ABUJA (Reuters) - Nigerian militants attacked an oil supply pipeline near Chevron's Escravos oilfields in the Niger Delta late on Thursday, prompting the shutdown of some production, a military general said on Saturday.
JEDDAH, Saudi Arabia (Reuters) - Saudi Arabia and other producers with oil to spare could agree to raise output at an emergency meeting of energy powers this weekend, but OPEC countries say speculation, not supply, is behind high prices.
U.S. stocks on Monday will attempt to recover from some hefty losses, but any comeback will likely be contingent on three factors: the price of crude oil, any hints of inflation, and developments in the troubled financial sector.
There is a new baby BMW and after a week in both the new couple and convertible, we can tell you they are an absolute blast to drive. Ron Amadon looks this week at the 128i and 135i.
Reuters - OPEC members with any
capacity to spare will discuss boosting output together with
top oil exporter Saudi Arabia at an emergency meeting to try to
tame record oil, a senior Gulf OPEC official said on Saturday.
"Speculation," a dirty word across America as Wall Street traders take the blame for record oil and gasoline prices, drew more attention Friday from Congress as three Democratic House members introduced yet another bill attempting to limit activity.
Oracle Corp. (NASDAQ: ORCL) is set to report earnings this coming Wednesday. This will be the stock used by analysts to judge the strength of enterprise business spending for technology. The First Call estimates for the enterprise software giant are $0.44 EPS on $6.86 Billion in revenues in its year-end quarterly report for Fiscal May 2008. Estimates for next quarter (the company's throw away quarter) are $0.27 EPS on $5.43 Billion in revenues. For the year ahead, its May-2009 estimates are expected to be $1.50 EPS on $25.67 Billion in estimates. Average analyst targets are roughly $25.00, which puts this...
JEDDAH, Saudi Arabia (Reuters) - OPEC members with any capacity to spare will discuss boosting output together with top oil exporter Saudi Arabia at an emergency meeting to try to tame... Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jun 2008 | 11:50 am
The entire cell phone and electronic gadget market is going to brace for Research In Motion Ltd. (NASDAQ: RIMM) earnings on Wednesday afternoon. While the companies are grossly different, you can expect that traders and analysts will be trying to interpolate all of the projection to see how this affects Steve Jobs and iPhone sales over at Apple Inc. (NASDAQ: AAPL). The Canadian-based company estimates from First Call are $0.85 EPS on $2.27 Billion in revenues. Next quarter's estimates are $0.90 EPS on $2.43 Billion in revenues, and the estimates for its Fiscal Feb-2009 are $3.88 EPS on $10.35 Billion...
Reuters - Spain's biggest bank, Banco
Santander said on Saturday it would significantly
boost profits in 2008, buoyed by growth in Latin America just
as many of its international peers suffer credit crunch woes.
SANTANDER, Spain (Reuters) - Spain's biggest bank, Banco Santander said on Saturday it would significantly boost profits in 2008, buoyed by growth in Latin America just as many of its international peers suffer credit crunch woes.
SANTANDER, Spain (Reuters) - Spain's biggest bank, Banco Santander said on Saturday it would significantly boost profits in 2008, buoyed by growth in Latin America just as many of its... Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jun 2008 | 11:04 am
BERLIN (Reuters) - The European Central Bank needs to look seriously at current interest rate levels to safeguard its credibility and given high inflation expectations, Executive Board member Juergen Stark told German magazine Der Spiegel.
BERLIN (Reuters) - The European Central Bank needs to look seriously at current interest rate levels to safeguard its credibility and given high inflation expectations, Executive Board... Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jun 2008 | 10:50 am
Turning around Sprint (S), which has been getting harder, may be moving into the "impossible" column. The company recently showed up in the MSN Money customer satisfaction survey as one of the ten worst in the US. Thirty-nine of the respondents rated Sprint customer service as "poor". Now it looks like fewer and fewer people want to do business with the cellular provider. New research from Changewave shows that of 3,597 consumers the firm polled in March, "only 11% said they currently use Sprint as their provider – a number which pales in comparison to Verizon (VZ; 31%) and AT&T...
