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Stranded travelers: A jackpot for airportsYour delayed flight is bad news for you and your airline, but it's money in the bank for the airports.Source: Business and financial news - CNNMoney.com | 2 Jul 2008 | 11:55 am Economic Report: First-half layoff plans up 21% vs. 2007, Challenger Gray saysHeavy cost-cutting in the financial services contributes to 21% increase in corporate-layoff announcements during the first half of 2008 compared with last year, outplacement firm Challenger Gray & Christmas says.Source: MarketWatch.com - Top Stories | 2 Jul 2008 | 11:55 am Family Dollar profit beats estimates (Reuters)Reuters - Family Dollar Stores Inc on Wednesday reported higher-than-expected quarterly profit as the discount retailer kept a tight control on expenses and inventory to navigate the tough environment.Source: Yahoo! News: Business | 2 Jul 2008 | 11:53 am IPO PRICING: Energy Recovery, Inc. (ERII)Energy Recovery, Inc. (NASDAQ: ERII) has priced its initial public offering of 14,000,000 shares of common stock at $8.50 per share, which was within the $7.00 to $9.00 range. Of these shares, 8,078,566 are being sold by the company and 5,921,434 are being sold by selling stockholders. Net proceeds from the offering for working capital and other general corporate purposes. Citigroup and Credit Suisse were joint book-runners, and HSBC Securities, Janney Montgomery Scott, and SEB Enskilda AS were listed as co-managers. The company has granted the underwriters a 30-day over-allotment option to purchase an additional 2,100,000 shares of common stock....Source: 24/7 Wall St. | 2 Jul 2008 | 11:53 am BA buys up French rival carrierBritish Airways buys L'Avion - a French business-class only airline that flies between Paris and New York for £54m.Source: BBC News | Business | World Edition | 2 Jul 2008 | 11:50 am Shares in UK's Marks & Spencer dive 22 percent (AP)AP - Shares in British food and clothing retailer Marks & Spencer PLC plummeted Wednesday after the company reported that home market sales fell 5.3 percent in the first quarter as the domestic economy slows.Source: Yahoo! News: Business | 2 Jul 2008 | 11:47 am Ballard Power & Plug Power Extend Exclusive Lock-Up (BLDP, PLUG)Plug Power Inc. (NASDAQ: PLUG) and Ballard Power Systems (NASDAQ: BLDP) have extended their existing supply agreement through December 31, 2010, which was currently set to expire on May 1, 2009. Under the new agreement, Ballard will remain the exclusive supplier of fuel cell stacks for Plug Power's GenDrive(tm) product line of fuel cell power units. Ballard's Mark9 SSL(tm) fuel cell products supply power to GenDrive hydrogen fuel cell units, which replace lead-acid batteries in lift trucks used in large warehouse, distribution and manufacturing facilities. Plug Power integrates the fuel cell product with the balance of plant to produce a...Source: 24/7 Wall St. | 2 Jul 2008 | 11:47 am FTSE up on banks and AstraZenecaLONDON (Reuters) - The FTSE 100 extended early gains to climb 1.1 percent at midday on Wednesday, as European banks rebounded and AstraZeneca buoyed drugmakers, while Marks & Spencer fell.Source: Reuters: Business News | 2 Jul 2008 | 11:45 am Marks & Spencer shares tumble as retailer issues profits alertShares in Marks & Spencer plunged after the company became the first major retailer to issue profits warning as the slowdown forces consumers to cut back their spending.Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Jul 2008 | 11:45 am Marks & Spencer shares tumble as retailer issues profits alertShares in Marks & Spencer plunged after the company became the first major retailer to issue profits warning as the slowdown forces consumers to cut back their spending.Source: Telegraph Business | 2 Jul 2008 | 11:45 am Oil steadies near $141 on supply concerns and weak dollarLONDON (Reuters) - Oil steadied near $141 a barrel on Wednesday, within sight of a record high, boosted by forecasts global supply will lag demand and further weakness in the dollar.Source: Reuters: Business News | 2 Jul 2008 | 11:41 am India truckers strike over fuelNearly four million trucks go off India's roads after their owners begin an indefinite strike to protest against rising fuel bills.Source: BBC News | Business | World Edition | 2 Jul 2008 | 11:38 am Indications: U.S. futures up as Starbucks, Yahoo seen higherU.S. stock futures pointed to a second day of tepid gains, with Starbucks seen rising on a plan to slash jobs and Yahoo seen advancing on a report that Microsoft, again, is looking for a way to buy it.Source: MarketWatch.com - Top Stories | 2 Jul 2008 | 11:33 am Microsoft seeks allies for new Yahoo move: report (Reuters)
Source: Yahoo! News: Business | 2 Jul 2008 | 11:31 am Earnings Watch: Updates, advisories and surprisesA roundup of the latest corporate earnings reports and what companies are saying about future quarters.Source: MarketWatch.com - Top Stories | 2 Jul 2008 | 11:31 am General Motors may face bankruptcy warns Merrill LynchMerrill Lynch warned bankruptcy was not out of the question for General Motors after the car giant released grim sales figures last night.Source: Latest Business News from Times Online | 2 Jul 2008 | 11:24 am UnitedHealth cuts profit view, settles suitSource: Business and financial news - CNNMoney.com | 2 Jul 2008 | 11:24 am Blockbuster drops bid for Circuit CityBlockbuster Inc. withdrew its bid for the consumer-electronics retailer Circuit City Stores Inc., saying it still likes the idea of combining media content and electronic devices in one business but would pursue the strategy in its own stores.Source: MarketWatch.com - Top Stories | 2 Jul 2008 | 11:22 am Opec head sees new oil price riseThe president of oil producers' cartel Opec tells the BBC crude oil prices could rise still further this week.Source: BBC News | Business | World Edition | 2 Jul 2008 | 11:18 am IPO FILING: ZONARE MEDICAL SYSTEMS (ZONE)ZONARE MEDICAL SYSTEMS, INC. has filed for an initial public offering to sell up to $86.25 million as the nominal securities amount. The company has applied to take on the stock ticker of "ZONE" on NASDAQ. The underwriting group has listed Citigroup and Piper Jaffray as joint book-runners and listed the co-managers as Cowen & Co. and Canaccord Adams. The company is involved in innovative software based image acquisition technology with its own proprietary Zone Sonography(tm) system which allows ultrasound systems to convert from full featured cart-based systems to premium compact systems. In short, it is a diagnostic imaging system...Source: 24/7 Wall St. | 2 Jul 2008 | 11:17 am Asia Markets: Nikkei 225 revisits decades-old stretch of woesJapanese shares sank deeper into losses Wednesday, with the benchmark stock index registering its longest losing stretch in decades, as worries about rising oil prices and the U.S. economy’s health weighed down investor sentiment.Source: MarketWatch.com - Top Stories | 2 Jul 2008 | 11:15 am Wall Street poised for early gainsU.S. stock futures rose Wednesday morning, as investors set their sights on extending the previous session's recovery.Source: Business and financial news - CNNMoney.com | 2 Jul 2008 | 11:14 am Analysts see big Q2 writedowns for Citi, Merrill (Reuters)Reuters - Citigroup Inc may write down $8.7 billion and Merrill Lynch & Co Inc $4.5 billion in the second quarter, according to analysts at UBS, who also forecast a second-quarter and full-year loss for both companies.Source: Yahoo! News: Business | 2 Jul 2008 | 11:13 am Would you miss your local Starbucks if it shut?Starbucks is America's answer to Marmite. It's everywhere you turn - and you either love it, or you hate it. It's everywhere you turn - and you either love it, or hate it. But is the global domination...Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Jul 2008 | 11:10 am Would you miss your local Starbucks if it shut?Starbucks is America's answer to Marmite. It's everywhere you turn - and you either love it, or you hate it. It's everywhere you turn - and you either love it, or hate it. But is the global domination of the American coffee house - once satirised as Dr Evil's headquarters in Austin Powers - possibly running out of steam?Source: Telegraph Business | 2 Jul 2008 | 11:10 am UnitedHealth lowers outlook, settles suit (Reuters)Reuters - UnitedHealth Group on Wednesday cut its full-year earnings outlook because of tough competition in the health benefits business.Source: Yahoo! News: Business | 2 Jul 2008 | 11:09 am UnitedHealth slashes profit outlook, to settle stock-option suitsUnitedHealth Group again cuts 2008 earnings outlook and agrees to pay out more than $900 million to settle claims relating to allegations it fudged stock-options awards.Source: MarketWatch.com - Top Stories | 2 Jul 2008 | 11:09 am Mortgage applications rose 3.6% last week: MBAMortgage applications filed last week rise a seasonally adjusted 3.6% compared with the week before, the Mortgage Bankers Association says. Interest rates on fix-rate mortages move slightly lower.Source: MarketWatch.com - Top Stories | 2 Jul 2008 | 11:07 am Housing slowdown starts to bite economy hardLONDON (Reuters) - Construction activity fell at its sharpest pace in at least 11 years in June, a survey showed on Wednesday, in one of the clearest signs yet of how falling house prices are hitting the wider economy.Source: Reuters: Business News | 2 Jul 2008 | 11:06 am IPO FILING: Liquidnet Holdings Inc.Liquidnet Holdings Inc. has filed for an initial public offering to sell up to $500 million as the nominal securities amount. This is going to be a somewhat more complicated IPO as the structure appears to have A shares and B shares, and the company has not taken any applied stock ticker and has not yet established which stock exchange it will list on. The underwriting group is rather large. Its lists Goldman Sachs and Credit Suisse as the lead underwriters, and other managers are listed as Liquidnet (itself), JPMorgan, Lehman Brothers, and Sandler O'Neill. The company is an electronic...Source: 24/7 Wall St. | 2 Jul 2008 | 11:03 am Europe Markets: Banks, miners lead Europe stocks higher; builders slideEuropean shares moved higher on Wednesday, as some better news from the banking sector managed to offset sharp losses from U.K. homebuilder Taylor Wimpey and retailer Marks & Spencer as the two pointed to declining confidence from British consumers and lenders.Source: MarketWatch.com - Top Stories | 2 Jul 2008 | 10:59 am Gas prices post 3rd straight recordRetail gas prices have risen to an all-time high for the third straight day, according to a survey from motorist group AAA.Source: Business and financial news - CNNMoney.com | 2 Jul 2008 | 10:52 am TNK-BP staff secure visas to stay in RussiaTNK-BP's employees have been granted 49 visas by the Russian migration service, ending fears its senior executives, including chief executive Bob Dudley, might be forced to leave the country this month.Source: Latest Business News from Times Online | 2 Jul 2008 | 10:51 am IPO FILING: Alimera Sciences, Inc. (ALIM)A company called Alimera Sciences, Inc. has filed for an initial public offering to sell up to $75 million as the nominal securities amount. The company noted that all shares will be sold by the company and it has applied for the stock ticker "ALIM" on NASDAQ. The underwriting group for this IPO is listed as Credit Suisse, Citigroup, Cowen & Co., and Leerink Swann. The company is a biopharma operation in R&D and commercialization of prescription ophthalmic pharmaceuticals, with a present focus on diseases affecting the back of the eye or retina as these diseases are not well treated...Source: 24/7 Wall St. | 2 Jul 2008 | 10:51 am EU trade chief lambasts SarkozyEU Trade Commissioner Peter Mandelson accuses French President Nicolas Sarkozy of undermining him.Source: BBC News | Business | World Edition | 2 Jul 2008 | 10:47 am Taylor Wimpey woes hammer sharesShares in housebuilder Taylor Wimpey halve after it cuts 900 jobs and says it has failed to secure extra funding.Source: BBC News | Business | World Edition | 2 Jul 2008 | 10:46 am Currencies: Dollar up slightly as traders eye upcoming U.S. data, ECBThe dollar makes modest gains ahead of a precursor to pivotal U.S. jobs data and as traders weigh expectations for a European Central Bank hike in euro-zone interest rates.Source: MarketWatch.com - Top Stories | 2 Jul 2008 | 10:39 am Housing equity withdrawal slumps by 64%The amount of money homeowners are borrowing on their houses has slumped by 64 per cent in the first quarter to a seven-year low as banks continue to withdraw cheap mortgage deals.Source: Latest Business News from Times Online | 2 Jul 2008 | 10:38 am Honda (HMC) Sells Two Of Top Five Cars In USIt speaks volumes that Honda (HMC), an also-ran Japanese car company behind Toyota (TM) for years, had two of the top five selling cars in the US during June. It is a testament to the firm's willingness to stay with small cars and small-engine SUVs when there was a temptation to move into the heavy pick-up market. Chrysler did not have a single car on the list. The Honda Civic sold 39,967 units during June, up 9.5%. The Accord sold 39,704, up 37.3%, more than any vehicle on the top ten list. Ford's (F) only two vehicles on the list...Source: 24/7 Wall St. | 2 Jul 2008 | 10:37 am Movers & Shakers: Wednesday's biggest gaining and declining stocksAmong the companies whose shares are expected to see active trade in Wednesday’s session are Circuit City, Huntsman, Microsoft, MiddleBrook, Starbucks Corp., UnitedHealth and Yahoo.Source: MarketWatch.com - Top Stories | 2 Jul 2008 | 10:37 am Deustche Bank says no need for rights issueShares in Deutsche Bank rose 3 per cent in pre-market trading after the bank reassured investors that it would not call on them for extra cash to strengthen its balance sheet.Source: Latest Business News from Times Online | 2 Jul 2008 | 10:35 am Marks & Spencer: A recent history1998: M&S becomes the first British retailer to make a pre-tax profit of over £1 billionSource: Telegraph Business | 2 Jul 2008 | 10:35 am Marks & Spencer: A recent history1998: M&S; becomes the first British retailer to make a pre-tax profit of over 1 billionSource: Infocious RSS raw feed - channel BNPaperBusiness | 2 Jul 2008 | 10:35 am M&S first quarter same-store sales fallLONDON (Reuters) - Marks and Spencer issued a shock profit warning and said a consumer downturn was likely to be deeper and last longer than previously expected, sending its shares plunging over 20 percent to a near seven-year low.Source: Reuters: Business News | 2 Jul 2008 | 10:31 am Middle-East tensions keep oil prices above $141Oil prices were kept in check by a slightly stronger U.S. dollar, which gained against the Japanese yen and stood its ground against the euro. "The bullish sentiment remains," said...Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Jul 2008 | 10:28 am UnitedHealth Guidance Tanks Again (UNH)UnitedHealth Group (NYSE:UNH) is again lowering its guidance. The company now sees $2.95 to $3.05 EPS on revenues of around $81 Billion range. Its prior guidance was $3.55 to $3.60. First Call has estimates of $3.52 EPS on $around $81 Billion in revenues. Its earnings from operations are now expected to be $6.5 billion and cash flows from operations approaching $5 billion. Prior estimates for cash flows from operations were $5.7 billion to $6.0 billion. The health insurer has seen a continuation of the pressures in the first quarter on greater-than-expected pressure on premium yields in an intensely competitive environment....Source: 24/7 Wall St. | 2 Jul 2008 | 10:26 am BA pays 54m for French business airlineBritish Airways is accelerating the growth of its recently launched OpenSkies subsidiary through the acquisition of L'Avion, the Paris-based all-business class airline.BA said it would pay 54m (68m), including...Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Jul 2008 | 10:25 am EU may probe long-term effects in BHP-Rio caseLONDON (Reuters) - Brussels regulators are taking the unusual step of looking at long-term effects of miner BHP Billiton's $170 billion (86 billion pounds) bid for rival Rio Tinto , according to people who have seen an EU questionnaire.Source: Reuters: Business News | 2 Jul 2008 | 10:22 am EU may probe long-term effects in BHP-Rio caseLONDON (Reuters) - Brussels regulators are taking the unusual step of looking at long-term effects of miner BHP Billiton's $170 billion (86 billion pounds) bid for rival Rio Tinto ,...Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Jul 2008 | 10:22 am GMAC Commercial Finance Announces the Sale of its Poland Factoring Business to SEBNEW YORK, July 2 /PRNewswire/ -- GMAC Commercial Finance (GMAC CF) announced today that it has agreed to sell 100 percent of its shares in GMAC CF Sp. z o.o (CF Poland)...Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Jul 2008 | 10:15 am Taylor Wimpey fails to secure rescue dealTaylor Wimpey has failed to agree a deal with shareholders and potential new investors, forcing the stricken housebuilder to admit on Wednesday that it could breach banking covenants if the housing market...Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Jul 2008 | 10:11 am The new king of brand namesIf his career had taken a different turn, Martin Franklin would've been an excellent infomercial pitchman. Sportily dressed in jeans and a white button-down, with a touch of an English accent, he bounces around the product showcase wall at the headquarters of Jarden Corp., a no-name company behind dozens of name brands.Source: Business and financial news - CNNMoney.com | 2 Jul 2008 | 10:05 am M&S plunges on surprise warningMarks and Spencer's shares fell more than 20 per cent on Wednesday morning after a profits warning from Britiain's biggest clothing chain prompted analysts to slash profit forecasts for the retailer.Citi,...Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Jul 2008 | 10:05 am The Latest, And Perhaps Best, Case For $200 OilWith the price of oil moving up so sharply, the demand should go down. Those dynamics are immutable. The International Energy Agency, the big think tank in the industry, says demand will keep going up because of the expanding need for crude in Asia, Latin America, and the Middle East. According to The New York Times, "By 2013, oil demand in developing countries will account for nearly 49 percent of total global demand, the report said, compared with 36 percent as recently as 1996. " That puts the US, Japan, and Europe in Hades for the foreseeable future. Even if...Source: 24/7 Wall St. | 2 Jul 2008 | 10:02 am Is Marks & Spencer the author of its own problems?Is this just a general slowdown or is this a Marks & Spencer slowdown? That is the key question for shareholders and analysts following today's profit warning.Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Jul 2008 | 10:00 am Is Marks & Spencer the author of its own problems?Is this just a general slowdown or is this a Marks & Spencer slowdown? That is the key question for shareholders and analysts following today's profit warning.Source: Telegraph Business | 2 Jul 2008 | 10:00 am Restaurant.com Welcomes Ted's Montana Grill to National Gift Certificate Program35 Locations Add Classic American, Cost-Friendly Comfort Cuisine ARLINGTON HEIGHTS, Ill., July 2 /PRNewswire/ -- Expanding a directory of more than 8,500 restaurants...Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Jul 2008 | 10:00 am Hauliers protest over fuel pricesHundreds of lorry drivers are gathering in London for another protest against the rising cost of fuel.Source: BBC News | Business | World Edition | 2 Jul 2008 | 9:55 am BA announces purchase of French airline L'AvionBritish Airways said on Wednesday that it will buy French carrier L'Avion for 54 million pounds (68 million euros, 107 million dollars) to combine with its transatlantic OpenSkies...Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Jul 2008 | 9:55 am Beat inflation: 3 ways to save on drugsWe've reached a dubious health milestone: More than half of insured Americans are now taking at least one "maintenance" drug for a chronic condition, according to a recent health industry report.Source: Business and financial news - CNNMoney.com | 2 Jul 2008 | 9:53 am Hunting for oil villainsAtlanta hedge fund manager Michael Masters has been a star witness in two recent Congressional hearings on how speculators are supposedly driving up oil prices. Masters and I don't see eye-to-eye on this issue, so I was surprised to get a call from him after my "Don't Blame The Oil Speculators" column went up on Fortune.com last week.Source: Business and financial news - CNNMoney.com | 2 Jul 2008 | 9:51 am Taylor Wimpey leads share plunge in UK housebuilders after its fails to secure cashShares in Britain's housebuilders were hammered today after Taylor Wimpey admitted that it had failed to secure an emergency cash injection to repair its shattered balance sheetSource: Telegraph Business | 2 Jul 2008 | 9:50 am Taylor Wimpey leads share plunge in UK housebuilders after its fails to secure cashShares in Britain's housebuilders were hammered today after Taylor Wimpey admitted that it had failed to secure an emergency cash injection to repair its shattered balance sheetSource: Infocious RSS raw feed - channel BNPaperBusiness | 2 Jul 2008 | 9:50 am Fuel costs to hit Cathay profitsCathay Pacific says its 2008 profits will be "disappointing" following a substantial rise in the price of jet fuel.Source: BBC News | Business | World Edition | 2 Jul 2008 | 9:48 am Starbucks (SBUX) Schultz: The Goat As HeroHoward Schultz, the founder and CEO-for-life of Starbucks (SBUX) is almost completely responsible for the catastrophe at his company. Two years ago, he pointed out the problems with the coffee chain's approach. He waited another year to do anything about it. He has been the company's largest shareholder since it was founder and was chairman for most of that time. Schultz now gets to cast himself as a heroic figure, marching back into Starbucks (SBUX) to save it from incompetent management, like Arthur returning to England to restore justice in the land. Someone's missteps cost 12,000 Starbucks employees their jobs....Source: 24/7 Wall St. | 2 Jul 2008 | 9:46 am Italian economy heads for zero growth this year: ministerThe Italian economy is heading for zero growth this year and overspending by the public sector is beginning to rise, Italian Economy Minister Giulio Tremonti told parliament on Wednesday.Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Jul 2008 | 9:43 am Italian economy heads for zero growth this year: minister (AFP)
