration in the market prompted Ford to announce last week that it was sharply cutting production in North America, especially that of large trucks and S.U.V.'s. The company also said it no longer expects to turn profitable in North America next year.
But Alan Mulally, the Ford C.E.O., has his believers. Many see Ford as Detroit's best hope, as it has been the most aggressive in working to reduce the number of its factories, workers, and dealers in North America.
As Paul Ingrassia wrote in the June issue of Condé Nast Portfolio, "Ford has the cleanest, most achievable recovery plan in Detroit."
It should not be forgotten, however, that for Kerkorian, auto love sometimes turns to rancor.
In 1995, he made an unsuccessful takeover bid for Chrysler. After Chrysler agreed to be acquired by Daimler-Benz in 1998, Kerkorian sued but lost in a Delaware court. When Daimler later put Chrylser up for sale last year, Kerkorian tried to present a bid, but was rebuffed.
Between Chrysler engagements, Kerkorian became the biggest individual shareholder in General Motors in 2005. He successfully pressed G.M. for a seat on the board, but he was less successful in trying to persuade the automaker to enter into an alliance with Renault of France and Nissan Motor of Japan.
Oil prices fell further on Friday as traders took their direction from a strengthening dollar, which makes oil more expensive for foreign buyers, and signs of easing energy demand, analysts Source: Infocious RSS raw feed - channel BNewsBusiness | 30 May 2008 | 11:56 am
South Korea's political opposition asked the Constitutional Court on Friday to block U.S. beef from entering the country after the government announced it would resume imports within days Source: Infocious RSS raw feed - channel BNewsBusiness | 30 May 2008 | 11:49 am
The part-privatisation of rail operator Deutsche Bahn gets the green light from German politicians. Source: BBC News | Business | World Edition | 30 May 2008 | 11:40 am
Nearly half of American air travelers would fly more if it were easier, and more than one-fourth said they skipped at least one air trip in the past 12 months because of the hassles... Source: Infocious RSS raw feed - channel BNewsBusiness | 30 May 2008 | 11:36 am
The UK's Financial Services Authority is helping US authorities with an
unprecedented investigation into claims of possible market manipulation of
the oil market. Source: Latest Business News from Times Online | 30 May 2008 | 11:36 am
The reality of rising fuel costs students in a Tennessee school district their bus ride to school this week on the last day of the year. That's a minor inconvenience compared with what Source: Infocious RSS raw feed - channel BNewsBusiness | 30 May 2008 | 11:35 am
The world's last major business-class only airline, Silverjet, has been forced to suspend its operations after a multi-million-pound cash injection from investors failed to materialise. Here is a timeline that charters the rapid rise and fall of the carrier. Source: Telegraph Business | 30 May 2008 | 11:25 am
The world's last major business-class only airline, Silverjet, has been forced to suspend its operations after a multi-million-pound cash injection from investors failed to materialise. Here is a timeline... Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 May 2008 | 11:25 am
The Indian economy expanded by 8.8% from January to March, but the pace of growth is slowing. Source: BBC News | Business | World Edition | 30 May 2008 | 11:16 am
Noel Forgeard, former co-chief executive of EADS, Europe's largest aerospace company, was charged today with insider trading. It is alleged that Mr Forgeard, 61, sold EADS shares ahead of an announcement that the company's Airbus division was having production problems with its A380 super-jumbo jet Source: Telegraph Business | 30 May 2008 | 10:50 am
Noel Forgeard, former co-chief executive of EADS, Europe's largest aerospace company, was charged today with insider trading. It is alleged that Mr Forgeard, 61, sold EADS shares ahead of an announcement... Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 May 2008 | 10:50 am
Oil prices continued to fall on Friday after sharp losses in the previous session on fears that record prices were starting to damp demand in the face of economic slowdown.Nymex West Texas Intermediate... Source: Infocious RSS raw feed - channel BNPaperBusiness | 30 May 2008 | 10:48 am
An all-business-class airline seemed like a beautiful idea. But an ugly spike in jet-fuel costs has shut down another contender.
