The UK could lose 350,000 jobs and see almost £1bn wiped off company profits, according to research based on the forecasts of business leaders. Source: Telegraph Business | 23 Jun 2008 | 11:50 am
The net could see its biggest change in decades if plans to open up the address system are approved this week. Source: BBC News | Business | World Edition | 23 Jun 2008 | 10:58 am
Oil prices rise after emergency talks in Jeddah over the weekend end with no real resolution. Source: BBC News | Business | World Edition | 23 Jun 2008 | 10:51 am
LONDON (Reuters) - Stock futures pointed to a higher start on Monday, tracking gains in Europe and bouncing back from Friday's steep losses on Wall Street. September Dow Jones futures and Standard & Poor's 500 rose 0.4 percent, while Nasdaq 100 futures gained 0.2 percent.
Nokia (NOK) will join the scores of consumer electronics companies which have lost billions of dollars on the Hollywood walk of fame. It is not enough that Nokia has 40% of the global handset market. It want to build a software and content business to feed those phones. It is the kind of horizontal diversification that Harvard Business School professors advise against. The temptation is not unlike that encountered by Ulysses off the coast of the Sirens. What may be unbearably attractive can also be bad for the health. The largest media companies have little reason set distribution deals with...
U.S. stock futures extended gains on Monday as oil prices moved off the day’s highs and as a number of deals, including Bunge’s $4.8 billion deal for Corn Products, were unveiled.
Shares in troubled furniture retailer ScS Upholstery have been suspended after the company said it had received a takeover approach. Source: Telegraph Business | 23 Jun 2008 | 10:38 am
Shares in troubled furniture retailer ScS Upholstery have been suspended after the company said it had received a takeover approach. Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jun 2008 | 10:38 am
Loss-making sofa retailer ScS receives a takeover approach and asks for its shares to be suspended. Source: BBC News | Business | World Edition | 23 Jun 2008 | 10:29 am
Mainland Chinese and Indian markets front a broad decline in Asia, as concerns about high inflation play on investors’ minds in the region’s two fastest-growing economies.
Bunge (BG), which has a big business in finished corn products, is buying Corn Products International (CPO) for $4.4 billion. CPO's name pretty much says how it makes its money. The price is a 25% premium to the Corn Product's recent share price, which is an awful risk for Bunge. According to The Wall Street Journal, "Buying Corn Products will give Bunge a presence in nearly every step of the so-called corn value chain." The fact that the price of corn and other agricultural commodities is rising could be viewed as good for Bunge. It could also be viewed as...
HONG KONG (MarketWatch) -- Macau gambling group SJM Holdings moved ahead with its long-delayed plan to list in Hong Kong, launching its road show for a Hong Kong listing Monday that could see the group raise up to $654 million.
The latest hit to the economy could come from state houses and city halls as state and local governments across the nation find themselves in their worst budget crisis in years due to the economic slowdown.
TOKYO (MarketWatch) -- A Japanese government survey released Monday showed a sharp deterioration in business confidence, raising fears of an economic slowdown and making it tougher for the Bank of Japan to mull any shift toward tighter policy.
Americans gave a record $306bn to charity in 2007 but fundraisers say economic woes may hit future giving. Source: BBC News | Business | World Edition | 23 Jun 2008 | 10:03 am
Google (GOOG) is now the US company with the highest reputation, at least according to the annual Harris Interactive Reputation Quotient poll. According to Reuters, "Largely for its reputation for treating workers well, Google claimed the No. 1 spot from Microsoft Corp (MSFT), which fell to 10th place." Other winners in the survey included Intel (INTC), 3M (MMM), and Kraft (KFT). Being viewed well by the public may be bad for shareholders. Looking good to outsiders and doing well financially are often very different things. At the top of the Fortune "Most Admired Companies List" sit GE (GE) and Starbucks...
Oil prices headed back towards record levels today after surging by more than
$1 in early trading after a pledge from Saudi Arabia, the world's biggest
oil exporter, to raise production failed to calm concerns following fresh
attacks on a pipeline on Nigeria.$ Source: Latest Business News from Times Online | 23 Jun 2008 | 9:51 am
Lehman Brothers, a firm with a storied past but an uncertain present, has turned into Wall Street's latest drama - a modern-day financial version of the Perils of Pauline, the famous damsel-in-distress flick. At this point in the Lurches of Lehman, we aren't certain whether chief executive Dick Fuld will become Wall Street's latest human sacrifice or whether the firm itself will survive or in what form. But even with the drama still ongoing, here are a few things to think about the Lehman mess.