Source: Yahoo! News: Business | 2 Jul 2008 | 9:42 am Blockbuster abandons Circuit City bidSource: Business and financial news - CNNMoney.com | 2 Jul 2008 | 9:40 am Asia markets continue losing streakAsia-Pacific equities continued a relentless losing streak amid fears about global economic growth and inflationary pressures, culminating in the Nikkei 225's longest losing stretch in decades.Trading...Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Jul 2008 | 9:40 am Balfour Beatty says trading strongLONDON (Reuters) - Construction firm, Balfour Beatty , bucked the trend of bad news in the sector on Wednesday, saying trading in the year to date has remained strong despite fears over a slowdown in commercial property markets.Source: Reuters: Business News | 2 Jul 2008 | 9:36 am GM (GM): Rick Wagoner Would Not Make It At Honda?The theory goes that if 1,000 monkeys typed for 1,000 years, one of them could recreate the work of William Shakespeare. It is a bit like that in the GM (GM) executive suite. As The Wall Street Journal points out, Rick Wagoner, CEO of GM, has kept his job while the firm's stock has dropped. 83%. The paper writes that he "hasn't figured out how to turn GM's quality gains into a compelling marketing story." He was also Mr. SUV in the years that small trucks were selling well. GM didn't have a significant line of cars to help it...Source: 24/7 Wall St. | 2 Jul 2008 | 9:32 am Futures point to modest rise on Wall St (Reuters)
Source: Yahoo! News: Business | 2 Jul 2008 | 9:26 am AstraZeneca sees off generic rivalShares in AstraZeneca jumped 6 per cent in early London trading on Wednesday as a US court stopped a generic challenge to the pharmaceutical group's second biggest selling drug. The case represents the...Source: Infocious RSS raw feed - channel BNPaperBusiness | 2 Jul 2008 | 9:25 am Auto sales plunge 18% in JuneJune auto sales plunged, according to reports from the nation's major automakers, as Americans shunned pickups and SUVs in the face of record gas prices and growing concerns about the weak economy.Source: Business and financial news - CNNMoney.com | 2 Jul 2008 | 9:13 am AstraZeneca bolstered by Seroquel patent victoryLONDON (Reuters) - AstraZeneca shares jumped more than 6 percent on Wednesday after the group won a key U.S. patent battle over its second-biggest selling drug, Seroquel, for schizophrenia and bipolar disorder.Source: Reuters: Business News | 2 Jul 2008 | 9:11 am Starbucks to close 500 more shopsThe coffee chain Starbucks plans to close another 500 stores on top of the 100 it had already announced.Source: BBC News | Business | World Edition | 2 Jul 2008 | 9:10 am M&S shares dive on grim outlookMarks and Spencer shares fall more than 20% as it warns of weak sales and "stormy times ahead".Source: BBC News | Business | World Edition | 2 Jul 2008 | 9:03 am Merger forms transatlantic unionBritain's biggest union, Unite, is merging with the US-based United Steelworkers union to create a new "global" body.Source: BBC News | Business | World Edition | 2 Jul 2008 | 9:01 am Housing equity withdrawal falls sharply in first quarterLONDON (Reuters) - Britons extracted less cash from their homes in the first quarter of this year, suggesting tighter credit conditions are sapping a key driver of consumer spending.Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Jul 2008 | 8:59 am Taylor Wimpey unable to raise cashLONDON (Reuters) - Housebuilder Taylor Wimpey has failed to raise the extra capital it said it would seek just two days ago, citing tough market conditions, sending its shares and those of its rivals plummeting.Source: Reuters: Business News | 2 Jul 2008 | 8:44 am Informa considering $4.3 bln private equity bidLONDON (Reuters) - Events organiser and publisher Informa is considering a 2.15 billion pound bid approach from a consortium of private equity firms, sending its shares 10 percent higher on Wednesday.Source: Reuters: Business News | 2 Jul 2008 | 8:36 am Informa considering $4.3 bln private equity bidLONDON (Reuters) - Events organiser and publisher Informa is considering a 2.15 billion pound bid approach from a consortium of private equity firms, sending its shares 10 percent higher onSource: Infocious RSS raw feed - channel BNewsBusiness | 2 Jul 2008 | 8:36 am Oil near mid-$141 on supply worriesOil rose above $141 a barrel Wednesday in Asia, with analysts warning that prices may spike further amid persistent concerns over tight supply and tension in the Middle East. "The...Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Jul 2008 | 8:34 am Taylor Wimpey shares lead plunge in housebuilders after it fails to secure cashTaylor Wimpey, one of Britain's biggest housebuilders, has failed to secure an emergency cash injection to repair its shattered balance sheet.Source: Telegraph Business | 2 Jul 2008 | 8:30 am American Israeli Paper Mills Ltd: Negotiation for the Acquisition of Holdings in an Affiliated CompanyHADERA, Israel, July 2 /PRNewswire-FirstCall/ -- American Israeli Paper Mills Ltd. (AMEX:AIP) [AIPM] announced that it is in negotiation to acquire the holdings of the...Source: Infocious RSS raw feed - channel BNewsBusiness | 2 Jul 2008 | 8:21 am Marks & Spencer shares plunge as retailer issues profits warningShares in Marks & Spencer plunged after the company became the first major retailer to issue profits warning as the slowdown forces consumers to cut back their spending.Source: Telegraph Business | 2 Jul 2008 | 8:10 am OECD sees 9% rise in joblessThe number of people out of work in member countries is expected to rise by 9% to 34.8m by the end of next year under the impact of the credit crunch, according to the OECDSource: FT.com - US homepage | 2 Jul 2008 | 8:06 am Manhattan real estate starts to softenEven the lofty Manhattan real estate market is beginning to soften, according to reports released Wednesday by four of the city's top real estate agencies.Source: Business and financial news - CNNMoney.com | 2 Jul 2008 | 8:00 am Blockbuster abandons Circuit City acquisitionBlockbuster abandoned its offer to buy electronics retailer Circuit City Stores, after weeks of investor speculation that the deal was falling apartSource: FT.com - US homepage | 2 Jul 2008 | 7:54 am British Airways to buy France's l'AvionPARIS (Reuters) - British Airways has agreed to buy small French business airline l'Avion for 68 million euros (52 million pounds) and it will become part of its new OpenSkies unit, they said in a joint statement on Wednesday.Source: Reuters: Business News | 2 Jul 2008 | 7:16 am Deutsche dismisses profit warning fearsGermany's biggest lender dismissed fears of a profit warning that have stalked its share price, saying it anticipated a profitable second quarter and it did not expect to have to raise further capitalSource: FT.com - US homepage | 2 Jul 2008 | 7:07 am Obama received lower-interest loan for mansionSource: L.A. Times - Business | 2 Jul 2008 | 7:00 am Port contract talks continue beyond deadlineSource: L.A. Times - Business | 2 Jul 2008 | 7:00 am Sparks fly over rate plan by Southern California EdisonSource: L.A. Times - Business | 2 Jul 2008 | 7:00 am California sues Prime Healthcare over balance-billing practiceSource: L.A. Times - Business | 2 Jul 2008 | 7:00 am GM drives Dow to 32-point advance on first day of 3rd quarterSource: L.A. Times - Business | 2 Jul 2008 | 7:00 am Fresh & Easy sets up shop a few paces from rival Trader Joe'sSource: L.A. Times - Business | 2 Jul 2008 | 7:00 am U.S. auto sales in the ditch in JuneSource: L.A. Times - Business | 2 Jul 2008 | 7:00 am Starbucks to close 600 stores, cut 12,000 jobsSource: L.A. Times - Business | 2 Jul 2008 | 7:00 am In virtual worlds, child avatars need protecting -- from each otherSource: L.A. Times - Business | 2 Jul 2008 | 7:00 am Social networking site divulges child's personal dataSource: L.A. Times - Business | 2 Jul 2008 | 7:00 am Lorry protest over fuel prices 'to gridlock Central London'London was braced for travel chaos this morning as hundreds of angry lorry drivers converged on the city in what hauliers claim will be the biggest protest against fuel prices.Source: Latest Business News from Times Online | 2 Jul 2008 | 6:55 am Taylor Wimpey shares crash over funding crisisTaylor Wimpey today admitted that it has been unable to secure nearly £500 million in funding from investors, putting Britain's largest house builder at risk of breaching its banking covenants.Source: Latest Business News from Times Online | 2 Jul 2008 | 6:23 am Marks & Spencer ousts food chief as Rose warns on profitsMarks & Spencer has issued a dramatic profit warning after a suffering “marked deterioration” in sales and announced that Steven Esom will be leaving as head of its food business after just one year.Source: Latest Business News from Times Online | 2 Jul 2008 | 6:18 am Fletcher Building named top NZ value creator despite share price plungeFletcher Building, whose share price has plunged 47 per cent this year, has been named New Zealand's biggest value creator for the second year in a row by the Boston Consulting Group (BCG). Fletcher Building created $4.9 billion...Source: New Zealand Herald - Business | 2 Jul 2008 | 4:00 am Franchise PlayersTo any casual TV-watcher, the future of television lies somewhere near a snippy Simon Cowell lashing out at American Idol contestants and Padma Lakshmi preening among Top Chef hopefuls.The fate of the franchise drama, on the other hand—shows such as Law & Order and CSI, tent-pole series at the center of their networks' programming schedules—has seemed considerably dimmer. Strangely, however, small-screen experts have grown more convinced the dramas are networks' best hope for keeping viewers loyal amid the multiplying distractions competing for their attention. "A franchise lends familiarity in a crowded TV landscape," says Brad Adgate, senior vice president at media-planning and buying agency Horizon Media. "It's like doing a sequel to a movie." The success story of Law & Order, the longest-running crime series on TV, is well-documented. The show was launched in 1990, and three related series—Law & Order: Special Victims Unit (1999), Law & Order: Criminal Intent (2001), and Law & Order: Trial By Jury (2004, since canceled) soon followed. Even though total viewers are on a downward trend for all three series and the audience is aging, this year's season of Law & Order, the original, actually had more viewers than last year's. "The Law & Order franchise gives us a great 10 p.m. time period performance, important lead-ins to our late local news, and does very well in the 18 to 49 and 25 to 54 demographic," says Mitch Metcalf, executive vice president of program planning and scheduling at NBC. And the franchise's tentacles are long. According to NBC polling, across NBC, cable (episodes air on USA, TNT, and Bravo), and local market syndication, more than 120 million people in the U.S. viewed an episode of the Law & Order franchise in the month of May. "It's so hard these days to sell new shows," and franchises present the perfect opportunity for networks to cross-sell, says Kevin Keller, a professor of marketing at the Tuck School of Business at Dartmouth College, who featured a branding brief on Law & Order in a textbook he authored, Strategic Brand Management. "It's not like the different Law & Orders and CSIs"—the original CSI, launched in 2000, spawned CSI: Miami (2002) and CSI: New York (2004)—"pull in different audiences. It's people who love the shows." By extending the brand, networks can get those people to consume more and more TV, says Keller. Because of this, franchising a successful series can be a jackpot for a network. The second series of a franchised show can command ad rates superior to those of any other new show, although usually lower than the original series itself, according to network executives. The second series saves marketing dollars, because the brand is already well known and the audience is built-in. And it cuts back on production costs, because of the overlap in actors, writers, and sets. Plus, a franchise can help complete a network's prime-time programming schedule, serving as valuable filler during the most important broadcasting hours of the week. "Those shows fill a lot of time slots for NBC and CBS," says Stacey Shepatin, senior vice president and director of national broadcast for Hill Holliday, a communications agency headquartered in Boston. "I'm surprised it hasn't been done more," says Adgate, adding that many current top-rated network shows are prime choices for replication in another setting as part of a franchise (as opposed to a spinoff, where a character from one show becomes the main focus of another, different show). Instead of this year's Grey's Anatomy spinoff Private Practice, featuring Grey’s character Addison Montgomery, Adgate wonders why ABC didn't opt for Grey’s Anatomy: The Interns. ABC's Desperate Housewives, Fox's House and 24, and NBC's Heroes could all also be good candidates. Of course, not just any popular show packages up neatly as a franchise. CSI and Law & Order are particularly effective because they share distinctive visual and auditory traits, which are carried over from series to series, says Homer B. Pettey, an associate professor of film and television studies at the University of Arizona. "Law & Order incorporates the scene location directly from the script, along with a sound cue that audiences recognize. CSI is impressive for its look. All-glass laboratory complexes allow interesting camera work. Microscopic views and animated pieces of evidence are signatures for CSI." Aside from these trademark moves, Dick Wolf, the creator of Law & Order, thinks something else is important. "Several years ago, I gave Christmas presents to the network programming heads that said 'It's the writing, stupid.' Quality television will always prevail. It's a marathon, not a sprint, and if producers understand that, then they have a shot." Related Links Summertime Slump NBC Goes Deep Idle Chatter Source: Portfolio.com: Top 5 | 2 Jul 2008 | 4:00 am Fuels of the FutureAs oil prices escalate and supplies tighten, and as new technologies vie with old ones (and with special-interest groups), the debate over the next generation of energy sources reminds me of the birth of an earlier energy source: steam.Most people think the steam engine—that paragon of the Industrial Revolution—was invented in the 18th century, maybe even later. That would be wrong. The first steam engine was actually invented in ancient Rome in about A.D. 60. The inventor was a Greek mathematician living in Alexandria, Egypt, named Hero. He also invented a windmill and a water-pressure device that could open and close doors.
