Britain's biggest out-of-town shopping centres suffered a fall in customer
numbers of almost 7 per cent last month showing that spiralling petrol
prices have hit consumer spending. Source: Latest Business News from Times Online | 14 Jun 2008 | 5:42 pm
Ford (F) is making the rounds of its employees and unions to tell them that the company will have to take out more costs. According to The Wall Street Journal, the word went out to "plant managers and representatives of organized labor on Friday that substantial reductions in overtime and additional buyouts of union workers were necessary to cut costs further." Ford is making a grave mistake. At this point, the company is already in financial trouble. That is not likely to change. The brutal drop in US sales of SUVs and pick-ups happened so swiftly that it has ruined...
Now that world opinion about oil is becoming more passionate by the day, world leaders and world consumers have to blame someone for the high prices of gas. The first wave of speculation, with OPEC leading the way, was against speculators who trades on oil futures and gamble on the direction of the value of crude. The Federal government and agencies in other countries are looking into that. Presumably, this has sent the offending parties underground, although there is no real evidence that they ever existed. And, sicking the police after them has done nothing to bring down oil. The...
Microsoft (MSFT) told its employees that it offered Yahoo! (YHOO) $8 billion in cash for 16% of the company and $1 billion to buy its search operations. According to Reuters, "The proposal also included a revenue-sharing partnership that would have delivered $1 billion a year in additional operating income to Yahoo due in part to a three-year guarantee of better rates for advertisements tied to its search results." A Yahoo! partnership with Google (GOOG) does not appear nearly so good, although Yahoo! has opted to take it. The world's largest search company may add $500 million to the operating income...
Reuters - The world's richest nations warned
on Saturday soaring commodity prices may slice into economic
growth, but shrank from offering any plan to calm markets or
quell protests over the cost of fuel and food.
OSAKA, Japan (Reuters) - The world's richest nations warned on Saturday soaring commodity prices may slice into economic growth, but shrank from offering any plan to calm markets or quell protests over the cost of fuel and food.
Now that Microsoft (MSFT) can't have Yahoo! (YHOO), it does not want anyone else to have the portal. Yahoo! has gone to search rival Google (GOOG) to sell some of its advertising inventory. Google can get a better price for it and that could add $500 million per year to Yahoo!'s bottom line over time. The Microsoft argument is simple, and convincing. According to Reuters, the software company said in an e-mail that the Google-Yahoo agreement would "limit choices for advertisers and publishers" and "destroy a competitive alternative." The comment has the benefit of being true. Google and Yahoo! are...
Swiss banks UBS and Credit Suisse said they will pay 357.5 million euros (550 million dollars) in settlements to Italian food giant Parmalat, which had partly blamed them for it going bust... Source: Infocious RSS raw feed - channel BNewsBusiness | 14 Jun 2008 | 10:09 am
Buying The Weather Channel and Weather.com got a bit rich for Time Warner (TWX). The company pulled out of the negotiations, leaving GE's (GE) NBCU operation and its partners as potential future owners of the Landmark Communications properties. It is a shame. Weather.com is one of the most visited websites in the US, ranking No. 15 among all US sites with 35 million unique visitors according to comScore. It would have made a strong fit with Time Warner's CNN.com and AOL.com divisions. The Weather Channel, one of the most widely distributed cable channels would have matched up well with Turner...
AFP - World finance chiefs warned on Saturday runaway oil prices could imperil global economic growth, calling on producers to open up the taps and tasking the IMF to investigate wild market swings.