U.S. stocks on Monday will attempt to recover from some hefty losses, but any comeback will likely be contingent on three factors: the price of crude oil, any hints of inflation, and developments in the troubled financial sector.
The oil-rich Gulf Cooperation Council (GCC) states are projected to earn close to 1.3 trillion dollars in oil revenue in 2008 and 2009, a Kuwaiti economic report said on Saturday. Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jun 2008 | 9:28 am
Wall Street's summer began with a bummer stock rout that pushed the Dow Jones average back down into the psychologically fragile 11,000 territory for the second time this year. Investors blamed surging... Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Jun 2008 | 8:27 am
The NFL Network and ESPN are in talks about forming a joint venture deal that would allow the distribution-challenged channel to make its way onto most cable systems, The Post has learned. The talks stretch... Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Jun 2008 | 8:27 am
Scrambling to avoid insolvency, the company that owns Bill Blass confirmed it is looking to sell the fashion brand as it slashes its work force and attempts to repair a botched financial agreement. New... Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Jun 2008 | 8:27 am
The resignation of Grupo Modelo chief Carlos Fernandez from the Anheuser-Busch board yesterday signaled to some investors that the Mexican beer company could help push America's biggest brewer into the... Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Jun 2008 | 8:27 am
Live Nation Inc.'s Michael Cohl stepped down as chairman of the world's largest concert promoter after losing a power struggle with Chief Executive Officer Michael Rapino. Cohl, who held the post since... Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Jun 2008 | 8:27 am
WaMu threat Washington Mutual should fire CEO Kerry Killinger and replace its board after an 85 percent stock-price plunge in the past year, said David Dreman, the bank's ninth-biggest share holder. The... Source: Infocious RSS raw feed - channel BNPaperBusiness | 21 Jun 2008 | 8:27 am
DUBAI (Reuters) - Luxury sports cars, gas-guzzling SUVs, even tank-like Hummers all jostle for space on Gulf highways, their owners buoyed by record oil prices that have forced some motorists to ditch cars for bicycles in the West.
DUBAI (Reuters) - Luxury sports cars, gas-guzzling SUVs, even tank-like Hummers all jostle for space on Gulf highways, their owners buoyed by record oil prices that have forced some ... Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jun 2008 | 7:49 am
Reuters - The Federal Communications
Commission voted on Friday to bar Verizon Communications Inc
from marketing to customers to talk them out of a
decision to switch their phone service to cable, a source at
the agency said on Friday. Source: Yahoo! News: Business | 21 Jun 2008 | 7:12 am
WASHINGTON (Reuters) - The Federal Communications Commission voted on Friday to bar Verizon Communications Inc from marketing to customers to talk them out of a decision to switch their... Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jun 2008 | 7:12 am
WASHINGTON (Reuters) - The Federal Communications Commission voted on Friday to bar Verizon Communications Inc from marketing to customers to talk them out of a decision to switch their phone service to cable, a source at the agency said on Friday.
America's banks and brokerages are scrambling to raise badly needed cash, but it may be at the expense of shareholders. Since the subprime mortgage market imploded, financial companies Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jun 2008 | 6:54 am
South Korea has won extra health safeguards from the United States on beef imports, a report said Saturday, in a crucial development after weeks of mass protests here against the deal. Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jun 2008 | 5:58 am
OTTAWA/TORONTO (Reuters) - BCE Inc., Canada's largest telecom company, won the backing of the country's Supreme Court on Friday to proceed with the world's biggest leveraged buyout, but financing could still trip up the deal.
EVERETT, Wash., June 21 /PRNewswire-FirstCall/ -- Boeing (NYSE: BA) yesterday moved the 787 Dreamliner designated for fatigue testing from the final assembly factory in... Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jun 2008 | 4:45 am
Higher airfare, new luggage fees, fuller flights and what seems like more cancellations are all forcing businesses to change the way their employees travel.