No one knows if Hero suggested any practical use for his simple engine, such as mounting it on a ship. Yet one wonders how the Roman authorities of his day would have responded to the contraption, which would have challenged what was then the main source of locomotion for ships, besides wind: slaves and oars. Nearly 17 centuries later, in 1710, an Englishman named Thomas Newcomen built a working steam engine. This time, the invention stuck and the British embraced it, creating the modern industrial world. The question today, when it comes to alternative fuel technologies is: Will we be like the Romans, or the British? This was essentially the question asked a few days ago in a testimony to the U.S. Senate’s Committee on Energy and Natural Resources by Jason Pyle, C.E.O. of Sapphire Energy, a leader among "next-generation" bio-fuels companies ("first generation" bio-fuels being ethanol and biodeisel made mostly from corn). At its headquarters in San Diego, Sapphire Energy is developing fuels from algae, a highly versatile plant that produces oily lipids that can be transformed and refined into high-octane gasoline and even jet-aircraft fuel using existing refining facilities. Sapphire has developed a still-undisclosed technology it says can make an oil substitute for $60 a barrel, less than half the price of light, sweet crude right now on futures markets. Pyle says that the raw ingredients for his bio-fuel come from photosynthetic microorganisms (algae), sunlight and carbon dioxide. “They are carbon neutral and renewable,” Pyle said of his fuel, “and don’t require any food crop or agricultural land.” Granted, there are many hurdles—some of them quite high—that Sapphire has to clear to make this technology viable. Not least of them is how to scale up from a few greenhouses to the millions of acres of algae ponds that would be required to make even a modest dent on the world’s consumption of fossil fuel. To grow enough algae to supply the world’s energy needs would mean covering a space one-quarter the size of the Egyptian desert, according to a Kinsey & Company report cited by Pyle. That’s roughly 250,000 square miles, which is almost the size of Texas—an extraordinary undertaking. Still, there are ample reasons to investigate algae's potential. Unlike corn-based ethanol, which takes almost as much energy to make as it produces and does little to curb CO2 emissions, algae can be produced more efficiently and absorbs about as much carbon dioxide as it emits. Corn’s output is about 6 million tons per acre per year, says Pyle. Algae produces upwards of 30 million tons per acre per year. “That’s the buzz about algae,” he said. Making bio-fuel from algae also is unlikely to affect food supplies and prices as much as using corn for ethanol has been blamed for doing. “It’s hard not to get excited about algae’s potential,” said Paul Dickerson, chief operating officer of the Department of Energy’s Office of Energy Efficiency and Renewable Energy. “Algae can flourish in non-arable land or in dirty water, and when it does flourish, its potential oil yield per acre is unmatched by any other terrestrial feedstock.” The problem, in Pyle's view, is that Congress, prodded by powerful agricultural lobbyists, is providing huge subsidies to corn growers to produce ethanol. “By continuing to subsidize mostly the existing technologies instead of emerging alternatives,” said Pyle, “the government runs the risk of discouraging a real future of renewable energy." Pyle's proposal: Get Congress to back away from favoring any technology—whether ethanol, biodiesel, or fuels from algae—and stop mandating the use of one alternative fuel over others. "A growing competitive market should separate winners from losers," he said. Sapphire is funded by venture firms ARCH Ventures and Venrock, and by Britain’s Wellcome Trust. It's also working with the Energy Department, the University of California at San Diego, and the Scripps Research Institute. The U.S. desperately needs an energy policy that encourages both conservation and alternatives to fossil fuels—everything from solar and hydrogen power to synthetic organisms that might one day be designed to make fuel. But algae may be one of the earlier contenders for a technological fix for our energy woes because it uses the existing infrastructure of refineries, pipes, gasoline pumps, and internal-combustion engines. Algae does not solve the problem of pollution from petroleum-based products, but it does have a cleaner over-all carbon footprint than oil from the ground, Pyle said. Sapphire expects to be producing 10,000 barrels of algae oil a day in five years, which is about what an offshore oil platform produces, and 200,000 barrels a day by 2022. (By comparison, Chevron produces about 2 million barrels a day in its worldwide operations, Pyle said.) Rome survived another 300 years after missing the significance of Heron’s invention, but eventually the empire unraveled as its economy grew stagnant and its technological achievements stalled. This made it more vulnerable to turmoil within and attack from outside. We won’t have 300 years to coast on our current sources of energy and technologies. This is why we need to be nimble and adaptive, like the British in 1710, and not like the Romans in AD 60. Related Links Gene-Sequencing Warrior You 2.0: I'm Doomed. Or Not. The T-Rex Inside Me Source: Portfolio.com: Top 5 | 2 Jul 2008 | 4:00 am Used car registrations crashUsed car registrations - generally for imported used cars - plunged 30 per cent in June to 7049 from a year ago, Land Transport New Zealand said today. Used car sales were down 5.5 per cent on the 8156 sold in May. Sales...Source: New Zealand Herald - Business | 2 Jul 2008 | 3:00 am They're getting rich over there - Aussie wealth up 50 per centWhile they might be struggling with the same soaring fuel and grocery prices we see here in New Zealand, Australians have spent the past four years getting richer and richer. A report published today shows the net worth of Australian...Source: New Zealand Herald - Business | 2 Jul 2008 | 2:00 am Kiwi productivity growth speeding up, thanks to new investmentTechnical factors are temporarily exaggerating the size of an acceleration in labour productivity during the past year, Westpac economists say. But the remainder of the improvement could be a belated payoff from high investment...Source: New Zealand Herald - Business | 2 Jul 2008 | 1:00 am Letters from our listenersHost Bob Moon reads listener comments on a few of our recent stories. This week: the future of food, artificial lawns, Medicare costs and a defense of discoSource: Marketplace | 2 Jul 2008 | 12:56 am In Brief - TuesdayMSC Industrial Directs (MSM), a distributor of tools and industrial supplies, said Q3 EPS rose 17% to 81 cents, beating views by 3 cents. Revenue...Source: Investor's Business Daily: BUSINESS | 2 Jul 2008 | 12:32 am Business Briefs - TuesdayAT&T to sell contract-free iPhone. The telecom titan will sell the new version of Apple's AAPL smart phone without a phone-service contract...Source: Investor's Business Daily: BUSINESS | 2 Jul 2008 | 12:32 am Trends & Innovations - TuesdayNew table serves up talking pointsSource: Investor's Business Daily: BUSINESS | 2 Jul 2008 | 12:32 am After The Close - TuesdaySTARBUCKS (SBUX), the global coffee chain, will close 600 underperforming stores in the U.S. and cut up to 12,000 jobs. Also, it expects to open...Source: Investor's Business Daily: BUSINESS | 2 Jul 2008 | 12:32 am U.S. Housing Market Slows, But Rest Of The World Wants CableThe electrical grid in the U.S. delivers power along millions of miles of cables to neighborhoods and businesses. Electricity plays a critical...Source: Investor's Business Daily: BUSINESS | 2 Jul 2008 | 12:32 am Consumers hanging up on landlinesA growing number of consumers are saying bye-bye to their landline phones in favor of the portability and convenience of cell phones. Ashley Milne-Tyte reports.Source: Marketplace | 2 Jul 2008 | 12:23 am Banks' lifeline costs them nothing, but will they learn?Lessons have been learned from the Northern Rock fiasco, so the regulators often tell us. But not, it seems, the