Banks repossessed twice as many homes in May and foreclosure filings rose 48 percent from a year ago as falling house prices trapped borrowers in mortgages they couldn't afford, RealtyTrac said in a report... Source: Infocious RSS raw feed - channel BNPaperBusiness | 14 Jun 2008 | 8:29 am
Shares in Wachovia Corp., the nation's fourth-largest bank, fell as much as 10 percent on concerns that borrowers may miss more payments on adjustable-rate mortgages. The bank closed down 5.8 percent,... Source: Infocious RSS raw feed - channel BNPaperBusiness | 14 Jun 2008 | 8:29 am
Billionaire activist Carl Icahn is expected to continue pursuing his proxy fight to unseat Yahoo!'s board members despite news this week that the Internet icon had ended its takeover talks with Microsoft,... Source: Infocious RSS raw feed - channel BNPaperBusiness | 14 Jun 2008 | 8:29 am
AIG CEO American International Group could hold an emergency meeting as soon as this weekend to discuss the fate of CEO Martin Sullivan, accord ing to a report on CNBC. An AIG spokesman de clined to comment... Source: Infocious RSS raw feed - channel BNPaperBusiness | 14 Jun 2008 | 8:29 am
For the first time in a while, the voices of Lehman Brothers' supporters seemed to drown out the beleaguered investment bank's detractors. After enduring a weeks-long pounding at the hands of both short-sellers... Source: Infocious RSS raw feed - channel BNPaperBusiness | 14 Jun 2008 | 8:29 am
NBC Universal has entered into exclusive negotiations with Landmark Communications to buy the Weather Channel, according to people familiar with the situation. General Electric-owned NBC emerged as the... Source: Infocious RSS raw feed - channel BNPaperBusiness | 14 Jun 2008 | 8:29 am
South African telecom giant MTN said Saturday it was still pursuing merger talks with Reliance Communications amid a family feud over who has the first right to buy the Indian cellular... Source: Infocious RSS raw feed - channel BNewsBusiness | 14 Jun 2008 | 7:57 am
The International Monetary Fund said Saturday it would investigate the surge in crude oil costs after the G8 club of rich nations called for a probe into wild swings in energy prices. Source: Infocious RSS raw feed - channel BNewsBusiness | 14 Jun 2008 | 7:56 am
The International Monetary Fund said Saturday it would investigate the surge in crude oil costs after the G8 club of rich nations called for a probe into wild swings in energy prices. Source: Infocious RSS raw feed - channel BNewsBusiness | 14 Jun 2008 | 7:48 am
Group of Eight finance ministers disagreed about the role that speculators were playing in exacerbating price rises, but concluded there are no quick fixes to soaring oil and food costs Source: FT.com - US homepage | 14 Jun 2008 | 6:43 am
US Treasury Secretary Henry Paulson said Saturday a strong dollar was in his nation's interests and solid US economic fundamentals would support the currency in the long term. Source: Infocious RSS raw feed - channel BNewsBusiness | 14 Jun 2008 | 6:25 am
Not long ago, it seemed like the worst was over. As the first quarter wound down, the credit crisis appeared to be easing, the housing market seemed like it might get some footing and... Source: Infocious RSS raw feed - channel BNewsBusiness | 14 Jun 2008 | 5:41 am
SEATTLE/SAN FRANCISCO (Reuters) - When Yahoo Inc turned down the latest offer from Microsoft Corp this week, it walked away from $9 billion in cash and $1 billion a year in additional operating profit, Microsoft said on Friday.
PHILADELPHIA, June 14 /PRNewswire/ -- SEPTA is pleased to announce a tentative contract agreement with the Fraternal Order of Transit Police. The agreement... Source: Infocious RSS raw feed - channel BNewsBusiness | 14 Jun 2008 | 5:14 am
There’s a move afoot by federal regulators to slash costly penalties on wireless customers who cancel their contracts, but this might not all be peaches and cream, writes Jeffry Bartash.
U.S. stocks could be in for another temperamental week as market participants track the price of oil and try to gauge the odds of whether the Federal Reserve will resort to interest-rate hikes in coming months to ward off inflation.
Reuters - Saudi Arabia plans to increase its oil
output in July by some half-million barrels a day, a sign the
country is growing concerned about the impact of high crude
prices on the global economy, The New York Times reported. Source: Yahoo! News: Business | 14 Jun 2008 | 3:25 am
NEW YORK (Reuters) - Saudi Arabia plans to increase its oil output in July by some half-million barrels a day, a sign the country is growing concerned about the impact of high crude prices on the global economy, The New York Times reported.
WEIFANG, China, June 13 /Xinhua-PRNewswire-FirstCall/ -- Yuhe International Inc. (OTC Bulletin Board: YUII) ("Yuhe" or "the Company"), a leading... Source: Infocious RSS raw feed - channel BNewsBusiness | 14 Jun 2008 | 2:00 am
LOS ANGELES (Reuters) - Trash company Republic Services Inc is in talks to buy competitor Allied Waste Industries Inc in an all-stock deal worth about $6.77 billion, the companies said on Friday.