A Human Rights Watch official says the planned $400m package to help Mexico in its fight against drugs is a valuable tool in combatting human rights abuses Source: FT.com - US homepage | 21 Jun 2008 | 3:12 am
On any normal day of the year, Stacey Babiarz runs a small welding shop and storage business with his family. But the last eight days in Edgerton, Wisc., have been anything but normal, and Babiarz, creator of a device that rapidly fills sandbags to hold back floodwaters, has been putting his invention to work in his own backyard.
NEW YORK (Reuters) - The Anheuser-Busch Cos Inc board of directors has a duty to begin negotiating with its suitor InBev NV to bring about a deal and benefit shareholders, a Busch family member said on Friday.
NEW YORK (Reuters) - Stocks fell sharply on Friday with the Dow closing below 12,000 for the first time since mid-March as rising oil prices and warnings of more mortgage-related... Source: Infocious RSS raw feed - channel BNewsBusiness | 21 Jun 2008 | 1:12 am
When Saudi Arabia announced its plans for a landmark oil summit a few weeks ago, the news was treated with a heavy dose of scepticism. It seemed that the world was paralysed to do anything about the spiralling price of oil and the consequent impact on economic growth. But, as world leaders and energy experts descend on Jeddah for tomorrow's meeting, the doubts are being replaced by optimism. Source: Telegraph Business | 21 Jun 2008 | 12:01 am
Google won the search engine war, says Juliette Garside, but the battle has been taken on by specialist engines with defined tasks and cutting-edge technology Source: Telegraph Business | 21 Jun 2008 | 12:01 am
Investors have begun to trickle out declarations of short positions in companies carrying out rights issues under new rules imposed by the financial watchdog. Source: Telegraph Business | 21 Jun 2008 | 12:01 am
Barclays is on the brink of striking a deal to raise about £4bn in new capital, having brought in Japan's Sumitomo Mitsui and three others as strategic investors. Source: Telegraph Business | 21 Jun 2008 | 12:01 am
Tiscali sought to reassure the market that the auction of its Italian and UK broadband assets remains on track despite growing signs that the process is struggling. Source: Telegraph Business | 21 Jun 2008 | 12:01 am
Mining giant Rio Tinto has attacked plans by the Australian regulator to force it to open up its railway network to rivals, claiming it would lead to chaos and cost the country around A$30bn (£14.5bn) in lost investment. Source: Telegraph Business | 21 Jun 2008 | 12:01 am
Entrepreneur Robert Tchenguiz's lieutenants attended their first board meeting at pub group Mitchells & Butlers yesterday morning as speculation grew about a possible asset swap between M&B and Whitbread. Source: Telegraph Business | 21 Jun 2008 | 12:01 am
A former UBS banker has admitted he was part of a team that hid more than $20bn (£10bn) in assets from US tax authorities on behalf of clients. Source: Telegraph Business | 21 Jun 2008 | 12:01 am
The head of Mexican brewer Grupo Modelo has resigned from the board of Anheuser-Busch adding further complexity to InBev's $46.3bn (£23.2bn) takeover bid for the American brewer. Source: Telegraph Business | 21 Jun 2008 | 12:01 am
More than 6,000 BMW workers in the UK may have to pay more into their pensions or face a cut in their benefits as the car manufacturer struggles to cope with the increased cost of people living longer Source: Telegraph Business | 21 Jun 2008 | 12:01 am
Stocks slumped Friday, ending a tough week on a low note as renewed worries about the credit market crisis and inflation sent the Dow to a three-month low.
Fonterra's joint venture with Nestle in Brazil is to build a new plant in northeast of Brazil to boost yoghurt output.
The joint venture, Dairy Partners America, will build the plant at Nestle's Feria de Santa site in the State... Source: New Zealand Herald - Business | 20 Jun 2008 | 11:31 pm
Let me tell you about Bill Gates. He is different from you and me. First off, the billionaire co-founder of Microsoft has always been something of a utopian. In his mind, even the world's knottiest problems can be solved if you apply enough IQ. Accordingly, Gates, who has been spotted on Seattle freeways reading a book while driving himself to the office, covets knowledge. It's as if he's still trying to make up for dropping out of Harvard, as he spends just about any spare waking minute reading, studying science texts, or watching university courses on DVD.