one about banks needing to be held accountable for their actions.Source: Telegraph Business | 2 Jul 2008 | 12:01 am Iraq oil-for-food lawsuit names drug giantsBaghdad has begun legal action against dozens of companies, including drugs groups GlaxoSmithKline and AstraZeneca, which have denied any wrong doing, seeking about $10bn (£5bn) in compensation over the UN oil-for-food scandal.Source: Telegraph Business | 2 Jul 2008 | 12:01 am Grand Theft Auto IV helps HMV drive up profitsStrong demand for video games such as Grand Theft Auto IV has driven profits up 25pc at HMV.Source: Telegraph Business | 2 Jul 2008 | 12:01 am St Laurence halts repayments ahead of moratorium meetFinance company St Laurence has stopped repaying principal investments ahead of a vote on a scheme of repayment due to be held late this month. Last Tuesday, the company announced it had decided to exit from money lending and was...Source: New Zealand Herald - Business | 2 Jul 2008 | 12:00 am Europe wants American tourists backBad exchange rates have the number of Americans visiting Europe dropping, but the travel industry is preparing its response. Stephen Beard reports.Source: Marketplace | 1 Jul 2008 | 11:52 pm U.S. wins court order for UBS Swiss bank records (Reuters)
Source: Yahoo! News: Business | 1 Jul 2008 | 11:45 pm Ex-AIG chief awarded $47mAmerican International Group said that it had awarded Martin Sullivan, its ousted chief executive, a severance package worth at least $47mSource: FT.com - US homepage | 1 Jul 2008 | 11:37 pm Starbucks to close 600 US storesStarbucks is to close about 600 of its 7,000 US coffee shops and drastically cut plans for new locations, blaming over-aggressive expansion rather than slowing consumer demand. The coffee chain will also cut about 12,000 jobsSource: FT.com - US homepage | 1 Jul 2008 | 11:21 pm Paychecks stretch instead of growTo find the real reason for low economic confidence, follow the money. Commentator Jared Bernstein says a lack of pay increases is keeping workers struggling.Source: Marketplace | 1 Jul 2008 | 11:08 pm Guarantee for bank savers raised to £50,000Alistair Darling confirmed yesterday plans to increase the guarantee on depositors' savings to £50,000 if their bank fails, but said that the bill would be met initially by taxpayers, not by the industry.Source: Latest Business News from Times Online | 1 Jul 2008 | 11:00 pm Carpetright boss Lord Harris warns bad old days are backLord Harris of Peckham, the founder and chairman of Carpetright, fears that the high street is facing one of its toughest years for half a century, in the bleakest warning yet about the fallout from the credit crunch.Source: Latest Business News from Times Online | 1 Jul 2008 | 11:00 pm Supplier price rises force industry rethinkSuddenly, it is not the customer who matters; it is the supplier. The stuff that arrives at the factory loading bay is now expensive; shortages and logistical logjams are playing havoc and the company that sells you a vital commodity is digging in its heels, refusing to renew a long-term contract without a big price increase.Source: Latest Business News from Times Online | 1 Jul 2008 | 11:00 pm US tax probe can go after secret Swiss bank accounts - judgeA US federal judge has agreed to allow US tax investigators to serve legal papers on Swiss banking giant UBS AG in an expanding investigation into taxpayers who may have used overseas accounts to hide assets and avoid taxes. The...Source: New Zealand Herald - Business | 1 Jul 2008 | 11:00 pm Tainted tomatoes remain a mysteryTomato growers have millions and consumers are shaken, but there are still no answers. Host Bob Moon asks analyst J.D. Hanson why there's been no word on the source of the outbreak.Source: Marketplace | 1 Jul 2008 | 10:58 pm Landmark lead paint verdict reversedThe Rhode Island Supreme Court has overturned a ruling that left three former lead paint makers facing billions in cleanup costs. Sam Eaton report.Source: Marketplace | 1 Jul 2008 | 10:40 pm Was buying Countrywide a good idea?Countrywide is officially part of Bank of America, but in the six months since B of A agreed to buy the mortgage company, Countrywide's losses continued to build up. Jill Barshay reports.Source: Marketplace | 1 Jul 2008 | 10:25 pm NZ Shares: Market lifts off three-year lowThe sharemarket managed to lift from yesterday's three-year low in early trading today, but there was only modest cheer for investors. Having lost 0.6, 1 and 2 per cent in successive sessions, the NZSX-50 benchmark was up 7 points...Source: New Zealand Herald - Business | 1 Jul 2008 | 10:22 pm Bunnings defies gloom with $90m planIn a move which flies in the face of the economic downturn, Australian home improvement chain Bunnings says it plans to open six new stores in New Zealand, investing $90 million and creating 500 jobs. The big-format retailer has...Source: New Zealand Herald - Business | 1 Jul 2008 | 10:00 pm TNK-BP chief prepares staff to leave RussiaThe BP-backed chief executive of TNK-BP, its Russian oil venture, has warned foreign staff in an email that he and all other foreign employees could be forced to leave Russia by the end of the month because Moscow authorities had not renewed work visasSource: FT.com - US homepage | 1 Jul 2008 | 9:42 pm Obama camp signals robust approach on IranThe prospect of a nuclear-armed Iran is the biggest threat facing the world, according to one of Barack Obama's senior foreign policy advisersSource: FT.com - US homepage | 1 Jul 2008 | 9:16 pm First Trust's Carey Sees ETF Industry Continuing to `Expand'Source: Bloomberg - All Podcasts | 1 Jul 2008 | 9:06 pm VIX Index of U.S. Stock Option Prices Retreats 1.2% to 23.65Source: Bloomberg - All Podcasts | 1 Jul 2008 | 9:02 pm Matus of Merrill Expects `Hangover' From U.S. StimulusSource: Bloomberg - All Podcasts | 1 Jul 2008 | 9:01 pm Fran O'Sullivan : Signal failure over rail profitIt's still too early to judge whether the Government has made an adroit investment by plunging a billion dollar plus, and growing fast, into KiwiRail. Despite the hoopla at Wellington's railway station yesterday morning as the...Source: New Zealand Herald - Business | 1 Jul 2008 | 9:00 pm Shrinking StarbucksCoffee lovers in dense, urban areas like New York may soon have to walk more than just two blocks for their Starbucks fix.The Seattle coffee giant announced plans to close 600 underperforming stores in the U.S. in a move that will eliminate 12,000 positions and cost it as much as $348 million in the next few quarters. Once the closures are complete, Starbucks expects the effort will boost its earnings by $100 million annually. Starbucks, which is in the midst of a major restructuring to cope with increased competition and a more budget-conscious population, had already announced plans to close 100 of the 600 stores. The company also said it plans to open 200 stores through September 2009, which is about half the number it had previously announced. In April, Starbucks said it would open less than 400 new stores each year between 2009 and 2011. The retraction comes after a period of aggressive expansion for Starbucks. It doubled its number of outlets during a four-year period before it saw its customer growth plateau. Starbucks' founder Howard Schultz returned to the helm of the company in January, and since then it has introduced a number of new initiatives, including a milder drip coffee. Investors were clearly pleased with the news that the company planned to eliminate even more costs than it had previously planned. In after-hours trading, shares of Starbucks rose 7 percent. Related Links Extra Credit, Wednesday Edition Eat Sheet: Coffee Coffee, Tea, and ... Smoothies? Source: Portfolio.com: Top 5 | 1 Jul 2008 | 9:00 pm Dark days in Detroit as US market stallsDETROIT - Nearly all the major automakers reported steep sales declines for June, but for General Motors at least there was consolation: Toyota, its leading international competition, had it worse. Even Toyota, with its flexible,...Source: New Zealand Herald - Business | 1 Jul 2008 | 9:00 pm GM helps dispel some of Wall Street gloomUS equity markets fought back tenaciously, throwing off fuel and financial