Waste collection and disposal companies Republic Services Inc. and Allied Waste Industries Inc. said Friday the companies are discussing a possible buyout deal. Under the current... Source: Infocious RSS raw feed - channel BNewsBusiness | 14 Jun 2008 | 12:58 am
A strike by fuel tanker drivers over pay continues to disrupt the delivery of fuel to Shell petrol stations. Source: BBC News | Business | World Edition | 14 Jun 2008 | 12:56 am
NEW YORK (Reuters) - Stocks closed higher on Friday, helped by a government report that showed underlying price pressures rose moderately in May, easing fears that inflation would force a near-term rise in interest rates.
WASHINGTON (Reuters) - Soaring gasoline prices helped drive up U.S. consumer prices in May at the fastest rate in six months, the government said on Friday, but core prices remained tame, easing inflation fears in financial markets.
Thanks to the renewal of a decades-old rivalry between two of the biggest franchises - the Boston Celtics and the Los Angeles Lakers - the US has rediscovered its love of basketball after years of waning interest Source: FT.com - US homepage | 14 Jun 2008 | 12:16 am
Clara Furse, chief executive of the London Stock Exchange, has been honoured in the Queen’s Birthday Honours list. Source: Telegraph Business | 14 Jun 2008 | 12:01 am
Haven't got £20.4m to spend on a penthouse in the world's tallest residential building in Chicago? Well, how about a nice starter apartment from just under £400,000? Source: Telegraph Business | 14 Jun 2008 | 12:01 am
BP chief executive Tony Hayward believes it could take months to patch up the company's dispute in Russia, but appeared to take a softer line on the escalating row with its partners in the TNK-BP joint venture. Talks aimed at resolving control of TNK-BP have stalled amid claims that the Russians were returning to 1990s-style "corporate raiding". Source: Telegraph Business | 14 Jun 2008 | 12:01 am
Smut pays. Graham Norton, perhaps the campest man on television - who famously ushered in the New Year by having a woman on his show fire out 12 ping-pong balls from between her, er, hum, legs - has just filed his accounts at Companies House. Source: Telegraph Business | 14 Jun 2008 | 12:01 am
The legendary Mayfair nightclub Annabel's faces a six-figure claim for using the tips from its wealthy clientele to pay its waiting staff the national minimum wage. Source: Telegraph Business | 14 Jun 2008 | 12:01 am
The Financial Services Authority (FSA) wants to crackdown on stock market abuse. It has identified the short selling of shares in companies undertaking rights issues as an area particularly at risk to illegal manipulation, including through the propagation of false rumours. Source: Telegraph Business | 14 Jun 2008 | 12:01 am
Cadbury is next month set to launch the UK's first ever chocolate-flavoured chewing gum in the latest boost for the UK confectionary market. Source: Telegraph Business | 14 Jun 2008 | 12:01 am
Reuters - When Yahoo Inc
turned down the latest offer from Microsoft Corp this
week, it walked away from $9 billion in cash and $1 billion a
year in additional operating profit, Microsoft said on Friday.
Directors at American International Group, the troubled US insurer, were on Friday night discussing whether to hold an emergency meeting this weekend to consider the position of chief executive Martin Sullivan and try to quell a growing shareholder revolt Source: FT.com - US homepage | 13 Jun 2008 | 11:13 pm
Shares in Yahoo fall up to 7.5% as investors doubt the benefits of an agreement with Google. Source: BBC News | Business | World Edition | 13 Jun 2008 | 11:07 pm
The chief executives of the London Stock Exchange and transport firm First Group receive honours from the Queen. Source: BBC News | Business | World Edition | 13 Jun 2008 | 11:01 pm
More than 60,000 extra flights will pass low over London each year under a
government plan to suspend air pollution limits to allow Heathrow to expand. Source: Latest Business News from Times Online | 13 Jun 2008 | 11:00 pm
The euro tumbled on currency markets yesterday as voters in the Irish Republic
rejected the European Union’s reform treaty and analysts gave warning that
growing political tensions within the eurozone could lead to further
weakness.
The single currency slipped to its lowest point against the dollar for three
months as the vote heightened concerns about political instability in the
eurozone. After hitting almost $1.60 per euro in April, the currency traded
yesterday as low as $1.5304.
Sterling, which has lost about a fifth of its value against the euro since
last autumn, also gained. Yesterday, $£1 bought €1.27.
There are fears that the vote could exacerbate political wrangling between
member states, amid concerns that an economic split is emerging. Southern
European economies, such as Spain and Italy, have slowed much more sharply
than their northern counterparts.
It is also thought that the vote could take economic reforms off the agenda
for the foreseeable future. Ben May, of Capital Economics, the economic
consultancy, said: “If the Union can’t agree on ratifying this treaty,
financial institutions may be worried that EU bodies may not be able to
drive through other reforms.”