Silverjet, the London-based airline that flew to New York and Dubai, is ceasing operations after it failed to obtain $5 million in emergency funds. Its last transatlantic flight, from Newark International Airport, is scheduled to land at London Luton Airport at 3 p.m. local time.
Silverjet follows Maxjet Airways and Eos Airlines into the business-class-only graveyard. L'Avion continues to fly all business class between New York and Paris, and big European airlines like Lufthansa, Swiss, KLM, and Air France also offer the service on some routes.
As Joe Brancatelli wrote last summer, the appeal of such service is obvious:
"All-business-class flights that seat just 44 to 100 passengers may not sound as sexy as an 850-seat behemoth. But if you've been to an airport this summer and have endured the crowds, the lines, the delays, and the robotic in-flight service, you know that small can be truly beautiful."
Yet Silverjet never became profitable in its 16 months of existence. The Times of London estimates that the airline has recently been losing some £2 million a month ($4 million). In the last six months, as oil prices surged more than 40 percent, its costs became unbearable. Jet fuel can account for as much of 40 percent of an airline's expenses.
"This shows the pain that the airline industry is suffering," John Strickland, director of London's aviation specialist JLS Consulting Ltd., told Bloomberg News. "Silverjet was the last of a particular breed, but I think we'll see other failures across different parts of the market in the next 12 months."
Signs of trouble at Silverjet emerged last week when the company warned that an agreement on financing was falling apart. An affiliate of the Viceroy Fund, an international investor in luxury brands based in the United Arab Emirates, had apparently agreed to make an investment. Shares of Silverjet were suspended on the London Stock Exchange.
Lawrence Hunt, the chief executive of Silverjet, said today: "We are working actively with new investors who are prepared to inject new funds so we can recommence operations. If we are able to achieve this, we will make an announcement as soon as possible, and we hope to be able to bring you our very 'sivilised' flying experience again.
Gary Stoller of USA Today reports that there is still great interest in business-class-only service, but that many aviation experts say that it makes sense only for established, better-capitalized airlines to offer it on some routes. Other business-class-only airlines, like Air One, MGM Grand, and Legend, have been short-lived.
"Nobody learns from previous mistakes," Barbara Beyer, president of Avmark, an airline consultant in Vienna, Virginia, told the paper.
Moody's (MCO) primary ratings unit gives Ambac (ABK) and MBIA (MBI) "Aaa" ratings. Those ratings were in trouble, but when the two companies raised capital, they kept their Good Housekeeping seals. It turns out that Moody's has a small unit that looks at the credit markets much differently than most of the company's other analysts do. The little skunk-works is called Moody's Analytics. According to Bloomberg, "The official ratings of these companies say the insurers are in great shape; the alternative ratings say they're in dire danger of defaulting on their debts." That second set of ratings come from within...
New Star Asset Management, John Duffield's beleaguered fund management group,
is having to issue 35 million new shares, equivalent to 15 per cent of the
existing equity, to finance the next bonus scheme and keep his top managers
happy. Source: Latest Business News from Times Online | 30 May 2008 | 10:25 am
It would not surprise many people to hear that there are not a ton of cellphone in Africa, especially when Egypt and South Africa are taking out of the mix. Nokia (NOK) wants to fix that. The company believes that as handset sales slow in Europe and the US, Africa will be the next big thing. According to Bloomberg "Nokia's bet that Africans will consider buying mobile-phone service to be as vital as paying 11 year-high corn prices stands a good chance of succeeding." It is a cynic's position and one that has a cruel underpinning as well. The plan...