So far this year, the Treasury Department has sent about 85.2 million fiscal stimulus payments totaling about $70.8 billion. That means they're more than halfway through the some 130 million payments the government estimates it will send this year.
DETROIT (Reuters) - Chrysler LLC is meeting or topping its financial targets despite the deepening slump in U.S. market, the automaker's senior spokeswoman said on Friday.
Investor's Business Daily - The Int'l Monetary Fund said the U.S. economic slowdown has been less than feared and a slow recovery should begin in '09. The group didn't mention recession in its annual review and urged the Fed to hold interest rates steady. The recommendation assumed inflation will be contained. The IMF sees GDP growth of 1% in '08 and 0.8% in '09 vs. its prior estimates of 0.5% and 0.6%, respectively. Source: Yahoo! News: Business | 20 Jun 2008 | 11:14 pm
Car giant Ford is to cut the production of larger vehicles in favour of more fuel efficient models, the company says. Source: BBC News | Business | World Edition | 20 Jun 2008 | 11:11 pm
MBIA stock losses extend into the evening after the bond insurer pegged its estimate for potential termination payments at $2.9 billion, but tech stocks stage a rebound.
British Airways has introduced increases of up to 26 per cent in fuel
surcharges for its highest paying passengers, its second rise for premium
flyers in just over a fortnight. Source: Latest Business News from Times Online | 20 Jun 2008 | 11:00 pm
The spiralling cost of living is hitting middle-class wallets harder than all
other sectors of society, analysis by The Times suggests, with services such
as nannies, public school fees, private healthcare and house cleaners rising
on average at more than twice the official rate of inflation. Source: Latest Business News from Times Online | 20 Jun 2008 | 11:00 pm
Britain's computer games industry has given warning that it could wither and
die if the 10,000 people who develop the games - including the makers of
Grand Theft Auto - are not supported with tax breaks and relevant degree
courses. Source: Latest Business News from Times Online | 20 Jun 2008 | 11:00 pm
A profit warning from Ford, the US motor company last night triggered a sell
off on Wall Street with the Dow Jones Industrial Average falling 220 points
to its lowest level since March. Source: Latest Business News from Times Online | 20 Jun 2008 | 11:00 pm
Japan has given its official blessing to a new mood of aggression in its
banking sector as the country's powerful financial institutions turn their
sights on deals with the outside world. Source: Latest Business News from Times Online | 20 Jun 2008 | 11:00 pm
The International Monetary Fund (IMF) has warned America’s central bank that
it might have to raise interest rates quickly to contain inflation. The US
Federal Reserve meets next week to decide whether to leave the cost of
borrowing unchanged at 2 per cent or to increase rates. Source: Latest Business News from Times Online | 20 Jun 2008 | 11:00 pm
John Lewis has suffered one of its worst weekly sales performances for three
years after the high-profile strike by Shell tanker drivers hit the number
of shoppers willing to head to stores in regional shopping centres. Source: Latest Business News from Times Online | 20 Jun 2008 | 11:00 pm
The Financial Services Authority's crackdown on short-selling failed to
prevent shares in HBOS slipping below the bank's rights issue price on the
first day of the new regime. Source: Latest Business News from Times Online | 20 Jun 2008 | 11:00 pm
Crude oil prices climbed yesterday despite hopes that a rise of up to 18 per
cent in the cost of Chinese motor fuel would cut demand and lead to lower
prices globally. Source: Latest Business News from Times Online | 20 Jun 2008 | 11:00 pm
Alistair Darling was gently skewered on the Today programme this week. The
Chancellor just could not bring himself to admit that living standards are
going to fall this year. Source: Latest Business News from Times Online | 20 Jun 2008 | 11:00 pm
Reuters - BCE Inc. ,
Canada's largest telecom company, won the backing of the
country's Supreme Court on Friday to proceed with the world's
biggest leveraged buyout, but financing could still trip up the
deal.