Geoffrey Yu, currency analyst at UBS, said: “It will be damaging for the euro
as eurozone leaders have warned economic integration cannot be optimised
without political integration.”
A sign that countries are beginning to feel the strain emerged this week when
José Luis Zapatero, the Spanish Prime Minister, criticised the European
Central Bank after it signalled that a rate rise could be on the cards.
Mr Zapatero took issue with such a statement before a decision had been
officially taken. “We expect the ECB to be more responsible,” he said.
Mr May said that signs of discontent in Ireland and Spain would be closely
watched as they were among the countries that had gained most from EU
membership.
“If the recent rise in political tensions continues, compounding the region’s
growing economic divergences, then worries about the durability of the
single currency in the event of a severe economic downturn may increase,” Mr
May said.
Those fears grew yesterday as Axel Weber, president of the Deutsche
Bundesbank, said he could not rule out the possibility that Germany’s
economy, the largest in the eurozone, may shrink in the second quarter,
after reporting strong growth of 1.5 per cent in the first three months.
New doubts about the single currency were highlighted in reports by Handelsblatt,
the German newspaper. It said German consumers were asking for euro notes
from southern Europe to be exchanged for German notes, amid fears that
southern notes may lose value in an economic crisis. Source: Latest Business News from Times Online | 13 Jun 2008 | 11:00 pm
It’s not just shareholders of banks and housebuilders who have been panicking
in the past few days. The surprise decision from the Financial Services
Authority to force short-sellers during rights issues to unmask themselves
suggests that the regulators have been spooked too. Source: Latest Business News from Times Online | 13 Jun 2008 | 11:00 pm
The City’s chief regulator came under heavy fire yesterday as it announced
uncompromising new rules to protect companies from investors betting against
them when they are raising emergency funds. Source: Latest Business News from Times Online | 13 Jun 2008 | 11:00 pm
Oil traders on both sides of the Atlantic gave warning that American efforts
to extend US regulation to include the London oil market risked simply
channelling the trade offshore to Dubai and Singapore. Source: Latest Business News from Times Online | 13 Jun 2008 | 11:00 pm
“Ten years ago I could never have imagined I’d be doing this,” says Greg Pal,
33, a former software executive, as he squints into the late afternoon
Californian sun. “I mean, this is essentially agriculture, right? But the
people I talk to – especially the ones coming out of business school – this
is the one hot area everyone wants to get into.” Source: Latest Business News from Times Online | 13 Jun 2008 | 11:00 pm
All 420 workers at Silverjet, the troubled business-class airline, lost their
jobs yesterday after an attempt to get the airline flying again collapsed. Source: Latest Business News from Times Online | 13 Jun 2008 | 11:00 pm
Reports that Saudi Arabia is considering boosting oil production cause oil to fall to $134 a barrel. Source: BBC News | Business | World Edition | 13 Jun 2008 | 10:53 pm
Stocks rallied Friday, muscling back at the end of a tough week, with a stronger dollar and weaker oil prices giving investors a reason to dive back into some recently beaten-down shares.
BOSTON (Reuters) - U.S. authorities were trying to determine on Friday whether a fugitive financier who was thought to have faked his suicide will have enough money to sustain life on the run.
Investor's Business Daily - Peter Lynch showed he was a money whiz with the first mutual fund he ran. Source: Yahoo! News: Business | 13 Jun 2008 | 10:35 pm
This week on CNBC's "MAD MONEY," Jim Cramer had another one of those "one pick per night" features. This week's special feature wasn't just oil, it was wildcatting. Yep, drill a hole in the ground and see what happens. In his version of the wildcatting climate, it is now highly profitable because oil prices are incredibly high and the costs are easy to recoup. Here are his picks in the sector chronologically, and the "gain" posted here is on the "day after move" rather than for the week: Monday... Petrohawk Energy Corp. (NYSE: HK) -4.1% Tuesday... Rex Energy Corp. (NASDAQ:...
Reuters - Between chewing sauce-slathered ribs
and corn on the cob, the neighbors and relatives of Wall
Street's top prognosticators had one thing on their mind this
past Memorial Day: gasoline prices.
NEW YORK (Reuters) - Between chewing sauce-slathered ribs and corn on the cob, the neighbors and relatives of Wall Street's top prognosticators had one thing on their mind this past Memorial Day: gasoline prices.