The two largest online social networks are Facebook, which is a private company, and MySpace, which is owned by News Corp (NWS). MySpace has always been the larger property. Facebook was a distant second, but gaining. The News Corp deal to pick up MySpace was always viewed as a brilliant move by Rupert Murdoch. He paid $580 million for the operation in mid-2005. Facebook was recently valued at $15 billion. so the Australian got a discount by moving into the market early. Unfortunately for Mr. Murdoch, his front-runner status is gone. According to audience measurement firm comScore, in May the...
Reuters - U.S. fertilizer producer and oilseed
processor Bunge Ltd has agreed to buy Corn Products
International Inc for $4.4 billion in stock, Bunge said
on Monday.
NEW YORK (Reuters) - U.S. fertilizer producer and oilseed processor Bunge Ltd has agreed to buy Corn Products International Inc for $4.4 billion in stock, Bunge said on Monday.
"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.
Halliburton's proposed bid for Expro International was inadequate given the delays and risks associated with the deal, said the oilfield services company's independent directors.They defended their decision... Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jun 2008 | 9:41 am
Halliburton's proposed bid for Expro International was inadequate given the delays and risks associated with the deal, the oilfield services company's independent directors said Source: FT.com - US homepage | 23 Jun 2008 | 9:41 am
Citigroup Inc. plans to lay off as much as 10% of the 65,000 workers in its investment-banking division, with the first round of dismissal notices to be issued as early as Monday, according to a published report.
The Indian rupee continues to slide in value against the dollar amid concerns high oil prices will stoke inflation. Source: BBC News | Business | World Edition | 23 Jun 2008 | 9:28 am
The last round of earnings for Wall St. firms showed that the financial industry was in bad shape and getting worse. That has been followed by news that the brokerage executives who said in May that things were getting better were wrong. Lehman (LEH) could still go out of business or be sold. Merrill Lynch (MER) and Citigroup (C) have said their losses have not ended. Both may have to raise more money. Late word is that Citigroup and Goldman Sachs (GS) will lay-off about 10% of their investment banking employees. According to the FT, "The Wall Street bank (GS)...
European shares pulled back from early highs on Monday, with autos and airlines under notable pressure as crude prices spiked higher, while data showing that the euro zone economy stalled in June depressed broad market sentiment.
Expro, the UK oilfield services company, today said it will press ahead with a
takeover deal by a private equity-led consortium after rejecting a higher
offer from Halliburton, the world's second-biggest oilfield contractor. Source: Latest Business News from Times Online | 23 Jun 2008 | 9:13 am
Stocks mixed on oil, financials, and economic data this week Wall Street started the week mixed, as the lower price of oil was overshadowed by weak economic news. The financial sector put pressure on the U.S. markets on Tuesday, and Wednesday the Dow hit a three-month low, on weak results from FedEx and continuing concerns in the financial sector. Wall Street closed slightly higher on Thursday, as weak financial stocks outweighed falling oil prices. Energy and financial stocks took the TSX higher at the beginning of the week, and landed at a record high close on Tuesday. Wednesday saw the...
China's securities regulator has said it will do whatever is necessary to ensure the country's stock market stability and healthy development after recent jitters. China... Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jun 2008 | 9:10 am
Researchers at Harvard have looked at the housing crisis and say that it will be bad, very bad. According to Reuters, "A two-year home price drop is eating into housing wealth, curbing consumer spending and slicing away economic growth. This is unlikely to change until potential home buyers are convinced that prices have stopped tumbling, the study found." The study confirms what most economists and homeowners already know. Don't buy a house yet. The market is still falling. Don't sell a house. No one wants it. Douglas A. McIntyre
NEW YORK (Reuters) - Sen. Kent Conrad never asked for or expected discounted mortgages or a "sweetheart deal" from Countrywide Financial , he wrote in a letter appearing in Monday's edition Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jun 2008 | 9:04 am
NEW YORK (Reuters) - Sen. Kent Conrad never asked for or expected discounted mortgages or a "sweetheart deal" from Countrywide Financial , he wrote in a letter appearing in Monday's edition of The Wall Street Journal.