A series of strikes last year means Royal Mail fails to meet its targets for delivering the post on time. Source: BBC News | Business | World Edition | 30 May 2008 | 10:08 am
Regulators are going to look more closely at the trading of oil. According to The Wall Street Journal "U.S. regulators disclosed a broad nationwide probe into potential oil-market manipulation and said they are expanding surveillance of energy markets." Increased regulation can come from several things. One is a classic witch hunt in which someone must be blamed for problems which have created broad harm and suffering. Congress needs to show that it is doing something to keep down oil and gas prices. All of the members stand for re-election in November. They can't go back to their districts and say...
Noël Forgeard, the former joint chief executive of EADS, was placed under
formal investigation today on suspicion of playing a key role in one of the
biggest insider trading scandals to hit European industry. Source: Latest Business News from Times Online | 30 May 2008 | 10:00 am
Australia's biggest producer of gas from coal seams, Origin Energy, will start considering a break-up or partnership after rejecting a A$13.6 billion (£6.5bn) takeover offer from BG Group. Source: Telegraph Business | 30 May 2008 | 10:00 am
comScore (SCOR) and other analysts made the mistake of saying that Google's click-through rates on the text advertising that runs next to its search results we not doing very well in Q1. Earnings from the search company showed otherwise. The stock soared and that was that. Now, comScore has come out with it April figures and Google's click rates are rising with its share price. The Wall Street Journal writes "according to comScore, Google saw better-than-expected 20% growth in U.S. paid clicks in April compared with the same period a year earlier." The numbers for Yahoo! (YHOO) dropped 4.4% from...
The press alternates between reporting that United (UAUA) and US Air (LCC) are in merger talks one day, and not in merger talks the next. According to Reuters "United Airlines and US Airways have suspended merger talks due to concerns about labor opposition and integration costs." Of course, that could change tomorrow. With the Delta (DAL) tie-up with Northwest (NWA) moving forward, it looks like other airlines believe that they are running out of time. High oil prices and a recession-driven loss of passengers means that operating income and cash flow in the industry could near $10 billion this year....
VW says it want a bigger market share in the US. Much bigger. With the tremendous competition in the world's largest car market, it may not get there, unless it can buy its way in. Ford (F) is starting to look better and better as an M&A target. The company said yesterday that it was having significant trouble at its lending unit. At Ford Credit "Delinquencies are rising on its loans -- especially those for big trucks -- and some of its borrowers owe more than their vehicles are worth," according to The Wall Street Journal. Ford faces huge losses...
Poland asks the European Commission for more time to privatise its ailing shipyards, amid EU irritation over Polish state aid. Source: BBC News | Business | World Edition | 30 May 2008 | 9:06 am
Noel Forgeard, former boss of EADS, is placed under formal investigation over allegations of insider trading. Source: BBC News | Business | World Edition | 30 May 2008 | 9:00 am
The world's last major business-class only airline, Silverjet, was teetering on the brink of collapse last night after a multi-million-pound cash injection from investors failed to materialise. Source: Telegraph Business | 30 May 2008 | 8:20 am
The world's last major business-class only airline, Silverjet, was teetering on the brink of collapse last night after a multi-million-pound cash injection from investors failed to materialise. Source: Telegraph Business | 30 May 2008 | 8:20 am
Australian energy firm Origin rejects a $13bn takeover bid from UK power company BG Group. Source: BBC News | Business | World Edition | 30 May 2008 | 8:07 am
Japan's economy shows further signs of weakness as unemployment rises and consumer spending falls. Source: BBC News | Business | World Edition | 30 May 2008 | 7:52 am
Northern Rock is planning to more than double the number of people working in
its debt management business in a move that will spark fresh fears of
widespread repossessions over the coming year. Source: Latest Business News from Times Online | 30 May 2008 | 7:48 am
Plans to help two million elderly and vulnerable people cope with the soaring
cost of gas and electricity bills have been dismissed as inadequate by
consumer groups and charities. Source: Latest Business News from Times Online | 30 May 2008 | 7:05 am
Thousands of Silverjet customers have been stranded or have lost money after
the business class-only airline this morning admitted it no longer had the
cash to continue flying and suspended operations. Source: Latest Business News from Times Online | 30 May 2008 | 6:52 am
BG Group was dealt a surprise blow today when Origin Energy, the leading
player in the fast-growing Australian coal-seam gas sector, rejected an
improved A$13.6 billion ($£6.6 billion) takeover offer. Source: Latest Business News from Times Online | 30 May 2008 | 6:16 am
Airline expresses concern over how the carriers would finance the deal's integration costs as fuel costs eat away at cash reserves Source: FT.com - US homepage | 30 May 2008 | 4:17 am
Fonterra has further boosted the forecast return to dairy farmers paving the way for a multi-billion dollar payday for the economy.