CVR Energy, Inc. (NYSE: CVI) announced Friday evening that the managing general partner of CVR Partners has decided to postpone the IPO of its CVR Partners indefinitely. The company noted that its review of public offering alternatives for CVR Partners, the managing general partner has determined that current MLP (master limited partnership) market conditions do not currently support a solid IPO. This was aimed at maximizing the value of CVR's fertilizer business. The company now believes maintaining the fertilizer business within the parent CVR Energy will offer a greater value for its shareholders. We reviewed this one for our SPECIAL...
Devastating floods in Iowa and torrential rain in other Midwestern states take a heavy toll on crops, throwing the door wide open to higher costs on the farm and the nation's food shelves.
There was plenty of news for investors to chew on this week, and a lot of it was about prices. Gas prices, corn prices, rice prices, wheat prices and all sorts of other prices, too. Almost all of these prices were moving up throughout the week as talk swirled about inflation and moved away from economic growth, a topic that had kept attention over the past few months.
NEW YORK (Reuters) - American International Group Inc could hold an emergency meeting as soon as this weekend to discuss the fate of Chief Executive Martin Sullivan, according to a report on business news channel CNBC on Friday.
If you're invited to someone's place for dinner, you might show up with some flowers or a bottle of wine. You don't even ask yourself if the polite gesture's worth the expense. But commentator and economist Dan Ariely says maybe you should. Source: Marketplace | 13 Jun 2008 | 9:11 pm
The Puma shoe brand was born when the brothers who founded Adidas split in a dispute that divided their family. Kai Ryssdal talks with "Sneaker Wars" author Barbara Smit about how the family feud behind the two powerhouses shaped the face of global sports. Source: Marketplace | 13 Jun 2008 | 9:11 pm
Stockbroker and business analyst David Johnson chats with host Kai Ryssdal about what happened on Wall Street this week and what may lie ahead. Source: Marketplace | 13 Jun 2008 | 9:11 pm
Gold prices have been running at historically high levels, which has put a crimp in some businesses that use the shiny yellow stuff. But in New York City one merchant has found a tasteful way to adjust. Andrea Mustain reports. Source: Marketplace | 13 Jun 2008 | 9:11 pm
Iowa has been hit with tornados, thunderstorms, hail and flooding in recent days, prompting its governor to declare essentially the whole state a disaster area. Watch for the impact to reach well beyond the Midwest. Sam Hudzik reports. Source: Marketplace | 13 Jun 2008 | 9:11 pm
Just a year ago, social networking site MySpace had nearly three times as many visitors as its rival Facebook. Now the two sites are about even. That probably explains why MySpace is getting ready to unveil a big makeover. Stacey Vanek-Smith reports. Source: Marketplace | 13 Jun 2008 | 9:11 pm
Irish voters have defeated a treaty that would have streamlined the European Union. For the United States and its businesses, that will make trade more complicated. Stephen Beard reports. Source: Marketplace | 13 Jun 2008 | 9:11 pm
The core inflation rate doesn't include gas and food prices. But if you add those products to the report for last month, consumer prices shot up 0.6% -- the biggest increase since November. That's why some economists say it's time to stop ignoring them. Nancy Marshall Genzer reports. Source: Marketplace | 13 Jun 2008 | 9:10 pm
Until recently, big SUVs had resisted the sales declines hitting their smaller, mid-size brethren. That was because large SUV drivers were hard-core - they really needed interior room and pulling power, and they weren't about to switch to car-like crossovers.
Reuters - Former U.S. Federal Reserve
Chairman Alan Greenspan said on Friday the Fed will have to
tighten monetary policy to put a brake on inflation, adding
that the worst of the credit crisis may have passed.
MEXICO CITY (Reuters) - Former U.S. Federal Reserve Chairman Alan Greenspan said on Friday the Fed will have to tighten monetary policy to put a brake on inflation, adding that the worst of the credit crisis may have passed.
Voters in Ireland have decisively rejected the Lisbon treaty, official results show, as more people than expected turned out to vote against further integration with the European Union. The result plunged the 27-nation bloc into turmoil, with some politicians warning of a two-speed Europe Source: FT.com - US homepage | 13 Jun 2008 | 9:01 pm
There's an explanation for Steve Jobs' rail-thin appearance at the unveiling of the new iPhone that's neither a common bug, or a return of the cancer he survived four years ago.