A $1.4bn industry has been 'injured' by imports of subsidised Chinese steel pipe, a US commission says. Source: BBC News | Business | World Edition | 20 Jun 2008 | 9:20 pm
The US economy is likely to "stagnate" in the second half of this year, the International Monetary Fund warned, as stock markets in the US and Europe fell to their lowest levels since March and US bank shares hit a five-year low Source: FT.com - US homepage | 20 Jun 2008 | 9:04 pm
Western countries have upgraded the food and fuel crisis into a national security concern as they fear record high energy and agriculture commodity costs are destabilising key developing regions of the world Source: FT.com - US homepage | 20 Jun 2008 | 9:02 pm
Carlos Fernandez, chief executive of Anheuser-Busch's Mexican partner Grupo Modelo, has resigned from the US brewer's board, leaving Anheuser's remaining 13 directors to craft a response to InBev's $46bn takeover bid Source: FT.com - US homepage | 20 Jun 2008 | 8:59 pm
Are these rising gas prices a crisis, or are they really a blessing in disguise? Economist and commentator Justin Wolfers says we're being compensated for these higher gas prices -- we just don't realize it. Source: Marketplace | 20 Jun 2008 | 8:48 pm
Higher gasoline prices are making it tougher for gas stations, pinched between higher costs and tougher competition. They're also getting it harder by credit card fees. Stacey Vanek-Smith reports. Source: Marketplace | 20 Jun 2008 | 8:48 pm
A government study is predicting that floods, droughts and severe storms are likely to ravage North America more often. It blames emissions of planet-warming gases. Host Bob Moon talks with risk management expert Robert Hoyt about the findings. Source: Marketplace | 20 Jun 2008 | 8:48 pm
Stockbroker and business analyst David Johnson chats with host Bob Moon about what happened on Wall Street this week and what may lie ahead. Source: Marketplace | 20 Jun 2008 | 8:48 pm
Federal and state money for maintaining roads and bridges is getting harder to come by -- especially in the current economy. So governments are selling such infrastructure -- even to foreign firms. Jill Barshay reports. Source: Marketplace | 20 Jun 2008 | 8:48 pm
After massive protests in South Korea over the quality of American beef, the nation's president has apologized for mishandling the issue and trade negotiators appear close to a new trade deal. Dan Grech reports. Source: Marketplace | 20 Jun 2008 | 8:47 pm
More than 7,000 hog farmers are at risk of going out of business due to floods skyrocketing prices for fuel and feed. Steve Henn reports. Source: Marketplace | 20 Jun 2008 | 8:47 pm
Beijing has lifted some subsidies on domestic fuel on the theory that such a move would cut demand and allow global prices to ease off. But you know what happens when you assume anything about oil prices. Jeremy Hobson reports. Source: Marketplace | 20 Jun 2008 | 8:47 pm
Wall Street stock markets slumped to three-month lows as oil prices rebounded, knocking consumer-facing stocks, while analyst and ratings downgrades for financials stoked fears that the credit crisis has further to play out Source: FT.com - US homepage | 20 Jun 2008 | 8:45 pm
Host Tess Vigeland reads listener comments on a few of our recent stories. This week: A kinder way to deal with a snake, a happy couple where the wife earns more and a movie theater run by the airlines. Source: Marketplace Money | 20 Jun 2008 | 8:39 pm
In this edition of Getting Personal, Chris and Tess talk about buying a house with cash, consolidating student loans, taking on new credit card debt and transfering a Roth IRA. Source: Marketplace Money | 20 Jun 2008 | 8:39 pm
We're taking you back to the basics with our summer refresher course on finance terms. Today, a foreign figure that means a lot here at home. Learn about the LIBOR. Source: Marketplace Money | 20 Jun 2008 | 8:38 pm
Kiplinger's John Ventura returns to bring us up to speed on living trusts. Host Tess Vigeland asks how a trust is different than a will and what you need to do to establish one. Source: Marketplace Money | 20 Jun 2008 | 8:38 pm
We present another take on the tough business of planning for the end. This week, we hear from funeral director Justin Zabor of the Zabor Funeral Home in Cleveland. Source: Marketplace Money | 20 Jun 2008 | 8:38 pm