- Excellent business fit brings leading market positions in corn value chain to Bunge - Adds high-value starches and sweeteners to... Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jun 2008 | 9:00 am
WHITE PLAINS, N.Y., June 23 /PRNewswire-FirstCall/ -- Bunge Limited (NYSE: BG) today announced that it is increasing its 2008 full year earnings guidance from $7.10 to... Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jun 2008 | 9:00 am
Vodafone challenges a $2bn tax claim arising from its purchase of a majority stake in India's Hutchison Essar. Source: BBC News | Business | World Edition | 23 Jun 2008 | 8:45 am
Sonus Networks Inc. and its largest holder, a Dubai investment firm, are in talks to address a number of disputes, among them the company’s concern about the investor’s ownership structure.
Belgian-French banking group Dexia said it would lend up to $5 billion to its bond insurance subsidiary Monday in an attempt to boost confidence in the division after a tough week for its rivals.
London shares climbed on Monday morning, helped by a solid advance for oil and gas companies and miners as commodity prices once more spiraled upwards.
OIl prices rose despite a pledge by Saudi Arabia to pump more crude if needed, as analysts said the move risked having little effect on global supplies due to the drop in output caused by attacks on production facilities in Nigeria Source: FT.com - US homepage | 23 Jun 2008 | 8:31 am
In another sign that trading on the floor of the nation's stock exchanges isn't what it used to be, futures-brokerage giant R.J. O'Brien & Associates is exiting the floor-trading business on New York's... Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jun 2008 | 8:13 am
If you're going to sweat this summer, you may as well have fun. This week's sports mags tell you how. You don't have to be an eight-minute miler to read Runner's World. The latest issue features an inspiring... Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jun 2008 | 8:13 am
Despite many moves to boost oil flow, cartel producers and corn-fed ethanol distilleries might not be able to block a gallon of gas from reaching $5 in coming days. Regular gasoline in the New York area... Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jun 2008 | 8:13 am
The number of movie theaters capable of offering Hollywood blockbusters in 3-D is about to jump into the next dimension. Beverly Hills, Calif.-based RealD, a leading supplier of 3-D technology solutions... Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jun 2008 | 8:13 am
Investors hope to gain some clarity on the future of consumer electronics retailer Circuit City Stores Inc. at its annual shareholder meeting tomorrow. Adding to uncertainty from the slowing economy is... Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jun 2008 | 8:13 am
Citi slips Thousands of Citi group investment bank ers could be handed pink slips today as the belea guered bank moves to ward plans to reduce the unit, which employs 65,000 people, by 10 per cent. The... Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jun 2008 | 8:13 am
MADRID, June 23 - A company acting on behalf of a group of Mexican investors said on Monday it was in advanced talks with shareholders with a view to acquiring 20 per cent of Spanish bank Banco Popular... Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jun 2008 | 8:12 am
According to Reuters, a new survey put Google (GOOG) first in reputation among US companies. Reuters reports that gas prices climbed to a record $4.10. Reuters writes that Bunge ((BG) will buy Corn Products ((CPO) for $4.4 billion. Reuters writes that Citigroup (C) will cut 10% of its investment bank employees Reuters writes that a study from Harvard says the housing rebound is far off. Retuers writes that GE's infrastructure unit plans to keep its forecasts, most due to growth in Asia. The Wall Street Journal reports that there has been a surge in oil speculation since 2000. The Wall...
LONDON, June 23 /PRNewswire-FirstCall/ -- - QIIB is the First Bank in the Region to go Live With Misys Equation 3.9 Misys (FTSE: MSY.L), the... Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jun 2008 | 8:00 am
ScS Upholstery today suspended its shares after entering into exclusive talks
with a buyer to provide the struggling furniture retailer with enough
working capital to pay its suppliers. Source: Latest Business News from Times Online | 23 Jun 2008 | 7:55 am
London equities inched higher on Monday, with resource stocks once more fuelling the market as crude prices rose. The FTSE 100 started the session 0.3 per cent higher at 5,637.0, a rise of 16 points. The... Source: Infocious RSS raw feed - channel BNPaperBusiness | 23 Jun 2008 | 7:43 am
Markets fell in Asia. The Nikkei was off .6% to 13,857. Mizuho Trust was off 3% to 192. NEC was down 2% to 597. The Hang Seng fell .4% to 22,647. China Mobile (CHL) was up 1% to 107.60. China Petroleum (SNP) was down 3.3% to 7.81. The Shanghai Composite was down. 2.5% to 2,760. Data from Reuters Douglas A. McIntyre
British Airways increases its fuel surcharge for passengers travelling in its premium classes. Source: BBC News | Business | World Edition | 23 Jun 2008 | 7:33 am
MELBOURNE (Reuters) - Costco Wholesale Corp has gained its first foothold in the Australian market in a bid to shake up a dominant supermarket duopoly.