They rise from the desert dust, 130 miles southwest of Las Vegas - a 12-foot-tall King Kong and five like-sized dinosaurs, beckoning motorists along Interstate 15 into Peggy Sue's 50's Diner.
Candidate calls the Supreme Court decision to allow Guantánamo Bay prisoners to challenge their detention in US courts 'one of the worst decisions in the history of this country' Source: FT.com - US homepage | 13 Jun 2008 | 8:44 pm
US stocks advanced for a second straight session as falling oil prices, new data showing only a moderate rise in inflation in May and upbeat comments from a former Fed chairman cheered investors, helping to pare back losses for the week Source: FT.com - US homepage | 13 Jun 2008 | 8:36 pm
If you have been watching the movement in General Electric Co. (NYSE: GE) for this last week, you won't be surprised to hear that this is due to intense "market chatter" out in the marketplace. We do not want to contribute any at all to what is starting to look, sound and feel like intense rumor mongering. What is interesting and sad at the same time is that right now Wall Street is not even taking a wait and see attitude because of the credibility issues of so many financial companies. The long and short is that traders shoot first...
Wachovia (WB) Sitll concerns about faltering balance sheet. Down to $18.22. Gatehouse Media (GHS) Another newspaper industry victim. Down to $2.98. Fifth Third Bancorp (FITB) Announces it will raise money. Down to$12.97. Douglas A. McIntyre
With banks getting out of the student loan business, students are turning to the Internet -- and sometimes total strangers -- to cover the cost of school. Nancy Marshall Genzer has more. Source: Marketplace Money | 13 Jun 2008 | 7:52 pm
Now that you've decided to write a will, what things do you need to consider? Tess continues her conversation with Kiplinger's John Ventura. Source: Marketplace Money | 13 Jun 2008 | 7:52 pm
Break a plate? Lose that serving spoon? On this week's "A Day in the Work Life," we visit a store that helps you track down that one missing piece. Source: Marketplace Money | 13 Jun 2008 | 7:52 pm
In this edition of Getting Personal, Chris and Tess talk about a relative's financial deal, types of credit scores, rewards checking accounts and pooling money to buy a house. Source: Marketplace Money | 13 Jun 2008 | 7:52 pm
More than half of Americans don't have a will. Tess talks to Kiplinger's John Ventura about the importance of having your affairs in order. Source: Marketplace Money | 13 Jun 2008 | 7:52 pm
Reverend Zelda Kennedy talks about getting past the discomfort of planning for the end and the importance of making your wishes clear. Source: Marketplace Money | 13 Jun 2008 | 7:52 pm
What should you believe when every housing figure points a different direction? Economics editor Chris Farrell cuts through the confusion and sets the story straight on the housing market. Source: Marketplace Money | 13 Jun 2008 | 7:52 pm
So what do you do when you're out of financial options? Tess talks to law professor David Skeel about what to think about when you're considering bankruptcy. Source: Marketplace Money | 13 Jun 2008 | 7:52 pm
Bankruptcies are up 27% this year. Host Tess Vigeland looks beyond the statistics and talks to a listener who fears bankruptcy may be his only choice. Source: Marketplace Money | 13 Jun 2008 | 7:51 pm
It's been a while since we have seen many blank check or special purpose acquisition company (SPAC's) file to come public. We just saw a filing for an IPO from Staccato Acquisition Corp., although it is rather small with a $49 million offering planned. The company also plans to trade on the OTC Bulletin Board. It has filed to sell 6.125 million units with an $8.00 per unit price. Each unit will consist of one share of common stock and one warrant with a $6.00 strike price. EarlyBirdCapital, Inc. is the lead underwriter, and co-managers are listed as Morgan Joseph...
The European Commission clears Volkswagen's takeover of the Swedish bus and truck maker Scania. Source: BBC News | Business | World Edition | 13 Jun 2008 | 7:05 pm
The rising price of oil is creating a credit squeeze in the retail petrol business as more customers pay for their purchases with plastic and station owners increase their borrowings from suppliers Source: FT.com - US homepage | 13 Jun 2008 | 6:20 pm
Fears of accelerating global inflation were further heightened when US consumer prices surged by 0.6 per cent in May on the back of rising energy costs Source: FT.com - US homepage | 13 Jun 2008 | 5:53 pm
Standard & Poor's, the credit rating agency, has told regulators it found an error in the computer models underpinning the ratings of complex debt products Source: FT.com - US homepage | 13 Jun 2008 | 5:50 pm
The euro falls against the dollar and sterling after Ireland rejects the EU's reform treaty in a referendum. Source: BBC News | Business | World Edition | 13 Jun 2008 | 5:29 pm
Initial negotiations on a bilateral status-of-forces agreement have reached deadlock because US proposals impinge on Iraqi sovereignty, says prime minister Nouri al-Maliki Source: FT.com - US homepage | 13 Jun 2008 | 5:29 pm
On Monday British Prime Minister Gordon Brown and US President George W. Bush will meet in London to try to work out a solution to the oil crisis that is battering consumers around the world.