Did you know that if you borrow from your Social Security early and pay it back later, the government will call things even? Bob Moon reports on an option that almost sounds too good to be true. Source: Marketplace Money | 20 Jun 2008 | 8:38 pm
Host Tess Vigeland returns to the Crow River Investment Club in St. Michael, Minn., where "diversification" is the buzzword for surviving the shaky economy. Source: Marketplace Money | 20 Jun 2008 | 8:38 pm
Arrests and indictments from the subprime mess are in the news, but how did regulators allow things to get so bad? Economics editor Chris Farrell sets the story straight on this week's government crackdown. Source: Marketplace Money | 20 Jun 2008 | 8:38 pm
The government established the Hope Now program to help ease the housing crisis, but some homeowners have been left hoping someone will answer their call. Jill Barshay reports. Source: Marketplace Money | 20 Jun 2008 | 8:38 pm
The week ended on a really sour note after the DJIA broke under that 12,000 mark and then proceeded to close under 11,900. Here is a list of ten key individual issues we think traders will want to know to take into next week. The oil patch just keeps going. With Israel threatening to bomb Iran and conducting exercises, what do you expect? Over in the oil patch, you had T. Boone Pickens trying to tell Congress that oil speculators aren't driving oil prices and that more regulation is a waste of time. Many oil companies are feeling pain from...
An economic and housing rebound may be a ways off but Wall Street is already in recovery mode. And that should translate into happier times for investors during the second half of the year.
While Congress has talked for a year about a federal response to the foreclosure crisis, attorneys general have been busy helping troubled homeowners at the state level.
Credit market sentiment deteriorated after MBIA's credit rating was cut from triple A to single A in one fell swoop, highlighting the uncertainty that continues to hang over the bond insurance sector Source: FT.com - US homepage | 20 Jun 2008 | 7:47 pm
Oil prices rebound as doubts are raised over whether a fuel price rise in China will reduce the level of demand. Source: BBC News | Business | World Edition | 20 Jun 2008 | 7:33 pm
If you thought this was a bad day for the market with the DJIA trading well under that 12,000 psychological level, there were some 400 stocks that hit 52-week lows today when you include the closed end funds, preferred stocks, and ETF's. Today was ugly enough that we won't even add our little personal prodding on these. Here is just a partial list of fifteen active stocks on this list today that aren't airlines, autos, or financials: AQUA AMERICA INC (NYSE: WTR) BRISTOL MYERS SQUIBB (NYSE: BMY) BRIGHTPOINT INC (NASDAQ: CELL) DILLARD'S INC (NYSE: DDS) EASTMAN KODAK CO (NYSE: EK)...
John McCain has accused Barack Obama of "cowboy diplomacy" over free trade that threatened to undermine relations with Canada and reverse the benefits of the North American Free Trade Agreement Source: FT.com - US homepage | 20 Jun 2008 | 7:20 pm
Ford Motor said it was postponing by two months the launch of the new F-150 pick-up truck, its best-selling model, in response to an accelerating consumer exodus out of gas-guzzling vehicles Source: FT.com - US homepage | 20 Jun 2008 | 6:26 pm
Investment would follow Mizuho Corporate Bank's $1.2bn stake in Merrill Lynch in January and highlights the growing ambitions of Japanese banks to expand Source: FT.com - US homepage | 20 Jun 2008 | 6:23 pm
Cincinnati Financial Corporation (NASDAQ: CINF) issued its preliminary 2008 guidance after yesterday's close. Based upon its insurance target market, you probably already know it is one of the stocks that has been a victim of the Midwest flooding. Recent reports put 16% of Iowa's crops out for the year, and that is one of its target markets. Based on current and lower market values of common stock holdings, the company noted that its book value at June 30 could be at least 10% under the $33.40 book value reported for March 31, 2008. To make matters worse, Fifth Third Bancorp...
European Union leaders have agreed to a 3-month study to find ways of cushioning the impact of soaring energy prices on the region's citizens. Source: BBC News | Business | World Edition | 20 Jun 2008 | 5:42 pm
Two years ago, private-equity firms were literally knocking on the doors of businesses they wanted to buy. Debt was cheap and the opportunity to load a deal up with debt and make money seemed boundless.