The co-operative has increased the forecast payout to $7.90 per kilogram of milksolids, having... Source: New Zealand Herald - Business | 30 May 2008 | 2:00 am
The contentious telecommunications service obligations (TSO) system, which requires certain services to be provided to meet social objectives, is in for a shake-up.
Communications and Information Technology Minister David Cunliffe... Source: New Zealand Herald - Business | 30 May 2008 | 1:00 am
Telecom is bringing in two new executives from overseas for roles it describes as being at the heart of its transformation process.
Frank Mount, whose last job was at Cable & Wireless, is being brought in to take up the new... Source: New Zealand Herald - Business | 30 May 2008 | 12:45 am
Freight and logistics company Mainfreight today reported its net profit rose 83 per cent to more than $100 million, boosted by one-off gains from asset sales.
Mainfreight posted a March year net profit of $101.6m, which included... Source: New Zealand Herald - Business | 30 May 2008 | 12:40 am
An Auckland law firm's "hopeless" pursuit of a wide-ranging lawsuit against Westpac Bank has cost it more than $1 million.
Legal newswire Lawfuel.co.nz said this week's judgment from Justice Rhys Harrison resulted in a rare award... Source: New Zealand Herald - Business | 30 May 2008 | 12:20 am
Departing BT chief executive Ben Verwaayen has hit out at customers who refuse to pay by direct debit and insist on receiving paper telephone bills. Source: Telegraph Business | 30 May 2008 | 12:01 am
Britain's second-largest house builder, Barratt Developments, has appointed Bob Lawson, chairman of recruitment group Hays, as its new non-executive chairman. Source: Telegraph Business | 30 May 2008 | 12:01 am
It is time to break up the airport monopoly that treats customers as if they were enemies, says Jeff Randall. Source: Telegraph Business | 30 May 2008 | 12:01 am
HSBC's controversial £120m pay package for senior directors is expected to win shareholders' approval at today's annual meeting, but it will have to acknowledge a large protest vote. Source: Telegraph Business | 30 May 2008 | 12:01 am
The chairman of Blacks Leisure, the camping and surfwear retailer in which Newcastle United owner Mike Ashley has a 29pc stake, said that "radical change" is needed at the company after it made just £300,000 pretax profit over the year to March 1 and halved its final dividend. Source: Telegraph Business | 30 May 2008 | 12:01 am
The New Zealand Stock Exchange and Fairfax Media have joined forces to upgrade the NZX website.
The old site has been a conservative but trusty bulletin board that provides an objective view of the market in (nearly) real time.
The... Source: New Zealand Herald - Business | 30 May 2008 | 12:00 am
A former UBS private banker charged with helping a US billionaire evade income taxes is expected to enter a guilty plea in federal court next month, according to court documents Source: FT.com - US homepage | 29 May 2008 | 11:18 pm
Bridgecorp founder Rod Petricevic is claiming receivers of his failed finance company owe him a golden handshake worth more than $1 million.