What they will say to each other is... Source: New Zealand Herald - Business | 13 Jun 2008 | 5:00 pm
It's official, there is an oil crisis. The International Energy Agency (IEA) says so.
"We can call it an 'oil crisis' given the current price, and that it continues to climb even after global efforts to cut consumption," IEA executive... Source: New Zealand Herald - Business | 13 Jun 2008 | 5:00 pm
The dramatic increase in oil prices has been blamed on a number of factors including financial speculators, a shortage of refining capacity and the unwillingness of Opec producers to raise their output.
These have been contributing... Source: New Zealand Herald - Business | 13 Jun 2008 | 5:00 pm
Bratz creator Carter Bryant said yesterday he saw nothing wrong with pitching an idea for urban chic fashion dolls while working as a Barbie designer at Mattel, or with enlisting fellow Mattel employees to help him create models of... Source: New Zealand Herald - Business | 13 Jun 2008 | 5:00 pm
David Figgins says there's an old airline joke about the five-year plan being changed every Friday.
Figgins, Cathay Pacific's man in Auckland for the past 34 years, is now seeing the latest threat to long-term strategy _ soaring... Source: New Zealand Herald - Business | 13 Jun 2008 | 5:00 pm
It was over a casual neighbourhood chat that Auckland's Maike Blackman realised the wave of pressure to go eco-friendly was leaving resource-strapped businesses gasping for breath.
She has since spun the idea of helping small companies... Source: New Zealand Herald - Business | 13 Jun 2008 | 5:00 pm
The oil market yesterday grappled with the news that Nigeria's state-owned oil company will take over operations in a key district from Royal Dutch Shell.
US crude oil was down 6c at US$136.68 ($182) a barrel, but still within... Source: New Zealand Herald - Business | 13 Jun 2008 | 5:00 pm
Baggage fees are fast becoming an unavoidable part of flying in the United States - three of the largest carriers now charge US$15 ($20) for the first checked bag.
United Airlines (No 2) and US Airways (No 7) announced their new... Source: New Zealand Herald - Business | 13 Jun 2008 | 5:00 pm
The Auckland retail property market continues to be dominated by strong leasing and investment in prime retail locations, a Bayleys Research survey says.
"Rental rates for prime locations have been continuing to show good growth,... Source: New Zealand Herald - Business | 13 Jun 2008 | 5:00 pm
Central bankers sounded the inflation alarm again yesterday, and data from around the globe attested to their fears that the psychology of rapid price growth was spreading through the world economy.
Inflation expectations hit a... Source: New Zealand Herald - Business | 13 Jun 2008 | 5:00 pm
The European Commission is looking into claims that the US is "dumping" subsidised biodiesel in Europe. Source: BBC News | Business | World Edition | 13 Jun 2008 | 4:00 pm
Before the arrival of broadband and blogging software, companies had only to worry about their dirty laundry being aired by pesky reporters or the occasional lawsuit.
The internet, of course, has changed all that. From anonymous whistle-blowers who post secret documents online to fan sites that spill trade secrets, websites and their owners can be a major thorn in the side of corporations that find comfort behind a veil of secrecy (here are our picks for the top anti-corporate sites).
“It’s a risky new world for corporations,” says Ronald Alsop, author of The 18 Immutable Laws of Corporate Reputation: Creating, Protecting, and Repairing Your Most Valuable Asset. “Every company I speak with is very aware that this is a growing issue and that there are all these new sites and new ways to potentially become under attack.”
Employees with blogs are one big concern. An anonymous Microsoft insider named “Mini-Microsoft” has been blogging internal worker complaints about the company since 2004 and has apparently grabbed Microsoft’s ear. When the company changed some of its benefits and review policies in 2006, some credited the blog with precipitating the moves.