In New Zealand, 17 major... Source: New Zealand Herald - Business | 20 Jun 2008 | 5:00 pm
The Southern Petroleum insider trading High Court case finally came to an end on Tuesday following closing submissions by Gary Judd, QC, and Jim Farmer, QC.
The saga, which has its origins in a takeover announcement made nearly... Source: New Zealand Herald - Business | 20 Jun 2008 | 5:00 pm
The Securities Commission is concerned that sharemarket operator New Zealand Exchange's diversification into new commercial operations may compromise its position as front line regulator of its own markets.
In its annual review... Source: New Zealand Herald - Business | 20 Jun 2008 | 5:00 pm
Two former Bear Stearns hedge fund managers were hauled into jail yesterday and charged with lying to investors about the collapse of the US sub-prime mortgage market, possibly signalling the start of a wave of prosecutions arising... Source: New Zealand Herald - Business | 20 Jun 2008 | 5:00 pm
The private equity wolves are in hibernation. The PE pirates have dropped anchor, the sharks have stopped circling, the vultures have picked the carcass clean.
And the financial media have largely given up on the hyperbole that... Source: New Zealand Herald - Business | 20 Jun 2008 | 5:00 pm
France's economy will grind to a halt in the third quarter as households succumb to the global slowdown and rein in spending, the country's statistics institute said in its quarterly economic forecast.
In its first outlook for... Source: New Zealand Herald - Business | 20 Jun 2008 | 5:00 pm
The head of a Memphis supplier of aircraft fire-suppression equipment, John McNulty, received some holiday-spoiling news this week when his business partner reached him in Mexico.
The Government Accountability Office, agreeing... Source: New Zealand Herald - Business | 20 Jun 2008 | 5:00 pm
Residential real estate specialist Merlot Property Investments has told clients it is having problems with rent payments because of the difficult economic environment.
Merlot, which has its headquarters in Auckland, has about 300... Source: New Zealand Herald - Business | 20 Jun 2008 | 5:00 pm
Q. My house is my biggest investment and it is my lifelong saving. [Reserve Bank governor] Alan Bollard has said that house prices may fall 13 per cent. Would I be better off renting a house than owning one? Should I cash out and... Source: New Zealand Herald - Business | 20 Jun 2008 | 5:00 pm
Morgan Tsvangirai, Zimbabwe's opposition leader, was considering on Friday whether to pull out of the June 27 presidential run-off election owing to fears it will be a charade, according to a spokesman Source: FT.com - US homepage | 20 Jun 2008 | 4:52 pm
There have been numerous news reports that the European Union has lifted diplomatic sanctions against Cuba. While the lifting does include some imposed tough conditions to maintain sanction-free relations, this is probably the first of many such steps. Some of the conditions include including the release of political prisoners, granting Cubans access to the Internet, and allowing all EU delegations arriving in Cuba to meet opposition figures and members of the Cuban government. Herzfeld Caribbean Basin Fund Inc. (NASDAQ: CUBA) is actually the investment angle for this as far as U.S. investors are concerned. The fund invests in companies that...
Next Wednesday we will have what almost feels like a tech earnings season, although it's really just the end of the road before the earnings flurry picks up in mid to late July. We have Oracle Corp. (NASDAQ:ORCL), Red Hat Inc. (NYSE: RHT), and Research In Motion Ltd. (NASDAQ: RIMM) all reporting earnings. To make matters even more interesting, we have Palm Inc. (NASDAQ: PALM) and Micron Tech (NYSE: MU) reporting earning on Thursday. We have included estimates out of First Call and average analyst targets for each, but keep in mind that these estimates will change slightly after the...
What about the idea that The Ford Motor Company (F) will never make money in North America again? Ford told Wall St for the second time in as many months that things at the company and in its home market were getting much worse..The firm's shares promptly dropped another 6%. According to Reuters, "Ford said it would post lower results for its core automotive business this year and said it would be difficult to avoid a loss in 2009." It will delay the new version of its flagship F-Series pick-up. No one was buying them anyway. Ford says the US...