In the High Court yesterday Petricevic's lawyer made claims including $190,385 worth of... Source: New Zealand Herald - Business | 29 May 2008 | 10:50 pm
A jump in international sales helped Dell to withstand weakness in its core business of selling to US commercial customers during its most recent quarter, the maker of PCs, servers and other hardware reported Source: FT.com - US homepage | 29 May 2008 | 10:25 pm
France hopes the European Union can reach a deal with Russia on a new strategic partnership by the end of 2008, the French prime minister said after talks with Vladimir Putin Source: FT.com - US homepage | 29 May 2008 | 10:23 pm
A small New Zealand company is being recognised for its contribution to the environment at a global conference in Japan as part of the Earth Month celebrations.
Five organisations from around the world have been selected to make... Source: New Zealand Herald - Business | 29 May 2008 | 9:30 pm
The price of oil has fallen by US$4 a barrel in overnight trade.
Crude is currently trading at US$128 a barrel.
The reduction is due to a stronger US dollar and weakening global demand for crude products.
- NZHERALD STAFF Source: New Zealand Herald - Business | 29 May 2008 | 9:00 pm
Wall Street stocks rose for a third straight session as oil prices dropped, financials rallied on a bullish analyst report and new data showed the US economy grew faster than previously thought in the first quarter Source: FT.com - US homepage | 29 May 2008 | 8:40 pm
This week saw some interesting changes to sharemarket operator New Zealand Exchange's website.
When seeking market information, Stock Takes now has to scroll past news coverage sourced from APN rival Fairfax, but that's only a... Source: New Zealand Herald - Business | 29 May 2008 | 8:00 pm
That's what time Bear Stearns chairman James Cayne announced this morning that the bank's shareholders had approved its sale to J.P. Morgan for $10 per share.
The 84 percent shareholder-approval rate concludes the last chapter in what will be remembered as one of Wall Street's greatest collapses.
Cayne apologized to the investors and employees attending the shareholder meeting, according to the Wall Street Journal. "We ran into a hurricane," Cayne said. "There's no anger; there's simply remorse."
Both Cayne and Bear Stearns chief executive Alan Schwartz expressed admiration for the banks' 14,000 employees, more than half of which lost their jobs as part of the transaction.
The deal is expected to close on Friday.
For some bitter shareholders and former employees, Cayne's apology cannot begin to repair the damage from Bear's dramatic collapse and fire sale to J.P. Morgan. "Cayne offered his apology, but to me that's not enough,'' shareholder Wayne Kaniper told Bloomberg.
Bear's troubles began in earnest last summer, when two of its hedge funds imploded in what was one of the first major casualties of the current credit crisis. Warren Spector, co-president of Bear, was forced out in August. In January, then-chief executive Cayne stepped down to let Schwartz take over.
But none of the executive changes were enough to stop the momentum that had been building as the credit crisis worsened. In March, many of Bear's biggest clients and trading partners began fleeing the bank, and Bear was ultimately forced into the deal with J.P. Morgan and the Federal Reserve.
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Reuters - Billionaire investor Kirk Kerkorian on
Friday said he would move ahead with a tender offer for Ford
Motor Co shares, signaling a bigger bet on the
automaker's turnaround despite the recent slump in its stock
and lowered financial outlook.
Reuters - Tiffany & Co posted
higher-than-expected quarterly profit on Friday, boosted by
strong sales in Europe, the Asia-Pacific region and to tourists
at its Manhattan flagship store, and the U.S. jeweler raised
its full-year outlook, pushing its shares up 4 percent.
Reuters - UAL Corp , parent of United
Airlines, and US Airways Group have decided not to
merge, the chief executives of the two carriers said on Friday
in separate messages to employees.
Reuters - Consumer confidence fell to a 28-year
low in May as inflation expectations soared, according to a
survey released on Friday that presents a dilemma for the
Federal Reserve.
AP - Consumer spending barely budged in April and growth in personal income slowed sharply, even though the government started sending out billions of dollars in economic stimulus payments.
Reuters - Personal spending rose by 0.2
percent in April as forecast and a key gauge of core inflation
slowed, government data on Friday showed, but real spending
adjusted for higher inflation overall stagnated.