The price of crude oil rose to more than $136 a barrel this morning over fears that Saudi Arabia's pledge to increase production would not make up for the amount lost in Nigeria after pipelines in the country were bombed and production halted. Source: Telegraph Business | 23 Jun 2008 | 7:25 am
Morgan Tsvangirai, leader of the country's main opposition party, has pulled out of next Friday's presidential run-off, condemning it as a 'violent sham' and prompting calls for urgent discussions at the UN security council Source: FT.com - US homepage | 23 Jun 2008 | 7:16 am
The heart of Wisconsin's cherry industry is a glum place these days: There's little to harvest after a drought and cold winter. Some orchard owners in Door County are forgoing the... Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jun 2008 | 7:15 am
LOS ANGELES (Reuters) - Walt Disney Co is waging a campaign to convince investors that its product range and brand make it more valuable than media peers and more like a consumer goods... Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jun 2008 | 7:08 am
LOS ANGELES (Reuters) - Walt Disney Co is waging a campaign to convince investors that its product range and brand make it more valuable than media peers and more like a consumer goods company -- but so far that has proved a hard sell on Wall Street.
NEW YORK (Reuters) - Record foreclosures and limited access to credit will make it harder than usual to rebound from this U.S. housing market slump, the worst at least since World War Two, according to a Harvard University study on Monday.
HELSINKI, Finland and FRANKFURT, Germany, June 23 /PRNewswire/ -- - Scandinavian Market of Interest Because of Large Volumes Equens, one of the... Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jun 2008 | 7:00 am
TOKYO (Reuters) - Investment bank Morgan Stanley said it had appointed Yoshihiko Shigenari head of its private equity unit in Japan as it strengthens its business in the world's second-largest economy.
JEDDAH, Saudi Arabia (Reuters) - World energy powers embarked on a new level of dialogue to try to rein in runaway oil prices at an emergency meeting in this Red Sea city, but were unable... Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jun 2008 | 6:57 am
NEW YORK (Reuters) - U.S. fertilizer producer and oilseed processor Bunge Ltd has agreed to buy Corn Products International Inc for $4.4 billion in stock, The Wall Street Journal reported... Source: Infocious RSS raw feed - channel BNewsBusiness | 23 Jun 2008 | 6:51 am
The New Zealand dollar had a light workout inside a narrow range today ahead of key economic data later in the week.
By 5pm the kiwi was buying US76.21c from US76.12c at 8am, the same as late on Friday afternoon.
Dealers said... Source: New Zealand Herald - Business | 23 Jun 2008 | 5:44 am
Reuters - Altria Group Inc's Philip
Morris USA has cancelled its Marlboro Ultra Smooth cigarettes,
highlighting challenges it faces in trying to grow its tobacco
business despite a decline in U.S. cigarette sales, The Wall
Street Journal reported on Monday.
NEW YORK (Reuters) - Altria Group Inc's Philip Morris USA has cancelled its Marlboro Ultra Smooth cigarettes, highlighting challenges it faces in trying to grow its tobacco business despite a decline in U.S. cigarette sales, The Wall Street Journal reported on Monday.
BOSTON (Reuters) - Google Inc's famous employee perks -- from providing "nap pods" for a quick break during the day to allowing engineers to spend 20 percent of their work time on side projects that may spark new ideas -- have given the Internet leader the best reputation in corporate America, according to a study released on Monday.
NEW YORK (Reuters) - Citigroup Inc is set to slash about 6,500 jobs in its investment banking division, the Wall Street Journal said on its website on Sunday.
Reuters - Google Inc's famous employee perks --
from providing "nap pods" for a quick break during the day to
allowing engineers to spend 20 percent of their work time on
side projects that may spark new ideas -- have given the
Internet leader the best reputation in corporate America,
according to a study released on Monday.
Reuters - Record foreclosures and limited access
to credit will make it harder than usual to rebound from this
U.S. housing market slump, the worst at least since World War
Two, according to a Harvard University study on Monday.
Details of criminal charges laid by the Companies office against Bridgecorp and its two executive directors Rodney Petricevic and Robert Roest have been revealed.
"The charges relate to statements made in the company's prospectus,... Source: New Zealand Herald - Business | 23 Jun 2008 | 2:00 am
Jade Software Corp is hailing a deal to sell a software product in India as the most significant it has entered into in the last five years.