Syntroleum Corporation (NASDAQ: SYNM) has announced that Dynamic Fuels LLC, a 50-50 joint venture between Syntroleum and Tyson Foods Inc. (NYSE: TSN), has received final approval from the Louisiana State Bond Commission for $100 million in tax exempt Gulf Opportunity Zone (GO Zone) Bonds. This will be used to fund the building of the venture's renewable synthetic fuels facility located in Geismar, Louisiana. This $100 million is the maximum amount that can be granted for a project under policy guidelines adopted by Louisiana's Bond Commission. The companies are planning on initial production starting in early 2010. Dynamic Fuels was set...
The resumption of oil production is delayed as employees of Shell in Nigeria are in "shock" following an attack by militants. Source: BBC News | Business | World Edition | 20 Jun 2008 | 1:51 pm
Inflation hits a 13-year high in India, as the rising cost of food and oil continue to pressure prices. Source: BBC News | Business | World Edition | 20 Jun 2008 | 12:28 pm
AFP - Europe's main stock markets dropped Friday, with London hit by losses to heavyweight banks after share prices fell further in Japan, traders said.
Vietnam is boosting rice exports as it tries to exploit soaring global prices while protecting domestic supplies. Source: BBC News | Business | World Edition | 20 Jun 2008 | 12:18 pm
The long exodus of executives from Yahoo has turned into a stampede, as Sam Gustin noted on the Tech Observer blog on Thursday. Some 50 top Yahoo executives have left the company since January 2007.
With the thinning of management ranks, the company is now considering a radical reorganization, Jessica Vascellaro of the Wall Street Journalreports.
The plan, which is being pushed by Susan Decker, Yahoo's president, would "centralize numerous product groups, such as its mail, search, and homepage divisions, into a global-product organization," the Journal reports.
Henry Blodget on Silicon Alley Insider sees the plan as a sign of the ascent of Decker, noting that the name of C.E.O. Jerry Yang, who has been in Washington lobbying on the search-ad alliance with Google, does not appear in the Journal article.
Decker may be asserting control, but as Miguel Helft of the New York Timesreports, there is considerable skepticism among industry analysts about her and Yang's ability to lead the company.
Analysts told Helft that the recent wave of departures show that Decker and Yang are increasingly isolated at the top.
"Wall Street has lost all confidence at this point," Ross Sandler, an analyst with RBC Capital Markets, told the Times. "The senior managers have clearly lost confidence in the strategy and have lost confidence in Sue and Jerry, and that's not a good thing."
The headline on Valleywag sums up the consensus, albeit in its typical juvenile way: "Sue Decker's Idiotic Yahoo Reorg."
Om Malick says: "The only organization more dysfunctional than Yahoo? The New York Mets. My two cents: Jerry should totally recruit from outside of Silicon Valley and bring in a lot of fresh blood. Yahoo needs a cultural cleanse—quickly."
Time for changes is running out. Yahoo faces a proxy challenge from Carl Icahn at its annual shareholders meeting on August 1. Major shareholders remain deeply unhappy with how Yang and the Yahoo board handled a takeover offer from Microsoft. Since the beginning of May, shares of Yahoo have fallen more than 20 percent.
Reuters - OPEC members with any
capacity to spare will discuss boosting output together with
top oil exporter Saudi Arabia at an emergency meeting to try to
tame record oil, a senior Gulf OPEC official said on Saturday.
Reuters - Spain's biggest bank, Banco
Santander said on Saturday it would significantly
boost profits in 2008, buoyed by growth in Latin America just
as many of its international peers suffer credit crunch woes.
Reuters - Resigning Yahoo Inc
managers appear to be voting with their feet on the future of
the Web company.
Reuters - BCE Inc. ,
Canada's largest telecom company, won the backing of the
country's Supreme Court on Friday to proceed with the world's
biggest leveraged buyout, but financing could still trip up the
deal.
AFP - Europe's main stock markets dropped Friday, with London hit by losses to heavyweight banks after share prices fell further in Japan, traders said.