A bigger threat, however, may be watchdog sites such as Wikileaks and Wal-Mart Watch that actively solicit insiders to disclose corporate secrets and wrongdoings. Wikileaks, which has a broad mandate, recently published documents from a whistle-blower alleging that the Cayman Islands branch of Swiss bank Julius Baer helps wealthy customers launder money and hide assets. And Wal-Mart Watch has twice published embarrassing internal correspondence from its executives, forcing the huge retailer to publicly respond.
Increasingly, companies are turning to the law to combat these sites, but it’s not always that successful. Apple sued and reached a settlement that shuttered Think Secret, a fan site that beat the company a number of times at announcing its new products. But when Julius Baer took legal action to get whistle-blower documents removed from the Wikileaks site, a public backlash gave the documents more attention than they would have otherwise received and painted Julius Baer as an enemy of free speech.
Silverjet makes its 420-strong workforce redundant as negotiations over a rescue deal break down. Source: BBC News | Business | World Edition | 13 Jun 2008 | 3:47 pm
China and Taiwan sign historic agreements on direct flights and tourism at their first talks in almost a decade. Source: BBC News | Business | World Edition | 13 Jun 2008 | 3:23 pm
US inflation rises at its fastest pace for six months in May because of sharply higher energy costs. Source: BBC News | Business | World Edition | 13 Jun 2008 | 1:18 pm
The news that consumer prices rose sharply in May should come as no surprise to anyone who fills a gas tank regularly.
The Labor Department said the consumer price index rose by 0.6 percent during the month, beating economic forecasts and recording the biggest rise in prices since November.
Excluding food and energy costs, the so-called core C.P.I. was much more contained, which is a sign that the soaring prices in those sectors are not yet spilling over to the rest of the economy. That index rose by a moderate 0.2 percent, which matched expectations.
On a year-over-year basis, core prices rose 2.3 percent, which is above the Federal Reserve's target of range of 1.5 percent to 2 percent. Including energy and food, consumer prices were up 4.2 percent from May 2007.
Fed chairman Ben Bernanke has repeatedly spoken about inflationary concerns weighing on policymakers' minds. The Fed seems to have made the shift from focusing on an economic downturn, which usually leads to lower interest rates, to trying to slow inflation, which often signals higher interest rates.
Last week, he said the average of the inflation figures during the past four quarters of 3.5 percent was higher than the Fed is comfortable with. He also suggested that the risks of an economic downturn appear to have diminished.
Waiting for the housing slump to hit bottom? Don't hold your breath.
Foreclosure filings surged 48 percent last month from a year ago, as bank repossessions more than doubled, RealtyTrac, an online data service, reported.
"May was the third straight month where we've seen a month-to-month increase in foreclosure activity and the 29th straight month we've seen a year-over-year increase," said James Saccacio, chief executive of RealtyTrac.
More than 261,000 homes received at least one foreclosure-related filing in May, or one in every 483 households in the United States. Nevada, California, Arizona, Florida, and Michigan had the highest state foreclosure rates.
Foreclosures are swelling the housing inventory and depressing prices. Economists at Lehman Brothers Holdings have estimated that foreclosed properties, which typically sell for about 20 percent less than other homes, will depress home prices by 6 percent, Bloomberg News said.
The data comes a few days after Ben Bernanke, the Federal Reserve chairman, while suggesting that the economy may avoid a recession, said that "the ongoing contraction in the housing market and continuing increases in energy prices suggest that growth risks remain to the downside."
Reuters - The world's richest nations warned
on Saturday soaring commodity prices may slice into economic
growth, but shrank from offering any plan to calm markets or
quell protests over the cost of fuel and food.
AFP - World finance chiefs warned on Saturday runaway oil prices could imperil global economic growth, calling on producers to open up the taps and tasking the IMF to investigate wild market swings.
Reuters - When Yahoo Inc
turned down the latest offer from Microsoft Corp this
week, it walked away from $9 billion in cash and $1 billion a
year in additional operating profit, Microsoft said on Friday.
Reuters - Between chewing sauce-slathered ribs
and corn on the cob, the neighbors and relatives of Wall
Street's top prognosticators had one thing on their mind this
past Memorial Day: gasoline prices.
Reuters - Former U.S. Federal Reserve
Chairman Alan Greenspan said on Friday the Fed will have to
tighten monetary policy to put a brake on inflation, adding
that the worst of the credit crisis may have passed.
AP - Japanese stocks rose Friday as investors scooped up bank and export-linked shares that had been beaten down much of the week.