The privately owned Christchurch-based company said Indian partner CMC Ltd (CMC) will... Source: New Zealand Herald - Business | 23 Jun 2008 | 1:00 am
Finance company Marac says it is different from the other companies in the troubled sector, as it launched a $100 million bond offer today.
Managing director Brian Jolliffe said demand continues to be strong for loans to buy agricultural... Source: New Zealand Herald - Business | 23 Jun 2008 | 12:30 am
One of the largest food producers in Greece is looking to raise up to €50m (£40m) by floating on Aim next month, as it seeks to capitalise on soaring global prices. Source: Telegraph Business | 23 Jun 2008 | 12:01 am
Children as young as 11 from a refugee camp in India were used to make clothes that ended up on the shelves of UK retailer Primark. Source: Telegraph Business | 23 Jun 2008 | 12:01 am
Wannabe traders are to battle it out under the tutelage of former Goldman Sachs director Lex Van Dam in a new TV series to be aired early next year by the BBC. Source: Telegraph Business | 23 Jun 2008 | 12:01 am
The board of telecoms group Thus, which is seeking to fight off the unwanted advances of rival Cable & Wireless (C&W), will meet this week to discuss its response to various expressions of interest from possible "white knight" bidders. Source: Telegraph Business | 23 Jun 2008 | 12:01 am
Lawyers acting for a billionaire Qatari sheikh, who has lodged legal claims against Barclays over an alleged €50m (£40m) fraud, have written to the bank over the weekend warning that it should agree to talks now. Source: Telegraph Business | 23 Jun 2008 | 12:01 am
A leading MP has called on the Financial Services Authority to be given new powers after the revelation that it will not take action against those involved in a "bear raid" on HBOS. Source: Telegraph Business | 23 Jun 2008 | 12:01 am
Oil prices are slightly lower today after Saudi Arabia said it was ready to increase oil output capacity and Nigerian militants announced a unilateral ceasefire, with Middle East tensions putting a floor under the price.
US light... Source: New Zealand Herald - Business | 23 Jun 2008 | 12:00 am
Strategic Finance Ltd says it is undertaking an intensive review of its business and loan book.
The finance company made the statement as part of a regular monthly report now required by market operator NZX.
Strategic Finance... Source: New Zealand Herald - Business | 22 Jun 2008 | 11:09 pm
Gordon Brown clashed with the world’s leading oil producers yesterday when he
flew to an emergency meeting in the Middle East to tell them to increase
output and invest in renewable energy projects in Britain. Source: Latest Business News from Times Online | 22 Jun 2008 | 11:01 pm
A quarter of the building materials needed for the 2012 London Olympics site
will be transported by water after completion of a £20 million project to
make disused waterways in East London navigable for the first time in
decades. Source: Latest Business News from Times Online | 22 Jun 2008 | 11:00 pm
Companies, consultancies and non-governmental organisations are being asked to
disclose how much they spend lobbying European Union policymakers, under new
rules that come into force today. Source: Latest Business News from Times Online | 22 Jun 2008 | 11:00 pm
The price of the humble plastic bag is to rise after a bout of hefty price
increases by chemicals makers that supply the plastic packaging industry. Source: Latest Business News from Times Online | 22 Jun 2008 | 11:00 pm
Investment bankers in London are steeling themselves for more job losses as
Citigroup and Goldman Sachs eliminate thousands of roles. Source: Latest Business News from Times Online | 22 Jun 2008 | 11:00 pm
Donald Trump, the property developer seeking to build a £1 billion golf course
on environmentally sensitive sand dunes in Scotland, has predicted that
Britain's housing market will not suffer the same fate as the homes market
in the United States because there has been far less over-building in the UK. Source: Latest Business News from Times Online | 22 Jun 2008 | 11:00 pm
The head of Nakheel, the $80 billion Dubai property business, gave warning
yesterday that the real-estate recession in America is far from over and
will deteriorate rapidly should the price of oil reach $200 a barrel.$ Source: Latest Business News from Times Online | 22 Jun 2008 | 11:00 pm
The economy shrank 0.3 per cent in the March quarter, economists believe, and they warn that it could be the first leg of a recessionary double.
A trio of international shocks - the credit crunch, high oil prices and rampant food... Source: New Zealand Herald - Business | 22 Jun 2008 | 11:00 pm
Bankers fear the pace of job losses in the investment banking industry is set to accelerate during the summer after it emerged that Goldman Sachs cut staff at its investment banking division last week Source: FT.com - US homepage | 22 Jun 2008 | 10:51 pm
The New Zealand market opened lower today, unable to ignore a sharp fall on Wall Street on Friday.