worries to post modest gains after General Motors showed a smaller than expected decline in sales for JuneSource: FT.com - US homepage | 1 Jul 2008 | 8:42 pm Boockvar Sees U.S. Home Prices Falling Until Late 2009Source: Bloomberg - All Podcasts | 1 Jul 2008 | 8:38 pm Author Peter Clarke Discusses End of British EmpireSource: Bloomberg - All Podcasts | 1 Jul 2008 | 8:33 pm Solar ETFs Slide as Third Quarter Opens (Daily ETF Wrap-Up)As the market touches bear-market territory, solar ETFs lose their shine.Source: SmartMoney.com | 1 Jul 2008 | 8:33 pm The Buzz Among Fund Managers (Fund Insight)Battered financial stocks were the talk of last week's big mutual-fund conference.Source: SmartMoney.com | 1 Jul 2008 | 8:27 pm Fortune Brands Slices Profit Forecast (One-Day Wonder)Interests in liquor and golf failed to offset the deepening housing slump.Source: SmartMoney.com | 1 Jul 2008 | 8:20 pm Stocks Ride Late RallyOil prices eased and the major indexes ended positive after spending most of the day in the red.Source: SmartMoney.com | 1 Jul 2008 | 8:20 pm Moody's to investigate staff over rating bugMoody's, the credit rating agency, said it was beginning disciplinary proceedings against some of its staff as it admitted it had incorrectly rated about $1bn of complex debt securities due to a computer errorSource: FT.com - US homepage | 1 Jul 2008 | 7:16 pm Israel divides but does not define Jewish voteAs Barack Obama and John McCain pursue a variety of ethnic and religious constituencies in their campaigns, the lesson of previous elections is that, if it ever existed, there is no longer a "Jewish vote" that responds automatically to unswerving and uncritical support for IsraelSource: FT.com - US homepage | 1 Jul 2008 | 6:51 pm Buying Tickets to the Olympics Will Get Easier, Cheaper (Deal of the Day)Scoring tickets to Beijing's Olympic games is about to get easier -- and cheaper.Source: SmartMoney.com | 1 Jul 2008 | 5:23 pm Nomura's Faraj Says NYSE-Doha Market Must SpecializeSource: Bloomberg - All Podcasts | 1 Jul 2008 | 5:00 pm Highflier VimpelCom Lands in Bargain Bin (Stock Screen)A search for efficient earners tapped into a Russian telecom that's seen headier days.Source: SmartMoney.com | 1 Jul 2008 | 4:58 pm U.S. Credit Card Stocks Raised To `Neutral' From `Sell' At UBSSource: Bloomberg - All Podcasts | 1 Jul 2008 | 4:53 pm Dental Supplier Trades at Tempting Discount (Stock Screen)A midsize distributor of dental supplies is trading at a tempting discount.Source: SmartMoney.com | 1 Jul 2008 | 4:36 pm High Wheat Prices May Leave Bread Maker Stale (Stock Screen)A bread maker has healthy profits, but high wheat prices threaten the bottom line.Source: SmartMoney.com | 1 Jul 2008 | 4:13 pm Grasso Nears PaydayOnetime targets of Eliot Spitzer's legal fury must be feeling pretty good about their prospects these days. There is the recent rise in prominence of Hank Greenberg, the former chief executive of American International Group, not to mention Spitzer's own legal problems. "We conclude that the attorney general's authority to prosecute the causes of action seeking that relief lapsed with the merger, the court said. Last week, the state's highest court, the New York Court of Appeals, threw out four of the six claims against Grasso. Andrew Cuomo, who succeeded Spitzer as New York attorney general, said that he would not pursue an appeal. Grasso, 61, led the exchange for eight years.
Will Grasso Win? It Looks Likely Big Win for Grasso's Big Payday Wall Street on Spitzer Source: Portfolio.com: Top 5 | 1 Jul 2008 | 4:00 pm Investing Strategies for Today's Bear Market (Common Sense)I'm taking profits in energy and moving into choice financials. Here are my picks.Source: SmartMoney.com | 1 Jul 2008 | 3:49 pm Regulation ReduxSimmering frustration with the failure to find and fix the cause of a salmonella outbreak that has sickened hundreds of people and crippled fresh-tomato sales is spurring calls among unlikely allies—including farmers, restaurant owners, and consumers—to roll back the decades-long campaign to roll back regulations.Just today, for example, Florida began enforcing new food-safety regulations that will subject tomato growers there to annual inspections and increased training. The new rules were adopted with the support of tomato growers in that state. The Food and Drug Administration has said that Florida or Mexico might have been the source of tomatoes contaminated with a rare strain of salmonella. The F.D.A. has blamed the contamination for severe intestinal distress among more than 800 consumers across the U.S. One death in Texas has also been linked to the outbreak. Critics, including farmers and restaurant owners, have been dishing out plenty of blame themselves, most of it directed at the F.D.A. They are particularly upset that it has taken the agency so long—11 weeks and counting—to identify the source of the problem and fix it. Part of the F.D.A.'s problem is the rapid growth in food imports spurred by the adoption of free-trade agreements. Imports have generally driven down food costs and increased supplies, but the number of inspectors has not kept pace with the increasing volume of produce pouring in. An even bigger problem has been the political antipathy toward regulation in general. This has led to a well-documented crisis at the F.D.A., which the next president and the next Congress will have to address. Also on Portfolio.comF.D.A. on the Brink?Watchdog agency warns that the Food and Drug Administration, which regulates $1 trillion worth of food and drugs, is dangerously underfunded and near collapse.Related Links F.D.A. On the Brink? Congress Nixes Limits on Dangerous Drug Ads Another Biotech Bomb Source: Portfolio.com: Top 5 | 1 Jul 2008 | 3:30 pm Robert Bergson of Northern Small Cap Value Fund (Today From Barron's)The quest for below-average costs and above-average returns.Source: SmartMoney.com | 1 Jul 2008 | 3:29 pm Sorensen Says `Myth of Camelot' Not the Real JFKSource: Bloomberg - All Podcasts | 1 Jul 2008 | 2:42 pm D'Amato Says High Gas Price `Hurting' RepublicansSource: Bloomberg - All Podcasts | 1 Jul 2008 | 2:36 pm Live Nation Plays OnWhen Michael Cohl abruptly quit last month as chairman of Live Nation after a dispute with the C.E.O., it was thought the company would slow down its controversial strategy of offering artists "360" deals.Under those long-term agreements with artists like Madonna (a $120 million deal) and Jay-Z ($150 million), Live Nation handles all of the artist's business, from recordings and publishing to tours and merchandise. The strategy pits Live Nation against former partners like record companies and ticketing businesses. And investors have been skeptical that Live Nation can recoup its investments: Shares of the company have fallen by more than half since October. But there are signs that Live Nation is going full steam ahead with its aggressive approach. The New York Post reports that the company is near a $70 million deal with Colombian pop star Shakira. The Wall Street Journal had reported three weeks ago that they were in talks, and the Post now says that a deal could be announced "within weeks." In other steps toward becoming a one-stop music shop, Live Nation has named Nathan Hubbard to be chief executive of its new ticketing business. Hubbard was previously head of Musictoday, which Live Nation acquired in 2006. And Live Nation may be encouraged by recent signs of strength for its new marquee artists. More than 90 percent of tickets for Madonna's Sticky and Sweet world tour have already sold out. Jay-Z, meanwhile, was a hit at the Glastonbury music festival last weekend. Related Links Hip Hop VC Material Woman Madonna Math Source: Portfolio.com: Top 5 | 1 Jul 2008 | 12:30 pm The Problem With BanksBanks are scrambling to try to get out of the credit-crisis quagmire, but many investors don't believe that they can.
*Update 4:26pm: A Federal judge in Miami authorized the Internal Revenue Service to request the information from UBS. Related LinksDaily Brew Shell In $353 Million Settlement The Buck Stops Where? Source: Portfolio.com: Top 5 | 1 Jul 2008 | 12:00 pm
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