The biggest sharemarket in the world closed at its second-lowest level this year and below 12,000 for the first time since March... Source: New Zealand Herald - Business | 22 Jun 2008 | 10:39 pm
Beatles representatives are in talks with Activision and MTV Games to create a Beatles-themed video game in a move that could pave the way for a broader licensing of the Fab Four's catalogue Source: FT.com - US homepage | 22 Jun 2008 | 10:32 pm
Business and first-class passengers travelling with British Airways are to be forced to pay higher fuel surcharges than economy passengers for the first time Source: FT.com - US homepage | 22 Jun 2008 | 10:32 pm
Rio Tinto and BHP Billiton have asked their Chinese steelmaker customers to accept the largest ever increase in iron ore prices or risk the interruption of supplies from Australia Source: FT.com - US homepage | 22 Jun 2008 | 10:32 pm
Bond insurers such as Ambac, MBIA and FGIC are talking to banks about wiping out $125bn of insurance on risky debt securities in what could be the only way to limit the financial damage surrounding the bond insurers Source: FT.com - US homepage | 22 Jun 2008 | 10:30 pm
Heritage Gold boss Trent Lash reckons it's time for the company to start delivering on its promise.
For 21 years the explorer has lived off the generosity of shareholders - mainly wealthy individuals on both sides of the Tasman.... Source: New Zealand Herald - Business | 22 Jun 2008 | 10:00 pm
AP - Investors hope to gain some clarity on the future of consumer electronics retailer Circuit City Stores Inc. at its annual shareholder meeting Tuesday.
Plans by National and Labour for New Zealand's fibre optic broadband future will go head to head today in what is expected to be a pivotal conference for the telecommunications industry, Tel.con9.
Labour will be promoting the idea... Source: New Zealand Herald - Business | 22 Jun 2008 | 9:00 pm
The Federal Reserve is likely to indicate some increased concern about inflation following its policy meeting this week, but to do so in a manner than avoids any suggestion that interest rate rises are imminent Source: FT.com - US homepage | 22 Jun 2008 | 8:49 pm
The big June art sales are expected by the auction houses to break more records as collectors from commodities-rich regions such as Russia and the Middle East emerge to fuel the decade-long boom in the art market Source: FT.com - US homepage | 22 Jun 2008 | 7:38 pm
Top oil officials acknowledge the need for action to curb soaring prices but stop short of pledges on more output. Source: BBC News | Business | World Edition | 22 Jun 2008 | 4:37 pm
Even with the news that the FCC is almost certain to approve the Sirius (SIRI) merger with XM Satellite (XMSR), shares in the company hit a 52-week low of $1.97. The stock is off about half from its 52-week high. The company's market cap is down to $3 billion. With only $252 million in cash and liabilities of $2.3 billion which includes $1.2 billion in long-term debt, Sirius is approaching being insolvent. If its revenue growth continues to drop, its chances of funding quarterly deficits may go away. Last quarter, debt service added to operating loss was $105 million. That...
Pay rises from the boardroom to the shopfloor must be consistent with a 2% inflation target, the chancellor says. Source: BBC News | Business | World Edition | 22 Jun 2008 | 10:08 am
Reuters - U.S. fertilizer producer and oilseed
processor Bunge Ltd has agreed to buy Corn Products
International Inc for $4.4 billion in stock, Bunge said
on Monday.
Reuters - Altria Group Inc's Philip
Morris USA has cancelled its Marlboro Ultra Smooth cigarettes,
highlighting challenges it faces in trying to grow its tobacco
business despite a decline in U.S. cigarette sales, The Wall
Street Journal reported on Monday.
Reuters - Citigroup Inc is set to slash about
6,500 jobs in its investment banking division, the Wall Street
Journal said on its website on Sunday.
Reuters - Google Inc's famous employee perks --
from providing "nap pods" for a quick break during the day to
allowing engineers to spend 20 percent of their work time on
side projects that may spark new ideas -- have given the
Internet leader the best reputation in corporate America,
according to a study released on Monday.
Reuters - Record foreclosures and limited access
to credit will make it harder than usual to rebound from this
U.S. housing market slump, the worst at least since World War
Two, according to a Harvard University study on Monday.
AP - Investors hope to gain some clarity on the future of consumer electronics retailer Circuit City Stores Inc. at its annual shareholder meeting Tuesday.